Federal Reserve Bulletin, 1945-07

FEDERAL RESERVE BULLETIN JULY 194! "«««»»»** BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON E. A. GOLDENWEISER CARL E. PARRY The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Review of the Month—Economic Effects of Changing War Program... .. 635-643 Law Department: Reserves of Federal Reserve Banks—Amendments to Federal Reserve Act 644-645 Reserves of Member Banks—Amendment to Regulation D. . . 645 Suit Regarding Removal of Bank Directors ,. 645-646 Consumer Credit—Disaster Credits 646 Alien Property Custodian—Executive Order Defining Duties 646 Foreign Funds Control—Treasury Department Releases 646-649 Current Events 650 National Summary of Business Conditions 651-65Z Financial, Industrial, Commercial Statistics, U. S. (Sec p. 653 for list of tables) 653-703 International Financial Statistics (See p. 705 for list of tables) 705-717 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 718 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 719 Map of Federal Reserve Districts 72.0 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, IS cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 31 July 194s NUMBER 7 ECONOMIC EFFECTS OF CHANGING WAR PROGRAM Victory in Europe set in motion economic penditures will continue in excess of tax developments that reflect the change from and other receipts and there will be further a world-wide to a one-front war. Prosecu- Government borrowing. Holdings of tion of the war against Japan will continue liquid assets by individuals and business to make large though reduced demands will continue to increase. Intensification of upon this country for materials, labor, and hostilities in the Pacific may make shortages transportation. of some products more acute and may also In the period immediately following the greatly increase the overburdening of cessation of the war in Europe, changes in domestic transportation facilities. In these economic conditions in this country were circumstances the problems of insuring relatively small. There was some decline in price stability, of allocating supplies to output of munitions, largely in accordance essential uses, and of preventing speculative with previously established schedules, but activity will continue to be important. no immediate sharp reduction. A number of substantial cutbacks in war contracts DEVELOPMENTS SINCE VE DAY made and planned for in this period will be Adjustments to the changed war situation reflected in production during coming had been inaugurated in anticipation of the months. The program announced for the actual cessation of hostilities on May 8. redeployment of the armed forces envisages Volume of munitions output in March, a decline of about 1,300,000 men, or 10 per which was the last month of production cent, in the size of the armed forces by the under the full two-front war program, was middle of next year. 107 per cent of the 1943 average, according Declines scheduled in munitions output to the War Production Board's index. and in the armed forces will permit an Munitions production declined 5 per cent in increase in production and employment in April and decreased further in May to a civilian lines. It is likely, however, that point about 15 per cent below the wartime even with the resulting additions civilian peak reached at the end of 1943. Output supplies will be far short of demands. In- of aircraft, ammunition, and combat and comes will be maintained at a high level by motor vehicles, which had increased from the large volume of Federal Government last autumn to March, has declined since expenditures and by the expanding volume that time. Activity at shipyards, which by of civilian activities. Government ex- March had been curtailed considerably, has JuLY.1945 635 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH been reduced further since then and in May vanced somewhat further, while prices of was about 40 per cent below the peak level corporate bonds and U. S. Government seat the end of 1943. curities continued to show little change. Reflecting primarily these changes in out- Retail buying, which had risen to an excepput at munitions plants, the Board's index tionally high level in February and March, of industrial production, which had ad- declined considerably in April and increased vanced somewhat to X35 per cent of the in May and the early part of June, after 1935-39 average in the first quarter of 1945, allowance for seasonal changes. declined in April to X3i, the level of the Little change has occurred recently in the last half of 1944. A similar decrease oc- agricultural situation. Excellent early curred in May, as shown in the accompany- pasture conditions have improved the feed ing chart. outlook and have resulted in increased milk production. Output of other livestock INDUSTRIAL PRODUCTION products, however, has continued to fall OTAL INDEX SEASONALLY ADJUSTED, 1935-39 AVERAGE. FOR TOTAL= 100 TOTAL INOE far short of domestic civilian demands after war needs have been filled. Crop prospects on June i were somewhat less promising than two months earlier, but still compared favorably with the past three years of large harvests. In the construction industry new contracts awarded in May were considerably above the exceptionally low level prevailing a year ago, reflecting increases in all types of privately-owned building. Since VE day restrictions on new construction and repairs have been relaxed somewhat, but activity is expected to remain at a relatively low level for some time, owing to shortages Note.—For a description of this breakdown of the index see subscript to chart on p. 841 of the September 1944 Bulletin. Latest month of lumber and of numerous other building shown is May 1945. materials. Employment at factories continued to Freight carloadings in May and the first decline somewhat in April and May, reflect- half of June of most major classes of coming chiefly the reductions in munitions modities, except coal, were maintained near output. It appears, however, that the record levels for this season of the year. over-all volume of unemployment has Production of coal was interrupted this shown no noticeable increase. The workers spring by the negotiation of new wage released from war plants have been largely contracts. More important from the standabsorbed in other activities or have with- point of 1945 fuel supplies, coal production drawn from the labor force. has been limited for some time by declining In organized markets, traders had largely employment at the mines. Coal stocks anticipated the termination of the European have been reduced substantially, and it war and its immediate consequences. Prices appears that controls to insure essential uses of commodities and of common stocks ad- of coal will be necessary for another heating 636 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH season, as will also be the case for fuel oil. at least 500,000 workers from aircraft as- It has been announced that military require- sembly plants and from plants supplying ments for fuel oil will continue to be as aircraft parts. Most facilities in the autolarge as ever until the end of the war in the mobile and other industries which have Pacific. been producing aircraft and parts will be released for reconversion to their peacetime REVISED MUNITIONS SCHEDULES products. Activity in shipyards is scheduled to con- The shift in war production planning to a tinue to decrease at about the rate of recent one-front basis has resulted in announced months. The last of the Liberty cargo cuts in the munitions program for 1945 of ships was launched in June, marking the about 10 billion dollars from the rate end of the program which has accounted for scheduled on March 1. Additional reducabout 60 per cent of merchant tonnage contions may be expected later this year if milistructed during the war. Work on other tary requirements for the war with Japan Maritime Commission programs and on are further revised downward by combat most Navy shipbuilding contracts will taexperience. per off during the coming months. Repair During March and April, as military work at shipyards, however, is being mainevents in Europe indicated the imminence tained at a high level. of victory, the previously planned increase In addition to the cutbacks in production in munitions production above the first of aircraft and ships, output of guns and fire quarter levels was largely eliminated. The control equipment is scheduled to drop programs chiefly affected by these cutbacks about 50 per cent from the second quarter in plans were those for aircraft, ammunito the end of the year. Large production tion, and combat and motor vehicles. cutbacks have also been announced for After VE day the shift in war production military trucks, tanks, and certain types of planning to a one-front basis was accelerammunition. ated, and by the middle of June the 1945 The over-all effects of these changed program had been cut substantially. schedules will be to reduce munitions out- The aircraft program for 1945 has been put about a third by the end of the year cut by one-fourth, and this curtailment has from first-quarter levels. Such a cut will accounted for more than one-third of the bring munitions production in the last total reduction in the munitions program. quarter of the year to about the same rate Output of planes in the second quarter has as in the latter half of i94x. already been reduced about 5 per cent from There will be important differences in the first-quarter level, and a further decline the situation, however, from that previous of 2.5 per cent is scheduled during the last period, reflecting partly the differences half of this year. Production at Willow between a declining program and an ex- Run was stopped in June and *'cease pro- panding one. Requirements for manpower duction" dates have been set for various and materials to produce inventories and other plants throughout the country mak- plant facilities for munitions purposes will ing heavy bombers and certain other types be a great deal less than in 1942.. The of Army planes. This drastic curtailment greatly reduced level of war construction of aircraft production is expected to release since i94x is shown in the accompanying JULY 1945 637 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH chart, which also shows changes in output for relief, rehabilitation, and necessary comof munitions by two major groups. On the mercial purposes. other hand, the armed forces are now 6 million larger than at the end of 1942-, and Fed- TRANSPORTATION NEEDS eral war expenditures for maintaining these Problems of transportation within the forces and for other nonmunitions activi- United States may be more difficult during ties will be much greater at the end of this coming months than in any earlier period of year than they were in 194.x. Also, owing the war. While it is likely that production to the increased size of the armed forces and of agricultural and industrial products will changes in employment opportunities since be smaller than a year ago and private automobile travel will be easier because of larger MUNITIONS PRODUCTION AND WAR CONSTRUCTION supplies of gasoline, war needs for the 20 Pacific will require that the present record TOTAL volume of railroad freight be maintained N KVv and will require much larger transconti- 00 nental troop movements. The shift in the war effort to the Pacific will place extra- 80 ordinary demands on the lines serving the West Coast and will result in unusual shifts in the cross-country shipments of raw mate- 60 rials and foodstuffs and also manufactured / OTHER / MUNITIONS /A products. / l\y 40 / A1RCRAF"r For several years the railroad industry has / AND SHIPs y been operating at capacity levels without i S //7\ being able to maintain adequately its road // and equipment. Most, if not all, of the WAR CONSTRUCTION savings in the use of manpower and rolling 0 r stock have already been introduced. More- War Production Board indexes of munitions production and of over, shortages of gasoline, tires, trucks, value-in-place of Government-financed war construction regrouped and calculated as points in total index by Federal Reserve. "Other repair parts, and manpower have resulted in munitions'' includes guns and fire control, ammunition, combat and motor vehicles, communication and electronic equipment, and other a curtailment of motor-freight traffic during equipment and supplies. the past two years which is likely to con- 194Z, it appears certain that manpower tinue for some time. Only the most effiproblems will continue to be greater during cient and judicious use of our transportation the rest of this year than in 1942.. They facilities will prevent a critical situation will not be as acute as in 1944 except prob- from developing in coming months. ably in some of the low-wage manufactur- If such a critical transport shortage ing lines, agriculture, and the service indus- should develop, it would have serious effects tries. At the same time devastation of mainly on supplies and prices of civilian foreign areas and disrupted trade facilities goods. Prices in some markets for such have resulted in an accumulation of needs products as fresh fruits and vegetables have which are likely to create exceptionally already been influenced by wartime changes large demands for exports from this country in transportation practices. Care will need 638 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH to be exercised to assure adequate transpor- war and, with consumer incomes greatly tation facilities for marketing the larger expanded, shortages of nondurable goods volume of civilian goods production which have become pronounced, especially during is now being planned. the past twelve months. These goods are used for current consumption and purchases CIVILIAN NEEDS can not be as easily postponed as for durable Over-all civilian needs are not likely to products. It appears now that shortages of be much more adequately supplied during most of these consumer goods, including the second half of this year than they have food, tobacco products, clothing, other been during the past year, although in- textile products, shoes, fuel, paper, soap, creased supplies of some products will be and tires, are not likely to be relieved sigavailable during coming months. Upward nificantly until Federal purchases for war revisions last winter in military production purposes are considerably curtailed. schedules prevented the gradual reconver- Supplies of services available to civilians sion of industry to output of civilian goods have also been further restricted during the for which plans had been made last year. past year. Housing, medical, and educa- Also, since last autumn greatly increased cational services have generally deteriorated commitments have been made by the Gov- during the war period and many of these ernment for the purchase of civilian-type needs are especially urgent, partly because goods mainly for use by the armed forces; they were inadequately supplied even before and exports of civilian-type goods through the war. Some other services which have commercial channels have also increased, been curtailed during the war, like recreaeither under Government-sponsored sub- tional travel, are not so essential. sidy arrangements, as in the case of cotton, In addition to the need for supplying an wheat, and flour, or with Government ap- abundant volume of goods and services to proval for relief or commercial purposes. consumers as soon as military developments During the second half of this year output permit, there is the related problem of supof a number of consumer durable goods, plying the large demands for producers' which had been discontinued three years equipment and other more or less essential ago, will be resumed on a restricted scale. business needs that have accumulated dur- Many durable products, such as automobiles ing the war. The railroads and other and refrigerators, have been used by con- branches of the transportation industries sumers beyond their usual period of useful- especially are wearing out much of their ness, and it has been difficult to keep them equipment by accelerated wartime uses. in proper repair. As a result, large demands Telephone and other utility companies will have accumulated for these products. want to add considerably to their facilities Output of consumer nondurable goods as soon as circumstances permit. Although has been maintained at an advanced level large amounts of farm machinery have alduring the war period, but an important ready been purchased, it is likely that, conpart of this production has been taken for sidering the record level of agricultural inthe armed forces and for other war purposes. come, farmers will wish for some time to Owing to increased employment, civilian buy considerable quantities of machinery consumer needs have increased during the and other supplies of a durable nature for JULY 1945 639 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH production and for living purposes. Trade expected to be considerably less beginning and service establishments will want to in July than during the same period in 1944. expand or rebuild their stores or plants and Direct military uses of steel will drop add to their fixtures and equipment as soon from over half of total production last year as possible. In most manufacturing indus- to about a third of production by the last tries, except shipbuilding, aircraft, and the quarter of this year, and there will be a basic chemical and metal industries, the larger reduction in requirements for copper demand for new machinery and other and brass products, according to the War equipment and also for new or rebuilt Production Board. In June aluminum was plant is likely to be large for some time. made available for general civilian use in As long as the war in the Pacific lasts, relatively large amounts and beginning governmental measures will continue to be July 1 consumption of copper and steel, required to restrict these private expendi- also previously restricted to war and tures for capital purposes in order to prevent essential civilian purposes, was permitted interference with essential war production. for general civilian use. Such restrictions also will serve to postpone While the adjustment to a one-front war private capital expenditures until Federal will release a relatively large supply of war expenditures are greatly reduced and metals, the extent to which they can be thus will limit inflationary developments in utilized will partly depend, particularly the markets for producers' goods. in the early stages of reconversion, on a dovetailing of the materials required for MATERIALS FOR CIVILIAN PRODUCTION output of various items for civilian con- As a result of the scheduled decline in sumption. With most materials other than munitions production, substantial increases metals continuing to be severely limited in supplies of some basic materials, mainly for civilian uses, an unbalanced situation aluminum, copper, and steel, will be avail- in the supply of materials will confront able for civilian production in the latter manufacturers of many types of civilian half of 1945. products. It is possible that surpluses of Apart from these basic metals, however, some released metals will result from this the materials situation generally will con- lack of balance, as well as from the diffitinue tight. Tin and many minor metals, culty of rapidly converting fabricating textile yarns and fabrics, leather, rubber, facilities and expanding output of prochemicals, paper, and lumber will probably ducers' equipment and consumers' durable not be available in significantly greater goods. quantities until military operations in the Pacific area have been largely concluded. PRODUCTION OF CIVILIAN CONSUMER GOODS Demand for materials for war production Production of consumer goods at facdeclined during the summer of 1944, but tories and mines has been at about the same increased military requirements last winter level this year as during the early part of resulted in larger output of materials, as last year, as shown in the chart on page 636. shown in the chart on page 636. In view Output of clothing and meats has declined of the currently scheduled drop in munitions from a year ago, while production of other output, military demands for metals are manufactured foods, tobacco products, 640 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH soap, and furniture has shown little change. quarter. For some goods, like cigarettes Output of shoes has increased since last and cereal products, reduced military reyear, reflecting mainly increased production quirements may occur before that time of fabric types. The decline in output of and result promptly in increased supplies consumer goods shown for May on the for civilians. In other cases, like textile chart reflects mainly work stoppages at products, even if military requirements the anthracite mines. Following the agree- are reduced, supplies available for purment on a new wage contract, anthracite chase in retail stores would not reflect this mine operations increased in the early development until after the beginning of part of June. next year. Probably about one-third of the total Since output of most consumer durable output of these consumer goods has been goods has either been sharply restricted or going to the armed forces or exported during discontinued since the early part of 1942., recent months. In most lines the volume limited resumption of output will ease of production remaining for civilian use in shortages only gradually. So far, 165,000 this country, which had expanded some- domestic mechanical refrigerators and what last summer, declined again after 350,000 washing machines have been schedlast autumn, and stocks have also been re- uled to be produced with priority assistance duced further. Upward revisions in war during the third quarter of this year. For requirements during the winter have re- refrigerators this is about 40 per cent of the sulted in reducing civilian supplies avail- 1940 rate and for washing machines about able this summer to the lowest level of the the same rate as in 1940. Automobile comwar period. panies have been given permission to pro- Even if manpower and price problems are duce 141,000 passenger cars in the second dealt with as effectively as possible, it will half of this year. The War Production not be easy to maintain current levels of out- Board has announced a 449,000 car quota for put of most consumer goods during the rest the first quarter of 1946. In 1940 factory of this year. One of the main problems in sales of passenger cars were at an average expanding output of consumer goods will be quarterly rate of 910,000. In addition, how to increase employment in these lines manufacturers will be generally free to prowithout further raising costs and wholesale duce many miscellaneous consumer durable prices of materials and finished products by goods but the total volume available prior amounts which would seriously endanger to the end of war in the Pacific will be relaretail price controls. tively small compared with ordinary peace- The Armed Services have not announced time demands, and far short of needs accuany substantial changes in their procure- mulated during the war. ment plans for consumer-type goods since VE day. It may be expected, however, INCOMES AND BUYING that requirements for the Navy, which now Incomes received by individuals and busiaccounts for one-third of the personnel of nesses have been maintained in 1945 above the armed forces, will be generally main- earlier record levels. During the second tained at recent levels, while requirements quarter income payments to individuals for the Army will be reduced by the fourth have been at an annual rate of 163 billion JULY 1945 641 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH dollars as compared with an annual rate of Retail sales declined in the second 156 billion during the same period in 1944. quarter, but the dollar value of sales was Incomes of wage-earners and salaried em- above the same period in 1944. This decline ployees, as well as proprietary incomes, reflected in part a reaction from the previous have increased steadily during the past increase and in part growing shortages of twelve months, and Federal payments to goods available for purchase. It may also the armed forces and their dependents have have reflected in some localities restrained increased further. Although the number buying because of actual or anticipated employed at factories has declined by 1.1 reductions in income resulting from cutmillion, or 9 per cent, factory pay rolls are backs in war production. While important further cutbacks in INDIVIDUAL INCOMES, EXPENDITURES, AND TAXES war production expected before the end of the year will affect employment and incomes of many people, increases in nonwar production will continue, in large part, to offset these decreases. It appears certain that consumer incomes will be maintained at a level which will be greatly in excess of the supply of goods available for purchase. PRICE CONTROLS AFTER VE DAY Since it is likely that supplies of goods will continue to be short of demand for consumer use and for replenishing business inventories and renewing equipment, it is essential that price controls and savings inducements remain fully effective during the readjustment period ahead. In June Department of Commerce data with quarterly figures since 1943 the price control and stabilization acts partly estimated by Federal Reserve. Amounts indicated as "Savings" represent excess of individual incomes over consumer expendi- were extended for another year with some tures and taxes. amendments. It is expected that under only about 6 per cent less than a year ago. this legislation some improved Federal Working hours have been generally main- control measures will be developed, intained, and average hourly earnings have cluding special steps to encourage meat increased somewhat further. production and to secure a better distribu- During the first quarter of this year con- tion of meat supplies. sumer expenditures for goods and services Price stability is essential to the procurerose further to an annual rate of 105 billion ment of military supplies to finish the dollars, as shown in the chart. This rate Pacific war and to an orderly transition to a was 10 per cent above last year's high level. peacetime economy. Prospects of a general Retail buying was stimulated by unseason- rise in prices would result in overbuying and ably warm weather and expectations of hoarding of goods on the part of business shortages. enterprises and individuals. Speculative 642. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH activity and the withholding of supplies in any peacetime year or than in 1941, will would for a time more than offset any pos- the possibilities of a further large rise in sible further small increases in total output. prices and inventory speculation be averted. Since output of most products is close to the To maintain stable prices during the capacity of the nation's resources, increased period of readjustment, it will be necessary prices can do little to bring forth additional for individuals and businessmen to exercise production. Until civilian shortages dis- restraint in buying and to accumulate appear—as a result of curtailed war needs, additional Government securities and other a resumption of imports, and an expansion liquid assets. In the meantime, plans in the civilian labor force through demo- should be readied for a large-scale expanbilization—the upward pressure on prices sion in private employment opportunities, will continue. living standards, and foreign reconstruction The full effects of the war on the price at the end of the Pacific war. The principal structure of the civilian sector of the economic problems of the nation during economy have not yet been felt. A number the immediate period ahead, in addition of readjustments have been postponed by to providing products needed for carrying direct controls and Federal subsidies, and on the war, are to expand production of not until there is a greatly increased volume civilian goods as much as possible and to of output for civilian purposes, higher than maintain price stability. JULY 1945 643 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. Reserves of Federal Reserve Banks "40 per centum reserve hereinbefore required" and by inserting in lieu thereof "2.5 per centum Amendments to Federal Reserve Act reserve hereinbefore required to be maintained By Act of Congress, approved June 12., 1945, against Federal Reserve notes in actual circulathe reserve requirements of Federal Reserve tion." (c) Subsection (c) of section 11 of the Federal Banks were reduced to a uniform minimum of Reserve Act, as amended, is amended to read as 2.5 per cent in gold certificates against Federal follows: Reserve notes in circulation and deposit liabili- "(c) To suspend for a period not exceeding ties, the authority for the use of direct obliga- thirty days, and from time to time to renew tions of the United States as collateral security such suspension for periods not exceeding fifteen days, any reserve requirements specified for Federal Reserve notes was extended in this Act: Provided, That it shall establish indefinitely, and the authority to issue Federal a graduated tax upon the amounts by which Reserve Bank notes and the authority to issue the reserve requirements of this Act may be United States notes under the Thomas Amend- permitted to fall below the level hereinafter ment of May n, 1943, were terminated. specified: And provided further, That when the reserve held against Federal Reserve notes falls The Text of the Act reads as follows: below 2.5 per centum, the Board of Governors [PUBLIC LAW 84—79TH CONGRESS] of the Federal Reserve System shall establish a graduated tax of not more than 1 per centum [CHAPTER 186—IST SESSION] per annum upon such deficiency until the reserves [S. 510] fall to 2.0 per centum, and when said reserve AN ACT falls below to per centum, a tax at the rate To amend sections 11 (c) and 16 of the Federal increasingly of not less than 1^ per centum per Reserve Act, as amended, and for other annum upon each xj^> per centum or fraction purposes. thereof that such reserve falls below 2.0 per Be it enacted by the Senate and House of Representa- centum. The tax shall be paid by the Reserve tives of the United States of America in Congress bank, but the Reserve bank shall add an amount assembled, That (a) the third paragraph of sec- equal to said tax to the rates of interest and tion 16 of the Federal Reserve Act, as amended, discount fixed by the Board of Governors of the is amended by changing the first sentence of Federal Reserve System." such paragraph to read as follows: SEC. 2.. The second paragraph of section 16 "Every Federal Reserve bank shall maintain, of the Federal Reserve Act, as amended, is reserves in gold certificates of not less than 15 amended to read as follows: per centum against its deposits and reserves in ' 'Any Federal Reserve bank may make applicagold certificates of not less than 2.5 per centum tion to the local Federal Reserve agent for such against its Federal Reserve notes in actual circu- amount of the Federal Reserve notes hereinbefore lation: Provided, however; That when the Federalprovided for as it may require. Such applica- Reserve agent holds gold certificates as collateral tion shall be accompanied with a tender to the for Federal Reserve notes issued to the bank local Federal Reserve agent of collateral in such gold certificates shall be counted as part of amount equal to the sum of the Federal Reserve the reserve which such bank is required to notes thus applied for and issued pursuant to maintain against its Federal Reserve notes in such application. The collateral security thus actual circulation." offered shall be notes, drafts, bills of exchange, (b) The first sentence of the fourth paragraph or acceptances acquired under the provisions of of section 16 of the Federal Reserve Act, as section 13 of this Act, or bills of exchange enamended, is amended by striking therefrom dorsed by a member bank of any Federal Reserve 644 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT district and purchased under the provisions of AMENDMENT TO REGULATION D section 1.4 of this Act, or bankers' acceptances purchased under the provisions of said section Section x, subsection (a) of Regulation D is 14, or gold certificates, or direct obligations of amended, effective August 1, 1945, by inserting trie United States. In no event shall such col- immediately before the last paragraph of such lateral security be less than the amount of subsection the following new paragraph: Federal Reserve notes applied for. The Federal "For the purposes of this subsection and of Reserve agent shall each day notify the Board of Governors of the Federal Reserve System of all paragraph (1) of subsection (V) of section 3 of issues and withdrawals of Federal Reserve this regulation, a member bank shall be connotes to and by the Federal Reserve bank to sidered to be in a central reserve city if the which he is accredited. The said Board of head office or any branch of such bank is lo- Governors of the Federal Reserve System may at cated in a central reserve city, and a member any time call upon a Federal Reserve bank for additional security to protect the Federal bank shall be considered to be in a reserve Reserve notes issued to it/1 city if the head office or any branch thereof SEC. 3. All power and authority with respect is located in a reserve city and neither the head to the issuance of circulating notes, known as office nor any branch thereof is located in a Federal Reserve bank notes, pursuant to the central reserve city; provided that, if a member sixth paragraph of section 18 of the Federal Reserve Act, as amended by section 401 of the bank is considered to be in a central reserve Act approved March 9, 1933 (48 Stat. 1, 6), city or a reserve city under this paragraph shall cease and terminate on the date of enact- solely by reason of the location of an office of ment of this Act. such bank in an outlying district of such a SEC. 4. All power and authority of the Presicity or in territory added to such city by the dent and the Secretary of the Treasury under section 43 (b) (1) of the Act approved May extension of the city's corporate limits, such iz, 1933 (48 Stat. 31, 5z), with respect to the bank may, upon the affirmative vote of five issuance of United States notes, shall cease and members of the Board of Governors of the terminate on the date of enactment of this Act. Federal Reserve System, be permitted to main- Approved June n, 1945. tain lower reserve balances as above provided in this subsection." Reserves of Member Banks Suit Regarding Removal of Bank Amendment to Regulation D Directors The Board of Governors of the Federal Reserve System, effective August 1, 1945, amended sec- On April 30,1945, suit was filed in the District tion z(V) of Regulation D, relating to Reserves Court of the United States for the District of Columbia by John Agnew and F. O. Fayerof Member Banks, so as to provide that a memweather against the Board of Governors of the ber bank with its head office or any branch office Federal Reserve System and the individual memlocated in a central reserve city shall be conbers thereof to review an order of the Board sidered to be in a central reserve city for reserve issued pursuant to authority conferred by section purposes and a member bank with any office in a 30 of the Banking Act of 1933, removing plainreserve city but no office in a central reserve city tiffs as directors of a national bank in Paterson, shall be considered to be in a reserve city. How- New Jersey. The removal order was predicated ever, a member bank considered to be in a central upon a finding that plaintiffs had violated secreserve or reserve city solely by reason of the tion 32. of the Banking Act of 1933, which prolocation of an office in an outlying district of hibits any officer, director or employee of any such a city may obtain permission, upon the company, partnership or individual primarily affirmative vote of five members of the Board of engaged in the business of underwriting securi- Governors, to carry lower reserve balances. ties from serving at the same time as an officer, The text of the Amendment is as follows: director or employee of any member bank of the JULY 1945 645 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Federal Reserve System. Plaintiffs contended in By virtue of the authority vested in me by the Constitution, by the First War Powers Act, 1941 effect that the use of the words "primarily en- (50 U.S.C. App., Sup., 601 et seq.), by the Tradgaged" in section 31 limited its application to ing with the Enemy Act of October 6, 1917, as cases in which the underwriting business of the amended (50 U.S.C. App., Sup., 1 et seq.), securities company is first in volume as com- and as President of the United States, it is herepared with other businesses in which it is en- by ordered as follows: Section i(c) of Executive Order No. 9095 of gaged and that, since this was not true of the March 11, 1942., as amended by Executive Order securities company of which they were em- No. 9193 of July 6, 1942. (3 CFR Cum. Supp.), ployees, the statute was not applicable to them. is amended to read as follows: Motions were filed by the defendants chal- "(0 any other property or interest within lenging the jurisdiction of the court to entertain the United States of any nature whatsoever owned or controlled by, payable or deliverable proceedings to review the Board's order in this to, held on behalf of or on account of, or case and also challenging plaintiffs' interpretaowing to, or which is evidence of ownership tion of the law as set forth above. The motions or control by, a designated enemy country were granted by the Court and the suit dis- or national thereof: Provided, however. That with missed. respect to any such country or national other than Germany or Japan or any national there- Consumer Credit of, such property or interest shall not include cash, bullion, moneys, currencies, deposits, Disaster Credits credits, credit instruments, foreign exchange, Inquiries have been received as to the effect of and securities except to the extent that the Amendment No. 16 to Regulation W with Alien Property Custodian determines that respect to disasters occurring before the effective such cash, bullion, moneys, currencies, deposits, credits, credit instruments, foreign date of the Amendment. exchange, and securities are necessary for the In the opinion of the Board, no extension of maintenance or safeguarding of other property credit made after June 11, 1945, the effective belonging to the same designated enemy coundate of the Amendment, will be exempted by try or the same national thereof and subject to section 8(g) of Regulation W if the disaster vesting pursuant to section 2. hereof;" occurred more than 6 months before the exten- HARRY S. TRUMAN THE WHITE HOUSE, sion of credit, regardless of whether the disaster June 8, 1945 occurred before or after June 11, 1945. Foreign Funds Control Alien Property Custodian Executive Order Defining Duties Treasury Department Releases There is set forth below the text of an Execu- The following releases relating to transactions tive Order issued by the President on June 8, in foreign exchange, etc., in addition to those 1945, defining further the functions and duties heretofore published in the Federal Reserve of the Alien Property Custodian with respect BULLETIN, have been issued by the Office of the to property of Germany and Japan and nationals Secretary of the Treasury under authority of the thereof. This Order amends Executive Order Executive Order of April 10, 1940, as amended, No. 9193 of July 6, 1942., which was published and the Regulations issued pursuant thereto: in the August 1942. Federal Reserve BULLETIN at page 759. Treasury Department EXECUTIVE ORDER NO. 9567 Foreign Funds Control Amending Executive Order No. popj, as Amended May 2.5, 1945 by Executive Order No. 9193, to Define Further the GENERAL LICENSE NO. II, AS AMENDED Functions and Duties of the Alien Property Custodian with Respect to Property of Germany and Under Executive Order No. 8$8g, as Amended, Executive Order Japan and Nationals Thereof. No. gipSt Section $(1f) of the Trading with the Enemy Act, as 646 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Amended by the First War Powers Act, 1941, Relating to or other authority of Japan shall immediately Foreign Funds Control* upon liberation thereof be included within the term "United States" and shall cease to be in- General License No. 11 is hereby amended to read as follows: cluded within the term "foreign country." (1) Certain -payments for living expenses from certain blocked (2.) Status of Philippine nationals and property of Philippine accounts authorised. A general license is hereby granted au- nationals under the freezing regulations. For the purpose of thorizing payments and transfers of credit in the United administering the freezing regulations and complying with States from blocked accounts in domestic banking institu- the provisions thereof: tions held in the name of an individual within the United (a) The definition of the term "national" as specified States to or upon the order of such individual, provided that: in paragraph E of section 5 of the Order shall con- (a) Such payments and transfers of credit are made tinue to apply with respect to the Philippine for the living, traveling and similar personal ex- Islands as though the Philippine Islands in its penses in the United States of such individual or entirety were a "foreign country" separately his family; and designated in the Order and specifically named in (b) The total of all such payments and transfers of section 3 thereof, and the effective date of the credit made under this general license from the Order as applied to the Philippine Islands were accounts of such individual does not exceed $1000 January 1, 1942.. Any person who by virtue of in any one calendar month. such definition is a national of the Philippine Islands shall, unless licensed as a generally li- (2.) Duty of banking institutions acting under this license. censed national, continue to be deemed a national Banking institutions effecting any such payment or transfer of a blocked country, namely, the Philippine of credit shall satisfy themselves that the terms of this license Islands, and the status of such person as a national are complied with. of a blocked country shall not be affected by the HERBERT E. GASTON, provisions of paragraph (1) hereof, or by the Acting Secretary of the Treasury. complete liberation of the Philippine Islands. Treasury Department (b) Any person situated within the liberated portions of the Philippine Islands who is not a national of Foreign Funds Control any blocked country other than the Philippine May 25, 1945 Islands shall be deemed to be a generally licensed national, provided, however, that this subparagraph GENERAL RULING No. 18 shall not be deemed to authorize any payment, Under Executive Order No. 8389, as Amended, Executive Order transfer, or withdrawal, or other dealing, with No. 9193, Sections $(a) and /(£) of the Trading with the Enemy respect to: Act, as Amended by the First War Powers Act, 1941, Relating (i) Any property situated, held, or maintained to Foreign Funds Control, f in any part of the United States other than the liberated portions of the Philippine REGULATIONS'RELATING TO THE PHILIPPINE ISLANDS Islands in which on the date hereof any such (1) Status of the Philippine Islands under the freezing regula- person has any interest; or tions. For the purpose of administering the freezing regula- (ii) Any income from such property accruing on tions and complying with the provisions thereof: or after the date hereof. (a) The liberated portions of the Philippine Islands (c) General Licenses Nos. 2.8, 42. and 80 shall not be hereafter shall be included within the term deemed to license as a generally licensed national "United States" as denned in paragraph B of sec- any person within the liberated portions of the tion 5 of the Order and shall not be included Philippine Islands. within the term "foreign country" as defined in (3) Exportations of certain types of property from the liberated paragraph D of section 5 of the Order; portions of the Philippine Islands prohibited. Unless authorized (b) Any portions of the Philippine Islands controlled by a license or other authorization expressely referring to this or occupied by the military, naval or police forces general ruling, the sending, taking, transmitting, or otherwise exporting of any (i) gold or silver coin or bullion, (ii) currency, Qx\) securities, (iv) checks* drafts, bills of ex- * 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 amended by Ex. Order change, promissory notes, payment instructions, transfer 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; orders, or other financial instruments, (v) powers of attorney Regulations, April 10, 1940, as amended June 14, 1941, and July 26, or other authorizations or instructions to effect financial or 1941. t Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 property transactions, or (vi) other evidences of indebtedness 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, or evidences of ownership of property, from the liberated 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; portions of the Philippine Islands to any other part of the Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14,1941, and July 26,1941. * United States or to any foreign country is hereby prohibited. JULY 1945 647 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (4) General Ruling No. 10 not applicable in the liberated pAocrt-, as Amended by the First War Powers Act, 1941, Relating tions of the Philippine Islands. The provisions of General to Foreign Funds Control.* Ruling No. 10 shall not be applicable in the liberated por- General Ruling No. 10A is hereby revoked. tions of the Philippine Islands. HERBERT E. GASTON, (5) Special provisions relating to the administration of the freez- Acting Secretary of the Treasury. ing regulations in the liberated portions of the Philippine Islands. For the purpose of administering the freezing regulations in Treasury Department the liberated portions of the Philippine Islands and complying Foreign Funds Control with the provisions thereof: May 15, 1945 (a) Thereby is hereby established a Philippine Office of Foreign Funds Control, at the head of which REVOCATION OF PUBLIC CIRCULAR NO. II shall be a United States Treasury Representative Under Executive Order No. 8389, As Amended, Executive Order designated by the Secretary of the Treasury. No. 9193, Sections £a) and s(J?) of the Trading with the Enemy Such office shall be charged with the administra- Act, as Amended by the First War Powers Act, 1941, Relating tion of the freezing regulations in the liberated to Foreign Funds Control* portions of the Philippine Islands. (1) Public Circular No. 11 is hereby revoked in view of the (b) Subject to such regulations, rulings and instrucissuance of General Ruling No. 18. tions as the Secretary of the Treasury may from (2.) This revocation shall not be deemed to modify or reintime to time prescribe, the United States Treasury state any general licenses, specific licenses or other authoriza- Representative at the head of the Philippine Office tions which were amended or revoked by Public Circular of Foreign Funds Control is hereby authorized and No. 11. empowered to exercise and perform in the liber- HERBERT E. GASTON, ated portions of the Philippine Islands all au- Acting Secretary of the Treasury. thority, duties and functions which the Secretary of the Treasury is authorized or required to exer- Treasury Department cise or perform under Sections 3(3) and 5(b) of the Foreign Funds Control Trading with the enemy Act, as amended, and any executive orders, proclamations, regulations or May 2.9, 1945 rulings that have been or may be issued there- AMENDMENT TO GENERAL RULING NO. I I under. (6) Definitions. As used herein: Under Executive Order No. 8389, as Amended, Executive Order (a) The term "liberated portions of the Philippine No. 9193, Sections $(a) and j(Jf) of the Trading with the Enemy Islands" shall mean the portions of the Philip- Act, as Amended by the First War Powers Act, 1941, Relating pine Islands not controlled or occupied by the to Foreign Funds Control* Paragraph (4XIO of General Ruling No. 11 is hereby military, naval or police forces or other authority amended to read as follows: of Japan. (b) The term "enemy territory" shall mean the fol- (b) The term "freezing regulations" shall mean the lowing : Order, and the regulations, rulings, licenses, in- (i) The territory of Germany, Italy, Japan, Bulstructions, etc., issued by or at the direction of the garia, Hungary, and Rumania; and Secretary of the Treasury pursuant to the Order (ii) The territory controlled or occupied by the or Sections 3(a) or 5(b) of the Trading with the military, naval, or police forces or other auenemy Act, as amended. thority of Japan. Such territory shall be HENRY MORGENTHAU, JR., deemed to be those portions of Burma, China, Secretary of the Treasury. French Indo-China, Hong Kong, British Malaya, the Netherlands East Indies, the Philippine Islands and Thailand occupied by Treasury Department Japan, and any other territory controlled or Foreign Funds Control occupied by Japan. D. W. BELL, May 2.5, 1945 Acting Secretary of the Treasury. REVOCATION OF GENERAL RULING NO. 10A * 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 amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, Under Executive Order No. 8389, as Amended, Executive Order 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 No. 9193, Sections 3(0) and j(fi) of the Trading with the Enemy June 14,1941, and July 26,1941. 648 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Treasury Department Certain general licesnses not applicable to Austria. The pro- Foreign Funds Control visions of General Licenses Nos. 32. and 33 shall not be May 2.9, 1945 deemed to authorize any remittances to any person within the territory of Austria. PUBLIC CIRCULAR NO. 18 D W BELL Under Executive Order No. 8389, as Amended, Executive Order Acting Secretary of the Treasury. No. 9193, Sections $(a) and S(JJ) of the Trading with the Enemy Act, as Amended by the First War Powers Acty 1941, Relating to Foreign Funds Control.* amended by Ex. Order 8785, June 14, 1941; Ex. Order 8832, July 26, * Sec. 3—( a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 1lEy9 xt4l. 1j , O UE rAd x, e . Vr O /H9 r-1 dit9 el.3 r ,O 8 Jy9yuJ6Ol 3 yj, JD 6L,/eC 1 cti9 . 4Z9 2r, +; 1 R|97e 4tg 1lj u , aClVa nJUtVd iXo E nJLx s>,A. *A O Vp rdlrUe ilWr 1i8 0 9U, 9 71 879U, 4|D 0ie^, c^a .«s 2 aA6 mV, /1|e 9 nX4 d711e1; d) Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as June 14, 1941, and July 26, 1941. JULY 1945 649 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Federal Reserve Meetings served as a Class A director of the Federal Re- A meeting of the Presidents of all of the serve Bank of Minneapolis since January 1, 1941, Federal Reserve Banks was held in Washington died on June x6, 1945. on June 18 and 19, 1945. The Board of Governors met with the Presidents on June 2.1, Admissions of State Banks to Membership in the 1945. Federal Reserve System In accordance with the requirement of the law The following State banks were admitted to that the Federal Open Market Committee meet membership in the Federal Reserve System durat least four times each year, the third meeting ing the period May 16, 1945, to June 15, 1945, of the Committee during 1945 was held in inclusive: Washington on June 20. Changes in the Board's Staff Indiana Effective July 1, 1945, Chester Morrill, who Switz City—Switz City Bank had been Secretary of the Board since October 7, 1931, was appointed to the newly created Ohio position of Special Adviser to the Board in which capacity he will devote his time to mat- Graft on—The Graft on Savings and Banking ters of policy and procedure. Company Effective as of the same date, S. R. Carpenter, Texas who had been Assistant Secretary of the Board since May 18, 1933, was appointed Secretary. Harlingen—Harlingen State Bank Death of Director Wisconsin Mr. S. S. Ford, President, Northwestern National Bank, Minneapolis, Minnesota, who had Luxemburg—Bank of Luxemburg 650 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled June 21 and released for publication June 23. figures shown on 9 charts may differ from -preliminary figures used in text. Industrial activity and factory employment made available for general civilian use and after continued to decline slightly in May. Value of July i some steel also will be released. department store sales increased in May and the Production of textile, leather, paper, early part of June, following the sharp decline chemical, and petroleum products showed little in April. change in May and total output of nondurable goods was at a level 3 per cent above that of a INDUSTRIAL PRODUCTION year ago. As a result of further decreases in activity at Coal production declined 8 per cent in May as munition plants, the Board's seasonally ad- anthracite output dropped sharply due to interjusted index of industrial production declined in ruptions in mine operations in the first three May to 2.Z7 per cent of the 1935-39 average as weeks of the month. In the early part of June, compared with 131 in April. production of both anthracite and bituminous A further reduction in operations at shipyards coal increased to about the level that prevailed accounted for most of the decrease in activity at earlier in the year but was still somewhat below munition plants, although there were small the rate of output in June 1944. Output of crude decreases in activity in the machinery and air- petroleum was maintained in record volume in craft and other transportation equipment in- May and the early part of June. dustries. The decline in aircraft was in accord- DISTRIBUTION ance with reductions in schedules made prior to Department store sales, which had declined VE day. At the end of May the Army Air sharply in April, increased in May and the Forces announced a cutback in procurement first half of June, after allowance is made for the which will reduce total military aircraft producusual seasonal change. In May sales were 4 tion in the last quarter of the year to a level 30 per cent larger than in May 1944, while sales per cent below that of March. during the first two weeks of June were 16 per Steel production was maintained at a high cent greater than in the corresponding period level in May but declined somewhat during the last year. first three weeks of June. Production of non- Most classes of freight carloadings showed ferrous metal products showed a sharp drop in seasonal increases in May and the early part of May following a large rise earlier this year. June and remained at a level slightly above last In June brass mill products and aluminum were DEPARTMENT STORE SALES AND STOCKS INDUSTRIAL PRODUCTION P 2 EK 6 0 CENT PHYSICAL VOLUME SEASONALLY ADJUSTED, 1935 39' 100 1 260 240 1 —L_^ 240 | / 220 / 220 200 200 J / 180 J t60 j 140 J 120 f 100 \ 100 /r 80 \s/l 80 J937 1938 1939 1940 A 1942 1943 1944 1945 " 1937 1938 1939 1940 1941 1942 1943 1944 1945 Federal Reserve indexes. Monthly figures, latest shown are for Federal Reserve index. Monthly figures, latest shown is for May. May. JULY 1945 651 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS year's high level. Railroad shipments of manu- individuals in the Seventh War Loan, loans and factured goods, which reached a record volume investments at reporting banks in leading cities in March of this year, have declined only increased by close to 1.7 billion dollars. Loans slightly since that time. for purchasing and carrying Government securities rose by 62.0 million dollars, as investors COMMODITY PRICES adjusted their portfolios in anticipation of secur- Wholesale prices of consumer goods continued ity purchases. Advances to brokers and dealers to advance from the middle of May to the middle accounted for 360 million of the increase and of June. Anthracite was raised $i a ton, food loans to others for 2.60 million. Government prices increased somewhat further, and various security holdings of reporting banks rose by miscellaneous products were higher. On the 82.5 million dollars, reflecting continued purother hand, it was announced that maximum chases of bonds. prices on used cars would be reduced 4 per cent Deposits of individuals and businesses at on July 1 and additional new regulations have weekly reporting banks increased by about 1.3 been issued recently covering prices of clothing, billion dollars during the first four weeks of the automobile repairs, and some consumer durable Drive. U. S. Government deposits at these goods. banks declined by 300 million dollars. The AGRICULTURE time deposit expansion slackened, presumably Prospects for major crops have deteriorated due to the War Loan Drive. As a result of these somewhat in the past month, but still compare developments the weekly average level of refavorably with the past three years of generally quired reserves at all member banks increased abundant harvests. A record wheat crop of over by around 2.00 million dollars during the first a billion bushels was indicated by June 1 condi- four weeks of the Drive. tions; cold, wet weather in May has delayed Reserve funds to meet the increase in required most other crops. reserves and a reduced currency drain of 160 Milk production was at a record level in May million dollars were supplied through an and 6 per cent larger than last year, while increase of 435 million in the Government marketings of meat animals and poultry products security portfolios of Reserve Banks and by were in smaller volume. substantial member bank borrowing from the Reserve Banks shortly prior to and early in the BANK CREDIT Drive. Borrowing from the Reserve Banks During the four weeks ending June 13, cover- rose in early June to over 900 million dollars ing the period of intensified sales of securities to outstanding, the largest amount since the spring GOVERNMENT SECURITY HOLDINGS OF BANKS IN LEADING CITIES of 1933. The total increase in Reserve Bank credit more than offset reserve needs and the • average level of excess reserves rose by about 350 million dollars to close to 1.4 billion out- BONDS / standing in mid-June. : In the week ending June 2.0, when large payments were made by corporations and others y for securities purchased in the Drive, there was a ; A. • CERTIFICATES T^v shift of deposits from private accounts to reserve A—1 /• *-*- free war loan accounts and a consequent reduction of 440 million dollars in required reserves of member banks. Member bank borrowings declined in the week by nearly 550 million 1939 1940 1941 1942 1943 1944 dollars. Reserve Bank holdings of Government Excludes guaranteed securities. Data not available prior to Feb. 8, 1939; certificates first reported on Apr. 15, 1942. Wednesday fig- securities, however, increased further. ures, latest shown are for June 20. 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 655 Federal Reserve Bank discount rates; rates on industrial loans; guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements 656-657 Federal Reserve Bank statistics 658-660 Guaranteed war production loans 661 Deposits and reserves of member banks... . 661-662. Money in circulation 663-664 Gold stock; bank debits and deposit turnover 664 Deposits and currency; Postal Savings System; bank suspensions 665 All banks in the United States, by classes 666-66y All insured commercial banks in the United States, by classes 668-669 Weekly reporting member banks 670-673 Commercial paper, bankers' acceptances, and brokers' balances 674 Money rates and bond yields 675 Security prices and new issues 676-677 Corporate earnings and dividends 678 Treasury finance 679-681 Government corporations and credit agencies 68z Business indexes 683-691 Department store statistics 693-695 s Consumer credit statistics 696-697 Wholesale prices 698 Current statistics for Federal Reserve chart book 699-700 Member bank operating ratios, 1944 701-703 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 scries 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. JULY 1945 653 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 ^ ^ -^ 10 1938 1939 1940 1941 1942 1943 1944 1945 Wednesday figures, latest shown are for June 20. See p. 655. 654 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [ In millions of dollars ] , Reserve Bank credit outstanding Member bank reserve Date v c a o D a a n u n d i c s d n - e - t s s T U o . t a S l . s e G c T b u o a r u i r v n e l r i a d e l y t s s i r e - n s me o n A th t l e l r o A th l e l r* Total s G to o c l k d T s r r t u c e o e a i u n r n a u n y r g c s t d - - y - - M i c n o t u i n o c la e n ir - y - T c i h r u n a o e g r s l a y h s d s - - u F T B p r e w s y o r d a R e e i s e r n t d e a i v h r k - t e s e a s s - - l b p m N e o r e o s m n i d t - e - s - c O s F o e e R a t e u r r h c v e d a n - e - e - l t r s To b ta a l lan E ce x s cess certificates Monthly averages of daily figures: 1944—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 r978 Apr 75 12,711 10,102 2,609 450 13,235 21,490 4,093 21,312 2,330 324 1,922 356 12,574 886 May 160 13,716 11,102 2,614 387 14,264 21,343 4,097 21,822 2,325 318 1,922 355 12,962 868 1945—Mar 245 19,509 17,313 2,196 500 20,253 20,448 4,120 25,850 2,357 269 1,495 423 14,429 1,010 Apr 360 20,115 17,985 2,129 459 20,934 20,400 4,120 26,009 2,367 504 1,516 437 14,621 931 May 633 20,754 18,640 2,114 412 21,799 20,325 4,136 26,351 2,361 405 1,549 439 15,156 1,005 End of month figures: 1944—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 May 31 236 14,251 11,613 2,638 272 14,759 21,264 4,101 22,160 2,310 307 1,946 355 13,046 836 1945—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 May 31 875 20,954 18,824 2,130 303 22,131 20,270 4,144 26,528 2,331 362 1,589 440 15,296 1,038 Wednesday figures: 1944—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 ?,346 ' 1 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 25,335 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 25,326 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 25,257 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 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 l'O49 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 25,411 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 25,533 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 25,652 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 25,864 2,365 288 1,586 415 14,208 899 Mar. 14 255 •9,576 17,378 2,193 465 20,296 20,453 4,120 25,881 2,364 263 1,485 417 14,459 1,013 Mar. 21 192 493 17,294 2,198 488 20,173 20,451 4,120 25,836 2,360 96 1,447 427 14,579 1,067 Mar. 28 218 516 i7,326 2,190 341 20,074 20,419 4,118 25,834 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 25,865 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 25,939 2,364 409 1,553 439 14,593 946 Apr. 18 341 20,153 18,037 2,116 478 20,973 20,396 4,117 26,068 2,374 430 1,594 437 14,582 806 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 8,617 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 8,555 2,113 432 21,587 20,351 4,137 26,372 2,376 102 1,541 438 15,246 1,045 May 23 724 20,929 8,809 2,120 327 21,980 20,271 4,142 26,399 2,319 526 1,592 440 15,117 866 May 30 886 21,023 8,891 2,132 349 22,258 20,270 4,141 26,500 2,315 426 1,619 439 15,371 1,113 June 6 912 20,896 8,126 2,771 398 22,207 20,268 4,145 26,513 2,314 352 1,546 443 15,452 1,098 June 13 852 21,103 8,323 2,780 392 22,347 20,268 4,146 26,533 2,292 170 1,550 444 15,771 1,237 June 20 307 21,507 8,710 2,797 473 22,287 20,265 4,145 26,536 2,297 347 1,710 452 15,354 Pi,407 r Revised. p Preliminary. 1 Includes industrial loans shown separately in subsequent tables. 2 End of month and Wednesday figures are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. JULY 1945 655 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect June 30. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks Government obligations; secured by direct obligations of the U. S. Federal Reserve Bank A G d t o i v o v a n e n s r c n m e m s a e s t n u e t c r i u o n r b g e l d i o g r b a y - b m e a y t o u n r d in o g n o e r y c e a a l r l a a b n l d e Other secured advances (last par. Sec. 13) callable in one year discounts of and [Sec. 10(b)] or less (Sec. 13) advances secured by eligible paper (Sees. 13 and 13a)1 To nonmember banks To others Rate Effective Rate Effective Rate i Effective Rate Effective Rate Effective I Boston Oct. 27, 1942 Sept. 1, 1939 Oct. 27, 1942 1 Sept. 1, 1939 2 Oct. 27, 1942 New York Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 1 Aug. 25, 1939 2X Oct. 30, 1942 Philadelphia Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 1 Mar. 21, 1942 2 Oct. 17, 1942 Cleveland Oct. 27, 1942 Apr. 11, 1942 *1 Sept. 12, 1942 1 Apr. 11, 1942 2 Oct. 27, 1942 Richmond Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 1 Mar. 14, 1942 Y2 Oct. 28, 1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 Oct. 15, 1942 1 Sept. 16, 1939 Oct. 15, 1942 C St h . ic L a o g u o is . O Oc c t t . . 2 1 7 7 , , 1 1 9 9 4 4 2 2 M Fe a b r . . 2 1 8 4 , , 1 1 9 9 4 4 2 2 *2 M Au a g r. . 2 14 9 , , 1 1 9 94 4 2 2 1 1 S S e e p p t t . . 1 1 6 , , 1 1 9 9 3 3 9 9 2 O O c c t t . . 2 1 7 7 , , 1 1 9 9 4 4 2 2 Minneapolis Oct. 30, 1942 Mar. 28, 1942 IX Oct. 30, 1942 1 Mar. 28, 1942 2 Oct. 30, 1942 Kansas City Oct. 27, 1942 Apr. 11, 1942 IX Oct. 27, 1942 1 Sept. 16, 1939 Oct. 27, 1942 Dallas..... Oct. 17, 1942 Mar. 21, 1942 IX 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 adyances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the 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 COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACTi Maturity R Ju a n te e o 3 n 0 In g i e n f n fe in c g t — be- Pre r v at i e ous [In M ef a f t e u ct r i J ti u e n s e n 3 o 0 t . ex P c e e r e c d e i n n t g p f e iv r e a n y n e u a m rs 1 Treasury bills1 Vs Apr. 30, 1942 To industrial or Bankers' acceptances:2 commercial To financing institutions 1- 90 days X Oct. 20, 1933 1 businesses 1 9 2 1 1 - - 1 1 2 8 0 0 d d a a y y s s % O O c c t t . . 2 2 0 0 , , 1 1 9 9 3 3 3 3 1 1 M On discounts or Federal Reserve purchases 1 Established rate at which Federal Reserve Banks stand ready to buy Bank m a u h if l p a l a 2 v o d t T e n M u e r s r b e i i i r r n e t a e e y e i s q d m n u u a r u e m t b y s m y t t a b h d t b b i e e h l e u l e s s f s y a o u i o m s r n b e e f g f j e l e e l m e r c r r e r t a a a , d t t t t . e e w o u s r e o r i E r o f e t e n y f p d f , u m e i p r s c w r c a c t i i h d o o v m a e u u e s e l n e d o t A b n . o a s u p e n c g l S t o . k l i i n o n e 3 b d n c , r a i . s e t c 1 ' i k o M 9 a 4 n c a 2 b c y , i e t l h p p ls 1 a u t 5 a t r , c o n h f t c 1 h a e 9 e s l s 4 i e . 3 k s R , e e a o s a l f e l m r s v p o u e u u c r n h c t B h b a a a i n s n l e k l d s s , , lo O an n s ' , co m m O e m n n t i s t- f o o i P b r n t i l o s o i w t r g n i t a h t i u o t i i e c s - n d h m po a R r in t e i i - o n n g m O i n tm c e o n m ts - Back figures.—Site Banking and Monetary Statistics, Table 117, pp. 443-445. ) Boston 2M-5 0 New York.... 2H-5 Philadelphia 2H-5 52 XM Cleveland 23^-5 S GUARANTEE FEES AND MAXIMUM INTEREST AND COM- A Ri t c la h n m ta ond () (4) M V IT O M N E L N O T A R N A S T G ES U A C R H A A N R T G E E E A D B L B E Y U W N A D R E R D E R P E A G R U T L M A E T N I T O , N C St h . ic L a o g u o is X-Ui 234-5 X (J) NAVY DEPARTMENT, AND MARITIME COMMIS- Minneapolis XiK ? X-iH SION UNDER EXECUTIVE ORDER NO. 9112 Kansas City X-iX AND CONTRAC O T F S 1 E 9 T 44 TLEMENT ACT D Sa a n l la F s rancisco 8 (4) sym [Rates in effect June 30] 1 See table on maximum interest and commitment rates chargeable FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS under Regulation V for rates on guaranteed Section 13b loans. 2 Including loans made in participation with financing institutions. Guarantee fee 3 Rate charged borrower less commitment rate. (In terms of per- 4 Rate charged borrower. Percentage of loan guaranteed centage of amount 5 May charge rate charged borrower by financing institution, if lower. of interest payable 6 Charge of XA per cent is made on undisbursed portion of loan. by borrower)1 Back figures.—See Banking and Monetary Statistics,Table 118, pp. 446-447. MAXIMUM RATES ON TIME DEPOSITS 80 or less 10 15 Maximum rates that may be paid by member banks as established by 90.'.'!.'! .'.'...'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.".'..'.'.'.'. 20 the Board of Governors under provisions of Regulation Q 30 [Per cent per annum ] Over 95. '.'.'. 50 Nov. 1,1933- Feb. 1,1935- Effective Jan. 31,1935 Dec. 31,1935 Jan. 1,1936 MAXIMUM RATES THAT MAY BE CHARGED BORROWERS BY FINANCING INSTITUTIONS Savings deposits [Per cent per annum] Postal savings deposits... Other deposits payable: In 6 months or more— Maximum rate of interest In 90 days to 6 months. Maximum commitment rate. . In less than 90 days 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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVE REQUIREMENTS MARGIN REQUIREMENTS1 [Per cent of deposits] [ Per cent of market value ] Period in effect Cen N tr e a t l de R m e a s n e d r v d e eposits1 de T ( p i a o m ll s e its P R re e s s c e r r i v b e e d S y b s y E t e x B m c o h a i a r n n d g a o c e c f o A G rd o c a v t n e o c r f e n o 1 w r 9 s 3 it 4 o h f t S h e e c F ur e i d ti e e r s al N F 1 e o 1 9 b 9 v 3 . 4 7 . 5 - 4 1 , , E F f e f 1 b e 9 . c 4 t 5 i 5 v , e reserve Country member city city banks banks) banks banks For extensions of credit by brokers and dealers on listed securities, under Regulation T 40 50 June 21, 1917-Aug. 15, 1936 13 10 7 3 For short sales, under Regulation T 50 50 Aug. 16, 1936-Feb. 28, 1937 19M 15 10^ 4H For loans by banks on stocks, under Regulation U 40 50 Mar. 1, 1937-Apr. 30, 1937 22% 1234 5M 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.l3, 1942 24 20 14 6 requirements" shown in this table are the difference between the market Sept. 14, 1942-Oct. 2, 1942 22 20 14 6 value (100%) and the maximum loan value. Oct. 3, 1942 and after 20 20 14 6 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 andjdonetary Statistics, Table 145, p. 504. posits other than war loan deposits, minus cash items in process of collection and demandjbalances due from domestic banks. PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS ..-- [In thousands of dollars] Wednesday figures End of month Item 1945 1944 June 27 June 20 June 13 June 6 May 30 May 23 May 16 May 9 June May June Assets Gold certificates 7,407,210 7,411,215 17,421,210 17,412,465 17,416,465 17,429,460 17,513,465 17,508,360 7,355,214 7,416,463 18,599,375 Redemption fund for F.R. notes. 699,358 697,265 688,160 697,481 695,094 683,713 681,041 677,377 699,302 695,095 410,317 Total gold certificate reserves 18,106,568 18,108,480 .8,109,370 18,109,946 ,111,559 8,113,173 194,506 18,185,73718,054,516 ,111,558 19,009,692 Other cash 216,554 249,361 248,770 247,330 248,091 254,8 241,771 240,801 212,909 248,175 277,364 Discounts and advances: For member banks 202,469 306,584 851,134 911,334 884,744 723,374 486,204 550,659 46,457 873,774 12,530 For nonmember banks, etc 790 790 790 790 790 790 790 150 Total discounts and advances 306,584 851,924 912,124 885,534 724,164 486,994 551,449 46,457 874,564 12,680 Industrial loans 202,469 3,499 4,200 4,104 4,302 4,592 4,835 4,212 2,772 4,230 11,084 U. S. Government securities: 3,293 Direct: Bills: Under repurchase option 4,784,923 4,639,971 4,538,611 4,682,258 5,028,961 5,068,504 4,992,875 5,246,640 4,874,482 4,898,361 3,655,233 Other 8,187,195 8,232,260 8,214,796 8,055,176 8,035,136 8,061,436 8,038,591 7,957,774 8,087,965 8,055,176 5,217,183 Certificates: Special Other 5,924,011 5,838,011 5,569,761 5,388,261 5,827,311 5,678,711 5,523,711 5,412,211 6,032,011 5,870,011 3,381,990 Notes 1,683,950 1,683,950 1,666,950 1,657,950 1,016,450 1,005,350 997,850 987,850 1,684,950 1,017,450 1,180,035 Bonds 1,112,64: 1,112,642 1,112,64 1,112,642 1,115,142 1,115,142 1,115,142 1,115,142 1,112,642 1,112,642 1,464,096 Guaranteed 2,500 Total U. S. Government securities, including guaranteed securities. 21,692,72121,506,83' 21,102,76020,896,28' 21,023,00020,929,14320,668,169 20,719,61721,792,05020,953,640 14,901,037 Other Reserve Bank credit outstanding . 312,499 469,641 387,952 394,382 345,46 322,247 426,871 314,050 462,864 298, 347,317 Total Reserve Bank credit outstanding 22,210,98222,286,55822,346,83622,206,89 22,258,30321,980,14621,586,86921,589,32822,304,14322,131,31 15,272,118 Liabilities Federal Reserve notes 22,942,62122,873,22622,865,21222,859,62222,844,8 22,761,04722,782,31; 22,722,46023,018,86022,885,30' 18,898,960 Deposits: Member bank—reserve account 14,759,99015,354,23515,771,176 15,452,11315,371,392 15,116,648 15,245,908 15,029,352 14,919,911 15,295,86312,865,826 U. S. Treasurer—general account 687,287 347,240 169,626 352,29 425,501 526,23: 101,872 446,614 599,208 361 650,457 Foreign 1,297,666 1,268,960 1,230,572 1,188,401 1,159,080 1,187,244 1,134,984 1,071,542 1,248,166 1,142 1,507,511 Other deposits 476,382 440,756 319,572 357,438 459,676 404,600 406,104 391,845 420,236 446 362,493 Total deposits 17,221,325 17,411,19117,490,946 17,350,249 17,415,64917,234,724 16,888,86816,939,35317,187,52117,246,593 15,386,287 Ratio of total reserves to deposit and F.R. note liabilities combined (per cent) 45.1 45.0 44.9 45.9 45.1 55.4 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] June 27, 1945 Total 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y 9 s 0 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 th r s 2 l y y t e e o a a r rs 5 2 y y t e o e a a r r s s 5 O y v e e a r rs Discounts and advances 202,469 200,065 1,010 1,100 294 Industrial loans 3,293 2,155 8 33 7 154 709 " 107 120 U. S. Government securities 21,692,721 3,046,800 2,101,921 4,805,625 4,796,612 1,060,750 3,718,721 907,300 507,652 747,340 JULY 1945 657 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 ot dollarsT Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificates: May 23 17,429,460 894,744 4,655,854 971,1811,339,996 890,407 912,6313,272,962 634,965 354,711 642,541 514,190 ,345,278 May 30 17,416,465 906,570 4,606,134 971,7171,353,248 908,212 922,7053,224,641 665,312 358,322 654,528 524,695 320,381 June 6 17,412,465 905,021 4,641,398 975,684 1,335,027 896,459 909,4323,256,624 630,909 364,488 653,041 512,674 331,708 June 13 17,421,210 978,594 4,481,551188 1,037,2691,370,555 920,500 9210,5"2 3',156,585 700,591 364,122 669,806 542,277 ,278,341 June 20 17,411,215 951,745 4,544,4771,013,7141,407,069 911,643 888,1653,132,176 681,541 365,838 659,045 550,015 305,787 Redemption fund for F. R. notes: 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 May 30 695,094 46,384 138,319 48,267 63,339 51,574 39,424 115,136 33,859 16,311 27,022 19,968 95,491 June 6 697,481 46,310 138,032 48,157 63,243 50,998 41,331 115,019 33,835 16,300 28,996 19,939 95,321 June 13 688,160 46,231 132,533 43,784 63,136 52,313 41,073 114,895 33,801 16,286 28,966 19,902 95,240 June 20 697,265 46,167 132,279 44,179 63,053 51,776 40,986 124,809 33,771 16,276 28,943 19,878 95,148 Total gold certificate reserves: May 23 18,113,173 941,203 4,789,4631,019,5611,402,440 940,578 952,1773,383,212 668,861 371,033 669,592 534,187 440,866 May 30 18,111,559 952,954 4,744,4531,019,9841,416,587 959,786 962,1293,339,777 699,171 374,633 681,550 544,663 415,872 June 6 18,109,946 951,331 4,779,4 '30 1,023,8411,398,270 947,457 950,7633,371,643 664,744 380, 682,037 532,613 427,029 June 13 18,109,3701,024,825 4,614,0511,081,0531,433,691 972,813 962,1253,271,480 734,392 380,408 698,772 562,179 373,581 June 20 18,108,480 997,912 4,676,756 1,057,8931,470,122 963,419 929,1513,256,985 715,312 382,114 687,988 569,893 400,935 Other cash: May 23 254, 22,922 62,676 20,815 20,831 15,035 21,397 29,631 11,327 5,348 12,621 9,768 22,517 May 30 248,091 21,664 62,750 20,148 22,750 14,759 20,273 27,569 10,526 4,837 12,303 10,235 20,277 June 6 247,330 21,315 62,413 20,477 21,375 15,300 20,563 27,784 9,311 4,400 11,897 9,509 22,986 June 13 248,770 20,677 65,122 19,889 22,749 14,560 19,061 29,125 9,027 4,635 12,217 8,983 22,725 June 20 249,361 19,746 63,105 19,855 21,458 15,447 21,201 28,237 9,215 4,677 12,645 9,663 24,112 Discounts & advances: Secured by U. S. Govt. securities: May 23 724,164 29,600 426,364 11,325 44,975 15,155 6,400 70,100 40,780 36,07. 15,690 200 27,500 May 30 885,534 32,305 637,099 16,335 33,880 12,835 12,100 38,450 24,415 29,875 15,290 3,200 29,750 June 6 912,124 29,580 653,769 16,275 43,845 10,625 7,500 46,975 38,290 24,225 17,290 23,750 June 13 851,924 18,280 634,109 31,625 36,545 10,825 6,350 46,625 18,900 21,625 11,290 15,750 June 20 306,584 1,835 235,444 3,055 4,725 5,950 1,200 7,300 22,950 7,300 16,825 Other: May 23 May 30 June 6 June 13 June 20 Total discounts and advances: 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 May 30 885,534 32,305 637,099 16,335 33,880 12,835 12,100 38,450 24,415 29,875 15,290 3,200 29,750 June 6 912,124 29,580 653,769 16,275 43,845 10,625 7,500 46,975 38,290 24,225 17,290 23,750 Tune 13 851,924 18,280 634,109 31,625 36,545 10,825 6,350 46,625 18,900 21,625 11,290 15,750 June 20 306,584 1,835 235,444 3,055 4,725 5,950 1,200 7,300 22,950 7,300 16,825 Industrial loans: May 23 4,592 130 7 3,642 275 19 425 May 30 4,302 130 7 3,352 275 19 425 June 6 4,104 130 7 3,179 275 19 400 June 13 4,200 130 7 3,301 275 19 375 June 20 3,499 128 7 2,609 275 15 375 U. S. Govt. securities: Bills: Under repurchase option: 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 May 30 5,028,961 112,256 3,018,337 204,990 76,889 41,616 35,590 865,378 180,192 23,850 49,447 29,546 390,870 June 6 4,682,258 81,796 2,830,134 190,338 81,239 43,270 34,310 760,091 216,461 29,330 31,898 30,291 353,100 JJuunnee 1133 4,538,611 67,258 3,014,059 165,933 76,539 29,814 19,500 693,010 51,040 26,520 24,796 19,966 350,176 JJune 20 4,639,971 23,764 3,130,788 162,355 47,247 22,650 20,720 791,900 49,475 38,635 16,057 21,151 315,229 Otthheerr bbiilllls: 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 May 30 8,035,136 624,151 620,093 546,7071,019,001 718,557 633,5951,352,426 281,925 227,345 466,941 362,0991,182,296 June 6 8,055,176 631,361 624,959 541,4371,022,461 711,047 634,61 1,421,324 231,373 228,496 458,703 365,1091,184,291 June 13 8,214,796 600,800 555,178 513,337 962,909 702,002 642,7431,564,620 359,211 220,606 457,075 358,4421,277,873 June 20 8,232,260 698,563 532,415 547,206 996,852 700,036 643,6321,444,504 360,029 224,626 469,419 322,0701,292,908 Certificates: 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 May 30 5,827,311 400,765 1,444,149 450,663 559,141 373,461 302,062 727,904 286,759 156,983 284,762 252,789 587,873 June 6 5,388,261 371,126 1,334,681 416,700 517,781 345,120 279,185 673,093 264,841 145,423 263,290 233,615 543,406 June 13 5,569,761 384,145 1,379,017 430,728 535,946 356,556 288,475 695,794 273,471 150,572 272,144 241,368 561,545 June 20 5,838,011 403,419 1,444,51." 451,463 562,829 373,444 302,201 729,351 286,209 158,195 285,228 252,815 588,344 Notes: 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 May 30 1,016,450 69,905 251,901 78,608 97,530 65,142 52,689 126,967 50,018 27,382 49,671 44,094 102,543 June 6 1,657,950 114,193 410,676 128,218 159,321 106,192 85,903 207,108 81,491 44,746 81,01 71,884 167,204 June 13 1,666,950 114,970 412,720 128,912 160,401 106,711 86,336 208,242 81,846 45,064 81,449 72,237 168,062 June 20 1,683,950 116,364 416,66. 130,22; 162,346 107,719 87,168 210,378 82,556 45,632 82,273 72,923 169,705 Bonds r May 23 1,115,14: 76,597 276, A 86,24: 106,867 71,502 57,825 139,289 54,928 29,995 54,497 48,397 112,529 May 30 1,115,142 76,693 276,359 86,241 107,000 71,467 57,804 139,294 54,875 30,041 54,494 48,375 112,499 June 6 1,112,64 76,634 275,603 86,046 106,919 71,265 57,649 138, 54,689 30,029 54,368 48,241 112,210 June 13 1,112,642 76,739 275,479 86,045 107,063 71,227 57,62' 138,996 54,630 30,079 54,365 48,216 112,176 June 20 1,112,642 76,886 275,303 86,043 107,268 71,174 57,595 139,003 54,54' 30,150 54,360 48,183 112,130 Total U. S. Govt. securities: May 23 20,929,1431,267,939 5,701,7411,358,362 ,846,2161,272,4111,067,5023,137,628 852,331 469,128 895,580 730,4872,329,818 May 30 21,023,0001,283,770 5,610,8391,367,209 ,859,5611,270,243 ,081,7403,211,969 853,769 465,601 905,315 736,9032,376,081 June 6 20,896,2871,275,110 5,476,0531,362,739 ,887,7211,276,8941,091,6623,200,605 848,855 478,024 889,27. 749,1402,360,211 June 13 21,102,7601,243,912 5,636,4531,324,955 ,842,8581,266,3101,094,6813,300,66: 820,198 472,841 889,829 740, ",469,832 June 20 21,506,8341,318,996 5,799,68: 1,377,290 ,876,5421,275,0231,111,3163,315,136 832,816 497,238 907,337 717,1422,478,316 658 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i : a C l l a e n v d e- m Ri o c n h d - Atlanta I 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 cisco Total loans and sec: May 23 21,657,899 ,297,669 6,128,112 ,373,3291,891,191 ,287,660 ,073,902 ,208,003 893,111 505,203 911,289 730,687 2:,357,743 May 30 21,912,836 ,316,205 6,247,945 ,386,8961,893,441 ,283,172 ,093,840 ,250,694 878,184 495,476 920,624 740,103 2',406,256 June 6 21,812,515 ,304,820 6,129,829 ,382,193 ,931,566 ,287,613 ,099,162 ,247,855 887,145 502,249 906,582 749,140 21!,384,361 June 13 21,958,884 ,262,322 6,270,569 ,359,8811,879,403 ,277,228 ,101,0313,347,562 839,098 494,466 901,138 740,229 2!,, 485,957 June 20 21,816,9171,320,959 6,035,133 ,382,9541,881,267 ,281,063 ,112,516 ,322,711 855,766 504,538 924,177 717,142 2!, 478,691 Due from foreign banks: May 23 112 8 May 30 112 8 138 June 6 110 8 136 June 13 110 8 136 June 20. 110 8 136 Federal Reserve notes of other Banks: May 23 87,343 7,898 18,127 3,310 3,880 7,238 7,652 10,646 5,991 1,686 4,181 3,273 13,461 May 30 82,076 3,554 13,417 3,799 4,333 7,704 8,531 9,556 6,495 2,301 5,033 2,432 14,921 June 6 89,208 3,496 18,674 4,830 4,844 7,852 8,514 11,253 6,467 2,138 4,649 2,950 13,541 June 13 94,606 4,191 21,060 6,407 5,181 8,077 7,848 10,226 6,940 2,896 4,634 3,444 13,702 June 20 92,174 5,592 16,937 7,005 4,708 7,214 7,547 10,388 7,534 2,502 5,137 3,565 14,045 Uncollected items: May 23... 1786,465 133,618 381,352 106,491 184,602 145,332 102,583 264,592 71,496 36,322 94,261 73,187 192,629 May 30 1727,261 118,722 383,468 104,438 197,136 120,560 122,008 259,631 72,723 35,125 96,524 64,685 152,241 June 6 1752,583 123,860 345,251 105,889 168,044 131,255 125,489 279,727 83,978 41,360 93,810 78,920 175,000 June 13 2055,495 147412 455,955 106,927 214,272 153,921 137,767 322,259 86,793 44,192 107,055 79,838 199,104 June 20 2363,188 177,185 466,189 132,623 258,814 192,198 140,071 390,234 90,211 49,236 123,679 87,473 255,275 Bank premises: May 23 34,191 1591 8,821 3,397 4,054 2,818 1,596 3,150 2,096 1,244 2,638 87, 1,913 May 30 34,174 1586 8,821 3,397 4,054 2,818 1,593 3,149 2,096 1,242 2,638 873 1,907 June 6 34,144 1587 8,803 3,397 4,054 2,827 1,593 3,144 2,092 1,242 2,632 866 1,907 June 13 34,144 1587 8,803 3,397 4,054 2,827 1,593 3,144 2,092 1,242 2,632 866 1,907 June 20 34,143 1587 8,803 3,397 4,054 2,827 1,593 3,144 2,091 1,242 2,632 866 1,907 Other assets: May 23 59,631 4177 13,109 4,403 5,760 3,695 3,371 7,945 3,230 1,515 3,050 2,770 6,606 May 30 62,005 4420 13,622 4,656 5,989 3,886 3,493 8,129 3,324 1,563 3,228 2,937 6, 758 June 6 59,390 4 192 13,303 4,544 5,485 3,612 3,264 8,175 3,328 1,580 3,006 2,744 6,157 June 13 61,926 4361 14,112 4,773 5,758 3,806 3,379 8,42: 3,412 1,654 3,098 2,805 6,346 June 20 55,105 4895 12,147 3,884 5,074 3,367 2,999 7,72! 2,804 1,506 2,628 2,426 5,653 Total assets: May 23 41993,7022,40908611,401,6982,531,3163,512,7682,402,3612,162,6826,907,1941,656,116 922,3541,697,6351,354,7'48 55,035,744 May 30 42178,1142,419 11311,474,5142,543,3283,544,3002,392,690 2,211,8716,898,5201,672,523 915,1801,721,9031,365,9315,018,241 June 6 42105,2262,410 60911,357,739 '2,545,1813,533,6482,395,9212,209,3526,949,5961,657,069 933,7601,704,6161,376,7455,030,990 June 13 42563,3052,46538311,449,7082,582,3373,565,1182,433,2372,232,8086,992,2331,681,758 •929,4961,729,5491,398,347 June 20 42719,4782,52788411,279,1062,607,6213,645,5072,465, ,215,0827,019,4361,682,937 945,818 ,758,8891,391, 5,'180,'627 Liabilities Federal Reserve notes: May 23 22761,0471,441 331 5,056,3501,497,7081,984,2701,517,4171,333, 185,053 961,267 498,854 838,237 563,009 2,884,453 May 30 22844,8871,435 771 5,082,2721,501,684 1,987,9021,523,0221,344,977 4 193,400 964,477 498,819 844,606 572,282 ,895,675 June 6 22859,6221,441 690 5,050,8931,501,8831,995,5221,526,5921,349, 197,796 964,009 499,629 846,774 575, ,909,595 June 13 22865,2121,443 594 5,043,1841,511,5741,998,5001,529,5401,350, 188,877 964,029 500,152 846,221 575,5612,913,208 June 20 22873,2261,446 258 5,059,4951,508,1302,002,0231,528,6191,348,1174,191,593 963,253 500,055 843,935 571,7262,910,022 Deposits: Member bank— reserve account: May 23 15116,648 685638 5,008,228 771,4411,161,520 643,361 658,398 ,211,312 545,543 335,541 696,434 655,6761,743,556 May 30 , 15371,392 709614 5,100,605 773,0641,181,055 657,275 662,148 ,253,823 554,802 334,84! 709,112 661,4201,773,629 : 6 15452,113 717264 5,070,579 808,4271,213,608 664,868 674,991 ,268,075 546,300 348,83' 707,995 661,7441,769,425 ; 13 15771,176 750459 5,212,535 824,1551,201,012 675,395 696,945 ,288,330 566,025 339,146 724,120 689,6531,803,401 _ J20 15354,235 763632 4,899,801 794,5541,214,158 664,520 665,1122,233,304 557,674 340,977 723,359 683,700 1,813,444 U. S. Treasurer— general account May 23 526,232 48123 129,488 28,381 59,14. 31,166 17,678 78,491 20,320 13,969 21,206 22,707 55,558 May 30 425,50 51673 81,961 40,735 55,780 25,879 22,012 20,53' 25,141 9,822 25,403 23,914 42,644 June 6 352,297 19707 124,678 8,891 32,973 20,416 16,092 49,309 10,765 10,359 14,068 15,003 30,036 June 13 169,626 9955 28,001 5,868 20,686 14,228 3,865 32,922 7,280 8,864 10,453 13,780 13,724 June 20 347,240 36418 91,71 34,829 26,618 22,039 7,823 29,84: 5,273 6,426 16,130 9,907 60,218 Foreign: M M a a y y 2 3 3 0 1 1 1 1 5 8 9 7 , , 0 24 8 4 0 7 7 7 5 4 5 0 0 7 1 2 2 4 4 4 5 6 6 , , 1 60 2 6 8 1 9 0 8 0 , ,6 2 5 2 7 4 9 9 9 7 , , 5 1 1 0 3 8 4 4 8 6 , , 0 8 4 8 1 0 4 3 0 9 , , 0 0 3 6 4 6 1 1 4 4 5 8 , , 1 6 0 9 3 7 3 3 4 3 , , 3 4 1 8 5 5 2 2 6 5 , , 3 67 0 2 8 3 3 4 3 , , 3 4 1 8 5 5 3 3 3 4 , , 4 3 8 1 5 5 8 87 4 , , O 9 ; 4 1 3 6 June 6 1188,40 78221 2453,22' 101,229 100,079 48,314 40,262 149,543 34,510 26,458 34,510 34,510 87,538 June 13 1230,572 83188 2470,71. 104,263 103,079 49,762 41,468 154,026 35,544 27,251 35,544 35,544 90,190 June 20 1268,960 85425 2491,152 106,700 105,488 50,925 42,438 157,625 36,375 27,888 36,375 36,375 92,194 Other: May 23 404,600 4502 297,094 4,360 8,852 7,973 3,340 7,879 14,135 3,994 1,920 1,228 49,323 May 30 459,67 3822 320,916 4,829 11,482 7,579 29,684 9,710 13,870 4,199 1,753 1,971 49,861 June 6 357,438 4,549 230,565 4,210 19,081 ' 5,890 3,727 13,328 13,905 4,363 1,473 2,637 53,710 June 13 319,57 5838 184,158 6,027 10,913 6,328 3,569 11,462 14,343 3,750 1,459 2,299 69,426 June 20 440,75 11,031 220,749 11,230 40,807 6,664 5,071 58,754 22,079 15,119 1,22: 2,222 45,808 Total deposits: May 23 17,234,72 815,670 5,891,416 904,8391,329,030 730,541 719,4502,446,379 614,313 379,812 753,875 713,9261,935,473 May 30 17,415,64 840,610 5,949,610 916,8521,345,425 737,613 752,9102,429,173 627,298 374,538 769,753 720,7901,951,077 June 6 17,350,24 819,741 5,879,049 922,7571,365,741 739,488 735,0722,480,255 605,480 390,01 758,046 713,8941,940,709 June 13 17,490,94 849,440 5,895,407 940,3131,335,690 745,713 745,8472,486,740 623,192 379,011 771,576 741,2761,976,741 June 20 17,411,19 896,506 5,703,419 947,3131,387,071 744,148 720,4442,479,525 621,401 390,410 777,086 732,204 2,011,664 Deferred availability items: May 23 1,464,33 117,026 278,030 83,88- 150,166 129,530 89,27' 204,83' 62,127 29,561 87,556 60,096 172,241 May 30 1,381,90 107,543 266,261 79,745 161,449 107,111 93,026 204,660 62,235 27,690 89,430 55,066 127,690 June 6 1,358,31 113,851 250,913 75,372 122,710 104,836 103,631 200,182 69,015 29,900 81,595 69,486 136,820 June 13 1,667,65 136,875 333,450 85,142 181,076 132,837 115,098 244,896 75,865 36,085 93,448 63,548 169,333 Tune 20 J,893,65 149,637 338,155 106,791 206,373 167,578 125,340 276,426 79,599 41,068 119,546 69,152 213,992 1 After deducting $74,000 participations of other Federal Reserve Banks on May 23; May 30; June 6; June 13; June 20. 2 After deducting $729,760,000 participations of other Federal Reserve Banks on May 23; $712,123,000 onMay 30; $733,910,000 on June 6; $755,910,000 on June 13; $773,577,000 on June 20. 659 JULY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS-Continued [In thousands of dollars] San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . is M ap in o n li e s - K C an it s y as Dallas' F c r is a c n o - Other liabilities including accrued div.; May 23 11,853 871 3,361 780 1,169 628 550 1,735 364 336 443 447 1,169 May 30 12,370 871 3,445 841 1,272 602 594 1,846 415 311 475 478 1,220 June 6 11,772 877 3,295 833 1,167 595 515 1,783 349 311 443 388 1,216 June 13 12,417 945 3,542 866 1,194 643 533 1,774 404 302 460 509 1,245 June 20 12,143 875 3,441 827 1,184 585 533 1,839 401 301 463 428 1,266 Total liabilities: May 23 41,471,9542,374,898!11,229,157 2,,487,2113,464,635 2,378,1162,142,3776,838,001 1,638,071 908,563 ,680,1111,337,4784,993,336 May 30 41,654,8122,384,795i 11,301,588 2,499,1223,496,048 2,368,3482,191,5076,829,079 1,654,425 901,358 ,704,2641,348,6164,975,662 J J u u n n e e 1 6 3 4 4 2 1 , , 0 5 3 7 6 9 , , 2 95 2 4 82 2 , , 4 37 3 6 0 , , 1 8 5 5 9 4 ) [ 1 1 1 1 , , 1 2 8 7 4, 5 1 , 5 " 0 " 2 " , , 5 5 0 3 0 7 , , 8 8 4 9 5 5 3 3 , , 4 5 8 1 5 6 , ,4 1 6 4 0 0 2 2, , 3 4 7 0 1 8 , , 5 7 1 3 1 3 2 2 , , 1 21 8 2 8 , ,8 2 7 5 7 0 6 6i , ,, 8 9 8 2 0 2 , , 0 2 1 8 6 7 1 1 , , 6 6 3 6 8 3 , , 8 4 5 9 3 0 9 9 1 1 9 5 , , 8 5 5 5 7 0 , ,7 6 1 8 1 6 , ,8 7 "5 0 ""8 5 1 1 , , 3 3 5 8 9 0 , , 3 8 4 9 8 4 4, ,:0 9 6 8 0 8 , , 5 3 2 4 7 0 June 20 42,190,2172,493,276> 11,104,510 2,563,0613,596,6512,440,9"30 "2,194,4346,949,383 1,664,654 931,834 ,741,0301,373,510 ,136,944 Capital Accounts Capital paid in: 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 , May 30 168,145 10,253 59,874 12,718 16,896 6,776 6,090 20,243 5,454 3,663 5,422 5,687 15,069 June 6. 168,335 10,249 60,025 12,731 16,904 6,777 6,090 20,243 5,454 3,679 5,423 5,691 15,069 June 13 168,508 10,256 60,106 12,731 16,912 6,777 6,093 20,284 5,458 3,683 5,448 5,691 15,069 JJ uunnee 20 169,336 10,260 60,119 12,745 16,927 6,779 6,101 20,310 5,460 3,686 5,452 5,703 15,794 Surplus (section 7): 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 May 30 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 June 6 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 June 13 228,153 15,239 84,903 19,872 19,071 '7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 June 20 228,153 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): May 23 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 30 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 June 6 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 June 13. 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 JJuunnee 20 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Other capital accounts: 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 May 30 99,839 5,946 21,006 7,148 11,278 6,463 5,576 14,568 5,069 4,136 4,884 4,296 9,469 June 6 101,619 6,082 21,518 7,265 11,526 6,530 5,68' 14,707 5,187 4,201 5,002 4,374 9,540 June 13 103,251 6,154 21,973 7,371 11,668 6,624 5,76' 15,032 5,235 4,240 5,063 4,430 9,694 June 20 104,607 6,229 22,431 7,475 11,851 6,728 5,849 15,113 5,248 4,275 5,074 4,486 9,848 Total liabilities and capital accounts: May 23 41,993,7022,409,08611,401,6982,531,3163,512,7682,402,3612,162,682 6,907,1941,656,116 922,3541,697,6351,354,7485,035,774 May 30 42,178,1142,419,11311,474, ,543,3283,544,3002,392,6902,211,87116,898,520 1,672,523 915,1801,721,9031,365,9315,018,241 )une 6 42,105,2262,410,60911,357,739 2,545,1813,533, ,395,9212,209,35216,949,596 1,657,069 933,7601,704,6161,376,7455,030,990 J J u u n n e e 2 1 0 3 4 4 2 2 , , 5 7 6 1 3 9 , , 3 4 0 7 5 8 2 2 , , 4 5 6 2 5 7 , , 3 8 8 8 3 4 1 1 1 1 , , 4 2 4 7 9 9 , , 7 1 0 0 8 6 2 2 , , 5 6 8 0 2 7 , , 3 6 3 2 7 1 3 3 , , 5 6 6 4 5 5 , ,5072, ,4 4 3 6 3 5 . , 2 5 3 4 7 0 2 2,F2 2 1 3 5 2 , , 0 8 8 O 2 8 |6 7 , , 9 0 9 1 2 9 , , 2 4 3 3 3 6 1 1, , 6 6 8 8 2 1 , , 9 7 3 5 ' 8 9 9 2 4 9 5 , ,8 4 1 9 8 61 1 , , 7 7 2 5 9 8 , , 5 8 4 8 9 91 1 , ,3 3 9 9 8 1 , , 3 0 4 3 7 1 5 5 , , 1 18 0 0 3 , , 6 3 2 3 7 1 Commitments to mak industrial loans: May 23 4,058 100 2,224 400 450 200 614 May 30 4,320 225 2,445 400 376 200 604 Tune 6 4,514 225 2,617 400 376 200 630 June 13 4,418 225 2,496 400 376 200 655 June 20 5,087 225 3,165 400' 376 200 655 FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston N Yo ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - l A an 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): May 23 23,426,1871,487,153 5,192,219 529,9152,037,0781,549,14311,387,661 4,272,144 999,504509,365 865,152590,2113,006,642 May 30 23,504,9661,479,8015,222,929 537,2582,048,5971,556,780 1,391,798 ,282,4671,002,499 550088,\694 865809595410 3",012,924 June 6 23,542,3661,479, 548" 5,248,945 543,0052,050,4541,559,1411,394, ,272, 629 1,004,631509,809 867,557598^1813,014,122 June 13 23,530,2731,479,5525,212,440 548,3702,052,7611,564,9561,395,164 4,261,1451,009,820 551111,J190 868819599,0153,027,041 June 20. 23,560,0931,479,4525,230,864 556,5532,054,6471,565,2771,401,977 4,250,9521,004,411511,024 866,867602,427 3,035,642 Collateral held against notes outstanding: Gold certificates: May 23 10,521,000 575, 545,000 598,000 790,000 600,000 635,0002,200,000 375,000 190,000320,000219,0001,474,000 May 30 10,331,000 575,000 2,545,000 598,000 800,000 600,000 635, ,000,000 375,000 190,000 320|,000219,0001,474,000 June 6 10,321,000 575, 545,000 598,000 805,000 600,000 610000 2000,000 375,000190,000320,000 229,0001,474,000 June 13 10,638,000 575,000 2,695,000 683,000 812,000 600,000 610, ,000,000 400,000190,000 320,000229,0001,524,000 June 20 10,697,000 585,000 2,920,000 707,000 812,000 600,000 610,0001,780,000 400,000190,000 330,000239,0001,524,000 Eligible paper: May 23 602,489 29,600 426,364 11,325 15,155 40,780 36,075 15,690 27,500 May 30 797,904 32,305 637,099 16,335 12,835 24,415 29,875 15,290 29,750 June 6 813,804 29,580 653,769 16,275 10,625 38,290 24,2251 17,290 23,750 June 13 762,404 18,280 634,109 31,625 10,825 18,900 21,625 11,290 15,750 June 20 293,359 1,835 235,444 3,055 5,950 22,950 7,300! 16,825 TL S. Govt. securities: May 23 12,913,979 900,000 2,400,000 950,000 1,250,000 975,000 775i,000 2,100,000 703,979325,000550,000385,0001,600,000 May 30 13,065,192 900,000 2,400,000 950,0001,250,000 975,000 775 ,300,000 655,192325,000550,000 385,0001,600,000 June 6 13,226,461 900,000 22,,.400,000 950,0001,250,000 975,000 800),000 2,300,000 791,4613255,^000 550\ 000 385,0001,600,000 June 13 12,686,040 900,0 2,100,000 850,0001,250,0001,000,000 800),000 2,300,000 626,040325,000 385,0001,600,000 June 20 12,934,475 900,000 22,,:100,000 850,0001,250,0001,000,000 800,000 2,500,000 674,475325,000 550,000 385,0001,600,000 Total collateral: May 23 24,037,4681,504,,600 5,371,3641,559,325 2,040,000 1,590,1551,410,000 4,300,0001,119,759 551,075 885,690 604,000 3,101,500 May 30 24,194,0961,507,,305 5,582,0991,564,335 2,050,0001,587,8351,410,000 4300,0001,054,607 544,875 885,290 604,000 3,103,750 June 6 24,361,2651,504,580 5,598,769 1,564,275 2,055,"" 1,585,6251,410,000 4;300,000 1,204,751 539,225 887,290 614,000 3,097,750 June 13 24,086,4441,493, ,429,1091,564,625 2,062,0001,610,8251,410,000 4,300,0001,044,940 536,625 881,290 614,000 3,139, 750 June 20 23,924,8341,486,8355,255,444 1,560,055(2,062,000 1,605,950 1',410,000 4 280,0001,097,425 522,300 896,825 624,000 3,124,000 66o FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WAR PRODUCTION LOANS GUARANTEED BY WAR DE- MEMBER BANK RESERVES AND BORROWINGS PARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE [Averages of daily figures. In millions of dollars] BANKS UNDER REGULATION V [Amounts in thousands of dollars] Month, All Ce c n i t t r y a l b r a e n s k er s ve Re- Counor mem- serve Gua a r u a t t o n h t o e d r e a i d z t e e l d oans Gua o r u a ts n t t a e n ed d in lo g ans a A v a d a m i d l i a o t b i u o l n e n t a t l o week ending Friday ba b n e k r s1 N Yo ew rk Chicago b c a i n ty k * s banks1 borrowers Date under guar- 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 - To 1 t 9 a 4 l 4 — re M s A e a p r y r v il e . s h .. eld: 1 1 2 2 , , 5 9 7 6 4 2 3 3 , , 5 7 8 0 0 6 8 79 48 7 5 5 , , 0 1 0 52 7 3 3^ 1 2 9 5 0 6 1945—April 14,621 4,023 890 5,793 3,916 May 15,156 4,215 940 5,970 4,032 1942 June 30 565 310,680 81,108 69,674 137,888 May 4 14,874 4,107 927 5,871 3,969 Sept. 30 1,658 944,204 427,918 356,677 230,720 May 11 15,051 4,167 934 5,931 4,018 Dec. 31 2,665 2,688,397 803,720 632,474 1,430,121 May 18 15,203 4,216 937 5,995 4,055 May 25 15,198 4,257 946 5,975 4,020 1943 June 1 15,341 4,284 941 6,041 4,076 J M S D u e e a n c p . r e t . . 3 3 3 3 0 1 0 1 4 3 4 5 , , , , 2 7 5 3 1 8 3 4 7 7 4 7 4 3 5 6 , , , , 7 4 7 5 1 5 2 6 8 2 5 3 , , , , 4 2 8 0 9 4 1 4 8 1 8 8 1 1 1 1 , , , , 4 2 9 7 2 4 1 0 8 5 8 4 , , , , 2 7 0 0 2 5 1 4 2 3 1 0 1 1 1 , , , 6 9 1 4 9 0 5 1 9 1 3 3 , , , , 3 7 5 1 9 5 5 1 4 6 9 8 2 2 3 1 , , , , 2 4 1 8 1 9 4 6 6 4 6 5 , , , , 0 8 2 6 5 5 8 1 3 5 6 8 Ex 1 c 9 e 4 s 4 s — r J J J A e u u u s p n n n e r e e e r il v 2 1 e 8 2 5 s : . . 1 1 1 5 5 5 , , , 6 7 5 8 3 5 3 8 9 3 1 6 4 4 4 , , , 2 3 3 2 8 3 1 9 8 5 7 9 9 9 5 5 6 1 0 0 5 1 6 6 6 , , , 1 1 0 2 9 7 8 5 2 4 3 9 4 4 4 , , , 2 2 1 5 8 0 6 9 7 8 3 9 1944 May 868 12 6 257 594 J F a eb n . . 3 2 1 9 5 5 , , 5 7 6 2 5 0 6 7 , , 9 1 8 7 9 2 , , 6 7 8 1 2 9 2 2 , , 0 0 2 3 0 0 , , 2 54 9 7 4 1 1 , , 6 7 9 0 1 0 , , 8 4 0 0 2 0 3 3 , , 2 4 7 5 8 1 , , 8 5 2 8 2 1 1945— M A a p y ril 1,0 9 0 3 5 1 1 1 2 3 1 8 4 2 2 2 5 7 4 6 7 7 3 8 0 J M A M u p a a n r y r e . . 3 3 3 3 0 1 0 1 5 6 6 6 , , , , 9 0 2 4 0 7 8 3 4 9 3 3 8 7 7 7 , , , , 0 6 4 7 4 4 6 9 6 6 7 7 , , , , 6 7 1 4 7 6 8 0 2 2 0 0 2 2 1 2 , , , , 0 0 0 9 0 3 6 9 9 3 4 0 , , , , 5 5 3 9 1 7 1 9 1 9 8 6 1 1 1 1 , , , , 6 7 6 7 8 3 6 0 0 5 6 6 , , , , 7 0 1 4 7 4 8 2 7 6 5 1 3 3 3 3 , , , , 6 7 6 8 1 9 8 1 5 5 4 0 , , , , 9 5 5 7 6 5 6 9 3 8 8 7 M M M a a a y y y 1 1 4 1 8 1,0 9 9 2 4 9 8 5 4 1 1 1 1 3 4 6 6 5 2 2 2 5 6 3 5 4 8 6 7 7 2 4 9 0 2 3 July 31 6,590 8,333,741 2,083,435 1,765,841 3,904,215 May 25 957 13 7 224 713 O S A N e c u o p t g v . t . . . 3 3 3 3 0 1 1 0 6 6 7 7 , , , , 7 8 0 2 4 8 3 5 4 7 2 1 8 8 8 9 , , , , 6 4 9 1 8 8 8 3 5 5 7 3 , , , , 6 7 6 7 1 5 2 5 7 3 3 0 2 1 1 1 , , , , 0 9 8 7 1 6 7 9 0 0 6 5 , , , , 9 7 5 7 5 8 3 3 8 5 9 3 1 1 1 1 , , , , 6 7 6 5 6 0 1 0 3 6 1 7 , , , , 4 3 7 8 8 6 0 7 9 3 9 3 4 4 4 4 , , , , 3 1 3 4 0 0 6 7 1 7 7 6 , , , , 3 6 3 9 2 0 3 8 2 6 2 8 J J J J u u u u n n n n e e e e 2 1 8 1 2 5 pl 1 1 1 ,5 , , , 1 0 2 0 7 8 3 9 5 2 7 4 2 1 1 7 6 4 4 9 9 8 7 3 4 2 3 5 0 8 0 9 7 0 6 P 8 8 9 7 5 9 7 9 2 2 9 4 Dec. 30 7,434 9,310,582 1,735,970 1,482,038 4,453,586 Borrowings at Federal Reserve Banks: 1945 1944—April. . 74 35 15 24 Jan. 31 7,581 9,407,853 1,700,632 1,448,995 3,911,058 May 160 53 56 51 Feb. 28 7,720 9,517,272 1,646,160 1,402,646 3,964,830 1945—April 360 127 2" 150 80 Mar. 31 7,885 9,645,328 1,599,120 1,365,959 3,963,961 May 632 330 1 209 92 Apr. 30 8,047 9,872,866 1,558,270 1,332,050 4,002,772 May 31 8,216 10,014,377 1,479,847 1,272,137 3,994,726 May 4 517 260 1 167 89 May 11 557 271 1 193 92 May 18 524 231 1 206 86 May 25 693 356 1 242 94 June 1 831 512 1 212 106 outstanding represents amounts repaid, guarante June 8 891 600 1 203 87 pleted, and authorizations expired or withdrawn. June 15 860 592 1 192 75 June 22.. 455 315 88 52 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS p Preliminary. [Amounts in thousands of dollars] 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks We D d a n t e e sd (l a a y s t or Ap a t p p o l p i r c d o a a v t t i e e o d ns b p u r A o t P 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- d an is d c o o u f n c t o s u a n n t d ry a b d a v n a k n s c e m s a f y o r i n n c o lu n d m e e s m m b a e l r l b am an o k u s n , t e s t c o . f Federal Reserve Bank last day of com- standing2 out- outperiod) pleted1 (amount) standing standing DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND Number Amount (amount) (amount) (amount) SMALL CENTERS1 [Averages of daily figures. In millions of dollars] 1934 984 49,634 20,966 13,589 8,225 1,296 1 1 1 9 9 9 3 3 3 5 7 6 2 2 1 , , ,9 4 2 9 0 8 3 6 0 1 1 1 5 3 2 0 9 4 , , , 9 8 4 8 2 9 7 9 3 1 8 3 1 , , , 3 2 5 6 2 4 9 6 8 3 2 2 2 5 0 , , , 4 5 2 2 1 9 6 6 3 2 2 1 0 7 2 , , , 9 6 7 5 4 8 9 9 0 8 7 7, , , 2 2 7 3 0 7 8 8 8 a I n n d p o l v a e c r e s p o o f p u 1 l 5 a ,0 ti 0 o 0 n I 1 n 5 , p 0 l 0 a 0 c e p s o o p f u l u a n ti d o e n r 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 Demand Demand 1 1 9 9 4 4 0 1 3 2 , , 2 9 0 0 2 8 2 2 7 1 9 2 , ,5 8 1 6 0 0 1 8 3 , , 2 9 9 54 4 1 9 0 , , 1 3 5 3 2 7 1 5 4 , ,5 2 9 2 7 6 1 6 9 , , 3 6 8 00 6 d e e x p c o e s p it t s Time d e e x p c o e s p i t ts Time inter- deposits inter- deposits 1942 bank2 bank2 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 May 1944 12,243 4,987 7,505 3,481 1943 April 1945 14,479 6,374 9,360 4,388 Mar. 31.. 3,443 459,296 5,164 13,182 13,143 20,316 May 1945 14,383 6,509 9,417 4,477 June 30.. 3,452 475,468 3,203 13,044 12,132 19,070 Sept. 30.. 3,460 483,608 2,860 12,227 11,474 18,928 Boston 1,862 714 290 187 Dec. 31.. 3,471 491,342 926 10,532 9,270 17,930 New York 2,796 1,647 867 896 Philadelphia 1,026 574 751 668 1944 Cleveland 1,283 723 868 607 Mar. 31. . 3,481 503,330 1,408 11,774 9,069 18,267 June 30. . 3,483 510,857 45 11,366 4,048 11,063 Richmond 1,136 325 682 340 Sept. 30. . 3,487 519,120 645 9,274 4,400 9,851 Atlanta 1,294 360 554 151 Dec. 30. . 3,489 525,532 1,295 3,894 4,165 2,705 Chicago 1,875 1,072 1,286 689 St. Louis 524 252 793 200 1945 Jan. 31.. 3,491 526,659 560 4,066 3,461 2,405 Minneapolis 438 212 501 308 Feb. 28. 3,492 527,700 585 3,921 3,547 2,374 Kansas City 428 83 1,182 156 Mar. 31.. 3,493 528,936 85 4,214 3,321 2,365 Dallas. 752 95 1,171 49 Apr. 30.. 3,500 533,037 1,370 4,553 3,285 2,361 San Francisco 970 451 471 228 May 31 3,502 535,117 220 4,339 4,392 2,697 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. 66l JULY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OFj jMEMBER BANKS [Averages of daily figures.1 In millions of dollars] Gross demand deposits Reserves with Federal Demand Reserve Banks Federa C l l R a e s a s s n e o r d f v e b a d n i k strict Total I b n a te n r k - w G m a o U r v e . e l S 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 d s e 4 - p T o d i s e m i - t e s5 d b o a b m l f d a a r u o n n e e m k s c t e s i s c Total qu R i e r - ed Excess B F R i B n o e e d g r a s r e s e n o r r k w a v a s t e l deposits First half of May 1945 All member banks 86,675 11,496 7,947 67,231 63,615 69,550 21,231 5,683 15,060 14,052 1,008 545 Central reserve city bank; New York 24,237 3978 2,656 17,604 16,471 20,422 1,127 48 4,169 4152 16 262 Chicago 5,395 1084 573 3,738 3,519 4,440 644 166 933 927 6 1 Reserve city banks.. 32,104 5,261 2,819 24,025 22,315 25,834 8,517 1,783 5,936 5,678 258 192 Boston 2,127 316 269 1,543 1,459 1,726 147 48 358 354 4 5 New York 546 27 42 476 450 458 234 20 107 106 2 5 Philadelphia 2,462 329 230 1,903 1,794 2,052 174 71 430 421 10 Cleveland 3,998 527 369 3,103 2,908 3,260 1,028 177 764 714 50 29 Richmond 1,858 313 204 1,342 1,252 1,463 349 106 335 314 21 11 Atlanta 1,995 525 129 1,340 1,222 1,618 324 133 366 343 23 3 Chicago 4,018 449 383 3,186 2,997 3,164 1,491 288 753 722 31 45 St. Louis 1,903 573 166 1,164 1,053 1,530 258 98 329 321 7 30 Minneapolis 981 257 117 608 552 750 132 59 160 158 2 23 Kansas City 2,620 895 162 1,563 1,408 2,014 275 295 452 419 33 13 Dallas 2,027 505 130 1,392 1,296 1,585 246 218 363 332 31 1 San Francisco 7,569 545 619 6,406 5,925 6,214 3,857 270 1518 1474 44 20 Country banks 24,938 1,174 1,899 21,865 21,311 18,853 10,943 3,687 4,023 3296 727 90 Boston 2,270 103 271 1,895 1,820 1,755 897 173 340 299 41 15 New York 3,722 82 379 3,260 3,149 2,948 2,533 289 646 564 81 54 Philadelphia 1,784 13 147 1,625 1,587 1,404 1,238 198 335 271 64 2 Cleveland 2,172 28 194 1,949 1,907 1,632 1,324 305 403 308 95 2 Richmond 2,007 191 145 1,672 1,608 1,471 662 335 295 246 50 8 Atlanta 2,092 238 120 1,734 1,687 1,551 509 383 301 248 53 2 Chicago 3,227 70 278 2,878 2,829 2,406 1,751 499 544 442 102 3 St. Louis 1,464 151 69 1,245 1,213 1,111 450 256 219 183 37 Minneapolis 1,005 68 62 875 856 766 518 160 169 138 31 Kansas City 1,679 77 72 1,531 1,515 1,200 241 397 248 182 65 Dallas..... 2,047 125 83 1,839 1,809 1,470 143 470 288 214 74 San Francisco 1,469 27 80 1,361 1,330 1,140 676 221 236 200 36 Second half of May 1945 All member banks 87,085 11,608 7,362 68,115 64,477 70,464 21,399 5,740 15,246 14,243 1,002 714 Central reserve city banks: New York 24,349 3,987 2,311 18,051 16,949 20,902 1,137 55 4,259 4,249 10 394 Chicago 5,393 1,105 497 3,791 3,558 4,488 649 177 946 937 9 1 Reserve city banks 32,331 5,336 2,628 24,367 22,598 26,184 8,587 1,792 6,002 5,752 250 223 Boston 2,116 323 230 1,563 1,476 1,753 148 47 368 360 8 10 New York 554 27 43 484 458 465 236 20 112 107 5 5 Philadelphia; 2,487 329 207 1,951 1,836 2,089 179 76 438 429 10 11 Cleveland 4,052 533 338 3,181 2,970 3,328 1,034 177 762 728 34 37 Richmond 1,892 317 179 1,395 1,300 1,519 350 102 355 325 30 Atlanta 1,999 521 116 1,361 1,247 1,647 322 124 365 349 16 Chicago 4,032 453 382 3,197 3,010 3,179 1,506 292 751 726 25 56 St. Louis 1,915 586 172 1,156 1,041 1,538 260 90 333 323 9 25 Minneapolis 974 258 101 616 558 758 132 58 161 160 2 34 Kansas City 2,660 916 156 1,589 1,431 2,059 278 292 458 428 30 14 Dallas 2,061 516 129 1,416 1,318 1,603 252 234 373 336 37 1 San Francisco 7,588 556 574 6,458 5,953 6,246 3,890 278 1,525 1,483 43 24 Country banks 25,012 1,180 1,926 21,906 21,372 18,890 11,026 3,715 4,040 3,306 733 95 Boston 2,245 106 240 1,900 1 ,-829 1,762 904 176 336 301 35 21 New York 3,762 83 365 3,319 3,206 3,006 2,552 289 664 574 90 47 Philadelphia 1,79$ 14 162 1,620 1,583 1,399 1,246 200 336 271 65 3 Cleveland 2,187 28 195 1,964 1,920 1,644 1,335 306 410 310 99 1 Richmond 2,011 193 143 1,675 1,613 1,471 668 341 297 246 51 11 Atlanta 2,077 236 123 1,719 1,677 1,540 512 380 297 246 51 3 Chicago 3,236 71 288 2,877 2,831 2,403 1,770 505 545 443 102 2 St. Louis 1,469 149 80 1,241 1,211 1,109 454 254 218 182 35 3 Minneapolis 1,008 68 68 871 852 760 521 163 172 138 34 Kansas City 1,696 78 85 1,532 1,517 1,196 237 404 246 182 64 Dallas 2,049 126 95 1,829 1,803 1,458 145 476 287 213 74 San Francisco ... 1,470 28 82 1,360 1,331 1,142 681 221 233 201 33 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, butdo 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. 6 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. 66z 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 c ti u o l n a-1 Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 sorted 1933 5,519 4,167 442 492 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 . 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941. 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943—April 16,660 12,428 904 804 58 1,741 4,391 4,531 4,232 1,131 2,128 312 621 15 26 1 May 17,114 12,789 914 824 59 1,785 4,526 4,681 4,326 1,159 2,186 319 630 10 22 1 June 17,421 12,960 929 834 61 1,793 4,565 4,778 4,462 1,195 2,259 329 648 10 21 2 July. 17,955 13,334 943 843 62 1,836 4,719 4,931 4,622 1,237 2,347 341 667 10 20 2 August 18,529 13,715 960 858 64 1,878 4,853 5,102 4,816 1,293 2,453 353 687 9 22 2 September. . . . 18,844 13,891 970 866 64 1,887 4,893 5,211 4,951 1,327 2,535 360 698 11 20 2 October 19,250 14,135 987 872 65 1,902 4,962 5,347 5,118 1,366 2,636 373 713 11 20 3 November.... 19,918 14,598 1,006 886 68 1,950 5,127 5,561 5,323 1,416 2,761 388 729 10 19 2 December 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 [944—January 20,529 14,817 1,013 880 69 1,940 5,174 5,742 5,715 1,509 2,992 418 767 9 21 3 February 20,824 15,004 1,018 877 70 1,952 5,255 5,832 5,823 1,534 3,054 426 777 9 22 3 March 21,115 15,100 1,029 881 70 1,951 5,265 5,905 6,017 1,576 3,152 444 814 9 22 1 April 21,552 15,342 1,039 885 70 1,964 5,344 6,040 6,212 1,618 3,270 456 836 9 23 1 May 22,160 15,731 1,055 903 72 2,003 5,498 6,198 6,431 1,668 3,371 473 887 9 23 2 fune. 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 May 26,528 18,715 1,196 972 73 2,186 6,377 7,911 7,814 2,159 4,192 513 909 8 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.—Set Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money T s o M t t a 1 a a n 9 l y d 4 o i 5 3 n u 1 g t , - , A g s a o s g l s i d a e l v i c a n e u n r s r t d ity Tr c e a a s s h ury R F B e e a F a s d n e o n e d 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 a t v a s y n e l d M 1 a 9 y 4 5 31, Ap 1 r 9 . 4 3 5 0, M 1 a 9 y 4 4 31, certificates agents Gold 20,270 18,164 22,106 Gold certificates 18,164 15,296 2,815 "52" "52" "54" Federal Reserve notes 23,485 153 681 22,651 22,384 18,395 Treasury currency—total. 4,144 s1,854 72 248 3,824 3,753 3,711 Standard silver dollars 494 334 35 2 123 122 102 Silver bullion 1,520 1,520 Silver certificates and Treasury notes of 1890. 1,853 201 1,653 1,594 1,603 Subsidiary silver coin 823 27" 12 784 772 693 Minor coin ... 300 6 4 290 287 260 United States notes 347 3 22 322 321 324 Federal Reserve Bank notes .... 538 1 5 533 537 603 National bank notes 122 (5) 1 121 121 126 Total—May 31, 1945 (4) 20,018 2,331 15,296 3,745 26,528 Apr. 30, 1945 (4) 20,052 2,371 15,392 3,769 26,189 May 31, 1944 (4) 20,971 2,310 16,281 3,693 "22,160' 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. 655, and seasonally adjusted figures in table on p. 664. 2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,991,022 balance of increment resulting from reduction in weight of the gold dollar, and $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5 Less than $500,000. NOTE.—-There are maintained in the Treasury— (i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or, until June 30, 1945, of direct obligations of the United States if so authorized by a majority vote of the Board of Governors of the Federal Reserve System. Federal Reserve Banks must maintain a reserve in gold certificates of at least 40 per cent (25 per cent beginning June 12, 1945), including the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. JULY 1945 663 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- Date f u o A v n r a a m r s d i e o j a a u t u s i s n o o te n n t d - al ad A v s j a e u m r a s i s t o a e o u t d n i n o a n l t f - or s C a e h s d a e a j s u r o n i s n g e t e a s e l 1 d l i y n Period of a s G t t p o o e e c l n r d k i d od In s c to re c a k se N im et p g o o rt ld g m o c o r l r a d e r i a : k n s d e - e d e- p D ti r c t o o i m o d g n u o e 1 c s ld - crease (—) End of year figures: 1939 7,598 +742 19342 8,238 4,202.5 1 1339 82.6 92 9 1940 8,732 +1,134 1935 10,125 1,887.2 1 7390 2 110 7 1941 11,160 +2,428 1936 311,258 1,132.5 11166 -85! 9 131 6 1942 15,410 +4,250 1937 3 12,760 1,502.5 1585 5 -200. 4 1439 1943 20,449 +5,039 1938 14,512 1,751.5 1973 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—October 19,001 19,001 +234 1943 21,938 -788.5 68 9 -803 6 48 3 November 19,566 19,507 +506 1944 20,619 -1,319.0 (4) -459 8 35 1 December 20,243 19,944 +437 1944—January 20,428 20,367 +423 1944—M Ju ay ne 2 2 1 1 , , 2 1 6 7 4 3 -1 -9 6 0 5 . . 7 5 4-61 .2 -9 -6 3 4 1 2 2.4 9 February 20,635 20,635 +268 July 20,996 -177.1 -96 6 3.0 March 20,964 21,027 +392 August 20,926 —69.7 27 2.8 April 21,312 21,484 +457 September... 20,825 -101.2 -27 4 30 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 20,270 -103.3 -66 9 ,2.6 June ^20,213 P-57-.3 596.0 J2.6 1945—January 25,243 25,167 +210 Jan.-June. ^20,213 P-405.9 5-166.5 PU.7 February 25,527 25,527 +360 March 25,850 25,928 +401 p Preliminary. ^ Figure carried forward. April 26,009 26,219 +291 1 Annual figures through 1943 are estimates of the United States Mint. May 26,351 26,537 +318 Annual figure for 1944 and monthly figures are estimates of American June 26,561 26,694 + 157 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 May 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 /ear end, adjustment factors have been revised somewhat for dates af- K /~<_1J 1~«1J 1 1- _ i. *-!_„ !?„ FJeceted, beginning with December 1942; seasonally adjusted figures for money in circulation, as shown in Banking and Monetary Statistics, Table 111, p. 414, and described on p. 405, are based on an older series of adjustment factors. JNOTE.—.tor back ngures,see Banking and Monetary statistics, lable Io6, pp. 536-538, and for description of statistics see pp. 522-523 in the same Dublication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts except turnover of total deposit accounts turnover of demand interbank accounts deposits except except interbank deposits except interbank and Government interbank and Year and month Government Total, all New 140 other Other New 333 other New 100 other New 100 other re c p e o n r t t e i r n s g Y C o it r y k 1 centers1 r c e e p n o t r e t r i s n 2 g Y C o it r y k re c p e o n r t t e i r n s g Y C o it r y k le c a it d ie in s g Y C o it r y k le c a it d ie in s g 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 — — n o e ld w s s e e r r i i e e s s 3 3 . . . . 6 6 4 0 1 7 , , 7 0 7 7 8 1 2 22 1 6 0 , , 8 9 6 6 5 1 3 3 4 4 7 2 , , 8 4 3 3 7 0 6 5 7 3 , , 0 67 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—May 67,259 24,708 36,049 6,502 15.5 10.4 20,927 31,105 17.9 15.5 June 83,881 33,563 42,629 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... 73,891 28,558 38,336 6,997 16.9 10.3 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 r74,132 29,413 37,838 r6,881 17.2 9.9 25,115 32,430 20.8 15.5 May 81,716 33,678 40,635 7,403 18.8 10.1 28,384 34,418 21.4 15.3 r Revised. l National series for which bank debit figures are available beginning with 1919. 2 Annual figures for 1936-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers. 3 .See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of 1942 partly estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. 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 in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation. 664 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 c a d o u d T b e u r j a p a o t u r n s o n e t s i d a s k n t d i e l s c e t d s y c a d d o u d e b e u r j p m a a u t r n o s n 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 t s a te i l t d s a D d d e e j p m u o s a s t i n e t d s d1 d G U e S m o p n t v o a e i e t t s n e e r i t d s t n s - 2 Total m ba C e n T r o c k i m i m s a 3 - l e 4 dep M s b o a a u s v n i t i t k u n s a s g 4 l s S S P a y o v s s i t n e ta m g l s 6 C o b u u r a t r n s e i k d n s e cy 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 H, 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 57698 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—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 72500 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 February13 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 24,500 152,700 101,100 127,900 76 300 8,200 43,400 26,700 14,100 2,600 24,800 P Preliminary. J Includes demand deposits, other than interbank and U. S. Government, less cash items in process ooff collection. 2 Beginning with December 1938, includes United States Treasurer's time deposits, open account. 3 Excludes interbank time deposits and postal savings redeposited in banks. 4 Beginning with June 1941, the commercial bank figures exclude and the mutual savings bank figures include three member mutual savings banks. 5 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary,Statistics, p. 11, for description and Table 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONS^ [In millions of dollars] Member Nonmember Total, banks banks Assets all Depos- U. S.Government banks ti N on a- al State sured in N s o u n re - d 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 t a u e n e a - d r- f e u t n c d .2 s, 1 1 9 94 3 0 4-39 .. 29 2 1 2 1 1 5 6 18 1 9 8 81 3 1941 8 4 3 1 1942 9 6 3 1934—Dec 1,207 1,237 540 597 467 130 100 1943. 4 2' 2 1935—Dec 1,201 1,237 287 853 706 147 98 1944 . 1 1936—Dec 1,260 1,296 145 1,058 892 167 93 1945—Jan.-June 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— J J M u u a n ly y e 2 2 1, , , 9 0 0 9 3 8 4 4 4 2 2 2 , , , 0 1 0 4 9 5 7 5 3 9 9 8 1 2 1 , , , 9 9 0 1 5 0 2 1 6 1 2 1, , 9 0 9 5 0 1 1 6 2 1 1 1 3 3 3 2 5 3 1 1 1 1 9 9 9 9 4 4 4 4 4 3 2 5—Jan .-June ........ 1 6 , , 7 2 4 0 2 0 2 3 0 5 4^982 1 1 , , 3 2 4 7 4 0 5 1 5 327 Aug 2,140 2,202 8 2,050 2,050 143 Sept. 2,198 2,262 8 2,110 2,110 143 Oct 2,257 2,323 8 2,165 2,165 150 1 Represents banks which, during the periods shown, closed temporarily Nov 2,305 2,374 8 2,214 2,214 152 or permanently on account of financial difficulties; does not include banks Dec 2,342 2,411 8 2,252 2,252 152 whose deposit liabilities "were assumed "by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation 1945—Jan 2,404 2,477 8 2,308 2,308 162 loans). Feb 2,458 2,536 8 2,363 2,363 164 2 Deposits of member banks and insured'nonmember banks suspended are Mar 2,513 2,590 8 2,426 2,426 156 as of dates of suspension, and deposits of noninsured nonmember banks Apr, ^2,562 are based on the latest data available at the time the suspensions were May 2*2,607 reported. Back.figures.—See Banking and Monetary Statistics, pp. 283-292; for p Preliminary. description, see pp. 281-282 in the same publication. 1 Outstanding principal, represented by certificates of deposit. 2 Includes working cash with postmasters, 5 per cent reserve fund and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters. t Back figures.—-See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. 665 JULY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES* LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank cal a l n d d ate Total Loans Total G o m U o b v l . e i S e g n . r a t n - - se O cu th ri e t r ie Total1 I b n a te n r k - 1 Demand Time o N f u b m a b n e k r s tions All 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 101i276 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. SI... 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. 666 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 G U ov .S er . n- Other Total1 I b n a te n r k - 1 of banks Total ment securities Demand Time obligations All nonmember commercial banks: 1934—June 30 5,567 3,177 2,390 895 1,495 5,732 205 2,551 2,976 8,978 1937—June 30 6,733 3,147 3,586 1,874 1,712 7,607 281 3,888 3,438 8,619 1940—Dec. 31 6,796 3,471 3,325 1,936 1,389 8,875 518 4,689 3,668 7,858 1941—Dec. 31 7,208 3,693 3,515 2,251 1,264 9,539 464 5,470 3,605 7,661 1942—June 303 4 6,856 3,334 3,522 2,314 1,208 8,915 316 5,046 3,553 7,584 Dec. 31 8,135 3,132 5,003 3,829 1,174 10,864 318 6,872 3,674 7,460 1943—June 30 9,486 2,840 6,647 5,482 1,165 12,076 343 7,884 3,849 7,373 Dec. 31 10,847 2,832 8,014 6,899 1,115 13,671 457 9,123 4,091 7,299 1944—June 30 12,155 2,929 9,226 8,099 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 2,037 2,704 7,564 1937—June 30 5,479 2,756 2,723 1,275 1,448 6,334 96 3,010 3,228 7,526 1940—Dec. 31 5,429 3,074 2,356 1,240 1,116 7,032 116 3,504 3,411 6,952 1941—Dec. 31 5,774 3,241 2,533 1,509 1,025 7,702 129 4,215 3,358 6,810 1942—June 30 5,849 2,995 2,854 1,837 1,017 7,754 105 4,353 3,296 6,755 Dec. 31 6,984 2,818 4,166 3,162 1,004 9,535 145 5,981 3,409 6,667 1943—June 30 8,123 2,570 5,553 4,557 996 10,557 129 6,839 3,589 6,598 Dec. 31 9,258 2,556 6,702 5,739 962 11,842 149 7,870 3,823 6,535 1944—June 30 10,360 2,648 7,712 6,752 960 12,880 135 8,573 4,172 6,494 Dec. 30 11,824 2,678 9,146 8,197 949 14,809 190 9,987 4,632 6,452 Noninsured nonmember commercial banks: 1934—June 30 1,054 510 544 303 241 911 125 514 272 1,414 1937—June 30 1,254 391 863 599 264 1,273 185 878 210 1,093 1940—Dec. 31 1,367 397 969 696 273 1,843 402 1,185 257 906 1941—Dec. 31 1,434 '452 982 742 239 1,837 335 1,255 247 851 1942—June 3034 , 1,007 339 668 477 191 1,161 211 693 257 829 Dec. 31 1,151 314 837 667 170 1,329 173 891 265 793 1943—June 30 1,363 270 1,094 925 169 1,519 214 1,045 260 775 Dec. 31 1,588 276 1,312 1,160 153 1,829 307 1,253 269 764 1944—June 30 1,795 281 1,514 1,347 168 1,989 181 1,527 281 745 Dec. 30 2,148 292 1,856 1,682 174 2,358 171 1,883 304 729 All mutual savings banks: 1934—June 30 , 9,810 5,606 4,204 971 3,233 9,691 9,091 576 1937—June 30 10,093 4,978 5,115 2,391 2,724 10,125 10,125 563 1940—Dec. 31 10,248 4,959 5,289 3,224 2,065 10,658 10,658 •551 1941—Dec. 312 10,379 4,905 5,474 3,700 1,774 10,532 10,532 548 1942—June 30 10,360 4,822 5,538 3,891 1,647 10,395 10,395 547 Dec. 31 10,746 4,698 6,048 4,559 1,489 10,664 10,664 546 1943—June 30 11,248 4,581 6,666 5,290 1,376 11,141 11,141 545 Dec. 31 11,871 4,484 7,387 6,090 1,297 11,738 11,738 545 1944—June 30 12,976 4,414 8,562 7,306 1,257 12,471 12,471 544 Dec. 30 13,931 4,370 9,560 8,328 1,232 13,376 13,376 543 Insured mutual savings banks: 1934—June 30 '. 1,022 576 446 120 325 1,040 1,040 66 1937—June 30 969 470 499 252 247 1,002 1,002 56 1940—Dec. 31 1,655 637 1,018 548 470 1,818 1,818 53 1941—Dec. 312 1,693 642 1,050 629 421 1,789 1,789 52 1942—June 30 1,800 692 1,108 686 422 1,864 1,864 53 Dec. 31 2,007 740 1,267 861 405 2,048 2,048 56 1943—Tune 30 2,704 1,013 1,691 1,264 427 2,739 2,739 61 Dec. 31 7,525 3,073 4,452 3,844 608 7,534 7,534 184 1944—June 30 8,489 3,111 5,378 4,752 626 8,235 8,235 192 Dec. 30 9,223 3,110 6,113 5,509 604 8,910 8,910 192 Noninsured mutual savings banks: 1934—June 30 8,788 5,030 3,758 851 2,908 8,651 8,651 510 1937—June 30 9,124 4,508 4,616 2,139 2,477 9,123 9,123 507 1940—Dec. 31 8,593 4,322 4,271 2,676 1,595 8,840 8,840 498 1941—Dec. 31 8,686 4,263 4,424 3,071 1,353 8,743 8,743 496 1942—June 30 8,560 4,130 4,430 3,205 1,225 8,531 8,531 494 Dec. 31 8,739 3,958 4,781 3,698 1,084 8,616 8,616 490 1943—June 30 8,544 3,568 4,975 4,026 949 8,402 8,402 484 Dec. 31 4,345 1,411 2,935 2,246 689 4,204 4,204 361 1944—June 30 4,487 1,302 3,185 2,554 631 4,236 4,236 352 Dec. 30 4,708 1,260 3,448 2,819 629 4,466 4,466 351 For footnotes see opposite page. 667 JULY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES* LOANS AND INVESTMENTS [In millions of dollars] Loans1 In\resments1 Loans for U 5. Government obligations Com- purchasing Obli- Cl c a a ss l a l n o d d f a b te ank m i T n l a o v e o n a n e t n d a s ts t s l - 1 Total1 o c m c c p i i l i i n n u a e a e g - d l r n i, - - - A t c u a g u r l r l - i - i- ) o r T s r o e o k c c - a u r r r i y ti T i e n o s g R l t o e a e a s a t 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 R S o a a t c l o a t n a i i f t t d o l e i n - s s O r s i e t t h c i u e e s r mar- ers oth- Bills of in- Notes Bonds teed subket and ers1 debt- divipaper1 deal- ed- sions 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 1,04247,336 40,705 4,462 6," 727 5 799 20,999 2,718 3,533 3,098 1943—Dec. 31.... 83,507 18,841 7777 1,505 1,414 922 4,437 1,868 91864,666 58,683 4,63613,218 7672 30,656 2,501 3,287 2,696 1944—June 30.... 93,936 20,729 7406 1,474 2,221 2,296 4,364 1,862 1,10673,207 67,085 4,708 15,466 11834 34,114 963 3,393 2,730 Dec. 30.... 103,382 21,352 7920 1,723 2,269 2,265 4,343 1,888 94482,030 75,875 3,97115,300 15778 39,848 978 3,422 2,733 Member banks, total: 1934—Dec. 31.... 28,150 12,028 1,030 3,110 2,273 5,615 16,122 10,895 1,030 4,217 4,659 989 1,965 3,262 1937—Dec. 31.... 31,752 13,958 950 2,752 2,547 7,708 17,794 12,371 662 4 277 5,635 1,797 2,047 3,375 1940—Dec. 31.... 37,126 15,321 6660 865 642 652 3,228 3,273 21,805 15,823 652 2 594 9,091 3,486 3,013 2,970 1941—Dec. 312... 43,521 18,021 8 671 972 594 598 3,494 3,692 25,500 19,539 971 3,007 11,729 3,832 3,090 2,871 1942—Dec. 31.... 59,263 16,088 7387 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 7421 1,023 1,398 839 3,274 1,484 84857,970 52,948 4,360 12,071 6,906 27,265 2,345 2,729 2,294 1944—June 30.... 83,587 18,084 7023 1,023 2,200 2,130 3,207 1,467 1,03365,503 60,339 4,46614,22810,640 30,118 887 2,834 2,331 Dec. 30.... 91,569 18,676 7,531 1,198 2,249 2,108 3,209 1,505 87772,893 67,685 3,74813,982 14,127 34,927 902 2,857 2,350 1945—Mar. 20. 90,524 17,219 73,305 67,915 2,989 2f400 New York City:3 1934—Dec. 31.... 7,761 3,159 716 820 139 1,483 4,602 3,524 758 1664 824 278 446 632 1937—Dec. 31... 8,313 3,673 761 733 141 2,039 4,640 3,594 495 1536 1,175 388 342 703 1940—Dec. 31.... ' 10,910 3,384 2 125 6 465 190 130 468 7,527 6,044 207 1245 2,977 1,615 695 788 1941—Dec. 31... 12,896 4,072 2807 8 412 169 123 554 8,823 7,265 311 1623 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 2056 5,420 1,071 593 701 1943—Dec. 31... 19,994 4,428 2515 24 1,054 323 107 252 15315,566 14,563 1,328 3,409 1829 7,014 984 444 558 1944—June 30.... 22,669 5,479 2430 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 2610 30 1,742 859 86 253 17918,243 17,179 913 3,740 3 745 8,592 189 468 596 1945—Mar. 20.... 22,734 5,054 17,681 16,568 515 598 Chicago:3 1934—Dec. 31... 1,581 532 55 170 18 290 1,049 821 164 299 279 78 129 100 1937—Dec. 31.... 1,901 635 41 129 12 453 1,266 1,010 32 366 518 94 135 121 1940—Dec. 31.... 2,377 696 492 "5 42 54 19 84 1,681 1,307 297 145 752 112 188 186 1941—Dec. 31... 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1942—Dec. 31.... 3,973 832 658 6 34 32 23 62 18 3,141 2,789 397 637 391 1,282 83 166 186 1943—Dec. 31... 4,554 1,004 763 6 102 52 22 45 14 3,550 3,238 199 877 484 1,602 74 158 155 1944—June 30... 5,124 1,064 710 11 102 130 21 49 40 4,060 3,688 367 1,038 587 1,665 31 204 169 Dec. 30... 5,443 1,184 738 17 163 163 24 45 34 4,258 3,913 250 1,045 779 1,809 31 160 185 1945—Mar. 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 1692 2,022 279 649 979 1937—Dec. 31... 11,414 5,203 123 1,066 1,176 2,838 6,211 4,599 106 1589 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 3456 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 2957 290 97 153 1,486 808 31214,813 13,038 1,441 2^ 253 1723 6,810 811 954 821 1943—Dec. 31.... 27,521 6,201 3058 279 217 267 1,420 658 30121,321 19,682 1,802 4,691 2497 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 3034 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 1,938 4,756 2,463 13 562 1,533 355 741 1552 1937—Dec. 31... . 10,124 4,446 25 824 1,219 2,377 5,677 3,168 29 786 1,675 678 879 1630 1940—Dec. 31... . 10,826 5,309 I 453 590 21 201 1,644 1,400 5,517 3,269 45 433 2,081 710 ,146 1 102 1941—Dec. 31. . 12,518 5,890 1676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 ,222 1028 1942—Dec. 31... 16,419 5,038 1226 772 17 161 1,797 674 393 11,380 9,172 671 1^ 251 1240 5,436 574 ,252 956 1943—Dec. 31... . 22,188 4,654 1084 713 25 197 1,725 528 381 17,534 15,465 1,032 3,094 2096 8,705 538 L,214 855 1944—June 30... 24,850 4,780 1096 671 33 345 1,708 536 392 20,071 18,009 926 3,362 3 355 10,114 252 L, 212 849 Dec. 30.... 28,520 4,910 1149 802 32 310 1,719 547 351 23,610 21,552 882 3,466 4 422 12,540 241 1,230 829 1945—Mar. 20... . 29,126 4,807 24,319 22,204 1,264 851 Insured nonmember commercial banks: 1934—Dec. 31 4,635 2,586 38 383 1,062 1,103 2,049 818 2 185 411 221 446 785 1937—Dec. 31.... 5,470 2,789 21 313 1,094 1,363 2,681 1,297 7 291 700 299 540 844 1940—Dec. 31.... 5,429 3,074 518 416 21 75 1,240 803 2,356 1,240 10 162 834 234 595 521 1941—Dec. 31.... 5,774 3,241 543 478 20 64 1,282 854 2,533 1,509 17 152 1,069 271 563 462 1942—Dec. 31.... 6,984! 2,818 370 553 16 59 1,225 422 174 4,166 3,162 99 442 390 2,053 179 569 435 1943—Dec. 31.... 9,258 2,556 356 482 16 82 1,165 385 70 6,702 5,739 276 1,147 766 3,395 156 560 403 1944—June 30.... 10,360 2,648 383 452 2' 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. 1 Classifications of loans and investments were revised as of Dec. 31, 1938, and consequently figures for some items prior to December 1938 are not comparable with subsequent figures. For explanation see Banking and Monetary Statistics, pp. 64 and 69. - 2 During 1941 three mutual savings banks with total deposits of 8 million dollars became members of the Federal Reserve System. These banks are included in "member banks" but are not included in "all insured commercial banks." 3 Central reserve city banks. 668 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Interbank Cl c a a s l s l a n o d d f a t b e ank F s B e s w e e R d R a r r i e n v e e v t - r - e h k e a s s l v C a a in u sh lt m b a B w a d n e n a o i c s t k l - e t h - i s s c 4 j p m u a D o d s d a t s e e n - e - i - t d d s 5 m D es o d t - i e c p 4 osi F e ts i o g r n - m U G er e . o n n v S - t - . p v s S o i u a s l t n i b a i t o d d t i e c n i s - a s l c C h c e f o a e e t e i f 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 r n o o t u i d r n n p c a a i e s o s - l - r , s r - - , I b n a t n e k r- P m U G i o S e a n r s a . e o n g n S t v n v d a s - . - t - l S v p s i t i a u s o a c n i b t l a o e i d d l t n s - i s - v a p s n i a 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 s r - - , 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:* 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:3 1934—Dec. 31.... 415 40 207 1,189 445 2 46 182 23 1,073 1 381 226 1937—Dec. 31.... 596 27 179 1,438 528 5 65 207 23 1,354 ••••-• 445 255 1940—Dec. 31.... 1,051 42 319 1,941 997 8 90 174 27 1,905 ""5 8 496 270 1941—Dec. 31.... 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1942—Dec. 31 902 39 164 2,557 1,105 12 665 178 38 2,588 2 453 304 1943—Dec. 31.... 821 38 158 3,050 972 14 713 174 44 3,097 2 1 505 326 1944—June 30.... 811 41 179 3,070 1,090 15 1,105 218 41 3,040 1 543 343 Dec. 30.... 899 43 177 3,041 1,132 16 1,400 167 33 3,100 1 619 354 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 ""2 2,028 1943—Dec. 31.... 5,116 391 1,758 18,654 4,770 63 3,373 1,448 475 18,790 41 56 151 5,902 2,135 1944—June 30... . 5,109 399 1,922 18,405 4,757 65 6,453 1,464 384 18,367 37 45 158 6,567 2,207 Dec. 30.... 5,687 441 2,005 20,267 5,421 70 6,157 1,509 488 20,371 33 40 154 7,561 2,327 1945—Mar. 20.... 5,836 470 1,874 21,735 5,094 78 4,260 1,615 416 21,456 33 38 179 8,028 70 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 commercial banks: 1934—Dec. 31.... 184 1,044 2,216 83 1 51 466 25 1,766 9 72 41 2,653 30 1,097 1937—Dec. 31.... 199 1,329 2,879 83 3 20 535 47 2,357 14 31 106 3,182 15 1,032 1940—Dec. 31.... 243 2,017 3,391 95 3 50 574 58 2,822 18 13 87 3,311 8 975 1941—Dec. 31.... 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 956 1942—Dec. 31.... 287 2,934 5,651 133 2 243 678 76 4,983 10 5 65 3,339 5 955 1943—Dec. 31.... 313 2,996 7,279 141 2 506 750 96 6,518 6 4 68 3,750 6 979 1944—June 30 322 2,978 7,368 126 3 1,124 764 90 6,595 5 4 74 4,094 9 1,015 Dec. 30... . 352 3,434 8,652 182 3 1,245 775 103 7,863 6 4 76 4,553 10 1,022 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 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. 669 JULY 1945 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 For purchasing U. S. Government obligations Com- or carrying securities Total mer- Date or month in lo a v n a e n d s s t- Total in t c r d i i a u a l s l , , - a T n o d b d r e o a k l e e r r s s To others e R s e t a a l t - e Lo t a o ns O lo t a h n e s r Total c C t a i e f t i e r - - s Guar- s O e t c h u e - r ments t a u c a g u r n r a l d - i l - G U t l o i i o o g . b v S n a - t . - s . O c t t s u i h e e r - e s i- r G U t l o i i o o g . b v S n a - t . - s . O c t s t u i h e e r - e s i- r loans banks Total Bills o d n f e e e b d i s n - t s - -Notes Bonds t a e n e - d rities Total—101 Cities 1944—May 50,366 10,186 5,958 632 582 300 306 1,073 54 1,281 40,180 37,338 2,553 8,928 7,107 18,118 632 2,842 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 May 57,285 11,415 5,817 1,281 821 593 365 1,046 102 1,390 45,870 42,837 1,336 10,776 7,358 23,035 332 3,033 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 May 30 57,541 11,636 5,765 1,505 840 600 364 1,049 117 1,396 45,905 42,842 1,195 10,663 7,366 23,276 342 3,063 June 6 58,254 11,886 5,818 1,439 869 812 390 1,044 102 1,412 46,368 43,296 1,368 9,397 9,038 23,470 23 3,072 June 13 58,896 12,124 5,856 1,595 870 848 381 1,045 108 1,421 46,772 43,676 1,418 9,417 9,143 23,678 20 3,096 June 20 63,005 13,546 5,896 1,729 902 2,035 388 1,047 91 1,458 49,459 46,334 1,946 10,505 9,510 24,349 24 3,125 New York City 1944—May 18,178 3,938 2,311 486 443 124 125 83 43 323 14,240 13,351 867 3,337 2,637 6,306 204 889 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 May 20,354 4,794 2,218 1,093 632 193 162 65 84 347 15,560 14,551 166 3,456 2,594 8,284 51 1,009 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 May 30 20,564 5,002 2,198 1,284 653 191 164 65 94 353 15,562 14,528 121 3,334 2,601 8,425 47 1,034 June 6 20,812 5,050 2,208 1,203 677 287 172 65 81 357 15,762 14,725 250 2,851 3,143 8,480 1 1,037 June 13 21,107 5,236 2,235 1,338 681 297 173 65 87 360 15,871 14,814 154 2,856 3,200 8,603 1 1,057 June 20 22,821 6,038 2,232 1,394 710 1,038 171 65 64 364 16,783 15,699 382 3,205 3,345 8,766 1 1,084 Outside New York City 1944—May 32,188 6,248 3,647 146 139 176 181 990 11 958 25,940 23,987 1,686 5,591 4,470 11,812 428 1,953 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 May 36,931 6,621 3,599 188 189 400 203 981 18 1,043 30,310 28,286 1,170 7,320 4,764 14,751 281 2,024 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 May 30 36,977 6,634 3,567 221 187 409 200 984 23 1,043 30,343 28,314 1,074 7,329 4,765 14,851 295 2,029 J J J u u u n n n e e e 2 1 6 0 3 4 3 3 0 7 7 , , , 1 4 7 8 4 8 4 2 9 6 6 7, , , 5 8 8 0 8 3 8 8 6 3 3 3 , , , 6 6 6 6 1 2 4 0 1 3 2 2 3 5 3 5 7 6 1 1 1 9 8 9 2 9 2 9 5 5 9 5 2 7 1 5 2 2 2 1 0 1 7 8 8 9 9 9 8 8 7 2 0 9 2 2 2 7 1 1 1 1 1 , , , 0 0 0 9 5 6 4 5 1 3 3 3 2 0 0 , , , 6 6 9 7 0 0 6 6 1 2 3 2 8 0 8 , , , 8 6 5 6 3 7 2 5 1 1 1 1 , , , 5 2 1 6 6 1 4 4 8 6 6 7 , , , 5 5 3 4 6 0 6 1 0 6 5 5 , , . 1 9 8 6 4 9 5 3 5 1 1 1 5 5 4 , , , 0 5 9 7 8 9 5 3 0 2 2 1 3 2 9 2 2 2 , , , 0 0 0 3 4 3 9 1 5 Back figures.—See Banking and Monetary Statistics, DC. 127-227. 670 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 a R e r r i n e a t d v h - k l - e s v C a i a n u s l h t m b a w a n d e n i o c s t - k t e h i s s c j p m u a o d s a d s t e n e - i - t d d s 1 s p u p n v c h a o a a e i o n i r d l r p r r d a s - t - - s * , - , S p s d s a i t i o u c i a n o v l b a t d n i i e l - t s - - s c C c h o a e f e e e i f t n e f c r r c d i d t . s - k i ' s - m U G e e . r o n n S v t - - . s p p u h a n v c o a a n i e o i r r p d l d r r a t s - s - - - - , , S p s d s a i t i o u c i a o n v l a b t d n i i e l - t - s - s P m U G S o a i e n a o s n r e . g n v S t v d n 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 t - s B d i e a t b s n 2 - k tions tions Total 101 Cities 1944—May 8,934 543 2,031 35,424 35,287 1,995 684 6,070 6,519 129 48 8,053 39 891 139 4,388 52,031 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 S5,440 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 May 10,192 585 2,157 39,886 39,660 2,296 899 5,804 8,265 109 44 9,216 47 ,007 573 4,748 62,802 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 0,077 566 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 0,216 605 2,123 40,516 40,153 2,3081,019 5,343 8,298 109 44 9,148 48 1,017 635 4,754 14,986 May 30 0,418 600 2,179 40,378 40,190 2,374 850 5,501 8,314 109 44 9,256 47 1,032 797 4,751 11,766 June 6 0,400 580 2.172 40,683 40,323 2,268 975 5,428 8,345 109 43 9,629 47 1,043 824 4,768 16,166 June 13 10,660 582 2,345 41,189 41,404 2,232 989 5,499 8,371 108 43 10,160 47 1,050 721 ' 4,755 14,274 June 20 0,142 574 2,463 37,176 37,554 1,861 1,391 13,633 8,388 109 45 10,040 33 1,050 328 4,761 25,376 New York City 1944—May 3,347 90 32 13,202 13,484 237 362 2,443 784 18 6 2,590 1 807 49 1,728 20,927 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 May 3,835 91 26 14,952 15,266 288 532 2,257 994 19 8 2,927 1 904 332 1,826 28,384 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 May 30. 3,912 93 31 15,260 15,650 287 475 2,025 999 19 8 2,909 1 927 542 1,823 4,840 June 6 3,889 93 20 15,448 15,680 243 623 1,908 998 19 8 3,018 1 936 579 1,835 7,467 June 13 3,990 92 23 15,451 15,853 244 610 2,066 999 19 8 3,297 1 945 526 1,831 6,643 June 20 3,663 87 27 13,657 14,048 193 966 5,558 992 21 8 3,259 1 941 235 1,830 12,331 Outside New York City 1944—May 5,587 453 1,999 22,222 21,803 1,758 322 3,627 5,735 111 42 5,463 38 84 90 2,660 31,104 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 May 6,357 494 2,131 24,934 24,394 2,008 367 3,547 7,271 90 36 6,289 46 103 241 2,922 34,418 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 May 30.... 6,506 507 2,148 25,118 24,540 2,087 375 3,476 7,315 90 36 6,347 46 105 255 2,928 6,926 Tune 6.... 6,511 487 2,152 25,235 24,643 2,025 352 3,520 7,347 90 35 6,611 46 107 245 2,933 8,699 June 13.... 6,670 490 2,322 25,738 25,55 1,988 379 3,433 7,372 89 35 6,863 46 105 195 2,924 7,631 June 20. ... 6,479 487 2,436 23,519 23,506 1,668 425 8,0751 7,396 88 37 6,781 32 109 93 2,931 13,045 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. JULY 1945 671 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- 1U. S. Government obligations Total Com- ing securities loans merd 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 m v a e i e n n s n d - t t - s Total t c d a r i i u n n i a a s d - l l - , , U a T . n o d S b . d r e o a k l e e r r s s U T .S o . others e R l s o t e a a a n t l e s - L ba o t n a o k n s s O lo t a h n e s r Total Total Bills C c e i a o n r t f t - e if s i- Notes Bonds G a u n a - r- r O s i e t t i c h e u e s - r agri- Govt. Other Govt.Other debt- teed cul- obli- secu- obli- secu- edtural ga- rities ga- rities ness tions tions Boston May 23 2,901 660 388 39 22 12 15 64 11 109 2,241 2,166 43 584 295 1,242 2 75 May 30 2,895 655 383 38 22 12 15 65 11 109 2,240 2,167 57 559 295 1,254 2 73 June 6 2,928 661 390 35 22 16 16 64 9 109 2,267 2,194 51 447 425 1,271 73 June 13 2,982 678 397 45 21 16 15 64 10 110 2,304 2,230 86 451 425 1,268 74 June 20 3,422 717 399 65 20 27 16 65 9 116 2,705 2,631 250 580 495 1,306 74 J\ew York May 23 22,551 5,253 2,346 1,250 645 203 182 140 79 408 17,298 16,203 169 3,805 2,839 9,322 68 1,095 May 30 22,626 5,330 2,342 1,285 659 212 185 140 94 413 17,296 16,187 188 3,725 2,845 9,361 68 1,109 June 6 22,892 5,386 2,353 1,205 683 313 194 139 81 418 17,506 16,392 294 3,159 3,499 9,439 1 1*114 June 13 23,213 5,573 2,379 1,343 687 323 194 140 87 420 17,640 16,504 217 3,161 3,558 9,567 1 1,136 June 20 25,026 6,396 2,376 1,400 716 1,085 192 140 64 423 18,630 17,467 458 3,528 3,710 9,770 1 1,163 Philadelphia May 23 2,383 418 202 6 39 5 10 33 1 122 1,965 1,790 95 286 291 1,064 54 175 May 30 2,399 420 202 7 37 6 10 33 1 124 1,979 1,805 109 285 293 1,064 54 174 June 6 2,488 436 201 16 38 8 10 33 1 129 2,052 1,876 123 272 395 1,086 176 June 13 2,555 431 202 19 30 9 10 33 1 127 2,124 1,949 153 282 405 1,109 175 June 20 2,750 477 202 11 41 35 13 33 1 141 2,273 2,100 171 355 424 1,150 173 Cleveland May 23 4,683 827 375 53 19 85 15 153 1 126 3,856 3,611 85 925 586 2,005 10 245 May 30 4,697 835 374 58 20 86 15 153 1 128 3,862 3,617 89 925 584 2,009 10 245 June 6 4,758 868 379 56 21 111 15 153 1 132 3,890 3,647 72 851 701 2,022 1 243 June 13 4,769 872 379 56 25 115 15 153 1 128 3 897 3,654 75 847 708 2,024 243 June 20 5,057 985 382 80 27 186 17 152 8 133 4,072 3,828 148 887 734 2,059 244 Richmond May 23 1,874 281 122 5 5 32 9 46 3 59 1,593 1,533 65 329 248 883 8 60 May 30 1,874 281 120 5 5 32 10 46 4 59 1,593 1,533 64 329 248 884 8 60 June 6 1,895 294 123 5 5 41 9 47 5 59 1,601 1,542 65 312 275 885 5 59 June 13 1,907 297 122 8 5 41 10 47 5 59 1,610 1,551 68 303 277 898 5 59 June 20 2,019 311 123 6 6 54 10 47 5 60 1,708 1,649 84 340 291 928 6 59 Atlanta May 23 1,841 320 183 7 28 7 25 2 68 1,521 1,386 48 364 290 678 6 135 May 30 1,833 319 178 7 31 7 25 2 69 1,514 1,378 38 367 287 680 6 136 June 6 1,848 325 179 7 35 7 24 2 69 1,523 1,388 37 326 324 700 1 135 June 13 1,870 327 177 8 37 6 24 2 73 1,543 1,408 46 329 328 704 1 135 June 20 1,942 352 180 i 8 52 7 25 2 77 1,590 1,452 43 341 333 734 1 138 Chicago* May 23 8,566 1,467 896 79 56 105 58 143 130 7,099 6,577 331 1,868 1,002 3,316 60 522 May 30 8,506 1,479 888 97 55 105 59 144 131 7,027 6,509 242 1 871 1,009 3,326 61 518 June 6 8,618 1,512 898 104 52 120 61 144 133 7,106 6,580 317 1,684 1,234 3,342 3 526 June 13 8,642 1,508 899 98 55 116 62 144 134 7,134 6,614 327 1,696 1,231 3,357 3 520 June 20 9,299 1,745 905 129 48 320 63 144 136 7,554 7,028 317 1,972 1,263 3,473 3 526 St. Louis May 23 1,846 419 219 2 6 20 12 66 3 91 1,427 1,303 53 300 261 676 13 124 May 30 1,875 423 221 2 6 24 11 66 3 90 1,452 1,327 86 298 260 670 13 125 June 6 1,855 431 221 2 5 33 11 65 3 91 1,424 1,299 42 262 309 685 1 125 June 13 1,897 433 224 2 6 33 11 65 2 90 1,464 1,336 64 268 320 683 1 128 June 20.. 1,944 453 235 2 6 42 13 66 2 87 1,491 1,363 60 278 328 696 1 128 M inneapolis May 23 1,100 189 107 1 2 6 4 22 47 911 864 4 198 162 497 3 47 May 30 1,104 190 109 1 2 6 3 23 "l" 45 914 868 9 196 161 499 3 46 June 6 1,126 193 108 1 2 10 4 23 45 933 886 14 177 194 501 47 June 13..'. 1,133 198 111 1 2 11 4 23 46 935 888 21 169 194 504 47 June 20 1,189 219 116 1 2 23 4 23 49 970 923 16 187 195 525 47 Kansas City May 23 2,042 331 207 1 4 16 7 38 58 1,711 1,580 86 403 348 719 24 131 May 30 2,033 328 205 1 4 15 7 38 58 1,705 1,567 78 394 346 723 26 138 June 6 2,063 336 205 1 4 22 8 38 58 1,727 1,589 92 356 408 726 7 138 June 13 2,072 339 205 1 4 24 8 38 59 1,733 1,595 91 352 416 730 6 138 June 20 2,152 349 209 1 4 29 8 38 59 1,803 1,672 104 386 428 748 6 131 Dallas May 23 1,675 405 266 5 29 21 23 6.1 1,270 1,222 59 392 213 548 10 48 May 30 1,680 405 265 4 30 21 24 61 1 275 1 226 63 390 213 550 10 49 June 6 1,733 436 275 4 38 32 24 63 1^297 1^248 63 377 247 560 1 49 June 13 1,753 442 276 1 4 53 22 23 63 1,311 1,262 74 376 250 562 49 June 20 1,834 460 283 1 4 63 22 23 64 1,374 1,325 71 392 264 598 49 San Francisco May 23 6,020 976 479 10 22 40 22 293 110 5,044 4,662 180 1,320 822 2,259 81 382 May 30 ; 6,019 971 478 11 19 41 21 292 109 5,048 4,658 172 1,324 825 2,256 81 390 June 6 6,050 1,008 486 14 24 65 23 290 106 5,042 4,655 198 1,174 1,027 2,253 3 387 June 13 6,103 1,026 485 21 23 70 24 291 112 5,077 4,685 196 1,183 1,031 2,272 3 392 June 20 6,371 1,082 486 30 20 119 23 291 113 5,289 4,896 224 1,259 1,045 2,362 6 393 City of Chicago* May 23 5,037 993 663 78 48 56 51 24 73 4,044 3,704 224 1,042 592 1,829 17 340 May 30 4,994 1,004 657 96 46 55 52 25 73 3,990 3,654 164 1,039 600 1,834 17 336 June 6 5,036 1,019 663 102 43 57 54 25 75 4,017 3,671 201 934 692 1,844 346 June 13 5,072 1,011 663 96 43 54 54 25 76 4,061 3,721 231 948 688 1,854 340 June 20 5,638 1,212 667 125 36 227 55 25 77 4,426 4,082 236 1,220 706 1,920 344 * 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. 6 z 7 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 asd 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 e a e r i r n e a t d v - h k l - e s C va i a n u sh lt m b a w n a d e i n c o s t e - k t h i s s c p m u o a d s a d s e t n e i - - t d d s 1 s u p p h v n c a o a a i i e o n d p l r r r r d s a - t s - - , - , - S p d s s a t i o i i u a c n o v l b a t i d n i e t - l - s - s c C h c o a e f e e e i f t n e r c r f c i d d s k t . - i ' s - U m G er . o e n S v n - . - t s p u p v h n c a a a o i i o e n l r d p r r r s d t a - s - - - , - , S p d s s a t i i o u i a c o n v l a b t n d i i e l t - - s s - P U m G S i e o a n r a . o e s n g S n v t n v d s . - a - - t l m D a e n b - d ank T s ime b e F a i o g n r n k - s B r in o o w g r s - - co a u c n - ts d B i e a t b s n - 2 k tions tions Boston(6 cities) May 23 466 69 114 2,230 2 210 111 30 346 372 3 310 21 22 278 751 May 30 485 61 115 2,233 2^203 116 32 340 373 3 315 20 27 276 545 June 6 490 59 108 2,281 2,256 115 31 299 375 2 339 20 25 27 802 June 13 518 61 139 2,367 2,386 108 32 270 376 2 403 20 15 277 629 June 20 482 62 159 2,094 2,102 100 39 1,052 377 3 323 20 4 276 1,313 New York (8 cities)* May 23 4,127 126 107 16,828 16,819 562 706 2,214 1,565 22 10 2,947 18 916 365 1,978 7,235 May 30 4,206 126 118 16,765 16,880 603 504 2,194 1,571 22 10 2,978 18 929 567 1,974 5,208 June 6 4,150 126 104 16,943 16,944 516 650 2,084 1,572 22 10 3,092 18 939 580 1," 7,915 June 13 4,274 126 114 17,006 17,195 518 636 2,228 1,575 22 10 3,375 18 947 531 1,984 6,986 June 20 3,924 120 132 14,997 15,221 393 1,005 6,029 1,569 24 10 3,328 3 943 253 l,98f 13,182 Philadelphia (4 cities) May 25 446 30 78 1,934 1,930 104 12 231 199 8 1 335 9 8 245 568 May 30 444 30 86 1,939 1,966 100 21 237 198 8 1 341 9 13 24= 535 Jur 6 464 30 82 1,9" 1,977 106 16 242 199 8 1 390 9 12 246 702 Jui .3 476 30 85 2,037 2,047 119 18 232 199 8 1 418 10 26 245 593 June 20 448 30 85 1,796 1,863 41 24 686 200 8 1 394 10 245 1,182 Cleveland (10 cities) May 23 798 78 194 3,245 3,265 146 42 368 1,095 29 525 8 2 59 462 911 May 30 806 77 208 3,243 3,290 151 47 410 1,097 28 532 7 3 47 462 779 June 6 831 75 199 3,283 3,279 144 45 419 1,101 27 556 7 2 47 463 966 June 13 814 76 209 3,293 3', 371 143 50 401 1,104 26 579 7 3 36 463 854 June 20 810 77 215 3,054 3,116 130 54 954 1,108 26 572 7 4 4 464 1,530 Richmond (12 cities) May 23 326 38 151 1,313 1,271 114 22 184 308 2 7 393 5 2 13 125 371 May 30 342 38 145 1,311 1,272 116 24 194 309 2 7 390 5 2 13 12 323 June 6 342 36 159 1,326 1,277 126 20 200 310 2 7 404 5 2 13 125 442 June 13 355 38 166 1,334 1,299 119 24 203 311 2 7 428 5 2 9 125 393 June 20 347 37 193 1,203 1,208 76 30 490 312 2 7 410 5 2 5 126 634 Atlanta (8 cities) May 23 349 30 129 1,276 1,194 176 13 111 362 3 2 488 1 6 3 120 419 May 30 352 30 134 1,267 1,183 186 9 118 364 3 2 481 1 7 7 120 307 June 6 359 28 131 1,272 1,199 183 10 115 365 3 2 499 1 7 4 120 350 June 13 375 28 152 1,317 1,251 179 11 113 367 3 2 519 1 6 11 351 June 20 354 29 139 1,199 1,154 150 10 275 369 3 3 503 1 7 119 536 Chicago (12 cities)* May 23 1,514 104 384 5,988 5,796 504 63 798 1,642 5 4 1,512 5 21 63 560 2,095 May 30 1,548 106 428 5,996 5,828 504 73 826 1,645 5 4 1,528 5 21 29 563 1,747 June 6 1,536 101 408 6,012 5,822 481 66 792 1,657 5 4 1,602 5 22 39 563 2,203 June 13 1,564 94 414 6,075 5,988 470 74 749 1,661 5 4 1,629 5 21 39 562 1,940 June 20 1,485 91 430 5,562 5,442 452 76 1,805 1,166 5 4 1,689 5 21 5 564 3,430 St. Louis (5 cities) May 23 331 22 102 1,091 1,126 64 12 175 302 4 572 2 39 127 416 May 30 338 22 92 1,045 1,096 60 16 205 302 1 4 630 2 22 127 403 June 6 327 21 104 1,017 1,064 60 12 216 304 1 4 610 2 38 126 493 June 13 346 22 114 1,110 1,181 60 12 217 305 1 4 606 2 19 126 352 June 20 335 22 114 1,034 1,078 58 12 339 306 4 588 2 23 12' 556 Minneapolis (8 cities) May 23 188 11 77 694 659 88 10 116 183 271 2 36 247 May 30 186 11 83 699 659 93 10 120 183 277 1 29 82 222 Tune 6 193 10 81 705 664 97 9 128 184 293 2 24 290 June 13 187 11 91 709 676 95 10 135 185 295 2 22 275 June 20 185 10 105 640 615 81 12 288 186 291 2 7 410 Kansas City (12 cities) May 23 424 25 282 1,378 1 354 147 19 153 251 1 3 853 5 5 139 May 30 435 25 268 1,360 1,335 146 20 163 251 1 3 845 5 7 13< 378 June 6 432 23 278 1,367 1,350 146 19 168 253 1 3 865 5 9 140 475 June 13 442 24 304 1,391 1,395 135 23 182 254 1 3 878 5 3 140 444 Tune 20 439 24 319 1,288 140 21 344 255 1 3 892 6 17 141 670 Dallas (9 cities) May 23 351 25 244 1,296 1,295 76 20 130 230 12 3 520 4 123 382 May 30 360 25 243 1,275 1,267 79 20 168 231 12 3 512 4 3 123 307 Tune 6 366 24 254 1,270 1,281 81 24 206 232 13 3 549 4 12; 395 Tune 13 379 24 280 1,296 1,309 79 23 223 233 13 3 566 3 122 367 June 20 363 24 289 1,237 1,247 67 38 348 234 13 3 569 4 12 499 San Francisco (7 cities) May 23 896 47 261 3,243 3,234 216 70 517 1,789 27 7 422 6 32 22 515 1,102 May 30 916 49 259 3,245 3,211 220 74 526 1,790 27 7 427 6 34 33 516 1,012 June 6 910 47 264 3,218 3,210 213 73 559 1,793 27 7 430 6 34 33 51 1,133 June 13 930 48 277 3,254 3,306 207 76 546 1,801 27 7 464 6 34 21 510 1,090 June 20 970 48 283 3,072 3,194 173 70 1,023 1,806 27 7 481 6 35 10 511 1,434 City of Chicago* May 23 963 45 176 3,611 3,597 222 29 497 670 1,076 17 35' 1,287 May 30 949 47 218 3,595 3,602 217 34 491 670 1,084 18 359 1,032 Tune 6 954 46 200 3,615 3,598 206 32 451 678 1,124 17 1 35* 1,356 Tune 13 . 958 35 196 3,645 3,696 198 32 414 680 1,154 18 35< 1,170 June 20. 907 35 201 3,295 3,319 192 32 1,211 682 1,219 17 35! 2,323 * 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. JULY 1945 673 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 Own Bills Others2 U i n n i t t o ed U f n ro it m ed ex D c o h l a l n ar ge points in Total bills bought States States United Foreign States countries s 1944—February.. 214 135 106 57 49 29 83 12 32 March 195 129 100 52 48 30 79 12 s3 31 April 172 126 96 51 45 29 77 12 ( 30 May 151 113 90 49 41 24 71 10 28 Tune 137 112 87 44 43 25 74 11 24 July....... 143 110 88 46 41 23 72 12 24 August... 141 110 82 44 38 28 75 10 22 September 141 111 85 42 43 26 78 11 19 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 14 25 1945—January... 162 130 98 50 32 13 25 February. 157 126 97 52 46 29 87 12 24 March 147 128 96 54 42 32 87 11 25 April 119 117 90 52 38 26 81 10 24 May 103 104 82 51 32 22 72 9 22 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 Customers' End of month Customers' bal D an e c b e i s t in bal D an e c b e i s t min Cash on credit balances1 Other credit balances debit partners' firm hand Money b ( a n la e n t) c 1 es a in n a v d c e c t s o r t a u m d n e i t n n s g t a in n a v d c e c t s o r t u a m d n e i t n s n g t a b n a d n k i s n borrowed2 Free O ( t n h et e ) r i a I n n n a v d c p e c t s a o r t r u a m t n d n e t i e s n n r g t s' i a n a n v d c I e n c s t o r t f u i a m r n d m e t i s n n t g I a n c ( c c n o a e u p t) n it t a s l 1936-June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December 677 12 99 204 427 281 54 22 5 247 1941—June 616 89 186 395 255 65 17 222 December 600 86 211 368 289 63 17 213 1942—June 496 9 86 180 309 240 56 16 189 December 543 7 154 160 378 270 54 15 182 1943—June 761 9 190 167 529 334 66 15 212 December 788 11 188 181 557' 354 65 14 198 1944—June 196 619 424 July c940 e660 e420 August c940 e630 *410 September e940 e640 e420 October c950 e670 e430 November e940 e640 e430 December 1,041 209 726 472 96 1945—January el,070 e730 February el,100 e73O March 3l,034 3722 8 5 53 April 3l,065 37O1 3575 May.. 31,094 3742 3583 e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of large firms. 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' ownpartners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): March, 109; April, 106; May, 110. > NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. 674 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annuml AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES u.s Government IPer 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 p i m o c m t e i h - r 6 a e s , l - l a a b P d c n a e r a c 9 r c i n y e s m 0 e k ' p s s - e i t , - c S h l n c a e o t r a e o l a e x a n w - l c - n l g k - e m b o i 3 l n - ls t s h 3 ecu d 9 c m r - e o c e i n b f t r a o t e y o t t t n i s i e e n f s t 1 d s y i h - - 2 - i - eld 3 ta n s - y x o t e a o t a e b r s 5 l - e 1 1 1 9 9 9 3 3 3 6 7 8 a a a v v v e e e r r r a a a g g g e e e 1 1 1 1 T 9 2 2 2 o . . . c 6 5 5 t i a 8 9 3 t l ies Y N C 1 1 1 . o . . e i 7 7 6 t w r y 2 3 9 k 7 e E N r c a 3 2 2 n O o i s . . . t 0 7 8 r i t t a e t 4 e 5 8 h h n s r e - n d r 1942 average .66 .44 1.00 .326 1.46 1939 average 2.78 2.07 2.87 1943 average .69 .44 1.00 .373 .75 1.34 1940 average 2.63 2.04 2.56 1944 average .73 .44 1.00 ,375 .79 1.33 1941 average 2.54 1.97 2.55 1944—June .75 .44 1.00 .375 .79 1.34 1942 average 2.61 2.07 2.58 A Ju u ly gust . . 7 7 5 5 . . 4 4 4 4 1 1 . . 0 0 0 0 . . 3 3 7 7 5 5 . . 7 7 6 7 1 1. . 3 3 0 1 1 19 9 4 4 4 3 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 September.... .75 .44 1.00 .375 .79 1.31 1940—December.. 2.59 2.00 2.53 N O D o c e t c v o e e b m m e b r b e e r r . . . 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 . . . 8 8 8 0 1 0 1 1 1 . . . 3 3 3 4 5 5 1941— J M un a e rch 2 2 2 . . . 5 5 6 8 5 0 2 1 1 . . . 9 0 9 6 8 5 2 2 2 . . . 5 6 5 3 2 8 1945—January .75 .44 1.00 .375 .78 1.31 September.. 2.41 1.88 2.45 February .75 .44 1.00 .375 .77 1.22 December .. 2.48 1.85 2.48 March .75 .44 1.00 .375 .78 1.18 1942-March 2.62 2.07 2.56 April .75 .44 1.00 .375 .77 1.14 June 2.70 2.28 2.66 May .75 .44 1.00 .375 .80 1.16 September.. 2.63 2.09 2.63 June .75 .44 1.00 .375 4.81 1.16 December... Week J J e u u n n n d e e i n g 2 9 : H H ' % A > 1 1 . . 0 0 0 0 . . 3 3 7 7 5 5 4. . 8 81 1 1 1. . 1 1 7 8 1943— J D S M u e e n a p c r e t e c e m h m b b e e r r 2 3 2 2 . . . . 0 7 4 6 0 6 8 5 2 2 2 2 . . . . 0 7 1 3 5 0 0 6 2 2 2 2 . . . . 7 7 9 7 6 1 8 6 June 16 /16 1.00 .375 .81 1.17 June 23 % 1.00 .375 .81 1.14 1944—March 2.63 2.10 2.75 June 30 J! 1.00 .375 .80 1.14 June 2.63 2.23 2.55 September 2.69 2.18 2.82 1 Monthly figures are averages of weekly prevailing rates. December 2.39 1.93 2.61 2 The average rate on 90-day stock exchange time loamnss was 1.25 per cent during the entire period. 1945—March. 2.53 1.99 2.73 2.91 3 Rate on new issues offered within period. June 2.20 4 Number of issues decreased from 3 to 2 on June 1. i Prior to March 1939 figures were reported monthly on a basis not strictly Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. comparable with the current quarterly series. 448-459, and the BULLETIN for May 1945, pp. 483-490. 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, 7 y e t a o r s 9 15 years and over Mu ip n a i l c- C r o a r t p e o- By rating By groups or week (high- (high- T ab ax le - a e P l x ly a e r m t t i a p x t T ab ax le grader 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 1.93 2.09 2.46 2.36 2.75 3.34 2.83 2.98 3.28 4.28 2.96 3.96 3.11 1943 average 1.96 1.98 2.47 2.06 2.64 3.16 2.73 2.86 3.13 3.91 2.85 3.64 2.99 1944 average 1.94 1.92 2.48 1.86 2.60 3.05 2.72 2.81 3.06 3.61 2.80 3.39 2.96 1944—June 1.95 1.91 2.49 1.87 2.58 3.05 2.73 2.81 3.07 3.59 2.79 3.40 2.96 July.... 1.95 1.89 2.49 1.84 2.59 3.04 2.72 2.80 3.05 3.57 2.79 3.37 2.95 August 1.93 1.90 2.48 1.82 2.57 3.02 2.71 2.79 3.04 3.55 2.79 3.34 2.94 September 1.92 1.93 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 1.92 1.90 2.48 1.88 2.61 3.02 2.72 2.80 3.01 3.53 2.77 3.29 2.98 December 1.93 1.87 2.48 1.87 2.59 2.98 2.70 2.76 2.98 3.49 2.74 3.25 2.96 1945—January 1.89 1.81 2.44 1.81 2.58 2.97 2.69 2.76 2.98 3.46 2.73 3.23 2.97 February 1.77 1.75 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.... 1.62 1.68 2.39 1.57 2.49 2.90 2.61 2.73 2.90 3.36 2.69 3.07 2.94 May 1.57 1.68 2.39 1.58 2.53 2.89 2.62 2.72 2.88 3.32 2.68 3.05 2.93 June 51.56 1.63 2.35 1.58 2.54 2.87 2.61 2.69 2.86 3.29 2.68 3.02 2.89 Week ending: June 2 1.59 1.68 2.37 1.61 2.55 2.88 2.62 2.71 2.88 3.31 2.69 3.04 2.91 June 9 1.57 1.65 2.36 1.59 2.55 2.88 2.62 2.70 2.87 3.31 2.69 3.04 2.90 June 16 61.57 1.63 2.36 1.58 2.55 2.87 2.61 2.69 2.87 3.30 2.68 3.03 2.89 Tune 23 1.55 1.62 2.34 1.57 2.54 2.86 2.61 2.68 2.86 3.29 2.68 3.02 2.88 June 30... 1.55 1.62 2.34 1.57 2.54 2.86 2.61 2.69 2.85 3.27 2.68 3.01 2.88 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. . . , . , » ,» , 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 10 to 6 issues, respectively, and the railroad Aaa group from 10 to 5 issues. 5 Number of issues decreased from 3 to 1 on June 15. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490. JULY 1945 675 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 U.S. Munic- (in thoum G er e o n n v - t - g ( r h i a p i d g a e l h )3 H gr i a g d h e - Mediu In m d - u a s n - d lo R w a e il r - -gra P d u e blic fau D lt e e - d fe P r r r e e - d6 Total In tr d i u al s- R ro a a il d - P u u ti b li l t i y c s s a h n a d r s e s o ) f Total trial road utility Number of issues 1-7 15 15 50 10 20 20 15 15 402 354 20 28 L942 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—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 June 102.38 141.5 122.1 118.1 122.2 115.5 116.7 81,4 190.9 121 122 144 106 1,828 Week ending: June 2 101.96 140.7 122.2 118.0 122.2 115.2 116.6 78.1 190.2 120 122 140 104 1,544 June 9 102.20 141.2 122.1 118.0 122.2 115.3 116.5 78 4 190.8 120 121 139 104 1,525 June 16 102.21 141.4 122.1 118.2 122.2 115.6 116.9 80.3 190.8 120 121 141 105 1,714 June 23 102.59 141.6 122.1 118.3 122.2 115.7 117.0 83.6 190.8 121 122 147 107 2,018 June 30 102.60 141.6 122.2 118.1 121.9 115.5 116.7 84.3 191.3 122 123 150 108 2,097 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 f a i u r n n n e g d - d ) - m e ( a f i e d o n g s o r d n - t - ) ic Total S n m a p t i n a c a u d i t l - - e a c F e g i e r e e a d n s l - 1 - Total Co B n r a o o p n n t o d e d r s a s te Stocks F ei o g r n - 2 m e ( f a e i o d g n s r o n d t - i - ) c Total S n a m p t i n c a 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—May 418 53 53 21 33 14 19 365 356 139 33 184 169 15 9 June 213 42 42 23 •••-•• 15 11 5 • y 170 170 8 83 79 76 3 July 274 70 64 12 52 43 10 204 204 22 27 154 133 21 August 332 145 145 40 106 68 37 187 187 26 20 141 136 5 September. . 478 42 42 13 29 15 14 436 436 6 30 401 351 50 October 892 178 178 47 131 109 22 714 714 61 42 611 586 25 November... 480. 39 39 6 10 23 9 14 440 440 65 39 336 304 32 December... 193 38 38 20 19 13 6 155 155 14 27 114 114 1945—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 3l" April 769 138 136 19 111 60 51 "2" 631 631 30 46 555 530 25 May... 584 186 185 ? 28 157 102 55 2 397 395 9 19 367 272 95 2 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. 676 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES* PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month Est g i r m o a ss ted Esti n m e a t ted New money Retirement of securities Repayment proceeds2 proceeds3 of Other Total e P q l u a i n p t m a e n n d t W c o a r p k it in al g Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt purposes 1934 397 384 57 32 26 231 231 84 11 1935 . .. 2,332 2,266 208 111 96 • 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 . 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,014 2,956 575 224 351 2,310 1,972 338 35 37 1943—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 1 4 6 6 0 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— F J e a b n r u u a a ry ry 2 2 8 1 1 5 2 2 7 1 5 2 3 2 5 8 1 1 4 6 2 1 1 2 2 1 4 7 0 7 2 1 2 6 1 0 1 1 9 7 " s" 1 March 226 221 48 28 19 171 158 13 1 2 April 643 632 102 55 47 513 501 12 14 3 May 496 485 136 48 88 331 278 53 12 6 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 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 '"is" 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 4" 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 4 1944 606 106 500 1,339 28 1,297 14 918 389 475 54 92 51 38 3 1943—-October 28 28 53 2 50 2 57 7 27 22 1 1 November 26 3 23 38 38 131 115 11 6 2 1 1 December 3 3 78 "l" 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" July 21 21 58 5 52 109 34 70 5 A Se u p g t u e s m t ber 1 1 8 3 9 4 1 1 9 0 1 1 7 1 9 5 1 2 4 6 9 ""5 8 " 1 2 3 4 8 6 2 8 6 5 6 3 1 8 0 2 7 7 5 ""2" 2 6 "2 4" O N c o t v o e b m er ber 5 3 2 6 4 2 4 3 8 5 4 2 9 5 8 9 4 4 25 8 5 4 5 1 2 8 9 6 11 1 3 6 7 1 1 1 1 1 2 1 1 2 December 82 82 10 10 18 12 5 42 "42" 1945— M A M F J e p a a a b n r y r i r u c l . u . h a a ry ry 3 1 1 6 1 7 0 0 9 5 8 1 1 8 4" "3 1 4 9 5 1 6 7 9 6" 1 1 1 6 6 8 2 3 5 0 4 4 7 ""2 1 " 1 2 1 1 1 6 6 2 8 2 5 0 2 3 5 2 1 9 2 8 2 2 3 3 2 7 0 1 4 2 6 1 1 8 4 9 7 5 8 5 5 1 0 9 4 5 6 " 1 2 l 7 1 " 1 1 1 4 2 0 5 8 1 4 8 7 2 2 6 2 5 1 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 notation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilations of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. JULY 1945 677 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Profits and Net profits,1 by industrial group)S dividends Year or quarter Total s I a t r n e o d e n l c M e h r i a y n - - t b o A i m l u e - o s - p e O t m r t q o t i a e u r o h n t n n i e a s p t r - - - f m p e N u a e r r o c n r o t o d t a n d s u - l - s s O g d b o u t l o h r e a d e - r s t F o b a a o b e g n o a v e d d c e s c s r , - , o p r r a e i o i O n n f n d i g g i d n l u - c- c I h n c tr e a d i m l u a s l s i- - O g d n o u b t o o h r l n e a d e - - r s n s c M e i e e c r l o i e v l s u a s - - s - pr N of e i t ts1 fe P D r r r e e iv - d ide C n m d o o s m n - Number of companies... 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,163 325 193 274 227 153 113 159 174 207 187 152 1,137 92 705 1942 1,770 226 159 209 183 138 90 151 152 164 136 161 888 88 552 1943 1,802 204 165 201 182 128 83 162 186 170 149 171 902 86 556 1944 1,889 194 174 222 183 115 88 175 220 187 147 183 963 86 611 Quarterly 1941—1 509 86 44 79 53 39 23 36 29 49 44 28 285 22 150 2 547 84 48 73 56 36 28 43 42 53 48 33 295 23 165 3 558 81 46 60 56 38 30 44 56 52 49 44 282 23 170 4 549 72 55 61 62 40 32 37 46 52 46 47 275 24 221 1942—1. 413 52 38 46 «46 36 19 32 35 39 39 31 206 21 134 2 358 52 35 25 643 32 18 32 27 35 27 32 174 23 135 3 445 51 36 46 644 34 22 42 42 41 35 52 213 20 125 4 554 72 49 92 651 36 30 44 49 48 35 46 296 23 158 1943—1 431 52 39 47 648 34 19 39 36 41 36 39 209 21 127 2 433 47 41 49 646 32 22 37 42 41 36 38 221 22 132 3 461 51 41 52 646 31 20 43 49 40 39 50 226 21 127 4 477 53 45 53 641 31 23 43 58 47 38 44 247 22 170 1944—1 442 47 40 52 650 29 20 38 49 42 36 39 222 21 142 2 456 46 40 55 646 30 22 43 52 43 37 42 227 22 149 3 473 47 38 55 646 28 21 45 56 49 37 52 242 20 137 4 517 55 55 59 H2 28 25 49 64 53 37 50 271 23 184 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 c a f o o o x m r m 5 e e e inc N o e m t e1 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 g n 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 9,055 2,211 873 217 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 (7) 295 67 43 44 2 1,272 145 103 36 723 182 126 (7) 308 69 44 45 3 1,468 267 189 34 750 183 107 (7) 311 66 45 44 4 1,454 166 138 87 805 200 139 (7) 321 68 46 40 1942—1 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 2,091 515 214 29 864 254 136 99 366 88 42 40 2 2,255 608 244 52 835 221 118 100 382 96 44 42 3 2,368 653 250 36 859 210 114 • 99 391 94 45 43 4 2,340 435 166 100 906 228 133 113 398 96 48 43 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. * Class I line-haul railroads, covering about 95 per cent of all railroad operations. * Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 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 holdingsiin the 30 companies. J After all charges and taxes except Federal income and excess profits taxes. 6 Partly estimated. ' 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. 678 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury, In millions of dollars ] End of month T d g d i r o r e o t e b s a c t s l t i b n T d e d t i a o e e r r r t e b i a e c n t l s t g t- Total2 Tre b M a il s l a u s r r k y eta in b c C d l a e e n e t e r e b p t s s i t u f s e o i b d - f l - ic T is r s n e u o a e t s s e u 1 s ry Tr b e o a n s d u s ry N T o o n t m al a 2 rke s ta a b U b v o l . i n e n S d g . s p s ubl T i t s c r a n a e x v o i a s i t s n a s e u u n g s r e d s y s S i p ss e u c e ia s l i b n N e t d e a e o r r b e i n n t s - g t- s t g b e t e e u e F c e r a a d u u e r r r l s i a i i l n t n y n t - g i - - 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 Dec 165,877 164,508 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,225 1944—June.. .. 201,003 199,543 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,516 July 208,574 207,117 144,919 15,524 30,035 18,067 81,097 47,237 36,538 10,000 14,961 1,456 1,468 Aug 209,802 208,289 145,213 15,715 30,001 18,067 81,235 47,614 36,883 10,030 15,461 1,514 1,475 Sept 209,496 207,850 144,723 15,747 29,573 17,936 81,270 47,152 37,323 9,124 15,976 1,645 1,480 Oct 210,244 208,608 145,008 16,060 29,546 17,936 81,271 47,430 37,645 9,075 16,170 1,636 1,480 Nov 215,005 210,774 145,183 16,405 29,545 17,936 81,102 49,008 38,308 9,990 16,583 H,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 43,071 1,151 June 258,682 256,357 181,319 17,041 34,136 23,497 106,448 56,226 45,586 10,136 18,812 2,326 409 1 Including amounts held by Government agencies and trust funds, which aggregated 5,240 million dollars on Apr. 30, 1945, and 5,195 million on May 31, 1945. 1 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, JUNE 30, 1945 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales during Redemp- Issue and coupon rate Amount Issue and coupon rate Amount Month sta o n u d t i - ng month tions Treasury bills1 Treasury bonds—Cont at m e o n n d t h of se A ri l e l s Se E ries Se F ries Se G ries se A r l i l es July 5, 1945.... 1,317 Dec. 15, 1948-50 ..2 571 July 12, 1945 ... 1,304 June 15, 1949-51 ..2 1,014 July 19. 1945 1,318 Sept. 15 1949-51 ..2 1,292 1943—Oct 26,056 1,708 1,340 93 275 144 July 26, 1945.... 1,310 Dec. 15, 1949-51 ..2 2,098 Nov. 26,697 798 665 23 109 170 Aug. 2, 1945.... 1,314 Dec. 15, 1949-52 31^ 491 Dec 27,363 853 728 24 101 207 Aug. 9, 1945.. 1,307 Dec. 15, 1949-53 2]/^ 1,786 Aug.16, 1945.... L,3O7 Mar. 15, 1950-52 ..2 1,963 1944—Jan 28,901 1,698 1,085 127 487 188 Aug.23. 1945 1,313 Sept. 15, 1950-52 23^ 1,186 Feb 31,515 2,782 2,102 157 522 185 Aug. 30, 1945.... L314 Sept. 15, 1950-52 .2 4,939 Mar 31,974 709 576 23 110 268: Sept. 6, 1945... 1,302 Dec. 15, 1950 13^ 2,365 Apr 32,497 739 606 19 114 237 Sept 13, 1945 ... 1,310 June 15, 1951-54 2M 1,627 May 32,987 751 624 15 111 279- Sept 20, 1945 . .. 1,305 Sept. 15, 1951-53 ..2 7,986 June. . 34,606 1,842 1,350 115 377 248 Sept 27, 1945 ... 1,318 Sept. 15, 1951-55 . 3 755 July 36,538 2,125 1,687 101 338 227 Dec. 15, 1951-53 2/4 1,118 Aug 36,883 602 499 18 85 279 Cert, of indebtedness Dec. 15, 1951-55 ..2 510 Sept 37,323 692 591 16 85 283 Aug. 1, 1945 • 34 2,511 Mar. 15, 1952-54 2}/i 1,024 Oct 37,645 695 599 14 83 401 Sept. 1 1945 .'4 3,694 June 15, 1952-54 ..2 5,825 Nov 38,308 1,023 807 43 174 382 Oct. 1 1945 4 3,492 June 15, 1952-55 2V± 1,501 Dec 40,361 2,386 1,855 125 406 365 Dec. 1 1945 • - •4' 4,395 Dec. 15, 1952-54 ..2 8,662 Feb. 1 1946 5,043 June 15, 1953-55 . .2 725 1945—Jan 41,140 1,074 804 42 228 341 Mar. 1 1946 • -41 4,147 June 15, 1954-56. 234 681 Feb. 41,698 848 653 31 164 323 Apr. 1 1946 4,811 Mar. 15, 1955-60 2Vz 2,611 Mar 42,159 889 712 r27 r151 464 May 1 1946 X 1,579 Mar. 15, 1956-58 2V2 1,449 Apr 42,626 838 684 23 130 404 June 1, 1946 4 4,464 Sept. 15, 1956-59 2% 982 May 43,767 1,540 1,195 63 282 426 Sept. 15, 1956-59 2\i 3,823 June 45,586 2,178 1,468 178 532 403 Treasury notes June 15, 1958-63 2% 919 Dec. 15, 1945 531 June 15, 1959-62 4,508 Jan. 1, 1946 .... \90 3,416 Dec. 15, 1960-65 2% 1,485 Mar. 15, 1946..... .1 1,291 June 15, 1962-67 2,118 J D u e l c y . 1 1 5 , , 1 1 9 9 4 4 6 6 ... . ... . .. 1 9 3^ 0 2 4 3 , ,2 9 6 0 1 9 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 4 3 - - 6 6 9 8 2V2 2 3 , , 8 7 3 6 1 1 Maturities and amounts outstanding, June 30, 1945 Mar. 15, 1947.... 1/4 1,948 Dec. 15, 1964-69 ... 2^/i 3,838 S S e e p p t t . . 1 1 5 5 , , 1 1 9 9 4 4 7 7 . . . . . .. 1/4 2 1 , , 7 6 0 8 7 7 M M a a r r . . 1 1 5 5 , , 1 1 9 9 6 6 5 6 - - 7 7 0 1 .... 2 2 V }/ 2 2 5 3 , , 1 4 9 8 7 1 Year of maturity se A ri l e l s S A er - i D es Ser E ies Se F ries Se G ries. Sept. 15, 1948.... Vp2, 3,748 June 15, 1967-72.... 2MJ 7,199 Sept. 15, 1967-72 2*/9 2,716 Treasury bonds Postal Savings bonds• 2Yi 117 1945 119 119 Sept. 15, 1945-47. • 2% 21,214 Conversion bonds . 3 29 1946 327 327 Dec. 15, 1945.... 541 Panama Canal loan.... 3 50 1947 415 415 Mar. 15, 1946-56. 489 Total direct issues 181,319 1948 490 490 '.'.'.'.'."Ay. June 1 S 1946-48 3 1,036 1949 802 802 June 15, 1946-49. 819 1950 990 990 Oct. 15 1947-52. 759 Guaranteed securities 1951 1,663 442 " * 1," 222 Dec. 15, 1947.... ... 2 701 Federal Housing Admin. 1952 5,063 5,063 Mar. 15, 1948-50. . ..2 1,115 Various 34 1953 9,478 8,069 216 1,193 Mar. 15, 1948-51. .2% 1,223 1954 12,995 10,060 597 2,338 June 15, 1948.... 3,062 1955 7,755 4,603 681 2,471 Sept. 15, 1948.... '•2V2 451 1956 3,597 758 2,839 1 Sold on discount basis. See table on Open-Market Money Rates, U 19 n 5 cl 7 a . s . s .. ified 1,80 8 9 1 352 1,457 p. 675. 2 Called for redemption on Sept. 15, 1945. Total 45,586 3,585 29,016 2,604 10,299 r Revised. 679 JULY 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 m e b n c e t T u e a r o r r i e t i t a n i s e l g t- 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 n s c u d b i e e s l s i s c R F B H e e a b d s e n y e e l k d r r s v al e Total m b C e a o r m n c - k ia s l M s b a a u v n i t n u k g s a s l p I c a n a o n s m n u c - i e e r s - M i a a s O r s b t u k l h e e e e s t r - inv m es N a t a o r o b n k r - l s e et- 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 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 r78,50O 8,600 r19,900 r43,200 50,000 February 232,968 17,130 5,267 19,439 191,132 r78,100 8,700 r20,100 r33,600 50,600 March 233,145 17,567 5,303 19,669 190,606 r77,4OO 8,700 r20,300 r34,100 50,100 April 234,194 17,923 5,262 20,455 190,554 77,300 8,700 20,400 33,500 50,700 i 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. r Revised. 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- Total m er e n n - t F e e r d a - l Com- M tu u a - l Insur- Total m er e n n - t F e e ra d l - Com- M tu u al - Insur- End of month out- agen- Re- mercial sav- ance Other End of month out- agen- Re- mer- sav- ance Other stand- cies serve banks1 ings com- stand- cies serve cial ings coming and Banks banks panies ing and Banks banks banks panies 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 Dec 162,843 5,33818,846 72,045 8,183 18^ 761 39,670 1944—June 79,244 4,437 1,464 30,910 6,73615,76819,929 1945—Jan 163,458 5,26019,006 72,918 8,39219,082 38,801 Dec 91,585 5,173 1,24336,508 7,70417,85923,098 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 5,26719,669 71,872 8,48219,554 38,568 Feb 92,349 5,056 1,132 37,737 7,93118,18222 311 Apr 163,468 5,24620,455 71,799 8,50219,640 37,826 Mar '. 92,377 5,039 1,12838,068 7,87918,16722,097 Treasury bills: Apr 92,377 4,991 1,12338,499 7,817 18,07321,873 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 Dec 16,428 6 11,148 4,113 1 1 1,159 1944—June 7,824 536 4,697 189 663 1,740 1945—Jan 16,403 711,376 3,931 2 1,087 Dec 7,824 518* 4,834 137 556 1,777 Feb 16,399 11 11,830 3,387 7 1,164 1945—Jan 7,824 518 4,799 144 525 1,836 Mar 16,921 23 12,079 2,720 12 "21 2,066 Feb 7,824 518 4,770 172 510 1,856 Apr 17,041 33 13,010 2,565 11 25 1,397 Mar 8,939 564 5,554 268 535 2,015 Certificates: Apr 8,939 564 5,488 267 543 2,076 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 Dec 30,401 62 4,887 15,032 136 310 9,974 1944—June 34,399 1,570 18,937 2,712 3,673 7,505 1945_ F j eabn 3 30 0 , , 3 4 9 0 6 1 6 8 6 0 4 4 , , 9 8 1 9 7 7 1 1 5 5 , , 2 1 5 4 9 5 2 1 0 3 3 3 4 3 2 5 9 7 9 9 ,5 8 0 0 9 4 1945— D J e a c n . 4 4 4 4 , , 0 5 8 3 7 1 1 1 , , 5 4 0 2 4 1 2 2 4 5 , , 4 1 4 9 5 4 3 3 , , 7 5 1 5 0 6 4 4, , 3 2 5 3 7 01 9 0 , , 8 3 5 57 0 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 Apr 34,478 129 5,333 17,550 345 830 10,290 Mar 43,564 1,297 24,987 3,588 4,385 9,307 Treasury notes: Apr 43,564 1,280 25,350 3,503 4,335 9,099 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 Dec 23,039 60 1,566 15,411 336 568 5,098 1944—June 15,482 1,097 5,509 1,857 2,792 4,228 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 1006 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 Apr 18,588 52 988 12,611 324 693 3,919 Mar. 14,445 998 5,500 1,812 2,569 3,561 Guaranteed securities: Apr 14,445 963 5,590 1,830 2,530 3,531 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 Dec 1,194 1 3 960 6 22 203 1044—Tune 21,539 2,696 1,766 1,981 8 640 6,456 1945— F Ja e n b 1,1 7 9 86 7 3 6 3 9 5 2 8 1 6 4 6 1 1 9 6 2 1 4 7 5 5 x I 9 s m 4 : 5— j Dj K a A e n X c XK^ , .. 2 25 5 ^ ,4 2 2 2 0 7 3 3 , * 3 3 12 66 l 1 ', ,9 8 4 7 6 3 2 2 , , 1 1 2 7 5 6 1 1 0 0 ^ ,5 4 9 6 1 2 7 7 , , 4 3 0 9 1 6 Mar. 787 6 581 4 17 179 Feb 25 433 3! 306 1 991 2 18710,600 7,349 Apr 788 6 560 4 17 202 Mar 25', 427 31*308 2^024 2^20910^675 7^214 Apr 25,427 3,308 2,072 2,21810,666 7,168 ^ * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, and the residual pother" are not entirely comparable from month to month. Since June 1943 the coverage by the survey of commercial banks has been expanded. Figures in^ column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Including stock savings-banks. On Apr. 30, 1945, commercial banks reporting to the Treasury held 25,3 8 million dollars of U. S. Government securities due or callable within one year out of a total of 59,888 million outstanding. 2 Including 196 million dollars of Postal Savings and prewar bonds not shown separately below. 680 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Mis- Change 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 n n e n e e u v t l a o e e l 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 p t - a t l s ce N i r p e e t - s t *5 I d n e o e t s n e b t r t - ac W t t i i e a v s r i- c T f o e t r e a r 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 x i u t p o u d e t r g n a e e l d s t - D c e i f t i- c T o e a r u t c u c n - . s t 4 t s, f a g b e u n i e r a n n a c n l d - l e - c g d r I r e e i n o n a b - s s t s e j Fiscal year ending: June 1943 16,094 4,553 1,508 1,230 23,385 22,282 1,808 72,109 435 3,827 78,179 55,897 -1,861 +6,515 64,274 June 1944 8,393 26,262 5,291 1,751 3,711 45,408 44,149 2,609 87,039 556 3,540 93,744 49,595 -4,051 +10,662 64,307 June 1945 10,289 24,884 6,949 1,793 3,824 47,740 46,457 3,617 90,029 1,646 5,113 100,405 53,948 +798 +4,529 +57,679 1944—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 6S2 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 June 826 3,930 561 69 529 5,916 5,914 1,009 7,837 335 460 9,641 3,727 -1,050 + 15,073 19,850 Details of trust accounts, etc. General fundjof the Treasury (end of period) Social Security Balance in accounts Net ex- Other Assets general fund penditures Period in check- Total ing ac- De- De- liabilic N e r i e e p - t ts I m nv e e n s t t s - p t e u E n r x e d - s i- c a G o g m o u e v n n e e t n c s r i t n e o - s f ce R i e p - ts I m nv e e n s ts t- p t E e u n x r d - es i- Total R F p e e o s d i s e n e i r t r v s a e l d s p p e o p e i s c n o i i s t a s i l - O as t s h e e t r s ties Total W a b n o a c r l- e k- Banks taries Fiscal year ending: 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 1,313 109 20,775 1,442 18,007 1,327 607 20 169 19,406 June 1945 3,239 2,757 453 1,178 3,949 2,001 25,119 1 \ 500 22,622 '997 421 24^698 23 ,'93 5 1944—June 213 489 34 88 231 231 215 20,775 1,442 18,007 1,327 607 20,169 19,406 July 305 225 31 193 415 320 -181 22,513 1,269 19,850 1,394 588 21,924 21,162 August 586 287 35 254 216 149 6 18,277 1,215 15,693 1,369 605 17,672 16,909 September... 42 303 35 -35 162 121 24 15,753 1,314 13,013 1,426 635 15,117 14,355 October 146 45 36 95 206 84 -55 10,609 998 8,242 1,368 618 9,990 9,227 November. .. 519 266 35 -71 225 95 -220 10,223 1,122 ,002 1,100 421 9,803 9,040 December. .. 43 312 36 164 182 119 -213 22,717 1,335 2C,261 1,120 481 22,236 21,473 1945—January 169 84 39 -21 251 117 -37 20,077 1,048 Vi,866 1,164 471 19,606 18,843 February 432 208 37 313 250 122 -98 17,734 1,384 1 =,265 1,085 420 17,313 16,551 March 66 227 43 -407 270" 128 84 15,722 1,547 U,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 -154 530 296 -21 10,055 1,140 ,941 974 430 9,625 8,862 June 217 482 42 778 830 795 25,115 1,500 21,622 997 421 24,698 23,935 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 d u n r i a - t - l W he i l t d h 1 - V t t o a i r c x y - c r r a C o e t r u i n p o r t - o n - t B a a x c e k s E p t r x a o c x f e e it s s s s p O t r a o t x h f e i e t s r s Total C st t t a o a a p c x l k i- E t s a a g t x n i a f e d t t s e b A t h e a a o l v x g c l e e e o i r c s - - b t T a ac x o c e - o s S t t a a x m e p s re t e t t u a a a x r n x i c e l d i e e r s s s e r ' s' n c t M a e e x l o i l e s u a s - - s Fiscal year ending: 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—May 2,289 309 1,545 86 28 312 10 483 42 182 81 4 77 97 June. 4,568 1,245 38 1,044 49 2,174 19 499 1 50 195 81 4 64 103 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 1,737 61 956 '59 2,170 13 560 89 171 74 6 104 r117 April 2,408 r9O7 915 160 r-26 443 9 517 75 171 68 5 97 100 May. 2,406 201 1,751 70 79i 295 10 571 64 180 83 6 116 121 i r Revised. J Withheld by employers (Current Tax Payment Act of 1943). JULY 1945 68l 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 r L e a o c b a e l i n e v s - m m p C r s t a l i a i o u o i a n e e t p d m l d s e s s - i , - , - - G r s U i e o t c . i I v S u e m n . s t - . v e e n O r s s t i e s t t t h - c ie u e s r - e m L s t q u a t a e r u r n n u n e i d p c d t s - - , , c U h t u r n a t i d r e b g d i - s e - s O as t s h e e t r s b a t g F y B n u a u u o U t r n a e l e n . d l r e s y d - S d s . p d , a e n O y b o e a t t n h b e - e l 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 n P e t t r s e n e i t l - e r y d - 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 21,771 498 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 2 248 Federal intermediate credit banks 335 277 38 279 2 55 Federal land banks 1,346 1,094 191 201 219 Production credit corporations 68 43 127 Regional Agricultural Credit Corp 21 '""6" 19 Others 21 20 1 2 21 Federal Farm Mortgage Corp 290 266 9 11 272 Rural Electrification Administration 376 368 6 7 376 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 61 233 50 125 Federal Savings and Loan Insurance Corp. 158 153 100 Home Owners' Loan Corp .... 1,11 1,013 15 26 769 313 United States Housing Corp (() Federal Housing Administration 147 87 "26 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 Reconstruction Finance Corp. and certain affiliates: Reconstruction Finance Corp 1,583 1,146 75 270 1 6 54 212 1,371 Certain affiliates4 8,449 78 970 1 6,655 219 513 1,333 7,116 Office of Emergency Management: Export-Import Bank 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 Fe O de th r e al r * Deposit Insurance Corp 5 8 5 6 5 1 1 2 0 ( 408 818 (2 1 ) 1 25 • 1 73 6 5 1 6 6 7 0 3 1 9 5 5 5 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 6 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 i b c F n r a a e t e e 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 c r e a k o s - s - m C C C r o o o e d m r d i p i t - t . y t R r A E i t f u l i d i e o r c m c n a a - l . - A S F r e a d i c r m t u m y - . H O C L e o w o r o m s r a n ' p n e - . P H A u F o i u b e n u t l d g h i s . c - . b h l F a o o e n a m d n k e . s R n s C t e 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 l e l n s - a 3 g 1, e a n 1 l c 9 l i 4 e 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 32 93 162 Ot L h e e s r s: Reserve for losses.. 74 69 1 5" 141 ' 14 290 775 "25 " "213" 1 10 5 6 1 1,4 4 0 5 9 4 1,4 4 6 4 2 8 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., after1 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. 1110 of the November 1944 BULLETIN) and in Banking and Monetary Statistics, Table 152, p. 517. 68x 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 t a h nd I 1 v m n = 9 p a c 3 e a l o 5 n u 1 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 u 9 v p f l M r a e o r - = o c l a u t d u n m 1 u r u 0 N c e d e - 0 t s ) u o i o * r n - * n - M era in ls - To a t w a 1 l a 9 r 2 c d 3 o e R - d n 2 t d i e t e 5 a r n s l a ( i - = v - c a ts 1 lu 0 o e 0 A t ) h 3 l e l r N t a c u g o u r r n a l i - l - E - 1 m 9 p 3 l 9 o y = F m a 1 c e 0 t n o 0 t r 4 y 1 r 9 F t o o 1 3 a l 0 9 r c l y 0 - s 4 = F c 1 a = r i 9 e r n l 3 i g o 1 g 5 s 0 a - h * 3 0 d t 9 - 1 D 9 = m s ( u s e 3 v t a e p o 5 e a l 1 ) a - e n r l * 0 3 e - r s t 5 0 9 t- p W m r = c 1 i h s o o c 9 a o d e m 1 2 l l s 0 e i 6 e - t 4 0 - y C 1 l = i 9 o v 3 s 1 i 5 t n 0 - g 3 o 0 9 4 l 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 125A 1926 96 114 79 100 129 121 135 98.9 109.9 152 113 100.0 126.4 1927 95 107 83 100 129 117 139 96.8 107.9 147 114 95.4 124^0 1928. .. 99 117 85 99 135 126 142 96.9 109.1 148 115 96.7 122.6 1929 122.9 110 132 93 107 117 87 142 102.6 103.1 116.4 152 117 95.3 122!5 1930 109 1 91 98 84 93 92 50 125 95.5 89.8 94.1 131 108 86.4 119.4 1931 92.3 75 67 79 80 63 37 84 86.1 75.8 71.2 105 97 73.0 108.7 1932 70.6 58 41 70 67 28 13 40 75.5 64.4 49.2 78 75 64.8 97.6 1933 68.9 69 54 79 76 25 11 37 76.0 71.3 52.8 82 73 65.9 92.4 1934 78.7 75 65 81 80 32 12 48 83.8 83.1 67.8 89 83 74.9 95.7 1935 87 1 87 83 90 86 37 21 50 87.6 88.7 78'. 0 92 88 80.0 98.1 1936. 101.3 103 108 100 99 55 37 70 94.9 96.4 90.5 * 107 100 80.8 99*. 1 1937 107.7 113 122 106 112 59 41 74 100.9 105.8 108.2 111 107 86.3 102.7 1938 98.5 89 78 95 97 64 45 80 94.4 90.0 84.2 89 99 78.6 100.8 1939 105.4 109 109 109 106 72 60 81 100.0 100.0 100.0 101 106 77.1 99.4 1940 113.5 125 139 115 117 81 72 89 104.7 107.5 114.5 109 114 78.6 100.2 1941 138.0 162 201 142 125 122 89 149 117.5 132.1 167.5 130 133 87.3 105.2 1942 174 6 199 279 158 129 166 82 235 126.7 154.0 245.2 138 150 98.8 116 5 1 19 9 4 4 3 4..' '. P2 2 3 1 3 3 * . . 0 4 ^2 2 3 39 5 p3 3 5 6 3 0 vm 176 p1 1 4 3 0 2 6 4 8 1 4 1 0 6 9 6 2 1 1 1 3 2 0 7 . . 9 5 1 1 7 6 5 6 . . 7 7 3 3 3 3 0 4 . . 4 2 1 1 3 4 7 0 1 1 6 8 8 6 1 1 0 0 3 4 . \ 0 \ 1 1 2 2 3 5 .* 6 S Febru 1 a 9 r 4 y 2 159.0 183 180 241 153 133 128 100 151 122.5 143.3 142.6 208.8 138 145 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 May 232.1 236 236 356 169 143 33 16 46 127.7 167.7 166.7 334.3 138 181 104.0 125.1 June 233.9 235 236 354 169 142 34 15 50 127.7 166.7 166.1 334.6 139 176 104.3 125.4 July 233.2 230 232 347 165 139 38 14 57 127.5 165.2 165.3 326.8 143 192 104.1 126.1 August 234.0 232 235 348 168 142 41 13 63 127.3 164.1 165.6 330.3 142 187 103.9 126.4 September ... 232.5 230 234 342 168 143 39 13 61 126.5 162.6 163.6 329.1 139 183 104.0 126.5 October 235.5 232 234 344 169 143 42 13 65 125.7 161.0 161.7 330.3 137 194 104.1 126.5 November.... 237.5 232 232 341 173 143 46 13 73 125.3 160.3 160,7 327.3 141 209 104.4 126,6 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 January 241.9 234 230 345 175 140 48 14 75 126.6 161.0 160.1 330.5 143 199 104.9 127.1 February 245.2 236 232 r346 176 141 59 13 96 126.7 160.2 159.7 329.0 139 211 105.2 126.9 March 244.1 235 "232 345 176 142 72 15 118 r126.7 158.4 158.0 325.5 145 223 105.3 126.8 April 242.3 231 229 336 174 140 70 18 112 125.1 155.5 154.8 317.2 141 181 105.7 127.1 May ?242.8 ?227 ^227 p327 ^174 ^138 ^60 P21 #92 p124.3 P152.8 p151.9 140 187 106.0 128.0 ! * Average per working day. p Preliminary. r Revised. J Department of Commerce series on value of payments to individuals. 2 FFoorr iinnddeexxeess bbyy ggrroouuppss oorr iinndduussttrriieess,, sseeee pppp.. 668844-668877.. 33 BBads ed oFn FW. W D. Dd odgCe iC orpordatt ionf datad; fiort idescription, see p. 358 of BULLETIN for July 1931; by groups, see p. 691 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. 693-695. Back figures ^BULLETIN—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory employment, January and December 1943, pp. 14 and 1,187, respectively, and March 1945, p. 267; for department store sales, June 1944, pp. 549-561. 683 JULY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES * {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1944 1945 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Industrial Production—Total 239 236 235 230 232 230 232 232 232 234 Manufactures—Total... 256 253 251 246 248 246 248 248 249 251 Durable Manufactures 361 356 354 347 348 342 344 341 343 345 Iron and Steel. 213 210 204 202 203 202 206 201 198 197 Pig iron 206 203 198 196 198 196 197 192 190 188 Steel 236 234 225 222 224 222 225 218 215 219 Open hearth 192 188 183 184 183 183 187 186 181 176 Electric 549 559 526 491 512 502 492 453 456 526 Machinery... 445 437 442 435 434 427 428 422 431 431 Manufacturing Arsenals and Depots1 . Transportation Equipment... 730 726 716 704 707 695 704 699 709 706 Automobiles 232 226 228 223 229 226 229 230 235 235 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1.. Nonferrous Metals and Products.. 292 279 263 244 245 238 233 234 229 253 Smelting and refining ; 289 273 253 246 226 205 200 191 186 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)* Fabricating "293' "282 '268' "243' "252" 252 "246 252 "247' (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)x Lumber and Products... 126 124 127 124 127 120 120 122 122 Lumber . 118 115 118 114 118 111 109 112 111 Furniture .... 142 142 144 143 146 139 143 141 142 Stone, Clay, and Glass Products 165 161 168 . 165 •162 159 161 160 163 Glass products 183 173 187 180 169 165 174 169 174 Plate glass 59 66 65 60 66 66 64 56 51 Glass containers 227 210 230 222 204 200 212 208 218 Cement 78 76 84 86 88 86 88 88 90 Clay products 125 122 127 124 122 116 115 116 116 Gypsum and plaster products 183 176 180 182 181 175 179 175 171 Abrasive and asbestos products 297 300 297 294 295 302 292 295 307 Other stone and clay products1 Nondurable Manufactures .. 172 169 169 165 168 168 169 173 173 Textiles and Products.. 151 147 145 139 141 147 146 149 152 Textile fabrics 141 137 135 129 132 137 136 139 141 Cotton consumption 151 142 141 139 140 148 140 149 146 Rayon deliveries 196 195 196 193 189 196 199 209 215 Nylon and silk consumption^ Wool textiles 153 "l52 148 131 140 144 150 "143 152' Carpet wool consumption 51 53 49 41 47 42 50 56 57 Apparel wool consumption 213 213 196 185 193 197 213 206 215 Woolen and worsted yarn 167 167 163 144 154 158 164 156 165 Woolen yarn 171 169 166 148 163 162 170 161 170 Worsted yarn 163 163 159 138 141 153 156 148 157 Woolen and worsted cloth 168 165 163 144 153 160 164 151 166 Leather and'Products... 116 112 115 105 112 121 115 116 114 Leather tanning 117 110 113 113 108 120 111 112 115 Cattle hide leathers 125 118 124 126 118 132 119 122 127 Calf and kip leathers 88 86 85 78 82 92 88 84 86 Goat and kid leathers 79 86 84 81 77 80 80 81 72 Sheep and lamb leathers 168 136 141 144 144 157 149 144 154 Shoes 116 114 117 100 114 122 117 119 113 Manufactured Food Products... 158 154 153 153 147 146 149 154 155 Wheat flour 114 110 no 113 116 113 118 125 123 Cane sugar meltings1 Manufactured dairy products P137' P139 P153' P15l' P139 p'ui P\S2 "^165 p'us' Butter 92 93 93 88 83 85 82 82 78 Cheese 155 153 158 152 145 146 149 156 154 Canned and dried milk 169 173 180 185 180 184 179 181 179 Ice cream Meat packing 198' "l80" 173 "175' 169 16l' 154 ' 158 "l58" Pork and lard 266 239 225 219 197 176 159 167 164 Beef 136 124 121 127 138 140 140 141 149 Veal 107 100 117 160 191 196 218 213 175 Lamb and mutton 109 113 125 134 125 135 145 142 149 OO • OO Feb. Mar. Apr. May 236 235 231 P227 r252 252 247 P242 r346 345 336 p327 202 210 206 P205 192 198 188 190 226 234 r232 231 180 189 184 182 552 561 r573 576 436 r431 420 p411 r695 r676 651 p626 242 r236 231 p226' 257 266 r264 P247 191 193 194 P189 "284 296 "292 126 123 121 119 p115 118 112 no 109 p103 142 146 144 140 P139 162 r163 166 167 P165 164 168 175 183 179 60 56 61 62 61 200 207 216 225 221 87 87 86 85 125 122 124 122 P118 182 185 183 180 P\1S 302 r305 r306 300 2*296 175 176 176 174 p174 150 155 153 149 V149 139 144 r142 137 P136 145 152 150 143 142 215 215 214 218 219 146 151 149 141 49 44 43 36 225 238 r249 234 156 160 156 147 162 170 166 153 148 146 142 138 159 169 166 160 113 121 122 122 P123 113 119 117 119 125 137 132 135 85 89 88 95 68 63 69 62 154 148 144 146 114 123 126 124 P125 155 158 r161 160 P155 130 131 125 138 ^143 pm P'ttl p'm PU3 p'm 83 81 84 87 87 163 162 168 181 173 172 175 189 204 196 "l46" 146 146 134 "l32' 149 135 139 137 135 147 169 165 139 134 123 101 104 88 95 143 129 129 121 128 r Revised. p Preliminary. 1 Series included in total and group indexes but not available for publication separately. 684 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Manufactured Food Products—Continued Other manufactured foods 158 157 154 153 148 147 150 155 159 162 165 169 168 ^163 Processed fruits and vegetables.. 152 145 136 130 112 121 139 145 146 162 163 180 170 Confectionery 154 152 147 135 123 115 118 128 138 137 143 151 156 Other food products 161 161 160 162 162 159 158 162 165 167 170 169 169 Alcoholic Beverages 116 119 128 186 156 166 184 169 213 c170 C148 r144 136 Malt liquor 146 135 140 146 152 172 177 197 174 167 167 153 152 139 Whiskey... _ 0 0 0 0 100 6 0 0 0 198 11 0 0 0 Other distilled spirits 39 34 31 37 647 68 104 76 74 452 c250 C156 r67 61 Rectified liquors 172 174 177 205 232 270 305 353 355 346 312. 265 283 291 Industrial Alcohol from Beverage Plants1... Tobacco Products 126 124 121 122 126 124 120 135 131 121 123 123 120 Cigars 89 89 89 86 92 95 93 105 95 85 95 93 91 92 Cigarettes 1 7 6 3 1 1 8 5 0 4 15 7 1 9 1 7 5 8 4 1 9 5 2 2 1 8 49 7 1 9 4 3 2 1 1 0 5 7 7 1 1 5 0 5 8 1 9 4 5 7 1 9 4 7 5 1 9 4 1 7 14 9 3 0 1 9 5 4 6 Other tobacco products 138 142 140 133 142 142 143 143 135 136 137 141 140 Paper and Paper Products... 134 137 136 129 137 137 139 138 132 132 134 137 136 Paper and pulp 151 151 156 153 159 156 165 158 150 152 156 157 160 Pulp 110 108 108 114 119 118 126 111 115 111 113 113 114 Groundwood pulp 97 92 91 92 96 92 96 97 97 95 98 101 102 Soda pulp 213 217 232 232 234 231 245 238 212 214 227 227 234 Pape P F T S P S r a i u u r i n s i p l l n s e p p e u t h h r i p e b i a n a t o t g e a p e a n e p p r p r d d a u u p a l l p e b p r sorbent paper 1 1 1 1 1 1 1 1 5 2 3 3 1 5 7 2 0 6 1 9 6 1 1 1 1 1 1 1 3 3 1 5 5 1 2 5 5 5 9 9 5 7 1 1 1 1 1 1 1 3 3 5 5 1 1 2 3 7 6 9 0 5 5 1 1 1 1 1 1 9 2 4 1 0 2 5 9 5 8 8 3 8 7 1 1 1 1 1 1 1 1 5 3 3 1 4 2 1 8 8 4 8 9 7 1 1 1 1 1 1 1 5 1 3 1 3 2 4 9 3 5 6 4 7 9 1 1 1 1 1 1 1 1 3 5 3 4 4 1 1 5 8 2 9 2 6 1 1 1 1 1 1 1 0 3 6 3 2 5 3 6 5 0 6 0 0 0 1 1 1 1 1 1 9 4 2 2 2 3 5 3 5 9 5 5 3 6 1 1 1 1 1 1 8 5 2 1 3 4 2 5 3 9 9 7 7 8 1 1 1 1 1 1 8 3 2 5 3 4 2 7 9 5 2 0 3 7 1 1 1 1 1 1 8 5 3 3 3 2 4 4 7 9 4 3 7 8 1 1 1 1 1 1 4 3 5 7 2 2 4 1 2 8 9 6 9 4 P P P P P \ P \ 1 1 3 U 3 3 6 7 2 2 1 1 8 5 Wrapping paper 73 76 80 83 77 84 81 81 85 76 83 82 80 Newsprint Paperboard containers (same as Paperboard). 101 98 100 95 102 99 103 103 104 102 105 105 105 PI 05 Printing and Publishing Newsprint consumption 84 81 85 87 87 83 89 86 84 85 84 83 85 85 Printing paper (same as shown under Paper) Petroleum and Coal Products.. 233 237 242 247 251 258 266 268 268 273 276 272 271 Petroleum refining 242 246 252 259 264 272 281 283 283 289 292 r287 288 Gasoline 129 130 136 137 138 141 140 144 141 143 150 145 145 P152 Fuel oil 161 162 164 164 159 162 167 165 165 171 174 166 167 Lubricating oil 120 118 131 125 125 132 135 136 133 133 126 134 136 Kerosene 125 126 130 128 126 126 124 124 119 123 126 131 120 Other petroleum products1. Coke 176 175 172 172 171 "168 170 "l70" 167 167 'l68' 171 161 By-product coke 167 166 164 164 164 162 164 164 163 162 163 164 157 Beehive coke 463 470 463 442 419 389 384 367 296 334 367 387 282 Chemical Products 323 324 319 314 314 307 307 307 312 317 318 319 r318 P319 Paints 138 137 138 142 143 139 139 141 141 142 140 140 136 P133 R S In o a d a y u p o s n trial chemicals 4 2 1 0 3 3 8 2 7 4 2 1 1 3 3 0 5 7 4 2 1 1 3 3 1 7 8 4 2 1 0 3 3 8 7 4 2 4 1 4 0 3 0 8 2 2 4 1 3 0 3 7 0 1 3 2 1 9 3 2 5 9 9 2 3 1 4 3 9 2 3 4 2 3 1 4 9 3 2 6 7 2 3 1 4 9 3 4 6 6 2 4 1 4 3 0 1 6 0 4 2 1 0 4 3 2 4 5 4 2 1 4 0 3 1 5 4 p p 2 4 4 0 2 6 Explosives and ammunition1. Other chemical products1 Rubber Products 231 230 228 227 231 230 231 231 239 247 247 236 233 Minerals—Total... 140 143 142 139 142 143 143 143 137 140 141 142 140 P138 Fuels 143 146 146 143 147 148 148 148 141 145 146 147 145 Coal 150 154 152 144 148 147 149 149 132 140 143 142 136 P\25 B A i n t t u h m ra in ci o t u e s coal.. 1 1 2 5 9 5 1 1 5 3 9 4 1 1 5 2 8 8 1 1 5 1 1 8 1 1 5 2 4 4 1 1 2 5 9 1 1 13 5 3 2 1 1 5 2 5 6 1 1 0 3 9 8 1 9 5 6 1 1 11 5 2 0 1 11 4 5 9 1 13 3 1 8 P P U 4 5 9 Crude petroleum 139 142 143 142 146 149 148 148 146 148 148 150 150 Metals... 122 120 120 117 114 113 111 112 111 111 111 111 110 PI 09 Metals other than gold and silver 184 182 181 178 175 175 171 170 168 170 r170 170 169 P167 Iron ore (Copper; Lead; Zinc)1 Gold 27 25 24 23 22 22 22 "23" 24' 24 '24 "'23' Silver 67 72 67 63 57 58 64 62 56 r52 54 r Revised. p Preliminary. c Corrected. 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. 685 JULY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1945 Industry Apr, May June July Aug. Sept Oct. Nov. Dec,Jan. Feb. Mar. Apr. May Industrial Production—Total 237 236 236 232 235 234 234 232 230 230 232 232 229 P227 Manufactures—Total 255 252 252 248 251 249 250 248 248 •248 r249 249 245 Durable Manufactures ... 361 357 354 348 349 343 346 341 342 343 345 344 336 Iron and Steel ., „., 213 210 204 202 203 202 206 201 198 197 202 210 r206 205 Pig iron „. 206 203 198 196 198 196 197 192 190 188 192 198 188 190 Steel 236 234 225 222 224 222 225 218 215 219 226 234 r232 231 Open hearth 192 188 183 184 183 183 187 186 181 176 180 189 184 182 Electric . 549 559 526 491 512 502 492 453 456 526 552 561 r573 576 Machinery , 445 437 442 435 434 427 422 431 431 436 r431 420 P411 Manufacturing Arsenals and Depots1 Transportation Equipment ... 730 726 716 704 707 695 704 699 709 706 r695 r676 651 626 Automobiles 232 226 228 223 229 226 229 230 235 235 242 r236 231 (Aircraft; Railroad cars, Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products ., 292 279 263 243 245 238 233 234 229 253 257 266 266 P248 Smelting and refining 289 273 252 244 226 205 200 186 191 194 194 ^189 (Copper smelting, Lead refining, Zinc smelting, Aluminum; Magnesium; Tin)1 Fabricating 293 282 268 243 252 252 246 252 247 280 284 296 292 (Copper products, Lead shipments; Zinc shipments, Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products . 12b 127 133 130 135 128 125 120 113 113 114 116 119 Lumber . .. 116 119 127 123 129 123 117 109 97 99 97 101 108 Furniture .. 142 142 144 143 146 139 143 141 142 142 146 144 140 Stone, Clay, and Glass Products. 163 165 169 165 167 164 167 163 159 156 156 r161 165 P170 Glass products 183 184 186 174 175 169 178 170 163 161 163 175 183 190 Plate glass 59 66 65 60 66 66 64 56 51 60 56 61 62 61 Glass containers 227 225 228 213 213 204 218 210 202 196 201 216 225 236 Cement 74 79 90 94 100 100 102 95 82 71 66 71 81 Clay products 122 122 125 124 125 120 122 121 120 116 118 119 119 Gypsum and plaster products. .. 181 179 183 182 182 179 182 177 175 176 177 177 177 Abrasive and asbestos products . 297 300 297 294 295 302 292 295 307 302 r305 r306 ^296 Other stone and clay products1. Nondurable Manufactures .. 169 168 169 167 171 173 173 173 171 170 172 172 171 Textiles and Products , 151 147 145 139 141 147 146 149 152 150 153 149 PJ49 Textile fabrics 141 137 135 129 132 137 136 139 141 139 144 r142 137 P136 R N C a o y y t l t o o o n n n a d c n e o l d n i v s s e u il r m k ie p s c t o io n n sumption1 .. 1 1 5 9 1 6 1 1 4 9 2 5 1 1 4 9 1 6 1 1 3 9 9 3 1 1 4 8 0 9 1 1 4 9 8 6 1 19 4 9 0 2 1 0 4 9 9 2 1 1 4 5 6 2 1 1 4 5 5 2 1 1 5 5 2 r2 1 1 5 4 0 2 1 1 4 8 3 2 1 1 4 9 2 Wool textiles 153 152 148 131 140 144 150 "i43 152 146 151 149 141 Carpet wool consumption .. 51 53 49 41 47 42 50 56 57 49 44 43 36 Apparel wool consumption . 213 213 196 185 193 197 213 206 215 225 238 r249 234 Woolen and worsted yarn . . 167 167 163 144 154 158 164 156 165 156 160 156 147 Woolen yarn 171 169 166 148 163 162 170 161 170 162 170 166 153 Worsted yarn 163 163 159 138 141 153 156 148 157 148 146 142 138 Woolen and worsted cloth . 168 165 163 144 153 160 164 151 166 159 169 166 160 Leather and Products , 116 112 114 103 115 118 113 114 125 122 P123 Leathei tanning 116 110 111 107 107 118 112 116 114 113 128 116 118 Cattle hide leathers 125 118 119 119 114 129 121 127 127 128 148 132 135 Calt and kip leathers 85 83 87 "77 86 90 90 86 84 83 93 87 91 Goat and kid leathers 81 84 85 80 75 81 80 79 73 68 66 68 63 Sheep and lamb leathers 165 147 139 134 148 153 149 153 146 143 162 140 143 Shoes 116 114 117 100 114 122 117 119 113 114 123 126 124 Manufactured Food Products . 143 147 153 163 166 159 155 150 143 141 142 145 P147 W Ca h n e e a t s u f g lo a u r r m . e .. lt . i . ngs1 110 106 106 112 115 123 125 126 122 130 132 133 Manufactured dairy products . P143 P225 n 78 ^125 ^108 P94 pm Butter 94 120 128 107 91 82 70 62 61 69 71 77 112 Cheese 161 205 225 187 162 149 134 117 111 120 133 151 r189 232 Canned and dried milk ... 191 240 249 215 186 170 145 130 138 140 157 186 231 272 Ice cream Meat packing 183 180 "172 '147 148 156 175 '184 171 139 135 132' Pork and lard 242 239 225 193 151 139 150 195 217 195 132 129 125 135 Beef 128 124 118 128 140 151 153 146 149 150 156 150 131 134 Veal 105 104 117 '160 188 215 248 228 165 114 89 98 86 98 Lamb and mutton 105 115 116 129 122 144 151 142 146 152 131 126 118 130 r Revised. p Preliminary. * Series included in total and group indexes but not available for publication separately. 686 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued {Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average =» 100] 1944 1945 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Manufactured Food Products—Continued Other manufactured foods 140 141 145 159 -170 174 167 161 155 148 149 148 147 Processed fruits and vegetables 92 94 105 169 213 236 180 133 114 105 103 99 104 Confectionery 128 117 109 111 132 148 154 151 139 141 144 140 130 Other food products 154 158 162 165 165 162 166 171 169 160 161 r162 r162 p162 Alcoholic Beverages 127 127 143 151 198 159 168 159 146 191 C158 r139 r148 147 Malt liquor 153 154 177 183 173 174 164 151 140 137 150 142 160 158 Whiskey 0 0 0 0 100 6 0 0 0 198 11 0 0 0 Other distilled spirits 23 21 19 22 609 94 270 159 81 414 C228 C136 r44 36 Rectified liquors 172 174 177 205 232 270 305 353 355 346 312 265 283 291 Industrial Alcohol from Beverage Plants1 Tobacco Products PO 124 126 127 129 131 125 137 121 121 118 117 115 128 Cigars 89 89 89 86 92 95 93 105 95 85 95 93 91 92 Cigarettes 150 154 158 162 160 160 148 160 142 147 136 137 133 156 Other tobacco products 73 81 80 78 89 93 99 110 95 93 94 91 90 95 Paper and Paper Products ... 138 142 141 132 141 141 143 143 134 136 138 141 141 P142 Paper and pulp 134 137 137 128 137 137 139 138 132 132 134 137 136 Pulp 153 152 156 151 157 154 164 159 150 152 157 158 162 Groundwood pulp 121 117 109 101 105 105 117 117 117 115 118 121 126 Soda pulp 97 92 91 92 96 92 96 97 97 95 98 101 102 Sulphate pulp 213 217 232 232 234 231 245 238 212 214 227 111 234 Sulphite pulp ... 136 135 137 127 138 135 142 136 133 137 139 139 141 Paper . .... 132 135 134 125 134 134 135 135 129 129 131 134 132 P\33 Paperboard 152 159 156 148 158 159 158 160 145 153 152 157 158 P\6\ Fine paper 117 115 110 99 111 113 111 106 93 85 87 84 79 Printing paper 119 115 115 103 118 116 116 120 125 119 125 127 126 P125 Tissue and absorbent paper 157 159 162 151 149 149 151 150 151 145 148 148 145 Wrapping paper 120 127 125 118 127 127 132 130 125 128 127 133 129 P\31 Newsprint 75 77 80 82 77 84 81 82 84 76 83 82 82 Paperboard containers (same as Paperboard) Printing and Publishing 104 100 100 89 98 100 105 107 106 99 104 107 108 P106 Newsprint consumption 89 84 84 75 78 84 93 93 88 79 83 87 90 88 Printing paper (same as shown under Paper) Petroleum and Coal Products ... 233 237 242 247 251 258 266 268 268 273 276 272 271 Petroleum refining .. . 242 246 252 259 264 272 281 283 283 289 292 r287 288 Gasoline 129 130 136 137 138 141 140 144 141 143 150 145 145 2*152 Fuel oil 161 162 164 164 159 162 167 165 165 171 174 166 167 Lubricating oil 125 123 131 124 124 132 135 136 132 129 125 132 141 Kerosene 127 127 123 119 121 124 124 128 123 126 132 134 123 Other petroleum products1 Coke 176 175 "172" "l72' 171 ' 168' 170 170 167 167 168 171 ' 161 By-product coke 167 166 164 164 164 162 164 164 163 162 163 164 157 Beehive coke 463 470 463 442 419 389 384 367 296 334 367 387 282 401 Chemical Products ... 325 323 316 310 310 307 309 308 313 316 319 r321 320 P318 Paints 140 142 142 140 142 138 139 139 141 139 139 140 138 P137 Soap 134 132 136 133 133 136 135 134 137 133 135 135 131 P\31 Rayon 232 235 237 237 240 237 239 242 242 244 241 244 241 p242 Industrial chemicals 408 410 411 408 408 400 395 394 396 396 400 402 405 Explosives and ammunition1 Other chemical products1 Rubber Products .. 231 230 228 227 231 230 231 231 239 247 247 236 233 P229 Minerals—Total .. 138 146 146 143 147 147 144 140 131 134 135 136 140 p141 Fuels .. 143 146 146 143 147 148 148 148 141 145 146 147 145 P143 Coal ... ._ 150 154 152 144 148 147 149 149 132 140 143 142 136 PU5 Bituminous coal 155 159 158 151 154 151 152 155 138 151 150 149 138 PUS Anthracite 129 134 128 118 124 129 133 126 109 96 112 115 131 P49 Crude petroleum 139 142 143 142 146 149 148 148 146 148 148 150 150 ^152 Metals 112 144 148 142 145 138 123 89 68 68 68 72 108 P127 Metals other than gold and silver 168 116 231 111 111 215 188 130 94 95 98 104 166 P199 Iron ore 188 313 330 313 336 311 259 133 61 63 68 80 216 287 (Copper; Lead; Zinc)1 Gold 25 24 24 13 25 25 26 25 24 23 21 21 21 Silver 73 66 69 66 62 57 58 64 62 56 rS3 56 T Revised. p Preliminary. c Corrected. 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. 687 JULY 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 1944 1945 1944 Apt. May Jan. Feb. Mar. Apr. May Mar. | Apr. May Jan. Feb. Mar. Apr. Total 168.6 166.7 160. 159.7 158.0 154.8 151.1 341.3 335.0 334. 330. 329.i r325. 317.2 Durable goods 233.2 230.3 215.9 215.2 212.2 206. 201J 481.6 474.8 470. 454. 451. r444.C 430.8 Nondurable goods 117.7 116.7 116.1 115 115.2 113. 112.! 204. 198.2 200. 209. 209. 209. 206.1 Iron and Steel and Products 169.4 168.3 167.1 168.0 167.3 164.5 162.i 316. 310 S 310. 316. 318. 319. 314.2 Blast furnaces, steel works, etc — 125 124 122 123 123 123 222 221 221 224 224 229 230 Steel castings 256 251 240 241 239 236 478 463 461 457 454 458 451 Tin cans and other tinware.. 114 118 125 129 132 131 186 189 196 219 227 231 228 Hardware 131 128 130 131 131 129 271 266 260 274 278 281 275 Stoves and heating equipment. 133 134 137 139 138 134 254 248 253 267 274 270 265 Steam, hot-water heating apparatus.. 188 187 183 184' 182 179 357 352 354 358 355 350 348 Stamped and enameled ware 160 159 157 158 156 155 326 313 313 337 338 331 323 Structural and ornamental metal work 212 214 206 206 197 190 424 415 435 395 396 369 365 Electrical Machinery .... 291.5 288.4 269. 268.6 267.5 263.3 258.9 524.7 513.2 512. 504. 505.0 504.: 494.8 Electrical equipment 254 252 238 237 236 232 466 456 456 454 452 453 441 Radios and phonographs 300 296 271 270 268 263 570 556 552 540 535 529 521 Machinery, except Electrical 232.2 229.2 220.0 220.4 218.0 213.8 208.9 443.4 434.4 421. 424.6 419.< 407.0 Machinery and machine shop product: 235 232 223 225 222 218 441 429 426 421 424 420 410 Engines and turbines 383 380 365 r363 r358 349 825 803 814 790 r792 r769 732 Tractors 191 191 r186 r185 r183 178 301 298 298 295 r292 r288 278 Agricultural, excluding tractors 164 163 160 161 158 153 331 333 333 322 328 325 313 Machine tools 219 216 203 204 204 201 401 384 381 379 382 382 371 Machine-tool accessories 282 276 258 259 256 254 503 481 471 458 466 457 449 Pumps 340 332 305 300 295 284 732 769 699 649 646 630 593 Refrigerators 151 150 149 149 145 142 276 269 259 271 277 266 260 Transportation Equipment, except Autos. ,538.. ,512.7 1,311.7 1,286.61,240.91,180.91,116.43,171.9 3,152.73,127.3 2,852.. 2,757.32,645.42 502.8 Aircraft, except aircraft engines ,925 1,870 1,613 1,629 1,607 1,560 3,728 3,627 3,557 3,257 3,235 3,190 3 071 Aircraft engines ,913 2,872 2,395 2,404 '2,369 2,289 ,194 ,239 4,946 4,335 4,368 4,280 3 957 Shipbuilding and boatbuilding.. ,723 1,703 1,474 1,405 1,325 1,232 3,599 3,621 3,645 3,313 3,108 2,907 2^ 725 Automobiles 180.1 176.5 169.4 169.1 r166.1 163.7 159.9 342.1 336.5 324.4 319.3 319., T3l0.9 302.9 Nonferrous Metals and Products 188.3 185.7 173.6 176.0 177.6 176.3 174.6 362.9 351.7 347.9 337: 343.0 348.1 343.9 Primary smelting and refining 189 185 143 144 143 142 356 348 342 264 264 265 269 Alloying and rolling, except aluminum 185 184 182 185 187 185 352 340 340 355 362 367 362 Aluminum manufactures.... 333 323 284 292 299 300 615 585 570 530 542 556 554 Lumber and Timber Basic Products... 113.1 112.9 107.1 107.0 106.5 104.3 104.6 204.0 205.8 208.4 192.9 196.5 195.9 196.3 Sawmills and logging camps 80 81 76 76 76 74 147 149 152 138 140 140 141 Planing and plywood mills 102 99 97 97 96 94 174 171 170 167 r171 168 167 Furniture and Lumber Products 105.8 104.3 103., 103.9 102.9 101.0 100.2 191.5 186.0 187.7 194.0 196.9 195.8 191.6 Furniture 100 98 96 97 96 94 183 176 176 180 184 182 178 Stone, Clay and Glass Products 115.6 114.2 111.6 111.3 111.4 109.7 109.2 191.5 189.4 189.8 189.0 189.6 193.2 193.3 Glass and glassware 133 131 126 126 127 125 211 209 208 202 202 207 206 Cement 72 71 69 68 68 68 104 108 109 107 106 108 115 Brick, tile, and terra cotta 76 75 73 73 72 71 121 117 119 117 119 121 124 Pottery and related products 126 125 119 119 118 116 193 193 193 185 187 191 189 Textile-Mill and Fiber Products 98.6 97.1 94.: 94.0 93.2 91.4 90.5 173.7 169.{ 171.0 173.9 173.1 173.0 168.3 Cotton goods except small wares.. 113 111 109 108 107 105 202 201 202 210 207 207 202 Silk and rayon goods 76 75 74 74 74 72 138 135 136 138 140 139 135 Woolen and worsted manufactures 104 102 98 98 97 95 200 193 193 194 193 193 187 Hosiery 67 67 63 63 62 61 109 103 106 103 102 101 99 Dyeing and finishing textiles 94 93 90 86 155 152 152 152 151 151 148 Apparel and Other Finished Textiles... 111.3 109.2 106.0 106.1 105.9 103.7 200.2 181.0 182.8 195.2 202.6 206.2 193.0 Men's clothing, n.e.c 98 97 92 93 92 91 167 158 166 165 171 174 167 Shirts, collars, and nightwear 77 76 70 70 70 69 137 130 134 126 132 133 129 Women's clothing, n.e.c 82 79 79 79 78 76 153 132 128 149 154 157 144 Millinery 80 77 80 83 r85 81 141 109 102 131 r156 r160 126 Leather and Leather Products 90.9 89.9 89.5 89.2 88.9 87.9 87.3 155.8 154.9 156.1 162.5 164.3 167.7 164.7 Leather 86 86 84 U 83 82 145 147 147 147 r150 r151 148 Boots and shoes 80 79 79 79 78 139 138 140 148 150 154 150 Food and Kindred Products 117.2 117.6 118.6 116.7 114.6 114.1 113.2 185.7 185.1 191.6 195.8 189.1 187.3 187.4 Slaughtering and meat packing.. . 130 128 128 120 113 107 212 206 217 222 188 178 168 Flour 113 112 119 119 117 115 184 181 179 206 204 201 201 Baking 111 110 111 112 111 110 163 160 164 168 169 170 170 Confectionery 116 114 118 117 117 113 191 183 183 198 199 199 192 Malt liquors 134 139 137 139 138 138 186 192 202 195 201 201 207 Canning and preserving 74 74 75 71 76 127 141 143 154 149 143 150 Tobacco Manufactures 89.4 88.3 88.1 87.6 86.7 85.2 146.5 142.7 152.8 166.4 165.3 165.2 160.4 Cigarettes 123 121 128 128 127 125 160 164 182 211 208 207 200 Cigars 73 71 65 65 65 65 143 133 138 134 135 135 132 Paper and Allied Products 118.3 117.1 116.5 116.7 115.7 113.6 112.6 190.5 187.6 188.8 194.9 195.3 195.2 192.8 Paper and pulp 106 105 107 107 106 105 176 175 177 183 183 183 182 Paper goods, n.e.c 126 124 119 119 119 117 198 195 195 198 r198 r198 194 Paper boxes 116 115 112 113 112 110 183 177 177 182 184 182 180 r Revised. NOTE.—Figures for May 1945 are preliminar made available by th "* ' "" able from the Burea 688 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY lNDUSTRlES-Continued (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls 1945 1945 Apr. May Jan. Feb. Mar. Apr. May Mar. Apr. May Jan. Feb. Mar. Apr. Printing and Publishing 101.2 100.2 100.8 100.5 100.2 99.4 99.' 135.1 133.5 142.c 141.1 142.4 141.1 Newspaper periodicals 93 93 92 92 92 92 114 114 118 118 120 121 Book and job 105 104 106 106 105 104 147 144 160 157 157 156 Chemical and Allied Produ ts 208.6 205.4 217.8 221.3 221.6 219. 217.4 372.1 358.8 384.2 380.9 304.1 391.3 Drugs, medicines, and insecticides. 189 186 179 180 182 183 276 268 273 277 280 277 Rayon and allied products 108 107 112 113 113 110 172 171 182 180 182 181 Chemicals, n.e.c 173 173 166 166 166 165 294 295 293 295 297 296 Explosives and safety fuses 942 964 1,311 1,349 1,361 1,358 1,509 1,434 1,999 2,020 2,092 2,076 Ammunition, small-arms 1,359 1,285 1,431 1,544 1,576 1,581 3,203 2,718 2,915 3,070 3,167 3,150 Cottonseed oil 102 88 130 r122 r107 95 215 194 276 r257 r225 203 Fertilizers . . 139 120 123 134 143 145 305 286 269 302 341 351 Products of Petroleum and Coal 121.0 122.7 126.0 126.1 126.2 126.0 126.0 203.9 206.4 221.7 223.3 223.9 2 30.6 Petroleum refining 118 120 126 126 126 126 196 200 216 218 221 227 Coke and by-products 105 106 102 102 102 100 180 179 189 186 r182 185 Rubber Products 162.8 161.2 163.2 163.4 162.9 159.1 297.0 281.3 319.8 320.2 296.7 296.4 Rubber tires and inner tubes 169 167 179 178 177 172 299 280 342 340 302 306 Rubber goods, other 143 141 138 140 140 138 258 249 261 266 265 256 Miscellaneous Industries 169.3 167.3 161.8 163.1 163.4 161.8 161.4 325.0 320.1 322.4 324.6 r326.3 322.2 Instruments, scientific... 576 570 532 539 541 540 1,109 1,091 1,057 1,063 1,068 1,070 Photographic apparatus. 169 169 162 162 162 159 280 271 278 276 275 270 For footnotes see opposite page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1944 1945 Group Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May Total 169.4 167.7 166.7 165.2 164.1 162.6 161.0 160.3 160.7 161.0 160.2 158.4 155.5 P152.8 Durable 233.4 230.3 228.2 225.3 224.1 220.4 217.3 215.6 216.1 216.3 r215.6 212.5 207.0 p201.8 Nondurable. 118.9 118.3 118.3 117.9 116.8 117.0 116.6 116.7 117.0 117.3 116.5 115.8 114.8 P114,3 p Preliminary. r Revised. NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (centsper hour) Industry 1944 1945 1944 1945 Mar. Apr. Dec. Jan. Feb. Mar Apr. Mar. ' Apr. Dec. Jan. Feb. Mar. Apr. All Manufacturing 45 45.0 45 6 45 4 r45.4 4 4S ? 100 101.3 104.0 104,6 104.3 '104.4 ! 104.5 Durable Goods 46.7 46.5 47.1 46.8 r46.8 r46. 7 46 5 110 3 111.0 114.0 114.4r113.9 r114.0 113.0 Iron and Steel and Products 46 o 46 5 47 4 46 9 r46 9 47 1 410 107o 107.7 109 5 110 1 109 8 110 7 110 8 Electrical Machinery 46 7 46.2 46.6 46.5 46.7 46 6 46 7 1010 101.4 105.9 106.9 106.7 107.3 106.8 Machinery Except Electrical 49 1 48.8 48.9 48.7 r48.8 r48 6 48 1 111 0 111.5 114.6 114.9r115.1 r115.3 115.3 Transportation Equipment Except Autos 47 0 47.1 48.4 48.0 r47.2 r47 1 46 8 125 1 126.1 130.9 130.4r130.4 r130.0 130.0 Automobiles 46 3 46.4 45.7 45.2 46.5 r46 1 45 5 1?.61 126.2 127.9 131.4H27.9 128.0 128.C Nonferrous Metals and Products 46 9 46.6 47.6 47.2 r47.1 r47 3 47 1 104 4 104.5 106.9 107.9r107.8 r108.1 108.1 Lumber and Timber Basic Products..... 43 7 43.2 42.3 42.6 r43.3 43 1 43 6 77 1 78.8 79.4 79.1 r79.4 r79.8 80.7 Furniture and Finished Lumber Products. 44 5 43.7 44.3 44.4 44.8 44 7 44 3 79 7 80.5 84.4 84.5 r84.7 r85.0 85.3 Stone, Clay, and Glass Products 43.6 43.2 44.1 43.6 r43.8 r44.2 44.5 88 2 89.1 91.3 91.7 91.6 r92.3 92.9 Nondurable Goods 43 2 42.5 43.5 43.4 43.4 43 5 43.2 84.6 85.0 88.3 89.1 r89.2 r89.6 89.9 Textiles—Mill and Fiber Products 41.9 41.2 42.8 42.3 42.3 42 4 41 9 690 70.1' 72.5 72.9 73.1 73.3 73.5 Apparel and other Finished Products 38.9 37.3 37.7 38.2 r38.8 r39.0 37 8 789 77.0 83.1 84.9 r86.2 r87.4 86.2 Leather and Manufactures 41.4 41.1 41.6 41.8 42.2 r42 5 42 0 78 2 79.0 82.4 82.9 r83.5 84.8 85.1 Food and Kindred Products 45.3 44.8 46.0 45.6 44.9 45 1 45.0 83 9 84.5 86.5 86.7 r86.1 r86.4 87.0 Tobacco Manufactures 40.9 39.0 45.0 43.^ r43.0 42 9 42 3 67 9 69.1 73.8 73.6 73.7 74.1 73.8 Paper and Allied Products 45.8 45.5 46.6 46.2 46.3 r46 ' 46 5 83 4 83.7 86.4 86.9 r86.5 r87.1 87.4 Printing, Publishing, and Allied Industries 40.8 40.6 41.4 41.5 41.0 r41 6 41 2 104 9 105.9 110.8 110.9rlll .5 112.1 112.9 Chemicals and Allied Products 45.8 45.6 45.7 45.7 45.5 45 9 45 7 93.8 94.4 96.4 97.2 r97.2 97.5 98.0 Products of Petroleum and Coal 46.6 46.3 47.1 46.6 47.3 r47 48 5 116 3 117.4 120.0 120.6 119.6 119.5 120.3 Rubber Products 45 6 44.7 46.6 47.3 47.3 45 45 7 1086 107.5 113.0 115.1 114.9 111.7 113.6 Miscellaneous Industries 46.3 45.8 45.7 45.7 r46.0 r46 1 45.8 94 2 94 7 98.5 99.3 r98.8 r99.0 99.3 r Revised. NOTE.—Back figures are available from the Bureau of Labor Statistics. 689 JULY 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 Construction* ti p o u n b l a i n c d Trade an s d e r m vi i c sc e e , l- Sta l t o e c , a l and utilities laneous government 1939 30,353 10,078 845 1,753 2,912 6,618 4,160 3,988 1940 31,784 10,780 916 1,722 3,013 6,906 4,310 4,136 1941 35,668 12,974 947 2,236 3,248 7,378 4,438 4,446 1942 38,447 15,051 970 2,078 3,433 7,263 4,447 5,203 1943 39,728 16,924 891 1,259 3,619 7,030 4,115 5,890 1944 38,698 16,121 835 679 3,761 7,044 4,348 5,911 SEASONALLY ADJUSTED 1940—December 33,397 11,589 926 2,135 3,076 7,076 4,393 4,202 1941—January 33,638 11,720 938 2,243 3,072 7,065 4,366 4,234 February 33,973 11,934 935 2,256 3,082 7,123 4,374 4,269 March 34,406 12,174 943 2,260 3,131 7,192 4,397 4,309 April 34,441 12,456 643 2,133 3,161 7,266 4,438 4,344 May 35,269 12,776 949 2,176 3,224 7,302 4,441 4,401 June 35,758 13,032 970 2,239 3,254 7,388 4,441 4,434 July 36,277 13,342 981 2,256 3,292 7,495 4,442 4,469 August 36,597 13,473 997 2,258 3,330 7,579 4,458 4,502 September 36,774 13,580 1,000 2,327 3,331 7,548 4,454 4,534 October 36,892 13,642 1,003 2,295 3,355 7,537 4,472 4,588 November 36,991 13,752 1,004 2,248 3,369 7,526 4,479 4,613 December 36,864 13,748 1,002 2,115 3,367 7,487 4,493 4,652 1942—January.. 37,057 13,879 996 2,102 3,372 7,481 4,520 4,707 February 37,195 14,041 981 2,090 3,357 7,414 4,491 4,821 March 37,391 14,255 976 2,055 3,382 7,331 4,523 4,869 April 37,724 14,463 982 2,054 3,402 7,319 4,541 4,963 May 37,981 14,649 982 2,048 3,419 7,280 4,521 5,082 June 38,204 14,865 981 2,057 3,419 7,206 4,532 5,144 July 38,581 15,143 982 2,077 3,433 7,210 4,520 5,216 August 39,042 15,442 973 2,101 3,448 7,222 4,518 5,338 September 39,171 15,644 962 2,077 3,448 7,227 4,382 5,431 October 39,452 15,798 954 2,136 3,484 7,224 4,330 5,526 November 39,597 16,048 944 2,095 3,503 7,132 4,255 5,620 December 39,898 16,333 933 2,041 3,525 7,136 4,229 5,701 1943—January 39,934 16,506 927 1,899 3,540 7,133 4,146 5,783 February 39,935 16,682 924 1,734 3,556 7,064 4,146 5,829 March 40,066 16,831 915 1,604 3,574 7,110 4,121 5,911 April 39,891 16,858 908 1,476 3,588 7,006 4,110 5,945 May 39,740 16,837 893 1,358 3,597 6,988 4,102 5,965 June 39,775 16,908 893 1,263 3,620 7,017 4,112 5,962 July 39,876 17,059 888 1,164 3,634 7,061 4,127 5,943 August • 39,737 17,097 878 1,082 3,639 7,015 4,110 5,916 September 39,475 17,051 876 1,020 3,633 7,006 4,079 5,810 October 39,486 17,108 869 936 3,671 7,006 4,078 5,818 November 39,526 17,152 859 891 3,683 7,000 4,119 5,822 December 39,479 16,995 863 864 3,687 6,962 4,127 5,981 1944—January 39,454 16,910 862 830 3,720 7,096 4,170 5,866 February 39,352 16,819 862 786 3,780 7,043 4,173 5,889 March 39,123 16,642 852 737 3,780 7,046 4,165 5,901 April 38,865 16,391 848 719 3,763 6,982 4,257 5,905 May 38,749 16,203 843 673 3,768 6,997 4,363 5,902 June 38,766 16,093 848 677 3,765 7,012 4,475 5,896 July 38,700 16,013 833 653 3,753 7,084 4,505 5,859 August 38,654 15,943 830 648 3,762 7,059 4,514 5,898 September 38,400 15,764 822 627 3,735 7,065 4,488 5,899 October 38,159 15,614 812 609 3,748 7,077 4,384 5,915 November 38,044 15,529 808 611 3,771 7,052 4,359 5,914 December 38,164 15,554 802 619 3,789 7,015 4,304 6,081 1945—January 38,426 15,633 805 633 3,797 7,210 4,394 5,954 February r38,469 15,595 802 r658 3,848 7,164 4,404 5,998 March r38,456 r15,445 796 r691 3,846 r7,214 r4,438 r6,026 April 37,975 15,178 765 r726 3,814 7,009 4,480 6,003 May 37,723 14,928 730 732 3,805 7,045 4,510 5,973 UNADJUSTED 1943—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 15,632 806 594 3,770 7,611 4,304 6,172 1945—January 37,952 15,555 801 582 3,740 7,030 4,350 5,894 February 37,957 15,517 798 588 3,771 6,985 4,360 5,938 March r38,062 r15,368 796 r636 3,788 r7,084 r4,394 r5,996 April 37,804 15,102 761 690 3,795 6,995 4,458 6,003 May 37,654 14,853 726 747 3,805 7,010 4,510 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. May 1945 figures are preliminary. For back seasonally adjusted estimateess see B~U LLETIN *for June 1944, p. 600. Back unadjusted data are available from the Bureau of Labor Statistics. 69O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Residential Nonresidential building Public works Total building and public Month Factories Commercial Educational Other utilities 1944 1945 1944 1945 1944 1945 1944 1945 1944 1945 1944 1945 1944 1945 January 159.2 140.9 41.0 19.5 34.0 45.2 4.1 7.5 4.9 21.1 23.9 50.3 39.8 February 137.2 147.0 24.9 19.3 29.9 66.6 4.5 8.5 tx -08.'27 3.0 23.1 17.6 55.1 32.0 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 1. 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 May Apr. May January 351 159 141 316 122 75 35 37 66 Boston 7,746 7,162 6,991 February.... 394 137 147 364 109 74 30 28 73 New York 20,904 18,977 11,603 March 340 176 329 304 133 221 36 43 107 Philadelphia 8,864 38,952 10,282 April 303 179 396 253 133 309 50 46 87 Cleveland 21,064 20,642 14,611 May 234 144 243 192 98 148 42 46 95 Richmond 25,220 48,701 21,631 June 230 164 183 122 46 42 Atlanta 20,856 149,784 20,399 July 184 191 122 148 61 42 Chicago 37,868 38,445 27,673 August 414 169 351 125 62 44 St. Louis 58,787 23,282 5,317 September... 175 176 120 127 56 49 Minneapolis 6,434 5,673 3,134 October 214 145 157 102 56 43 Kansas City 23,222] 12,938 12,622 November. . 184 165 135 103 50 62 Dallas 11,558 31,242 9,939 December ... 252 188 198 114 54 74 Total (11 districts) 242,523 395,798 144,202 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 dollarsl PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Title ILoans Mortgages on Sav- Com- Mu- ings Insur- Fed- Year or month Total p P m e r i r o m r o e t v y n p - e t - - S h s c t t o m i o r o m u n a n c - l e l - f h 1 ( a o - T m I u i t I o t s i ) l l e e y 4 s - h R o ( g T e u a r I o n D s n it i u t d l n a e p g l h ( W o T V u i a s t I l r i ) e ng End of month Total b m a ci 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 a c a o n n m c i e e - s a c e g i r e e a n s l 1 - Other2 1936—Dec. 365 228 8 56 41 5 27 1937—Dec 771 430 27 110 118 32 53 1935 320 224 94 2 1938—Dec 1,199 634 38 149 212 77 90 1936 557 246 309 2 1937 495 60 424 11 1939—June 1,478 759 50 167 271 137 94 1938 694 160 13 473 48 Dec 1,793 902 71 192 342 153 133 1939 954 208 25 669 51 1940 1,026 251 26 736 13 1940—Mar 1,949 971 90 201 392 171 124 1941 1,186 262 21 877 13 13 June 2,075 1,026 100 208 432 182 127 1942 1,137 141 15 691 6 284 Sept 2,232 1,093 111 216 480 190 141 1943 942 96 1 243 * 601 Dec. 2,409 1,162 130 224 542 201 150 1944 886 125 216 7 537 1941—Mar 2,598 1,246 146 230 606 210 160 1944—May 69 9 18 42 June 2,755 1,318 157 237 668 220 154 June 66 9 * 18 "l 36 Sept 2,942 1,400 171 246 722 225 178 July 71 7 * 18 45 Dec 3,107 1,465 186 254 789 234 179 Aug. . 81 11 * 20 50 Sept 83 14 * 20 3' 46 1942—Mar 3,307 1,549 201 264 856 237 200 Oct. 84 12 * 22 1 49 June 3,491 1,623 219 272 940 243 195 Nov 82 17 22 43 Dec. 3,620 1,669 236 276 1,032 245 163 Dec 66 11 18 37 1945—Jan 67 8 * 19 39 1943— D Ju e n c e . 3 3 , , 7 6 0 2 0 6 1 1 , ,7 7 0 0 0 5 2 2 5 5 2 6 2 29 8 2 4 1 1, , 1 0 3 7 4 1 23 7 5 9 1 15 5 9 8 Feb 68 19 * 14 * 34 Mar 60 13 * 17 30 1944—June 3,554 1,669 258 284 1,119 73 150 Apr 53 10 15 28 Dec 3,399 1,590 260 269 1,072 68 140 May 62 14 * 22 26 1 The RFC Mortgage Company, the Federal National Mortgage Associa- * Less than $500,000. tion, the Federal Deposit Insurance Corporation, and the United States NOTE.—Figures represent gross insurance written during the period and Housing Corporation. . do not take account of principal repayments on previously insured loans. 2 Including mortgage companies, finance companies, industrial banks, Figures include some reinsured mortgages, which are shown in the month endowed institutions, private and State benefit funds, etc. in which they were reported by FHA. Reinsured mortgages on rental and NOTE.—Figures represent gross amount of mortgages held, excluding group housing (Title II) are not necessarily shown in the month in which terminated mortgages and cases in transit to or being audited at the Fedreinsurance took place. eral Housing Administration. 69I JULY 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 1943 1944 1945 1941 1942 1943 1944 1945 1941 1942 January... 325 482 749 1,124 p900 229 254 229 300 P334 96 228 February.. 303 483 728 1,107 P881 234 254 234 313 P324 69 230 March 357 637 1,197 Pi,023 268 272 249 359 p365 89 365 April. 387 717 989 1,226 pl,004 287 235 258 360 P365 100 482 May 385 542 1,092 Pi,454 297 191 281 P386 88 351 June 330 650 1,003 PI,296 280 215 295 P331 50 435 July 365 659 1,265 Pi,197 278 213 302 P294 87 446 August 460 705 1,280 pl,188 282 186 316 P3O2 178 518 September. 425 732 1,269 PI,192 262 196 286 P281 162 536 October.... 666 803 1,238 Pi,142 304 200 329 P329 362 November.. 492 788 1,073 Pi,185 281 168 311 p323 211 December.. 653 1,288 P934 344 358 281 P336 309 January-April. 1,372 2,318 3,454 4,654 P3.808 1,018 1,014 1,332 PI,388 354 o ot ot 1943 1944 1945 520 824 P566 494 794 P557 739 838 P658 731 866 P639 811 Pi,068 708 P964 963 P903 964 P886 983 P911 909 P814 762 P862 1,006 P598 1,304 2,485 3,322 p2,420 p Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immedi«ite consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933/p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers; 1935-39 average^ 100 ] RAILROADS [In millions of dollars] Total Coal Coke Grain L st i o v c e k - p F u e r o c o s t r t d s - - Ore l M e o a e n u i l s s e - - - M l c d . h c i e . a s 1 r e n . - - o r r p e T a v e i o r e l a w t n a t u a i l n e y s g e r x a T p i o l e w t n a a s l y es o i r p n a e c N i r l o a w e m t t a i e n y g i . n N co e m t e Annual Annual 1939 101 98 102 107 96 100 110 101 97 1939 3,995 3,406 589 93 1940..... ...... 109 111 137 101 96 114 147 110 96 1940 4^297 3,'614 682 189 1941 130 123 168 112 91 139 183 136 100 1941 5,347 4,348 998 500 1942 138 135 181 120 104 155 206 146 69 1942 7,466 5,982 1,485 902 1943 137 138 186 146 117 141 192 145 63 1943 9 055 7,693 1 362 874 1944'.'.'!'.!!.'!!! 140 144 186 139 124 144 181 147 67 1944 9*437 8^343 1^093 668 SEASONALLY SEASONALLY ADJUSTED ADJUSTED 1944—March 140 139 185 136 131 141 174 149 67 1944—February 775 671 103 65 April 138 140 190 123 120 141 195 146 67 March 782 690 92 53 May 138 r146 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— F J e a b n r u u a a ry ry 1 13 4 9 3 1 13 4 9 1 1 1 7 7 8 6 1 1 1 2 9 8 1 1 2 2 1 0 1 14 3 2 3 1 1 6 6 8 1 1 1 5 5 7 2 6 6 6 6 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 r204 153 71 March 796 698 98 63 May. 140 126 193 167 120 137 204 151 69 April 799 704 96 P61 UNADJUSTED UNADJUSTED 1944— J M A A J O S D N M u u e u p c e o a l n a p y c t g r v y r o e t i e c u e e l . b m h m s m e t b r b b e e e r r r r1 1 1 1 1 1 1 1 1 1 4 3 3 4 2 4 4 5 4 4 0 5 2 8 8 7 4 0 4 6 r1 1 1 1 1 1 1 1 1 1 4 4 3 2 4 4 4 4 4 4 6 0 9 7 7 8 3 3 6 3 1 1 1 1 1 1 1 1 1 1 8 8 8 7 7 9 8 8 8 7 6 7 8 8 5 1 1 1 8 8 1 1 1 1 1 1 1 1 1 1 2 0 3 2 7 1 4 4 4 4 5 8 7 6 2 3 7 7 2 1 1 1 1 1 1 1 1 1 1 1 0 0 0 2 0 5 8 7 0 1 3 7 6 4 0 1 4 0 2 5 1 1 1 1 1 1 1 1 1 1 4 4 4 2 6 5 4 4 5 3 0 1 1 0 2 4 8 6 7 5 3 2 2 2 2 1 2 1 3 4 0 9 6 8 8 7 5 3 7 1 2 1 8 1 1 6 1 8 1 1 1 1 1 1 1 1 1 1 4 5 5 4 4 4 5 5 4 5 2 6 8 2 7 4 5 1 5 1 6 6 6 6 6 6 6 6 7 7 8 9 5 8 7 7 6 6 0 0 1944— N J A M J D S O A M F u u e o u e c p a e a l n p c t y v g r r y b e o t i e c e u r e l b h m u m s m e t a b r b b r e y e e r r r 8 8 8 7 8 7 7 7 7 7 7 0 1 0 6 3 9 9 9 5 8 3 9 9 4 0 6 9 9 7 7 1 5 r6 6 6 7 6 7 7 7 7 7 7 7 8 8 1 3 0 1 0 2 4 0 O 7 9 0 5 0 0 3 1 8 6 1 1 r9 9 9 9 9 8 9 8 7 0 0 0 7 2 4 9 9 9 7 0 0 1 r5 4 6 4 6 4 5 6 5 5 6 5 8 0 9 4 1 9 1 7 6 0 1945— A M F A J e p a a b n r r u r i" c l1 u a h a ry ry 1 1 1 1 3 3 3 3 6 9 0 2 1 1 1 1 3 3 2 4 7 9 6 1 1 1 1 1 9 8 8 7 2 5 8 6 1 1 1 1 1 2 2 4 7 4 8 1 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 4 3 8 1 1945— M F A J e a p a b n r r r u i c u l h a . a . ry ry 8 7 7 7 1 7 1 5 9 3 3 1 6 6 6 7 8 4 7 1 7 0 8 3 1 9 7 0 7 2 3 0 3 P5 3 3 6 4 9 7 3 May 142 126 191 147 108 143 268 152 69 r Revised. N P O T P E re .— lim D i e n s a cr r i y p . tiv r e R m ev a i t s e e r d i . al and back figures may be obtained NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for from 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 classes visions not available monthly. with weights derived from revenue data of the Interstate Commerce Commission. 69Z 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 te e s d 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 - Atlanta Chicago 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 96 114 119 119 94 95 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—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 185 162 153 173 183 213 228 173 195 159 194 247 219 April 173 157 141 161 166 200 221 165 173 157 181 232 201 May 181 164 r149 168 181 r212 233 167 197 r160 192 228 r214 June 176 151 144 159 166 207 237 163 189 151 192 245 210 July ... 192 160 149 170 191 211 262 187 208 165 212 277 223 August 187 154 151 158 182 214 243 180 207 173 204 250 221 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 209 177 162 183 203 231 271 201 235 189 244 264 253 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 223 201 189 204 222 250 274 213 235 205 240 283 249 April 181 157 150 162 174 210 r2U r167 188 157 199 240 219 May.... 187 160 156 168 179 211 244 166 209 162 203 253 233 UNADJUSTED 1943—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 172 161 137 158 172 194 228 166 183 159 183 228 192 May 178 162 142 161 179 r2U 228 170 197 r162 194 228 r200 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 157 118 110 123 159 177 216 151 178 154 191 220 202 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 November 248 207 207 231 244 294 317 231 268 218 264 314 299 December 320 300 270 305 303 369 417 295 333 269 339 421 373 1945—January 156 132 124 133 145 174 214 147 173 136 178 211 197 February 172 130 137 149 163 191 236 162 187 144 194 239 217 March 212 187 176 200 214 250 282 200 233 186 233 269 232 April r174 156 143 152 171 193 r227 r165 192 156 195 228 205 May 183 158 148 162 177 210 239 170 209 164 205 248 218 r Revised. NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944. 693 JULY 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 Nov.22... .139 Nov 21.... ..182 Nov. 20. .. 223 Nov. 18... .252 Out- 29... .176 28.... ..176 27.... 201 25.... . .236 m ( S t o f o a o n l t r e t a h s l ) m ( S o e t n n o d t c k h o s ) f ( o s e t r n i a d n d n e g d r o s - f a S d e j a a u l s s l o t y n e - d j U u n st a e d d - Dec. 2 2 1 6 0 7 3 . . . . . . . . . . . . . . . . . . . 2 . . 2 1 2 9 2 9 5 9 5 1 0 Dec. 2 1 1 6 5 9 2 . . . . . . . . . . . . . . . . . . . 2 2 3 2 9 2 5 3 5 2 0 3 Dec. 2 1 1 4 8 5 1 . . . . . . . . . . . . . . . . . . . . 2 2 3 2 6 9 7 2 9 7 4 1 Dec. 2 1 9 2 3 6 . . . . . . . . . . . .. . . . . . 3 3 3 3 0 6 6 7 4 9 5 7 month) 30.... ..123 1942 1943 1944 1945 Jan. 3.... ..111 Jan. 2 .....117 Jan. 1 .....110 Jan. 6 .....145 1939 average 128 344 99 10... ..135 9 .....146 8 .....143 13 .....166 1940 average 136 353 108 101 17... ..136 16 ....139 15 .....146 20 .... 160 1941 average 156 419 194 120 24.... ..122 23 .....125 22 .... 144 27 .....161 1942 average 179 599 263 172 31.... . .125 30 .....126 29 .....137 Feb, 3 ... .163 1943 average 204 508 530 146 Feb. 7.... . .119 Feb. 6... ..143 Feb. 5 146 10... ..172 1944 average 227 531 558 153 14.... ..122 13......178 12 .142 17... ..176 21.... .115 20.... ..155 19 .142 24.... ..177 1943— N O S A e o c u p v t g . t . . . , . . . . . 2 2 2 1 0 3 5 6 5 0 9 8 5 5 5 5 8 9 7 6 6 3 6 4 5 5 5 6 6 6 5 1 4 2 0 8 1 1 1 1 6 6 4 5 2 9 3 3 1 1 1 1 6 6 6 7 8 2 5 0 Mar. 2 2 1 7 8 1 4 . . . . . . . . . . . . . . . . . 1 1 1 1 3 2 4 3 7 7 8 0 Mar. 2 2 1 6 0 7 3 . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 4 4 5 6 4 7 0 2 Mar. 2 1 1 6 4 8 1..... . . . . 1 1 1 1 6 7 4 5 0 2 6 3 Mar. 2 1 1 0 3 4 7 ......2 2 2 1 2 0 1 8 6 4 4 2 Dec. . 338 467 491 143 134 28.... ..157 27......155 25 .182 31.... .. 230 Apr. 4.... ..170 Apr. 3.... ..161 Apr. 1.... .212 Apr. 7.... ..181 1944— F J e a b n . . . . . . 1 1 6 7 7 0 4 5 7 1 9 3 5 5 2 2 6 7 1 1 5 5 4 4 1 1 3 4 7 7 1 1 1 8 . . . . . . . . . . . . 1 1 2 4 9 6 1 17 0 . . . . . . . .. . . 1 1 7 6 0 8 1 8 5 . . . . . . . . . .1 2 5 0 2 8 2 1 1 4 . . . .. .. . .. . 1 1 9 5 2 6 Mar... 225 531 483 149 152 25.... . .140 24......182 22 .....163 28. .....184 N M O D J J A A S u u e e o u p c a n l c p g v r y t y . e t . . . . . . . . . . . . . . . . . . . 2 2 2 2 3 2 1 1 1 2 9 8 5 0 3 9 6 9 0 9 5 7 6 4 9 3 6 ' 5 5 6 5 5 4 5 5 5 2 2 8 0 7 4 1 2 6 5 5 3 0 9 4 6 2 8 5 4 5 5 5 6 6 5 6 5 7 7 7 2 0 9 2 2 9 5 6 4 8 8 0 1 0 1 1 1 1 1 1 1 1 1 6 5 4 4 5 6 3 4 7 1 4 4 5 7 5 6 7 0 r r 1 1 1 1 1 1 1 1 1 5 5 6 7 5 6 6 2 4 0 1 7 2 1 6 3 7 8 M Ju a n y e 3 2 1 2 2 1 2 9 3 6 0 7 6 0 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . . . 1 1 1 1 1 1 1 1 4 4 2 2 0 4 0 2 2 9 7 7 5 4 7 9 9 8 M Ju a n y e 2 2 2 1 1 1 6 8 5 2 9 5 9 2 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 . 1 1 1 1 4 4 6 5 3 6 6 5 5 2 9 9 3 2 8 8 1 1 M Ju a n y e 2 1 1 2 2 1 2 3 4 0 7 3 9 6 0 7 . . . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . 1 1 1 1 1 1 1 1 1 9 7 6 8 6 6 7 5 7 7 7 8 4 8 3 2 1 3 M Ju a n y e 3 2 2 1 1 1 ' 9 0 3 2 6 6 9 2 5 . . . . . . . . . . . , . . . . . ., . . .. . . . . . . . . . . . . 1 1 1 1 1 2 1 1 9 7 8 6 0 9 8 9 3 6 8 2 9 6 6 3 1945— M M A F T e p a a a b r y r n . . . . . . . . . . . . . . ^ r 2 2 2 1 1 3 8 9 0 9 0 4 8 8 9 P5 4 4 5 5 6 2 9 6 9 2 3 4 4 0 P r 6 8 7 7 7 5 1 6 7 2 7 5 6 0 4 1 1 1 1 5 4 4 4 6 8 7 8 P1 1 1 1 1 6 3 4 6 5 9 3 2 2 0 J A u u ly g. 2 1 1 1 4 1 5 8 . . . . . . . . . .. . . . . . . . . . . . . . . . . 1 . 1 . 1 1 9 0 0 1 0 5 5 3 2 5 July 3 2 1 1 4 1 0 3 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 2 1 2 1 1 6 3 4 8 3 4 July 2 2 1 8 2 9 1 5 . . . . . 1 1 1 1 1 3 4 3 1 4 2 5 8 6 9 J A u u ly g. 2 2 1 1 7 4 8 4 . . . . . . NOTE.—Revised series. For description and back figures see pp. 874-875 p Preliminary. r Revised. of BULLETIN for September 1944. Back figures.—Division of Research and Statistics. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] M 19 a 4 y 5 A 19 p 4 r 5 . F m 1 i 9 o v 4 s e . 5 May A 19 p 4 r 5 . F m 19 i o v 4 s e . 5 M 19 a 4 y 5 A 19 p 4 r 5 . F m 1 i 9 o v 4 s e . 5 M 19 a 4 y 5 Apr. 1945 United States. +3 +12 Bo W N B P P S s p r t o o e o o o r w r s r i n v t t n c l o i a g e d H n s n f e i t a d n e e v l r c d e e n + + - - - 1 4 2 1 8 - - + 1 1 0 3 1 + + + + + + + 1 1 1 9 6 4 0 5 6 1 Ri C c W E P Y l h e i r o m v t h i t e e u e s o l e a n b n l n g u d i d n s r — g g to h C w o n n . t . . . + + 4 7 0 0 2 + - + - - 3 2 2 3 6 + + + + + 1 1 1 1 7 7 0 7 1 Ch T D D F F I i n c l e o e e a i d r s r t n g r t i r t e o a o M — W n i H t o a C a p i a o y n o u n n e l t t i s e . e s . 1 . . . . . . . . . . . - + + 1 - + + 1 1 7 0 1 0 0 7 + r + + - 8 1 5 7 5 3 0 0 + + + + + + 1 1 4 1 2 6 5 9 3 3 0Da H F S D S l a o h o l a a n r r u l t s e l s a A v t W s o e n p n t o o o r n r t t h io + + + + + - 2 1 1 2 2 9 0 2 1 + + + 1 5 6 1 + + + + + 2 1 1 6 2 5 5 Ne U N N N P A B B E R S B S w y o l u t c i e o r i e l m i n a b i w r f u h w c c d Y f a g g a g h a e i a o a g c n a h r h l e n Y a r u r e o y r a s k k k e a s p o m t e e c e o r e t k F r t r a o p t a d n s C l y i l e i s . t . . . y . . . . . . + + + + + + + + + + - + — 1 2 4 5 5 3 9 4 8 8 6 5 1 - - - + + + 1 - - + + - - 1 1 - 4 4 4 1 9 6 1 0 3 7 9 5 4 0 + + + + + + + + + + + + + + 1 1 1 1 1 1 1 1 1 7 7 9 6 2 2 4 5 4 6 4 3 1 3 At R N M G C l M B W B J W C H L a a i l i o a r h y n u o c o c a r a i e l r a t n n m k n b h r n s t e f a r k i s c h s i o m t t n l m i l t g i s o e h i l n e o v n n b k o o s n o b g n i g t u g n m l v r h u o - l t r t d e i S e a o n o r g e l , g m l a . n n r e W y l . . S e .. . m . V . C a . . - - + + + + + + + + + + 1 1 -2 3 3 8 1 6 2 7 5 9 4 4 1 0 0 + + + - - — — - - 1 1 8 7 7 7 4 2 4 1 + + + + + + + + + + + + + + + 1 2 1 1 1 1 2 2 1 1 1 1 8 1 2 9 4 5 0 0 7 0 0 0 3 4 7 St. M M F L M G Q E L L S S G p o L t a o v i r u r a e i . t e r o n r u a a l i d t m i t w e n u L s l n n i n i e n s i i c d p s g s o a S s n v y o v h f u u B m g i R i n i l i R k i e l l s s , i a o l e l e t a d e y e h c p k id .. s . . . + + + + + + + + + + - + - 1 1 1 7 8 3 1 8 3 6 1 1 5 2 2 + + + + + + + + — - - - - — 1 4 8 3 4 3 3 8 3 5 5 3 3 6 1 + + + + + + + + + + + + + + 1 2 1 1 2 1 1 1 1 1 2 1 1 3 1 3 3 4 2 0 6 1 6 5 3 1 3 Sa R S S S L P B T F S O n L a a a h o r a i u a o a S v B n e n n F c o n k c s k s e a r r e s e e g l n a n r a A o D F J n r r a s n o m s k o n n i B r i n i c f B x e a s d e d i i e g e e e l n s e g e n e e a c l a c o r d y l c o t a i n n e o h s n s a d c d r o dino + + + + + + + + - + + + - 1 1 1 1 1 1 4 1 3 6 9 0 9 9 6 2 1 1 4 T r r r + + + + + + + + + — 7 0 7 2 3 7 2 7 3 0 4 + + + + + + + + + + + + 1 1 1 1 1 1 1 1 1 8 9 8 5 9 3 9 6 8 0 3 4 Ph T il r a e d n el t p o h n ia + + 8 1 - - 3 4 + +1 1 4 0 M Ta i m am pa i +17 +6 + + 1 9 2Minneapolis +2 -2 +12 S S t a o n c t k a to R n osa + + 8 4 + + 1 5 + + 1 1 5 8 P L h an il c a a d s e te lp r hia.... - - 2 1 - - 4 6 + + 8 7 A A u tl g a u n s t t a a + + 1 8 1 + -7 8 + + 1 2 7 1Ka D n e s n a v s e C r ity + + 6 7 + +3 5 + +1 1 5 5 V Bo a i l s l e e j a o n a d nd Napa +13 +5 +17 Cle A Y W C R C v i k e o a e i n l a r n r l a k c o k d t n i n o e i d n n n s n g - a B t a i r . — r .. e .. . . . . + + - + + - - 2 1 9 8 9 2 2 - - + + 1 - 3 2 2 2 1 0 0 + + + + + + + 1 1 1 1 1 8 4 4 3 9 4 1 M B N K N J C a a e n a h a c w t s o a c k o h o x t s n t v O n v o a i n i n R l r l l l l o e o e e o a u g n g s a e .. .. + + + + + - + 4 9 3 2 7 4 1 - + + + + + 2 -1 0 4 4 2 1 1 + + + + + + + 1 1 1 1 1 1 2 5 1 5 8 4 6 W T H J P K O S o u o t u m a i p . e p c t n l c a J b e h i s o h n h l k i a o s t a i a s a n e p s C o h n it y . . . . . . + - + + 1 + — 1 2 3 2 0 7 * 5 + + - + + + + - 1 1 7 1 4 5 4 3 0 7 ** + + + + + + + + 2 1 1 1 1 1 9 6 4 7 6 1 1 5 P S B T E S S o a a p e v e N l c r a l o e t l t o a t k i r l t n m m e a L a le g n t n a a t p h d e k a a e m City.. + + + + + + + 1 1 1 5 6 0 1 1 5 8 + + + + -4 1 3 6 4 2 1 * + + + + + 2 1 1 1 9 1 7 3 4 Cleveland -3 0 +10 Chicago. 0 r-2 +12 Oklahoma City +9 +8 +18 Yakima +3 +10 Columbus +3 +4 +16 C~h •icago.. +1 -2 +12 Tulsa.... +16 +13 +25 Springfield . .. +7 Peoria +1 -2 +13 Toledo +12 r Revised. * Data not yet available. **Fqur months. 1 Sales in April 1944 were unusually small owing to a strike by store clerks. 694 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 Department o N f u s m to b r e e r s Sales during period S o to f c m ks o n (e th n ) d Apr. reporting Apr. Four mos. Apr. 1945 1945 1945 1945 1944 GRAND TOTAL—entire store 353 +1 +15 +7 2.8 2.7 MAIN STORE—total 353 +2 +15 +6 2.9 2.8 Women's apparel and accessories 350 -2 +18 +13 2.3 2.0 Coats and suits 329 -13 +16 +41 1.7 1.1 Dresses 333 +18 +27 +33 1.6 1.4 Blouses, skirts, sportswear, etc 313 +11 +27 +26 3.0 2.7 Juniors' and girls' wear 299 -11 +26 +32 2.6 1.8 Infants' wear 297 -6 +17 +31 3.1 2.2 Aprons, housedresses, uniforms. 285 +18 +24 -20 1.6 2.3 Underwear, slips, negligees 323 +15 +26 -12 2.1 2.7 Corsets, brassieres 329 +10 +26 +4 1.7 1.8 Hosiery (women's and children's) 343 -7 +12 -38 1.1 1.6 Gloves (women's and children's) 325 -33 +12 +19 3.7 2.1 Shoes (women's and children's) 241 -16 +20 -12 3.1 3.0 Furs 261 +153 -21 +39 9.0 16.3 Neckwear and scarfs 241 -20 +9 +24 2.7 1.8 Handkerchiefs 279 -17 +15 +27 5.9 3.9 Millinery 168 -25 +13 +37 1.4 0.8 Handbags and small leather goods. 300 -3 +1 +21 3.3 2.7 Men's and boys' wear 321 -14 +17 2 4.4 3.9 •Men's clothing 230 -9 +15 -14 3.8 4.0 Men's furnishings, hats, caps 305 -2 +20 -4 4.4 4.6 Boys' clothing and furnishings 281 -34 +14 +32 5.2 2.6 Men's and boys' shoes and slippers... 175 -23 +19 -18 5.7 5.4 Home furnishings 314 +12 +12 -4 3.2 3.7 Furniture, beds, mattresses, springs.. 230 +22 +21 +10 3.4 3.7 Domestic floor coverings 239 -8 -3 -19 2.6 3.0 Draperies, curtains, upholstery 290 +7 +16 -3 2.4 2.6 Major household appliances 171 +45 +35 -34 1.7 3.7 Domestics, blankets, linens, etc 290 +6 0 -26 2.8 4.0 Lamps and shades. 217 +24 +21 +9 4.5 5.2 China and glassware 216 +11 +11 +1 4.5 5.0 Housewares 221 +29 +28 +5 3.3 4.1 Piece goods 284 +10 +20 -17 1.7 2.3 Cotton wash goods 117 +5 +12 -26 1.0 1.4 Small wares 334 +16 +7 +21 4.3 4.1 Lace, trimmings, embroideries, ribbons — 118 -12 +10 +30 3.5 2.4 Notions 222 +17 +20 +7 3.2 3.5 Toilet articles, drug sundries, and prescriptions . 318 +23 -6 +32 5.0 4.7 Jewelry and silverware 267 +23 +6 +17 4.9 5.2 Art needlework 239 +14 +17 +6 4.3 4.6 Stationery, books, and magazines... 231 +9 +19 +24 3.8 3.4 Miscellaneous 290 +5 +14 +17 3.6 3.2 Luggage 218 +44 -7 -3 3.3 5.0 BASEMENT STORE—total 214 -4 +16 +10 2.8 2.4 Women's apparel and accessories 202 -5 +18 +20 2.3 1.8 Men's and boys' clothing and furnishings 166 -16 +16 +10 4.8 3.7 Home furnishings 122 +13 +10 -4 2.6 3.0 Piece goods 51 +24 +23 -27 1.5 2.6 Shoes 134 -14 +11 -5 4.6 4.2 NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS :[ndex 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 In m st e a n l- t 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—April 132 171 r54 104 38 79 69 107 r63 r3 34 May 141 180 r54 113 r37 82 r68 109 62 r3 r35 June 127 165 50 99 34 78 61 111 63 3 34 Tulv 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 1945—January . . 126 164 57 96 43 97 77 168 63 4 33 February 126 163 57 98 40 84 68 128 63 4 33 A M p a r r i c l h 1 1 7 3 8 3 r1 2 7 3 1 0 4 7 9 3 r1 1 0 4 8 1 3 3 9 7 9 8 6 8 6 7 5 7 r1 1 2 1 8 9 6 6 3 2 3 3 3 3 4 5 May 147 190 55 117 35 87 63 122 63 3 34 r Revised. NOTE.—Data based on reports from a smaller group of stores than that included in the monthly index of sales shown on a preceding page. 695 JULY 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit En o d r o y f e a m r onth co T c n r s o e u t d a m i l t er ins T ta o l t m al ent Sale credit Loans1 p S a lo i y n a m g n l e s e 2 n - t a C c h co ar u g n e ts Service credit credit Total Automobile Other 1929 7,637 3,167 2,515 1,318 1,197 652 2,125 1,749 596 1930 6,839 2,706 2,032 928 1,104 674 1,949 1,611 573 1931 5,528 2,214 1,595 637 958 619 1,402 1,381 531 1932 4,082 1,515 999 322 677 516 962 1,114 491 1933 3,905 1,581 1,122 459 663 459 776 1,081 467 1934 4,378 1,849 1,317 576 741 532 875 1,203 451 1935 5,419 2,607 1,805 940 865 802 1,048 1,292 472 1936 6,771 3,501 2,436 1,289 1,147 1,065 1,331 1,419 520 1937 7,467 3,947 2,752 1,384 1,368 1,195 1,504 1,459 557 1938 7,036 3,584 2,313 970 1,343 1,271 1,442 1,487 523 1939 8,008 4,463 2,792 1,267 1,525 1,671 1,468 1,544 533 1940 9,205 5,507 3,450 1,729 1,721 2,057 1,488 1,650 560 1941 9,959 5,984 3,747 1,942 1,805 2,237 1,601 1,764 610 1942 6,529 2,999 1,494 482 1,012 1,505 1,369 1,513 648 1943 5,379 2,002 816 175 641 1,186 1,192 1,498 687 1944 5,791 2,084 836 2,00 636 1,248 1,220 1,758 729 1944 Apr 5,037 "1,847 690 171 519 1,157 1,139 1,346 705 May 5,148 1,859 700 181 519 1,159 1,189 1,390 710 June 5,209 1,882 707 192 515 1,175 1,241 1,370 716 July 5,148 1,889 706 204 502 1,183 1,250 1,287 722 Aug 5,192 1,896 709 210 499 1,187 1,239 1,330 727 Sept 5,272 1,912 720 210 510 1,192 1,231 1,402 727 Oct 5", 412 1,937 743 210 533 1,194 1,231 1,516 728 Nov 5,596 1,974 773 208 565 1,201 1,231 1,664 727 Dec 5,791 2,084 836 200 636 1,248 1,220 1,758 729 1945 Jan 5,482 2,014 778 192 586 1,236 1,206 1,528 734 Feb 5,326 1,968 743 186 557 1,225 1,188 1,432 738 Mar 5,576 1,992 732 184 548 1,260 1,181 1,662 741 Apr P5,447 pl,992 P724 71540 PI,268 pl,213 PI,500 ?742 May p5,509 ^2,012 P538 pl,290 pl,272 pl,482 P743 p Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOBILE CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] Depart End of End o r o f y e m a o r nth ex m T a c o o l u u b t t d a o i i - l l n , e g s o m m t a r o a e n d r i n d e e l t r - s F s u t to u r r r n e e i s - H a s a h t p o o n o p u r c l l s e d e i e s - - J s e t w o e re lr s y s o r t e t A o h ta r l e e l i r l s mo y n e t a h r or Total houses 1929 652 1930 674 1931 619 1929 1,197 160 583 265 56 133 1932 516 1930 1,104 155 539 222 47 141 1933 459 1931 958 138 454 185 45 136 1934 532 1932 677 103 313 121 30 110 1935 802 1933 663 119 299 119 29 97 1936 1,065 1934 . . 741 146 314 131 35 115 1937 1,195 1935 865 186 336 171 40 132 1938 1,271 1936 1,147 256 406 255 56 174 1939 1,671 1937 1,368 314 469 307 68 210 1940 2,057 1938 1,343 302 485 266 70 220 1941 2,237 1939 1,525 377 536 273 93 246 1942 1,505 1940 1,721 439 599 302 110 271 1943 1,186 1941 1,805 469 619 313 120 284 1944 1,248 1942 1,012 254 391 130 77 160 1945 641 174 271 29 66 101 1944 1944 636 184 269 13 70 100 Apr 1,157 May 1,159 1944 June 1,175 Apr 519 142 229 18 48 82 July 1,183 May 519 141 235 16 45 82 Aug 1,187 June 515 138 237 15 44 81 Sept 1,192 July 502 132 234 14 43 79 Oct 1,194 Aug 499 132 233 13 42 79 Nov 1,201 Sept 510 138 236 13 43 80 Dec. 1,248 Oct 533 148 244 13 44 84 Nov 565 162 253 13 48 89 1945 Dec 636 184 269 13 70 100 Jan 1,236 359 1945 M Fe a b r 1 1 , , 2 26 2 0 5 3 3 7 5 4 7 Jan 586 172 249 12 61 92 Apr "I,268 P3 78 Feb 557 163 240 12 54 88 May PI,290 P388 Mar 548 163 238 11 50 86 A M p a r y "159 " P 2 2 3 3 8 7 Pll P P 4 4 8 8 P "8 8 5 5 p 1 P T r h e e l s im e i f n ig a u ry re . s include only personal instalment cash loans and retail automobile direct loans, shown on the following page, and a small amount *» Preliminary. of other retail direct loans (18 million dollars at the end of May 1945), not shown separately. 2 This series is in process of revision. 3 Includes only loans insured by Federal Housing Administration. 696 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 r h p e t t a u h a s r e i e - r l d , R e m r e a n p n o i a d d z i a - r - i s m n P o s e n e t r n a a - t l l- Month or year Co b m an m k e s r 1 cial c S o m m a p ll a n lo ie a s n c I o n b m d an u p k a st 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—April 496 52 85 61 76 222 1940 927 536 320 May 505 53 89 62 76 225 1941 983 558 372 June 518 56 93 62 76 231 1942 792 798 408 247 July 527 61 94 62 77 233 1943 636 809 364 228 August 532 62 95 62 78 235 1944 744 876 403 234 September. . 534 62 96 62 80 234 October 538 60 97 67 80 234 1943 November 544 59 97 70 82 236 October 51 67 28 19 December 559 57 99 75 83 245 November 50 70 29 18 December 58 95 32 23 1945—January 562 56 100 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 18 591 55 112 77 89 258 March 73 94 38 26 April 56 61 30 16 Volume extended during May 65 72 35 20 month: June 69 75 38 22 1944—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 July 95 15 19 11 8 42 October 61 68 34 18 August 94 13 19 11 9 42 November 61 77 34 18 September 89 10 17 12 9 41 December 72 106 37 23 October 92 10 18 15 9 40 November r92 10 18 15 8 41 1945 December 103 8 19 18 8 50 January 66 58 33 16 February 61 56 30 16 1945—January 96 9 20 17 7 43 March 82 94 42 23 February 86 9 19 12 7 39 April? 69 70 34 18 March 114 12 24 15 9 54 May? 75 77 39 20 April? 101 9 21 16 10 45 110 9 22 19 10 50 p Preliminary. 1 These figures for loans made include only personal instalment cash loans v Preliminary. and retail automobile direct loans, which are shown elsewhere on this page, 1 Includes not only loans insured by Federal Housing Administration and a small amount of other retail direct loans (3 million dollars in May 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 of year Month D m ep e a nt r t- ' F t u u r r n e i- h H p o l o l i d a u n a s c e p e - - J s e t w o e re lr s y D m ep e a n r t t- May Apr. Mar. May Apr. Mar. stores stores stores stores 1945 1945 1945 1945 1945 1945 Net sales: 1944 Total +8 r_7 +25 -2 + 6 + 17 April 32 23 26 28 63 Cash sales +8 —6 +25 +8 + 18 +28 May r33 25 26 30 64 Credit sales: June 31 24 28 30 63 Instalment +10 -8 +30 —4 + 1 + 15 July 30 23 29 31 61 Charge account -5 +18 -11 r+10 +7 August 34 24 32 31 64 September 35 24 33 32 64 Accounts receivable, at end of October 39 26 36 34 65 month: November 39 24 37 34 67 Total.. +1 -1 — 1 0 + 1 +2 December. 36 23 39 49 61 Instalment. 0 -1 -1 0 + 1 + 1 1945 Collections during month: January 32 21 35 31 61 Total +3 -5 +9 0 r+5 +9 February 30 21 32 r29 61 Instalment +3 T g + 12 -1 +4 +9 March. 36 24 36 33 66 April. 30 22 36 r31 62 Inventories, end of month, at May. 32 23 40 34 64 retail value +2 +3 +4 +9 +4 +3 r Revised. r Revised. 1 Ratio of collections during month to accounts receivable at beginning of month. 697 JULY 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 Year, month, or week m c t o o i m e d s i - - F p u a r c o r t m 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 - e u xt c il t e s F li u . e " l g an j d a a p n M r d o e d m t u a e c ls t t a s l m B a u t i e ld ri i a n l g ; ! p c r C a o a l h d l s e l u i a m e c n d t i d - s1 i f n H u g r o n g u i o s sh o e- - ds l M an is e c o e u l s - 1929.... 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 I 94.3 82.6 1930.... 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 92.7 77.7 1931.... 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 84.9 69.8 1932.... 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 75.1 64.4 1933.... 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 75.8 62.5 1934.... 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 81.5 69.7 1935.... 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 80.6 68.3 1936.... 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 81.7 70.5 1937.... 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 89.7 77.8 1938.... 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 86.8 73.3 1939.... 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 86.3 74.8 1940.... 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 88.5 77.3 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 94.3 82.0 1942.... 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 102.4 89.7 1 1 9 9 4 4 3 4 . . . . . . . . 1 1 0 0 3 4 . . 1 0 1 1 2 2 2 3 . . 6 3 1 1 0 0 6 4 . . 6 9 9 9 6 8 . . 9 5 1 1 1 1 7 6 . . 5 7 9 9 7 8 . . 4 4 8 8 0 3 . . 8 0 1 1 0 0 3 3 . . 8 8 1 1 1 1 1 5 . . 4 5 1 1 0 0 2 4 . . 7 3 9 9 2 3 . . 2 6 1944—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 May 106.0 129.9 107.0 99.4 117.9 99.6 83.7 104.3 117.3 94.9 104.5 94.8 Week ending: 1945—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. 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. 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. 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. 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. 84.6 104.4 117.2 94.9 106.2 94.6 June 2. . 106.1 130.8 107.5 99.8 118.3 99. 84.7 104.8 117.3 94.9 106.2 94.6 J J J u u u n n n e e e 2 1 9 3 6 . . . . . . . 1 1 1 0 0 0 5 6 6 . . . 9 0 0 1 1 1 3 3 3 0 0 1 . . . 0 7 0 1 1 1 0 0 0 7 7 7 . . . 7 3 3 9 9 9 9 9 9 . . . 7 7 8 1 1 11 1 1 8 8 8 . . . 3 3 3 9 9 9 9 9 9 . . . 1 1 1 8 8 8 4 4 4 . . . 7 5 5 1 1 10 0 0 4 4 4 . . . 8 8 8 1 1 1 1 1 1 7 7 7 . . . 3 3 3 9 9 9 5 5 5 . . . 3 3 3 1 1 10 0 0 6 6 6 . . . 2 2 2 9 9 9 4 4 4 . . . 6 6 6 1944 Subgroups Subgroups May Feb. Mar. Apr. May May Feb. Mar. Apr. May Farm Products: Metals and Metal Products: Grains 129.7 129.8 129.8 130.5 129.1 Agricultural implements 97.2 97.5 97.5 97.5 97.5 Livestock and poultry 122.6 133.8 135.6 136.4 135.5 Farm machinery 98.4 98.7 98.7 98.7 98.7 Other farm products 120.4 121.4 120.5 123.2 125.9 Iron and steel 97.1 98.0 98.1 98.1 98.4 Foods: Motor vehicles 112.8 112.8 112.8 112.8 112.8 Dairy products 110.3 110.8 110.8 110.7 110.6 Nonferrous metals 85.8 85.9 85.9 85.9 85.9 Cereal products 95.0 94.9 95.1 95.4 95.4 Plumbing and heating 92.4 92.4 92.4 92.4 92.4 Fruits and vegetables 126.8 118.1 115.9 123.4 131.4 Building Materials: Meats 106.6 106.5 107.7 108.2 108.6 Brick and tile 100.5 110.5 110.7 110.6 110.7 Other foods 91.9 95.1 94.7 94.7 94.7 Cement 96.4 99.0 99.4 99.4 99.4 Hides and Leather Products: Lumber 154.0 153.9 153.8 153.9 154.4 Shoes 126.3 126.3 126.3 126.3 126.3 Paint and paint materials... 104.7 106.4 106.3 106.3 106.4 Hides and skins 111.9 115.4 116.4 117.0 117.0 Plumbing and heating 92.4 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 103.0 103.6 103.8 103.8 104.1 Textile Products: Chemicals and Allied Products: Clothing 107.0 107.4 107.4 107.4 107.4 Chemicals 95.5 95.8 95.8 95.8 95.8 Cotton goods 113.9 119.9 119.9 119.7 119.7 Drugs and Pharmaceuticals1 112.0 106.9 106.8 106.8 106.« 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 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 96.4 95.3 95.3 95.3 95.6 Miscellaneous: Bituminous coal 120.4 120.5 120.6 120.6 123.2 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 130.7 130.7 130.7 130.7 130.7 Cattle feed 159.6 159.6 159.6 159.6 159.6 Electricity 59.0 61.1 59.0 Paper and pulp 107.2 108.0 108.0 109.0 109.0 Gas 78.4 76.9 77.7 '77.0' Rubber, crude 46.2 46.2. 46.2 46.2 46.2 Petroleum products 64.0 64.3 64.3 64.2 64.2 Other miscellaneous 96.8 98.9 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. 698 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 1945 1945 Chart ; Chart book I book page M 2 a 3 y M 3 a 0 y Ju 6 n e Ju 1 n 3 e Ju 2 n 0 e 1 Mar. Apr. May1 WEEKLY FIGURES* In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY T M R M R E E G T r x x r e e o e o e e c c s q l m n a d a e e e u N R C D C U e s s r s s b i y v u s s u s e h e o r . i e t e s e w r s r i u r o S r r y y c c d i e e N n B e B n C c B a o . r b s Y s k t r v g c i d o u e o e a G a r e e c l e a o y o r e r n n n n t l r s i v t s o s e p r v d k r k e t i h . c e k s s v b c f o s e r s i i u v t a s s r t c c * a . C y e l i e n r a 3 n a t s s ( s e s i t k t w b e d e t e d i s y r s a c o e i 6 a v u t n n e d , e r k k s v i t s l t a o y i n e ta a s c l , v e s e t o ra ta g l e ), totale .. 2, 5 4 2 5 2 5 3 5 2 2 2 4 2 4 5 3 3 3 3 2 2 2 2 1 1 1 0 0 6 5 2 1 4 3 5 1 1 . . . . . . . . . . . . . . . . . . . 9 2 9 6 3 0 4 2 1 1 1 7 0 0 5 2 9 8 7 3 7 8 0 5 3 8 2 1 2 2 1 1 3 2 6 1 7 2 2 2 2 2 1 1 1 1 5 2 2 0 6 1 1 1 4 5 3 1 . . . . . . . . . . . . . . . . . . . 8 1 0 0 2 3 2 0 1 5 2 3 0 7 2 0 0 4 8 2 6 7 3 1 8 0 6 2 7 6 2 2 9 1 2 3 9 7 1 2 2 2 2 1 1 2 6 4 0 0 5 2 5 1 1 2 1 1 . . . . . . . . . . . . . . . . . . . 3 5 3 2 3 1 2 9 4 1 1 6 7 0 0 8 3 3 9 1 5 1 1 7 0 5 9 1 4 0 8 6 1 1 0 5 1 5 2 2 2 2 1 1 1 2 0 6 5 2 1 5 4 1 1 2 1 1 . . . . . . . . . . . . . . . . . . . 3 2 5 2 5 1 7 5 1 2 2 6 7 0 8 3 0 1 9 5 7 3 7 3 0 9 5 7 1 4 4 7 1 5 1 2 0 7 P 2 2 2 2 1 1 1 i P 2 2 0 6 5 1 5 3 2 1 1 . . . . . . . . . . . . . . . . . . . 5 5 2 2 3 3 1 8 5 6 9 8 4 0 0 3 3 4 9 1 1 9 7 5 4 4 0 7 1 4 8 1 1 5 1 5 6 9 M M M E T T R B R G x r r a e e o o o e e e c l q s l m R n C n a a a d e e u R R C C C B C e n e s s e s r o b i y y v c u s u s e e s i e o o e r u e l t e e e e s s r r R n n u u r l n o i r i y y s d r e s e n E t t n e n n t c v B r r r r b r S s d k o t t e v v d a a c y r c a a c r e r E u l l e e f e a e y y i n n i r R c s s r e b r p v k $ k r r i h c e V c c c b a o b e e t e 5 f r u i i u y E n s r s a s a s c t r t v 0 o l l S y y e e , i e k n n r a e a b t m r r a e s s s k k t s t v v a A b b t e i n d i , s s o e e o o n r a a N t i d b v t o t n n k n n D c c a a e , t o s k k l i i n a s v t s s t t C l , y k y o e U s t r t o : R b b al t R a a a n n E l N k k s s C Y 6, 1 1 1 1 1 1 1 1 7 6 7 8 6 6 3 6 3 6 3 3 3 3 3 8 3 7 2 2 2 2 1 1 4 0 0 5 4 5 5 3 3 2 5 3 1 7 4 3 1 . . . . . . . . . . . . . . . . . . 2 4 8 8 7 8 6 9 8 7 4 1 3 0 9 4 4 2 5 5 5 0 0 8 9 3 6 2 0 4 7 7 6 1 0 7 2 2 2 2 1 1 4 5 3 4 0 6 2 0 5 3 6 3 4 3 7 1 . . . . . . . . . ? . . . . . . . . 9 7 9 9 8 0 3 5 4 6 2 6 7 1 8 6 9 5 3 1 1 9 2 9 0 9 4 7 7 2 9 9 4 4 3 0 2 2 2 1 1 2 4 5 2 5 5 5 3 0 6 1 1 3 7 5 4 1 6 . . . . . . . . . . . . . . . . . . 9 1 3 7 3 1 0 3 3 8 0 7 1 1 4 7 8 5 7 5 6 2 2 3 3 5 0 0 0 6 5 0 1 0 9 3 MEMBER BANKS IN LEADING CITIES $10 and $20 bills 8 13.67 13.99 14.29 Total—101 cities: Coins, $1, $2, and $5 bills 8 4.33 4.36 4.43 New L L D L U U Y o o o . . e a a a o m S S n n n r . . a k s s s G n G a a d C o o n n v v i d d d t t t e y . . i i p : n n d o o v v e b s e e p l i s i s t o g s t t s m m a i a t t e e i d s o n n j n u t t s s s s ted 1 1 1 1 1 1 4 4 4 5 4 4 4 4 5 2 1 0 2 7 0 5 1 . . . . . . 5 4 5 9 3 5 1 8 2 0 5 9 4 5 4 2 1 7 2 0 5 0 1 . . . . . . 4 3 5 8 5 6 1 8 4 5 6 4 4 4 5 2 1 3 0 8 0 5 1 . . . . . . 2 6 3 8 4 8 5 8 0 1 9 7 4 4 5 2 1 1 3 5 8 1 2 . . . . . . 1 6 1 5 9 1 9 8 1 0 4 2 4 6 3 2 1 1 6 7 3 2 3 3 . . . . . . 1 0 8 3 5 8 1 2 3 5 T D T U C i o u e . m m t r S a r e . e l a n n d G d c d e e o y p p v d o o o t e s . s u p i i A d t t t o s s s L e s i L p i d a t o e s n B s d A i b t N a s c n K u k S r r s e IN n c U y . S. 9 9 9 9 9 P * 1 P P P 5 7 4 2 1 O 2 4 3 1 . . . . . 7 0 2 4 1 O 0 0 0 0 P P 1 P P 7 5 4 P 2 3 1 2 9 4 . . . . . 0 8 9 8 5 0 0 0 0 0 P P P P 1 P 7 4 2 5 8 6 3 4 2 . . . . . 3 2 4 8 7 0 0 0 0 0 D T U L U In i o . . e t m a m e S S n e N r B B C C . . a b s i o n G e o G o , d a l r d n m t l e n t o o t s e d p o i k v v m s f d s o t i t t a e c . e . s a d l p i a r n e o d t c o t s p d b e e i s a o s p l i g l i t s o g s u i s a t a i s a t r t d i s . o j s u n e s s c , t e u t d r o i t t a ie l s 1 1 1 1 1 1 1 1 1 1 1 5 6 5 5 5 5 5 6 6 6 7 1 1 3 3 8 2 2 4 2 4 5 1 . . . . . . . . . . . 4 3 6 9 7 5 0 0 3 2 1 1 9 6 4 3 9 6 6 1 0 2 1 1 3 8 2 2 3 5 2 4 5 1 . . . . . . . . . . . 4 6 5 3 0 8 2 0 0 2 1 3 3 5 6 3 3 4 0 2 0 2 1 1 8 3 3 2 5 2 4 1 5 1 . . . . . . . . . . . 4 8 1 7 2 9 9 0 4 0 2 8 3 5 4 5 1 6 2 5 2 5 1 1 3 4 8 2 2 4 5 2 5 1 . . . . . . . . . . . 6 8 2 8 2 4 0 2 0 2 1 1 0 5 0 6 4 7 4 2 4 5 1 1 4 8 3 3 5 6 2 1 5 3 . . . . . . . . . . . 7 3 2 5 2 0 2 7 3 0 6 7 5 1 7 0 4 3 0 8 6 1 Cons I S C S u n i e h n m s r a g t v e a r I I l i g r e n l n c m e e s s p c t t e a a a c a A r O C n c e l l r y O m m u t t e c d m h N d t o i e c o e e t S i u e , r n n r m t U n n e t t M t d t t o s o s l b i E l a o t t R o i , a l a l e a e l n t n C o s c s R t r a e E l d D i I t T , total 18, 1 1 1 1 1 1 1 1 1 9 8 9 9 9 8 8 8 9 5 1 1 1 1 . . . . . . . . . 5 6 1 9 2 5 7 7 1 8 6 8 9 6 5 8 3 4 P P P P 2 I 5 P P P I i 1 . . . . \ . . . . 4 7 2 1 7 5 2 9 5 5 7 2 4 1 9 0 8 4 P P P P P P P P P 5 2 I I I . . . . . . . . . 1 5 7 7 4 5 0 2 2 8 4 4 2 8 1 1 7 9 For purchasing securities: 100 c L L U T D U I i n o o i . t . e t m i a a m e S e S n n e A s A r N B B F C C . . a s s b o i l o l G , G n e o o o d a l l l r a r d n m u t l e n t o o t s o e o n B B T o d p t p i k v v m s s t t f d d s t o o u r r h h i t i t a e o o . c . e s a d r d e e i l p o i c a r k k n e n r r e o d t c o t h t e e s v d p b e e h i N s a r r e a o s p l e i s s g s l i s t s o e ' ' r g i s u — — t i s n w s m a t a i g s a t t o o r e i d s Y . n n o s n j o s e n u t o s e U c r s s c k , t u t . h e u : . r t d e i S r o t r i t i . t e a i s G e s l e s o c v u t r s i . t i . e . s . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5 7 6 5 7 7 7 7 5 5 5 5 7 5 7 6 6 6 3 2 2 1 2 6 8 5 3 6 6 3 5 1 7 4 1 7 . . . . . . . . . . . . . . . . . . 4 6 0 2 0 9 3 5 8 3 3 1 1 3 3 4 6 9 8 4 2 2 2 5 5 4 9 6 6 9 0 3 5 9 4 9 3 2 2 1 6 8 5 6 6 3 2 5 1 3 4 7 7 1 1 . . . . . . . . . . . . . . . . . . 3 6 9 5 4 8 0 5 3 2 0 5 1 0 0 5 6 3 1 8 3 5 0 2 1 6 1 3 8 5 7 2 5 7 6 1 3 2 2 1 6 5 7 8 3 6 6 3 2 1 5 4 7 1 1 . . . . . . . . . . . . . . . . . . 5 7 6 9 4 8 5 5 2 9 4 1 1 0 2 5 4 6 5 4 7 6 1 2 9 4 6 0 4 4 2 7 6 6 8 0 3 2 2 1 6 7 5 3 8 1 3 5 6 5 2 1 7 7 1 . . . . . . . . . . . . . . . . . . 5 7 3 8 9 4 8 0 6 7 0 2 2 4 0 5 6 4 9 6 6 4 9 6 4 7 8 1 2 6 1 6 6 8 1 7 4 3 2 1 6 8 6 3 1 7 0 0 1 1 7 7 2 3 1 5 . . . . . . . . . . . . . . . . . . 1 9 3 1 3 6 6 4 2 1 5 5 5 5 4 7 1 7 9 2 0 1 6 4 8 8 2 9 1 8 9 0 1 1 6 4 U H . o t S o ld t B B . F F C a i G y n e e y l o d d g o ' m i m c . s e W W N v n B B 5 5 5 S C S l m r - - a a t t a a p o o e o a . 2 1 i e y i i g s t v e e l f r n t t l t 0 0 r s e u o e r t h h i c e T e l d e i a n U R c n b r i s i i R s y y f s s s a r i n i n g c , l i e t . a s E e . e t l i c s i - o s i l ( S . g c A a a e a b 5 . 1 e e m i a f b e a s r r . S t s b e s r s s n e o y y t r s U G a : v s a a i a s t d u n e e e o r e R r n . n o , e a k a d i c n Y k o n d s v r r B s e u s a s v s g t t r n a a . t e a F o i r n n r d o t I b u u N i k d b l e s b t e A s l s t s t i i N : t l a g i a f l x C s s a u n s E t n n d u i o d o i e n t s n s e g . ) s . s . , : 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 0 0 1 0 0 0 0 0 0 1 0 0 0 1 0 2 9 8 4 3 7 5 5 5 3 7 1 7 2 1 1 3 3 2 3 8 0 1 7 4 9 7 2 7 6 9 . . . . . . . . . . . . . . . 1 1 0 8 6 3 6 0 5 2 5 8 9 1 6 5 7 5 3 5 8 0 3 7 6 4 7 2 0 7 2 4 3 9 5 8 5 3 7 5 1 7 1 2 7 2 3 4 2 8 2 3 4 0 7 7 9 7 0 3 7 . . . . . . . . . . . . . . . 1 1 6 4 3 1 3 6 4 9 0 0 4 1 1 1 9 5 6 1 7 8 0 8 2 8 4 5 9 0 2 4 9 5 5 8 5 3 3 7 2 1 7 2 1 3 8 2 4 3 4 8 6 0 8 0 9 3 7 . . . . . . . . . . . . . . 1 5 3 6 6 5 0 4 5 9 0 9 0 8 7 2 8 0 5 9 8 4 0 1 5 5 5 1 Mutual savings banks 21 8.70 8.70 Per cent per annum Insurance companies 21 20.40 20.50 MONEY RATES, ETC. Other investors, total 21 84.40 84.30 Treasury bills (new issues) 24 .375 .375 .375 .375 .375 Marketable issues 21 34.30 33.60 Treasury notes (taxable) 24 1.17 1.18 1.17 1.17 1.14 U. S. Govt. bonds: P T a a r x t a i b al le ly tax-exempt 2 2 4 4 , , 2 2 6 6 2 1 . . 3 6 8 8 2 1 . . 3 6 7 8 2 1 . .6 3 5 6 2 1 . .6 3 3 6 2 1 . . 3 6 4 2 Per cent per annum High-grade corporate bonds (5 issues) 26 2.54 2.55 2.55 2.55 2.54 MONEY RATES, ETC. C C o o r r p p o or r a a t t e e A B a a a a b b o o n n d d s s 2 2 6 6 3 2 . . 3 6 2 2 3 2 . . 3 6 1 2 3 2 . . 3 6 1 2 2 3 . . 6 3 1 0 3 2 . . 2 6 9 1 F C . o R rp . o B ra a t n e k A d a is a c b o o u n n d t s rate (N. Y.). 2. . 6 5 2 0 2. . 6 5 1 0 2. . 6 5 2 0 In unit indicated Treasury bills (new issues) .375 .375 .375 Stock prices (1935-39 = 100), total 27 117 120 120 120 121 Industrial 27 119 122 121 121 122 In unit indicated Railroad 27 133 140 139 141 147 Public utility. 27 101 104 104 105 10' Volume of trading (mill, shares) 27 1.19 1.54 1.53 1.71 2.02 Stock prices (1935-39 = 100): Total. .# 112 114 118 BUSINESS CONDITIONS Industrial 114 117 120 Steel production (% of capacity) 37 92.9 91.0 91.1 90.0 18.8 Railroad 124 129 135 Electric power prod. (mill. kw. hrs.) 37 4,330 4,204 4,327 4,348 Public utility 96 98 101 Freight carloadings (thous. cars) 45 882 838 884 873 876 Volume of trading (mill, shares).... 1.20 1.27 1.36 Department store sales (1935-39 = 100)... 45 182 169 196 206 183 Brokers' balances (mill, dollars): Wholesale prices (1926 = 100), total 49 105.9 106.1 106.0 106.0 105.9 Credit extended customers 1,034 1,065 1,094 Farm products 49 130.5 130.8 130.7 131.0 130.0 Money borrowed 722 701 742 Other than farm and food 49 99.7 99.8 99.7 99.7 99.8 Customers' free credit balances 553 575 583 For footnotes see following page. 699 JULY 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 book book page Mar. Apr. May page Mar. I Apr. May MONTHLY FIGURES—Gont. In unit indicated MONTHLY FIGURES—Gont. In unit indicated BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS Wholesale prices (1926 100): Income payments (mill, dollars):8 Total 105.3 105.7 106.0 Total 13,665 13,566P13.591 Farm products 127.2 129.0 129.9 Salaries and wages ' 9,599 9,523 P9.500 Other than farm and food 99.2 99.3 99.4 Other. t 4,066 4,04'3 ^4,091 Cash farm income (mill, dollars): Total 1,445 1,570 PI,529 1944 1945 Livestock and products 868 891 P983 Crops 517 529 P468 Oct.- Jan.- Apr.- Govt. payments 60 150 P78> QUARTERLY FIGURES Dec. Mar. June Armed forces (mill, persons) 12.0 12.1 12.2 Civilian labor force (mill, persons): MONEY RATES Per cent per annum Total 51.7 51.9 52.0 Bank rates on customer loans: Male 33.7 33.8 33.8 Total, 19 cities 2.39 2.53 Female 17.9 18.1 18.2 New York City 1.93 1.99 Unemployment .8 .8 Other Northern and Eastern cities.. 2.61 2.73 Employment 50.8 51.2 51.3 Southern and Western cities 2.65 2.91 Nonagricultural 43.5 43.4 43.3 Industrial pr A o g d r u i c c t u i l o t n u : r 3 al 7.3 7.8 8.0 SECURITY MARKETS In millions of dollars Total (1935-39 = 100) 235 231 P22.7 Corporate security issues: Groups (points in total index): Net proceeds: Durable manufactures 130.9 127.4 P124.2 All issues 28 1,214 708 Nondurable manufactures 82.5 81.6 p81.3 Industrial 28 233 201 Minerals 21.6 21.3 p21.0 Railroad 28 170 227 New orders, shipments, and inventories (1939 = 100): Public utility 28 766 248 New orders: New money: Total 311 p305 All issues 28 201 111 Durable 464 P447 Industrial 28 142 78 Shipments: Railroad 28 5 12 Total 280 P284 Public utility 28 12 2 Durable 381 P387 Nondurable 210 P213 1944 1945 Inventories: Total 165 P164 Durable 189 *»189 June Dec. Mar. Nondurable 144 PU2 30 30 20 Factory employment and pay rolls (1939 = 100): CALL DATE FIGURES P E a m y p l r o o y ll m s ent 3 1 2 5 5 8 . . 5 0 3 1 1 5 7 4 . . 2 8 P151.9 In billions of dollars Hours and earnings at factories: ALL MEMBER BANKS Weekly earnings (dollars) 47.43 47.16 Loans and investments, total 10 83.59 91.57 90.52 Hourly earnings (cents) 104.4 104.5 U. S. Govt. obligations, total 10 60.34 67.69 67.92 Hours worked (per week; 45.4 45.2 Bonds 11 30.12 34.93 Nonagricultural employment (mill, persons):3 Certificates 11 14.23 13.98 Total 38.5 38.0 p37.7 Notes 11 10.64 14.13 Manufacturing and mining 16.2 15.9 "15.7 Bills 11 4.47 3.75 Trade 7.2 7.0 Guaranteed obligations 11 .89 .90 () Government 6.0 6.0 p6.0 Other securities, total 10 5.17 5.21 5.39 Transportation and utilities 3.8 3.8 p3. State and local government obligations 11 2.83 2.86 2.99 Construction . . 0.7 0.7 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) * Commercial 11 7.02 7.53 Total 294 286 Real estate 11 3.21 3.21 Residential 28 33 P40 Brokers' 11 1.66 1.74 Other 266 253 p209 Agricultural 11 1.02 1.20 () Residential contracts (mill, dollars):3 Demand deposits adjusted 10 51.83 57.31 61.17 Total 25 39 42 Public 9 19 14 Private, total 16 20 28 CLASSES OF BANKS 1- and 2-family dwellings 13 17 22 Central reserve city banks: Other 3 3 6 Loans and investments, total 12 27.79 29.45 27.95 Freight carloadings:3 U. S. Govt. obligations 12 19.85 21.09 20.41 Total (1935-39 = 100) 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 86.9 84.0 82.6 Demand deposits adjusted 12 16.32 17.08 18.60 Coal 29.1 26.8 26.9 Time deposits 12 1.44 1.63 1.73 All other 29.3 30.4 31.0 Reserve city banks: Department stores (1935-39 = 100) :3 Loans and investments, total 12 30.94 33.60 33.45 Sales 223 181 187 U. S. Govt. obligations 12 22.48 25.04 25.30 Stocks • 147 156 165 Other securities 12 1.70 1.74 1.80 Exports and imports (mill, dollars): Loans 12 6.76 6.82 6.35 Exports • ^1,023 pl,004 Demand deposits adjusted 12 18.41 20.27 21.74 Excluding Lend-Lease exports ^298 p301 Time deposits 12 6.81 7.79 Imports ^365 p365 Country banks: Excess of exports excluding Lend-Lease exports... 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 126.8 127.1 '128.0 Other securities 13 2.06 2.06 2.12 Food 135.9 136.6 138.8 Loans 13 4.78 4.91 4.81 Clothing 143.7 144.0 144.4 Demand deposits adjusted 13 17.10 19.96 20.84 Rent 108.3 Time deposits 13 8.70 9.90 10.54 e Estimated. p Preliminary. r Revised. 1 For charts on pages 20, 23, 24, 26 and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series. 2 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 3 Adjusted for seasonal variation. 4 Figures available for June and December dates only. * Copies of the Chart Book may be obtained at a price of 50 cents each. 7OO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1944 AVERAGES OF INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS [Expressed as percentages] Federal Reserve dis1rict All Item t d ri i c s- ts B t o o s n - Y N o e r w k P p d h h e il i l a a - - C la le n v d e- R m i o c n h d - la A n t t - a c C a h g i o - L S o t u . is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings 10.4 7.8 8.8 7.6 8.4 9.6 12.6 11.6 11.0 12.0 12.0 12.3 13.3 Profits before income taxes 11.5 9.0 10.8 7.9 9.7 10.7 13.6 12.9 11.8 13.2 13.1 12.7 14.2 Net profits after taxes 9.8 7.6 9.5 7.2 8.6 8.9 11.2 11.1 10.4 11.1 10.7 10.6 11.8 Cash dividends declared 2.9 2.3 2.1 2.0 2.3 2.7 3.2 2.7 3.1 3.1 4.0 4.3 3.2 Percentage of total assets: Total earnings 2.1 2.2 2.3 2.4 2.2 2.1 2.0 2.0 2.0 2.4 2.1 2.1 2.0 Net current earnings 7 7 7 7 6 7 7 7 7 7 .7 7 7 Net profits after taxes 7 7 8 7 7 6 6 6 7 7 .7 7 .6 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on securities 45.2 48.9 52.4 51.3 50.1 44.0 43.3 49.2 46.3 40.5 36.3 31.3 42.9 Earnings on loans 36.9 31.5 32.4 35.8 34.9 40.5 36.4 32.1 36.3 34.1 43.3 49.8 38.6 Service charges on deposit accounts 7.4 8.6 7.1 4.4 6.0 6.5 7.8 8.7 6.8 6.4 9.4 8.8 7.2 Other current earnings 10.5 11.0 8.1 8.5 9.0 9.0 12.5 10.0 10.6 19.0 11.0 10.1 11.3 Total earnings.. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.7 30.8 29.6 26.2 27.3 28.9 30.5 30.4 30.5 30.3 35.9 36.2 32.1 Interest on time deposits 11.5 11.8 15.2 16.7 15.6 14.1 8.2 11.9 8.5 14.4 4.9 2.0 12.8 Other current expenses 25.5 27.0 25.2 25.7 27.2 25.0 26.0 24.1 26.8 24.4 24.6 28.0 22.4 Total expenses.. 67.7 69.6 70.0 68.6 70.1 68.0 64.7 66.4 65.8 69.1 65.4 66.2 67.3 Net current earnings.. 32.3 30.4 30.0 31.4 29.9 32.0 35.3 33.6 34.2 30.9 34.6 33.8 32.7 Net charge-offs, etc. (or recoveries +) +4.4 +5.3 +7.7 +2.1 +5.3 +4.1 +3.4 +4.3 +3.7 +4.2 +4.4 +2.3 +3.4 Taxes on net income 5.0 5.5 4.2 3.0 3.8 5.7 6.4 4.9 4.5 5.3 7.0 5.6 5.9 Net profits after taxes 31.7 30.2 33.5 30.5 31.4 30.4 32.3 33.0 33.4 29.8 32.0 30.5 30.2 Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities 1 7 1 7 1 8 2.0 1 8 1 7 1 7 1 6 1 7 1.6 1.6 1.8 1.4 Net losses (or recoveries and profits + ). ... + .1 + .2 + .2 + .3 + .2 + .1 + .1 + .1 + .1 + .1 + .1 Percentage of total loans: Earnings on loans 5.4 4.9 5.2 5.2 5.3 5.3 5.2 5.3 5.6 5.5 6.2 5.9 5.7 Net losses (or recoveries +) + .3 + .3 + .4 .1 + .4 + .2 + .1 + .4 + .3 + .5 + .5 + .3 + .2 Distribution of assets: Percentage of total assets: U. S. Government securities 48.7 54.2 56.9 51.3 49.4 47.7 43.6 52.9 47.8 51.5 41.3 33.1 51.4 Other securities 6.3 6.4 7.1 8.9 8.8 5.3 6.0 6.7 6.2 5.3 4.1 4.2 4.5 Loans 15.6 15.1 15.0 16.8 14.5 16.9 15.4 12.6 14.1 15.6 15.7 22.5 14.9 Cash assets 28.3 23.0 19.4 20.9 26.1 28.7 34.0 27.1 31.0 26.6 38.3 39.4 28.4 Real estate assets 1 0 1 2 1 3 2.0 1 l 1 3 .9 .7 .8 .8 .5 .8 .7 Other ratios: Total capital accounts to: Total assets 7.5 9.7 8.4 10.5 8.3 7.7 6.1 6.0 6.8 6.5 6.5 6.9 5.4 Total assets less Government securities anc cash assets 37.6 48.9 40.4 41.4 38.6 35.7 32.1 37.8 38.0 34.6 37.4 31.0 32.0 Total deposits 8.2 11.3 9.3 12.0 9.1 8.5 6.6 6.4 7.4 7.0 7.0 7.5 5.7 Time to total deposits 28.5 28.8 42.8 45.9 37.8 30.5 18.5 30.5 19.7 33.7 10.4 4.4 27.6 Interest on time to time deposits1. 1.0 .9 .9 .9 .9 1.1 .9 .8 .9 1.1 1.1 1.1 1.0 Trust department earnings to total earnings1. 3.9 4.9 3.6 4.3 4.8 4.3 2.9 3.4 3.1 3.0 3.0 2.9 4.7 Number of banks2. . 6749 345 812 640 710 468 309 960 461 461 746 571 266 1 Banks with no time deposits, or no trust department earnings, as the case may be, were excluded in computing this average. 2 The ratios for 65 member banks in operation at the end of 1944 were excluded from the compilations because of unavailability of data covering the complete year's operations, certain accounting adjustments, lack of comparability, etc. NOTE.—These ratios, being arithmetic averages of the operating ratios of individual member banks, differ in many cases from corresponding ratios computed from aggregate dollar amounts shown in the May 1945 issue of the BULLETIN. Such differences result from the fact that each bank's figures have an equal weight in calculation of the averages whereas the figures of the many small and medium-sized banks have but little influence on the aggregate dollar amounts. Figures of earnings, expenses, etc., used in the calculations were taken from the annual earnings and dividends reports for 1944. Balance sheet figures :d in the compilations were obtained by averaging the amounts shown ir ™~u K~~I,', -ffi-oi ™^u;™ «^rtc "^™^^ f"rFlpr ^1 1(U* anrl T"np^flnfl c. 30, 1944, except for a limited number of banks for which all three i nces. Savings deposits are included in the time deposit figures used in banks having ratios of time to total deposits of less than 25 per cent. JULY 1945 701 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1944 AVERAGES OF INDIVIDUAL BANK RATIOS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS [Expressed as percentages] Ratio of time deposits to Size group—total deposits (in thousands of dollars) total deposits (per cent) All Item groups Un 25 d 0 er 2 5 5 0 0 0 - 5 1, 0 0 0 0 - 0 1 2 , , 0 0 0 0 0 0 - 2 5 , , 0 0 0 0 0 0 - 5 1 , 0 0 , 0 00 0 0 - 1 5 0 0 , , 0 0 0 0 0 0 - 5 o 0 a v , n 0 e d 0 r 0 Un 2 d 5 er 25-50 50-75 o a 7 v n 5 e d r Summary ratios: Percentage of total capital accounts: Net current earnings. 10.4 5.0 6.7 8.9 10.4 10.8 10.8 11.3 12.4 11.7 9.8 8.2 6.9 Profits before income taxes 11.5 4.8 7.7 10.2 11.4 11.9 11.8 12.6 13.7 12.6 11.0 9.7 7.2 Net profits after taxes 9.8 4.1 6.6 9.0 10.0 10.3 10.0 10.2 10.4 10.4 9.6 8.8 6.6 Cash dividends declared 2.9 1.4 2.4 2.9 3.0 2.9 2.8 2.7 3.1 3.5 2.5 2.1 2.0 Percentage of total assets: Total earnings 2.1 2.8 2.5 2.3 2.2 2.1 2.1 2.0 1.7 2.0 2.2 2.4 2.7 Net current earnings .7 .8 .7 .7 .7 .7 .7 .6 .6 .7 .7 .7 .7 Net profits after taxes .7 .7 .7 .8 .7 .7 .6 .6 .5 .7 .7 .7 6 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on securities 45.2 23.4 34.3 39.7 42.5 46.7 50.2 50.2 52.7 41.2 47.8 50.7 51.2 Earnings on loans 36.9 61.8 49.5 43.5 40.1 35.9 31.3 29.5 27.6 38.4 35.2 36.8 39.5 Service charges on deposit accounts 7.4 4.8 6.5 6.7 7.6 7.8 7.8 7.5 4.1 8.8 6.8 4.7 2.2 Other current earnings 10.5 10.0 9.7 10.1 9.8 9.6 10.7 12.8 15.6 11.6 10.2 7.8 7.1 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.7 39.3 36.2 32.7 30.9 30.0 29.4 30.0 28.3 33.5 29.0 26.4 24.2 Interest on time deposits 11.5 4.1 8.1 11.2 11.8 12.1 12.8 10.6 6.4 4.7 15.1 22.3 25.7 Other current expenses 25.5 28.7 28.5 25.8 24.9 25.1. 25.6 26.6 26.5 26.4 25.4 23.5 24.2 Total expenses.... 67.7 72.1 72.8 69.7 67.6 67.2 67.8 67.2 61.2 64.6 69.5 72.2 74.1 Net current earnings. 32.3 27.9 27.2 30.3 32.4 32.8 32.2 32.8 38.8 35.4 30.5 27.8 25.9 Net charge-offs, etc. (or recoveries +) +4.4 + .1 +5.8 +4.1 +4.1 +3.7 +4.5 +4.2 +3.5 +4.8 +6.1 .2 Taxes on net income 5.0 5.1 6.9 10.2 6.4 4.2 3.0 1.9 Net profits after taxes 31.7 23.8 28.1 31.9 32.0 32.4 30.8 30.4 32.8 32.5 31.1 30.9 23.8 Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities 1.7 2.1 2.0 1.8 1.7 1.7 1.7 1.6 1.5 1.6 1.8 1.9 2.1 Net losses (or recoveries and profits +) + •1 + .2 + .1 + .1 + .1 + .1 + .1 + .1 + .2 + .2 + .4 Percentage of total loans: Earnings on loans 5.4 6.6 6.9 6.2 5.8 5.4 5.0 4.4 3.1 5.5 5.4 5.4 5.4 Net losses (or recoveries +) + .3 + .2 + .2 + .4 + .3 + .3 + .3. + .3 + .1 + .4 + .3 + .2 .8 Distribution of assets: Percentage of total assets: U. S. Government securities 48.7 23.4 37.0 43.1 46.4 49.8 53.4 54.2 55.5 44.9 51.8 52.2 49.8 Other securities 6.3 4.3 5.4 5.7 6.2 7.0 7.0 5.9 3.9 4.7 7.1 9.1 10.2 Loans 15.6 27.5 20.4 17.8 16.4 14.9 13.5 13.9 15.2 15.6 15.2 16.7 20.9 Cash assets 28.3 43.5 36.0 32.4 30.0 27.2 24.9 24.6 24.1 34.0 24.6 20.6 17.3 Real estate assets 1.0 1.3 1.1 9 9 1 0 1 1 1 2 1 0 7 1 2 1 3 1 6 Other ratios: Total capital accounts to: Total assets 7.5 18.7 11.5 8.9 7.6 7.2 6.8 6.1 5.5 6.8 7.7 8.8 11.4 Total assets less Government securities anc cash assets 37.6 67.3 49.9 42.9 38.2 36.3 36.0* 33.8 29.7 38.7 36.5 37.3 40.1 Total deposits 8.2 26.9 13.2 9.9 8.4 7.8 7.4 6.6 5.9 7.5 8.5 9.8 13.2 Time to total deposits 28.5 9.3 21.2 27.2 28.5 30.6 32.6 27.1 14.9 10.6 38.0 57.3 80.0 Interest on time to time deposits1 1.0 1.3 1.3 1.1 1.0 .9 .8 .8 .7 .9 .9 1.0 1.0 Trust department earnings to total earnings1.. 3.9 2.9 3.5 3.3 2.4 3.4 4.6 6.7 4.8 3.5 2.3 2.6 Number of banks2 6749 19 204 953 1740 1977 858 744 254 3095 2599 1031 24 For footnotes, see p. 701. JOT- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1944 AVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK [Expressed in percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of under to total deposits of 25-50 to total deposits of 50 per 25 per cent per cent cent and over All groups Size group—total deposits (in thousands of dollars) U 5 n 0 d 0 er 5 2, 0 0 0 0 - 0 2 1 , 0 0 ,0 0 0 0 0 - 1 o 0 a v , n 0 e d 0 r 0 Jn 5 d 0 e 0 r 5 2, 0 0 0 0 - 0 1 2 0 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 U 5 n 0 d 0 er 2 5 , 0 0 0 0 - 0 1 2 0 ,0 ,0 0 0 0 0 - 1 o a 0 v n ,0 e d 0 r 0 Summary ratios: Percentage of total capital accounts: Net current earnings 10.4 7.0 11.1 12.7 12.3 5.7 9.1 10.2 11.0 6.5 8.0 8.2 9.0 Profits before income taxes 11.5 7.4 12.1 13.3 13.4 7.0 10.3 11.3 12.4 8.6 9.4 9.7 11.6 Net profits after taxes 9.8 6.3 10.3 11.2 10.2 6.3 9.2 9.9 10.3 8.1 8.6 8.7 10.1 Cash dividends declared.... 2.9 2.7 3.7 3.6 2.9 1.8 2.3 2.5 2.8 1.8 2.1 2.2 2.5 Percentage of total assets: Total earnings 2.1 2.5 2.1 1.9 1.7 2.6 2.3 2.2 2.1 2.6 2.4 2.3 2.3 Net current earnings . • 7 8 8 7 6 7 7 7 7 7 7 7 7 Net profits after taxes .7 7 7 6 5 .7 7 7 .6 .9 .8 7 .7 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on securities 45.2 27.2 36.1 44.0 50.6 44.3 45.0 49.3 50.8 40.4 48.8 52.5 53.3 Earnings on loans 36.9 55.1 44.0 35.0 28.4 41.9 38.7 33.9 29.5 47.1 39.3 34.8 31.0 Service charges on deposit accounts 7.4 7.5 9.0 9.8 6.6 4.8 6.5 7.1 7.0 3.5 4.3 5.1 4.7 Other current earnings 10.5 10.2 10.9 11.2 14.4 9.0 9.8 9.7 12.7 9.0 7.6 7.6 11.0 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.7 39.6 35.0 32.8 30.2 32.0 29.4 28.5 29.0 28.8 26.5 26.1 26.4 Interest on time deposits ... 11.5 3.2 4.4 5.0 5.3 13.5 15.7 15.1 13.9 21.4 22.7 22.2 22.6 Other current expenses 25.5 28.8 25.9 26.0 27.7 29.2 25.3 25.2 25.5 23.6 23.2 23.8 22.9 Total expenses. 67.7 71.6 65.3 63.8 63.2 74.7 70.4 68.8 68.4 73.8 72.4 72.1 71.9 Net current earnings. 32.3 28.4 34.7 36.2 36.8 25.3 29.6 31.2 31.6 26.2 27.6 27.9 28.1 Net charge-offs, etc. (or recoveries +) +4.4 +2.9 +4.2 +2.7 +3.7 +6.4 +4.9 +4.5 +5.0 +11.1 +5.8 +5.6 +8.5 T N a e x t e p s ro o f n it s n e a t f t i e n r c o t m ax e e s . 3 5 1 . . 0 7 2 4 6 .4 9 3 5 3 . . 7 2 3 5 3 . 8 1 3 9 1 . 4 1 2 3 8 . . 2 5 3 3 0 . . 6 9 3 4 1 . . 3 4 3 5 0 . . 8 8 3 2 4 . . 4 9 3 2 0 . . 7 7 3 3 0 . . 0 5 3 4 2 . . 5 1 Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities 1.7 2.0 1.7 1.6 1.5 2.1 1.8 1.7 1.6 2.0 2.0 1.9 1.9 Net losses (or recoveries and profits +).... + .1 +.1 + .1 + .4 + .2 + .1 + .1 + .6 + .3 + .2 + .2 Percentage of total loans: Earnings on loans 5.4 7.3 6.2 5.3 3.7 6.2 5.7 5.3 4.5 6.2 5.7 5.3 4.7 + .3 + .3 + .5 + .3 + .2 + .2 + .3 + .3 + .1 + .1 + .3 Distribution of assets: Percentage of total assets: U. S. Government securities 48.7 30.4 40.7 47.2 53.1 44.5 49.0 53.0 56.4 45.7 49.9 54.2 55.3 Other securities 6.3 3.7 4.1 5.5 4.6 8.6 6.9 7.6 6.0 5.6 9.2 9.1 9.3 Loans 15.6 22.1 17.0 13.9 14.1 18.9 16.4 14.3 14.1 20.6 17.7 15.9 16.2 Cash assets 28.3 43.0 37.4 32.5 27.0 26.2 26.5 23.8 21.8 26.7 21.9 19.4 17.5 Real estate assets 1 0 7 .6 7 9 1.7 1.1 1.2 1.4 1.4 1.2 1.4 1.4 Other ratios: Total capital accounts to: Total assets 7.5 12.1 7.4 6.1 5.5 12.2 8.4 7.3 6.4 11.2 9.2 8.5 7.7 Total assets less Government securities anc cash assets 37.6 55.0 42.3 36.1 31.6 45.3 38.1 35.7 33.5 46.5 36.7 38.0 34.7 Total deposits 8.2 14.7 8.2 6.6 5.9 14.0 9.3 8.0 6.9 12.7 10.3 9.5 8.5 Time to total deposits 28.5 6.4 8.9 12.0 12.7 38.1 38.6 38.2 35.7 58.9 57.7 57.8 57.4 Interest on time to time deposits1 1.0 1.4 1.1 .8 .7 1.0 1.0 .9 .8 1.1 1.0 1.0 1.0 Trust department earnings to total earnings1.. 3.9 3.0 3.5 3.5 5.8 2.9 3.2 2.9 4.7 3.0 2.0 3.2 Number of banks2 6749 138 1261 1137 559 67 963 1183 386 18 469 515 53 For footnotes, see p. 701. JULY 1945 7O3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGB Gold reserves of central banks and governments..., 706 Gold production. . . 707 Gold movements. . 707 Net capital movements to United States since January i, 1935.., 708 Central banks . 709-712. Money rates in foreign countries ... 713 Commercial banks. .. 714 Foreign exchange rates . . 715 Price movements: Wholesale prices 716 Retail food prices and cost of living... 717 Security prices .. 717 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 are reported to the Board directly. Figures on international capital transactions of the United States arc collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 11, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. JULY 1945 705 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U St n a i t t e e s d g t A i e n n r a - - 1 g B iu e m l- Brazil B I r n i d ti i s a h Canada Chile lom Co b - ia Cuba C v z s a e l k o c - i h a o- m D a e r n k - Egypt France m G a e n r- y Greece 1938—Dec... 14,512 431 581 32 274 192 30 24 83 53 55 2,430 29 27 1939—Dec. 17,644 466 609 40 274 30 21 1 56 53 55 2,709 29 28 1940—Dec 21,995 353 734 51 274 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 29 328 1942—Dec 22,726 ^58 735 115 274 6 36 25 16 61 44 52 2,000 29 1943—Dec 21,938 J939 734 254 274 5 51 59 46 61 44 52 2,000 29 1944—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 20,619 329 274 6 56 92 111 61 44 52 " "i,'777" 29 ' 1945—Jan 20,550 "'732' 330 274 7 57 94 121 61 44 52 1,777 Feb 20,506 409 732 340 274 6 57 95 126 61 52 1,777 Mar 20,419 409 715 341 274 5 57 97 52 1,777 Apr 20,374 409 715 341 6 57 99 1,777 May 20,270 4 100 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- Ru n m ia a- A S f o r u ic th a Spain 1938—Dec 37 26 193 164 80 29 998 23 94 20 69 133 220 4525 1939—Dec 24 26 144 164 90 32 692 23 94 20 3 84 69 152 249 1940—Dec 24 26 120 164 140 47 617 23 3 84 20 59 158 367 1941—Dec 24 26 5164 235 47 575 23 21 59 182 366 ""42" 1942—Dec 24 34 3216 39 506 23 25 59 241 634 42 1943—Dec 24 92 203 500 23 31 60 316 706 91 1944—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 P115 220 500 23 32 60 785 104 Oct 24 221 500 23 32 60 796 104 Nov 24 p127 222 500 23 32 60 811 104 Dec PI 28 111 23 32 60 814 105 1945—Jan 222 23 30 60 829 106 Feb 221 23 30 60 834 106 Mar 220 23 30 848 Apr 219 30 851 May 219 30 Government gold reserves1 not included in previous figures End of month S d w e e n - Sw la i n tz d er- T k u e r y - U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. c O t o r t i u h e n s e - 6 r End of month United U K n in it g e - d France Bel- States dom gium 1938—Dec 321 701 29 2,690 69 52 57 14 166 1938—Dec ... 80 2759 331 44 1939—Dec 308 549 29 71 68 52 59 7 178 1939—Mar. ... 154 1,732 559 1940—Dec 160 502 88 1 90 29 82 12 170 May 477 1941—Dec 223 665 92 1 100 41 383 12 166 June... 85 17 1942—Dec 335 824 114 1 89 68 21 185 Sept.... 164 3876 1943—Dec 387 964 161 1 121 89 45 229 Dec... 156 17 1940—June... 86 17 1944—June 432 1,023 210 1 139 110 39 242 Dec ... 48 "292' 17 July 435 1,030 221 1 142 110 39 243 1941—June... 89 17 Aug 449 1,029 221 1 148 110 39 244 Dec 25 •••4151' 17 Sept 454 1,033 221 1 149 110 39 244 1942—June... 8 17 Oct 456 1,029 221 1 149 110 39 244 Dec 12 17 Nov 462 1,040 221 1 151 125 36 244 1943—June.... 11 17 ' Dec 463 1,052 221 1 157 130 37 245 Dec 43 17 1945—Jan.... 477 pl,058 221 1 159 130 37 245 1944—Mar.. .. 14 •••• — • Feb 475 pl,061 221 1 164 147 246 Tune. . . 21 Mar 474 pl,072 225 1 166 147 246 "Sept.. .. 25 Apr 472 pl,103 1 168 161 246 Dec.. . . 12 May 470 ^1,105 1 161 246 p Preliminary. rRevised. l Reported at infrequent intervals or on de- 1 Figures through March 1940 and for December 1942, December 1943, and December 1944 include, layed basis: U. S.—Exchange Stabilization Fund in addition to gold of the Central Bank held at home, gold of the Central Bank held abroad and gold (Special A/c No. 1); U. K.—Exchange Equalibelonging 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, andThailand (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. 7O6 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 I I N g i u ca a r ' a- Au li s a t 8 r a- I I B In ri d ti i s a h * $1 = i52\ grainsof gold fa fine; i.e.,an ounce of fine gold = $35 1934 823,003 708,453 366,795 24,264 12,153 6,549 108,191 104,023 23.135 12,045 8,350 1,166 30,559 11,223 1935 882,533 752,847 377,090 25,477 13,625 7,159 126,325 114,971 23.858 11,515 9,251 868 31,240 11,468 1936 971,514 S33,895 396,768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40,118 11,663 1937 1,041,576 893,384 410,710 28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544 848 46,982 11,607 1938 1,136.360 958,770 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939 1,208,705 1,020 297 448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940 1,297,349 1,094 264 491,628 29,155 32,163 38,862 210,109 185,890 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 6,08! 7,715 28,560 8,820 1944 663 247 429,787 20,746 18,445 35,065 101,980 19,374 7,131 7,865 16,310 6,545 1944—May 57227 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 55879 36,430 1,763 1,400 2,959 8,247 1,901 911 590 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 L.26O 560 Dec 53 387 34,836 1,733 1,610 2,769 8,012 1,162 506 765 1,470 525 1945—Jan 55 199 36,216 1,674 1,610 2,463 8,166 1,882 486 672 L,470 560 Feb. .. 50 782 33,698 /1>61° 1,575 2,342 7,432 1,379 372 590 1,260 525 Mar ^54,457 36,458 1,610 2,446 8,004 1,382 •$372 615 1,365 595 Apr. p53, 381 35,937 'l,'61O '1,610 2,328 7,831 A, 382 '372 560 1,225 525 I Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes, irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. p Preliminary. ' Figure carried forward. 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal Statistics. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944 they represent Gold Coast only. 3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year. 4 Includes Philippine Islands production received in United States. Annual figures through 1943 are estimates of the United States Mint. Annual figure for 1944 and monthly figures represent estimates of American Bureau of Metal Statistics. 5 Figures for Canada beginning 1944 are subject to official revision. 6 Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three months of year. 7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 1943 they represent total Australia; beginning January 1944, Western Australia only. 9 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these ana other countries in the period 1910-1941, see Banking and Monetary Statistics* pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to:1 Y m e o ar n th or i T m o n p t e o a t r l ts U K d n o i i n m t g e - d France g B iu e m l- N l e a t n h d e s r- S d w en e- S er w la i n tz d - Canada Mexico p c A O a L u n m b a t h l t e R i i e c r n r e i s - - 2 I P s p h la i i n l n i e d p- s t A ra u l s i - a A S f o r u ic t a h Japan B I r n i d ti i s a h o c tr o t A i h u e l e n l s r 2 - 19343 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 28,153 12,038 1,029 12 4 76,820 21,095 1935 1,739,019 315,727 934,243 3 227,185 968 95,171 13,667 29,359 15,335 3,498 65 75,268 28,529 1936 1,116,584 174,093 573,671 3,351 71,006 2 7,511 72,648 39,966 30,790 21,513 23,280 8 77,892 20,856 1937 1,585,503 891,531 -13,710 90,859 6,461 6 54,452 111,480 38,482 39,485 25,427 34,713 181 246,464 50,762 8,910 1938 1,973,5691,208,728 81,135 15,488 163,049 60,146 1,363 76,315 36,472 65,231 27,880 39,162 401 168,740 16,159 13,301 1939 3,574,151 1,826,403 3,798 165,122 341,618 28,715 86,987 612,949 33,610 57,020 35,636 74,250 22,862 165,605 50,956 468,623 1940 4,744,472 633,083 241,778 977 63,260161,489 90,3202,622,330 29,880 128,259 38,627 103,777 184,756 111,739 49,989 6284,208 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 61,862 42,678 67,492 292,893 9,444 9,665 663,071 1942 315,678 208,917 40,016 39,680 1943 68,938 66,920 13,489 1944 Feb -125,09 23,461-67,200 Mar -101,67 5,328-44,711 -5',938 Apr -138,98 378 382-10,810 May -61,200 410 311-14,803 June 367 190-13,271 July 235-14,179 Aug. 3,655 84-12,767 Sept.. 295 93 -5,299 Oct 10,649 321 1,051 Nov.. 362 84 -4,569 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. JULY 1945 707 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars] Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U. S. securities: securities: Inflow in From Jan. 2, 1935, through— Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official1 Other abroad funds funds 1935—Mar. (Apr. 3). . 259.5 57.7 -2.0 59.7 155.0 31.8 -6.2 21.1 June (July 3) 616.0 213.8 6.1 207.7 312.8 43.7 15.8 29.8 Sept. (Oct. 2) 899.4 350.7 -4.5 355.2 388.6 40.1 90.3 29.8 Dec. (Jan. 1, 1936) 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936—Mar. (Apr. 1) 1,511.1 578.4 44.4 534.0 390.3 114.4 427.6 .4 June (July 1) 1,949.2 779.0 35.9 743.1 449.0 180.5 524.1 16.5 Sept. 30 2,283.3 898.5 37.4 861.1 456.2 272.2 633.3 23.2 Dec. 30 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Mar. 31 2,931.4 1,121.6 62.8 1,058.8 411.0 319.1 1,075.7 4.1 June 30 3,561.9 1,612.4 215.3 1,397.1 466.4 395.2 1,069.5 18.3 Sept. 29 3,911.9 1,743.6 364.6 1,379.0 518.1 493.3 1,125.1 31.9 Dec. 29 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,207.2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939) 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 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 ,112.3 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,727.6 3,159.0 ,200.8 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,526.5 3,148.8 ,307.7 1,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,575.4 3,193.3 ,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 ,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 30« 5,495.3 3,075.9 1,211.7 1,864.2 842.3 838.8 632.0 106.2 5,654.9 3,212.6 1,339.1 1,873.5 858.2 830.5 646.1 107.5 Sept. 30 5,835.0 3,320.3 ,412.0 1,908.3 888.8 848.2 673.3 104.4 Dec. 31 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 I 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 ,025.9 909.0 126.1 Feb. 28 7,755.4 4,887.3 2,587.3 2,300.0 859.8 1,033.4 845.0 129.9 Mar. 31 7,739.1 H,909.9 2,555.6 32,354.3 3848.5 1,029.6 820.6 3130.5 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 Mar. 31, in millions of dollars: total foreign banking funds in United States, 5,575.7, including official funds 3,193.2, and other funds, 2,382.5; United States banking funds abroad, 286.9; and brokerage balances (net due "foreigners"), 53.6. NOTE.—Statistics reported by banks, bankers, brokers, and dealers, r " * ' " " " " ~ lished in earlier BULLETINS for all types of capital movement in the abov and claims on "foreigners" as reported by banks and brokers. For bad for full description of statistics see pp. 558-560 in the same publication. 708 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 (Fi p g o u u re n s d s in s m te i r l l l i i n o g n ) s of Gold* Other Cash reserves co D u i n s- ts Securi- ci t r i c o u n l 8 a- Deposits O lia th b e il r iand ad- ties ties Coin Notes vances Bankers' Public Other 1929—Dec. 25. 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 35.8 17.9 1930—Dec. 31. 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30. 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25. 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec 30. 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29. 326.4 220.0 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27. 4.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25. .2 5630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31. .2 5780.0 .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—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 61,250.0 1.9 11.6 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Jan. 31 .2 1,250.0 1.5 30.6 6.6 263.6 1,219.6 215.1 11.6 57.8 17.9 Feb. 28. .2 1,250.0 1.7 33.1 8.5 261.1 1,217.1 207.8 18.1 60.5 18.0 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 May 30. .2 4,300.0 1.2 30.6 9.6 254.3 1,269.6 212.4 14.8 50.7 17.8 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Figures in millions of an S d t e U rl n in it g ed securities Other Note Other Canadian dollars) Gold States assets circulation7 liabilities' dollars S t h er o m rt f - i Other Ch b a a r n te k r s ed D g o m o m v e e i n n r t n io - n Other 1935—Dec. 31.. 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 .8 7.7 1936—Dec. 31.. 179.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec. 31.. 179.8 14.9 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1938—Dec. 31.. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30.. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3- 1940—Dec. 31.. 9 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.S 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—June 30.. .2 803.5 576.1 39.9 920.5 414.7 8.2 22.0 54.3 July 31.. 25.9 801.6 602.6 24.4 942.4 414.9 43.0 22.3 31.9 Aug. 31.. 48.7 849.4 593.8 26.9 960.4 432.5 53.9 34.3 37.9 Sept. 30. 45.9 833.1 625.5 22.1 982.8 454.8 21.9 33.3 33.8 Oct. 31. 62.8 875.7 622.9 58.6 1,012.5 454.3 76.9 32.4 43.8 Nov. 30.. 172.3 868.6 618.9 29.3 1,007.8 437.2 10.8 20.4 212.9 Dec. 30. 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Jan. 31.. 172.3 914.5 590.2 28.0 1,020.6 413.1 23.2 36.0 212.1 Feb. 28.. 170.4 891.6 595.5 29.0 1,028.6 397.6 27.9 37.2 195.1 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 May 31. 177.9 1,068.3 533.5 42.0 1,055.8 464.8 33.6 32.4 235.1 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalizatioln AAcvc^owuunmt;. ,o vn,« M iuaar.i .1 ±, ,1 i9?3o9?,, aabwoumt, 5.5 million r p ounds (at current ^pr i-c-e_), transferred from Exchan o g e Account to Bank;, on .J,u„l.y, 1122., 11993399., 2200 mmiillllioionnJrJp>oouunnddss ttrraansferred from Exchange Account to Bank; on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account. 6 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, Mar. 7, Aug. 2, and Dec. 6, 1944, and on May 8, 1945. 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. JULY 1945 709 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills A G d o v v a e n rn c m es e n to t Deposits (Figu o re f s f i r n a n m c i s l ) lions Gold1 Fo e r x e - ign a O s t s h e e t r s ci N rc o u te la- l O ia t b he il r ichange m O a p r e k n et2 Special2 Other c F u c o p o r a s o t 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 5,612 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26.. 53,578 26,179 5,304 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30. 68,863 21,111 7,157 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30. 83,017 4,484 6,802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29. 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28. 82,124 963 5,837 3,971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27. 66,296 1,328 5,800 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30. 60,359 1,460 5,640 1,379 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30. 58,933 911 5,580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29. 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28. 597,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26.. 584,616 42 43,194 661 3,646 72,317 63,900 23,179 218,383 984 41,400 27,202 3,586 1941—Dec. 31. 84,598 38 42,115 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—Dec. 31. 84,598 37 43,661 169 5,368 210,965 68,250 21,749 382,774 770 16,857 29,935 4,461 1943—Dec. 30. 84,598 37 44,699 29 7,543 326,973 64,400 21,420 500,386 578 10,724 33,137 4,872 1944—Feb. 24. 84,598 37 45,018 3 8,469 351,000 60,500 20,598 514,323 749 13,905 35,359 5,887 Mar. 30. 84,598 37 44,359 19 8,349 351,000 69,800 21,570 530,174 786 9,063 35,100 4,608 Apr. 27. 84,598 37 44,706 12 7,718 367,300 66,800 21,437 539,058 793 8,811 38,017 5,928 May 25.. 84,598 37 44,232 6,611 383,600 67,600 21,143 551,969 795 9,652 37,876 7,528 June 29. 84,598 37 46,241 6,045 409,200 71,500 21,160 576,909 750 12,309 43,343 5,472 July 13. 84,598 37 45,851 4,856 409,200 70,850 23,799 584,820 729 1,853 46,899 4,890 Dec. 286 75,151 42 47,288 18,592 426,000 15,850 735,221 572,510 748 37,855 7,078 1945—Jan. 25.. 75,151 42 47,842 26,360 426,000 745,435 562,416 3,196 50,382 4,852 Feb.22 . 75,151 42 47,894 23,473 426,000 7,700 737,903 568,900 778 43,697 4,797 Mar. 29. 75,151 44 48,483 16,601 426,000 17,550 742,093 580,123 775 39,951 5,075 Apr. 26. 75,151 44 48,257 14,967 426,000 20,900 743,634 580,944 756 42,302 4,950 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 an ri s ty E a c s li o g n v i o e b r t l e e Other O as t s h e e t r s cir t c io u n la- Deposits lia ti b e i s 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 ,091 1939—Dec. 30. 78 71 11,392 30 804 393 2,498 11,798 2,018 ,378 1940—Dec. 31. 78 71 15,419 38 32 357 2,066 14,033 2,561 ,396 1941—Dec. 31. 77 71 21,656 32 107 283 2,311 19,325 3,649 ,493 1942—Dec. 31. 76 71 29,283 25 87 210 1,664 24,375 5,292 ,680 1943— Dec. 31 . 77 71 41,342 27 1 65 2,337 33,683 8,186 1944—Feb. 29 . 77 39,269 26 1 66 2,360 33,508 6,636 ,654 Mar. 31.. 77 40,379 46 1 33 2,281 33,792 7,237 ,788 Apr. 29.. 77 40,909 38 1 31 2,525 34,569 7,179 1,833 May 31 . 77 42,159 28 1 23 2,096 35,229 7,240 1,915 June 30.. 77 42,150 26 1 27 2,397 35,920 6,754 2,004 July 31.. 77 43,222 38 1 21 2,396 36,888 6,813 2,054 Aug. 31 77 45,829 42 1 20 2,275 38,579 7,480 2,185 Sept. 30.. 77 50,821 47 67 25 2,510 42,301 9,088 2,160 Oct. 31. 77 53,954 46 70 24 2,351 44,704 9,603 2,216 Nov. 30.. 77 56,939 62 69 21 2,795 46,870 10,829 2,264 Dec. 31 . 77 63,497 112 1 45 2,351 50,102 13,535 2,445 1945—Jan. 3lp.. 64,625 60 2,082 51,207 13,566 2,351 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 from'Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund. jj First official statement published since liberation. of Belgium on Dec. 22. pp. 641-643 and pp. 645-647, respectively; for description of statistics see pp. 562-565 in same publication. 710 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1944 Central Bank 1945 1944 (Figures as of last report date of month) May Apr. Mar. May date of month) May Apr. Mar*. May Central Bank of the Argentine Re- National Bank of Denmark (millions Dec. public (millions of pesos): of kroner): 1944)4 Gold reported separately 1,242 1,242 1,173 Gold 97 97 Other gold and foreign exchange... 2,722 2,638 2,229 Foreign exchange 22 22 Government securities 882 888 889 Clearing accounts (net) 2,762 2,338 Rediscounted paper Loans and discounts 55 27 Other assets 142 137 162 Securities 95 76 Note circulation 2,455 2,391 2,032 Govt. compensation account6... , 85 85 Deposits—Member bank 1,652 1,361 1,253 Other assets 4,389 3,268 Government 445 638 642 Note circulation 1,658 1,486 Other 120 201 122 Deposits—Government 2,327 1,553 Certificates of participation in Other 3,009 2,453 Government securities 139 139 235 Other liabilities 512 421 Other liabilities 177 176 168 Central Bank of Ecuador (thousands Commonwealth Bank of Australia of sucres): (Feb.)* (thousands of pounds): Gold.. 288,648 249,675 Issue department: Foreign exchange (net) 148,701 72,678 Gold and English sterling. . .. 50,856 50,856 48,043 Loans and discounts 94,635 84,770 Securities 143,912 149,380 144,867 Other assets 99,196 111,276 Banking department: Note circulation 305,782 227,445 Coin, bullion, and cash 19,511 19,662 10,285 Demand deposits. 298,978 235,788 London balances 136,023 144,214 103,220 Other liabilities 26,420 55,166 Loans and discounts 22,208 23,951 23,745 National Bank of Egypt7 (thou- Securities 268,944 273,179 235,559 sands of pounds): Deposits 198,465 218,671 179,823 Gold 6,241 6,241 Note circulation 186,244 191,744 184,512 Foreign exchange 17,185 14,489 National Bank of Belgium (million J Loans and discounts 4,140 2,199 of belgas) :1 British, Egyptian, and other Gov- Gold* 6,265 6,265 ernment securities 277,571 234,105 Foreign exchange 554 56: Other assets 26,926 12,886 Loans to Government 7,920 7,446 Note circulation 120,423 98,088 Other loans and discounts 106 134 Deposits—Government 72,933 62,745 Claim against Bank of Issue 12,918 12,918 Other 125,370 95,975 Other assets 410 399 Other liabilities.. 13,33 13,113 Note circulation 10,569 10,255 Central Reserve Bank of El Salva- Demand deposits 1,065 827 dor (thousands of colones): Blocked Treasury account2 2,099 2,099 Gold 33,165 33,18 32,711 Notes and blocked accounts3 14,235 14,347 Foreign exchange . 38,880 37,69 36,698 Other liabilities 205 203 Loans and discounts 896 53 713 National Bank of Bohemia and (Nov. Government debt and securities.. 5,05 4,93 6,341 Moravia (millions of koruny): 1944)4 Other assets 1,53 1,48 1,269 Gold 1,51 1,515 Note circulation 46,98 48,40 43,314 Foreign exchange 80C 775 Deposits 25,62 22,61 28,240 Discounts 3,793 2,767 Other liabilities 6,92 6,81 6,178 Loans Bank of Finland5 Other assets 55,02 '38,'348 Bank of Greece5 Note circulation 32,70^ 25,740 National Bank of Hungary (million (Nov. Demand deposits 13,94 8,512 of pengo): 1944)4 Other liabilities 14,49: 9,153 10 100 Central Bank of Bolivia (millions Foreign exchange reserve 5 of bolivianos): Discounts 11,97 4,556 G Fo o r l e d i g a n t h e o x m ch e a n a g n e d abroad 6 5 4 2 . , 3 6 8 4 . : 5 3 7 6 9 3 Loans— T T o o f T o r r e e a ig s n u ry c ountr # ies 1,0 5 7 1 9 54 2 4 6 - Loans and discounts 35' 33< 295 Other .. 2 Securities—Government 63 63 630 Other assets ' 1,08 1,367 Other 4 4 41 Note circulation 10,67 5,134 Other assets 9: 8 82 Demand deposits 2,71 989 Note circulation 1,28! 1,274 1,160 Consolidated foreign credits of Deposits 87. 734 744 1931 1 12 Other liabilities 12. 115 86 Other liabilities 1,35 1,365 National Bank of Bulgaria5 Reserve Bank of India (millions of Central Bank of Chile (millions rupees): of pesos): Issue department: Gold 27; 273 Gold at home and abroad 44 444 444 Discounts for member banks 29; 39 Sterling securities 9,98 9,78 8,048 Loans to Government 71( 719 Indian Govt. securities 57 57 583 Other loans and discounts. 96: 1,073 Rupee coin 17 14 137 Other assets 1,26: 1,112 Note circulation 11,07 10,84 9,103 Note circulation 2,58; 2,373 Banking department: Deposits—Bank 421 406 Notes of issue department 11 c 110 Other 171 143 Balances abroad 3,96 3,85 1,888 Other liabilities 33C 294 Treasury bills discounted 6 12 Bank of the Republic of Colombi: Loans to Government 1 (thousands of pesos): Other assets 26 153 Gold 175,359 172,47 169,34: 144,058 Deposits 4 1( 3,92 1,906 Foreign exchange 96,042 99,35! 102,5" 107,""• Other liabilities '30 29 259 Loans and discounts 19,903 19,53' 40,18 2,396 Central Bank of Ireland (thousands Government loans and securities.. 70,544 70,57! 66,67( 56,665 of pounds): Other assets 30,776 31, 30,62( 30,783 Gold 2,64 2 6L 2 6l 2,646 Note circulation 172,136 169,91i 172,40/ 129,010 Sterling funds 29,99 30?, 26 30^22 25,527 O D t e h p e o r s i l t i s abilities 1 6 5 5 5 , , 0 3 8 9 9 9 1 7 4 5 8 , , 1 0 0 5 : 1 8 4 7 9 , , 1 8 5 4 C ( 1 6 4 6 5 , , 9 8 4 3 6 0 Ban N k o o t f e J c a ir p c a u n la 5 tion 32,63 32,91 32,86 28,173 Bank of Java5 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. s 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. JULY 1945 711 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) May Apr. Mar. May date of month) May April Mar. May Bank of Mexico (millions of pesos): Bank of Spain—Continued (Feb.)* Metallic reserve1 671 659 642 514 Note circulation 17,298 16,037 "Authorized" holdings of securi- Deposits—Government 1,698 2,450 ties, etc 1,707 1,647 1,608 1,370 Other 3,407 3,634 Sills and discounts 404 406 405 256 Other liabilities 488 494 Other assets 64 87 69 71 Bank of Sweden (millions of kronor): Note circulation 1,408 1,390 1,395 1 192 Gold 1035 1,040 1,046 949 Demand liabilities . . 1,274 1,245 1,174 865 Foreign assets (net) 601 604 575 564 Other liabilities 163 164 155 155 Swedish Govt. securities and ad- Netherlands Bank (millions of (Oct. vances to National Debt Office6. 1 133 1,140 1,189 1,087 guilders): 1944)2 Other domestic bills and advances. 35 27 24 74 Gold 932 932 Other assets 1031 1,048 1,050 955 Silver (including subsidiary coin).. Note circulation 2 368 2,388 2,402 2,157 Foreign bills 4,404 4 iii Demand deposits—Government.... 761 613 576 532 Discounts 3 Other 77 195 236 307 Loans 136 134 Other liabilities 629 663 669 632 Other assets 96 86 Swiss National Bank (millions of Note circulation 4,879 4 186 francs): Deposits—Government 149 104 Gold 4 783 4,771 4,639 4,372 Other 320 788 Foreign exchange 103 102 112 93 Other liabilities 223 186 Loans and discounts 348 339 351 68 Reserve Bank of New Zealand (thou- Other assets 7) 83 81 151 sands of pounds): Note circulation 3 532 3,558 3,564 2,945 Gold 2,802 2,802 2,802 Other sight liabilities 1494 1,447 1,333 1,449 Sterling exchange reserve 51,436 47,535 30 687 Other liabilities 7) 291 286 291 Advances to State or State under- Central Bank of the Republic of takings 30,004 29,598 43 132 Turkey (thousands of pounds): Investments 14,325 13,257 11 734 Gold 281,200 238,620 Other assets 1315 1,750 2397 Foreign exchange and foreign Note circulation 40 299 40^154 37 031 clearings 93,976 105,169 Demand deposits .. 55 612 49,993 50433 Loans and discounts 807,981 754,948 Other liabilities 3 970 4,795 3 287 Securities 175,667 194,914 Bank of Norway3 Other assets 25,792 19,594 Bank of Paraguay—Monetary Dept. Note circulation 974,032 900,617 (thousands of guaranies):4 Deposits—Gold 85,586 85,139 Gold 3,324 3 326 3,329 Other 146,015 144,123 Foreign exchange 22,319 22 299 22,194 Other liabilities 178,982 183,365 Loans and discounts 8,638 5 110 3,787 Bank, of the Republic of Uruguay Government loans and securities... 10634 10658 10,673 (thousands of pesos): Other assets 312 1306 1,256 Issue department: Note circulation • 28 607 28023 26,895 Gold and silver 122,751 118,693 Demand deposits 14865 12944 12,744 Note circulation 158,091 133,625 Other liabilities 1755 1 732 1,600 Banking department: Central Reserve Bank of Peru (thou- Gold and silver 146,827 95,858 san G d o s l d o f a n so d l e fo s r ) e : i#gn exchange 127,667 173358 A N d o v te a s n c a e n s d t o co S in tate and to gov- 23,911 r44,011 Discounts 21,579 1 103 ernment bodies 12,307 13,814 Government loans 498,284 398 961 Other loans and discounts 92,364 99,770 Other assets 22*888 22461 Other assets 307]196 Note circulation 422,617 372 126 Deposits 266,154 217,375 Deposits 218*566 198 812 Other liabilities 316,'452 282^450 Other liabilities 29', 233 24945 Central Bank of Venezuela (thou- Bank of Portugal (millions of es- (June sands of bolivares): cudos): 1944)2 Golds 392 758 392,758349,741 338,108 Golds 1,412 1411 Foreign exchange (net) 99 264 85, 213 94,573 32,733 Other reserves (net) 4,871 4 752 Credits to national banks 20 310 20,310 20,310 26,370 Nonreserve exchange 9,010 8 881 Other assets 21 160 21,038 20,072 29,444 Loans and discounts 236 240 Note circulation—Central Bank.... 320 577 316,042309,522 266,971 Government debt 1,023 1023 National banks.. 14970 15'459 15^619 23^318 Other assets 910 925 Deposits 189 281 180 838 136,603 128,469 Note circulation 6,946 6 885 Other liabilities 8 665 6 980 22^952 Other sight liabilities 9,577 9428 National Bank of the Kingdom of Other liabilities 940 919 Yugoslavia3 National Bank of Rumania3 Bank for International Settlements South African Reserve Bank (thou- (thousands of Swiss gold francs):9 (Jan.)2 sands of pounds): Gold in bars 114,039 118,873 Gold 103 228 102,956 89 891 Cash on hand and on current ac- Foreign bills 29 921 32^349 21 598 count with ViFinlc^ 44,913 18 180 Other bills and loans 3 642 3^012 2on Sig Lu h u t ii L f v u v n 11.1 d .1 s u a, a ixr t k. j interest . , . . 12,818 6,945 Other assets.. 92 431 94,465 85 140 Rediscountable bills and accept- Note circulation 59 865 60,255 51027 ances (at cost) 77 361 104 870 Deposits 164 854 166^436 142 760 Time funds at interest 8^856 21,'075 Other liabilities 4 504 6,091 4 854 Sundry bills and investments 199,331 197,306 Bank of Spain (millions of pesetas): (Feb.)2 Other assets 98 366 Gold 1,166 102 Demand deposits (gold) 19 56C 28 579 Silver .•;•••• '609 621 Short-term deposits (various cur- Government loans and securities .. 15,983 15,966 rencies): Other loans and discounts 3,387 2,768 Central banks for own account 6,599 7,600 Other assets 1,747 2,158 Other 2,128 2,798 Long-term deposits: Special accounts 229,001 229,001 Other liabilities 200,128 199,636 ' Revised. 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. 7 iz FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum ] Central bank of— Date effective U K d n i o n i m t g e - d France m G a e n r- y g B iu e m l- N la e e n r t d - h s - S d w en e- S l w a e n r i - d tz- b C an e k n tr of a — l J R u 3 a n 0 t e e ef D fe a ct t i e ve ba C n e k n t o r f a — l J R u 3 a n 0 t e e ef D fe a c t ti e ve In effect Dec. 31, 1936 2 2 4 2 2 iK Albania Mar. 21, 1940 Italy •: 4 Sept. 11, 1944 Jan. 28, 1937 4 Argentina Mar. 1, 1936 Japan 3.29 Apr. 7, 1936 June 15 6 Belgium Jan 16, 1945 Java 3 Jan. 14, 1937 July 7 5 Bohemia and Latvia 5 Feb. 17, 1940 Aug. 4 4 Moravia Oct. 1, 1940 Lithuania. .. 6 July 15, 1939 Sept. 3 Nov. 13 3 May 10, 1938 ••-••• May 13 Bolivia 6 Nov. 8, 1940 Mexico June 4, 1942 May 30 "3 British India.. 3 Nov. 28, 1935 Netherlands. June 27 1941 Sept. 28 "3 "" Bulgaria 5 Dec. 1, 1940 New Zealand 1*J July 26, 1941 Oct. 27 Canada Feb. 8, 1944 Norway May 13, 1940 Nov. 25 Chile 3-434 Dec. 16, 1936 Peru 5 Aug. 1, 1940 J A a p n r . . 1 4 7 ,1939 •4' •" Colombia 4 July 18, 1933 Portugal.... 2Y2 Jan. 12, 1944 May 11 3 July 6 Aug. 24 •4" " Denmark 4 Oct. 16, 1940 Rumania.... 4 May 8, 1944 O S A e c u p t g . t . . 2 2 2 6 8 9 "3 2 " 3 E E E l c s t u S o a n a d i l o a v r ador... 3 7 M O M c a a t y r . . 2 3 6 1 0 , , , 1 1 1 9 9 9 3 3 3 8 5 9 S S Sw o p u a e i t d n h e n Africa 4 2 3 H J F D u e e n b c e . . 2 1 9 , , , 1 1 1 9 9 9 4 4 3 1 5 8 Dec. 15 "3" Finland 4 2 Dec. 3, 1934 Switzerland. Nov. 26, 1936 Jan. 25, 1940 "2"" Apr. 9 May 17 Mar. 17, 1941 "ik" France Jan. 20, 1945 Turkey 4 July 1, 1938 May 29 "3 Germany Apr. 9, 1940 United King- June 27 Greece Dec. 1, 1944 dom 2 Oct. 26, 1939 Jan. 16, 1945 "iK" Hungary 3 Oct. 22, 1940 U.S. S. R... 4 July 1, 1936 Tan. 20 Ireland Nov. 23, 1943 Yugoslavia. . 5 Feb. 1, 1935 Feb. 9 ' 2K" In effect June 30, 1945 2 lYi NOTE.—Changes since May 31: none. OPEN-MARKET RATES [ Per cent per annum ] United Kingdom Gemlany Netherlands Sweden Switzerland Month ac B c a ep n t k a e n r c s e ' s Tre b a il s l u s ry Day-to-day a B llo an w k a e n r c s e ' d P i r s i c v o a u t n e t Day-to-day d P i r s i c v o a u t n e t M f o o n r ey u L p o a to n s 3 d P is ri c v o a u t n e t 3 months 3 months money on deposits rate money rate 1 month months rate 1929—Apr 5.21 5.18 4.43 3^ 6.63 6.85 5.36 5.81 4H-6K 3.45 1930—Apr 2.48 2.49 2.28 IK 4.46 4.40 2.52 3.08 SY2-5Y2 2.61 1931—Apr 2.58 2.57 2.17 l 4.65 5.67 1.50 1.61 3-5 1.06 1932—Apr 2.19 2.07 1.91 1J4-1 5.12 6.17 1.02 .94 5-7 1.50 1933—Apr .59 .50 .61 K 3.88 5.05 .66 1.00 334-5^2 1.50 1934—Apr .96 .89 .88 Yi 3.88 4.76 2.07 1.85 2^-5 1.50 1935—Apr .59 .51 .75 K 3.38 3.64 3.65 3.26 lYr^K 1.80 1936—Apr .55 .52 .75 Yi 3.00 2.83 1.07 1.27 2^-5 2.25 1937—Apr .55 .53 .75 Vi 2.90 2.55 .19 1.00 2^-5 1.00 1938—Apr .53 .51 .75 Vi 2.88 3.04 .13 .50 2^-5 1.00 1939—Apr 1.40 1.36 .76 Yi 2.88 2.36 1.11 1.24 2^-5 1.00 1940—Apr 1.03 1.03 1.00 2.38 1.90 1.68 2.75 3-5 1.25 1941—Apr 1.03 1.01 1.00 Yi 2.25 1.67 2.06 2.75 SK-SK 1.25 1942—Apr 1.03 1.01 1.00 Yi 2.13 1.96 1.25 1943—Apr L.03 1.01 1.03 Yi 2.13 1.81 3-5 Yl 1.25 1944—Apr L.03 1.01 1.13 K 2.13 1.91 1,25 1944—May .03 1.00 1.13 y. 2.13 1.90 1.25 June .03 1.00 1.13 Yi 2.13 1.92 1.25 July .03 1.00 1.13 B 2.13 3 .90 1.25 Aug L.03 1.00 1.13 2.13 1.89 1.25 Sept 1.03 1.01 1.13 K 2.13 1.93 1.25 Oct l"03 1.00 1.10 K 2.13 1.25 Nov 1.03 1.00 1.00 K 2.13 1.25 Dec 1.03 1.00 1.02 Yi 2.13 1.25 1945—-Jan. 1.03 1.01 1.00 K 2.13 1.25 Feb 1.03 1.00 1.00 K 2.13 1.25 Mar 1.03 1.00 1.00 K 1.25 Apr... 1.03 1.01 1.00 Yi • 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. JULY 1945 713 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 F L i o g p n u o d r u e o n s n d i s c n l s e m t a e i r l r i l l n i i g o n n g b s ) a o n f ks. re C se a r s v h es M c n a o s l o n h l t e o i a y c r n e t d at B co il u ls n d te i d s- T r d e r e c e p e a o i s p s u t i r t s y 2 Securities c L u o s a to n m s e to rs a O s t s h e e t r s Total D D e e p m o a s n it d s Time lia O b t i h li e ti r es 1938—December. 243 160 250 635 971 263 2,254 1,256 997 269 1939—December. 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—December. 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December. 390 142 198 896 1,120 794 325 3,629 2,429 1,200 236 1943—December. 422 151 133 1,307 1,154 761 349 4,032 2,712 1,319 245 1944—May 418 173 174 1,310 1,161 765 292 4,051 2,704 1,347 242 June 427 185 202 1,246 1,169 784 327 4,100 2,730 1,370 240 July 426 188 213 1,310 1,175 765 289 4,121 2,744 1,377 244 August — 439 205 211 1,337 1,180 750 283 4,161 2,775 1,386 243 September 443 191 209 1,444 1,183 744 282 4,251 2,827 1,424 244 October... 453 191 170 1,567 1,172 744 291 4,342 2,876 1,467 245 November 460 205 198 1,548 1,192 748 292 4,398 2,922 1,475 245 December. 500 199 147 1,667 1,165 772 347 4,545 3,045 1,500 250 1945—January... 460 198 159 1,663 1,165 765 301 4,462 2,968 1,495 248 February.. 455 188 140 1,639 1,160 769 305 4,405 2,904 1,501 250 March 464 180 149 1,681 1,153 780 299 4,459 2,944 1,516 246 April 472 180 109 1,821 1,140 749 300 4,525 2,994 1,530 245 Assets Liabilities Canada Entirely in Canada Security Deposits payable in Canada (10 m c o o h f n a t C r h t a e f n r i e g a d u d r i e b a s n a n i d n k o s m . l l m a il r l E s io ) n n d s of Cash Security O lo t a h n e s r d a a u n b e d r o f n r a o e d m t Securities O as t s h e e t r s ci N r ti c o o u t n e la- excluding interbank deposits li O ab th il e it r ies reserves loans and dis- foreign Total Demand Time counts banks 1938—December. 263 65 940 166 1,463 535 2,500 840 660 843 1939—December. 292 53 1,088 132 1,646 612 85 2,774 1,033 741 963 1940—December. 323 40 1,108 159 1,531 570 80 2,805 1,163 641 846 1941—December. 356 32 1,169 168 1,759 653 71 3,105 1,436 669 962 1942—December. 387 31 1,168 231 2,293 657 60 3,657 1,984 ,673 1,049 1943—December. 471 48 1,156 250 2,940 744 42 4,395 2,447 ,948 1,172 1944—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 41 4,667 2,297 2,370 1,268 September 575 56 976 224 3,450 761 4,726 2,262 2,464 31,282 October... 597 56 992 236 3,622 757 4,957 2,468 2,489 1,269 November. 586 81 1,275 236 3,577 774 35 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 34 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 April 598 82 1,047 269 3,799 750 30 5,210 2,475 2,735 1,306 France Assets Liabilities (4 larg f e ig b u a r o e n f s k s i f n . r a m n E c i n s ll ) d io o n f s month re C se a r s v h es Du b e a n f k r s om B c i o l u ls n d te i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O bi t l h i e ti r es 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. 6,418 3,863 46,546 8,346 2,229 62,032 61,270 762 558 4,813 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 14,361 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 * 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 V/% 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 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] Argentina Australia Brazil Year or month ipeso) (pound) g B iu e m l- (cruzeiro1) B I r n it d i i s a h g B a u r l i - a Canada (dollar) Chile (peso) C (y h u i a n n a Official S E p x e p c o ia rt l Official Free (belga) Official Free (rupee) (lev) Official Free Official Export S h ha a n i) g- 1937 32.959 393.94 16.876 8.6437 6.1983 37.326 1.2846 100.004 5.1697 24.0000 29.606 1938 32.597 389.55 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 16.852 6.0027 5!l248" 33.279 21.2111 96.018 5 1727 4.0000 11.879 1940 29.773 2322!80" 305.16 216.880 6.0562 5.0214 30.155 290.909 85.141 5.1668 4.0000 6.000 1941 29.773 223!704* 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 25.1664 24.0000 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1943 29.773 24.732 322.80 2321.50 6.0586 5.1280 30.122 90.909 89.978 1944 29.773 25.125 322.80 6.0594 5.1469 30.122 90.909 89.853 1944—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 May 29.773 25.125 322.80 6.0602 5.1802 30.122 90.909 90.753 Year or month C ( o p b l e i o s a m o) - s C k lo o z v e ru c a h n k a o 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 (f r r a an n c c ) e ( m m r G e a a i e c r n r k h y - ) s- G (d r m ra e a c e ) h ce - ( H K do o o l n n la g g r) ( H pe u n n g - o) I (l t i a ra ly ) J ( a y p en a ) n M (p e e x s i o c ) o e N ( r g l e e 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—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— F j e an b > 5 5 7 7 .1 14 80 0 2 2 0 0 .5 5 8 8 2 2 3 3 2 2 4 4 . . 4 4 2 2 Mar. 57.036 20.582 324.42 Apr. 56.980 20.582 324.42 May 56.980 20.582 324.42 United Kingdom Uruguay Year or month N (k o r r o w n a e) y P (z o l l o a t n y) d ( P e o s g c r a u t l d u o - ) R ( u n le m ia u) a- ( A S p o o fr u u i n t c h d a ) ( S pe p s a e i t n a) S S ( m d t e o r t e l a t l n a l i 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 tr C o o ll n e - ( d peso N ) co o n n - - Y ( s d u l i a g n v a o i r - a ) trolled 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 236i789" 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 2403!50* 383.00 65.830 37.601 2.2463 1941 24 0023 398.00 29.130 47.133 223.829 223.210 403.50 403.18 65.830 43.380 22.2397 1942 398.00 246.919 403.50 403.50 65.830 52.723 1943 398 00 403.50 2403.50 65.830 52.855 1944 398.00 403.50 65.830 53.506 1944—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 May 398.00 403.50 65.830 54.265 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 p >. 572-573 in same publication, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for '.i'ebruary 1943, p. 201, and February 1944, p. 209. JULY 1945 715 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Index numbers] United United Nether- Switzer- Year or month States Canada Kingdom France Germany Italy Japan lands Sweden land (October (1926-30 (July 1914 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) (1900 = 100) = 100) (1935 = 100) = 100) 1926... 100 100 i 124 695 134 237 106 U26 144 1932 65 67 86 427 97 70 161 65 i 92 96 1933 66 67 86 398 93 63 180 63 i 90 91 1934 ... 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 2 681 107 99 278 74 115 111 1940 79 83 137 110 116 311 3 88 146 143 1941 87 90 153 112 132 329 172 184 1942 99 96 159 114 189 210 1943 103 100 163 116 196 218 1944 104 103 166 196 p223 1944—May 104 103 166 118 p412 197 223 June 104 103 166 118 ^417 197 223 July 104 103 167 119 198 224 August 104 102 168 118 197 224 September 104 102 167 118 196 223 October 104 102 167 118 195 *>223 November 104 102 167 118 195 p222 December 105 103 167 195 1945—January 105 103 167 195 February 105 103 167 195 p221 March... 105 103 168 195 April 106 103 168 196 May. 106 ^103 168 196 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 [Indexs for groups included in total index above] United States Canada United Kingdom Germany (1926=100) (1926=100) (1930=100) (1913 = 100) Year or month pr 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 R f m a p a c w a a t r n u t u r a ly e n - d d F f u m c a l h c l a i y t e n u f u r l a e y - n d d Foods p I ro n tr d d i u u a c l s- ts p A r g t o u r d i r u c a u c l t l s - a t f n r I i i d n n a i d l s s u e h ra m s e w - d i- p tr r I i i o s n a h d d l e u u f d c i s n - ts goods goods products 1926 100 100 100 100 100 129 130 150 1932 48 61 70 48 55 70 85 91 89 118 1933 51 61 71 51 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 ,96 91 116 1935 79 84 78 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 112 100 133 1942 106 100 96 83 90 92 158 160 115 102 134 1943 123 107 97 96 99 93 160 164 119 102 135 1944 123 105 99 103 104 94 158 170 1944—May 123 105 99 102 104 94 158 170 122 103 136 June 125 107 99 102 104 94 158 170 122 102 136 July 124 106 99 102 104 93 161 170 125 102 136 August... . 123 105 99 101 104 94 159 172 124 102 136 September 123 104 99 101 103 94 157 172 122 102 137 October... 123 104 99 103 103 94 156 172 122 103 137 November 124 105 99 103 103 94 156 173 122 103 137 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 99 105 105 94 156 174 May 130 107 99 156 175 p Preliminary. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 716 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 e - d Ger- Nether- S er w la it n z d - United Can- U K n in it g ed - Ger- Nether- S er w la it n z d - Year or month States ada dom many lands (June Year or month States ada dom many lands (June (1 = 9 3 1 5 0 - 0 3 ) 9 (1 = 9 3 1 5 0 - 0 3 ) 9 ( 1 J 9 u 14 ly (1 = 9 1 1 3 0 - 0 1 ) 4(1 = 9 1 1 1 0 - 0 1 ) 3 1914 (1 = 9 1 3 0 5 0 -3 ) 9 (1 = 9 3 1 5 0 - 0 3 ) 9 (1J9u14ly (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 X132 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—May. 136 132 168 138 215 1944—May. 125 119 200 141 208 June. 136 131 168 139 216 Tune 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 p208 November 137 132 168 136 November . 127 119 201 141 p208 December 137 | 130 168 P215 December. 127 119 201 ^208 1945—January.. .. 137 130 168 P216 1945—January. 127 119 202 ?209 February.. 137 131 168 February 127 119 202 *>209 March 136 131 168 ^216 March. 127 119 202 . P209 April 137 P\3\ 168 P216 April. 127 2>119 202 i P209 May 139 P132 168 May. 128 p119 203 *>210 p Preliminary. 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 2 Average based on figures for 3 months; no data available since March 1940, when figure was 141. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [ Index numbers except as otherwise specified] Bonds Common stocks Year or month U S n ta it t e e d s K U in n g it d e o d m France Germany Nether- U S n ta i t t e ed s (1926 = 100) Nether- ( p d r e i r c iv e 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 1 s 00) Number of i ssues... 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 127.5 82.1 90.7 113.4 76.6 85.7 83.3 71.1 55 1935 105.5 129.9 83.5 595.1 107.8 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 l110.2 124.6 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 P98.7 103.0 84.3 80.0 72.5 9289.7 136.8 129.0 1942 118.3 127.8 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—May. 120.9 127.0 97.2 88.0 145.8 June . 120.9 127.2 101.5 89.3 145.7 July. 121.3 127.3 104.3 90.3 145.5 August 121.2 127.2 102.7 90.6 145.1 September 121.2 127.6 100.7 88.8 145.0 October.... 121.1 127.9 103.5 89.1 145.2 November. 120.9 127.9 102.7 90.1 145.2 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 May 122.3 128.1 118.2 92.8 v Preliminary. 1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for both series. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States see B 2 a S n i k n i c n e g A an p d r. M 1 o , n 1 e 9 ta 35 ry , t S h ta e t 1 is 3 t 9 ic b s, o n T d a s b l in e c 1 l 3 u 0 d , e p d . 4 in 75 , t h a e n c d a T lc a u b la le ti o 13 n 3 , o p f . 4 th 7 e 9 . average price have all borne interest at 4^ per cent. The series prior to that date 3 is I n n d o e t x e c s o m of p a r r e a c b i l p e r o t c o a t l h s e o f p r a e v s e e r n a t g e se y r i i e es ld , s p . r inc F i o p r a l o l l y d b in e d c e a x u , s e 1 t 9 h 2 e 9 - 1 1 6 93 9 6 b , o 1 n 9 d 2 s 9 t = he 1 n 0 0 in ; c a l v u e d r e a d g e i n y i t e h l e d c i a n lc b u a la s t e i o y n e a b r o w re a s i n 4. t 5 e 7 r e p s e t r a c t e 6 n t p . er F c o e r n t n . ew index be # g in > ning 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. 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. JULY 1945 717 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Vice Presidents Bank of Deputy Chairman First Vice President Boston. Albert M. Creighton Ralph E. Flanders E. G. Hult Carl B. Pitman Henry S. Dennison William Willctt J. C. Hunter* O. A. Schlaikjer New York Bcardsley Ruml Allan Sproul J. W. Jones H. V. Roclse William I. Myers L. R. Rounds L. W. Knokc 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. Mcllhcnny* Warren F. Whittier Frank J. Drinncn E. C. Hill C. A. Sienkiewicz Cleveland George C. Brainard Ray M. Gidncy Wm. H. Fletcher B. J. Lazar Reynold E. Klages Reuben B. Hays J. W. Kossin W. F. Taylor A. H. Laning8 Richmond Robert Lassiter Hugh Leach J. G. Fry R. W. Mercer W. G. Wysor J. S. Walden, Jr. Geo H. Keesce2 Edw. A. Wayne r 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. Schuessler Allan M. Black* E. C. Harris Chicago Simeon E. Leland C. S. Young Neil B. Dawcs John K. Langum W. W. Waymack H. P. Preston J. H. Dillard O. J. Netterstrom Charles B. Dunn A. L. Olson Alfred T. Sihler St. Louis. Wm. T. Nardin Chester C. Davis O. M. Attcbery 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. Ziemcr 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. Woolley8 Dallas. Jay Taylor R. R. Gilbert E. B. Austin8 W. O. Ford J. R. Parten W. D. Gentry K. 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. Wcllman Ira Clerk J. M. Leisncr2 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. Lazar6 Pittsburgh J. W. Kossin6 Kansas City Denver G. H. Pipkin* Oklahoma City O. P. Cordill* Richmond Baltimore W. R. Milford* Omaha L. H. Earhart6 Charlotte W. T. Clements* Atlanta. Birmingham P. L. T. Beavers* Jacksonville Gco. S. Vardcman, Jr.* Dallas El Paso J. L. Hermann8 Nashville Joel B. Fort, Jr.* Houston L. G. Pondrom8 New Orleans E. P. Paris* San Antonio W. H. Holloway* 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. 4 Managing Director. * Vice President. 6 Manager. JULY 1945 719 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 ===== BOUNDARIES OP FEDERAL RESERVE DISTRICTS — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM w © FEDERAL RESERVE BANK CITIES w • FEDERAL RESERVE BRANCH CITIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM f Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis