Federal Reserve Bulletin, 1945-08

FEDERAL RESERVE BULLETIN AUGUST 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—Treasury Financing and Bank Credit 711-719 Check Routing Symbols 730 Nebraska Par Clearance Law 731 Publication of Postwar Economic Studies . 731 British White Paper on War Finance 731-763 Current Events.... 763 Law Department: Bretton Woods Agreements Act 764-767 Export-Import Bank Act of 1945 . . . 767-769 Margin Requirements for Purchasing Securities—Amendments to Regulations T and U .... 769-772. Common Trust Funds—Amendment to Regulation F 771-774 Consumer Credit : Amendment to Regulation W 774 Consent Injunction under Regulation W... . 774~775 Suit against Federal Reserve Bank—Appeal Dismissed 775~777 Foreign Funds Control—Treasury Department Releases . 777~779 National Summary of Business Conditions 780-781 Financial, Industrial, Commercial Statistics, U.S. (See p. 783 for list of tables). . 783-831 International Financial Statistics (See p. 833 for list of tables) 833-845 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council , . . 846 Senior Officers of Federal Reserve Banks; Managing Officers of Branches . . 847 Map of Federal Reserve Districts 848 Federal Reserve Publications (See inside of back cover) Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada. Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras. Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere. $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 31 August 194s NUMBER 8 TREASURY FINANCING AND BANK CREDIT Treasury financing in the fiscal year Expansion in bank holdings of Governending on June 30, 1945, followed a pattern ment securities has been accompanied by a similar to that of the preceding year. In corresponding growth iti bank deposits each fiscal year the Treasury raised funds and currency. Holdings of cash by busitotaling more than 100 billion dollars, TREASURY WAR FINANCING which covered amounts expended and SOURCES OF FUNDS RAISED additions to the Treasury's cash balance. BILLIONS OF DOLLARS BILLIONS OF DOLLARS In the past fiscal year, 46 billion dollars was obtained from taxes and other revenue, a slightly larger amount than was obtained in the previous year, and the public debt expanded by 58 billion, less than the expansion in the fiscal year 1944. Funds borrowed were obtained in large part directly from nonbank investors through war loan drives and to a smaller extent through current sales of savings bonds. A considerable part of the funds, however, was obtained indirectly from commercial banks, which purchased Government securities in the market. These purchases were particularly large at times of war loan drives, when banks had Total funds raised to cover budget expenditures, trust account transactions, changes in noninterest-bearing debt, and additions to the Treasury's working balance. Banks include commercial banks and excess reserves and when investors sold Federal Reserve Banks. Others include individuals, partnerships, and personal trust accounts, insurance companies, savings banks, other outstanding securities in order to subscribe corporations and associations, State and local governments, and U. S. Government agencies and trust funds. Figures are for fiscal years endfor the new issues being offered. In the ing on June 30. fiscal year that just ended, combined hold- nesses and individuals, together with their ings by commercial banks and Federal holdings of Government securities, repre- Reserve Banks increased by an estimated sent in turn the large accumulations of liq- 2.2. billion dollars, compared with 2.4 billion uid assets that have resulted from wartime in the previous year. The proportion to expansion in business and individual inthe growth in total Government securities comes in excess of taxes paid and expendioutstanding was about 40 per cent for each tures for goods and services. year. The general nature of Treasury The broad objective of war financing has financing during the war years is sum- been to draw an increasing proportion of marized in the accompanying chart. these accumulations into purchases of AUGUST 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH Government securities and thus to retard goods and services available for purchase. the growth in bank deposits and in bank The amount of Government securities holdings of securities. It was recognized that banks will need to purchase should, that some growth in bank deposits and therefore, be reduced sharply. Strenuous currency might be expected to accompany efforts may continue to be necessary, expanding incomes and the dislocations however, to stimulate nonbank purchases and uncertainties of war. During the of Government securities and to restrain past two years, however, the growth in purchases by banks. cash holdings has continued without a SEVENTH WAR LOAN corresponding increase in total output of Subscriptions in the Seventh War Loan goods and services. It might have been reached a total of z6 billion dollars, which expected, therefore, that individuals and was far in excess of the goal of 14 billion. businesses would divert a larger proportion Purchases by individuals, partnerships, and of their current excess funds into the personal trust accounts amounted to 8.7 purchase of Government securities that billion dollars, compared with the increased they would hold. Large cash holdings goal of 7 billion for this group. With the provide a highly volatile supply of buying extended period for individual subscriptions power that, in view of prevailing shortages for Series E savings bonds, the goal of 4 of goods and services, presents a serious billion dollars for this type of security was inflationary threat. met. Purchases by other nonbank in- That the combined demand for Governvestors totaled 17.6 billion dollars, comment securities from banks and from other pared with a goal of 7 billion. The goal for investors has been more than adequate to nonbank investors, other than individuals, absorb offerings is indicated by the advances was successively reduced in recent drives in market prices and declines in yields on from 10 billion dollars in the Fifth Loan, outstanding securities that have occurred but their purchases continued to increase so far this year. In large part this has from 14.3 billion in the Fifth to 17.6 reflected active buying of medium-term issues by commercial banks, which in WAR LOAN SALES [In billions of dollars] turn have sold short-term securities to the Reserve Banks. Item Seventh Sixth Fifth Fourth During the next fiscal year, Government By I n c d la iv ss id e u s a o l f s , i p n a v r e t s n t e o r r s s h : i#ps, and perexpenditures will be reduced considerably sonal trust accounts 8.7 5.9 6.4 5.3 Insurance companies 4.2 3.2 2.8 2.1 from the level of the past two years, while Savings banks 2.2 2.3 1.5 1.3 Corporations and associations1 9.1 8.6 8.2 6.8 receipts will show a smaller decline. As a Dealers and brokers .3 .3 .5 .4 State and local governments 1.8 1.3 1.3 .8 consequence of the smaller deficit, together Total 26.3 21.6 20.6 16.7 with the large cash balance held by the By issues: Series E savings bonds2 4.0 2.9 3.0 3.2 Treasury at the beginning of the fiscal year, Series F and G savings bonds2.... 1.0 .7 .8 1.0 Savings notes2 2.7 2.4 2.6 2.2 the Government's borrowing needs will be Certificates 4.8 4.4 4.8 5.0 Treasury notes 1 6 1 9 much less than they were during the last lM Per cent Treasury bonds 1.7 three years. Accumulated savings by in- 2 2 2 3 M p 4 e p P r e e c r r e c c n e e t n t n T t T r T e r a e re s a u a s s r u y u r y r b y o b b n o o d n n s d d s s 3 3 5 7 ^ .1 1 6 2 . . 9 7 2 5 . . 3 2 '"3. 1 3 . " 9 dividuals and businesses are large, and for 1 Including savings and loan associations. some time there will continue to be an 2 Restricted nonmarketable issues; not generally available for purchase by commercial banks. excess of current income over supplies of 3 Restricted marketable issues; not available for purchase by commercial banks for several years. 72.2- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH billion in the Seventh Loan. Results of chased a billion dollars more than they did recent war loan drives are shown in the in the Sixth Loan. These purchases probpreceding table. Detailed description ably reflected in considerable measure an of the various issues included in the Seventh anticipation of investment needs during Loan and discussion of the objectives of that future months. Corporations and associadrive were given in the Review of the tions and State and local governments also Month in the April BULLETIN. purchased increased amounts in the drive. Large subscriptions obtained in the On the other hand, purchases by savings Seventh Loan, as in the case of previous banks were slightly smaller, probably as a drives, reflected to a considerable extent the result of the Treasury's request to nonbank use of bank credit. Banks substantially in- investors to refrain from selling from existcreased their holdings of Government ing holdings, except for sales involved in securities and also their loans on such securi- normal portfolio adjustments. ties. The combined increase in these items, The Seventh Loan included only two as far as can be determined from informa- issues that were unrestricted, in that they tion now available, was of the same general were available for resale to commercial magnitude as it was in the Fifth and Sixth banks immediately after the close of the Loans. The amount of sales not dependent drive, and purchases of one of these issues on bank credit, however, was much larger were limited to individuals, partnerships, than in any previous drive. In addition and personal trust accounts. In the Sixth sales of securities that could be purchased by Loan there were three issues that could be banks shortly after the close of the drive later resold to commercial banks, and these were smaller than they were in the two three issues were available for purchase in preceding drives, and those of restricted the drive by all nonbank investors. The issues were much larger than in any previous purpose of this change was to decrease the drive. future resale of Government securities to Nonbank purchases of securities in the commercial banks and thereby to retard Seventh Loan were 5 billion dollars larger the growth of bank credit. Certificates than they were in the Sixth Loan. Of the were included in both drives and were total increase 3 billion dollars represented available for purchase by all nonbank inlarger purchases by individuals, partner- vestors. The 1 HJ per cent Treasury bonds ships, and personal trust accounts. From were offered in the Seventh Loan for purthe point of view of reducing inflationary chase only by individuals; this contrasts tendencies, purchases of Government securi- with the Sixth Loan, when i}4 per cent ties by individuals are most important, Treasury notes and 2. per cent Treasury bonds were offered to all nonbank investors. because individuals are the most likely of the various groups of investors to use their As a result of these changes, nonbank increased income in bidding up the prices of investors purchased only 6 billion dollars goods and services. A billion dollars of of unrestricted issues in the Seventh Loan, this increase, moreover, was in purchases of compared with 13 billion in the Sixth. Series E savings bonds. Purchases of restricted marketable issues, Among nonbank investors other than which banks may not buy for a period of individuals, the largest increase in amount years, increased to ix billion dollars in the was by insurance companies, which pur- Seventh Loan, compared with 3 billion in AUGUST 1945 72-3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH the Sixth Loan. These changes may be TREASURY RECEIPTS AND EXPENDITURES reflected in smaller shifts of Government The fiscal year that ended on June 30, securities from nonbank investors to the 1945, was the peak year for the Federal banking system in the future. budget—in war expenditures, in total budget expenditures, and in receipts. OTHER RECENT TREASURY FINANCING Treasury borrowing in this year was some- In addition to the x6 billion dollars of what smaller than in either of the two presecurities that the Treasury sold as a part of ceding fiscal years. Treasury expenditures the drive, there were sales, concurrent with for war activities increased by 3 billion the drive but not as a part of it, of a billion dollars in the fiscal year 1945 and reached of securities to commercial banks and of a 90 billion. Otter budget expenditures, as similar amount to Government agencies and shown in the table, totaled 10 billion dollars trust funds. Total sales to each commercial and were 4 billion larger than in the prebank were limited to $500,000 or 10 per ceding year, reflecting increases in interest cent of its time deposits, whichever was the on the public debt, in refunds of income smaller, and sales of Series F and G savings taxes, in transfers to the National service bonds to each bank were limited within life insurance fund, and in payments by the this total to $100,000. The bulk of the Veterans' Administration. All of these sales to banks were of ij^ per cent bonds, increases, although not classified as war the highest-rate marketable securities that activities, were a result of the war. Total they were permitted to purchase from the budget expenditures reached a peak of 100 Treasury, and the bulk of the sales to billion dollars. Government agencies and trust funds were of -LS/I per cent bonds. FEDERAL BUDGET EXPENDITURES [In billions of dollars] Between the Sixth and the Seventh Fiscal year ending Loan, the Treasury also raised funds by June 30 Item increased offerings of Treasury bills and by 1943 1944 1945 regular sales of savings bonds and of savings War activities 72 1 87 0 90.0 notes. Other financing during recent Interest 1.8 2.6 3.6 Veterans' Administration .6 .6 .9 National service life insurance fund .1 1.1 months has been the refunding of zz billion Refunds " " . 1 .3 1.7 Other 3.6 3.1 3.1 dollars of maturing issues of certificates and Total budget expenditures 78.2 93.7 100.4 Treasury notes and of maturing and called guaranteed securities. Treasury receipts also reached a new high Redemptions of savings notes declined level of 46 billion dollars in the past fiscal slightly in the first half of 1945, while year, a small increase over the preceding redemptions of savings bonds increased year, and the budget deficit increased by 4 slightly. Redemptions of savings bonds in billion. Since trust account transactions the six months totaled z.4 billion dollars, resulted in net receipts, instead of the net including about 100 million of matured expenditures that occurred in the fiscal bonds, and were 6 per cent of the amount year 1944, total cash requirements were outstanding at the beginning of the period. about the same in both years. As in the Total sales during the six-month period fiscal year 1944, the increase in the public exceeded redemptions by 5 billion dollars. debt was larger than cash requirements, and FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH the Treasury's cash balance increased that will be obtained from regular interfurther to a new high of X5 billion dollars drive sales of savings bonds and of savings on June 30, 1945. This reflected both the notes, and with current tax receipts, appear Treasury policy of keeping a large cash to be sufficient to provide for the Treasury's balance and the fact that the fiscal year cash needs until near the end of this calendar closed during a war loan drive in which year. Budget needs for the period from sales were much larger than were antici- January to June 1946, on which future pated. financing will be based, will reflect a much The growth in the public debt will be lower level of cash requirements. much smaller in the fiscal year 1946. The end of the war will result in a sharp decline EXPANSION OF BANK CREDIT in war expenditures. This decrease will be Some of the changes in the types of issues offset to only a small extent by further offered and in selling procedures introduced increases in other expenditures, including in the Seventh Loan were designed to disthose for various international programs, courage the shifting of Government securand total budget expenditures consequently ities from nonbank investors to comwill decline substantially. Tax receipts mercial banks and the use of bank credit for will be reduced by the expected decline in purchasing securities intended for subseincome of individuals and corporations, as quent resale. It appears, however, that the well as because of adjustments in tax laws. expansion of bank credit during the pe- Since, however, these incomes are not riod of the Seventh Loan was of about the likely to decline by as much as Govern- same order of magnitude as during the two ment expenditutes and also because of the previous drives. It is noteworthy, neverlag in corporate income tax payments, theless, that the reduced sales of issues unthe decrease in receipts will be less than that restricted as to subsequent purchase by in expenditures. banks and the substantially increased sales of restricted issues may tend to hold down With the smaller decline in receipts than bank purchases in the future. In appraising in expenditures, the budget deficit will be the influence of this development, however, reduced. Requirements, moreover, can be it is necessary to take into consideration the financed in part by reducing the Treasury large amount of unrestricted issues that cash balance, which was at an exceptionally was already outstanding and held by nonhigh level at the beginning of the fiscal bank investors. Some of these holdings year. With a declining level of expendimay be sold to banks. tures, it will be possible for the Treasury to operate with a somewhat smaller balance Among the changes designed to reduce than has been the case when war expendi- the use of bank credit in connection with tures have been at record levels. Treasury the drive were a reduction in the goal for borrowing, therefore, probably will be nonbank investors other than individuals much smaller in the fiscal year 1946 than it and a shortening of the subscription period has been in other war years. for these investors. The Treasury requested Proceeds of the Seventh Loan, together nonbank investors to refrain from selling with -L billion dollars obtained from sales previously-acquired securities in order to outside of the drive to commercial banks obtain funds with which to subscribe for and Government agencies, with amounts the offerings in the drive, except for sales AUGUST 1945 72-5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH involved in normal portfolio adjustments. largely to finance purchases of Government The Treasury also requested the cooperation securities sold by banks needing reserves. of banks in declining to make speculative The amount of loans on Government loans for the purchase of Government securities to dealers rose during the Seventh securities or loans for the purpose of acquir- Loan to the highest level ever reached. ing the drive securities later for their own Loans by reporting banks to others for account, in declining to accept subscriptions purchasing Government securities increased that appeared to be entered for speculative by 1.8 billion dollars, which was a half purposes, and in declining to purchase out- billion larger than the increase in either of standing securities on the understanding the two preceding drives. These loans to that customers would subscribe for a sub- a considerable extent were made in anticipastantially like amount of new securities through such banks, thereby enabling the WEEKLY REPORTING MEMBER BANKS banks to increase their war loan deposits. BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS Notwithstanding these measures total loans and investments by reporting member banks in leading cities increased by 7.3 billion dollars between May 9 and July 3, compared with an increase of 6.3 billion during the Sixth Loan and 7.3 billion during the Fifth Loan. This is shown in the accompanying chart. The pressure to attain local quotas was smaller than it was in other recent drives, but there were large sales by nonbank investors, for this purpose and also for the purpose of realizing profits on outstanding issues. As in previous drives commercial banks purchased the securities offered, in order to employ funds that were made temporarily available 1943 1944 1945 Latest figures are for July 25. by the decline in required reserves as deposits were shifted to reserve-exempt tion of future income and were on a shortwar loan accounts. term or amortization basis. It seems Bank loans for purchasing and carrying likely, however, that a considerable amount Government securities increased consider- of these loans was obtained with a view to ably more than they did in the Fifth or the subsequent sale of the securities used as Sixth Loan. Reporting member banks in- collateral. While loans on Government creased their loans on Government securities securities have been largely repaid between to dealers by about 700 million dollars. drives, the general level has shown a rising These loans were to finance purchases of tendency, with each peak and each valley securities by dealers, principally from non- above the previous one. bank investors. Before the drive, in April Holdings of Government securities by and early May, loans to dealers had in- member banks in leading cities increased by creased by about 400 million dollars, 4.4 billion dollars between May 9 and July J2.G FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH 3, compared with an increase of 4.9 billion bills by commercial banks since 1943 to during the Sixth and 5.4 billion during the the present low level indicates that in Fifth Loan. Bond holdings increased by coming months, as in recent months, 2..0 billion dollars, notes and certificates banks will need to rely more largely upon by 2..1 billion, and bills by about 600 certificates and notes in adjusting their million, while holdings of guaranteed reserve positions. Holdings of these issues, securities declined. therefore, are likely to decline again as During the past year, as shown in the required reserves increase with the shift of chart, these banks have steadily increased deposits from reserve-exempt war loan their holdings of bonds, while reducing accounts to other accounts. HOLDINGS OF U. S. GOVERNMENT SECURITIES BY KINDS EFFECT ON BANK RESERVES REPORTING MEMBER BANKS AND FEDERAL RESERVE BANKS As a result of the large subscriptions by WEDNESDAY FIGURE! BILLIONS OF DOLLARS 25 nonbank investors without the aid of bank credit, there were larger shifts from bank deposits subject to reserve requirements and a sharper decline in required reserves of member banks during the Seventh Loan than there were during the three previous drives. As a consequence, member banks were able to repay a large amount of borrowings at the Reserve Banks and also to increase their excess reserves by a somewhat larger amount than in previous drives. At the same time there was no decrease in Reserve Bank holdings of Government securities; banks did not repurchase Treasury bills held by the Reserve Banks under repurchase option to the same extent that they had previously, and the 1942 1943 1944 1945 Federal Reserve made large purchases of Latest figures are for July 25. certificates, which were in supply, princitheir holdings of shorter-term issues. pally from nonbank investors. Presumably Their bond holdings are 6 billion dollars the member banks holding excess reserves larger than they were a year ago; an in- were not the same member banks that crease in notes and certificates has been held options to repurchase bills. more than offset by decreases in bills and Borrowings by member banks from the guaranteed securities. Holdings of notes, Reserve Banks rose during the period certificates, and bills always have risen between the Sixth and Seventh Loans and sharply during and immediately after the early in June exceeded 900 million dollars, drives, when required reserves were de- the largest amount outstanding at any time clining, and subsequently have declined in recent years. Approximately two-thirds gradually as required reserves increased. of these were owed by New York City banks The gradual decline in holdings of Treasury and most of the remainder by banks in other AUGUST 1945 7^7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH leading cities. New York City banks con- like as large as the increase in holdings tinued to show practically no excess reserves that occurred during the recent drive. even after the decline in required reserves; they used all available funds to repay GOVERNMENT SECURITY MARKET borrowings and increase loans and invest- Heavy demand for Government securities ments. Reserve city banks as a group indicated by large sales during the Seventh repaid borrowings, increased loans and Loan had been reflected previously in the investments, and also added to their excess strong market for these securities. This reserves. resulted in part from demand by banks for Country banks gained funds on balance during the drive period. Most of these unrestricted medium-term issues in the banks had not borrowed from the Reserve expectation of reduction in future offerings Banks and did not hold options to repur- of such issues. In addition, there has been chase bills. They expanded loans and a strong demand by nonbank investors for investments only moderately and increased the longer-term restricted issues. their excess reserves and balances with Early this year the market prices of city correspondents. At the end of June, Treasury notes and bonds increased concountry bank excess reserves and balances siderably. The structure of yields on due from banks were approximately as Government securities that had been mainlarge as at any previous time. tained during most of the war period con- In July, as the Treasury drew upon its sequently was changed somewhat, as shown balances, deposits subject to reserve require- in the chart. The yield on 7-9 year bonds ments increased. Excess reserves, which declined from 2. to ij^ per cent and the reached 1.4 billion dollars early in the month, declined again and by the end of the month amounted to 1.1 billion. Federal YIELDS ON U. S. GOVERNMENT SECURITIES Reserve holdings of securities showed little WEEKLY AVERAGES OF DAILY FIGURES change, as did those of member banks. There was some decline, however, in member bank loans on securities. During the next few months, member bank reserve needs will increase to meet both currency withdrawals and additional reserves required against expanding deposits. The existing amount of excess reserves will meet some of the needs of some banks, but other needs will be met by further Reserve Bank purchases of Government securities, and there also may be a renewed increase in member bank borrowings from the Reserve Banks. Sales of Bills are tax-exempt prior to March 1941, taxable thereafter, and securities by member banks to maintain rate shown is average discount on bills offered. Adjusted data for Treasury notes represent substitution of a single selected issue, which their reserve positions will not be anything was considered more representative, for the average for the period indicated. Latest figures are for week ending July 21. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH yield on 3-5 year notes from 1^ to \Y% has reduced the spread between these issues per cent. The yield on long-term bonds, and shorter-term securities. Banks recently most of which are restricted as to ownership have been following the practice of purby banks, declined from 1J/2 to i?A per chasing the medium-term issues and selling cent. At the same time the yield on certi- short-term issues, which have been purficates showed little change at around % chased by the Reserve Banks. The change per cent and that on Treasury bills, most of in the yield structure will reduce somewhat which are now owned by the Reserve the profit to be gained by such shifts and Banks, remained fixed at y% per cent. may, therefore, be an influence toward Decline in yields on medium-term issues restricting further expansion of bank credit. AUGUST 1945 72-9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHECK ROUTING SYMBOLS The American Bankers Association and the first, it indicates whether the check is receivable Federal Reserve Banks have been working to- for immediate credit or deferred credit (without gether for several years on a plan, announced respect to the number of days of deferred availearly in June, which will make it easier for banks ability), and second, it facilitates the sorting of to sort checks for collection through the Federal items by States. Checks receivable for immedi- Reserve System. The ABA has distributed a ate credit are designated by the figure o, while booklet to all banks in the country describing the figures i to 6 designate deferred credit items the plan in some detail. The Federal Reserve and the State (in the particular Federal Reserve Banks have also circularized all par-remitting district) in which the payor bank is located. banks in their respective districts, i.e., all mem- In the example above the first digit designates ber banks and all nonmember banks that remit the Third Federal Reserve District, the second at par for checks presented to them by Federal digit designates the Federal Reserve Bank of Reserve Banks. Philadelphia, and the last digit indicates that Under the plan "check routing symbols" the item is receivable for deferred credit and have been assigned by the Federal Reserve Banks that the payor bank is located in New Jersey. to all par-remitting banks. The symbol is As part of the plan for using check routing recommended to be printed in the upper right- symbols, the ABA has arranged to have the hand corner of checks, above the dollar amount, "Key to Numerical System," published by in combination with the ABA transit number Rand McNally & Company, Chicago, Illinois, which has been in use for years to identify the on behalf of the Association, issued in revised bank numerically. The ABA transit number form. The revised "Key" will show hereafter appears as the numerator and the check routing not only the ABA transit number for each bank, symbol as the denominator of a fraction, as in but also the check routing symbol assigned to it the following example: by the Federal Reserve Bank. The banks have been advised that the destruction of present stocks of checks is not being 312. recommended but merely that the check routing In the example, the first part of the ABA symbols, combined with the ABA transit numtransit number (to the left of the hyphen) bers, be printed on new supplies of checks, or, designates the State in which the bank is located if practicable and convenient, overprinted on and the second part designates a particular bank existing supplies of checks. in that State.1 Experience has demonstrated that sorting of In the check routing symbol (the denominator checks by numbers is simpler, quicker, more of the fraction) the first digit designates the accurate, and more economical than sorting Federal Reserve district. The second digit by names of payor banks. Naturally, however, designates the head office of the Federal Reserve the new plan will not be of maximum benefit Bank, a branch office, or a special collection until it has been adopted generally by pararrangement.2 The head office is designated by remitting banks and substantially all checks the figure 1, branch offices by the figures 1 to 5, drawn on such banks carry the check routing and special collection arrangements by 6 to 9. symbols. The growing importance of sim- The last digit in the symbol serves two purposes : plifying the handling of checks is indicated 1 Most reserve cities are designated separately, numbers 1 to 49 being by the fact that last year the Federal Reused for that purpose; numbers 50-58 and 60-99 designate States, i.e., the areas outside these 49 reserve cities; number 59 designates Alaska, serve Banks handled 1.7 billion checks, or Hawaii, and Puerto Rico. 2 In the Tenth, Eleventh, and Twelfth Districts, the symbol has nearly 50 per cent more than in 1940, the last four digits, the first two digits designating the Federal Reserve District and the third the Federal Reserve Bank or branch or special collection full prewar year. arrangement. 730 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEBRASKA PAR CLEARANCE LAW In April of this year the Nebraska Legislature Virginia and Montana, ten for Washington, and passed an act providing for the clearing at par of eleven for Oklahoma. The number ranges from checks drawn on all banks and trust companies 2.5 in Virginia to 4x0 in Minnesota in the reorganized under the laws of that State.1 This maining 16 States. act went into effect on August 10, 1945. Ac- The following table shows the total number cordingly, the Federal Reserve Bank of Kansas of par and non par banks on December 31 of the City announced that, effective August 10, it last three years and on August 10, 1945.2 would receive checks on all Nebraska banks for collection as cash items. There are 408 banks w an e d r e t r o u n s t a n c d o m 15 p 1 a n w ie e s r e i n n o N t e o b n r a th sk e a F , e o d f e r w al h R ic e h s e 1 r 5 v 7 e Fe B d a e P n r a k a r s l R L on i e s s t t e h rv e e B R th a e n e s k e L F s r i v e s n e d t o e P t r a a o l r n Par List on August 9, the day before the State Dec. 31, 1942 11,422 2,710 law went into effect. Dec. 31, 1943 11,501 2,529 Dec. 31, 1944 11,552 2,445 Excluding Nebraska, all banks in Z3 States Aug. 10 1945 11,806 2,191 and the District of Columbia were on the Federal Reserve Par List on August 10, 1945, and 2 Figures for Aug. 10, 1945 are preliminary and subject to minor change. The "Federal Reserve Par List" comprises all member banks nearly all banks in several other States were on —which are required to remit at par for checks presented or forwarded to them by the Reserve Banks—and nonmember banks that remit in the Par List. The number of * 'nonpar" banks full for such checks drawn upon them as are forwarded for payment by the Reserve Banks. For statistical purposes all Nebraska banks have was one each for Michigan and Wyoming, two been included in the count of banks on the Federal Reserve Par List on Aug. 10, 1945, the date on which the Nebraska par clearance law each for Illinois and Kansas, four each for West went into effect. There is some indication, however, that one or more of the 151 Nebraska banks that were not previously on the Par List may 1 Other than checks sent to banks and trust companies as special wish to contest the validity of the law and will not remit in full for collection items. checks received through the mails. PUBLICATION OF POSTWAR ECONOMIC STUDIES The Board has authorized the plans for publi- country will be faced. There is no official cation of a series of studies dealing with major endorsement of any of the opinions or proposals economic problems of the United States in the of the authors." The studies will be published in a series of postwar period. These studies have been writpamphlets, each containing several essays on ten by specialists on the staff of the Board and related subjects by individual authors. The the Federal Reserve Banks. first pamphlet, Jobs, Production, and Living As the preface to the series explains: "These Standards, will be ready for distribution in studies are in substance by-products of the work September. It will contain papers by E. A. done by these economists in the performance of Goldenweiser, Everett E. Hagen, and Frank R. their current duties. The views expressed in Garfield. As the other pamphlets become these papers are entirely those of the authors. available they will be announced in the In some cases dissenting opinions or comments BULLETIN. by other members of the staff are printed at Individual pamphlets may be purchased for the end of a paper. The Board's authorization 2.5 cents each, or for 15 cents each for group of the publication of these studies is motivated purchases of ten or more in single shipment. solely by the belief that the material presented Orders should be sent to the Division of Admay be of value in furthering the discussion of ministrative Services, Board of Governors of the the many difficult questions with which the Federal Reserve System, Washington Z5, D. C. AUGUST 1945 73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE There is given below the text of a British Govern-both possible and, in view of the Government's ment White Paper (Cmd. 662$) -presented to Parlia- employment policy, necessary. For, as is ment on April 24 by the Financial Secretary to the pointed out in Cmd. 652.7 the problem of main- British Treasury under the title "An Analysis of the taining employment is very largely the problem Sources of War Finance and Estimates of the Na- of maintaining total expenditure, public and tional Income and Expenditure in the Years 1938 toprivate, and in an economy where this is ac- 1944." This document is the fifth of a series ini- cepted as one of the prime aims of government tiated in 1 941. The texts of the earlier White Papers policy it becomes peculiarly important to have were published in the BULLETIN for July 1944, pagesnot only statistics adequate to measure that 655-669, August 1943, pages 729-740, June 1942, expenditure, but a method of bringing them pages 539-549, and July 1941, pages 633-638. Thesetogether and of classifying them which makes documents, which are presented in connection with tphoessible the necessary comparisons with the annual budget speech in Parliament by the Chancelloirmmediate past and with the present position in of the Exchequer, are prepared in the British Centraolther countries. Statistical Office with the collaboration of the Attention is again drawn to the continuing Treasury. nature of the enquiries which form the basis of this analysis. This year has brought with it PREFACE several new sources of information not pre- In previous years the primary aim of this viously available and the treatment of the main Paper has been to make clear the sources from categories of national income and expenditure which the Government's war expenditure was has been re-examined to ensure that the methods financed and the changes in the use of resources adopted make use of the figures and other eviwhich the continued growth in this expenditure dence available with as much consistency as poshad made necessary by setting out estimates of sible. The effect of the consequent changes is the expenditure, revenue and borrowing, not of set out in section IV below. the Government alone but of persons, businesses and other parts of the economic system also. I. INTRODUCTION The idea behind this method of exposition is by It is well known that the aggregate or nanow familiar at least in its war-time application. tional income of a country can be defined in a It is generally understood that the increase in the number of different ways, and these differences resources at the disposal of the Government for sometimes seem to form an arbitrary and even an unnecessary complication in a subject which war purposes has been made possible by bringing is in any event sufficiently involved. Much of into play resources previously unused, by divertthe difficulty arises because the results of aggreing resources from other uses, by allowing capi- gating incomes and expenditures are unfamiliar. tal equipment to run down and by borrowing This introduction is intended to show how such and selling assets abroad. The need for follow- concepts as national income and expenditure are built up from other and more familiar concepts. ing throughout the economy the implications of Aggregate personal income is largely free from any large increase in war expenditure is accepted the disadvantage of unfamiliarity for apart from as a corollary to this. one component it consists simply of the sum of But there is nothing in this method which the incomes of all the individuals normally resident in a country. These incomes may arise limits its application to war-time. In peacefrom work or from the ownership of property or time, too, such an approach to any large change they may be received from public authorities, in expenditure whether public or private, on as are old-age pensions, unemployment benefit armaments, for example, or capital equipment is and the interest on the national debt, without 731 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE the receivers participating in current economic Accordingly elsewhere and particularly in Tables activity. Receipts of a capital nature are natu- 10 and 32., these remittances are excluded from rally not included and in the figures given here income and to preserve the balance of the acgifts between persons are excluded unless they count are deducted from consumers' expenditure. are given to or received from persons abroad. An allowance for this adjustment is included in Personal income as here defined includes, in item 13 of Table 2.1. addition to the income received by individuals, the income accruing to charities and other non- TABLE 1 profit-making bodies; for to separate these would PERSONAL INCOME AND OUTLAY, 1938 [In millions of pounds] involve complications, particularly in dealing 1. Rent, interest and 6. Personal expenditure with expenditure, in return for which very little profit received by on consumers' goods persons [19] 1,612 and services ([7] or advantage would be gained. 2. Wages, salaries and the [27+28+29] plus Corresponding to this concept of personal in- p of a y th a e n d F o a r l c l e o s w a [2 nc 0 e + s 7. Di i r te e m ct 4 ta o x p e p s o s [ i 3 te 0 ) + 31+ 4,178 come before tax there is a concept of outlay. 21] 2,913 32] 468 3. Transfer payments 8. Saving [33+34] 183 This is composed of personal expenditure on from public authorities other than naconsumers' goods and services, personal pay- tional debt interest ments of direct taxes and the balance, or saving, included in item 1 above [22 to 25] 279 which forms a net addition to personal wealth. 4. Remittances from abroad (deducted Saving as thus defined appears as a residual from outlay in [7] figure, being what is left of personal income and [27]) 25 after deducting outlay on consumers' goods and 5. Personal income before services and direct taxes. It can also be re- t a a b x o v ( e [2 ) 6] plus item 4 4,829 9. Pe p r l s u o s n a it l e m o u 4 t l a a b y o v ( e [3 ) 5 ... ] 4,829 garded as the sum of net personal lending and personal capital formation. Looked at in this In this table personal saving (item 8) is obway saving appears as the sum of the cash outtained as a residue; that is, by subtracting the lays by persons on all forms of assets and finansum of items 6 and 7 from item 5. As explained cial claims including assets that have just been above, the figures could in principle be arrived produced, such as new houses. This is a net at by a more direct approach, but not enough sum in the sense that personal sales of such items information is available on the purchase and sale are reckoned as negative outlay. of assets and claims by persons to permit any- An account can thus be formed which shows thing more than a broad check of the general on one side the sources from which persons get size and movement of the estimates obtained their income and on the other the way in which indirectly. they spend it. This is set out for 193 8 in Table 1. In addition to personal income there is also This and the following eight tables all relate to some other private income, mainly composed of 1938, which is chosen as an example since it is the undistributed profits of companies, which is the only peace-time year in the series and the either added to business savings or used to pay only year for which sufficient information is at taxes on business income such as National Depresent available on all aspects of the British fence Contribution, Excess Profits Tax and economy. Wherever information can be proincome tax on business saving. The sums invided for the war years a reference (in square volved in 1938 are shown in Table 2. brackets) is given to the number of the corresponding item in the main Tables, 31 to 35. TABLE 2 These numbers are intended solely for reference OTHER PRIVATE INCOME AND OUTLAY, 1938 purposes and the concept referred to may appear [In millions of pounds] positively in one place and negatively in the 1. Ot b h e e f r o re p r t i a v x a te [3 6 i ] n come 259 3 4 . . D S i a r v e i c n t g ta [4 x 0 e + s 4 [ 1 3 ] 8+39].. 18 7 2 7 other. Throughout, the annual figures relate 2. Other private income to the United Kingdom and to the calendar and before tax 259 5. Other private outlay.. 259 not the financial or fiscal year except where otherwise stated. These two accounts may be added together. Remittances from abroad, item 4, are here The resulting table shows the income accruing included, as is natural, in personal income before to the private sector of the economy (i.e. persons tax and are similarly included in private income and businesses other than those operated by before tax in Table 3. The estimate is neces- public authorities) and the disposition of this sarily rough and it has proved impossible to income between consumption, direct taxes and make similar estimates for the more recent years. net additions to accumulated wealth. The bulk AUGUST 1945 733 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE of these incomes is earned in productive activity; received on money lent to the government in that is, in the production of goods and the ren- return for securities which form part of the dering of services of one kind or another. But a national debt is regarded as a transfer and not part is obtained as a transfer from public au- as income from economic activity as is the return thorities and another (much smaller) part as a on commercial lending. The answer lies in the transfer from abroad. It will be observed that fact that with trifling exceptions the national if the amounts transferred to persons from public debt has been incurred in war-time and the authorities, such as interest on the national debt money borrowed has been devoted to meeting or old age pensions, are increased, private income the costs of war. As a consequence the debt is correspondingly increased even though the has vef y little counterpart in the form of producpublic authorities cover their expenditure by tive assets. Speaking generally commercial intaxes or by borrowing from the private sector. terest can be paid because the money borrowed In a similar way the greater part of outlay is is put to a use which yields a measurable return spent on home production of one sort or another. while if the asset purchased with the money But a part is spent on imported goods (including becomes worthless or disappears, the interest those imports, such as raw materials, which are payments can only be paid from some other incorporated in home production) and a part is sources available to the borrower. In the case transferred abroad in the form of remittances. of the national debt the money borrowed has Yet another part is transferred to public authori- mainly been absorbed in meeting the costs of war and almost no assets yielding a measurable return exist. Accordingly, it is thought to be less TABLE 3 misleading to treat these interest payments as a PRIVATE CURRENT ACCOUNT, 1938 [In millions of pounds] transfer than to force the analogy with commer- 1. Income from 5. Personal expenditure on con- cial interest payments. economic ac- sumers' goods and services tivity [6 - ([7] or [27+28+291 Plus item This method of treatment has certain other 56] 4,592 3 opposite)— advantages. For example, the measure adopted 2. Transfers from (a) Factor cost— public au- (i) Home production— for income from economic activity on this basis thorities [72]— (a) Current factor (a) National cost 2,670 is independent of the methods adopted to finance debt in- 08) Depreciation and past wars. If national debt interest were interest.... 192 maintenance 269 (b) Other 279 (ii) Imports 668 cluded in income earned from productive activity 3. Remittances (b) Indirect taxes 561 from abroad (c) Remittances abroad 10 the measure of this income in 1938, for example, (deducted 6. Direct taxes [48] 545 would be made to depend on the extent to which from outlay 7. Saving [85+86] 365 in [7] and the war of 1914-18 had been financed by borrow- [27]) 25 ing rather than taxation even though this 4. Private income difference had no effect on the economic activity before tax ([43] plus 8. Private outlay ([44] plus item actually going on in 1938. item 3 above). 5,088 3 above) 5,088 The interest on other forms of borrowing by public authorities is included in income from ties in the form of taxes, while the balance, economic activity. It is only interest on the saving, is used to finance capital formation or national debt that is excluded in view of the the borrowing of other sectors of the economy, special circumstances described above. notably, in war time, the central government. The total amount which consumers spend on The result of adding together the items in goods and services of all kinds is the sum of the Tables i and i is presented in Table 3. In this items included in item 5. The reason for giving table some of the items are further subdivided the particular analysis shown lies in the relaunder headings to which reference will be made tionship between the transactions shown in this later. The subdivisions in this and the follow- table and those appearing in the three tables ing three tables are in some cases necessarily that follow. The important point at the momore approximate than the main totals but they ment is that this classification is exhaustive. serve to demonstrate the interrelations of differ- The term "current factor cost" comprises ent parts of the economic system. those elements in the value of consumers' pur- Some of the items in this table call for com- chases which form the remuneration of all in the ment. It will be noticed that item i, transfers United Kingdom who contribute whether by from public authorities, includes national debt labour, management, enterprise or property, i.e., interest along with health and unemployment the factors of production, to the total value of benefits, etc., comprehended under the term goods and services of all kinds bought by con- 4 'other.'' It may be wondered why the interest sumers. But in addition to these charges and 734 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE profits, other elements of cost must be met out surance fluids and the various war risks insurance of sales proceeds; namely, depreciation and accounts, besides a host of smaller accounts, and maintenance, the value of imported goods and local authorities. Table 4 shows that apart services entering into consumers' purchases and from certain profits received from participation indirect taxation. These items cover the whole in economic activity, nearly the whole of the cost of what consumers buy from producers income of public authorities is derived from and distributors in this country. In addition, taxation; that is, from transfers mainly from the however, consumers import certain goods and private sector of the economy. It will be seen, services direct from abroad and make certain for example, that item 10 on the income side of remittances abroad. These transactions appear Table 4 may be set against item 6 on the outlay as part of item 5 (a) (ii) and in item 5 (V). side of Table 3, while items 11 (a) (i) and 5 (b) The taxes shown in Table 3 appear under two also correspond. heads; indirect taxes in item 5 (b) and direct On the outlay side, item 13, which relates taxes in item 6. This distinction accords fairly only to current goods and services and excludes closely with ordinary usage; direct taxes are goods of a capital nature, is subdivided on the taxes levied on income, such as income tax, same general lines as item 5 of Table 3. It will surtax, and Excess Profits Tax, and on accumu- be seen that a part of the cost of goods and serlated wealth, such as death duties; while indirect vices purchased by public authorities is indirect taxation and that accordingly item 13 (b) cor- TABLE 4 responds to item 11 (b) (i) on the opposite side CURRENT ACCOUNT OF PUBLIC AUTHORITIES, 1938 of the account. [In millions of pounds] Item 14, subsidies, is peculiar to this account. 9. Income from 13. Goods and services [76]— public prop- (a) Factor cost— The term is used here to mean a charge incurred erty, trading, (i) Home production— by a public authority with the object of enabling etc. [56] 27 (a) Current factor 10.Direct taxes cost 634 the general public to buy a commodity or ser- [48] 545 (/3) Depreciation and 11.Indirect taxes maintenance... 62 vice at less than the price which would other- [52]- (ii) Imports 80 wise have to be paid. It does not include ex- (a) Private— (6) Indirect taxes 28 (i) Current (c) Debt interest and other penditure by public authorities in financing account. 561 current payments (ii) Capital abroad public services such as education or hospitals. account. 19 14. Subsidies [65] There are in practice four main types of public (b) Public au- 15. Transfers to the private thority— sector [72] 471 authorities' transactions. Such a transaction (i) Current 16. Saving [80-60] or [87] -90 account 28 may be regarded either as a trading loss, or as a (ii) Capital purchase of goods or services which are then account 8 (c) Overseas 22 provided free or at less than cost to the 12.Income of public recipients, or as a subsidy in the sense in which authorities . 1,210 17. Outlay of public authorities. 1,210 the term has just been used, or as a transfer payment in kind. taxes are those levied on goods and services and If the transaction were a private one, the chargeable as a cost against the proceeds of sale, excess of the buying over the selling price would such as customs and excise duties, purchase tax normally be regarded as a loss. The same is and local rates. The purpose of a distinction of true in the case of a public authority if the transthis kind is to separate those taxes which action in question is intended to be a commercial directly affect relative prices from those which one; that is, if the authority is operating a comdo not. A clear line of division cannot be at- mercial concern such as an electricity undertained in practice and this simple line of de- taking, with the object of covering its costs or marcation is adopted from practical con- making a profit, and in fact makes a loss. But siderations. with public authorities this is not the com- Table 3 covers a wide range of transactions mon case. but by no means the whole field. For example, It may be, as in the second case above, that the receipts and payments of public authorities the public authority is wholly financing or lie largely outside this statement and appear in helping to finance a common service. This is part and only incidentally in items z, 5 (V) and the case, for example, with expenditure on 6. Accordingly, an account similar to Table 3 is education since it would clearly be inappropriate set up for public authorities in Table 4. to regard the excess of the cost over the receipts The term "public authorities" in this context from fees as a loss. Such expenditure therefore comprises the central government, certain extra- is regarded simply as expenditure on goods and budgetary funds such as the national health in- services by the public authority in question. AUGUST 1945 735 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE The third possibility is that in buying high less misleading to regard all war expenditure as and selling low the public authority is incurring current and to include assets in capital formation a charge in order to provide a subsidy in the only when they are disposed of for some peacesense defined above. Subsidies may take the time purpose. This is not an important matter form either of a payment to producers in relief in 1938, but the consequences of this method of of costs or, as is more usual in war-time, of a treatment should be borne in mind in interdifferential in the buying and selling price of the preting war-time figures of the expenditure by public authority paying the subsidy. public authorities on current goods and services. Finally, the transaction may be regarded as Tables 3 and 4 show the current income and a transfer payment in kind. This method of outlay of the two sectors, private and public treatment has been adopted in the case of certain authority, which together cover the whole of goods provided free of charge such as medical the British economy. Only incidentally, howbenefits under the national health insurance ever, do they provide any information on capital schemes. transactions and in order to bring these into the These examples indicate the sort of problem picture it is necessary to introduce a combined that arises in any attempt at an economic classi- capital account. This is provided in Table 5. fication of the transactions of public authorities. Table 5 shows on the outlay side the gross Border-line cases will always occur in which a additions to the country's capital equipment of particular transaction could with equal pro- all kinds including stocks and work in progress TABLE 5 COMBINED CAPITAL ACCOUNT, 1938 [In millions of pounds] 18. Saving— 21. Domestic gross capital formation— (a) Private [85+86] 365 (a) Private [91]— (b) Public authority [87] —90 (i) Factor cost— 19. Sums allowed for depreciation and maintenance [88] 440 (a) Home production— (1) Current factor cost 410 (2) Depreciation and maintenance 41 (8) Imports 80 (ii) Indirect taxes 19 (6) Public authority [93]— (i) Factor cost— (a) Home production— (1) Current factor cost 188 (2) Depreciation and maintenance 19 OS) Imports 20 • (ii) Indirect taxes 8 22. Net lending to or purchase of assets and financial claims from overseas [94] —70 20. Saving and sums allowed for depreciation and maintenance.. 715 23. Gross capital formation 715 priety be classified one way or another, but the and the net balance of capital transactions with distinctions that have just been drawn seem from countries overseas. On the receipts side it experience, to form a useful basis for classi- shows the extent to which saving and allowfication. ances for depreciation and maintenance respec- No more need be said of item 15, transfer pay- tively financed the total outlay. It should be ments, except to note that it corresponds to noted that the amount shown in item 19 repreitem 2. in Table 3. sents all such sums wherever they may occur on Item 16, saving, is equal to the net capital the outlay side of Tables 3 to 6 and not simply formation of public authorities less their net the sums shown in the two items on the opposite borrowing. The fact that the figure is negative side of this account which relate solely to demeans that public authorities did not cover the preciation and maintenance incurred in the prowhole of their current expenditure out of reve- duction of capital equipment and works. The nue; in other words, their net borrowing was in net addition to the capital position at home and excess of their net capital formation (mainly abroad can be obtained by subtracting item 19 buildings, roads and equipment for public from item Z3. The result of this calculation is, utilities and services). It should be noted, how- of course, equal to item 18. ever, that no part of war expenditure is treated Finally, it is necessary to introduce an account as capital formation even if it is on such things showing the transactions of the rest of the as factories and lorries. In view of the practical world with the United Kingdom. This is done difficulties of deciding how far war expenditure in Table 6 which sets out receipts by countries adds to the country's capital wealth it is thought abroad from the United Kingdom on the left- 736 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE hand side and payments to the United Kingdom not available, but even so the present set of acon the right. counts makes it possible to compile most of the Most of the items in Table 6 have already ap- more important national income, product and peared in Tables 3 to 5. For example, payments expenditure tables and to show how these are for imports entering into consumers' goods and related to the simpler accounts from which they services are included in item 5 of Table 3 while are built up. the corresponding receipts by countries abroad Broadly, there are three national income or appear in item 24 of Table 6. Again, net in- product concepts that need to be considered. terest and profits on British overseas invest- They may be called the net national income (or ments appear as a payment by countries abroad product at factor cost), the net national product in item Z9 of Table 6 and as a receipt by the at market value and the gross national product. private current account included in item 1 of The first is set out in Table 7. Table 3. The principal exception is item z8, The first and third columns of this table build payments for British exports of all kinds, but up to the net national income and expenditure totals on the basis used in Table 31 of section V for the years 1938-44. The income column does TABLE 6 not distinguish between income from different OVERSEAS ACCOUNT TRANSACTIONS OF THE REST OF THE WORLD WITH sources such as wages, profits, etc., only because THE UNITED KINGDOM, 1938 in order not to overload Tables 3 to 6 with un- [In millions of pounds] necessary detail these distinctions were not .24. Receipts by coun- 28. Payments to the United tries abroad from Kingdom by countries made there. The middle column is a variant of the United King- abroad for merchandise, dom for merchan- services and dues, in- the final one which from certain points of view dise, services and cluding tourists' ex- is the more useful, since it shows the extent to dues, including penditure— tourists' expendi- (a) Factor cost— which current resources are used up in meeting ture— (i) Home production— (a) Private— (a) Current factor different types of need. (i) Current 668 cost 497 The net national income column, i.e., the (ii) Capital 80 08) Depreciation (b) Public author- and main- first of Table 7, is obtained by picking out from ity— tenance 49 (i) Current 80 (ii) Imports 100 Tables 3 to 6 those items which form part of (ii) Capital 20 (6) Indirect taxes 22 the income from economic activity accruing to (c) Overseas 100 29. Inntteerreesstt aanndd pprrooffiittss oonn 25. RRie ceipts bby coun- United Kingdom over- any sector of the British economy. Clearly, tries abroad from seas investments, less the United King- commercial interest and such income cannot appear on the receipts side of dom government profits received by coun- a capital or overseas account and will be conin respect of debt tries abroad from the interest and other United Kingdom 205 fined therefore to the first two of the four main current payments. 10 30. Remittances to the United 26. Remittances re- Kingdom 25 accounts. From the left-hand side of Table 3 ceived from the 31. Net lending to or purchase only item 1, income from economic activity, is United Kingdom.. of assets and financial claims from the United selected since the remaining items arise not from Kingdom [94] 70 any participation in economic activity but 27. Receipts by coun- simply as transfers from public authorities and tries abroad from 32. Payments to the United the United King- Kingdom by countries overseas respectively. Similarly, in Table 4 dom 968 abroad 968 only item 9, income from public property, trading, etc., is required since all the remaining even here some of the components have already items are transfers of one kind or another and appeared. For example, item z8 Qj) corresponds do not accrue to public authorities from their to item II (/). The "imports*' shown in item participation in economic activity. z8 relate to the imports contained in British In a similar way the items in the second exports. column in Table 7 are obtained by picking out Between them, these four accounts (Tables those items in the right-hand side of Tables 3 to 3 to 6) cover the whole economy and they have 6 which give rise to British incomes from ecobeen numbered consecutively to emphasize their nomic activity. Such items arise on each of the essential unity. It would, of course, be possible four accounts. In Table 3 there is only one, to subdivide some of the accounts so as to show namely, the current factor cost of home-produced the interactions of receipts and payments in goods and services, which appears in item 5, greater detail. It would also be possible to since all the remaining items are transfers to extend the system so as to take account of trans- other accounts. In Table 4 not only the current actions which are not as it were on the surface factor cost of home-produced goods and services, but take place within the business and financial which appears in item 13, but also subsidies, system. Information for these extensions is item 14, come into this category since subsidies AUGUST 1945 737 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE are here regarded as charges incurred to enable penditure on goods and services, which has inthe general public to make certain purchases at creased very greatly since 1938 even after allowless than the cost to the producer. In Tables 5 ance for the rise in prices, then either the total and 6 three items composed of the current factor value of the product must be raised, for excost of home-produced goods and services which ample, by employing resources more fully, or appear in items 2.1 Qa), xi (F) and 2.8 are required other forms of expenditure must be reduced, for along with the net interest and profit on British example, by the direct restriction of certain overseas investments which appears in item xy types of output and imports, of Table 6. Looked at from a longer term point of view The third column is obtained by a rearrange- it is this same sum which, when adjusted for ment of the items of the basic tables and cor- changes in the value of money, measures the net responds to the form of presentation previously value of the production of goods and services of adopted and shown for each year since 1938 in all kinds and therefore the amount of the product section V, Table 31. The general procedure can in terms of the common denominator money be seen from the case of consumers' expenditure, which is available either for raising the material This item is put down in its entirety, that is standard of living or for increasing the country's item 7 of Table 7 corresponds to the sum of the capital wealth. TABLE 7 NET NATIONAL INCOME (OR PRODUCT AT FACTOR COST) AND EXPENDITURE, 1938* [In millions of pounds] 1. Income from domestic activity— 4. Domestic expenditure on United 7. Personal expenditure on con- (a) Private (1-29) 4,387 Kingdom goods and services at cur- sumers' goods and services at (b) Public authority (9) 27 rent factor cost— market prices (5) 4,178 2. Interest and profits on United (a) Current— 8. Less Remittances from abroad Kingdom overseas invest- (i) Private (5aia) 2,670 (3) —25 ments less commercial interest (ii) Public authority (13aia 9. Expenditure by public authoriand profits received abroad +14) 649 ties on current goods and servfrom the United Kingdom (29) 205 > ices at market prices (13) 814 (b) Capital (gross)— 10. Domestic gross capital forma- (j) Private (2laial) 410 tion (21) 785 (ii) Public authority (215ial)... 188 11. Less Sums allowed for deprecia- 5. Expenditure by the rest of the tion and maintenance (19) —440 world— 12. Net lending to or purchase of (a) On United Kingdom goods and assets and financial claims from services at current factor cost (28 overseas (22) —70 aia) 497 13. Subsidies (14) 15 (b) Interest and profits on United 14. Less Indirect taxes (11) —638 Kingdom overseas investments less commercial interest and profits received by countries abroad from the United Kingdom (29) 205 3. Net national income (or product 15. Net national expenditure at at factor cost) 4,619 6. Income-generating expenditure 4,619 factor cost 4,619 1 The numbers in parentheses refer to the items in Tables 3 to 6 from which this table is derived. elements of item 5 in Table 3. But depreciation The income (or product) and expenditure and maintenance are deducted in item 12., im- totals of Table 7 are qualified by the term "net." ports and remittances abroad in item 13 and In the first column this means that the rent and indirect taxes in item 15. A similar line of ar- profit components of income are reckoned after gument applied to the other elements of the deduction of sums allowed for depreciation and table demonstrates that the components of items maintenance. In the third column the same 6 and 15 of Table 7 are derived from different amount is deducted (in item 11 of Table 7) arrangements of exactly the same elements. from the sum of current expenditure and gross From many points of view the net national capital formation, since otherwise it would apincome (or product at factor cost) and expendi- pear twice, once in sales proceeds and again in ture are the most important of all these ag- gross capital formation. In the second column gregates. They record the value of the product the whole of gross capital formation duly apof British labour and capital at home and over- pears, as it should, as part of income-generating seas, as measured by the incomes received from expenditure irrespective of how it is financed, economic activity or by the expenditures which The expenditure total shown in item 15 of give rise to these incomes. It is this total that Table 7 is said to be "at factor cost." This is divided year by year between consumption, means that from the total actually spent indirect whether by consumers or public authorities, taxes are deducted since this amount of the and additions to capital wealth, whether at sales proceeds is taken by the taxing authority home or abroad. If it is necessary to increase and is treated as a business cost and not as a one item of expenditure, say, government ex- part of income, while subsidies are added on 738 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE since they represent a source of income available to add indirect taxes to, and to deduct subsidies to producers in addition to the proceeds of sale. from, the net national income (or product) The resultant, or "factor cost," represents what shown in item 3 of Table 7. Correspondingly, producers and distributors, their employees, on the expenditure side it is necessary to include landlords and creditors, in a word the factors items 7 to 12. of Table 7 and omit items 13 and of production, receive for the sale of their prod- 14. The result is that the net national product ucts and services after duplication has been at market value tends to increase when indirect removed. An example will make this clear. taxation replaces direct taxation, and vice versa, Out of the price of is. ^d. paid for twenty since the former affects market values in a way cigarettes approximately is. ^d. goes to the in which the latter does not. Thus to some Exchequer in the form of tobacco duty, and extent both the indirect taxation and also the other minor levies which are here treated as expenditure it finances enters into the final result. indirect taxes, such as rates on business premises These changes lead to the following table: and employers' national insurance contributions, have also to be deducted from the re- TABLE 8 NET NATIONAL PRODUCT AT MARKET VALUE, 1938 mainder. Thus out of the original is. 4d. [In millions of pounds! rather less than yd. is the factor cost left over to 1. Net national product 5. Personal expenditure be paid in wages, salaries, interest and rent or at factor cost [6] 4,619 on consumers' goods 2. Indirect taxes [52] 638 and services less reretained as gross profit by the makers and dis- 3. Lew Subsidies [65].... -15 mittances from tributors of the cigarettes and the materials and abroad [7] 4,153 6. Expenditure by public services which enter into them. authorities on current goods and serv- It is convenient at this point to describe the ices [8] 814 7. Domestic net capital treatment of lend-lease and mutual aid which formation [9+10]. 345 become of great importance in the war years. 8. Net lending to or purchase of assets and In general, assistance of this kind received by financial claims from overseas [13] —70 this country is excluded altogether, being regarded as part of the product of the giving 4. Net national product 9. Net national expendiat market value 5,242 ture.. 5,242 rather than the receiving country. In the case of warlike stores which are retained by the The third concept, namely, the gross national government for war purposes no difficulty arises product is obtained by adding sums allowed for since the figures are simply omitted from all depreciation and maintenance to the net national elements of the national expenditure. Where product at market value while on the expendithe goods received are sold to the public, as in ture side domestic gross capital formation is the case of foodstuffs, the position is more diffisubstituted for the net figure shown in Table 8. cult. The value of foodstuffs sold naturally As the second column of Table 7 shows, the appears in consumers' expenditures but apart expenditure on renewals and replacements acfrom the distributors' margin, no corresponding tually carried out is already included in the income is generated in this country as a result net national product. Thus the gross national of the sale. Accordingly, it is necessary to product includes both the financial provision deduct an amount equal to the government's for depreciation and maintenance and also the proceeds from the sale of lend-lease goods from cost of work done out of this provision. These government expenditure on goods and services. changes lead to the following table: The interpretation of this deduction is that to the extent of the sales proceeds British govern- TABLE 9 ment expenditure is met indirectly from lend- GROSS NATIONAL PRODUCT AT MARKET VALUE,1938 lease sources and not out of taxation or [In millions, of pounds] 1. Net national product 4. Personal expenditure borrowing. at market value 5,242 on consumers' goods Conversely, the value of goods and services 2. Sums allowed for de- and services, less repreciation and main- mittances from provided by the United Kingdom to Allies under tenance [88] 440 abroad [7] 4,153 5. Expenditure by public mutual aid is included in government expendi- authorities on curture on goods and services since it forms part rent goods and services [8] 814 of the product of this country's resources. 6. Domestic gross capital formation [91+93].. . 785 The other concepts relating to national in- 7. Net lending to or purcome, product and expenditure may readily be chase of assets and financial claims from derived from the tables so far presented. To overseas [94] -70 obtain the second concept, namely, the net na- 3. Gross national product 8. Gross national extional product at market value, it is necessary at market value 5,682 penditure 5,682 AUGUST 1945 739 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE It can thus be seen that all the main national ability or use of resources is best handled in income, product and expenditure totals can be terms of the net national income (or product) extracted from the preceding Tables 3 to 6. (item 6 of Table io) and the associated measure Table 10 shows as briefly as possible the rela- of expenditure. It will be noticed that in tionship between the main income and product Table 7 in which a further analysis is given of totals introduced in the foregoing tables. Fig- expenditure in this sense, the component items ures are given for each of the seven years 1938- follow substantially the same lines as were 44. adopted in the White Paper on Employment These different totals are useful for different Policy (Cmd. 6517 of May 1944). purposes. Thus in any problem relating to the The remaining two totals (items 8 and 10 of demand for different commodities by all con- Table 10) may be useful for certain purposes and have the advantage of being broadly comparable TABLE 10 with figures frequently quoted in other countries MAIN INCOME AND PRODUCT TOTALS, 1938-44 in discussions of national income and product. [In millions of pounds] II. CENTRAL GOVERNMENT EXPENDITURE AND 1938 1939 1940 1941 1942 1943 1944 THE NATIONAL ECONOMY 1. Personal income The magnitude of the economic and financial before tax [26].. 4,804 5,042 5,744 6,436 7,088 7,684 8,043 problem of directing a large proportion of the 2. Plus Other private income country's resources to war purposes can be seen before tax [37].. 259 369 615 919 962 980 975 by comparing expenditure on goods and services 3. Private income before tax [43].. 5,063 5,411 6,359 7,355 8,050 8,664 9,018 by public authorities with an appropriately 4. Plus Income of defined national product as set out in section I. public authori- Table 11 shows the expenditure of all public ties from public property, authorities on goods and services of all kinds. trading, etc. [56] 27 23 30 45 84 69 47 After adjustment for indirect taxes and subsidies 5. Less Transfer this total is compared with the net national inpayments from public authori- come (or product), item 3 of Table 7. ties to the private sector [72]. -471 -464 -476 -523 -580 -654 -731 TABLE 11 6. Net national -income (or prod- EXPENDITURE ON GOODS AND SERVICES BY uct at factor PUBLIC AUTHORITIES, 1938-44 cost) [6] 4,619 4,970 5,913 6,877 7,554 8,079 8,334 [In millions of pounds] 7. Plus Indirect taxes and simi- 1938 1939 1940 1941 1942 1943 1944 lar levies net of subsidies [52- 1. Central govern- 65] 623 687 846 1,097 1,208 1,286 1,260 ment 8. Net national (a) War [122] 353 743 2,471 3,571 3,944 4,552 4,591 product at (6) Other [123+ market value... 5,242 5,657 6,759 7,974 8,762 9,365 9,594 124] 116 130 135 142 151 149 148 2. Extra-budgetary 9. Plus Sums al- funds and local lowed for de- authorities preciation and (a) War 5 52 104 129 118 95 87 m [88 a ] intenance 440 450 465 475 475 475 475 (b) Other 465 435 371 362 364 355 353 LO. Gross national 3. Total at market product at value [76+80].... 939 1,360 3,081 4,204 4,577 5,151 5,179 market value... 5,682 6,107 7,224 8,449 9,237 9,840 10,069 4. Less Net indirect taxes included in market value.. -36 -54 -136 -220 -234 -238 -235 sumers in the country it would be natural to 5. Total adjusted for net indirect start with personal income (item i of Table io) taxes 903 1,306 2,945 3,984 4,343 4,913 4,944 6. Net national inand perhaps deduct direct tax payments since come -(or prodthese represent an unavoidable commitment. uct at factor cost) [6] 4,619 4,970 5,913 6,877 7,554 8,079 8,334 The same would be true if it were necessary to 7. (5) as a percentage estimate how personal saving would vary if of (6) 20 26 50 58 57 61 59 "income" varied by a given amount. On the other hand if a comparison is made (as in section This expansion in the expenditure of public III (B) below) of the total of taxes with the authorities on goods and services is partly due "income" out of which it is paid it is clearly to the war-time rise in prices, which has also right to take private income before tax (item 3 affected the value of the net national product. of Table 10). The expansion has, however, been large even Again, any problem turning on the avail- when allowance is made for this fact, and has in 74° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE part been made possible by an increase in the It would not have been sufficient simply to country's output of goods and services. This rely on a rise in employment, hours of work and has in turn been due to a rise in employment and productivity to provide or release resources for in average hours of work and also to shifts in direct war purposes. It has also been necessary industrial structure and the increases in output to curtail current consumption as far as possible per manhour which have taken place in certain and to live on accumulated wealth by failing to industries. The following table shows the maintain buildings, equipment and stocks not level of employment in Great Britain in all essential for war purposes and by selling assets occupations, except private domestic service, and financial claims abroad. including the armed forces and whole-time civil It can be seen from Table 11 that even before defence services. Women doing part-time account is taken of the rise in prices there was a work, who at the middle of 1944 amounted to decline in the expenditure on goods and services some 900,000, are each counted as a half in this other than for war purposes by public authoritable. ties. Consumers' expenditure, which is dealt with in greater detail in the following section, TABLE 12 rose in money terms but fell when account is NUMBERS EMPLOYED AT MIDYEAR INCLUDING MEM- BERS OF THE ARMED FORCES AND WHOLE taken of the rise in prices. This change is TIME CIVIL DEFENCE, GREAT BRITIAN brought out in Table 14 which shows the mar- [In millions] ket value of consumers' expenditure adjusted 1938 1939 1941 1942 1943 1944 for indirect taxes and subsidies at current and constant prices. Males aged 14-64 13.2 13.6 15.1 15.1 15.0 14.9 Females aged 14-59 4.6 4.8 6.0 6.9 7.2 7.1 TABLE 14 Total of above 17.8 18.4 21.1 22.0 22.2 22.0 CONSUMERS' EXPENDITURE ADJUSTED FOR INDIRECT TAXES AND SUBSIDIES, 1938-44 Average hours of work have risen since before 1938 1939 1940 1941 1942 1943 1944 the war and in the industries covered by the Ministry of Labour earnings enquiries have (a) At current prices [In millions of pounds] changed as follows since 1938: [27+28] 3,6071 3,672 3,762! 3,813 3,953! 3,9721 4,183 (6) At 1938 prices.... 3,607| 3,612 3,176J 2,920 2,894[ 2,798| 2,898 1938= 100 TABLE 13 (c) Index of (a) 100 102 104 106 110; 110 116 (d) Index of (b) 100 100 88 81 80; 78 80 AVERAGE WEEKLY HOURS WORKED IN THE PRINCIPAL INDUSTRIES Janu- It has not been possible during the war to October July ary July measure directly the extent to which the coun- 1938 1943 1944 1944 try has lived on domestic capital but an indirect Males . su 50f measure can be obtained. The estimates of Females 43f 45f 45* 44* privatS domestic net capital formation (included Total . . . .. 46£ | 50 49* 48J in item 3 of Table 15) are obtained as a residue (except in 1938) after all the other elements in The factor of output per manhour cannot be the net national income (or product) and exmeasured satisfactorily even within an industry penditure have been taken into account. These in view of the changes that have taken place figures and the net change in the overseas posiin the character of different products. In cer- tion are brought together in Table 15. tain industries large increases are known to In this table no deduction is made for loss or have taken place whilst in others war-time damage due to enemy action. Thus the sums difficulties of one sort or another such as changes shown for depreciation and maintenance are in the type of labour available appear to have simply the normal allowances. On the other prevented any rise and in some cases even to hand, as stated in section I, page 736, no governhave led to a fall. On the average it seems prob- ment capital expenditure for war purposes is able that some rise has taken place. But there included in capital formation. seems little doubt that the main sources of in- Thus, apart from receipts under lend-lease creased output per manhour are to be found in and mutual aid, real resources are made availthe shift of employment from industries with a able for war purposes either by increased producrelatively low to those with a relatively high tion, by other parts of the economy "doing output per head and in the economies that have without", by living on accumulated wealth, or arisen through the greatly increased scale of war by borrowing from abroad. But this is only industries. one way of looking at the problem. From a AUGUST 1945 741 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE financial point of view an increase in production find their way to the tax collector, but in the does not by itself put more resources at the dis- short run they appear in additions to past posal of the government: what happens in savings. financial terms is that total income is raised, so TABLE 16 that with given rates of taxation more revenue RELATION BETWEEN THE EXPENDITURE OF ALL will accrue to public authorities and with a PUBLIC AUTHORITIES ON GOODS AND SERVICES AND TOTAL CENTRAL GOVERNMENT given tendency to save more will be saved. At EXPENDITURE, 1940-44 the same time, the financial counterpart to the [In millions of pounds] economic transfer of resources is seen in 1940 1941 1942 1943 1944 increased revenue from taxes, due to higher incomes and to higher rates of taxation, and in- 1. Expenditure of all public creased borrowing by public authorities either authorities on goods and services at market prices out of increased saving, the disposition to which [76+80] 3,081 4,204 4,577 5,151 5,179 2. Less Expenditure by extrahas been greatly stimulated, or out of the sums budgetary funds and loreleased by running down equipment and stocks cal authorities on goods and services [74+75+ or by selling assets and borrowing from abroad. 78+79] -475 -491 -482 -450 -440 3. Plus Expenditure other than on goods and serv- TABLE 15 ices by the central government including NET CHANGES IN CAPITAL WEALTH, 1938-44 transfers to other public [In millions of pounds] authorities [65+69+125]. 738 914 1,011 1,080 1,175 4. Total central government 1938 1939 1940 1941 1942 1943 1944 expenditure [61] 3,344 4,627 5,106 5,781 5,914 1. Gross capital formation at home TABLE 17 [91+92+93] 785 827 541 394 397 352 287 THE SOURCES OF CENTRAL GOVERNMENT FINANCE, 2. Less Sums allowed 1940-44 for depreciation [In millions of pounds] and maintenance [88] -440 -450 -465 -475 -475 -475 -475 1940 1941 1942 1943 1944 3. Net capital formation at home and war losses 1. Revenue [45+49+53] 1,254 1,831 2,343 2,881 3,154 made good [9+ 2. Net borrowing by the cen- 10+11+12] 345 377 76 -81 -78 -123 -188 tral government [57] 2,090 2,796 2,763 2,900 2,760 4. Net lending abroad and pur- 3. Central government exchase of assets penditure [61] 3,344 4,627 5,106 5,781 5,914 and financial claims from overseas [94] -70 -250 -796 -795 -666 -684 -655 TABLE 18 THE COMPOSITION OF CENTRAL GOVERNMENT 5. Total (sum of REVENUE, 1940-44 items (3) and (4)) 275 127 -720 -876 -744 -807 -843 [In millions of pounds] The financial approach to the problem is es- 1940 1941 1942 1943 1944 sentially the one adopted in Table A of Cmd. 1 Income tax 469 664 850 1,114 1,265 65x0 which set out the sources of the finance 2 Surtax 78 77 72 74 74 3. National Defence Contribution of central government expenditure. The rela- and Excess Profits Tax 68 231 348 483 519 4. Death duties 79 88 94 96 107 tion between the expenditure of all public 5. Customs and excise duties on authorities on goods and services as shown in drink and tobacco 334 426 573 708 745 6. Purchase tax 97 113 93 95 item 3 of Table 11 and total central government 7. Entertainments duty 8 15 27 40 46 8. Other customs and excise duties. 128 135 138 149 201 expenditure is shown in Table 16. 9. Motor vehicle duties 37 38 32 27 28 Of the total in item 4, the following amounts 10. Receipts under the railway agreement 10 54 66 49 were raised from revenue and from net borrow- 11. Other revenue 53 50 42 31 25 ing respectively as shown in Table 17. 12. Central government revenue The composition of central government [45+49+53] 1,254 1,831 2,343 2,881 3,154 revenue is shown in Table 18, while the ultimate sources of central government net borrowing Item 2. (Table 19) also requires explanation. are shown in Table 19. If sums are set aside to replace equipment, but In Table 19, the excess of direct tax liabilities for one reason or another the replacement has on private income over payment is included in to be postponed until a later period, then these item 1 (a) because it forms part of saving in the sums are available for some alternative purpose. short run. These sums represent the amount of The same is true of money obtained by the sale tax liability which accrues in the period but re- of stocks without replacement and of compensamains unpaid. In the long run such sums will tion received in respect of war risks claims which 742- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE is not spent in the period. When allowance has capital assets. In other words, the calculation been made for other calls on these sums the total of profits takes account of changes in the value described in the heading to item 2. is reached. rather than in the quantity of stocks. While Put more precisely, the sums in question have information is not available that would make been provided from the following sources:— possible the measurement of the adjustment re- (V) Additions to depreciation, obsolescence quired to correct the difference between the net and similar funds held by firms, insti- change in stocks as implied here and a measure tutions and persons; based on the value of the quantitative change, (fi) Depletion of stocks and work in progress there can be little doubt that this adjustment held under private finance measured by would be considerable in the earlier part of the the reduction in their value as reckoned war, especially in 1940 and 1941. Similarly, in the calculation of profits; on the other side of the Table 31 this adjustment Or) Sums repaid to lenders and transferred to would require an equivalent downward adjustsinking funds by local authorities; ment to the figures of profits and therefore, also, of income. TABLE 19 Since part of item 2. of Table 19 is obtained by THE SOURCES OF CENTRAL GOVERNMENT NET BORROWING, 1940-44 difference in Table 31, it absorbs the errors in [In millions of pounds] all the other items of that table in so far as they do not cancel out. It is therefore a very 1940 1941 1942 1943 1944 precarious figure and will remain so until in- 1. Saving— formation is available which will enable the (a) Private (including allow- whole of it to be measured directly. On the ance for accrued taxation) [85+86] 1,149 1,491 1,619 1,765 1,698 other hand, apart from changes of definition, (b) Extra-budgetary funds and local authorities [78+79- the sum of the balancing items in Tables 31 and 58-59] 167 170 175 131 100 32. (items 11 and 34) is comparatively stable. 2. Sums released by running down domestic capital equipment The reason is that when these two balancing and stocks including any unspent compensation in respect items are taken together with items which are of war risks claims— known fairly accurately, they add up to the (a) Private [66-10-11-12] -15 316 272 276 257 (b) Local authorities [79] -7 24 31 44 50 deficit of the central government, which is 3. Net sale of assets and increase in liabilities to countries abroad accurately known. [94] 796 795 666 684 655 Table 19 shows the ultimate sources of central 4. Central government net borrow- government net borrowing. These sums can ing (deficit) [57] 2,090 2,796 2,763 2,900 2,760 also be classified according to the channels through which they reached the Exchequer: 00 Receipts from the sale of fixed capital assets such as sites and buildings to the TABLE 20 central government; THE CHANNELS OF CENTRAL GOVERNMENT NET BORROWING, 1940-44 00 Compensation received in respect of war [In millions of pounds] risks claims; (/) less Private gross capital formation in- 1940 1941 1942 1943 1944 cluding replacement of war losses and 1. Finance through government the increase in work in progress on agencies [106] 540 243 187 -73 -34 2. Post Office and Trustee Savings government contracts which, being Banks 119 214 234 301 325 ultimately recoverable from the Ex- 3. National Savings Certificates including increase in accrued chequer, is shown separately in item interest 167 214 232 297 265 4. Defense Bonds 180 174 134 121 112 io of Table 31. 5. Other public issues (net) 567 1,031 1,047 1,060 898 (g) less Gross capital formation of local 6. Increase in fiduciary issue 50 150 170 150 150 7. Increase in Treasury bills outauthorities. side government departments and Bank Ways and Attention is drawn to the statement under (F) Means 129 279 151 433 537 above that the net change in stocks and work in 8. Treasury deposit receipts 338 474 155 434 394 9. Tax reserve certificates 17 453 177 113 progress is measured by the change in their value 10. Central government borrowing as reckoned in the calculation of profits. While [106+115] 2,090 2,796 2,763 2,900 2,760 the practice in this respect is not uniform, the measure given here approximates more closely It is not possible by looking at these tables in to the change in the value of stocks than to the isolation to judge how far the situation is satisvalue of the quantitative change and to some factory. There can be no heading in any of extent therefore the basis of valuation of stocks them called "inflationary" sources because acdiffers from the one adopted for other forms of counting knows nothing of such matters. A AUGUST 1945 743 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE very high figure of personal saving may arise III. CHANGES IN THE COMPOSITION OF PRIVATE because consumers have foregone a great deal OUTLAY of consumption, because by increased effort It is clear from the preceding section that they have raised their total income or because increased tax payments and saving out of private a general increase in prices has resulted in a rise in saving and everything else expressed in income have provided the greater part of the terms of money. To see the position more finance of the expenditure of public authorities. clearly other considerations must be taken into These increases have come about, partly as a account. result of changes in rates of tax and partly be- It has been the practice in previous years to cause money expenditure on goods and services point to the "residue" of expenditure not by consumers has not kept pace with the rise in covered by revenue, saving, borrowing from their income. Further, it is only in current or sales of assets to other countries and some money terms that consumption has risen; when other minor sources. This residue was derived measured at constant prices it is seen to have principally from the running down and using up fallen by approximately 2.0 per cent between of domestic capital equipment. The extent to 1938 and 1944. which the use of such resources is necessary for Private outlay comprises consumption, taxawar purposes may indicate an inflationary position and saving; each of these components is tion but, on the other hand, it may simply repretreated separately in the following paragraphs. sent the using up of stocks held against emergencies. A better test, perhaps, is the extent A. Consumers' Expenditure to which the pressure on resources has driven up prices, rates of remuneration and incomes and The following Table, 2.1, shows the composiin this way provided the source of the higher tion of personal expenditure on consumers' money saving. goods and services at current market prices: TABLE 21 PERSONAL EXPENDITURE ON CONSUMERS' GOODS AND SERVICES AT CURRENT MARKET PRICES, 1938-44 [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1. Food— (a) Household expenditure— (i) Bread and cereals, etc. ... 165 220 244 246 225 232 (ii) Meat, bacon, etc. 275 256 241 275 273 305 (iii) Fish, fresh and canned 43 39 46 36 35 41 (iv) Oils and fats 98 65 59 57 57 59 (v) Sugar, preserves and confectionery 108 128 112 110 105 101 (vi) Dairy products 189 1,168 - 183 194 213 203 202 (vii) Fruit, fresh, canned and dried 79 62 32 41 35 43 (viii) Potatoes and vegetables 84 85 119 125 126 134 (ix) Beverages not included below 54 52 51 50 46 48 (x) Other manufactured food 33 57 51 44 37 42 (b) Other personal expenditure 77 78 90 109 121 119 135 2. Alcoholic beverages— (a) Beer etc 180 195 253 319 374 428 457 (b) Other 88 94 100 116 121 138 130 3. Tobacco— (a) Cigarettes 144 168 215 264 343 412 427 (b) Other 32 36 47 55 72 79 79 4. Rents, rates and water charges 491 510 520 515 510 508 508 5. Fuel and light— (a) Coal 105 104 117 126 122 116 118 (b) Electricity 33 35 38 40 42 40 43 (c) Gas . 39 40 46 48 52 55 59 {d) Other 15 17 19 20 21 21 24 6. Durable household goods— (a) Furniture and furnishings 152 146 139 128 114 83 68 (b) Hardware 82 77 73 69 60 56 56 7. Clothing— (a) Footwear ... . .. 73 78 90 91 97 87 90 (b) All other clothing— (i) Men's and boys' wear 127 131 137 116 123 101 125 (ii) Women's, girls' and infants' wear 246 249 269 245 267 241 279 8. Travel, including the purchase of privately-owned vehicles and their running expenses 284 263 181 200 214 222 223 9. Services not included above— (a) Entertainments 68 64 61 83 111 131 140 (b) Postal, telephone and telegraph services 29 29 32 37 40 48 54 (c) Acquisition and transfer of property and life assurance 66 66 66 67 68 68 68 (d) Other 404 406 405 389 364 346 352 10. Other goods 280 286 297 307 300 311 325 11. Income in kind of the armed forces 17 29 81 135 146 185 199 12. Total of above items 4,160 4,269 4,423 4,628 4,879 4,937 5; 166 13. Adjustment _7 -5 5 30 50 50 14. Total [7] 4,153 4,264 4,423 4,633 4,909 4,987 5,216 744 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE Numerous revisions in detail have led to small (4) Rent, rates and water charges—includes changes compared with the figures previously an allowance in respect of buildings given in Cmd. 652.01 (Table B). In interpreting occupied by non-profit-making bodies, these figures and those of Tables 12. and ux, the hotels, boarding houses, etc., in addifollowing definitions should be borne in mind. tion to private dwelling houses. First, the figures relate as far as possible to (5) Fuel and light:— expenditure met out of personal income includ- QF) Coke, paraffin, firewood, etc. ing that of charities and other non-profit- (6) Durable household goods:— making bodies as well as individuals. The (a) Furniture, furnishings, household figures for individual categories relate to pur- textiles, floor coverings and chases in this country even when made by musical instruments (including tourists or Dominion and Allied troops. On the wireless sets, gramophones and other hand they do not include consumers' accessories). expenditure abroad out of British personal in- (F) Pottery and glassware, ironmoncome. A rough adjustment for these factors is gers' goods, electrical goods, included in item 13 of the table. heating and cooking appliances, Second, expenditure on consumers' goods and sewing machines and reservices by businesses and public authorities is, frigerators. as far as possible, excluded except in certain (7) Clothing:— cases where the object purchased is resold to (V) Footwear covers all new boots, persons as part of a composite product or service. shoes, slippers, etc., but not Thus, personal expenditure on meals in restau- socks and stockings, repairs or rants and hotels is spread over several categories; repair materials. the cost to the establishment of the food used (F) All other clothing covers all kinds appears in item 1 (#), food; the rent of the of garments, dress materials, building in item 4, rent, rates and water charges; millinery, haberdashery, etc. the chinaware and cooking utensils purchased The expense of making-up cusin item 6 (F), hardware, and an allowance for tomers' materials is included, the purely service and managerial element of but not alterations or repairs. expense in item 9 (V), other services. All dress materials are allocated Third, the figures represent the expenditure to (F) (i), and so are such of consumers in the above sense on goods and things as knitting wool and services of all kinds whether these are provided general haberdashery. Infants out of new production or from stock. Second- for this purpose are children hand goods are not included, but an allowance under about four years of age. is made in item 9 (Y), other services, for the (8) Travel—includes all travel paid for out costs, including profit, of handling and recon- of personal income, and therefore the ditioning exclusive of the sums paid to the travel of members of the armed forces original owners. when at their own expense, in The composition of the sub-groups is set out all public conveyances, together with below: the purchase of vehicles by persons (1) Food—comprises purchases of food, in- and running expenses incidental to cluding such beverages as tea, coffee their use. and cocoa, by households together (9) Services not included above:— with the cost of food used in canteens, (V) Entertainments—includes thearestaurants and hotels. tres, cinemas, music halls, con- (2.) Alcoholic beverages:— certs, sporting events and all (a) Beer, ale, stout and porter. forms of recreation and amuse- (F) Wines, spirits and other alcoholic ment. drink. (V) This item was previously shown (3) Tobacco:— separately and not included in (V) Home-produced cigarettes. consumers' expenditure. (F) Home-produced pipe tobacco, (ct) Includes, for example, the services cigars, snuff, etc., and all im- of doctors, nurses, undertakers, ports of finished tobacco domestic servants, hairdressers, products. etc., hotel and restaurant services, repairs (except house repairs), dealers' margins on 1 See BULLETIN for July 1944, p. 656. secondhand goods, and the hire AUGUST 1945 745 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE of domestic heating and cooking do" with their old furniture and vacuum cleaners equipment. without suffering anything like the hardships (10) Other goods—includes chemists' wares, that would be involved if current production of stationery, books and newspapers, less durable goods were similarly curtailed. fancy goods, jewellery, etc., travel Durability is not, however, the only criterion. goods, toys and sports goods, soap, The supply of goods or services which do not polishes, candles and matches, etc. meet an essential need has been drastically cur- (n) This item relates to food and clothing tailed, even though the public have no old only. model in their possession to give some sort of (13) Adjustment—the figures in all the pre- service. The fall in certain services illustrates vious categories include expenditure this point; for some services such as beauty in the United Kingdom by tourists treatment, hotels and domestic service, are from overseas and Allied troops tem- largely non-essential, however desirable, and porarily resident in this country and the public's consumption of these has simply exclude expenditure abroad by British been reduced. tourists and members of the armed By way of contrast there are several categories forces. An adjustment is needed to which have been reduced very little, or have convert the total to a total of pur- even shown increases, notably beer, cigarettes, chases out of British income. The ad- entertainment, rent, etc., and fuel and light. justment given here also includes a The first three of these can conveniently be conrough allowance for the excess of sidered together. From the consumers' point remittances abroad from this country of view the increased purchases represent a relief over remittances received in this coun- from the rigours of war-time life; on the productry from overseas. tion side the diversion of resources from the In previous years figures have been given of war effort, though not negligible, was small aggregate consumers' expenditure in terms of compared with the money sums involved constant prices. It is now possible to provide —mainly because so much of the expenditure this information in greater detail. The changes (even in 1938) represented indirect taxation; that have taken place in the more important from the general economic standpoint they series are given in the following table: absorbed a great deal of surplus purchasing TABLE 22 PERSONAL EXPENDITURE ON CONSUMERS' GOODS AND SERVICES CORRECTED FOR PRICE CHANGES, 1938-44 [In millions of pounds at 1938 values] 1938 1939 1940 1941 1942 1943 1944 1. Food... 1,205 1,216 1,030 941 994 939 998 2. Alcoholic beverages— (a) Beer, etc 180 187 186 213 215 219 228 (b) Other 88 91 82 83 67 66 60 3. Tobacco— (a) Cigarettes 144 150 149 165 174 174 175 (b) Other 32 32 30 32 32 29 28 4. Rent, rates and water charges 491 505 508 503 497 496 495 5. Fuel and light 192 194 197 198 194 183 183 6. Durable household goods— (a) Furniture and furnishings 152 144 105 70 48 36 30 (b) Hardware 82 75 59 45 33 29 29 7. Clothing— (a) Footwear 73 76 68 58 56 53 53 (b) All other clothing (i) Men's and boys' wear 127 127 103 70 69 57 69 (ii) Women's, girls' and infants' wear 246 241 201 147 148 137 153 8. Travel, including the purchase of privately-owned vehicles and their running expenses 284 262 164 168 180 186 187 9. Services not included above 567 563 492 450 423 403 403 10. Other goods 280 282 261 225 196 198 205 Table zz shows that the steepest reductions power. It is worth noting that in Table zz the during the war have been in durable household rise in beer consumption reflects the volume congoods, to which should be added the durable sumed. In terms of alcohol content the rise has component of the travel category; i.e., the pur- been much less, and on this basis the figure for chase of new vehicles. This way of freeing pro- 1944 at 1938 prices is 194 million pounds instead ductive resources for the war effort has the ad- of zz8 million pounds. vantage that the public can, for a time, "make The category "fuel and light" consists of 746 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE perishables which mainly serve an essential The following qualifications should be borne purpose, so that a large drop was not to be ex- in mind in interpreting this table. ; pected. Expenditure on rent and rates reflects First, as far as possible and in nearly all cases the occupation of houses which already exist, of merchandise sales, the value of expenditure and therefore requires very little by way of cur- at 1938 prices takes account of the changed rent resources. quality of the goods sold, but not of the services Food and clothing are the principal constit- rendered in selling them (e.g., wrapping and uents of the intermediate group.' Food as a delivery, and the provision of a range of choice). whole obviously serves an essential need and is In the case of services it has been impossible highly perishable, but it is possible in war-time to allow for quality changes; railway transport to provide an adequate diet at a reduced cost in provides an illustration of the importance of terms of real resources. Foods with little nu- this factor. tritive value in proportion to their cost can be Second, the "weights" used to combine the replaced by simpler types which call for less different items in the composite groups such as expenditure of resources; in general, the diet food are essentially prices and this fact is recan be made plainer without sacrificing essential flected in the series. Thus, to take food as an nourishment. Rationing has served to limit example, an index of the nutritional value of TABLE 23 PERSONAL EXPENDITURE ON CONSUMERS' GOODS AND SERVICES AT CURRENT PRICES ADJUSTED FOR INDIRECT TAXES AND SUBSIDIES, 1938-44 [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1. Food 1,138 1,172 1,209 1,261 1,328 1,317 1,398 2. Alcoholic beveragesfa) Beer, etc 110 115 119 150 161 162 168 (by Other 48 49 52 62 62 68 66 3. Tobacco 86 92 96 109 118 121 118 4. Rent, rates and water charges 335 345 348 344 342 344 347 5. Fuel and light 186 190 212 224 228 227 241 6. Durable household goods— (a) Furniture and furnishings 145 139 133 103 89 65 55 (b) Hardware 78 74 69 57 47 44 45 7. Clothing— (a) Footwear 70 75 87 79 85 80 84 (b) All other clothing 353 361 386 307 335 307 373 8. Travel, including the purchase of privately-owned vehicles and their running expenses 176 204 207 9. Services not included above— (a) Entertainments 58 54 52 66 81 92 (by All other 483 485 484 470 452 446 462 10. Other goods 263 270 278 269 258 264 277 11. Income in kind of the armed forces 16 28 77 131 143 185 200 12. Total of above items 3,614 3,677 3,762 3,923 3,922 4,133 the claims of the wealthier classes and to ensure food consumed would show a smaller decline a fair distribution of the limited supplies. than item 1 of the above table, but such a series Clothing on the pre-war scale obviously con- would make no allowance for the fact that tained a non-essential component, especially as dietary standards are maintained in war-time much of it is relatively durable, so that the life only with some inevitable sacrifice of conof each garment could be prolonged. Rationing sumers' ordinary preferences. On the other has enforced a general reduction in purchases, hand, larger declines would generally be shown though this is small in the case of children. if it were assumed that consumers were rigid in The present ration provides adults with about their peacetime preferences, for it is unlikely half the their pre-war consumption, reckoned that they would buy the collection of goods and by quantity. Under rationing the sale of the services which they have bought in war-time cheapest types has been greatly reduced, and at the relative prices ruling, in the absence of this shift up the quality scale accounts for the rationing and other forms of control. smallness of the falls shown for 1943, when the Finally, these series indicate the level of agnumber of coupons available to the public was gregate purchases of different kinds of goods and much reduced; the rises in 1944 mainly reflect services at constant prices and do not necessarily the fact that it was a * 'normal'' year in relation reflect the position of any particular class or to coupon releases, whereas 1943 happened to be individual. a very depressed one. Table 2.1 relates to expenditure at market AUGUST 1945 747 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE prices. It therefore includes indirect taxation schemes and contributions and premiums (alfalling on consumers' purchases in the sense that most all of which are compulsory) under the these taxes must be paid along with other costs War Damage Act, abated by the amount of suband charges out of the sales proceeds. Con- sidies. The figures relate not only to taxes fallversely subsidies, which are borne by public ing on personal income, but also to those which authorities, do not appear in the market value in fall on other private income, e.g., National Dethe sense that they are a source of revenue to pro- fence Contribution and Excess Profits Tax. ducers additional to sales proceeds. By adjust- The figures in item 3 are estimates of that part ing for indirect taxation and subsidies estimates of the excess of item 5Z over item 65 of Table 33 are obtained of the receipts of sellers and their which is met out of private income, i.e., which suppliers arising out of the production and sale does not appear in other expenditure on goods of consumers' goods and services. These reand services at market prices. Consideration of ceipts, as can be seen from Table 3, do not all Table 33 will show that the part of these taxes generate income, still less British income, since a and compulsory payments which appears in the part will have to be set aside against depreciaexpenditure of public authorities represents a tion and maintenance and a part will go abroad transfer within the public authority sector and in the purchase of finished consumption goods is, therefore, self-financing. It does not have to and the materials and services bought from be met out of private income. abroad which enter into consumers' goods pro- It is not possible to estimate accurately the duced in the United Kingdom. division of these taxes and compulsory payments The difference between the entries in Table 13 between those to be met out of private income and the corresponding entry or group of entries and the rest. The figures given in item 3 reprein Table zi represents indirect taxation less subsent approximate orders of magnitude, but it is sidies estimated to have fallen on consumers' unlikely that any inaccuracy they contain pergoods and services. Item iz of Table 2.3 differs ceptibly affects the percentages in item 6. from item iz of Table zi by the net indirect taxes on consumers' goods and services shown in item It is possible to show the extent to which cer- Z9 of Table 3Z. A comparison of these two tain direct taxes fall on different ranges of intables therefore provides the basis for an analysis come. Table Z5 is a revision of the one given of the extent to which different categories of in Cmd. 65Z0.1 This table has not been brought consumers' expenditure are subject to net indi- up to date since the introduction of the "pay rect taxation. as you earn" scheme has rendered the basic material for 1943 more uncertain than it would B. Taxation in Relation to Income otherwise be. It is anticipated that at a later As in previous years the following table shows date the scheme will provide more accurate the proportion of private income (personal and estimates of the distribution of certain incomes other) required to meet taxation. than have hitherto been available. TABLE 24 TOTAL PRIVATE INCOME AND THE PROPORTION REQUIRED TO MEET TAXATION, 1938-44 [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1 Private income [43] 5,063 5,411 6,359 7,355 8,050 8,664 9,018 2. Direct taxes, social insurance contributions of employees, War Damage Act contributions and premiums, etc., met out of private income [48] 545 597 787 1,231 1,522 1,912 2,104 3. Indirect taxes, rates and war risks insurance premiums less subsidies met out of private income 565 613 690 856 959 1,036 1,016 4. Excess of tax liabilities over payments [86] 23 117 284 327 343 147 102 5. Total tax liabilities in respect of private income, i.e. (2) + (3) + (4) 1,133 1,327 1,761 2,414 2,824 3,095 3,222 6. Item (5) as a percentage of item (1) .. .... 22 25 28 33 35 36 36 This table shows the proportion of private These tables, which relate to income received income required to meet direct and indirect taxa- in 1938 and 194Z, show the amount of private tion, including rates, compulsory contributions income at the disposal of individuals which can to national insurance and war risks insurance 1 See BULLETIN for July 1944, p. 660. 74 8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE TABLE 25 common to both, the figures in this table contain DISTRIBUTION OF PRIVATE INCOME BY RANGES in addition all personal income (including the OF INCOME SHOWING THE EFFECT OF CHANGES IN INCOME TAX AND SURTAX, 1938 AND 1942* income of non-profit-making bodies) which can- 1938 not be allocated to ranges of income. Examples are the investment income of charities, the in- Proportion Aggregate of income crease in assurance funds and certain allowances Ran b g e e f o o r f e i t n a c x ome b N e i u n r m - o - f A i . b n g g e c f g a o o t r m e r e e - e a s f u te t i r a r n t x a c x i o n a m c n a o d e t— me a b ft r e t e t e a f i r t o o x a r d n e i e s n e o d e t a f a d u t x c- w p an r h i d v i c a i h t n e c i o s in m u c e o n m k in n e o k i w n in n cl d . u d t O h es e n , p w t r h h e e c i l i o e se th u e d n r i a s l h t l r o a i c n b a d u t , t e i d o o n t p h r e o i r f comes tax 1938 vate income excludes, the business saving of 1938- 1942- 1938- 1942- 39 43 39 43 traders, farmers and other individuals. rates2 rates rates rates As in the case of income tax assessment, the s t a h ( n o I d n u s - ) (In P in o i u l n li d o s n ) 3 Of (Percent) i o n n c e o m in e c s o m of e . a h F u u s r b t a h n e d r, a i n n d t h w e i f t e a b a l r e e s r r e e c l k a o ti n n e g d t a o s Private income at the dis- 1942., for example, the aggregate net income at posal of individuals 1941-43 rates is the amount which would have which can be allocated to different resulted if all taxpayers had during that year ranges: Under 250 2,706 2,701 2,641 99.8 97.6 paid the full tax liability at 1941-43 rates on the 250-500 i * 745 595 578 499 97.1 83.9 income actually received by them in that year. 500-1,000 500 350 311 244 88.9 69.7 1,000-2,000 195 270 224 160 83.0 59.3 The figures in the corresponding column headed 1 2 0 , , 0 0 0 0 0 0 - 1 a 0 n , d 0 0 o 0 ver 9 8 7 3 1 6 7 0 0 2 8 5 4 6 1 3 7 5 0 4 7 9 1 . . 4 1 4 2 7 0 . . 2 6 1938-39 do not relate to the income of that year, Unallocated private in- but to the income that would have remained come - 3612 506 82.7 after tax in 1941, if the taxation of 1938-39 had Total private income — 5,063 4,660 92.0 been in force in that year. The figures of income tax liabilities included in Table 31 fall short of the full liability in the present sense since tax Proportion accruals in respect of Schedule E are omitted Aggregate of income income before tax from item 33 of that table for the reason given Aggre- after income retained Num- gate tax and after deduc- in the note on p. 757. Range of income ber of income surtax at tion of before tax in- before taxes at The whole of transfer payments other than comes tax 1942 national debt interest has been included in the 1938- 1942- 1938- 1942- incomes below 150 pounds. 39 43 39 43 rates2 rates rates rates The change in the distribution of income brought about by changes in taxation can be seen s t a h ( n o I d n u s - ) (Ini F n o i u ll n i d o s n ) 3 Of (Percent) in another way by classifying individuals by ranges of income after tax, i.e., aggregate income Private income at the disposal of individuals as assessed to tax less the income tax and surtax which can be allo- payable thereon. This is shown for the fiscal cated to different ranges: years 1938-39 and 1941-43 in the following table Under 250 3,347 3,339 3,245 99.8 97.0 250-500 5,5O6" 1,854 1,803 1,584 97.3 85.4 which relates solely to incomes assessed to in- 500-1,000 1,110 740 664 533 89.7 72.0 come tax: 1,000-2,000 295 413 343 253 83.1 61.3 2,000-10,000 102 366 263 176 71.9 48.1 10,000 and over 8 170 84 35 49.4 20.6 TABLE 26 NUMBER OF INDIVIDUALS IN DIFFERENT RANGES OF Unallocated private in- NET INCOME ASSESSED IN 1938-39 AND 1942-431 come — 31,160 508 43.8 Total private income — 8,050 6,334 78.7 Range of income after tax 1938-39 1942-43 1 Each married couple is regarded as one individual. (In pounds) 1938 2 - A 39 ll a ra n t d e s 1 9 u 4 se 2 d -4 i 3 n . this table are the rates current in the fiscal years 150-250 4,500,000 7,000,000 3 Including all liabilities for National Defence Contribution and 250-500 1,820,000 5,300,000 Excess Profits Tax, which are deducted together with income tax in 500-1,000 450,000 550,000 arriving at retained income. 1,000-2,000 155,000 117,000 2,000-4,000 56,000 31,750 4,000-6,000 12,000 1,170 be allocated to different ranges. The category 6,000 and over 7,000 80 of unallocated private income is not the same as Total of above 7,000,000 13,000,000 other private income shown in item 37 of Ta- 1 Each married couple is regarded as one individual. ble 31 since while the undistributed profits of companies and all liabilities for National De- The preceding tables show the effect of income fence Contribution and Excess Profits Tax are tax and surtax on personal incomes in different AUGUST 1945 749 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE income ranges, but give no indication of the Thus in order to obtain the total amount reextent to which direct taxation falls on different quired at the end of 1944 to meet the taxation types of income or property. An attempt has accrued and unpaid, though not necessarily due, been made to provide this information in the at that date on personal income, the figures in following table: item 4 must be added together; that is to say, TABLE 27 DIRECT TAXATION PAID IN EACH YEAR IN RESPECT OF THE POSESSION OF DIFFERENT TYPES OF INCOME OR THE OWNERSHIP OF DIFFERENT TYPES OF PROPERTY, 1938-44 [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1. Arising out of the possession of income:— (a) Rent of land and buildings— (i) Income tax 58 65 83 105 125 125 (ii) Surtax 7 7 (6) Interest and profits— (i) Income tax 205 222 302 401 1399 537 595 (ii) Surtax 43 48 58 57 53 54 54 (iii).N.D.C, E.P.T., etc 15 28 68 231 348 483 519 (c) Salaries— (i) Income tax 43 54 79 130 219 267 310 (ii) Surtax 9 10 12 12 11 12 12 (iii) Employees' contributions 4 4 5 7 (d) Wages— 7 7 (i) Income tax 235 (ii) Surtax 112 185 (iii) Employees' contributions 53 56 61 64 65 64 2. Arising out of the ownership of property or claims thereto:— (a) Land and buildings— (i) Estate duties (estate legacy and succession duties), corporation duty and land tax 11 11 12 13 (ii) War Damage Act contributions (Part I) 32 40 40 40 (b) Interest bearing securities, viz.: Government and municipal stocks, bonds, mortgages, debentures- Estate duties and corporation duty 22 23 29 30 35 (c) Stocks, shares, etc. (excluding debentures, mortgages, etc.) in all forms of productive, commercial, financial, etc., enterprise— Estate duties and corporation duty 37 37 37 40 43 43 47 (d) Other forms of property— Estate duties 9 9 9 10 11 11 12 3. Incapable of being allocated between the above headings:— (i) Other direct taxes, etc., paid to the central government 30 25 32 20 20 19 (ii) Direct taxes paid to extra-budgetary funds not specified above 26 14 9 4. Total direct taxes [48] 545 597 787 1,231 1,522 1,912 2,104 The introduction of Tax Reserve Certificates absorbed payments previously made in advance. It will readily be understood that in the case the aggregate at that date was 515^= 11+.. . of mixed incomes the allocation is to some extent +93) plus the amount accrued and unpaid at the arbitrary. Thus, for example, if income is end of 1937, plus or minus any adjustment due derived from wages and interest-bearing securi- to changes in the rate of tax between the dates ties, the assessments under these two headings of earning and of assessment. The same applies are known separately but the allocation of to the increases in allowances to meet accrued allowances between them can only be done on an taxation on other private income shown in arbitrary basis. item 7. The series in item 11, i.e., the sum of items 5 C. Private Saving and 8 above, has been obtained indirectly by deducting direct estimates of personal consump- Table 2.8 brings together the information on tion and taxes met out of private income from private saving, personal and other, contained in direct estimates of private income. Other pri- Table 31. vate saving in the present context is intended to The allowance to meet accrued taxation, e.g., include not only the net undistributed profits of income tax, in each year is the excess of tax companies, but also the saving arising in the liabilities accrued during the year, on the as- business accounts of traders, farmers and other sumption that there will be no change in the rate individuals. Great precision cannot be achieved of tax, over total payments during the year in in the estimation of the last-mentioned kinds of respect both of tax currently due and of arrears. private saving, since in these cases there is not 750 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE TABLE 28 PERSONAL AND OTHER PRIVATE SAVING, 1938-44 Personal Saving [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1. Gross personal saving, including allowance for accrued taxation [32 + 33 + 34] 273 371 797 1,100 1,374 1,625 1,597 2. Less Death duties, etc. [32] -90 -87 -85 -94 -100 -104 -113 3. Gross personal saving after allowance for death duties, etc. [33 + 34]. 183 284 712 1,006 1,274 1,521 1,484 4. Less Increase in allowance to meet accrued taxation* [33] -11 -31 -37 -37 -198 -108 —93 5. Net personal saving after allowance for accrued taxation [34] 172 253 675 969 1,076 1,413 1,391 Other Private Saving 1938 1939 1940 1941 1942 1943 1944 6. Other gross private saving, including allowance for accrued taxation [40 + 41] 182 266 437 485 345 244 214 7. Less Increase in allowance, to meet accrued taxation1 [40] -12 -86 -247 -290 -145 -39 -9 8. Other net private saving after allowance for accrued taxation [41] 170 180 190 195 200 205 205 Net Private Saving (Personal and Other) 1938 1939 1940 1941 1942 1943 1944 9. Net personal saving after allowance for accrued taxation [34] 172 253 675 969 1,076 1,413 1,391 10. Net impersonal saving after allowance for accrued taxation [41] 170 180 190 195 200 205 205 11. Aggregate net private saving after allowance for accrued taxation [85] 342 433 865 1,164 1,276 1,618 1,596 1 This item shows the excess of the liability for direct taxes accruing on current incomes at current rates of taxation over current direct tax payments. the line between distributed and undistributed professional men where the accounts are known profits that exists in the case of companies. Any to be used for the purpose of business. Nonrevision of the item of other private saving resident deposits and sundry accounts are also would require an equal and opposite change in excluded. No attempt has been made to adjust the estimate of personal saving. for the amount of bank accommodation obtained The estimates given last year of the distribu- by the discounting of bills. tion of bank deposits provided by the courtesy The figures in item 5 have been obtained by of the Clearing Banks are continued in the fol- subtracting those in item 4 from those in item 3. lowing table: Thus item 5 includes non-resident deposits and sundry accounts as well as the business deposits TABLE 29 of which it is mainly made up. DEPOSITS HELD BY CLEARING BANKS [In millions of pounds] IV. A COMPARISON WITH Cmd. 652.01 1942 1943 1944 The differences between the figures given in this paper and those which appeared a year ago Dec. 31June 30Dec. 31June 30Dec. 31 in Cmd. 6510 arise from two sources: changes in 1. Total deposits held by definition and treatment on the one hand and Clearing Banks 3,629 3,630 4,032 4,100 4,545 revisions and the use of new sources of informa- 2. Less Advances to customers and other accounts -773 -744 -743 -770 -754 tion on the other. 3. Total deposits (net) 2,856 2,886 3,289 3,330 3,791 The principal changes of definition arise this 5 4 . . O Pe th rs e o r n d a e l p d o e s p it o s si ( t n s et ( ) net) 2,0 8 3 2 6 0 2,0 8 2 5 7 9 2,3 9 1 7 7 2 2 1 , ,0 2 3 9 2 8 2 1 , ,1 6 5 3 8 3 year in connection with the treatment of public authorities and, in particular, of their capital expenditure. Last year the capital formation of Net personal deposits in item 4 exclude the public authorities was divided between expendiaccounts of businesses, financial institutions, ture on goods and services by public authorities public authorities, and also, for example, those of individual traders, shopkeepers, farmers and 1 See BULLETIN for July 1944, pp. 655-669. AUGUST 1945 751 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE and private net investment at home (items 9 and salaries, to more recent estimates of income 11 of Table I of Cmd. 652.0), the capital expendi- assessed to tax. ture of the Post Office and the housing and In the case of personal expenditure on contrading services of local authorities being placed sumers' goods and services (item 7 of Table 31) in the latter category. This procedure made it numerous small revisions have been made, the impossible to observe the movement either of effect of which has been, on balance, to increase the current expenditure of public authorities or of a number of the components. On the other •private net capital formation. Accordingly, the hand, the downward revisions to the figures for net non-war capital formation of public authori- the issues in kind to the armed forces are reflected ties has been taken out of the two items in which in this item. Attention is drawn here to the it was previously hidden and is now shown sepa- fact that the new adjustment item (see item 13 rately in item 9 of Table 31. As explained in of Table xi and the note on p. 746 above) reprediscussing Table 4 above (/<?<? p. 735) it is thought sents only an order of magnitude and will be less misleading to regard all war expenditure, revised as more information becomes available. for the time being, as current expenditure. The estimates for the increase in work in Thus the estimates of expenditure on goods progress on government account have been reand services by the central government (item 73 vised in the light of later information. The of Table 33 below) are hardly changed from main changes are a switch of 50 million pounds those given last year in the earlier part of the between 1940 and 1941 and a reduction in the period. In the more recent years, however, figures for later years. certain sums previously wrongly classified, have The figures for the balance of payments with been transferred from this item to transfer pay- countries abroad (item 13 of Table 31) have been ments (item 69 of Table 33). In the case of revised throughout the period and in most years local authorities, the estimates of expenditure show a slightly less favourable position than on goods and services (item 75 of Table 33) are was shown by the estimates they replace. In more radically affected by the exclusion of net 1938 and the early part of 1939 this is largely due capital expenditure. to a change in the treatment of silver bullion and On the receipts side of Table 33, the item most equipment such as secondhand ships, the sale of affected by this change is item 59, local authority which is here regarded as a transaction on capital net borrowing (deficit). The reason is that the account. In the war years the changes are due whole of the capital expenditure of local au- to additional information particularly on the thorities is now included (in item 79) so that sale of securities. the deficit now covers all the net borrowing of Estimates of the sums allowed for depreciation local authorities and not simply that part con- and maintenance are given for the years after nected with rate fund services other than hous- 1938 in item 88 of Table 34. Attention is drawn ing. The miscellaneous income of local authori- to the fact that these estimates represent no more ties has been revised downwards mainly because than orders of magnitude. This is due partly in the past no allowance was made for the depre- to the lack of comprehensive information and ciation of the capital equipment of local author- partly to the difficulty of arriving at a satisfacity trading services. tory concept of depreciation for which to try to In the case of the income in kind of members obtain estimates. The figures given here are of the armed forces, extensive revisions of the considerably higher than those given in section figures have been made. In the first place, the D of Cmd. 6510 owing in part to the inclusion scope of the item has been narrowed so as to TABLE 30 include only food and clothing; in the second, RELATIVE MOVEMENTS OF SOME OF THE MAIN the whole basis of the calculation has been SERIES, 1938-44 changed so as to ensure that only issues to mem- (1938 = 100) bers of the United Kingdom forces are included: 1938 1939 1940 1941 1942 1943 the previous method of calculation being based on figures of government expenditure, had the Net national income (or product at factor cost) [6] 100 108 128 149 164 175 180" effect of including certain issues supplied under as given in Cmd. 6520... 100 108 129 150 165 177 mutual aid as if they had been made to United Personal expenditure on consumers' goods and serv- Kingdom troops. ices [7J 100 102 107 112 118 120 126 as given in Cmd. 6520... 100 103 106 112 119 122 __The other changes in the elements of the net Private saving including allowance for accrued taxanational income are principally due to revisions tion [85+86] 100 151 315 408 444 484 465 and in particular, in the cases of profits and as given in Cmd. 6520... 100 159 345 419 460 498 75Z FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE of expenditure on the maintenance of highways This arrangement is solely one of convenience and bridges (50 million pounds in 1938), in part and simply involves the transfer of net borrowto the previous exclusion, which was incorrect, ing from one side of the account to the other. of any proper allowance for the depreciation of The information contained in the third main assets owned by public authorities and in part to table of Cmd. 65x0 has been distributed over two a slight upward revision of the figures given tables, 34 and 35. The first of these, Table 34, last year. shows the sources and uses of capital funds and, The preceding paragraphs have been concerned on the outlay side, reaches the same total as with the absolute differences between the new Table 5, namely gross capital formation. Essenseries and the old. Table 30 sets out a com- tially similar information was previously proparison of the relative movements of some of vided on the lefthand side of the third of the the main series from which it can be seen that main tables of Cmd. 652.0. The simpler arrangethe relative position is affected to a very much ment now adopted seems appropriate in view of smaller extent. the fact that the particular rearrangement of these figures necessary to show the sources of V. THE MAIN TABLES finance of the central government deficit has As in the earlier years the following tables already been undertaken in section II and parshow the movement and composition of various ticularly in Table 19. national aggregates of income, expenditure and Table 3 5 provides some additional information outlay since 1938. Apart from comparatively on the composition of central government exminor changes set out in the preceding section, penditure and shows how far this expenditure Tables 31 and 3Z are similar to the corresponding was financed from revenue and net borrowing. tables in Cmd. 6510. Table 33 shows the in- The means by which this net borrowing (or come, deficit and expenditure of public authori- deficit) was financed are shown in detail, as in ties. The non-war net capital formation of the third main table of Cmd. 65x0. public authorities is now shown separately and, In Table 31 item 11 (private net capital formaas explained in the preceding section, the scope tion at home) is the balancing figure obtained by of this concept has been enlarged. The general difference, and not (except in 1938) by direct arrangement of Table 33 differs from that of estimation. In Table 32. item 34 (net personal Table 4 above in that the lefthand side shows saving) is the balancing figure. Tables 33 and income plus deficit (or net borrowing) while the 35 are mainly based on actual figures taken from righthand side shows net non-war capital forma- the Public Accounts, etc. tion (all expenditure on war goods and services Notes on particular items appear at the end being treated as current) in place of saving. of each table. AUGUST 1945 753 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE TABLE 31 ESTIMATES OF NET NATIONAL INCOME (OR PRODUCT) AND EXPENDITURE, 1938-1944 [In millions of pounds] 1938 1939 1940 19411942 1943 1944 1938 1939 1940 1941 I 1942 j 1943 1944 1. Rent of land 7. Personal expenditure and buildings 380 385 384 on consumers' j goods and services j including sums in- j volved in the acquisition and transfer of property and life assurance at market prices 4,153 4,264 14,423 i 4,633 | 4,909 | 4,987 2. Interest and 8. Expenditure at home profits, in- and abroad by cluding farm- public authorities ing profits on all goods and and profes- services other than sional earn- those included in 1,32611,482 2,119 2,276 2,3462,376 net non-war capital formation 1,266 3,056 4,217 j 5,221 9. Net non-war capital | formation of public authorities .... 125 94 25 -13 I Salaries.. .. 1,100 1,141 1,2061,332 1,3811,434 1,473 10. Increase in work in progress on government account held under private finance 11. Private net capital 220 (283) formation at home and war losses made good not included below ! ( — 99): ( — 247)| ( — 194) j (— 188) J ( —202>, 4. Wages. 1,7351,835:2,115'2,419 2,708 2,916 2,930 12. Expenditure incurred in making good war damage to 1 i I buildings 13. Net lending abroad 29 ! 61 I 49 i and purchase of assets and financial claims from overseas -70 -250 — 796 -795 i -666 -684 — 655 5. Pay and allow- 14. Subsidies 15 20 70 140 ! 175 190 220 ances (in cash 15. Less Indirect taxes and kind) of and rates -584 -638 -734 -933 -1,111 I —1,252 j-1,349 members of H.M. Forces and Auxiliary Services 1,171 16. Less employers' national insurance contributions — 54' —55 j —58 — 65 —73 — 72 — 11 17. Less War risks insurance premiums -14 -124 -239 I -199 -152 — 59 6. Net national 18. Net National exincome (or penditure. . . 4,6194,970 [5,913 I 6,877 | 7,554 8,079 j 8,334 product). ,4,619 4,970 5,913 6,877 7,554 8,079 8,334 754 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE NOTES goods and services either bought by individuals and noni. This item represents the income from the ownership of profit-making bodies or received by them as income in kind. lands, houses, etc., as valued for tax purposes, after allowance The figures shown here are therefore at prices which include has been made for maintenance and repair. Incomes from those indirect taxes, rates, employers' contributions to nathese sources below the effective income tax exemption limit tional insurance and war risks insurance premiums that are included, as also are those received by non-profit-making appear in the market value of these goods and services. They bodies, e.g., charities, colleges, etc. Premises occupied by exclude costs which, being met by government subsidies, their owners are treated on the same basis as rented premises. do not enter into market values. Expenditure out of personal 2.. Aggregate profits here are net, i.e., niter current busi- income on the factors of production taken up in providing ness losses have been deducted. This item excludes interest life assurance and facilitating the acquisition and transfer of on the national debt and income due to foreigners, but in- property is included here but shown separately in item x8 cludes miscellaneous government income such as trading of Table yL. profits and certain receipts from abroad. It also includes 8. This item excludes expenditure by public authorities profit and interest not brought into assessment, including which does not arise from a direct demand for goods and income in kind and the amounts received by persons below services. Thus it excludes (i) transfer payments, (11) claims the income tax exemption limit or by non-profit-making paid in respect of war losses, C^O loan repayments, payments bodies, and incomes, whether or not below the income tax to sinking funds, etc., by the central government. Loan exemption limit, accruing to persons working on their own repayments and payments to sinking funds, by local authoriaccount. ties on rate fund account are included in lieu of depreciation 3 • Aggregate salaries include: (a) the whole of the earn- allowances as part of the current cost of providing the ings of shop assistants, (Ji) small salaries below the income services. Subsidies, which are shown in item 14 below, are tax exemption limit, (Y) allowances of salary-earners not excluded and so are operating expenses incurred in the probrought under assessment to income tax. vision of services such as postal services and local authority 4. This item includes an allowance for the income in kind trading services, which are sold to persons and businesses. (food, lodging, etc.) of, e.g., domestic servants. The esti- Net non-war capital expenditure is excluded from this mate of personal expenditure on consumption at market item and appears separately in item 9. In previous years prices (item 7) includes a similar allowance. only a part of this expenditure was excluded, namely the net 5. This item includes the pay and cash allowances of, and capital expenditure of the Post Office and of the housing and the value of issues of food and clothing to, members of H.M. trading services of local authorities. Forces and Auxiliary Services and the pensions and retired Lend-lease assistance and, in i^±, expenditure equivalent pay of former members of the armed forces other than pen- to the Canadian contribution are excluded from this item. sions awarded for death or disability attributable to war Thus, insofar as goods have been received under lend-lease service. The latter appear as a transfer payment in item 2.2. or have been paid for out of the Canadian contribution, this of Table yt. An amount equal to the value of issues in kind series is not a consistent measure of the value of the total is included in the estimate of personal expenditure on con- amount of goods and services currently at the disposal of sumption at market prices (item 7). public authorities since it includes resources obtained by 6. This item is the sum of items 1 to 5 and is an estimate borrowing from or sale of assets and financial claims to of the incomes received by factors of production in, or only countries abroad, but not those obtained under lend-lease temporarily absent from, the United Kingdom in the course provisions or as a result of the Canadian contribution. of producing the current output of goods and services of all 9. This item is new, its elements having appeared prekinds. These incomes are before tax, since all taxes, direct viously either in the expenditure on goods and services by and indirect, falling on them, whether paid directly by indi- public authorities or in private net investment at home. It viduals (including non-profit-making bodies) or through is restricted to net non-war capital expenditure and is mainly businesses or public authorities, will be paid out of them. composed of Post Office capital expenditure charged to loan The item is net in the sense that the sums shown in items 1 account, and the net capital expenditure undertaken by local and 2. exclude that part of gross receipts which is allowed in authorities (other than that on war emergency services which the calculation for tax purposes of net rent and profit in is included in the preceding item). The latter is measured respect of the maintenance and repair or replacement of all by taking capital expenditure on works less receipts from existing capital equipment (such as houses, machinery and the sale of assets and sums repaid to lenders and transferred stocks) which is currently worn out or used up. to sinking funds. This last deduction is made in lieu of The estimates of labour income given in items 3, 4 and 5. allowances for depreciation since there is a reasonable corredo not include employers' contributions to national insurance spondence between the life of the assets and the period over (unemployment, health and pensions). These payments are, which the borrowing used to finance them is repaid. however, included in the income figures for some countries 10. This item is shown separately since it is convenient to and are therefore shown separately in item 16 of this table. keep it distinct from other forms of private net capital forma- 7. This item shows the money value of all consumers' tion at home. Unless separately accounted for it necessarily AUGUST 1945 755 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE appears in the balancing item (item u in the war years) which do not give rise to such income appear in items 7 to since there is included in the national income all income 12. and have, therefore, to be deducted. Any liability inaccruing as a result of current activity in producing goods curred as a result of lend-lease assistance is not taken into and services on government account, whereas only payments account in this item just as the value of the goods and services actually made are included in items 8 and 9. received in this way is not included in item 8 above. 11. This item relates only to capital formation of the 14. This item is restricted to the following classes of payprivate sector of the economy. It is composed of (a) gross ments made by the central government towards the cost of expenditure on fixed capital and its upkeep, i.e. new addi- goods and services bought by the public: (i) agricultural tions, replacements and repairs (whether normal or resulting subsidies such as the beet sugar subsidy, milk subsidy, wheat from war damage, with the exception of the sums shown deficiency payments and grants in respect of fertilizers, grassseparately in item 12. below), less (£) maintenance and depre- land ploughing and field drainage, (ii) acreage payments, (iii) losses incurred on the commercial accounts of the Minisciation allowances which have been set aside in the calculatry of Food and the Ministry of War Transport, (iv) subtion of rent and profits in items 1 and 2., less (c) receipts from sidies in respect of coal paid by the Ministry of Fuel and the sale to public authorities of existing privately-owned Power, and (v) certain subsidies, e.g. in respect of clothing capital assets, such as land and buildings, -plus (jf) the increase and fertilizers, met by the Ministry of Supply. This item in stocks (including replacements of war losses) as valued is included here since it represents payments in respect of for the calculation of profits in item 2., less (e) the increase in costs not appearing in the market value of goods and services. work in progress on government account held under private 15. This and the two items following require to be definance shown separately in item 10. ducted from the sum of items 7 to 13 (which is the net It has been impossible to make a direct estimate of the national expenditure at market value) since they appear in constituents of this item for the war years. The figures in market prices but do not appear in any of items 1 to 6. The brackets have been obtained by subtracting the sum of items 7 item includes (i) all customs and excise duties, Qii) motor to 10 and 12. to 17 from item 6 and are therefore dependent on vehicle duties on vehicles owned by businesses, (^iii) stamp the accuracy of those estimates. duties other than those on the transfer of property and (iv) 12.. Equal to the amount of compensation paid under local rates. Part I of the War Damage Act, substantially all of which 16. Compulsory contributions of employers to the naarises only where actual work is put in hand. This work tional health and unemployment insurance and contributory includes a small amount of equipment other than buildings. pensions schemes. 13. This item is an estimate of the net increase (or, when 17. This item shows the premiums paid under the comnegative, decrease) in the overseas assets of the United King- modities and marine war risks insurance schemes, but not dom and is equal to the United Kingdom balance of payments contributions and premiums under the War Damage Act on current account. This balance represents the excess of which are treated like direct taxes. payments over receipts on current account and is required 18. This item is the sum of items 7 to 17 and is an estimate here since receipts for exports and similar services which give of expenditure on the factors of production in, or only temrise to income in this country do not appear elsewhere in porarily absent from, the United Kingdom. It is, therefore, expenditure, whilst payments for imports and similar services by definition equal to item 6. 756 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE TABLE 32 ESTIMATES OF PRIVATE INCOME AND OUTLAY IN 1938, 1942, 1943, 1944 Personal Income [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1938 1939 1940 1941 1942 1943 1944 19. Rent, interest (in- 27. Personal expenditure cluding National on consumers' Debt interest and goods and services, interest accrued other than those on National Sav- included in the folings Certificates) lowing item, adand profits re- justed for subceived by per- sidies and indirect sons 1,612 1,671 1,769 1,7841,907 2,0252,132 taxes, rates, etc... 3,541 3,606 3,696 3,746 3,885 3,904 4,115 20. Wages and salaries. 2,8352,976 3,3213,7514,089 4,350 4,403 28. Personal expendi-^ 21. Pay and allowances ture involved in (in cash and kind) the acquisition and of members of transfer of prop- H.M. Forces and erty and life assur- Auxiliary Serv- ance 66 66 67 ices 78 1,171 29. Indirect taxes, rates, 22. Pension payments.. 131 151 178 202 222 244 etc., less subsidies 23. Payments in re- on consumers' spect of unem- goods and servployment and the ices 956 1,015 1,033 relief of poverty. 30. Direct tax payments 24. Health payments... 40! including War 25. Other transfer pay- Damage Act conments 18 271 tributions and premiums met out of personal income but excluding income tax payments due for repayment after the war and death duties, etc 378 407 524 693 680 1,025 31. Income tax payments due for repayment after the war - - - 10 125 170 205 32. Death duties and stamps on the transfer of property 90 87 85 94 100 113 33. Excess of direct tax liabilities on personal income over payments 11 31 37 37 198 108 93 34. Net personal saving after setting aside the excess of direct tax liabilities over payments.... (172) (253) (675) (969)(1,076)(1,413)(1,391) 26. Personal income before tax 4,804 5,042 5,744 6,436 7,088 7,6848,043 8045,042 5,744 6,436 7,088 7,684 8,043 Other Private Income 36. Other private in- 38. National Defence come before tax.. 259 Contribution and Excess Profits Tax payments 15 28 68 231 348 483 39. Other direct tax payments including War Damage Act contributions and premiums met out of other private income 62 75 110 203 269 253 242 40. Excess of direct tax liabilities on other private income over payments.... 12 86 247 290 145 39 41. Other private net saving after setting aside the excess of direct tax liabilities over payments 170 180 190 195 200 205 205 37. Other private in- 42. Other private outcome before tax.. 259 369 615 919 962 980 975 lay 259 369 615 919 962 980 975 Private Income 43. Private income be- 44. Private outlay (sum fore tax (sum of of items 35 and items 26 and 37).5,063 5,411 6,359 7,355 8,050 8,6649,018 42) 6,359 9,018 AUGUST 1945 757 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE and profits and to surtax since in these cases liabilities in 19. This item is composed of items 1 and 2 of Table 31 plus respect of current incomes (payable in the future) differ connational debt interest received by the private sector of the siderably from current payments at times when money ineconomy and accrued interest on National Savings Certificates comes or rates of taxation are changing. Following the less private income not accruing to persons (item 37) less procedure adopted last year, income tax accruals in respect of miscellaneous income from public property, etc. (item 56 income assessed under Schedule E (wages and salaries) have of Table 33). been omitted throughout the period. This has been done 2.0. The sum of items 3 and 4 of Table 31. to avoid the discontinuity which would otherwise have 2.1. The same as item 5 of Table 31. been introduced into the figures as a result of the introduction 2.2. Non-contributory and contributory old age pensions, of the "pay as you earn" scheme in 1944. other contributory pensions, supplementary pensions and cash 34. This item represents the excess of personal income payments in respect of war pensions and service grants. over outgoings on consumers' goods and services and liability 23. Unemployment insurance benefits, unemployment for taxes, compulsory contributions, etc., including death allowances and outdoor relief paid by local authorities. duties. It has been obtained throughout by subtracting the 24. Cash and medical benefits under the National Health sum of items 27 to 33 from item 26, and therefore depends on Insurance Scheme. the accuracy of those items. 25. Billeting allowances, fireguards' subsistence allow- 35. This item is the sum of items 27 to 34, which show ances, travelling and lodging allowances of transferred the various ways in which personal income is disposed of. workers, trainees' wages and lodging allowances, etc. Current income may be either (a) spent on consumers' goods The sum of items 22 to 25 plus that part of the national and services, etc., (f) paid away in taxes and the like, (c) set debt interest and interest accrued on National Savings Certifi- temporarily aside against increased liabilities to tax, or (/) cates which is included in private income is equal to the added to past savings. Since this list is exhaustive the item total of transfer payments shown in item 72 of Table 33. is by definition equal to item 26. 26. This item is the sum of items 19 to 25 and shows the 36. This item is equal to that part of the net national total of disposable income received by persons (including non- income (item 6 of Table 31 above) which is neither paid out profit-making bodies). to persons (in which case it enters, together with transfer 27. This item is equal to item 7 of Table 31 less items 28 payments, into item 26), nor accrues to public authorities and X9 of Table 32. as miscellaneous income from public property, trading, etc. 28. Expenditure out of personal income on the factors of (item 56 of Table 33). production taken up in providing life assurance and facili- 37. See preceding note. tating the acquisition and transfer of property. 38. The total payments of National Defence Contribution 29. That part of the excess of indirect taxes, etc. (items and Excess Profits Tax. 15, 16 and 17 of Table 31) over subsidies (item 14 of Table 31) 39. This item is composed of other direct taxes such as which falls on consumers' expenditure. income tax and War Damage Act contributions and pre- 30. This item includes payments of (i) income tax in miums met out of other private income. Together with respect of private income (other than that paid by businesses items 30, 31, 32 and 38, it is equal to item 48 of Table 33. 40. This item shows the excess of the liability for the in respect of business saving, which is included in item 39, direct taxes included in items 38 and 39 accruing on current and the sums due for repayment after the war which are income at current rates of taxation over the current payments shown in the immediately succeeding item), (ii) surtax, (iii) of these taxes. As explained in the note to item 33, accruals employees' contributions to national insurance, (iv) War of this kind are payable in the future in so far as current pay- Damage Act contributions and premiums met out of personal ments are made in respect of assessments based on the income income, (v) motor vehicle duties on* vehicles owned by earned in an earlier period. persons. 41. An estimate of other private net saving; intended to 31. The amount of income tax payments for which postinclude not only the net undistributed profits of companies war credits are due. but also the saving arising in the business accounts of traders, 32. Together with items 30 and 31 makes up the total of armers and other individuals. direct tax, etc., payments met out of personal income. 42. The sum of items 38 to 41 and by definition equal to 33. This item shows the excess of the liability for the item 37. direct taxes included in items 30 to 32 accruing on current 43. The sum of items 26 and 37; equal to item 6 of Table 31 income at current rates of taxation over current direct tax plus item 72 of Table 33 less item 56 of Table 33. payments. It relates particularly to income tax on interest 44. The sum of items 35 and 42. 758 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE TABLE 3 3 THE INCOME, DEFICIT AND EXPENDITURE OF PUBLIC AUTHORITIES, 1938-1944 [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1938 1939 1940 1941 1942 1943 Subsidies, and payments in respect of claims under the marine and commodities war risks insurance Direct taxes, War Damage A ct schemes and the War contributions, etc. Damage Act 45. Central government 490 540 726 1,384 1,787 1,984 65. Central government 140 175 220 46. Extra-budgetary funds... 55 57 61 138 125 120 66. Extra-budgetary funds.. 248 214 111 47. Local authorities 67. Local authorities 48. Total.. 7871,231 1,522 1,912 2,104 68. Total. 20 389 Indirect taxes, rates, war risks insurance premiums, etc. Transfer payments 49. Central government 373 506 708 1,028 1,123 69. Central government 312 314 340 408 464 533 603 50. Extra-budgetary funds... 54 69 182 304 224 131 70. Extra-budgetary funds.. 136 127 117 101 105 109 116 51. Local authorities 211 228 226 71. Local authorities 23 23 19 14 11 12 12 52. Total. 638 707 9161,237 1,383 1,476 1,480 72. Total.... 471 464 476 523 580 731 Miscellaneous income from Expenditure on all war and public property, trading, current non-war goods etc. and services 53. Central government 22 73. Central government. ... 445 848 2,588 3,702 4,084 4,6914,731 54. Extra-budgetary funds... 74. Extra-budgetary funds. 14 14 13 15 14 12 13 55. Local authorities 75. Local authorities 355 404 455 500 499 482 477 56. Total. 27 30 45 84 76. Total. . 8141,266 3,056 4,217 4,5975,1855,221 Net non-war capital Deficit formation 57. Central government.... 5132,090 2,796 '63 2,900 2,760 77. Central government.... 24 11 11 10 58. Extra-budgetary funds. -22 -54 -146 -123 -100 78. Extra-budgetary funds. 59. Local authorities 90 58 -14 -45 -53 -52 -50 79. Local authorities 101 -24 -31 -44 -50 60. Total. . 215 1,930 2,6022,5572,725 2,610 80. Total. 125 25 -13 -20-34 Total expenditure, excluding transfers to other authorities but including payments out of transfers from other Income plus deficit authorities 61. Central government... 1,027 1,484 3,344 4,6271 i,7815,914 81. Central government 7961,20 3,016 4,261 4,734 5,4245,562 62. Extra-budgetary funds 87 72 9'~7 298i 257 226 151 82. Extra-budgetary funds. . 150 141 166 364 333 308 240 63. Local authorities 311 288 222 190 183 175 176 83. Local authorities 479 496 481 490 479 450 439 64. Total. 1,425 1,844 3,663 5,115 5,546 6,182 6,241 84. Total. 1,425 1,844 3,663 5,115 5,546 6,182 6,241 NOTES revenue which correspond to gifts (e.g., sundry contributions This table is a combined statement of the income, deficit towards the cost of the war) or direct taxes are also included. and expenditure of public authorities in the United Kingdom. The receipts from wireless licenses are here treated as direct Transfers between one public authority and another, such as taxes as also are motor vehicle duties on vehicles owned by Exchequer grants to local authorities, similar contributions persons. to extra-budgetary funds and payments by public authorities 46. Employees' contributions to national insurance and of direct taxes are excluded from the income of the receiving War Damage Act contributions and premiums. authority and from the expenditure of the authority making 48. The sum of items 45 to 47: equal to the sum of items the transfer. Thus, expenditure by local authorities from 30, 31, 32., 38 and 39 of Table 32.. Exchequer grants is attributed to local%uthorities and not to 49. Customs and excise duties, motor vehicle duties not the central government. included in item 45 above, stamp duties other than those on Expenditure on goods and services is here net in the sense the transfer of property and appropriations-in-aid correspondthat it is after deduction of goods and services sold by public ing to indirect taxes. authorities to the general public, which are included either 50. Employers' contributions to national insurance and in personal expenditure on consumption or in private net premium payments under the commodities and marine war capital formation at home. risks insurance schemes. 45. Includes income tax, after deduction of the small 51. Composed of local rates and central government conamount paid by public authorities in respect of their income tributions in lieu of rates with the exception of water rates, from property, surtax, National Defence Contribution, Ex- which are treated as current receipts from a trading service. cess Profits Tax and other Inland Revenue duties with the 52.. The sum of items 49 to 51: numerically equal to the exception of those stamp duties included in item 49. Certain sum of items 15 to 17 of Table 31. appropriations-in-aid and receipts appearing in miscellaneous 53. Post Office net receipt less Post Office Vote of Credit AUGUST 1945 759 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE expenditure, receipts from Crown Lands and from Sundry- 70. Unemployment and National Health Insurance bene- Loans, certain items appearing in miscellaneous revenue, fits and contributory pensions. such as contributions towards the cost of the war received 71. Public assistance (out-relief) in money and kind. from colonial governments and peoples, and certain appro- 72.. The sum of items 69 to 71; equal to the sum of items 2.2. priations-in-aid, such as receipts under the railway agreement. to Z5 of Table 32, plus that part of national debt interest and Interest on national debt owned by public departments, etc., is interest accrued on National Savings Certificates which is excluded. included in private income. 55. An estimate of the profits from trading services and 73. This item comprises the whole of central government corporation estates treated in such a way that contributions expenditure on goods and services except the net capital to rate fund accounts are included while transfers from rate formation shown in item 77. fund accounts in aid of deficiencies are not. In contrast to 74. This item is composed of fees paid to agents under the the treatment in Cmd. 65x0 central government grants are war risks insurance schemes and War Damage Act (which are not included. included in war expenditure in item 2. (a) of Table 11) and 57. The excess of central government expenditure over of contributions towards administration costs made by the revenue; this figure differs from that given in previous years Unemployment and National Health Insurance Funds, etc. since it includes borrowing to finance Post Office loan ex- 75. This item comprises all local authorities' expenditure penditure which appears in net non-war capital formation of on revenue account other than that recouped from the private the central government (item 77). Sums received through sector of the economy in the form of fees, rents, etc. plus the Currency Deposit Account amounting, in 1944, to 84 capital expenditure on war emergency services. Loan repaymillion pounds are omitted from this item and a correspond- ments and payments to sinking funds are included as an ing amount is omitted from expenditure. operating expense in lieu of depreciation allowances. All 58. This item shows the excess of receipts over payments expenditure (current and capital) on war emergency services of the war risks insurance schemes, the Unemployment and is included in war expenditure in item 2. Qa) of Table 11. National Health Insurance Funds and various accounts 76. The same as item 8 of Table 31. managed by the National Debt Commissioners. Since this 77. This item is mainly composed of Post Office loan item is headed "deficit", a surplus naturally requires a expenditure and Road Fund expenditure on improvements negative sign. and new construction. A small allowance is made to cover 59. This item shows the net borrowing of local authori- normal additions to government buildings. In previous ties. It is composed of total borrowing less repayments, years Post Office loan expenditure was included in private transfers to sinking funds and additions to balances. As net investment at home (item 11 of Table I, Cmd. 652.0) and explained in section IV above, it differs from the correspond- other central government capital formation in expenditure ing figures given in item 91 of Cmd. 652.0, since borrowing to by public authorities on goods and services (item 9 of finance capital expenditure on housing and trading services Table I, Cmd. 65x0). is no longer excluded. 79. Capital expenditure on works less receipts from the 61. The sum of items 45, 49, 53 and 57; items 6x and 63 sale of assets and sums repaid to lenders and transferred to are obtained similarly. sinking funds. As explained in the note to item 9, this last 65. This item is composed wholly of subsidies and has deduction is made in lieu of allowances for depreciation. In been fully described in the note to item 14 of Table 31. Cmd. 652.0 net capital expenditure on housing and trading 66. This item is composed wholly of payments in respect services was included in item 11 of Table I, private net of claims under the commodities and marine war risks insur- investment at home, and the remainder in expenditure by ance schemes and the War Damage Act. public authorities on goods and services (item 9 of Table I). 69. This item includes (i) national debt interest paid to As implied in the note to item 75 no expenditure on war persons and businesses, (ii) interest accrued on National emergency services is included here. Savings Certificates, (iii) contributory and non-contributory 80. The same as item 9 of Table 31. old age pensions, (iv) cash payments in respect of war pen- 81. This item excludes net transfers made by the central sions and service grants, (v) supplementary pensions, (vi) government to extra-budgetary funds and local authorities unemployment allowances, (yii) billeting allowances, (viii) which, in so far as they are spent, appear in items 82. and 83. fireguards' subsistence allowances, (ix) travelling and lodging It therefore differs from item 61 (which also appears as item 4 allowances of transferred workers, (x) trainees' wages and of Table 16, item 3 of Table 17 and item 116 of Table 35) lodging allowances. Equal to the sum of items 118 to IXI. which includes such transfers. 760 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE TABLE 34 COMBINED CAPITAL ACCOUNT, 1938-1944 [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1938 1939 1940 1941 1942 1943 1944 85. Net private saving 91. Private domestic after setting aside gross capital formathe excess of di- tion at home and rect tax liabilities war losses made over payments... 342 433 865 1,164 1,276 1,618 1,596 good •550 622- 258 150 236 231 224 86. Excess of direct tax 92. Increase in work in liabilities on pri- progress on governvate income over ment account held payments 23 117 284 327 343 147 102 under private fi- 87. Net saving of public nance 150 150 75 50 _ authorities -90 -423 -1,905 -2,615 -2,577 -2,759 -2,652 93. Gross capital forma- 88. Sums allowed for tion of public audepreciation and thorities 235 205 133 94 86 71 63 maintenance 440 450 465 475 475 475 475 94. Net lending abroad 89. Compensation re- and purchase of ceived in respect assets and financial of claims under claims from overthe marine and seas -70 -250 -796 -795 -666 -684 -655 commodities war risks insurance schemes and the War Damage Act. — — 36 248 214 187 111 90. Saving and other 95. Gross capital formasums set aside. .. 715 577 -255 -401 -269 -332 -368 tion 715 577-255 -401 -269 -332 -368 NOTES to Vote. It will thus be seen that these allowances arc 85. The sum of items 34 and 41 of Table 32.. treated here in a narrow sense in that they exclude, except 86. The sum of items 33 and 40 of Table 32.. in the case of buildings, highways and bridges, the greater part of outlays for current repair work. A wider treatment 87. Net non-war capital formation of public authorities of these allowances would, of course, leave the figures for (item 80 of Table 33) less the net borrowing (deficit) of net capital formation unaffected since the gross figures (items public authorities (item 60 of Table 33). The fact that 91 and 93) would be increased to the same extent as the throughout the period this figure was negative means that allowances. public authorities were borrowing to finance current ex- 89. The same as item 66 of Table 33. penditure. 91. Composed of total expenditure on fixed capital, works, 88. These estimates are, so far as the private sector is etc., by the private sector of the economy, together with the concerned, mainly based on the allowances, as computed for change in the value of stocks and work in progress as implied income tax purposes, which were due each year, viz,, allowin the calculation of profits. As explained in the note to ances for repairs, etc., under Schedule A and wear and tear item 88 this item is treated here in a narrow sense since except and obsolescence allowances under Schedule D. In the case in the case of buildings the greater part of private outlays of local authorities sums repaid to lenders and transferred to on repair work is excluded. sinking funds are treated as the equivalent of depreciation 92.. The same as item 10 of Table 31. allowances as explained in the note to item 9. Expenditure 93. Capital expenditure on works less receipts from the by public authorities on maintaining highways and bridges sale of assets plus maintenance of highways and bridges. is included, as is also Post Office capital expenditure charged 94. The same as item 13 of Table 31. 761 AUGUST 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE TABLE 35 CENTRAL GOVERNMENT EXPENDITURE AND THE CHANNELS THROUGH WHICH IT WAS FINANCED, 1938-1944 [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1938 1939 1940 1941 1942 1943 1944 96. Central government reve- 880 9711,254 1,831 2,343 2,8813,154 117. Subsidies., 20 70 140 175 190 220 nue 97. Unemployment Fund 64 118. National debt interest 98. National Health Funds and interest accrued 99. Local Loans Fund on National Saving 100. Other extra-budgetary re- Certificates paid to receipts including war the private sector of risks insurance and certain the economy 193 244 293 344 394 War Damage Act receipts, 119. Non-contributory pen- Exchange Equalisation sions, and payments Account, and reduction in respect of war penin Exchequer Balance.... 186 516 -58 sions and service 101. Reconstruction Finance Cor- grants 85 98 142 161 182 poration 4 120. Unernpjoyment and 102. Canadian Government in- training allowances. 36 30 19 13 13 11 terest-free loan 157 121. Other transfer pay- 103. Receipts from capital trans- ments 6 15 16 15 16 actions included in mis- 122. Expenditure on goods cellaneous revenue, and and services conappropriations in aid nected with the war 353 7432,471 3,5713,944 4,552 4,591 arising from capital trans- 123. Expenditure on other actions, etc 2 2 2 current goods and 104. Less Sinking funds -11 -14 -12 -17 -13 -16 services 92 105 117 131 140 140 105. Less Other expenditure (net) 4 -21 -1 16 124. Net non-war capital formation :.. 24 25 18 106. Finance through govern- 125. Net transfers to other ment agencies 249 161 540 243 187 -73 -34 public authorities... 231 277 328 366 357 107. Post Office and Trustee . Savings Banks 119 214 234 301 325 108. National Savings Certificates including increase in accrued interest 167 232 297 109. Defence Bonds 180 174 134 121 110. Other public issues (net)... 5671,031 1,047 1,060 111. Increase in fiduciary issue.. 50 150 170 150 112. Increase in Treasury Bills held outside government departments and Bank Ways and Means -189 310 129 279 151 537 113. Treasury deposit receipts. . 338 474 155 394 114. Tax reserve certificates 17 453 113 115. Public borrowing at home.. -102 352 1,550 2,553 2,576 2,973 2,794 116. Central government revenue 126. Central government plus deficit 1,027 1,484 3,344 4,627 5,1065,7815,914 expenditure 1,027 1,484 3,344 4,6275,106 5,781 5,914 100. The net increase in government securities held by 96. This item, the sum of items 45, 49 and 53 of Table 33, other extra-budgetary funds and the Exchange Equalisation is composed of total ordinary revenue {including throughout Account, certain receipts in respect of war risks insurance the period the receipts from wireless licences but excluding and the War Damage Act, and the reduction in Exchequer receipts under the War Damage Act, which appear in the balance. income of extra-budgetary funds, and the Canadian contribu- 103. These items appear here since they are not included in tion) plus receipts from classes which may be appropriated in item 96. aid of Votes corresponding to gifts, taxes and income from 105. This item includes net issues under various Acts, e.g., property, less receipts from the Post Office Fund, which is North Atlantic Shipping Act, 1934, Tithe Act, 1936, Anglotreated as an extra-budgetary fund, less Post Office receipts Turkish (Armaments Credit) Agreement Act 1938, Overseas from the Vote of Credit (which represent a transfer within Trade Guarantees Act, 1939. the central government sector), less receipts from capital 106. The sum of items 97 to 105; represents the total of transactions included in miscellaneous revenue, which are sums used to finance the central government deficit which is properly regarded as a part of the finance of the deficit, less received from government funds and similar sources as transfers between public authorities included in miscellaneous opposed to loans from the public. revenue, less departmental receipts in excess of those appro- 107. The increase in investments from the net deposits in priated in aid of Votes, since these appear in miscellaneous the Post Office and Trustee Savings Banks. revenue and also, so far as they are relevant, in receipts from 108 and 109. Receipts less repayments. classes which may be appropriated in aid of Votes correspond- no. Receipts from public issues, e.g., National War Bonds ing to gifts, taxes and income from property. and Savings Bonds, and Other Debt (net) less securities re- 97, 98 and 99. The net increase in these funds available deemed and excluding purchases of government securities for loan to the Exchequer. (war or pre-war issues) by public departments. In contrast FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE to the figures given in Cmd. 65x0 this item now includes in. Expenditure on goods and services out of Vote of sums required to finance Post Office Loan expenditure. Credit and Defence Votes and under the Defence Loans Acts. 1 ix. The increase in bills held by the market or by Empire All subsidies, transfer payments and sums transferred to Funds and in Bank Ways and Means Advances. other public authorities are excluded from this item. 113. Receipts less repayments. 113. The sum of this and the preceding item is equal to 115. The sum of items 107 to 114 showing the amount of public borrowing at home. The sum of item 106 and this item 73 of Table 33. item is equal to item 57 of Table 33. 114. The same as item 77 of Table 33. It should be noted 116. The sum of items 96, 106 and 115; equal to item 61 that all war expenditure of a capital nature is excluded from of Table 33. this item and included, together with current expenditure, 117. The same as item 14 of Table 31 and item 65 of in item 111. Table 33. 115. Equal to item 61 of Table 33 less item 81 of Table 33. 118. This item forms part of items 19 and 36 of Table 32.. 116. This item differs from item 81 of Table 33 by the 119. This item forms part of item 2.2. of Table 32.. 12.0. This item forms part of items 2.3 and 2.5 of Table 31. inclusion of the net transfers to other public authorities 111. This item forms part of item 15 of Table 31. The shown in item 115 and is therefore equal to item 116, the sum of items 118 to IXI is equal to item 69 of Table 33. sum of central government revenue and deficit. CURRENT EVENTS Death of Director Michigan Mr. W. Frank Thomas, of Westminster, Mary- Sturgis—The Citizens State Bank land, who had been a director of the Baltimore Ohio Branch of the Federal Reserve Bank of Richmond Germantown—The Farmers & Citizens Savings since January 1, 1937, died on July 15, 1945. Bank Company Admissions of State Banks to Membership in the Federal Reserve System Texas Booker—The First State Bank The following State banks were admitted to membership in the Federal Reserve System dur- Virginia ing the period June 16, 1945, to July 15, 1945, Dublin—Bank of Dublin, Incorporated inclusive: Salem—The Bank of Salem Indiana West Virginia Newburgh—Newburgh State Bank Wheeling—Half Dollar Trust and Savings Bank 763 AUGUST 1945 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. Bretton Woods Agreements Act be two years, but the executive directors shall remain in office until their successors have been appointed. The President of the United States, on July (b) The President, by and with the advice and consent of 31, 1945, approved an Act of Congress known as the Senate, shall appoint an alternate for the governor of the the "Bretton Woods Agreements Act" to Fund who shall also serve as alternate for the governor of provide for the participation of the United States the Bank. The President, by and with the advice and consent of the Senate, shall appoint an alternate for each of the execuin the International Monetary Fund and the tive directors. The alternate for each executive director shall International Bank for Reconstruction and be appointed from among individuals recommended to the Development. The text of the Act is as follows: President by the executive director. The terms of office for alternates for the governor and the executive directors shall [PUBLIC LAW 171—79TH CONGRESS] be the same as the terms specified in subsection (a) for the [CHAPTER 339—IST SESSION] governor and executive directors. [H. R. 3314] (c) No person shall be entitled to receive any salary or AN ACT other compensation from the United States for services as a governor, executive director, or alternate. To provide for the participation of the United States in the International Monetary Fund and the International NATIONAL ADVISORY COUNCIL ON INTERNATIONAL MONETARY Bank for Reconstruction and Development. AND FINANCIAL PROBLEMS Be it enacted by the Senate and House of Representatives of the SEC. 4. (a) In order to coordinate the policies and opera- United States of America in Congress assembled, tions of the representatives of the United States on the Fund and the Bank and of all agencies of the Government which SHORT TITLE make or participate in making foreign loans or which engage SECTION I. This Act may be cited as the "Bretton Woods in foreign financial, exchange or monetary transactions, there Agreements Act". is hereby established the National Advisory Council on International Monetary and Financial Problems (hereinafter re- ACCEPTANCE OF MEMBERSHIP ferred to as the "Council"), consisting of the Secretary of the SEC. 2.. The President is hereby authorized to accept mem- Treasury, as Chairman, the Secretary of State, the Secretary bership for the United States in the International Monetary of Commerce, the Chairman of the Board of Governors of the Fund (hereinafter referred to as the "Fund"), and in the In- Federal Reserve System, and the Chairman of the Board of ternational Bank for Reconstruction and Development (here- Trustees of the Export-Import Bank of Washington. inafter referred to as the "Bank"), provided for by the Articles (b) (1) The Council, after consultation with the repreof Agreement of the Fund and the Articles of Agreement of sentatives of the United States on the Fund and the Bank, shall the Bank as set forth in the Final Act of the United Nations recommend to the President general policy directives for the Monetary and Financial Conference dated July n, 1944, and guidance of the representatives of the United States on the deposited in the archives of the Department of State. Fund and the Bank. (1) The Council shall advise and consult with the President APPOINTMENT OF GOVERNORS, EXECUTIVE DIRECTORS, AND and the representatives of the United States on the Fund and ALTERNATES the Bank on major problems arising in the administration of SEC. 3. (a) The President, by and with the advice and con- the Fund and the Bank. sent of the Senate, shall appoint a governor of the Fund who (3) The Council shall coordinate, by consultation or othershall also serve as a governor of the Bank, and an executive wise, so far as is practicable, the policies and operations of the director of the Fund and an executive director of the Bank. representatives of the United States on the Fund and the Bank, The executive directors so appointed shall also serve as pro- the Export-Import Bank of Washington and all other agencies visional executive directors of the Fund and the Bank for the of the Government to the extent that they make or participurposes of the respective Articles of Agreement. The term pate in the making of foreign loans or engage in foreign of office for the governor of the Fund and of the Bank shall be financial, exchange or monetary transactions. five years. The term of office for the executive directors shall (4) Whenever, under the Articles of Agreement of the 764 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Fund or the Articles of Agreement of the Bank, the approval, to the appropriate discharge of its responsibilities under this consent or agreement of the United States is required before Act. an act may be done by the respective institutions, the decision as to whether such approval, consent, or agreement, shall be CERTAIN ACTS NOT TO BE TAKEN WITHOUT AUTHORIZATION given or refused shall (to the extent such decision is not pro- SEC. 5. "Unless Congress by law authorizes such action, hibited by section 5 of this Act) be made by the Council, neither the President nor any person or agency shall on beunder the general direction of the President. No governor, half of the United States (a) request or consent to any change executive director, or alternate representing the United States in the quota of the United States under article III, section 2., shall vote in favor of any waiver of condition under article V, of the Articles of Agreement of the Fund; (b) propose or section 4, or in favor of any declaration of the United States agree to any change in the par value of the United States dollar as a scarce currency under article VII, section 3, of the dollar under article IV, section 5, or article XX, section 4, of Articles of Agreement of the Fund, without prior approval the Articles of Agreement of the Fund, or approve any general of the Council. change in par values under article IV, section 7; (c) subscribe (5) The Council from time to time, but not less frequently to additional shares of stock under article II, section 3, of the than every six months, shall transmit to the President and to Articles of Agreement of the Bank; (d) accept any amendment the Congress a report with respect to the participation of the under article XVII of the Articles of Agreement of the Fund United States in the Fund and the Bank. or article VIII of the Articles of Agreement of the Bank; (e) (6) The Council shall also transmit to the President and to make any loan to the Fund or the Bank. Unless Congress by the Congress special reports on the operations and policies of law authorizes such action, no governor or alternate appointed the Fund and the Bank, as provided in this paragraph. The to represent the United States shall vote for an increase of first report shall be made not later than two years after the capital stock of the Bank under article II, section 2., of the establishment of the Fund and the Bank, and a report shall Articles of Agreement of the Bank. be made every two years after the making of the first report. Each such report shall cover and include: The extent to which DEPOSITORIES the Fund and the Bank have achieved the purposes for which SEC. 6. Any Federal Reserve bank which is requested to do they were established; the extent to which the operations so by the Fund or the Bank shall act as its depository or as and policies of the Fund and the Bank have adhered to, or its fiscal agent, and the Board of Governors of the Federal departed from, the general policy directives formulated by Reserve System shall supervise and direct the carrying out of the Council, and the Council's recommendations in connec- these functions by the Federal Reserve banks. tion therewith; the extent to which the operations and policies of the Fund and the Bank have been coordinated, and the PAYMENT OF SUBSCRIPTIONS Council's recommendations in connection therewith; recom- SEC. 7. (a) Subsection (c) of section 10 of the Gold Remendations on whether the resources of the Fund and the serve Act of 1934, as amended (U. S. C, title 31, sec. 811a), Bank should be increased or decreased; recommendations as is amended to read as follows: to how the Fund and the Bank may be made more effective; "CO The Secretary of the Treasury is directed to use recommendations on any other necessary or desirable changes $1,800,000,000 of the fund established in this section to in the Articles of Agreement of the Fund and of the Bank or pay part of the subscription of the United States to the in this Act; and an over-all appraisal of the extent to which International Monetary Fund; and any repayment thereof the operations and policies of the Fund and the Bank have shall be covered into the Treasury as a miscellaneous served, and in the future may be expected to serve, the inreceipt." terests of the United States and the world in promoting sound (b) The Secretary of the Treasury is authorized to pay the international economic cooperation and furthering world balance of $950,000,000 of the subscription of the United security. States to the Fund not provided for in subsection (a) and to (7) The Council shall make such reports and recommenda- pay the subscription of the United States to the Bank from tions to the President as he may from time to time request, or time to time when payments are required to be made to the as the Council may consider necessary to more effectively or Bank. For the purpose of making these payments, the Secreefficiently accomplish the purposes of this Act or the purposes tary of the Treasury is authorized to use as a public-debt for which the Council is created. transaction not to exceed $4,1x5,000,000 of the proceeds of (c) The representatives of the United States on the Fund any securities hereafter issued under the Second Liberty Bond and the Bank, and the Export-Import Bank of Washington Act, as amended, and the purposes for which securities may (and all other agencies of the Government to the extent that be issued under that Act are extended to include such purpose. they make or participate in the making of foreign loans or Payment under this subsection of the subscription of the engage in foreign financial, exchange or monetary transac-" United States to the Fund or the Bank and repayments there of tions) shall keep the Council fully informed of their activities shall be treated as public-debt transactions of the United and shall provide the Council with such further information States. or data in their possession as the Council may deem necessary CO F°r tne purpose of keeping to a minimum the cost to AUGUST 1945 765 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT the United States of participation in the Fund and the Bank, (c) It shall be unlawful for any officer or employee of the the Secretary of the Treasury, after paying the subscription Government, or for any advisor or consultant to the Governof the United States to the Fund, and any part of the subscrip- ment, to disclose, otherwise than in the course of official duty, tion of the United States to the Bank required to be made any information obtained under this section, or to use any under article II, section 7 (i), of the Articles of Agreement of such information for his personal benefit. Whoever violates the Bank, is authorized and directed to issue special notes of any of the provisions of this subsection shall, upon conviction, the United States from time to time at par and to deliver such be fined not more than $5,000, or imprisoned for not more notes to the Fund and the Bank in exchange for dollars to the than five years, or both. extent permitted by the respective Articles of Agreement. (e) The term "person" as used in this section means an The special notes provided for in this subsection shall be issued individual, partnership, corporation or association. under the authority and subject to the provisions of the Second Liberty Bond Act, as amended, and the purposes for FINANCIAL TRANSACTIONS WITH FOREIGN GOVERNMENTS IN which securities may be issued under that Act are extended to DEFAULT include the purposes for which special notes are authorized SEC. 9. The Act entitled "An Act to prohibit financial and directed to be issued under this subsection, but such notes transactions with any foreign government in default on its shall bear no interest, shall be nonnegotiable, and shall be obligations to the United States", approved April 13,1934 payable on demand of the Fund or the Bank, as the case may (U. S. C, title 31, sec. 804a), is amended by adding at the end be. The face amount of special notes issued to the Fund under thereof a new section to read as follows: the authority of this subsection and outstanding at any one "SEC. 3. While any foreign government is a member both time shall not exceed in the aggregate the amount of the of the International Monetary Fund and of the Intersubscription of the United States actually paid to the Fund, national Bank for Reconstruction and Development, this and the face amount of such notes issued to the Bank and Act shall not apply to the sale or purchase of bonds, securioutstanding at any one time shall not exceed in the aggregate ties, or other obligations of such government or any the amount of the subscription of the United States actually political subdivision thereof or of any organization or paid to the Bank under article II, section 7 (i), of the Articles association acting for or on behalf of such government or of Agreement of the Bank. political subdivision, or to the making of any loan to such (d) Any payment made to the United States by the Fund government, political subdivision, organization, or associaor the Bank as a distribution of net income shall be covered tion." into the Treasury as a miscellaneous receipt. JURISDICTION AND VENUE OF ACTIONS OBTAINING AND FURNISHING INFORMATION SEC. 10. For the purpose of any action which may be SEC. 8. (a) Whenever a request is made by the Fund to the brought within the United States or its Territories or posses- United States as a member to furnish data under article VIII, sions by or against the Fund or the Bank in accordance with section 5, of the Articles of Agreement of the Fund, the the Articles of Agreement of the Fund or the Articles of Agree- President may, through any agency he may designate, require ment of the Bank, the Fund or the Bank, as the case may be, any person to furnish such information as the President may shall be deemed to be an inhabitant of the Federal judicial determine to be essential to comply with such request. In district in which its principal office in the United States is making such determination the President shall seek to collect located, and any such action at law or in equity to which the information only in such detail as is necessary to comply either the Fund or the Bank shall be a party shall be deemed with the request of the Fund. No information so acquired to arise under the laws of the United States, and the district shall be furnished to the Fund in such detail that the affairs courts of the United States shall have original jurisdiction of of any person are disclosed. any such action. When either the Fund or the Bank is a (b) In the event any person refuses to furnish such in- defendant in any such action, it may, at any time before the formation when requested to do so, the President, through trial thereof, remove such action from a State court into the any designated governmental agency, may by subpoena re- district court of the United States for the proper district by quire such person to appear and testify or to appear and pro- following the procedure for removal of causes otherwise duce records and other documents, or both. In case of con- provided by law. tumacy by, or refusal to obey a subpoena served upon any such person, the district court for any district in which such STATUS, IMMUNITIES AND PRIVILEGES person is found or resides or transacts business, upon applica- SEC. 11. The provisions of article IX, sections 2. to 9, both tion by the President or any governmental agency designated inclusive, and the first sentence of article VIII, section 2. (b), by him, shall have jurisdiction to issue an order requiring such of the Articles of Agreement of the Fund, and the provisions person to appear and give testimony or appear and produce of article VI, section 5 (i), and article VII, sections 2. to 9, records and documents, or both; and any failure to obey such both inclusive, of the Articles of Agreement of the Bank, shall order of the court may be punished by such court as a con- have full force and effect in the United States and its Territempt thereof. tories and possessions upon acceptance of membership by the 766 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT United States in, and the establishment of, the Fund and the transactions, the Council and the United States representa- Bank, respectively. tives on the Fund and the Bank shall give careful consideration to the progress which has been made in achieving such STABILIZATION LOANS BY THE BANK agreement and cooperation. SEC. IX. The governor and executive director of the Bank Approved July 31, 1945. appointed by the United States are hereby directed to obtain Export-Import Bank Act of 1945 promptly an official interpretation by the Bank as to its authority to make or guarantee loans for programs of eco- The President of the United States, on July nomic reconstruction and the reconstruction of monetary 31, 1945, approved an Act of Congress known as systems, including long-term stabilization loans. If the Bank the "Export-Import Bank Act of 1945" to does not interpret its powers to include the making or guaranprovide for increasing the lending authority of teeing of such loans, the governor of the Bank representing the United States is hereby directed to propose promptly and the Export-Import Bank of Washington, and support an amendment to the Articles of Agreement for the for other purposes. The text of the Act is as purpose of explicitly authorizing the Bank, after consultation follows: with the Fund, to make or guarantee such loans. The President is hereby authorized and directed to accept an amendment [PUBLIC LAW 173—79TH CONGRESS] to that effect on behalf of the United States. [CHAPTER 341—IST SESSION] [H. R. 3771] STABILIZATION OPERATIONS BY THE FUND AN ACT SEC. 13. (a) The governor and executive director of the To provide for increasing the lending authority of the Export- Fund appointed by the United States are hereby directed to Import Bank of Washington, and for other purposes. obtain promptly an official interpretation by the Fund as to Be it enacted by the Senate and House of Representatives of the whether its authority to use its resources extends beyond United States of America in Congress assembled, That this Act current monetary stabilization operations to afford temporary may be cited as the "Export-Import Bank Act of 1945". assistance to members in connection with seasonal, cyclical, SEC. 2.. (a) The Export-Import Bank of Washington, and emergency fluctuations in the balance of payments of any District of Columbia, a banking corporation organized under member for current transactions, and whether it has authority the laws of the District of Columbia as an agency of the to use its resources to provide facilities for relief, reconstruc- United States, is continued as an agency of the United States, tion, or armaments, or to meet a large or sustained outflow of and in addition to existing charter powers, and without capital on the part of any member. limitation as to the total amount of obligations thereto of any (b) If the interpretation by the Fund answers in the borrower, endorser, acceptor, obligor, or guarantor at any affirmative any of the questions stated in subsection (a), the time outstanding, it is hereby authorized and empowered to governor of the Fund representing the United States is hereby make loans, to discount, rediscount or guarantee notes, directed to propose promptly and support an amendment to drafts, bills of exchange, and other evidences of debt, or the Articles of Agreement for the purpose of expressly nega- participate in the same, for the purpose of aiding in the tiving such interpretation. The President is hereby author- financing and facilitating of exports and imports and the ized and directed to accept an amendment to that effect on exchange of commodities between the United States or any of behalf of the United States. its Territories or insular possessions and any foreign country or the agencies or nationals thereof. The Bank is hereby FURTHER PROMOTION OF INTERNATIONAL ECONOMIC RELATIONS authorized to use all its assets, including capital and net SEC. 14. In the realization that additional measures of in- earnings therefrom, and to use all moneys which have been ternational economic cooperation are necessary to facilitate or may hereafter be allocated to or borrowed by it, in the the expansion and balanced growth of international trade exercise of its functions as such agency. and render most effective the operations of the Fund and the (b) It is the policy of the Congress that the Bank in the Bank, it is hereby declared to be the policy of the United exercise of its functions should supplement and encourage States to seek to bring about further agreement and coopera- and not compete with private capital, and that loans, so far tion among nations and international bodies, as soon as as possible consistently with carrying out the purposes of possible, on ways and means which will best reduce obstacles subsection (a), shall generally be for specific purposes, and, to and restrictions upon international trade, eliminate unfair in the judgment of the Board of Directors, offer reasonable trade practices, promote mutually advantageous commercial assurance oi repayment. relations, and otherwise facilitate the expansion and balanced SEC. 3. (a) (1) The management of the Export-Import growth of international trade and promote the stability of Bank of Washington shall be vested in a Board of Directors international economic relations. In considering the policies consisting of the Administrator of the Foreign Economic of the United States in foreign lending and the policies of the Administration, who shall serve as Chairman, the Secretary Fund and the Bank, particularly in conducting exchange of State, and three persons appointed by the President of the AUGUST 1945 767 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT United States by and with the advice and consent of the (e) Until October 31, 1945, or until at least two of the Senate. The Secretary of State, to such extent as he deems members of the Board of Directors to be appointed have it advisable, may designate to act for him in the discharge of qualified as such directors, whichever is the earlier, the his duties as a member of the Board of Directors any officer affairs of the Bank shall continue to be managed by the of the Department of State who shall have been appointed existing Board of Trustees. by and with the advice and consent of the Senate. (f) The Export-Import Bank of Washington shall con- (2.) If the Foreign Economic Administration ceases to stitute an independent agency of the United States and exist in the Office for Emergency Management in the Ex- neither the Bank nor any of its functions, powers, or duties ecutive Office of the President, the President of the United shall be transferred to or consolidated with any other depart- States shall appoint by and with the advice and consent of ment, agency, or corporation of the Government unless the the Senate another member of the Board of Directors. The Congress shall otherwise by law provide. member so appointed shall serve for the remainder of the SEC. 4. The Export-Import Bank of Washington shall existing terms of the other three appointed members, but have a capital stock of $1,000,000,000 subscribed by the successors shall be appointed for terms of five years. After United States. Payment for $1,000,000 of such capital stock the Foreign Economic Administrator ceases to be a member shall be made by the surrender to the Bank for cancellation of the Board of Directors the President of the United States of the common stock heretofore issued by the Bank and shall, from time to time, designate one of the members of the purchased by the United States. Payment for $174,000,000 Board to serve as Chairman. of such capital stock shall be made by the surrender to the (3) Of the five members of the Board, not more than three Bank for cancellation of the preferred stock heretofore issued shall be members of any one political party. Each of the by the Bank and purchased by the Reconstruction Finance appointed directors shall devote his time not otherwise Corporation. Payment for the $82.5,000,000 balance of such required by the business of the United States principally capital stock shall be subject to call at any time in whole or to the business of the Bank. Before entering upon his duties in part by the Board of Directors of the Bank. For the pureach of the directors so appointed and each officer of the Bank pose of making payments of such balance, the Secretary of the shall take an oath faithfully to discharge the duties of his Treasury is authorized to use as a public-debt transaction the office. The terms of the appointed directors shall be five proceeds of any securities hereafter issued under the Second years, except that the terms of the directors first appointed Liberty Bond Act, as amended, and the purposes for which shall run from the date of appointment until June 30, 1950. securities may be issued under that Act are extended to include Whenever a vacancy occurs among the directors so appointed, such purpose. Payment under this section of the subscripthe person appointed to fill such vacancy shall hold office for tion of the United States to the Bank and repayments thereof the unexpired portion of the term of the director whose place shall be treated as public-debt transactions of the United he is selected to fill. Each of the appointed directors shall States. Certificates evidencing stock ownership of the receive a salary at the rate of $12.,000 per annum, unless he is United States shall be issued by the Bank to the President an officer of the Bank, in which event he may elect to receive of the United States, or to such other person or persons as he the salary of such officer. No director, officer, attorney, may designate from time to time, to the extent of the common agent, or employee of the Bank shall in any manner, directly and preferred stock surrendered and other payments made or indirectly, participate in the deliberation upon or the for the capital stock of the Bank under this section. determination of any question affecting his personal interests, SEC. 5. (a) The Secretary of the Treasury shall pay to the or the interests of any corporation, partnership, or association Reconstruction Finance Corporation the par value of the in which he is directly or indirectly personally interested. preferred stock upon its surrender to the Bank for cancella- (b) A majority of the Board of Directors shall constitute tion. For the purpose of making such payments to the a quorum. Reconstruction Finance Corporation the Secretary of the (c) The Board of Directors shall adopt such bylaws as Treasury is authorized to use as a public-debt transaction the are necessary for the proper management and functioning of proceeds of any securities hereafter issued under the Second the Export-Import Bank of Washington, and may amend Liberty Bond Act, as amended, and the purposes for which the same. securities may be issued under that Act are extended to include (d) There shall be an Advisory Board consisting of the such purpose. Payment under this subsection to the Recon- Chairman of the Export-Import Bank of Washington, who struction Finance Corporation shall be treated as public-debt shall serve as Chairman, the Secretary of State, the Secretary transactions of the United States. of the Treasury, the Secretary of Commerce, and the Chairman (b) Any dividends on the preferred stock accumulated of the Board of Governors of the Federal Reserve System, and unpaid to the date of its surrender for cancellation shall which shall meet at the call of the Chairman. The Advisory be paid to the Reconstruction Finance Corporation by the Board may make such recommendations to the Board of Bank. Directors as it deems advisable, and the Board of Directors SEC. 6. The Export-Import Bank of Washington is shall consult the Advisory Board on major questions of authorized to issue from time to time for purchase by the policy. Secretary of the Treasury its notes, debentures, bonds, or 768 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT other obligations; but the aggregate amount of such obliga- and Maintenance of Credit by Brokers, Dealers, tions outstanding at any one time shall not exceed two and Members of National Securities Exchanges" and one-half times the authorized capital stock of the Bank. and to its Regulation U entitled "Loans by Such obligations shall be redeemable at the option of the Banks for the Purpose of Purchasing or Carrying Bank before maturity in such manner as may be stipulated in such obligations and shall have such maturity and bear Stocks Registered on a National Securities Exsuch rate of interest as may be determined by the Board of change" increasing margin requirements from Directors of the Bank with the approval of the Secretary of 50 per cent to 75 per cent for credit extended by the Treasury. The Secretary of the Treasury is hereby brokers and banks to finance purchases of stock authorized and directed to purchase any obligations of the Bank issued hereunder and for such purpose the Secretary exchange securities. The increased margins also of the Treasury is authorized to use as a public-debt apply to short sales. transaction the proceeds of any securities hereafter issued The amendments include, in addition, techunder the Second Liberty Bond Act, as amended, and the nical changes in the regulations, effective July purposes for which securities may be issued under that Act 16, 1945, to simplify and strengthen the supportare extended to include such purpose. Payment under this section of the purchase price of such obligations of the Bank ing rules. A new provision in Regulation T and repayments thereof by the Bank shall be treated as requires that the proceeds of sales of securities in public-debt transactions of the United States. accounts that are undermargined under the new SEC. 7. The Export-Import Bank of Washington shall not requirements shall be used to the extent neceshave outstanding at any one time loans and guaranties in an sary to increase the margin on the remaining aggregate amount in excess of three and one-half times the securities in the account until they are on a 75 authorized capital stock of the Bank. SEC. 8. The provisions of the existing charter of the Bank per cent basis. The same rule is applied to loans relating to the term of its existence, to the management of its by a new provision of Regulation U. Except affairs, and to its capital stock are superseded by the pro- to this extent, neither regulation requires that visions of this Act and the Bank shall be exempt from comexisting accounts or loans be brought up to the pliance with any provisions of law relating to the amendment 75 per cent level. Neither Regulation T nor of certificates of incorporation or to the retirement or increase of stock of District of Columbia corporations and from the Regulation U is applicable to loans for purposes payment of any fee or tax to the Recorder of Deeds of the other than purchasing, carrying, or trading in District of Columbia determined upon the value or amount securities. of capital stock of the Bank or any increase thereof. The text of the amendments is as follows: SEC. 9. The Export-Import Bank of Washington shall transmit to the Congress semiannually a complete and detailed report of its operations. The report shall be as of AMENDMENT NO. 4 TO REGULATION T the close of business on June 30 and December 31 of each Regulation T is hereby amended in the followyear. ing respects, the changes in the supplement ta SEC. 10. Section 9 of the Act of January 31, 1935 (49 Stat. the Regulation and the new section 4(g) to be- 4, ch. 1), as amended, is repealed. SEC. 11. Notwithstanding the provisions of the Act of come effective July 5, 1945, and the other April 13, 1934 (48 Stat., ch. 112., p. 574), any person, includ- changes to become effective July 16, 1945. ing any individual, partnership, corporation, or association, 1. Section 3^) is amended so that the second may act for or participate with the Export-Import Bank of paragraph will read as follows: Washington in any operation or transaction, or may acquire If a creditor effects for or with any customer any obligation issued in connection with any operation or transaction, engaged in by the Bank. any transactions consisting of purchases of secu- Approved July 31, 1945. rities in a general account, other than purchases of exempted securities or purchases to reduce or Margin Requirements for Purchasing close out short positions, the creditor must ob- Securities tain a deposit as specified in the previous para- Amendments to Regulations T and U graph at least as large as would be required by The Board of Governors of the Federal Reserve that paragraph if such purchases were the only System, effective July 5, 1945, adopted amend- transactions in the account on that day (except ments to its Regulation T entitled "Extension that such deposit need be no larger than that 769 AUGUST 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT which would be sufficient to eliminate any excess (8) Unless funds sufficient for the purpose are of the adjusted debit balance over the maximum already in the account, no security other than an loan value of the securities in the account). No exempted security shall be purchased for, or sold withdrawal of cash or registered or exempted to, any customer in a special cash account with securities shall be permissible if the account, the creditor if any security other than an exafter such withdrawal, would have an adjusted empted security has been purchased by such debit balance exceeding the maximum loan value customer in such an account during the preceding of the securities in the account, except that 90 days, and then, for any reason whatever, exempted securities may be withdrawn upon the without having been previously paid for in full deposit in the account of exempted securities by the customer, the security has been sold in the having maximum loan value equal to or in excess account or delivered out to any broker or dealer: of the maximum loan value of the exempted Provided, that an appropriate committee of a securities withdrawn or upon the deposit of cash national securities exchange or a national securiequal to or in excess of such maximum loan ties association, on application of the creditor, value. may authorize the creditor to disregard for the z. Section 3 (d~) is amended so that the last purposes of this section 4(c) (8) any given inparagraph will read as follows: stance of the type therein described if the com- In case the general account is the account mittee is satisfied that both creditor and cusof a partner of the creditor or the account of a tomer are acting in good faith and that circumjoint adventure in which the creditor partici- stances warrant such authorization. pates, the adjusted debit balance shall be com- 5. Section 4OO (6) is amended by inserting the puted according to the foregoing rule and the words "or a national securities association" folsupplementary rules prescribed in sections 6 (a) lowing the words "a national securities exand 6(*). change." 3. Section 4 (F) is amended to read as follows: 6. Section 4 is amended by adding the follow- (J?) Special omnibus account.—In a special ing new subsection (g): omnibus account, a member of a national securi- (g) Specialist's account.—In a special account ties exchange may effect and finance transactions designated as a specialist's account, a creditor for a broker or dealer from whom the member may effect and finance, for any member of a accepts in good faith a signed statement to the national securities exchange who is registered effect that he is subject to the provisions of this and acts as a specialist in securities on the exregulation (or that he does not extend or main- change, such member's transactions as a spetain credit to or for customers except in accord- cialist in such securities, or effect and finance, ance therewith as if he were subject thereto) and for any joint adventure in which the creditor from whom the member receives (1) written participates, any transactions in any securities notice, pursuant to a rule of the Securities and of an issue with respect to which all partici- Exchange Commission concerning the hypothe- pants, or all participants other than the creditor, cation of customers' securities by brokers or are registered and act on a national securities dealers (Rule X-8C-1 or Rule X-15GL-1), to the exchange as specialists; and such specialist's effect that all securities carried in the account account shall be subject to all the conditions to will be carried for the account of the customers which it would be subject if it were a general of the broker or dealer and (2.) written notice account except that— that any short sales effected in the account will (1) At any time when the Board in the supbe short sales made in behalf of the customers plement to this regulation shall have preof the broker or dealer other than his partners. scribed for specialists' accounts a special maxi- 4. Section 4 (c) is amended by striking out mum loan value or special margin for short both provisos in paragraph (5) and by adding sales, the maximum loan value of a registered the following new paragraph (8): security (other than an exempted security) 77O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT having loan value in such specialist's account than exempted securities) shall be 50 per cent shall be such special maximum loan value, and of the current market value of each such security. the amount to be included in the adjusted debit balance of such account as the margin AMENDMENT NO. 5 TO REGULATION U required for short sales shall be such special Regulation U is hereby amended in the followmargin for short sales. ing respects, the changes in the supplement to (z) A specialist's account shall not be sub- the Regulation and the new section 3 (0) to beject to the restrictions specified in the second come effective July 5, 1945, and the other paragraph of section 3(£) but a transaction changes to become effective July 16, 1945. consisting of a withdrawal of cash or regis- 1. Section 1 is amended so that the third tered or exempted securities from the account paragraph will read as follows: shall be permissible only on condition that the While a bank maintains any such loan, whentransactions (including such withdrawal) on ever made, the bank shall not at any time permit the day of such withdrawal would not create any withdrawal or substitution of collateral ii, an excess of the adjusted debit balance of the after such withdrawal or substitution, the loan account over the maximum loan value of the exceeds the maximum loan value of the colsecurities in the account or incease any such lateral, unless: excess. (1) In the case of a withdrawal, the loan is 7. Section 6(V) is amended to read as follows: reduced by an amount equal to the current (c) No guarantee of a customer's account shall market value of the collateral withdrawn; or be given any effect for purposes of this regu- (z) In the case of a substitution, the loan lation. is reduced by an amount equal to any excess 8. The supplement is amended to read as of the current market value of the collateral follows: withdrawn over the maximum loan value of Maximum loan value for general accounts.— the collateral deposited. The maximum loan value of a registered security If the maximum loan value of the collateral has (other than an exempted security) in a general become less than the amount of the loan, such account, subject to section 3 of Regulation T, amount may nevertheless be increased if there is shall be 2.5 per cent of its current market value. provided additional collateral having maximum Maximum loan value for specialists' accounts. loan value at least equal to the amount of the —The maximum loan value of a registered increase. security (other than an exempted security) in a z. Section z(£) is amended so that it will read specialist's account, subject to section 4Q5) of as follows: Regulation T, shall be 50 per cent of its current (F) Any loan made prior to July 16, 1945, to market value. any person whose total indebtedness to the bank Margin required for short sales in general at the date of and including such loan does not accounts.—The amount to be included in the exceed $1,000. adjusted debit balance of a general account, 3. Section z is amended by deleting subsection pursuant to section 300(3) °^ Regulation T, as (j) and substituting in lieu thereof the following margin required for short sales of securities new subsection (/): (other than exempted securities) shall be 75 per 0) Any loan to a broker or dealer secured by cent of the current market value of each such any securities which, according to written notice security. received by the bank from the broker or dealer Margin required for short sales in specialists' pursuant to a rule of the Securities and Exchange accounts.—The amount to be included in the Commission concerning the hypothecation of adjusted debit balance of a specialist's account, customers' securities (Rule X-8C-1 or Rule subject to section 4(g) of Regulation T, as mar- X-15C2.-1), are securities carried for the account of gin required for short sales of securities (other one or more customers^ provided the bank accepts in AUGUST 1945 771 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT good faith from the broker or dealer a signed "Trust Powers of National Banks" so as to instatement to the effect that he is subject to the crease from $2.5,000 to $50,000 the amount of provisions of Regulation T (or that he does not the funds of any one trust which may be invested extend or maintain credit to or for customers in a Common Trust Fund. At the same time, except in accordance therewith as if he were the Board adopted other amendments to the subject thereto). Common Trust Fund provisions of the Regula- 4. Section 3 is amended by deleting subection tion to provide restrictions on a bank's adver- (p) and substituting in lieu thereof the following tising of such Funds and to make certain other new subsection (p): minor changes, principally of a clarifying nature. (V) A loan to a member of a national securities Corresponding changes also were made in the exchange who is registered and acts as a spe- provisions relating to Mortgage Investment cialist in securities on the exchange for the pur- Funds. pose of financing such member's transactions as The text of the amendments is as follows: a specialist in such securities shall not be subject to the provisions of the third paragraph of sec- AMENDMENT TO REGULATION F tion 1, but the bank shall not at any time permit Effective September 1, 1945, section 17 of withdrawals or substitutions of collateral for Regulation F relating to Common Trust Funds is such a loan that would create or increase a defiamended in the following respects: ciency in the maximum loan value of the col- The third paragraph of subsection (a) is lateral below the amount of the loan, nor shall amended to read as follows: the bank increase the amount of a loan if the The purpose of this section is to permit the collateral is deficient unless additional collateral use of Common Trust Funds, as defined in secis provided having maximum loan value at least tion 169 of the Internal Revenue Code,17 for equal to the amount of the increase. the investment of funds held for true fiduciary 5. The supplement to Regulation U is amended purposes; and the operation of such Common so that it will read as follows: Trust Funds as investment trusts for other For the purpose of section 1 of Regulation U, than strictly fiduciary purposes is hereby prothe maximum loan value of any stock, whether hibited. No bank administering a Common or not registered on a national securities ex- Trust Fund shall issue any document evidencchange, shall be 2.5 per cent of its current market ing a direct or indirect interest in such Comvalue, as determined by any reasonable method. mon Trust Fund in any form which purports Loans to specialists.—Notwithstanding the to be negotiable or assignable. The trust foregoing, a stock, if registered on a national investment committee of a bank operating a securities exchange, shall have a maximum loan Common Trust Fund shall not permit any value of 50 per cent of its current market value, funds of any trust to be invested in a Common as determined by any reasonable method, in the Trust Fund if it has reason to believe that such case of a loan to a member of a national securities trust was not created or is not being used for exchange who is registered and acts as a spebona fide fiduciary purposes. A bank adminiscialist in securities on the exchange for the purtering a Common Trust Fund shall not, in pose of financing such member's transactions as a soliciting business or otherwise, publish or specialist in securities. make representations which are inconsistent Common Trust Funds with this'paragraph or the other provisions of this regulation and, subject to the applicable Amendments to Regulation F requirements of the laws of any State, shall The Board of Governors of the Federal Re- not advertise or publicize the earnings realized serve System, effective September 1, 1945, has amended section 17 of Regulation F entitled 17 For applicable provisions of the Internal Revenue Code, see Appendix. 77^ FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT on any Common Trust Fund or the value of G) Miscellaneous limitations.—No funds of the assets thereof. any trust shall be invested in a participation The second paragraph of subsection COG) *s in a Common Trust Fund if such investment amended to read as follows: would result in such trust having invested in The bank shall, without charge, send a copy the aggregate in the Common Trust Fund an of the latest report of such audit annually to amount in excess of 10 per cent of the value each person to whom a regular periodic ac- of the assets of the Common Trust Fund at the counting of the trusts participating in the time of investment, as determined by the trust Common Trust Fund ordinarily would be investment committee, or the sum of $50,000, rendered or shall send advice to each such whichever is less. If the bank administers person annually that the report is available more than one Common Trust Fund under this and that a copy will be furnished without subsection, no investment shall be made which charge upon request. Except as may be re- would cause any one trust to have invested quired by the applicable laws of any State, in the aggregate in all such Common Trust the bank shall not publish or authorize the Funds an amount in excess of the sum of publication of any such report or the informa- $50,000; and, if the bank administers Funds tion contained therein and each copy fur- under both subsections CO and 00 °f triis secnished to any person as herein provided must tion, no investment shall be made which bear a statement to the effect that the publica- would cause any one trust to have invested tion of such copy or the information contained in the aggregate in all such Funds an amount therein is unauthorized. in excess of the sum oi $50,000. In applying Subsection CO G) *s amended to read as follows: the limitations contained in this paragraph, if two or more trusts are created by the same G) Value of assets to be determined periodically. settlor or settlors and as much as one-half of —Not less frequently than once during each the income or principal or both of each trust period of three months the trust investment is payable or applicable to the use of the same committee of a bank administering a Common person or persons, such trusts shall be con- Trust Fund shall determine the value of the sidered as one. assets in the Common Trust Fund as of the dates which the Plan provides for the valua- The first paragraph of subsection 00 G) is tion of assets. No participation shall be ad- amended to read as follows: mitted to or withdrawn from the Common G) Value of assets to be determined -periodically. Trust Fund except C1) on the basis of such —Not less frequently than once during each valuation and CO as of such a valuation date. period of three months the trust investment A reasonable period, not to exceed 7 days, fol- committee of a bank administering a Mortlowing each valuation date may be used to gage Investment Fund shall determine the make the computations necessary to deter- value of the assets in the Mortgage Investment mine the value of the Fund and of the partici- Fund as of the dates which the Plan provides pations therein. No participation shall be for the valuation of assets. No participation admitted to or withdrawn from the Common shall be admitted to or withdrawn from the Trust Fund unless a written request for or Mortgage Investment Fund except as of such a notice of intention of taking such action shall valuation date. A reasonable period, not to have been entered in the records of the bank exceed 7 days, following each valuation date and approved by the trust investment com- may be used to make the computations necesmittee, on or before the valuation date. No sary to determine the value of the Fund and of such request or notice may be canceled or the participations therein. No participation countermanded after the valuation date. shall be admitted to or withdrawn from the The first paragraph of subsection COG) *s Mortgage Investment Fund unless, on the amended to read as follows: basis of such valuation, the value of the assets AUGUST 1945 773 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT of the Mortgage Investment Fund, exclusive ing amendment co its Regulation W, entitled of accrued income, is at least equal to the "Consumer Credit": amount of the outstanding participations. No participation shall be admitted to or with- AMENDMENT NO. 17 TO REGULATION W drawn from the Mortgage Investment Fund Regulation W is hereby amended in the unless a written request for or notice of intenfollowing respects, effective July 2.7, 1945. tion of taking such action shall have been 1. By changing section 800to rea-d as follows: entered in the records of the bank and ap- 00 Military Aircraft Credits.—Any exproved by the trust investment committee, on tension of credit to finance the purchase of or before the valuation date. No such request military aircraft other than a primary trainer. or notice may be canceled or countermanded 2.. By inserting in clause (1) of section 8(7>) after the valuation date. entitled "Agricultural Loans" the words "or The first paragraph of subsection 00 0) *s by any Federal land bank" following the words amended to read as follows: "Federal Farm Mortgage Corporation". (j) Miscellaneous limitations.—No funds of 3. By changing section 8(0 to read as follows: any trust shall be invested in a participation (7) Railroad Watches.—Any extension of in a Mortgage Investment Fund if such invest- credit to finance the purchase of a railroad ment would result in such trust having in- standard watch (whether new or used) by a vested in the aggregate in the Mortgage In- railroad time service employee, provided the vestment Fund an amount in excess of the sum Registrant obtains a statement signed by the of $1,2.00 or z per cent of the amount of the division superintendent of the railroad by outstanding participations in the Mortgage which the purchaser is employed certifying Investment Fund, whichever is greater at the that the purchaser is required to carry such a time of investment, or in any event in excess of watch in the performance of his duties and the sum of $10,000. If the bank administers has no watch suitable for the purpose. more than one Mortgage Investment Fund, no 4. By changing Item 3 in Group A of section investment shall be made which would cause I3(^) entitled "Listed Articles" to read as any one trust to have invested in the aggregate follows: in all such Mortgage Investment Funds an 3. Aircraft (including gliders) designed for amount in excess of the sum of $10,000; and, a useful load of 1,000 pounds or less. if the bank administers Funds under both subsections (V) and 00 °f tnis section, no invest- Consent Injunction under Regulation W ment shall be made which would cause any A decree restraining Consumers Home Equipone trust to have invested in the aggregate in ment Co. and A. B. Chereton, its President, from all such Funds an amount in excess of the sum violations of Regulation W of the Board of of $50,000. In applying the limitations con- Governors of the Federal Reserve System was tained in this paragraph, if two or more trusts entered on July 19, 1945, in the District Court of are created by the same settlor or settlors and the United States for the Eastern District of as much as one-half of the income or principal Michigan, Southern Division. or both of each trust is payable or applicable The Consumers Home Equipment organizato the use of the same person or persons, such tion, which has its head office at Detroit, trusts shall be considered as one. Michigan, and offices in Illinois, Indiana, Kentucky, Michigan, New York, Ohio, and Consumer Credit Pennsylvania, and affiliates with offices in Amendment to Regulation W Maine, Massachusetts, New Hampshire, Rhode The Board of Governors of the Federal Reserve Island, and West Virginia, is engaged in the System, effective July 17,1945, issued the follow- house to house sale of household merchandise 774 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT on an instalment basis. The company was servants, representatives, employees and persons in active concert and participation with them, charged with violating the regulation in a and any and all companies and persons under number of instances by making sales without their control, respectively, be and they are hereobtaining the down payment required, by failing by permanently enjoined, in the installment sale to furnish statements of transactions to cus- of merchandise, from: tomers, and by not only failing to maintain 1. Making installment sales subject to the requirements of Regulation W of the Board of records but attempting to conceal violations by Governors of the Federal Reserve System withmanipulation and alteration of its records. out obtaining the cash down payment required The effect of the decree, to which the defend- by Section A^a) of said Regulation. ants consented, is to render the defendants liable z. Making installment sales subject to the for punishment for contempt of court in the requirements of Regulation W of the Board of Governors of the Federal Reserve System withevent they are found in the future to have out furnishing the obligors the statement of violated the regulation in any of the respects transaction required by Section 4(/) of said described in the decree. Regulation. The text of the decree is as follows: 3. Making installment sales subject to the requirements of Regulation W of the Board of DISTRICT COURT OF THE UNITED STATES FOR THE Governors of the Federal Reserve System with- EASTERN DISTRICT OF MICHIGAN, out maintaining and preserving, for the life of SOUTHERN DIVISION the obligation to which they relate, such books of account, records and other papers as are UNITED STATES OF AMERICA, relevant to establishing whether or not an extension of credit within the scope of said Regula- Plaintiff, tion was in conformity with the requirements thereof, as required by Section 11XJ0) of said vs. Regulation. Dated this 19th day of July, 1945. By the Court: Civil Action (signed) Ernest A. O'Brien, CONSUMERS HOME EQUIPMENT Judge, United States District Court. No. 5097 Co., a corporation, Suit against Federal Reserve Bank and A. B. CHERETON, Appeal Dismissed 4801-19 Woodward Avenue, Detroit, Michigan, In the Federal Reserve BULLETIN for December Defendants. 1944 at page 1182. there was published an opinion by the District Court of the United States grant- JUDGMENT ing motions to dismiss the suit brought by the The above-entitled matter came on to be Peoples Bank, Lakewood Village, California,, heard by the Court upon the complaint and against the Federal Reserve Bank of San Franstipulation for consent judgment filed herein by the parties. Upon consideration of the same cisco, the Board of Governors of the Federal and it appearing to the Court that plaintiff's Reserve System and the Federal Reserve Agent complaint alleges in substance that the de- at the Federal Reserve Bank of San Francisco fendants named have violated Regulation W of asking for a declaratory judgment and for an the Board of Governors of the Federal Reserve injunction restraining the defendants from en- System and that the defendants have stipulated forcing a condition of membership which had that this consent judgment be entered against them, been prescribed when the Peoples Bank became a member of the Federal Reserve System. NOW, THEREFORE, IT IS HEREBY ORDERED, ADJUDGED AND DECREED An appeal to the United States Circuit Court of Appeals for the Ninth Circuit was taken by That the defendants, Consumers Home Equipment Co. and A. B. Chereton, and their agents, the plaintiff as to the Federal Reserve Bank and AUGUST 1945 775 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT the Federal Reserve Agent, and a cross appeal judgment. The Judgment itself was filed January 8, 1945, dismissing the cause at plaintiff's was taken by the Federal Reserve Bank. In cost. Both the Peoples Bank and Federal Reopposition to the plaintiff's appeal, defendants serve Bank appealed from the order of November filed separate motions to dismiss. The Court on 17, 1944, after Judgment was entered.1 June 2.9, 1945, rendered a decision dismissing the The appellee, Henry F. Grady, and the crossappeals. The opinion of the Court reads as appellant, the Federal Reserve Bank, have filed follows: motions to dismiss the appeal of the Peoples Bank. This Court is of the opinion that both appeals should be dismissed. The order of No- UNITED STATES CIRCUIT COURT OF APPEALS vember 17, 1944, is not an appealable order FOR THE NINTH CIRCUIT within the meaning of section 12.8 of the Judicial PEOPLES BANK, Code, 2,8 U. S. C. A., section 2.I.5. City and County of San Francisco v. McLaughlin, Appellant, Collector of Internal Revenue et al. (9th Cir.) v. 9 F. £.d) 930 Wright v. Gibson et al. (9th Cir.) FEDERAL RESERVE BANK OF SAN 118 F. (id) 865, 866. FRANCISCO AND HENRY F. This rule clearly applies to the instant case, as GRADY, FEDERAL RESERVE the lower court in denying a motion to correct AGENT, the order of November 17, 1944, to show that it Appellees. was a final disposition of the case, said: No. n,ooi «<* * * j Q j Motions, dated and entie rcer on tered herein on the 17th day of November FEDERAL RESERVE BANK OF SAN 1944, does not contain any error therein aris- FRANCISCO, ing from oversight or omission or otherwise, Appellant, that the said Order on Motions, at the time the same was made and entered, was not v. regarded by the Court as a final order, judg- PEOPLES BANK, ment or decree, that the said Order on Motions was, and is, a memorandum order only, and Appellee. that the Judgment Dismissing Action on Defendants' Motions to Dismiss, Ordering Plaintiff's Motion for Summary Judgment Stricken, and Denying Motions for Summary UPON APPEALS FROM THE DISTRICT COURT OF THE Judgment, approved as to form by plaintiff's UNITED STATES FOR THE NORTHERN DISTRICT counsel as provided by Rule 5(d) of Rules of OF CALIFORNIA, SOUTHERN DIVISION Practice of this Court, signed and entered Before Garrecht, Mat hews and Bone, Circuit herein on the 8th day of January 1945, was, Judges and is, the final Judgment rendered by this Garrecht, C. J. Court in the said action." The question here is whether this Court has The lower court intended to enter a memojurisdiction. randum order on November 17, 1944. The The Peoples Bank brought suit against the appellant and cross-appellant intended to and Federal Reserve Bank of San Francisco, Board did appeal from that order of November 17,1944. of Governors of the Federal Reserve System, and The Peoples Bank appeal is taken from "that Henry F. Grady, Federal Reserve Agent, to annul part of the Order of the above entitled Court, and enjoin the enforcement of a condition of Honorable Michael J. Roche, Judge, presiding, membership in the Federal Reserve System redated the 17th day of November 1944", which quired by the Board of Governors of the Federal Reserve System. In an opinion dated November part grants the motions to dismiss. The fact 17, 1944, the lower court held that it did not that the Peoples Bank attempted to correct the have jurisdiction as the indispensable party, the order of November 17, 1944, is evidence of their Board of Governors of the Federal Reserve Sys- intention to appeal from that order and not the tem, was not properly before the court, and there Judgment. In appealing from that part of the was no action against the other defendants. An order denying summary judgment, the Federal order was filed the same day, granting motions to dismiss and denying motions for summary 1 The Notice of Appeal of Peoples Bank was dated Dec. 16, 1944, but was not filed until Jan. 15, 1945. 776 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Reserve Bank, in describing the order, itself used exceed $100 to such payee and his household, except that the very same language in its Notice of Appeal additional sums not exceeding $2.5 in any one calendar as did the Peoples Bank. month may be remitted for each member of such payee's No appeal was ever taken from the Judgment household in addition to the payee, provided that in no dated January 8, 1945. case shall a sum in excess of $2.00 per calendar month be Dismissed. remitted to any such payee and his household; Francis A. Garrecht (b) Such remittances are not made from a blocked United States Circuit Judge account other than from an account in a banking institu- Clifton Mathews tion within the United States in the name of, or in which United States Circuit Judge the beneficial interest is held by, the payee or members of his household; Homer T. Bone (c) If the payee is within any blocked country, the United States Circuit Judge remittance may be effected only: (i) By the payment of the dollar amount of the remit- Foreign Funds Control tance to a domestic bank for credit to a blocked account Treasury Department Releases in the name of a banking institution within such country; or The following releases relating to transactions (ii) By the acquisition of foreign exchange from a in foreign exchange, etc., in addition to those person in the United States having a license specifically heretofore published in the Federal Reserve authorizing the sale of such exchange, provided, how- BULLETIN, have been issued by the Office of the ever, that if the payee is within Switzerland, such remittance may be effected only in accordance with the Secretary of the Treasury under authority of the terms of paragraph CIXcX0 hereof. .Executive Order of April 10, 1940, as amended, (d) If the payee is within any foreign country other and the Regulations issued pursuant thereto: than a blocked country the remittance may be effected in in the same manner that such remittance would be effected Treasury Department if the payee were not a national of a blocked country. Foreign Funds Control QL) Duty of persons and domestic banks acting under this license. All persons making such remittances and all domestic July 24, 1945 banks effecting such remittances shall satisfy themselves that GENERAL LICENSE NO. 32., AS AMENDED the foregoing terms and conditions are complied with. (3) Reports by domestic banks effecting remittances. Domestic Under Executive Order No. 8389, as Amended, Executive Order No. banks through which any such remittances originate shall ex- 9193, as Amended, Section /(T) of the Trading with the Enemy ecute promptly Section A of FormTFR-i3i with respect to each Act, as Amended by the First War Powers Act, 1941, Relating such remittance. When so executed, such form shall be forto Foreign Funds Control* warded promptly to the domestic bank ultimately transmitting General License No. T,Z is hereby amended to read as abroad (by cable or otherwise) the payment instructions for follows: such remittance and the latter bank shall submit monthly to the appropriate Federal Reserve Bank a report on Form (1) Certain remittances for living expenses authorized. A TFER-i in duplicate, stating the number of remittances general license is hereby granted authorizing remittances by which were transmitted abroad during the preceding calendar any person through any domestic bank to any individual who month and the total dollar amount of such remittances. is a national of a blocked country and who is within any In cases where the domestic bank through which any such foreign country, and any domestic bank is authorized to effect remittances originate is also the bank ultimately transmitting such remittances, provided the following terms and condiabroad the payment instructions for such remittances, such tions are complied with: bank shall merely include the number and total dollar amount (a) Such remittances are made only for the necessary of such remittances in its monthly report on Form TFER-i. living expenses of the payee and his household and do not All information required by this paragraph to be reported on exceed $1,000 in any one calendar month to any one Form TFER-i shall be stated separately for each country to household; -provided, however, that if the payee is within which remittances are effected. Portugal, Spain, Sweden, Switzerland or Tangier and such (4) Definition. As used in this general license the term payee is a national of Germany, Italy, Japan, Bulgaria, "household" shall mean: Hungary or Rumania, the total of all remittances effected (a) those individuals sharing a common dwelling as a in any calendar month under this general license may not family; or • Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 (b) any individual not sharing a common dwelling with Stat. 838; Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785, others as a family. 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, as HERBERT E. GASTON amended by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. Acting Secretary of the Treasury. AUGUST 1945 777 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Treasury Department (4) Reports by domestic banks effecting remittances. With respect to each remittance made pursuant to this general Foreign Funds Control license, reports shall be executed and filed in the manner and July 14, 1945 form and under the conditions prescribed in General License No. 32.. GENERAL LICENSE NO. 33, AS AMENDED (5) Definition. As used in this general license the term "household" shall be deemed to have t he meaning prescribed Under Executive Order No. 8389, as Amended, Executive Order in General License No. 31. No. 9193, as Amended, Section /($) of the Trading with the Enemy Act, as Amended by the First War Powers Act, 1941, HERBERT E. GASTON, Relating to Foreign Funds Control* Acting Secretary of the Treasury. General License No. 33 is hereby amended to read as follows; Treasury Department (1) Certain remittances to United States citizens in foreign Foreign Funds Control countries authorized. A general license is hereby granted authorizing remittances by any person through any domestic July 14, 1945 bank to any individual who is a citizen of the United States within any foreign country and any domestic bank is author- REVOCATION OF PUBLIC CIRCULAR NO. 7B ized to effect such remittances, provided the following terms Under Executive Order No. 8389, as Amended, Executive Order No. and conditions are complied with: 9193, as Amended, Sections ^a) atid sQf) of the Trading with (a) Such remittances do not exceed $1,000 in any one the Enemy Act, as Amended by the First War Powers Act, 1941, calendar month to any payee and his household and are Relating to Foreign Funds Control* made only for the necessary living and traveling expenses of the payee and his household, except that an additional Public Circular No. 7B, issued April 2.1, 1944, is hereby sum not exceeding $1,000 may be remitted once to such revoked. payee if such sum will be used for the purpose of enabling HERBERT E. GASTON, the payee or his household to return to the United States; Acting Secretary of the Treasury. (b) Such remittances are not made from a blocked account other than from an account in a banking institu- Treasury Department tion within the United States in the name of, or in which Foreign Funds Control the beneficial interest is held by, the payee or members of his household. July 14, 1945 (2.) Methods of effecting remittances. Remittances herein authorized shall be effected pursuant to the terms and condi- GENERAL LICENSE NO. 32-A, AS AMENDED tions of (c) or (d), as the case may be, under (1) of General Under Executive Order No. 8389, as Amended, Executive Order No. License No. 32.. If remittances cannot be effected pursuant 9193, as Amended, Section /(£) of the Trading with the Enemy to (c) under (1) of General License No. 31, domestic banks Act, as Amended by the First War Powers Act, 1941, Relating are authorized to effect such remittances in any of the follow- to Foreign Funds Control. \ ing three ways: General License No. 3iA is hereby amended to read as (a) By establishing or maintaining free dollar accounts; follows: (J>) By payment of the dollar amount of the remittance to a domestic bank for credit to a blocked account in the Qi~) Certain remittances to Italy for living expenses authorized. name of a banking institution within any blocked country; A general license is hereby granted authorizing remittances or by any person through any domestic bank to any individual (c) By payment of the dollar amount of the remittance within Italy, and any domestic bank is authorized to effect to a domestic bank for credit to the dollar account of a such remittances, provided the following terms and condibanking institution which is not a national of any blocked tions are complied with: country. (3) Duty of persons and domestic banks acting under this * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 license. All persons making such remittances and all domestic 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, banks effecting such remittances shall satisfy themselves that 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; the foregoing terms and conditions are complied with. Ex. Order 9193, July 6, 1942, as amended by Ex. Order 9567, June 8, 1945; Regulations, April 10,1940, as amended June 14,1941, and July 26, 1941. * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 t 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, Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, amended by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, as amended by Ex. Order 9567, June 8, 1945; Regulations, April 10, as amended June 14, 1941, and July 26, 1941. 1940, as amended June 14, 1941, and July 26, 1941. 778 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (a) Such remittances are made only for the necessary (4) Reports by domestic banks maintaining post-liberation living expenses of the payee and his household and do not blocked accounts. Domestic banks maintaining post-liberation exceed $i,ooo in any one calendar month to any one blocked accounts pursuant to this general license shall report household; promptly the establishment of such accounts, and the balances (b) Such remittances are not made from (i) a blocked therein at the end of each calendar month, to the appropriate account in which any citizen or subject of a country Federal Reserve Bank. named in paragraph 4(b)(0 °^ General Ruling No. n (5) Refunds. Domestic banks are authorized to refund has any interest, or (ii) any other blocked account except the amount of any remittance ordered pursuant to this general an account in a banking institution within the United license when such domestic banks are advised that such States in the name of, or in which the beneficial interest remittance cannot be effected. is held by, the payee or a member of his household; (6) Waiver of General Ruling No. jA. Domestic banks are and authorized, notwithstanding General Ruling No. 5A, to (c) Such remittances are effected only by the payment of send to and receive from the head offices of banking instituthe dollar amount of the remittance to a domestic bank tions within Italy non-negotiable bank payment orders for credit to a post-liberation blocked account in the covering remittances or refunds authorized herein. name of the head office of a banking institution in Italy. (7) Definitions. As used in this general license: (2.) Duty of persons and domestic banks acting under this (a) The term "household" shall mean: license. All persons making such remittances and all domestic (i) those individuals sharing a common dwelling as banks effecting such remittances shall satisfy themselves that a family; or the foregoing terms and conditions are complied with. (ii) any individual not sharing a common dwelling (3) Reports by domestic banks effecting remittances. Domestic with others as a family. banks through which any such remittances originate shall (b) The term "post-liberation blocked account" shall execute promptly Section A of Form TFR-132. with respect mean a blocked account: to each such remittance. When so executed, such form shall (i) which is established pursuant to this license or be forwarded promptly to the domestic bank ultimately any other license or other authorization expressly retransmitting abroad (by cable or otherwise) the payment ferring to a post-liberation blocked account; instructions for such remittance and the latter bank shall (ii) to which funds may be credited only pursuant to submit monthly to the appropriate Federal Reserve Bank a this license or any other license or other authorization report on Form TFR-i, in duplicate, stating the number of expressly referring to a post-liberation blocked account; remittances which were transmitted abroad during the and preceding calendar month and the total dollar amount of (iii) with respect to which payments, transfers, or such remittances. In cases where the domestic bank through withdrawals or other dealings may not be made or which any such remittances originate is also the bank ulti- effected except pursuant to this license or any other mately transmitting abroad the payment instructions for license or other authorization expressly referring to a such remittances, such bank shall merely include the number post-liberation blocked account. and total dollar amount of such remittances in its monthly HERBERT E. GASTON, report on Form TFER-i. Acting Secretary of the Treasury. AUGUST 1945 779 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled August 24, and released for publication August 26. Figures shown on charts may differ from preliminary figures used in text. Production and employment at factories fabricating plants, due primarily to the large declined somewhat further in June, reflecting drop in military demand for most aluminum mainly reduced output of munitions. Values of and copper products. department store sales in June and the early Production of most nondurable goods showed part of July were considerably above year-ago little change in June. Civilian supplies of some levels. of these goods such as butter and tobacco products have increased in July as a result of reduced INDUSTRIAL PRODUCTION military purchases. Distilleries have been per- Industrial production declined about 2. per mitted to produce beverage alcohol in July. cent in June and the Board's seasonally adjusted Production of shoes and textile products for index was 12.2. per cent of the 1935-39 average civilians is expected to increase by autumn. as compared with 2.2.6 in May and 2.^^ in March Output of minerals rose 5 per cent in June, of this year. reflecting mainly a large rise in coal production Reduced activity in munitions industries acto the highest rate since last November. Crude counted for most of the decrease. Aircraft petroleum production continued to increase, production in June was at a daily average rate 5 reflecting even greater military demand for some per cent below May. The volume of work done petroleum products for the Pacific War than for on new ship construction continued to decline, the two-front war prior to VE day. while ship repair activity was maintained at a Contracts awarded for most types of prihigh level. Total munitions production was vately-owned construction increased considerabout 10 per cent below the March level, which ably in June. The total value of private awards was the last month under the full two-front was three times as large as the very low level war program. The decline is scheduled to prevailing in 1944, while awards for Federal accelerate in July, with over-all munitions construction were generally smaller than last output planned at a rate about 15 per cent below year. March. Steel production in June and the first three DISTRIBUTION weeks of July was down 7 per cent from the May Department store sales, which usually decline level, and was 5 per cent below the correspond- from May to June, increased this year and the ing period a year ago. Output in the nonferrous Board's seasonally adjusted index rose from 187 metal industries also declined, particularly at to xoi per cent of the 1935-39 average. Sales INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS PER CENT PHYSICAL VOLUME SEASONALLY ADJUSTED, I935-39«IOO FOR TOTAL POINTS IN TOTAL DOLLAR VOLUME SEASONALLY ADJUSTED, 1935-39*100 f L 1140 260 240 / VV TR M A A E N C Q S H U P I I O N P R M E aT R E A Y N T T I 8 ON- 220 OTAL 200 I - M N A O N N l D F U A R C A TU E R L E E S - / 180 / „ / s\— 160 DU O R T A H B E / J .-V' Jr MINERAJ^ 1937 1938 1939 1940 194! 1942 1943 1944 1945 Federal Reserve indexes. Groups are expressed in terms of points Federal Reserve indexes. Monthly figures, latest shown are for in the total index. Monthly figures, latest shown are for June. June. 780 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS in June were 15 per cent larger than a year ago During the Seventh Loan banks added suband in the first half of July were 2.3 per cent stantially to their holdings of bills, certificates, larger than in the corresponding period last year. and notes, and they have also continued to in- Freight carloadings were generally maintained crease their holdings of bonds. in June and the early part of July. Shipments Loans for purchasing and carrying Governof manufactured products, however, declined ment securities extended to customers other than somewhat and, allowing for seasonal changes, brokers and dealers by weekly reporting banks were about 5 per cent below the first quarter increased 1.6 billions during the four weeks average. Loadings of coal in June and the first ended June 27, in contrast to 1.1 billions during two weeks of July were above the reduced level the comparable period of the Sixth drive, and 1.3 prevailing in April and May. billions in the Fifth. Loans to brokers and dealers for purchasing or carrying Government COMMODITY PRICES securities started increasing somewhat earlier Prices of wheat and of fruits and vegetables and expanded more than in preceding drives. declined somewhat from the middle of June MEMBER BANKS IN LEADING CITIES to the third week of July reflecting chiefly seasonal increases in supplies. Prices of most other farm products showed little change after reaching a new peak for the wartime period on June 15. Steel scrap prices, which had declined somewhat in May, increased to ceiling levels in the latter part of June and prices of most other industrial materials were maintained at ceiling levels. AGRICULTURE Production prospects for most major crops were generally favorable on July 1. Cotton Demand deposits (adjusted) exclude U. S. Government and interbank deposits and collection items. Government securities include acreage reported in cultivation, however, was 10 direct and guaranteed issues. Wednesday figures, latest shown are for July 18. per cent smaller than last year, and prospective corn production this year was indicated on July Both categories of these loans at their peaks were 1 to be 17 per cent smaller than last season's above high points reached in previous drives. large harvest. Declines in these loans began in July. Milk production continued at a record level in Excess reserves expanded more and reached a June. The number of young chickens on farms higher level than in any drive since the Third has increased rapidly this spring and on July War Loan drive in September 1943. Owing to 1 was 11 per cent greater than on the same date the great success of the Seventh Loan in obtainin 1944. Marketings of cattle and sheep were ing subscriptions from nonbank investors, the larger in June than in the same period last year, shift of funds from deposits subject to reserve while the number of hogs marketed continued requirements to reserve-exempt United States to be much less than in 1944. Government deposits and the consequent decline in required reserves were larger than usual. BANK CREDIT Member banks used a part of the funds thus Reporting member banks in 101 leading cities made available to pay off borrowings at Reserve increased their holdings of U. S. Government Banks, which had risen to a high level of over securities by 4.5 billions of dollars in the eight 900 million dollars in June. Reserve Bank weeks ending July 11, which period included the holdings of Treasury bills showed less decline major portion of the Seventh War Loan drive. during and following the Seventh Loan than at This amount corresponds closely to increases for the time of the previous drive. Holdings of comparable periods of the two previous drives. certificates and notes continued to increase. 781 AUGUST 1945 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 785 Federal Reserve Bank discount rates; rates on industrial loans; guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements 786-787 Federal Reserve Bank statistics 787-791 Guaranteed war production loans 791 Deposits and reserves of member banks. . 791-791 Money in circulation 793~794 Gold stock; bank debits and deposit turnover 794 Deposits and currency; Postal Savings System; bank suspensions 795 All banks in the United States, by classes 796-797 All insured commercial banks in the United States, by classes 798-799 Weekly reporting member banks 800-803 Commercial paper, bankers' acceptances, and brokers* balances 804 Money rates and bond yields "... 805 Security prices and new issues 806-807 Corporate earnings and dividends 808 Treasury finance 809-811 Government corporations and credit agencies 811 Business indexes . 813-811 Department store statistics... 813-815 Consumer credit statistics. . 816-817 Wholesale prices .. 818 July crop report, by Federal Reserve districts. . 819 Current statistics for Federal Reserve chart book ... 830-831 Earnings and expenses of Federal Reserve Banks for the six months ended June 30, 1945 831 Tables 00 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 arc 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 arc obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. AUGUST 1945 783 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 30 30 15 15 10 10 1938 1939 1940 1941 1942 1943 1944 1945 Wednesday figures, latest shown are for July. See p. 785 784 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 U. S s . e G cu o r v i e ti r e n s ment Tr u e r a y s- Money Treas- u T p ry o re s d a it e s s - - Non- O F e t e r h a d e l - r balances v c a o D a a n u n d i c s n d - e - t s s Total T b r a u e i n l r a d l y s s - o A th l e l r o A th l e l r1 Total s G to o c l k d s r t c e o a i u n n u n r c g t d - y - - i c n t u io c la n ir - - i c h n u a o g r s l y s h d- F B e s w d a R e i n r e t e v h r k - a e s l b p m e o r e s m i d t e s - - c s o e R a u r c v e n - - e ts Total Excess certificates Monthly averages of daily figures: 1944—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 June 155 14,920 12,279 2,641 420 15,495 21,214 4,104 22,296 2,334 347 1,953 364 13,518 1,081 1945—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 June 590 21,271 18,487 2,784 457 22,318 20,263 4,145 26,561 2,302 368 1,631 449 15,415 1,339 End of month figures: 1944—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 June 30 13 14,901 12,254 2,647 358 15,272 21,173 4,104 22,504 2,296 650 1,870 364 12,866 1,380 1945—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 June 30.. 46 21,792 18,994 2,798 466 22,304 20,213 4,145 26,746 2,279 599 1,668 450 14,920 1,585 Wednesday figures: Sept. 6 105 16,030 13,688 2,342 374 16,509 20,906 4,114 23,432 2,380 354 1,768 373 13,221 835 Sept. 13 116 16,407 14,065 2,342 392 16,916 20,885 4,112 23,495 2,384 370 1,765 373 13,526 964 Sept. 20 172 16,540 14,220 2,320 524 17,237 20,885 4,114 23,558 2,390 699 1,758 385 13,445 864 Sept. 27. . 88 16,501 14,190 2,311 353 16,943 20,825 4,114 23,658 2,373 483 1,627 386 13,355 861 Oct. 4 33 16,660 14,350 2,311 406 17,099 20,824 4,113 23,881 2,372 347 1,612 391 13,433 888 Oct. 11 148 17,016 14,699 2,317 339 17,503 20,725 4,113 24,099 2,366 211 1,568 390 13,708 989 Oct. 18 185 17,087 14,768 2,319 523 17,795 20,728 4,114 24,157 2,362 315 1,598 390 13,814 895 Oct. 25 322 17,261 14,922 2,339 316 17,899 20,727 4,115 24,216 2,359 229 1,606 391 13,940 861 Nov. 1 ... 359 17,605 15,259 2,346 301 18,265 20,727 4,115 24,409 2,372 216 1,633 393 14,083 894 Nov. 8 401 17,957 15,605 2,352 296 18,655 20,726 4,115 24,674 2,313 314 1,640 395 14,159 869 Nov. 15 357 17,941 15,586 2,355 509 18,807 20,694 4,114 24,717 2,338 119 1,488 395 14,557 1,055 Nov. 22 473 18,411 16,054 2,357 457 19,341 20,693 4,117 24,881 2,339 251 1,567 395 14,719 998 Nov. 29 593 18,553 16,196 2,357 374 19,520 20,688 4,120 24,997 2,334 292 1,549 395 14,761 1,151 Dec. 6 383 18,311 15,522 2,789 435 19,130 20,668 4,122 25,107 2,337 258 1,636 397 14,184 1,260 Dec. 13 176 18,577 15,783 2,794 558 19,311 20,667 4,123 25,163 2,348 503 1,597 397 14,092 1,184 Dec. 20 218 19,009 16,208 2,801 886 20,113 20,646 4,127 25,280 2,369 1,250 1,621 408 13,958 1,155 Dec. 27 153 19,064 16,253 2,812 604 19,821 20,639 4,131 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 1,161 Jan. 24 141 18,620 15,880 2,739 459 19,220 20,571 4,129 25,175 2,380 479 1,397 404 14,085 1,049 Jan. 31 176 19,006 16,272 2,734 370 19,552 20,550 4,127 25,290 2,371 648 1,634 402 13,884 869 Feb. 7 200 19,062 16,340 2,722 442 19,703 20,548 4,126 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 19,576 17,378 2,198 465 20,296 20,453 4,120 25,881 2,364 263 1,485 417 14,459 1,013 Mar. 21 192 19,493 17,294 2,198 488 20,173 20,451 4,120 25,836 2,360 96 1,447 427 14,579 1,067 Mar. 28 218 19,516 17,326 2,190 341 20,074 20,419 4,118 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 18,617 2,103 318 21,589 20,352 4,132 26,312 2,384 447 1,463 439 15,029 961 May 16 487 20,668 18,555 2,113 432 21,587 20,351 4,137 26,372 2,376 102 1,541 438 15,246 1,045 May 23 724 20,929 18,809 2,120 327 21,980 20,271 4,142 26,399 2,319 526 1,592 440 15,117 866 May 30 886 21,023 18,891 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 18,126 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 18,323 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 18.710 2,797 473 22,287 20,265 4,145 26,536 2,297 347 1,710 452 15,354 1,454 June 27 203 21,693 18,896 2,797 315 22,211 20,263 4,144 26,628 2,314 687 1,774 454 14,760 1,362 July 3 39 21,745 18,948 2,798 464 22,249 20,213 4,145 26,834 2,285 667 1,647 450 14,722 1,408 July 11 73 21,544 18,747 2,798 411 22,028 20,214 4,145 26,932 2,230 585 1,617 453 14,570 1,136 July 18 126 21,613 18,816 2,798 430 22,170 20,213 4,144 26,901 2,274 690 1,553 450 14,660 pl,229 July 25 229 21,570 18,871 2,799 331 22,129 20,212 4,144 26,926 2,279 594 1,539 450 14,699 ^1,154 p Preliminary. 1 Includes industrial loans and acceptances purchased 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. AUGUST 1945 785 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect July 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks Government obligations secured by direct obligations of the XL S= Advances secured by maturing or callable (last par. Sec. 13) Federal Reserve Bank G t o io v n e s r n m m a e t n u t r i o n b g l i o g r a- be d y i o s n c d o u o n n t e s y o e f a a r n a d nd Other [ s S e e c c u . re 1 d 0 ( a b d )] vances callable in one year advances secured by or less (Sec. 13) (Se e e li s g . i 1 b 3 le a p n a d p e 1 r 3a)1 To nonmember banks To others Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective N B e o w st o Y n ork O O c c t t . . 2 3 7 0 , , 1 1 9 9 4 4 2 2 A Se u p g. t. 25 1 , , 1 1 9 9 3 3 9 9 O Oc c t t . . 3 2 0 7 , , 1 1 9 9 4 4 2 2 S A e u p g t . 25 1 , , 1 1 9 9 3 3 9 9 V2 O O c c t t . . 3 2 0 7 , . 1 1 9 9 4 4 2 2 Philadelphia Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Cleveland Oct. 27, 1942 Apr. 11, 1942 Sept. 12, 1942 Apr, 11, 1942 Oct, 27, 1942 Richmond Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 Oct. 15, 1942 Sept.16, 1939 Oct. 15, 1942 Chicago Oct. 17, 1942 Feb. 28, 1942 Aug. 29, 1942 Sept. 1, 1939 Oct. 17, 1942 St. Louis Oct. 27, 1942 Mar. 14, 1942 Mar. 14, 1942 Sept,16, 1939 Oct. 27, 1942 Minneapolis Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Kansas City Oct. 27, 1942 Apr. 11, 1942 Oct. 27, 1942 Sept.16, 1939 Oct. 27, 1942 Dallas.. .._ Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Sept.16, 1939 Oct. 17, 1942 San Francisco Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners'Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal interparagraph of Section 13 is 90 days. Back figures.—zee Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS [Per cent per annum] AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT* Maturities not exceeding five years Maturity R Ju a l t y e o 3 n 1 In g i e n f n fe in c g t — be- Pre r v at i e ous [In effect July 31. Per cent per annum ] Treasury bills1 % Apr. 30, 1942 To industrial or Bankers' acceptances:2 commercial To financing institutions 1- 90 days Oct. 20, 1933 1 businesses 91-120 days Oct. 20, 1933 1 121-180 days \ Oct. 20, 1933 On discounts or Federal Reserve purchases 1 Established rate at which Federal Reserve Banks stand ready to buy Bank all Treasury bills offered. Effective Aug. 3, 1942, purchases of such bills, Portion On comu if p o d n e si r r e e q d u e b s y t t b h e e fo s re e ll m er a , t w ur e i r t e y , m w ad o e u ld o n s e c l o l n b d a i c ti k o n bi t l h ls a t of t he li k R e es a e m rv o e u nt B a a n n k d , 'or which Re- mitments maturity at the same rate of discount. Since May 15, 1943, all purchases institu- maining have been made subject to repurchase option. tion is portion 2 Minimum buying rates on prime bankers' acceptances. obligated Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. 13 1 Boston ( ) New York Philadelphia 3^-1 M Cleveland 61^-11^ Richmond GUARANTEE FEES AND MAXIMUM INTEREST AND COM- Atlanta MITMENT RATES CHARGEABLE UNDER REGULATION Chicago 23^-5 2^-5 V ON LOANS GUARANTEED BY WAR DEPARTMENT, St. Louis NA S V IO Y N A D N U E D P N A D C R E O T R N M T E E R X N A E T C C , T U A T S N I E V D T E T M L O A E R R M D I E E T R N IM T N E A O C C . O T 9 M 11 M 2 IS- D K M a a i l n n l n s a a e s s a p C o i l t i y s 2^-5 (? V Yz r - V V f A c OF 1944 San Francisco 23^-5 [Rates in effect July 31] 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 \i per cent is made on undisbursed portion of loan. by borrower)1 Back figures.—See Banking and Monetary Statistics,Table 118, pp. 446-447. MAXIMUM RATES ON TIME DEPOSITS 80 or less 10 85 15 Maximum rates that may be paid by member banks as established by 90 20 the Board of Governors under provisions of Regulation Q 95 30 [Per cent per annum ] Over 95 50 Nov. 1,1933- Feb. 1,1935- Effective Jan.31,1935 Dec. 31,1935 Jan.1,1936 MAXIMUM RATES THAT MAY BE CHARGED BORROWERS BY FINANCING INSTITUTIONS Savings deposits [Per cent per annum] Postal savings deposits... Other deposits payable: In 6 months or more— Maximum rate of interest In 90 days to 6 months. Maximum commitment rate. In less than 90 days.... 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. 786 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVE REQUIREMENTS MARGIN REQUIREMENTS^ [Per cent of deposits] [ Per cent of market value J Net demand deposits1 Time Nov. 1, Feb. 5, Effec- Period in effect Central Reserve de ( p a o ll sits Prescribed E x in c h a a c n c g o e r d A an c c t e o f w i 1 th 9 34 Securities F 1 e 1 9 b 9 3 . 4 7- 5 4, J 1 u 9 l 4 y 5 - 4, Ju 1 l 9 y 4 5 5, reserve Country member city city banks banks) banks banks Regulation T For extensions of credit by brokers and June 21, 1917-Aug. 15, 1936 13 10 7 3 dealers on listed securities 40 50 Aug. 16, 1936-Feb. 28, 1937 15 For short sales 50 50 Mar> 1, 1937-Apr. 30, 1937. 22% 514. Regulation U May 1, 1937-Apr. 15, 1938 26 20 14 6 For loans by banks on stocks Apr. 16, 1938-Oct. 31, 1941 22% 17/^ 12 5 Nov. 1, 1941-Aug. 19, 1942 26 20 14 6 1 Regulations T and U limit the amount of credit that may be extended on Aug. 20, 1942-Sept. 13, 1942 24 20 14 6 a security by prescribing a maximum loan value, which is a specified Sept. 14, 1942-Oct 2, 1942 22 20 14 6 percentage of its market value at the time of the extension; the "margin Oct. 3, 1942 and after 20 20 14 6 requirements" shown in this table are the difference between the market value (100%) and the maximum loan value. 1 Demand deposits subject to reserve requirements, i.e., demand de- Back figures —See Banking and Monetary Statistics, Table 145, p. 504. posits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS _[In_thou_sands of dollars] Wednesday figures End of month Item 1945 1945 1944 July 25 July 18 July 11 July; June 27 June 20 June 13 June 6 July June July Assets G Re o d ld e m ce p r t t i i o fi n c a f t u e n s d for F .R. notes. 17, 6 36 7 6 3 , , 6 9 1 5 5 4 17, 6 3 8 66 4 , , 6 7 1 5 0 8 17, 6 3 8 63 9 , , 9 2 1 1 5 3 17,3 7 4 1 4 0 , , 2 3 1 0 5 2 17, 6 4 9 0 9 7 , ,2 3 1 5 0 8 17, 6 4 9 1 7 1 , , 2 2 6 1 5 517,4 6 2 8 1 8 , , 2 1 1 6 0 0 17, 6 4 9 1 7 2 , ,4 4 6 8 5 1 17, 6 32 5 0 9 , , 6 9 1 5 5 4 17, 6 3 9 5 9 5 , , 3 2 0 1 2 418, 4 3 2 9 7 6 , , 2 1 2 2 6 2 Total gold certificate reserves 18,040,56918,051,368 18,053,12818,054,51718,106,568 18,108,48018,109,370 18,109,94617,980,56918,054,51618,823,348 Other cash. 208,099 206,216 202,184 201,711 216,55- 249,361 248,770 247,330 229,792 212,909 280,944 Discounts and advances: F F o o r r m no e n m m b e e m r b b e a r n k b s anks, etc 228,6 7 9 3 3 0 125,3 7 2 3 0 0 72,1 7 4 3 9 0 38, 202,469 306,584 851,1 7 3 9 4 0 911,3 7 3 9 4 0 301,3 7 2 3 8 0 46,082 36, 9 1 6 1 5 4 Total discounts and advances 229,423 126,050 72,879 38,884 202,469 306,584 851,924 912,124 302,058 46,082 37,079 A In c d c u e s p t t r a i n a c l es lo p a u ns rchased 2, 5 9 0 4 0 8 3,325 3,254 3,203 3,293 3,499 4,200 4,104 3, 4 0 8 9 6 4 3,147 10,838 U. S. Government securities: Direct: Bills: Under repurchase op- Ce O rt t i t h f i e o ic r n ates: 4 7 , , 7 9 3 6 4 2 , , 2 7 3 4 2 4 4 7 , , 8 9 2 5 3 1 , ,0 7 4 5 9 2 4 7 , , 7 9 1 7 6 8, , 4 4 0 3 9 4 8 4 , , 0 8 8 0 7 7 , , 9 7 6 7 5 2 8 4 , , 1 7 8 8 7 4 , , 1 9 9 2 5 3 8 4 , , 2 6 3 3 2 9, , 9 2 7 6 1 0 8 4 , , 2 5 1 3 4 8 , , 7 6 9 11 6 8 4 , , 0 6 5 8 5 2 , , 1 2 7 5 6 8 4 8, , 0 8 0 0 6 3 , , 7 5 0 5 2 9 8 4 , , 0 8 8 7 7 4 , , 9 4 6 8 5 2 5 3 , , 5 5 0 6 0 3 , , 6 8 9 5 7 8 Special Other 6,074,011 6^041,011 6,052,011 6,052,011 5,924,011 5,838,011 5,569,761 5,388,261 6,096,011 6^032,011 3,381,990 Notes 1,685,950 1,684,950 1,684,950 1,684,950 1,683,950 1,683,950 1,666,950 1,657,950 1,697,950 1,684,950 1,119,571 Bonds 1,112,642 1,112,642 1,112,642 1,112,642 1,112,642 1,112,642 1,112,642 1,112,642 1,112,642 1,112,642 1,345,936 Guaranteed 2,500 Total U. S. Government securities, including Other Re g s u e a rv r e a n B te a e n d k c s r e e c d u i r t i t o ie u s t- . . 21,569,57921,613,40421,544,446 21,745,340 21,692,72121,506,834 21,102,76020,896,28721,716,86421,792,05014,914,552 standing 326,502 427,071 407,664 461,200 312,499 469,641 387,952 394,382 336,699 462,864 362,948 Total Reserve Bank credit outstanding 22,128,95222,169,85022,028,24322,248,62722,210,982 22,286,55822,346,83622,206,89722,359,20122,304,143 15,325,417 Liabilities Federal Reserve notes. 23,193,97223,175,76723,151,38223,101,37322,942,62122,873,226 22,865,21222,859,62223,313,877 23,018,86019,126,734 Deposits: Member bank—reserve account 14,698,79514,659,99814,570,40614,722,28314,759,99015,354,23515,771,176 15,452,11314,793,630 14,919,91112,855,406 U. S. Treasurer—general account 593,568 689,720 585,128 667,488 687,287 347,240 169,626 352,297 585,536 599,208 387,851 Foreign 1,128,569 1,194,048 1,243,385 1,206,699 1,297,666 1,268,960 1,230,572 1,188,401 1,102,726 1,248,166) 1,443,743 Other deposits 410,8 358,457 373,605 440,150 476,382 440,756 319,572 357,438 413,651 420,236 335,290 Total deposits... .6,831,73916,902,22316,772,52417,036,62017,221,325 17,411,191 17,350,24916,895,54317,187,521 15,022,290 Ratio of gold certificate reserves to deposit and F.R. note liabilities combined (per cent). . 45.0: 45.2 44.9 55.1 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS fTn thousands of dollars] July 25, 1945 Total 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y 9 s 0 9 m 1 o to d n a 6 t y h s s 6 1 m t y o o e n a t r hs 2 1 y y t e o e a a r r s 5 2 y y t e o e a a r rs s 5 O y v e e a r rs Discounts and advances 229,423 211,259 8,470 4,644 5,050 Industrial loans 2,948 1,800 30 7 5 "524 356 106 120 Acceptances purchased.. ._ 500 337 163 U. S. Government securities 21,569,579 3,769,025 2,050,994 4^986^585 4,563,962 "610,850 4,059,371 "273,800 507,652 747,340 AUGUST 1945 787 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificates: June 27 17,407,210 976,225 4,627,580 997,8801,380,503 933,052 889,6033,118,793 678,329 366,108 657,788 531,1782,250,171 July 3 17,344,215 752,530 5,275,536 783,3621,136,367 798,650 914,2123,402,284 513,327 305,547 532,797 430,7912,498,812 July 11 17,363,915 753,213 5,312,494 787,7571,095,593 778,262 926,6513,465,636 516,630 291,382 528,812 443,0882,464,397 July 18 17,366,610 770,452 5,279,317 794,9521,097,059 768,430 915,1063,495,952 521,584 292,746 540,614 428,1722,462,226 July 25 17,366,615 738,560 5,350,353 782,2951,098,985 773,473 905,2923,443,993 522,310 291,760 539,035 424,9062,495,653 Redemption fund for F. R. notes: June27 699,358 46,075 131,935 48,052 62,916 51,180 40,883 124,638 33,717 16,259 28,898 19,846 94,959 July 3 710,302 45,979 111,569 52,886 72,781 55,394 40,753 124,495 38,672 16,246 31,864 24,811 94,852 July 11 689,213 45,928 110,966 52,859 72', 762 55,281 40,627 104,470 38,660 16,543 31,855 24,788 94,474 July 18 684,758 45,845 110,600 55,220 72,651 56,686 40,523 96,344 38,624 17,329 31,829 24,754 94,353 July 25 673,954 45,657 109,984 55,045 72,512 55,861 40,253 96,129 38,551 17,295 31,744 24,675 86,248 Total gold certificate reserves: June 27 18,106,568 1,022,300 4,759,5151,045,9321,443,419 984,232 930,4863,243,431 712,046 382,367 686,686 551,0242,345,130 July 3 18,054,517 798,509 5,387,105 836,2481,209,148 854,044 954,9653,526,779 551,999 321,793 564,661 455,6022,593,664 July 11 . .. 18,053,128 799,141 5,423,460 840,6161,168,355 833,543 967,2783,570,106 555,290 307,925 560,667 467,8762,558,871 July 18 18,051,368 816,297 5,389,917 850,1721,169,710 825,116 955,6293,592,296 560,208 310,075 572,443 452,9262,556,579 July 25 18,040,569 784,217 5,460,337 837,3401,171,497 829,334 945,5453,540,122 560,861 309,055 570,779 449,5812,581,901 Other cash: June 27 216,554 19,284 32,241 18,877 22,588 14,350 19,537 27,469 9,775 4,636 12,276 10,178 25,343 July 3 201,711 17,969 28,719 17,566 21,345 13 971 17,816 24,808 9,132 4,445 11,738 10,239 23,963 July 11 202,184 18,042 32,469 17,718 20,937 ll',712 17,842 24,375 8,843 4,236 11,569 8,951 25,490 July 18 206,216 19,274 33,310 17,391 20,474 12,379 18,695 25,769 8,978 4,374 11,849 9,244 24,479 July 25 208,099 18,048 34,826 17,257 21,888 11,636 18,046 25,306 9,681 4,539 11,712 9,737 25,423 Discounts & advances: Secured by U. S. Govt. securities: June 27 202,469 2,035 137,159 7,250 11,025 6,450 150 2,550 22,600 300 3,175 75 9,700 July 3 38,884 930 23,114 1,400 25 315 8,000 4,700 325 75 July 11 72,879 3,200 36,429 2,950 12,500 2,315 ""2,700 7,650 2,530 2,500 75 30 July 18 126,050 12,750 69,629 6,400 1,000 3,116 700 21,550 3,630 700 6,500 75 July 25 229,423 11,600 151,574 3,380 335 7,586 1,900 26,593 7,930 650 8,500 875 8^500 Other: June 27 July 3 July 11 July 18 July 25 Industrial loans: June 27 3,293 128 7 2,408 85 275 15 375 July 3 3,203 128 7 2,318 85 275 15 375 July 11 3,254 128 7 2,369 85 275 15 375 July 18 3,325 127 2,422 85 300 15 375 July 25 2,948 126 2,047 85 300 15 375 Acceptances purchased: June 27 July 3 July 11 July 18 July 25 500 500 U. S. Govt. securities: Bills: Under repurchase option: June 27 4,784,923 51,568 3,201,441 184,237 68,827 34,390 24,000 774,220 77,568 21,045 12,740 30,021 304,866 July 3 4,807,772 68,234 3,128,697 187,252 68,887 28,951 17,200 833,190 77,984 28,475 27,330 36,221 305,251 July 11 4,716,434 81,242 3,027,875 195,577 82,178 35,813 16,100 764,425 96,753 36,850 24,260 38,201 317,160 July 18 4,823,752 64,285 3,054,124 198,207 93,788 47,347 16,300 794,315 99,451 44,270 34,490 33,160 344,015 July 25 4,734,232 91,451 2,944,304 209,741 116,365 36,548 20,800 825,325 107,620 44,370 29,185 30,570 277,953 Other bills: June 27 8,187,195 661,606 521,473 498,044 956,774 685,192 641,3371,525,321 357,918 251,196 465,525 331,8811,290,928 July 3 8,087,965 788,412 685,1471,208,311 831,645 626,6071,061,752 483,658 305,745 605,529 419,4371,071,722 July 11 7,978,409 760,253 688,1151,224,026 822,536 619,199 999,746 473,328 306,015 601,885 426,0621,057,244 July 18 7,951,049 762,572 667,2571,217,792 820,261 617,3491,008,822 475,829 302,556 591,399 433,5841,053,628 July 25 7,962,744 750,855 677,5901,199,741 821,233 618,1401,024,159 471,478 295,688 595,494 428,5161,079,850 Certificates: June 27 5,924,011 409,588 1,465,521 458,112 571,433 378,864 306,602 740,108 290,297 160,636 289,423 256,488 596,939 July 3 6,052,011 425,192 1,503,519 457,713 577,443 380,218 323,795 787,376 305,885 161,029 279,391 260,369 590.081 July 11 6,052,011 425,192 1,503,519 457,713 577,443 380,218 323,795 787,376 305,885 161,029 279,391 260,369 590,081 July 18 6,041,011 424,403 1,500,836 456,870 576,350 379,524 323,222 785,978 305,355 160,721 278,862 259,900 588,990 July 25 6,074,011 426,775 1,508,874 459,403 579,636 381,602 324,936 790,166 306,943 161,649 280,448 261,310 592,269 June 27 1,683,950 116,428 416,587 130,222 162,436 107,695 87,155 210,381 82,520 45,662 82,271 72,908 169,685 July 3.. 1,684,950 118,378 418,595 127,433 160,768 105,857 90,148 219,214 85,162 44,833 77,786 72,490 164,286 July 11 1,684,950 118,378 418,595 127,433 160,768 105,857 90,148 219,214 85,162 44,833 77,786 72,490 164,286 July 18 1,684,950 118,373 418,611 127,429 160,756 105,857 90,153 219,224 85,169 44,828 77,781 72,490 164,279 July 25 1,685,950 118,458 418,815 127,515 160,887 105,922 90,192 219,325 85,198 44,868 77,844 72,531 164,395 June 27 1,112,642 76,928 275,253 86,042 107,327 71,158 57,586 139,006 54,524 30,170 54,359 48,173 112,116 July 3 1,112,642 78,170 276,416 84,149 106,162 69,902 59,528 144,756 56,236 29,605 51,365 47,868 108,485 July 11 1,112,642 78,170 276,416 84,149 106,162 69,902 59,528 144,756 56,236 29,605 51,365 47,868 108,485 July 18 1,112,642 78,166 276,426 84,147 106,154 69,902 59,532 144,762 56,241 29,602 51,362 47,868 108,480 July 25 1,112,642 78,176 276,397 84,153 106,177 69,903 59,522 144,744 56,226 29,611 51,373 47,867 108,493 Total U. S. Govt. securities: June 27 21,692,721 1,316,118 5,880,2751,356,6571,866,7971,277,2991,116,6803,389,036 862,827 508,709 904,318 739,4712,474,534 July 3 21,745,340 1,478,386 5,327,2271,541,6942,121,5711,416,5731,117,2783,046,2881,008,925 569,687 1,041,401 836,4852,239,825 July 11. 21,544,446 1,463,235 5,226,4051,552,9872,150,5771,414,3261,108,7702,915,5171,017,364 578,332 1,034,687 844,9902^237^256 July 18 21,613,404 1,447,799 5,249,9971,533,9102,154,8401,422,8911,106,5562,953,1011,022,045 581,977 1,033,894 847,0022,259,392 July 25 21,569,579 1,465,715 5,148,3901,558,4022,162,8061,415,2081,113,5903,003,7191,027,465 576,186 1,034,344 840,7942,222,960 788 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 d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S ra a n n cisco Total loans and sec: j June 27 21,898,483 318,281 6,017,441 1,366,315 877,8221,283,834 116,830 3,391,861 885,427 509,009 907,508 739, ,484,609 July 3. 21,787,427 479,444 5,350,348 1,545,412 121,596 1,416,973 117,278 3,054,563 ,013,625 569,687 ,041,741 836,560 2,240,200 July 11. 21,620,579 466,563 5,262,481 ,558,306 163,0771,416,726 111,470 ,923,442 ,019,894 578,332 ,037,202 845, ,237,661 July 18 21,742,779 460,677 5,319,626 1,542,732 155,8401,426,092 107,2562,974,951 ,025,675 582,677 ,040,409 847,0772,259,767 July 25 21,802,450 ,477,441 5,300,464 1,563,829 163,1411,422,879 115,490 ,030,612 ,035,395 576,836 ,042,859 841,6692,231,835 Due from foreign banks: June 27 110 136 July 3. 110 HO July 11. 110 140 July 18 110 140 July 25 110 140 Federal Reserve notes of other banks: June 27 84,283 5,928 13,158 3,644 4,881 5,839 8,271 9,482 6,855 2,840 5,725 3,377 14,283 July 3 83,486 6,007 15,580 4,195 4,430 4,873 8,015 8,705 5,287 2,624 5,621 3,572 14,577 July 11 93,069 6,560 17,997 4,873 4,151 5,623 8,195 9,744 6,665 2,570 5,766 3,408 17,517 July 18 100,789 7,414 21,387 5,521 4,471 6,762 7,415 10,379 6,174 3,324 5,597 3,185 19,160 July 25 97,488 4,002 17,442 5,736 4,680 7,690 8,582 9,139 6,641 3,350 4,895 3,264 22,067 Uncollected items: une 27 1,829,422 132,325 386,551 103,189 184,501 139,322 100,729 290,024 75,565 42,790 85,030 69,093 220,303 'uly 3 1,928,090 144,686 420,054 121,267 189,589 151,458 115,632 295,290 73,561 43,963 102,925 79,942 189,723 uly 11 1,821,483 130,658 364,121 105,924 161,554 136,077 109,701 307,864 80,927 44,019 97,192 74,718 208,728 "uly 18 2,020,743 143,685 440,059 114,990 222,041 133,716 118,465 327,754 89,454 44,144 100,347 77,983 208,105 uly 25 1,746,655 126,060 397,877 101,724 170,759 120,558 97,864 281,822 72,694 41,185 92,252 64,610 179,250 Bank premises: June 27 34,094 1,582 8,803 3,385 4,045 2,818 1,590 3,139 2,092 1,242 2,632 866 1,900 July 3 34,055 1,582 8,784 3,385 4,045 2,818 1,590 3,139 2,088 1,239 2,626 859 1,900 July 11 34,057 1,582 8,784 3,385 4,045 2,818 1,590 3,141 2,088 ,239 2,626 859 1,900 July 18 34,057 1,582 8,784 3,385 4,045 2,818 1,590 3,141 2,088 ,239 2,626 859 1,900 July 25 34,015 1,582 8,784 3,373 4,036 2,808 1,587 3,141 2,086 ,239 2,626 859 1,894 Other assets: June 27 55,447 4,045 12,409 4,025 5,143 3,527 3,030 8,115 2,753 ,565 2,733 2,565 5,537 July 3 56,499 4,130 12,659 4,000 5,244 3,643 3,135 8,504 2,950 ,475 2,592 2,485 5,682 July 11 57,241 4,188 13,117 4,192 5,387 3,792 3,190 8,028 3,074 ,567 2,679 2,276 5,751 July 18 61,320 4,316 13,832 4,574 5,794 3,930 3,391 8,996 3,297 ,729 2,538 6,115 July 25 63,914 4,532 14,416 4,723 6,024 4,101 3,539 9,133 3,454 ,653 2', 959 2,742 6,638 Total assets: une 27 42,224,961 ,503,75311,230,154 ,545,377 ,542,409 ,433,927 ,180,477 ,973,536 ,694,517 944,452 1,702,593 1,376,652 51,097,114 'uly 3 42,145,895 ,452,33411,223,289 ,532,083 1,555,407 ,447,785 ,218,435 i,921,8021,658,645 945,229 1,731,9071,389,262 5i.069,717 uly 11 41,881,851 ,426,74111,122,829 ,535,024 1,527,516 ,410,296 ,219,270 .,846,7141,676,784 939,891 1,717,7041,403,156 51!,055,926 ruly 18 42,217,382 ,453,"" ,226,955 ,538,7753,582,385 ,410,818 ,212,445 .,943,3001,695,877 947,565 1,736,0821,393,815 5i,076,113 ] uly 25 41,993,300 ,415,88911,234,186 ,533,9923,542,035 ,399,011 ,190,6576,899,2891,690,815 937,860 1,728,0851,372,465 5,049,016 Liabilities Federal Reserve notes: June 27 22,942,621 ,454,854 5,071,4001,512,4072,008,749 1,534,079 1,352,769 4,195,625 961,030 501,008 845,093 572,180 2,933,427 July 3 23,101,373 ,467,824 5,116,819 11,520,2432,021,173 1,549,0471,368,309 4:, 223,387970,680 503,732 853,154 581,719 2,925,286 July 11 23,151,382 ,466,482 5,112,5591,529,6982,029,193 1,555,2751,370,5454,235,599 975,609 506,777 857,696 583,520 2,928,429 July 18 23,175,767 ,462,476 5,119,2"6'4 11,531,2052,032,2541,555,8"1'0" 1,372,005555 4,245,672 977,698 507,928 859,732 584,0202,927,653 July 25 23,193,972 ,456,876 5,116,8201,535,1092,035,9081,554,559 1,371,1124,254,52" 976,358 509,487 860,761 582,152 2,940,303 Deposits: Member bank— reserve account: June 27 14,759,990 688,499 4,730,592 745,2301,135,525 634,198 646,0192,173,574 557,933 334,468 706,488 667,1481,740,316 July 3 14,722,283 675,646 4,710,985 744,8191,148,833 659,276 664,9482,150,218 536,872 339,417 713,341 661,5761,716,352 July 11 14,570,406 681,483 4,588,300 735,3661,132,142 638,478 672,57r2,136,503 547,68.r 332,856 703,882 681,77. 1,719,369 July 18 14,659,998 692,505 4,652,788 731,1851,151,566 631,174 654,0822,143,533 544,143 330,249 704,996 665,7471,758,030 July 25 14,698,795 684,353 4,738,901 727,4331,144,149 615,701 652,6852,140,962 548,257 325,790 711,063 663,0861,746,415 U. S. Treasurergeneral account June 27 687,287 101,26 124,976 44,470 58,730 58,384 24,504 120,373 40,874 29,478 16,366 22,831 45.034 July 3 667,488 64,916 218,921 35,943 39,12" 26,558 24,337 65,138 21,773 22,968 18,809 24,848 104,150 July 11 585,128 43,130 197,447 37,994 76,038 25,496 22,322 44,504 17,141 23,263 16, "- 23,064 58,042 July 18 689,720 50,153 220,839 37,319 67,591 33,965 22,764 101,153 27,043 31,354 28,172 24,519 44,848 July 25 593,568 47,579 139,864 50,70' 63,879 44,271 17,88. 77,026 36,566 29,842 24,706 22,341 38,903 Foreign: June 27 297,666 86,32 2501,17' 109,441 108,197 52,233 43,528 161,67. 37,309 28,604 37,309 37,309 94,561 July 3 206,699 79,980 2463,804 102,159 100,998 48,757 40,631 150,916 34,827 26,701 34,82 34,827 88,272 July 11 243,385 80,77 2497,918 102,429 101,265 48,887 40,739 151,316 34,919 26,771 34,919 34,919 88,526 July 18 194,048 77,132 2466,026 100,300 99,160 47,871 39,892 148,17 34,193 26,215 34,193 34,193 86,702 July 25 ,128,569 72,839 2450,330 93,288 92,228 44,52. 37,103 137,812 31,803 24,382 31,803 31,803 80,654 Other: June 27 476,382 8,066 323,027 6,133 30,958 6,116 5, 20,709 16,348 6,688 1,189 1,455 50,007 July 3 440,150 6,534 269,942 4,988 39,649 10,539 5,433 35,840 14,868 5,954 1,785 2,077 42,541 July 11 373,605 7,267 276,938 3,348 8,313 8,17 3,843 6,18 14,098 2,112 1,190 1,215 40,921 July 18 358,457 7,071 267,407 2,797 9,120 5,688 2,52" 4,530 13,46: 2,214 2,083 1,535 40,024 July 25 410,807 6,337 318,674 3,269 9,536 4,896 4,563 5,239 12,175 2,343 1,092 1,464 41,219 Total deposits: June 27 17,221,325 884,159 5,679,769 905,2741,333,410 750,931 719,73'2,476,330 652,464 399,238 761,352 728,743 1,929,918 July 3 17,036,620 827,076 5,663,652 887,9091,328,607 745,130 735,3492,402,112 608,340 395,040 768,762 723,328 1,951,315 July 11 16,772,524 812,657 5,560,603 879,13"1,317,758 721,040 739,4762,338,504 613,84C 385,002 756,678 740,97111,906,858 July 18 16,902,223 826,861 5,607,060 871,60: 1,327,437 718,698 719,2652,397,38' 618.84C 390,032 769,444 725,994 1,929,604 July 25 16,831,739 811,108 5,647,765 874,69' 1,309,792 709,392 712,2352,361,035 628,80: 382,357 768,664 718,694 1,907,191 Deferred availability items: June 27 1,517,033 129,127 300,416 82,193 150,006 123,58: 86,637 229,13' 62,206 29,686 77,712 57,667 188,665 July 3 1,467,000 121,89 265,643 78,600 155,576 128,37! 93,626 224,41' 60,83' 32,093 91,504 66,118 148,314 July 11 1,413,929 111,916 271,770 80,646 130,161 108,538 87,940 2OO,57« 68,424 32,848 84,736 60,685 175,686 July 18 1,593,782 128,05* 322,169 90,316! 172,042 110,75 99,444 227,96. 80,342 35,109 88,232 65,669 173,689 July 25 1,420,263 111,922 290,885 78,367! 145,480 109,3U 85,799 211,00; 66,615 31,524 79,845 53,385 156,125 1 After deducting $74,000 participations of other Federal Reserve Banks on June 27; and $70,000 or. July 3; July 11; July 18; and July 25. 2 After deducting $793,447,000 participations of other Federal Reserve Banks on June 27; $740,649,000 on July 3; $742,610,000 on July 11; $727,176,000 on July 18; and $676,337,000 on July 25. 789 AUGUST 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] 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 S i r s a a c n n o - Other liabilities including accrued div.: June 27 12,781 948 3,520 831 1,253 620 580 1,891 426 493 468 484 j 1,267 July 3 7.712 691 1,398 560 836 417 321 1,239 345 298 403 486! 718 July 11 8,527 679 1,613 597 875 508 357 1,047 361 1,139 408 280! 663 July 18 8,333 726 1,771 556 876 463 643 1,152 425 331 368 327j 695 July 25 8,054 716 1,629 576 529 386 1,207 347 279 390 365 745 Total liabilities: June 27 41,693,760 2,469,0885 11,055,105 500,7053,493,418 409,211 ,159,723 ,902,9831,676,126 930,425 1,684,625 ,359,074 5,053.277 July 3 41,612,705 2,417,485i 11,047,512 487,3123,506,192 422,972 ,197,605 ,851,1551,640,202 931,163 1,713,823 ,371,65115,025,633 July 11 41,346,362 2,391,734[ 10,946,545 490,0783,477,987 385,361 ,198,318 ', 775,7219,658,234 925,766 1,699,518I,385,456|5.011,636 July 18 41,680,105 2,418,117' 11,050,264 493,6783,532,609 385,722 ,191,4076,872,1761,677,305 933,400 1,717,7761,376,01015,031,641 July 25 41,454,028 2,380,622! 11,057,103 488,749 3,492,065 373,793 ,169,5326,827,7761,672,121 923,647 1,709,660 1,354,59615,004,364 Capital Accounts Capital paid in: June 27 169,454 10,263 60,141 12,750 16,927 6,794 6,125 20,341 5,466 3,689 5,456 5,708 15,794 July 3 170,053 10,288 60,464 12,750 17,021 6,812 6,145 20,367 5,468 3,696 5,509 5,724 15,809 July 11 170,485 10,327 60,543 12,789 17,155 6,829 6,171 20,412 5,482 3,704 5,523 5,735 15,815 July 18 170,923 10,362 60,563 12,846 17,241 6,873 6,175 20,447 5,488 3,707 5,623 5,776 15,822 July 25 171,032 10,368 60,578 12,859 17,269 6,883 6,178 20,454 5,501 3,711 5,T627 5,777 15,827 Surplus (section 7): June 27 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,0251 15 899 July 3 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025| 15,899 July 11 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025! 15,899 July 18 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025i 15,899 July 25 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 Surrpplluuss ((sseeccttiioon 13b): June 27 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,3071 2.U2 JJuyly 3 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2.U2 JJlu ly 111 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 July 18 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 July 25 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Other capital accounts: June 27 106,429 6,283 22,862 7,582 11,986 6,819 5,931 15,582 5,350 4,315 5,179 4,538 10,002 July 3 107,819 6,442 23,267 7,681 12,116 6,898 5,987 15,650 5,400 4,347 5,242 4,555 10,234 July 11 109,686 6,561 23,695 7,817 12,296 7,003 6,083 15,943 5,493 4,398 5,330 4,633 10,434 July 18 111,036 6,654 24,082 7,911 12,457 7,120 6,165 16,047 5,509 4,435 5,350 4,697 10,609 July 25 112,922 6,780 24,459 8,044 12,623 7,232 6,249 16,429 5,618 4,479 5,465 4,760 10,784 Total liabilities and capital accounts: June 27 42,224,961 2,503,75311,230,1542,545;,377 3,542,409 2,433,92' 2,180,477 6,973,5361,694,517 944,452 1,702,5931,376,652 5,097,114 July 3 42,145,895 2,452,33411,223, ' ,532;0833,555,407 2,447,78; 2,218,4356,921, 1,658,645 945,229 1,731,9071,389,26215,069,717 July 11 41,881,851 2,426,74111,122,829 2,535,0243,527,516 2,410,296 2,219,270 6,846,7141,676,784 939,891 1,717,704 1,403,15615,055,926 July 18 42,217,382 2,453,25211,226,955 2,538,7753,582,385 2,410,818 2,212,445 6,943,3001,695,877 947,565 1,736,0821,393,815 5.076,113 July 25 41,993,300 2,415,88911,234,186 2,533,992 3,542,0352,399,011 2,190,657 6,899,2891,690,815 937,860 1,728,0851,372,465 5,049,016 Commitments to make industrial loans: June 27 5,391 225 3,469 400 376 200 655 July 3 5,152 225 3,356 300 376 200 645 July 11 5,097 225 3,301 300 376 200 645 July 18 5,040 225 3,246 300 376 200 643 July 25 5,428 225 3,615 20 300 376 200 642 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 ou t. is M ap in o n li e s -K C an it s y as Dallas F S r a a n ncisco Federal Reserve notes outstanding (issued to Bank): June 27 23,625,116 1,482,810 5,236,517 556, ,056,978 1,571,030 1,409, ,256,582 1,011,589 511,377 871.,091601,869 3,058,808 July 3 23,750,541 1,497,460 5,264,231 563,7342,063,018 1,582,874 1,409,708 4,295,865 1,014,886512,990 874,736 606,774 3,064,265 July 11 23,811,697 1,502,4365,263,511 571,6042,069,872 1,586,4971,422,166 4,310,246 1,013,882516,077:879,240 609,518 3,066,648 July 18 23,842,542 1,496,7075,265,685 579, 775 '2,.076,685 1,592,950 1,420,540 4,316,364 1,015,943517,795881,283610,5393,068,276 Collatera J l u ly h e 2 ld 5 against notes 23,868,609 1,498,4615,259,054 583, 293 2,078,185 1,588,776 1,427, 457 4,319,589 1,011,614 518, ,527614,907 "3, : 087,080 outstanding: Gold certificates: June 27 10,863,000 595;,,000 3,045,000 628,000 812,000 600,000 620,0001,880,000 400,000 330,000239,000 1,524,000 July 3 10,836,000 620>,,000 3i, 220,000 528,000 615,000 525,000 620,000 "2,250,000 300,000 190^000 280^000 1'"6 4^000 1,524,000 July 11 11,056,000 6201,,000 3,320,000 528,000 625,000 525,000 630,0002,345,000 300,000 195, 1280,000 000 1,524,000 July 18 11,104,000 6201,,000 3,.320,000 493,000 630,000 525,000 630,000 2",445,000 300,000 173,000 2"800,000 000 1,524,000 July 25 11,159,000 620,000 3.,320,000 493,000 635,000 525,000 630,000 2:,, 445,000 300,000 173,000 280,000 164,0001,574,000 Eligible paper: June 27 188,669 2,035 137,159 7,250 6,450 22,600 3,175 9,700 July 3 30,784 930 23,114 1,400 315 4,700 325 July 11 49,954 3,200 36,429 2,950i 2,315 2,530 2,500 30 July 18 102,725 12,750 69,629 6,400 3,116 3,630 700 6,500 July 25 199,720 11,600 151,574 3,380 7,586 7,930 650 8,500 8^500 U. S. Govt. securities: June 27 12,962,568 900,000 2,100,000 950,0001,250,000 1,000,000 800,0002,400,000 702,568 325,000 550,000385,000 1,600,000 July 3 13,237,984 900,000 2,100,0001,050,000 1,450,000 1,075,000 800,0002,075,000 802,984 325,000 600,000 460J0001,600,000 July 11 13,131,753 900,000 2,000,0001,050,000 1,450,000 1,075,000 800,0002,000,000 821,753325,000 650,000 460,000 1,600,000 July 18 13,134,451 900,000 2,000,0001,100,000 1,450,000 1,100,000 800, ( 1,900,000 824,451350,000 650,000 460,000 1,600,000 July 25 13,142,620 900,000 2,000,000 1,100,000!1,450,0001,100,000 800,0001,900,000 832,620350,000 650,000 460,000 1,600,000 Total collateral: June 27 24,014,237 ,497,0355,282,159 585,250 2,062,0001,606,450 ,420,000 4,280,0001,125,168 515,300 883,175 624,000(3,133,700 July 3 24,104,768 520,9305,343,114 579,400 2,065,000 1,600,315 ,420,000|4,325,0001,107,684 515000 880,325 624,000 3,124,000 July 11 24,237,707 523,2005,356,429 580,950 2,0751,,000 1,602,315 ,430,000 4,345,0001,124,283 520,000 932,500 624,000 3,124,030 July 18 24,341,176 532,7505,389,629 599,400 2,. >,000 1,628,116 ,430,000 4,345,0001,128,081 523,700 936,,500 624,000 3,124,000 July 25 24,501,340 ,531,600 5,471,574 596,380 2,085,0001,632,586 ,430,000 4,345,0001,140,550 523,650 938,500 624,000 3,182,500 79° 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 [Averages of daily figures. In millions of dollars] COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V [ G A u m a a r o u a u t t n o n h t t o e d s r e a i d i z t n e ed l t o h a o n u s sand G s u o a o f r u a d ts n o t t l a l e a n e r d d s i ] n lo g ans a A v a d a m i d la i o t b i u o l n e n t a t l o week e M nd o o i n n r t g h , Friday b m a b A e n e m l k r l s -. 1 C N Y e e o c n w r i t k t r y a l b C r a e h n s i k e c r s a v g e o b se c a R r i n e t v k y - e s b C a t o n r u y k n s - 1 borrowers Date under guar- Number Amount am To o t u a n l t g P u t o e a r e r t d i 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 J M s u e n a r y e ves held: 1 1 2 3 , , 9 5 6 1 2 8 3 3 , , 7 8 0 5 6 9 8 8 7 4 6 8 5 5 , , 1 3 5 3 2 9 3 3, , 4 2 4 5 4 6 1945—May 15,156 4,215 940 5,970 4,032 June 15,415 4,211 937 6,072 4,195 J S !) u e p n p r e t. 3 3 3 1 0 1 0 942 2 1, , 6 6 5 5 6 6 8 5 5 2,6 3 9 8 1 4 8 0 4 , , , 3 2 6 9 0 8 7 4 0 8 4 0 8 2 3 1 7 , , , 1 9 7 0 1 2 8 8 0 6 3 6 3 5 9 2 6 , , , 6 6 4 7 7 7 7 4 4 1,4 2 1 3 3 3 0 0 7 , , , 1 8 7 2 8 2 1 8 0 u u u u n n n n e e e e 2 1 8 1 2 5 1 1 1 1 5 5 5 5 , , , , 3 5 7 6 4 3 5 3 1 1 3 9 4 4 4 4 , , , , 2 3 3 2 8 3 8 2 4 5 8 9 9 9 9 9 4 5 6 5 1 0 5 0 6 6 6 6 , , , , 1 0 0 1 9 4 7 8 2 1 4 3 4 4 4 4 , , , , 0 2 2 1 7 0 8 6 6 8 7 3 J D S M u e e n a p c e r t . . .3 3 3 3 0 1 1 0 1943 4 3 4 5 , , , , 2 7 5 3 1 8 3 4 7 7 4 7 4 3 5 6 , , , , 7 7 5 4 2 1 6 5 5 8 3 2 , , , , 2 0 8 4 4 4 1 9 1 8 8 8 1 1 1 1 , , , , 2 4 9 7 4 2 1 0 5 8 4 8 , , , , 7 0 0 2 2 1 4 5 2 1 0 3 1 1 1 , , , 6 1 4 9 0 5 1 9 1 3 3 9 , , , , 5 7 1 3 1 5 5 9 8 6 9 4 2 2 3 1 , , , ,8 2 1 4 6 1 4 9 5 6 6 4 , , , , 6 0 2 8 1 5 8 5 8 3 6 5 Ex 1 c 9 e 4 s 4 s — r M e u u u u s n l l l a y y e y y e r v 2 2 1 6 e 9 0 3 s: 1 1 1 1 4 4 4 4 , , , , 8 7 7 7 8 0 0 3 8 6 8 7 7 8 8 3 3 3 3 , , , , 9 8 9 8 3 2 8 8 1 1 4 7 0 2 8 8 8 8 9 9 9 8 4 2 9 3 6 5 5 5 5 , , , , 8 8 8 8 2 2 6 2 4 5 4 4 9 6 7 4 4 4 4 , , , , 1 1 1 1 5 2 1 2 2 9 6 2 9 1 4 M Ju a n r e . 3 3 0 1 1944 5 6 , , 9 4 0 3 4 3 8 7 , , 0 4 4 6 6 6 , ,7 6 6 7 2 : 2 2 , , 0 0 0 6 9 4 , , 5 3 1 1 1 8 1 1 , , 6 7 8 3 0 5 , , 0 7 4 7 0 " 3 3, , 8 6 1 1 0 5 , , 7 9 9 6 7 3 1945-M J J u u a n n y e e 1 1 1 , , , 0 3 0 8 3 0 1 9 5 3 2 1 0 0 3 3 8 8 3 2 3 1 5 7 2 4 0 9 7 7 3 4 3 2 6 0 Sept.30 6,882 8,685,753 1,960,785 1,663,489 4,301,322 June 1 1,082 16 7 287 772 Oct. 31 7,051 8,985,617 1,895,733 1,611,873 4,367,332 une 8 1,175 14 9 300 852 Nov. 30 7,237 9,133,750 1,776,539 1,507,709 4,476,988 une 15 1,237 24 8 306 899 Dec. 30 7,434 9,310,582 1,735,970 1,482,038 4,453,586 une 22 1,529 47 9 459 1,014 une 29 1,395 30 8 398 959 Jan. 31 1945 7,581 9,407,853 1,700,632 1,448,995 3,911,058 u u l l y y 1 6 3 1 1, , 3 3 2 9 9 9 2 1 0 6 1 8 0 4 3 1 6 6 5 9 9 5 3 4 6 M A Fe p a b r r . . . 2 3 3 8 0 1 8 7 7 , , , 0 7 8 4 2 8 7 0 5 9 9 9 , , , 6 5 8 1 4 7 7 5 2 , , , 2 8 3 7 6 2 2 6 8 1 1 1 , , , 6 5 5 4 9 5 6 9 8 , , , 1 1 2 6 2 7 0 0 0 l 1 1 , , , 3 3 4 6 3 0 5 2 2 , , , 0 6 9 5 4 5 0 6 f 3 4 3 , , , 0 9 9 0 6 6 2 4 3 , , , 7 8 9 7 3 6 2 0 1 Bor R ro e w se i r u n v l g y e s 2 B 0 a a t n k F s: ederal P1.272 17 8 311 ^936 May 31 r8,2l7 '10,015,37 1,479,847 1,272,137 3,994,726 1944—May 160 53 56 51 June 30 8,421 10,149,265 1,386,851 1,190,944 3,694,618 June 154 59 53 42 1945—May 632 330 1 209 92 June 590 399 1 132 58 r Revised. NOTE.—The difference between guaranteed loans authorized and sum une 1 831 512 1 212 105 of loans outstanding and amounts available to borrowers under guarantee une 8 891 600 1 203 87 agreements outstanding represents amounts repaid, guarantees available une 15 860 592 1 192 75 but not completed, and authorizations expired or withdrawn. une 22 455 315 88 52 une 29 207 131 i" 48 27 uly 6 41 21 15 5 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS uly 13 97 43 i" 25 28 IAmounts in thousands of dollars] uly 20 170 99 45 26 W l D e a d s a p n t t e e e d r s i a o d (l y d a a y ) s o t o f r Nu A m p b a t p p e o l r p i r c d o a a v t A t i e e o m d n o s unt (a b p p m c u r l A o e o t o m t P v n u e - e o - d n d t 1 t) s ( t a L a m o n o u d o a t i u n - n n s g t 5 ) C s (a t m o a m o m n u e o d n m t u i - t n n s i t t g ) - ( s a p P t m a a o a n t u r o i d t o t u i - i n n c n s t i g ) - d b an i a s p 1 d n c W k P o o s r u f e e n a e l c t i k r o s m e l u y a i e n n n f s t a i d r t g y r i m y u a b . d r a e a v t s n a e k n s o . s c f e m e s W x a f c y e o e e r s i k s n n l c y r o l e n u f s m d i e g e r e u v m s r e m e s b s a e o l o r l f f b a a b m a l o n l o r k m r u s o n e , w m t e s i t b n c o e g . f r s F b o e a f d n e a k r l s a l l a m R n e d e m s o e b r f e v r c e o b B u a a n n n t k r k s y 1934 984 49,634 20,966 13,589 8,225 1,296 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1935 1,993 124,493 11,548 32,493 27,649 8,778 SMALL CENTERS1 1936 2,280 139,829 8,226 25,526 20,959 7,208 [Averages of daily figures. In millions of dollars] 1937 2,406 150,987 3,369 20,216 12,780 7,238 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 In places of 15,000 In places of ur^ler 1940 2,908 212,510 13,954 9,152 5,226 6,386 and over population 15,000 population 1941 3,202 279,860 8,294 10,337 14,597 19,600 Demand Demand 1942 deposits deposits June 24.. 3,352 338,822 26,346 11,265 16,832 26,430 except Time except Time Dec. 31.. 3,423 408,737 4,248 14,126 10,661 17,305 inter- deposits inter- deposits bank2 bank2 1943 June 30. . 3,452 475,468 3,203 13,044 12,132 19,070 Dec. 31.. 3,471 491,342 926 10,532 9,270 17,930 June 1944 12,534 5,097 7,673 3,551 May 1945 14,383 6,509 9,417 4,477 Mar. 1 3 9 1 4 . 4 . 3,481 503,330 1,408 11,774 9,069 18,267 June 1945 15,243 6,600 9,823 4,551 June 30. . 3,483 510,857 45 11,366 4,048 11,063 Boston 2,001 724 301 189 Sept. 30. . 3,487 519,120 645 9,274 4,400 9,851 New York 3,060 1,661 944 910 Dec. 30.. 3,489 525,532 1,295 3,894 4,165 2,705 Philadelphia 1,097 579 800 680 Cleveland 1,353 735 909 617 1945 Jan. 31.. 3,491 526,659 560 4,066 3,461 2,405 Richmond 1,201 327 714 345 Feb. 28.. 3,492 527,700 585 3,921 3,547 2,374 Atlanta 1,334 368 570 154 Mar. 31.. 3,493 528,936 85 4,214 3,321 2,365 Chicago 1,953 1,092 1,325 701 Apr. 30.. 3,500 533,037 1,370 4,553 3,285 2,361 St. Louis 542 256 828 203 May 31. . 3,502 535,117 220 4,339 4,392 2,697 June 30... 3,502 537,331 70 3,252 5,224 2,501 Minneapolis 467 215 528 315 Kansas City 442 87 1,220 158 1 Includes applications approved conditionally by the Federal Reserve Dallas 780 96 1,198 49 Banks and under consideration by applicant. San Francisco 1,013 459 487 230 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of 1 Includes any banks in outlying sections of reserve cities which have Federal Reserve Banks. been given permission to carry the same reserves as country banks. All NOTE.—The difference between amount of applications approved and the reserve cities have a population of more than 15,000. sum of the following four columns represents repayments of advances, and 2 Includes war loan deposits, shown separately for all country banks applications for loans and commitments withdrawn or expired. in the table on the following page. AUGUST 1945 7QI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER 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 d rv f e b a d n i k strict Total I b n a te n r k - w G m a U o d r v . e e S e l - n o . r t n an - Other a D d d e e j p u m o s a t s e n it d d s 3 p N m o e d s a t e i n - t d d s e 4 - p T o d i s e m i - t e s5 d b o a b l m 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 g r d a s r s e n e o r r k w a v a s t e l posits2 First half of June 1945 All member banks 88,865 12,177 7,810 68,878 64,921 71,318 21,563 6,043 15,627 14,424 1,203 867 Central reserve city bank New York 24,777 4,210 2,237 18,330 17,142 21,344 1,141 55 4,359 4,337 21 586 Chicago. 5,403 1,144 440 3,819 3,586 4,542 657 195 952 948 4 1 Reserve city banks.. 33,060 5,597 2,878 24,585 22,696 26,541 8,650 1,843 6,131 5,827 304 198 Boston 2,130 355 195 1,580 1,487 1,796 149 47 379 368 11 8 New York 560 28 52 480 452 461 238 20 109 106 3 Philadelphia 2,598 369 213 2,016 1,902 2,197 179 74 465 450 15 21 Cleveland 4,149 561 371 3,217 3,009 3,390 1,037 184 784 740 44 36 Richmond 1,942 331 204 1,407 1,305 1,537 352 107 362 328 34 Atlanta 2,036 535 121 1,381 1,257 1,663 330 135 374 352 21 Chicago 4,136 475 419 3,242 3,042 3,238 1,521 294 769 739 30 42 St. Louis 1,952 619 209 1,124 1,001 1,529 262 96 329 322 8 24 Minneapolis 1,012 278 114 621 556 772 133 62 167 162 4 26 Kansas City 2,684 926 173 1,585 1,419 2,070 280 286 464 431 33 12 Dallas..... 2,160 544 200 1,416 1,304 1,602 260 252 389 336 53 San Francisco 7,701 575 608 6,519 5,965 6,286 3,910 286 1,539 1,492 47 Country banks 25,625 1,225 2,256 22,143 21,496 18,890 11,114 3,950 4,185 3,311 873 82 Boston 2,296 121 213 1,962 1,880 1,816 911 193 352 309 43 20 New York 3,909 90 439 3,380 3,256 3,041 2,565 318 702 580 123 31 Philadelphia 1,847 16 205 1,627 1,585 1,384 1,254 221 347 269 77 5 Cleveland 2,229 29 229 1,971 1,922 1,634 1,347 322 427 310 118 1 Richmond 2,067 197 177 1,693 1,617 1,463 672 366 308 245 63 11 Atlanta 2,118 239 140 1,739 1,684 1,552 519 388 309 248 60 4 Chicago 3,289 72 325 2,892 2,836 2,385 1,784 535 560 441 120 2 St. Louis 1,507 155 105 1,246 1,207 1,097 457 272 226 181 45 3 Minneapolis 1,045 66 85 894 870 759 528 181 177 138 39 Kansas City 1,729 80 112 1,537 1,514 1,186 245 419 251 181 71 Dallas..... 2,086 131 130 1,826 1,786 1,433 145 497 287 209 78 San Francisco 1,503 29 97 1,377 1,340 1,139 687 237 238 201 37 Second half of June 1945 All member banks 94,900 12,528 16,875 65,498 61,151 67,571 21,714 6,368 15,203 13,727 1,476 313 Central reserve city bank New York 26,990 4,384 5,765 16,841 15,426 19,787 1,138 69 4064 4,026 38 211 Chicago 5,876 1,213 1,097 3,566 3,320 4,357 661 184 923 911 12 1 Reserve city banks 35,092 5,720 5,914 23,458 21,456 25,267 8,727 1,999 6,012 5,577 435 66 Boston 2,530 355 662 1,513 1,411 1,704 149 64 375 350 25 New York 582 28 96 458 429 437 240 20 111 102 9 3 Philadelphia 2,812 380 581 1,851 1,716 2,018 180 79 429 414 14 3 Cleveland 4,402 568 819 3,014 2,784 3,164 1,043 193 752 695 57 12 Richmond 2,098 336 480 1,283 1,176 1,399 353 121 354 301 52 Atlanta 2,118 554 266 1,298 1,178 1,601 334 138 361 340 21 1 Chicago 4,309 481 707 3,121 2,910 3,091 1,533 313 757 710 46 10 St. Louis 2,012 580 330 1,101 981 1,461 264 104 327 308 19 17 Minneapolis 1,108 281 245 581 513 725 135 71 160 153 7 9 Kansas City 2,824 953 338 1,532 1,354 1,990 283 328 464 415 49 6 Dallas 2,218 559 307 1,353 1,240 1,532 267 273 379 322 57 San Francisco 8,080 643 1,084 6,353 5,764 6,145 3,946 294 1,544 1,466 78 Country banks 26,942 1,211 4,099 21,632 20,948 18,161 11,188 4,116 4204 3,214 991 35 Boston . 2,534 106 546 1,882 1,795 1,681 915 228 368 290 78 3 New York 4,277 89 922 3,266 3,112 2,866 2,578 348 715 556 159 20 Philadelphia 1,975 13 361 1,602 1,553 1,335 1,264 235 350 263 88 2 Cleveland 2,353 29 399 1,925 1,875 1,576 1,359 334 424 302 122 Richmond 2,159 198 310 1,650 1,571 1,398 671 386 305 236 69 Atlanta 2,166 237 247 1,682 1,630 1,488 524 395 300 240 60 Chicago 3,410 71 505 2,834 2,779 2,313 1,801 548 560 432 128 St. Louis 1,540 153 164 1,223 1,188 1,076 461 272 226 178 48 Minneapolis 1,081 69 139 873 849 735 532 187 178 135 43 Kansas City 1,756 81 154 1,521 1,500 1,163 246 427 249 178 71 Dallas 2,135 134 178 1,822 1,781 1,415 146 514 290 207 83 San Francisco 1,558 31 173 1,353 1,316 1,114 692 242 239 197 41 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. 2 Figures include Series E bond deposit accounts, but do not include certain other demand deposits of the U. S. Government with member banks and, therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 3. 3 Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (other than war loan and Series E bond accounts) on the latest available call report date. 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. 8 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. 792- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of year and in cir- Unassorted month c ti u o l n a * - Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 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 L, 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 ,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 ,741 4,391 4,531 4,232 1,131 2 128 312 621 15 26 May 17,114 12,789 914 824 59 1,785 4,526 4,681 4,326 1,159 2486 319 630 10 22 1 June 17,421 12,960 929 834 61 1,793 4,565 4,778 4,462 1,195 2,259 329 648 10 21 2 July 17,955 13,334 943 843 62 1,836 4,719 4,931 4,622 1,237 2,347 341 667 10 20 2 August 18,529 13,715 960 858 64 1,878 4,853 5,102 4,816 1,293 2,453 353 687 9 22 2 September.... 18,844 13,891 970 866 64 1,887 4,893 5,211 4,951 1,327 2,535 360 698 11 20 2 October 19,250 14,135 987 872 65 1,902 4,962 5,347 5,118 1,366 2,636 373 713 11 20 3 November.... 19,918 14,598 1,006 886 68 1,950 5,127 5,561 5,323 1,416 2,761 388 729 10 19 2 December 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944—January 20,529 14,817 1,013 880 69 1,940 5,174 5,742 5,715 1,509 2,992 418 767 9 21 3 February 20,824 15,004 1,018 877 70 1,952 5,255 5,832 5,823 1,534 3,054 426 777 9 22 3 March 21,115 15,100 1,029 881 70 1,951 5,265 5,905 6,017 1,576 3,152 444 814 9 22 1 April 21,552 15,342 1,039 885 70 ,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 5,498 6,198 6,431 1,668 3,371 473 887 9 23 2 June 22,504 15,925 1,065 906 72 2*010 5,544 6,326 6,581 1,699 3,458 481 912 9 22 2 July 22,699 16,034 1,077 910 73 2,016 5,569 6,388 6,667 1,722 3,516 487 911 9 22 2 August 23 292 16,410 1,092 921 75 2,053 5 706 6,562 6,884 1,780 3,642 502 929 9 22 2 September.... 23,794 16,715 1,105 937 75 2,078 5,789 6,731 7,081 1,829 3,765 516 939 9 22 2 October.. 24,425 17,089 1,125 948 76 2,103 5,877 6,960 7,339 1,893 3,918 532 963 10 23 2 November 25,019 17,461 1,144 962 78 2,129 5,990 7,157 7,561 1,946 4,056 546 981 10 23 3 December 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 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 I 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 June 26,746 19,183 1,205 981 73 2,215 6,515 8,193 7,565 2,132 4,044 483 868 8 31 2 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 as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money T s o J t u a t 1 a n n 9 l e d 4 o i 5 3 n u 0 g , t- , A ce g s a r o s t g l s i i d a f e l i v i c c n a e u a s r n r t t d e it s y 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 t v a a s y e l nd Ju 1 n 9 e 4 3 5 0, M 1 ay 94 5 31, Jun 19 e 4 4 30, agents Gold 20,213 18,107 22,106 Gold certificates 18,107 15^239 2,815 52 52 54 Federal Reserve notes 23 651 66 717 22 867 22 651 18 750 Treasury currency—total 4,145 1,817 106 213 3,827 3,824 3,700 Standard silver dollars 494 297 70 2 125 123 103 Silver bullion 1 520 1,520 Silver certificates and Treasury notes of 1890 1,817 165 1,653 1,653 1,589 Subsidiary silver coin 826 24 13 788 784 700 Minor coin 304 7 4 292 290 263 United States notes 347 3 21 323 322 322 Federal Reserve Bank notes 534 1 6 527 533 597 National bank notes 121 1 1 120 121 126 Total—June 30 1945 . . i 19,924 2,279 15,239 3,746 26,746 May 31 1945 20,018 2,331 15,296 3,745 .. 26^528 June 30, 1944 20,879 2,295 16,194 3,812 .. 22,504 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. 785, and seasonally adjusted figures in table on p. 794. 2 Includes $1,800,000,000 Exchange Stabilization Fund, $144,000,757 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. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. AUGUST 1945 793 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- Amount— Amount— Change in Gold marked Domes- Date f u o n r a s d e j a u s s o te n d al ad s ju ea s s te o d n al for s a e d as ju o s n t a e l d ly p 1 • J a s t t o e c n k d I i n n c r g e o a l s d e N im et p g o o r l t d go c l r d e : a s d e e- p ti r c o d g u o c ld variation variation series1 of period stock or in- tion1 crease (—) End of year figures: 1939 7,598 +742 19342 8,238 4,202.5 1,133.9 82.6 92.9 1940 8,732 +1,134 1935 10,125 1,887.2 1,739.0 .2 110.7 1941 11,160 +2,428 1936 311,258 1,132.5 1,116.6 —85.9 131.6 1942 15,410 +4,250 1937 312,760 1,585.5 -200.4 143.9 1943 20,449 +5,039 1938 14,512 1,751.5 1,973.6 —333.5 148.6 1944 25,307 +4,858 1939 17,644 3,132.0 3,574.2 —534.4 161.7 1940 21,995 4,351.2 4,744.5 —644.7 170.2 Monthly averages of daily 1941 22,737 741.8 982.4 —407.7 169.1 figures: 1942 22,726 — 10.3 315.7 —458.4 125.4 1943—November 19,566 19,507 +506 1943 21,938 —788.5 68.9 —803.6 48.3 December 20,243 19,944 +437 1944 . 20,619 —1,319.0 —845.4 —459.8 r35.8 1944—-January.... 20,428 20,367 +423 1944—June 21,173 -90.7 -60.7 -6.4 r2.5 February... 20,635 20,635 +268 July 20,996 -177.1 -60.9 -96.6 r3.0 March . 20,964 21,027 +392 August 20,926 —69.7 -109.1 2.7 r2.8 April 21,312 21.484 +457 September... 20,825 -101.2 -72.0 -27.4 r3.1 May 21,822 21,976 +492 October 20,727 -98.4 -63.4 -22.6 r2.9 June 22,296 22,408 +432 November 20,688 -38.3 -12.0 -34.7 r3.0 July 22,580 22,625 +217 December.... 20,619 -69.6 -17.0 -46.3 r2.8 August 22,988 23,104 +479 1945—January 20,550 -69.0 .7 -58.2 2.5 September 23,525 23,572 +468 February 20,506 -43.8 1.9 -37.4 2.3 October 24,112 24,112 +540 March 20,419 -87.3 -19.1 -46.9 2.4 November 24,738 24,664 +552 April 20,374 -45.1 2.4 -53.2 2.3 December 25,207 24,957 +293 May 20,270 -103.3 -18.3 -66.9 2.6 June 20,213 -57.3 -83.8 96.0 2.5 1945—January 25,243 25,167 +210 July p20,152 P 60.6 (4) -100.3 '2.5 M Fe a b r r c u h ary 2 2 5 5 , , 8 5 5 2 0 7 2 2 5 5 , , 5 9 2 2 7 8 + +4 3 0 6 1 0 Jan.-July P20,152 P-466^5 (4) -266.8 p17.2 April 26,009 26,219 +291 p Preliminary. f Figure carried forward. r Revised. May 26,351 26,537 +318 1 Annual figures are estimates of the United States Mint. Monthly June 26,561 26,694 + 157 figures are those published in table on p. 835, adjusted to exclude Philippine July 26,918 26,972 +278 Islands production received in United States. 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 Not yet available. figures on comparable basis see September 1943 BULLETIN, pp. 822-826. 5 Gold held under earmark at the Federal Reserve Banks amounted to Because of an apparent recent change in the seasonal pattern around the 4,204.0 million dollars on July 31, 1945. All of this was earmarked directly year end, adjustment factors have been revised somewhat for dates af- for foreign account except 102.8 million dollars which was earmarked in the name of a domestic bank as security for a foreign loan. NOTE.—For back figures, see Banking and Monetary Statistics, Table 156, pp. 536-538, and for description of statistics see pp. 522-523 in the same ment factors. publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to i t n o t t e a r l b d an ep k o s a i c t c a o c u c n o ts unts except tu d r e n p i o n o v s te e it r r s b o a e n f x k c t e o p t t al a d e n x e d c p e o p G s t i t o i v n a e c t r e c n r o b m u a n e n n t k s t tur d n i e n o p t v e o e r s b r i t a s o n f k e x d a c e n e m p d a t nd Year and month Government Total, all Other 333 other 100 other 100 other reporting reportin reporting leading leading centers centers centers cities cities 1936 461,889 208,936 219,670 33,283 204,831 202,267 1937 469,463 197,836 235,206 36,421 193,143 215,090 1938 405,929 168,778 204,745 32,406 164,945 186,140 1939 423,932 171,382 218,298 34,252 167,939 200,636 1940 445,863 171,582 236,952 37,329 167,373 217,744 1941 537,343 197,724 293,925 45,694 193,729 270,439 1942—old series3 607,071 210,961 342,430 53,679 1942—new series3 641,778 226,865 347,837 67,074 308,913 1943 792,937 296,368 419,413 77,155 369,396 1944 891,910 345,585 462,354 83,970 403,400 1944—June.. 83,881 7,689 38,024 24.3 July 72,909 6,847 25,423 32,934 24.8 August 69,124 6,627 21,722 30, 19.0 September 70,389 6,764 23,827 31,882 21.4 October 73,891 6,997 24,672 33,498 20.9 November 77,775 7,378 25,464 34,676 21.6 December 91,281 8,114 33,064 40,559 30.0 1945—January r82,756 7,461 30,826 34,801 27.0 February r70,249 6,461 25,416 30,024 24.3 March '"81,077 7,471 28,924 36,008 22.9 April r74,139 6,881 25,115 32,430 20. May r8l,724 7,403 28,384 34,418 21.4 June. . ,121 8,583 36,951 41,870 28.9 subsequent figures include 193 centers. d debits of new series for first four months oi NOTE.—Debits to total deposit accounts, e 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 Total demand Time deposits a d d e j p u o s s t i e t d s a d d e j p u o s s t i e t d s Total Demand U S n ta it t e e d s Currency End of month c o u b u r a a t r n s n e d i k n d s c e y c o u b u r a a t r n n s e d i k n d s c e y a d d e j p u o s s te it d s a d d e j p u o s s t i e ts d1 d G e m o p v o e e s n i r t t n s - 2 Total b m a C e n r o k c m i s a 3 - l 4 M s b a a u v n t i k u n s a g 4 l s S S P a y o v s s i t n e ta m g l s 5 o b u a t n si k d s e 1929—June 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December . 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 1,186 4,761 December . 42,548 19,817 37,766 15035 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 23959 824 26,218 14,779 10,170 1,269 5,638 1938—June.... ... 56,565 29,730 51,148 24313 599 26,236 14,776 10,209 1,251 5,417 December . 58,955 31,761 53,180 25986 889 26,305 14,776 10,278 1,251 5,775 1939—June 60,943 33,360 54,938 27355 792 26,791 15,097 10,433 1,261 6,005 December . 64,099 36,194 57,698 29 793 846 27,059 15,258 10,523 1,278 6,401 1940—June 66,952 38,661 60,253 31962 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 37317 753 27,879 15,928 10,648 1,303 8,204 December. 78,231 48,607 68,616 38992 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 56039 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—June 36,172 80,946 115,291 60065 19,506 35,720 21,217 12,471 2,032 20,881 1944—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 64300 16,100 37,100 22,200 12,800 2,100 21,700 September. 139,100 87,700 116,900 65500 13,500 37,900 22,800 12,900 2,200 22,200 October... 139,900 92,300 117,100 69500 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— M F Ja e a n b r u r c a u h r a * y r 1 * y * * . 3 . . 1 1 1 5 5 5 1 0 0 , , , 1 7 9 0 0 0 0 0 0 9 9 9 2 5 3 , , , 3 3 9 0 0 0 0 0 0 1 1 1 2 2 2 6 7 6 , , , 5 4 7 0 0 0 0 0 0 6 7 6 8 1 9 , , , 6 7 1 0 0 0 0 0 0 1 1 1 8 3 5 , , , 3 4 6 0 0 0 0 0 0 4 4 4 0 2 1 , , , 5 0 4 0 0 0 0 0 0 2 2 2 4 5 5 , , , 6 2 7 0 0 0 0 0 0 1 1 1 3 3 3 , , , 5 7 8 0 0 0 0 0 0 2 2 2 , , , 4 5 5 0 0 0 0 0 0 2 2 2 3 4 4 , , , 7 2 2 0 0 0 0 0 0 April* 151,000 98,300 126,500 73,800 9,800 42,900 26,300 14,000 2,600 24,500 Mayp.. 152,700 101,100 127,900 76,300 8,200 43,400 26,700 14,100 2,600 24,800 June 162,200 94,600 137,100 69,500 23,500 44,100 27,100 14,300 2,700 25,100 p Preliminary. 1 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. 2 Beginning with December 1938, includes United States Treasurer's time deposits, open account. 3 Excludes interbank time deposits and postal savings redeposited in banks. 4 Beginning with June 1941, the commercial bank figures exclude and the mutual savings bank figures include three member mutual savings banks. 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 Assets Total, banks banks all Depos- U. S.Government banks ti N o a n - al State su I r n e - d in N s o u n re - c End of month itors' Cash securities Cash bal- in de- reances1 Total b p t a o o n r s k y i- s Total r D ec i- t G t a u e n e a - d r- s f e u e t n r c v d .2 e s, dum 1 1 b 9 9 e 4 3 r 0 4 - o 3 f 9 banks suspended: 29 2 1 2 1 1 5 6 18 1 9 8 8 3 1 1941 8 4 3 1 1942 9 6 3 1934—Dec 1,207 1,237 540 597 467 130 100 1943 4 2 2 1 1 9 9 3 3 5 6 — — D D e e c c 1 1, , 2 2 6 0 0 1 1 1 , , 2 2 3 9 7 6 2 1 8 4 7 5 1,0 8 5 5 8 3 8 7 9 0 2 6 1 1 6 4 7 7 9 9 3 8 1 19 9 4 4 4 5—Jan.-July 0 1 1 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 1 19 9 4 4 1 0 — -D D e e c c. 1 1 , , 3 3 0 1 4 4 1 1 , , 3 3 4 9 8 6 3 2 6 6 1 1 , , 2 2 2 7 4 4 1 1 , , 0 1 7 2 8 8 1 1 4 4 6 6 8 9 8 5 1934-39 125,991 14,616 26,548 44,348 40,479 1942—Dec 1,417 1,464 16 1,345 1,220 126 102 1940 5,943 256 5,341 346 1943—Dec 1,788 1,843 10 1,716 1,716 118 1941 3,726 3,144 503 79 1942 1,702 1,375 327 1944—June 2,034 2,095 9 1,951 1,951 135 1943 6,223 4,982 1,241 A Ju u l g y 2 2 , , 0 14 8 0 4 2 2 , , 2 14 0 7 2 8 8 2 2 , , 0 0 5 0 0 6 2 2, , 0 0 5 0 0 6 1 1 4 3 3 3 1 1 9 9 4 4 4 5—Jan.-July 40 0 5 405 « Sept 2,198 2,262 8 2,110 2,110 143 Oct 2,257 2,323 8 2,165 2,165 150 Nov 2,305 2,374 8 2,214 2,214 152 1 Represents banks which, during the periods shown, closed temporarily Dec 2,342 2,411 8 2,252 2,252 152 or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing 1945—Jan 2,404 2,477 8 2,308 2,308 162 (in some instances with the aid of Federal Deposit Insurance Corporation Feb 2,458 2,536 8 2,363 2,363 164 loans). Mar 2,513 2,590 8 2,426 2,426 156 2 Deposits of member banks and insured nonmember banks suspended are Apr 2,563 2,646 8 2,463 2,463 175 as of dates of suspension, and deposits of noninsured nonmember banks May p2,607 are based on the latest data available at the time the suspensions were June ^2,656 reported. Back figures.—See Banking and Monetary Statistics, pp. 283-292; for description, see pp. 281-282 in the same publication. tion, see p. 508 in the same publication 795 AUGUST 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 Go m U v . e e S n r . t n- Other Total* I b n a t n er k - * Demand Time o N f u m ba b n e k r s obliga- securities tions All banks: 1934—June 30. .. 42,552 21,306 21,246 11,278 9,968 46,435 4,560 19,527 22,348 15,929 1937—June 30. . 49,565 22,410 27,155 16,954 10,201 59,222 6,332 28,118 24,773 15,539 1940—Dec. 31 . .. 54,170 23,751 30,419 20,983 9,436 75,963 10,941 38,518 26,504 14,895 1941—Dec. 31... 61,101 26,616 34,485 25,488 8,997 81,780 10,989 44,316 26,476 14,825 1942—June 30... 64,009 25,081 38,928 30,301 8,627 82,706 10,287 46,357 26,062 14,775 Dec. 31... 78,137 23,915 54,222 45,932 8,290 99,796 11,318 61,395 27,083 14,682 1943—June 30... 87,881 22,241 65,640 57,748 7,892 107,224 10,895 67,554 28,775 14,618 Dec. 31... 96,966 23,601 73,365 65,932 7,433 117,661 11,012 75,561 31,088 14,579 1944—June 30... 108,707 25,424 83,284 75,737 7,547 128,605 11,219 83,588 33,797 14,553 Dec. 30... 119,461 26,015 93,446 85,885 7,561 141,449 12,245 91,644 37,559 14,535 All commercial banks: 1934—June 30 32,742 15,700 17,042 10,307 6,735 36,744 4,560 19,527 12,657 15,353 1937—June 30 39,472 17,432 22,040 14,563 7,477 49,097 6,332 28,118 14,648 14,976 1940—Dec. 31 43,922 18,792 25,130 17,759 7,371 65,3.05 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 13,939 193!77——JJuunnee 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 b:ianks: 1934—June30 27,175 12,523 14,652 9,413 5,239 31,012 4,355 976 9,681 6,375 1937—June30 32,739 14,285 18,454 12,689 5,765 41,490 6,051 230 11,210 6,357 1940—Dec.31 37,126 15,321 21,805 15,823 5,982 56,430 10,423 829 12,178 6,486 1941—Dec.312. . .. 43,521 18,021 25,500 19,539 5,961 61,717 10,525 846 12,347 6,619 1942—June303 46,800 16,928 29,872 24,098 5,774 63,404 9,971 311 12,122 6,647 Dec. 31 59,263 16,088 43,175 37,546 5,629 78,277 11,000 523 12,754 6,679 1943—June30 67,155 14,823 52,332 46,980 5,352 84,016 10,552 670 13,794 6,703 Dec. 31 74,258 16,288 57,970 52,948 5,022 92.262 10,555 438 15,268 6,738 1944—June30 83,587 18,084 65,503 60,339 5,164 101,276 10,903 488 16,884 6,773 Dec. 30 91,569 18,676 72,893 67,685 5,208 110,917 11,884 ,774 19,259 6,814 All national banks: 1934—June 30 17,011 7,681 9,331 5,847 3,484 19,896 2,767 10,356 6,772 5,417 1937—June 30 20,893 8,796 12,097 8,206 3,891 26,716 3,790 15,162 7,764 5,293 1940—Dec. 31 23,648 10,004 13,644 9,735 3,908 35.787 6,574 20,885 8,329 5,144 1941—Dec. 31 27,571 11,725 15,845 12,039 3,806 39,458 6,786 24,350 8,322 5,117 1942—June 30 29,464 10,880 18,584 14,878 3,706 40,534 6,497 25,861 8,176 5,101 Dec. 31 37,576 10,183 27,393 23,744 3,648 50,468 7,400 34,499 8,570 5,081 1943—June 30 42,805 9,173 33,632 30,102 3,529 54,589 7,155 38,205 9,229 5,060 Dec. 31 47,499 10,116 37,382 34,065 3,318 59,961 7,159 42,605 10,196 5,040 1944—June 30 53,343 11,213 42,129 38,640 3,490 65,585 7,402 46,879 11,304 5,036 Dec. 30 58,308 11,480 46,828 43,292 3,536 71,858 8,056 50,900 12,901 5,025 State member banks: 1934—June 30 10,163 4,842 5,321 3,566 1,755 11,116 1,588 6,620 2,908 958 1937—June 30 11,845 5,488 6,357 4,483 1,874 14,774 2,261 9,068 3,446 1,064 1940—Dec. 31 13,478 5,316 8,162 6,088 2,074 20,642 3,849 12,944 3,849 1,342 1941—Dec. 312 15,950 6,295 9,654 7,500 2,155 22,259 3,739 14,495 4,025 1,502 1942—June 303 ... . 17,336 6,048 11,288 9,220 2,068 22,871 3,474 15,451 3,946 1,546 Dec. 31 21,687 5,905 15,783 13,802 1,980 27,808 3,600 20,024 4,184 1,598 1943—June 30 24,350 5,649 18,701 16,878 1,823 29,427 3,396 21,465 4,566 1,643 Dec. 31 26,759 6,171 20,588 18,883 1,705 32,302 3,397 23,833 5,072 1,698 1944— June 30. 30,244 6,870 23,373 21,699 1,674 35,690 3,501 26,609 5,580 1,737 Dec. 30.. 33,261 7,196 26,065 24,393 1,672 39,059 3,827 28,874 6,357 1,789 * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller of the Currency and the Federal Deposit Insurance Corporation for national banks and insured banks respectively. 1 Beginning June 30, 1942, excludes reciprocal bank balances, which on that date aggregated 600 million dollars at all member banks and 614 million at all insured commercial banks. 2 During 1941 three mutual savings banks, with total deposits of 8 million dollars, became members of the Federal Reserve System. These banks are included in both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included only once in "ail 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. 796 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES—Continued LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits investments Other Class of bank and Number call date Total Loans Total G o m U b o l v e . i n e g S r t a n . - - se O cu t r h i e ti r es Total1 I b n a te n r k - 1 Demand Time of banks tions All nonmember commercial banks: 1934—June 30 5,567 3,177 2,390 895 1,495 5,732 205 2,551 2,976 8,978 1937—June 30. 6,733 3,147 3,586 1,874 1,712 7,607 281 3,888 3,438 8,619 1940—Dec. 31 6,796 3,471 3,325 1,936 1,389 8,875 518 4,689 3,668 7,858 1941—Dec. 31 7,208 3,693 3,515 2,251 1,264 9,539 464 5,470 3,605 7,661 1942—June 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 80 2,037 2,704 7,564 1937—June 30. 5,479 2,756 2,723 1,275 1,448 6,334 96 3,010 3,228 7,526 1940—Dec. 31. 5,429 3,074 2,356 1,240 1,116 7,032 116 3,504 3,411 6,952 1941—Dec. 31. 5,774 3,241 2,533 1,509 1,025 7,702 129 4,215 3,358 6,810 1942—June 30. . 5,849 2,995 2,854 1,837 1,017 7,754 105 4,353 3,296 6,755 Dec. 31.. 6,984 2,818 4,166 3,162 1,004 9,535 145 5,981 3,409 6,667 1943—June 30.. 8,123 2,570 5,553 4,557 996 10,557 129 6,839 3,589 6,598 1944— D Ju e n c e . 3 3 0 1.. 9,258 2,556 6,702 5,739 962 11,842 149 7,870 3,823 6,535 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 303i 1,007 339 668 477 191 1,161 211 693 257 829 Dec. 31 1,151 314 837 667 170 1,329 173 891 265 793 1943—June 30 1,363 270 1,094 925 169 1,519 214 1,045 260 775 Dec. 31 1,588 276 1,312 1,160 153 1,829 307 1,253 269 764 1944—June 30 1,795 281 1,514 1,347 168 1,989 181 1,527 281 745 Dec. 30 2,148 292 1,856 1,682 174 2,358 171 1,883 304 729 All mutual savings banks: 1934—June 30.. 9,810 5,606 4,204 971 3 233 9,691 9 691 576 1937—June 30 10,093 4,978 5,115 2,391 2,724 10,125 10,125 563 1940—Dec. 31 10,248 4,959 5,289 3,224 2,065 10,658 10,658 551 1941—Dec. 3l2 10,379 4,905 5,474 3,700 1,774 10,532 10,532 548 1942—June 30 10,360 4,822 5,538 3,891 1,647 10,395 10,395 547 Dec. 31 10,746 4,698 6,048 4,559 1,489 10,664 10,664 546 1943—June 30 11,248 4,581 6,666 5,290 1,376 11,141 11,141 545 Dec. 31 11,871 4,484 7,387 6,090 1,297 11,738 11,738 545 1944—June 30 12,976 4,414 8,562 7,306 1,257 12,471 12,471 544 Dec. 30 13,931 4,370 9,560 8,328 1,232 13,376 13,376 543 Insured mutual savings banks: 1934—June 30 1,022 576 446 120 325 1,040 1,040 66 1937—June 30 969 470 499 252 247 1,002 1.002 56 1940—Dec. 31 1,655 637 1,018 548 470 1,818 1,818 53 1941—Dec. 312 1,693 642 1,050 629 421 1,789 1,789 52 1942—June 30. 1,800 692 1,108 686 422 1,864 1,864 53 Dec. 31. 2,007 740 1,267 861 405 2,048 2,048 56 1943—June 30 2,704 1,013 1,691 1,264 427 2,739 2,739 61 Dec. 31. ... .. .. 7,525 3,073 4,452 3,844 608 7,534 7,534 184 1944—June 30. 8,489 3,111 5,378 4,752 626 8,235 8,235 192 Dec. 30 9,223 3,110 6,113 5,509 604 8,910 8,910 192 Noninsured mutual savings banks: 1934—June 30 8,788 5,030 3,758 851 2,908 8,651 8,651 510 1937—June 30 9,124 4,508 4,616 2,139 2,477 9,123 9,123 507 1940—Dec. 31 8,593 4,322 4,271 2,676 1,595 8,840 8,840 498 1941—Dec. 31 8,686 4,263 4,424 3,071 1,353 8,743 8,743 496 1942—June 30 8,560 4,130 4,430 3,205 1,225 8,531 8,531 494 Dec. 31 8,739 3,958 4,781 3,698 1,084 8,616 8,616 490 1943—June 30 8,544 3,568 4,975 4,026 949 8,402 8,402 484 Dec. 31. 4,345 1,411 2,935 2,246 689 4,204 4,204 361 1944—June 30. . 4,487 1,302 3,185 2,554 631 4,236 4,236 352 Dec. 30.. . 4,708 1,260 3,448 2,819 629 4,466 4,466 351 For footnotes see opposite page. AUGUST 1945 797 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES* LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments1 Loans for V. S. Government obligations Com- purchasing Obli- Cl c a a ss l a l n o d d f a b te ank i m T n l a o e v o n a n e t d n a s ts s t l - 1 Total1 o c m c p i l i i• n u n e a e - g d r l n i, - - - A t c u g a u r l r l 1 - - i- a o r T s r o e o k c c - a u r r r it y i T i e n o s g R l t o e e a 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 g S o a a t c l o t a n a i i f t t o d 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 subp k a e p t er1 d a e n a d l- ers1 de ed b - t- s d i i o v n i s ers ness All insured commercial banks: 1937—Dec. 31.... 37,221 16,747 971 3,065 3,640 9,072 20,475 13,669 669 4,568 6,336 2097 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 3098 1943—Dec. 31.... 83,507 18,841 7,777 1,505 1,414 922 4,437 1868 91864,666 58,683 4,63613,218 7,672 30,656 2 501 3,287 2 696 1944—June 30.... 93,936 20,729 7,406 1,474 2,221 2,296 4,364 1862 1,10673,207 67,085 4,708 15,46611,834 34,114 963 3,393 2 730 Dec. 30.. .. 103,382 21,352 7,920 1,723 2,269 2,265 4,343 1888 94482,030 75,875 3,971 15,30015,778 39,848 978 3,422 2 733 Vlember banks, total: 1937—Dec. 31.... 31,752 13,958 950 2,752 2,547 7,708 17,794 12,371 662 4,277 5,635 1797 2047 3 375 1940—Dec. 31.. .. 37,126 15,321 6,660 "865 642 652 3,228 3,273 21,805 15,823 652 2,594 9,091 3 486 3013 2970 1941—Dec. 312... 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,007 11,729 3 832 3,090 2 871 1942—Dec. 31.. .. 59,263 16,088 7,387 1,089 934 538 3,423 1847> 87043,175 37,546 4,363 6^285 5,409 18,948 2 540 2 965 2 664 1943—Dec. 31.... 74,258 16,288 7,421 1,023 1,398 839 3,274 1484 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 7,023 1,023 2,200 2,130 3,207 1467 1,03365,503 60,339 4,466 14,22810,640 30,118 887 2 834 2 331 Dec. 30.... 91,569 18,676 7,531 1,198 2,249 2,108 3,209 1505 877 72,893 67,685 3,74813,98214,127 34,927 902 2 857 2 350 1945—Mar.20. . .. 90,524 17,219 73,305 67,915 2 989 24QQ June 30p... 99,418 20,574 18,845 73,247 3099 2498 New York City:3 1937—Dec. 31.... 8,313 3,673 761 733 141 2,039 4,640 3,594 495 1,536 1,175 388 342 703 1940—Dec. 31.... . 10,910 3,384 2^ 125 6 465 190 130 468 7,527 6,044 207 1,245 2,977 1615 695 788 1941—Dec. 31.... 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1679 729 830 1942—Dec. 31.... 17,957 4,116 2,546 21 787 193 117 303 14813,841 12,547 1,855 2,144 2,056 5,420 1071 593 701 1943—Dec. 31.... 19,994 4,428 2,515 24 1,054 323 107 252 15315,566 14,563 1,328 3,409 1,829 7,014 984 444 558 1944—June 30 22,669 5,479 2,430 64 1,657 751 93 232 25117,190 16,157 1,258 4,242 2,805 7,650 201 456 577 Dec. 30... 24,003 5,760 2,610 30 1,742 859 86 253 17918,243 17,179 913 3,740 3,745 8,592 189 468 596 1945—Mar. 20.. .. 22,734 5,054 17,681 16,568 515 598 June 30p... 25,756 7,069 18,687 17,491 567 629 Chicago:3 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 June 30p... 5,730 1,250 4,480 4,130 154 196 Reserve city banks: 1937—Dec. 31.. .. 11,414 5,203 123 1,066 1,176 2,838 6,211 4,599 106 1,589 2,267 637 691 922 1940—Dec. 31... 13,013 5,931 2,589 263 115 207 1,436 1,322 7,081 5,204 103 771 3,281 1049 984 893 1941-Dec. 31.. .. 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1942—Dec. 31.. .. 20,915 6,102 2,957 290 97 153 1,486 808 312 14,813 13,038 1441 2,253 1,723 6,810 811 954 821 1943—Dec. 31. .. 27,521 6,201 3,058 279 217 267 1,420 658 30121,321 19,682 1,802 4,691 2,497 9,943 749 913 726 1944—June 30... 30,943 6,761 2,787 277 409 903 1,385 650 35024,183 22,484 1914 5,586 3,893 10,689 402 963 735 Dec. 30... 33,603 6,822 3,034 348 311 777 1,379 660 31326,781 25,042 1,704 5,730 5,181 11,987 440 1000 740 1945—Mar. 20... 33,452 6,346 27,106 25,304 1,034 768 June 30p... 36,581 7,147 29,434 27,540 , 10C 794 Countrv banks: 1937—Dec. 31... . 10,124 4,446 25 824 1,219 2,377 5,677 3,168 29 786 1,675 678 879 1,630 1940—Dec. 31... . 10,826 5,309 1,453 590 21 201 1,644 1,400 5,517 3,269 45 433 2,081 710 1,146 1,102 1941—Dec. 31.... 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1942—Dec. 31 16,419 5,038 1,226 772 17 161 1,797 674 393 11,380 9,172 671 1^251 1,240 5,436 574 1,252 956 1943—Dec. 31... . 22,188 4,654 1,084 713 25 197 1,725 528 381 17,534 15,465 1032 3,094 2,096 8,705 538 1,214 855 1944—June 30.... 24,850 4,780 1,096 671 33 345 1,708 536 392 20,071 18,009 926 3,362 3,355 10,114 252 1,212 849 Dec. 30.... 28,520 4,910 1,149 802 32 310 1,719 547 351 23,610 21,552 882 3,466 4,422 12,540 241 1,230 829 1945—Mar. 20... 29,126 4,807 24,319 22,204 1,264 851 June 30p... 31,351 5,108 26,242 24,086 27( 878 Insured nonmember commercial banks: 1937_Dec. 31... . 5,470 2 789 21 313 1,094 1,363 2,681 1,297 <i 291 700 299 54( 844 1940—Dec. 31... 5,429 3,074 518 "416 21 75 1,240 803 2,356 1,240 10 162 834 234 595 521 1941—Dec. 31... 5,774 3,241 543 478 20 64 1,282 854 2,533 1,509 17 152 1,069 271 563 462 1942—Dec. 31... 6,984 2,818 370 553 16 59 1,225 422 174 4,166 3,162 99 442 390 2,053 179 569 435 1943—Dec. 31.... 9,258 2,556 356 482 16 82 1,165 385 70 6,702 5,739 276 1,147 766 3,395 156 560 403 1944—June 30.... 10,360 2,648 383 452 21 166 1,159 395 73 7,712 6,752 242 1,238 1,194 4,002 76 560 400 Dec. 30... 11,824 2,678 389 525 21 156 1,136 383 67 9,146 8,197 223 1,319 1,652 4,928 76 566 383 p Preliminary. * 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 CCle ntral reservei city bbkanks. 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 r s B e s w e e d R R a r r e i n v e e v t r - - e k h 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 l t k - t e - h i s s c 4 j p m u a D o s d d a t s e e n e - i - - t d d s 5 m D es o d t - i e c p 4 osi F e t i s o g r n - m U G er e . o n n v S - t - . p v s S o i u a s t l n b i a i t o d d t i e n c i s - a s l c C h c e o f a e e t e i f n c e c r f r . i d s d k t - i ' s - a p v n a i s p t I d i d h r n o o t u i d r n n c p a a i e o s s - - l r , r s - - , I b n a t n e k r- ^ m U G i S e a n s r a . e o n g t n S v n a v d s - . - t l - S v p s i t a i u s o a c n i b l t a o i d e d l t n s - i s - p a v n s a i p t I h d d r i o n t o i u r p n d c n a a s e i o s l - - , r s r - - , r i B n o o g w r s - - c C o t a a a u c l p n - i t - s All insured commercial banks: 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 6403 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: 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. .. 1^,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 June 30^... 57,416 New York City:* 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 June 30p 14,789 Chicago:3 1937—Dec. 31.... 596 27 179 1,438 528 5 65 207 23 1,354 8 445 255 1940—Dec. 31.... 1,051 42 319 1,941 997 8 90 174 27 1,905 "5 8 496 270 1941—Dec. 31.... 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1942—Dec. 31.... 902 39 164 2,557 1,105 12 665 178 38 2,588 ""2" 453 304 1943—Dec. 31 821 38 158 3,050 972 14 713 174 44 3,097 2 1 505 326 1944—June 30.... 811 41 179 3,070 1,090 15 1,105 218 41 3,040 1 543 343 Dec. 30.... 899 43 177 3,041 1,132 16 1,400 167 33 3,100 1 619 354 1945—Mar. 20.... 892 45 144 3,289 1,092 16 900 162 34 3,324 1 631 353 June 30^ 3,124 Reserve city banks: 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 June 30p... 20,564 Country banks: 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 June 30p... 18,939 Insured nonmember commercial banks: 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 14 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. AUGUST 1945 799 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 J. S. Government obligations For purchasing Com- or carrying securities Total mer- Date or month i m n l a o v e n a e n n d s t s t s - Total in t c a r d i n i a u a d l s l , , - a T n o d b d r e o a k l e e r r s s To others e R l s o e t a a a n l t - e s L ba o t n a o k n s s O lo t a h n e s r Total Total Bills o c C t a f i e f t i i e r n - - s -Notes Bonds G a u n a - r- O s ri e t t c i h u e e s - r t a u c g u r r a l- i l - G U l o i o g . b v S a - t . - . O c s t u h e r - e i- r G U l o i o g . b v S a - t . - . O c t s u h e r - e i- r d n e e e d b s - t s - teed tions ties tions ties Total—101 Cities 1944—June 51,656 10,746 5,938 904 606 529 311 1,072 48 1,338 40,910 38,008 2,491 9,329 7,164 18,409 615 2,902 1945—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 r5,818 1,281 821 593 365 1,046 102 r 1,389 45,870 42,837 1,336 10,776 7,358 23,035 332 3,033 June 60,923 12,848 5,876 1,652 882 1,476 388 1,047 95 1,432 48,075 44,962 1,655 9,956 9,316 24,013 22 3,113 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 r5,768 1,505 840 600 364 1,049 117 rl,393 45,905 42,842 1,195 10,663 7,366 23,276 342 3,063 June 6 58,254 11,886 r5,822 1,439 869 812 390 1,044 102 r1,408 46,368 43,296 1,368 9,397 9,038 23,470 23 3,072 June 13 58,896 12,124 r5,860 1,595 870 848 381 1,045 108 rl,417 46,772 43,676 1,418 9,417 9,143 23,678 20 3,096 June 20 63,005 13,546 r5,900 rl,73O 902 r2,039 388 1,047 91 rl,449 49,459 46,334 1,946 r10,470 r9,545 24,349 24 3,125 June 27 63,537 13,835 5,923 1,841 886 2,205 395 1,052 78 1,455 49,702 46,543 1,889 10,539 9,538 24,557 20 3,159 July 3 64,291 14,043 5,941 1,821 879 2,394 398 1,048 68 1,494 50,248 47,116 1,932 10,664 9,607 24,899 14 3,132 July 11 64,235 13,772 5,928 1,667 877 2,297 397 1,051 64 1,491 50,463 47,338 2,090 10,647 9,626 24,967 8 3,125 July 18 63,994 13,535 5,928 1,518 899 2,177 396 1,052 78 1,487 50,459 47,267 1,935 10,646 9,591 25,087 8 3,192 July 25 63,853 13,340 5,903 1,465 905 2,043 398 1,051 90 1,485 50,513 47,312 1,913 10,603 9,632 25,156 8 3,201 New York City 1944—June 18,672 4,293 2,306 719 460 214 128 81 33 352 14,379 13,460 670 3,405 2,651 6,553 181 919 1945—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 June 21,891 5,643 2,229 1,365 691 686 174 65 71 362 16,248 15,180 281 2,988 3,233 8,677 1 1,068 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 June 27 22,824 6,247 2,241 L,524 696 1,123 181 65 51 366 16,577 15,482 339 3,042 3,241 8,859 1 1,095 July 3 23,230 6,369 2,243 1,495 689 1,245 181 65 58 393 16,861 15,788 402 3,091 3,263 9,031 1 1,073 July 17 23,052 6,137 2,227 1,340 684 1,193 180 65 51 397 16,915 15,844 508 3,039 3,227 9,069 1 1,071 July 18 22,880 6,001 2,220 1,236 700 1,137 182 65 64 397 16,879 15,733 385 2,982 3,230 9,135 1 1,146 July 25 22,827 5,850 2,196 L,193 700 1,038 184 65 74 400 16,977 15,827 478 3,211 9,175 1 1,150 Outside New York City 1944—June 32,984 6,453 3,632 185 146 315 183 991 15 986 26,531 24,548 1,821 5,924 4,513 11,856 434 1,983 1945—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 r3,600 188 189 400 203 981 18 rl,042 30,310 28,286 1,170 7,320 4,764 14,751 281 2,024 June 39,032 7,205 3,647 287 191 790 214 982 24 1,070 31,827 29,782 1,374 6,968 6,083 1,5,336 21 2,045 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 r3,570 221 187 409 200 984 23 rl,040 30,343 28,314 1,074 7,329 4,765 14,851 295 2,029 June 6 37,442 6,836 r3,614 236 192 525 218 979 21 1,051 30,606 28,571 1,118 6,546 5.895 14,990 22 2,035 June 13 37,789 6,888 r3,625 257 189 551 208 980 21 rl,O57 30/901 28,862 1,264 6,561 5,943 15,075 19 2,039 June 20 40,184 7,508 r3,668 r336 192 rl,001 217 982 27 rl,085 32,676 30,635 1,564 r7,265 r6,200 15,583 23 2,041 June 27 40,713 7,588 3,682 317 190 1,082 2J4 987 27 1,089 33,125 31,061 1,550 7,497 6,297 15,698 19 2,064 July 3 41,061 7,674 3,698 326 190 1,149 217 983 10 1,101 33,387 31,328 1,530 7,573 6,344 15,868 13 2,059 July 11 41,183 7,635 3,701 193 1,104 217 986 13 1,094 33,548 31,494 1,582 7,608 6,399 15,898 7 2,054 July 18 41,114 7,534 3,708 282 199 1,040 214 987 14 1,090 33,580 31,534 1,550 7,664 6,361 15,952 7 2,046 July 25 41,026 7,490 3, 707 272 205 1,005 214 986 16 1,085 33,536 31,485 1,435 7,641 6,421 15,981 7 2,051 r Revised. Back figures.—See Banking and Monetary Statistics, pp. 127-227. 8oo FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month B s w F e e R a e r i r n e a t d v - h k l - e s v C a i a n u s l h t m b a w a d n e n o i c s t - k e t h i s s c j p m u a o d s a d e s t n e - i - t d d s 1 s p u p v n c h a o a a i e o n i d l r r p r r d s a t - - - s , - - , S p s d s a t i i o u c a i n o v l b a t d n i e - i l t s - s - c C c h o a e f e e e f i t n f e c r r c d i t s . d - k i ' - s m u G e e . r o n n v s - t - . s p p u v h n a c o a a n i i e o r r d p l r d r a t s - - s - - - , , S p s d s a t i i o u i c a o n v l b a t n d i e i - l t - s s - P U m G S o e a in . a s o r n e S n g v t n v d a . - s - t - l m D a e n - b d ank T s ime b F e a i o n g r k n - s B ro o w r- - co C a i u t c a a n - p l t - s B i a ts n 2 k tions tions Total 101 Cities 1944—June 9,313 575 2,179 35,886 35,959 1,921 798 6,622 6,636 125 47 877 146 4,405 67,012 1945—Feb 9,448 567 2,141 36,493 36,772 1,904 933 11,290 7,812 123 45 8,917 939 247 4,662 55,440 Mar 9,643 596 2,152 37,429 37,523 1,977 817 9,498 7,982 124 44 9,061 937 234 4,683 64,932 Apr 9,806 578 2,130 38,231 38,202 2,096 853 7,690 8,109 104 44 9,035 955 327 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 1,007 573 4,748 62,802 June 10,239 580 2,348 38,854 38,951 2,0681,112 9,884 8,380 109 43 9,898 1,044 519 4,761 78,821 May 2.... 9,997 567 2,138 39,147 38,907 2,289 990 6,484 8,190 108 44 9,110 976 531 4,741 15,179 May 9.... 10,077 566 2,115 39,490 39,044 2,271 795 5, 8,240 107 44 9,160 995 472 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 1,013 429 4,746 15,097 May 23.... 10,216 605 2,123 40,516 40,153 2,3081,019 5,343 8,298 109 44 9,148 1,017 635 4,754 14,986 May 30... 10,418 600 2,179 40,378 40,190 2,374 850 5,501 8,314 109 44 9,256 1,032 797 4,751 11,766 June 6... 10,400 580 2,172 40,683 40,323 2,268 975 5,428 8,345 109 43 9,629 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 1,050 721 4,755 14,274 June 20... 10,142 574 2,463 37,176 37,554 ,8611,391 13,633 8,388 109 45 10,040 1,050 328 4,761 25,376 June 27... 9,755 585 2,412 36,367 3.6,525 ,9091,092 14,978 8,415 109 43 9,763 1,034 202 4,762 16,913 July 3.... 9,732 542 2,424 35,875 36,019 ,8311,243 16,135 8,434 108 44 10,013 1,033 64 4,795 14,643 July 11.... 9,599 582 2,415 36,308 36,683 ,7651,051 15,488 8,487 109 47 9,965 1,040 78 4,802 14,360 July 18... 9,710 567 2,338 36,852 37,178 ,8071,003 14,769 8,529 108 43 9,780 1,053 149 4,799 15,482 July 25.... 9,796 567 2,254 37,440 37,506 1,902 961 14,176 8,574 107 43 9,453 1,069 234 4,802 13,956 New York City 1944—June 3,484 13,436 13,806 191 2,563 793 17 2,831 792 73 1,732 28,989 1945—Feb 3,443 13,241 13,631 240 574 4,745 922 18 2,850 849 99 1,805 25,416 Mar 3,540 13,681 14,026 235 442 3,929 952 19 2,859 844 130 1,806 28,924 Apr 3,619 14,121 14,485 3,163 966 18 2,869 857 131 1,816 25,115 May 3,835 14,952 15,266 532 2,257 994 19 2,927 904 332 1,826 28,384 June 3,775 14,460 14,799 221 733 3,895 996 20 3,177 937 370 1,830 36,951 May 2... 3,797 14,505 14,837 313 583 2,581 987 19 2,941 873 339 1,826 6,674 May 9.... 3,767 14,699 14,969 277 437 2,336 989 19 2,934 895 241 1,828 6,183 May 16.... 3,843 14,938 15,277 282 2,287 998 19 2,973 910 199 1,827 7,024 May 23.... 3,856 15,359 15,597 279 679 2,054 995 19 2,877 914 338 1,828 6,868 May 30... 3,912 15,260 15,650 287 475 2,025 999 19 2,909 927 542 1,823 4,840 June 6... 3,889 15,448 15,680 243 623 1,908 998 19 3,018 936 579 1,835 7,467 June 13... 3,990 15,451 15,853 244 2,066 999 19 3,297 945 526 1,831 6,643 June 20... 3,663 13,657 14,048 5,558 992 21 3,259 941 235 1,830 12,331 June 27... 3,557 13,284 13,614 6,049 996 20 3,136 925 140 1,825 7,856 July 3.... 3,578 13,107 13,449 168 6,658 991 20 3,246 921 46 1,845 6,496 July 11.... 3,433 13,214 13,625 147 682 6,354 995 20 10 3,142 930 23 1,847 6,720 July 18.... 3,510 13,445 13,819 206 610 6,022 1,002 19 10 3,067 943 84 1,846 7,457 July 25.... 3,589 13,757 14,068 215 606 5,764 1,015 19 10 2,954 959 137 1,848 6,696 Outside New York City 1944—June 5,829 482 2,154 22,450 22,153 1,730 357 4,059 5,843 41 5,857 37 85 73 2,673 38,023 1945—Feb 6,005 475 2,115 23,252 23,141 1,664 359 6,545 6,890 105 38 6,067 33 90 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 2,922 34,418 June 6,464 489 2,325 24,394 24,152 1,847 379 5,989 7,384 89 35 6,721 40 107 149 2,931 41,870 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 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 6,511 487 2,152 25,235 24,643 2,025 352 3,520 7,347 90 35 6,611 46 107 2,933 8,699 6,670 490 2,322 25,738 25,551 1,""' 379 3,433 7,372 89 35 6,863 46 105 195 2,924 7,631 6,479 487 2,436 23,519 23,506 1,668 425 8,075 7,396 88 37 6,781 32 109 93 2,931 13,045 6,198 492 2,388 23,083 22,911 1,703 361 8,929 7,419 89 35 6,627 35 109 62 2,937 9,057 July 3 6,154 458 2,401 22,768 22,570 1,663 433 9,477 7,443 36 6,767 33 112 2,950 8,147 July 11 6,166 488 2,387 23,094 23,058 1,618 369 9,134 7,492 89 37 6,823 30 110 2,955 7,640 July 18 6,200 481 2,314 23,407 23,359 1,601 393 8,747 7,527 89 33 6,713 31 110 2,953 8,025 July 25 6,207 479 2,216 23,683 23,438 1,687 355 8,412 7,559 33 6,499 31 110 2,954 7,260 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. AUGUST 1945 801 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 millionsof dollars] Loans Investments For purchasing or carry- U. S. Government obligations Total Com- mg 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 e i n n n s d - t t - s Total t c d a r i i u n i n a a s d - l - l , , U T a . n o d S b . d ro ea k l e e r r s s U T . o S . others e R l s o e t 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- O r s i e t t c h ie 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 (6 cities) June 27 3,524 725 405 49 20 30 17 65 17 122 2,799 2 723 233 678 510 1 302 76 July 3 3,544 711 400 48 22 40 17 64 2 118 2,833 2,755 239 689 508 l',319 78 July 11 3,569 717 402 51 22 39 18 65 2 118 2,852 2,774 240 700 508 1,326 78 July 18 3,596 701 409 33 22 37 17 65 2 116 2,895 2,819 254 722 505 1,338 76 July 25 3,569 706 417 33 21 36 17 64 2 116 2,863 2,787 226 715 509 1,337 76 New York (8 cities)* June 27 25,035 6,606 2,384 1,528 703 1,173 202 140 51 425 18,429 17,255 419 3,366 3,600 9,869 1,174 July 3 25,466 6,732 2,385 1 502 695 1,297 203 140 58 452 18,734 17,581 466 3 424 3 613 10 077 1,153 July 11 25,279 6,506 2,369 1,348 689 1,245 204 144 51 456 18,773 17,626 551 3^394 3^557 10^123 1447 July 18 25,102 6,359 2,360 1,238 706 1,187 205 144 64 455 18,743 17,522 444 3,340 3,556 10 181 1,221 July 25 25,022 6,205 2,333 1,195 706 1,088 207 144 74 458 18,817 17,593 513 3,307 3,573 10^199 l]224 Philadelphia (4 cities) June 27 2,762 479 202 13 39 48 10 36 1 130 2,283 2,108 144 366 427 1,171 175 July 3 2,772 476 199 12 36 49 11 33 2 134 2,296 2,122 152 362 436 1,172 174 July 11 2,773 474 204 9 37 48 11 33 1 131 2,299 2,124 149 359 471 1,145 175 July 18 2,761 475 206 8 38 47 11 33 1 131 2,286 2,110 143 356 465 1,146 176 July 25 2,722 468 204 7 37 45 11 33 1 130 2,254 2,076 128 340 443 1,165 178 Cleveland (10 cities) June 27 5,050 985 379 83 26 199 17 152 129 4,065 3,821 128 908 733 2,052 244 July 3 5,092 999 382 80 25 205 18 154 135 4,093 3,849 132 906 736 2^075 244 July 11 5,089 992 381 79 25 205 17 153 132 4,097 3,854 124 912 738 2,080 243 July 18 5,078 985 374 80 27 197 16 153 138 4,093 3,848 112 908 741 2,087 245 July 25 5,059 972 369 78 27 194 16 153 135 4,087 3,842 88 907 752 2,095 245 Richmond (12 cities) June 27 2,055 315 121 6 6 59 10 47 5 61 1,740 1,679 85 347 304 938 5 61 July 3 2,071 314 120 6 6 61 10 46 3 62 1,757 1,695 95 367 283 945 5 62 July 11... 2,089 313 120 6 6 60 9 45 4 63 1,776 1,714 99 351 305 959 62 July 18 2,104 311 119 5 6 61 9 46 4 61 1,793 1,733 103 368 288 974 60 July 25 2,105 311 118 5 6 59 10 46 5 62 1,794 1,734 103 362 294 975 60 Atlanta (8 cities) June 27 l,9O 368 183 2 8 62 7 25 1 80 1,592 1,455 40 344 330 740 1 137 July 3 1,969 373 183 3 9 67 7 24 1 79 1,616 1,478 51 348 328 750 1 138 July 11 1,981 365 184 2 9 63 7 25 2 73 1,616 1,478 57 354 318 748 1 138 July 18 1,998 358 181 2 10 60 7 24 2 72 1,640 1,502 60 360 318 763 1 138 July 25 1,986 355 178 2 11 57 7 24 3 73 1,631 1,495 51 359 321 763 1 136 Chicago (12 cities)* June 27 9,461 1,758 912 122 46 333 63 145 137 7,703 7,168 332 1,978 1,372 3,483 3 535 July 3 9,542 1,791 913 131 46 346 61 145 149 7,751 7,216 269 2,025 1,410 3,510 2 535 July 11 9,561 1,782 912 134 47 336 60 145 148 7,779 7,245 320 2,004 1,409 3,510 2 534 July 18 9,449 1,735 907 117 47 313 60 145 146 7,714 7,181 283 2,013 1,388 3,495 2 533 July 25 9,416 1,722 911 113 48 299 59 145 147 7,694 7,161 246 2,020 1,394 3,499 2 533 St. Louis (5 cities) June 27 1,956 466 237 2 6 50 12 66 3 90 1,490 1,361 57 278 318 707 129 July 3 1,975 468 239 3 6 51 14 66 1 88 1,507 1,379 72 263 318 725 1 128 July 11 1,977 468 242 3 6 47 14 66 3 87 1,509 1,381 66 269 318 727 1 128 July 18 1,965 468 241 3 7 45 14 66 3 89 1,497 1,371 58 268 319 725 1 126 July 25 1,969 464 242 3 6 41 14 67 3 88 1,505 1,379 63 267 326 722 1 126 Minneapolis (8 cities) June 27 1,237 220 114 3 1 25 4 23 50 1,017 969 32 191 195 551 48 July 3 1,253 226 117 3 2 25 4 23 "i 51 1,027 980 36 193 194 557 47 July 11 1,253 223 116 2 2 26 4 23 1 49 1,030 983 38 197 192 556 47 July 18 1,250 222 117 2 2 24 4 23 1 49 1,028 982 36 201 191 554 46 July 25 1,246 219 113 2 3 23 4 23 1 50 1,027 981 33 202 188 558 46 Kansas City (12 cities) June 27 2,175 357 211 2 4 32 8 38 62 1,818 1,687 111 391 428 751 6 131 July 3 2,200 366 214 2 4 38 7 38 63 1,834 1,704 112 392 444 755 1 130 July 11 2,224 364 216 2 4 37 7 37 61 1,860 1,731 121 398 453 759 129 July 18 2,234 363 217 2 4 33 7 37 i 62 1,871 1,742 109 400 456 777 129 July 25 2,248 367 222 2 4 32 7 37 1 62 1,881 1,751 113 401 459 778 130 Dallas (9 cities) June 27 1,852 471 286 4 72 22 24 63 1,381 1,332 67 400 266 599 49 July 3 1,869 481 290 4 81 24 24 58 1,388 1,338 67 404 269 598 50 July 11 1,887 470 288 5 71 24 24 58 1,417 1,368 75 410 270 613 49 July 18 1,899 467 291 5 65 24 24 58 1,432 1,382 77 416 272 617 50 July 25 1,898 465 290 7 64 24 24 56 1,433 1,383 78 415 272 618 50 San Francisco (7 cities) June 27 6,470 1,085 489 31 23 122 23 291 106 5,385 4,985 241 1,292 1,055 2,394 3 400 July 3 6,518 1,106 499 31 24 134 22 291 105 5,412 5,019 241 1,291 1,068 2,416 3 393 July 11 6,553 1,098 494 31 25 120 22 291 115 5,455 5,060 250 1,299 1,087 2,421 3 395 July 18 6,558 1,091 506 28 25 108 22 292 110 5,467 5,075 256 L.294 1,092 2,430 3 392 July 25 *. 6,613 1,086 506 25 29 105 22 291 108 5,527 5,130 271 1,308 1,101 2,447 3 397 City of Chicago* June 27 5,723 1,224 676 118 35 237 55 25 78 4,499 4,147 223 1,208 793 1,923 352 July 3 5,776 1,252 677 128 34 246 53 25 89 4,524 4,174 165 L,248 824 1,937 350 July 11 5,772 1,247 676 131 35 240 52 25 88 4,525 4,176 197 L,222 826 1,931 349 July 18 5,685 1,206 672 113 37 220 52 25 87 4,479 4,128 202 1,204 805 1,917 351 July 25 5,653 1,197 677 110 38 209 51 25 87 4,456 4,106 182 1,216 814 1,894 350 * Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [ In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic d F i e s d tr e i r c a t l a R n e d s e d r a v t e e B s w F e R a e e r n i r e a t d v k h - 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 j p u m o a d s a d s t e n e - i - t d d s 1 s u p h v n c a a a i i e o n d p l r r r d s - t - s - , - , S p d s a t i o i u a c n v l b a t i d i e l - t - - s c C h c o a f e e e i f n e c f r r i d d t s k - i ' s - U m G er . e o n S n v - . t - s p u h v n c a a a o i i e n l r p d r r s d t s - - - - , , S p d s a t i o i u a c n v l a t b d i i e l t - - s - P U m G S o e a a r o . e s n n S v t v n d a - - . - t l m D a e n b - d ank T s ime b e F a i o n g r n k - s B r i o n o w g r s - - co C i a t u a c a n p - l t - s d B i e t a s b n 2 - k pora- sions etc. pora- sions ings tions tions Boston (6 cities) June 27 454 60 150 2,058 2,047 100 35 1,169 378 2 304 18 3 277 803 July 3 443 57 135 2,020 2,009 92 42 1,201 379 3 299 19 2 276 719 July 11 448 62 129 2,077 2,079 92 33 1,163 382 3 306 20 3 276 646 July 18 463 60 127 2,114 2,115 95 31 1,162 384 3 297 20 12 277 689 July 25 457 58 120 2,120 2,104 91 32 1,121 386 3 290 20 11 277 587 New York (8 cities)* June 27 3,808 126 126 14,624 14,763 445 761 6,524 1,575 22 10 3,209 6 928 140 1,977 8,310 July 3 3,813 115 125 14,446 14,604 393 845 7,135 1,576 23 10 3,319 3 924 49 1,998 6,994 July 11 3,681 129 120 14,519 14,753 369 710 6,830 1,589 25 12 3,211 2 933 52 1,998 7,071 July 18 3,757 119 105 14,771 14,947 433 653 6,475 1,598 24 12 3,135 3 945 96 1,997 7,840 July 25 3,838 121 120 15,063 15,202 472 634 6,197 1,614 23 12 3,017 3 961 168 1,999 7,035 Philadelphia (4 cities) June 27 413 31 101 1,740 1,817 38 18 742 200 8 1 383 9 6 245 731 July 3 416 27 85 1,705 1 790 32 28 768 200 8 1 388 10 3 246 590 July 11 412 31 80 1,726 1,' 787 39 24 748 200 8 1 386 9 247 624 July 18 409 30 79 1,723 1,800 31 20 735 201 8 1 380 9 " 5 247 588 July 25 415 29 77 1,738 1,784 42 20 707 202 8 1* 357 9 3 247 566 Cleveland (10 cities) June 27 754 76 217 2,929 2,981 128 42 1,028 1,111 26 550 8 4 11 465 1,112 Julv 3 768 71 211 2,918 2,964 130 53 1,074 1,117 24 568 8 4 2 465 913 July 11 756 76 214 2,938 2,984 137 41 1,029 1,124 24 568 7 4 15 465 848 July 18 774 77 230 3,030 3,075 142 45 979 1,130 24 563 7 4 465 911 July 25 763 76 207 3,040 3,063 148 41 941 1,134 24 535 7 4 465 829 Richmond (12 cities) June 27 313 39 206 J. 189. 181 78 22 539 313 2 7 397 5 2 5 126 435 July 3 322 35 207 ,166 'l77 75 25 573 314 2 7 408 5 2 125 395 July 11 316 38 213 ,203 ,212 72 18 548 316 2 7 415 5 2 1 125 379 July 18 316 38 174 ,206 ,204 77 21 524 318 2 7 405 5 3 6 125 386 July 25 304 38 167 1,2.21 L,211 80 21 505 319 2 7 386 5 2 7 126 377 Atlanta (8 cities) June 27 351 29 147 ,184 124 152 11 310 371 4 2 506 1 7 1 120 389 July 3 359 26 153 ,173 '097 170 14 341 372 4 2 527 1 7 119 371 July 11 363 28 168 ,207 , 153 160 9 322 375 4 3 527 1 6 119 343 July 18 345 29 157 L,227 ^169 156 12 305 377 4 2 512 1 6 120 363 July 25 351 29 143 ,230 L159 161 9 294 379 4 2 497 1 7 120 340 Chicago (12 cities)* June 27 1,460 93 408 5,480 5,370 451 64 2,042 1,667 5 4 1,647 5 24 1 566 2,348 July 3 1,428 90 414 5,338 5,223 425 71 2,211 1,668 5 4 1,674 5 24 4 566 2,146 July 11 1,426 92 413 5,448 5,353 402 74 2,114 1,678 5 4 1,666 5 25 4 567 1,918 July 18 1,438 89 397 5,462 5,375 395 72 1,996 1,684 5 4 1,629 5 24 21 564 2,079 July 25 1,445 88 404 5,548 5,432 410 64 1,916 1,690 5 4 1,592 5 23 24 564 1,791 St. Louis (5 cities) June 27 327 22 112 997 1,043 57 16 384 307 1 4 580 2 22 127 422 July 3 310 20 116 983 1,023 57 19 417 308 1 4 584 2 4 127 385 July 11 325 22 123 1,013 1,069 54 12 395 310 1 4 602 2 1 128 364 July 18 324 21 124 1,028 1,092 54 13 374 312 1 1 595 2 2 128 383 July 25.. 329 21 115 1,054 1,097 56 13 362 313 1 1 577 2 6 128 351 Minneapolis (8 cities) June 27 184 11 103 643 606 86 14 324 186 304 2 82 274 July 3 189 10 102 646 612 90 16 335 187 308 2 82 250 July 11 181 10 106 650 623 87 14 328 189 306 2 82 263 July 18 180 11 103 660 626 85 16 312 189 304 2 ''' j' 82 255 July 25 182 11 93 664 626 87 13 301 191 299 2 82 217 Kansas City (12 cities) June 27 431 25 308 1,292 1,285 137 19 369 256 1 3 881 5 3 141 503 July 3 435 22 311 1,263 1,266 132 19 396 257 1 3 914 6 141 421 July 11 430 23 306 1,278 1,302 126 19 380 259 1 3 926 5 2 142 457 July 18 430 23 310 1,306 1,321 130 18 361 261 1 3 927 5 6 142 495 July 25 437 24 294 1,336 1,331 138 18 346 262 1 3 914 5 8 142 468 Dallas (9 cities) June 27 362 25 271 1,219 1,220 73 20 378 236 13 3 554 4 125 386 July 3 362 23 284 1,205 1,205 77 24 399 237 13 3 575 4 124 340 July 11 367 24 273 1,221 1,242 71 21 384 238 13 3 587 3 124 344 July 18 355 23 260 1,236 1,260 66 21 365 239 13 3 577 3 124 374 July 25 354 25 242 1,258 1,257 68 22 350 241 13 3 549 3 "i 124 344 San Francisco(7 cities) June 27 898 48 263 3,019 3,088 164 70 1,169 1,815 27 7 448 6 34 10 511 1,200 July 3 887 46 281 3,012 3,049 158 87 1,285 1,819 27 7 449 6 35 526 1,119 July 11 894 47 270 3 028 3,126 156 76 1 247 1 827 26 7 465 6 34 529 1,103 July 18 919 47 272 3^089 3'194 143 81 l', 181 l]836 26 7 456 6 35 528 1,119 July 25 921 47 272 3,168 3,240 149 74 1,136 1,843 26 7 440 6 36 ""6" 528 1,051 City of Chicago* June 27 904 35 185 3,245 3,270 192 31 1,360 682 1,181 18 1 360 1,401 July 3 883 36 197 3,171 3,175 193 34 1,467 679 1,198 20 361 1,324 July 11 892 35 203 3,254 3,253 189 40 1,396 683 1,191 21 361 1,149 July 18 893 34 194 3,270 3,293 185 30 1,317 683 1,156 21 358 1,288 July 25 905 34 197 3,331 3,339 187 28 1,262 685 1,129 20 358 1,071 * 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. 803 AUGUST 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollarsl Dollar acceptances outstanding Commer- Held by Based on cial End of month sta p o n a u d p t i e - n r g1 sta T o n o u d t t a i - n l g Ac f c ! epting banks Others2 Im in p t o o rts Ex fr p o o m rts Dollar G s o h o i d p s p p o e s d i t n o t r D s e d e in t w in e e o n r Total O bi w lls n b J o D u ll g lS ht U S n ta it t e e d s U St n a i t t e e s d exchange United Foreign States countries 1944—March 195 129 100 52 48 30 79 12 (3) 31 7 April 172 126 96 51 45 29 77 12 (3) 30 7 May 151 113 90 49 41 24 71 10 8 28 4 June 137 112 87 44 43 25 74 11 24 July 143 110 88 46 41 23 72 12 24 2 N D A O Se e o c u p c t v g o t e e u e b m m s m e t b r b b e e e r r r 1 1 1 1 1 4 4 6 4 6 1 2 7 1 6 1 1 1 1 1 1 1 1 1 2 5 1 5 0 9 8 8 8 8 9 5 2 5 4 3 4 4 4 4 4 4 2 0 4 4 4 4 3 4 5 3 0 8 5 0 3 3 2 3 2 0 2 6 5 8 7 7 8 7 7 8 4 6 5 9 1 1 1 1 1 1 0 3 4 4 (( ( ( ( w 3 3 3 3 3 ) ) ) ) 2 2 2 1 2 2 1 4 9 5 4 3 3 3 2 1945—January 162 130 98 48 50 32 86 13 (3) 25 5 February 157 126 97 52 46 29 87 12 (3) 24 4 March 147 128 96 54 42 32 87 11 (3) 25 4 April 119 117 90 52 38 26 81 10 (3) 24 2 May 103 104 82 51 32 22 72 9 (3) 22 2 June 101 107 80 44 36 27 74 10 (3) 20 3 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by FederaljReserve 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 dollarsl Debit balances Credit balances End of month Debit Debit cre C d u it s t b o a m la e n r c s e ' s1 Other credit balances Customers' balances in balances in Cash on debit partners' firm hand Money b ( a n la e n t) c 1 es a in n a d v c e c t s o r t a u m d n e i t n s n g t a in n a v d c e c t s o r t u a m d n e i ts n n g t a b n a d n k i s n borrowed2 Free O (n th e e t) r i a I n n n v d p e t a s r t r a m t d n e i e n n r g t s' i a n n v d I e n s tr t f a i m r d m e in n g t I a n c ( c c n o a e u p t) n it t a s l accounts accounts 1936—June 1,267 67 164 219 985 276 86 24 14 420 December. 1,395 64 164 249 1,048 342 103 30 12 424 1937—June... 1,489 55 161 214 1,217 266 92 25 13 397 December. 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December. 991 32 106 190 754 247 60 22 5 305 1939—June... 834 25 73 178 570 230 70 21 6 280 December. 906 16 78 207 637 266 69 23 7 277 1940-June 653 12 58 223 376 267 62 22 5 269 December, 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December. 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December. 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December 788 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 1944—July e940 e660 e420 August c940 C63O c410 September c940 e640 e420 October... e950 e670 e430 November e940 e640 e430 December. 1,041 7 260 209 726 472 96 18 8 227 1945—January... el 070 e730 e530 February. el,100 c730 c540 March... 31,034 3722 3553 April 31,065 3701 3575 May 31,094 3742 3583 June pl,223 P333 p220 J>853 ?)549 *121 PU p13 p264 e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of large firms. p Preliminary. 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 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. 804 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES u. s Government [Per cent per annum] mo Y w n e e t a e h k r , , or m m 4 p P - c o e a r o r n t p i o m 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 c r i n y e s m 0 e ' k p s s - e l t , - c S h l n c a o e t r a e l o x a e 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 - e c i b f t r o a t y o t t t i n i e e n f t 1 d s i y h - - 2 - i - eld 3 ta s - n y x o t e o a t a e b r s 5 l - e 1936 average1 1 T 9 2 o . c 6 t i a 8 t l ies Y N C 1. o e i 7 t w r 2 y k 7 e E N r c a 3 n o O i s . t r 0 t i a t t e e 4 h n h s r e - d n r 1 W e 1 r c 3 n e S i . s t o 4 i t a e 0 e u n s r t d n hness 1 1 9 9 3 3 7 8 a a v v e e r r a a g g e e 1 1 2 2 . . 5 5 9 3 1 1 . . 7 6 3 9 2 2 . .7 8 5 8 3 3 . . 2 2 5 6 1942 average .66 .44 1.00 .326 1.46 1939 average 2.78 2.07 2.87 3.51 1943 average .69 .44 1.00 .373 ""75" 1.34 1940 average 2.63 2.04 2.56 3.38 1944 average .73 .44 1.00 .375 .79 1.33 1941 average 2.54 1.97 2.55 3.19 1944—July .75 .44 1.00 .375 .77 1.31 1942 average 2.61 2.07 2.58 3.26 August .75 .44 1.00 .375 .76 1.30 1943 average 2.72 2.30 2.80 3.13 September.... .75 .44 1.00 .375 .79 1.31 1944 average 2.59 2.11 2.68 3.02 October .75 .44 1.00 .375 .80 1.35 1940—-December 2.59 2.00 2.53 3.36 N D o ec v e e m m b b e e r r . . . 7 7 5 5 . .4 4 4 4 1 1 . . 0 0 0 0 . . 3 3 7 7 5 5 . .8 8 0 1 1 1. . 3 3 5 4 1941— J M un a e rch 2 2 . . 5 5 8 5 2 1 . .9 0 5 6 2 2 . . 5 5 3 8 3 3 . . 2 2 3 5 1945—January .75 .44 1.00 .375 .78 1.31 September 2.60 1.98 2.62 3.29 February .75 .44 1.00 .375 .77 1.22 December 2.41 1.88 2.45 2.99 March .75 .44 1.00 .375 .78 1.18 1942—March 2.48 1.85 2.48 3.20 April .75 .44 1.00 .375 .77 1.14 June 2.62 2.07 2.56 3.34 J J M u u a l n y y e . . . 7 7 75 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 . . . 1 1 1 6 6 6 D Se e p c t e e m m b b e e r r 2 2 . . 7 6 0 3 2 2 . . 0 2 9 8 2 2 . . 6 6 3 6 3 3 . .2 2 5 6 Week J J J e u u u n n l l d y y e i n 1 3 g 4 0 7 : H % 3A 7 % A , > 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 7 7 7 5 5 5 . . . 8 7 7 0 9 8 1 1 1 . . . 1 1 1 4 4 4 1943— J S D M u e e n a p c e r t e c e m h m b b e e r r 3 2 2 2 . . . . 0 4 7 6 0 8 6 5 2 2 2 2 . . . . 0 1 7 3 5 0 0 6 2 2 2 2 . . . . 9 7 7 7 8 1 6 6 3 3 3 2 . . . . 2 1 3 7 4 7 8 3 July 21 1.00 .375 .80 1.17 1944—March 2.63 2.10 2.75 3.12 July 28 A 1.00 .375 .82 1.19 June 2.63 2.23 2.55 3.18 September 2.69 2.18 2.82 3.14 1 Monthly figures are averages of weekly prevailing rates. December 2.39 1.93 2.61 2.65 ^The average rate on 90-day stock exchange time loans was 1.25 per cent during the entire period. 1945—March... 2.53 1.99 2.73 2.91 3 Rate on new issues offered within period. JJuunnee I 22..5500 22..2200 22..55b5 22..W80 Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 1 Prior toSMarch 1939 figures Were reported monthly on a basis not strictly 448-459, and the BULLETIN for May 1945, pp. 483-490. comparable with the current quarterly series. Back figures—See Banking and Monetary Statistics, Tables 124-125, pp. 463-464; for description, see pp. 426-427. BOND YIELDS1 [Per cent per annum] U. S. Government Corporate (Moody's)4 Yea o r r , w m e o e n k th, 7 y e t a o r s 9 15 years and over M (h u i i p n g a i h l c - - C (h r o a i r g t p e h o - - By rating 3y groups T ab ax le - a e P l x ly a e r m t t a i p - x t T ab ax le - grade)2 grade)3 Total Aaa Aa A Baa In tr d ia u l s- R ro a a i d l- P u u ti b li l t i y c SFumber of issues 1-5 1-5 1-8; 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—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 1.56 1.63 2.35 1.58 2.54 2.87 2.61 2.69 2.86 3.29 2.68 r3.03 2.89 July 1.58 1.63 52.34 1.57 2.53 2.85 2.60 2.68 2.85 3.26 2.68 3.00 2.87 Week ending: 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 July 7 1.55 1.62 52.34 1.57 2.52 2.85 2.60 2.69 2.85 3.27 2.68 3.01 2.88 July 14 1.55 1.62 2.34 1.57 2.52 2.85 2.60 2.68 2.84 3.26 2.67 3.00 2.87 July 21 1.58 1.63 2.34 1.57 2.52 2.85 2.60 2.68 2.85 3.26 2.68 r3.03 2.87 July 28. 1.61 1.65 2.36 1.58 2.54 2.85 2.60 2.69 2.85 3.27 2.69 3.01 2.86 r Revised. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 10 to 6 issues, respectively, and the railroad Aaa group from 10 to 5 issues. 6 Number of issues increased from 7 to 8 on July 1. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490. 805 AUGUST 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices6 Volume Corporate4 Common (index, 1935-39 = 100) of trading? Year, month, or week U.S. Munic- (in thou- G er o n v - - g ( r h i a p i d g a e h l )3 H gr i a g d h e - Mediu In m d - u a s- nd lo R w ai e l r - -gra P de ublic fau D lt e e - d fe P r r r e e - d6 Total In tr d i u a s l - R r a o i a l d - P ut u i b l l i i t c y s s a h n a d r s e s o ) f Total trial road utility Number of issues 20 20 402 354 28 1942 average 100.72 126.2 118.3 100.1 109.1 86.6 104.8 27.2 162.4 69 71 66 61 466 1943 average 100.50 131.8 120.3 109.5 117.0 97.6 114.0 44.0 172.7 92 94 89 82 1,032 1944 average 100.25 135.7 120.9 114.7 120.5 107.3 116.3 59.2 175.7 100 102 101 90 971 1944—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 O N S A D e o c u e p t c v g o t e u e e b m m s m e t b b r b . e e e . r r r . . . . . 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 . . . . . 4 3 2 3 2 0 5 9 4 6 1 1 1 1 1 3 3 3 3 3 6 5 5 6 5 . . . . . 2 2 5 5 5 1 1 1 1 1 2 2 2 2 2 1 1 1 1 0 . . . . . 2 2 1 4 9 1 1 1 1 1 1 1 1 1 1 4 4 5 5 6 . . . . . 5 8 5 9 9 1 1 1 1 1 2 2 1 2 1 0 0 9 0 9 . . . . . 9 1 9 7 9 1 1 1 1 1 0 0 0 1 1 7 9 7 3 0 . . . . . 0 6 2 3 9 1 1 1 1 1 1 1 1 1 1 6 6 6 6 6 . . . . . 2 5 9 7 8 5 5 5 6 6 5 7 9 5 1 . . . . . 5 3 1 2 8 1 1 1 1 1 7 7 7 8 7 7 7 6 0 8 . . . . . 4 4 9 9 5 1 1 1 1 1 0 0 0 0 0 1 3 4 5 3 1 1 1 1 1 0 0 0 0 0 3 5 6 6 5 1 1 1 1 9 0 0 0 1 9 3 3 5 4 9 9 9 9 9 2 1 3 2 2 1, 8 7 7 8 4 7 3 2 7 5 2 8 6 0 1 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 July 8102.46 141.6 122.3 117.9 122.2 115.2 116.4 80.4 189.6 118 119 140 108 951 Week ending: 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 July 7 8102.53 141.6 122.4 118.2 122.1 115.4 116.9 82.2 190.8 120 121 144 108 1,029 July 14.... 102.59 141.6 122.5 118.2 122.3 115.5 116.7 81.9 189.7 120 121 143 109 896 July 21. ... 102.53 141.6 122.4 117.9 122.3 115.1 116.2 79.4 189.2 116 117 136 107 1,046 July 28.... 102.25 141.4 122.0 117.7 122.0 115.0 116.0 78.7 188.7 117 118 136 108 875 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. 8 Number of issues increased from 7 to 8 on July 1. 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 fin 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 ( a f d e o n o s r d - t - ic Total S m a t n a u d t - e F e e ra d l - Co B rp o o nd ra s te F ei o gn r- " , 4 m ( a f e d o n s o r t d - - ic Total S a m t n a u d t - e F e e ra d l - Co B r o p n o d r s ate e F ig o n r 2 eign) nici- agen- Total and Stocks eign) nici- agen- Total and Stocks pal cies1 notes pal cies1 notes 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 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 "i" 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—June 213 42 42 23 4 15 11 5 170 170 8 83 79 76 3 July 274 70 64 12 52 43 10 •••y 204 204 22 27 154 133 21 August 332 145 145 40 106 68 37 187 187 26 20 141 136 5 September. 478 42 42 13 29 15 14 436 436 6 30 401 351 50 October 892 178 178 47 131 109 22 714 714 61 42 611 586 25 November... 480 39 39 6 io 23 9 14 440 440 65 39 336 304 32 December. 193 38 38 20 19 13 6 155 155 14 27 114 114 1945—January r633 r143 rU3 r99 2 43 18 25 490 490 r23 195 272 240 33 February 220 42 42 6 9 27 22 5 178 163 8 18 136 136 15 March 557 86 86 24 62 27 35 471 471 150 25 296 265 31 April r758 r128 r126 19 ""6 r101 r50 51 "2 " r630 r630 30 46 r554 r529 25 May. 584 186 185 28 157 102 55 2 397 395 9 19 367 272 95 ""2 June. 164 52 52 43 1 1 112 112 8 30 74 74 r Revised. 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 1 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. 806 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 PROPOSED USES OF PROCEEDS. ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month E p s r t o g i c m r e o a e ss d te s d 2 E p s r t o i n m c e e a t e t d e s d 3 New money Retirement of securities Repay o m f ent Other Total e P q l u a i n p t m a e n n d t W c o a r p k i i t n al g Total Bo n n o ds te 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—November 199 197 119 64 55 71 66 6 6 1 December 116 113 20 8 12 81 77 4 5 7 1944—January 154 150 34 23 11 114 54 60 2 1 February 97 95 49 18 31 33 32 1 4 8 March 203 199 48 32 16 147 129 18 3 1 April 155 150 53 24 28 93 55 38 1 3 May 148 146 23 17 6 120 115 5 3 June 163 160 23 8 15 117 103 13 18 i July 192 188 60 36 24 122 109 13 6 August 229 226 57 24 33 166 147 19 f "' 3 O Se c p to te b m er ber 4 7 3 3 8 5 4 7 2 2 9 2 12 2 3 7 1 9 7 11 1 4 0 3 5 9 9 5 0 3 5 5 6 7 6 3 2 8 4 2 7 5 November 347 340 24 11 13 316 207 109 December 154 152 54 4 50 96 96 1 1 1945—January 281 275 35 14 21 240 221 19 February 215 212 28 16 12 177 160 17 5 1 March 226 221 48 28 19 171 158 13 1 2 April 643 632 102 55 47 513 501 12 14 3 May 496 485 136 48 88 331 278 53 12 6 June 92 91 5 1 3 79 72 7 1 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 poses* 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46' ••"72" 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 J36 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 . 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 .. . 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 4" 1944 606 106 500 1,339 28 1,297 14 918 389 475 54 92 51 38 3 1943—November 26 3 23 38 38 131 115 11 6 2 1 1 December 3 3 78 1 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 •••-• ' i May 2 2 58 58 85 19 62 4 1 1 June 45 4 '•41' 24 23 1 58 17 22 19 33 2 "3l" July 21 21 58 5" 52 109 34 70 5 August 134 19 115 26 24 " "2 66 38 27 2 September. 189 10 179 149 5 138 6 85 10 75 "" 6" ""2" 4" October 36 2 35 498 8 484 5 186 113 71 ""2" 2 " "2 November. .. 52 4 48 259 4 255 29 16 11 1 1 1 December 82 82 10 10 18 12 5 1 42 42 1945—January 119 119 65 65 82 28 54 10 8 2 February 108 12 96 60 60 27 9 16 "l 18 7 6 ""5 March 124 ""2" 122 93 41 50 2 4 4 April 360 14 346 137 12 125 120 64 55 1 15 12 i" 1 May. ... 75 18 57 184 1 183 223 117 89 17 2 2 June 30 30 59 3 49 7 2 "Hi" 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 flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilations of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. AUGUST 1945 807 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Profits and Net profits,1 by industrial groups dividends Year or quarter Total s I a t r n e o e d n l c M e h a r in - y - t b o A i m l u e o - s - p e O t m r t q o i a t u e o r h n t n i n e a s p t r - - - f m p e N u a e r r o n c r o t o n d a t d s - u l - s s O g d b o u t l o h r e a d e - r s t F o b a a o b e g n o a v d e d c e s c s r , - , o pr r o a e i i O n n n f d i g i g d u l n 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 o t o h r l n e a d e - - r s s n c M e i e e c r i l o s e v l - u a s - - s pr N of e i t ts1 f P e D r r r i e e v - d ide C n o ds m- Number of companies. 629 47 69 68 77 49 45 30 152 152 1939 1,465 146 115 223 102 119 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 148 112 194 160 132 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 90 151 152 164 136 161 888 552 1943 1,802 204 165 201 182 128 83 162 186 170 149 171 902 556 1944 1,889 194 174 222 183 115 175 220 187 147 183 963 611 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 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 59 642 28 25 49 64 53 37 50 271 23 184 1945—1. 471 50 54 647 32 39 PUBLIC UTILITY CORPORATIONS [ In millions of dollars] Railroad2 Electric power3 Telephone4 Year or quarter O re p v i e n e r g n a u t e - i I b n n e t c c a f o o o x m m r 5 e e e Net 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 n n b t c c e a o o f x o m m 5 re e e i . n c N om et e1 d D e i n v d i- s O re p v i e n e r n g a u t e - I i b n n t e c c a f o o x o m m * 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 ,152 96 69 28 751 209 154 295 67 43 44 2 ,272 145 103 36 723 182 126 308 69 44 45 3 ,468 267 189 34 750 183 107 311 66 45 44 4 ,454 166 138 87 805 200 139 321 68 46 40 1942—1. ,483 178 90 24 816 234 131 98 324 72 41 44 2. ,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 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. operations. * Thirty large companies, covering about 85 per cent of all telephone operations. Series exclud Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. ° After all charges and taxes except Federal income and excess profits taxes. 6 Partly estimated. 7 Not available. Sources.—Interstate Comme prior to 1942 are partly estimatec panies and for telephone dividends. Figures ior the current and preceding year subject to revision, es renegotiation. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN. 808 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 e r o t e b s a c t s l t i b n d T e d t i a o e e r r e r t 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 a le 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 al2 arke s t b a a U v o b . i n l n e S d g s . p s ubl T i s t c r a n a e x v o i a s i t s n a e s u n s u g r d e s y s S i p ss e u c e ia s l i b n e N d te a e o r r b e n in t s - g t- s t b g e t e e e u c F e r a a u d u e r r r l s i a i i l n t t n y n - i g - - es 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 i,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 1,283 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 1,092 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 {,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 ,516 1944—July.. 208,574 207,117 144,919 15,524 30,035 18,067 81,097 47,237 36,538 10,000 14,961 1,456 ,468 Aug.... 209,802 208,289 145,213 15,715 30,001 18,067 81,235 47,614 36,883 10,030 15,461 1,514 ,475 Sept 209,496 207,850 144,723 15,747 29,573 17,936 81,270 47,152 37,323 9,124 15,976 1,645 ,480 Oct 210,244 208,608 145,008 16,060 29,546 17,936 81,271 47,430 37,645 9,075 16,170 1,636 ,480 Nov 215,005 210,774 145,183 16,405 29,545 17,936 81,102 49,008 38,308 9,990 16,583 34,230 1,470 Dec 230,630 228,891 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 ,470 1945—Jan 232,408 230,672 162,261 16,403 30,401 23,039 92,221 51,723 41,140 9,864 16,688 1,736 ,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 ,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 ,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 ,132 May 238,832 235,761 162,652 17,049 34,442 18,588 92,377 54,517 43,767 10,031 18,592 "3,071 ,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 July 262,045 259,781 183,080 17,025 34,472 23,498 107,890 57,143 46,508 10,119 19,558 2,264 484 1 Including amounts held by Government agencies and trust funds, which aggregated 5,195 million dollars on May 31, 1945, and 6,105 million on June 30, 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, beginningon 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, JULY 31, 1945 [ In millions of dollars ] [On basis of daily statements of United States Treasury. In millions of dollars] Redemp- Amount Funds received from sales during tions and Issue *md coupon rate \mount Issue and coupon rate Amount Month sta o n u d t i - ng month maturities Treasury billsi Treasury bonds—Cont. at end of All Series Series Series All muniu series E F G series Aug. 2, 1945 1,314 Dec. 15, 1948-50 .... ....2 571 Aug. 9, 1945 . .. 1,307 June 15, 1949-51 ....2 1,014 Aug.16, 1945 1,307 Sept. 15, 1949-51 2 1,292 1943—Dec 27,363 853 728 24 101 207 Aug.23, 1945 .... 1,313 Dec. 15, 1949-51 ....2 2,098 Aug.30, 1945 1,314 Dec. 15, 1949-52 .Vy% 491 1944—Jan 28,901 1,698 1,085 127 487 188 Sept 6, 1945 1,302 Dec. 15, 1949-53 2M 1,786 Feb 31,515 2,782 2,102 157 522 185 Sept 13, 1945.... 1,310 Mar. 15, 1950-52 '.'..'.2 1,963 Mar 31,974 709 576 23 110 268 Sept 20, 1945 .... 1,305 Sept. 15, 1950-52 2}A 1,186 Apr 32,497 739 606 19 114 237 Sept 27, 1945.... 1,318 Sept. 15, 1950-52 '.'...2 4,939 Mav 32,987 751 624 15 111 279 Oct. 4, 1945 1,305 Dec. 15, 1950 \^A 2,633 June 34,606 1,842 1,350 115 377 248 Oct. 11, 1945 1,311 June 15, 1951-54 ..2% 1,627 July 36,538 2,125 1,687 101 338 227 Oct. 18, 1945 1,305 Sept. 15, 1951-53 ....2 7,986 Aug 36,883 602 499 18 85 279 Oct. 25, 1945 1,312 Sept. 15, 1951-55 3 755 Sept 37,323 692 591 16 85 283 Dec. 15, 1951-53 ..2H 1,118 Oct 37,645 695 599 14 83 401 Cert, of indebtedness Dec. 15, 1951-55 ....2 510 Nov 38,308 1,023 807 43 174 382 A Se u p g t . . 1 1, , 1 1 9 9 4 4 5 5 • • • • V % s 3 2 , , 6 5 9 1 4 1 M Ju a n r e . 1 15 5 , , 1 1 9 9 5 5 2 2 - - 5 5 4 4 . . . . . . . . . . . . 2 .. H 2 5 1 , ,0 8 2 2 4 5 Dec 40,361 2,386 1,855 125 406 365 Oct. 1, 1945 ..% 3,492 June 15, 1952-55 • -23^ 1,501 1945—Jan 41,140 1,074 804 42 228 341 Dec. 1, 1945. 4,395 Dec. 15, 1952-54 .'... 2 8,662 Feb. 41,698 848 653 31 164 323 Feb. 1, 1946 • -7A 5,043 June 15, 1953-55 ....2 725 Mar 42,159 889 712 27 151 464 Mar. 1, 1946. 4,147 June 15, 1954-56.. . . • • 234 681 Apr 42,626 838 684 23 130 404 Apr. 1, 1946 4,811 Mar. 15, 1955-60 ..2% 2,611 May 43,767 1,540 1,195 63 282 426 May 1, 1946 '.'.% 1,579 Mar. 15, 1956-58 1,449 June 45,586 2,178 1,468 178 532 403 June 1, 1946 4,799 Sept. 15, 1956-59 '•'•2H 982 July 46,508 1,294 1,032 47 215 428 • •% Sept. 15, 1956-59 • •2H 3,823 Treasury notes June 15, 1958-63 • •2% 919 Dec. 15, 1945 531 June 15, 1959-62 ..2H 5,088 Jan. 1, 1946 .9%0 3,416 Dec. 15, 1960-65 • •2% 1,485 Mar. 15, 1946 .1 1,291 June 15, 1962-67 • -2^2 2,118 Maturities and amounts outstanding, July 31, 1945 July 1, 1946 ..90 4,910 Dec. 15, 1963-68 . . . .23^2 2,831 Dec. 15, 1946 1K> 3,261 Tune 15, 1964-69. ... 2}A 3,761 M Se a p r t . . 1 1 5 5 , , 1 1 9 9 4 4 7 7 • 1 V 3 A 4 2 1 , ,9 7 4 0 8 7 M De a c r . . 1 1 5 5 , , 1 1 9 9 6 6 5 4 - - 7 6 0 9 . ... • • -2 2 H % 3 5 , , 8 19 3 7 8 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 Tr S S e e e a p p s t t u . . ry 1 15 5 , , b 1 1 o 9 9 n 4 4 7 8 ds • i 1 y /^ 2 4 3 1 , ,6 7 8 4 7 8 P M J S o u e s a n p t r e t . a . l 1 1 1 5 5 5 S , , , a 1 1 1 v 9 9 9 6 i 6 n 6 7 7 - 6 g - 7 7 - s 2 7 2 . 1 b . . . o . . . . m . . . \s • \ 2 y y 2 2 3 2 7 , , , 4 7 7 1 8 9 1 1 1 2 6 7 1 19 9 4 4 6 5.. 3 1 2 0 8 3 3 1 2 0 8 3 Sept. 15, 1945-47..• 2H 21,214 Conversion bonds. .... 3 29 1947 417 417 Dec. 15, 1945 541 Panama Canal loan....3 50 1948 491 491 Mar. 15, 1946-56. 489 Total direct issues. 183,080 1949 803 803 June 15 1946-48 .. .3 1,036 1950 992 992 June 15,' 1946-49! 819 1951 1,662 443 1,219 Oct. 15, 1947-52. 759 Guaranteed securities 1952 5,048 5,048 Dec. 15, 1947.... "...2 701 Federal Housing Admin. 1953 9,419 8,013 215 1,191 Mar. 15, 1948-50. ...2 1,115 Various 34 1954 12,882 9,953 596 2,333 Mar. 15, 1948-51. 1,223 1955 8,666 5,522 679 2,465 Tune 15, 1948 $ 3,062 1956 3,589 757 2,832 Sept. 15, 1948 • 2XA 451 1957 2,071 399 1,671 1 Sold on discount basis. See table on Open-Market Money Rates, Unclassified 35 p. 805. Total. 46,508 3,579 29,756 2,647 10,492 2 Called for redemption on Sept. 15, 1945. 809 AUGUST 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by U. S. Gov- Privately held1 ernment agencies Held End of month s i 8 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 Sp a e n c d i a t l rust f P u u n b d l s ic R F B e e a d s n e e k r r s v al e Total m b C e a o r n c m k ia s - l M s b a a u v n t in u k g s al s I c n a o n s m u ce r - - Ma a O b rk t le h e e t- r inv m es N a to r o k r n s e - tissues issues panies issues able issues 1941—December.. 63,768 6,982 2,557 2,254 51,975 21,788 3,700 8,200 9,800 8,500 1942—June 76,517 7,885 2,738 2,645 63,249 26,410 3,891 9,200 10,700 13,000 December.. 111,591 9,032 3,218 6,189 93,152 41,373 4,559 11,300 14,800 21,100 1943-June 139,472 10,871 3,451 7,202 117,948 52,458 5,290 13,100 18,700 28,400 December.. 168,732 12,703 4,242 11,543 140,244 59,842 6,090 15,100 23,700 35,500 1944—June 201,059 14,287 4,810 14,901 167,061 68,431 7,306 17,300 30,700 43,300 1944—October.... 210,088 16,170 4,616 17.647 171,655 70,000 7,700 18,400 29,800 45,800 November.. 212,244 16,583 4,603 18,388 172,670 71,600 7,300 17,900 28,600 47,300 December.. 230,361 16,326 5,348 18,846 189,841 77,558 8,328 19,600 35,200 49,200 1945—January 232,168 16,688 5,270 19,006 191,204 78,500 8,600 19,900 C34,200 50,000 February... 232,968 17,130 5,267 19,439 191,132 78,100 8,700 20,100 33,600 50,600 March 233,145 17,567 5,303 19,669 190,606 77,400 8,700 r20,400 r34,000 50,100 April... 234,194 17,923 5,262 20,455 190,554 77,300 8,700 r2O,5OO r33,400 50,700 May 236,912 18,592 5,217 20,954 192,149 77,400 8,700 20,200 33,100 52,700 1 Figures for insurance companies and other investors have been rounded to nearest 100 million dollars for all dates, and figures for commercial banks and mutual savings banks have been rounded to nearest 100 million for all dates except June and December for which call report data are available. Back figures.—See Banking and Monetary Statistics, Table 149, p. 512. r Revised. cCorrected. 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 er e a d l - Com- M tu u al - 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—Dec 118,813 3,78711,543 55,549 5,96214,386 27,586 Total: 1944—June 141,591 4,604 14,901 63,523 7,158 16,471 34,935 1943—Dec 67,944 3,614 1,55928,264 5,50613,389 15,613 Dec 162,843 5,33818,846 72,045 8,183 18,761 39,670 1944—June 79,244 4,437 1,46430,910 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 5,251 19,439 72,543 8,47619,289 38,168 1945—Jan 92,221 5,091 1,166 37,418 7,90918,07722,561 Mar. 163,412 5,26719,669 71,872 8,48219,554 38,568 Feb 92,349 5,056 1 13237 737 7,931 18,18222,311 Apr 163,468 5,24620,455 71,799 8,50219,640 37,826 Mar 92,377 5,039 l[l28 38,'068 7,87918]16722^097 May 163,441 5,20220,954 71,896 8,49719,325 37,567 Apr. 9? 377 4,991 1,12338,499 7,817 18,07321,873 Treasury bills: . May 92,377 4,961 1,11339,275 7,75317,64621,628 1943—Dec 13,072 20 6,768 4,716 12 72 1,484 Maturing within 5 years: 1944—June 14,734 6 8,872 4,894 2 960 1943—Dec 8,524 665 5,044 211 828 1,775 Dec 16,428 611,148 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 1111,830 3,387 7 1,164 1945—Jan 7,824 518 4,799 144 525 1,836 Mar 16,921 2312,079 2,720 12 "21 2,066 Feb 7,824 518 4,770 172 510 1,856 Apr 17,041 3313,010 2,565 11 25 1,397 Mar 8,939 564 5,554 268 535 2,015 May 17,049 4412,954 2,242 17 86 1,706 Apr 8,939 564 5,488 267 543 2,076 Certificates: May 8,939 564 5,548 258 520 2,050 1943—Dec 22,843 50 2,467 12,701 208 367 7,050 Maturing in 5-10 years: 1944—June 28,822 67 3,382 15,037 126 339 9,871 1943—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—Jan 30,401 66 4,897 15,145 133 357 9,804 Dec. 44,087 1^504 24,445 3', 556 4', 230io'357 Feb 30,396 80 4,917 15,259 203 429 9,509 1945—Jan 44,531 1,421 25,194 3,710 4,357 9,850 Mar 34,544 110 5,411 17,830 269 698 10,225 Feb 44,645 1,362 25,507 3,743 4,467 9,569 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 May 34,442 103 5,870 17,202 394 884 9,989 Apr 43,564 1,280 25,350 3,503 4,335 9,099 Treasury notes: May 43,564 1,262 25,790 3,427 4,196 8,891 1943—Dec 11,175 66 665 7,389 197 275 2,583 Maturing in 10-20 years: 1944—June 17,405 58 1,180 11,718 286 337 3,826 1943—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 1,006 5,475 1,880 2,603 3,480 Mar 18,588 54 1,051 12,657 318 651 3,858 Feb 14,445 1 003 5,466 1,829 2,607 3,538 Apr 18,588 52 988 12,611 324 693 3,919 Mar. 14,445 998 5,500 1,812 2,569 3,561 May 18,588 53 1,017 12,588 327 692 3,912 Apr 14,445 963 5,590 1,830 2,530 3,531 Guaranteed securities: May 14,445 960 5,745 1,828 2,319 3,591 1943—Dec 3,583 4 83 2,466 38 283 709 Maturing after 20 years: 1944—June 1,190 1 3 949 6 26 205 1943—Dec 16,751 1,745 1,526 2,046 6,737 4,699 Dec 1,194 1 3 960 6 22 203 1944—June 21,539 2,696 1,766 1,981 8,640 6!456 1945—jan 1,197 3 3 921 6 19 245 X)ec 25,227 3,366 1,873 2,12510,462 7,401 Feb 786 6 586 4 16 175 1945—Jan.'.'.'.'.'!!!.'!.'.'.'!! 25,'420 3^312 1^946 2476 10^591 7,'396 Mar 787 6 581 4 17 179 Feb 25,433 3 306 1,991 2,187 10,600 7 349 Apr 788 6 560 4 17 202 Mar 25,4271 3,?308 2,024 2,209 10,675 7^214 May 789 575 4 16 187 Apr 25,427 3,308 2,072 2,218 10,666 7,168 May 25,427 3,290 2,194 2,240 10,609 7,095 t * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, and the residual "other" are not entirely comparable from month to month. Since June 1943 the coverage by the survey of commercial banks has been expanded. Figures in column headecl "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 May 31, 1945, commercial banks reporting to the Treasury held 24,681 million dollars of U. S. Government securities due or callable within one year out of a total of 59,861 million outstanding. 2 Including 196 million dollars of Postal Savings and prewar bonds not shown separately below. 8io FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Period I W h n e c i l t o d h m 2 - e t O a t x h e e s r 1 c n i r M n n e n e e u v t l i a o e e l s e l u a 1 - r - - - s S S t r a o e i x c t c y i e u a s - l c O e r t i e h p - e ts r c T e r o i e t p - a t l s ce N ip e t t s3 I d n e o e t s n e b t 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 n n c - s . t s t t o s - , p O t e u e t n h x r d e e - s i r - e b T i x u t p o u d e t r g a n e e l s d t - D c e i f t i- c T o e a r u t c u c n - . s t 4 t s, Ch f a g b e u i a n e a r n n n a c n l d - g l e - e c g d r I r e e i n o n a b - s s t s e 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—July 594 654 681 56 227 2 212 2 163 86 7,201 451 372 8,110 5,947 +133 +1,756 7 57C August 1,065 487 832 319 157 2,'859 2*568 77 7^ 571 57 415 8*119 5' 551 +70 -4,'252 l]229 September . 741 4,432 514 65 175 5,927 5,926 581 6,998 22 329 7,930 2,004 -244 -2,555 -307 October.. 609 632 580 60 174 2,054 2,001 133 7,479 47 365 8,024 6,023 +148 -5,127 748 November.... 1,035 466 507 293 205 2,506 2,240 56 7,401 18 353 7,828 5,587 +639 -188 4,761 December 741 3,606 539 63 470 5,418 5,416 560 7,503 22 332 8,416 2,999 -193 +12,433 15,626 1945—January 619 1,803 573 48 545 3,587 3,556 191 7,551 69 390 8,202 4,645 +238 -2,630 1,778 February 1,295 1,627 552 341 172 3,987 3,767 91 6,948 48 373 7,460 3,693 +101 -2,292 1,300 March 883 4,935 520 96 473 6,908 6,892 628 8,246 45 513 9,433 2,540 +262 -2,036 242 April 600 1,567 534 46 221 2,967 2,929 139 7,139 236 455 7,968 5,040 +9 -3,911 1,120 May 1,282 745 557 337 477 3,398 3,085 66 8,156 296 757 9,275 6,190 +686 -1,741 3,763 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 July 669 1,073 718 66 228 2,754 2,695 156 7,324 530 547 8,557 5,862 -116 -2,615 3,362 Details of trust accounts, etc. General fund of the Treasury (end of period) Soc a ia c l c o S u e n c t u s rity Net ex- Other Assets g B en a e la ra n l c e fu i n n d penditures Period in check- Total c N e r i e e p - t ts I m nv e e n s t t s - p t e u E n r x e d - s i- c a G i o g n m o u e g v n n e e t a c n s r c i t n e o - - s f ce R i e p - ts I m nv e e n s ts t- p t E e u n x r d - e i s - Total R F p e e D o s d i s e n e e i r - t r v s a e l d s p p e D o p e i s n c e o i - i s t a i s l - a O s t s h e e t r s lia ti b e i s li- Total a b n a c f e - 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 1,313 192 20,775 1,442 18,007 1,327 607 20,169 19,406 June 1945 3,239 2,757 453 1,178 r3,820 2,444 —571 25,119 1,500 22,622 997 421 24,698 23,935 1944—July 305 225 31 193 415 320 -181 22,513 1,269 19,850 1,394 588 21,924 21,162 August 586 287 35 254 216 149 6 18,277 1,215 15,693 1,369 605 17,672 16,909 September.... 42 303 35 -35 162 121 24 15,753 1,314 13,013 1,426 635 15,117 14,355 October 146 45 36 95 206 84 -55 10,609 998 8,242 1,368 618 9,990 9,227 November.... 519 266 35 -71 225 95 -220 10,223 1,122 8,0024 1,100 421 9,803 9,040 December 43 312 36 164 182 119 —213 22,717 1,335 2G,261 1,120 481 22,236 21,473 1945—January 169 84 39 -21 251 117 -37 20,077 1,048 17,866 1,164 471 19,606 18,843 February 432 208 37 313 250 122 -98 17,734 1,384 15,265 1,085 420 17,313 16,551 March 66 227 43 -407 270 128 84 15,722 1,547 13,055 1,120 445 15,277 14,514 April 122 48 40 71 412 228 137 11,809 1,224 ,492 1,093 443 11,366 10,603 May 592 271 42 -154 530 296 -21 10,055 1,140 7,941 974 430 9,625 8,862 June 217 482 42 778 r701 663 3 25,119 1,500 22,622 997 421 24,698 23,935 July 312 203 51 222 579 530 22,469 1,252 2C,303 914 386 22,082 r Revised. 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). 3 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. 4 Excess of receipts (+) or expenditures ( —). Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516. INTERNAL REVENUE COLLECTIONS [On basis of reports of collections. In millions of dollars] Income~taxes Miscellaneous internal revenue Period Total v C i i r n d 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 e it s r s Total C st t t a o a a p c x l k i- E ta s 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 M re t e a t u a a x n r n i c u e l d i f e r s a s e r ' c s - ' n c t M a e e x l o i l s e a u - s - s taxes 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 June 1945 35,062 8,56910,263 1 4,418 659 10,977 173 6,960 372 633 2,310 932 66 1,207 1,440 1944_ 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 6 104 117 April 2,408 907 915 160 -26 443 9 517 75 171 68 5 97 100 May. 2,406 201 1,751 70 79 295 10 571 64 180 83 6 116 121 June 4,025 1,127 46 854 79 1,869 50 572 52 191 93 6 104 126 1 Withheld by employers (Current Tax Payment Act of 1943). AUGUST 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items1 Lia i b n i t l e i r t a ie g s e , n o c t y h e i r t e t m h s an Com- Invest- Bonds, notes, Primodi- ments Land, and deben- U. S. vately Corporation or agency Total Cash r L e a o c b e a l i n e v s - m p s t a l a i u i n e e p t d s e - s , - , O r s i e t t h c ie u e s r - e m s t q u a t e r u n r u n e i d p c t s - - , c U h t u r n a t i r d e b g d i - s e - s a O s t s h e e t r s a t g F n u u u t r a e l e l e r s y - d pa O ya th b e le r O li i a t t i h b e e i s l r - G in m o t v e e e r n e r t n st - o i w n e t s n e t e r d rials by U. S. All agencies: Sept. 30, 1944 31,435 6,566 2,987 437 15,755 1,421 1,813 1,565 1,204 6,398 21,771 498 Dec. 31, 1944 31,488 6,387 2,942 424 16,237 1,692 1,419 1,537 1,395 4,196 23,857 504 Mar. 31, 1945 31,309 5,789 2,960 388 16,734 1,001 1,913 1,124 1,263 4,962 23,510 451 Classification by agency, Mar. 31, 1945 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 282 194 43 24 24 248 Federal intermediate credit banks 335 277 38 279 55 Federal land banks 1,346 [,094 191 884 201 Production credit corporations 127i 68 58 127 Regional Agricultural Credit Corp 21 6 () 19 Others 21 20 21 Federal Farm Mortgage Corp 290 266 9 11 272 Rural Electrification Administration. . 376 368 6 376 War Food Administration: Commodity Credit Corp 1,721 30 1,524 134 343 900 477 Farm Security Administration 505 354 () 46 5 499 Federal Crop Insurance Corp 3 1 1 2 Federal Surplus Commodities Corp. ... 6 6 National Housing Agency: Federal Home Loan Bank Administration: Federal home loan banks 321 233 125 Federal Savings ajid Loan Insurance Corp. 158 153 100 Home Owners' Loan Corp. ... 1,113 1,013 15 769 313 United States Housing Corp Federal Housing Administration 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 92 81 '(*)" Reconstruction Finance Corp. and certain affiliates: Reconstruction Finance Corp 1,583 1,146 270 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 216 213 ) 72 144 Smaller War Plants Corp 176 40 14 1 1 175 War Shipping Administration 6,071 20 5,456 357 144 723 5,348 Other4 555 ""2 408 U 25 73 160 395 Federal Deposit Insurance Corp 861 10 818 (2) 16 567 155 Federal Works Agency 241 67 90 35 241 Tennessee Valley Authority 728 3 714 10 718 U. S. Maritime Commission 4,631 7 3,380 797 720 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 d r r m p . t. . m i b c F n r a a e e t e n t e d e d d k r i . i s - - t 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 F u 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 e t t a F r o i c n o i u r o - c n c p n e - . - a R a 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 s n- a 31 g , e a n 1 l 9 c l 4 ie 4 s , To aid agriculture 1,168 335 278 195 35 368 494 0) 164 3,037 3,385 To aid home owners 1^027 11 110 1 1,149 1,237 To aid industry: Railroads 260 21 281 343 Other 37 75 115 226 191 To aid financial institutions: Banks 32 18 49 54 Other "61 32 93 162 Other 290 775 25 213 106 1,409 1,462 Less: Reserve for losses.. 74 69 (2) 1 5 (2) 141 14 (2) 151 454 448 Total loans receivable (net) 1,094 266 278 194 30 368 354 1,013 290 61 1,146 209 213 273 5,789 6,387 1 Assets are shown on a net basis, i.e., after reserves for losses. 2 Less than $500,000. 3 Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans. (ii Ma 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. 8ix 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 ( 1 I m v n = 9 p a c 3 e a l o 5 n 1 u y m - 0 t e - 3 s 0 ) e 9 1 Tota I l n (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 r M a o r e - = a o c lu t d n 1 u m u u 0 r N c - d e e 0 t ) u o s i * o r n - n 2 - M er i a n l - s To a t w a 1 l a 92 r c d 3 o R e - d n t 2 d i e e t 5 a r n s l ( a i - = v - c a t 1 s lu 0 o e 0 A t ) h 3 l e l r N t a c u g o u r r n a l i - - l E - 1 m 9 p 39 lo y = F m a 1 c e 0 t n o 0 t r 4 y 19 F to 1 3 a 0 9 r c y 0 - F : 1 r = a i 9 e n r 3 l i g 1 o g 5 s 0 a h - * 3 0 d t 9 - D 19 m s = ( s u e 3 t v a e p o e 5 a l 1 ) a - r n e l * 0 3 e r - s t 5 0 t 9 - W p m r c = i 1 h s o o c 9 a o d e 1 m 2 l l e i s 0 e 6 - t 4 - 0 y C 1 l = 9 i o v 3 s i 1 5 t n 0 - o g 3 0 f 4 9 able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 103.8 103.2 120 83 138.6 124.5 1920 75 93 60 83 63 30 90 104.2 123.5 129 99 154.4 143.2 1921 58 53 57 66 56 44 65 79.8 79.7 110 92 97.6 127.7 1922 73 81 67 71 79 68 88 88.2 85.5 121 94 96.7 119.7 1923 88 103 72 98 84 81 86 101.0 108.4 142 105 100.6 121.9 1924 82 95 69 89 '94 95 94 93.8 101.2 139 105 98.1 122.2 1925 90 107 76 92 122 124 120 97.1 106.6 146 110 103.5 125.4 1926 96 114 79 100 129 121 135 98.9 109.9 152 113 100.0 126.4 1927 95 107 83 100 129 117 139 96.8 107.9 147 114 95.4 124.0 1928 99 117 85 99 135 126 142 96.9 109.1 148 115 96.7 122.6 1929 122.9 110 132 93 107 117 87 142 102.6 103.1 116.4 152 117 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 89 78 95 97 64 45 80 94.4 90.0 84.2 89 99 78.6 100.8 1939 105.4 109 109 109 106 72 60 81 100.0 100.0 100.0 101 106 77.1 99.4 1940 113.5 125 139 115 117 81 72 89 104.7 107.5 114.5 109 114 78.6 100.2 1941 138.0 162 201 142 125 122 89 149 117.5 132.1 167.5 130 133 87.3 105.2 1942 174.6 199 279 158 129 166 82 235 126.7 154.0 245.2 138 150 98.8 116.5 1943 213.0 239 360 176 132 68 40 92 130.9 175.7 330.4 137 168 103.1 123.6 1944 P233.4 P235 PI 40 41 16 61 127.5 166.7 334.2 140 186 104.0 125.5 1942 February .... 159.0 183 180 241 153 133 128 100 151 122.5 143.3 142.6 208.8 138 145 96.7 112.9 March 161.2 186 182 250 153 126 125 95 149 123.2 145.4 144.8 216.0 138 150 97.6 114.3 April 165.4 189 187 257 154 125 128 82 165 124.3 147.8 147.0 222.4 138 143 98.7 115.1 May 167.8 191 192 264 153 126 158 76 226 125.1 149.9 148.9 230.1 136 135 98.8 116.0 June 172.3 193 195 272 152 127 193 76 288 125.9 151.9 151.0 236.2 134 134 98.6 116.4 July 175.5 197 199 278 154 126 206 74 313 127.1 154.7 154.8 245.1 137 145 98.7 117.0 August 179.5 204 207 290 158 130 182 65 278 128.6 157.5 159.0 258.1 140 152 99.2 117.5 September... 182.5 208 213 299 161 131 179 70 268 129.1 160.2 162.1 266.0 140 150 99.6 117.8 October 187.2 215 218 311 165 129 185 83 269 130.0 162.9 163.7 276.2 140 158 100.0 119.0 November 192.8 220 220 319 168 130 198 90 286 130.5 165.1 165.6 287.0 136 158 100.3 119.8 December 196.1 223 221 328 169 127 175 91 243 131.4 168.3 168.7 295.4 135 158 101.0 120.4 1943 January 199.6 131.6 170.5 169.6 101.9 February 203.5 131.6 172.3 171.7 102.5 March 206.9 132.0 174.0 173.5 103.4 April 208.8 131.4 174.8 174.0 103.7 May 209.4 130.9 174.9 173.9 104.1 June 212.8 131.0 176.4 175.8 103.8 July 214.8 131.4 177.2 177.3 103.2 August 216.7 130.9 177.1 178.7 103.1 September... 216.8 130.1 177.0 178.2 103.1 October 219.3 130.1 178.0 178.8 103.0 November.. . 222.9 130.2 178.9 179.3 102.9 December 224.7 130.1 177.4 177.7 103.2 227.2 130.0 175.0 345.1 124.2 232.4 129.6 174.0 344.7 123.8 231.9 128.9 171.6 341.3 123.8 231.1 128.0 168.6 335.0 124.6 232.1 127.7 166.7 334.3 125.1 233.9 127.7 166.1 334.6 125.4 233.2 127.5 165.3 326.8 126.1 234.0 127.3 165.6 330.3 126.4 232.5 126.5 163.6 329.1 126.5 235.5 125.7 161.7 330.3 126.5 237.5 125.3 160.7 327.3 126.6 239.0 125.7 161.0 331.8 127.0 * Average per working day. p Preliminary. r Revised. * Department of Commerce series on value of payments to individuals 2 For indexes bv erouDS or industries, see DD. 814-817. 813 AUGUST 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1944 1945 Industry May June July Aug. Sept. Oct. Nov. Dec.Jan. Feb. Mar. Apr. May June Industrial Production—Total 236 235 230 232 230 232 232 232 234 236 235 r230 226 Manufactures—Total 253 251 246 248 246 248 248 .249 251 252 252 247 241 p235 Durable Manufactures 356 354 347 348 342 344 341 343 345 346 345 336 326 nn Iron and Steel 210 204 202 203 202 206 201 198 197 202 210 206 204 193 Pig iron 203 198 196 198 196 197 192 190 188 192 198 190 181 Steel 234 225 222 224 222 225 218 215 219 226 234 232 r229 214 Open hearth 188 183 184 183 183 187 186 181 176 180 189 184 182 174 Electric 559 526 491 512 502 492 453 456 526 552 561 573 r566 500 Machinery 437 442 435 427 428 431 436 431 411 -P399 Manufacturing Arsenals and Depots1. Transportation Equipment 726 716 704 707 695 704 699 709 706 695 676 651 615 P581 Automobiles 226 228 223 229 226 229 230 235 235 242 236 231 222 P213 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products 279 263 244 238 233 234 229 253 257 266 264 251 P234 Smelting and refining 273 246 205 200 186 187 191 193 194 188 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating # 282 268 '243 252 246 252 '247 280 284 296 292 276 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products 124 127 124 127 120 120 122 122 126 123 121 119 119 P116 Lumber 115 118 114 118 111 109 112 111 118 112 110 109 108 ^104 Furniture. 142 "144 143 146 139 143 141 142 142 146 144 140 139 ^139 Stone, Clay, and Glass Products 168 165 •162 159 161 160 163 162 163 167 164 P164 Glass products 173 187 180 169 165 174 169 174 164 168 175 183 179 176 Plate glass 66 65 60 66 66 64 56 51 60 56 61 62 61 43 Glass containers 210 230 222 204 200 212 218 200 207 216 225 221 223 Cement 76 84 86 88 86 88 90 87 87 86 85 85 Clay products 122 127 124 122 116 115 116 116 125 122 124 122 118 P\23 Gypsum and plaster products 176 180 182 181 175 179 175 171 182 185 183 r179 175 O A t b h r e a r s i s v t e o n a e n d an a d s b c e l s a t y o s p r p o r d o u d c u ts c 1 t s. . . . . 300 297 294 295 302 292 295 307 302 305 306 300 297 P295 Nondurable Manufactures ... 169 169 165 168 168 169 173 173 175 176 176 174 173 PI 73 Textiles and Products... 147 145 139 141 147 146 149 152 150 155 153 149 151 P151 Textile fabrics 137 135 129 132 137 136 139 141 139 144 142 137 138 P139 Cotton consumption 142 141 139 140 148 140 149 146 145 152 150 143 142 144 Rayon deliveries 195 196 193 189 196 199 209 215 215 215 r215 218 221 220 Nylon and silk consumption1. . Wool textiles 152 148 131 HO 144 150 143 152 149 r142 147 Carpet wool consumption.. 53 49 41 47 42 50 56 57 49 44 43 36 42 Apparel wool consumption. 213 196 185 193 197 213 206 215 225 238 249 r233 244 Woolen and worsted yarn.. 167 163 144 154 158 164 156 165 156 160 156 147 151 Woolen yarn 169 166 148 163 162 170 161 170 162 170 166 153 161 Worsted yarn 163 159 138 141 153 156 148 157 148 146 142 r139 137 Woolen and worsted cloth.. 165 163 144 153 160 164 151 166 159 169 166 r16l 166 Leather and Products 105 112 121 115 114 113 121 122 121 I P124 Leather tanning 110 113 113 108 120 111 112 115 113 119 117 r118 114 Cattle hide leathers 118 124 126 118 132 119 122 127 125 137 132 r134 131 Calf and kip leathers. 85 78 82 92 88 84 86 85 89 88 91 Goat and kid leathers 84 81 77 80 80 81 72 68 63 69 r95 62 Sheep and lamb leathers 136 141 144 144 157 149 144 154 154 148 144 146 133 Shoes 114 117 100 114 122 117 119 113 114 123 126 r125 125 p130 Manufactured Food Products 154 153 153 147 146 149 154 155 155 158 r160 160 153 P152 Wheat flour 110 110 113 116 113 118 125 123 130 131 125 138 140 Cane sugar meltings1 Manufactured dairy products., P153 P139 2*152 P132 P\33 PU3 Butter 93 93 88 83 85 82 82 78 83 81 84 87 87 Cheese ;..... 153 158 152 145 146 149 156 154 163 162 168 181 r175 Canned and dried milk 173 180 185 180 184 179 181 179 172 175 189 204 196 206 Ice cream Meat packing 180 173 175 169 "161 "154 158 158 "l46 146 146 l34 132" 141 Pork and lard 239 225 219 197 176 159 167 164 149 135 139 137 135 144 Beef 124 121 127 138 140 140 141 149 147 169 165 139 134 142 Veal 100 117 160 191 196 218 213 175 123 101 104 95 103 Lamb and mutton 113 125 134 125 135 145 142 149 143 129 129 128 142 r Revised. p Preliminary. * Series included in total and group indexes but not available for publication separately. 814 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 theBoard of Governors. 1935-39 average = 100] 1944 1945 Industry May June July Aug. Sept. Oct.1 Nov. Dec. Jan. Feb. Mar. Apr. May June Manufactured Food Products—Continued Other manufactured foods 157 154 153 148 147 150 155 159 162 165 169 168 161 ^157 Processed fruits and vegetables 145 136 130 112 121 139 145 146 162 163 180 170 149 2*143 Confectionery 152 147 135 123 115 118 128 138 137 143 151 156 151 Other food products.. ... 161 160 162 162 159 158 162 165 167 170 169 169 165 162 Alcoholic Beverages .... 116 119 128 186 156 166 184 169 213 170 148 144 136 139 Malt liquor . . .. 135 140 146 152 172 177 197 174 167 167 153 152 139 139 Whiskey 0 0 0 100 6 0 0 0 198 11 0 0 0 0 Other distilled spirits 34 31 37 647 68 104 76 74 452 250 156 67 61 57 Rectified liquors 174 177 205 232 270 305 353 355 346 312 265 283 291 318 Industrial A Icohol from Beverage Plants1... Tobacco Products 124 121 122 126 124 120 135 131 121 123 123 120 128 139 Cigars 89 89 86 92 95 93 105 95 85 95 93 91 92 93 Cigarettes 154 151 154 152 149 142 157 155 147 145 147 143 156 177 Other tobacco products 80 79 78 92 87 93 107 108 95 97 91 90 94 90 Paper and Paper Products 142 140 133 142 142 143 143 135 136 137 141 140 141 P137 Paper and pulp ... . . 137 136 129 137 137 139 138 132 132 134 137 136 136 ^134 Pulp 151 156 153 159 156 165 158 150 152 156 157 160 160 Groundwood pulp 108 108 114 119 118 126 111 115 111 113 113 114 108 Soda pulp 92 91 92 96 92 96 97 97 95 98 101 r103 103 Sulphate pulp 217 232 232 234 231 245 238 212 214 227 227 234 236 Sulphite pulp 135 137 127 138 135 142 136 133 137 139 139 141 140 Paper 135 133 125 134 134 135 135 129 129 130 134 132 133 130 Paperboard 159 156 148 158 159 158 160 145 153 152 157 158 161 149 Fine paper 115 110 99 111 113 111 106 93 85 87 84 79 78 75 Printing paper 115 115 103 118 116 116 120 125 119 125 127 126 125 126 Tissue and absorbent paper 159 159 158 149 149 149 150 156 147 143 148 144 141 139 Wrapping paper 127 125 118 127 127 132 130 125 128 127 133 129 132 139 Newsprint 76 80 83 77 84 81 81 85 76 83 82 80 80 79 Paperboard containers (same as Paperboard).. Printing and Publishing 98 100 95 102 99 103 103 104 102 105 105 105 105 106 Newsprint consumption 81 85 87 87 S3 89 86 84 85 84 83 85 85 85 Printing DaDer (same as shown under PaDer) Petroleum and Coal Products. 237 242 247 251 258 266 268 268 273 276 272 r268 r273 P273 Petroleum refining 246 252 259 264 272 281 283 283 289 292 287 r284 288 Gasoline 130 136 137 138 141 140 144 141 143 150 145 145 149 P150 Fuel oil 162 164 164 159 162 167 165 165 171 174 166 167 174 Lubricating oil 118 131 125 125 132 135 136 133 133 126 134 136 138 Kerosene 126 130 128 126 126 124 124 119 123 126 131 120 121 Other petroleum products1 Coke 175 172 "in "in""168 170 170 167 ' 167' 168 171 161 168 163 B B e y e - h p i r v o e d u c c o t k e coke 4 1 7 6 0 6 4 1 6 6 3 4 4 1 4 6 2 4 4 1 1 6 9 4 3 16 8 2 9 3 1 8 6 4 4 3 1 6 6 7 4 2 1 9 6 6 3 1 33 6 4 2 3 1 6 6 7 3 3 1 8 6 7 4 r2 1 8 5 4 7 r4 1 0 6 6 1 4 1 2 5 4 5 Chemical Products . . 324 319 314 314 307 307 307 312 317 318 319 318 318 P320 Paints 137 138 142 143 139 139 141 141 142 140 r139 135 131 Soap . . 137 138 134 132 131 129 133 137 136 136 135 134 134 ^132 Rayon 235 237 237 240 237 239 24? 242 244 241 244 241 240 Industrial chemicals. 410 411 408 408 400 395 394 396 396 400 402 405 405 ^410 Explosives and ammunition1 Other chemical products1 . .. Rubber Products . . . ... 230 228 227 231 230 231 231 239 247 247 236 233 228 *>223 Minerals—Total 143 142 139 142 143 143 143 137 140 141 142 140 138 p145 Fuels . £ 146 146 143 147 148 148 148 141 145 146 147 145 143 P151 Coal.. 154 152 144 148 147 149 149 132 140 143 142 136 125 PUS Bituminous coal 159 158 151 154 151 152 155 138 151 150 149 138 145 PIS3 Anthracite 134 128 118 124 129 133 126 109 96 112 115 131 47 P129 Crude petroleum .... 142 143 142 146 149 148 148 146 148 148 150 150 152 P152 Metals... 120 120 117 114 113 111 112 111 HI 111 111 110 Metals other than gold and silver 182 181 178 175 175 171 170 168 170 170 170 169 167 Iron ore (Copper- Lead; Zinc)1 G Si o lv ld er 6 2 7 7 2 7 5 2 6 2 7 4 6 2 3 3 2 5 2 7 5 2 8 2 "2 6 2 4 ' " 6 2 2 3 " "T 5 A 6 " 2 5 4 2 2 5 4 4 '"2 6 3 1 " "'24' r Revised. p Preliminary. 1 Series included in total and group indexes but not available for publication separately. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. 815 AUGUST 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] 1944 1945 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Industrial Production—Total.. .,.. 236 236 232 235 234 234 232 230 230 232 232 229 226 P222 Manufactures—Total . 252 252 248 251 249 250 248 248 •248 249 249 245 241 P236 Durable Manufactures 357 354 348 349 343 346 341 342 343 345 344 336 327 pm Iron and Steel ... 210 204 202 203 202 206 201 198 197 202 210 206 r204 193 Pig iron ... 203 198 196 198 196 197 192 190 188 192 198 188 190 181 Steel 234 225 222 224 222 225 218 215 219 226 234 232 r229 214 Open hearth 188 183 184 183 183 187 186 181 176 180 189 184 182 174 Electric 559 526 491 512 502 492 453 456 526 552 561 573 r566 500 Machinery . 437 442 435 434 427 428 422 431 431 436 431 420 411 399 Manufacturing Arsenals and Depots1 Transportation Equipment 726 716 704 707 695 704 699 709 706 695 676 651 615 Automobiles 226 228 223 229 226 229 230 235 235 242 236 231 222 ^213 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products 279 263 243 245 238 233 234 229 253 257 266 r264 251 P234 Smelting and refining ; 273 252 244 226 205 200 191 186 187 191 194 194 189 P183 (Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 282 268 243 252 252 246 252 247 280 284 296 292 276 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products 127 133 130 135 128 125 120 113 113 114 r115 119 121 Lumber , .., 119 127 123 129 123 117 109 97 99 97 101 108 112 nu Furniture 142 144 143 146 139 143 141 142 142 146 144 140 139 Stone Clay and Glass Products 165 169 165 167 164 167 163 159 156 156 161 165 169 P165 Glass products 184 186 174 175 169 178 170 163 161 163 175 183 190 175 Plate glass 66 65 60 66 66 64 56 51 60 56 61 62 61 A3 Glass containers 225 228 213 213 204 218 210 202 196 201 216 225 236 221 Cement • • • . 79 90 94 100 100 102 95 82 71 66 71 81 89 Clay products 122 125 124 125 120 122 121 120 116 118 119 119 118 v\2\ Gypsum and plaster products 179 183 182 182 179 182 177 175 176 177 177 177 177 P\Ti Abrasive and asbestos products 300 297 294 295 302 292 295 307 302 305 306 300 297 Other stone and clay products1 Nondurable Manufactures ... 168 169 167 171 173 173 173 171 170 172 172 171 172 *m Textiles and Products 147 145 139 141 147 146 149 152 150 155 153 149 151 V151 Textile fabrics . 137 135 129 132 137 136 139 141 139 144 142 137 138 p139 Cotton consumption . ... 142 141 139 140 148 140 149 146 145 152 150 143 142 144 R N a y y lo o n n a d n e d li v s e il r k i e c s onsumption1 195 196 193 189 196 199 209 215 215 215 r215 218 r221 220 Wool textiles 152 148 131 140 144 150 143 152 146 151 149 r142 147 Carpet wool consumption 53 49 41 47 42 50 56 57 49 44 43 36 42 Apparel wool consumption 213 196 185 193 197 213 206 215 225 238 249 r233 244 Woolen and worsted yarn 167 163 144 154 158 164 156 165 156 160 156 147 151 Woolen yarn 169 166 148 163 162 170 161 170 162 170 166 153 161 Worsted yarn 163 159 138 141 153 156 148 157 148 146 142 r139 137 Woolen and worsted cloth 165 163 144 153 160 164 151 166 159 169 166 r161 166 114 103 121 115 118 113 P123 Leather tanning 110 111 107 107 118 112 116 114 113 128 116 rll7 115 Cattle hide leathers 118 119 119 114 129 121 127 127 128 148 132 r134 131 Calf and kip leathers 83 87 '77 86 90 90 86 84 83 93 87 91 87 Goat and kid leathers 84 85 80 75 81 80 79 73 68 66 68 63 61 Sheep and lamb leathers 147 139 134 148 153 149 153 146 143 162 140 143 143 Shoes 114 117 100 114 122 117 119 113 114 123 126 125 ^130 Manufactured Food Products 147 153 163 165 166 159 155 150 143 141 142 145 146 P151 Wheat flour ........' ... 106 106 112 115 123 125 126 122 130 132 122 133 134 2*131 Cane sugar meltings1 Manufactured dairy products ... .... P185 ^225 P221 P155 ^125 PQ4 z>149 ^178 P209 Butter 120 128 107 91 82 70 62 61 69 71 77 89 112 124 Cheese 205 225 187 162 149 134 117 111 120 133 151 189 r234 Canned and dried milk 240 249 215 186 170 145 130 138 140 157 186 231 272 284 Ice cream Meat packing 180 172 162 "uY "148" 156 175 184" 171 "l39' "135' "125' 132 139 Pork and lard 239 225 193 151 139 150 195 217 195 132 129 125 135 144 Beef 124 118 128 140 151 153 146 149 150 156 150 131 134 139 Veal ' 104 117 160 188 215 248 228 165 114 89 98 86 98 103 Lamb and mutton 115 116 129 122 144 151 142 146 152 131 126 118 130 132 r Revised. * Preliminary. 1 Series included in total and group indexes but not available for publication separately. 816 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. <eb. Mar. Apr. May I June Manu/actured Food Products—Continued Other manufactured foods .... 141 145 159 170 174 167 161 155 148 149 148 r148 145 j v\48 Processed fruits and vegetables 94 105 169 213 236 180 133 114 105 103 99 104 97 I PI10 Confectionery . . .. 117 109 111 132 148 154 151 139 141 144 140 130 117 Other food products 158 162 165 165 162 166 171 169 160 161 162 162 162 163 Alcoholic Beverages .. 127 143 151 198 159 168 159 146 191 158 139 148 147 162 Malt liquor 154 177 183 173 174 164 151 140 137 150 142 160 158 175 Whiskey 0 0 0 100 6 0 0 0 198 11 0 0 0 Other distilled spirits 21 19 22 609 94 270 159 81 414 228 136 44 36 35 174 177 205 232 270 305 353 355 346 312 265 283 291 318 Rectified liquors Industrial Alcohol from Beverage Plants1 124 126 127 129 131 125 137 121 121 118 117 115 128 Tobacco Products ... 89 89 86 92 95 93 105 95 85 95 93 91 92 93 Cigars 154 158 162 160 160 148 160 142 147 136 137 133 156 186 Cigarettes .' 81 80 78 89 93 99 110 95 93 94 91 90 95 92 Other tobacco products 142 141 132 141 141 143 143 134 136 138 141 141 142 i>137 Paper and Paper Products ... 137 137 128 137 137 139 138 132 132 134 137 136 137 ?)134 152 156 151 157 154 164 159 150 152 157 158 162 161 Paper and pulp 117 109 101 105 105 117 117 117 115 118 121 rl25 117 Pulp^ 92 91 92 96 92 96 97 97 95 98 101 r103 103 Groundwood pulp 217 232 232 234 231 245 238 212 214 227 227 234 236 Soda pulp 135 137 127 138 135 142 136 133 137 139 139 141 140 Sulphate pulp 135 134 125 134 134 135 135 129 129 131 134 132 133 131 Sulphite pulp ... .... 159 156 148 158 159 158 160 145 153 152 157 158 161 149 Paper 115 110 99 111 113 111 106 93 85 87 84 79 78 75 Paperboard .... 115 115 103 118 116 116 120 125 119 125 127 126 125 126 Fine paper 159 162 151 149 149 151 150 151 145 148 148 145 141 142 Printing paper 127 125 118 127 127 132 130 125 128 127 133 129 132 139 Tissue and absorbent paper 77 80 82 77 84 81 82 84 76 83 82 82 81 80 Wrapping paper Newsprint Paperboard containers (same as Paperboard) 100 100 89 98 100 105 107 106 99 104 107 108 106 105 Printing and Publishing .. Newsprint consumption 84 84 75 78 84 93 93 88 79 83 87 90 88 84 Printing paper (same as shown under Paper) Petroleum and Coal Products 237 242 247 251 258 266 268 268 273 276 272 r268 273 Petroleum refining 246 252 259 264 272 281 283 283 289 292 287 r284 288 Gasoline 130 136 137 138 141 140 144 141 143 150 145 145 149 PI 50 Fuel oil 162 164 164 159 162 167 165 165 171 174 166 167 174 Lubricating oil 123 131 124 124 132 135 136 132 129 125 132 141 143 Kerosene 127 123 119 121 124 124 128 123 126 132 134 123 122 Other petroleum products1 .. Coke 175 ' 172 "172 171 168 170 170 167' 167 168 171 161 168 163 By-product coke 166 164 164 164 162 164 164 163 162 163 164 157 161 155 Beehive coke 470 463 442 419 389 384 367 296 334 367 387 r284 406 424 Chemical Products .. 323 316 310 310 307 309 308 313 316 319 321 320 317 P317 Paints 142 142 140 142 138 139 139 141 139 139 r139 r137 135 PI 38 Soap 132 136 133 133 136 135 134 137 133 135 135 131 130 PI 29 Rayon ..... 235 237 237 240 237 239 242 242 244 241 244 241 240 ?>244 Industrial chemicals 410 411 408 408 400 395 394 396 396 400 402 405 405 P410 Explosives and ammunition1 Other chemical products1 230 228 227 231 230 231 231 239 247 247 236 233 Rubber Products 146 146 143 147 147 144 140 131 134 135 136 140 141 p14S Minerals—Total . 146 146 143 147 148 148 148 141 145 146 147 145 Fuels 154 152 144 148 147 149 149 132 140 143 142 136 125 P148 Coal 159 158 151 154 151 152 155 138 151 150 149 138 145 PI 53 Bituminous coal 134 128 118 124 129 133 126 109 96 112 115 131 Pi 29 Anthracite 142 143 142 146 149 148 148 146 148 148 150 150 P152 Crude petroleum . Metals . 144 148 142 145 138 123 89 68 68 68 72 r109 131 Metals'other than gold and silver 226 231 222 227 215 188 130 94 95 98 104 166 207 Iron ore 313 330 323 336 311 259 133 61 63 68 80 216 r304 302 (Copper; Lead; Zinc)1 ... Gold 24 24"'23' 25 25 26 25 24 23 21 "21 "21 Silver 66 69 66 62 57 58 64 62 56 53 56 61 r Revised. p Preliminary. 1 Series included in total and group indexes but not available for publication separately. NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. AUGUST 1945 817 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 May | June Feb. Mar Apr. May June Apr. May June Feb. Mar Apr. May Total 166.7 166.1 159. 158.0 154.8 151.4 148.9 335.0 334.3 334.6 329.0 325.5 317.2 302.8 Durable goods 230.3 228.4 215.2 212. 206.9 200.9 194.6 474.8 470.9 469.0 451.1 444.0 r430.7 407.2 Nondurable goods 116.5 117.1 115.9 115.2 113. 112.4 112.9 198. 200.7 203. 209.6 209. 206.1 200.8 Iron and Steel and Products 168.3 168.7 168.0 167.3 164.5 162.0 157.7 310.9 310.9 313. 318.0 319.1 314. 304.1 Blast furnaces, steel works, etc 124 124 123 123 r122 122 221 221 225 224 229 r229 227 Steel castings _ 251 248 241 239 236 230 463 461 453 454 458 451 422 Tin cans and other tinware 118 125 129 132 131 131 189 196 207 227 231 228 214 Hardware 128 128 131 131 129 127 266 260 263 278 281 275 268 Stoves and heating equipment 134 137 139 138 134 131 248 253 259 274 270 265 247 Steam, hot-water heating apparatus.. 187 186 184 182 179 176 352 354 346 355 350 348 334 Stamped and enameled ware 159 160 158 156 155 153 313 313 323 338 331 323 323 Structural and ornamental metal work 214 214 206 197 190 179 415 435 421 396 369 365 341 Electrical Machinery 288.4 287.7 268.6 267.5 r263.2 258.7 253.2 513.2 512.2 518.9 505.0 504.7 r493.8 476.8 Electrical equipment 252 252 237 236 232 228 456 456 465 452 453 441 426 Radios and phonographs 296 296 270 268 263 260 556 552 560 535 529 521 501 Machinery, except Electrical 229.2 229.0 220.4 218.0 213.8 209.6 206.3 434.4 428.8 434.1 424.6 419.2 407.0 385.8 Machinery and machine shop products 232 231 225 222 218 214 429 426 429 424 420 410 386 Engines and turbines 380 382 363 358 349 339 803 814 833 792 769 732 683 Tractors 191 192 185 183 178 174 298 298 304 292 288 278 272 Agricultural, excluding tractors 163 165 161 158 153 149 333 333 336 328 325 313 289 Machine tools 216 214 204 204 201 198 384 381 384 382 382 371 348 Machine-tool accessories 276 273 259 256 254 250 481 471 475 466 457 449 430 Pumps 332 334 300 295 284 279 769 699 712 646 630 593 576 Refrigerators 150 151 149 145 142 139 269 259 270 277 266 260 250 Transportation Equipment, except Autos 1,512.7 1,470.71,286.61,240.91,180.91.098.91,017.9 3,152.7 3 127.33,028.8 2,757.3 2,645.4 2,502.82,290.7 Aircraft, except aircraft engines ... 1,870 1,789 1,629 1,607 1,560 1,450 3,627 3,557 3,433 3,235 3,190 3,071 2,837 Aircraft engines 2,872 2,822 2,404 2,369 2,289 2,167 ,239 4,946 4,993 4,368 280 3,957 3,702 Shipbuilding and boatbuilding 1,703 1,664 1,405 1,325 1,232 1,131 3,621 3,645 3,498 3,108 2,907 2,725 ",447 Automobiles 176.5 174.6 169.1 166.1 163.7 157.5 150.7 336.5 324.4 325.3 319.2 310.9 302.9 278.5 Nonferrous Metals and Products 185.7 184.5 176.0 177.6 176.3 174.9 170.5 351.7 347.9 349.0 343.0 348.1 343. 331.3 Primary smelting and refining 185 178 144 143 142 140 348 342 334 264 265 269 262 Alloying and rolling, except aluminum 184 181 185 187 185 183 340 340 340 362 367 362 341 Aluminum manufactures 323 317 292 299 300 298 585 570 567 542 556 554 525 Lumber and Timber Basic Products 112.9 113.3 107.0 106.5 104.3 105.3 106.3 205.8 208.4 215. 196.5 195.9 196.3 197.1 Sawmills and logging camps 81 82 76 76 74 75 149 152 159 140 140 141 143 Planing and plywood mills 99 97 96 94 93 171 170 170 171 168 167 164 Furniture and Lumber Products 104.3 105.3 103.9 r103.0 101.0 100.2 100.5 186.0 187.7 190.8 196.9 r195.2 191.6 187.3 Furniture 98 99 97 96 94.. 93 176 176 178 184 182 r177 172 Stone, Clay and Glass Products 114.2 115.0 111.3 111.4 109.7 109.1 111.7 189.4 189.8 191.9 189.6 193.2 193.3 187.9 Glass and glassware :...*.. 131 133 126 127 125 124 209 208 210 202 207 206 200 Cement .... 71 72 68 68 68 69 108 109 111 106 108 115 114 Brick, tile, and terra cotta 75 75 73 72 71 71 117 119 123 119 121 124 121 Pottery and related products 125 126 119 118 116 115 193 193 196 187 191 189 184 Textile-Mill and Fiber Products 97.1 96.6 94.0 93.2 91.4 90.5 90.9 169.8 171.0 172.3 173.1 173.0 168.3 164.3 Cotton goods except small wares 111 110 108 107 105 104 201 202 205 207 207 202 200 Silk and rayon goods 75 75 74 74 72 71 135 136 136 140 139 135 134 Woolen and worsted manufactures. .. 102 101 98 97 95 94 193 193 195 193 193 187 179 Hosiery 67 67 63 62 61 61 103 106 106 102 101 99 95 Dyeing and finishing textiles 93 91 86 152 152 151 151 151 148 141 Apparel and Other Finished Textiles 109.2 109.8 106.1 105.9 103.7 101.4 100.5 181.0 182.8 186.4 202.6 206.2 193.0 178.5 Men's clothing, n.e.c 97 98 93 92 91 90 158 166 167 171 174 167 157 Shirts, collars, and nightwear 76 76 70 70 69 68 130 134 135 132 133 129 123 Women's clothing, n.e.c 79 80 79 78 76 74 132 128 135 154 157 144 131 Millinery 77 70 83 85 81 69 109 102 91 156 160 126 84 Leather and Leather Products 89.9 90.3 89.2 88.9 87.9 87.4 154.9 156.1 158.6 164.3 167.7 164.7 158.9 Leather 86 85 84 83 82 82 147 147 148 150 151 148 147 Boots and shoes 80 80 79 79 78 78 138 140 143 150 154 150 143 Food and Kindred Products 117.6 121.5 116.7 114.6 114.1 113.2 116.7 185. 191.6 197.6 189.1 187.3 187.4 186.0 Slaughtering and meat packing. 128 131 120 113 107 103 206 217 218 188 178 168 163 Flour 112 113 119 117 115 116 181 179 188 204 201 201 203 Baking 110 112 112 111 110 110 160 164 167 169 170 170 172' Confectionery 114 114 117 117 113 109 183 183 186 199 199 192 185 Malt liquors 139 141 139 138 138 139 192 202 210 201 201 207 206 Canning and preserving 74 82 75 71 76 73 141 143 157 149 143 150 144 Tobacco Manufactures 88.3 89.4 88.1 87. 86.7 85.4 142.7 152.8 157.4 165.3 165.2 160.4 156.4 Cigarettes 121 125 128 127 125 124 164 182 189 208 207 200 192 Cigars 71 71 65 65 65 64 133 138 141 135 135 132 132 Paper and Allied Products. 117.1 117.0 116.7 115. 113.6 112.6 114.0 187.6 188.8 191.2 195.3 195. 192.8 187.4 Paper and pulp 105 106 107 106 105 104 175 177 180 183 183 182 178 Paper goods, n.e.c 124 123 119 119 117 115 195 195 194 198 198 194 186 Paper boxes 115 114 113 112 110 109 177 177 179 184 182 180 175 r Revvisse.d. NOTE.—Figures for June 1945 are preliminary. Indexes for major groups and totals have been adjusted to final 1942 and preliminary 1943 data made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover wage earners only. 818 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES-Gw»//»»<*/ (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory payrolls 1944 1945 1944 1945 May June Feb. Mar. Apr. May June Apr. May June Feb. Mar. Apr. May Printing and Publishing 100.2 100.7 100.5 100.2 99.4 99.5 100.5 133.5 134.9 137.3 141.1 142.4 141.1 141.8 Newspaper periodicals.... .... 93 93 92 92 92 92 114 116 117 118 120 121 122 Book and job • 104 105 106 105 104 104 144 145 150 157 157 156 154 Chemical and Allied Products 205.4 202.7 221.3 221.6 219.8 216.3 212.8 358.8 358.7 355.1 389.9 394.1 391.3 388.9 Drugs, medicines, and insecticides. 186 185 180 182 183 182 268 271 267 277 280 277 282 Rayon and allied products 107 108 115 113 110 110 171 174 174 180 182 181 183 Chemicals, n.e.c 173 172 166 166 165 164 295 297 297 295 297 296 295 Explosives and safety fuses 964 1,004 1,349 1,361 1,358 1,349 1,434 1,499 1 563 2,020 2,092 2,076 2 096 Ammunition, small-arms 1,285 1,168 1,544 1,576 1,581 1,549 2,718 2,558 2 359 3,070 3,167 3,150 3 185 Cottonseed oil 88 78 122 107 95 88 194 170 149 257 225 203 184 Fertilizers .... 120 104 134 143 145 126 286 267 228 302 341 351 293 Products of Petroleum and Coal 122.7 124.2 126.1 126.2 126.0 126.3 127.3 206.4 212.4 215.5 223.3 223.9 230.6 226.9 Petroleum refining 120 122 126 126 126 127 200 205 208 218 221 227 223 Coke and by-products 106 106 102 102 100 101 179 183 188 186 182 185 187 Rubber Products # 161.2 159.2 163.4 162.9 159.1 155.9 152.3 281.3 283.3 281.4 320.2 296.7 296.4 280.6 Rubber tires and inner tubes 167 165 178 177 172 169 280 283 279 340 302 306 289 Rubber goods other 141 140 140 140 138 134 249 248 251 266 265 256 244 Miscellaneous Industries 167.3 167.0 163.1 163.4 161.8 160.7 160.0 320.1 319.1 320.7 324.6 326.3 322.2 312.8 Instruments, scientific 570 566 539 541 540 534 1,091 1,092 1,097 1,063 1,068 1,070 996 Photographic apparatus 169 169 162 162 159 158 271 274 273 276 275 270 265 For footnotes see opposite page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1944 1945 Group May June July Aug. Sept. Oct. Nov Dec Jan Feb Mar. j Apr. May June Total 167.7 166.7 165.2 164 1 162.6 161.0 160. 160. 7 161 0 160. 9 158 4 155 5 152 4 Durable 230.3 228.2 225.3 224.1 220.4 217.3 215. 6 216. 1 2163 215. 6 212.5 207.0 200.9 *194.*5 Nondurable 118.3 118.3 117.9 116.8 117.0 116.6 1167 117. 0 1173 1165 115.8 114.8 114.1 P Preliminary. 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 earning5 (cents per hour) Industry 1944 1945 1944 1945 Apr. May Jan. Feb. Mar. Apr. May Apr. May Jan. Feb. Mar. Apr. May All Manufacturing, 45.0 45.3 45.4 45.4 45.4 r45.2 44.1 101.3 101.7 104.6 104.3 104.4 r104.4 104.3 Dutablc Goods 46.5 46.6 46.8 46.8 46.7 46.5 45.5 ft 1.0111 .2 114.4 113.9 r113.9 r113 .8 113.5 Iron and Steel and Products 46.5 46.8 46.9 46 9 47.1 r46 9 46.0 107.7 107.7 110.1 109 8 110.7 r110.9 111.4 Electrical Machinery 46.2 46!3 46i5 46'.7 46.6 r46i6 45!8 101.4 102 !l 106.9 106! 7 r107.0 r106.4 106^4 Machinery Except Electrical 48.8 48.7 48.7 48.8 48.6 48.1 46.6 111.5 111.6 114.9 115.1 115.3 115.3 115.1 Transportation Equipment Except Autos 47.1 47.4 48.0 47.2 47.1 46.8 45.9 126.1 126.4 130.4 130.4 r129.9 r129.8 130.0 Automobiles 46.4 45.5 45.2 46.5 46.1 45.5 43.9 126.2 126.6 131.4 127.9 128.0 r128.1 126.6 Nonferrous Metals and Products 46.6 46.6 47.2 47.1 47.3 47.1 46.0 104.5 104.7 107.9 107.8 108.1 108.1 107.7 Lumber and Timber Basic Products 43.2 43.3 42.6 43.3 43.1 43.6 43.0 78.8 79.8 79.1 79.4 79.8 80.7 81.4 Furniture and Finished Lumber Products. 43.7 44.4 44.4 44.8 r44.6 44.3 43.6 80.5 81.2 84.5 84.7 85.0 r85.4 85.7 Stone, Clay, and Glass Products 43.2 43.7 43.6 43.8 44.2 44.5 43.6 89.1 89.3 91.7 91.6 92.3 92.9 92.9 Nondurable Goods 42.5 43.2 43.4 43.4 43.5 43.2 42.3 85.0 85.8 89.1 89.2 89.6 89.9 90.4 Textiles—Mill and Fiber Products 41.2 41.6 42.3 42.3 42.4 41.9 40.8 70.1 71.0 72.9 73.1 73.3 73.5 74.6 Apparel and other Finished Products 37.3 38.1 38.2 38.8 39.0r37.9 36.4 77.0 77.2 84.9 86.2 87.4 86.2 84.9 Leather and Manufactures 41.1 41.3 41.8 42.2 42.5 42.0 40.4 79.0 80.0 82.9 83.5 84.8 85.1 85.9 Food and Kindred Products 44.8 45.8 45.6 44.9 45.1 45.0 44.5 84.5 85.4 86.7 86.1 86.4 r86.9 87.7 Tobacco Manufactures 39.0 42.0 43.4 43.0 42.9 42.3 41.5 69.1 69.8 73.6 73.7 74.1 73.8 74.5 Paper and Allied Products 45.5 46.0 46.2 46.3 46.3 46.5 45.4 83.7 84.2 86.9 86.5 87.1 87.4 87..6 Printing, Publishing and Allied Industries 40.6 40.9 41.5 41.0 41.6 41.2 41.2 105.9 107.2 110.9 111.5 112.1 112.9 113.3 Chemicals and Allied Products 45.6 46.0 45.7 45.5 45.9 45.7 45.7 94.4 95.4 97.2 97.2 97.5 98.0 99.1 Products of Petroleum and Coal 46.3 47.0 46.6 47.3 47.4 48.5 47.5 117.4 117.4 120.6 119.6 119.5 120.3 120.4 R M u i b sc b e e l r l a P ne ro o d us u c I t n s dustr ; ies 4 4 4 5 . . 7 8 4 4 5 6 . . 1 1 4 45 7 . . 7 3 4 4 7 6. . 0 3 4 4 5 6 . . 3 1 4 4 5 5 . . 7 8 4 4 4 4 . . 2 8 1 9 0 4 7 . . 7 5 1 9 0 5 8 . . 2 7 1 9 1 9 5 . . 3 1 1 9 1 8 4 . . 8 9 1 r9 1 9 1 . . 1 7 1 9 1 9 3 . . 3 6 11 9 3 9 . . 2 2 r Revised. NOTE.—Back figures are available from the Bureau of Labor Statistics. 819 AUGUST 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- ^lining Construction* ti p o u n b l a ic nd Trade an s d e r m vi i c sc e, el- 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 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 L,604 3,574 7,110 4,121 5,911 April 39,891 16,858 908 L,476 3,588 7,006 4,110 5,945 May 39,740 16,837 893 L.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 L.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 38,469 15,595 802 658 3,848 7,164 4,404 5,998 March 38,456 15,445 796 691 3,846 7,214 4,438 6,026 April r37,969 15,178 765 r736 r3,811 r7,010 r4,466 6,003 May 37,700 14,884 732 754 3,800 7,058 4,496 5,976 June 37,413 14,573 795 794 3,802 7,003 4,493 5,953 UNADJUSTED 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 38,062 15,368 796 636 3,788 7,084 4,394 5,996 April T'37,797 15,102 761 r699 r3,792 r6,996 r4,444 6,003 May. 37,632 14,810 728 . 769 3,800 7,023 4,496 6,006 June 37,495 14,573 791 810 3,840 6,968 4,560 5,953 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Total R b es u i i d ld e i n n t g ial Nonresidential building P a u n b d l ic p u w b o l r ic ks Month Factories Commercial Educational Other utilities 1944 1945 1944 1945 1944 1945 1944 1945 1944 1945 1944 1945 1944 1945 January..... 159.2 140.9 41.0 19.5 34.0 45.2 4.1 7.5 8.7 4.9 21.1 23.9 50.3 39.8 February 137.2 147.0 24.9 19.3 29.9 66.6 4.5 8.5 1-0.2 3.0 23.1 17.6 55.1 32.0 March 176.4 328.9 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 144.2 242.5 34.5 47.2 27.1 43.4 5.8 9.5 3.8 5.1 17.1 29.4 55.8 107.9 June 163.9 227.3 30.6 41.8 24.4 25.5 8.7 18.8 10.5 10.5 18.9 35.6 70.7 95.0 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 ? 64.1 October 144.8 23.8 37.7 7.7 3 5 20 0 52.2 November 164.9 23.3 52.9 7.1 5.3 28.3 48.0 December 188.5 23.9 57.6 9.5 3.8 27.1 66.6 Year 1,994.0 348.4 472.7 80.8 69.2 276.7 746.1 1 Negative because of revision of a prior month's entry. CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership 1945 1944 Month Federal Reserve district 1943 1944 1945 1943 1944 1945 1943 1944 1945 June May June January 351 159 141 316 122 75 35 37 66 Boston 12,260 7,746 4,927 February 394 137 147 364 109 74 30 28 73 New York 31,135 20,904 22,002 March 340 176 329 304 133 221 36 43 107 Philadelphia 14,936 8,864 12,921 April 303 179 396 253 133 309 50 46 87 Cleveland 22,965 21,064 11,938 May 234 144 243 192 98 148 42 46 95 Richmond 29,798 25,220 27,904 June 230 164 183 122 46 42 Atlanta 30,126 20,856 18,694 July 184 191 122 148 61 42 Chicago 45,431 37,868 24,647 August 414 169 351 125 62 44 St. Louis 12,269 58,787 8,997 September... 175 176 120 127 56 49 Minneapolis -6,249 6,434 5,377 October 214 145 157 102 56 43 Kansas City 9,253 23,222 16,370 November. .. 184 165 135 103 50 62 Dallas 25,374 11,558 10,089 December ... 252 188 198 114 54 74 Total (11 districts) . 227,298 242,523 163,866 Year 3,2741,994 2,6951,435 579 559 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Title I Loans Mortgages on Sav- Com- Mu- ings Insur- Fed- Year or month Total p P m e r i r o m r o e t v n y p - e t - - S h s c t t o m i o r o m u n a n c - l e l - 1 f h ( a o - T m I u t i I o t s i ) l l e e y 4 s - h R o ( g T e u a r I o n n s i I t ) i u t d l n a e p g l h ( W o T V u i a s t I l i r ) e ng End of month Total b m c a e i n a r k - l s b s i t a n a u n g v a k s - l s a a s l a t s o i n o o a d c n n i s - p c a a o n n m c i e e - s a c e g i r e e a n s l 1 - Other2 1936—Dec 365 228 8 56 41 5 27 1937—Dec. 771 430 27 110 118 32 53 1935. 320 224 94 2 1938—Dec 1,199 634 38 149 212 77 90 1936. 557 246 309 2 1937. 495 60 424 11 1939_june 1,478 759 50 167 271 137 94 1938 694 160 13' 473 48 Dec 1,793 902 71 192 342 153 133 1939 954 208 25 669 51 1940 1,026 251 26 736 13 1940—Mar 1,949 971 90 201 392 171 124 1941 1,186 262 21 877 13 13 June 2,075 1,026 100 208 432 182 127 1942 1,137 141 15 691 6 284 Sept. 2,232 1,093 111 216 480 190 141 1943.... 942 96 1 243 * 601 Dec 2,409 1,162 130 224 542 201 150 1944 886 125 216 7 537 1944—June 66 9 * 18 2 36 1941— J M u a n r e 2 2, , 7 5 5 9 5 8 1 1 , , 2 3 4 1 6 8 1 15 4 7 6 2 23 3 7 0 6 6 6 0 8 6 2 2 1 2 0 0 1 1 6 5 0 4 July 71 7 * 18 45 Sept 2,942 1,400 171 246 722 225 178 Aug 81 11 * 20 50 Dec 3,107 1,465 186 254 789 234 179 Sept...... .! 83 14 * 20 3 46 Oct 84 12 22 1 49 1942—Mar 3,307 L,549 201 264 856 237 200 Nov 82 17 22 43 June 3,491 L,623 219 272 940 243 195 Dec 66 11 18 37 Dec 3,620 1,669 236 276 1,032 245 163 1945— F j e an b # .'.'.'.'.'.... 6 6 7 8 19 8 * * 1 1 9 4 * 3 3 9 4 1943_ D ju e n c e 3 3 , ,7 6 0 2 0 6 1 L , . 7 7O 00 5 2 2 5 5 6 2 2 29 8 2 4 1 1 , , 0 1 7 3 1 4 23 7 5 9 1 1 5 58 9 Mar 60 13 * 17 30 Apr 53 10 15 28 1944—June 3,554 1,669 258 284 1,119 73 150 May 62 14 22 26 Dec 3,399 1,590 260 269 1,072 68 140 June 56 13 19 24 1 The RFC Mortgage Company, the Federal National Mortgage Associa- * Less than $500,000. ttiioonn,, tthhee FFeeddeerraall DDeeposit 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, finaannccee ccoommppaanniieess,, iinndustrial banks, Figures include some reinsured mortgages, which are shown in the month endowed institutions, private and State bbefneitf it fdfu nds, tetc. 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. 82.1 AUGUST 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 1942 1943 1945 1941 1942 1943 1944 January 325 482 749 1,124 P899 229 254 229 300 P334 96 228 520 824 P566 February 303 483 728 •1,107 P881 234 254 234 313 P324 69 230 494 794 P557 March 357 637 988 1,197 Pi,022 268 272 249 359 P365 89 365 739 838 P657 April 387 717 989 1,226 PI,002 287 235 258 360 P366 100 482 731 866 P636 May 385 542 ,092 1,454 PI,138 297 191 281 386 P371 88 351 811 1,068 P767 June 330 650 ,003 PI,297 280 215 295 P331 50 435 708 P965 July 365 659 ,265 PI,197 278 213 302 P294 87 446 963 P903 August 460 705 ,280 PI,188 282 186 316 P302 178 518 964 P886 September 425 732 ,269 PI,192 262 196 286 P281 162 536 983 P911 October 666 803 1,238 PI,142 304 200 329 P329 362 603 909 P814 November.. .. 492 788 1,073 Pi.185 281 168 311 P323 211 620 762 P862 December 653 883 1,288 P937 344 358 281 P336 309 525 1,006 P601 January-May. 1,757 2,860 4,547 I 6,108 |P4,942 1,315 | 1,205 i 1,251 1,713 JP1.76O 442 1,655 3,296 4,390 P3,183 p Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures—Set BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers; 1935-39average = 100 ] RAILROADS [In millions of dollars] Total Coal Coke Grain L st i o v c e k - p F u r e o c o s r t d t - s - Ore l M e o a i e u n l s e s - - - M l c d . e h i c r a s . - 1 n e . o r p r e T e a v o r i e t a l n a t w u i l a e n y s g e r x T a p o i e t l n w a s a l e y s op r i e a n N r i c a l e o t w t m a i e n y g i _ n c N o 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—April 138 140 190 123 120 141 195 146 67 1944—March 782 690 92 53 May 138 146 190 128 118 140 195 144 67 April 780 689 91 54 June 139 r147 194 135 124 148 187 143 67 May 779 688 91 52 July 143 143 194 144 124 156 189 150 66 Tune 810 701 109 71 August 142 146 185 131 121 155 188 149 68 July 804 706 98 61 September .... 139 147 182 126 114 137 184 146 67 August. . 781 710 71 32 October 137 143 182 147 120 133 153 143 66 September.. 790 710 80 42 November 141 143 181 150 135 138 153 149 68 October. 791 709 82 46 December 137 127 166 134 128 135 133 151 68 November.. 788 697 91 57 December... 780 711 69 33 1945—January 143 141 176 128 120 142 161 157 66 February 139 139 178 119 121 133 168 152 66 1945—January. 766 673 93 60 March. 145 137 190 134 129 134 218 159 67 February. 781 678 103 68 April 141 126 180 160 124 133 204 153 71 March... r. 796 698 98 63 May 140 126 193 167 120 137 204 151 69 April.. 799 704 96 62 June 140 143 181 155 124 144 170 146 68 May 796 704 92 P58 UNADJUSTED UNADJUSTED 1944—A M J J O A N D S p u a c u u e e o r l t y n g p c v i y o . t u e e e l b e s m m e m t b b r b e e e r r r 1 1 1 1 1 1 1 1 1 3 4 4 4 2 4 5 4 4 5 0 4 8 8 6 0 4 7 r1 1 1 1 1 1 1 1 1 4 4 4 4 4 2 4 4 4 7 0 6 3 3 7 7 6 3 r1 1 1 1 1 1 1 1 1 9 8 8 8 8 7 7 8 7 0 6 8 8 1 1 8 5 8 1 1 1 1 1 1 1 1 1 1 0 3 4 4 2 7 4 4 3 8 7 7 1 6 2 2 7 1 1 1 1 1 1 1 1 1 0 0 5 0 0 1 8 7 2 7 6 0 2 1 5 4 0 4 1 1 1 1 1 1 1 1 1 4 4 2 4 4 3 5 5 6 1 6 0 0 8 5 4 7 2 2 2 3 2 1 2 2 1 8 8 3 9 0 4 6 7 3 1 7 1 2 1 8 6 8 1 1 1 1 1 1 1 1 1 1 5 4 4 4 5 5 5 5 4 6 2 7 5 5 8 1 1 4 6 6 6 6 6 6 6 7 7 9 8 8 7 6 6 0 5 0 1944— N J J A A S O M D M u u e o u c p e l a n a p t y v r g c y r e o t i c e e u l e b h m m s m e t r . b b b e e e r r r . . . . . . . 8 8 7 8 8 7 7 7 7 7 0 1 3 6 0 9 9 8 5 9 9 6 0 4 9 9 9 1 7 7 r7 6 7 7 6 7 7 7 6 7 O 8 3 2 7 1 0 8 0 1 5 9 5 1 0 0 3 7 0 0 1 1 9 9 9 9 9 9 8 0 7 0 0 4 9 9 9 1 0 7 2 0 r 6 5 6 4 5 6 5 6 5 5 0 9 4 1 0 1 6 0 5 7 1945—January 132 141 185 128 115 128 40 143 63 1945—January.... 751 678 73 39 February 130 139 188 117 97 128 42 142 64 February... 713 640 73 37 March 136 137 192 124 102 134 63 151 68 March 813 713 100 63 April 139 126 176 141 111 133 203 151 71 April 779 687 92 56 May 142 126 191 147 108 143 268 152 69 May 823 723 100 P65 June 145 143 178 158 99 149 263 150 68 r Revised. N p O P T r E e . l — im D in es a c r r y i . p tiv r e R e m v a is te 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. 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 United States 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 il9 94 93 1925 110 123 116 135 109 92 95 102 120 124 124 98 99 1926 113 127 120 138 110 96 99 106 121 119 123 103 106 1927 114 128 123 133 110 95 100 108 119 117 125 101 107 1928 115 126 124 127 110 95 100 114 120 110 119 103 110 1929 117 128 129 128 116 96 98 116 122 110 117 104 112 1930 108 123 126 118 105 92 91 101 110 105 111 96 104 1931 97 114 116 105 93 86 79 88 97 98 96 81 94 1932 75 90 91 83 68 68 60 67 76 79 74 61 71 1933 73 84 86 80 69 68 62 68 72 76 73 62 68 1934 83 90 91 88 81 81 78 79 83 85 85 76 77 1935 88 92 93 91 86 87 84 86 85 90 89 80 86 1936 100 100 101 102 101 98 97 100 97 99 99 97 100 1937 107 104 106 107 111 105 105 109 106 104 107 105 106 1938 99 100 99 96 96 101 103 98 102 101 100 106 100 1939 106 104 101 104 106 109 113 107 111 106 105 112 109 1940 114 108 106 111 114 120 123 116 119 109 110 117 117 1941 133 126 119 129 138 144 145 135 143 122 127 138 139 1942 150 140 128 143 153 170 162 149 158 133 149 157 169 1943 168 148 135 151 167 194 204 161 179 149 184 212 200 1944 186 162 149 168 182 214 244 176 200 165 205 246 221 SEASONALLY ADJUSTED 1943—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 175 148 135 159 169 202 224 172 182 160 207 206 208 February 175 148 138 156 166 198 225 162 194 176 203 241 211 March 185 162 152 173 183 213 228 173 195 159 194 247 219 April 173 157 141 161 166 200 221 165 173 157 181 232 201 May.... ... 181 164 150 168 181 212 233 167 197 160 192 228 214 June 176 151 144 159 166 r208 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 r208 177 161 183 203 231 271 201 235 189 244 264 253 December 194 174 158 171 190 220 258 180 207 175 208 263 233 1945—January..." 199 162 149 173 186 231 268 193 211 181 241 261 247 February 211 166 r165 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 181 157 150 162 174 210 234 167 188 157 199 240 219 May 187 160 156 170 179 r210 r243 166 209 162 203 253 r234 June 201 173 169 185 197 235 277 182 220 172 219 256 233 UNADJUSTED 1943—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 137 119 112 122 132 152 179 131 149 119 153 177 166 February 142 115 114 123 133 159 194 131 153 122 161 200 178 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 178 162 142 161 179 211 228 170 197 162 194 228 200 June 163 144 133 142 157 183 199 160 170 151 177 203 193 July 142 110 100 117 140 151 197 139 154 130 168 202 185 August 157 118 110 123 159 17,7 216 151 178 154 191 220 202 September 196 170 158 173 191 231 257 185 212 184 220 265 226 October r208 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 174 156 143 152 171 193 227 165 192 156 195 228 205 May 183 158 148 r163 177 r209 r238 170 209 164 205 248 r219 June .. 186 164 156 167 187 207 233 178 198 171 201 228 215 r Revised. NOTE—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944. AUGUST 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] Index of stocks Without seasonal adjustment Amount (1935-39 average (In millions of dollars) = 100) 1943 1944 Dec. 13.. .250 Dec. 12 295 Dec. 11. . .297 Dec. 9 ... 365 Out- 20 299 19. ...333 18... 321 16 ... 377 m ( S t o f o a o n l t r e t a h s l ) m ( S e o n to d n c t k h o s ) f ( o s e t r n i a d d n n e g d r o s - f a S d e j a a u l s l s o y t n ed - j U u n st a e d d - Jan. 2 3 7 1 . 9 . 42 .191 Jan. 2 1 6 2 9 4 3 ...1 2 1 2 7 2 Jan. 2 1 5 1 9 4 . 4 .. ..1 2 1 7 0 4 Jan. 3 2 1 6 3 0 9 4 . . . 5 . . . . . . . . . . 1 3 1 4 6 2 5 9 3 month) 10 9 .....146 8 .... 143 13 ....166 17 16 .....139 15 .....146 20 .. 160 24 23 .....125 22 ... 144 27 .....161 1939 average. 128 344 99 31... 30 .....126 29 ....137 Feb. 3 163 1940 average. 136 353 108 101 Feb. 7. Feb. 6... ..143 Feb. 5... . 146 10... .172 1941 average. 156 419 194 120 14. 13.... ..178 12... ..142 17.... .176 L942 average. 179 599 263 172 21. 20.... ..155 19... ..142 24.... .177 1943 average 204 508 530 146 28. 27.... ..162 26... 146 Mar. 3.... .182 L944 average 227 531 558 153 Mar. 7 Mar. 6.... ..150 Mar. 4... ..153 10 .204 1943—Sept. 205 586 564 162 168 2 1 1 4 2 1 0 3 . . . . . . . . . . . . 1 1 4 4 4 7 1 1 1 8 . . . . . . . . . 1 1 7 6 2 0 2 1 4 7 . . . . . . .. . . 2 2 2 1 6 4 Oct 230 593 550 153 170 28 27.... ..155 25... ..182 31 .230 Nov. 259 576 562 143 165 Apr. 4. .. Apr. 3.... ..161 Apr. 1 . ....212 Apr. 7. .. .181 Dec 338 467 491 143 134 11 10.... ..168 8 ..208 14.... .156 18 17......170 15 ...152 21. .192 1944—Jan 167 479 527 154 137 25 24.... ..182 22. ....163 28. .. .184 Feb 170 513 526 154 147 May 2 May 1.... ..142 29. ....168 May 5.... .193 M J M A u p a a n r y r e 2 2 2 1 2 0 2 9 0 6 5 9 5 5 5 5 2 2 2 3 5 5 2 1 r r 5 5 4 4 3 9 8 7 1 1 3 5 1 1 1 1 4 5 4 4 7 7 5 9 1 1 1 1 5 5 5 5 2 0 1 1 3 2 1 9 3 0 6 . . . . . . . . . . . . . . . . 2 2 1 8 9 2 5 . . . . . . . . . . . . . . . .. . . . . . . . 1 1 1 1 6 4 5 5 9 9 3 1 May 2 2 1 6 0 3 7 . . .... . . 1 1 1 1 7 8 6 9 7 4 8 7 Jun • e 2 1 1 2 2 6 9 . . . . . . . . . .. . . . . 1 1 1 1 6 7 9 8 9 8 6 2 July 163 516 628 165 148 June 6 ... June 5 ..151 June 3 .163 9... .196 Aug 196 568 574 170 163 13 ... 12.... ..168 10... ..172 16.. .206 Sept 234 583 559 161 167 20 ... 19..., ..168 17 ... .173 23. 183 Oct 257 600 576 154 172 27 ... 26.... .. 132 24... ..151 30 .173 Nov. 299 579 608 144 166 July 4.... July 3.... . 134 July 1... ..149 July 7.. .153 Dec 385 444 620 136 127 11. ... 10 ......113 8... . .116 14.... .167 18.... 17.... ..126 15... ..145 21 .158 1945—Tan. . ... 198 462 765 148 133 25.... 24 ......124 22... . 138 28. .. .153 Feb 198 494 817 148 142 Aug. 1.... 31 .... ..118 29 . .132 Aug 4. . . Mar 284 523 770 147 150 8 Aug. 7.... ..131 Aug. 5... . 137 11... M J A u p a n r y e p2 2 2 3 3 0 6 0 9 p6 5 5 0 9 6 1 0 4 P r6 6 7 7 9 2 O 7 4 P1 1 1 5 8 6 f 1 > 5 m 1 1 i 6 6 2 9 2 2 1 9 2 5 2 2 1 8 1 4 . . . . . . . . . . . . . . . . . . 1 1 1 4 4 3 6 5 1 2 1 1 6 2 9 . . . . . . . . .. . . . . . 1 1 1 4 7 4 9 1 8 Sept. 2 1 1 5 8 . . . . . . .. P Preliminary. r Revised. NOTE.—Revised series. For description and back figures see pp. 874-875 Back figures.—Division of Research and Statistics. of BULLETIN for September 1944. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] J 1 u 9 n 4 e 5 May m 1 S 9 o i 4 x s 5 . J 1 u 9 n 4 e 5 M 194 a 5 y m 1 S 9 o i 4 x s 5 . J 1 u 9 n 45 e M 19 a 4 y 5 1 S 9 i 4 x 5 J 1 u 9 n 4 e 5 May m 1 S 9 o i 4 x s 5 . United States.. +15 +3 +13 Bo W P N P B S s r p o o t e o o o r r w s i r v t n t n c l o i a g e d H n n s f e i t a d n e e v l c r d e e n + + + + + + + 2 1 1 1 1 1 1 6 7 9 0 6 0 6 ! | + - - - — + 1 2 6 8 1 4 + + + + + + + 1 2 1 1 5 6 8 8 6 1 0 R C ic W E P Y l h e i r v o m t h i e t u e e o l s a n e n b n g l d u i d s n r — t g g o h w Co n nt. + + + + + 2 2 1 1 1 5 5 6 2 9 r + + -2 4 7 * 0 + + + + + 1 1 1 1 8 2 9 9 2 Ch T D P F I C i n c e e o h e a d o r r s i g r t i c r e o a i M a W a n g H o a o a i p a n y o u e n l s t i e e s . . . . . . . . . . + + + + + + + 2 2 1 3 1 1 1 1 3 8 6 3 3 5 + + + + + + 1 1 1 0 0 1 1 7 0 + + + + + + + 2 4 2 1 1 1 1 0 2 0 2 2 4 4 Da H D F S S ll a h o o a a n r r s l u e t l . . s a v A , W t s e o n p n o t o o r r n t t h io + + + + + + 2 1 1 1 7 5 2 5 2 + + + + + - 1 2 1 2 2 9 2 0 1 + + + + + + 2 1 1 1 6 6 2 3 3 5 N C P l e h N A B N B E N e B U T Y A P R C S L W C P R C S w i v o y l l u h r i r e e a l c i l o o t k e i a e m a n b e a e i i i n f r w u w n i h l a c n r r c d Y l f d v g a a l g a n o c k k d g c h a i e a t a g a c n o n e e h a r t i o n l a i e e h d n Y r o n u a d e l l o r r n y a n s s s p k a e k e a p k n s n m g o t t - n h l c e e e e o a B r p d F i t t e r r k t r a h o a a i p t a i d n r s C a l r y l i e e i s . . t . . . . y . . . . . . . + + + + + + + + + + + + + + + + + + + + + - + + 4 1 2 1 2 3 2 2 1 2 2 2 2 - 2 2 1 1 1 1 1 1 1 1 1 7 3 4 3 l 1 1 0 5 4 8 4 2 0 5 3 6 7 2 9 5 6 4 2 l ! | 1 j | r r - + + + + + + + + 9 - - - 8 2 5 4 4 3 1 2 5 1 9 + + + + + + + + + + + + + + + + + + + + + + + + + + 1 1 1 1 1 1 1 1 1 2 1 1 1 1 1 1 1 1 8 8 8 5 8 9 7 5 8 4 5 6 1 9 2 5 3 6 5 0 4 1 1 3 4 6 At R W B W H C G N M L R M M C B J O C T A l A M C B N B J a a a a y a h i a h u o l r i r o a u r e t o n o i a i c c a c a e l r l l l n m i a a a n r n t w l g e s b a t h n c t s a k r m k e u f o r r m c i a s h t k i u n o t o i m t n l m p s n l s m i n g h t l o g e e i s i s d o n l n O o e t i o v a n h n b k s l s b o o t a o b o n g n , i n a R g t t , r u g m n u l r u o o t - l l t v e T r N r d o h e o S e o n s n e g g i a n e a , u a . n , r . l W n n y m l l g S S C e e s n e . m . . . . . . V . . . C C . . . . . . . . . a . . . . . + + + + + + + + + + + + + + + + + + + + + + + + - + + 2 2 2 1 2 2 1 1 2 2 1 2 2 1 3 1 1 1 3 1 1 1 1 1 4 5 8 7 5 5 7 0 9 3 5 1 7 0 7 1 7 9 1 7 0 4 1 6 3 4 3 - + - + , + + + + + + + - + + 1 + 1 + + - + + + 1 2 1 4 * * 3 3 6 2 * 4 * 4 3 8 7 5 9 1 9 3 2 0 0 1 1 7 8 + + + + + + + + + + + + + + + + + + + + + + + + + + + 1 1 2 1 1 1 1 1 2 1 2 1 1 2 1 2 1 1 1 1 1 1 1 4 9 5 9 1 0 0 4 4 2 1 7 2 5 3 5 2 0 0 5 5 0 1 5 6 6 0 0 S M K t a . M L M D G F F Q M G L W E L T i S S H J D P K S n n o o a l p L t o u v i o r u t e r u e a n a i e i . s t p i e n . r a r l u a e p o n t i t n c d n t m a e w i e t l n r s n L l c n J b i n e u t h v i i s a e s o n i s o c s d n h p a g s k l o n S a i i e v p o i o y s t s v u i C h f u a s g t B r m R i a n o e i n . R i k l i i e i l l p s l a s s i o C e t l l e i a t o y y h d e s e h c p i n k t i y d . . . s . . . . . . . . . + + + + + + + + + + + + + + + + + + + + + + + + + 2 2 1 1 2 2 1 1 3 1 1 1 2 1 1 1 1 1 1 1 9 9 4 0 9 5 4 0 9 3 1 8 7 9 9 9 6 9 5 3 4 5 8 0 4 r + + - r r + r - _ + + + + + + + + + + + 1 - - + - + + - + 1 - 1 1 1 1 7 1 1 2 5 0 9 l 2 8 5 4 2 1 6 1 5 3 3 1 2 0 7 6 3 7 ** + + + + + + + + + + + + + + + + + + + + + + + + + 2 1 1 + 1 1 1 1 1 1 2 2 1 1 1 2 1 1 1 1 1 1 1 5 5 3 7 5 4 6 3 3 3 1 1 0 4 5 5 3 9 4 2 5 5 9 1 7 3 San R V B L B P S S S T F S S O S B L P S E T S Y S a h a a t o a r u i a a o a o o p a a e v e a o a S N B v e F n n n n o n k c l c i c l o l a r s k e k c s s t a e l l r t r e t e s e g o a t k i l r e e n i k a l a n r a o t A r n n a r D F J m m m e a a L s l j o s n t m k o n n i g e o B a o r t n n i n f B i c x a R e a t d a p a s d i n h e a n d e g e i e e k l e n s e a e g o a n d e n a e l c e c r a m d o s d y c l t o n a e i n a o h s n a C s d c N r d o i d t a i y n p . o a . + + + + + + + + + + + + + + + + + + + + + + + + + 2 1 1 1 1 1 1 1 1 1 1 2 2 1 1 1 2 1 1 1 1 1 6 4 9 7 7 2 2 9 3 6 6 6 5 0 0 4 2 8 9 1 3 4 5 3 6 r r • + + + + + + r + + + + r + + + + + + + + + + + 1 1 + - 1 1 1 1 - 1 1 - 1 1 1 3 8 1 4 0 3 6 5 6 6 2 4 1 5 8 4 8 1 0 0 0 9 9 3 0 + + + + + + + + + + + + + + + + + + + + + + + + + 1 1 1 1 1 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 8 8 8 8 8 4 5 6 4 3 2 0 9 5 0 1 6 4 9 7 3 0 9 4 7 Columbus +24 +17 Chattanooga.. . +22 +7 +19 Omaha +21 +2 +13 Springfield ... + 14 +8 Knoxville +20 +1 +16 Oklahoma City +12 +9 +17 Toledo + 16 +12 Nashville +26 +4 +16 Tulsa.... +15 +16 +23 r Revised. * Data not yet available. **Five months. 8x4 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 t f o c m ks o n (e th n ) d May reporting May Five mos. May 1945 1945 1945 1945 1944 GRAND TOTAL—entire store 352 +4 +13 +11 2.7 2.5 MAIN STORE—total 352 +5 +13 +11 2.8 2.6 Women's apparel and accessories 349 +7 +16 +21 2.2 2.0 Coats and suits 327 +34 + 18 +71 2.1 1.7 Dresses 331 +3 +21 +52 1.4 1.0 Blouses, skirts, sportSAvear, etc. 311 + 11 +23 +44 3.0 2.3 Juniors' and girls' wear 274 +8 +22 +55 2.6 1.8 Infants' wear 305 +4 + 15 +40 3.3 2.4 Aprons, housedresses, uniforms. 284 — 15 +12 -5 1.4 1.2 Underwear, slips, negligees 320 +9 +21 -18 1.5 2.0 Corsets, brassieres ... 328 +17 +24 + 16 1.7 1.8 Hosiery (women's and children's). 341 +7 +11 -43 0.9 1.7 Gloves (women's and children's). 324 + 19 + 13 + 18 3.4 3.4 Shoes (women's and children's). 241 -3 +15 -5 3.0 3.0 Furs 255 + 188 — 17 +46 13 4 26 6 Neckwear and scarfs 242 -2 +7 +27 2.8 Handkerchiefs 279 +18 +16 +32 4.4 4^0 Millinery 167 -2 +10 +23 1.3 1.0 Handbags and small leather goods 300 +22 +6 +14 2.6 2.8 Men's and boys' wear 321 -4 +12 +3 4.1 3.8 Men's cloth -ng 230 -9 +9 -13 3.2 3.3 Men's furnis hings, hats, caps... 305 -3 +14 +1 4.3 4.1 Boys' clothing and furnishings 280 0 + 11 +37 4.8 3.4 Men's and boys' shoes and slippers 173 +2 +16 -13 5.4 6.4 Home furnishings 313 0 +9 0 3.2 3.2 Furniture, beds, mattresses, springs.. 230 +3 +17 +16 3.4 3.1 Domestic floor coverings 239 -22 -8 -17 2.6 2.4 Draperies, curtains, upholster}'. 290 -6 +10 +3 2.4 2.2 Major household appliances. 168 + 19 +31 -25 1.8 2.8 Domestics, blankets, linens, etc.. 288 0 0 -26 2.6 3.6 Lamps and shades. 211 +22 +21 +16 4.5 4.8 China and glassware 223 +10 +10 +5 3.7 3.9 Housewares 187 +8 +23 + 12 3.6 3.4 Piece goods 285 -1 +15 -18 1.7 2.1 Cotton wash goods 117 -13 +5 -34 0.8 1.1 Small wares 333 +20 +10 +18 3.7 3.7 Lace, trimmings, embroideries, ribbons 119 -6 +6 +20 3.2 2.4 Notions 222 +3 +16 + 13 3.1 2.8 Toilet articles, drug sundries, and prescriptions 317 +24 +22 4.1 4.1 Jewelry and silverware 291 +28 +11 + 13 3.7 4.2 Art needlework 238 + 19 +17 +8 4.4 4.9 Stationery, books, and magazines 230 +23 +20 +25 3.5 3.4 Miscellaneous 294 +6 +12 +19 3.3 3.0 Luggage 221 +28 + 1 -8 2.2 3.1 BASEMENT STORE—total 214 -3 +11 +15 2.6 2.2 Women's apparel and accessories...... 202 i + 13 +26 2.1 1.7 Men's and boys' clothing and furnishings 165 -8 + 10 + 14 4.6 3.7 Home furnishings 121 -5 +7 0 2.4 2.3 Piece goods 52 +3 + 19 -22 1.6 2.1 Shoes 133 -10 +6 +5 4.2 3.7 NOTE.—Group totals include sales in departments ilot 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 obtainec 3y dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Year and month Sales during month A a c t c o e u n n d t s o i-e m ce o i n va th ble Collec m tio o n n s th during Cash Instal- Charge- Total Cash Instal- Charge Instal- Charge Instal- Charge sales sales sales ment account ment account ment account 1944—May 141 180 r58 37 82 68 109 62 r4 r34 June 127 165 50 99 r35 78 r62 111 63 3 34 July 103 138 44 76 32 67 56 103 65 4 31 August.... 126 167 60 93 32 70 58 92 64 4 32 September 149 193 66 116 33 81 61 96 63 4 33 October 164 211 81 127 35 90 69 115 63 4 33 November 191 245 95 149 40 102 75 130 62 4 34 December 245 326 105 181 46 128 77 135 64 4 32 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 March 178 230 73 141 39 96 77 119 63 3 34 April 133 171 I52 rl07 37 88 65 128 62 3 35 May 147 190 r116 35 87 63 122 63 3 34 June ,. 149 194 52 117 34 88 60 121 63 3 34 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. AUGUST 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 Total Single- End o r o y f e m ar onth co c n r s e u d m it er Total Sale credit Loans1 pa lo y a m n e s2 nt a C c h co ar u g n e ts Service credit liioiciiiiicn L 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 fc 5,379 2,002 816 175 641 1,186 1,192 1,498 687 1944 5,791 2,084 836 200 636 1,248 1,220 1,758 729 1944 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 I',225 1,188 1,432 738 Mar r5,575 rl,991 732 184 548 rl,259 1,181 1,662 741 Apr 5,443 1,989 724 184 540 1,265 1,212 1,500 742 May P5,493 p2,007 "720 ^184 P536 pl,287 pl,260 pl,482 P7U June. P5,634 p2,038 P721 P188 P533 ^1,317 pl,305 p1,545 P746 p Preliminary. r Revised. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOBILE CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] Insured End o r o f y e m a o r nth ex m T a c o o u lu b t t d o a i i - l l n , e g D s m m e t a o p a e n r a i d n e l r t - s t- F st t u o u r r r n e e i s - H a a h p o n o p u c l l s d e i e - - J s e t w or e e lr s y s o r t e t A o h ta r l e e l i r l s m E o y n n e d t a h o r f or Total m b C a e n o r m k ci s - a ^ l p S c l a m o o n a m i a n e l - s l b p I a c n a t n o n r d k i m i u a i e s n l - s - g 2 C u r n e i d o i n t s M l l a e n n is e d c o e e u r l s - s m i r l z o o e a a a p d t n n e a i d o s r ir n n 3 order stores houses 1929... 652 43 263 219 32 1930.. 674 45 287 218 31 1931... 619 39 289 184 29 1929 1,197 160 583 265 56 133 1932.. 516 31 257 143 27 1930 1,104 155 539 222 47 141 1933... 459 29 232 121 27 1931 958 138 454 185 45 136 1934.. 532 44 246 125 32 25 1932 677 103 313 121 30 110 1935.. 802 88 267 156 44 168 1933 663 119 299 119 29 97 1936.. 1,065 161 301 191 66 244 1934 741 146 314 131 35 115 1937.. 1,195 258 350 221 93 148 1935 865 186 336 171 40 132 1938.. 1,271 312 346 230 112 154 1936 1,147 256 406 255 56 174 1939.. 1,671 523 435 257 147 213 1937 1,368 314 469 307 68 210 1940.. 2,057 692 505 288 189 284 1938 1,343 302 485 266 70 220 1941.. 2,237 784 535 298 217 301 1939 1,525 377 536 273 93 246 1942.. .. 1,505 426 424 202 147 215 1940 1,721 439 599 302 110 271 1943 1,186 312 372 165 123 128 1941 1,805 469 619 313 120 284 1944 1,248 358 388 175 119 120 1942 1,012 254 391 130 77 160 1943 641 174 271 29 66 101 1944 1944... 636 184 269 13 70 100 May 1,159 325 362 165 118 104 June... 1,175 335 365 169 119 102 1944 July... 1,183 339 367 170 119 103 May 519 141 235 16 45 82 Aug 1,187 343 363 172 118 106 June. 515 138 237 15 44 81 Sept... 1,192 342 364 172 118 111 July 502 132 234 14 43 79 Oct... 1,194 344 361 172 117 115 Aug 499 132 233 13 42 79 Nov. 1,201 346 365 172 116 117 Sept 510 138 236 13 43 80 Dec. 1,248 358 388 175 119 120 Oct 533 148 244 13 44 84 Nov 565 162 253 13 48 89 1945 Dec 636 184 269 13 70 100 Jan 1,236 359 378 172 116 87 124 Feb 1,225 357 372 168 114 86 128 1945 Mar.. rl,259 374 381 171 116 87 r130 Jan 586 172 249 12 61 92 Apr.. 1,265 377 381 172 116 87 132 Feb 557 163 240 12 54 88 May pl,287 P387 p384 P177 P116 P87 P136 Mar 548 163 238 11 50 86 June. pl,317 p400 p389 p180 P118 P88 ?>142 Apr 540 159 237 11 48 85 j May P536 P155 P238 pl0 HS P85 June P533 P152 P237 PH P49 P84 p Preliminary. r Revised. 1 These figures include only personal instalment cash loans and retail automobile direct loans, shown on the following page, and a small amount p Preliminary. of other retail direct loans (18 million dollars at the end of June 1945), not shown separately. 2 This series is in process of revision. 3 Includes only loans insured by Federal Housing Administration. 8x6 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 to o 1' bile c O re h p t t a u h a s r e i e - l r d , R e m r e a n n p o i d a d z i a - r - i s m n P o s e e n t n r a a - t l l Month or year Co b m an m k e s r 1 cial c S o m m a p ll a n lo ie a s n c I o n b m d an u p k s a t i n r n i i g e a s l 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—May. . 505 53 89 62 76 225 1940 927 536 320 June 518 56 93 62 76 231 1941 983 558 372 Tuly 527 61 94 62 77 233 1942 "792 798 408 247 August.. 532 62 95 62 78 235 1943 636 809 364 228 September. 534 62 96 62 80 234 1944. 744 876 403 234 October. 538 60 97 67 80 234 November... 544 59 97 70 82 236 1943 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 Mayp 592 55 112 78 89 258 March 73 94 38 26 Junep 609 56 116 78 93 266 April 56 61 30 16 May 65 72 35 20 Volume extended during June 69 75 38 22 month: July 63 73 33 19 1944—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 O No ct v o e b m e b r. er 9 9 2 2 1 1 0 0 1 1 8 8 1 1 5 5 8 9 4 4 1 0 1945 December.. 103 8 19 18 8 50 J F a e n b u ru ar a y ry r6 6 2 6 5 5 8 6 3 3 0 3 1 1 6 6 1945— F M J e a a b n r r u c u h a a ry ry. . 1 9 8 1 6 6 4 1 9 9 2 2 2 1 4 0 9 1 1 1 7 5 2 9 7 7 5 4 3 4 3 9 M M Ap a a r y r i c ? l h 9 8 6 7 2 9 5 9 7 7 4 0 8 4 3 3 2 4 9 2 2 1 0 3 8 April. 101 9 21 16 10 45 June? 80 82 40 21 Mayp.. 110 10 22 18 10 50 Junep.. 116 n 24 15 12 53 v Preliminary. r Revised. 1 These figures for loans made include only personal instalment cash loans P Preliminary. and retail automobile direct loans, which are shown elsewhere on this page, 1 Includes not only loans insured by Federal Housing Administration and a small amount of other retail direct loans (3 million dollars in June but also noninsured loans. 1945) not shown separately. 2 This series is in process of revision. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLEi 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 ro g m e Instalment accounts a C cc h o a u rg nt e s preceding corresponding June m M on ay th Apr. Ju p n r e e m ce o M d n i t a n h y g o y f A ea p r r. Month D s m e to p e r n a e t r s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n s a e c e s p e - - J s e t w o e re lr s y D s m t e o p e r n a e r t s t- 1945 1945 1945 1945 1945 1945 Net sales: 1944 Total +8 — 7 +8 -2 +6 May 33 25 26 30 64 Cash sales +8 -6 +22 +8 + 18 June. . 31 24 28 30 63 Credit sales: July 30 23 29 31 61 Instalment 0 +10 +3 — 4 +1 August 34 24 32 31 64 Charge account +10 r-10 + 10 September 35 24 33 32 64 October 39 26 36 34 65 Accounts receivable, at end of November 39 24 37 34 67 month: December. 36 23 39 49 61 Total -1 0 0 +1 Instalment -1 + 1 0 +1 1945 January 32 21 35 r29 61 Coll T ec o t t io al ns during month: +1 +3 c +4 0 +5 M Fe a b r r c u h a . ry 3 3 0 6 2 2 4 1 3 3 2 6 r r 2 3 8 2 6 6 6 1 Instalment +1 +3 +6 -1 +4 April. . 30 22 36 r30 62 May.. 32 23 40 r33 64 Inventories, end of month, at June. 32 23 44 32 64 retail value •? +3 +8 +9 +4 r Revised. r Revised. 1 Ratio of collections during month to accounts receivable at beginning j of month. AUGUST 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 = 100] Other commodities All Farm Year, month, or week m c t o o i m e d s i - - p u r c o t d s - Foods Total H p i l r d e o a e d s t u h a c e n t r s d p T ro e d x u ti c le ts m F li u a g e t h e l r t a i i n a n g l d s a p n M r d o e d m t u a e c ls t t a s l i ,m B a u t i e ld ri i a n l g s p c r C o a a l h l d s l e u i a m e c d n t i d - s1 i f n H u g r o n g u i o s s o e h - - ds l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.4 94.3 82.0 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 95.5 102.4 89.7 1943 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 94.9 102.7 92.2 1944 104.0 123.3 104.9 98.5 116.7 98.4 83.0 103.8 115.5 95.2 104.3 93.6 1944—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 June 106.1 130.4 107.5 99.6 118.0 99.6 83.9 104.7 117.4 95.0 104.5 94.8 Week ending: 1945—Apr. 7.... 105.1 127.2 104.9 99.5 118.3 99.2 84.0 104.3 117.0 94.9 106.2 94.6 Apr. 14.... 105.5 128.9 105.5 99.5 118.3 99.1 84.0 104.3 117.0 94.9 106.2 94.6 Apr. 21... . 105.6 129.5 105.7 99.5 118.3 99.1 83.9 104.3 117.0 94.9 106.2 94.6 Apr. 28... 105.7 130.5 106.5 99.5 118.3 99.1 83.9 104.3 117.0 94.9 106.2 94.6 May 5... 105.7 129.8 106.5 99.5 118.3 99.1 84.0 104.3 117.0 94.9 106.2 94.6 May 12... 105.7 129.5 106.6 99.6 118.3 99.1 84.3 104.4 117.2 94.9 106.2 94.6 May 19.... 105.8 129.5 106.8 99.7 118.3 99.1 84.6 104.3 117.2 94.9 106.2 94.6 May 26.... 105.9 130.5 107.4 99.7 118.3 99.1 84.6 104.4 117.2 94.9 106.2 94.6 June 2 .. 106.1 130.8 107.5 99.8 •118.3 99.1 84.7 104.8 117.3 94.9 106.2 94.6 J J J J J J J J u u u u u u u u l l l n l n n n y y y y e e e e 2 3 2 2 1 1 7 9 3 0 1 8 4 6 . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 6 5 5 5 6 5 5 5 . . . . . . . . 0 6 8 9 0 9 8 6 1 1 1 1 1 1 1 1 2 2 3 3 3 2 2 3 8 9 0 1 0 8 9 0 . . . . . . . . 7 5 7 0 0 2 4 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 6 6 7 7 7 7 7 7 . . . . . . . . 5 2 4 7 3 2 3 3 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 . . . . . . . . 7 7 8 8 8 8 8 8 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 8 8 8 8 8 8 8 8 . . . . . . . . 5 3 5 5 5 3 5 3 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 . . . . . . . . 1 1 1 1 1 1 1 1 8 8 8 8 8 8 8 8 4 4 4 4 4 4 4 4 . . . . . . . . 7 8 8 5 8 5 8 8 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 4 4 4 4 4 4 4 4 . . . . . . . . 8 8 8 8 8 8 8 8 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 7 7 7 7 7 7 7 7 . . . . . . . . 3 3 4 3 3 3 3 3 9 9 9 9 9 9 9 9 5 5 5 5 5 5 5 5 . . . . . . . . 2 2 2 4 3 4 3 3 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 6 6 6 6 6 6 6 6 . . . . . . . . 2 2 2 2 2 2 2 2 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 . . . . . . . . 6 6 6 6 6 6 6 6 1944 1945 1944 1945 Subgroups Subgroups June Mar. Apr. May June June Mar. Apr. May June Farm Products: Metals and Metal Products: Grains 127.2 129.8 130.5 129.1 130.2 Agricultural implements. ... 97.2 97.5 97.5 97.5 97.6 Livestock and poultry 123.0 135.6 136.4 135.5 134.4 Farm machinery 98.4 98.7 98.7 98.7 98.7 Other farm products 124.7 120.5 123.2 125.9 127.2 Iron and steel. 97.1 98.1 98.1 98.4 99.1 Foods: Motor vehicles 112.8 112.8 112.8 112.8 112.S Dairy products 110.3 110.8 110.7 110.6 110.5 Nonferrous metals 85.8 85.9 85.9 85.9 85.9 Cereal products 94.7 95.1 95.4 95.4 95.5 Plumbing and heating 92.4 92.4 92.4 92.4 92.6 Fruits and vegetables 137.7 115.9 123.4 131.4 134.7 Building M aterials: Meats 106.1 107.7 108.2 108.6 108.3 Brick and tile 100.6 110.7 110.6 110.7 110.9 Other foods 93.0 94.7 94.7 94.7 95.1 Cement 96.4 99.4 99.4 99.4 99.4 Hides and Leather Products: Lumber1 154.7 154.3 154.4 154.9 154.9 Shoes 126.3 126.3 126.3 126.3 126.3 Paint and paint materials.. 105.7 106.3 106.3 106.4 106.3 Hides and skins 108.4 116.4 117.0 117.0 117.3 Plumbing and heating 92.4 92.4 92.4 92.4 92.6 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. 103.0 103.8 103.8 104.1 104.1 Textile Products: Chemicals and Allied Products: Clothing 107.0 107.4 107.4 107.4 107.4 Chemicals. .. ... 96.2 95.8 95.8 95.8 95.9 Cotton goods 113.9 119.9 119.7 119.7 119.7 Drugs and Pharmaceuticals 112.0 106.8 106.8 106.8 109.5 Hosiery and underwear.... 70.6 71.5 71.5 71.5 71.5 Fertilizer materials 79.9 81.9 81.9 81.9 80.4 Silk Mixed fertilizers 86.3 86.6 86.6 86.6 86.6 Rayon. 30.3 30.2 "30.2' 30.2 30.2 Oils and fats 102.0 102.0 102.0 102.0 102.0 Woolen and worsted goods 112.5 112.7 112.7 112.7 112.7 IIousefurnisking Goods: Other textile products 100.5 100.9 100.9 100.9 100.9 Furnishings 107.2 107.5 107.5 107.5 107.5 Fuel and Lighting Materials: Furniture 101.4 101.5 101.5 101.5 101.5 Anthracite 95.5 95.3 95.3 95.6 97.5 Miscellaneous: Bituminous coal 120.4 120.6 120.6 123.2 123.8 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 130.7 130.7 130.7 130.7 131.0 Cattle feed 159.6 159.6 159.6 159.6 159.6 Electricity 59.3 59.0 58.7 Paper and pulp 107.2 108.0 109.0 109.0 109.0 Gas 79.3 77.7 77.0 "76^4 Rubber, crude 46.2 46.2 46.2 46.2 46.2 Petroleum products 64.0 64.3 64.2 64.2 64^2 Other miscellaneous 96.7 98.9 98.9 98.9 98.9 1 Lumber series revised from September 1943. Back figures.—Bureau of Labor Statistics, Department of Labor. 818 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of July 1, 1945] (In thousands of units) Federal Reserve district Estimate Estimate July 1, 1945 July 1, 1945 Boston . . 7,694 40 36 New York . 29,302 9,857 10,728 10,677 Philadelphia. 47,208 18,168 19,460 •19, 340 Cleveland. 181,230 52,962 61,769 61,741 Richmond. 136,802 34,274 28,431 28,431 Atlanta.. 166,230 9,222 8,818 8,818 Chicago.. 1,220,245 55,128 65,861 65,176 859 685 St. Louis . 367,312 48,562 53,695 53,679 16 16 Minneapolis. 453 060 295,913 280,532 38,524 265,502 242,008 Kansas City . 529,603 342,487 411,990 406,688 4,640 5,302 Dallas... 82,016 75,908 38,686 38,579 133 107 San Francisco. 7,659 136,126 148.684 102,536 43,146 46,148 Total. Oats Tame hay Tobacco White potatoes Federal Reserve district ! Production Estimate Production Estimate Production Estimate Production Estimate | 1944 July 1, 1945 1944 July 1, 1945 1944 July 1, 1945 1944 July 1, 1945 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 5,461 4,809 2,779 3,410 32,515 31,581 63,703 69,188 New York 26,116 18,983 5,938 6,250 1,404 1,185 31,143 34,016 Philadelphia. . 15,062 16,375 2,325 2,422 52,893 44,965 19,765 20,709 Cleveland. .. 47,135 61,270 4,987 5,327 158,913 141,547 11,813 13,167 Richmond.. 29,201 30,978 4,131 4,737 1,068,295 1,063,926 18,070 23,539 Atlanta 28,256 31,176 3,342 4,356 212,329 211,323 14,342 18,752 Chicago....... 399,906 525,800 18,021 18,052 31,642 35,596 31,558 30,650 St. Louis. .. . 53,674 61,392 7,735 8,705 384,237 351,934 8,945 8,999 Minneapolis.. . 377,205 454,677 10,408 10,085 2,526 2,894 45,816 42,769 Kansas City.. 106,365 133,101 8,788 8,476 5,459 5,377 33,122 34,586 Dallas 44,159 48,795 2,115 2,015 6,010 5,620 San Francisco. 33,852 31,637 13,276 13,877 95,149 106,039 Total. . 1,166,392 1,418,993 83,845 87,712 1,950,213 1,890,328 379,436 408,034 NOTE.—1944 figures for tobacco are as revised in July 1945. 8x9 AUGUST 1945 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 book page Ju 2 n 7 e July Ju 1 l 1 y Ju 1 l 8 y Ju 2 l 5 y page Apr. May June1 WEEKLY FIGURES! In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY Reserve Bank credit, total 2 22.21 22.25 22.03 22.17 22.13 RESERVES AND CURRENCY U. S. Govt. securities, total 3 21.69 21.75 21.54 21.61 21.57 Reserve Bank credit 6 20.93 21.80 22.32 BiHs. 3 12.97 12.90 12.69 12.77 12.70 Gold stock. 6 20.40 20.32 20.26 Certificates 3 5.92 6.05 6.05 6.04 6.07 Money in circulation •. 6 26.01 26.35 26.56 N Bo o n te d s s 3 3 1 1 . . 6 1 8 1 1 1. . 1 6 1 8 1 1. . 1 6 1 8 1 1 . . 1 6 1 8 1 1 . . 6 1 9 1 T T r r e e a a s s u u r r y y d ca e s p h o sits 6 6 2. . 3 5 7 0 2. . 3 4 6 0 2. . 3 3 0 7 T M G r o o e t n t a f D e s y u s i s t r o y c in c o k c u c a n i s r t h s c u a l n at d i o a n d vances 2 2 2 2 2 2 2 6 0 . . . . 6 3 2 2 1 3 0 6 2 2 0 6 2 . . . . 2 2 8 0 1 3 9 4 2 2 0 6 2 . . . . 2 9 2 0 1 3 3 7 2 2 0 2 6 . . . . 2 2 9 1 1 7 0 3 2 2 2 0 6 . . . . 2 2 9 2 8 1 3 3 Mem R C C b e e o e s n r u e t n r r b t v a a r l e y n k r c e b i s a r t e y e n r s k v b e s e r a v n c e k i s t s , y . to b t a a n l ks.... 6 1 , 1 1 7 3 3 3 1 4 5 3 4 . . . . 9 7 9 6 1 2 9 2 1 4 5 5 5 . . . . 1 0 9 1 5 3 7 6 1 5 6 4 5 . . . . 1 0 1 4 5 7 9 2 M R E T E x x r e e e c c q m a e e u s s s b i u s s r e e r r r r y d e e b s s r d a e e e e n r r s p v v k e o e e rv s s r s ' e i e 3 t s ( s s w e r e v e e k s l y average), total6 . 2, 5 2 4 4 4 1 1 1 1 3 4 . . . . . 4 3 6 4 7 0 6 9 0 6 1 1 3 4 1 1 . . . . . 3 4 7 4 6 1 1 2 0 7 1 1 3 1 1 4 . . . . . 3 4 1 5 5 3 3 7 4 9 P P 1 P 1 I 3 I 4 . . . . . 4 2 6 6 2 3 7 6 9 3 P1 1 3 4 . . . . 5 7 5 1 5 0 9 5 R Ex e c q e u R C C s i s e e r o e s n u r d e t e n r r s t v a r e r l e e y r s v r c e b e e i r s a s t v y e , n e r k s v b t s , o e a t t o n a c t k l i a s t l y banks 1 1 1 7 7 3 3 3 1 4 5 3 3 . . . . . 8 5 2 6 9 9 9 7 4 3 1 5 5 3 4 1 . . . . . 1 0 7 1 3 3 1 2 5 0 1 5 3 5 4 1 . . . . . 1 2 7 3 0 1 6 0 8 4 N R C C e e h o w s i u c e n a r Y t v g r e o y o r c k b i a t C y n i k b ty s a e nks. . 5 5 5 5 . . . . 4 0 0 9 0 3 1 6 . . . . 0 0 4 9 1 2 2 5 . . . . 0 3 0 9 2 7 1 4 P. . . . 0 0 3 9 1 2 1 4 .01 M Ba o l R C n a B e n e o y c s i u l e e l n i s r s n t v r d o e y c u f i c e r b $ i c a t 5 f u y n r 0 o l k a b m a s t a n i o n d b n k a , s o n v t k o e s r t : al 1 1 8 3 3 8 26 3 1 7 . . . . 7 6 1 8 9 9 4 4 2 3 6 7 1 . . . . 8 7 7 5 1 0 3 9 2 4 6 1 7 . . . . 0 7 9 5 3 5 2 7 MEMBER BANKS IN LEADING CITIES $10 and $20 bills 8 13.99 14.29 14.71 Total—101 cities: Coins, $1, $2, and $5 bills.... 8 4.36 4.43 4.47 New L D U U L L Y o o o . . e a a a o m S S n n n r . . k a s s s n G G a a d C o o n n 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 i s t s o g s t t s m a m i a t t e d i s e o n j n n u t t s s s s . t e . d . ... 1 1 1 1 1 1 4 4 4 4 5 4 4 6 3 2 1 1 6 3 6 2 5 3 . . . . . . 5 5 3 8 0 8 4 4 7 2 2 4 6 4 3 2 1 1 7 4 5 3 6 4 . . . . . . 1 2 8 1 2 0 2 9 8 8 3 4 4 3 6 2 1 1 6 7 4 3 5 3 . . . . . . 3 0 3 2 5 7 1 5 4 4 4 7 4 6 3 2 1 1 7 3 6 2 4 3 . . . . . . 2 9 8 8 5 8 7 9 5 8 4 1 4 3 6 2 1 1 7 7 3 4 2 3 . . . . . . 2 4 8 3 3 8 2 4 5 1 4 3 T D T U C i o . e u m t m r S a r e l . a e n n d G d d c e e o y p p v d o o o t e s . s u p i i A d t t o t s s s e L s i L p i d a t o e s n B s d i A b t s a N c n u K k r S r s e I n N c y U . S. 9 9 9 9 9 P ^ P ^ 1 7 2 4 5 P 1 3 4 2 9 . . . . . 0 8 5 9 8 0 0 0 0 0 p1 P P P 5 P 4 7 2 2 8 3 6 4 . . . . . 7 3 2 4 8 O 0 0 0 0 P P 1 P P P 6 6 2 4 2 9 2 3 5 4 . . . . . 5 5 2 1 1 O 0 0 O 0 D T L U U In o i . . e m t a m e S S n e N r B B C C . . a b s o i n o e o G G , d a l r d m n t e l n t o o t s e d o p i k m v v s d f s o t i t t a e e . . c s a d l p r i a n e d o t c o t s p d e b i e s a o s p l i g l i t s o g s u i s t a a s i a t r t d i s . o j s u n e s s c , t e u t d r o it t i a e l s . . .. 1 1 1 1 1 1 1 1 1 1 1 5 6 5 5 5 5 6 5 6 7 6 1 1 4 8 3 3 6 6 2 1 5 3 . . . . . . . . . . . 0 8 0 2 0 2 0 2 3 4 2 2 6 4 4 6 5 6 4 4 8 8 1 1 9 3 4 6 3 6 2 3 5 1 . . . . . . . . . . . 0 6 0 3 1 2 1 0 7 2 4 3 7 1 9 7 7 6 1 9 4 0 1 1 4 6 6 3 3 2 9 3 5 1 . . . . . . . . . . . 3 0 2 1 0 2 0 0 2 8 5 6 1 7 4 7 3 4 2 4 3 1 1 1 9 3 4 6 2 6 2 5 1 3 . . . . . . . . . . . 1 0 2 0 2 0 0 4 7 3 4 2 3 1 3 2 0 5 3 9 1 1 9 2 3 5 2 5 3 1 3 5 . . . . . . . . . . . 7 1 8 2 0 2 9 9 4 7 8 7 8 5 1 3 0 6 1 8 6 3 Cons I S S C n u e i h n m s r a t g v e a r I I l i g r e n n l c m e e s s p c t t e a c a a r a O A C n e c r l l y O t t u m e m c d m h d N t o i c e o e e t i S e u , r r t n n m U n n e t t t M t d t o s o s l i b E l a o t t o R i , a l a l e a l e n t n o C c s s t r R a e E l d D i I t T , tu^al 18, 1 1 1 1 1 1 1 1 1 9 9 8 8 9 8 8 9 9 5 1 1 1 1 . . . . . . . . . 2 4 2 5 9 7 1 7 5 1 4 7 0 9 2 8 4 4 P P P P P 5 I I P P P 2 i P . . . . . . . . . 0 4 7 4 1 7 5 2 2 1 9 8 4 8 2 4 6 9 P P P P P I 5 I P I P P P 2 . . . . . . . . . 3 1 5 6 3 7 0 5 7 1 3 2 9 4 2 3 5 5 For purchasing securities: Brokers'—on U. S. Govts. . 17 1.52 1.50 1.34 1.24 1.19 TREASURY FINANCE B To ro o k t e h rs e ' r — s on other securities.. 1 1 7 7 1. . 3 7 0 0 1. . 4 6 3 9 1. . 3 6 7 8 1. . 3 7 2 0 | 1 . . 7 2 0 2 U. t o S t . a G l o i v nt t. e r o e b s l t i - g b a e t a io ri n n s g outstanding, 20 234.19 236.91 256.77 100 cities A l o l u o ts th id e e r New Y'ork: 17 .48 .52 .51 .53 .54 By c B la o s n s d e s s o (m f a se rk c e u t r a it b i l e e s : issues). 20 92.38 92.38 106.45 Loans and investments 15 40.71 41.06 41.18 41.11 41.03 Notes, cert., and bills 20 70.11 70.08 74.67 U. S B . o G n o d v s t . obligations, total.. . . 1 1 5 6 3 1 1 5 . . 0 7 6 0 3 1 1 5 . . 3 8 3 7 3 1 1 5 . . 4 9 9 0 3 1 1 5 . . 5 9 3 5 3 1 1 5 . . 4 9 9 8 S S a p v e i c n ia g l s i b s o su n e d s s and tax notes 2 2 0 0 5 1 2 7 . . 4 9 6 2 5 1 4 8 . .5 5 9 2 5 1 6 8 . . 2 8 3 1 L T D U In o i . e t m a m e S n e r A N F B C C . a s b o , i l G n e o d o a l l r r d m e l t n t o t s e o o p p i k v m s d f t t o u h i t a e . e c s a r d e l p i c r a n e r d t c o h t s p d e e i s a . a o p s i s g l . t s o i s u i n . s t . a i g s a : t r s d . s j s e u e c s c u t u e ri d r t i . i t e i s e s. 1 1 1 1 1 1 1 1 1 1 1 6 7 5 7 5 5 5 5 7 6 6 2 2 6 3 8 6 7 7 7 1 3 1 . . . . . . . . . . . 8 1 7 9 3 6 5 5 5 5 0 0 0 7 6 2 8 5 9 0 1 8 2 9 6 6 3 2 2 7 7 7 1 1 . . . . . . . . . . . 5 9 3 0 5 5 7 6 5 8 7 1 1 6 9 3 3 0 7 7 7 8 23 9 6 6 7 7 3 7 1 2 1 . . . . . . . . . . . 4 1 9 6 0 5 5 6 0 7 8 1 7 6 9 1 8 8 4 9 0 4 2 8 6 6 7 3 3 7 7 2 1 1 . . . . . . . . . . . 7 5 3 8 6 6 7 7 5 4 0 8 5 7 5 4 6 2 1 3 1 9 2 8 6 6 7 3 7 3 7 1 2 1 . . . . . . . . . . . 4 4 6 6 6 4 6 7 7 4 0 5 4 4 4 3 5 8 0 1 9 9 Hold B C F F in y e e o d d g m m . s e W W B 5 5 C 5 m r - - a o a i e a 2 1 y i i g l e t f l r t t 0 l 0 e e u r h t h s i a c R U n r i i f y y n n i r i c i e a s . e e t c i s l i S a a e a 5 1 e e a s r r . t b r s s s n e y y G v a : a s d e e e n n o a a k o d r v r B s v s t a . t e r n r o u k b s s l t ig fu at n i d o s n . s . : 2 2 2 2 2 2 2 2 2 2 1 0 0 1 0 0 1 0 0 0 r7 4 5 3 8 5 7 1 2 2 7 7 3 4 3 8 9 7 0 3 . . . . . . . . . . 3 3 6 4 1 0 0 4 1 6 1 O 5 8 7 4 9 8 5 0 2 2 1 4 3 3 0 8 5 5 7 7 1 3 . . 4 8 3 8 9 . 7 8 . 9 . . . 4 . . . 6 1 0 1 0 4 5 6 5 0 5 7 5 5 4 0 0 9 4 6 5 3 2 8 2 1 8 7 5 4 8 1 3 4 7 . . . . . . . . . 2 6 6 0 1 1 9 7 0 5 5 7 4 4 9 4 9 4 Mutual savings banks 21 8.70 8.70 Per cent per annum Insurance companies 21 20.50 20.20 MONEY RATES, ETC. Other investors, total 21 r84.10 85.80 Treasury bills (new issues) 24 .375 .375 .375 .375 .375 Marketable issues 21 r33.40 33.10 Treasury notes (taxable) 24 1.14 1.14 1.14 1.17 1.19 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 . .6 3 2 4 2 1 . . 3 6 4 2 2 1 . . 3 6 4 2 2 1 . .6 3 3 4 2 1 . .6 3 5 6 Per cent per annum High-grade corporate bonds (5 issues) 26 2.54 2.52 2.52 2.52 2.54 MONEY RATES, ETC. C C o o r rp p o o r 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 . . 2 6 7 1 3 2 . . 2 6 7 0 2 3. . 2 6 6 0 3 2 . . 2 6 6 0 2 3. . 2 6 7 0 F C . o R rp . o B ra a t n e k A d a i a s c b o o u n n d t s rate (N. Y.).. 2 2 3 3 2. . 6 5 1 0 2. . 6 5 2 0 2. . 6 5 1 0 Treasury bills (new issues) 23 .375 .375 .375 In unit indicated Stock prices (1935-39 = 100), total 27 122 120 120 116 117 Industrial 27 123 121 121 117 118 In unit indicated Railroad 27 150 144 143 136 136 Public utility 27 108 108 109 107 108 Volume of trading (mill, shares) 27 2.10 1.03 .90 1.05 Stock prices (1935-39 = 100): Total 27 114 118 121 BUSINESS CONDITIONS Industrial 27 117 120 122 Steel production (% of capacity) 37 91.5 88.1 89.0 89.8 90.7. Railroad 27 129 135 144 Electric power prod. (mill. kw. hrs.).... 37 4,353 3,978 4,295 4,385 4,435 Public utility 27 98 101 106 Freight carloadings (thous. cars) 45 894 726 883 882 886 Volume of trading (mill, shares). .. 27 1.27 1.36 1.83 Department store sales (1935-39 = 100). 45 173 153 167 158 153 Brokers' balances (mill, dollars): Wholesale prices (1926 = 100), total. . . 49 105.9 105.8 105.6 105.6 105.8 Credit extended customers.... 29 1,065 1,094 PI,223 Farm products 49 130.1 129.4 128.2 128.5 129.7 Money borrowed 29 701 742 P853 Other than farm and food 49 99.8 99.8 99.8 99.8 99.8 Customers' free credit balances 29 575 583 P549 For footnotes see following page. 830 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart 1945 Chart 1945 book book page Apr. May June page Apt. May June MONTHLY FIGURES—Cont. In unit indicated MONTHLY FIGURES-Cont. In unit indicated BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS Wholesale prices (1926 = 100) : [ncome payments (mill, dollars'):3 Total .. 49 105.7 106.0 106.1 Total 30 13,566P13.591 Farm products 49 129.0 129.9 130.4 Salaries and wages .. 30 9,523 ^9,500 Other than farm and food .. 49 99.3 99.4 99.6 Other .. 30 4,043 Cash farm income (mill, dollars): 1944 1945 Total .. 31 1,570 1,532 Pi,548 L C i r v o e p s s tock and products .. 3 3 1 1 8 5 9 2 1 9 9 4 8 6 6 8 P P 5 9 5 7 2 4 Oct.- Jan.- Apr.- Govt. payments 31 150 78 P22 QUARTERLY FIGURES Dec. Mar. June Armed forces (mill, persons) .. 32 12.1 12.2 12.3 Civilian labor force (mill, persons): MONEY RATES Per cent per annum Total . 32 51.9 52.0 53.1 Bank rates on customer loans: Male . . 33 33.8 33.8 34.4 Total, 19 cities 23 2.39 2.53 2.50 Female .. 33 18.1 18.2 18.7 New York City .. 25 1.93 1.99 2.20 Unemployment .. 32 .8 .7 1.1 Other Northern and Eastern cities .. 25 2.61 2.73 2.55 Employment .. 32 51.2 51.3 52.0 Southern and Western cities .. 25 2.65 2.91 2.80 Nonagricultural .. 33 43.4 r43.4 42.9 [ndustrial pr A o g d r u i c c t u i l o t n u : r 3 al . . 33 7.8 8.0 9.1 SECURITY MARKETS In millions of dollars Total (1935-39 = 100) . 35 r230 226 P222 Corporate security issues: Groups (points in total index): Net proceeds: 35 127.4 123.6 PI18.3 All issues ... . 28 1 214 708 1,207 Nondurable manufactures .. 35 8U6 8l!l Industrial .. 28 233 201 401 TV/T l n p r ^ 1 c: 35 21.3 21.0 P22.0 Railroad 28 170 227 435 New ord J* e »J r . s IJ , .1 V s . i h . U i l p O m . - e . nts, and inventories (1939 = 100: Public utility 28 766 248 351 New orders: New money: Total 36 298 P261 All issues 28 201 111 243 fjii T-QHIP 36 429 P354 Industrial 28 142 78 184 Ay UidUlt' . Railroad . 28 5 12 32 ShipTmoetnalts: 36 286 P271 Public utility . 28 12 2 13 Durable 36 390 P364 Nondurable 36 215 P206 1944 1945 Inventories: T D o u t r a a l ble 3 3 6 6 1 1 6 8 4 9 P189 Dec. Mar. June Nondurable 36 142 P140 30 20 30 Factory employment and pay rolls (1939 = 100): CALL DATE FIGURES Pay rolls 38 317.2 302.8 In billions of dollars Hou E rs m a p n lo d y e m ar e n n i t ngs at factories: 38 154.8 151.4 P148.9 ALL MEMBER BANKS Weekly earnings (dollars) 39 47.12 46.03 Loans and investments, total 10 91.57! 90.52;P99.42 Hourly earnings (cents) 39 104.4 104.3 U. S. Govt. obligations, total 10 67.69| 67.92|P73.25 Hours worked (per week) 39 45.1 44.1 Bonds 11 34.93 \ ) Nonagricultural employment (mill, persons):3 Certificates 11 13.98 (4) Total 40 38.0 37.7 P37.4 Notes 11 14.131 (4) Manufacturing and mining . .. 40 15.9 15.6 P15.4 Bills .._ 11 3.75 (4) Trade 40 7.0 7.1 Guaranteed obligations 11 .90 Government 40 6 0 6.0 P6!o Other securities, total 10 5.21 5.39 P5.60 Transportation and utilities 40 3.8 3.8 P3.8 State and local government obligations... . 11 2.86 2.99 Construction 40 0.7 0.8 Other securities 11 2.35 2.40 Construction contracts (3 mo. moving average, mill Loans, total 10 18.68 17.22P2O^57 dollars) :3 Commercial 11 7.53 T R O ±n e t o h t s ct i e ai d l r i ential 4 4 4 1 1 1 2 2 8 5 3 6 3 3 2 2 0 3 3 1 8 7 Pi 60 A R B e r g o a r l k i c e e u r s l s t t ' a u t r e al 1 1 1 1 1 1 3 1 1 . . . 2 7 2 1 4 0 ( (4 4 ) ) Residential contracts (mill, dollars):3 Demand deposits adjusted. 10 57.31 61.17 Total 42 39 42 3 Public 42 19 14 Private, total . . 42 20 28 3 CLASSES OF BANKS 1- and 2-family dwellings .. 42 17 22 •2 Central reserve city banks: Other ... 42 Loans and investments, total 12 29.45 27.95P31.49 Freight car loadings:3 U. S. Govt. obligations .. 12 21.09 20.41P21.62 Total (1935-39 = 100) 43 141 140 140 Other securities. . . 12 1.41 1.47 PI. 55 Groups (points in total index): Loans . 12 6.94 6.07 P8.32 iviiscciiancous 4 4 3 3 8 26 4 ^ .0 8 8 26 2 ^ .6 9 7 3o 9 ! . T D i e m m e a n d d e p d o e s p it o s sits adjusted 1 1 2 2 17 1 . . 0 6 8 3 1 1 8 . . 7 6 3 0 AClola lother 43 30.4 31.0 29. Reserve city banks: Department stores (1935-39 = 100) :3 Loans and investments, total 12 33.60 33.45P36.59 Sales .... 44 181 187 20 U. S. Govt. obligations 12 25.04 25.30P27.54 Stocks..'...' 44 156 165 18 Other securities . 12 1.74 1.80 PI. 89 Exports and imports (mill, dollars): Loans 12 6.82 6.35 P7.15 Exports . . 46 PI,002 PI,138 Demand deposits adjusted 12 20.27 21.74 Excluding Lend-Lease exports . . 46 P301 P345 Time deposits 12 7.79 8.28 Imports • • 46 P366 ^37 Country banks: Excess of exports excluding Lend-Lease exports 46 P-65 P-26 Loans and investments, total 13 28.52 29.13P31.35 Cost of living (1935-39 = 100): U. S. Govt. obligations 13 21.55 22.20P24.09 All items 47 127.1 r128.1 129. Other securities 13 2.06! 2.12 P2.16 Food 47 136.6 138.8 141. Loans... • 13 4.91 4.81 P5.ll Clothing 47 r144.1 rl44.C 145. Demand deposits adjusted 13 19.96 20.84 Rent . . 47 Time deposits 13 9.9C 10.54 e Estimated. pP PPrreelliimmiinnaarryy.. T Revised. . 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 For charts on pages 20, 23 and 27, figures for a more recent period are available in the regular BULLETIN tables that show those sene 3A AAddjjuusstteedd tfoorr sseeaassoonnaall vvaarriiaattiioonn.. * Figures available for June and December dates only. * Copies of the Chart Book may be obtained at a price of50 cents each. 831 AUGUST 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 1945 Total Boston New York Ph p il h a i d a el- Cleveland Richmond Atlanta Chicago St. Louis M ap i o n l n is e- K C an it s y as Dallas Fra S n a c n isco Current Earnings Discounts and advances . . , „$9 2.7,286 $35,350 $556,145 $22,965 $49,503 $26,799 $9,094 $60,098 $65,341 $37,589 $40,107 $1,161 $23,134 U. S. Government securities, System account j 5555,,118899,, 666622 3,961,825 11,363,825 4,127,247 5,744^949 3,890,780 3,209,428 7,370,545 2,536,886 1,488,930 2,830,859 2,403,761 6,260,627 Other U. S. Government securities. ' n9 ,M02"0,684 177,056 5,125,094 379,522 169,449 82,553 48,278 1,838,391 302,215 115,487 76,996 50,979 654,664 Industrial loans 60,900 3,552 134 41,367 2,217 2,705 102 980 681 9,162 Commitments to make industrial loans. 6,511 122 34 68 2,013 406 176 191 3,501 All other. 270,744 3,926 22,727' 3,880 37,597 5,413 ?>025 70,050 25,122 1,848 '77,927 4,806 10,423 Total current earnings. 65,475,787 4,181,831 17,067,925 4,575,015 6,003,783 4,010,263 3,273,927 9,340,470 2,929,740 1,643,854 3,026,570 2,460,898 6,961,511 Current Expenses Operating expenses: Salaries: Officers 1409,142 80,325 283,606 71,972 119,283 86,980 87,324 176,372 98,136 83,332 89,601 * 86,112 146,099 Employees.. 23 187,872 1,336,983 4,972,187 1,415,013 2 231,138 1,343,804 1,232,888 3,848,475 1,315,866 616,641 1,212,572 1,101,041 2,561,264 Retirement System contributions 2040,364 106,279 425,527 113,918 178,002 124,789 123,632 348,521 123,004 79,211 113,374 107,623 196,484 Legal fees 15,297 1,657 7,467 2,500 425 40 202 3,000 6 Directors' fees and expenses. 65,229 5,410 6,230 4,261 5,216 4,223 6,690 4,062 3,516 5,634 7,559 4,666 7,762 Federal Advisory Council fees and expenses . 9,543 950 517 525 628 352 350 801 850 901 1,048 771 1,850 Traveling expenses (other than of directors and members of Federal Advisory Council) 230,045 9,711 34,103 10,221 22,258 17,626 17,053 36,188 24,417 11,515 14,843 13,205 18,905 Postage and expressage.. 3 697,369 355,097 551,789 254,353 323,389 300,906 272,842 443,433 194,533 125,020 206,320 196,677 473,010 Telephone and telegraph 267,509 11,888 46,025 15,326 24,332 13,202 23,593 20,930 22,951 11,397 20,853 18,794 38,218 Printing, stationery, and supplies 1673,176 123,076 288,649 123,653 145,318 87,380 121,032 285,200 93,112 41,356 88,927 78,294 197,179 Insurance on currency and security shipments 25,860 2,716 3,610 1,746 2,297 2,300 2,304 2,667 1,276 633 1,183 1,305 3,823 Other insurance 96,918 5,673 21,947 4,235 8,166 5,143 6,407 8,727 7,761 -51 6,593 5,623 16,694 Taxes on real estate... .... 756,926 66,000 224,316 45,718 66,632 41,921 32,167 102,383 32,416 32,120 45,799 16,617 50,837 Depreciation (building).. 524,077 27,916 110,530 71,637 56,238 44,347 21,274 35,424 27,893 14,543 35,156 41,703 37,416 Light, heat, power, and water. 288,768 17,725 67,004 17,848 39,033 21,008 17,218 35,541 17,129 11,789 10,755 16,685 17,033 Repairs and alterations. 130,228 1,896 18,389 3,681 19,910 12,361 12,562 13,617 11,162 12,945 16,841 2,265 4, 599 Rent 505,626 10,478 24,286 40,332 69,576 12,511 47,724 154,876 25,381 8,092 13,614 10,360 88,396 Furniture and equipment 311,006 42,096 84,198 2,148 19,153 12,236 24,154 26,378 25,949 2,260 13,388 19,690 39,356 All other. 999,290 45,206 114,066 85,945 112,029 41,642 79,580 209,290 68,750 27,965 65,349 50,651 98,817 j Total operating expenses. 36,234,245 2,249,425 7,278,636 2,289,999 3,445,098 2,172,731 2,129,219 5,752,885 2,094,102 1,085,343 1,963,977 1,775,082 3,997,748 w Less reimbursements for certain fiscal 0 agency and other expenses 15,935,028 837,965 2,664,772 833,928 1,503,773 879,517 1,084,493 2,980,260 934,452 492,176 831,814 879,476 2,012,402 Net operating expenses.. 20,299,217 1,411,460 4,613,864 1,456,071 1,941,325 1,293,214 1,044,726 2,772,625 1,159,650 593,167 1,132,163 895,606 1,985,346 Assessment for expenses of Board of Governors . . .. 1,086,403 73,246 393,449 95,074 94,683 45,812 37,828 140,995 33,064 24,760 32,683 32,683 82,126 Federal Reserve currency: Original cost 1,883,781 85,936 485,172 162,366 73,473 234,831 191,523 189,763 113,390 7,454 79,993 63,467 196,413 Cost of redemption 251,342 12,382 44,135 12,478 17,909 17,974 26,205 35,452 16,239 3,846 13,111 16,487 35,124 Total current expenses. 23,520,743 1,583,024 5,536,620 1,725,989 2,127,390 1,591,831 1,300,282 3,138,835 1,322,343 629,227 1,257,950 1,008,243 2,299,009 Current net earnings.. 41,955,044 2,598,807 11,531,305 2,849,026 3,876,393 2,418,432 1,973,645 6,201,635 1,607,397 1,014,627 1,768,620 1,452,655 4,662,502 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments... 834 Gold production. . . 835 Gold movements.. 835 Net capital movements to United States since January 2., 1935.. 836 Central banks . 837-840 Money rates in foreign countries ... 841 Commercial banks... 841 Foreign exchange rates .. 843 Price movements: Wholesale prices 844 Retail food prices and cost of living. ., 845 Security prices .. 845 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data arc reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 11, 1934. Back figures for ail except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monttsry Statistics. AUGUST 1945 833 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 e in n r- a - 1 g B iu e m l- Brazil B I r n i d ti i s a h Canada Chile lo C m o b - ia Cuba C v z s a e l k o c - h ia o- m De a n rk - Egypt France m G a e n r- y Greece 1938—Dec 14,512 431 581 32 274 192 30 24 83 53 55 2,430 29 27 1939—Dec 17,644 466 609 40 274 214 30 21 1 56 53 55 2,709 29 28 1940—Dec 21,995 353 734 51 274 27 30 17 1 58 52 52 2,000 29 28 1941—Dec 22,737 354 734 70 274 5 30 16 1 61 44 52 2,000 29 328 1942—Dec 22,726 735 115 274 6 36 25 16 61 44 52 2,000 29 1943—Dec 21,938 734 254 274 5 51 59 46 61 44 52 2,000 29 1944—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 H.lll 329 274 6 56 92 111 61 44 52 1,777 1945—Jan 20,550 409 732 330 274 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 20,374 409 715 341 274 57 99 1,777 May 20,270 409 714 342 4 57 100 1,777 June 20,213 713 6 102 •:..'.'.'.': 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 85 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—July 24 115 222 500 23 36 60 760 104 Aug 24 115 220 500 23 34 60 778 104 Sept 24 220 500 23 32 60 785 104 Oct 24 221 500 23 32 60 796 104 Nov.. 24 ^127 222 500 23 32 60 811 104 Dec P128 222 500 23 32 60 814 105 1945—Jan 222 500 23 30 60 829 106 Feb 221 500 23 30 60 834 106 Mar 220 23 30 848 108 Apr 219 23 30 851 May 219 30 865 June 231 28 Government gold reserves1 not included in previous figures End of month S d w e e n - Sw la i n tz d er- T k u e r y - U K d n o i 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 e h n s e - 6 r End of month U St n a i t t e e s d U K d n i o i n m t g e - d France g B iu el m - 1938—Dec 321 701 29 2,690 69 52 57 14 166 1938—Dec. ... 80 2759 331 44 1939—Dec 308 549 29 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 »83 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 1940—June... 86 17 1944—July 435 1,030 221 1 142 110 39 243 Dec. ... 48 '" 292' 17 Aug 449 1,029 221 1 148 110 39 244 1941—June... 89 17 Sept 454 1,033 221 1 149 110 39 244 Dec 25 '4i5i 17 Oct 456 1,029 221 1 149 110 39 244 1942—June. .. 8 17 Nov 462 1,040 221 1 151 125 36 244 Dec 12 17 Dec 463 1,052 221 1 157 130 37 245 1943—June.... 11 17 1945—jan< 477 pl,058 221 1 159 130 37 245 Dec 43 17 Feb 475 pl,061 221 1 164 147 246 1944—Mar.. .. 14 Mar 474 ^1, 072 225 1 166 147 246 Tune. . 21 Apr 472 pl,103 225 1 168 161 246 Sept.. .. 25 May 470 PI,105 1 173 161 r247 Dec... 12 June 478 ^1,069 1 176 247 p Preliminary. rRevised. 1 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, and Thailand (Siam). Figures for certain of these countries have been carried forward and Monetary Statistics, p. 526, and BULLETIN for from 7 l G as o t l d p re h v o io ld u i s n g o s ff i o c f ia B l a re nk p o o rt f . En 0 gland reduced to nominal amount by gold transfers to British February 1945, p. 190. 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. 834 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month production Total Africa North and South America Other U o . u S t . s S i . d R e .1 m re o p n o t r h te ly d A So fr u ic th a d R e h s o i - a I I A W fri e c s a t a I | C B o e n lg g i o a 3 n S U ta n t i e te S4 d | I C « a nad A a ^ 5 K [ W M K e * x i V co ~ 6 6 C M o a l om- | I C ™ hil - e i I N g lic u a a r ' a- Au li s a tr 8 a -1 | B I r n i d ti i s a h 9 $1 = 154\ grains of goldT 9 0fine; i.e.,an ounce tof fine gold = $35 1934 823,003 708,453 366,795 24,264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 1,166 30,559 11,223 1935 882,533 752,847 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251 868 31,240 11,468 1936 971,514 833,895 396,768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40,118 11,663 1937 1,041,576 893384 410710 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 448753 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 491628 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 504268 27,765 32,414 209,175 187,081 27,969 22,961 9,259 7.525 51,039 9,940 1942 968112 494439 26,641 29,225 130,963 169,446 630,000 20,882 6,409 8,623 42,525 8,960 1943..... 738471 448153 23,009 19,740 48,808 127,796 19,789 6,08? 7,715 28,560 8,820 1944 r663960 429787 20,746 18,445 r35,778 101,980 19,374 7,131 7,865 16,310 6,545 1944--June. . r54834 36264 1,702 1,435 r2,490 8,397 1,732 644 560 1,435 175 July 7-55938 36430 1,763 1,400 r3,018 8,247 1,901 911 590 1,295 385 Aug.. r57286 37022 1,732 1,470 r2,838 8,290 2,044 604 625 2,100 560 Sept r54885 35810 1,724 1,540 r3,O87 8,274 1,421 523 615 1,365 525 Oct r54521 35821 1,714 1,575 r2,922 8,051 1,370 560 653 1,295 560 Nov r53734 35270 1,680 1,575 r3,033 7,809 1,380 555 613 1,260 560 Dec r53446 34836 1,733 1,610 r2,828 8,012 1,162 506 765 1,470 525 1945—Jan 55199 36216 1,674 1,610 2,463 8,166 1,882 486 672 1,470 560 Feb 50,782 33698 1,610 1,575 2,342 7,432 1,379 372 590 1,260 525 Mar 54,703 36458 1,686 1,610 2,446 8,004 1,382 542 615 1,365 595 Apr ^54,112 35,937 1,718 '1,610 2,328 7,831 1,836 '542 560 1,225 525 May.... "54,338. 36,073 '1,718 '1,610 2,563 7,614 :::::::: '1,836 '542 631 '1,225 '525 I I Gold production in V. 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. ^Revised. 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 are estimates of United States Mint. Monthly figures represent estimates of American Bureau of Metal Statistics, those for 1944 having been revised by adding to each monthly figure $59,421 so that aggregate for the year is equal to annual estimate compiled by Bureau of Mint in cooperation with Bureau of Mines. 5 Figures for Canada beginning 1944 are subject to official revision. 6 Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three months of year. 7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 1943 they represent total Australia; beginning January 1944, Western Australia only. 9 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES fin thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to:1 Y m e o a n r t o h r im T n o p e t o a t r l ts U K d n o i i n m t g e - d France g B iu el m - N l e a t n h d e s r- S d w e e n - S er w la i n tz d - Canada Mexico c A O a L n m a t h t e R i e r n r e i- - 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 In i r s d i h t i - a o c t o r t A i h u e l e n l s r publics 19342.. .. 1,131, 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, 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, 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, 891,531-13,710 90,859 6,461 6 54,452 111,480 38,482 39,485 25,427 34,713 181246,464 50, 762 8,910 1938 1,973, 1,208,728 81,135 15,488 163,049 60,146 1,363 76,315 36,472 65,231 27,880 39,162 401168,74016,159 13,301 1939 3,574, 1,826,403 3,798 165,122 341,618 28,715 86,987 612,949 33,610 57,020 35,636 74,250 22,862165,605 50,956 368,623 1940 4,744, 633,083 241,778 977 63,260 161,489 90,320 25,622,330 29,880 128,259 38,627 103,777 184,756111,739 49,989 4284,208 1941 .. . 982 3,779 1 1 1,747 899 412,056 16,791 61,862 42,678 67,492 292,893 9,444 9,665 563,071 1942 315 1,955 5 208,917 40,016 39,680 321 528 4,119 129 20,008 1943 68 88 66,920 -3,287 13,489 152 307 -8,731 1944 .... -845 -695,483 46,210 -109,695 -108,560 199 3,572 18,365 1945 Jan 710 375 263 -127| 0) 0) 0) 0) 0) Feb 1,912 375 248 1,002 102 -19,14( 353! 202 -19,829 . 74 Apr 2,398 552 554 1,052 . 6 May... -18,266 284 268 -13,700 . 71 June -83,758 218 315 1,815 . 201 1 Figures for Eastern, Southern and Southeastern Asia, Australia, and Oceania available for publication on a six months' delayed basis. 2 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. s 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. ".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 fromYugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000 from other countries. 5 Includes $44,920,000 from U.S.S.R. and $18,151,000 from other countries. NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, seep. 524 in the same publication. 835 AUGUST 1945 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 19J7—Mar. .71 2,931.4 1,121.6 62.8 1,058.8 411.0 319.1 1,075.7 4.1 June 30 3,561.9 1,612.4 215.3 1,397.1 466.4 395.2 1,069.5 18.3 Sept. 29 3,911.9 1,743.6 364.6 1,379.0 518.1 493.3 1,125.1 31.9 Dec. 29 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,207.2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939)... 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940)... 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct.2).. 5,748.1 3,092.8 1,112.3 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,727.6 3,159.0 1,200.8 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,526.5 3,148.8 1,307.7 1,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,575.4 3,193.3 1,375.1 1,818.2 818.6 834.1 631.2 98.2 Sept.(Oct. 1) 5,510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,230.7 2,856.2 1,053.7 1,802.6 791.3 855.5 626.7 100.9 1942—Marr.. ((AApprr.. 1) 5,082.4 2,684.0 932.0 1,752.0 819.7 849.6 624.9 104.3 te 302.. 5,495.3 3,075.9 1,211.7 1,864.2 842.3 838.8 632.0 106.2 S D e e p c. t . 3 3 0 1 . . . . . 5 5 , , 6 8 5 3 4 5 . . 9 0 3 3 , , 3 2 2 1 0 2 . . 3 6 1 1 , , 4 3 1 3 2 9 . . 0 1 1 1 , , 9 8 0 7 8 3 . . 3 5 858.2 8 8 3 4 0 8 . . 5 2 6 6 4 7 6 3 . . 1 3 1 1 0 0 4 7 . . 4 5 1943—Jan. 30... 5,907.7 3,471.1 1,536.6 1,934.5 761.3 678.5 107.0 Feb. 27... 6,014.9 3,590.1 1,671.8 1,918.3 890.5 751.9 676.0 106.4 Mar. 31... 6,147.1 3,643.4 1,723.1 1,920.3 898.7 810.5 685.9 108.6 Apr. 30... 6,212.3 3,690.5 1,801.8 1,888.6 909.9 809.5 692.9 109.5 May 29... 6,282.6 3,769.6 1,871.6 1,898.0 905.1 807.0 692.5 108.5 June 30... 6,506.4 4,002.6 2,071.4 1,931.2 896.9 806.8 687.9 112.1 July 31 6,556.0 4,056.4 2,103.4 1,953.0 901.9 792.9 692.3 112.6 Aug. 31 6,726.3 4,107.9 2,122.6 1,985.3 909.4 907.8 687.0 114.3 Sept. 30 6,771.3 4,130.6 2,190.9 1,939.7 888.6 929.3 708.1 114.8 Oct. 30 6,904.6 4,284.4 2,312.9 1,971.5 870.5 928.3 707.4 114.1 Nov. 30 7,073.6 4,435.7 2,450.0 1,985.7 882.6 929.8 710.1 115.4 Dec. 31 7,118.6 4,496.3 2,461.5 2,034.8 877.6 925.9 701.1 117.8 1944—Jan. 31. 7,272.9 4,658.2 2,649.3 2,009.0 870.8 931.7 695.1 117.0 Feb. 29 7,418.6 4,833.2 2,815.7 2,017.5 843.5 924.2 698.8 118.9 Mar. 31 7,462.9 4,885.4 2,856.0 2,029.4 868.0 904.1 685.8 119.6 Apr. 29 7,464.3 4,881.0 2,780.5 2,100.6 873.4 905.4 686.2 118.3 May 31 7,458.9 4,882.7 2,726.8 2,155.9 872.9 903.2 680.1 119.9 June 30 7,459.6 4,851.7 2,661.4 2,190.3 856.6 929.8 702.4 119.1 July 31.. 7.423.4 4,740.8 2.622.9 2,117.9 850.6 1,005.8 706.9 119.3 Aug. 31 .. 7,440.9 4,732.3 2,589.5 2,142.8 869.7 1,009.7 709.4 119.9 Sept. 30.. 7,430.9 4,661.2 2,498.8 2,162.3 883.5 1,026.2 737.8 122.2 Oct. 31. . 7,460.2 4,680.3 2,489.8 2,190.4 891.3 1,025.8 735.8 127.1 Nov. 30 . 7,530.5 4,775.1 2,541.0 2,234.1 872.7 1,025.3 732.4 125.0 Dec. 31 .. 7,475.7 4,612.5 2,372.2 2,240.3 805.8 1,019.4 911.8 126.3 1945—Jan. 31... 7,633.1 4,723.9 2,468.7 2,255.2 848.2 1,025.9 909.0 126.1 Feb. 28... 7,755.4 4,887.3 2,587.3 2,300.0 859.8 1,033.4 845.0 129.9 Mar. 31 .. 7,739.1 4,909.9 .2,555.6 2,354.3 848.5 1,029.6 820.6 130.5 Apr. 30 .. 7,797.3 34,958.2 32,588.9 32,369.2 3844.7 1,061.6 802.5 3130.4 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 Apr. 30, in millions of dollars: total foreign banking funds in United States, 5,624.0, including official funds, 3,226.5, and other funds, 2,397.5; United States banking funds abroad, 290.8; and brokerage balances (net due "foreigners"), 53.5. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 1941 have been published m earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities to and claims on "foreigners'/as reported by banks and brokers. For back figures, see Banking and MM01o netary "S' ta"t is"ti*c s, ~T ables 161-16"3 , pp. "5' 74"-6~37, and £f jo^m• r- fa-falul l/lJ/ \nMd**e*rsv^c< Ar« ip*•*t( ino^nnl -ioniflA ns tna « At i«s. *•*t. icCf sO Cs£e.f\ eZ «p• 4p> 1.~ A5 58-56- 0__ .__i 1n_ 11 t_. ,h_ Ae. • _ .same publication. 836 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue department Assets of banking department Liabilities of banking department Bank of England Note (Fi p g o u u re n s d s in s m te i r l l l i i n o g n ) s of Goldi a O s t s h e e ts r 2 C C oi a n sh rese N rv o e t s es a c v n o D a d u n i n c s a - e t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' D P e u p b o l s i i c ts Other O lia t t i h b e e i s l r i- 1929—Dec. 25 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 • 36.4 18.0 1935—Dec. 25 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 -.8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 4.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 5630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 .2 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 51,100.0 .9 11.6 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—July 26 .2 1,150.0 1.0 13.4 4.7 261.7 1,136.8 199.8 7.7 55.4 17.9 Aug. 30 .2 51,200.0 1.5 54.2 6.2 228.4 1,146.0 201.9 14.4 56.2 18.0 Sept. 27 .2 1,200.0 2.0 45.7 4.3 252.6 1,154.6 221.5 9.8 55.3 18.1 Oct. 25 .2 1,200.0 2.3 35.9 8.8 234.9 1,164.4 203,8 6.2 54.1 17.7 Nov. 29 .2 1,200.0 2.3 10.7 5.1 273.5 1,189.5 207.0 11.6 55.3 17.8 Dec. 27 .2 51,250.0 1.9 11.6 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Jan. 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 .1£1,300.0 1.2 30.6 9.6 254.3 1,269.6 212.4 14.8 50.7 17.8 June 27 1,300.0 1.3 15.1 3.8 324.2 1,285.2 262.3 12.7 51.6 17.9 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Fi C g a u n re a s d i i a n n m d i o ll l i l o a n rs s ) of Gold an S d S t e t U a rl t n i e n i s t g ed securities a O s t s h e e ts r circ N ul o a t t e ion7 Hab O i t li h t e ie r sS dollars S t h e o rm rt- 6 Other Ch b a a r n te k re s d" D g o o m ve in rn io - n Other ment 1935—Dec. 31 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 .8 7.7 1936—Dec. 31 179.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec. 31 179.8 14.9 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1938—Dec. 31 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31 (9) 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec 31 .5 807.2 209.2 • 31.3 693.6 259.9 51.6 19.1 24.0 J943—j)ec 3i .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—July 3t 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—Tan. 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 June 30 174.4 1,073.8 559.5 34.4 1,063.2 492.0 43.9 35.9 207.1 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million-'pounds transferred from Exchange Account to Bank; on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50million poundson 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. 837 AUGUST 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills A Go d v v e a r n n 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 re x i - gn a O s t s h e e t r s ci N rc o u t l e a- l O ia t b h i e l r ichange m O a p r e k n et2 Special2 Other c F u c o p o r a s t t o i s c o 3 - n Other2 tion Govern- 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—Mar. 30. 84,598 37 44,359 19 8,349 351,000 69,800 21,570 530,174 786 9,063 35,100 4,608 Apr. 27. 84,598 37 44,706 12 7,718 367,300 66,800 21,437 539,058 793 8,811 38,017 5,928 May 25.. 84,598 37 44,232 6,611 383,600 67,600 21,143 551,969 795 9,652 37,876 7,528 Tune 29. 84,598 37 46,241 6.045 409,200 71,500 21,160 576,909 750 12,309 43,343 5,472 July 13 84,598 37 45,851 4,856 409,200 70,850 23,799 584,820 729 1,853 46,899 4,890 Dec. 286 75,151 42 47,288 18,592 426,000 15,850 735,221 572,510 748 37,855 7,078 1945—Jan. 25.. 75,151 42 47,842 16 26,360 426,000 745,435 562,416 3,196 50,382 4,852 Feb.22 . 75,151 42 47,894 9 23,473 426,000 7,700 737,903 568,900 778 43,697 4,797 Mar. 29.. 75,151 44 48,483 2 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 May 31. 75,151 45 48,141 10,162 426,000 19,750 735,4O3 548,945 774 57,231 7,701 I 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 1,091 1939—Dec. 30.. 78 71 11,392 30 804 393 2,498 11,798 2,018 1,378 1940—Dec. 31.. 78 71 15,419 38 32 357 2,066 14,033 2,561 1,396 1941—Dec. 31.. 77 71 21,656 32 107 283 2,311 19,325 3,649 1,493 1942—Dec. 31.. 76 71 29,283 25 87 210 1,664 24,375 5,292 1,680 1943-Dec. 31 . 77 71 41,342 27 1 65 2,337 33,683 8,186 1,980 1944—Mar. 31.. 77 40,379 46 1 33 2,281 33,792 7,237 1,788 Apr. 29.. 77 40,909 38 1 31 2,525 34,569 7,179 1,833 May 31 . 77 42,159 28 1 23 2,096 35,229 7,240 1,915 June 30. 77 42,150 26 1 27 2,397 35,920 6,754 2,004 July 31. 77 43,222 38 1 21 2,396 36,888 6,813 2,054 Aug. 31 77 45,829 42 1 20 2,275 38,579 7,480 2,185 Sept. 30. 77 50,821 47 67 25 2,510 42,301 9,088 2,160 Oct. 31. 77 53,954 46 70 24 2,351 44,704 9,603 2,216 Nov. 30. 77 56,939 62 69 21 2,795 46,870 10,829 2,264 Dec. 31 . 77 63,497 112 1 45 2,351 50,102 13,535 2,445 1945—Jan. 31P. 64,625 199 81 60 2,082 51,207 13,566 2,351 Feb. 28P. 70,699 307 112 () 55,519 16,419 (9) 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 fromiExchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund. 6 First official statement published since liberation. • Includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium on Dec. 22. 8 Gold not shown separately in weekly Reichsbank statement after June 15,1939. 9 Figure not available. NOTE.—For back figures on Bank of France and Reichsbank, see Banking and Monetary Statisticsi Tables 165 and 167, pp. 641-643 and pp. 645-647, respectively; for description of statistics see pp. 562-565 in same publication. 838 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1945 1944 Central Bank 1945 1944 (Figures as of last report (Figures as of last report date of month) June May Apr. June date of month) June May Apr. June 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 1,187 Gold 97 97 Other gold and foreign exchange... 2^807 2^722 2^290 Foreign exchange 22 22 Government securities 882 882 889 Clearing accounts (net) 2,762 2,414 Rediscounted paper Loans and discounts 55 28 Other assets 142 142 163 Securities 95 67 Note circulation 2 495 2,455 2,064 Govt. compensation account^ 85 85 Deposits—Member bank 1^657 1^652 1J340 Other assets 4,389 3,419 Government 471 445 594 Note circulation 1,658 1,526 Other . 112 120 124 Deposits—Government 2,327 1,775 Certificates of participation in Other 3,009 2,419 Government securities 153 139 231 Other liabilities 512 411 Other liabilities 186 177 176 Central Bank of Ecuador (thousands Commonwealth Bank of Australia of sucres): (Feb.)* (thousands of pounds): Gold 288,648 270,450 Issue department: Foreign exchange (net) 148,701 59,411 Gold and English sterling 50,856 50,856 49,293 Loans and discounts 94,635 88,966 Securities 143,418 143,912 148,602 Other assets 99,196 112,319 Banking department: Note circulation 305,782 238,083 Coin, bullion, and cash 19,561 19,511 10,600 Demand deposits 298,978 239,071 London balances 132,504 136,023 118,928 Other liabilities 26,420 53,992 Loans and discounts 21,870 22,208 27,636 National Bank of Egypt7 (thou- Securities 271,214 268,944 241,943 sands of pounds): Deposits 194,187 198,465 203,244 Gold 6,241 6,241 Note circulation 185,744 186,244 189,512 Foreign exchange 18,355 16,147 National Bank of Belgium (millions Loans and discounts 3,283 2,231 of belgas):1 British, Egyptian, and other Gov- Gold2 6 248 6 257 6,265 ernment securities 287,194 236,037 Foreign exchange '812 '813 '554 Other assets 26,' 264 16^003 Loans to Government 8,282 7,937 7,920 Note circulation 122,077 100,405 Other loans and discounts 117 103 106 Deposits—Government 76,319 63,823 Claim against Bank of Issue 12,919 12,918 12,918 Other 129,907 97,467 Other assets 301 430 410 Othpr HahiHtip*; 13,334 14,964 Note circulation. 11,697 11 190 10 569 Cjen W tr L a ii l c r R i e ic s t e u r x v ii e li e R s ank of PI Salva- Demand deposits 888 '868 l|()65 dor (thousands of colones): Blocked Treasury account2 2,099 2,099 2,099 Gold . .. 33,142 33,165 32,793 Notes and blocked accounts3 13,775 14,089 14,235 Foreign exchange 38,970 38,880 37,303 Other liabilities 221 211 205 Loans and discounts 805 896 673 National Bank of Bohemia and (Nov. Government debt and securities... 5,168 5,056 6,335 Moravia (millions of koruny): 1944)4 Other assets.. 1,681 1,531 1,265 Gold 1 517 1,515 Note circulation 45,694 46,981 42,943 Foreign exchange 800 773 Deposits 26,981 25,624 29,363 Discounts 3,793 2,862 Other liabilities 7,091 6,923 6,064 Loans \ Ttanic of Finland5 Other assets 55,027 40,252 Bank of Cireece^ Note circulation 32^705 26,897 National Bank of Hungary (millions (Nov Demand deposits 13,942 9,057 of pengo): 1944)4 Other liabilities 14,491 9,448 Gold 100 100 Central Bank of Bolivia (millions Foreign exchange reserve 3 4 of bolivianos): Discounts 11,977 4,915 Gold at home and abroad 642 599 Loans—To Treasury 511 543 Foreign exchange 525 407 To foreign countries 1,074 855 Loans and discounts 357 320 Other 2 Securities—Government 631 624 Other assets 1,082 1,398 Other 41 41 Note circulation 10,672 5,288, Other assets. 92 69 Demand deposits 2,713 1,121 Note circulation 1,289 1,160 Consolidated foreign credits of Deposits 875 798 1931....... 10 12 Other liabilities 123 102 Other liabilities 1,352 1,394 National Bank of Bulgaria5 Reserve Bank of India (millions of Central Bank of Chile (millions rupees): of pesos): Issue department: Gold 277 277 273 Gold at home and abroad... 444 444 444 Discounts for member banks 213 292 53 Sterling securities 10,193 9,983 8,283 Loans to Government 760 710 715 Indian Govt. securities... 578 578 578 Other loans and discounts 1,049 962 988 Rupee coin 158 176 128 Other assets 1,294 1,262 1,110 Note circulation. 11,210 11,070 9,314 Note circulation 2,658 2,583 2,377 Banking department: Deposits—Bank 451 420 311 Notes of issue department.. 164 111 120 Other 150 171 183 Balances abroad 3,924 3,969 1,737 Other liabilities 335 330 268 Treasury bills discounted. 61 62 26 Bank of the Republic of Colombia Loans to Government. 7 (thousands of pesos): Other assets 267 "265 126 Gold ... 175,359 172,474 146,893 Deposits 4,098 4,107 1,805 Foreign exchange 96,042 99,350 109,684 Other liabilities 319 300 211 Loans and discounts 19,903 19,537 2,940 Central Bank of Ireland (thousands Government loans and securities.. 70,544 70,578 56,655 of pounds): Other assets .... 30,776 31,132 29,675 Gold 2,646 2,646 2,646 2,646 Note circulation 172,136 169,918 137,064 Sterling funds 30,243 29,991 30,264 25,392 Deposits 155,399 148,051 139,565 Note circulation 32,889 32,637 32,910 28,038 Other liabilities 65,089 75,102 69,218 Bank of Japan5 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. * Latest month for which report is available for this institution. 5 For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943), see BUL- LETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; and of Java (January 1942), see BULLETIN for March 1943, p. 278. 6 Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942. 7 Items for issue and banking departments consolidated. AUGUST 1945 839 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) June May Apr. June date of month) June May April June Bank of Mexico (millions of pesos): Bank of Spain—Continued (Mar.)* Metallic reserve1 671 659 527 Note circulation 17,335 15,968 "Authorized" holdings of securi- Deposits—Government 1,540 2,240 ties, etc. .. 1,707 1,647 1 352 Other 3,415 3,922 Bills and discounts 404 '406 '290 Other liabilities 456 595 Other assets 64 87 95 Bank of Sweden (millions of kronor): Note circulation 1,408 1,390 1,195 Gold 1,054 1,035 1,040 951 Demand liabilities 1,274 1,245 912 Foreign assets (net) 580 601 604 570 Other liabilities 163 164 157 Swedish Govt. securities and ad- Netherlands Bank (millions of (Oct. vances to National Debt Office6. 1,205 1,133 1,140 1,121 guilders): 1944)2 Other domestic bills and advances. 27 35 27 81 Gold C931 932 Other assets 1,040 1,031 1,048 982 Silver (including subsidiary coin).. Note circulation 2,445 2,368 2,388 2,226 Foreign bills 4 404 4 213 Demand deposits—Government... 710 761 613 634 Discounts .. . 3 Other 148 77 195 207 Loans 136 139 Other liabilities 604 629 663 638 Other assets 96 87 Swiss National Bank (millions of Note circulation 4,879 4,335 francs): Deposits—Government 149 104 Gold 4,626 4,783 4,771 4,427 Other 320 736 Foreign exchange 112 103 102 82 Other liabilities 223 195 Loans and discounts 95 348 339 63 Reserve Bank of New Zealand (thou- Other assets S3 83 158 sands of pounds): Note circulation 3,522 3,532 3,558 3,004 Gold 2,802 2,802 Other sight liabilities 1,102 1,494 1,447 1,432 Sterling exchange reserve 51,436 31,597 Other liabilities 292 291 293 Advances to State or State under- Central Bank of the Republic of takings 30,004 44,329 Turkey (thousands of pounds): Investments 14 325 11 734 Gold 281,200 281,200 263,060 Other assets l|315 3*004 Foreign exchange and foreign Note circulation 40 299 37,227 clearings 90,983 98,187 80,992 Demand deposits 55,'612 51*635 Loans and discounts 821*454 815*209 840*678 Other liabilities 3,970 4,605 Securities 171,362 172,332 180,331 Bank of Norway3 Other assets 25!106 25,683 20,844 Bank of Paraguay—Monetary Dept. Note circulation 976,408 973,508 910,885 (thousands of guaranies):4 Deposits—Gold 85,586 85,586 84,684 Gold 3,324 3,326 Other 151,679 149,624 226,157 Foreign exchange 22,319 22,299 Other liabilities 176,434 183,893 164,180 Loans and discounts 8,638 5,110 Bank of the Republic of Uruguay Government loans and securities... 10,634 10,658 (thousands of pesos): Other assets 312 1,306 Issue department: Note circulation 28,607 28,023 Gold and silver 122,751 122,751 118,693 Demand deposits 14,865 12,944 Note circulation 158,280 158,091 135,255 Other liabilities 1,755 1,732 Banking department: Central Reserve Bank of Peru (thou- Gold and silver 153,657 146,827 100,171 san G d o s l d o f a n s d o le fo s) r : e i%gn exchange ( 1 M 27 a r. 6 ) 6 2 7 176 259 A N d o v te a s n c a e n s d to c o S in tate and to gov- 23,914 23,911 r41,935 Discounts 21 579 1,082 ernment bodies 10,982 12,307 15,628 Government loans 498*284 404^146 Other loans and discounts 90,500 92,364 99,258 Other assets 22 888 25,084 Other assets 301,832 307,196 r25O,524 Note circulation 422 617 377 059 Deposits 274,602 266,154 225,039 Deposits.. 218', 566 202*712 Other liabilities 306,282 316,452 282,476 Other liabilities 29 233 26 800 Central Bank of Venezuela (thou- Bank of Portugal (millions of es- sands of bolivares): cudos): (Feb.)2 Golds 438,568392,758 392,758 338,108 Golds . . . 1 415 1,412 Foreign exchange (net) 77,399 99,264 85,213 31,906 Other reserves (net) 5,'717 4,871 Credits to national banks 20,310 20,310 20,310 26,370 Nonreserve exchange 9,251 9,010 Other assets 18,365 21,160 21,038 29,721 Loans and discounts '261 236 Note circulation—Central Bank.... 321,363320,577 316,042 262,865 Government debt .... 1,020 1,023 National banks.. 13,331 14,970 15,459 22,795 Other assets 779 910 Deposits . 209,988189,281 180,838 133,390 Note circulation 7,389 6,946 Other liabilities 9,959 8,665 6,980 7,056 Other sight liabilities 10,194 9,577 National Bank of the Kingdom of Other liabilities... . 860 940 Yugoslavia3 National Bank of Rumania3 Bank for International Settlements South African Reserve Bank (thou- {thousands of Swiss gold francs):9 (Jan.)* sands of pounds): Gold in bars 114,039 118,871 Gold 105,007 103,228 90,860 Cash on hand and on current ac- Foreign bills 28^ 352 29,921 22,310 count with banks 44,913 21,620 Other bills and loans 3*880 3,642 6,320 Sight funds at interest 12,818 7,447 Other assets 93,505 92,431 87,320 Rediscountable bills and accept- Note circulation 58,'888 59,865 54,317 ances (at cost) 77,361 102,513 Deposits 165,990 164,854 147,675 Time funds at interest 8,856 21,569 Other liabilities 5,866 4,504 4,818 Sundry bills and investments 199,331 197,492 Bank of Spain (millions of pesetas): (Mar.)2 Other assets 98 363 Gold 1,185 1,135 Demand deposits (gold) 19,560 29,266 Silver 609 621 Short-term deposits (various cur- Government loans and securities .. 15,840 15,948 rencies): Other loans and discounts 3,283 2,832 Central banks for own account 6,599 8,700 Other assets 1,829 2,189 Other 2,128 2,704 Long-term deposits: Special accounts 229,001 229,001 Other liabilities. 200,128 200,203 r Revised. c Corrected. 1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 2 Latest month for which report is available for this institution. 3 For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282; and of Rumania (June 1944), see BULLETIN for March 1945, p. 286. 4 The Bank of the Republic of Paraguay was reorganized in September 1944 under the name of Bank of Paraguay. The new institution is divided into a Monetary, a Banking, and a Mortgage Department, The first official balance sheet of the Monetary Department, which assumes central banking functions, was issued for the end of December 1944. 5 Valued at average cost beginning October 1940. 6 Includes small amount of non-Government bonds. 7 Figure not available. 8 Beginning October 1944, a certain amount of gold, formerly reported in the Bank's account, shown separately for account of the Government. 9 Sec BULLETIN for December 1936, p. 1025. 840 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 - t d z- b C an e k n o tr f a — l R Ju 3 a l 1 t y e ef D fec a t t i e ve ba C n e k n t o r f a — l R Ju 3 a l 1 t y e ef D fec a t t i e ve In effect Dec. 31, 1936 2 2 4 2 2 2X Albania. Mar. 21, 1940 Italy 4 Sept. 11, 1944 Jan. 28, 1937 4 Argentina X 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 IX Latvia.... 5 Feb. 17, 1940 Aug. 4 4 Moravia Oct. 1, 1940 Lithuania. 6 July 15, 1939 Sept. 3 $X Nov. 13 May 10, 1938. . 4' " ' May 13 "2X" Bolivia Nov. 8, 1940 Mexico June 4, 1942 May 30 British India. Nov. 28, 1935 Netherlands. June 27, 1941 O Se c p t. t . 2 2 8 7 3 "2V2" B C u an lg a a d r a ia 5 IX F De e c b . . 8 1 , , 1 1 9 9 4 4 4 0 N N o ew rw a Z y ealand \X M Ju a ly y 1 2 3 6 , , 1 1 9 9 4 4 0 1 J N a o n v . . 2 4 5 ,1939... . . .„.. . C Co h l i o l m e. b .. ia 4^ J D u e l c y . 1 I 6 S , , 1 1 9 9 3 3 6 3 P P e o r r u tugal m 5 A Ja u n g . . 1 1 2 , , 1 1 9 9 4 4 4 0 Apr. 17 May 11 3 July 6 23^ Aug. 24 4 Denmark Oct. 16, 1940 Rumania.. 4 May 8, 1944 Aug. 29 "3"" Ecuador May 26, 1938 South Africa 3 June 2, 1941 Sept. 28 3 El Salvador.. Mar. 30, 1939 Spain 4 Dec. 1, 1938 O De c c t. . 2 1 6 5 VA "3"" F E i s n to la n n i d a O D c e t c . . 1 3 , , 1 1 9 9 3 3 4 5 S Sw w e it d z e e n rland. 2H N Fe o b v . . 2 9 6 , , 1 1 9 9 4 3 5 6 Jan. 25, 1940 "2"" IX A M p a r y . 1 9 7 sy2 slA Mar. 17, 1941 France Jan. 20, 1945 Turkey July 1, 1938 J M u a n y e 2 2 9 7 "in" "2y2" 3 G Gr e e r e m ce any. . D A e p c r . . 9 1 , , 1 1 9 9 4 4 0 4 Un d i o t m ed King- Oct. 26, 1939 Jan. 16, 1945 .... :::;•:: Hungary... Oct. 22, 1940 U. S. S. R... July 1, 1936 Jan. 20.. Ireland.... Nov. 23, 1943 Yugoslavia.. Feb. 1, 1935 F In e b. e ffec 9 t July 31, ix "2V2" 1945 2 sx 2X 2X NOTE.—Changes since June 30: none. "ik" OPEN-MARKET RATES [ Per cent per annum ] United Kingdom Germany Netherlands Sweden Switzerland Month ac B c a e n pt k a e n r c s e ' s Tre b a il s l u s ry Day-to-day a B llo a w nk a e n r c s e ' d P i r s i c v o a u t n e t Day-to-day d P is ri c v o a u t n e t M f o o n r ey u L p o a t n o s 3 d P is r c iv o a u t n e t 3 months 3 months money on deposits rate money rate 1 month months rate 1929—May.. 5.21 2.21 4.67 sx 7.49 9.32 5.37 5.88 4^-6^ 3.34 1930—May. 2.16 2.11 1.93 1 3.89 3.62 2.29 2.53 SX-5X 2.44 1931—May 2.24 2.21 1.87 1 4.65 5.38 1.39 1.55 3-5 1.12 1932—Mav.. 1.44 1.10 1.29 x-i 4.87 5.91 .60 1.03 4X-6X 1.50 1933—Mav.. .50 .37 .58 3.88 5.24 2.11 1.69 3XSX 1.50 1934—May.. .91 .85 .85 X 3.88 4.72 1.33 1.22 2Xr5 1.50 1935—May. .59 .51 .75 X 3.09 3.17 3.78 2.96 2X-4X 2.39 1936—May.. .55 .54 .75 X 2.92 2.76 2.15 1.82 234-5 2.25 1937—May.. .55 .51 .75 X 2.88 2.69 .17 1.00 2M~5 1.00 1938—May. .53 .51 .75 2.88 2.66 .13 .50 234-5 1.00 1939—May .73 .70 .75 X 2.77 2.46 .72 .80 23^-5 1.00 1 1 9 9 4 4 0 1 — — M M a a y v . . . . 1 1 . . 0 0 3 3 1 1 . . 0 0 2 0 1 1 . . 0 0 0 0 X X 2 2 . . 3 2 8 5 1 1 . . 9 7 8 8 2 1 . . 2 9 0 3 2 3 . . 3 2 6 1 3X i - - s s y x2 1 1 . . 4 2 1 5 1942—May.. . 1.03 1.00 1.03 X 2.13 1.71 3-53^ 1.25 1943—May.. 1.03 1.00 1.07 X 2.13 1.91 3~sy2 1.25 1944—May... 1.03 1.00 1.13 X 2.13 1.90 1.25 1944—June... 1.03 1.00 1.13 X 2.13 1.92 1.25 July.... 1.03 1.00 1.13 2.13 1.90 1.25 Aug 1.03 1.00 1.13 Vi 2.13 1.89 1.25 Sept 1.03 1.01 1.13 XA 2.13 1.93 1.25 Oct 1.03 1.00 1.10 X 2.13 1.25 Nov 1.03 1.00 1.00 X 2.13 1.25 Dec 1.03 1.00 1.02 2.13 1.25 1945—Jan 1.03 1.01 1.00 X 2.13 1.25 Feb.. . 1.03 1.00 1.00 X 2.13 1.25 Mar.... 1.03 1.00 1.00 X 2.13 1.25 Apr... 1.03 1.01 1.00 X May... 1.03 1.00 1.03 Y> 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. 841 AUGUST 1945 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 s a e s r h ves M c n a o s l o n h l t e o a i y c r n t e d at B co il u ls n t d e i d s- T r d e r e c e p e a o i s p u s t i r s t y Securities c L u o s a to n m s e to rs O as 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 t r i - 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—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 ,180 750 283 4,161 2,775 1,386 243 September 443 191 209 1,444 ,183 744 282 4,251 2,827 1,424 244 October.. . 453 191 170 1,567 ,172 744 291 4,342 2,876 1,467 245 November. 460 205 198 1,548 ,192 748 292 4,398 2,922 1,475 245 December. 500 199 147 1,667 ,165 772 347 4,545 3,045 1,500 250 1945—January... 460 198 159 1,663 ,165 765 301 4,462 2,968 1,495 248 February 455 188 140 1,639 ,160 769 305 4,405 2,904 1,501 250 March... 464 180 149 1,681 ,153 780 299 4.459 2,944 1,516 246 April. 472 180 109 1,821 ,140 749 300 4,525 2,994 1,530 245 May 482 196 120 1,882 1,126 757 297 4,617 3,064 1,553 243 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty Depo<sits 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 in d k o s m . l l i a l r E l s i ) o 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 cir ti c o u n a- exclucing interbank deposits li O ab th il e i r ties reserves loans and dis- foreign Total Demand Time counts banks 1938—December 263 65 940 166 1,463 535 88 2,500 840 1,660 843 1939—December 292 53 1,088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December 323 40 1,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—December 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 J942—December 387 31 1,168 231 2,293 657 60 3,657 1,984 1,673 1,049 1943—December 471 48 1,156 250 2,940 744 42 4.395 2,447 1,948 1,172 1944—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 May 622 125 1,299 251 3,885 775 29 5,616 3,053 2,563 1,312 France Assets Liabilities (4 larg f e i g b u a r o e n s f k s i f . n r a n m E c i n s l ) l d i o o n f s month re C se a r s v h es Du b e a n f k ro s m B c i o l u ls n d te i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O b t i h li e 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 14,561 2,653 107,200 105,811 1,390 404 7,326 December 8,548 4,095 90,897 14,191 2,935 112,732 111,191 1,541 428 7,506 1944—January 7,510 4,125 90,024 13,737 1,676 110,485 108,883 1,601 419 6,168 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. 2 Represent six-month loans to the Treasury at \x/% 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. 841 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of Certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Year or month Ar ( g p e e n so t ) ina A ( u p s o t u r n a d li ) a g B iu el m - (c B ru r z a e z ir il o1) B I r n i d ti 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 i r a t l Official Free (belga) Official Free (rupee) (lev) Official Free Official Export S h ha a n i) g- 1937 32.959 393.94 16.876 8.6437 6.1983 37.326 1.2846 100.004 5.1697 24.0000 29.606 1938 32.597 389.55 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 16.852 6.0027 5!1248 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—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 June 29.773 25.125 322.80 6.0602 5.1802 30.122 90.909 90.828 Year or month C ( o p b l e i o s a m o) - s ( C l k o o z v e r a u ch 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 r e a a e c ) c h e - ( H K do o o l n l n a g g r) ( H p g e a u n r n g y - o) I (l t i a r l a y ) 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 22.0101 239.968 224.592 2l9.770 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—July 57.277 20.576 324.42 Aug. .. 57.277 20.580 324.42 Sept 57.277 20.581 324.42 Oct 57.277 20.582 324.42 Nov 57.272 20.582 324.42 Dec 57.220 20.582 324.42 1945—Jan 57.180 20.582 324.42 Feb 57.140 20.582 324.42 Mar 57.036 20.582 324.42 Apr 56.980 20.582 324.42 May 56.980 20.582 324.42 June 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 i u a ) a- ( A S p o o fr u u i n t c d h a ) ( S pe p s a e i t n a) S S ( m d e t o r t e l a t n l l i a e t t r s - s ) S ( w kr e o d n e a n ) S e (f r w r l a a i n t n c z d ) - (pound) Con- (peso N ) on- Y ( s d u l i a n g v a o i r - a ) Official Free trolled tr c o o ll n e - d 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—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 June 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 pp. 572-573 in same publication, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for Febr>uruary 1943, p. 201, and February 1944, p. 209. 843 AUGUST 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Index numbers! United United Nether- Switzer- Year or month States Canada Kingdom France Germany Italy ( J O a c p to a b n er (1 la 92 n 6 d -3 s 0 Sweden (Ju l l a y n d 1914 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) (1900 = 100) = 100) (1935 = 100) = 100) 1926 100 100 » 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 1 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 75 103 707 107 99 278 115 111 1940 79 83 137 2 901 110 116 311 3 88 146 143 1941 87 90 153 112 132 329 172 184 1942 99 96 159 114 189 210 1943 103 100 163 116 196 218 1944 104 103 166 196 223 1944—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 104 102 167 118 195 222 December 105 103 167 195 221 1945—January 105 103 167 195 221 February 105 103 167 195 221 March 105 103 168 195 221 April 106 103 168 196 *221 May 106 103 168 196 June 106 *>103 *170 197 p Preliminary. l Approximate figure, derived from old index (1913 = 100). * Average based on figures for 5 months; no data available since May 1940, when figure was 919. * 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 a u r 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 r n o tr d d i u u a s c l - ts p A r g t o u r d i r u c a c u l t l s - a t f n r I i i d n n a i d l s s h u e ra e m s w - d i- p tr r I i i o s n a h d d l e u u f d c s in - ts goods goods products 1926 100 100 100 100 130 150 1932 48 61 70 48 55 70 88 85 91 89 118 1933 51 61 71 51 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 79 84 78 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 112 100 133 1942 106 100 96 83 90 92 158 160 115 102 134 1943 123 107 97 96 99 93 160 164 119 102 135 1944 123 105 99 103 104 94 158 170 1944—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 99 105 105 94 156 175 June 130 108 100 P94 p Preliminary. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 8 44 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 Switz- United Switz- Year or month ( U S 1 = 9 n t a 3 1 i 5 t t 0 e e - 0 3 d s ) 9 (1 C = a 9 a 3 d 1 n 0 5 a 0 - -3 ) 9 K d ( 1 J i o 9 u n 1 m l g 4 y - (1 m = G 9 a 1 1 e 3 0 n r 0 - - y 1 ) 4 N (1 l = e a 9 t 1 n 1 h 1 0 d e 0 - s 1 r ) - 3 e = r ( 1 J l 9 1 u a 1 0 n n 0 4 e d ) Year or month ( U S 1 = 9 t n 1 a 3 i 0 5 t t 0 e e -3 ) d s 9 (1 = C a 9 1 3 a d 0 5 n a 0 - - 3 ) 9 K d ( 1 J i o 9 u n 1 m l g 4 y - (1 m = G 9 a 1 1 e 3 0 n r - 0 y - 1 ) 4 N (1 l = e 9 a 1 t 1 n h 0 1 d 0 e - s 1 ) r- 3 e = ( r 1 J l 1 9 u a 0 1 n n 0 4 e ) d = 100) = 100) 1934 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935 . 100 95 125 120 118 114 1935 98 96 143 123 \3d 128 1936 . . .. 101 98 130 122 120 120 1936 99 98 147 125 130 1937 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 98 104 141 122 130 130 1938 101 102 156 126 139 137 1939 95 101 141 123 130 132 1939 99 102 158 126 140 138 1940 . 97 106 164 128 2140 146 1940 100 106 184 130 3148 151 1941 106 116 168 129 175 1941 105 112 199 133 174 1942 124 127 161 132 200 1942. 117 117 200 137 193 1943 138 131 166 134 211 1943 124 118 199 139 203 1944 136 131 168 215 1944 126 119 201 208 1944—June 136 131 168 139 216 1944—June. . 125 119 200 142 208 July 137 132 169 146 217 July 126 119 201 146 209 August 138 132 170 143 216 August 126 119 202 144 208 September... 137 131 169 137 215 September. 127 119 202 141 208 October 136 131 168 136 215 October . . . 127 119 201 140 208 November... 137 132 168 136 215 November 127 119 201 141 208 December.. 137 130 168 215 December 127 119 201 208 1945—January 137 130 168 216 1945—January 127 119 202 209 February.... 137 131 168 216 February .. 127 119 202 209 March 136 131 168 216 March 127 119 202 209 April 137 168 P216 April 127 PH9 202 p209 May 139 168 May 128 P119 203 June 141 *133 June 129 ^204 * 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 i d te o d m France Germany Nether- U S n ta it t e e d s (1926=100) Nether- ( p d r e i r c iv e) e 1 d ( 1 D 92 ec 1 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 it d e o d m France Germany (19 l 3 a 0 n = d 10 s 0) Number of issues 15 87 36 2 139 8 402 278 300 (4) 100 1926 90.1 110.0 57.4 105.6 100.0 100.0 100.0 1934 98.2 127.5 82.1 90.7 113.4 76.6 85.7 S3.3 71.1 55 1935 105.5 129.9 83.5 695.1 107.8 82.9 86.3 79.7 82.9 55 1936 109.5 131.2 76.3 95.8 109.1 117.5 97.0 77.2 91.6 66 1937 hio.2 124.6 75.1 98.7 3101.8 117.5 96.3 97.4 102.6 104.2 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 3 4 3 4 4 4 4 8 0 9 3 2 1 . .. 1 1 1 1 1 1 1 2 2 1 1 1 1 1 0 5 0 3 7 1 8 . . . . . . . 9 9 8 8 3 1 3 1 1 1 1 1 1 1 2 2 2 2 1 2 1 1 2 7 3 7 8 7 . . . . . . . 3 3 8 8 3 5 3 6 p 1 6 9 8 0 8 7 8 4 0 3 7 . . . . . 7 7 9 1 3 61 1 1 9 0 9 0 0 9 9 3 0 3 . . . . . 9 0 3 7 0 1 7 9 9 9 8 7 0 4 0 8 4 7 5 . . . . . . 7 9 5 3 9 9 9 9 8 8 6 9 8 1 9 8 9 4 0 8 . . . . . . . 2 9 4 2 8 1 0 8 8 8 7 7 7 7 4 0 8 0 5 2 5 . . . . . . . 5 8 6 8 9 3 5 * 6 9 > 1 2 4 8 9 8 2 7 9 8 9 0 6 . . . . 7 3 7 6 1 1 1 1 1 9 4 0 1 3 4 4 5 0 4 6 2 . . . . . . 1 0 1 6 8 1 8 1 1 1 9 9 8 5 2 3 5 5 9 1 9 1 . . . . . . 7 8 0 0 0 5 1944—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 June 122.1 120.7 p Preliminary. 1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for both series. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States sec Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at A}$ per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 3 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 = 100; average yield in base year was 4.57 per cent. For new index beginning January 1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent. 4 This number, originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941, it was down to 287. 8 Average Apr .-Dec. only. Average Jan.-Mar. on old basis was 95.9. 6 Average based on figures for 5 months; no data available June-Dec. 7 Average based on figures for 7 months; no data available May-Sept. 8 Average based on figures for 9 months; no data available May-July. 9 Average based on figures for 10 months; no data available Tan.-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. 845 AUGUST 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK ERNEST G. DRAPER JOHN K. MCKEE R. M. EVANS ELLIOTT THURSTON, Assistant to the Chairman 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. PATTLGER, 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. GIFFORD, 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 A. E. BRADSHAW, KANSAS CITY DISTRICT L. MERLE HOSTETLER, Associate Economist W. H. IRONS, Associate Economist C. A. SEENKIEWICZ, Associate Economist ED. H. WINTON, DALLAS DISTRICT WOODLIEI1 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 846 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. Hunter1 O. A. Schlaikjcr New York Bcardsley Ruml Allan Sproul J. W. Jones H. V. Roelsc William I. Myers L. R. Rounds L. W. Knoke Robert G. Rouse Walter S. Logan John H. Williams A. Phclan V. Willis J. M. Rice R. B. Wiltsc Philadelphia ... Thomas B. McCabe Alfred H. Williams W. J. Davis C. A. Mcllhenny1 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. Laning* Richmond Robert Lassiter Hugh Leach J. G. Fry E. A. Kincaid W. G. Wysor J. S. Walden, Jr. Gco. H. Kcesce* R. W. Mercer Edw. A. Wayne Atlanta Frank H. Neely W. S. McLarin, Jr. V. K. Bowman H. F. Conniff J. F. Porter Malcolm H. Bryan L. M. Clark S. P. Schuesslcr 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. Sihlcr St. Louis. Wm. T. Nardin Chester C. Davis O. M. Attcbcry Wm. E. Peterson Douglas W. Brooks F. Guy Hitt Henry H. Edmiston C. M. Stewart H. G. McConncll E. W. Swanson Minneapolis.... W. C. Coffey J. N. Peyton A. W. Mills* 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. Woollcy8 Dallas. Jay Taylor R. R. Gilbert E. B. Austin* W. O. Ford J. R. Partcn W. D. Gentry R. B. Colcman W. H. Holloway W. J. Evans L. G. Pondrom San Francisco... Henry F. Grady Wm. A. Day C. E. Earhart H. N. Mangels Harry R. Wcllman Ira Clerk J. M. Leisncr* H. F. Slade OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith* Minneapolis Helena R. E. Towle* Cleveland Cincinnati B. J. Lazar* Pittsburgh J. W. Kossin* Kansas City Denver G. H. Pipkin* Oklahoma City O. P. Cordill* Richmond Baltimore W. R. Milford* Omaha L. H. Earhart* Charlotte W. T. Clements* Atlanta... Birmingham P. L. T. Beavers* Jacksonville Geo. S. Vardeman, Jr.* Dallas El Paso J. L. Hermann1 Nashville Joel B. Fort, Jr.* Houston L. G. Pondrom1 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. * Managing Director. 5 Vice President. 6 Manager. 847 AUGUST 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

oo GO FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES w ===== BOUNDARIES OF FEDERAL RESERVE DISTRICTS — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (§) FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES BOARD OF GOVERNORS OF THL FEDERAL RESERVE SYSTEM i1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis