Federal Reserve Bulletin, 1945-09

FEDERAL RESERVE BULLETIN SEPTEMBER 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—Transition to Peacetime Economy. 849-864 Surveys of Liquid Asset Holdings ,......'. 865-871 Estimates of Gross National Product, 1919-19x8, by Mary S. Painter 87X-873 Annual Report of the Bank for International Settlements 874-901 Law Department: Executive Order to Stabilize National Economy During Transition from War to Peace 902.-904 Current Events 904 National Summary of Business Conditions . 905-906 Financial, Industrial, Commercial Statistics, U.S. (See p. 907 for list of tables) 907-956 International Financial Statistics (See p. 957 for list of tables) 957~9^3 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 984 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 985 Map of Federal Reserve Districts 986 Federal Reserve Publications {See inside of back cover) Subscription Price of Bulletin A copy of tic Federal Reserve BULLETIN is tent to each member bank without charge. The subscription price wherree,. $$22..6600 per annum or 25 cent* per copy. Group subscriptions in the United States for 10 or more copies to oneaddress, 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 September 194s NUMBER 9 TRANSITION TO PEACETIME ECONOMY Immediately after announcement of the employment at aircraft factories, ordnance acceptance of surrender terms by Japan on plants, and shipyards, and in reductions in August 14, the transition to a peacetime war demands for a wide variety of intereconomy, already under way for several mediate products and raw materials, parmonths, was sharply accelerated. Con- ticularly metals. In some instances the tracts for munitions were cut drastically reductions in war demands were immeand those for war supplies were considerably diately offset by substitution of civilian reduced. War demands have not been alto- orders already on the books, and in ingether eliminated, however, primarily be- dustries where production had been mainly cause there are still ii million men in the for civilian markets, or where transition armed forces, stationed throughout the could be made easily, production was world. Provision of supplies for occupa- maintained around earlier levels. In some tion forces and for troops awaiting other industries, however, technical probdemobilifcation will require continued pur- lems in the transfer to civilian work delayed chases of food, clothing and the like, except the change-over, and it was evident that as existing stocks can be drawn upon to meet some plants would discontinue operations requirements. Federal expenditures, while indefinitely because they could not be declining sharply, are estimated at 66 bil- readily adapted to output of the type of lion dollars for this fiscal year as a whole, products required in peacetime, even under about 30 billion dollars above Federal favorable demand conditions, revenues under existing provisions of tax Data are not yet available to indicate the legislation. Lend-lease operations were extent of the immediate net reduction in curtailed but demands for goods to be used output and employment in the economy as a abroad for relief, reconstruction, and other whole or in manufacturing, where a large purposes may be expected to be substantial, share of the war program was concentrated, Many wartime controls have been removed but it is evident that the reduction was but, in view of the continued excess of the considerable. At steel mills, production demand for some goods over available sup- declined from about 90 per cent of plies, other controls are being maintained capacity in the early part of August to about to assure equitable and economic distribu- 75 per cent in the latter part of the month, tion and to prevent price rises. Industrial consumption of electric power declined sharply. Employment in indus- IMMEDIATE EJECTS OF PEACE ^ ^ producing metals and m { productSj Cancellation of war orders was quickly chemicals, and rubber products declined reflected in sharp reductions in output and by 1.4 million or nearly lo per cent from SEPTEMBER 1945 849 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH the end of July to the end of August, ac- obtaining higher price ceilings or to resist cording to a special survey by the Bureau of price reductions which otherwise would be Labor Statistics. Factory employment as justifiable. a whole by July had already declined 7 per PROBLEMS OF TRANSITION cent»since the end of the war in Europe in May and was 18 per cent below the peak Sudden transition from war to peace reached in the latter part of 1943. Em- presents a complex array of conflicting ployment in other lines had not declined economic problems. After nearly four this year, however, and the most recent years of active participation in the war and reductions in employment, primarily at over a year of preparation for war, the basic yvar factories, were being partially offset elements in the economic situation are by increases in employment in other parts diverse to an exceptional degree. The of the economy. problems of transition will require wise In markets for basic commodities prices handling on a selective basis in order to of grains and cotton declined somewhat in assure equitable treatment and opportunity the early part of August but later advanced. for as many people as possible and to avoid In security markets prices of industrial future difficulties. of great proportions. shares changed little until late August, and During the war period the main objectives then rose to new high levels for the year. were to obtain the necessary war produc- Railroad shares first continued their decline tion and, at the same time, to maintain from the advanced level reached in June output of goods for civilians as much as but later rose moderately. possible and to prevent inflationary price After the surrender by Japan many of the increases. Part of the great excess of curcontrol measures previously in effect were rent incomes of individuals and businesses abolished, including all manpower controls, over the supply of goods available for rationing controls over gasoline, fuel oil civilian purposes was absorbed by increased and some food products, and most of the taxes and part was invested in war bonds or production controls relating to the output accumulated in the form of currency or of particular products and to the use of deposits. Pressure for price increases, howparticular materials. Temporarily,, inven- ever, was great and direct price and wage tory controls and production controls were control measures were relied upon in conretained where shortages of materials were siderable part to prevent inflationary price considered sufficiently important. Con- advances. With respect to manpower, the trols over prices of some of the more plenti- chief problems were to recruit large armed ful materials, such as aluminum and mag- forces, to draw additional workers into the nesium, and over some luxury items were labor market, to see that those employed removed, but most price controls remained were working on essential jobs and to in effect. Standards were being announced increase output per man by lengthening of for the pricing of various products, chiefly hours and other means. automobiles and other durable consumer With the end of the war a new set of goods, which had been out of production forces has been set in motion. On the one during the war. Wage controls were re- hand millions of people will be let out of laxed to permit increases, provided such war jobs or released from military service. increases were not to be used as a basis for The future will be uncertain for these people 850 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH and their demands for goods may be re- sary, on the one hand, to provide aid for the stricted; unemployment insurance benefits unemployed, as much as possible by turning are only temporary and are limited in them to productive work because the great amount and coverage. On the other hand, need of the time is more production of output of goods for civilians has been re- civilian goods. It is essential, on the other stricted and in many lines will need to be hand, to prevent price advances arising increased as rapidly as possible. This will from competitive bidding for limited supprovide jobs and incomes for an undeterplies of many goods by businesses or by mined number of those released from war consumers. activities. Expenditures will be encour- As increased supplies of goods become aged by the fact that individuals and busiavailable, the necessity for measures to nesses have large amounts of accumulated prevent price advances will disappear. buying power held in the form of liquid Meanwhile, however, it is essential that assets; they have reduced their debts and the action taken with respect to taxes, public potential supply of available credit is plentiworks, extension of credit in this country ful. Demands from foreign countries for and abroad, and inventory and price con- American goods will be very large; these trols, should be so directed as to avoid the comprise basic needs for maintaining lives sort of price spiral which developed after and restoring devastated economies to a the first World War. Price controls will functioning basis, as well as desires to raise need to be continued on scarce goods. The the economic productivity and standards of forces of supply and demand at this time are living of those countries to previously out of balance for reasons that can not be unattained levels. Many of these countries adjusted promptly by the customary operahave dollars or gold with which to finance tion of the price structure. For many their purchases; for others, increased faciligoods and services demands are so great and ties for providing credits are being estabsupplies so limited, that without controls lished. prices might rise sharply. Such a price The fundamental dilemma of the period rise could not bring forth adequate supplies immediately ahead is one of inadequate and would not curtail demand but would resources in some parts of the economy and instead stimulate speculative buying. Situof excessive resources in other parts of the ations of this sort are the essence of economy, which can not be transferred inflation. They should be prevented from except over a period of time. Shortages developing. Price rises should be perof many durable consumer goods, such as mitted only to the extent necessary to bring automobiles, of some nondurable consumer forth increased production. goods, such as fats and oils, and of some All credit needed to expand production of types of producers' equipment will continue for many months even though at the same essential goods can and should be provided, time the volume of unemployment may but use of credit which would further increase considerably. Altogether, the speculative purchases of goods, securities, problems of this period will require careful or property or which would aid in expandorganization and management, more diffi- ing business or consumer demand for goods cult in a sense than in wartime because the in short supply should be discouraged. objectives are more complex. It is heces- In summary, public and private policies 851 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH during the transition from war to peace they overemphasize it, chiefly because the should be directed toward facilitating gross product, including the services of the readjustment and reducing personal hard- armed forces, has been greater than it ships involved in the readjustment process; needs to be now. Also, considerable pro- At the same time measures should be taken duction for war purposes has consisted of to stimulate production of needed goods and food,' clothing and other civilian type to discourage excessive purchases by goods; the transition there will relate to businesses or consumers of goods which are markets and finance but not in any great still scarce. degree to technical changes in plant or migration of workers. DECLINE IN INDUSTRIAL PRODUCTION By Tuly 194s a Start had been made on the INDUSTRIAL PRODUCTION FOR WAR AND CIVILIAN PURPOSES JO J 7^J # Points in total index, 1935-39 = 100 transition Ot the industrial portion OI Our [Monthly figures seasonally adjusted] economy to a peacetime basis, as output for war purposes was being reduced to meet the i . nd T u o s t t a r ! ial F pu o r r p w os a e r s For civilians production lowered demands of a one-front war. In 1939 109 1 108 that month, which was the last full month 1940 125 6 119 1941 162 32 130 of high level production for war, total 1942 199 107 92 1943 239 159 so output at the nation's factories and mines 1944 235 155 80 1945—March 235 155 80 was zn per cent of the 1935-39 average, July 211 125 86 according to the Board's seasonally adjusted index. The July level represented a Between March and July there were imdecline of Z4 points or about 10 per cent portant reductions in war demands for from March, a month of very high produc- metals and other materials used to make tion which reflected expansion of the war munitions as well as for munitions themprogram last winter; and of 36 points or selves. Reductions in the demands of the about 15 per cent from the wartime peak in armed services for supplies such as clothing November 1943. were less marked. Requirements for mate- Production of manufactures and minerals rials and equipment for war plant construcfor war purposes, including munitions and tion, which in 1941 and I94X constituted supplies for the armed forces and for lend- an important part of war demand, were no lease, decreased about zo per cent between longer large. March and July, while production for In July production of finished munitions, civilians probably rose about 8 per cent including planes, ships, combat vehicles during that period, as indicated in the table, and ordnance, represented about half of Thus, production for war declined from industrial production tot war purposes about 65 per cent of total industrial output while output of materials and supplies in March to about 60 per cent in July. In represented the other half. Soon after the the economy as a whole, provision of goods return to peace demands for munitions were and services for war, including the services drastically curtailed. As a result, muniof the armed forces, represented something tions production is expected to be below over 40 per cent of the total. These the July rate by 60 per cent in September figures suggest the great size of the transi- and 80 per cent in December, tion problem. To some extent, however, With these cutbacks a large number of 8 z FEDERAL RESERVE BULLETIN 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH Government-owned war plants were no accelerated is to see how production stood longer required and about z^o such plants in broad groups of industries, classified were turned over to the Reconstruction as they were before the war. The table Finance Corporation for sale as surplus below shows this in terms of points in the property. It was apparent that use of total index. This information gives some many types of munitions plants for civilian indication as to relative amounts of readpurposes would require extensive conver- justment that may be needed in various sion of facilities and that the extent of industries as war production ceases; it is such conversion undertaken would depend not intended to suggest how large the total on the extent and nature of civilian de- volume of industrial production should be mands for goods and the relative cost of or will be. adapting these plants and of building others. INDUSTRIAL PRODUCTION BY GROUPS Points in total index. 1935-39 » 100 Industrial production for civilian [Monthly figures seasonally adjusted! purposes in July accounted* for about 86 1915 1939 1941 points in the Board's index, following a March July moderate increase from the level prevailing Total industrial production . . 109 162 235 211 earlier in the year. For many supplies, Durable manufactures, .. ... 41 76 131 111 including numerous manufactured foods, Machinery and transportation equipment .. .... .... ... ... 17 40 90 74 Iron and steel and nonferrous metals... 16 26 31 27 textiles, leather products, and building 8 11 10 10 materials, the prospect is that civilian 51 66 83 78 Textiles and leather 15 20 20 17 orders, in many cases already on the books, 15 18 22 21 Chemicals and petroleum refining 9 14 26 25 will be substituted promptly for military Other nondurable manufactures 12 15 15 14 orders, which have been sharply curtailed. 16 20 22 22 Similarly, total demand for tin and lead, Increases in production as a result of the will continue large relative to supply. It war were very general throughout industry appears, on the other hand, that only part but were much more pronounced in the of the war demand for metals such as alumachinery and transportation equipment minum, magnesium, copper, and steel will industries than in most other lines. This is be quickly replaced by civilian demand. where the direct effects of the great demand Production of machinery and equipment for ships, planes, and ordnance were largely for civilian use, which was already increasconcentrated. Indirectly the effects of ing before the end of the war, may now be these and other demands for military equipexpanded. The facilities previously used ment were reflected in sharply increased for production of consumer durable goods output in the iron and steel and other metal but converted in large measure to munitions producing industries. Output of other production are now being reconverted to durable manufactures such as lumber, stone, produce consumer goods again in increasing clay, and glass products increased to excepvolume. tional levels early in the war period when PRODUCTION BY INDUSTRIES construction of camps and industrial plant Another way to view the situation in was in large volume. By the end of the industrial production as the war ended and war demand for some of these products, the transition to peacetime activities was such as cement, had been greatly reduced. 853 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH Demand for other products, such as lumber, mands for these products, "which are really continued large, with output limited by semidurable and which consumers and shortages of labor and some types of equip- distributors have been unable to obtain in ment. Altogether production of durable desired volume, may be sufficient to maingoods in July was two and two-thirds times tain output at recent levels or even to exthat in 1939 and half again as large as in pand it as additional labor becomes 1941. The increase in durable goods manu- available. factures accounted for 70 points of the In July, output of food, liquor, and toiox points by which total production in bacco products, as a group, was about 40 per July exceeded production in 1939. cent above the 1939 level. Meat produc- Looking ahead, production of "other tion reached a peak which was about 100 durable manufactures" seems likely to be per cent above the 1939 level early in 1944, limited for a time more by shortages of but has since declined considerably. Butter labor and by other factors on the supply production declined during the war under side than by demand factors, while output the influence primarily of price differentials in the machinery and transportation equip- favoring fluid milk and cheese production. ment industries will depend on the extent Output of canned fruits and vegetables and to which sharp cutbacks in military de- of most cereal products increased substanmands are offset by increases in civilian tially during the war. Production of alcodemands, and on the time required for con- holic beverages increased, although facilities version. In the metal-producing industries for output of whiskey and other distilled a primary question will be the volume of spirits were diverted to the production of orders received from consumers of their industrial alcohol during most of the war. products, not only consumers in the ma- Output of cigarettes increased by about 60 chinery and transportation equipment per cent. groups but also those in nonmanufacturing Mineral production rose considerably less lines such as the railroad and construction han output of manufactures during the war t industries. - j i \y about one-third above and m uy was on The rise in production of nondurable Output of nonferrous the level manufactures during the war was generally, i n activity metals increased much ess tha except for such items as aviation gasoline, ^ , chiefly in duction of metal produCts synthetic rubber, and explosives, much less pper, because Q£ substantial imports of co marked than the rise in output of durable lead, zinc, and bauxite and increased manufactures. Over half of the rise of 1On umt f f ^ ° , T'Tf z points in nondurable goods output from 7 the «an«&cmc of finished war the i level reflected a great increase in 939 chemicals and petroleum refining and, as a OutPut of Sold and sllver waS shar?ly ° result of curtailment of the war program, tailed durinSthe war- Iroa orenT.ng W*S j f output in this broad group may be expected UP substantially, reflecting a doubling 01 to show a marked decline. Output of steel production during the war. Crude textiles and leather products, on the other petroleum production rose continuously throughout the war period as growing war hand, increased only about a third from the 1939 level and at the end of the war demands for petroleum products more than was not as great as in 1941. Civilian de- offset reductions enforced on civilian con- 854 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH sumption of products such as gasoline and This will add to the number of workers fuel oil. available at a rapidly increasing rate. It is expected that by the end of this year the EMPLOYMENT SITUATION AT END OF WAR rate of demobilization will rise to a million Salient facts concerning employment in a month and that the total number de- July, just before the end of hostilities, were mobilized by the end of June next year will these: The labor force was about 66 million, be nearly 9 million. Some workers will be roughly 6 million larger than would withdrawing from the labor force, and normally have been the case, because of hours of work will be reduced. The imporwartime recruits, an undetermined number tant question concerning the volume of of whom were ready to stop working when employment and unemployment will be opportunity offered. Over iz million were how fast and how far the number of jobs on in the armed forces, as contrasted with civilian work will expand with the removal one-half million before the war. The total of wartime restrictions on production and number at work in agriculture and elseemployment. Immediately that will dewhere was 53 million, as compared with pend in some degree on technical conversion about 46 million in July 1939 and 51 milproblems but before many months it will be lion in July 1941. Hours of work were longer than before the war, 18 per cent primarily contingent on more basic considlonger in manufacturing and probably erations relating to the efficiency of producabout 10 per cent in nonagricultural activi- tion and to the size of markets for goods and ties as a whole. The number reported as services—the demands of consumers, busiunemployed was 1.1 million, somewhat ness and Government for products to meet above the wartime minimum, but con- both current and deferred requirements. siderably smaller than before the war. The War Manpower Commission has esti- The proportion of workers, other than mated that in December of this year about 6 those in the armed forces, employed in million workers will be unemployed, allowproduction and other activities for war ing for a withdrawal meanwhile of nearly purposes, including lend-lease, was still 2. million wartimejrecruits to the labor force. very important, perhaps 30 per cent of the Another broad feature of the new emtotal. Employment on production for ciployment situation is the great amount of vilian purposes was at a level lower than migration and shifting of jobs which will before the war and also lower, by an unbe necessary in the transition from wartime determined amount, than it would have activity to peacetime activity. The adjustbeen if materials and equipment had been ments involved in transfer of jobs relate to available freely for such production and if matters of pay and working conditions, as workers had not been otherwise engaged. well as to locality and occupation. The Cancellation of a large volume of war incentives attracting workers to war jobs contracts after the end of the war has rewere substantial in terms of rates of pay sulted in an immediate sharp decline in and premiums for overtime; in reverse the employment for war purposes. At the same time demobilization has begun and incentives are quite different and the probthe rate of induction has been reduced. lems of adjustment will be considerable. SEPTEMBER 1945 855 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW" OP THE MONTH Employment at factories reached a peak EMPLOYMENT CHANGES SINCE 1939 toward the end of 1943, and thereafter The course of employment since 1939 in declined almost continuously. By July various nonagricultural lines, adjusted for 1945, it was 18 per cent below the wartime seasonal influences, is shown in the chart. peak. Declines in employment at ship- EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS yards and in plants producing aircraft and ordnance accounted for most of the decrease MILLIONS OF EMPLOYEES MILLIONS OF EMPLOYEES zo 20 in total factory employment. These declines in employment in munitions industries were due to reductions in the war production program, particularly for ship construction, and to improvement in efficiency. The number of workers in non- GOVERNMENT munitions industries also decreased during EXCLUDING ARMED FORCES 1944 and the early part of 1945, owing largely to continued reduction in the number of workers available for such activity, as the size of the armed forces was being increased from 10.3 million in FINANCE, SERVICES December 1943, to 12..0 million in March AND MISC. 1945. After March, with a leveling off in the size of the armed forces and a decline in munitions employment, some nonmuni- Bureau of Labor Statistics estimates, adjusted for seasonal varia- tions industries were able to expand their tion by Federal Reserve. Latest figures shown are for July 1945. working forces. The adjusted July level for the total, not Employment in mining industries in shown on the chart, was something over 37 July was about zo per cent below the high million, approximately 3 million below the level reached at the end of 1941, and 6 per peak reached early in 1943, 1.3 million cent below the 1939 level, having declined below the level of March this year, and . throughout 194X5 1943, and 1944, and havmore than 7 million above the 1939 level. ing shown little net change since the be- The self-employed and domestic workers ginning of this year. The bulk of the are not included in these figures. decline was at coal mines, where required Construction employment was the first increased production was achieved by a to decline as a result of changes in the war smaller labor force working longer hours program. It dropped sharply in 1943, after with more machinery. completion of the greater part of the canton- Employment in retail and wholesale ment construction program and the indus- trade and in service activities in July was trial facilities program.' In 1944 and early at a level not very different from that m 1945 employment in this industry was at a 1941 and nearly 10 per cent above 1939^ level considerably below that of 1939. During the period from March to July of Subsequently construction activity has in- this year some easing of the tight wartime creased but expansion has been limited by labor market conditions resulted in invarious shortages, particularly of lumber. creased placements in these industries, but 856 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH when the war ended there were many TRANSITION ADJUSTMENTS IN INCOMES unsatisfied demands for additional workers When the war ended, total individual in the trade and service industries. income was at an annual rate of 163 billion The number of workers in transportation dollars, which is close to the peak rate and public utility industries expanded reached at the beginning of the year, as throughout the war to meet extraordinary shown in the chart. Wages and salaries, demands. In July employment in these other than those paid by Government, lines was 16 per cent above 1941 and 30 per declined 4 per cent from January to July, cent above the 1939 level. Meanwhile, on a seasonally adjusted basis, while output per worker had increased greatly and thus the rise in employment was by no INCOME PAYMENTS TO INDIVIDUALS means as large as the increase in activity in these lines. Government employment, not including the armed forces, increased steadily from 1939 to t^le middle of 1943, and subsequently showed little change. In July the number of employees in Government activity was 50 per cent above 1939. The increase during the war was due to the great expansion of Federal employment, both at arsenals, Navy yards and other military establishments, and in administrative war agencies. Considerable declines may be expected in the number of Federal Government civilian employees, while the number working for 1939 1941 1943 1945 1939 State and local governments, which de- Based on Department of Commerce estimates. Goverment salaries and wages include military pay. Monthly figures raised to annual rates, latest shown are for July. clined slightly during the war, will probably increase. Government payments for services, chiefly In agriculture the number of workers to the armed forces, increased somewhat. declined during the war and at the same Other income payments showed little time production was greatly increased. To change except for some increase in interest some extent this was the result of excep- payments and social security payments. tionally good weather but it was due in The 4 per cent decline in non-Government considerable part to improved farming wages and salaries reflected a somewhat practices, increased mechanization, and more marked decline at factories and longer hours of work. The fact that the mines, as pay rolls in distribution and technical gains will be retained and in- service industries increased slightly. creased and that there is relatively little The immediate prospect is for considerflexibility in the amount of many agricultu- able curtailment in the incomes of industrial ral products used will tend to limit employ- workers. Contract cancellations on war ment opportunities in that sector of the work will not be wholly offset by increased economy. civilian orders. Consequently, the number SEPTEMBER 1945 857 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH employed and working hours will decline. LARGE ACCUMULATIONS OF LIQUID ASSETS Average hourly earnings will be reduced by Declines in current incomes are not elimination of premium payments for overlikely to result in corresponding declines time and the shift of workers from higher in current demand for goods and services. paid war industries to lower paid civilian Shortages of goods have prevented individindustries. Meanwhile there will be opuals, as well as businesses, from spending portunity for expansion of employment and and investing all the funds they have had income in other parts of the economy. In available or spending to the full extent that particular, employment and pay rolls in goods were needed. Individual savings construction were at low levels when the have been at an annual rate of around 35 war ended and are likely to increase conbillion dollars during the active war years siderably as materials and manpower Seand most of these savings have been accumucome available. Expansion in employment lated in the form of liquid assets. Business and pay rolls is also in prospect in the trade savings, reflecting largely retained profits and service industries. and amounts allocated for depreciation Payments by Government to the armed allowances in excess of actual capital forces may be expected to decline at an expenditures, have also been large, and the increasing rate, although discharge pay- available working capital of businesses has ments, ranging from ioo to 300 dollars per increased considerably. Much of it is man, will tend to moderate the decline. held in liquid form. There are thus large Government wage and salary payments deferred demands and, at the same time, to civilian employees will decline, as large accumulations of liquid assets which activity at arsenals and Navy yards is can be drawn upon to increase or maintain curtailed and as administrative activities expenditures above levels which might of Federal war agencies are terminated. otherwise be expected. State and local governments will be expand- During the three and one-half years of ing their activities. Increases in basic war, the total amount of liquid assets—curpay scales of the Federal Government, rency, bank deposits, and United States which had not risen with industrial pay Government securities—held by individuals scales during the war, went into effect in and businesses increased by about 130 bil- July. In August and September overtime lion dollars. By the end of this year a work for Federal employees was largely further increase of about 15 billions may be discontinued, with a consequent reduction expected chiefly as a result of Federal Govin pay received. ernment expenditures in excess of receipts. Altogether it appears that, aside from Business holdings of liquid assets have inany effects of possible future .changes in creased greatly and by the end of 1945 may basic wage rates, wage and salary pay- be in the neighborhood of 75 billion dollars, ments will be considerably lower this as compared with %$ billion at the end of autumn than in July. The decline will be 1941. Personal holdings may reach a offset only in small part by increased un- total of about 150 billion dollars, as comemployment insurance payments. Entre- pared with 58 billion at the end of I941preneurial incomes and interest payments In addition, individuals and businesses will continue at high levels. have substantially reduced their indebted- 858 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH ness during the war and have built up other than could be readily accounted for in terms reserves such as insurance and pensions. of price increases. In many cases the meas- The holding of these liquid assets by urement of price changes was exceedingly business and individuals in such large difficult, owing to changes in quality and to volume constitutes a new factor, one not substitutions of one item for another. present in the prewar period. The manner Consequently the extent to which the trade and extent to which their existence will figures indicate changes in physical quantisignificantly affect the functioning of the ties is obscure. Changes in income distripostwar economy is difficult to determine bution, moreover, and the setting up of a in advance. They could lead to inflation- rationing system for many foods and other ary developments if there is a rush to pur- items may have resulted for the higher inchase scarce goods before production in- come groups in shortages of some items of creases or if there is a wave of speculation which other income groups were obtaining in capital assets. They can also have a more than usual. But whatever the anstabilizing influence on the economy— swers may be on these points, it appears through providing funds for individuals that the aggregate volume of goods flowing and business to use during recession through trade channels was little if any periods. greater than before the war. It is also evident that cutbacks in the RESTRICTED WARTIME VOLUME OF TRADE war program will be important for trade During the war a considerable part of the as they make available increased supplies nation's output was taken directly by the of manpower and materials and thereby Government and did not flow through the of civilian goods and, on the other hand, customary channels of trade. Output of as they reduce the incomes of many congoods for sale to wholesalers and retailers, sumers. For durable consumer goods the moreover, was curtailed in many lines by net result will probably be increased sales. lack of supplies resulting from diversion of In the case of nondurable goods, gasoline the resources of the country to production consumption will be up sharply and, when for war purposes or from limitations on im- supplies become available, so also will ports as a consequence of shipping or other consumption of some foods, such as meats, problems. New passenger automobile pro- butter, and sugar. Sales of men's clothing duction was stopped for three and a half will rise considerably as men return from years and only those on hand at the begin- the armed forces. Reductions in incomes, ning of 1942- were available for sale. however, will tend to limit consumer pur- Civilian supplies of other metal products chases and this may result in reduced were small and reductions in supply ex- sales for some items. The net result for tended to many nondurable as well as dura- total sales of nondurable goods to conble lines. Gasoline consumption and tire sumers is not to be determined readily in consumption were reduced sharply. advance. The extent and timing of de- Notwithstanding all these developments, ferred demand for semidurable goods is the dollar volume of retail sales increased by one of many elements of uncertainty in the large amounts throughout the war period. situation. One factor to be considered in Sales in restaurants rose sharply, and in estimating aggregate consumer purchases numerous other lines increases were larger is that by next summer the civilian 859 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH population will be about 9 million larger ment stores, which increased sharply in 1941 than at the end of the war and 5 million and 194Z and then declined, has again larger than in 1939. increased this year. At the end of 1944 In June and July, the last months for stocks were smaller in value than at any which data are available, total sales of time since January 1942., and in physical goods and services to consumers were at an volume were probably smaller than at annual rate of about 102. billion dollars, any time since the depression low. In which was close to the wartime peak each of the first seven months of 1945, reached in the first quarter of this year. however, merchandise receipts exceeded At that time sales at retail stores were 80 sales and by the end of July stocks had per cent larger, in dollar terms, than in 1939 increased considerably. They were then and 35 per cent larger than in 1941. Sales about 10 per cent smaller in dollar terms at stores selling chiefly nondurable goods than at the peak of heavy inventory accuwere double those of 1939 while sales at mulation in the middle of 1942. and reladurable goods outlets were in about the tively lower in physical terms, because same dollar volume as in 1939. A decline meanwhile prices had risen. Stocks at deof one-half in sales by distributors of auto- partment stores were not well balanced; mobiles and parts had been offset by in- there were shortages in many items such as creases in the dollar value of sales by stores household appliances, floor coverings, men's selling other durable goods such as jewelry. clothing, hosiery, and cotton wash goods, while stocks of notions, toilet articles, some DEPARTMENT STORE SALES, STOCKS, types of boys' clothing and of women's ap- AND ORDERS parel were relatively large. Department store sales in July were near Because of the difficulty of obtaining merrecord levels, after allowance for usual seachandise, stores since the middle of 1943 sonal changes but not for changes in prices. have maintained outstanding orders for The July index was zi8 per cent of the 1935goods considerably larger in relation to sales 39 average, as compared with 186 in 1944 than in prewar years. Outstanding orders and in in the first quarter of 1945. Sales increased sharply in the latter part of 1944 during the early part of August were also and early in 1945. Although they subseat a high level, about 2.0 per cent above quently declined, at the end of June they a year ago; in the latter part of the month amounted to about three months' supply they were at about the same level as in the at the current high rate of sales as comcorresponding weeks of 1944. pared with one month's supply in June Increases in sales were general through- 1940. out the country during the war period, but the most striking advances occurred in the STABILITY IN PRICES South and West. In July the seasonally Since the announcement of Japan's surrenadjusted indexes for the Federal Reserve der offer in the early part of August, there Districts of Atlanta, Dallas, and San Francisco were 300, Z99, and 2.55, while the has been no marked change in the level of indexes for the New York and Boston prices. Prices of cotton, grains, and non- Districts were 176 and 183 per cent of the ferrous metal scrap' declined somewhat, 1935-39 average. while prices of most other basic commodi- Value of stocks of merchandise at depart- ties showed little change. In the latter 860 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH part of August prices of cotton and grains orders to provide relief in cases where increased slightly and prices in other mar- industry-wide price ceilings prove insuffikets were generally maintained close to cient to achieve full production. ceiling levels. A reduction was ordered in The Secretary of Agriculture has an- Federal ceiling prices for gasoline, fuel oil, nounced that plans arc being formulated and kerosene in the Eastern Seaboard States, and necessary Federal appropriations will be to be effective during September. These sought to carry into effect the existing legischanges will eliminate the increases made lation with respect to minimum price during the war to offset part of the addi- guarantees for agricultural products. By tional cost of transporting these products by legislative enactment prices of 90 per cent railroad. At about the same time the air- or more of parity are guaranteed for most lines announced a reduction in passenger agricultural products, at least through rates and the railroads announced that 1947, providing funds are made available. they would not petition this autumn for In addition there are various specific suba restoration of the 1942. freight rate in- sidy and other programs adopted to stimucrease, which had been suspended since late production, which involve support May 1943. of prices for varying periods near current In retail markets prices of most groups of levels. goods and services continued to advance in PRICE LEVELS AT THE END OF THE WAR June and July and the cost of living index The general level of wholesale commodity was 2. per cent higher in July than in March prices at the end of the war was about 40 per of this year. Food prices increased 4 per cent above the prewar level, according to cent in that period and retail prices of most the index of the Bureau of Labor Statistics. other items continued to show a gradual PRICES rise. There appears to have been no pronounced change in these prices since the Japanese surrender. Since the end of the war the Office of Price Administration has reaffirmed its policy of preventing the general level of prices of new automobiles and other durable consumer goods produced at reconverted war plants from being higher than the level prevailing in the early part of 1942. when production of these goods was discontinued. At that time prices of many products had already risen considerably. The announced policy is in recognition of the strong demand in prospect for these products while produc- Bureau of Labor Statistics indexes. Index of wholesale prices converted to 1935-39 base by Federal Reserve. Latest figures shown tion is still limited. Other parts of the are for July 1945. Federal reconversion pricing program which Prices of cotton, grains, and most other have been announced include a modification farm products advanced earlier this year of the stricter phases of the wartime con- and in June and July wholesale prices of trols, and various special price adjustment farm products were no per cent above the 861 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH prewar level. Prices received by farmers many areas and public transportation and were at a new wartime peak, 7 per cent utility services. Regulated prices of public higher than a year ago and IZJ per cent services, including passenger fares on the higher than in the summer of 1939. Whole- railroads, bus fares, and electric power, sale prices of industrial commodities have telephone and telegraph rates, generally also shown increases this year somewhat showed little change during the war except larger than in any other period since the for increases due to Federal excise taxes. early part of 1943 when Federal price sta- Increased costs in the operation of the public bilization measures were extended and made carriers and utilities were generally much more effective. Maximum prices for coal, more than offset by extraordinary increases coke, steel, cotton goods, building materi- in revenues as the volume of operations exals, and prices of various finished manufac- panded. Rates in the period ahead will tured products, especially goods for sale to no doubt depend in part on how far the civilian consumers, like clothing and house- great economies of operating at high levels furnishings, have also shown some further can be retained, as well as on various other increases. factors affecting costs and regulatory pol- During the war wholesale prices of food, icies. textile, paper, and most other products With reference to the cost of housing; which ultimately are important items in rent controls have been in effect over wide consumer expenditures increased more than areas but meanwhile prices of existing the general index of wholesale prices and properties have advanced sharply, around the rise in lumber prices was also great; on 40 or 50 per cent in many localities. It the other hand, metal prices, which were will take considerable time to increase the first brought under control, showed only a supply of houses appreciably and additions moderate advance. Many of the products to supply will be made at advanced costs which advanced the most were produced in of construction. Prices of building labor highly competitive, low-wage industries, and building materials are both about and were not brought under control for one-third higher than before the war. some time. With the large rise in consumer Lumber prices have advanced 70 per cent, demand, as well as heavy Government which is about what they rose during the demand, during the war and with marked first World War. Prices of brick, cement, increases in wage rates and profits in these paint, heating equipment, and other buildindustries, the level of wholesale prices of ing supplies have shown less marked adthese products at the end of the war was vances. Considering prospective strength generally more than 50 per cent above the in the housing market, existing rents will prewar level. appear low and pressure for advances will Retail prices of food, clothing, and house- be great. Rent advances under free marfurnishings were also about 50 per cent ket conditions might be substantial, alhigher than before the war while prices of though limited somewhat by current refuel and various miscellaneous products ductions in total income; by population showed less marked increases. shifts and the uncertainties accompanying Prices of services at the end of the war them; and, eventually, but not soon, by an were much higher than before the war, with increased supply of houses. The Officer ot two important exceptions—rental rates in Price Administration has announced that 862. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH in a few localities rent controls will be substantial. Federal expenditures for nonremoved this autumn, but that in most war purposes, including social security areas they will continue in effect for a benefits, and expenditures by State and local longer period. governments are likely to increase consider- The course of wholesale prices of com- ably from recent levels. modities and of the cost of living during Inventories of most goods in commercial the second World War and also during channels have been considerably curtailed the first World War and the succeeding since 1941 both in this country and abroad. five years is shown in the chart. In The total volume of surplus equipment and general, price advances have been consider- goods in Government stocks is apparently ably less marked this time, although the quite large but it is still uncertain what share of economic resources devoted to volume of these goods will be considered war purposes has been much greater. The useful to buyers in this country. fact that prices have not advanced as much After industrial reconversion is well under as they did before has been due partly to way it seems likely that consumer incomes, the existence of more idle resources at the although reduced from recent levels, will beginning of this war, but in considerable still be relatively high in comparison with degree the difference may be attributed to previous peacetime levels. Also private more effective control measures for com- business expenditures for plant, equipment, modities and services this time. For farm and materials will be at a greatly increased real estate values, however, increases have rate for a time. Until consumer and probeen greater than before and there have been ducer demands for goods to replenish stocks sharp increases in urban values. The chart are satisfied and foreign needs are filled to is presented not to suggest that a rise similar the extent that they can be financed from to that after the last war is inevitable— substantial dollar balances, relief funds or circumstances are in many respects quite loans, the possibility of a rise in prices will different—but rather to indicate one pos- exist. sible type of development against which Allowing for an almost complete elimiprecautions should continue to be taken. nation of military requirements, supplies arc likely for some time to continue short of PROSPECTIVE PRICE DEVELOPMENTS demand for such various products as lumber, In general, price developments in the brick, fats and oils, sugar, cotton textiles, period ahead, in contrast to the wartime worsted fabrics, tin, lead, crude rubber, period when huge Federal expenditures pulp and paper, and coal. Domestic outassured demands for almost any product or put of some of these products has been service available, will again be largely gov- curtailed to prewar levels by shortages erned by private expenditure decisions. of equipment and manpower. In order to Public expenditures will for some time, achieve 1941 levels of output in the lumber, however, continue large by any prewar newsprint, brick, and cotton textile indusstandards. Federal payments in connection tries, it will be necessary to expand wtorking with the liquidation of the war effort, the forces considerably, and this will be complimaintenance of foreign occupation forces cated by lower wage scales in some of these and the development of postwar military industries than in munitions industries or in establishments for security reasons will be most peacetime industries. In certain other 863 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH cases, like tin, crude rubber, and sugar, unless necessary precautions are taken until increased domestic supplies will depend such time as the transition of the economy wholly or in large part on foreign sources to a peacetime basis has been completed. and the re-establishment of adequate pro- Only a greatly increased volume of output duction and shipping facilities. for use by producers and consumers in this Current large yields of most crops will country, as well as in foreign countries, will help to prevent further price advances for remove the danger of further price advances agricultural products, but supplies of fats arising from the large volume of liquid and oils and certain other products will assets on hand and the shortages of many continue short for some time. Potential types of goods. Federal action designed to Government influence over prices of agriencourage private business activity and cultural products, in either direction, is employment opportunities, to greatly raise great, considering price ceilings, crop loan living standards, and to care for reconstrucarrangements, guarantees as to minimum tion needs abroad can be successful only if prices, subsidy arrangements, and possible prices are reasonably stable, a goal which control over exports through loans or can be achieved only with the cooperation otherwise. of business, labor, agriculture, and consum- Reflecting advanced prices for agriculers. Until adequate supplies of goods and tural products and other influences, farm services are again freely available, it will be real estate values continued to advance necessary for buyers to exercise restraint in early this year; in July they were reported order that Government price controls may 57 per cent above the 1935^39 average for be relaxed as rapidly as possible with'reathe country as a whole, with increases varying from 2-0 per cent in Massachusetts and sonable assurance that disastrous price 2.2. per cent in North and South Dakota to advances such as those which occurred after 103 per cent in South Carolina and 104 per the first World War may be avoided. The cent in Kentucky. important task in the immediate period Basic forces generated by war conditions ahead is to increase production for civilians but held in check during the period of hos- but to discourage buying of goods in short tilities may result in speculative develop- supply until output corresponds more closely ments and further large increases in prices to current demands. 864 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEYS OF LIQUID ASSET HOLDINGS * During the war, personal holdings of liquid war of people in general and of himself in parassets, *'.*., currency, bank deposits, and United ticular. Then followed questions regarding States Government securities, have shown a tre- people's reasons for saving, including his own, mendous expansion. Estimates of these hold- and these led naturally to a specific discussion of ings published in the June BULLETIN indicate an the respondent's liquid assets -time deposits, increase from a total of 48 billion dollars at the demand deposits, war bonds, and currency. end of 1939 to 12.8 billion at the end of 1944. Here the questions dealt with the amounts held Little, however, has been known about the hold- in each form, how these compared with the ers of these liquid assets or about the attitudes amounts a year before, why one type of holding taken by the holders toward their liquid assets. had been chosen rather than another, what uses Information of" this nature is needed for an ap- the respondent had in mind for each type of holdpraisal of the probable effect of these unprece- ing, and what uses of each type he considered to dented changes in the liquidity of individuals on be appropriate. A summary of the findings is the postwar economy. given below. Because of the importance of this information It should be recognized that the inquiries were and because of the difficulty of obtaining it by made to test certain methods of obtaining inforstatistical inquiries of conventional types, the mation, not to provide information which could Board of Governors of the Federal Reserve Sys- be considered adequate for the formulation of tem requested the Division of Program Surveys of broad conclusions. The findings are valid only the Bureau of Agricultural Economics (Depart- with respect to the areas studied, which were ment of Agriculture) to conduct two experimental chosen primarily because they were areas in surveys, one in a rural area and one in an urban which there had been large withdrawals of area, to determine the feasibility of obtaining currency during the war period. They are pubthe necessary information from interviews with lished because of the wide interest in the subject a random sample of individuals. In January and to indicate what information may be oband February of 1945, about 800 interviews were tained by the methods employed. made in Birmingham, Alabama, and Douglas HOLDINGS OF LIQUID ASSETS BY TYPES County, Illinois, the two areas chosen for test purposes. On the basis of the survey findings, it is esti- The interviews were conducted by a staff of mated that the people of Birmingham and its trained interviewers,* who followed a carefully suburbs held liquid assets (excluding currency) prepared inquiry form. Respondent participa- totaling about 147 million dollars and that the tion was voluntary. The questionnaire em- people of Douglas County, Illinois, held a total ployed in this survey was designed to arouse the of about 8 million dollars. These amounts inrespondent's interest in the general subject of clude personal (nonbusiness) holdings of war the effect of wartime changes on people's savings bonds (at purchase price), demand and time practices. The opening questions dealt with the deposits, postal savings, and other time derespondent's evaluation of his present financial posits. They do not include currency holdings. status and with the economic prospects after the The amounts of currency holdings reported were so small, especially with relation to avail- 1 This article was prepared by Emanuel T. Weiler of the Board's able knowledge about currency withdrawals Division of Research and Statistics. It is a brief summary of the results of two surveys undertaken by the Bureau of Agricultural Eco- from banks in those communities, as to indicate nomics of the U. S. Department of Agriculture at the request of the Board of Governors. Mr. Dorvrin Cartwright and Mr. George Katona that not all such holdings were reported. of the Bureau of Agricultural Economics were primarily responsible for the conduct of the studies and Mr. Weiler was closely associated The distribution of these totals among liquid with them throughout the planning and execution of the investigation. 865 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEYS OF LIQUID ASSET HOLDINGS asset types is given in the following table. In DISTRIBUTION OF LIQUID ASSET HOLDINGS, BY INCOME CLASS Birmingham, as well as among nonfarm families OP RESPONDENT AND TYPE OP HOLDING in Douglas County, the amount of war bond Percentage of aggregate Per- holdings holdings exceeded those of either time or de- centage of Income class C m o a u n n d t y d , e d p e o m si a ts n . d d A ep m o o s n it g h t o h l e d i f n a g rm s e e x rs c e i e n d e D d o o u t g h la e s r sp e r o n e n t - s d- b W on a d r s p T o d i s e m i - t e s m p D d o a s e e n i - - t d s a T l s iq o s u e ta t i s d l 1 holdings, presumably because of the quasi- Birmingham (weekly): business nature of these deposits. The difference Under $25 17 1 1 Under $35 34 2 4 between the survey distribution and national Under $55 59 7 15 Under $87 84 20 41 distribution serves to emphasize the limitations Under $125 92 78 72 All incomes (including those of these experimental surveys as representative of over $125)2 100 Not ascertained (*) national trends. Douglas County nonfarm (weekly): Under $25 36 10 Under $35 50 16 PERCENTAGE DISTRIBUTION OF LIQUID Under $55 73 37 ASSET HOLDINGS, BY TYPE Under $87 91 75 All incomes (including those [Excluding currency] over $87)3 91 95 Not ascertained 3 5 Survey areas (as of Jan.-Feb.f 1945) United Do U u n g d la e s r C $1 o ,0 u 0 n 0 ty farm (annual): 18 4 5 Type of asset Bir- Douglas County S o ta f te D s e ( c a . s U U n n d d e e r r $ $ 2 1 , , 5 5 0 0 0 0 4 3 9 1 2 1 3 2 2 1 3 2 ming- 31, 1944)1 Under $4,000 73 51 53 ham N fa o rm n- Farm A U l n l d i e n r c o $ m 6,0 es 0 0 (including those 85 66 68 over $6,000)* 96 95 War bonds 45 55 40 336.1 Not ascertained ! 4 5 Time deposits3 25 7 3 40.5 Demand deposits 30 38 57 23.4 »Including currency reported as savings but not pocket currency. Time deposits in Douglas County are also included, although they are Total. . 100 100 100 100.0 too small to be shown separately. . * Cases in which income was not ascertained are omitted from tne cumulations. Percentages are based on the total sampjes—-423 cases 1 Estimated total personal (nonbusiness) holdings in the United States, excluding trust accounts; Federal Reserve BULLETIN June 1945, in Birmingham, 231 in Douglas County nonfarm, 160 in Douglas p. 533. County farm. 2 Includes all U. S. Government securities. * Less than one per cent. * Includes savings deposits and postal savings. Differences in the distribution of the various kinds of liquid assets were quite marked. AGGREGATE HOLDINGS OF LIQUID ASSETS BY Among the Birmingham respondents, the hold- INCOME CLASSES ing of demand deposits was largely limited to The percentage distribution of aggregate hold- those in the three highest income brackets. ings of liquid assets reported by respondents, Among the Douglas County respondents demand by income class, is given in the following table. deposit holdings were somewhat more evenly Each respondent represents a spending unit, distributed. Time deposit holdings in Birmingthat is, one or more persons (usually a family) ham were less concentrated than were demand who pool their incomes. In general, the survey deposits, with spending units having annual results indicate that while relatively small incomes of less than about $4,500 ($87 weekly) amounts of liquid assets were held by the holding slightly more than half of the time lowest income groups, the bulk, or between two- deposits. As noted in the table, time deposit thirds and three-fourths of all liquid assets, was holdings in Douglas County were too small, and reported currency holdings in both Douglas held by urban spending units receiving less than County and Birmingham too inaccurate, to $6,500 per year (/.*., $115 a week) and by rural warrant showing their distributions by income spending units receiving less than $6,000 per size. Except among the farmers in Douglas year. The number of respondents in these in- County, war bonds were held to a larger extent come groups made up around 90 per cent of all by persons in the lower income groups than respondents. were demand deposits. 866 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEYS OF LIQUID ASSET HOLDINGS DISTRIBUTION OF LIQUID ASSETS WITHIN ported war bonds as the dominant liquid asset INCOME CLASSES form with demand deposits the next most fre- Distribution of liquid assets among the indi- quent. Time deposits were reported almost as vidual spending units within income classes is infrequently as among farmers. In Birmingquite as important for economic analysis as the ham, war bonds were the most frequent liquid distribution of the total among income classes. asset, though in the lowest income level time As a means of indicating the dispersion in liquid deposits were as frequent and accounted for a asset holdings within income classes, the spend- larger dollar volume of liquid asset holdings. ing units in the successive income classes were In Birmingham demand deposits were relatively divided into non -holders and holders of liquid infrequent in lower income levels and by no assets; further analysis was then made of means universal among higher income groups, amounts held by the liquid asset holders. The as was true in Douglas County. ratio of holders of liquid assets to all respondents In the three lowest income levels some holdwithin the successive income classes is given in ings of liquid assets were most frequently rethe following table. ported among Douglas County farmers, next most frequently reported in Douglas County PROPORTION OF RESPONDENTS HOLDING LIQUID ASSETS, villages, and least frequently in Birmingham. It BY INCOME CLASS AND TYPE OF ASSET should be noted, of course, that a given income Percentage of all respondents in income class level might have different standard of living Number Income class of re- implications in these various areas. b W on a d r s p T o d i s m e i - t e s m p D o d a e s e n i - - d ts a l S s iq o s m u et i e s d 1 sp e o n n ts d- ers T w he i t d h i i s n t r e ib a u ch ti o i n n c o o f m l e iq c u l i a d s s a s ( s h e e ts re a a m fte o r n g t e h rm ol e d d - Birmingham (weekly): ' 'holders'f) is also important as an indication of Under $25 23 40 61 25-34 57 76 69 concentration of ownership. Liquid assets arc 35-54 84 86 103 55-86 96 99 108 not equally distributed among the holders in the 87-124 96 100 42 125 and over 100 100 32 various income classes. In each class there tend All classes 41 31 '423 to be a few cases of large holdings. The varia- Douglas County nonfarm tion in the size of liquid holdings within each (weekly): Under $25 42 28 61 88 level of income is reflected in the following chart 25-34 69 35 83 37 35-54 79 67 92 49 55-86 96 75 97 36 DISPERSION OF LIQUID ASSETS AMONG HOLDERS WITHIN 87 and over 100 100 100 11 •tt.IT DIFFERENT INCOME GROUPS IN BIRMINGHAM AH classes 69 52 81 Douglas County farm (annual): Under $1,000 69 91 94 30 1,000-1,499 86 91 95 23 1,500-2,499 94 97 97 29 2,500-3,999 86 100 100 36 4,000-5,999 95 100 100 19 6,000 and over 100 100 100 17 All classes.. 87 96 98 s160 1 Including currency reported as savings, but not pocket currency. 2 Including cases where income was not ascertained. For Douglas County nonfarm, the sixth income class is not shown separately because the sample contained only one person in that bracket. All or nearly all of the respondents in the three highest income classes held some liquid assets. Nearly all of the Douglas County farmers, even those in lower income brackets, had demand deposit accounts, and holdings of Points marked in dispersion of liquid asset holdings by size in each income group are: war bonds were also very general. Time de- Ql—holdings of case which separates the fourth with smallest holdings from the upper three-fourths. posits, however, were infrequently reported. Q3—holdings of case which separates the fourth with largest holdings from the lower three-fourths. The village population of Douglas County re- Md—holdings of case which is the mid-point of the distribution; half of the individuals are below and half above this case. , SEPTEMBER 1945 867 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEYS OF LIQUID ASSET HOLDINGS showing liquid asset holdings in Birmingham. DISTRIBUTION OF LIQUID ASSETS AMONG HOLDERS IN THE THREE LOWEST AND THREE HIGHEST INCOME CLASSES, In each income bracket the holders of liquid BIRMINGHAM AND DOUGLAS COUNTY COMBINED assets are arranged in order of the size of their [As percentage of total liquid assets reported] holdings and then divided into quartiles. Liquid asset class of Total holder for all Among those whose income is between $35 and classes Income class of holder of $55 weekly, the 15 per cent of the holders re- Upper Middle Lower liquid porting the smallest amounts held less than third third third h a o s ld se e t rs $150 of liquid assets each while the 15 per cent One of the three lowest income holding the largest amounts of liquid assets c c o la m ss e e s s un ( d in e c r lu $5 d 5 in ) g weekly in- 18 4 1 23 held $I,2JOO or more. In each of the income On c e la ss o e f s t ( h in re c e lu d h in ig g he w st e ek i l n y c o i m n e classes, the highest. 15 per cent of the holders comes of $55 or more) 59 13 5 77 (ranked according to size of holdings) held Total for all income classes .. 77 17 6 100 more than the median holder in the next higher income class. OTHER CHARACTERISTICS OF THE "UPPER THIRD" As a means of analyzing further the dispersion OF THE HOLDERS in liquid asset holdings within income classes, In view of the dispersion in liquid asset holdthe holders were ranked according to size of ings ivithin income classes, a classification of holdings and then divided within each income holders by size of income explains only a part of class into thirds, the upper third, or the third the variation in liquid asset holdings. Are having the largest amounts of liquid assets; the there any characteristics other than income middle third; and the lower third, or the third which account for the concentration of liquid having the smallest amounts of liquid assets. asset holdings? To answer this question, com- The upper third of the holders in all income parisons were made to determine whether the classes held jy per cent of the total; the middle upper third of the holders within each income third accounted for 17 per cent, and the lower class tended to show, on the average, any unique third for 6 per cent (see the following table). characteristics. It was found that in general Those in the upper third of each of the three this group differed from the middle and lower highest income classes (with weekly incomes of third of each income class in five respects: $55 and over) held 59 per cent of the liquid i. It contained a larger proportion of older assets. Thus, the bulk of the liquid assets people. tended not only to be held by the middle and 2.. It was composed of smaller families. upper income classes but also by the upper third 3. It tended to have more education. of holders within these income classes.2 4. It contained relatively more professional, It may also be noted that if liquid asset holders managerial, and clerical workers and relain Birmingham are ranked according to the size tively fewer semi-skilled and unskilled of holdings, ignoring income class and other workers. attributes, the 10 per cent who individually 5. It included relatively more persons who have the largest amounts of liquid assets own as had a tendency to save regularly and for a much as 60 per cent of all liquid assets in the city. specific purpose. Among the nonfarm respondents in Douglas Caution should, however, be exercised in County, the comparable group owns 52. per cent interpreting these findings. Many of these of all the liquid assets held by that group and attributes tend to go together. Respondents among the farmers in Douglas County, 41 per over 45 years of age might be expected, for excent. ample, to have fewer dependent children than 2 Because of the technical difficulties m measuring income and sort- have younger respondents. Nevertheless, even ing respondents by income size, it is possible that a part of the dispersion in liquid asset holdings may have been due to the fact that the if it can not be said how much of the variation of upper third of the holders have incomes somewhat larger than is typical of those income classes. liquid asset holdings is due to the presence or 868 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEYS OF LIQUID ASSET HOLDINGS absence of any of these attributes, it is significant "rainy day," somewhat more likely to name as that the bulk of the liquid assets in these areas their purpose the building up of reserves for old tends to be held by persons who not only have age or for the children's future. Also, they higher incomes but also who are (i) older, (z) seldom give the reasons grouped in the following have smaller families, (3) have more education, table under the heading "for consumption or and (4) have regular methods and specific pur- indefinite purposes/' poses for saving. DISTRIBUTION OF LIQUID ASSET HOLDERS ACCORDING TO ATTITUDES OF LIQUID ASSET HOLDERS PRINCIPAL PURPOSE OF SAVING In view of the concentration of liquid asset Percentage «f respondents c h l o a l s d s i e n s g , s i t w i i s t h p in a rti a c s u l w ar e ly ll i a m s po be rt t a w n e t e n t o in k c n o o m w e Purpose i I Ui h r a m m ing- n D C o o o n u u f g n a l r t a m y s D C f o o a u u rm g n l t a y s something about the attitudes taken by liquid Tor specific permanent assets: asset holders toward their liquid assets. Do To buy or remodel home 22 12 To buy farm or farm equipment, 10 22 respondents consider their liquid assets as funds To start business ,...,, 4 a To pay debts (mortgage)7 9 held primarily against the postwar purchase of For security purposes: consumption goods or as funds held primarily for For hard times, "rainy day"...... For emergencies (sickness, accipurposes of assuring economic security? The dent) 6 3 3 For old age 12 14 14 results of that portion of the survey dealing with For children's education and uses. 2 attitudes suggests the latter, i.e., that the desire For consumption or indefinite purposes: for economic security and advancement has been To buy consumer goods 5 Because goods not available now.. 3 the most important incentive leading to the To pay taxes 3 For patriotic reasons 2 accumulation of liquid assets. Miscellaneous reasons Xo definite reasons 2 Three types of questions were used to investi- Not ascertained 2 gate the motivational factors involved in the All purposes 100 100 accumulation of liquid assets. The first in- Number of cases 357 184 156 volved the reasons for savings; the second* 1 Less than one per cent. involved the means that the respondents would 2 Some of the answers grouped here may apply to debts incurred for something other than permanent assets. use to pay for (a) luxuries, such as a trip, (b) consumer durable goods, such as furniture or In answer to questions regarding the means of automobiles, and (c) real estate, such as a home financing purchases of consumer durable goods, or a farm; and the third involved the extent to about half the respondents in Birmingham who which the respondents would be willing, if nec- held war bonds and time deposits failed to menessary, to use specific liquid assets for specific tion the use of these liquid assets but rather indikinds of expenditures. The answers to these cated that they would use consumer credit. three kinds of inquiry are summarized below. These questions were directed only to holders of In answer to the questions regarding the rea- $2-oo or more of liquid assets, and were phrased sons for saving, the bulk of the holders said that with particular reference to automobiles, furnithey were saving to buy permanent assets, or for ture, and other consumer durables. The anpurposes related to security and economic ad- swers of the holders in the upper third of each vancement. In this respect, the upper third of income bracket did not differ significantly from the holders—those whose holdings are largest those in the middle and lower thirds. It is notein relation to their income and who together worthy, however, that in Douglas County, account for 77 per cent of the aggregate liquid where the use of consumer credit was not so assets—differ little from the lower third, except common before the war, there appeared to be less that they tend to be more specific. That is, inclination to borrow than there was in Birmingthey are somewhat less likely to speak of a ham. The percentage of the holders of war 869 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEYS OF LIQUID ASSET HOLDINGS bonds or time deposits who said they would economic security or as a means of financing inborrow to finance the purchase of consumer vestment-type purchases rather than as a means durables was as follows: of financing purchases of consumer goods, should not be interpreted as a firm indication of the way Birming- Douglas ham County holders would act when actually confronted All holders of war bonds or time deposits 46 24 Upper third of the holders 42 17 with a choice. It does indicate, however, that Lower and middle thirds of the holders 48 30 at the present time the holders of liquid assets in Finally, when asked how they would feel these two areas are not inclined to spend them about the use of specific types of liquid assets, recklessly. This is particularly significant in most of the respondents indicated that they view of the concentration of liquid asset holdwould hesitate to use war bonds or time deings and of the characteristics of the holders who posits for the purchase of consumption goods. control the bulk of the assets. They indicated, however, as shown in the following table, that they were much less hesitant DEPENDABILITY OF FINDINGS to use these forms of liquid assets for the pur- With regard to the dependability of the financhase of permanent assets than for the purchase cial data obtained by the survey, the only checks of luxury items or consumer durable goods. available are the extent to which area totals The percentage of respondents who indicated a derived from the survey data are consistent with willingness to use demand deposits for consumparea totals obtained from bank and Treasury tion purposes was higher, but k is not clear that records. they were referring to savings held in demand To facilitate such a checking procedure, an deposits. Because of the way the answers were effort was made to have the banks in these two phrased, there is some reason to think that many areas classify their demand and time deposits (a) respondents viewed demand deposit withdrawals by whether or not the account was a personal as equivalent to the expenditure of current account (including those of farmers and profesincome. sional people), and (b) by whether the account was owned by a resident of the sampling area. DISTRIBUTION OF HOLDERS OF LIQUID ASSETS ACCORDING TO THEIR WILLINGNESS TO USE THEIR ASSETS FOR About 98 per cent of the deposits in Birmingham DIFFERENT PURPOSES1 were so classified. The deposits in Douglas (As percentage of holders of respective types of liquid assets in area] County were not classified by place of residence Would f o u r: s * e asset W a o s u s l e d t n f o o t r : u 2 se Num- of owner and only 44 per cent of the deposits ber were classified by type of holder. The distri- Type of liquid asset Lux- Dur- P m e a r - - Lux- Dur- P m e a r - - s o p f o n re d - - bution of the other 56 per cent was estimated by uries able nent uries able nent ents goods assets goods assets the Federal Reserve Bank of Chicago. The outcome of this checking procedure gave Birmingham: Demand deposits... 57 58 55 36 28 20 110 the following results: (1) There was a close Time deposits 32 40 68 63 58 24 164 War bonds 11 19 56 87 76 36 * 254 correspondence between demand deposit totals Douglas County: Demand deposits... 62 63 65 33 30 24 229 shown by bank records in Birmingham and those Time deposits 26 22 66 60 68 20 *30 War bonds 15 21 72 84 72 22 229 estimated on the basis of data derived from the * Excludes holders of liquid assets aggregating less than $200. survey expanded to represent all families in the 3 Because in some interviews complete answers to the questions were not obtained, the percentage of owners of a particular asset who area, (z) Time deposit totals in Birmingham, would use it for a given purpose and the percentage who would not use it for that purpose add to less than 100. although not so close, appear to be within the »Although the number of holders of time deposits in the Douglas County sample is small, the percentages are here included for the sake range of sampling error. (3) War bond holdings of completeness. as estimated from survey reports approximate the This tendency on the part of liquid asset aggregate of war bond sales both in Birmingham holders to think of their liquid assets, particu- and in Douglas County less redemptions comlarly war bonds and time deposits, as a source of puted at the national rate. (Data on war bond 870 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEYS OF LIQUID ASSET HOLDINGS redemptions for the sample areas were not avail- county was marked off into sub-areas which able). (4) Comparison of demand and time were numbered consecutively in geographic ordeposits for Douglas County derived from the der. Every eighth sub-area was then selected two sources reveals wide discrepancies between to form the rural sample, and each dwelling the survey data and the estimates derived from within it was visited. Each town in the county the available bank data. It has not been pos- was treated as a separate sub-area and subsible to identify precisely the reasons for this sampled. The interviewers started at one end discrepancy, but there appears to be some evi- of the town and proceeded systematically, dence that the failure to obtain information as counting houses and interviewing at every to bank deposits classified by residence of owner seventeenth. These interviews were combined may account for a large part of the discrepancy. to form the urban sample. The sampling rates It is extremely difficult to verify the accuracy in Douglas County were one in seventeen in the of currency holdings revealed by the survey, but towns and two in seventeen in the open country. it seems evident that the survey failed to account In Birmingham, the sampling problem was for the total amount of currency which is pre- more complicated because the population was sumably located in the areas covered. The much greater and a distinction had to be made returns show an average of only about $64 of between the upper and the lower income currency held per family; only 10 per cent of the groups. The overall sampling rate was one in respondents reported currency holdings in excess Z30. In dividing the city into sub-areas a of current needs and the amounts so reported representative sample of city blocks was first were relatively small. The failure to account selected; then final division was made into for all currency holdings may be due in part to small areas within the sample of blocks. In under-reporting by respondents and in part to the parts of the city where upper income people possibility that the sample failed to include large were more likely to live, the sampling was at holders of currency. twice the rate of the rest of the city. This was done in order to obtain a more detailed and SAMPLING PROCEDURE accurate picture of this relatively small but, The data summarized above were obtained by for the purpose of this study, extremely impersonal interviews with representative samples portant part of the population. of individuals. In Birmingham, 413 spending The sampling areas were carefully outlined on units (i.e., one or more individuals who pool duplicate maps. These were sent to the intertheir incomes) and in Douglas County 131 non- viewers with instructions as to the dwellings to farm and 160 farm spending units were inter- be visited within the boundaries of each area viewed. marked, i.e., every dwelling in the rural samples The first step in drawing the sample was to in Douglas County and in the Birmingham obtain large detailed maps of Birmingham and samples and every seventeenth house in the Douglas County. For Birmingham, fire insur- urban samples in Douglas County. By making ance maps were used. They contained diagrams inquiries at each dwelling, the interviewers first of each block in the city showing the location, classified the residents into spending units and number, and type of construction of each house then interviewed the head of each such unit. on the block. For Douglas County, enlarged In making generalizations for each survey aerial photographs were used. area the samples were weighted. For Douglas The next step was to divide the maps into County, weights were selected to give proper small areas, each of which contained only a few representation to the farm and nonfarm spending dwellings. In Douglas County this was a units of the population. For Birmingham, the relatively simple problem. On the aerial photo- purpose of the weights was to avoid over-repregraphic maps the open-country part of the entire sentation of the upper income spending units. 871 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATES OF GROSS NATIONAL PRODUCT, 1919=1928 (On the basis of the Department of Commerce concept) by MARY S. PAINTER Division of Research and Statistics The concept of gross national product has components, net exports of goods, services, and recently become of increasing importance as a gold, and net change in monetary stocks, repremeasure of total economic activity. Together sent potential claims on goods and services in with its component series—consumer expend- foreign countries and thus add to our stocks. itures, government expenditures, and private Since May 1942. the Department of Commerce gross capital formation—it has been used in a has published figures of gross national product number of postwar studies to measure the in the Survey of Current Business. However, the volume of total production necessary for full Commerce series covers only the period beginemployment, and to estimate potential markets, ning with 1919, which includes largely either tax yields, volume of imports, etc. depression or war. Simon Kuznets of the Na- Gross national product can be defined as the tional Bureau of Economic Research has value of currently produced goods and services ac- estimated gross national product as far back as quired by consumers, by government, and by 1919,2 but his series, which is available only business for gross capital formation.x Materials until 1938, is not directly comparable with the consumed in the manufacture of a final product Commerce series because of differences in are excluded so that the total will not contain definition. duplications. In general, second-hand assets Since a number of economic problems require and land are also excluded because they do not the use of a continuous series which extends back represent new production and their purchase is to 1919 and is kept up-to-date, estimates have merely a transfer of ownership of existing assets. been prepared of gross national product and its Similarly, payments to individuals which do not components during the period 1919-1918 which represent compensation for current services, such can be directly used with the Commerce esas social security benefits, government pensions, timates for later years. The figures are given in and the like, are excluded. the tables, together with their sources and the Consumer expenditures, by far the largest methods used in deriving the estimates for the component of gross national product, is the sum years 1919-19x8. These estimates are based of all currently produced goods and services pur- largely on series developed by Simon Kuznets chased by consumers for nonbusiness use. An and Harold Barger. exception is made of consumer purchases of The estimates, like the Commerce series, are in houses, which are placed in capital formation. current prices and consequently are affected by Similarly, government expenditures are the value price changes as well as changes in physical of currently produced goods and services flowing volume. Thus they exaggerate the actual deto government. cline in physical production during depressions Private gross capital formation is the value of and overstate its rise during the defense and war capital goods bought or retained by business, period. The adjustment of gross national including replacement of existing equipment and product figures for price changes is a difficult task construction as well as net additions to the stock since there is no single price index which covers of capital goods. It consists of residential and all the goods and services which go into total nonresidential construction, producers' expend- production; neither is there an index of physical itures on durable equipment, the net change in production which covers all output. A series inventories, net exports of goods and services, such as the Federal Reserve Board's index of net exports of gold, and the net change in mone- industrial production covers only manufactures tary stocks of gold and silver. The last few and minerals and must be supplemented by physical measures of other components of total 1 Adapted from jMilton Gilbert and George Jaszi, "National Income economic output. and National Product in 1943," Survey of Current Business, April 1944. For a good explanation of gross national product and the uses which can be made of the figures, see Milton Gilbert and George Jaszi, "Na- a Simon Kuznets, Uses of National Income in f*J" *^Jr" tional Product and Income Statistics as an Aid in Economic Problems," (National Bureau of Economic Research, Occasional raper . Dun's Review, February and March 1Q44. 1942),p. 37. 871 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-19x8 GROSS NATIONAL PRODUCT AND ITS COMPONENTS ment of Agriculture, Set Farm Income and Parity Report, 194U [In billions of current dollars] p. 11; auto taxes, noncommercial remittances from abroad, Bargcr, op. cit., pp. 2.16, 117 and 6L, 63 respectively; con- Private Government Consumer sumers' outlay and imputed rent, Simon Kuznets, Satioual Total gross gross expendi- expendi- Income and Its Composition, pp. 137, 735 respectively. Year national capital tures on tures on product forma- goods and goods and tion services services (1) (2) (3) (4) PRIVATEGROSS CAPITAL FORMATION AND ITS COMPONENTS {In billions of current dollars) 1919 77,5 17.2 8.6 51.6 1920 86.6 18.5 8.0 oo.l Net Pro- 1 1 9 92 2 2 1 7 7 0 2 . . 7 7 1 9 0 . . 2 3 8 8 . . 4 5 5 53 3 . . 9 1 Year Total t r i e a X s l i o c d n o e - n n- - d d u u r c a e b rs l * e co d R n e s n e t t s r i i u a - e l * in t N o v e r e y t n- a e n x e d p t a m o r r y o ts n- 1923 84.5 15.6 8.7 00.2 struction equip- tion change u«eof 1924 83.7 13.3 9.1 61.2 ment gold and 1925 90.4 15.3 9.6 65.5 silver (1) (2) ' (3) (4) (5) (6) 1926 95.G 16.8 9.8 69.0 1927 94.2 15.2 10.3 68.7 1928 95.9 14.9 10.6 70.5 1919 .. 17.2 1.6 6.7 2.3 3.6 3 1 1929 99.4 17.6 11.0 70.8 1920 18.5 2.5 6.7 2.2 4.9 l'.2 1930 S8.2 12.1 11.2 64.9 1921 9.2 1.9 3.7 2.2 .1 1.4 1931 72.1 6.4 11.5 54.2 1922 10.3 2.1 3.6 3.2 .S .5 1932 55.4 2.2 10.2 43.0 1923 15.6 2.7 5.7 4.2 2.8 .3 1933 54.8 3.3 • 9.1 42.4 1924 13.3 2.8 5.2 4.8 — .2 ,7 1934 63.8 5.3 10.8 47.7 192$ 15.3 3.2 5.7 5.1 1.0 .3 1935 70.8 6.7 11.9 52.2 1926 16.8 3.7 6.3 5.1 1.6 .1 1936 81.7 10.0 12.6 59.1 1927 15.2 3.8 5.9 4.8 ,2 5 1937 87.7 11.6 13.6 62.5 1928 14.9 3.8 6.3 4.4 -.4 .7 1938 80.6 7.7 14.4 58.5 1929... 17.6 4.2 7.3 3.7 1.6 1939 88.6 10.9 16.0 61.7 1930 12.1 3.5 6.0 1.9 -.3 .8 1940 97.1 14.8 16.7 65.7 1931 6.4 2.1 4.2 1.6 -2.0 .4 1941 120.5 19.4 26.5 74.6 1932 2.2 1.0 2.4 .7 -2.3 .3 1942 151.5 » 7.7 62.0 81.9 1933 3.3 .7 2.1 .5 — .7 .6 1943 187.8 2.1 94.8 90.0 1934 5.3 .8 3.1 .7 .7 1944 198.7 1.8 99.4 97.6 1935 6.7 .9 4.0 1.0 !2 .4 1936 10.0 1.3 5.2 1.5 2.2 -.3 1937 11.6 1.6 6.3 1.9 1.1 .5 Components may not add to totals because of rounding. J938 7.7 1.3 4.5 1.9 -1.3 1.2 1939 10.9 1.6 5.5 2.0 .9 1.0 Figures beginning with 1919 are Commerce estimates as pub- 1940 14.8 2.0 6.9 2.4 1.8 1.8 lished in the Survey of Current Business for May 1941, April 1944, and February 1945. 1941 19.4 2.5 8.9 2.8 3.5 1.7 1942 7.7 1.5 5.1 1.3 — .5 .3 For 1919-192.8, estimates were derived as follows: 1943 2.1 .9 3.1 .6 -.6 -1.9 Columns (1) and (1): The sum of their components as 1944 1.8 1.1 4.0 .5 -1.7 -2.1 shown in this table and the next table respectively. Column (3): A regression was made between government expenditures for goods and services and income originating in Components may not add to totals because of rounding. government (wages, salaries, interest) plus public construc- Figures beginning with 1919 are Commerce estimates as tion for the period 192.9-1938. Government expenditures • published in the Survey of Current Business for May 1941, for 1919-192.8 were then extrapolated from this line. This April 1944, and February 1945. The breakdown of construcmethod was used as there .are no direct estimates of govern- tion into nonresidential and residential for the period 192.9ment expenditures. Before the period of large expenditures 1938 was first published in the Survey of Current Business for on defense and war the most important government expendi- June 1943. Total private capital formation for these years, ture, in addition to payments to individuals, was construc- however, is as published and docs not include small revisions tion! Consequently, income originating in government plus in total construction (0.1 or o.z billion dollars in most years public construction should move in approximately the same and 0.4 in 1919). way as government expenditures on goods and services. It For 1919-192.8 the estimates were derived as follows: was assumed that the relation between these two series Column (0: The sum of its components. during 1919-1938 held for the preceding period. The figures Columns (1) and (4): Lowell Chawner, Construction Acfor income originating in government, 1919-1918, are from tivity in the United States, 19^-19)7. the Department of Commerce, unpublished. Public con- Column (3): The figures were extrapolated on Barker struction figures for 1919-1918 are from Lowell Chawncr, (1911-1938) and Kuznets (1919-1910) data from a regression Construction Activity in the United States, ipif-igiJ- line between the Barger and the Commerce series for 1919- Column (4): For the years 1911-1918 Barger's series on 1938. (Harold Barger, Outlay and Income in the United States consumer purchases was adjusted to the Commerce concept. 1921-19)8, pp. 50, 51; Simon Kuznets, Commodity Flow and This adjustment was the subtraction from Barger's series of Capital Formation, p. 309.) imputed rent, auto taxes, and noncommercial remittances Column (5): The estimates were extrapolated on the basis from abroad. For 1919 and 1910 the Kuznets figures on con- of the 1919-1938 relationship between the Kuznets and Comsumers' outlay, minus imputed rent, were spliced on to the merce series. (Simon Kuznets, National Income and Its Comadjusted Barger figures. position, pp. 901-910.) This was done in two parts: the The sources of the series used are: Consumer purchases, inventory change and the revaluation factor were estimated Harold Barger, Outlay and Income in the United States, 1921- separately and then added. i9$8> pp. 50, 51; nonfarm imputed rent, unpublished material Column (6): The figures arc from Kuznets, Commodity Flow from Marvin Hoffenberg; farm imputed rent, U. S. Depart- and Capital Formation, p. 484. 873 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS The Fourteenth Annual Report of the Bank for shown by the majority of countries after the end of 1942.. International Settlements covering the year ending In the first phase of the war a certain rise in March 31, 1944, was announced by Mr, Thomas H, the price level, representing the response of McKittrick, President of the Bank, at the annual prices to the new conditions of supply and general meeting at Basle on May 22, 1944. Advance demand, may be said to have facilitated the change-over to war production as well as copies of the Report were received in New York in June bringing a,larger yield from taxation; but, in and July 194;. Selections from the Report•, with a order to avoid inflation, definite limits had to be minimum of textual changes, are given herewith. set to the price increase. In most countries a close connection was gradually established SIDELIGHTS ON WAR ECONOMY between movements of wage rates and of living With the fourth and fifth years of the war, costs, and it then became most important to it has become possible to speak of a normal form secure a high degree of stability in the cost-ofof war economy in the sense that expedient—but living index even if this meant heavy subsidies certainly not ideal—methods have been worked to producers and consumers, it being felt that out for the direction of production, the handling an increase in wage rates would have a more of domestic and foreign trade, and the super- inflationary effect than subsidy payments. Acvision of exchange, money and capital markets cordingly, once the index of living costs apwith a view to financing the military effort proached the "danger zone", the watchword at low interest rates. The same degree of became "hold the line" (as the United States success has not, of course, been achieved in all put it). countries—violent inflation, with rapidly Such a policy no doubt entails many difficult mounting commodity prices, bears witness problems for the future, on account of the that in some areas, as in the Balkans and the artificialities which it introduces; but in their Far East, a fundamental balance has not yet been decisions the authorities have been primarily reached and may, indeed, never be reached so concerned with the immediate dangers of the long as the war lasts. An outward sign of day. The reaction of the public has always finality attained in the sphere of war economy been a factor of importance; and in that connection mindfulness of past experience seems to may be found in the budget speech on April 2.5, have played a greater role than is generally 1944, by the British Chancellor of the Exchequer, , realised. When, in the 'twenties, monetary announcing hardly any changes in taxation or order was restored after the derangements of in the types of borrowing; likewise in Germany the last war, the countries with their curno tax increases were introduced either in 1^43 rencies at the 1914 gold value were the folor in 1944. In fact, almost the only consolation lowing: the United States, the United Kingdom, which could be offered to taxpayers in a number Canada, Australia, New Zealand and South of countries has been that the rates of war taxa- Africa; Norway, Denmark, Sweden, Switzertion have reached their peak. As a result, the land, Holland and the Dutch Indies; the Argenyield of individual taxes has tended to remain tine, Colombia, Uruguay, Venezuela, Japan and almost constant since 1943, a typical instance Thailand. For thirteen out of this list of being the yield of turnover taxes in those eighteen countries cost-of-living index numbers countries where it has been possible to arrest have been available; and it is interesting to note the rise in commodity prices. Years of practice that every one of these countries has been in a have, as a rule, perfected the methods evolved position to avoid extreme price rises in the for controlling prices and especially for holding present war: the increase in the cost of living down the cost of living; the degree of stability up to the middle of 1944 varied from 10 per attained may be seen from the table opposite cent for the Argentine to 57 per cent for Denin which a price rise of less than ten per cent is mark. This group of thirteen countries included six non-European countries belligerent NOTE.—The selected passages republished herewith are taken from the first five chapters of the Report and represent about one-eighth of in the last war: the United States, Japan, the text. The remaining three chapters are entitled respectively Central banking and currency developments, Current activities of the Canada, Australia, South Africa and Uruguay; Bank, and Conclusion. six which were neutral: Norway, Denmark, Selections from the Bank's first Annual Report were published in the Federal Reserve Bulletin for July 1931 and the series was continued Sweden, Switzerland, the Argentine and Colombia; and only one European belligerent: the 874 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS Great Britain. That these countries were felt that pre-war earnings were unduly low or able, after the war, to sustain their currency that domestic production needed a special values was partly due to good fortune, in that stimulus—both these conditions being fulfilled neutrality or distance had kept them aloof as regards agriculture—has there been a general from the battlefields; but they can mostly claim willingness to allow higher prices to the proto have had a tradition of orderly financing. ducers; but even here a point may soon be Effective stabilisation of prices and earnings, reached beyond which further increases will be restrictions on dividends, prohibitions against regarded as unjustifiable. strikes and lock-outs, compulsory use of official Any attempt to present a general picture employment agencies—these and other measures would, however, be misleading, since condihave all involved some encroachment on eco- tions have varied considerably from country to country, especially as regards the rate at nomic freedom, including the right of labour which civilian goods have been supplied. to press for better conditions, especially through The best course is, therefore, to give some typits trade unions. Naturally, restrictions of ical examples of production and consumption this kind are apt to produce a certain psychoas far as available data permit, it being underlogic strain, and dissatisfaction might become stood that, as a result of military events, ecoserious if certain groups were able to reap large nomic conditions in most countries deteriorated profits while the broad strata of the population in 1944 as compared with the previous year: suffered a reduction in their standard of living. 1. Where warfare has long been in progress, To avoid glaring inequalities, the schemes as in large areas of the U.S.S.R., several Balkan which have been introduced in various countries countries and certain parts of Italy, material for a stabilisation of costs and prices have destruction, accompanied by an interruption in usually included a whole series of provisions civilian production, has lea to acute scarcities, concerning excess profit taxes, limitations on so that the barest necessities of life have been wage and salary increases, etc. In so far as procurable only with the greatest difficulty. such measures have been successful, however, But the resilience of human nature has again a brake has been put on the natural drive of been demonstrated by the low level of conindividuals and groups for an improvement in sumption at which life could be maintained, their standard. Only in cases where it was often for protracted periods. It is not possible PERCENTAGE CHANGE IN WHOLESALE PRICES AND COST OP LIVING Wholesale prices Cost of living Countries Percentage change Countries Percentage change from the end from January- from the end from Januaryof 1942 to June 1939 to of 1942 to June 1939 to June 1944 June 1944 June 1944 June 1944 Argentina +10 +106 Argentina -2 +10 Australia +1 +39 Australia 0 +22 Canada +JJ6 +40 Canada 0 +18 Chile +102 Colombia +36 +44 China (Shanghai) +10,295(1) Denmark +1 +57 Denmark +98 Eire +7 . +69 Finland +17 ++16(8 Finland +11 +101 F G r e a r n m c a e ny + + 1 1 5 0 3 F G r e a r n m c a e ny + + 4 5 4 +1+c1i Great Britain +3 +70 Great Britain India (Calcutta) +26 +203 Hungary +30(*) +31 Japan +16 +57 Japan +15 +98(*) Manchukuo +26 +112 Manchukuo +29 +46 N M e e w xi c Z o ealand + 3 + + 4 9 9 3 N Pe o r r u way + + 1 5 5 3 6 Norway +82 Portugal +19 +67 T P P S S S U U w p w e o u n n r a r r i e i i u k t i o t t d n u e z e n e d e g y n r o a l S l a f t n S a d t o e u s t . h . Africa. 33 + +3 1 + + + + + + 1 1 1 8 3 9 5 0 1 0 1 6 3 6 1 T R U U U S S S w p u w o n r n a u r u i e i i k o i t g t d m n e z n e u e e d y a n a r o i n y l S f a ia t n S a d t o e u s th Africa.. + i + + 6 4 0 4 , + + + + + + + + + 4 2 7 3 4 7 5 6 1 2 2 O 3 2 3 3 5 7 9 7 (>) 1 Up to April 1944. * Compared with August 1939. * Up to April 1944. * Up to January 1944. » Up to March 19U. • March 1944 compared with the average of 1939. SEPTEMBER 1945 875 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS to give any statistical measure of the dearth of output of these industries being required, of commodities in the areas concerned, especially course, for domestic consumption). For 1943, since it can never be known what relief may the total volume of output of all industries has have been obtained from stocks hidden in been estimated at approximately 70 per cent advance. of the level attained in 1335, or about 65 per i. In a few countries which, as far as their cent of the level in 1938-39. Since the harvest main productive areas are concerned, have in Finaland was exceptionally poor in the escapee! actual warfare, the mobilisation of years 1940 to 1941 (mainly on account of very manpower has been pushed so far that domestic cold winters), consumers have, for a number production has been very greatly reduced. In of years, had to be satisfied with very scanty Finland, for instance, mobilisation was at the supplies. rate of 16 per cent of the total population, and 3. France furnishes an example of an occupied the situation was moreover aggravated by a country which suffered from a lack of labour very considerable decline in foreign trade. (about two and a half million of its able-bodied What is shown in the graph below as the men being either in Germany—as prisoners of index of production* refers only to export in- war, civilian prisoners i.e. those deported for dustries, which experienced a fall to barely political reasons, or specially recruited workers 45 per cent of the pre-war level (part of the —or else serving in the "maquis") and from the purchases and requisitions of the occupying Indexes of Industrial Production power, which in 1943 had at its disposal a total on base 1936- 100. of 2.85 milliard French francs (made up of 1936 1937 I938 J939 1940 19*1 19*Z 19*3 1944 19*5 63 milliard on the clearing account and 196 milliard derived from the payment of "occupation costs" at 500 million per day, the remainder being charges for billeting, requisitions, railway transport etc.). With the progressive depletion of raw-material and other stocks, with machinery worn out and the population affected by dwindling food supplies, current production during the war fell from year to year. It has been estimated that in 1943 the total current output, of which over one-third went to the occupying power, amounted to barely 70 per cent of the pre-war volume. Less than 50 per cent of this volume remained for the French population itself. 4. For Germany no production figures are available but it is known that, as part of total warfare", all men and women who could possibly be spared from other tasks were finally mobilised for service in the armed forces or in production. As a result, there was virtually no manufacture of articles which, for the time being, the population could possibly do without, the suppression extending far beyond the amenities of life. Consumers received only absolute necessities, but they were able to count on the availability of supplies in the quantities announced and at fixed prices, distribution generally working satisfactorily even under difficult conditions caused by bombing, etc- m March 1943 the total working population outside agriculture amounted to 30 million, of which Z5 per cent were women. It is proo- -ablc that the increased employment of wom™> together with the prisoners of war and otner . 1936 1937 1938 1939 1940 19*1 19*2 19*3 19** 19*5 8 6 FEDERAL RESERVE BULLETIN 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE DANK FOR INTERNATIONAL SETTLEMENTS foreigners at work in Germany, provided full During the war years to the end of 1943 "total replacement for the German men serving in overseas disinvestments" came to 3,000 million the forces. In addition, the imposition of pounds sterling; this figure docs not include occupation costs, together with the clearing amounts received under lend-lcasc but comsystem, enabled Germany, during 1943, to prises, for instance, the repayment of Indian obtain supplies to an estimated value of 37 indebtedness in London and liabilities inmilliard Reichsmark from occupied countries. curred to the Government of India (in all some By these various measures the necessary min- 1,zoo million pounds sterling by the autumn imum of civilian supplies was procured in of 1944), the funds thus obtained being used, addition to the output of armaments. however, for very much the same purpose as 5. Sweden and Switzerland are two neutral lend-lease aid. countries which have experienced a considera- As regards the cut in private consumption, ble decline in their foreign trade and have had to it should be noted that, within the limits set by pay roughly double the pre-war prices for rationing, basic needs can usually be satisfied articles and materials still received from abroad. at relatively low prices, thanks partly to the In both countries the most active part of the provision of utility goods (often exempt even manpower has to a great extent been withdrawn from the purchase tax, for which the standard from its ordinary occupations for military rate is 14 per cent); other goods are also availaservice or emergency production. Notwith- ble but, if luxuries, arc subject to purchase tax standing these difficulties, the supply of com- at the rate of 100 per cent. modities has been less reduced than might 7. The volume of armaments in the United have been expected—evidence, on the one States having risen at an almost unbelievable hand, of the advantages of not being at war and, rate once a state of war had been declared, on the other, of the goods available in a country government expenditure in 1943 was already where prosperity has been widespread for years absorbing one-half of the gross national income; past, there being all kinds of articles and ma- from under 9 milliard dollars in 1938-39, total terials which, in a period of difficulty, can be Federal expenditure increased to nearly 100 put to direct use or turned into scrap. milliard in 1943-44. Provisional estimates place 6. The great changes which have occurred in the gross national income in 1944 at 159 milthe United Kingdom through the concentration liard dollars, as compared with 89 milliard of all efforts on the war are illustrated by the in 1939. Allowance being made for the rise in fact that, while government expenditure in commodity prices, the gross national income 1938 took roughly one-sixth of the net national in 1944 seems to correspond to iz6 milliard in income, such expenditure absorbed over one- "dollars of 1939 purchasing power"; the inhalf in 1943. A comparison between the crease in real income in the five years from 1939 figures for 1938 and those for 1943, the latter to 1944 would thus be about 50 per cent-—a rate reduced to pounds of 1938 purchasing power, of improvement which, though very high, shows that the increase in expenditure has finds confirmation in the even more spectacular been covered by rise shown for the same period by the index of (a) an expansion of zz per cent in the national industrial production. income as a result of longer hours of work, This increase in real income has made it disappearance of unemployment, more em- possible to meet all war requirements, including ployment of women and also more thorough the whole of the lend-lease shipments, without rationalisation of the production and distri- any diminution in the aggregate supply of bution of goods and services; goods and services available for civilian con- (b) a cut in consumption by about 2.0 per cent; sumption. The Federal Reserve Bank of New (c) reduced outlay for maintenance and re- York says in its annual report for 1943 that placement (since in 1943 such outlay did not "despite the fact that there has been much reach the sum allowed for "depreciation, etc.*', diversion of manpower and resources from there was in that year a draft on domestic civilian to military use, and a virtual elimicapital which has been estimated at 12.6 million nation of consumers' durable goods, the fact pounds sterling); seems to be that American consumption in 1943 (d) drafts on foreign investments. In order was in the aggregate about as high as in any to carry on the war, the United Kingdom has previous war year and substantially above unstintingly utilised its resources from past 1939". But the average citizen had a much investments and has also entered into debt. higher income even in real terms and, without SEPTEMBER 1945 377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS any cut in his consumption, was able to increase obtained from Allied countries. Exports have his savings both absolutely and relatively. It been almost nil. has been calculated that, for every dollar of 10. Japan, on the other hand, sought to income received by the average citizen in 1939, strengthen commercial relations between the 87 cents were spent on goods and services, 4}^ different territories in the area it dominated, cents went in taxes and 8}^ cents to savings, but results have to some extent been prejudiced while by the middle of 1943 each dollar of in- by the long journeys which must be made by sea. come had increased to $1.99, of which $i.i6was In the spring of 1944 measures were adopted spent on goods and services and 2.1 cents went in within Japan proper to attain a higher degree taxes, 5Z cents being left for various forms of of *'total warfare'*, compulsory service for saving. The rate of saving rose, indeed, from women being introduced while the government 8/4 Pcr ccnt °f individual income in 1939 to at the same time obtained authority for a more about 2.6 per cent in 1943, a rate of 2.7 per cent definite direction of the nation's manpower. As being given for the first quarter of 1944. This regards price policy, the.aim has not been to is one of the highest rates of voluntary saving enforce an inflexible "price stop" but rather to allow a certain response to market conditions, ever known in history; it helps to explain how higher prices thus aiding in the unavoidable it has been possible to avoid a steep rise in process of cutting down consumption. prices, although the total of all incomes received by individuals was, even allowing for POST-WAR PROBLEMS increased tax payments, substantially in excess of the supply of goods and services on sale to Great differences in certain basic conditions consumers. As a rule the surplus spending must be taken as a starting-point in dealing power has not been used in an active bia for the with post-war problems. There are, however, available supply of goods but has, in a large some common features also: one is that everymeasure, been added to the public's holdings of where the volume of money is larger than the liquid assets, which by the end of 1943 amounted supply of commodities (not for every individual to 80 milliard dollars in the form of notes and or group of individuals but for the market as a demand deposits, with an additional 30 milliard whole); another is the high proportion of the in time deposits, and many milliards in govern- national product taken by governments for the ment securities. conduct of the war or to protect a state of 8. Latin American countries show some neutrality. When it is possible to reduce expenditure under these headings, the task of common features resulting from the fact that balancing the national accounts can be underthe commodities which they export have taken. For quite a number of countries this generally been in good demand, while their should not prove too difficult, especially m imports have been less than they would have view of the prevailing high rates of taxation liked, their main suppliers of finished articles, which, if care is taken, should make it possible the United States and the United Kingdom, to discontinue most of the present voluminous concentrating on the war. In the situation borrowing. Other favourable features of the thus arising, almost every Latin American present situation, such as the large stocks of country sought to set up new domestic inwheat, cotton and wool available in the main dustries for the manufacture of goods previously producing areas, must be taken into account. imported; but difficulties in obtaining the nec- There will also be surplus stocks of other essary machinery have often proved insurcommodities in existence when hostilities cease, mountable and industrialisation has thus been and much attention is already being given to the delayed. Lucrative exports, together with conquestion of the best form of marketing such traction of imports, tantamount to a kind of stocks. Whatever problems have to be faced "forced saving," have brought additions to the in that connection, it is an important fact that, monetary reserves of the Latin American as regards the basic needs of food and clothing, countries: their combined holdings of gold the requisite raw materials are available with, and foreign exchange, which were about 900 so far as one can see, sufficient shipping to demillion dollars in 1938, were expected to reach liver them, once it is possible to cut down war 4,000 million by the end of 1944. transport. To ensure that the existing stocKs 9. In the Far East, Chungking China has are put to a satisfactory use will then be pribeen practically cut off from the outside world marily a question of organisation and credit. except for lend-lease and similar deliveries In other fields also the question of post-war 878 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS arrangements often hinges on suitable or- suspension of restrictive practices agreed to for ganisation rather than on a lack of productive the duration of the war were to be prolonged resources. As the war economy reached its into the transition period, when men demobifinal form in many countries, members of the lised from the forces and workers liberated government and officials were able to give from armament factories will have to find more specific consideration to the numerous normal employment. Even beyond that period problems which will have to be faced when the a suspension would have its uses, for it is certain war is over. that the efficiency in production which modern The war has revealed great capacities of technique makes possible cannot be fully atproduction and has, in particular, shown how tained without a greater freedom from hamperreadily the productive powers of a nation can be ing rules than in the years before 1939; and diverted from one kind of activity to another. this applies to regulations imposed by in- To what extent will mankind succeed in turning dustrial and commercial associations as well as these activities to the satisfaction of peacetime those imposed by labour unions. needs, once hostilities have ceased? During In the nineteenth century, when, thanks to the war many areas have been seriously affected the expansion of trade and industry, work was by material destruction and in private industry as a rule to be found in most countries, labour much capital equipment has worn out or other- did not feel so great a need to seek protection wise become unserviceable; but, notwithstanding through restrictive practices; but its attitude the physical deterioration varying in degree will necessarily be different when, for instance, from country to country, it will probably be workers set free by the introduction of new found that, if other conditions essential to machines are threatened with unemployment. reconstruction were fulfilled, technical equip* In the general interest, however, and not least ment could be installed fairly quickly for a re- in the interest of labour itself, there would be a sumption of peacetime output. But these strong case for removing restrictions if such "other conditions" are of importance: how action were accompanied by social measures soon will it be possible to establish the general guaranteeing a certain minimum to those who, framework of political stability, balance and through no fault of their own, become unconfidence required to ensure development of employed and if appropriate steps were also peacetime activities? In a great number of taken to combat cyclical and other unemploycountries, the volume of pre-war production ment and to retrain such workers as had to could comparatively soon be attained, or even seek transfer into new trades. far surpassed; but such a result presupposes the In the present war, care of soldiers* families restoration of a settled order as regards budgets, and of other persons in need has in several monetary systems, commercial exchange and countries been better arranged than was the general economic policy. War experience can case in the last war. A series of measures be of some guidance, but it should be realised including the general control of prices, governthat for a variety of reasons a war economy, ment subsidies to bring down prices of necessiwith its multiplicity of restrictions, is in several ties, and compensation in the form of an inrespects less difficult to handle, at least for a crease in pay for higher living costs, has given limited number of years, than a more flexible people the impression that they are not left to and fluid peacetime order capable of producing cope single-handed with the results of mighty real prosperity. Thus in wartime (i) accumulated forces over which they can have little or no wealth is drawn upon; (ii) huge amounts are influence. These measures have without doubt borrowed; (iii) full cost-plus prices are paid; contributed to the maintenance of social peace (iv) people submit more readily to sacrifices; even under difficult conditions and they may (v) one particular set of products is mainly have had other important consequences. It is required; and (vi) governments are granted indeed possible that the fairly widespread inexceptional powers. crease in the birth rate between 1938 and 1943, There is no question but that much of the in sharp contrast to the trend in most countries experience gained in the direction of war econ- during the last war, is connected with the more omy can be usefully applied also to peacetime effective social care now provided, (See page 880). conditions. A high degree of flexibility will, If this explanation is at least partly correct, for instance, be required in the reconversion of it would seem to follow that social welfare industry to civilian lines of production; it measures contribute a certain survival value as would, in particular, be most useful if the between different nations. Although it is SEPTEMBER 1945 879 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS admittedly difficult to express an opinion on to disperse productive power among a great such elusive matters as the reasons underlying variety of peacetime channels, success being an increase in birth rates, that phenomenon determined by the extent to which private has in recent years been sufficiently international persons feel confident to start new businesses in character to warrant the conclusion that it and expand old ones. Whether the economy depends on forces operating in a number of be framed for peace or for war, its proper workcountries. It can hardly be wrong to say that ing presupposes a balance in the cost and price this rise is a sign of some deep-seated optimism, structure, but the manner of attaining such a akin perhaps to recklessness, which is not balance will not be the same in peace as in war. necessarily the same as irresponsibility. It is not to be expected that in peace—beyond perhaps the first stages of the transition period— BIRTH RATES IN A NUMBER OF COUNTRIES workers will agree to a hard and fast "wage IN 1913-18 AND I938-43 stop." A more or less permanent holding [Rates per 1,000 inhabitants] down of wages would not of course help to sustain business, for, once the output of civilian First World Second World War . War goods is clearly expanding, real wages must Countries increase in order to provide an outlet for the 1913 1918 1938 1943 growing supplies. (Whether, at the same United Kingdom . 24.3 18.1 15.5 16.9 time, nominal wages should rise or not must be Eire 22.6 19.9 19.4 22.3 dependent upon the trend of the general price Australia ......... . 28.2 25.0 17.5 20.7 level.) France 18.8 12.1 14.6 16.0 Holland 28.3 25.3 20.5 23 0 Still less is the balance in the cost and price Denmark 25.6 24.1 18.1 21 4 structure to be maintained by a continuous Czecho-Slovakia*. 28.9 12.9 16.8 20^8 heavy increase in public indebtedness which, Sweden . . 23.2 20.3 14.9 19.3 as experience shows, must sooner or later (and, Switzerland 23.2 18.7 15.2 19.2 considering the huge indebtedness already United States 25.5 24.6 17.6 22.0 accumulated, probably sooner than later) lead to financial chaos, with social and other con- * The figures for Bohemia and Moravia have been taken. N. B. There are certain countries in which the birth rate has fallen sequences so disastrous that it would be difficult in the second world war as well as in the first. In Germany, for instance, the rate was 19.6 per mille in 1938 but 16.0 per mille in 1943. to exaggerate all the harm which would result In Belgium, likewise, there has been a decline and also in Portugal, immediately and in years to come. In some where the birth rate in 1943 was still as high as 24.8 per mille. The general trend is, however, indicated by the figures in the table. respects the boundless inflation which occurred Social measures, however, constitute a charge in certain European countries after the last war on the production of wealth, and care must be caused more profound disturbances than those taken to ensure that they do not weaken the which the war itself had produced. Other forces of material progress. In most countries methods than continuous additions to the public about four-fifths of all business is in private debt must, as in the past, be found to provide the hands, and material progress, as well as the increase in monetary purchasing power reattainment of maximum employment, will quired by an economy expanding both in popprimarily depend upon the results achieved by ulation and in production, and these methods private initiative and enterprise. Without eco- must be such as not to upset the balance between nomic expansion there can be no real social costs and prices. security, tor there could then be no absorption As governments are once more able to cover of young people into remunerative employment current expenditure by current revenue and and no promotion of the able and active to peacetime goods are supplied more abundantly, responsible positions with satisfying work. a new situation will arise; and is there not reason Another lesson of the war has been that to fear that a business decline will then set in, speedy transformation in wartime may be similar to the sharp post-war depression whicn obtained with the aid of government inter- began in the late autumn of 19x0? It may £>e vention, and this may be applied also to the taken for granted that with the return of peace, reconversion of industry during the transition prices of some commodities will be reduced as, period. As pointed out above, the main task for instance, the prices of expensive substitutes at the beginning of the war was to concentrate as soon as the natural product is once more activity on those instruments and services obtainable. It must, however, be empnasisea specially required for the conduct of thq war, that, in all countries where government control while the task in the transition period will be has been successful in preventing shortages 880 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE DANK FOR INTERNATIONAL SETTLEMENTS from raising the price level, the price situation "backlog" of unbuilt houses at a time when as it is now differs greatly from what it was in large numbers of new families, formed during the corresponding period of the last war; and the war years, are anxiously waiting for homes this would seem to warrant the inverse ex- of their own. But not only governments will pectation that increases in supplies of ordinary build houses; private trade—at least in some necessities when the war is over will not result countries—will be responsible for much of the in a pronounced fall in prices. Conditions new construction and will thus make its devary, of course, from country to country—price mands upon the capital market. control has not been equally effective every- One complication in connection with post-war where and expensive production of substitutes reconstruction is that imported materials and has in some fields been on a greater scale than in articles, including machinery, will be badly others (according to the extent to which sup- needed in a certain number of countries which plies have been cut off); but the price table on will not have a sufficiency of foreign means of page 875 above shows how wide-spread price payment. In such cases foreign credits and stability now is, or recently was. loans will prove useful, and such credits may be As is shown in the fuller discussion on pages forthcoming, since those countries which pro- 891 ff., it appears improbable that any marked duce and normally export the materials and decline will occur in the price level as measured articles in question will themselves require an by the cost-of-living indexes in the Anglo- outlet for their products in order to provide a Saxon countries. In general, price movements natural form of employment for their own men will presumably vary from country to country set free by the cessation of hostilities. But according to the speed with which supplies can the provision of such credits will obviously be brought in from abroad, budgets balanced constitute an additional charge on the money and costs and exchange rates brought into and capital markets. equilibrium. A downward adjustment of Without plunging into speculation as to prices is usually accompanied by a certain re- what is likely to happen in an uncertain future, luctance of the business world to enter into new it does not seem rash to count upon the existence commitments, and is therefore apt to reduce the of many opportunities for capital investment demand for credit. But it seems unlikely that even after the first phase of the transition any country could allow a steep fall in its period. If political security and certain other general price level, considering the heavy public conditions of a general character are fulfilled, indebtedness everywhere incurred and the op- there will presumably be no dearth of openings position which a substantial reduction in for the employment of capital for several years money wages would provoke.- On the other after the war; and, so far as this particular hand, as far as credit conditions are concerned, difficulty is concerned, there would therefore be the depressive influence of a price fall might no reason to expect anything but fairly good not be too difficult to overcome in view of the business. Experience shows that, whenever fact that hardly any country will possess the credit is actively in demand by some important up-to-date capital equipment needed for its sectors of an economy, it becomes a relatively peacetime production. In order to rearrange easy matter to sustain the working of the credit their pattern of production and, in particular, to system as a whole. obtain new machinery, individual firms will Whatever line is taken with regard to the either turn to the banks for credit accommoda- volume of purchasing power, it seems certain tion or, more often, use means already in their that, after such an upheaval as this second possession; in either case the result will be an world war, there will be a large number of active employment of liquid funds. It may, maladjustments requiring correction before balindeed, be found that the volume of current ance can be restored in the various national savings barely suffices to enable all firms to economies and in their relation to each other. invest as much as they would like. Account Some of the corrective measures will be conhas to be taken of public needs, for governments fined to the national sphere, while others will are likely to be in the market for the funds have an international significance as well. required to reconstruct devastated areas, build There is one general aspect of the post-war houses and execute other projects forming part situation which must not be lost sight of in of the post-war development programmes. the mass of detailed measures: there will have Apart from actual destruction of official and to be mental reorientation, in that governments, other buildings, the war has left in its wake a individual firms and the great body of consum- SEPTEMBER 1945 881 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS ers will once more have to think in terms of a the loss of production and income but the peacetime order. Governments will be forced pernicious effect, moral and otherwise, to which to accustom themselves to the fact that they are the working population would be exposed, no longer in possession of exceptional powers, including the worry of ever-present uncertainty and this change will also come home to the for those actually in work. In a number of many official agencies which handle wartime countries official investigations have been made affairs and, in practice, take decisions in the into the problems of economic fluctuations with name of the government. Governments and a view to discovering the means of overcoming the public will have to remember that the depressions and it has been found that unemmethods of peacetime finance must forego further ployment may be the result of any one of a encroachment upon the substance of the na- number of different causes. It may, for instance, tional wealth. The business world, in its be due to a structural change in demand or to turn, will be forced to realise that the growth of the overvaluation of the currency; it may be a remonetary purchasing power in the hands of the current phenomenon representing the downward government and the public must have a definite swing of the business cycle; it is sometimes limit; more attention must necessarily be de- most pronounced in the export industries—and voted to the export trade and there will be a in certain countries this is the rule; when it call for efficient sales managers and for rep- primarily affects the domestic situation, it is resentatives capable of competing with the often most conspicuous in the building trade. sales organisations of other countries, whilst The remedies applied must naturally be adapted credits of a commercial character must be to the particular maladjustments of each separate available for foreign as for domestic trade. case, the principal aim being to eliminate the Released from the regimentation imposed on root causes. For merely to deal with the sympthem during the war, consumers in general will toms of the disorder affecting a particular be able to choose more freely among individual economy will not be sufficient, and it may in shops and commodities; and differences in the end prove futile to concentrate on direct price and in quality will then regain their full provision of work instead of on the underlying significance. For many people the return to a causes of the depression; a satisfactory state of more humdrum life of peacetime duties will employment should rightly be regarded as a involve a certain mental strain, and this may sign of a healthy economy, being the by-product also entail economic difficulties; as regards of appropriate policy in different fields or human retraining, etc., organised aid by the govern- activity; it may, indeed—like happiness or ment and by private bodies may then prove reputation—be missed if it is too deliberately useful, and measures to that end are, indeed, sought. being planned in many countries as part of the demobilisation schemes. EXCHANGE RATES The economic and financial adjustments nec- Owing to the official policy of stability, there essary after the war must, as always, be re- were, up to the summer of 1944, relatively few lated to the social and political evolution going developments to report in the field of foreign on at the time. From a purely business point exchanges. The technique of exchange control of view, changes of a social and political char- had assumed its final form in most markets as acter may involve additional difficulties. early as 1942., only minor amendments being When the general policy is being framed, it introduced later in order to stop leakages, or to must be the task of the governments to ensure provide the authorities with more comprethat no essential economic interest suffers. hensive information on the amounts held as Economic progress, which expands the volume foreign balances, or to subject an influx ol of production and creates more wealth, is also funds from abroad to detailed supervision (this important from a social point of view; for being the aim of the reinforcements of the besides bringing a natural solution to the Swedish exchange control in October i944> problem of employment it provides that in- The main monetary groups remained very mucn crease in national resources by which a subthe same until affected by the military developstantial social improvement can alone be ments in 1944. , r realised. A. According to the definition current before It is now recognised that no country can per- September 1939, the sterling area comprised mit a state of widespread and prolonged un- the countries which maintained a stable rate employment. The worst result would not be in relation to sterling and whose currencies FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS thus followed the variations in the exchange application of $4.01"^ - 4.03}^ — 1 pound value of sterling. Finland, Sweden, Norway, sterling as the rate between the dollar and the Denmark, Portugal, Greece, Japan and Bolivia, pound. For British currency supplied to the although outside the British Empire, were all American armed forces stationed in the United members of the sterling area, but Canada, for Kingdom the uniform rate $4.03^ = 1 pound instance, was not, the exchange value of its sterling has been fixed. currency being related to the movements both B. The dollar area is a vaguer conception than of sterling and of the U.S. dollar. After ex- the sterling area but it may be said to comprise change control had been imposed in London in most countries in the western hemisphere, which the autumn of 1939, however, the definition of hold large balances in New York and settle the sterling area became strictly legal in char- their foreign payments mainly by transfers of acter; from that moment the area comprised U.S. dollars. The Swiss National Bank menthose countries to which a transfer of funds tions in its report for 1943 that other countries could, at least for certain purposes, be made than the United States "sought to pay in dollars freely or with less difficulty than under the for the products which they bought in Switzerordinary rules of the exchange control. The land. The dollar area was thus extended to difference between the two conceptions came to numerous countries in Central America, South the fore in connection with the monetary America and Asia". relations between the British and the Free The "freezing" of foreign-owned balances French authorities. In the territories of "Free held in the United States does not apply to France" (French East Africa, Syria, Lebanon, assets owned by countries in the western Madagascar, the French Cameroons, New Cale- hemisphere, an exception being the freezing donia and other South Sea possessions, as well of the Argentine gold holdings in August 1944 as French India) the rate of 176.62.5 French and also the gold and dollar holdings of Bolivia. francs — 1 pound sterling (and a dollar rate of As a result of negotiations with other countries, 43.80 French francs = $1) was maintained even U.S. delegates have reinforced the measures after February 1943, when the rates of 100 designed to prevent enemy subjects from obtain- French francs = 1 pound sterling and 50 French ing income directly or indirectly from the francs = 1 dollar had been fixed in French North United States. The American market, it should Africa. These territories of "Free France" be observed, is not subject to exchange control were members of the sterling area but French as such, the foreign funds control having been North Africa was not. As a result of nego- imposed to afford protection in cases of aggrestiations at the beginning of 1944 between the sion and, once the United States had itself British and French the rate of zoo French francs become a belligerent, retained as an instrument — 1 pound sterling was made applicable to the of the country's financial warfare. whole area in which the authority of the French C. The Reichsmark area comprised the coun- Committee of National Liberation was exercised tries in Europe which were occupied by Germany (with the exception of Syria and Lebanon, for or were allies of Germany, stable exchange which a special arrangement was made locally), rates being maintained in relation to their but at the same time "Free France" ceased (as currencies and some sort of arrangement—howfrom February 8, 1944) to be a member of ever limited in scope—being made for settlethe sterling area in the legal sense of that term. ments via Berlin in the so-called multilateral Whether or not, after the war, the sterling clearing. A successful multilateral system prearea will be reconstituted with the same signifi- supposes that debit and credit balances could cance as it had before September 1939 will be offset against each other; but this condition depend, at least in part, upon the extent to was not fulfilled, for Germany became unilaterwhich the pound is utilisable for international ally indebted to practically all the countries settlements. For the time being the tendency with which trade was possible. has been to stregthen the effectiveness of the In relation to the countries in which comexchange control: new provisions were issued modity prices had risen considerably, the in September 1943 restricting the number of maintenance of stable exchange rates produced institutions entitled to cash dividends and. grave inconveniences, exerting, inter alia, an interest or repayments in respect of assets* upward pressure on prices within Germany. blocked as enemy property. One of the devices employed to offset the The basis of stability in the Anglo-Saxon existing inequalities was for Germany to quote exchange markets has been the continued "elastic" export prices, adapted in each case 883 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS to the conditions on the particular market to The yuan of Nanking became legal tender which the German goods were to be sent. from April 30,1944, in the province orHuai-hai, But, since such a practice would easily run replacing the yuan of Peiping. It should counter to the maintenance of stable prices in further be mentioned that the use of the military Reichsmarks, it was used only when no other yen has been suppressed in the area of the Nansolution could be found. king yuan. As from November i6, 1943, the clearing rate Through the establishment of a central bank between Germany and Neo-Fascist Italy was in Burma and through various other measures changed from 7.60 Italian lire to 10 for 1 Reichs- in the different parts of the area dominated by mark. In this way the exchange value of the Japan, a basis would seem to have been purposely lira was reduced by 2.4 per cent. Under an provided, in monetary matters, for increased agreement of October 1943 the German military local action, which would, in particular, be forces in Italy were paid in lire, while the required if circumstances made it less easy to "Reichskreditkassenscheine"., which from Sep- maintain connections with Japan. tember 2-5, 1943, had been legal tender at the These are the main currency groups; but rate of 1 Reichsmark — 10 lire, might not be there are countries which cannot be said to used for payment from November 1943. belong to any one of them, for instance, the D. The yen area. The unequal increases U.S.S.R. and the neutral countries in Europe. Through their geographical situation, Sweden found in the commodity prices of the different and Switzerland have been bound to trade countries within this area did not cause the more exclusively with countries on the contisame practical difficulties once trade had been nent of Europe than they did before 1940, payput on a barter basis. Between Nanking China ments being made via clearing accounts except and Japan, as mentioned in the thirteenth Anin the dealings of the neutral countries with nual Report, the policy of applying different each other. rates to different categories of transactions Some reference has been made above to the was discontinued in the spring of 1943 as being monetary agreements and other monetary too complicated. Instead, a uniform rate of changes following in the train of military 18 yen = 100 yuan was fixed and the trade events after the landing in North Africa in became a monopoly in the hands of the Barter the autumn of 1942., and those ensuing after Trading Corporation. This system seems to the landings in Italy in July 1943 and in France have been extended to trade with other areas in June 1944. For southern Italy rates of 400 under Japanese domination. lire = £1 and 100 lire = $1 were fixedi n July 1943 Moreover, steps were taken to give greater and these rates have continued to be applied recognition to the Nanking yuan as an "interin the parts of the country held by the Allied national currency" and at the same time to forces. But the volume of Banca dltalia notes increase the control exerted by the Central has also been augmented by issues made by the Reserve Bank at Nanking. Under a convention Neo-Fascist authorities in the north, who, in concluded between this institution, on the one addition to their own requirements, supplied hand, and the Yokohama Specie Bank, the Bank the German command with monthly amounts, of Taiwan and the Teikoko Ginko, on the other increased in the spring of 1944 from 6 to 10 milhand, all foreign exchange funds were to be liard lire. In the summer of 1944 the rate for transferred to the Central Reserve Bank. The lira notes on the Swiss market fell as low as three other banks would continue to carry out 0.50 Swiss francs for 100 lire (equivalent to a foreign exchange transactions (at the basic rate dollar rate of 600 lire = $1); it improved later of 18 yen = 100 yuan) but they would do so on to about 1.30 Swiss francs = 100 lire but for the account of the central bank, which would again fell back in the latter half of 1944 t0 °'5° receive one-half of the commission of 5 per cent Swiss francs =100 lire. , charged by them. A similar agreement was Corsica was the first part of "La France metroafterwards concluded between the Federal Repolitaine" to come under the authority of the serve Bank of North China (in Peiping) and French Committee of National Liberation, the Yokohama Specie Bank. The rate of 1 yen which introduced some interesting measures ror = 1 Peiping yuan was maintained but it was the purpose not so much of controlling me decreed that all bills presented by commercial amount of monetary purchasing power in me firms or individuals at the Federal Reserve hands of the public as of being able to decide Bank in Peiping should be expressed in yen. whether or not individual firms and persons 884 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS should be entitled to retain the notes in their The Refugee Governments of Holland and possession. All notes were to be deposited Belgium have collaborated with a view not with the banks; after the notes had been duly only to coordinating the measures to be taken delivered, certain limited amounts could be in connection with the invasion but also to withdrawn at once in new notes; as regards the establishing a closer economic and financial remainder, when no decision to the contrary relationship between the two countries after was taken, the owner would have the right of the war. As a first step towards implementing gradual disposal of the amounts to his credit this policy, a monetary agreement was signed (subject to certain upper limits). in London on October 2.1, 1943, between the In Corsica, an island, it was relatively easy Belgian and Luxemburg Governments, on the to institute such a control. For the whole of one hand, and the Dutch Government, on the France an agreement was concluded in June 1944 other, in order to stabilise the monetary relabetween French and British delegates regarding tions and to facilitate the mechanism of paythe' adoption of 200 French francs — 1 pound ments between Holland and the Bcleo-Luxemsterling as the rate of conversion between the burg Economic Union. The rate of exchange two currencies. Later on an understanding on was fixed at 16.52. Belgian francs (or 3.304 corresponding lines was reached with American belgas) = 1 florin, which is equivalent to delegates, the rate of 50 French francs — $1 6.053 florins — 100 Belgian francs (or 10 being maintained. It has, however, been inti- belgas). No change can be made in this mated that these rates must be regarded as official rate without previous agreement between provisional, being subject to possible revision the two governments. Buying and selling rates at a later date, when the situation can be will be fixed by agreement between the reconsidered in all its aspects. spective monetary authorities within a maxi- For the invasion of France in June 1944 the mum margin of XA per cent in either direction. Allied military forces were provided by their It was also decided that the Belgian and Dutch governments with specially printed notes— currencies should be kept stable in relation to "francs tricolores"—so called because the other currencies, no change in the official rates French flag was reproduced on them. By a to be made without previous agreement between subsequent agreement the francs required by the two monetary authorities. These authorithe British and American forces were placed ties will consult each other from time to time at their disposal by the Provisional French with a view to maintaining flexibility in the Government at the rate of zoo French francs = balance of payments and to preventing opera- 1 pound sterling and, in relation to the dollar, tions incompatible with the monetary and at a rate of 49.57 French francs = $1, calculated economic policy of Holland and Belgium. as a cross rate on the basis of $4.03^ =£1 Each of the two monetary authorities will provide the other with its own currency, but applied to military payments in the United provision is made for consultation between Kingdom (see page 883). In the autumn of 1944 them, should the debit balances so constituted rates applicable to the purchase and sale of reach a certain level, the debtor always having different currencies were fixed, the pound being the right to make repayments in gold. Third equal to 199^-2.00}^ French francs and the parties may adhere to the agreement. In several dollar to 49.53-49.71. Instead of the clearing respects the new arrangement goes further than rate of 1 Swiss franc = 10 French francs (applied the Tripartite Agreement of 1936; thus, the since October 1940), a new rate of 1 Swiss franc Tripartite Agreement did not fix the exchange = 11.48-11.56 French francs was adopted as rates which were to serve as a starting-point; from December 1, 1944. nor did it make a change in the rates conditional In the spring of 1944 the Refugee Government upon agreement, but merely upon consultation. of Czechoslovakia concluded an agreement It did not provide for any credit accommodation with the U.S.S.R. regarding issues of "invasion between the central banks, or for periodic notes'*. The Refugee Belgian and Dutch consultations on questions of economic policy. Governments, on the other hand, provided the Supreme Command of the Allied Expeditionary In September 1944, when the Allied troops Forces with their own notes and coins, these were on the point of entering Belgium and being of the same denominations as, and in Holland, the rates of 1 pound sterling = 10.691 appearance only slightly different from, those florins and 1 pound sterling = 176.50 Belgian already circulating in Belgium ~an~dJ HU«oIllIa—nJd. francs were provisionally fixed. Between the SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS Belgian and the Dutch currencies the pre-war exchanged at the more favourable rate of 10 rate of i florin — 16.5Z Belgian francs remained French francs = 1 Reichsmark. in force (as laid down in the agreement of Finally it should be mentioned that in Greece, October zi, 1943). Corresponding rates were on the proposal of a British financial mission, fixed in relation to the French franc; and these a new currency—retaining the name of drachma rates applied provisionally to the French, —was put into circulation on November 11, Belgian and Dutch notes supplied to the troops. 1944. Old bank-notes were exchanged for the On October 5, 1944, a monetary agreement new notes at the rate of 50 milliard — 1 new was, however, signed between the Belgian and drachma. The rate in relation to the pound British Governments, reaffirming the rate of 1 was fixed at 600 drachmas = •1 pound sterling, pound sterling — 176.6x5 Belgian francs, which as compared with 550 drachmas = 1 pound was to remain in force until changed after sterling before the war. mutual consultation. The agreement covers, While most of the monetary arrangements of on the one hand, the territories of the sterling 1944 remain subject to revision, they indicate area and, on the other, the territories of Bel- a wish to deviate as little as possible from the exchange rates maintained in 1939. In these gium, Luxemburg and the Belgian Congo (the matters considerations of prestige tie up with colony thus ceasing to be a member of the sterearnest endeavours to preserve the confidence of ling area and resuming its monetary attachment the public in the monetary unit. It is, however, to the Belgian franc). Sterling held by residents necessary to face the problem whether or not in the Belgian monetary area would be available the exchange rates thus adopted can become for expenditure in the sterling area, and as true equilibrium rates consistent with the opportunity offers it would be sought, with the purchasing power of the different currencies. consent of other interested parties, to make A$ regards the determination of exchange sterling available outside the sterling area. rates and similar matters, an individual country The two central banks may acquire balances may be disinclined to grant an international of each other's currency up to a limit of 5 organisation the power to take decisions which * million pounds sterling and its franc equivalent might lead to interference with its internal (with the possibility of an increase in the policies of a fiscal or social character. It is, National Bank of Belgium's holdings of sterling on the other hand, unrealistic to declare such by an agreed amount equivalent to the sterling policies taboo in the consideration of monetary balances owned by residents of the Belgian problems. It may or may not be advisable to monetary area). The agreement has been give an international organisation only conconcluded for a period of three years but can sultative powers; if such powers alone were be rescinded at any time after a month's notice. given, the various countries may be less unwill- It may be subject to revision if the governments ing to allow full and free consideration of all adhere to a general international monetary those factors which, according to past experiagreement. ence, influence the value of money as refl_ectfd Monetary and political events in 1944 led in the fluctuations of exchange rates and the to the fixing of some new exchange rates. Thus, movements of commodity prices. in Roumania a rate of 1 rouble = 100 lei was It is the aim of the monetary arrangements introduced instead of the pre-war rate of 1 under discussion to restore freedom of exchange rouble = 2.6.6 lei (as calculated via the London for commercial dealings; to what extent some quotations); while in Bulgaria the rouble was control over capital movements will be confixed at 15 leva, approximately corresponding sidered necessary cannot yet be foreseen, nor to the pre-war rate (in this case also as calculated is it possible to say whether such a control can via London). In September 1944 a military be applied without continued discrimination mark having a rate of $1 — 10 Reichsmark between different kinds of money balances. (instead of the previous rate of $1 = 2.. 50 It is well to remember, however, that in tne Reichsmark) was introduced by the "Allied past exchange restrictions have invariably gone Military Government" with regard to the together with a decline in international trade. occupied parts of Germany. In December 1944 The immediate monetary problem of the * transithe French authorities fixed a rate of 15 French tion period" after this war will be to find trie francs = 1 Reichsmark for the liberated part of means of establishing such freedom m foreign Alsace: amounts which could be shown to have exchanges that commercial relations will no been held before 1940, however, would be longer be stultified by uncertainty as to tne 886 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS uses of the various currencies, but, on the con- estimate how far additional adverse factors trary, a basis will be provided for an expansion such as submarine warfare have caused a setback in the interchange of goods and services between in trade between partners of a particular area the different nations. and, on the other hand, what amounts may have been made good by deflecting pre-war FOREIGN TRADE trade into new channels or by intensifying the In the accompanying table an attempt has deliveries of goods between countries still in been made to calculate the extent to which contact with each other, for instance, through foreign trade was disrupted by the war situation lend-lease shipments and mutual aid. But such as it was in 1943. calculations are impossible for the time being. Such trade returns as are published show as a rule an increase from 1941 to 1943 in the value WORLD TRADE INTERRUPTED BY THE WAR1 of both imports and exports, with a further Total increase in the first half of 1944. To some turnover Trade extent these increases reflect a continued rise (exports interrupted plus by the Percentage in the price level; so many countries, however, Groups of countries i i m n p 1 o 9 r 3 ts 8 ) war(*) o c f u t t r o a f d f e had succeeded in imposing a stricter control of both export and import prices that the increases in millions of U. S. do not seem to have been entirely nominal but dollars in part accompanied by an expansion in the Continental Europe 17,400 8,000 46 actual physical volume of trade—this was most Rest of Europe 6,800 2,400 35 United States 5,000 2,100 42 decidedly the case, for instance, between Latin Res t of North America 1,600 200 13 America and the United States. On the con- Latin America 3,900 1,300 33 U.S.S.R. 500 400 80 tinent of Europe military developments in the Japan and South-East Asia(»). 3 3 , , 5 2 0 0 0 0 2 1 , ,4 2 0 0 0 0 4 6 4 3 summer of 1944 led to a sudden reduction in Africa . • 2,600 1,400 54 foreign trade, entailing for some countries the Oceania . .. 1,600 400 25 disappearance of practically all international Total for the world 46,100 19,800 43 interchange of goods and services. 1 In order to simplify the calculations included in the table (the In a large measure official agencies have taken results of which should, in any case, be considered as no more than approximate) some general assumptions and omissions had to be made; the place of private firms, and it is hardly they can be summarised as follows: surprising that customary methods of financing, 1. Continental Europe has been considered as entirely cut off from the rest of the world; no allowance has, therefore, been made presupposing the continuance of a relationship either for overseas trade of the neutral countries or for trade in which commodities are exchanged for comwith North Africa; 2. Trade with Africa has, in fact, been included in that of all coun- modities and money merely facilitates the tries or groups of countries except Continental Europe, Japan, South-East Asia and the U.S.S.R.; movements, have been relegated to the back- 3. Burma is included in "Rest of Asia", whose trade—with the ground. In actual fact, there has usually been exception of China, which has been considered as entirely cut off from any commercial relations with the outside world—is a widening gap between deliveries and countersupposed to have been interrupted only in relation to Continental Europe, Japan and South-East Asia. deliveries, goods then finding their counterpart Since such assumptions and omissions involve, in all, no more than a in money claims (e.g. clearing liabilities) or in few hundred million dollars, the results appearing in the table should not be greatly affected by them. more or less vaguely defined forms of assistance The table has been prepared with the help of data given in "The Network of World Trade", published by the League of Nations, Geneva, (e.g. lend-lease}. To what extent the various 1942. government agencies should be maintained for 2 i.e. trade carried on in relation to countries with which commerce was subsequently interrupted as a result of the war. the purpose of fostering trade under peacetime • Japan, Korea, Formosa, British territories, French Indo-China, conditions, is a question which has been raised Dutch Indies, Philippine Islands, Thailand, Portuguese Timor. but to which no general answer is likely to be For each separate area the total turnover of forthcoming, since circumstances may vary exports and imports in 1938 has been compared from case to case. It can hardly be doubted, with the part interrupted by the war, i.e. trade however, that an expansion of trade must be largely the result of private initiative and in relation to countries cut off. For the world enterprise; past experience has shown that as a whole it appears that, out of a total turnover all-round state control of foreign trade is liable of about 46,000 million dollars, some zo,ooo to be followed by a decline in the volume of million has been suppressed, i.e. about fourgoods exchanged. But, whatever system is ninths of world trade. This gives, of course, adopted, the state will remain responsible for only a very rough and ready indication, since the broad lines of commercial policy, having to in order to judge the loss actually sustained decide such questions as the level of tariffs, the it would, on the one hand, be necessary to 887 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS maintenance or abolition of commercial re- price level has settled down, is evidently most strictions, and the form of monetary control, desirable from a world trade point of view. which may indeed have important repercussions Fortunately, these matters are now more fully on the trade of the countries concerned. It understood, and there is in particular, a wideis often—and rightly—stressed that the spread opposition to deflationary developments. establishment of stable monetary conditions It may thus be hoped that any recurrence of presupposes a return to "freer trade", it being such a price fall as set in during 1930-31 would asked, however, what chance there is that be most strongly resisted. If success is secured governments will propose, and parliaments in this field, the question of the world's trade approve, measures for even a gradual dismant- barriers may not prove so intractable as it often ling of trade barriers. There was a time when appears. it seemed as if any fall in the value of currencies and any rise in the level of tariffs must needs PRICE MOVEMENTS bring embarrassment to traders and disruption After the disturbances due to the first world to the world economy. But those who take a war and, again, after the currency depreciations pessimistic view of these matters may have in the years 1931-36, prices gradually settled underrated the influence which changes in the down to follow a world trend, with a marked purchasing power of money may have in bringtendency to return to levels corresponding to ing about a certain quasi-automatic reduction in the *'purchasing-power parities" of the various tariff barriers. Tariffs are mostly made up of currencies (compare the graphs on pages 891so-called "specific duties'*, certain amounts in 893). Even in wartime international influences pounds, shillings and pence, dollars and cents, may make themselves felt, as was the case in Reichsmarks and pfennigs being fixed for 1939, when the higher price level in Germany certain quantities of the dutiable goods. When pulled up prices in other countries on the Eurocommodity prices rise, the specific duties, if pean continent. But a modern war leads to such left unchanged, will constitute a smaller pera severance of relations that price movements centage of the market value of the commodities are largely determined by domestic factors, on which they are levied, i.e. the effective especially the magnitude of supplies, the weight of the tariff will have been reduced. methods of financing, the efficiency of controls Such a reduction occurred, in some countries, and the granting of subsidies. Governments as a result of the higher prices which prevailed apply, however, very much the same methods for a number of years after the first world war. of intervention in handling price problems—a During this Second World War commodity similarity which is to be found on both sides prices have again risen, but in a more orderly in the war; the result is that, notwithstanding and restrained fashion, thanks to more effective the influence of domestic factors, actual price forms of taxation, price control and a series of movements reveal many common features, the other measures. It seems on the whole unlikely divergences being smaller than might be that, when the war is over, prices on world expected. markets will return to the 1939 level; they may The slackening in the upward movement of settle down at perhaps 40 or 50 per cent above prices, which had become noticeable during the that level. If the specific »duties were then second half of 1942., continued both in 1943 left unchanged, the result would be a reduction and in 1944, and may be said to have been, by some 30 per cent in the real potency of the throughout those two years, the outstanding tariffs. Considering how difficult it is to get characteristic of the price trend. There are extariff reductions adopted by the ordinary parliamentary methods, this opportunity of a quasi- ceptions, but these have been sporadic and due automatic alleviation should not be missed. to special circumstances; some countries in the In the case of ad valorem duties, it might even Far East have been caught by inflation, and so be considered whether some way could not be has Greece and, in a measure, Italy—to mention found of bringing them into line with this only the most important. general reduction. The figures commonly used to measure the price changes are, with few exceptions, official Enough has been said to show the close connection between the general trend of the price indexes. But do these indexes give a suffilevel and tariff policy as well as other forms of ciently accurate picture of price developments trade restriction. Monetary and other action to be regarded as reliable for national or interdesigned to prevent a drastic deflation, once the national comparisons? The wholesale price 888 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS indexes probably reflect the actual price move- class family, the weight attached to each comments more truly than the cost-of-living indexes modity being that which it possesses in the can claim to do; more than the latter, they are budget of such a family. Since, however, based upon quotations in fairly wide markets tastes and needs change faster than is generally and are concerned with standard qualities of admitted, a cost-of-living index may easily commodities, being also freer from political become obsolete. The index published by the and social implications. The rise in the cost Ministry of Labour in Great Britain was, for of living has in a number of countries been instance, "designed to measure the average limited to about one-half of the increase in increase in the cost of maintaining unchanged wholesale prices, this result having been the standard of living prevailing in workingobtained partly through the freezing of rents class families prior to August 1914, no allowat their pre-war level and partly through the ance having been made for any changes in the granting of subsidies to cheapen the retail standard of living since that date". But, price of a number of essential commodities before the last war, food accounted for threeimportant in the calculation of the index num- fifths of all working-class expenditure, while an bers for the cost of living. A part of the burden enquiry initiated in 1936 (with results published of rising prices has thus been shifted from the in a summary form in December 1940) showed individual consumer to the community as a that much less than before was spent on food whole, the pressure on the lower income groups (not quite two-fifths), a little less on rent, being thereby relieved. In doing this the about the same proportion on clothing and authorities have not been prompted solely by fuel but much more on household goods and considerations of social justice but also by the different services. Indeed, 30 per cent of the hope of avoiding the vicious spiral of price and expenditure of industrial workers' families wage increases. came under the heading "other items", as The purpose of the cost-of-living index is to compared with only 4 per cent in the budget measure the change in the money cost of main- assumed to be typical in 1914. In wartime, taining a defined standard, and the bundle of shortcomings of this kind are further increased commodities used for its construction reflects, by other factors, e.g. the frequent failure to as a rule, the consumption of a typical working- take into account deteriorations in the quality PRICE MOVEMENTS: UNITED KINGDOM, EIRE, BRITISH INDIA, AUSTRALIA, NEW ZEALAND, SOUTH AFRICA, CANADA AND THE UNITED STATES June 1939 to Percentage price increase (or decrease) during: 2n 1 d 9 3 h 9 alf 1940 1941 1942 1943 1s 1 t 9 h 4 a 4 lf Dec. June 1943 1944 United Kingdom: Wholesale prices +25 +22 +3 +1 +2 +67 +69 Cost of living +12 +13 +2 0 +1 +28 +29 Eire: Cost of living +12 +11 +11 +15 +8 -1 +71 +70 British India: Wholesale prices (Calcutta) +36 -12 +28 +55 +26 -1 +198 +196 Cost of living +9 +2 +12 +46 +31 -4 +138 +127 Au W st h r o a l l e ia sa : le prices +5 +12 +5 +12 +1 +1 +41 +42 Cost of living +1 +6 +4 +9 0 0 +22 +22 Ne W w h Z o e le a s l a a l n e d p : rices tl +H +9 +7 +6 +48 +48 Cost of living +3 +4 +2 Un W io h n o l o e f s a S le o u p t r h i c A es frica: +8 +9 +12 +13 +5 0 +56 +56 Cost of living 0 +4 +6 +9 +5 +2 +26 +29 Canada: Wholesale prices +11 +11 +4 +6 +40 +40 Cost of living +3 +7 +3 0 + 19 +18 Un W C i o t h e s d o t le o S s f t a a l l e i t v e p i s n : r g ices + + 5 1 + + 1 1 + + 1 1 7 0 + + 8 9 + + 2 3 + + 1 1 + + 3 2 7 6 + +2 3 7 8 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS of the products on the market or to make for consumers through a failure in the official sufficient allowance for forced changes in con- supply system. Purchases in markets halfsumption. These factors may actually be of grey, grey or black then become unavoidable, greater importance than the shifting appro- and for these purchases it is not easy to obtain priations in the family budgets. A rough reliable quotations, even if the prices charged calculation made in 1944 suggests that, on the in such markets also tend to present a curiously basis of new family budgets, the increase in high degree of uniformity. Here we meet one the British cost of living since August 1939 of the main problems for the post-war period: would amount to approximately 3Z or 34 per the task of restoring a natural cost-and-price cent, as compared with the 19 per cent shown structure, in which the index numbers will by the official index. But, as was pointed out, truly measure the purchasing power of the vari- *'though the difference between the two is not ous currencies. very great, neither the official index nor an Prices can be said to have a twofold signifiindex based on the new family budgets can take cance: to each particular producer they repreaccount of the fact that in wartime many com- sent "income** and to the rest of the community modities are rationed and others are not avail- ' 'costs'\ The cost and price structure, thereable at all, so that the maintenance of a given fore, holds a key position in economic life, its 'standard of living' has only a restricted mean- balance, or lack of balance, exerting a decisive ing, and the proportions of expenditure on influence on the general trend of business, the various items are different from the proportions national income and the standard of living, as of peacetime spending". well as on the burden of debts and the intrinsic For those groups of the population whose value of the different currencies. Every effort money income during the war lagged consider- should consequently be made to bring about a ably behind the increase in the cost of living, state of affairs conducive to a proper balance the consequent lowering of the standard is within the various national economies and in naturally reflected in the expenditure of a higher their relations with each other. The startingproportion of income on the necessities of life point must naturally be the conditions pre- (food, heating, etc.). Since bread is of great vailing in each separate country; but one of importance especially for households with the difficulties is that, by reason of the war, small incomes, nearly all governments have these conditions are affected by a number of felt themselves particularly called upon to artificial elements which, if they do not wholly keep the rise in the price of bread within bear- disappear, will at least take on a very different able limits. The bread ration vhas, however, aspect when hostilities cease. The most imoften been fixed at a quantity considerably portant of these elements in the actual situation below the normal consumption, and still further is the large amount of government spending, below the amount the public would have bought covered as it is in the "soundest** countries by if purchases had been free. Consumers have resort to borrowed money at the rate of roughly accordingly been compelled to have recourse one-half of the total expenditure. In such to other, usually more expensive, foodstuffs. circumstances, business activity no longer de- The way in which the cost of living is influ- pends on the volume of private investment or on enced by changes in the rations was well illus- the amount spent by the public; moreover, all trated by an enquiry in Hungary during the kinds of maladjustments are, so to say, made summer of 1943, when the bread ration was innocuous in the great drive for maximum war increased simultaneously with a general raising production. Spending at such a rate must, of the wage and price level, including the price however, cease with the war, since its continof bread. If no allowance were made for the uance would in the end destroy not only public improvement in the bread and flour ration, the confidence in currency and credit but the social result would be a rise in the cost of food by 35 and economic structure as we know it. Witn to 40 per cent. If, however, account be taken a return to more normal levels of government of the fact that the same number of calories expenditure, economic life must once more could be consumed by eating more bread and become, in all essentials, self-sustaining; any less of other foodstuffs, the additional cost future spending of borrowed funds by public would work out at only 13 per cent. But it authorities, apart from normal investments on becomes even more difficult to find an adequate a remunerative basis, will presumably be or a measure of the real changes in living costs when subsidiary and intermittent character, designed the rations officially announced are unavailable to smooth out cyclical fluctuations. But a 890 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS sustained advance in business activity pre- indexes in the two Anglo-Saxon countries. supposes a fundamental balance in the cost and There is a further line of reasoning pointing price structure and it is not easy to see how soon in the same direction, namely, that in this war such a balance can be attained, in view of all the countries which could effectively apply the controls and rigidities imposed during the systems of price control have in a large measure war. Much will naturally depend upon the prevented abnormal shortages and redundant levels at which commodity prices and the cost purchasing power from pushing up prices above of living are likely to settle down when the the so-called "cost price." But the consewar is over. quence may well be that, wherever the cost of Obviously, the future trend of prices cannot be production remains more or less unchanged, expected to be the same in all sectors of a coun- the greater supplies will not depress prices, try* s price structure or in the different coun- but a larger volume of goods will find its tries. In the United Kingdom a return to peace counterpart in the purchasing power already in will most probably bring down the prices of the hands of the public. It may even be the many imported commodities which have been primary task of the authorities to prevent the burdened by the high cost of transport and in- great potential demand (based on large holdings surance. But, apart from such decreases, affect- of notes, bank deposits and short-term governing primarily the wholesale trade, the prob- ment securities) from having too strong an ability is that the cost of living, as measured by effect in the immediate post-war period, i.e. the index, will show but little reduction and at a time when each particular firm will be may even, on balance, register an increase. anxious to carry out as quickly as possible its In this connection it should be remembered readaptation to peacetime modes of production. that the Chancellor of the Exchequer in his It is naturally impossible to be dogmatic budget speech predicted a rise in the cost of about price developments in years to come; inliving from the range of 2.5 to 30 per cent above deed, the last thirty years have brought so pre-war to between 30 and 35 per cent. The many surprises that price forecasts should be aim was to make the index reflect the real cost regarded with the greatest circumspection. situation, so that the stabilisation policy should But, besides being in line with the statement not "become an altogether artificial affair." of the British Chancellor of the Exchequer, the Indeed, the Chancellor estimated that without supposition that in the leading Anglo-Saxon the subsidies granted to keep down the cost of countries, i.e. the United Kingdom and the living the index would have stood at 45 on an United States, the present cost-of-living index average in 1943 instead of at x8. figure is unlikely to fall, would seem to find Other influences, e.g. the large volume of support in the consideration that these two potential purchasing power in the hands of the countries could hardly regard with equanimity public and the necessity of allowing certain a decline in prices which would materially increases in rents (to correspond more closely increase the burden of their public debts into high building costs), make it seem probable herited from two world wars. that in the United Kingdom, and, indeed, in After the last war, prices and exchange rates the United States also, the cost of living after settled down pretty accurately at the "purthe war, as expressed in the official indexes, chasing-power parities," the correspondence will show hardly any fall. This refers to the being rather greater than one had reason to general index figure, i.e., to the average; for expect on the basis of "pure theory." Thus, individual commodities there may well be a in 192.9 and again in 1939, as the graphs on decline from the high prices reached during the pages 891-893 show, "gold prices" (i.e. the war. Prices of articles falling outside the range prices calculated on a comparable gold basis via of commodities on which the cost-of-living the exchange rates) gravitated around the same index is based have generally risen more than level for the different countries, the few excepthe index itself, one reason being that these tions being as a rule easily explained by unusual "outside** commodities are as a rule not so —often artificial—influences, as in the case of strictly rationed and do not benefit from govern- Germany in the years 1933 to 1939. ment subsidies. But that should be another Suppose, for the sake of argument, that, in an reason for expecting that the process of post-war attempt to restore badly shaken monetary alignment, with the disappearance of rationing confidence and perhaps also to spare those and of many subsidies, is likely to entail no who hold money savings too great a sacrifice, substantial decrease in the official cost-of-living a country chooses to maintain, or to adopt a SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OV THE BANK FOR INTERNATIONAL SETTLEMENTS 19H 1915 1916 1917 1919 1920 1921 192k 1923 1924 1925 1926 1927 1928 1929 iHNHiiiiiminminminiHminiiiminhnniMinr lnliilnliilt.hihiliiln!iiliilnliilMlnliil>tlulnliiliili|||f»»t»»i«»i»mhHi|limnilMimi ""•"" 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 892. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE DANK FOR INTERNATIONAL SETTLEMENTS rate of exchange at which its own cost and price perative that the road chosen should be follevels will be clearly somewhat too high and lowed with consistency and determination, for will thus have to be reduced in order to fit in otherwise the goal will not be reached. with conditions in the outside world. Such Since the domestic price policy is tied up with a country would be obliged to contract its foreign exchange policy, it is impossible to lay volume of monetary purchasing power and it is down definite criteria, applicable to pall obvious that during the process of contraction countries, for the fixing of exchange rates. In it would be absolutely contradictory to pursue a some countries a decline from high wartime policy of extensive public works designed to costs and prices may prove very desirable, in create employment. In such circumstances, a others such a reduction might dangerously indiffusion of fresh purchasing power would crease the burden of already heavy public debts. delay real recovery instead of stimulating it. It is clearly in the general interest that, in as Many examples illustrating this could be quoted many countries as possible, exchange rates, from past experience: in France, for instance, costs and prices should be speedily brought the government only made matters worse by into a balanced position and that the relation of the internal expansion in 1936 so long as the the currency units to gold should be of a lasting French franc remained overvalued, i.e. until nature. During the prosperity period in the the devaluation of the gold bloc in September latter half of the 1920's, wholesale prices stood, 1936. on a gold basis, at 40 to 50 per cent above the It is not to be denied that ultimate prosperity pre-war level, while the cost of living had in can be attained by different courses (compare most countries risen 60 to 80 per cent. These Sweden and Finland in 1911-2.3), but a self- levels were not maintained, however; prices fell contradictory policy must in all circumstances precipitously in the early i^o's; as a result be avoided. When there is more than one road the burden of public, and still more often of to the goal of prosperity it is certainly im- private, debts (e.g. in agriculture) threatened 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 194? 1943 1945 893 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS to become intolerably heavy; the consequence not only among the experts but also among was a wave of currency depreciation, which the public, which has taken an active interest helped to raise prices in terms of national cur- in these matters. A high degree of homogerencies while they remained low—or even neity in the approach to the problem may, fell—in terms of gold. In the ninth Annual however, be discerned in many countries, and Report of this Bank, dated May 8, 1939, it was. on analysis the reason for this attitude is usually pointed out that "with the exception of Ger- found in the experiences of the country in many, where price movements {calculated in question during the inter-war period. Memgold at the official rate of the Reichsmark) have ories are long in monetary matters and that been dissociated from the external trend since applies especially when social relations have 1933, and of France, where, owing to re- been fundamentally affected. To quote a particcent depreciations, prices in terms of gold ular example: all through the nineteenth are still lower than elsewhere, a certain con- century the French nation remained painfully vergence of gold prices is noticeable at between aware of the two outstanding monetary ex- 65 and 75 per cent of pre-war (1913-14) prices". periments of the previous hundred years—the Since then a new price rise has occurred, but it note-issuing bank founded by John Law in 1716 may be seen from the graphs that in 1944 whole- and the "assignat" of the Revolution. Both sale prices in the United Kingdom and the ended in inflationary disasters and, as a result, United States still stood, on a gold basis, some the French public became distrustful of paper {; to 15 per cent below the pre-war (1913-14) issues without a strong metallic cover. evel (and the same was true as regards the cost In the period of fluctuating exchange rates of living). In the meantime the technique of after 1931 gold continued to be used as the gold production has been greatly improved, main component of monetary reserves, since gold being extracted at less real cost than in there was no substitute for gold which ensured the i9zo's, which may well influence the natural an equally satisfactory degree of international relationship between gold and prices. liquidity. It has, of course, been one of the It is dangerous to be positive in these matters principal features of the recently discussed since new factors may arise; but, even with a monetary plans that they seek to establish a great expansion in the volume of production, level of international liquidity which would there seems no compelling reason why the enable different countries to make their foreign price level at present obtaining in the Anglo- trade arrangements without being unduly ham- Saxon countries, or likely to be established pered by a deficiency of external means of paythere during the next few years, should be out of ment. For the building-up of monetary rekeeping with the current value or supply of serves some internationally acceptable asset is gold, provided, of course, that no very serious obviously needed. If it were decided to utilise mistakes are made in the fixing of relative one or other of the existing currencies, the exchange values or in the credit policies, es- countries accumulating the currency in question pecially of the larger countries. The chances that would be largely dependent upon financial the present price levels will not be affected by a and other conditions in the country whose scarcity of gold are, it would seem, better than currency was adopted. But even that country they were at the time of the stabilisations in the might at times find in such an accumulation, and i92.ofs. It may certainly be wise to provide for the consequent employment of the accumulated the possibility of changing the gold content of reserves, a factor of disturbance, as the not:too different currency units, in case of need, but it is happy experience of the gold exchange standard just as well to remember that on a gold basis bore witness. the price levels in the United Kingdom and the If it were proposed to introduce a new unit United States are still somewhat lower than in "as good as gold'*, this unit would have to be 1913-14. accepted by the monetary authorities in the various countries, i.e. the central banks would THE APPROACH TO THE GOLD PROBLEM have to give their own currencies in exchange In the discussions on monetary plans for the for the new unit and, presumably, do this withpost-war period much attention has been given out limit and at the behest of others, since this to the part which should be played by gold. would be the only way of ensuring the interna- There is, no doubt, on this subject a variety of tional acceptability of such a unit; but such a opinions within each individual country and measure would very likely go further than 894 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS most countries would be willing to follow. for an adjustment in costs or prices. There This shows some of the difficulties which would must, no doubt, be a period after this war when be encountered in trying to build up a satisfac- exchange rates arc allowed to find their proper tory basis, other than gold, for international level, in order to reestablish a true balance beliquidity. The gold standard countries in the tween the various national economies; but for a past did not assume any international obligation monetary system—whether based on gold or binding them to acquire gold in exchange for not—to work in a satisfactory manner, some their own currencies (although obligations to cohesion is needed, as indeed would seem to be buy gold might—or might not—have been more and more emphasised in the present inestablished by their national legislation, which ternational discussions. the respective countries were, of course, free to The diversity in the experience, and therefore alter). But the various countries have, as a in the outlook, of different countries in their matter of fact, been almost always eager to relation to gold tends to make it difficult to acquire gold, regarding it as an asset ever reach a practical solution of the international available to them, in case of need, for their monetary problem. Such a solution can cerown foreign payments; they retained their tainly not be found in any simple formula, legal freedom of action, however, being able to claiming to govern currency and credit policy refuse to purchase or decide on a different price in all circumstances, but must be sought along if, perchance, too much gold were offered from the lines of continuous consultation on moneabroad (though the taking of such steps might tary matters, with a view to individual or conbe impeded by consideration of the consequences certed action, as the case may be. It should be for exchange rates, trading conditions etc., remembered that the gold standard, as successand this has constituted a safeguard against fully operated up to 1914, did not become a arbitrary action). Already during the last system of well-understood rules by some kind world war, but still more during the present, of unconscious evolution. There was, indeed, different countries attached conditions, in some in England from about 1800 to i860, and escases, to their acceptance of gold; but, even so, pecially during the two decades after 1840, a it has proved capable of serving as a means for series of parliamentary and other enquiries into international settlements, and in wartime, the working of the monetary system; and their when the volume of paper money has every- findings were applied to the practical managewhere been increasing rapidly, gold has again ment of monetary affairs, with results which and again been preferred to any other means must be regarded as highly satisfactory. In of international payment. his "Lombard Street" (published in 1873) Walter Bagehot explained to the world, in a Gold has thus retained its de facto position, comparatively popular, highly readable form, which meets certain important needs of an the working of the system as it had gradually international monetary system without imbeen developed. Economic and other conpairing the sovereignty of the different states. ditions have changed since the last century and This is an advantage which would seem to be new solutions will have to be found. Thus it is generally recognised, and in the different monhardly to be expected that, under new ciretary plans gold has consequently been allotted cumstances, a fully satisfactory arrangement, an important function. Still, the use of gold capable of standing the test or good and evil must be justified by results. Up to 1914 the days, can be produced all at once. But, with gold standard without any doubt contributed much perseverance and careful attention to the to an expansion of production and trade and experience gained during all these years of thus to the employment of increasing numbers difficulty, it should prove possible to lay the of workers at rising rates of pay; but in those foundations for a system answering the needs of" days it was understood that these advantages our times. would not be retained without there being from time to time some adjustment of costs in order to maintain a sufficient degree of cohesion INTERNATIONAL WAR FINANCE in the system and to establish the basis for a While countries with more than ninety-five further advance in prosperity. The danger per cent of the world's population have become now seems to be that public opinion in more belligerents, the actual land battle areas have than one country expects a monetary system to been localised, with the result that arms and work well without there ever being any need other supplies must often be utilised far from s SEPTEMBER 1945 95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS the centre of manufacture and by armed forces The total wartime "overseas disinvestment" other than those of the producing nation. In of the United Kingdom probably exceeded 3,700 these circumstances, it came to be an accepted million pounds sterling in round figures by the principle that the war effort of countries close to end of 1944. Allowing for the utilisation of the fronts should be applied directly, while 1,100 million pounds sterling in original gold other countries, further off or with greater and dollar reserves and for somewhat over resources, best served the general cause by 700 million sterling securities repatriated, the allocating part of their production to the accumulation of new sterling balances by overcommon pool; and that, consequently, con- seas countries (including the Empire) would siderations of finance should not be allowed to approach 2.,ooo million. The addition of prelimit the aid of one allied country to another. war balances (of, say, 300 million) and of The cost of such deliveries in the course of the liabilities already discharged through the rewar naturally falls on the country making the patriation of sterling securities would raise the contribution, and is accounted as part of its total to around 3,000 million pounds sterling, general war expenditure; but the benefits re- of which around ninety per cent would be diceived often cannot be defined in money terms. rectly connected with the war. Published information, however, allows a On December 15, 1944, the Chancellor of the broad picture to be drawn of the aid thus Exchequer stated in Parliament that the sterling granted, in particular of the assistance given resources of overseas countries fell under three by the United Nations to one another. main headings: (i) the accumulation of normal For many reasons the principle of mutual aid reserves and working balances which overseas only gradually gained full recognition; thus governments, banks and enterprises were always the United Kingdom has had to sustain its war accustomed to carry in London; (ii) a further effort by charges on its own foreign resources accumulation on commercial account due to and by pledging its credit. Up to the middle of large purchases of a commercial nature, by the 1943, payments made by the United Kingdom government or by private importers, in the to other members of the United Nations in Empire or elsewhere (while British commercial excess of sums received from them amounted to exports had shrunk owing to war conditions); over 2.,x5o million pounds sterling (apart from and (iii) the sterling counterpart of direct war the lend-lease and mutual aid arrangements): expenditure incurred in local currencies in many this sum measured the extent to which the areas abroad. The total sterling balances so United Kingdom had utilised its gold and other accumulated have been drawn upon, in the capital assets and had incurred liabilities to usual way, to meet the sterling requirements of other members of the United Nations; 1,500 the countries concerned. million pounds sterling had been spent in Thus part of the present total of overseas dollars and gold in the United States on supplies sterling balances corresponds to the normal of all kinds, part of this amount being paia out pre-war requirements for reserves and comof reserves and part from resources acquired by mercial working funds; "normal" requireutilising sterling, e.g. gold from South Africa ments naturally vary according to circumstances against the cancellation of South African debts and it may be that with higher prices and note in London, and dollars from the Malay States circulations in the world, larger holdings of against the accumulation by Malaya of sterling sterling under this heading will be considered assets in London. The net amount of "over- necessary by overseas countries after the war. seas disinvestment11 attained 3,365 million A further part of the present holdings is due to pounds sterling by the end of June 1944. the wartime mmeetthhoodd ooff pprreeppaayymmeenntt '" eenn^ bblloocc The unstinting use of the nation's strength forr iimmppoorrttss of raw materials and foodstuffs; for the prosecution of the war led to the rapid this class of balances thus represents advance exhaustion of British resources in gold and payments for British imports and is in the dollars; as mentioned in the thirteenth Annual nature of a temporary accumulation by the Report of this Bank (page 138), a most difficult overseas exporter which would be absorbed period as regards foreign payments was ex- when conditions warrant a reversion to the perienced by the United Kingdom early in 1941, pre-war method of cash payment. But the several emergency steps being necessary, in- great bulk of the present overseas sterling cluding temporary borrowing from the Belgian balances represents new indebtedness. wnicn Government and the U. S. Reconstruction will remain after the war is over; of this third Finance Corporation in order to procure liquid category, a certain amount has arisen from the funds for current cash requirements. net purchases of dollars and gold by the British 896 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS Exchange Control, to cover current requirements occupation, including the erection of outside the sterling area. fortifications and similar expenses. As will be seen below, it is not possible in every case to distinguish sharply between these Sterling Resources of the British Empire.# two categories. Indeed, another distinction, Monthly figures, In millions of £sterllno. not completely coincident with the first, is 15001 1 1 1 1 1 | 1 j 1 1 , 11500 also of importance: that between levies imposed 1400 1400 **a fonds perdu", e.g. occupation costs paid by France, Belgium, Holland, etc.; and such con- 1300 1300 tributions as have given rise to a German liability, e.g. advances made in the clearings by 1200 1200 France, Belgium, Holland, etc., plus occupation 1100 1100 costs advanced, e.g. in Denmark, against a credit in Berlin. tooo 1000 Claims on Germany in the clearings have 900 900 found their counterpart in the liabilities of the Deutsche Verrechnungskasse and, to some extent, 800 800 of the Reichskreditkassen. The net liabilities India 700 700 on these two accounts may be considered i as Germany's wartime foreign indebtedness, 600 amounting, at the end of 1943, to a total of j5 milliard Reichsmark. It then included 3 mil- SOO 500 fJ-: liard of Reichskreditkassenscheine in circulation 400 400 but would otherwise correspond to what arc usually called Germany's "clearing debts". 300 300 ~T The table on page 898 sets out the clearing 200 200 claims of eleven countries for which adequate Icounlri s data are available and, although the figures 100 100 generally apply to all the clearings of each country in question, the predominance of rflJ 1935 1936 1937 1938 1939 I9W 1941 I9« 19*3 I9tt 19*5 1946 Germany is such that no great error is committed if the figures are taken as applying to German The "five other countries" are Australia, Egypt, Eire, New Zealand and South Africa. clearing debts only. The figures for the German debt on clearing Not all the receipts obtained by Germany account to France are those of the French from Continental Europe for the prosecution Treasury's advances to the French Exchange of the war are susceptible of statistical measure- Office to cover the deficit of the Franco-German ment: material acquired in the field of battle Clearing. The deficit in the clearing with Germany up to November 1943 exceeded the net and by direct levies in occupied territories has deficit of all the clearings, since those with largely escaped record. Moreover, data made other countries taken together showed a slight available in the various countries by which the net surplus in favour of France; it should be payments were effected must be pieced together, noted, however, that the payments exchange to obtain a comprehensive picture of developwith Holland, Belgium and Poland also passed ments. There have been, in particular, two through the Franco-German clearing. Up to broad categories of net receipts represented by— the end of the occupation in August 1944, the (i) indebtedness in the clearings in respect of total German deficit on the clearing with surplus imports, transport and transit France amounted to 8,000 million Reichsmark. costs, the execution of German orders To give an indication of the amounts paid on placed abroad, transfers of savings made account of occupation costs (including similar by foreign workers in Germany etc., charges such as billeting of troops and reqthe balance in the clearing being met by uisitions) the table on page 898 has been preadvances from the countries concerned; pared for five countries for which sufficiently and comprehensive information has become (ii) contributions levied to meet the costs of available. 897 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS GERMANY'S CLEARING DEBTS AND ASSIMILATED ACCOUNTS AMOUNTS OUTSTANDING (AND ANNUAL INCREASES)* Creditor France Holland Belgium Denmark Hungary Roumania Bulgaria Slovakia Sweden Sw la i n tz d er- B M o o a h r n e a d m v i i a a Totals countries In millions of Reichsmarks 2 Amounts outstanding 1940—Dec 200 160 250 390 (-20) 100 90 50 600 1,800 1941—Dec 800 1,410 930 820 180 280 440 170 250 1,100 6,500 1942—Dec 2,450 2,490 2,420 1,240 540 500 700 330 70 500 1,600 12,800 1943-Dec 5,400 4,270 4,280 2,250 980 500 1,100 450 50 600 3,200 23,100 1944— J M un a e rc . h .. . . . 6 7, , 5 3 0 5 0 0 5 5 f , 0 5 3 9 0 0 4 5 , , 6 1 7 3 0 0 2 2 , , 6 9 1 9 0 0 900 500 4 1 0 0 6 6 0 0 0 0 3 3 , , 4 7 0 0 0 0 ( ( 2 2 6 9 . , 0 2 0 0 0 0 ) ) Sept.... 8,000(») 5,750 5,370(») 3,360 1,200 600 4,600 (31,500) mnual increases 1940 +200 +160 +250 +390 +100 +90 +50 +350 1,600 1941 +600 +1,250 +680 +430 +1S0 +300 +340 +80 +140 +200 +500 4,700 1942 +1,650 +1,080 +1,490 +420 +360 +220 +260 +160 (-10) +250 +500 6,400 1943 +2,950 +1,780 +1,860 +1,010 +440 +400 +120 (-20) +100 +1,600 10,300 1 This table was compiled in a similar way to the table given in the thirteenth Annual Report (page 153), some of the figures in which have been modified in the light of more recent information. The statistics were obtained from official sources, generally central-bank returns (for France, the Treasury statement). The figures generally represent accumulated Reichsmark claims on clearing account, but, in some cases, include other items (e.g. Belgium, on account of Reichskreditkassenscheine withdrawn, and Denmark, an exceptional case, on account of payments made to the occupation authorities). For Holland and for Bohemia and Moravia, the Reichsmarks are held directly by the central bank; in other cases, generally through the local clearing office. For further details see text. 2 Figures for individual countries have been rounded to RM 10 million and the total to RM 100 million. The totals for 1944, including estimates of the missing figures, are provisional. * Up to August 1944, when the occupation ceased. It is now possible to bring together the debt, generally in the form of liabilities on amounts obtained by Germany from various clearing account. foreign sources and thus to obtain an approximate estimate of Germany's utilisation of GERMANY'S UI-ILLSATION OF EUROPEAN RESOURCES European resources, as recorded under payment c o l f e ar o in cc g u s. pation costs and financing of the In milliards of Reichmarksl O c c t o i c o s u n t p s a- C d le e a b r t i s ng co f T o n r o t e r t i i a g b l n upaid <•) tions In a little over four years, from June 1940 to September 1944, it appears that, at the official Total amounts accumulated as at exchange rates, Germany has obtained from 1940 December 4 3 7 1941 December 14 10 24 other European countries over 120 milliard 1942 December 31 19 50 Reichsmark in all, of which about two-thirds 1 19 9 4 4 4 3 D Se e p ce te m m b b e e r r . 5 8 6 4 4 3 0 1 1 8 2 7 4 have been exacted as a contribution a fonds Amounts paid out in each particular perdu (mainly to meet occupation costs) while period of +6 the remaining third has left behind a German 1 1 9 9 4 4 1 0 ( ( 1 6 2 m m on o t n h t s h ) s) +17 1942 (12 months) +17 +26 1943 (12 months) +25 +37 1944 (9 months) +28 ~+9 +37 OCCUPATION COSTS PAID TO GERMANY BY FIVE COUNTRIES1 1940-44 (4M years) +84 +39 +123 1940 Calendar years 1944 Country se y h c e a o a lf n r - d 1941 1942 1943 T 1 1 o 9 9 4 t 4 a 0 3 l - m n f o i < i r n * n s t > e t hs i * I I n n b c u r l o u t u d n n in d o g t m t t h i h l e l e i a d is r e s d b u s t e s o o f o f f R R M th e . e i c R hs e k ic re h d s i k t r k e a d s i s t e k n a s s c s h en e in t ± e o a c n en d t _ r e a x l . c l o L u a d n i t i , m n v g e s occupation costs paid by Denmark. in millions of Reichsmarks Three great international streams of capital, France (*) 1,750 5,550 8,550 11,100 26,950 8,300 of a special wartime nature, had, by the end or Holland 800 1,900 2.200 2,200 7,100 1,650 1944, attained vast proportions: American lend- Belgium 350 1,300 1,500 1,600 4,750 950 D Ita e l n y m ( a * r ) k 200 200 250 2,0 5 0 5 0 0 2 1 . ,2 0 0 0 0 0 8,0 8 0 0 0 0 lease deliv d e i r i i es of 3 3 5 5,000 m f illion do 7 ll 0 a ° r s, B ^ r i[ m [\ s on n overseas disinvestment of over 3,70° ^\ Totals 3,100 8,950 12,500 17,450 42,000 19,700 pounds sterling (representing the utilisation * Rounded to nearest RM 50 million. * Payments by France and Belgium ceased in August 1944. of reserves and the accumulation of new uat>u- * For France, the occupation costs proper have been distributed ities) and Germany's absorption of continental according to the time of the actual utilisation (see page 215) while billeting costs and requisitions have been added. European resources to the extent ot about * Italy from September 1943 only. 130,000 million Reichsmark (of which over FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS 40,000 million remains as a German debt on practicable limit of taxation would seem to clearing and assimilated accounts). nave been reached. In Japan, and even It has become fashionable in recent years to more in the United States, nations involved in minimise the role of finance and to insist that the general world war only since the end of what can be achieved physically should nec- I^^JI, the yield from taxation has continued to essarily be possible financially. In time of rise with increasing rapidity. Current revwar this creed finds ready acceptance and finance enue from other sources than taxation has is forced to follow as best it can the intense been of importance only in Germany, where physical achievements of the belligerents. But it was swollen by contributions from the certain methods of financing produce lasting occupied countries. effects, some of which could hardly be foreseen These four belligerents have all maintained when the wartime decisions were taken: thus low rates of interest and tapped the great the capital movements which have occurred, "money reservoirs": savings banks, insurance involving important shifts in the ownership of companies and social funds. But, whereas the assets and the responsibility for debts, have governments in the United States and the created a host of thorny problems to be dealt United Kingdom have undertaken energetic with when the war is over. It will then be evi- "savings campaigns" with the object of selling dent that burdens which' it was possible to a large variety of securities to the individual assume financially in wartime may be difficult to investor—thus tying up funds for as long a carry physically in times of peace. period as possible—the authorities in Germany and Japan have not made similar efforts to GOVERNMENT FINANCE secure a direct participation of the public, government borrowing being effected almost Government expenditure in wartime has exclusively through institutions (including the become the dominating factor in the whole banking system) by means of a very few types of field of public finances and in the monetary security. Japan is the only country to finance sphere; and this applies not only to the belligthe war exclusively at long term, there being erents but to the occupied and neutral countries no issue of Treasury bills, but a monotonous also. The financial problems to be solved series of securities all with exactly the same have been largely the same everywhere and it is, conditions: 3J4 per cent, bonds for 11-17 years, therefore, not surprising that many similariissued at 98. In Germany, on the other hand, ties should be found in budgetary and monetary the so-called "noiseless financing", characterdevelopments; but there are also some striking rised by an increasingly rapid expansion of differences due to diversity in the economic, deposits, especially at the savings banks, has monetary and political backgrounds of the brought with it a striving for liquidity and, various nations, each displaying its peculiar in conformity with this tendency, four-fifths of characteristics. recent government borrowing has been at short The rather scanty information obtainable term. Germany, however, is the only country from the U.S.S.R. seems to show that, alone in the world to have dispensed with physical among the five principal belligerents, thiis "securities" in its government borrowing, country has experienced only a moderate in- practically all issues, transfers and interest crease in its total budgetary expenditure: in Eayments taking place through centralised a collective economy, the budget, even in ook-entries, a technique already adopted some peacetime, reflects the circumstance that a years ago, but which has been stimulated by the major portion of the national resources comes war and air bombardment. under state direction; so in wartime the change In the occupied countries on the continent of chiefly takes the form of a shift inside the Europe official expenditure was largely deterbudget (from outlay for "national economy" mined by the amounts paid as costs of occupation to increased expenditure on "defence and war'*). and to finance the clearings. In four countries With regard to the other four principal bellig- for which adequate statistical material has erents, it may be noted that the United King- been continuously available, France, Belgium, dom and Germany, which have been at war Holland and Denmark, the outlay on German since 1939, have recently introduced no new account came to about one-half of all official forms of taxation and the rate of increase of tax expenditure during the four years 1940-43. yields has consequently fallen off; here the Certain key pieces in the financial picture of SEPTEMBER 1945 899 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS Germany have continued to be published with- been the shift in the proportion of borrowing at out interruption, the most important being the short term from about one-half of the total weekly returns of the German Reichsbank and amount borrowed in 1940-41 to four-fifths in the statements of the Reich debt (monthly the second half of 1944. With the continued until June 1944 and then quarterly). On the decline in the volume of tax certificates outother hand, the former monthly return of standing, the expansion of short-term borrowing taxation receipts, which from the beginning of was wholly in the form of Treasury the war had been given onljr quarterly in a bills ("Reichswechsel" and "unvemnsliche summarised form, was discontinued altogether Schatzanweisungen'f). Long-term borrowing after March 1942.; the monthly combined bal- was made, as before, through issues of Treasury ance sheets of the commercial banks and the certificates to banks and the open market, returns of the savings banks have not been and through liquidity loans, mainly to savings published since July 1939 but it is still possible banks, insurance companies and social funds. to gather the most important items from the Included under total borrowing are the foreign yearly balance sheets of the big banks. And clearing balances, invested by the Verrechsome light is at times thrown on financial nungskasse in Reich securities, which increased developments by official or semi-official stateby 7.8 milliard Reichsmark in 1941 and 11.6 ments, in the form of speeches and in the press. milliard in 1943; all foreign sources, including In the financial year 1943-44 the total cash the external current revenue, thus provided borrowing of the Reich amounted to 76 milliard about one-quarter of the total revenue of the Reichsmark, 13 milliard more than in the prev- Reich budget in the two years. ious financial year (when, however, the need Whereas the government expenditure of the for borrowing had been temporarily diminished main belligerent countries has been for their by the non-recurrent rent-tax composition, own account (except for aid, such as lend-lease, which produced 8 milliard Reichsmark). The voluntarily given to allies), the occupied counaverage monthly borrowing has gradually risen tries of western Europe have had to cover the from 1.1 milliard Reichsmark in the first four expenses of the German troops in occupation months of the war (1939) to 8.3 milliard in the second half of 1944. Particularly striking has and to finance the surplus of exports to Germany FOUR WESTERN EUROPEAN COUNTRIES: TOTAL OFFICIAL OUTLAY1 Totals Total official outlay in 1940 1941 1942 1943 1 T 94 o 0 ta -4 ls 3 1940 1941 1942 1943 1940-43 financial vcaxs' in millions of RM percentages» F • r D an o c m e estic 12,400 6,850 7,450 7,150 33,850 54 42 33 51 On German account 2,150 5,850 10,100 14,250 32,350 15 46 58 67 Aft Totals 14,550 12,700 17,550 21,400 66,200 100 100 100 100 100 Be D lg o i m um estic .. 1,540 1,550 1,550 1,740 6,380 71 44 34 34 41 On German account 620 1,990 2,970 3,440 9,020 29 56 66 66 Totals 2,160 3,540 4,520 5,180 15,400 100 100 100 100 100 Holland O D n o m G e e s r t m ic an account 1 9 9 6 0 0 0 3 1 , , 1 7 6 4 0 0 2 3 , ,2 1 6 30 0 2 3 ,9 3 5 5 0 0 1 8 1 , , 1 3 2 30 0 3 6 4 6 3 6 6 4 3 6 9 1 3 6 7 3 4 C 2 O Totals 2,860 4,900 5,390 6,300 19,450 100 100 100 100 100 De D n o m m a e rk stic 400 470 570 640 2 080 45 50 54 35 44 On German account 490 460 490 1,210 2,650 55 50 46 65 Totals 890 930 1,060 1,850 4t73O 100 100 100 100 100 Totals for four countries D On o m G e e s r t m ic an account 1 4 6 , , 2 2 2 4 0 0 1 1 0 1 , , 6 4 1 6 0 0 1 1 1 6 , , 7 8 0 2 0 0 2 1 2 1 , , 8 8 5 8 0 0 5 5 0 5 , , 3 3 9 5 0 0 2 7 1 9 4 5 8 2 4 5 1 9 3 6 4 6 4 5 8 2 Totals 20,460 22,070 28,520 34,730 105,740 100 100 100 100 100 1 Budget expenditure on domestic account, plus the payment of occupation costs and the financing of the clearin^ the 2 For France, Belgium and Holland the financial year ends on 31st December and thus corresponds to the calendar year; ic financial-year ends on 31st March and the figures cover the twelve months up to the end of March of the years following those given of the table. FEDERAL RESERVE BULLETIN 9OO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS through the clearings. In France, this extra- following table (all figures being converted ordinary outlay was specified in the Treasury's into Reichsmarks at the official rates, for constatements as "expenditure in connection with venience of presentation). the armistice"; but in other countries the po- Whatever differences in fiscal and financial sition has been less clearly presented. A techniques may be found in individual countries, measure of the amounts involved, however, unmistakable similarity prevails in one imporhas been obtainable largely through the central tant aspect: internal government debts have bank returns, which have been regularly everywhere grown far beyond standards known published. in the past, creating difficult problems of debt management for the years to come, in addition The payment of occupation costs and the to monetary repercussions of a more urgent advances for the financing of the clearing with character at the present time and in the imme- Germany must obviously be added to domestic diate future. The following table gives some budget expenditure in order to give a comfigures indicating the growth of internal governprehensive picture of the total outlay on official ment debts during the five years from March account (which is important inter alia from a 1939 to March 1944 converted, for convenience, monetary point of view). Thus some reinto U. S. dollars at conventional rates (£1 — arrangement of the published material has been $4 = RMio= Fries 200 = B.fcs 175 « Fl.io). undertaken in the interests of uniformity and in These rates may be taken to give a fairly realistic order to give as clear an insight as possible into picture on the basis of conditions existing during the situation. For four countries, France, this period but a final comparison of absolute Belgium, Holland and Denmark, adequate data amounts will, of course, be possible only when have been available and are set out in the exchanges have settled down after the war. GOVERNMENT INTERNAL DEBTS 1939-44: IN MILLIONS OF U. S. DOLLARS Totals outstanding Increase March 1939 to March 1944 Debt in Internal government debts End March 1939 End March 1944 Absolute P o e f r i c n e c n re ta a g se e m 19 u 44 lt i a p s l e a amount at long and of 1939 short term $ millions % % millions % $ millions % United States 43,540 97 137,660 74 94,120 67 3.2 short term 1,310 3 47,940 26 46,630 33 36.6 Total 44,850 100 185,600 100 140,750 100 4.1 United Kingdom 24,840 87 51,240 70 26,400 59 2.1 short term 3,680 13 21,980 30 18,300 41 6.0 Total 28,520 100 73,220 100 44,700 100 2.6 Germany 4,590 78 23,540 43 18,950 39 5.1 short term 1,330 22 31,270 57 29,940 61 23.5 Total 5,920 100 54,810 100 48,890 100 9.3 Japan 3,210 97 14,850 98 11,640 98 4.6 short term 100 3 380 2 280 2 3.8 Total 3,310 100 15,230 100 11,920 100 4.6' France 5,870 68 8,310 30 2,440 13 1.4 short (and middle) term 2,700 32 19,720 70 17,020 87 7.3 Total 8,570 100 28,030 100 19,460 100 3.3 Belgium 840 99 1,600 40 760 24 1.9 short term 10 1 2,450 60 2,420 76 245.0 Total 850 100 4,050 100 3,180 100 4,8 Holland 1,280 82 2,410 42 1,130 27 1.9 short term 290 18 3,350 58 3,060 73 11.6 Total 1,570 100 5,760 100 4,190 100 3.7 SEPTEMBEK 1945 901 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. Executive Order to Stabilize National Economy During Transition from War 1. The guiding policies of all departments and to Peace agencies of the Government concerned with the There is set forth below the text of an Execuproblems arising out of the transition from war tive Order of the President, No. 9599, dated to peace shall be: August 18, 1945, prescribing guiding policies for A. To assist in the maximum production of all Government departments and agencies congoods and services required to meet domestic cerned with problems arising out of the transiand foreign needs, (1) by assuring assistance in tion from war to peace, so as to promote a swift making available materials and supplies required and orderly transfer to a peacetime economy of for the production of such goods and services; free, independent private enterprise with full (1) by providing assistance to the conversion and employment and maximum production in indusutilization of war plants and facilities, both try and agriculture and to assure the general privately and publicly owned; and (3) by prostability of prices and costs and the maintenance viding effective job placement assistance to war of purchasing power. workers and returning service men and women. EXECUTIVE ORDER 9599 STABILIZATION STEPS B. To continue the stabilization of the econ- Providing for assistance to expanded production and omy as authorized and directed by the Emercontinued stabilization of the national economy gency Price Control Act of 1942., as amended, and during the transition from war to peace and for the the Stabilization Act of 1942., as amended, (1) orderly modification of wartime controls over prices, by using all powers conferred therein and all wages 1 materials and facilities other lawful means to prevent either inflation or By virtue of the authority vested in me by the deflation; and (2.) while so doing, by making Constitution and the statutes of the United whatever modifications in controls over prices, States, and particularly the War Mobilization wages, materials and facilities as are necessary and Reconversion Act of 1944, the First War for an orderly transition from war to peace; and Powers Act of 1941, the Second War Powers Act C. To move as rapidly as possible without of 194Z, as amended, and the Stabilization Act of endangering the stability of the economy toward 1941, as amended, and for the purpose of fully the removal of price, wage, production and other mobilizing the resources of the Government in controls and toward the restoration of collective this final stage of the war emergency, in order to bargaining and the free market. promote a swift and orderly transition to a peace- 2.. The departments and agencies of the Govtime economy of free, independent private enterernment shall take vigorous, concerted and uniprise with full employment and maximum form action toward these ends and pursuant to production in industry and agriculture and to this order, under the guidance -and direction of assure the general stability of prices and costs the Director of War Mobilization and Reconand the maintenance of purchasing power which are indispensable to the shift of business enter- version. prises from wartime to peacetime production II and of individuals from wartime to peacetime During the transition to a free economy, the employment, it is hereby ordered as follows: Secretary of Agriculture, the Federal Loan 901 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrator and the Director of Economic of the employes involved or, if there is no such Stabilization shall not only take all measures representative, by voluntary action, make wage required by law to support prices but shall take or salary increases without the necessity of obsuch further measures authorized by law as may taining approval therefor, upon the condition be necessary to prevent any collapse of values or that such increases will not be used in whole or discouragement of the full and effective use of in part as the basis for seeking an increase in productive resources. price ceilings, or for resisting otherwise justifiable reductions in price ceilings, or, in the case Ill of products or services being furnished under The Price Administrator and, in the exercise contract with a Federal procurement agency, of his price responsibilities under the law, the will not increase the costs to the United States. Secretary of Agriculture, shall, subject to such 7.. In addition to the authority to approve directives provided for by law as may be issued increases to correct gross inequities and for other by the Economic Stabilization Director, take specified purposes, conferred by Section 1 of Title all necessary steps to assure that the cost of II of Executive Order 9150, the National War living and the general level of prices shall not Labor Board or other designated agency is rise. Subject to such authority, the Price Adhereby authorized to approve, without regard to ministrator and, in the exercise of his price the limitations contained in any other orders or responsibilities under the law, the Secretary of directives, such increases as may be necessary to Agriculture, are authorized to make such adjustcorrect maladjustments or inequities which ments in existing price controls as are necessary would interfere with the effective transition to a to remove gross inequities or to correct malpeacetime economy; provided, however, that in adjustments or inequities which would interfere dispute cases this additional authority shall not with the effective transition to a peacetime be used to direct increases to be effective as of a economy. In order that any price increases date prior to the date of this order. found necessary for these purposes will not result Where the National War Labor Board or other in an increase in the cost of living or in the designated agency, or the Price Administrator, general level of prices, the Price Administrator shall have reason to believe that a proposed and the Secretary of Agriculture respectively wage or salary increase will require a change in shall (i) so far as is reasonable, practicable and the price ceiling of the commodity or services necessary for this purpose, see that such price increases do not cause price increases at later involved, such proposed increase, if approved levels of production or distribution, and (2.) im- by the National War Labor Board or such other prove and tighten price controls in those fields designated agency under the authority of this which are important in relation to production section, shall become effective only if also apcosts or the cost of living in which in their proved by the Director of Economic Stabilizajudgment the controls have heretofore been tion. insufficiently effective. 3. Officials charged with the settlement of labor disputes in accordance with the terms of IV Executive Order 9017 and Section 7 of the War Labor Disputes Act shall consider that labor 1. The National War Labor Board, and such disputes which would interrupt work contributother agencies as may be designated by the Diing to the production of military supplies or rector of Economic Stabilization with the apinterfere with effective transition to a peacetime proval of the Director of War Mobilization and economy are disputes which interrupt work Reconversion, are authorized to provide that employers may, through collective bargaining contributing to the effective prosecution of the with duly certified or recognized representatives war. 903 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT V unbalanced distribution which would curtail total production; grant priority assistance to The War Production Board shall move as break bottlenecks which would impede the rapidly as feasible without endangering orderly reconversion process; facilitate the fulfillment of reconversion and the stabilization of the econrelief and other essential export programs, and omy to free business from its controls. During allocate scarce materials or facilities necessary the transition it shall use all of its authorized for the production of low-priced items essential powers to expand the production of materials to the continued success of the stabilization which are in short supply; limit the manufacture program. of products for which materials or facilities are HARRY S. TRUMAN insufficient* control the accumulation of inven- THE WHITE HOUSE tories so as to avoid speculative hoarding and August i CURRENT EVENTS Resignation of Mr. Preston as First Vice President of during the period July 16, 1945, to August 15, the Federal Reserve Bank of Chicago. 1945, inclusive: Mr. H. P. Preston who had served as an officer of the Federal Reserve Bank of Chicago since Arkansas March 2.1, 1933, and as the First Vice President Lewisville—Peoples Bank & Loan Company since March 1, 1936, resigned effective August 31, 1945, in order to accept the presidency of the Illinois Hamilton National Bank of Knoxville, Ten- Mafcon—Mazon State Bank nessee. Flection of Class A Director Indiana On September 5, 1945, Mr. Clarence E. Hill, Cynthiana—The Cynthiana State Bank Chairman of the Board, Northwestern National Bank of Minneapolis, Minneapolis, Minnesota, Oklahoma was elected a Class A Director of the Federal Reserve Bank of Minneapolis to fill the unex- Claremore—Rogers County Bank pired portion of the term, ending December 31, Oregon 1946. Mr. Hill succeeds Mr. Shirley S. Ford, deceased. Freewater—Bank of Commerce The Federal Reserve in World War II Pennsylvania In recent issues of the Burroughs Clearing House Indiana—Farmers Bank & Trust Company of there appeared two articles, entitled "The Federal Reserve in World War II," by Mr. M. S. Indiana, Pa. . Szymczak, a Member of the Board of Governors The Savings & Trust Company ot of the Federal Reserve System. Reprints of the Indiana articles in limited number are available for dis- Midland—Midland Bank tribution upon receipt of requests addressed to Tennessee the Board of Governors of the Federal Reserve System, Washington Z5, D. C. Ripley—Bank of Ripley Sharon—The Bank of Sharon Admissions of State Banks to Membership in the Federal Reserve System West Virginia The following State banks were admitted to membership in the Federal Reserve System Princeton—Princeton Bank & Trust Company 904 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled August 2), and released for publication August 25. Figures shown on charts may differ from preliminary figures used in text. Industrial activity declined further in July and Cotton consumption was 14 percent below the the early part of August and was sharply cur- preceding month and was 11 per cent below last tailed in the latter part of the month as July. Activity in the meatpacking, canning, munitions cutbacks were greatly accelerated. and baking industries, after allowance for sea- Retail trade was maintained in July and early sonal changes, was down somewhat from June. August at a high level for this season of the year. Production of alcoholic beverages rose sharply as distilleries were released from industrial alco- INDUSTRIAL PRODUCTION hol production. Activity in chemical, rubber, Industrial production in July, the last full and other nondurable goods industries declined month of high level production for war, was 2.12. slightly. per cent of the 1935-39 average, according to the Coal production declined about 5 per cent in Board's seasonally adjusted index, as compared July and the first part of August from the June with no in June. Following the surrender of rate, while output of crude petroleum continued Japan most munitions contracts were cancelled, to increase and was in record volume. and as a result it is expected that munitions out- Contracts awarded for private construction put and industrial production will show much continued to rise sharply in July and were more larger declines in August. than three times the low level prevailing last Production of aircraft declined about 20 per summer, according to F. W. Dodge Corporation cent in July and operations at shipyards and in data. Contracts for privately-owned nonrcsiother munitions industries were reduced condential building showed the largest increase. siderably from the June rate. Steel production On August 2.1, all restrictions over the construcin July and the early part of August was about tion of industrial plants were removed. 5 per cent below the June level. In the week following Japan's surrender activity at steel DISTRIBUTION mills decreased sharply to a rate of 70 per cent of Department store sales declined much less than capacity. Production of nonferrous metals con- is usual from June to July, and the Board's seatinued to decline in July, while output of lumber sonally adjusted index rose from zoi to 2.18 per and stone, clay, and glass products was main- cent of the 1935-39 average. Sales in July were tained. 15 per cent larger than in the corresponding Production of most nondurable goods declined period last year. During the first two weeks of somewhat in July, but as a group, output of August sales were about 20 per cent larger than a these products was slightly above a year ago. year ago. INDUSTRIAL PRODUCTION Carloadings of most classes of railroad freight £60 PHYSICAL VOLUME SEASONALLY ADJUSTED, l»l$-39« 100 _ -260 declined somewhat in July and the early part of - August and were below the volume shipped 240 - /r Y 240 during the same period last year. Shipments of £20 220 - / - l.c.l. merchandise, however, were at about the £00 / £00 same rate as prevailed during the same period last year. - / /I COMMODITY PRICES y Wholesale commodity prices generally showed Ir v little change from the early part of July to the 100 early part of August. Following the announce- •v— • \ eo ment of peace negotiations prices of cotton and 1937 1938 1939 1940 1941 I94Z 1943 1944 1945 •" grains declined somewhat—especially contracts Federal Reserve index. Monthly figures, latest shown is for July. 905 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS for delivery next year—while prices of most in late July and August. On balance, the total other basic commodities continued unchanged. portfolio of Government securities declined by Retail prices advanced somewhat further in 350 million dollars. Holdings of other securi- June. Food prices rose 2. per cent and retail ties showed a small increase over the six-week prices of clothing, housefurnishings, and mis- period. cellaneous items continued to show slight ad- Following the close of the Seventh Drive, vances. deposits of businesses and individuals began to increase again as Treasury expenditures trans- AGRICULTURE ferred funds from war loan to private accounts. Crop prospects improved during July and, The average level of required* reserves acaccording to indications on August i, total outcordingly rose by about 500 million dollars beput this year will be only slightly smaller than tween the drive-end low point and mid-August. the record volumes of 19^ and 1944. Of the Reserve balances increased by about 300 million major crops only production of cotton, corn, dollars and excess reserves dropped by about 100 and apples is expected to be less than a year ago. million to around 1.2. billion outstanding; this Marketings this summer of most livestock prodwas still somewhat above the generally prevailucts except hogs have been about as large as, or ing in terdrive level of slightly less than a billion larger than, the high levels of recent summers. dollars. BANK CREDIT Member bank borrowing from the Federal Loans and investments at reporting banks in Reserve Banks, which had declined to a 101 leading cities declined by i.z billion dollars minimum by the close of the Seventh Drive, inbetween the close of the Seventh War Loan and creased by ^75 million dollars in the subsequent mid-August. Reflecting repayments on ad- six-week period ended August 15. Reserve vances made during the drive, loans for purchas- funds were also supplied to member banks ing or carrying Government securities declined through an increase of 12.5 million dollars in by a billion dollars. Loans both to brokers and Government security holdings at the Reserve dealers and to other bank customers decreased by Banks, as well as by temporary fluctuations in approximately 500 million dollars each, com- other Federal Reserve Bank credit and in Treaspared to drive and immediate pre-drive increases ury deposits at the Reserve Banks. Only parof 1.1 billion and 1.8 billion dollars respectively. tially offsetting increases in such funds were a While bank holdings of Treasury bonds con- currency outflow of 520 million dollars and a tinued their steady week-to-week increase, small decline in gold stock. The currency outholdings of bills and certificates, which had in- flow during July, 360 million dollars, was the creased during the drive, began to decline again largest in the past few months; early August increases were also substantial. WHOLESALE PRICES 1926-100 MEMBER BANK RESERVES AND RELATED ITEMS ILLIONS OF DOLLARS —" 32. V 1939 <"" I TREASURY DEPOSITS J Z Bureau of Labor Statistics' indexes. Weekly figures. latest shown are 1939 1940 1941 1942 1943 1944 i945 for week ending Aug. 25. Wednesday figures, latest shown are for Aug. 22. 906 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAOI Member bank reserves, Reserve Bank credit, and related items 909 Federal Reserve Bank discount rates; rates on industrial loans; guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements 910-911 Federal Reserve Bank statistics 911-915 Guaranteed war production loans 915 Deposits and reserves of member banks 915-916 Money in circulation 917-918 Gold stock; bank debits and deposit turnover 918 Deposits and currency; Postal Savings System; bank suspensions 919 All banks in the United States, by classes 910-911 All insured commercial banks in the United States, by classes 911-913 Weekly reporting member banks 914-917 Commercial paper, bankers' acceptances, and brokers' balances 918 Money rates and bond yields 919 Security prices and new issues 93°~93I Corporate earnings and dividends 932. Treasury finance 933~935 Government corporations and credit agencies 936 Business indexes 937~94^ Department store statistics 947-949 Consumer credit statistics 95O-95I Wholesale prices 951 August crop report, by Federal Reserve districts 953 Current statistics for Federal Reserve chart book 954-955 Changes in number of banking offices in the United States 956 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System arc derived from regular reports made to the Board; index numbers of production are compiled bv 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 oriccs and other scries on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Mtmtarj Statistic*; back figures for most other tables may be obtained from earlier Bums-run. SEPTEMBER 1945 9°7 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 •*"V. JvjAv TREASURY CASH AND DEPOSITS 1933 1939 1940 1941 1942 1943 1944 1933 1939 1940 1941 1942 1943 1944 1945 Wednesday figures, latest shown are for Aug. 25. See p. 909. 908 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [ In millions of dollars ] Reserve Bank credit outstanding Member bank reserve Date c v o D a a a u n n i d c s n d - - e t s s T U o . ta S l . s e G c o u a r v n i e t d r ie n s me o n A t t h l e l r ot Al he l r* Total s G to o c l k d T s r r t u c e o e a i n u n r a u n y c r g s t d - y - - - M i c n t o u io c n la i n e r - y - T c i h r u n a o e r g s l a y s h d s - - F u B T p r e s w y o r d a e R e i s n r e e t d a v i r h k - t e s a e s s - - l b p m N e o r e o s m d i n t e s - - - c O s F o e e R a t e u r r h c v e a d n - e - l e - t r s Tot b a a l lan E ce x s cess3 :ertificates Monthly averages of daily figures: 1944—May 160 13,716 1,102 2,614 387 14,264 21,343 4,097 21,822 2,325 318 1,922 355 12,962 868 June 155 14,920 2,279 2,641 420 15,495 21,214 4,104 22,296 2,334 347 1,953 364 13,518 1,081 July 35 14,745 .2,176 2,569 421 15,201 21,077 4,108 22,580 2,318 396 1,829 364 12,900 1,232 1945— J M u a n y e 5 63 9 3 0 2 2 1 0 , , 2 7 7 5 1 4 1 .8 8 , , 4 6 8 4 8 0 2 2, , 1 7 1 8 4 3 4 4 5 1 7 2 2 2 2 1 , , 3 7 1 9 8 9 2 2 0 0 , , 2 3 6 2 3 5 4 4 , , 1 1 4 3 5 6 2 2 6 6 , , 5 3 6 5 1 1 2 2 , , 3 36 0 1 2 3 4 6 0 8 5 1 1 , , 6 5 3 4 1 9 4 4 4 3 9 9 1 1 5 5 , , 4 1 1 5 5 6 1 1 , , 0 3 0 3 5 9 uly 163 21,593 .8,793 2,800 459 22,215 20,203 4,153 26,918 2,268 618 1,563 450 14,755 1,220 End of month figures: 1944—May 31 236 14,251 .1,613 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 .2,254 2,647 358 15,272 21,173 4,104 22,504 2,296 650 1,870 364 12,866 1,380 July 31 37 14,915 12,447 2,468 374 15,325 20,996 4,109 22,699 2,346 3SB 1,779 363 12,855 975 1945—May 31 875 20,954 8,824 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 July 31 302 21,717 18,906 2,811 340 22,359 20,152 4,199 27,108 2,258 586 1,516 449 14,794 J.O37 Wednesday figures'. Oct. 4.... 33 16,660 14,350 2,3U 406 17,099 20,824 4,113 23,881 2,372 347 1,612 391 13,433 888 Oct. 11.... 148 17,016 [4,699 2,317 339 17,503 20,725 4,113 24,099 2,366 211 1,568 390 13,708 989 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.... S93 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 1.164 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 ;6,12O 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 ;5,880 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 [5,880 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 .6,272 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 6,340 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 ;6,465 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 •6,534 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 28S 1,586 415 14,208 899 Mar. 14.... 255 19,576 17,378 2,19S 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.S36 2,360 96 1,447 427 14,579 1,067 Mar. 28.... 218 19,516 ,7,326 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 M M a a y y 1 9 6 . . . . . . . . 4 5 8 5 7 2 2 2 0 0 , , 7 6 2 6 0 8 1 1 8 8 , , 6 5 1 5 7 5 2 2, f1 1 0 13 3 3 4 1 3 8 2 2 2 1 1 , , 5 5 8 8 9 7 2 20 0 , , 3 3 5 5 1 2 4 4 , ,1 1 3 3 7 2 2 2 6 6 , , 3 3 1 7 2 2 2 2 , , 3 3 8 7 4 6 4 1 4 0 7 2 1 1, , 5 4 4 6 1 3 4 4 3 3 9 8 1 1 5 5 , , 0 2 2 4 9 6 1, 9 0 6 4 1 5 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 1,048 July 25.... 229 21,570 18,871 2,799 331 22,129 20,212 4,144 26,926 2,279 594 1,539 450 14,699 994 Aug. 1.... 399 21,877 19,066 2,811 22,564 20,152 4,198 27,130 2,260 678 1,532 454 14,861 1,063 Aug. 8.... 353 21,910 19,099 2,811 342 22,606 20,151 4,197 27,269 2,269 538 1,588 457 14,833 1,066 Aug. 15.... 312 21,869 19,058 2,811 601 22,782 20,130 4,198 27,351 2,257 398 1,643 458 15,004 1,132 Aug. 22.... 400 22,296 19,466 2,829 447 23,142 20,088 4,201 27,506 2,248 671 1,557 458 14,992 *l047 ** Preliminary. * Includes industrial loans and acceptances purchased shown separately in subsequent tables. * End of month and Wednesday figures are estimates. . . .... Back figures.-Stt Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. 9°9 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [ID effect August 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 Advances secured by Government obligations secured by direct obligations of the U. S. Government obliga- maturing or callable (last par. Sec. 13) Federal Reserve Bank tions maturing or beyond one year and Other secured advances callable in one year discounts of and [Sec. 10(b)] or less (Sec, 13) advances secured by eligible paper (Sees. 13 and 13a)1 To nonmember banks To others Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective N Bo ew st on York.... 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 O c c t t . . 3 2 0 7 , , 1 1 9 9 4 4 2 2 A Se u p g t . . 2 1 5 , , 1 19 9 3 3 9 9 f2 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 R C i le c v h e m la o n n d d;..., O O c c t t . . 2 28 7 , , 1 1 9 9 4 4 2 2 M Ap a r r . . 1 14 1 , , 1 1 9 9 4 4 2 2 O Se c p t. t. 2 1 8 2 , , 1 1 9 9 4 4 2 2 M Ap a r r . . 1 14 1 , , 1 1 9 9 4 4 2 2 V O O c c t t . . 2 2 8 7 , , 1 1 9 9 4 4 2 2 Atlanta... Oct. 15, 1942 Mar.-21, 1942 Oct. 15, 1942 Sept. 16, 1939 Oct. 15, 1942 Cnicagq....... 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 2 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: IS days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners'Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439^43. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS [Per cent per annum ] AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT* Maturity A R u a g te . o 3 n 1 In g i e n f n fe in c g t — be- Pre ra v t i e ous fin e M ff a ec tu t r A it u ie g s u s n t o 3 t 1 e . xc P e e e r d c i e n n g t f p iv e e r a y n e n ar u s m)! Treasury bills1 H Apr. 30, 1942 To industrial or Bankers' acceptances:2 commercial To financing institutions 1- 90 days Oct. 20, 1933 1 businesses 91-120 days Oct. 20, 1933 1 121-180 days 1 Oct. 20, 1933 IK On discounts 01 Federal Reserve purchases 1 Established rate at which Federal Reserve Banks stand ready to buy Bank u a if l p l o d T n e r s e i r r a e e s q d u u r e b y s y t b b t i h l e l e s fo o s re e ff l e l m e re r a d , t . w u r e i E r t e y f f , m e c w a ti d o v e u e l d o A n s u e c g l o . l n 3 b d , a i c t 1 i k 9 o 4 n 2 b , i t l h p ls u a t r o ch f t h as e li e k s R e e o s a f e m r s v o u e u c n h t B b a a i n n ll k d s , , lo O an n s^ co m m O e m n n t i s t- fo i P n r o s w t r i t h t i u o ic - n h ma R in e i - ng m O it n m c e o n m ts maturity at the same rate of discount. Since May IS, 1943, all purchases tion is portion ha 2 v e M b in ee im n u m m a d b e u s y u in b g je c r t a t t e o s r o e n p u p r r c i h m as e e b o a p n t k io e n r . s' acceptances. obligated Back figures.—Ste Banking and Monetary Statistics, Table 117, pp. 443-445 Boston New York Philadelphia... Cleveland Richmond GUARANTEE FEES AND MAXIMUM INTEREST AND COM- Atlanta MITMENT RATES CHARGEABLE UNDER REGULATION Chicago V ON LOANS GUARANTEED BY WAR DEPARTMENT, St. Louis.. NAVY DEPARTMENT, AND MARITIME COMMIS- Minneapolis SION UNDER EXECUTIVE ORDER NO. 9112 Kansas City... AND CONTRACT SETTLEMENT ACT Dallas E4 OF 1944 San Francisco., [Rates in effect August 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- Percentage of loan guaranteed centage of amount 2 S&SS^TdSirf borrower byf inancingi nstitution if lower. of interest payable 8 Charge of K per cent is made on ^dttbur^porUwi of toan. by borrower)1 Back figures-See Banking and Monetary Statistics,Table 118, pp. wrm. MAXIMUM RATES ON TIME DEPOSITS 8 8 5 0 or less 1 1 0 5 Maximum rates that may be paid by member banks; as. estabhshed by 90 20 the Board of Governors under provisions of Regulation y 95 , 30 [ Per cent per annum ] Over 95 50 N Ja o n v .3 . 1 1 , ,1 1 9 9 3 3 3 5 - F D e e b c . . 3 1 1 ,1 ,1 9 9 3 3 5 5 - Ja E n ff . e 1 c , t 1 iv 9 e 36 MAXXUUU RATES THAT MAY BE CHARGED BOMOWERS BY 38 FINANCING INSTITUTIONS Savings deposits [Per cent per annum } Postal savings deposits... Other deposits payable: 2H In 6 months or more.... Maximum rate of interest.... In 90 days to 6 months. 1 Maximum commitment rate. In less than 90 days NOTE.-Maximum rates that may be paid by insured f ^ the J Guarantee fee is charged only on guaranteed portion of loan. as established by the F. D. I. C., effective Feb. 1. " 2 Based on average daily unused balance of the maximum principal ssaammee aass tthhoossee iinn eeffffeecctt ffoorr mmeemmbbeerr bbaannkkss.. UWnd^er« ,R»eSflSatnioSne m i a n rim"* amount of the loan. The financing institution may, in the alternative, payabblle bby a membbe r bbkan k myay n noot t inin a any event execeeded tntne m m ch a a t r u g r e i t a y o fl f a t t h f e e e c o o m f m n i o tm t e to n t e . xceed $50, without regard to the amount or r th a e te la p w ay s a o b f l e th b e y S S ta ta te te in b a w nk h s ic h o r th t e ru m st em co b m er p a b n a i n es k o i n s lo to c at d e e d p . osits 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 ] Net demand deposits1 Time Nov. 1, Feb. 5, Effecdeposits Prescribed in accordance with Securities 1937- 1945- tive Period in effect C re e s n e t r r v a e l Re c s it e y rve Country me (a m ll ber Exchange Act of 1934 Fc 1 b 9 . 45 4, Ju 1 l 9 y 4 5 4, Ju 1 l 9 y 4 5 5, city banks banks banks) banks Regulation T: For extensions of credit by brokers and June 21, 1917-Aug. 15, 1936 13 10 k dealers on listed securities 40 50 75 Aug. 16, 1936-Feb. 28, 1937 19J4 15 10H For short sales 50 50 75 Mar. 1, 1937-Apr. 30. 1937 22H Regulation U: A M A N S O e u p o c a p t g r v y . t . . . . 2 1 1 1 0 1 6 3 4 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 3 3 4 2 1 2 7 8 2 - - - - - a A S A O O n e u p c c d p g r t t t . . . . a . 1 f 3 1 1 t 9 3 5 1 2 e , , , . , r 1 1 1 1 1 9 9 9 9 9 4 4 4 4 3 2 2 1 2 8 2 2 S 2 2 0 4 2 6 * & 2 2 2 0 0 0 1 1 1 1 1 2 4 4 4 4 6 5 6 6 6 6 a p r v e a e 1 F q s r l u e u o c R c e e r i e u r n g l e r ( t o 1 m u a i a t 0 g l y e n 0 a e n % s t t i b o o b s ) y " f n y a s i n p b t s T s d h r a e o n m t a s w k h c n a s n e r d r i k m o b U i n e i n a n t l x g s i t i t m v m h o a a i i c l u s t k u m m t s e t h a a e a b l x o t a l i a e m m n th u a o e r m v u e a n t l i t t u l m h o o e e a e . f n d c o r i f f v e f t d e a h r l it e u e n e t e , h c 4 x e a 0 t w t e b n h m e s i t a c i w o h y n e b e ; i 5 e n s t 0 h e t x a o h t o e ' s n 'm p m d e a e a c d 7 r r i f 5 f k i i o l e e n n d t ^Demand deposits subject to reserve requirements, i.e., demand de* Back fauns.—Sec Banking and Monetary Statistics, Table 145, p. 504. posits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars) Wednesday figures ' End of month Item 1945 1945 1944 Aug. 29 Aug. 22 Aug. 15 Aug. 8 Aug. I July 25 July 18 July 11 August July August Assets Gold certificates .7,239,315 7,245,315 7,292,315 7,311,110 7,320,610 7,366,615 7,366,610 7,363,915 7,237,314 7,320,615 18,304,367 Redemption fundforF.R.notes. 687,097 683,512 676,601 667,802 659,955 673,954 684,758 689,213 688,810 659,954 454.551 Total gold certificate reserves 17,926,41217,928,827 7,968,916 ,7,978,912 7,980,565 18,040,569 18,051,368 18,053,128 7,926,124 7,980,569 8,758,918 Other cash 220,293 210,377 215,219 212,503 229,587 208,099 206,216 202,184 221,255 229,792 209,408 Discounts and advances: For member banks _ 431,519 388,634 311,534 352,464 398,470 228,693 125,320 72,149 351,574 301,328 94,374 For nonmember banks, etc 10,720 10,700 700 700 730 730 730 730 10,720 730 975 Total discounts and advances 442,239 399,334 312,234 353,164 399,200 229,423 126,050 72,879 362,294 302,C58 95,349 Industrial loans 2,98! 3,24 3,131 3,154 3,089 2,948 3,325 3,254 " 3,154 3,094 10,205 Acceptances purchased. ....... 46 163 475 500 486 U. S. Government securities: Direct: Bills: Under repurchase option 4,997,741 5,103,518 4,875,257 4,927,940 4,938,989 4,734,232 4,823,752 4,716,434 5,094,632 4,803,559 4,582,622 Other 8,133,898 8,085,268 8,062,178 8,050,632 8,006,702 7,962,744 7,951,049 7,978,409 8,158,923 8,006,702 5,491,460 Certificates: Special Other 6,384,511 6,277,511 6,120,511 6,120,511 6,120,511 6,074,011 6,041,011 6,052,011 6,399,511 6,096,011 3,381,990 Notes 1,726,950 1,714,950 1,697,950 1,697,950 1,697,950 1,685,950 1,684,950 1,684,950 1,762,450 1,697,950 1,077,871 Bonds 1,114,442 1,114,442 1,112,642 1,112,642 1,112,642 1,112,642 1,112,642 1,112,642 1,114,442 1,112,642 1,269,426 Guaranteed 2,500 Total U. S. Government securities, including guaranteed securities. 22,357,54222,295,659 21,868. 538 211,909,67521,876,794 21,569,579 21,613,404 21,544,44622,529,958 21,716,864 5,805,889 Other Reserve Bank credit outstanding 259,761 443,534 598,128 339,468 284,113 326,502 427,071 407,664 311,541 336,699 289,402 Total Reserve Bank credit outstanding 529 23: 22,028,24, 23,206,94722,359,20: 16,200,845 Liabilities Federal Reserve notes 183 23, 1,107 23: 23,151,38: 23,864,496 23,313,87 19,735,001 Deposits: Member bank—reserve account 15,070,36:14,991,665 15,003,78314,832,650 14,860,576 14,698,795 14,659,998 14,570,406 15,010,534 14,793,63013,071,563 U. S. Treasurer—general account 397,47! 671,25' 398,19. 537,715 677,724 593,568 689,720 585,12! 551,61 585,S3t 381,464 Foreign 1,167,951 1,170,239 1,091,53 1,148,28" 1,103,996 1,128,569 1,194,048 1,243,35: 1,149.16€ 1,1O2,72< 1,401,168 Other deposits 409,52: 387,213 551,64. 439,28: 428,41 410,80r 358,45' 373,60. 427,99? 413,65: 351,825 Total deposits., 17,045,31017,220,374 17,045,154 16,957,934 17,070,712 16,831,739 16,902,22, 16,772,52' 17,139,31< 16,895,54; 15,206,020 Ratio of gold certificate reserve! to deposit and F.R. note liabilities combined (per cent). 43.' 43.8 44., 44. 44. 45. 45.1 45. 43. 44. 53.7 MATURITY DISTRIBUTION OF LOANS AND U- S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] August 29,1945 Total 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y 9 s 0 9 m 1 t o d o n a 6 t y h s s 6 m 1 t y o o e n a th r s 2 l y y t e e o a ar rs 5 2 y y t e e o a a r r s s 5 O y v e e a r rs 442,239 389,814 19,100 12,800 20,525 2,987 2,005 8 4 27 686 55 104 98 U. S. Government securities 22,357,542 3,934,987 2,170,627 4,956,010 4,099,965 1,791,150 3,876,011 273,800 507,652 747,340 911 SEPTEMBER 1945 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 ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Balks F S r a a n ncisco Assets Gold certificates: A Ju u ly g. 2 1 5 1 1 7 7 , , 3 36 2 6 0 , , 6 6 1 1 5 0 7 7 4 3 9 8 , , 0 5 7 6 4 0 5 5 , ,3 4 5 0 0 8 , , 3 3 5 2 3 5 8 7 1 8 9 2 , , 5 2 5 9 5 5 , , 0 1 9 0 8 3 , , 9 0 8 2 5 6 7 7 5 7 4 3 , , 4 4 9 7 1 3 9 9 0 24 5 , , 4 2 5 9 0 2 3 3 !i, , 4 3 4 5 3 8 , , 9 9 9 9 3 9 5 5 2 1 2 6 , ,2 3 4 1 9 0 2 2 9 92 1 , , 2 7 2 6 9 0 53 9 4, t0 7 $ 82 $ 4 4 2 2 9 4 , , 4 90 0 6 4 , 4 43 9 0 5 , , 0 6 2 3 6 3 Aug. 8 .'.... 17,311,110 753,099 5,329,021 786,168 ,110,957 765,600 935,56431,382,539 529,813 299,781 546,428 437,178 434,963 Aug. 15 17,292,315 728,390 5,284,47' 781,629 ,064,450 794,217 965,775'3,324,888 535,836 294,885 577,948 451,965 ,487,853 Aug. 22 17,245,315 766,382 5,168,275 804,714 ,109,400 780,309 943,2913., 393,830 523,726 294,034 549,684 434,804 ,476,866 Redemption fund for F. R. Notes: 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 Aug. 1 659,955 45,657 94,985 55t5i5 72,512 55,861 40,253 96,129 38,551 17,795 31,744 24,675 86,248 Aug. 8 667,802 45,573 94,656 55,413 72,897 57,298 40,142 101,007 38,512 17,778 33,714 24,646 86,166 Aug. 15 676,601 45,574 94,656 55,913 72,897 57,298 40,142, 104,007 43,511 18,078 33,713 24,646 86,166 Aug. 22 683,512 45,571 94,638 55,912 72,896 59,290 40,140 109,007 43,511 18,078 33,713 24,645 86,111 Total gold certificate reserves: July 25.... 18,040,569 784,217 5,460,337!837,340 1,171,497 829,334 9451,,545 3:,, 540,122560,861 309,055 570,779 449,581 ,581,901 Aug. 1 17,980,565 794,731 5,503,310 875,100 1,175,538 810,352 964,,703 3,,455,128 554,800 310,024 566,526 454,079 ,516,274 Aug. 8 17,978,912 798,672 5,423,676 841,581 1,183,854 822,898 9751,,706 3,,483,546 568,325 317,559 580,142 461,824 ,521,129 Aug. 15.. 17,968,916 773,964 5,379,135 837,542 1,137,347 851,515 1,005,91713,,428,895 579,347 312,963 611,661 476,611 ,574,019 Aug. 22 17,928,827 811,953 5,262,913 860,626 1,182,296 839,599 983,4313,502,837 567,237 312,112 583,397 459,449 ,562,977 Other cash: 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 Aug. 1 229,587 17,197 62,160 16,714 20,978 11,894 16,851 24,511 9,553 4,408 12,434 8,821 24,066 Aug. 8 212,503 16,017 57,480 15,130 19,583 10,008 15,057 23,416 8,838 4,221 11,171 8,862 22,720 Aug. 15 215,219 15,333 54,445 14,893 18,288) 12,914 17,484 23,739 8,916 4,395 11,734 8,961 24,117 Aug. 22 210,377 15,725 50,930 15,463 19,116 10,871 16,080 22,727 8,922 4,908 11,270 9,088 25,277 Discounts & advances: Secured by U. S. Govt. securities: July 25 229,423 11,600 151,57< 3,380 335 7,586 1,900 26,593 7,930 650 8,500 875 8,500 Aug. 1 399,200 12,765 242,114 14,150 330 11,936 8,900 74,150 11,530 1,300 13,150 875 8,000 Aug. 8 353,164 15,775 174,625 10,620 9,080 9,777 5,850 96,400 9,650 4,700 11,650 75 4,962 Aug. 15 312,234 6,725 157,075 3,195 28,330 16,527 6,150 65,300 8,650 950 10,650 8,682 Aug. 22 389,334 15,700 195,265 10,835 3,675 20,277 6,100 92,400 10,400 8,100 7,650 18,932 Other: July 25 Aug. 1 ; Aug. 8 Aug. 15 Aug. 22 10,000 10,000 Industrial loans: July 25 2,948 126 2,047 300 375 Aug. 1 3,089 126 2,215 300 350 Aug. 8 3,154 126] 2,230 300 350 A A Au u g g . . 2 1 2 5 3 3 , ,2 1 4 31 7 1 12 2 3 6 2 2 , , 2 4 2 1 1 3 3 3 0 0 0 0 3 3 0 5 0 0 Acceptances purchased: July 25 500 500 Aug. 1 475 475 Aug. 8.. 163 163 Aug. 15 46 46! Aug. 22 U. S. Govt. securities: Bills: Under repurchase option: A A A J A u u u u u l g g g y g . . . . 2 2 1 2 8 5 5 1 5 4 4 4 4 , , , , , 8 1 9 9 7 7 0 2 3 3 5 3 7 8 4 , , , , , 2 9 9 5 2 5 8 4 1 3 7 9 0 2 8 1 1 1 1 3 9 2 2 2 9 1 5 1 9 , , , , , 2 4 1 4 0 3 5 3 0 3 3 1 8 3 8 3 2 2 2 2 , , , , , 9 1 9 9 9 9 6 4 8 6 2 4 2 9 8 , , , , , 3 3 1 1 5 0 7 6 1 7 4 8 8 3 8 , f 2 2 2 2 2 3 1 0 3 0 2 5 7 9 9 , , , , , 7 1 9 7 4 3 5 4 0 2 1 5 1 5 0 1 1 1 1 9 1 2 2 1 6 6 9 0 8 , , , , , 5 8 3 7 1 1 2 6 7 1 0 5 5 5 0 6 5 3 5 5 3 4 5 6 6 , , , , , 5 5 7 8 5 2 8 2 9 4 7 7 8 8 8 3 2 1 1 1 0 0 6 3 9 , , , , , 0 8 5 7 1 0 0 0 0 0 0 0 0 0 0 9 8 8 8 8 0 7 2 6 7 6 7 5 7 0 , , , , , 8 8 3 6 8 1 2 4 5 6 5 5 4 4 0 1 1 1 1 1 2 0 1 0 1 8 7 4 7 8 . , , , , 6 6 9 1 6 3 4 9 1 2 1 5 3 7 0 4 5 5 7 4 6 4 5 3 4 , , , , , 2 2 9 6 3 0 0 5 7 7 5 5 5 0 0 4 4 3 2 3 9 8 4 5 9 , , , , , 0 4 4 0 1 5 9 0 8 9 7 1 9 5 0 1 ! 3 3 3 2 3 7 7 0 8 0 , , , , , 4 8 5 7 8 4 9 6 7 4 7 3 7 0 0 2 2 2 2 2 7 8 4 2 6 7 5 6 2 8 , , , , , 9 5 9 6 5 5 1 2 1 5 3 3 0 0 3 Ot A A A A J h u u u e u u l r g g g g y . . . . b 2 2 1 i 2 8 1 5 l 5 ls: 8 8 8 8 7 , , , , , 0 0 0 0 9 8 6 5 0 6 5 2 0 6 2 , , , , , 2 7 6 1 7 0 6 3 7 4 2 8 2 8 4 7 6 7 7 7 1 7 1 0 5 7 9 6 9 0 , , , , , 8 7 6 8 8 5 3 3 4 5 1 7 2 4 5 6 6 6 6 6 9 6 7 9 4 7 3 2 1 5 , , , , , 5 1 4 9 2 9 7 8 9 0 0 4 8 9 6 ] , , , , , 1 2 1 1 2 9 0 9 9 1 2 9 8 3 5 , , , , , 3 7 9 0 7 4 6 0 3 2 1 7 7 0 0 8 8 8 8 8 2 3 2 2 2 8 1 9 1 4 , , , , , 5 4 5 2 8 4 2 0 3 8 1 1 1 3 8 6 6 6 6 6 1 2 2 2 2 4 8 6 1 4 , , , , , 8 1 1 0 4 6 1 8 4 2 3 2 2 0 4 ' 1 1 1 1 1 , , , , , 0 0 0 0 0 4 2 4 2 6 4 4 6 2 2 , , , , , 4 1 3 5 4 7 5 8 2 6 5 9 7 7 8 4 4 4 4 4 4 7 5 5 6 9 1 3 2 8 , , , , , 7 4 6 9 1 8 7 8 7 6 1 8 9 2 4 2 2 2 2 2 9 8 8 9 6 6 7 7 5 5 , , , , , 0 4 6 9 0 4 8 8 2 6 7 7 8 4 2 5 5 6 5 5 0 9 9 8 8 4 4 5 4 5 , , , , , 8 4 4 4 2 1 5 3 0 9 1 9 7 3 4 4 4 4 4 4 2 4 4 5 4 8 7 8 9 11 , , , , ,, 5 3 5 2 -5 1 1 " 5 0 6 6 2 5 4 4 i 1 1 1. 1 1 . . ,, , , 1 0 1 2 1 7 7 6 4 8 8 9 1 3 0 , , , , , 9 8 5 4 4 6 5 9 1 8 3 0 7 6 9 I Ce A A J A A r u t u u u u i l g y f g g g i . . . . c 2 2 1 a 2 8 1 5 5 tes: 6 6 6 6 6 , , , , , 0 2 1 1 1 7 7 2 2 2 4 0 0 7 0 , , , , , 5 5 0 5 5 1 1 1 1 1 1 1 1 1 1 4 4 4 4 4 2 4 3 3 3 6 1 0 0 0 , , , , , 7 4 1 1 1 7 4 3 3 3 5 3 4 4 4 1 1 1 1 1 , , , , , 5 5 5 5 5 2 0 5 2 2 8 0 8 0 0 , , , , , 3 1 8 1 1 1 5 7 5 5 7 0 4 0 0 4 4 4 4 4 7 5 6 6 6 5 9 2 2 2 , , , , , 0 9 9 4 9 4 8 8 0 8 7 3 3 3 3 5 5 5 5 5 9 8 8 8 7 9 4 4 4 9 , , , , , 3 3 3 9 6 0 0 0 8 3 4 4 4 1 6 3 3 3 3 3 8 8 9 8 8 4 4 4 1 4 , , , , , 5 5 5 4 6 3 3 3 2 0 5 5 5 5 2 3 3 3 3 3 3 2 2 2 2 5 7 7 4 7 , , , , , 4 3 3 9 3 3 3 6 3 3 4 4 6 6 4 8 7 7 7 7 1 9 9 9 9 5 6 6 0 6 , , , , , 9 0 1 0 0 1 6 3 3 3 7 6 8 8 8 3 3 3 3 3 0 0 1 0 0 6 9 6 9 9 , , , , , 9 1 6 1 1 4 5 5 7 5 3 4 4 6 4 1 1 1 1 1 6 6 6 6 6 1 2 2 2 7 , , , , , 6 9 9 9 4 7 4 7 7 0 1 9 1 1 7 2 2 2 2 2 8 8 8 8 9 2 2 0 2 0 , , , , , 7 7 7 2 4 0 0 0 7 4 2 2 2 6 s| 2 2 2 2 2 6 7 6 6 6 1 0 3 3 3 , , , , , 3 2 0 2 2 9 1 0 9 9 4 0 4 4 4 5 5 5 5 6 9 9 9 9 1 2 6 6 6 2 , , , , , 9 2 9 9 5 1 6 1 1 5 2 9 2 2 2 ' N A o A A J A u t u u u u e l g g g g y s . . . . : 2 2 1 8 5 1 5 2..... 1 1 1 1 1 , , , , , 6 7 6 6 6 8 9 1 9 9 5 7 4 7 7 , , , , , 9 9 9 9 9 5 5 5 5 5 0 0 0 0 0 1 1 1 1 1 1 1 1 1 2 9 9 8 9 0 , , , , , 3 3 3 5 4 2 2 2 9 5 7 7 7 7 8 ] 4 4 4 4 4 1 2 2 2 2 8 1 1 1 5 , , , , , 8 7 7 7 7 1 2 2 2 1 5 0 0 0 6 1 1 1 1 1 2 2 2 2 2 7 9 8 8 8 , , , , , 5 7 4 4 4 1 7 4 4 4 5 9 0 0 0 1 1 1 1 1 6 6 6 6 6 0 2 2 3 2 , , , , , 8 0 0 0 9 8 9 9 9 1 7 6 6 6 0 1 1 1 1 1 0 0 0 0 0 6 5 6 7 6 , , , , , 6 9 6 6 7 7 2 7 7 5 7 2 7 7 4 ! 9 9 9 9 9 0 0 0 0 1 , , , , , 1 8 6 8 8 9 4 1 1 1 2 5 0 0 0 2 2 2 2 2 1 2 2 2 2 9 0 2 0 0 , , , , , 3 8 8 8 9 2 3 3 3 0 5 5 5 5 1 8 8 8 8 8 5 6 5 5 5 , , , , , 7 5 7 1 7 6 6 1 6 9 7 7 2 7 8 4 4 4 4 4 5 4 5 5 5 , , , , , 2 2 2 8 7 1 1 1 6 3 1 1 1 8 2 7 7 7 7 7 7 8 8 8 9 , , , , , 8 4 4 4 2 4 2 2 2 9 4 7 7 7 9 7 7 7 7 7 2 3 3 3 3 , , , , , 0 5 7 0 0 6 4 4 4 3 2 4 4 4 1 1 1 1 1 1 6 6 6 6 6 4 5 5 7 5 , , , , , 3 5 5 3 5 9 9 9 4 9 5 6 6 3 6 Bo A A J A A n u u u u u d l g g y g g s . . . : . 2 2 1 2 8 5 1 5 1 1 1 1 1 , , , , , 1 1 1 1 1 1 1 1 1 1 4 2 2 2 2 , , , , , 6 4 6 6 6 4 4 4 4 4 2 2 2 2 2 7 7 7 7 7 8 8 8 8 8 , , , , , 1 1 3 1 1 7 9 9 6 9 6 3 3 9 3 2 2 2 2 2 7 7 7 7 7 6 6 6 6 6 , , , , , 3 3 3 3 6 4 4 9 4 4 7 7 7 7 7 8 8 8 8 8 4 4 4 4 4 , , , , , 1 3 1 1 1 6 3 6 6 5 5 5 5 5 3 1 1 1 1 1 0 0 0 0 0 6 6 6 6 6 , , , , , 1 5 2 2 2 1 7 1 1 1 9 7 5 9 9 6 6 6 6 7 9 9 9 9 0 , , , , , 9 9 9 9 0 0 0 2 0 0 3 4 3 4 4 5 5 5 5 5 9 9 9 9 9 , , , , , 5 5 5 5 5 5 2 0 0 0 5 2 6 6 6 1 1 1 1 1 4 4 4 4 4 4 4 4 4 4 , , , , , 8 7 7 7 7 4 4 1 1 1 9 4 0 0 0 5 5 5 5 5 6 6 6 6 6 , , , , , 2 2 2 2 2 0 1 0 0 2 2 9 2 2 6 2 2 2 2 2 9 9 9 9 9 , , , , , 6 6 6 6 7 1 2 2 2 1 1 6 6 6 9 5 5 5 5 5 1 1 1 1 1 , , , , , 3 3 5 3 3 9 9 3 9 7 2 2 2 2 3 ' 4 4 4 4 4 7 7 7 7 7 , , , 8 8 9 8 8 6 6 6 3 6 5 7 5 3 5 , 1 1 1 1 1 1 0 0 0 0 0 8 8 8 8 8 , , , , , 5 4 5 7 5 1 9 1 4 1 3 3 3 6 3 Total U. S. Govt. se A J A A A c u u u u u u g g l r g g . . i y . . t i e 2 1 2 8 s 1 2 5 5 : ..^ 2 2 2 2 2 1 2 1 1 1 , , , , , 9 2 5 8 8 0 9 6 6 7 9 5 9 8 6 , , , , , 6 6 5 5 7 7 8 7 3 9 5 9 9 8 4 , , , , , 4 4 4 4 4 7 6 6 5 6 0 5 5 9 6 , , , , , 6 7 7 3 4 2 1 8 4 8 9 5 9 3 6 15 5 5 5 5 , , , , , 2 4 1 1 2 1 2 8 4 0 0 2 6 8 7 , , , , , 5 7 8 3 3 9 9 4 9 3 5 5 8 0 0 , , , , ,5 5 5 5 5 8 5 5 8 7 4 7 8 3 8 , , , , , 3 9 4 4 1 8 4 0 9 8 0 9 2 2 2 !2, , , , , 1 1 1 1 1 7 7 7 6 7 9 4 4 2 4 , , , , , 1 8 8 6 9 1 0 1 3 4 4 6 1 6 6 1 1 1 1 1» , , , , 4 4 4 4 4 1 4 4 4 6 2 5 6 4 7 , , , , , 4 9 2 1 1 0 0 5 0 8 2 8 0 4 5 1 1 1 1 1 , , , , , 1 1 1 1 1 2 2 1 1 2 0 8 3 9 6 1 , 1 1 , , , , . , 0 7 , 5 7 8 1 9 9 6 3 3 0 0 2 2 3 3 3 3 3 S 1 1 1 [ ; , , , , , , , , . 1 0 0 0 0 5 6 7 7 0 2 1 3 8 3 , , , , , 9 9 9 6 7 1 3 2 6 1 8 8 4 6 9 1 1 1 1 11 , , , , , 0 0 0 0 0 3 3 2 1 2 3 2 8 2 7 , , , , , 9 2 1 4 4 3 1 8 4 6 2 2 1 3 5 5 5 5 5 5 7 8 8 7 8 6 0 9 0 1 , , , , 9 ~ 5 8 5 1 " 3 0 2 8 7 7 0 5 6 5 | 1 1 1 1 1 , , , , , 0 0 0 0 0 3 6 5 4 3 4 1 1 6 5 , , , , , 3 3 0 4 7 4 6 0 7 8 4 7 8 1 1 8 8 8 8 8 7 6 6 4 7 1 4 0 9 1 > [, / , , , , / 1 , 5 7 1 ' 0 9 1 9 7 0 8 0 4 ' 8 2 J 2 2 2 2 1 ! , , ' ,; , , 3 , 2 , , 3 2 1 3 9 1 2 5 8 8 8 2 4 , , , , 5 1 1 9 ,9 3 2 3 6 7 7 0 1 0 7 912. FEDBSAL RESERVE 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 I Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d * Atlanta Chicago L S o t u . i , s 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 - Total loans and sec: July 25 21,802,450 ,477,441 5,300,464 1,563,829 2,163,141 ,422, 879 1,115,490 3,030,612 1,035,395 576,836 ,042,859 841,669 ,231,835 Aug. 1 22,279,558 ,479,234 5,429,384 1,574,314 2,179,444 ,454,921 1,137,662 3,136,416 1,045,462 581,825 ,064,532 809,883 ,326,481 Aug. 8 22,266,156 ,481,690 5,382, 11"8 1,596,342 2,183,941 ,454,0451,126.682 3,170,618 1,031,862 585,200 ,058,136 871,673 ,323,849 Aug. IS 22,183,949 ,477,480 5,367,716 1,583, 598 2,203,004 ,463,0121,125,163 3,144,224 1,021,093 580,887 ,046,446 864,174 ,307,152 Aug. 22 22,698,270 ,475,309 5,628,113 1,597,628 2,178,636 ,487,5"0"8 1,132,890 3,245,638 1,048,581 589,975 ,068,673 871,110 ,374,209 Due from foreign banks: July 25 110 HO Aug. 1. „ 110 »40 Aug. 8 110 Aug. 15 110 Aug. 22 110 Federal Reserve notes of other banks: 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 A A u u g g . . 8 1 9 9 1 1 , , 2 4 9 4 9 6 4 4 , , 4 3 8 8 7 5 1 17 5 , , 7 9 4 2 1 3 5 5 , , 9 9 1 4 0 3 4 3 , , 3 54 3 2 8 9 7 , , 3 7 7 5 3 0 6 8 , , 7 09 0 1 4 9 8(, 9 9 9 7 4 8 4 6, , 0 3 8 4 9 8 3 2 , , 0 5 7 5 5 0 4 4, , 6 0 5 3 5 0 3 2 , , 4 7 2 0 1 6 1 19 9 , , 4 2 9 1 3 9 Aug. 15 91,473 4,746 16,115 6,334 3,983 6,277 7,528 9,533 4,907 3,025 3,511 2,825 22,689 Aug. 22 90,712 5,662 16,405 6,896 4,248 5,588 7,579 8,808 5,674 3,280 4,973 3,136 18,463 Uncollected items: July 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 Aug. 1 1,769,210 128,234 370,685 102,276 178,386 129,473 107,543 286,425 73,173 40,088 101,844 62,651 188,432 Aug. 8 1,682,707 123,495 323,804 100,037 1S2,139 131,087 110,745 287,626 74,029 41,543 92,458 60,830 184,914 Aug. 15 2,093,564 142,063 406,551 105,053 181,263 144,106 141,085 449,660 129,173 55,910 105,943 72,790 159,967 Aug. 22 2,013,169 154,714 401,838 114,439 197,930 151,650 114,848 332,511 85,071 51,511 113,292 70,719 224,646 Dank premises: July 25 34,015 1,582 8,784 3,373 4,036 1,587 3,141 2,086 1,239 2,626 859 1,894 Aug. 1 33,965 1,577 8,766 3,373 4,036 1,586 3,134 2,081 1,237 2,620 853 1,894 Aug. 8 33,965 1,577 8,766 3,373 4,036 , 1,586 3,134 2,081 1,237 2,620 853 1,894 Aug. 15 33,965 1,577 8,766 3,373 4,036 2,1 1,586 3,134 2,081 1,237 2,620 853 1,894 Aug. 22. ....... 33,955 1,577 8,766 3,373 4,026 2,! 1,585 3,134 2,082 1,237 2,620 853 1,894 Other assets: 2,1 July 25 63,914 4,532 14,416 4,723 6,024 4,101 3,539 9,133 3,454 1,653 2,959 2,742 6,638 Aug. 1 61,381 4,142 12,880 4,403 5,675 4,302 3,754 9,161 3,348 1,540 3,101 2,840 6,235 Aug. 8 60,604 4,239 13,479 4,548 5,853 3,894 3,449 8,442 3,366 1,590 2,751 2,581 6,412 Aug. 15 62,359 4,392 14,042 4,682 6,025 4,093 3,509 8,386 3,455 1,642 2,848 2,752 6,533 Aug. 22. 64,707 4,588 14,513 4,854 6,279 3,884 3,679 8,682 3,757 1,738 3,015 2,884 6,834 Total assets: July 25 41,993,300 2,415,889 11,234,,186 2,533,992 3,,542,!,O35 21,399,0112,,190,657 6,,899,289 1,690,815 937,860 ,728,085 1,372,4655,049,016 Aug. 1 42,445,822 2,429,609 11,403,1482,582,133 3,,567,,609 2!,423,128 2,,240, 194 6,924,783 1,692,768 942,200 ,755,"0"9"0 1,402,5515,082,609 Aug. 8 42,326,256 2,430,082 11,227,104 "!,566,9313,553, 754 21.,, 443322.,,495 2,,239,9336,985,774 1,694,593 953,903 ,751, 936 1,409,3325,080,419 Aug. 15 42,649,555 2,419,562 11,246,810 2\,ss$4,8—5 3,,553,956 2,484,730 2,,3021,,2^76 7,067,585 ,748,975 960,062 ,784,7661,428,969",096,379 Aug. 22. 43,040,127 2,469,535 11,3831,,518 2 289 3,;592,541 ,124,351 1,721,327 964,764 ,787,243 1,417,2425,214,308 1,603, Liabilities Federal Reserve notes July 25 23,193,972 1,456,876 5,116,820 1,535,109 2,035,908 554,559 I,,371,1124,254,527 976,358 509,487 860,761 582,1522,940,305 Aug. 1 23,340,654 1,462,130 5,144,985 1,541,3642,039,898 566,696 1,395,1"7"0 4,,269,206 984,755 512,168 872,902 593,4352,957,945 Aug. 8 23,473,107 ",468,704 5,167,019 1,552,3952,052,022 582,6541,403,650 4,296,424 990,650 516,321 878,656 593,998822 22,,997710,63^ Aug. 15 23,555,115 ,463,041 5,182,550066 11,556,552233 ^2,061,198 5965,2"5 11,406,246 4,313,83' 994,653 518,547 881,484 595,5152,985,040' Aug. 22 23,694,181 ,471,131 5,207,337 1,566,8932,076,792 612,7461,411,650 4,342,661 998,993 521,870 884,229 596,634 31,003,245- Deposits: Member bank—reserve account: July 25 14,698,795 684,353 4,738,901 727,433 1_,144,149 615,701 652,6852,140,962 548,257 325,790 711,063 663,086 1,746,415 Aug. 1 14,860,576 662,604 4,799,321 732,980 11,143,981 628,257 662,7572,182,191 546,874 m, 601 723,898 690,5221,753,590 Aug. 8 14,832,650 675,331 4,701,747 733,118 1",143,801 649,230 675,8872,193,719 -358,225 333,972 725,220 692,1151,750,285 Aug. 15 15,003,783 685,347 4,715,623 752!,,519 1,147,516 663,871 703,8372,211,010 564,850 343,918 749,437 705,049 l1,760,E06- Aug. 22 14,991,665 684,964 4,747,354 747,,186 1,143,236 657,076 667,8212,237,901 557,857 329,4V 738,400 684,6911,795,767 U.S.r Treasurer— eral account: 25 593,568 47,579 139,864 50,707 63,879 44,271 17,884 77,026 36,566 29,842 24,706 22,341 38,903 Aug. 1 677,724 71,966 230,548 44,141 93,50$ 37,177 24,911 42,349 32,281 24,399 19,871 19,271 37,302 Aug. 8 537,715 61,200 132,561 60,367 69,020 17,097 16,540 70,638 20,200 30,342 16,118 19,249 24,383 Aug. 15 39S,195 39,689 126,429 25,073 42,159 25,734 17,452 22,322 6,858 20,756 8,433 14,100 49,190 Aug. 22 671,257 68,554 208,345 49,391 56,476 29,556 23,318 88,530 27,556 30,580 19,203 22,776 46,972 Foreign: July 25 1,128,569 72,839 =450,330 93,288 92,228 44,524 37,103 137,812 31,803 24,382 31,803 31,803 80,654 Aug. 1 1,103,996 72,479 *441,058 90,993 89,959 43,429 36,191 134,422 31,020 23,782 31,020 31,020 78,623 Aug. 8 1,148,287 73,060 *456,595 95,334 94,251 45,500 37,917 140,834 32,500 24,9V 32,500 32,500 82,379 Aug. 15 1,091,531 71,569 1419,912 92,475 91,424 44,136 36,780 136,610 31,525 24,170 31,525 31,525 79,880 Aug. 22 1,170,239 77,125 456,530 98,105 96,990 46,823 39,019 144,928 33,445 25,641 33,445 33,445 84,743 Other: 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 Aug. 1 428,416 4,467 326,910 4,274 8,678 5,785 5,743 6,513 13,533 2,664 3,569 1,97 44,309 Aug. 8 439,282 4,942 347,281 2,935 9,617 4,978 3,572 5,699 13,043 2,519 2,124 862 41,710 Aug. 15 551,645 4,582 345,255 2,791 8,404 4,538 17,686 62,855 40,202 12,11 7,199 1,025 44,994 Aug. 22 387,213 2,921 297,321 3,475 9,011 6,240 2,842 5,289 11,731 1,887 1,473 989 44,034 Total deposits: July 25 16,831,739 811,108 5,647,769 874,6971,309,792 709,392 712,2352,361,039 628,801 382,357 768,664 718,694 ,907,191 Aug. 1 17,070,712 811,516 5,797,837 872,388 1,336,126 714,648 729,6022,365,475 623,708 384,446 778,358 742,784 ,913,824 Aug. 8 16,957,934 814,533 5,638,184 891,7541,316,689 716,805 733,"916 2;,410,890 623,968 391,750 775,962 744,726 ,898,757 Aug. 15 17,045,154 801,187 5,607,219 872,8581,289,503 738,279 775,755 2:,, 432,797643,435 400,958 796,594 751,699 ,934.870 Aug. 22 17,220,374 833,564 5,709,550 898,1571,305,713 739,695 733,000 2,476,648 630,589 387,520 792,521 741,90: ,971,516 Deferred availability items: July 25 ... 1,420,263 111,922 290,885 78,367 145,480 109,313 85,799 211,003 66,615 31,524 79,845 53,385 156,125 Aug. 1 1,485,207 119,816 281,227 122,384 140,559 115,996 93,845 217,096 65,125 30,908 84,886 48,109 165,256 Aug. 8 1,343,349 110,305 241,889 76,589 133,751 107,073 80,680 205,414 60,713 31,052 78,305 52,316 165,262 Aug. 15 1,495,546 118,862 276,524 79,736 151,746 123,798 98,487 247,563 91,602 25,786 87,588 63,345 130,509 Aug. 22 1,569,745 128,283 285,584 91,762 158,322 123,253 93,550 231,466 72,366 40,262 91,367 60,180 193,350 i After deducting $70,000 participations of other Federal Reserve Banks on July 25; Aug. 1; Aug. 8; Aug. 15; and Aug. 22. » After deducting $676,337,000 participations of other Federal Reserve Banks on July 25; $659,702,000 on Aug. 1; $691,170,000 on Aug. 8; $670,442,000 on Aug. 15; and $711,264,000 on Aug. 22. SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OB CONDITION OF THE FEDERAL RESERVE BANKS, BY WBEKS-Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - City Dallas F S r a a n ncisco Other liabilities including accrued div.: • July 25 8,054 716 1,629 576 885 529 386 1,207 347 279 390 365 745 Aug. 1 8,301 724 1,696 611 882 460 376 1,214 368 415 447 303 805 Aug. 8 , 9,112 1,015 1,936 654 971 512 399 1,197 365 466 430 318 849 Aug. 15 9,337 822 2,149 713 1,030 529 435 1,236 376 416 444 33S 849 Aug. 22 9,772 822 2,178 673 989 534 439 1,319 367 704 420 412 915 Total liabilities: July 25 41,454,028 2,380,62211,057,, 103 2!,488,749 3,,492,065 2,3731,,793 21,,169,532 6,,827, 776 1,672,121 923,6471,709,660 ,354,596 ,004,364 Aug. 1 41,904,874 2,394,*1"8"6 11,225,,745 2,536,7473,517,465 2,397,800 2:, 218,993 6,,852,991 1,673,956 927,9371,736,593 ,384,631 ,037,830 Aug. 8. 41,783,502 2,394,557 11,049,028 2,521,"3"9"2 3,,503,433 2,407,044 2,,218,645 6,,913,925 1,675,696 939, 58"9 1".,733,333 ,391,342 ,035,498 Aug. IS 42,105,152 2,383,912 11,068,398 "!509',830 3i,503,477 2,459,1312,280,923 6,,995,433 1,730,066 945,7071,766,110 ,410,897 ,051,268 Aug. 22 42,494,072 2,433,800 11,204,6492,557,485 3,541,816 2,476,228 2,,238,639 7,052,094 1,702,315 950,3"5"6 1',768,537 ,399,127 ,169,026 Capital Accounts Capital paid in: July 25 171,032 10,368 60,578 12,859 17,269 6,883 6,178 20,454 5,501 3,711 5,627 5,777 15,827 Aug. 1 171,092 10,368 60,590 12,877 17,272 6,884 6,180 20,455 5,506 3,711 5,631 5,786 15,832 Aug. 8 171,452 10,373 60,856 12,912 17,290 6,897 6,180 20,458 5,510 3,717 5,634 5,788 15,837 Aug. IS.......... 171,509 10,374 60,857 12,925 17,310 6,900 6,180 20,466 5,510 3,721 5,635 5,789 15,842 Aug. 22 171,631 10,367 60,870 12,934 17,369 6,900 6,183 20,499 5,510 3,721 5,636 5,790 15,852 Surplus (section 7): 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 Aug. 1 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 Aug. 8. 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 Aug. 15 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 Aug. 22 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 Surplus (section 13b): 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 Aug. 1 27,165 2,880 •7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Aug. 8 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Aug. 15 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Aug. 22 27,165 2 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Other capital accounts: 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 Aug. 1 114,538 6,936 24,767 8,169 12,794 7,341 6,323 16,707 5,731 4,529 5,533 4,802 10,906 Aug. 8 115,984 7,033 25,174 8,287 12,953 7,451 6,410 16,761 5,812 4,574 5,616 4,870 11,043 A Au u g g . . 2 1 2 5 1 1 1 1 7 9 , , 5 1 7 0 6 6 7 7, , 1 2 5 4 7 9 2 2 5 5 , , 5 95 0 3 9 8 8 , , 3 5 9 3 0 0 1 1 3 3, , 0 2 9 7 1 8 7 7 , , 5 6 9 8 6 2 6 6 , , 4 5 7 7 5 6 1 1 7 7 , ,0 1 5 2 6 8 5 5 , , 9 8 2 2 7 4 4 4 , , 6 6 6 1 4 1 5 5 , , 6 7 8 3 8 7 4 4 , , 9 9 9 5 3 1 1 1 1 1 , , 2 3 2 8 8 9 To taxabilities and capital accounts: A A A A Ju u u u u ly g g g g . . . . 2 1 2 8 2 1 5 5 . 4 4 4 4 4 2 3 2 2 1 , , , , , 6 0 3 4 9 4 4 2 4 9 9 0 6 5 3 , , , , , 5 2 1 8 3 5 5 2 2 0 5 6 7 2 0 2 2 2 2 2 , , , , , 4 4 4 4 4 1 6 2 1 3 9 9 9 5 0 , , , ; , 5 5 6 8 0 3 0 6 8 8 5 9 2 9 2 1 1 1 "1 1 1 1 1 ,1 1 3 , , , , 4 2 2 2 8 0 2 3 4 3 3 4 7 6 , , > , , , , , , 5 , 1 1 1 8 1 0 8 4 1 8 4 8 6 0 2 2 2 2 2 1 1; , , , , 5 , 5 6 5 5 6 0 8 5 6 3 2 , , , , 9 4 1 9 3 9 8 3 1 " 2 5 3 3 3 3 3:, , , , , , 5 5 5 5 5 9 5 6 5 4 2 3 7 3 2 , , , , , 9 0 5 6 7 3 5 5 0 4 5 6 4 9 1 2 2 2 2 2 , , . , , , , , 4 44 4 3 4 3 88 3 9 2 2 44 2 9 , , 3 , , , , . 4 7 9 0 ,1— 9 3 1 1 2 5 0 3 1 8 2 2 2 2 22 , , , , ,, 2 2 1 3 2 6 3 9 0 4 0 9 0 2 0 ! 1 1 , i , , , , , 1 , . 9 , , 2 6 0 1 3 7 5 9 9 3 6 7 6 4 6 7 6 7 6 , , , , 9 0 8 9 1 9 8 6 2 2 9 5 7 4 4 , , , , , 2 7 5 7 3 8 7 8 8 5 9 4 5 3 1 1 1 1 1 1, , , , , 6 7 6 7 6 9 4 9 2 9 0 8 2 1 4 , , , , , 8 3 7 9 5 1 2 6 7 9 5 7 8 5 3 9 9 9 9 9 3 4 6 6 5 7 2 0 4 3 , , , , , 0 7 9 8 2 6 6 0 6 0 4 3 2 0 0 1 1 1 1 1 , , , , , 7 7 7 7 7 2 5 8 8 5 8 5 7 4 1 , , , , 0 0 2 ,9 7 — 8 9 4 3 6 5 0 3 6 6 1 1 1 . 1 1, ,, , , , 4 4 4 3 4 2 0 0 7 1 8 9 2 2 7 , , , , , 9 3 4 5 2 6 3 6 5 4 9 2 5 1 2 5 5 5 J 5 5 .", , , , ,, 0 0 0 2 O 8 9 8 1 4 2 6 0 4 9 , , , , tO 6 3 4 3 1 0 7 1 0 6 9 9 9 8 Commitments to make in A A A d J A u u u u u u l s g g g y g t . . . . r i 2 2 1 a 8 2 5 1 5 l loans: 4 5 5 5 5 , , , , , 1 1 8 1 4 5 6 5 5 2 9 9 2 6 8 2 2 2 2 1 2 2 2 2 0 5 5 5 5 0 3 3 3 3 3 , , , , , 4 2 4 4 6 3 1 4 3 1 8 9 7 0 5 3 3 3 3 3 0 0 0 0 0 0 0 0 0 0 3 3 3 3 3 7 7 7 7 7 6 6 6 6 6 50 . 2 1 1 1 1 9 0 9 9 9 ; 0 3 3 3 6 6 6 6 6 0 4 0 0 4 S 2 S 7 8 FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS* BY WEEKS (In thousands of dollars] San 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 - la A n t t - a Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Federal Reserve notes outstandi A A A A J n u g u u u u l g g g g y ( . . . . i s 2 2 1 s 8 2 1 5 5 ued to Bank): 3 0 8 9 1 1 7 6 5 5 7 3 8 4 7 , , , , , 8 6 1 4 4 2 0 4 1 1 7 9 2 1 1 1 1 1 1 1 , , , , , 4 5 4 5 4 9 0 9 0 9 4 8 6 0 8 , , , , , 4 4 5 4 1 4 6 0 8 8'" 7 1 0 5 1 5 5 5 5 1 5 , , , , , , 3 2 2 3 3 1 5 6 0 4 6 9 1 5 3 , , , , , 7 " 0 4 3 4 7 5 2 7 4 9 4 2 9 "6 1 1 1 1 1 , , , , , 6 5 6 5 5 1 8 0 9 8 6 3 2 2 8 , , , , , 4 0 9 0 2 7 5 3 6 3 9 9 7 5 1 5 3 7 1 2 2 2 2 2, , , , , 1 0 0 1 0 2 7 7 0 8 0 8 9 2 8 , , , , , 4 5 1 5 8 1 1 8 ^ 5 7 7 4 5 4 2 1 1 1 1 "1, , , , , 6 5 6 6 5 3 8 1 2 9 9 8 4 0 6 , , , , , 2 8 1 4 7 6 4 1 7 7 9 2 1 9 6 1 1 1 1 1, , , , , 4 4 4 4 4 2 5 3 4 6 7 2 8 7 2 ,', , , , , , 4 8 7 1 « 8 5 3 5 3 0 4 7 9 1 7 . „ 4 4 4 4 4 , , „, , , , 3 3 4 3 3 3 1 22 6 0 7 „ • 9 77 3 5 2 - , , , , , , " , 8 8 7 4 " 5 " 9 2 8 0" 8 - 8 " 1 1• 3 9 1 1 1 1 1 , , , , , 0 0 0 0 0 2 2 3 4 1 9 7 1 1 9 , , , , , 3 2 6 6 22 8 1 2 1 00 4 1 7 1 44 5 5 5 " 2 " 2 1 0 5 8 , ; , 1 7 ~ 9 3 6_ 6 8 0 1 6_ " 0 7 7 3 6. O 9 r 9 9 8 8 t 0 0 0 9" 8 0 6 7 0 1 ,; , , ,, , 5 1 9 44 5 2 3 5 77 2 4 4 9 99 7 6 6 6 < 6 6 2 2 2 2 1 - 5 4 0 5 4 , 1 , , , . 9 9 9 3 6 0 9 8 1 3 5 7 6 7 0 3 3 3 3 3 , , , , , 1 1 0 0 0 0 1 8 9 9 0 9 7 2 0 , , , , , 8 7 5 0 5 7 8 7 8 5 8 6 9 0 9 Collateral held against notes outstanding: Gold A A A J A u u u u u c l g g g y e g r . . . . t 2 2 i 1 f 8 2 1 5 i 5 ca .. te . s . : ........... , , , , , 3 3 3 3 1 1 3 7 0 5 6 6 9 4 9 , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6 6 6 6 6 2 2 2 2 2 0 0 0 0 0 , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 3 3 3 3 ! 1 ! i : ! ,, , , , , 5 5 3 2 2 5 5 2 O 0 2 2 , 0 , 0 0 O 0 , , , O 0 0 0 0 O 0 0 0 0 0 0 04 4 4 5 5 9 9 9 0 2 3 3 3 0 0 , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6 6 6 6 6 7 5 3 3 4 5 5 5 5 0 , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5 5 5 5 5 2 2 2 2 2 5 5 5 5 5 , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6 6 6 6 6 6 7 5 3 5 0 0 0 0 0 , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 ,, , , , , 2 3 3 4 4 9 6 6 4 4 5 5 5 5 5 , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 3 3 3 30 0 0 0 0 0 0 0 0 0 , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 7 7 7 7 7 3 3 3 3 3 , , , . 0 0 0 m 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 8 8 8 8 8 8 s 0 6 0 0 0 0 0 , , ; , , , , 0 0 6 00 0 0 0 0 0 o 0 0 0 0 0 00 0 0 o 1 1 1 1 1 1 i 6 6 6 6 6 6 6 4 4 4 4 4 4 ' 4 ,, , , , , , 0 , 0 0 0 o 0 0 0 0 o 0 0 0 0 o 1 1 1 1 i , , , , , 5 5 5 5 5 7 7 7 7 7 4 4 4 4 4 , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Eligible paper: 8,500 July 25 199,720 11,600 151,574 3,380 7,586 7,930 650 8,500 8,000 Aug. 1 314,945 12,765 242,114 14,150 11,936 11,530 1,300 13,150 4,962 • A A u u g g . . 1 8 5 2 21 4 2 1 , , 4 7 5 5 4 9 1 6 5 , , 7 7 2 7 5 5 1 1 5 7 7 4 , , 0 6 7 2 5 5 1 3 0 , , 1 6 9 2 5 0 1 9 6 , , 7 5 7 27 7 9 8 , , 6 6 5 5 0 0 4,7 9 0 5 0 0 1 1 1 0 , , 6 6 5 5 0 0 1 8 8 , , 6 9 8 32 2 Aug. 22 287,159 15,700 195,265 10,835 20,277 10,400 8,100 7,650 U. S A A A A J . u u u u u G l g g g g y o . . . . v 2 2 1 t 8 1 5 2 5 . securities: 9 0 2 1 1 7 8 7 4 2 4 8 3 2 7 , , , , , 6 1 6 9 6 4 3 1 2 9 5 1 7 0 3 9 9 9 9 9 0 0 0 0 0 0 0 0 0 0 , , , , 0 0 0 0 ,0" 0 0 0 0 0" 0 0 0 0 01 2 1 , , , , , 8 8 0 8 8 0 0 0 0 0 0 0 0 0 0 , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 , , , 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 , , , , , 4 4 4 4 4 5 5 5 5 5 0 0 0 0 0 , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 , . , , , 1 1 1 1 1 0 0 2 0 0 0 0 5 0 0 , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8 8 8 8 8 0 0 0 0 0 0 0 0 0 0 , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 1 1 , , , , , , 9 9 0 0 1 0 0 0 5 5 0 0 0 0 0 , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8 8 8 8 8 3 3 3 5 4 9 2 2 3 3 , , , , , 6 6 1 6 9 64 1 2 3 9 45 7 0 1 3 5 3 3 3 3 3 3 5 6 5 6 5 6 0 0 0 0 0 0 1, , , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6 6 6 6 6 5 5 5 5 5 0 0 0 0 0 , , , , , i 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4 4 4 4 4 8 6 8 8 8 5 0 5 5 5 , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 , , 6 6 6 6 6 0 0 0 0 0 0 0 0 0 0 , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Tota A A J A A l u u u u u c l g g g g y o . . . . l l 2 2 1 a 8 5 2 5 1 teral: 8 6 6 6 5 7 7 3 6 0 7 6 3 8 1 , , , , , 0 1 8 5 3 8 5 7 9 4 5 2 6 0 0 , , , . , 5 5 5 5 5 3 3 3 3 2 5 1 5 2 61 , , , , ., 7 6 7 7 ~ 7" 7 0 0 6 2 5 0 0 5 5 5 5 5 5 5 5 , , , , , 5 4 4 5 4 1 9 7 6 7 5 4 1 2 7 , , , , , 2 5 1 6 0 6 7 1 2 7 5 4 4 5 5 1 6 6 5 6 6 0 9 0 0 3 6 3 3 7 0 , , , , ,8 6 3 1 1 3 8 2 9 5 5 0 0 5 0 2 2 2 2 2 1 , , , , 1 0 , 0 0 1 2 8 9 8 0 5 5 0 5 5 , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 , , , , , 6 6 6 6 6 4 3 3 7 3 1 2 4 6 0 , , , , , 5 7 5 9 2 7 2 8 3 7 7 7 6 6 7 1 1 , , , 4 4 4 4 4 5 3 5 6 7 0 0 0 0 0 , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4 4 4 4 4 , , , , , , , , 3 3 4 3 4 4 4 4 6 1 5 5 5 5 5 , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 , , , , , 1 1 1 1 1 4 5 6 5 4 0 2 4 1 1 , , , , ,2 5 7 2 3 1 8 5 6 7 9 81 0 7 " 5 3 1 5 5 5 5 5 3 2 4 3 2 3 3 1 7 4 , , , , , 9 6 1 7 3 5 5 0 0 0 0 0 0 0 0 9 9 9 9 9 3 4 4 4 3 8 0 1 7 3 , , , , , 5 6 6 6 1 0 5 5 5 5 0 0 0 0 0 6 6 6 6 6 4 2 4 4 4 9 4 9 9 9 , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 3 3 3 3 , , , ,1 1 1 1 1 8 8 7 8 9 2 2 8 2 2 , , , , , 5 0 9 6 9 0 0 6 8 3 0 0 2 2 2 914 FEDERAL RESERVE Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WAR PRODUCTION LOANS GUARANTEED BY WAR DB- PARTMENT. NAVY DEPARTMENT, AND MARITIME MEMBER BANK RESERVES AND BORROWINGS COMMISSION THROUGH FEDERAL RESERVE (Averages of daily figures. In millions of dollars) BANKS UNDER REGULATION V [Amounts in thousands of dollars] Central reserve Gua a r u a t t o n h t o e d r e a i d z te e l d oans Gu o ar u a t n st t a e n ed d in lo g ans a A v a a d m i d la i o t b i u o l n e n t a t l o week e M nd o o i n n r t g h , Friday b r a n b A n c c k r l r l a s - * v Y S o c r i k ty C ba h n ic k a s go b se a c R r n i e t v k y - e s Counborrowers Date under guar- Total Portion antee agree- Total reserves held; Number Amount amount gu te a e r d an- out m st e a n n t d s ing 1944— J J u u l n y e 1 1 3 2 , , 5 9 1 0 8 0 3 3 , , 5 8 2 5 5 7 8 8 3 7 9 6 5 5, , 1 3 2 3 9 9 3 3 , , 4 4 4 0 4 6 1945—June 15,415 4,211 937 6,072 4,195 July 14,755 3,930 895 5,834 4,096 1942 Tune 30 565 310,680 81,108 69,674 137,888 une 29 14,808 3,924 894 5,864 4,126 Sept. 30.... 1,658 944,204 427,918 356,677 230,720 uly 6 14,707 3, RKO 883 5,824 4,121 Dec. 31.... 2,665 2,688,397 803,720 632,474 1,430,121 uly 13 14,737 3,887 892 5,829 4,129 uly 20 14,788 3,931 899 5,846 4,112 1943 uly 27 14,791 3,978 896 5,847 4,071 Mar. 31.... 3,534 3,725,241 1,245,711 999,394 1,865,618 Aug. 3 14,817 3,998 898 5,873 4,047 Tune 30 4,217 4,718,818 1,428,253 1,153,756 2,216,053 Aug. 10 14,883 3,W9 hOS 5,942 4,105 Sept.30 4,787 5,452,498 1,708,022 1,413,159 2,494,855 Aug. 17 14,995 3,934 906 6,032 4,124 Dec. 31 .... 5,347 6,563,048 1,914,040 1,601,518 3,146,286 Excess reserves: 1944—June 1,081 20 3 312 746 1944 July 1,232 19 8 390 816 Mar. 31 5,904 7,466,762 2,009,511 680,046 3,615,963 1945—June 1,339 30 8 370 932 June 30 6,433 8,046,672 2,064,318 735,777 3,810,797 July 1,220 17 10 328 £66 Sept.30 6,882 8,685,753 1,960,785 ,663,459 4,301,322 June 29 1,395 30 8 398 959 Oct. 31 7,051 8,985,617 1,895,733 ,611,873 4,367,332 July 6 cl,398 20 8 416 954 Nov. 30 7,237 9,133,750 1,776,539 ,507,709 4,476,988 July 13 el,327 16 10 365 936 Dec. 30..... 7,434 9,310,582 1,735,970 ,482,038 4,453,586 July 20 1,206 17 8 311 870 July 27 1,099 19 8 276 796 1945 Aug. 3 1,054 15 6 264 769 Jan. 31 7,581 9,407,853 1,700,632 ,448,995 3,911,058 Aug. 10 1,118 10 6 286 816 Feb. 23 7,720 9,517,272 1,646,160 ,402,646 3,964,830 Aug. 17 pl,145 12 7 318 Mar. 31 7,885 9,645,323 1,599,120 ,365,959 3,963,961 Borrowings at Federal Apr. JO 8,047 9,872,866 1,558,270 ,332,050 4,002,772 Reserve Banks: May 31..... 8,217 10,015,377 1,479,847 ,272,137 3,994,726 1944—June. 154 59 53 42 June 30 8,421 10,149,265 1,386,851 ,190,944 3,694,618 July 34 6 10 18 July 31..... 8,552 10,241,550 1,274,238 ,091,654 3,627,297 1945—Tune 590 399 132 58 July 164 76 54 S3 NOTE.—The difference between guaranteed loans authorized and sum June 29. 207 131 48 27 of loans outstanding and amounts available to borrowers under guarantee July 6. 41 21 15 agreements outstanding represents amounts repaid, guarantees available July 13.. 97 43 2S 28 but not completed, and authorizations expired or withdrawn. July 20., 170 99 45 26 July 27., 235 104 80 51 Aug. 3. 347 149 139 59 Aug. 10. 385 153 165 66 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Aug. 17. 358 137 162 59 [Amounts in thousands of dollars] P Preliminary. c Corrected. W l D e a d s p a n t e t e e r d s i a o d O y d a a ) y o s t f or Nu A m p a b t p p e o l p r i r d c o a a A v t t i e e o m d n o s unt (a b p p m c u l r A e o o t o t m p v e n u e d o - n d ^ t t) s (a t L a m o n o u o d a t u i n - n n s g t) 2 s ( C a t m o a m o n m e u o d n m t u i - t n n i s t g t - ) ( s a p P t m a a o a n t u o r i d t o t u i - i n n c n s t i g ) - b a d n i a s * d n c k W o o s u f e n a c e t r o k s e u l a y n e n s t f d r t i y i g m a u b d r a a e v t n s e a k n s o . s c f e m s W e a x f y c e o e e r i s k n s n l c y o r l u e n f s d m ig e e e r u v m s r m e e b s 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 t m e s i t n b o c g e . f s r F b o e f a d n e a k r l a l s l m a R n e e d m s e o b r e f v r e c b o B a u a n n n k t k r s y DEPOSITS OF COUNTRY MENfBER BANKS IN LARGE AND 1934.. 984 49,634 20,966 13,589 8,225 1,296 SMALL CENTERS1 1935.. 1,993 124,493 11,548 32,493 27,649 8,778 [Averages of daily figures. In millions of dollars] 1936.. 2,280 139,829 8,226 25,526 20,959 7,208 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 In places of 15,000 In places of under 1939.. 2,781 188,222 2,659 13,683 9,220 10,981 and over population 15,000 population 1940.. 2,908 212,510 13,954 9,152 5,226 6,386 1941.. 3,202 279,860 8,294 10,337 14,597 19,600 Demand Demand Tune 1 2 9 4 4 . 2 .. 3,352 338,822 26,346 11,265 16,832 26,430 d e e i x n p c o te e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s r p i - t ts de T p i o m s e its Dec. 31... 3,423 408,737 4,248 14,126 10,661 17,305 bank2 bank2 1943 June 30... 3,452 475,468 3,203 13,044 12,132 19,070 July 1944. 13,674 5,182 8,154 3,592 Dec. 31... 3,471 491,342 926 10,532 9,270 17,930 June 1945 . 15,243 6,600 9.823 4,551 1944 July 1945. 16,035 6,746 10,324 4,659 Mar. 31... 3,481 503,330 1,408 11,774 9,069 18,267 Boston 2,164 738 325 191 June 30... 3,483 510,857 45 11,366 4,048 11,063 New York. .., 3,258 1,703 1,039 933 Sept.30... 3,487 519,120 645 9,274 4,400 9,851 Philadelphia. 1,138 597 854 690 Dec. 30... 3,489 525,532 1,295 3,894 4,165 2,705 Cleveland.... 1,421 741 960 637 1945 Richmond. 1,270 747 354 Jan. 31... 3,491 526,659 560 4,066 3,461 2,405 Atlanta.... 1,381 376 586 156 Feb. 28... 3,492 527,700 585 3,921 3,547 2,371 Chicago.... 2,031 1,116 1,379 719 Mar. 31... 3,493 528,936 85 4,214 3,321 2,365 St. Louis... 567 263 857 208 Apr. 30... 3,500 533,037 1,370 4,553 3,285 2,361 May 31... 3,502 535,117 220 4,339 4,392 2,697 Minneapolis... 490 220 556 322 Tune 30.... 3,502 537,331 70 3,252 5,224 2,501 Kansas City... 459 69 1,273 163 July 31... 3,503 , 538,624 130 3,199 5,165 2,455 Dallas...., 787 98 1,244 51 San Francisco.. 1,068 469 504 235 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. * Includes any banks in outlying sections of reserve cities which have 2 Includes industrial loans past due 3 months or more, which are not in- been given permission to carry the same reserves as country banks. AH cluded in industrial loans outstanding in weekly statement of condition of reserve cities have a population of more than 15,000. Fe N d O er T a E l — Re T se h r e v e d if B fe a r n e k nc s. e between amount of . ap . pl .. i cations approv , e d a . n 4 a . the in th 2 e I n t c a l b u l d e e o s n w t a h r e l f o o a ll n o w de in p g o s p i a ts g , e . shown separately for all country banks sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. SEPTEMBER 1945 915 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 r f v e b a d n i k strict Total In ba te n r k - w G m a U o r v . e S e l n o . r t n an - Other a D d d e e j p u m o s a t s e n it d d s 3 N p m o e d a s t e i n - t d d s e 4 - p T o d i s e m - it e s6 d b o a b l f m d a a r u o n n e e m k c st e s i s c Total qu R i e r - ed Excess B F R i B n o e e g d r a s r e s e n o r r k w v a a s t e l posits2 First half of July 1945 All member banks 97,032 12,554 20,991 63,487 59,394 65,711 21,927 6,498 14,738 13,384 1,354 87 Central reserve city banks New York 27,548 4,295 7,289 15,964 14,727 19,010 1,136 59 3,888 3,870 18 42 Chicago 6,033 1,208 1,427 3,399 3,173 4,205 660 183 894 881 13 1 Reserve city banks 35,818 5,825 7,355 22,639 20,678 24,594 8,796 1,998 5,830 5,447 383 23 Boston 2,607 320 873 1,414 1,323 1,591 151 53 339 327 11 New York 603 . 29 120 454 426 432 246 24 107 101 6 Philadelphia 2,827 382 720 1,725 1,606 1,916 181 72 407 394 13 Cleveland... 4,436 573 969 2,894 2,682 3,072 1,051 187 731 677 53 Richmond 2,159 334 568 1,257 1,154 1,367 357 130 342 295 47 Atlanta 2,195 588 347 1,260 1,136 1,576 338 155 371 336 36 Chicago 4,371 492 881 2,998 2,793 2,994 1,550 303 733 692 41 St. Louis.. 2,061 595 393 1,073 953 1,439 266 113 317 304 13 Minneapolis - 1,157 292 294 571 502 723 136 72 157 153 4 Kansas City..... 2,889 988 404 1,497 1,320 1,997 285 322 461 416 45 Dallas 2,324 578 402 1,344 1,226 1,535 258 275 384 322 62 San Francisco 8,191 654 1,383 6,154 5,559 5,952 3,977 292 1,481 1,429 52 Country banks 27,633 1,226 4,921 21,486 20,817 17,902 11,334 4,259 4,126 3,186 940 22 Boston 2,592 99 657 1,836 1,751 1,648 923 210 348 286 62 3 New York 4,424 S9 1,119 3,217 3,084 2,826 2,614 359 694 553 141 12 Philadelphia 2,018 13 423 1,582 1,539 1,323 1,279 234 339 262 77 1 Cleveland 2,408 28 469 1,911 1,862 1,553 1,376 341 418 300 118 Richmond 2,223 198 375 1,650 1,568 1,378 687 406 306 234 72 Atlanta 2,223 241 311 1,671 1,615 1,461 530 412 300 236 64 Chicago 3,490 70 612 2,808 2,752 2,271 1,822 561 554 427 127 St. Louis... 1,579 157 193 1,229 1,192 1,075 467 280 226 179 48 Minneapolis 1,120 73 170 877 851 729 539 200 175 134 41 Kansas City 1,807 85 174 1,548 1,525 1,166 251 454 246 178 67 Dallas 2,149 144 206 #1.799 1,760 1,374 147 543 286 201 85 San Francisco 1,600 30 212 1,358 1,318 1,097 699 258 233 196 38 Second half of July 1945 All member banks 96,005 12,128 19,121 64,756 61,044 67,273 22,172 6,159 14,771 13,678 1,093 236 Central reserve city banks: New York 27,065 4,132 6,556 16,378 15,296 19,421 1,154 54 3,968 3,953 15 108 Chicago 5,921 1,153 1,275 3,492 3,275 4,251 662 184 897 890 7 Reserve city banks 35,509 5,647 6,760 23,103 21,295 25,148 8,884 1,882 5,838 5,563 276 84 Boston 2,626 309 843 1,475 1,391 1,654 153 47 348 340 8 7 New York 592 27 109 456 431 439 248 20 106 103 3 4 Philadelphia. 2,771 349 681 1,741 1,638 1,916 182 71 403 394 9 6 Cleveland 4,409 550 885 2,975 2,773 3,141 1,061 186 734 692 42 2 Richmond 2,104 319 519 1,266 1,176 1,396 361 108 323 301 22 2 Atlanta 2,146 552 314 1,281 1,170 1,584 339 145 359 337 22 M K S C t h a i . n n i L c n s a o a e g u s a o p i C s o i l t i y s 2 4 2 1 , , , , 8 1 0 3 3 9 4 0 2 5 8 3 4 9 2 5 9 8 8 8 2 5 0 2 2 3 3 7 6 6 5 9 8 7 4 8 \ 3 1 1 , , , 5 5 0 1 7 3 2 1 8 7 2 5 2 1 , , 8 3 9 5 6 3 1 9 8 8 5 7 3 2 1 , , ,4 0 0 7 7 3 5 37 9 9 9 1, 2 2 5 1 6 8 6 3 6 9 8 7 2 3 1 6 8 0 0 8 9 8 5 4 3 7 1 6 2 3 5 3 2 1 9 4 3 7 1 2 1 0 5 9 2 2 6 3 2 1 3 4 9 1 4 6 7 1 6 D Sa a n ll a F s rancisco 8 2, , 2 1 9 9 1 1 5 64 6 1 1 1,2 3 5 66 7 6 1 , , 2 3 9 6 4 4 5 1 , , 7 26 3 4 5 6 1 , , 1 58 1 3 9 4,0 2 1 60 8 2 28 4 8 8 1, 3 5 7 1 1 9 1, 3 4 3 6 2 5 H 39 Cou N P B n h o e t i w s r l t y a o d Y n b e o l a r p n k h k ia s , 2 4 2 7 1 , , , , 9 3 5 5 9 4 7 1 8 3 0 5 1,1 8 9 9 1 2 0 7 6 4 1 , , 3 6 5 0 9 3 2 1 0 2 1 5 2 3 1 1 1 , , , , 2 5 8 7 9 3 7 8 1 5 3 3 2 3 1 1 1 , , , , 5 1 7 1 5 9 1 7 2 5 4 8 1 2 1 1 8 , , , , 3 6 8 4 5 9 9 5 8 5 8 3 1 2 1 1 , , , 9 2 6 4 9 3 5 7 4 5 5 2 4, 2 3 0 1 1 1 3 9 7 1 8 8 4, 6 3 0 3 3 6 3 6 1 9 8 8 3, 5 2 2 2 6 6 9 7 5 8 3 2 7 1 4 9 6 0 5 6 3 4 4 2 4 1 4 7 Cleveland 2,410 28 427 1,955 1,909 1,613 1,381 330 414 309 105 Richmond 2,205 195 344 1,665 1,593 1,434 697 370 305 243 62 Atlanta 2,186 232 287 1,666 1,616 1,474 534 391 293 238 •54 Chicago 3,468 69 558 2,841 2,791 2,342 1,848 528 546 439 107 St. Louis 1,579 152 180 1,247 1,213 1,102 473 269 227 183 44 Minneapolis 1,117 72 159 885 862 746 544 193 173 137 36 Kansas City 1,828 86 160 1,582 1,561 1,207 254 451 246 184 62 D Sa a n l la F s rancisco 2 1 , , 1 6 9 0 9 2 1 2 4 9 2 1 19 9 1 7 1 1 , , 3 8 7 6 6 6 1 1, , 3 8 4 3 0 1 1 1 , , 4 1 6 2 4 0 7 1 0 5 8 0 5 2 2 5 3 7 2 2 9 3 4 2 2 1 1 9 4 9 8 3 0 3 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are base on d 2 e F po ig s u it r s e s a t i n o c p lu e d n e in S g e o ri f e s b u E s i b n o e n s d s. deposit accounts, but do not include certain other demand deposits of the U. S. Government with member ban , t s a n(j » therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 3. , fh n war * Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (ptner iu loan and Series E bond accounts) on the latest available call report date. . , iwtimi and 4 Demand deposits subject to reserve requirements, i.e., demand deposits other than war loan deposits, minus cash items in process ol conecuuu ^ demand balances due from domestic banks. .. B Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Keport. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS lOutside Treasury and Federal Reserve Banks. In millions of dollars] End of year and i T n o c t i a r l ~ Cob and small denomination currency2 Large denomination currency1 Unasmonth c ti u o l n a * - Total Coin $13 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 sorted 1933... 5,519 442 402 33 719 1,229 1,342 1,360 364 618 125 237 10 8 1934... 5,536 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935... 5,882 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936... 6,543 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937... 6,550 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 1 1 9 9 3 3 8 9 . . . . . . 6 7, , 5 8 9 5 8 6 5 5 9 5 0 0 5 5 5 2 9 4 3 3 6 4 , 9 0 4 1 6 9 1 1 , ,6 7 1 7 1 2 usi 2 1 , , 0 71 4 4 8 4 4 6 0 0 9 9 7 1 7 9 0 1 19 6 1 0 4 3 2 2 5 7 2 1 0 7 3 3 2 2 5 2 1940... 8,732 648 610 39 ,129 2,021 1,576 2,489 538 1,112 227 523 30 60 4 1 1 9 9 4 4 1 2 . . . * . . 1 15 1 , , 4 1 1 6 0 0 8 7 8 5 0 1 8 6 0 9 1 5 5 4 5 4 , ,6 3 9 5 3 5 4 2 , , 0 7 5 3 1 1 2 1 , , 5 80 4 0 5 3 3 , , 8 0 3 4 7 4 1,0 7 1 2 9 4 1 1 , , 9 4 1 3 0 3 2 26 8 1 7 5 5 8 5 6 6 2 9 4 4 2 6 5 4 3 4,096 1943—April 16,660 12,428 904 804 58 ,741 4,391 4,531 4,232 1,131 2,128 312 621 15 26 1 May 17,114 12,789 914 824 59 ,785 4,526 4,681 4,326 1,159 2,186 319 630 10 22 1 June 17,421 12,960 929 834 61 ,793 4,565 4,778 4,462 1,195 2,259 329 648 10 21 2 July .*... 17,955 13,334 943 843 62 ,836 4,719 4,931 4,622 1,237 2,347 341 667 10 20 August 18,529 13,715 960 858 64 ,878 4,853 5,102 4,816 1,293 2,453 353 687 9 22 2 September.... 18,844 13,891 970 866 64 ,887 4,893 5,211 4,951 1,327 2,535 360 698 11 20 2 October 19,250 14,135 987 872 65 ,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 ,950 5,127 5,561 5,323 1,416 2,761 729 10 19 2 December 20,449 14,871 1,019 909 70 ,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 ,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 ,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 ,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 May., 22,160 15,731 1,055 903 72 2,003 5,498 6,198 6,431 1,668 3,371 473 887 9 23 2 June 22,504 15,925 1,065 906 72 2,010 5,544 6,326 6,581 1,699 3,458 481 912 9 22 2 My 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 2 2 3 3 , , 7 29 9 2 4 1 1 6 6 , , 7 4 1 1 5 0 1 1 , , 1 0 0 9 5 2 9 9 2 3 1 7 7 7 5 5 2 2 , ,0 0 5 7 3 8 5 5 , , 7 7 0 8 6 9 6 6, , 7 5 3 6 1 2 6 7 , ,0 8 8 8 1 4 1 1 , , 8 7 2 8 9 0 3 3, , 7 6 6 4 5 2 5 5 0 1 2 6 9 9 3 2 9 9 9 9 2 2 2 2 2 2 September 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 October 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 November..... 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 December 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 1945—January. 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 February 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 March 26,189 18,353 1,180 957 73 2,151 6,238 7,754 7,837 2,126 4,210 527 932 9 33 1 M Ap a r y il 2 2 6 6 , , 7 5 4 2 6 8 1 1 8 9 , , 7 18 1 3 5 1 1 , ,2 1 0 9 5 6 9 98 7 1 2 7 7 3 3 2 2, , 2 1 1 8 5 6 6 6 , ,5 3 1 7 5 7 7 8 , , 9 1 1 9 1 3 7 7 , , 8 5 1 6 4 5 2 2f, 1 1 5 3 9 2 4 4 , , 1 0 9 4 2 4 5 4 1 8 3 3 9 8 0 6 9 8 3 3 3 1 2 1 June 27,108 19,599 1,223 995 73 2,250 6,659 8,400 7,511 2,139 4,013 472 847 32 2 July * 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. * 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 ta t u 1 a n l 9 l y d 4 o 3 5 in u 1 g t , - , A g s a o s g s l i d e a lv c in a e u r s n r t i d ty ' 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 r k v a s e l B R h F a a e n e e g l d k s d e e e s n r r b t a v a s y n e l d Ju 1 l 9 y 4 3 5 1, Ju 1 n 9 e 4 3 5 0, Ju 1 l 9 y 4 3 4 1, certificates agents Gold 20,152 18,032 *2,12O Gold certificates 18,032 15,165 2,815 52 52 54 Federal Reserve notes 23,955 86 729 23,139 22,867 18,951 Treasury currency—total. 4,199 52 230 3,917 3,827 3,694 Standard silver dollars 494 338 27 127 125 105 Silver bullion • 1,575 1,575 Silver certificates and Treasury notes of 1890.. •7,013 181 1,732 1,652 1,579 Subsidiary silver coin 830 15 800 788 707 Minor coin 306 4 296 292 266 United States notes 347 22 322 323 322 Federal Reserve Bank notes 527 5 521 527 590 National bank notes 121 1 119 120 125 Total-July 31, 1945. 19,945 2,258 15,165 3,775 27,108 June 30, 1945. 19,924 2,279 15,239 3,746 26,746 July 31,1944. 20,684 2,346 16,008 3,798 22,699 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. 909, and seasonally adjusted figures in table on p. 918. 2 Includes $1,800,000,000 Exchange Stabilization Fund and $156,039,431 held as reserve against United States notes and Treasury notes of 1890; the balance resulting from reduction in weight of the gold dollar, also included, is not shown in the circulation statement beginning July 31. 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. L ., „ . . , . . .. . ••..*. 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) bv the deoosit with Federal Reserve agents of a like amount of gold certificates or of gold certificates ana 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, t 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. SEPTEMBER 1945 917 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 [In millions of dollars J [Outside Treasury and Federal Reserve Banks. In millions of dollars] Ear- Amount— Amount— Change in Gold Increase marked Domes- Bate f u o v n r a a r s d i e j a a u t s s i o o te n n d al ad v s j a u e r a s i s t a e o t d n io a n l for s a e d s a e j s u r o i s n e t a s e l 1 d ly Period of a s t t p o e e c n r k i d od in st o g c o k ld N im et p g o o r l t d go c o l r r d e ; a i n s d - e e- p ti r c t o i o d g n u o ^ c ld crease (-) End of year figures: 1939 7,598 +742 1934=. 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.. * 11,258 1,132.5 1,116.6 -85.9 131.6 1942 15,410 +4,250 1937.. 12,760 1,502.5 1,585.5 -200.4 143.9 1943 20,449 +5,039 1938.. 14,512 1,751.5 1,973.6 -333.5 148.6 1944 25,307 +4,858 1939.. 17,644 3,132.0 3,574.2 -534.4 161.7 1940.. 21,995 4,351.2 4,744.5 -644.7 170.2 Monthly averages of daily 1941.. 22,737 741.8 982.4 -407.7 169.1 figures: 1942.. 22,726 -10.3 315.7 -458.4 125.4 1943—December 20,243 19,944 +437 1943.. 21,938 -788.5 68.9 -803.6 48.3 1944 . 20,619 -1,319.0 -845.4 -459.8 35.8 1944—January.... 20,428 20,367 +423 February... 20,635 20,635 +268 1944—July....... 20,996 -177.1 -60.9 -96.6 3.0 March 20,964 21,027 +392 August 20,926 —69.7 -109,1 2.7 2.8 April 21,312 21.484 +457 September. 20,825 -101.2 -72.0 -27.4 3.1 May 21,822 21,976 +492 October ... 20,727 -98.4 -63.4 -22.6 2.9 June 22,296 22,408 +432 November. 20,688 -38.3 -12.0 -34.7 3.0 July 22,580 22,625 +217 December. 20,619 —69.6 -17.0 -46.3 2.8 August 22,988 23,104 +479 1945—January... 20,550 -69.0 J -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 Itfay 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. 20,152 -60.6 -7.0 -100.3 February. 25,527 25,527 --360 Aug ^20,088 *-64.6 <*) e-63.0 March.... 25,850 25,928 --401 Jan.-Aug. p20,0S8 P-531.1 (4) 5-329.8 p18.8 April 26,009 26,219 --291 May 26,351 26,537 -318 v Preliminary. f Figure carried forward. June 26,561 26,694 +157 1 Annual figures are estimates of the United States Mint. Monthly July 26,918 26,972 +278 figures are those published in table on p. 000, adjusted to exclude Philippine August... 27,392 27,530 +558 Islands production received in United States. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $3o a 1 For end of year figures, represents change computed on absolute fine s o I u n n c c l e u d t e h s e r g e o a l f d t e i r n . the Inactive Account amounting to.27 mil l l t. i on d , o „ ll ars . amounts in first column. NOTE.—For discussion of seasonal adjustment factors and for back on Dec. 31, 1936, and 1,228 million on Dec. 31,1937. figures on comparable basis see September 1943 BULLETIN, pp. 822-826. 6 GoidyhefdVundereearmark at the Federal Reserve Banks amounted to Because of an apparent recent change in the seasonal pattern around the 4,267.0million dollars on Aug. 31, 1945. All of this was earmarked direct y year end, adjustment factors have been revised somewhat for dates af- for foreign account except 102.8 million dollars, which was earmarked in fected, beginning with December 1942; seasonally adjusted figures for the name of a domestic bank as security for a foreign loan. money in circulation, as shown in Banking and Monetary Statistics, Table NOTE.-For back figures, see Banking and Monetary Stattfcs, Tabl: 156, 111, p. 414, and described on p. 405, are based on an older series of adjustment factors. pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollarsl Annual rate of Annual rate of Debits to demand turnover of demand Debits to total deposit accounts except turnover of total deposit accounts deposits except interbank accounts deposits except except interbank interbank and interbank and Government Government Year and month T re o c p e ta o n l r t , t e i r a n s l g l Y N C o e it w r y k 1 1 c 4 e 0 n o t t e h r e s1 r r c e e O p n o th t r e t e i r r n s^ g Y N C o i e t r w y k r 3 e 3 c p e 3 o n o r t t e t i h r n s e g r Y N C o e it w r y k 1 l 0 e c 0 a i t d o ie i t n s h g er Y N C o e it r w y k 10 le c 0 a i t d o i i e t n h s g er 1 1 1 1 1 1 9 9 9 9 9 9 3 4 3 4 3 3 7 0 6 1 8 9 4 4 4 5 4 4 6 2 3 4 6 0 9 3 7 5 1 5 , , , , , , 9 3 4 8 9 8 3 4 8 2 6 6 2 3 9 9 3 3 2 1 1 1 1 1 0 6 7 9 9 7 8 8 1 7 7 1 , , , , , , 9 7 5 8 7 3 7 3 8 3 2 8 8 6 2 6 4 2 2 2 2 2 2 2 3 3 1 9 0 1 6 5 3 9 4 8 , , , , , , 9 7 9 2 6 2 2 4 5 0 7 9 5 5 2 6 0 8 3 3 3 3 3 4 2 6 4 3 7 5 , , , , , , 4 4 2 2 3 6 2 0 5 8 2 9 1 6 2 3 9 4 2 1 1 1 1 1 0 6 9 9 6 6 4 4 3 3 7 7 , , , , , , 8 9 7 9 3 1 4 3 3 2 7 4 5 1 9 9 3 3 2 2 2 2 2 1 0 1 7 0 1 8 2 7 0 0 5 6 , , , , , , 2 4 7 6 0 1 6 3 4 3 9 4 7 9 4 6 0 0 3 2 2 2 1 1 1 5 9 1 7 7 . . . . . . 4 5 0 1 3 1 2 2 1 1 1 1 2 2 9 9 8 9 . . . . . . 4 4 9 4 6 4 1 1 1 1 9 9 9 9 4 4 4 4 4 2 2 3 — — n o e ld w s s e e r r i i e e s s 3 3 .. ., 6 6 8 7 9 4 0 9 1 1 7 2 , , , , 9 7 9 0 1 7 3 7 0 8 7 1 3 2 2 2 4 1 9 2 5 0 6 6 , , , , 5 9 3 8 6 8 6 6 1 5 5 8 3 3 4 4 1 4 4 6 9 7 2 2 , , , , 4 8 4 3 1 3 5 3 3 7 4 0 5 6 8 7 3 7 3 7 , , , , 6 0 1 9 5 7 7 7 5 9 4 0 1 1 1 6 7 6 . . . 1 5 1 1 1 1 0 1 3 . . . 7 8 1 2 2 2 0 9 5 0 8 8 , , , 9 3 3 0 3 9 7 2 8 3 3 4 0 6 0 8 9 3 , , , 3 4 9 9 0 1 6 0 3 2 2 1 0 2 8. . . 0 5 4 . 1 1 1 8 7 7 . . . 4 4 3 1 1 9 9 4 4 4 5 — — M J A A F S O N D M J u u J e e u p o e c u a a a n l p l b r c y t y v r y g n e i t o r c e e l e u u u h b m m m a s a e r b t r b b r y . y e . e e . . . r . . . r r . . . . . . . . . . . , . r9 8 8 6 9 7 7 7 7 8 7 7 8 2 1 9 1 2 0 0 1 4 3 7 , , , , , . , , , , , , 0 1 7 0 9 3 2 2 7 1 8 7 2 2 7 5 0 8 4 8 2 3 9 7 4 4 7 6 9 9 9 1 4 9 1 5 2 3 2 2 3 3 3 2 3 2 2 4 8 7 6 6 0 3 1 9 9 1 8 4 , , , , , , , , , , , , 5 1 6 8 0 4 7 0 4 6 8 9 6 5 7 6 1 2 6 7 1 7 8 9 5 8 8 5 3 5 0 4 6 8 4 0 r 4 4 4 3 3 4 3 3 3 3 4 4 0 1 7 4 7 0 0 6 6 8 7 5 , , , , , , , , , , , , 3 7 3 7 3 7 7 3 8 5 6 4 0 8 2 3 6 2 3 8 1 4 4 9 1 5 2 2 5 4 6 8 6 6 3 0 6 6 6 6 8 6 8 7 6 7 7 7 , , , , , , , , , , , , 8 6 7 9 1 4 4 8 3 5 4 4 4 2 6 9 1 7 7 6 8 6 0 8 7 7 4 7 4 1 8 1 1 1 3 3 1 2 1 1 1 2 1 1 1 1 1 1 6 1 6 6 3 8 2 7 8 7 7 8 . . . . . . . . . . . . 2 9 4 9 7 1 0 0 6 2 7 8 1 1 1 1 1 1 1 1 9 9 9 9 0 0 0 0 1 1 1 0 . . . . . . . . . . . . 2 9 7 9 2 3 0 3 9 5 3 1 2 2 2 2 3 3 2 2 2 3 2 2 2 5 3 1 4 0 8 3 5 5 9 6 5 8 , , , , , , , , , , , , , 8 4 7 6 9 0 4 8 4 1 1 3 9 2 2 2 7 2 6 6 1 2 1 9 8 5 7 2 3 2 4 4 4 6 6 5 0 4 1 3 3 3 3 3 4 3 3 3 4 3 3 3 0 2 1 6 3 0 0 1 2 2 4 4 4 , , , , , , , , , , , , , 9 9 8 4 0 0 5 8 6 4 6 8 4 8 3 8 9 2 0 5 7 6 7 3 0 1 8 4 2 8 4 8 9 0 2 6 0 1 8 2 2 2 2 1 2 3 2 2 2 2 2 2 1 0 4 9 5 7 1 0 8 0 2 4 1 . . . . . . . . . . . . . 4 9 0 8 0 6 0 6 9 9 8 4 3 1 1 1 1 1 2 1 1 1 1 1 1 1 5 8 6 6 7 0 5 6 6 6 8 5 6 . . . . . . . . . . . . . 2 0 0 2 2 4 0 5 9 9 1 3 1 'Revised. » National series for which bank debit figures are available beginning with 1919. „ . i ,*„ iot centers. * Annual figures for 1936-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include w era months o{ * See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series tor nrsi *u 1942 partly estimated. * ^^its from which ' " " L*2te?^:#^^ >f turnover.have been computed have likewise been reported by most banks and have been estimated for others. Debits to ae ember its, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed haye been reporieuy le in 101 leading cities since 1935; yearlv turnover rates b this series differ slightly from those shown in Banking and Monetary Statistics, 54t due to differences in method of computation. 918 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 deposits d d e e p m o a s n it d s United Time deposits End of month c a o u d b u r j a a t u r n s n e s d i k n t d e s c e d y c a o u d b u r j a a u t r n n s e s i d k n t d e s c e d y a d d T e j p o u o s ta s te i l t d s a D d d e e j p m u o s a s t i n e t d d s 1 d G e S m p o t o v a e s e t n e i r t t s n s - * Tout b m a C e n r o k c m i s a 1 - l * M s b a a u v n t i k u n s a s 4 l * S S P a y o v s s t i e n ta m g l s * C o u b u r a t r n s e i k n d s e cy 1929—June 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December. 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,819 9,621 1,186 4,761 December. 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,4S8 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 ':9,597 51,001 23,959 S24 26,218 14,779 10,170 1,269 5,638 1938—June 56,565 29,730 51,148 24,313 599 26,236 14,776 10.209 1,251 5,417 December. 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 1.251 5,775 1939—June....... 60,943 33,360 51,938 27,355 792 26,791 15,097 10,433 1,261 6,005 1940— D Ju e n c e ember. 6 6 4 6 , , 0 9 9 5 9 2 3 3 6 8 , , 1 6 9 6 4 1 5 6 7 0 , , 6 2 9 5 8 3 2 3 9 1 , , 7 9 9 6 3 2 8 8 4 2 6 8 2 2 7 7 , , 0 4 5 6 9 3 1 1 5 5 , , 2 5 5 4 8 0 1 1 0 0 , , 5 63 2 1 3 1 1 , , 2 2 7 9 8 2 6 6 , , 4 6 0 9 1 9 December. 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 1,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 8,204 December. 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 1,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,010 to,395 1,315 10,936 December.. 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,064 1,415 13,946 1943—June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 1,576 15,814 December.. 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 1.786 18.8.17 1944—June 36,172 80,946 115,291 60,065 19,506 35,720 21,217 12,471 2,032 20,831 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 64,300 16,100 37,100 22,200 12,800 2,100 2I,7(JO September. 139,100 87,700 116,900 65,500 13,500 37,900 22,800 12/XX) 2,200 22,200 October 139,900 92,300 117,100 69,500 8,700 38,900 23,500 U.UX) 2,300 22,800 November., 143,200 95,800 119,900 72,500 8,200 39,200 23,700 13,200 2,300 23,300 December.. 150,988 90,435 127,483 66,930 20,763 39,790 24,074 13,376 2,340 23,505 1945—January17... 151,100 92,300 127,400 68,600 18,300 40,500 24,600 13,500 2,400 23,700 • February*".. 150,900 93,900 126,700 69,700 15,600 41,400 25,200 13,700 2,500 24.200 March*3 150,700 95,300 126,500 71,100 13,400 42,000 25,700 13,800 2,500 24,200 April" 151,000 98,300 126,500 73,800 9,800 42,900 26,300 14,000 2,000 24,500 May" 152,700 101,100 127,900 76,300 8,200 43,400 26,700 14,100 2,600 24,800 Junep 163,000 94,200 137,900 69,100 24,600 44,200 27,100 14,400 2,700 25.100 Julyp 163,700 97,900 138,200 72,400 20,800 45,000 27,700 14,600 2,700 25,500 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. Sec 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 Nonm ember Total, banks banks Assets all banks Na- In- Non- Depos- U. S. Government tional State sured insured End of month itors' Cash securities Cash inde- reances1 Total posi- serve Number of banks suspended: Di- Guar- funds. 1934-39 291 15 6 189 81 banks Total rect t a e n e - d etc.3 1940 22 1 IS 3 1941 8 4 3 1 1942 .... 9 6 3 1934—Dec 1,207 1,237 540 597 467 130 100 1943 4 2 2 1935-Dec 1,201 1,237 287 BS3 706 147 98 1944 1 1 1936—Dec 1,260 1,296 145 1,058 892 167 93 1945—Jan.-Aug 0 1937—Dec 1,270 1,308 131 1,097 931 167 80 1938—Dec 1,252 1,291 86 1,132 965 166 73 Deposits of suspended banks 1939-Dec 1,279 1,319 S3 1,192 1,046 146 74 (in thousands of dollar*) :2 1940-Dec 1,304 1,348 36 1,224 1,078 146 88 1934-39 125,991 14,616 26,548 44,348 40,479 1941-Dec 1,314 1,396 26 1,274 1,128 146 95 1942—Dec 1,417 1,464 16 1,345 1.220 126 102 1940 5,943 256 5,341 346 1943—Dec 1,788 1,843 10 1,716 1,716 118 1941 3,726 3,144 503 79 1942 » . 1 702 1,375 327 1944—July 2,084 2,147 8 2,006 2,006 133 1943 6,223 4,932 1,241 Aug 2,140 2,202 8 2,050 2,050 143 1944 405 405 Sept 2,198 2,262 8 2,110 2,110 143 1945—Jan.-Aug 0 Oct 2,257 2,323 8 2,165 2,165 150 N D o ec v 2 2 , , 3 3 4 0 2 5 2 2 , , 4 3 1 7 1 4 8 8 2 2 , , 2 21 5 4 2 2 2, , 2 2 1 5 4 2 1 1 5 5 2 2 1 Represents banks which, during the periods shown, closed temporarily 1945—Jan 2,404 2,477 8 2,308 2,308 162 Feb 2,458 2,536 8 2,363 2,363 164 M Ap a r r 2 2 , . 5 5 1 6 3 3 2 2 , , 6 5 4 9 6 0 8 8 2 2, , 4 4 6 2 3 6 2 2 , , 4 4 2 6 6 3 1 17 5 5 6 2 Deposits of member banks and insured nonmember banks suspended are May 2,609 2.696 8 2,518 2,518 170 as of dates of suspension, and deposits of noninsured nonmember banks June 2,659 2,751 8 2,574 2,574 169 are based on the latest data available at the time the suspensions were July *2,713 Back jigures.Sez Banking and Monetary Statistics, pp. 283-292; for description, see pp. 281-282 in the same publication. * Preliminary. 1 Outstanding principal, represented by certificates of deposit. 2 Includes working cash with postmasters, 5 per cent reserve fund and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters. Back figures.—Set Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. 919 SEPTEMBER 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 G U ov . e S r . n- Other Total* I b n a t n e k r- ^ N of u b m a b n e k r s Total ment securities Demand Time obligations AU banks: 1938—Dec. 31 48,831 21,261 27,570 17,953 9,617 61,319 7,484 28,695 25,140 15,207 1939—Dec. 30 50,885 22,169 28,716 19,402 9,314 68,225 9,883 32,492 25,850 15,035 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—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 1945—June 30* 129,600 28,000 101,600 93,600 8,000 151,400 12,600 97,150 41,650 14,543 All commercial banks: 1938—Dec. 31 38,669 16,364 22,305 15,071 7,234 51,041 7,484 28,695 14,862 14,652 1939—Dec. 30 40,667 17,243 23,424 16,300 7,124 57,702 9,883 32,492 15,327 14,484 1940—Dec. 31 43,922 18,792 25,130 17,759 7,371 65,305 10,941 38,518 15,846 14,344 1941—Dec. 31 50,722 21,711 29,011 21,788 7,223 71,248 10,989 44,316 15,944 14,277 1942—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 1945—June 30e 114,450 23,650 90,800 84,000 6,800 137,000 12,600 97,150 27,250 14,001 All Insured commercial banks: 1938—Dec. 31 37,470 16,021 21,449 14,506 6,943 49,772 7,254 27,849 14,669 13,655 1939—Dec. 30. 39,289 16,863 22,426 15,566 6,859 56,069 9,523 31,483 15,063 13,531 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—Dec. 31 66,240 18,903 47,336 40,705 6,631 87,803 11,144 60,504 16,154 13,343 1943—June 30 75,270 17,390 57,880 51,534 6,347 94,563 10,681 66,509 17,374 13,298 Dec. 31 83,507 18,841 64,666 58,683 5,983 104,094 10,705 74,309 19,081 13,270 1944—June 30 93,936 20,729 73,207 67,085 6,122 114,145 11,038 82,061 21,045 13,264 Dec. 30 103,382 21,352 82,030 75,875 6,155 125,714 12,074 89,761 23,879 13,263 All member banks: 1938—Dec. 31..... 32,070 13,208 18,863 13,223 5,640 43,363 7,153 24,842 11,369 6,338 1939—Dec. 30 33,941 13,962 19,979 14,328 5,651 49,340 9,410 28,231 11,699 6,362 1940—Dec. 31 37,126 15,321 21,805 15,823 5,982 56,430 10,423 33,829 12,178 6,486 1941—Dec. 31* 43,521 18,021 25,500 19,539 5,961 61,717 10,525 38,846 12,347 6,619 1942—Dec. 31 59,263 16,088 43,175 37,546 5,629 78,277 11,000 54,523 12,754 6,679 1943—June 30 67,155 14,823 52,332 46,980 5,352 84,016 10,552 59,670 13,794 6,703 Dec. 31 74,258 16,288 57,970 52,948 5,022 92,262 10,555 66,438 15,268 6,738 1 1 9 9 4 4 4 5 — — D J J e u u c n n . e e 3 3 3 0 0 0 8 9 9 3 1 9 , , , 5 4 5 8 2 6 7 6 9 2 1 1 0 8 8 , , , 0 5 6 8 8 7 4 8 6 6 7 7 5 2 8 , , , 5 8 8 0 3 9 3 8 3 6 6 7 7 0 3 , , , 3 6 2 3 8 3 9 5 9 5 5 5 , , , 1 2 5 6 0 9 4 8 9 1 1 1 0 1 1 1 0 8 , , , 2 3 9 7 7 1 6 8 7 1 1 1 0 1 2 , , , 9 8 2 0 8 3 3 4 0 7 8 7 3 4 9 , , , 4 4 7 8 0 7 8 0 4 1 2 1 6 1 9 , , , 8 7 2 8 4 5 4 8 9 6 6 6 , , , 8 7 8 1 7 4 4 3 0 All national banks: 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 4 4 3 4 3 4 5 3 0 1 8 2 9 — — — — — — — — J J J D D D D D D D e e u u u e e e e e c c n n n c c c c c . . e e e . . . . . 3 3 3 3 3 3 3 3 3 3 0 1 0 0 0 1 1 1 1 0 6 4 5 5 3 4 2 2 2 2 3 8 7 3 7 2 3 7 1 0 , , , , , , , , , , 1 5 3 4 8 8 6 3 9 5 7 7 0 9 1 4 0 0 4 7 7 6 8 9 0 8 5 3 3 1 1 1 1 1 1 1 1 9 8 9 0 1 0 2 1 1 0 , , , , , , , , , , 0 1 4 0 7 1 3 4 1 2 2 7 6 0 2 1 6 8 8 1 2 3 4 9 5 6 9 0 3 3 4 3 4 5 2 3 1 1 1 1 6 2 3 0 7 7 3 2 5 2 , , , , , , , , , , 1 6 6 8 8 4 3 3 7 8 4 2 3 3 0 8 8 4 9 2 4 9 2 4 8 9 2 3 5 3 4 3 4 3 3 2 1 9 9 8 3 0 7 4 8 3 2 , , , , , , , , , , 0 7 6 1 2 0 7 6 0 0 5 9 3 0 4 6 9 3 4 5 1 8 5 2 4 5 2 9 0 1 3 3 3 3 3 3 3 3 3 3 , , , , , , , , , , 7 9 7 8 5 5 3 6 4 7 3 0 4 0 2 1 4 3 9 5 1 8 3 6 9 8 8 6 0 7 3 3 2 3 5 5 5 6 7 7 1 9 5 7 9 4 0 5 1 6 , , , , , , , , , , 5 7 9 4 9 5 4 5 5 8 8 5 9 6 5 8 8 6 3 5 7 9 6 1 8 9 5 8 3 8 ' 4 6 6 8 5 7 7 7 8 7 , , , , , , , , , , 5 4 7 1 4 8 1 0 4 2 7 9 5 8 5 0 9 0 5 5 9 4 5 9 6 0 1 8 2 6 2 4 2 3 3 S 1 4 5 1 2 4 0 8 4 5 6 3 0 7 , , , , , , , , , , 8 6 3 2 4 5 5 8 9 6 8 0 5 8 0 9 7 7 0 9 5 5 0 7 5 9 9 9 0 & 1 1 1 1 8 8 7 8 8 9 2 0 1 4 , , , , , , , , , , 0 3 3 9 5 2 1 3 9 5 8 1 2 2 7 2 9 0 8 0 1 0 2 9 0 9 6 4 5 1 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , 1 1 2 1 0 0 0 0 0 0 8 4 1 2 8 6 1 4 3 2 7 4 7 4 1 0 5 0 6 5 Stat 1 1 1 1 1 1 1 1 e 9 9 9 9 9 9 9 9 4 4 4 4 4 3 3 4 m 2 4 5 3 0 8 9 1 — — — — e — — — — m D D D D J D J J D D u u u b e e e e e e e n n n c c e c c c c c . e . e e r . . . . . 3 3 3 3 3 3 3 3 3 3 b 0 1 0 1 0 0 0 1 1 1 a * nks: 2 3 3 3 2 2 1 1 1 1 6 0 3 6 4 1 5 3 2 1 , , , , , , , , , , 7 2 3 2 2 6 9 4 1 1 5 5 4 5 7 6 8 4 3 6 9 0 4 0 8 1 7 9 0 8 6 6 5 6 4 5 5 4 7 8 , , , , , , , , , , 1 8 3 2 1 6 2 9 7 9 7 1 9 1 7 4 0 9 3 4 1 9 6 6 0 9 5 5 8 0 2 2 2 2 1 1 8 9 0 3 6 6 7 8 8 5 , , , , , , , , , , 6 1 5 4 3 7 0 7 1 0 5 2 6 8 0 7 6 8 9 3 4 9 8 2 1 3 5 3 0 0 2 2 1 2 1 1 4 5 6 7 1 4 6 6 3 8 , , , , , , , , , , 5 2 0 5 8 6 3 8 8 1 7 3 8 0 7 9 0 8 9 8 1 2 8 0 8 9 2 3 3 8 2 2 1 1 1 1 1 1 1 1 , , , , , , , , , , 1 0 8 8 7 9 6 9 8 6 5 7 2 0 9 8 2 7 7 4 5 4 3 5 7 0 0 4 2 2 2 2 2 3 2 3 4 1 3 1 0 2 9 2 7 5 1 5 9 7 , , , , , , , , , , 6 2 7 8 4 3 3 0 6 8 4 5 8 0 2 6 5 0 9 4 2 9 1 8 7 7 9 2 0 4 3 3 2 3 3 3 3 3 3 3 , , , , , , , , , , 5 8 7 6 3 3 5 6 8 9 1 4 3 0 9 0 9 2 5 8 2 9 9 1 0 7 6 7 3 0 1 2 1 2 2 1 2 2 3 9 4 0 2 1 3 0 8 6 0 , , , , , , , , , , 2 4 9 4 8 0 6 8 6 7 5 9 4 6 3 5 2 7 0 0 5 5 4 5 3 2 4 4 9 2 3 3 3 4 4 4 5 5 6 7 , , , , , , , , , , 8 6 4 1 0 5 0 3 5 1 1 4 8 5 2 6 7 5 8 6 7 4 9 9 5 6 2 7 3 0 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 1 3 1 5 7 5 7 6 6 8 1 4 7 0 3 9 8 9 2 4 4 2 5 2 7 8 9 8 5 3 * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller o Currency and the Federal Deposit Insurance Corporation for national banks and insured banks respectively. . 1 * BB E ee s gg ti ii m nnnn a ii t nn e gg d JJ . uunn F ee i g 33 u 00 r ,, e 11 s 99 44 h 22 a ,, v ee e xx b cc e lluu e d n e r s o r u e n c d ip e r d o c to a l t b h a e n n k e a b r a e l s a t n c 5 e 0 s m , w il h li i o c n h . on Dec. 31,1942 aggregated 513 million dollars at al „ l memb . e r b . annVtsa a _ nnfu ? s25 millionn aatt aallll iinnssuurreedd ccoommmmeerrcciiaall bbaannkks _. hanks are lVi threu m^tu,al ,*"*£» banks> with total deposits of 8 million dollars, became - ^ ^ ll banks.'' th '/member banks" and "insured mutual savings banks," are not included in "co es in noninsured nonmemhw cnmmwrial hanlm" fimif« w>fia,*+ n^n^motUr tU* its, I _r , .„..„». i« .wuuu uuu m.wuniuwwu Back Mures".—See Banking andfiomtarySUUiVt^ in the same publication 91O 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 DepotiU Class of bank Investments Other and Number call date Total Loans Total G m U ov e .S e n r . t n- Other Total* I b n a te n r k - 1 Demand Time of banks obliga- securities tions All nonmomber commercial banks: 1 1 9 9 3 3 8 9 — — D D e e c c . . 3 3 1 0 6 6 , , 5 7 9 2 8 6 3 3, , 2 1 8 5 1 6 3 3 , , 4 4 4 4 2 5 1 1, , 9 8 7 4 1 8 1 1 , , 5 4 9 7 4 4 8 7 , , 3 67 62 8 3 4 3 7 1 3 3 4 , , 8 2 5 6 3 0 3 3 , , 4 6 9 2 3 9 8 8 , , 3 1 1 2 4 2 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—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 7,23V Dec. 30...; ! 13,972 2,971 11,002 9,880 1,122 17,168 362 11,870 4,936 7,181 1945—June 30* 15,050 3,050 12,000 10,800 1,200 18,600 350 12,750 5,500 7,164 Insured nonmember commercial banks: 1938—Dec. 31 5,399 2,813 2,586 1,283 1,303 6,409 101 3,007 3,300 7,317 1939—Dec. 30... 5,348 2,901 2,447 1,238 1,209 6,729 113 3,252 3,365 7,169 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—Dec. 31 6,984 2,818 4,166 3,162 1,004 9,535 145 5,981 3,409 6,667 1943—June 30 8,123 2,570 5,553 4,557 996 10,557 129 6,839 3,589 6,598 Dec. 31 9,258 2,556 6,702 5,739 962 11.842 149 7,870 3,823 6,535 1944—June 30.... ; 10,360 2,648 7,712 6,752 960 12,880 135 8,573 4,172 6,494 Dec. 30 11,824 2,678 9,146 8,197 949 14,809 190 9,987 4,632 6,452 Noninsured nonmember commercial banks: 193S—Dec. 31 1,199 343 856 565 291 1,269 230 846 193 997 1939—Dec. 30 1,378 380 998 733 265 1,633 360 1,008 264 953 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—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: 1938—Dec. 31 10,162 4,897 5,265 2,883 2,382 10,278 10,278 555 1939—Dec. 30 10,218 4,926 5,292 3,102 2,190 10,523 10,523 551 1940—Dec. 31 10,248 4,959 5,289 3,224 2,065 10,658 10,658 551 1941—Dec. 31* 10,379 4,905 5,474 3,700 1,774 10,532 10,532 548 1942—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 1945—June 30e 15,150 4,350 10,800 9,600 1,200 14,400 14,400 542 Insured mutual savings banks: 1938—Dec. 31 972 461 511 280 232 1,012 1,012 48 1939—Dec. 30 1,329 605 724 422 303 1,409 1,409 51 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—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: 1938—Dec. 31 9,190 4,436 4,754 2,603 2,150 9,266 9,266 507 1939—Dec. 30 8,889 4,321 4,568 2,680 1,857 9,114 9,114 500 1940—Dec. 31 8,593 4,322 4,271 2,676 1,595 8,840 8,840 498 1 1 1 1 9 9 9 9 4 4 4 4 4 3 2 1 — — — — D D J J D D u u e e e e n n c c c c e e . . . . 3 3 3 3 3 3 0 0 1 0 1 1 . . 4 4 8 4 8 8 , , , , , , 3 4 7 5 7 6 8 4 4 3 0 8 7 5 4 9 8 6 3 4 3 1 1 1 , , , , , , 5 3 9 4 2 2 1 0 6 5 6 6 1 2 8 8 0 3 4 4 4 2 3 3 , , , , , , 7 1 9 9 4 4 8 8 3 7 2 4 1 5 8 5 5 4 4 3 3 2 2 2 , , , , , , 0 6 2 5 0 8 7 9 4 5 1 2 1 8 9 6 4 6 1 1 , , 3 0 9 6 6 6 5 8 8 3 4 2 3 4 9 1 9 9 8 4 8 8 4 4 , , , , , , 2 6 4 7 2 4 0 1 4 3 0 6 6 4 3 6 2 6 8 8 4 8 4 4 , , , , , , 2 7 6 4 2 4 0 1 4 0 3 6 6 4 3 2 6 6 4 4 4 3 3 3 6 9 8 5 5 9 1 6 4 1 2 0 For footnotes see opposite page. 92-1 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES* LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Loans for . S. Government obligations Com- purchasing Obli- Total mer- or carrying ations Cl c a a s l s a l n o d d f a b te ank m in l a o e v n a n e d n t s s s t- Total :: o d c p i i u i n n e a d - g n l - , - A - t c u a g u r l r l - - i- br T s o e o k c - uriti T e o s R l t o e a e a s a t - n e l s - s l C u o o m a n n e - s r O lo t a h n e s r Total Total c C t a i e f t i r e - - D s irect G a u n a - r- o t a c a o l n a i t f t d l e i- s se t t h c i u e e r s m ke a t r- a e n r d s oth- Bills o d f e b in t- - Notes Bonds teed d su iv b i - paper deal- ed- sions ers ness All insured comm 19 e 3 r 8 c — ia D i e D c. a n 3 R 1. S .. : . 37,470 16,021 5,636 1,060 1,002 885• 3,857 3,583 21,449 14,506 290 3,648 8,000 2,568 3,011 ,932 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 ,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 ,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 ,098 1943—Dec. 31.... 83,507 18,841 7,777 1,505 1,414 922 4,437 1,868 91864,666 58,683 4,636 3,218 7,672 30,656 2,501 3,287 ,696 1944—June 30.... 93,936 20,729 7,406 1,474 2,221 2,296 4,364 1,862 1,106 73,207 67,085 4,708 5,466 1,834 34,114 963 3,393 ,730 Dec. 30.... 103,382 21,352 7,920 1,723 2,269 2,265 4,343 1,888 944 82,030 75,875 3,971 5,30015,778 39,848 978 3,422 ,733 Member banks, total: 1938—Dec. 31.... 32,070 13,208 5,179 712 973 775 2,716 2,853 18,863 13,222 286 3,389 7,208 2,340 2,448 3,192 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 3,013 2,970 1941—Dec. 311... 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,007 11,729 3,832 3,090 2,871 1942—Dec. 31.... 59,263 16,088 7,387 1,089 934 538 3,423 1,847 87043,175 37,546 4,363 6\ 285 5,409 18,948 2,540 2,965 2,664 1943—Dec. 31.... 74,258 16,288 7,421 1,023 1,398 839 3,274 1,484 848 57,970 52,948 4,360 2,071 6,906 27,265 2,345 2,729 2,294 1944—June 30.:.. 83,587 18,084 7,023 1,023 2,200 2,130 3,207 1,467 1,033 65,503 60,339 4,466 4,228 10,640 30,118 887 2,834 2,331 Dec. 30.... 91,569 18,676 7,531 1,198 2,249 2,108 3,209 1,505 877 72,893 67,685 3,748 3,98214,127 34,927 902 2,857 2,350 1945—Mar. 20.... 90,524 17,219 73,305 67,915 2,989 2,400 June 30 99,426 20,588 '7,095 1,125 "3*089'3*467 "3*248"i,"688'' *93478,'838 73,239 2,633 5,58414,723 40,266 33 3,102 2,497 New York City:* 1938—Dec. 31.... 8,335 3,262 1,594 5 787 220 121 535 5,072 3,857 158 1,142 1,663 894 517 698' 1940—Dec. 31.... 10,910 3,384 2,125 6 465 190 130 468 7,527 6,044 207 1,245 2,977 1,615 695 788 1941—Dec. 31.... 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1942—Dec. 31 17,957 4,116 2,546 21 787 193 117 303 148 13,841 12,547 1,855 2,144 2,056 5t420 1,071 593 701 1943—Dec. 31.... 19,994 4,428 2,515 24 1,054 323 107 252 153 15,566 14,563 1,328 3,409 1,829 7,014 984 444 558 1944—June 30.... 22,669 5,479 2,430 64 1,657 751 93 232 251 17,190 16,157 1,258 4,242 2,805 7,650 201 456 577 Dec. 30.... 24,003 5,760 2,610 30 1,742 859 86 253 179 18,243 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 30 25,756 7,069 "*:U86 ""53 2,"528 1,539"**76 '"276 "'223 18*687 17*492 424 3,538 3,607 9,920 2 567 629 Chicago** 1938—Dec. 31.... 1,969 539 335 17 43 70 12 63 1,430 1,114 59 291 655 109 141 176 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 30.... 5,730 1,250 671 13 159 299 23 50 34 4*480 4,'130 127 1,253 814 1,936 154 196 Reserve city banks: 1938—Dec. 31.... 11,654 4,963 2,063 207 119 242 1,230 1,101 6,691 5,018 57 1,224 2,997 740 80S 866 1940—Dec. 31.... 13,013 5,931 2,589 263 115 207 1,436 1,322 7,081 5,204 103 771 3,281 1,049 984 893 1941—Dec. 31 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1942—Dec. 31 20,915 6,102 2,957 290 97 153 1,486 80S 312 14,813 13,038 1,441 2^253 1,723 6,810 811 954 821 1943—Dec. 31 27,521 6,201 3,058 279 217 267 1,420 658 30121,321 19,682 1,802 4,691 2,497 9,943 749 913 726 1944—June 30 30,943 6,761 2,787 277 409 903 1,385 650 350 24,183 22 484 1,914 5,586 3,893 10,689 402 963 •7 i3r5 Dec. 30 33,603 6,822 3,034 348 311 777 1,379 660 31326,781 25,042 1,704 5,730 5,181 11,987 440 1,000 M74l Uft 1945— Ju M n a e r . 3 2 0 0.... 3 3 6 3 , , 5 4 7 5 2 2 6 7, , 1 3 5 4 5 6 ' "2*883"'304 371 i'l47 '1*378 "'757 "315 4 2 517 9 , 1 , UM 4 O 1 V 7 i i 2 Z t 7 J, , O 5 lf U 2 i 4 3 i 1,320 6,598 5,689 13,906 10 1 1 , , 0 1 3 0 4 0 7 7 9 68 4 Country banks: 1938—Dec. 31.... 10,113 4,444 1,186 483 25 243 1,353 1,154 5,669 3 233 11 732 1,893 597 98 1,453 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 1,14 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 86 L,22 1028 1 1 9 9 4 4 3 2 — — D D e e c c . . 3 3 1 1 2 1 2 6 , , 1 4 8 1 8 9 4 5 , , 6 0 5 3 4 8 1 1 , , 0 2 8 2 4 6 7 7 1 7 3 2 2 17 5 1 16 9 1 7 1 1 , , 7 7 9 2 7 5 6 5 7 2 4 8 3 39 8 3 1 1 1 1 7 , ,5 3 3 8 4 0 1 9 5 , , 1 4 7 6 2 5 1,0 6 3 7 2 1 3 1 , '0 2 9 5 4 1 2 1, , 2 0 4 9 0 6 5 8 , , 4 7 3 0 6 5 5 53 7 1 1 , , 2 2 5 1 '9 8 5 5 6 5 1944—June 30.... 24,850 4,780 1,096 671 33 345 1,708 536 39220,071 18,009 926 3,362 3,355 10,114 25 1,21 849 Dec. 30.... 28,520 4,910 1,149 802 32 310 1,719 547 35123,610 21,552 S82 3,466 4,422 12,540 24 1,23 829 1945— Ju M n a e r . 3 2 0 0 . . . . . . . . 3 2 1 9 , , 3 1 6 2 8 6 4 5 , ,1 8 1 0 4 7 1,162 755 32 422 1,771 611 3622 91 6 ,2 •a 5 t Q 3 2 9 4 9 , 0 i 9 n 4 s 762 4,194 4,613 14,504 2 1 1 , , 2 2 6 8 4 8 8e 5 7ra 1 8 Insured non* member commercial banks: 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 3 2 3 4 1 0 8 — — — — — — D D D D J D D e u e e e e e c n c c c c c . e . . . . . 3 3 3 3 3 3 3 0 1 1 1 1 0 1 . . . . . . . . . . , . . . . . . 1 1 9 5 5 6 5 1 0 , , , , , , , 7 9 3 2 4 8 3 7 8 9 2 5 2 6 4 4 9 4 9 8 0 3 2 2 3 2 2 2 , , , , , , , 0 6 2 6 8 8 5 4 4 7 7 1 1 5 8 1 8 4 3 8 6 4 5 3 3 3 3 5 8 5 7 4 8 5 1 9 7 0 3 3 6 8 4 4 3 4 4 5 5 8 1 4 5 7 5 2 2 6 8 2 8 3 5 2 2 1 2 2 2 1 1 0 6 1 1 8 6 1 1 1 5 8 6 7 1 5 6 9 2 4 5 0 6 6 1 1 1 1 1 1 1 , , , , , , , 1 2 2 1 2 1 1 8 6 4 3 2 5 4 2 5 0 6 5 9 1 4 3 3 3 2 8 8 9 8 8 7 2 5 3 5 3 0 5 0 3 4 1 7 6 7 7 0 7 4 3 4 6 2 2 9 2 7 , , , , , , , 1 7 1 3 7 5 5 6 1 4 5 3 8 0 6 2 6 6 3 6 2 3 5 6 8 1 1 1 , , , , , , , 1 1 5 2 2 7 7 9 0 8 4 6 5 3 9 3 0 2 7 2 9 2 2 2 9 7 4 2 1 1 9 6 2 3 0 7 " 1 1 1 * , , , 4 3 1 2 4 1 4 3 2 9 7 8 1 1 , , 1 6 2 3 7 1 1 9 5 5 9 6 5 6 4 9 0 6 2 2 3 2 4 1 4 , , , , , 0 3 0 0 9 8 7 6 9 5 0 2 3 9 2 2 2 1 1 2 3 7 5 7 1 5 5 5 5 5 5 5 6 6 6 6 9 6 C C 3 3 5 4 7 4 4 4 3 2 6 3 3 0 0 8 1 2 9 5 3 0 3 •These fierurp* A t . ral Deposit Insurance Corporation p ud^d^n1-^ilwif T^l1 JVavbgs ^nk,s ^htotal deposits of 8 million dollars became members of the Federal Reserve System. These banks are uded in member banks" but are not included in "all insured commercial banks " * Central reserve city banks. 92.1 FEDERAL RESERVE Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES-Gw//W«* RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Interbank Cl c a a s l s a l n o d d f a t b e ank F s B s e e w e R d R a r r e i n v e e v t - r - k h e e a s s l v C a a in u sh lt b m a B w a d n c a n i o c s l t k - t e h J s s c ' j p u m a D o s d d a t e s e e n - i - - d t d s * m D es o d t - i e c p * os F i e t i o s g r n - m U G er e o . n n v S - t - . p v s S o i u a s l t b n i a i t o d d t i e n c i s - s s c C h c e o f a e e t e i f c n r e c f r . s i d d t k - * i s - a p v n a p i s t I i d d h r n o o t u i d r n n c p a a i s e o s - - l r , r s - - , I b n a t n er k - P m U G S i o e n a r a s . e o n g n S t v n v d a s - . - t - l v S s p i t u a i s o a c n i b t l o a i e d d t n l s - i , s - • a v p n s a i p t I h d d r i o n i t o u r p n d c n a a o s e i s - l , . r r s * - , r i B n o o g w r s - - c C o t a a u a c l p n - i t - s All Insured commercial banks: 1938—Dec. 31.... 8,694 950 5,663 25,198 6,595 503 838 2,942 595 23,475 157 86 575 14,009 18 6,434 1940—Dec. 31.... 13,992 1,234 8,202 33,820 9,677 702 666 3,293 971 32,398 160 69 522 , 14,998 II 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 ,669 58,338 63 124 395 18,561 46 7,453 1944—Tune 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 7,969 Member banks, total: 1938—Dec. 31.... 8,694 746 4,240 •22,293 6,510 501 790 2,386 547 21,119 142 61 462 10,846 6 5,424 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 5,098 1941—Dec. 311... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1942—Dec. 31.... 13,072 1,019 6,147 42,570 10,101 811 7,923 3,318 [,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 ,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 ,271 6,354 57,308 10,881 945 18,509 3,744 ,251 56,270 SS 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 L.305 59,409 65 101 378 20,004 285 7,138 June 30.... 14,807 1,150 6,486 59,133 11,0641,106 21,967 3,877 ,138 57,417 61 102 392 21,254 52 7,276 New York City:* 1938—Dec. 31.... 4,104 68 109 7,168 2,687 437 139 280 195 7,273 6 36 652 1,593 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 30 3,879 89 64 14,643 3,271 989 7,618 229 341 14,789 16 19 1,082 40 2,023 Chicago;1 1938—Dec. 3i 884 35 235 1,688 658 9 83 181 29 1,597 9 452 257 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 1 19 9 4 4 3 2 — D D e e c c . . 3 3 1 1.'... 9 8 0 2 2 1 3 3 9 8 1 1 6 5 4 8 3 2, , 5 0 5 5 7 0 L( 9 1 7 0 2 5 1 1 2 4 6 7 6 1 5 3 1 1 7 7 8 4 4 3 4 8 3 2 , , 0 5 9 88 7 2 2 4 5 5 0 3 5 3 3 0 2 4 6 1944—June 30 811 41 179 3,070 1,090 15 1,105 218 41 3,040 543 343 Dec. 30 899 43 177 3,041 1,132 16 1,400 167 33 3,100 619 354 194S—Mar* 20 892 45 144 3,289 1,092 16 900 162 34 3,324 631 353 June 30 929 33 180 3,152 L174 19 1,499 193 29 3,124 663 362 Reserve city banks: 1938—Dec, 31.... 2,354 321 1,940 7,214 2,719 53 424 796 170 7,034 113 17 269 4,233 1,777 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 "io 2,395 June 30.... 5,882 396 2,029 20,682 5,510 90 7,655 1,516 422 20,559 31 39 166 8,529 3 2,450 Country banks: 1938—Dec. 31 1,353 322 1,956 6,224 446 2 143 1,128 154' 5,215 23 44 147 5,509 6 1,798 1940—£>ec. 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 6,0S2 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—Tune 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 30.... 4,117 632 4,213 20,656 1,108 8 5,195 1,939 346 18,945 14 54 207 10,981 9 2,440 Insured nonmember commercial banks: 204 1,423 2,904 85 2 48 555 48 2,356 15 25 113 3,163 11 1,010 110914Q8 —DDeecc 3311 ... 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 IS 8 74 3,276 6 956 1942 Dec 31 .. 287 2,934 5,651 133 2 243 678 76 4,983 10 5 65 3,339 5 955 1943—Dec 31 313 2,996 7,279 141 2 506 750 96 6,518 6 4 68 3,750 6 979 1944—-June 30.... 322 2,978 7,368 126 3 1,124 764 90 6,595 S 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 'd d^S^tt^ tKterbank and U. S. Government less cash items reported as in process of collection. ^t2^TO^S^ Tables 18-45, PP. 72-103, and 108-113. 913 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS ' Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments For purchasing U. S. Government obligations Com- or carrying securities Total mer- Date or month i m n lo a v e n a e n n d s t s t s - Total in t c a r d i n i a u a d l s l , , - a T n o d b d r e o a k l e e r r s s To others | R e lo s e a t a a n l t - s e b L a o t n o a k n s O lo t a h n e s r Total Total Bills o c C t f a i e f t i i e r n - - s -Notes Bonds G a u n a - r- O s ri e t t c i h e u 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 t s u h e r e - i i - G U l o i o g . b v S a - t . - , O c s u th e r - e i- d n e e e d b s - t s - teed tions ties tions ties Total—M Cities 1944—July 56,960 6,058 1,07. 641 i,46; 337 1,070 94 1,343 44,87. 41,96: 3,725 11,020 7,433 19,161 2,913 1945—Mar 58,112 11,35c 6,157 901 751 80C 346 ,042 68 1,286 46,76: 43,775 2,233 11,44' 7,448 22,306 2,983 Apr 57,271 11,03!^ 5,989 88 755 65 350 ,041 76 1,296 46,23: 43,15:" 1,706 11,143 7,412 22,564 3,080 May 57,285 11.4U 5,818 1,28: 821 593 365 ,046 102 1,389 45,87( 42,83 1,336 10,776 7,358 23,035 3,033 June 60.923 12,84! 5,876 1,65: 882 rl,48 388 ,047 95 rl,427 48,07. 44,96: 1,655 9,956 9,316 24,013 3,113 uly 64,094 13,67, 5,925 16U 890 r2,234j 397 ,051 rl,483 50,42 47,258! 1,96" 10,640 9,614 25,027 3,163 May 30.... 57,541 llt63t 5,768 1,505 840 60C 364 ,049 117 1,393 45,905 42,842| 1,195 10,663,7,366 23,276| 3,063 June 6.... 58,254 11,88 5,822 1,43S 869 r814| 390 ,044 102 rl,406 46,368 43,29i 1,368 9,397 9,038 23,470 3,072 June 13.... 58,896 12,12^ 5,860 1,595 870 r850 381 ,045 108 rl,415 46,772 43,67i 1,418 9,417 9,143 23,678 3,096 June 20 63,005 13,541 5,900 1,730 902 r2,046 388 ,047 91 rl,442 49,459 46,33- 1,946 10,470 9,545 24,349 3,125 June 27.... 63,537 13,83J 5,923 1,841 886 r2,212 395 ,052 78 rl,448 49,702 46,543 1,889 10,539 9,538 24,557 3,159 My 3.... 64,291 14,04; 5,941 1,821 879 r2,401 398 ,048 68 rl,487 50,248 47,116 1,932 10,664 9,607 24,899 3,132 July 11.... 64,235 13,77! 5,928 1,667 877 r2,304 r396 ,051 64 rl,485 50,463 47,338 2,090 10,647 9,626 24,967 3,125 "uly 18.... 63,994 13,53; 5,928 1,518 899 r2,184 r395 ,052 78 rl,481 50,45'" 47,267 1,935 10,646 9,591 25,087 3,192 uly 25.... 63,853 13,340 5,903 1,465 905 r2,050 r397 ,051 90 rl,479 50,513; 47,312 1,913 10,603 9,632 25,156 3,201 Aug. 1.... 63,696 13,393| 5,926 1,457 964 1,995 421 ,055 94 1,481 50,303[ 47,000 1,656 10,581 9,565 25,190 3,303 Aug. 8.... 63,052 12,975 5,914 1,350 863 1,858, 398 ,053 68 1,471 50,077 46,771 1,585 10,462 9,511 25,204 3,306 Aug. 15 ... 63,094 13,006 5,949 1,364, 841 1,828 395 ,055 100 1,474 50,088 46,770 1,633 10,385 9,505 25,234 3,318 Aug. 22.... 62,680 12,888 5,948 1,385 827 1,706 408 ,058 1,473 49,792 46,458 1,420 10,277 9,478 25,268 3,334 New York City 1944—July 20,956 5,06! 2,309 830 498 777 137 349 15,895 14,94d 1,216 3,999 2,741 6,795 949 1945—Mar 20,631 4,574 2,372 721 582 332 141 300 16,057115,071 575 3,823 2,665 7,940 936 Apr 20,277 4,392 2,301 699 580 230 146 307 15,885 14,834 423 3,710 2,612 8,032 ,051 May 20,354 4,794 2,218 1,093 632 193 162 347 15,560 14,551 166| 3,456 2,594 8,284 ,009 June.... 2 2 1 2 , , 8 9 9 9 1 7 5 6, , 0 6 8 4 9 3 2 2 , , 2 2 2 2 9 1 1 1 , , 3 3 6 1 5 6 6 6 9 9 1 3 1,1 6 5 8 3 6 1 1 7 8 4 2 3 3 6 9 2 7 1 1 6 6 , , 2 9 4 0 8 8 1 1 5 5 , , 1 7 8 9 0 8 k 2 4 8 4 1 3 2 3 , , 9 0 8 1 8 9 3 3 , , 2 2 3 3 3 3 9 8 , , 1 6 0 7 2 7 , , 0 1 6 1 8 0 May 30.... 20,564 5,002 2,198 1,284 653 164 353 15,562114,528 121 3,334 2,601 8,425 ,034 2 2 2 2 2 0 2 1 , , , , 8 8 8 1 2 1 2 0 1 2 4 7 5 6 5 6 , , , , 0 2 0 2 5 4 3 3 0 7 8 6 2 2 2 2 , , , , 2 2 2 2 3 3 0 4 2 5 8 1 , , , , 2 3 3 5 9 0 2 3 4 3 4 8 6 6 6 7 7 9 1 8 7 6 0 1 , , 0 1 2 2 3 2 9 8 8 ! 3 7 | 1 1 1 1 8 7 7 7 1 1 3 2 3 3 3 3 6 6 6 5 6 0 4 7 1 1 1 1 5 6 6 5 , , , , 8 5 7 7 7 7 8 6 1 7 3 2 1 1 1 1 4 5 5 4 , , , , 7 6 4 8 2 8 9 1 5 2 9 4 3 3 2 1 8 3 5 5 2 9 0 4 : 2 3 3 2 , , , , 2 0 8 8 0 4 5 5 5 2 6 1 3 3 3 3 , , , , 3 2 2 1 4 0 4 4 5 0 1 3 8 8 8 8 , , , , 4 7 8 6 8 6 5 0 0 6 9 3 , , , , 0 0 0 0 3 9 3 5 7 5 4 7 J J J J u u u u l l l l y y y y 1 2 1 3 1 5 8 . . . . . . . . . . . . . . . 2 2 2 2 2 2 3 3 , , , , 8 8 0 2 2 8 5 3 7 0 2 0 6 6 6 5 , , , , 1 0 3 8 3 0 6 5 7 1 9 0 2 2 2 2 , , , , 2 2 1 2 2 9 2 4 7 6 0 3 , , , , 1 2 3 4 9 4 3 9 3 0 6 5 6 7 7 6 0 8 0 8 0 4 0 9 , , , , 1 0 1 2 3 3 9 4 7 8 3 5 1 1 1 1 8 8 8 8 4 2 1 0 3 4 3 3 9 0 9 9 7 0 7 3 1 1 1 1 6 6 6 6 , , , * 8 9 9 8 6 1 7 7 1 5 7 9 1 1 1 1 5 5 5 5 , , , , 7 8 7 8 3 2 8 4 3 7 8 4 5 3 4 4 7 0 8 0 8 8 5 2 3 3 2 2 , , , , 9 0 0 9 " 3 9 9 1 3 3 3 3 , , , , 2 2 2 2 2 3 6 1 7 0 3 1 9 9 9 9 , , , , 0 1 0 1 6 3 3 7 9 1 5 5 , , , , 0 0 1 1 7 7 4 5 3 1 6 0 A A A A u u u u g g g g . . . . 2 1 8 1 2 5 . . . . . . . . . . . . . . . . 2 2 2 2 2 2 2 2 , , , , 2 2 0 8 3 6 3 0 7 3 2 8 5 5 5 5 , , , , 5 4 5 8 1 4 2 7 3 7 0 5 2 2 2 2 , , , , 1 1 1 2 8 0 7 8 5 8 3 6 1 1, , , , 1 0 0 1 0 7 8 7 5 4 8 9 6 6 6 7 3 6 3 2 4 0 2 8 1,0 8 8 7 7 8 1 9 8 : 6 , 2 1 1 1 0 9 8 8 8 5 4 7 4 4 4 4 0 0 0 0 4 5 7 0 1 1 1 1 6 6 6 6 , , , , 9 5 7 7 8 3 1 5 5 3 7 0 1 1 1 1 5 5 5 5 , , , , 7 3 5 5 3 7 1 5 6 6 5 3 1 2 4 3 3 4 1 4 6 3 4 2 2 2 2 2 2 , , , , 8 8 9 9 3 2 6 1 9 1 6 1 3 3 3 3 , , , , 1 1 1 1 4 8 4 5 3 6 3 8 9 9 9 9 , , , , 1 1 1 1 6 5 5 6 7 5 4 8 , , , , 1 2 2 1 0 9 0 9 9 7 2 7 Outside New York City 1944—July 36,004 7,024 3,749 245 143 690 200 989 994 28,980 27,016 2,509 7,021 4,692 12,366 1,964 1945— M J A J M u u p a n l a r y y e r 3 4 3 3 3 1 6 9 6 7 , , , , , 9 0 4 0 9 3 9 8 9 3 1 7 1 4 2 6 6 6 7 7 , , , , , 2 5 6 6 7 0 8 4 2 7 5 4 ' 1 d 3 3 3 3 3 , , , , , 6 6 7 6 7 4 0 0 8 8 7 0 4 8 5 3 2 1 1 1 0 8 8 8 7 2 7 2 8 9 1 1 1 1 1 9 9 7 8 6 7 1 5 9 9 "1 r , 7 4 4 4 0 9 2 0 6 8 5 1 0 8 1 2 2 2 2 2 1 0 1 0 0 5 3 4 4 5 9 9 9 9 9 8 8 7 8 7 2 6 6 1 5 r ' 1 l 1 , , , 9 9 0 0 0 8 4 8 6 8 9 2 6 5 6 3 3 3 3 3 1 0 3 0 0 , , , , , 8 5 3 3 7 2 1 4 0 1 7 3 7 5 0 2 3 2 2 2 9 1 8 8 8 , , , , , 7 2 4 3 7 8 8 1 6 0 2 6 8 0 8 1 1 1 1 1 , , , , , 2 3 1 5 6 8 2 7 7 5 3 4 4 0 8 6 7 7 7 7 , , , , , 4 9 3 6 6 3 6 2 2 2 3 8 0 1 6 [ | 4 4 4 6 6 , , , , , 0 7 8 3 7 8 6 0 8 8 3 4 0 1 3 1 1 1 1 1 3 5 4 4 4 , , , , , 7 9 3 5 3 5 2 3 3 6 1 5 6 2 6 2 2 2 2 1 , , , , , 0 0 0 0 9 4 2 2 5 9 5 9 4 3 7 May 30.... 36,977 6,634 3,570 221 187 409 200 984 1,040 30,343 28,314 1,074 7,329 4,765j 14,851 2,029 [ i u u u u n n n n e e e e 2 2 1 7 6 0 3 .... 4 4 3 3 0 0 7 7 , , , , 1 4 7 7 4 8 8 1 2 4 9 3 6 6 7 7 , , , , 8 8 5 5 8 3 0 8 8 6 8 8 3 3 3 3 , , , , 6 6 6 6 1 6 8 2 4 8 2 5 3 3 2 2 3 1 3 5 6 7 6 7 | , 1 1 1 1 9 9 9 8 0 2 2 9 " ' i l r r , , 5 5 0 0 5 2 0 8 3 8 7 9 | y | 2 2 2 2 1 1 1 0 7 4 8 8 9 9 9 9 8 8 7 8 2 7 9 0 " " " '1 1 1 1 , , , , 0 0 0 0 8 5 7 4 2 5 8 9 3 3 3 3 2 0 3 0 , , , , 6 9 6 1 0 7 0 2 1 6 6 5 3 3 2 2 1 0 8 8 , , , , 0 5 8 6 6 7 6 3 1 1 2 5 1 1 1 1 , , , , 5 2 5 1 6 6 5 1 4 4 0 8 6 6 7 7 , , , , 5 4 5 2 9 6 6 4 7 1 5 6 6 5 6 5 , , , , 2 2 9 8 9 0 9 4 7 0 5 3 1 1 1 1 5 5 4 5 , , , , 9 5 0 6 9 8 7 9 0 3 5 8 ; 2 2 2 2 , , , , 0 0 0 0 6 3 4 3 4 5 1 9 J J J J u u u u l l l l y y y y 2 1 1 3 5 8 1 4 4 4 4 1 1 1 1 , , , , 1 0 1 0 2 1 8 6 6 4 3 1 7 7 7 7 , , , , 5 4 6 6 3 9 7 3 4 0 4 5 3 3 3 3 , , , , 7 7 6 7 0 0 9 0 7 8 8 1 2 3 7 26 2 ! 2 1 1 1 0 9 9 9 5 9 0 3 '1 1 1 1 , , , , 0 1 0 1 1 1 4 5 2 1 7 6 r r r 2 2 2 2 1 1 1 1 3 3 6 7 9 9 9 9 8 8 8 8 7 6 6 3 1 1 1 1 , , , , 0 0 0 0 7 8 8 9 9 4 8 4 3 3 3 3 3 3 3 3 , , , t5 5 3 5 4 8 8 3 8 0 7 6 3 3 3 3 1 1 1 1 , , , , 4 3 4 5 8 2 9 3 5 8 4 4 1 1 1 1 , , , , 4 5 5 5 3 5 8 3 5 0 2 0 7 7 7 7 , , , , 6 6 6 5 6 0 4 7 4 8 1 3 : 6 6 6 6 , , , , 3 4 3 3 9 2 4 6 9 1 4 1 1 1 1 1 5 5 5 5 , , , , 9 9 8 8 8 5 9 6 1 2 8 8 2 2 2 2 , , , , 0 0 0 0 5 5 4 5 4 9 6 1 A A A A u u u u g g g g . . . . 2 1 8 2 1 5 .... 4 4 4 4 0 0 0 0 , , , , 6 8 7 8 5 4 8 8 7 8 9 8 7 7 7 7 , , , , 4 4 4 5 8 4 6 1 6 1 2 8 3 3 3 3 , , , , 7 7 7 7 7 1 6 2 5 8 3 9 2 2 2 2 7 7 7 8 7 5 5 3 2 1 2 2 0 9 0 3 9 3 3 6 9 9 9 9 1 7 8 5 0 0 3 6 2 2 2 2 1 1 1 1 3 1 1 3 9 9 9 9 9 8 8 8 0 7 7 9 1 1 1 1 , , , , 0 0 0 0 8 6 6 6 1 7 9 6 3 3 3 3 3 3 3 3 , , , , 2 3 3 3 0 7 2 7 7 1 7 0 3 3 3 3 1 1 1 1 , , , , 2 2 0 2 1 5 8 6 8 5 2 4 1 l 1 1 , , , , 2 1 2 2 7 7 4 4 l 7 2 3 l 7 7 7 7 , , , , 4 5 5 6 5 4 5 1 6 6 1 5 6 6 6 6 , , , , 3 3 3 3 3 6 7 4 5 8 9 7 1 | 1 1 1 1 6 6 6 6 , , , , 1 0 0 0 0 2 4 8 1 2 9 0 2 2 2 2 , , , , 1 1 1 1 2 0 0 1 5 6 9 6 r Revised. Back figures.—See Banking and Monetary Statistics, pp. 127-227. 9M FEDERAL RESERVE BULLETD* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSlOE-Con/inunf RESERVES AND LIABILITIES [Monthly data arc averages of Wednesday figure*. In milliont of dollari] Demand depot!u, Time deposits, Interbank except interbank except interbank drpotiU Re- Date or month B s s F w e e e a R r r e r n i v e a d t v k h e - l e a v C a i a u n s l h m b a w B a d n e n a i o s c t k l l - e h - , i s s c j p m u a D o d s a d t s e e n e i - - - t d d s 1 s p p u I n c v h a o n a a o e i n i r d d r r p l r d a s - t - - i s , - - - , S p s d s a i t i o u c i o a n v l a b n d t i i l e t ' - s - s c C h c o e a T e e e J t n r c i r i c e » d i k t . * d * i s m U G e e r o . n n S v - t . - s p p I u h a n c v o n a a o n i e i r d r p d r l d r a t s i - s - - - - - , , S s p d s a i i t o u i c o a n v l a b n t d i i l - e t - s - s P m U S o a i e n a s n r e . g t v m n d S a s - - . l m D D a e n o - b d m an e* k T s t i i m c e b F e a i o n g r k n - s I f r t n o o g w r s - - co C a i u u c a n - l p ts . D d f e a u l n ) ' . k tions tions Total 101 Cities 1944—July 8,748 563 2,341 32,873 33,183 1,669 840 14.2H3 0, 70S 118 45 8,931 .16 XK5 92 4,421 58, M* 1945—Mar 9,643 596 2,152 37,429 37,523 1,977 817 9,498 7,982 124 44 9,061 40 937 2.14 4,68.1 61,932 Apr. 9,806 578 2,130 38,231 38,202 2,096 853 7,690 8,109 104 44 9,035 46 955 327 4,718 57,545 May 10,192 585 2,157 39,886 39,660 899 5,801 8,265 109 44 9,216 47 1.007 573 4,748 02,802 June... 10,239 580 2,348 38,854 38,951 2! 06* 1,112 9,884 8,380 lew 43 9.8V8 41 1,044 519 4,701 78.821 July 9,709 564 2,358 36,619 36 847 1 8261,005 15 142 8 506 108 44 9 803 32 1 048 111 01,852 May 30. ... 10,418 600 2,179 40,378 40,190 2,374 850 5,501 8,314 109 44 9,256 47 1,0.12 797 4,751 11,700 Tune 6 10,400 580 2,172 40,683 40,323 2,268 975 5,428 8,.145 109 43 9,629 47 ,043 824 4.7OH 0,166 June 13 10,660 582 2,345 41,189 41,404 2,232 989 5,499 8, .171 108 41 0,160 47 ,050 721 4,755 4,274 June 20 10,142 574 2,463 37,176 37,554 1,861 1,391 13.633 8,388 109 45 0,040 33 ,050 328 4,761 June 27 9,755 585 2,412 36,367 36,525 1,909 1,092 14,978 8.415 109 43 9,763 36 ,034 202 4,762 16/V1.1 July 3 9,732 542 2,424 35,875 36,019 1,831 ,243 16,135 8.434 10S 44 o,on 34 ,03.1 04 4.795 14,64.1 July 11 9,599 582 2,415 36,308 36,683 1,765 ,051 15,488 8,487 109 47 9,90S 31 ,040 78 4,802 14, .100 July 18 9,710 567 2,338 36,852 37,178 1,807 ,003 14,769 8,529 108 43 9,780 32 149 4,799 15,4*2 July 25 9,796 567 2,254 37,440 37,506 1,902 961 14,176 8,574 107 43 9,453 .12 !fKi9 2.14 4,802 1.1,956 Aug. 1 9,833 543 2,170 37,533 37,626 1,904 ,283 13,741 8,6.17 107 42 9, .166 3.1 ,009 .181 4,821 14,617 Aug. 8 9,785 539 2,191 37,062 36,989 1,829 771 13,362 8,701 108 44 9,54.1 32 ,005 299 4,8.VI Aug. 15 9,934 545 2,324 37,444 37,691 1,812 776 13,005 8,738 110 44 9,789 ,076 304 4,8.11 10,' 5,18 Aug. 22 9,939 556 2,300 37,587 37,834 1,959 702 12,244 8,824 110 44 9,840 32 ,074 345 4,842 12,016 New York City 1 1944—July. 3,175 92 26 11,944 12,345 145 475 5,864 790 15 7 2 965 1 801 68 1 714 1945—Mar 3,540 95 32 13,681 14,026 235 442 3,929 952 19 7 2,859 844 MO 1,806 28 924 3,619 95 42 14,121 14,485 233 471 3,163 966 18 8 2,869 857 131 1,816 25,115 May 3,835 91 26 14,952 15,266 288 532 2,257 994 19 8 2,927 904 312 1,826 2* 184 Tune 3,775 91 23 14,460 14,799 221 733 3,895 996 20 8 3,177 937 370 1,810 '.10,951 July.. 3,528 88 28 13,381 13,741 184 677 6,200 1,001 19 9 3,102 938 72 1,847 29 1911 May 30 3,912 93 31 15,260 15,650 287 475 2,025 999 19 8 2,909 927 542 1,82.1 4,810 June 6 3,889 93 20 15,448 15,680 243 623 1,908 998 19 8 3,018 9.16 579 1,815 7,407 June 13 3,990 92 23 15,451 15,853 244 610 2,066 999 19 8 3,297 945 526 1,811 6,64.1 June 20 3,663 87 27 13,657 14,048 193 966 5,558 992 21 8 3,259 941 215 1,8 V) June 27 3,557 93 24 13,284 13,614 206 731 6,049 996 20 8 3,136 925 140 1,825 7,'856 July 3. 3,578 84 23 13,107 13,449 168 810 6,658 991 20 8 3,246 921 46 1,845 6,496 July 11 3 433 94 28 13,214 13,625 147 682 6,354 995 20 10 3,142 930 23 1,847 6.720 July 18 3,510 86 24 13,445 13,819 206 610 6,022 1,002 19 10 3,067 941 84 1,846 7,457 July 25 3,589 88 38 13,757 14,068 215 606 5,764 1,015 19 10 2,954 959 137 1,848 0,096 Aug. 1 3,657 84 23 13,912 14,312 222 873 5,570 1,05.1 19 10 2,892 959 219 1,801 6, 801 Aug. 8 3,536 85 21 13,501 13,773 157 427 5,422 1,058 20 10 2,897 955 112 1,801 6. $$?> Aug. 15 3,557 83 27 13,542 13,961 163 418 5,270 1,060 20 10 2,963 96,1 147 1,805 4,.148 Aug. 22 3,588 84 23 13,602 13,999 151 468 4,936 1,104 20 10 3,010 957 152 1,865 5,025 Outside 19 N 44 ew — J Y u o ly rk City 5,573 471 2,315 20,929 20,838 1,524 365 8,419 5,915 103 38 5,966 35 84 24 2,GS7 12,9,14 1945—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 16,008 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 12.4.10 May 6,357 494 2,131 24,934 24,394 2,008 367 3,547 7,271 90 .16 6, 289 46 101 241 2.922 14.41H June. ...... 6,464 489 2,325 24,394 24,152 1,847 379 5,989 7,384 89 35 6,721 40 107 149 2.9.11 41.870 July 6,181 476 2,330 23,238 23,106 1,642 383 8,942 7,505 S9 35 6,701 31 110 59 2,953 12,002 May 30 6,506 507 2,148 25,118 24,540 2.OS7 375 3,4*6 7,315 90 36 6,.14 7 46 105 255 2,«» 6,920 J J J J u u u u n n n n e e e e 2 2 1 0 7 6 3 6 6 6 6 , , , , 1 5 4 6 9 1 7 7 8 1 9 0 4 4 4 4 8 9 8 9 7 2 7 0 2 2 2 2 , , , , 4 3 3 1 3 8 2 5 6 8 2 2 2 2 2 2 3 3 5 5 , , , , 5 0 2 7 8 3 1 3 3 5 9 8 2 2 2 2 3 2 5 4 , , , , 9 5 5 6 1 5 0 4 1 1 6 3 2 1 1 1 , , , , 6 0 7 9 6 0 8 2 8 3 8 5 4 3 3 3 6 2 5 7 1 5 2 9 8 3 3 8 , , , , 4 0 5 9 .1 7 2 2 . 0 5 9 1 7 7 7 7 , , , , 4 3 3 3 1 4 9 7 9 7 6 2 9 8 8 8 0 8 9 9 3 3 3 3 7 5 5 5 6 6 6 6 , , , , 8 7 6 6 f 8 1 2 > 1 1 7 3 3 4 3 4 2 6 5 6 1 1 1 1 0 0 0 09 9 7 5 i 2 1 9 f 4 9 , 3 5 5 2 2 2 2, , , ' 9 9 9 . 1 1 2 1 7 4 1 8 7 .1 , , 6 , 6 0 . 9 1 1 9 1 5 J J J J u u u u l l l l y y y y 2 1 1 3 5 1 8 6 6 6 6 , , , , 2 1 2 1 0 6 0 5 7 6 0 4' 4 4 4 4 8 7 5 8 1 9 8 8 2 2 2 2 , , , , 3 3 4 2 1 8 0 1 4 7 1 6 2 2 2 2 3 3 2 3 , , , , 4 6 7 0 0 8 6 9 7 3 8 4 2 2 2 2 3 3 3 2 , , , , 0 3 4 5 5 5 7 3 8 9 0 8 1 1 1 1 , , , , 6 6 6 0 0 8 1 6 1 7 8 3 3 3 4 3 . 5 9 0 1. 5 3 9 1 9 9 8 8 , , , , 4 1 4 7 7 3 1 4 7 4 2 7 7 7 7 7 , , , , 5 5 4 4 2 5 9 4 7 9 2 3 8 8 8 8 8 9 9 8 3 3 6 7 6 6 6 6 , , , , 7 7 8 4 1 6 2 9 3 7 3 9 3 . 3 3 1 . 1 1 1 0 1 1 n 1 1 1 1 o 2 0 0 9 6 5 1 7 5 5 8 5 2 2 ! , , 9 9 9 5 5 5 . 4 1 5 S 7 8 7 . . , , 0 1 0 2 4 4 2 6 < 7 5 0 > A A A A u u u u g g g g . . . . 2 1 2 8 5 1 6 6 6 6 , , , , 3 3 2 1 5 7 4 7 1 7 6 9 4 4 4 4 7 6 5 5 2 2 4 9 2 2 2 2 , , , , 2 2 1 1 7 9 4 7 7 7 7 0 2 2 2 2 . 3 3 3 1 , , , , 9 6 5 9 2 8 6 0 1 5 1 2 2 2 2 2 3 3 3 3 , , , , 7 3 8 2 . 1 3 1 1 4 5 6 0 1 1 1 1 , , , , 8 6 6 6 0 8 7 4 8 2 2 9 4 . 2 3 1 1 3 4 5 0 4 4 8 8 7 7 7 , , , . 1 3 7 9 7 0 3 4 1 8 5 0 7 7 7 7 , , , . 6 5 7 6 4 8 2 7 . 4 0 8 1 9 8 9 S 0 8 0 S . 3 3 1 4 4 2 6 6 6 6 , , , . 4 8 6 8 7 3 4 2 4 0 6 6 3 3 . . 1 1 2 1 1 2 1 1 1 1 1 1 1 1 7 0 0 3 1 1 1 1 6 9 S 5 2 3 7 7 2 2 2 2 , , , , 9 9 9 9 0 7 0 6 7 0 0 6 * 7 6 7 , , J 0 7 Q 2 74 1 0 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 1 MMoonntthhllvy aanndd wweeeekkllyy ttoottaallss ooff ddtebits to demand deposit accounts except interbank and U. S. Government accounts. 915 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments For purchasing or carry- U. S. Government obligations Total C m om er - - ing securities loans cial, F di e s d tr e i r c a t l a R n e d s d er a v te e m v a e e i n n n s - d t t - s Tota t d a r i u n n i s a - d - l, U T a . n o d S b . d ro ea k l e e r r s s U T . o S . others e R l s e o t a a a l n t - s e b L a o t n a o k n s s O lo t a h n e s r Total Total Bills C c e i a o n r t - f t e if s i Notes Bonds G a u n a - r O r s i e t t c i h e u e s - r agri- Govt.Other Govt Other debt- teed cul- obii- secu- obli- secu- edtural rities ga- rities ness tions tions Boston July 25 3,569 70i 417 33 21 36 17 64 116 2,863 2,787 226 715 509 1,337 Aug. 1 3,538 71J 416 39 22 36 17 64 115 2,827 2,747 197 714 496 1,340 Aug. 8 3,513 702 409 38 20 35 17 64 115 2,811 2,728 192 705 487 1,344 83 Aug. IS 3,490 70/ 414 38 21 35 17 64 115 2,783 2,700 177 701 483 1,339 83 Aug. 22 3,461 70? 415 39 21 32 19 64 115 2,752 2,665 163 684 481 1,337 87 New York* July 25 25,022 6,205 2,333 1,195 706 1,088 207 144 458 18,817 17,593 513 3,307 3,573 10,199 1,224 Aug. 1 24,980 6,230 2,347 1,174 734 1,060 231 146 459 18,750 17,476 439 3,303 3,539 10,193 1,274 Aug. 8 24,425 5,86S 2,324 1,076 666 935 210 145 464 18,557 17,284 371 3,246 3,483 10,182 1,273 Aug. 15 24,409 5,877 2,327 1,090 638 919 207 148 464 18,532 17,253 392 3,173 3,490 10,196 1,279 Aug. 22 24,185 5/ 2,314 1,108 640 842 217 148 466 18,384 17,098 258 3,151 3,473 10,214 1,286. Philadelphia July 25 2,722 46S 204 37 r52 r10 33 r123 2,254 2,076 128 340 443 1,165 178 Aug. 1 2,700 471 204 39 52 10 33 123 2,229 2,047 106 335 438 1,168 182 Aug. 8 2,709 47 209 38 55 10 33 123 2,232 2,049 127 320 431 1,171 183 Aug. 15 2,697 47 211 36 55 10 33 123 2,220 2,036 136 308 422 1,170 184 Aug. 22 2,669 47, 214 36 54 10 33 122 2,191 2,007 112 306 411 1,178 184 Cleveland July 25 5,059 97 369 27 194 16 153 135 4,087 3,842 907 752 2,095 245 Aug. 1 5,070 98 372 39 186 16 153 135 4,089 3,834 84 903 754 2,093 255 Aug. 8 5,040 96C 376 29 179 15 153 130 4,080 3,827 68 903 754 2,102 253 Aug. 15 5,042 961 383 27 174 15 153 132 4,081 3,829 65 907 754 2,103 252 Aug. 22 5,036 94 385 28 165 15 153 132 4,089 3,838 77 900 763 2,098 251 Richmond July 25 2,105 31 118 6 59 10 46 62 ,794 1,734 103 362 294 975 60 Aug. 1 2,091 31 119 7 58 9 47 62 ,780 1,715 85 355 293 982 65 Aug. 8 2,096 3I€ 125 6 59 9 47 61 ,778 1,712 86 335 309 982 66 Aug. 15 2,095 32 128 6 5' 9 48 62 ,774 1,708 81 337 299 991 66 Aug. 22 2,070 319 132 5 52 9 48 61 ,751 1,685 77 327 293 988 66 Atlanta, July 25 1,986 355 178 11 57 7 24 73 ,631 1,495 51 359 321 763 136 Aug. 1 1,977 354 179 2 11 56 7 25 71 ,623 1,483 39 359 318 766 140 Aug. 8 1,985 34S 174 2 10 56 7 24 71 ,637 1,496 49 359 319 768 141 Aug. 15 1,983 34 174 1 10 54 7 24 69 ,642 1,501 55 358 319 765 141 Aug. 22 1,992 336 174 1 9 52 7 24 67 ,656 1,514 62 363 320 765 142 Chicago* July 25 9,416 1,722 911 113 48 299 59 145 147 7,694 7,161 246 2,020 ,394 3,499 533 Aug. 1 9,385 1,733 916 116 62 286 59 145 149 7,652 7,106 195 2,020 391 3,498 546 Aug. 8 9,336 1,710 917 114 48 279 59 145 148 7,626 7,084 201 1,993 389 3,498 542 Aug. 15 9,365 1,726 924 115 58 276 59 145 149 7,639 7,095 216 1,997 ,388 3,491 544 Aug. 22 9,271 1,710 926 124 45 262 59 145 149 7,561 7,015 175 1,950 391 3,496 546 St. Louis Mi A A J A A n u n u u u u l e g g g g y a . . . . p 2 2 o 1 2 8 5 1 l 5 is 1 1 1 1 1 , , , , , 9 9 9 9 9 6 7 7 8 6 7 2 1 1 9 4 4 4 4 4 6 6 5 6 6 1 1 9 4 2 2 2 2 2 2 3 3 4 4 4 9 9 1 2 2 3 3 3 3 3 6 6 6 6 5 4 4 4 3 3 0 1 0 6 9 1 1 1 1 1 4 4 4 4 4 6 6 6 6 6 7 7 7 7 8 8 9 8 8 9 0 9 9 1 1 , , , , , 5 5 5 5 5 0 1 0 1 1 5 0 8 9 1 1 1 1 1 1 , , , , , 3 3 3 3 3 7 8 7 8 8 5 7 9 2 0 4 5 5 6 6 6 8 9 3 2 2 2 2 2 2 6 6 6 6 6 3 7 4 4 4 3 3 3 3 3 3 2 2 2 3 1 6 6 5 3 7 7 7 7 7 2 3 2 3 3 9 1 2 3 2 1 1 1 1 1 3 3 2 2 3 1 3 8 6 2 Ka A A J A A n u s u u u u l a g g g y g s . . . . 2 2 1 8 5 C 2 1 5 ity 1 1 1 1 1 , , , , , 2 2 2 2 2 2 4 3 3 4 0 4 4 3 6 2 2 2 2 2 1 2 1 1 1 5 0 9 5 6 1 1 1 1 1 1 1 1 1 1 1 3 5 3 3 2 2 1 1 1 3 3 3 2 2 2 2 2 2 2 1 2 2 3 2 4 4 4 4 4 2 2 2 2 2 3 3 3 3 3 4 5 5 5 5 9 0 1 0 0 , , , , , 0 0 0 0 0 0 2 1 2 1 5 4 8 7 8 9 9 9 9 9 8 7 5 6 7 1 6 6 9 0 2 3 3 2 1 5 3 1 3 2 2 2 2 2 2 0 0 0 0 0 0 0 2 2 2 1 1 1 1 1 8 8 8 8 8 7 7 8 8 7 5 5 5 5 5 5 5 5 5 5 7 6 8 7 7 4 4 4 4 4 9 9 6 8 8 Da J A A A A l u la u u u u l s y g g g g . . . . 2 2 1 5 8 2 1 5 2 2 2 2 2 , , , , , 2 2 2 2 2 7 4 7 5 4 8 3 2 8 8 3 3 3 3 37 6 7 8 7 ' ! 2 0 2 2 2 2 2 3 3 3 2 2 2 3 2 2 6 3 2 2 2 2 4 5 5 6 5 3 3 3 3 3 2 1 0 1 1 8 7 3 3 3 3 7 7 7 7 6 6 6 6 6 2 2 2 3 2 , , , , , 9 8 8 8 8 8 0 7 9 8 ! 1 1 2 1 1 1 1 1 1 , , , , , 7 7 7 7 7 6 3 5 4 5 5 8 1 6 7 1 1 1 1 9 1 1 0 0 9 0 3 8 0 4 4 4 4 4 1 0 0 0 0 2 7 0 1 0 4 4 4 4 4 6 5 6 6 6 4 9 4 1 4 7 7 7 7 7 7 7 7 7 8 9 8 8 8 2 1 1 1 1 1 3 3 3 3 3 6 3 5 5 0 Sa A A A n J A u u u u u l g y g g g F . . . . ra 2 2 1 n 8 2 5 5 1 cisco 1 1 1 1 1 , , , , , 8 8 8 8 8 8 9 8 9 9 4 8 9 2 8 4 4 4 4 45 5 6 4 4 1 9 5 6 9 2 2 2 2 2 8 8 8 8 9 1 0 1 6 0 4 5 4 5 7 5 6 6 6 6 9 4 3 2 1 2 2 2 2 2 4 4 4 4 4 5 5 5 5 5 6 6 6 6 6 , , , , , 4 4 4 4 4 5 3 3 4 3 2 3 0 3 3 1 1 1 1 1 , , , , , 3 3 3 3 3 8 7 9 8 7 3 7 7 9 9 8 7 6 7 7 2 8 9 8 1 4 4 4 4 4 1 1 1 1 1 2 2 1 2 5 2 2 2 2 2 7 7 7 7 7 2 8 2 7 7 6 6 6 6 6 2 2 1 2 2 4 1 8 2 2 5 5 5 5 5 0 3 5 4 4 A A A Ju u u u l g g g y . . . 2 1 5 8 1 5 6 6 6 6 , , , , 6 6 6 6 1 3 0 0 3 5 0 5 , , , , 0 0 0 0 8 8 9 9 6 0 0 5 5 5 5 0 1 0 1 7 9 6 5 2 2 2 2 5 5 4 4 2 3 2 2 9 0 7 8 1 1 1 1 0 0 0 0 5 5 6 5 2 2 2 2 9 8 9 9 1 9 1 1 1 1 1 1 0 0 0 1 2 8 3 0 5 5 5 5 , , , , 5 5 5 5 1 1 4 2 3 8 5 7 5 5 5 5 , , , , 1 1 1 1 4 3 1 1 6 0 9 6 2 2 2 2 7 4 4 4 1 8 1 1 , , , 3 3 3 2 2 1 3 3 4 1 1 1 1 , , , , 1 0 0 0 0 8 9 8 1 9 0 5 2 2 2 2 , , , , 4 4 4 4 4 6 6 9 7 5 5 1 3 3 3 3 9 9 9 9 7 9 7 9 C _ i t A y ug o . f . 2 C 2 h . icago* 6,633 ,091 524 25 27 100 290 102 5,542 5,143 246 ,308 1,086 2,499 399 ' A A A A Ju u u u u l g g g g y . . . . 2 2 1 2 8 5 5 1 5 5 5 5 5 , , , , , 5 6 5 5 6 1 1 7 9 5 4 0 2 8 3 , , , 2 1 1 2 1 8 9 0 1 9 7 4 6 6 6 6 6 8 7 8 8 8 9 7 7 2 2 1 1 1 1 1 2 1 1 1 1 1 0 2 2 0 4 3 3 5 3 8 5 8 1 8 2 2 1 1 1 0 0 8 9 9 9 1 3 2 4 2 2 2 2 2 5 5 6 6 6 8 8 8 8 8 7 8 8 8 8 4 4 4 4 4 , , , , , 3 3 4 3 3 9 2 9 5 8 4 1 9 6 3 4 4 4 4 3 , , , , , 0 1 0 9 0 4 4 3 6 0 2 4 3 6 7 1 1 1 1 1 8 3 5 4 2 2 2 7 5 2 , , , , , 1 2 2 2 2 1 2 6 0 0 6 2 0 4 0 8 8 8 8 8 1 0 1 0 1 4 9 0 9 1 1 1 1 1 1 , , , , , 8 8 8 8 8 9 7 7 7 7 4 2 9 5 9 3 3 3 3 3 5 5 5 5 5 5 0 0 4 2 r Revised. New York andp C i h ? ic " a * g f o ° n D ^ i V st - r ic y t ° s T , k a s C s l h ty o w ar n ? i * n h £ th * is n t 'l a l b P l * e, . i im nc m l e u d d i e a T N tc e l* w p Y re o c r e k d i C n i g ty t a a b n l d e , C a h n i d c a f g o o r , t r h e e s p c e i c ty ti v o e fo l f y . Chicago in this table. The figures for the 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 [ *n millions of dollars) Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic d F i e s d tr e i r c a t l a R n e d s e d r a v t e e B s w F e R a e e r i n r e a t d v - k h l - e s C va i a n u sh lt m b a w n a d e i n o c s t - e k t h i s s c p m u a o d s a d e s t n e - i - t d d s 1 s u p p h v n c a a o a i e i o n p d l r r t r d s * 3 a - t - , - - , S p d s a t i o i u a c n v l b t a d i U e - l t- s c C h c o a e f e e e f i t n r e r c t c s d i t d k . - * i s, U m G e e . o rn n S v - t - . s p u p h v n c a a a o i o i e n l r p d r r r d s t a - - s - - , - , S p d s s a t i o i i a u c n o v l t b a d n i i e - l t - s s - P U m G S i e o a n a r o . e n s g n S v v n t d s a - . - - t l m D a e n b - d ank T s ime b e F a i o g n r n k - s B r i o n o w g r s - - c C o i a t u a c a n p - l - t* d B i e a ^ b n - k tions lions Boston (6 cities) July 25 457 120 2,120 2,104 91 32 1,121 386 290 20 11 277 587 Aug. 1 436 121 2,101 2,090 98 38 1,085 389 291 20 13 277 620 Aug. 8 444 114 2,103 2,093 95 30 1,056 391 288 20 14 278 597 Aug. IS 462 119 2,116 2,103 100 32 1,034 393 301 21 4 278 458 Aug. 22 461 117 2,119 2,108 114 30 993 395 300 22 13 279 644 New York (8 cities)* July 25 3,838 120 15,063 15,202 472 634 6,197 ,614 23 3,017 961 168 1,999 7,035 Aug. 1 3,892 109 15,20~ 15,453 418 906 5,988 ,653 24 2,954 961 241 2,013 7,317 Aug. S 3,786 109 14,806 14,900 369 454 5,828 ,662 24 2,964 957 135 2,017 6,688 Aug. 15 3,801 120 14,861 15,107 373 445 5,666 ,667 24 3,030 966 171 2,017 4.C3R Aug. 22 3,842 100 14,917 15,146 494 359 5,307 ,714 24 3,073 960 181 2,018 5,353 Philadelphia (4 cities) July 25 415 77 1,738 1,784 42 20 707 202 357 9 3 247 566 Aug. 1 411 83 1,73' 1,791 43 25 679 202 353 9 14 248 533 Aug. 8 412 80 1,75' 1,792 47 17 667 204 356 9 9 248 531 Aug. 15 423 85 1,778 1,827 50 26 652 204 8 362 8 1 248 412 Aug. 22 425 83 1,78 1,839 46 18 610 205 8 36S 10 6 249 459 Cleveland (10 cities) July 25 763 207 3,040 3,063 148 41 941 134 24 535 4 465 829 A A u u g g . . 8 1 7 7 6 4 0 9 2 20 0 1 4 3 2. , 9 0 8 2 1 ^ 3 2 , , 0 9 4 8 4 2 1 1 5 4 1 6 4 3 4 9 9 9 3 0 5 8 1 1 3 4 8 6 2 2 4 4 5 5 5 5 1 3 3 4 4 6 6 6 7 8 79 9 J 6 Aug. 15 767 227 3,01i 3,071 142 41 885 151 25 569 3 467 671 Aug. 22 762 233 3,09 3,116 143 43 836 155 26 562 3 468 810 Richmond (12 cities) July 25 304 167 1,22 1,211 80 21 505 319 2 386 2 126 377 Aug. 1 300 153 1,21< 1,211 80 25 48' 321 2 373 2 126 370 Aug. 8 318 152 1,22. 1,215 78 22 475 324 2 399 3 126 347 Aug. 15 332 163 1,23! 1,237 V77 23 462 326 2 416 3 126 312 Aug. 22 327 160 1,23! lf245 75 22 437 328 2 410 4 127 360 Atlanta (8 cities) July 25 351 143 1.23C 1,159 161 9 294 379 4 497 7 120 340 A A u u g g . . 8 1 3 3 5 6 3 2 1 15 4 1 2 1 1 , , 2 2 3 3 , ! 1 l , t 1 1 6 5 4 4 1 1 7 6 1 8 1 8 1 2 27 8 7 5 3 38 8 4 0 4 4 4 5 9 1 1 7 7 7 1 12 2 1 0 3 3 3 2 5 6 Aug. 15.., ' 381 171 1,266 1,198 167 8 268 386 4 527 7 121 301 Aug. 22 362 166 1,264 1,197 168 10 254 388 4 534 6 121 337 Chicago (12 cities)* July 25 1,445 404 5,54; 5,432 410 64 1,916 690 5 1,592 23 564 1,791 Aug. 1 1,459 378 5,524 5,378 423 79 1,85" ,692 5 1,584 23 567 2,089 Aug. 8 1,463 384 5,47" 5,333 415 64 1,799 708 5 1,610 23 568 1,681 Aug. 15 1,473 397 5,565 5,432 404 61 1,746 ,713 6 1,661 23 568 1,594 Aug. 22 1,492 5,552 5,423 421 79 1,643 ,722 5 1,651 24 568 1,629 St. Louis (5 cities) July 25 329 115 1,054 1,097 56 13 362 313 1 577 2 128 351 Aug. 1 322 119 1,054 1,093 60 14 356 314 1 574 2 12S 372 Aug. 8 331 119 1,065 1,100 60 11 345 317 1 584 2 128 324 Aug. 15 339 121 1, """ 1,133 62 10 334 318 1 590 2 128 299 Aug. 22.. 335 122 1,084 1,132 58 11 314 321 1 595 2 128 329 Minneapolis (8 cities) July 25 182 93 664 626 87 13 301 191 299 2 82 217 Aug. 1 186 92 67 637 91 14 28! 192 296 2 82 247 Aug. 8 185 90 668 628 90 12 280 193 297 2 82 238 Aug. 15 185 91 669 641 86 12 272 194 306 2 83 192 Aug. 22 182 92 659 633 84 14 257 195 310 1 83 232 Kansas City (12 cities) July 25 437 294 1,336 ,331 138 18 346 262 914 142 468 Aug. 1 439 285 1,321 ,311 137 20 337 263 919 142 455 Aug. 8 446 295 1,327 ,327 135 17 325 266 956 142 451 Aug. 15 481 306 ,376 ,373 135 18 317 268 973 142 395 Aug. 22 448 318 ,381 ,388 141 18 299 269 975 142 459 Dallas (0 cities) July 25 354 242 ,258 ,257 68 22 350 241 13 549 3 124 344 Aug. 1 359 222 ,253 ,251 74 21 337 242 12 539 4 124 322 Aug. 8 375 238 ,256 ,260 71 19 328 244 13 572 3 124 298 Aug. 15 384 252 ,275 ,295 67 21 319 245 13 593 3 124 270 Aug. 22 373 252 ,288 ,305 63 20 299 247 13 588 3 129 364 San Francisco (7 cities) July 25 921 272 3,168 3,240 149 74 ,136 ,843 26 440 36 528 1,051 Aug. 1 916 262 3,183 3,213 158 86 ,106 ,851 26 441 36 528 1,081 Aug. 8 914 258 3,158 3,195 155 78 ,074 ,862 26 447 36 529 1,006 Aug. 15 906 272 3,196 3,274 149 79 ,050 ,873 26 458 38 529 996 Aug. 22 930 269 3,2ir 3,302 147 73 995 ,885 26 474 39 530 1,070 City of Chicago* July 25 905 197 3,331 3,339 187 28 ,262 685 1,129 20 358 1,071 A A u u g g . . 8 1 9 9 1 1 4 7 1 1 8 7 5 8 3 3, t3 31 3 3 5 3 3, , 2 3 9 2 3 1 1 1 9 9 4 5 3 2 5 8 , ,1 2 8 2 2 3 6 6 8 9 5 4 1 1 , ,1 1 3 1 8 8 1 1 9 9 3 36 6 1 0 1 1, , 0 2 5 7 2 0 Aug. 15 917 186 3,349 3,354 175 23 ,143 694 1,171 19 361 963 Aug. 22 935 186 3,347 3,360 178 34 1,07- 697 1,172 20 361 973 * D^n^dfpSSoSSr'tSEi interbank and U. S. Government less cash items reported as in process of collection. 2 Debits to demand deposit accounts except in interbankjind U. S. Government accounts. 927 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commer- Held by Based on cial End of month paper Total Accepting banks Goods stored in or sta o n u d t i - ng sta o n u d t- ing Others2 Im in p t o o rts Ex fr p o o m rts Dollar ship p p o e m d sin Total O bi w lls n b B ou il 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—April 172 126 96 51 45 29 77 12 (3) 30 7 May 151 113 90 '49 41 24 71 10 /3\ 28 4 137 112 87 44 43 25 74 11 (') 24 3 July 143 110 88 46 41 23 72 12 (3\ 24 2 141 110 82 44 38 28 75 10 22 3 O Se c p to te b m er ber ..... 1 14 4 2 1 1 1 1 1 1 5 8 8 5 5 4 4 2 0 4 4 3 5 2 3 6 0 7 7 8 9 1 1 1 3 8 2 1 1 9 3 2 November 167 115 84 44 40 32 74 14 24 4 December 166 129 93 44 50 35 86 14 25 3 1945^—Tanuarv 162 130 98 48 50 32 86 13 ?! 25 5 February 157 126 97 52 46 29 87 12 24 4 March 147 128 96 54 42 32 87 11 * 25 4 April 119 117 90 52 38 26 81 10 24 2 May 103 104 82 51 32 22 72 9 22 2 June ..... 101 107 80 44 36 27 74 10 » 20 3 July 107 117 90 45 45 227 81 9 22 4 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks except on July 31,1945, when their holdings were $486,000. 8 Less than $500,000. Back figures.—See Banking]and Monetary Statistics, Table 127, pp. 465^67; for description, see p. 427. CUSTOMERS1 DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit^balances Credit balances End of month Customers1 bal D an e c b e i s t in bal D an e c b e i s t # in Cash on cre C d u it s b to a m la e n r c s e ' s1 Other credit balances debit partners' firm hand Money b ( a n la e n t) c 1 es a in n a v d c e c t s o r t a u m d n e i t n n s g t a in n a v d c e c t s o r t u a m d n e i ts n n g t a b n a d n k i s n borrowed-* Free O ( t n h 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 I d e n s t f r t i m a 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- J D u e n c e ember 6 67 5 7 3 1 1 2 2 9 5 9 8 2 2 2 0 3 4 3 42 7 7 6 2 28 6 1 7 6 5 2 4 2 2 2 2 5 5 2 2 6 4 9 7 1941-June 616 11 89 186 395 255 65 17 7 222 December 600 8 86 211 368 289 63 17 5 213 1942-Tune 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— O S N D A e e o c u p c t v g t o e e e u b m m m s e t b b b r e . e e . r r r . . . . . . 1, * * * 0 9 9 9 4 4 5 4 1 0 0 0 0 260 209 * * * e6 6 6 6 7 4 7 4 3 2 0 0 0 0 6 e * " * 4 4 4 4 4 2 7 1 3 3 O 2 O 0 0 96 18 227 1945—January... •1,070 *73O e53O February. •1,100 e73O *540 March.... •1,034 »722 3553 April •1,065 3701 3575 May »l,094 3742 3583 June 1,223 333 220 853 549 121 14 13 264 July 31,141 *824 3580 * Estimated. Complete reports now collected semiannually: monthly figures for three items estimated on basis of reports from a small number of large firms. f 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). , * As reported to the New York^StockExchange. i According to these reports, the part of total customers' debit balances represented by balances securea ,*»« ^September 1936. The article describes the method by to b , e tak . en a s representi . n g the actua . l net - , capital o o f the reporting firms. ~ o««-.«w«t «i financial condition/' and explains that the last column is not Back figures.—Set 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. 918 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 i p o m c m t e i h 6 - r a e s , - l i a a b P d c n a e r a c 9 c i n r y e m 0 s e k p s ' s e - l t . - c S h l n c e o t r a e o a e x a n w c l - - n l g k - e m b o i 3 l n - ls t s h 3 ecu 9 c m r o c - e i t f t a r o o y t t n i i e f n 1 t y s i h 2 - - i - eld 3 ta s - y x t e o a a b r 5 l - e 1 T 9 o c t i a t l ies Y N C o e it w r y k 7 e E N r c a n O o i s t r i t t a e e t h h n s r e n - d r 1 W e 1 r c n e S it s o i a t e e u n s r t d n hdebted- notes 1936 average1 2.6S 1.72 3.04 3.40 ness 1937 average1 2.59 1.73 2.88 3.25 1938 average1 2.53 1.69 2.75 3.26 1 1 1 9 9 9 4 4 4 2 3 4 a a a v v v e e e r r r a a a g g g e e e.'... . . . 4 4 4 4 4 4 . . . 0 0 0 0 0 0 . . . 3 3 3 7 2 7 3 6 5 . . 7 7 5 9 . . . 3 4 3 4 6 3 1 1 1 9 9 9 4 3 4 0 9 1 a a a v v v e e e r r r a a a g g g e e e * 2 2 2 . . . 6 5 7 3 4 8 2 2 1 . . . 0 0 9 4 7 7 2 2 2 . . . 8 5 5 7 6 5 3 3 3 . . . 5 3 1 1 3 9 1944—August.... .44 .00 .375 .76 .30 1942 average 2.61 2.07 2.58 3.26 September .44 .00 .375 .79 .31 1943 average 2.72 2.30 2.80 3.13 October... .44 .00 .375 .80 .35 1944 average 2.59 2.U 2.68 3.02 N D o ec v e e m m b b e e r r . . . . 4 4 4 4 . . 0 0 0 0 . . 3 3 7 7 5 5 . . 8 8 0 1 , . 3 3 5 4 1940—December.. 2.59 2.00 2.53 3.36 1941—March 2.53 2.06 2.53 3.25 1945— F J e a b n r u u a a r r y y .. . . . . .4 4 4 4 . . 0 0 0 0 . . 3 3 7 7 5 5 . . 7 7 7 8 . . 2 3 2 1 June 2 2 . . 6 5 0 5 1 1 . . 9 9 8 5 2 2 . . 6 5 2 8 3 3 . .2 2 9 3 J J A A M M u u u p a a l n y g r y r e i c u l h st . . . . . . 4 4 4 4 4 4 4 4 4 4 4 4 1 1 1 . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . 3 3 3 3 3 3 7 7 7 7 7 7 5 5 5 5 5 5 . . . . . 7 8 8 7 8 7 0 1 8 0 . . . . . . 1 1 1 1 1 1 4 6 6 7 8 6 1942— D J D S S M u e e e e n a p p c c e r t t e e c e e m h m m m b b b b e e e e r r r r . . . . . . , . 2 2 2 2 2 . . . . . 7 4 6 6 4 0 8 3 2 1 2 2 2 1 1 . . . . . 0 0 8 2 8 9 7 8 8 5 2 2 2 2 2 . . . . . 4 6 4 6 5 5 3 8 6 6 3 3 3 3 2 . . . . . 2 3 2 9 2 0 4 5 9 6 Week ending: 1943—March 2.76 2.36 2.76 3.24 A J A u u u ly g g . . 2 1 4 8 1 . . . . . . . . . 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 7 7 7 5 5 5 . . . 8 8 8 2 2 1 . . . 1 1 1 9 8 7 J D S u e e n p c e t e e m m b b e e r r . . . , 3 2 2 . . . 0 4 6 0 8 5 2 2 2 . . . 1 0 7 0 5 0 2 2 2 . . . 7 9 7 1 8 6 3 2 3 . . . 1 3 7 7 8 3 A A u u g g . . 2 1 5 8 . . . . . . 1 1 . .0 0 0 0 . . 3 3 7 7 5 5 . .8 8 2 3 . . 1 1 9 7 1944-M Tu a n r e ch 2 2 . , 6 6 3 3 2 2 . .1 2 0 3 2 2 . . 5 7 5 5 3 3 . . 1 1 2 8 September. 2.69 2.18 2.82 3.14 J 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. June 22..5500 2.20 2.55 2.80 Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. l Prior to^March 1939 figures were reported monthly on a basis not strictly 448-159. 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 YIELDS* [Per cent per annum] U. S. Government Corporate (Moody's)4 Yea o r r , w m e o ek nth, 7 y e t a o r s 9 15 years and over S C r o S a r t p f e o o - By rating By groups T ab ax le - a e P l x ly a e r m t t i a p - x t T ab ax le - Total Aaa Aa Baa In tr d ia u l s- R ro a a i d l- P u u ti b li l t i y c Number of issues 1-5 1-5 15 120 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 .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 .92 2.48 1.86 2.60 3.05 2.72 2.81 3.06 3.61 2.80 3.39 2.96 1944— O N D S A e c o e u p t c v g o t e e u e b m m m s e t b r b b e e e r r r 1 1 1 1 1 . . . . . 9 9 9 9 9 2 2 3 3 3 . . . . . 9 8 9 9 9 3 7 0 0 3 2 2 2 2 2 . . . . . 4 4 4 4 4 7 8 8 8 8 1 1 1 1 1 . . . . . 8 8 8 8 8 7 7 8 2 3 2 2 2 2 2 . . . . . 5 5 5 5 6 9 7 5 5 1 2 3 3 3 3 . . . . . 0 0 0 9 0 2 2 2 8 3 2 2 2 2 2 . . . . . 7 7 7 7 7 2 2 2 0 1 2 2 2 2 2 . . . . . 8 7 7 8 7 0 9 9 1 6 3 3 3 2 3 . . . . . 0 0 0 0 9 1 5 4 1 8 3 3 3 3 3 . . . . . 5 5 5 4 5 5 5 6 9 3 2 2 2 2 2 . . . . . 7 7 7 7 7 9 9 9 7 4 3 3 3 3 3 . . . . . 3 2 3 2 3 2 5 4 9 5 2 2 2 2 2 . . . . . 9 9 9 9 9 6 4 4 6 8 1945— A M J M A J F J u u e u p a a a l n b n g y r y r e i u r u c l u h a s a t ry ry 1 1 1 1 1 1 1 1 . . . . . . . . 5 5 5 5 6 7 8 7 7 8 9 6 2 7 9 0 1. . . . . . . . 6 6 6 6 6 7 7 8 3 8 8 8 3 0 5 1 2 2 2 2 2 2 2 2 . . . . . . . . 3 3 3 4 3 3 3 4 6 5 9 4 9 4 8 0 1 1 1 1 1 1 1 1 . . . . . . . . 5 5 5 7 5 6 8 7 7 7 8 0 8 1 1 1 2 2 2 2 2 2 2 2 . . . . . . . . 5 5 5 5 4 5 5 5 4 3 6 3 9 1 6 8 2 2 2 2 2 2 2 2 . . . . . , . . 8 8 8 8 9 9 9 9 9 7 5 6 0 7 3 1 2 2 2 2 2 2 2 2 . . . . . . . . 6 6 6 6 6 6 6 6 2 5 1 0 2 1 1 9 2 2 2 2 2 2 2 2 . . . . . . . . 6 7 7 7 7 7 6 7 9 2 2 3 0 6 8 3 2 2 2 2 2 2 2 2 . . . . . . . . 8 8 9 9 8 9 9 8 6 8 4 2 5 0 8 5 3 3 3 3 3 3 3 3 . . . . . . . . 3 2 4 3 2 4 3 2 2 9 6 6 6 1 8 6 2 2 2 2 2 2 2 2 . . . . . . . . 6 6 6 6 6 6 6 7 8 9 9 8 8 8 8 3 3 3 3 3 3 3 3 3 . . . . . . . . 0 0 0 1 0 2 0 1 7 0 3 6 5 3 2 1 2 2 2 2 2 2 2 2 . . . . . . . . 8 9 8 9 9 9 9 8 9 7 7 5 4 3 4 6 • Week A A A A J e u n u u u u l d g g g g y . i . . . n 2 2 1 1 g 4 5 8 8 1 : 1 1 1 1 1 . . . . . 6 6 5 5 6 0 1 9 9 1 1 1 1 1 1 . . . . . 7 6 6 6 6 0 7 9 7 5 2 2 2 2 2 . . . . . 3 3 3 3 3 8 4 6 5 6 1 1 1 1 1 . . . . . 7 7 6 5 6 1 8 4 8 0 2 2 2 2 2 . . . . . 5 5 5 5 5 7 6 4 4 6 2 2 2 2 2 . . . . . 8 8 8 8 8 5 6 6 5 6 2 2 2 2 2 . . . . . 6 6 6 6 6 2 1 0 0 1 "2 2 2 2 2 . . . . . 6 7 6 7 6 9 0 8 0 9 2 2 2 2 2 . . . . . 8 8 8 8 8 5 5 5 4 6 3 3 3 3 3 . . . . . 2 2 2 2 2 7 6 7 7 8 2 2 2 2 2 . . . . . 6 6 6 6 6 9 9 9 8 9 3 3 3 3 3 . . . . . 0 0 0 0 0 2 1 3 1 1 2 2 2 2 2 . . . . . 8 8 8 8 8 7 6 6 6 6 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. ' i J S ^ T^ ding Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have bceifreduced 919 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices^ Corporate4 Common (index, 1935-39= 10C) of trading* Year, month, or week m U G er e o . n S n v - . r - g M ( r h i a u p i d n g a e i l h c } - 3 H gr i a g d h e - Tot M al ediu In m tr d - i u a a s l - nd lo R r w o a a e i d l r - -gra P u de t u i b li l t i y c fau D lt e e - d fe P r r r e e - d6 Total In tr d i u al s- R ro a a il d - P ut u i b li l t i y c (i s s n a h n a t d h r s e o s o u ) f - 1-8 15 15 50 10 20 20 15 15 402 354 20 28 1942 average 100.72 126.2 118.3 100.1 109.1 86.6 104.8 27.2 162.4 69 71 66 61 466 1943 average 100.50 131.8 120.3 109.5 117.0 97.6 114.0 44.0 172.7 92 94 89 82 1,032 100.25 135.7 120.9 114.7 120.5 107.3 116.3 59.2 175.7 100 102 101 90 971 1944—August 100.35 136.5 121.2 114.8 120.9 107.3 116.2 57.3 176.9 103 105 103 92 872 SeDtember 100 40 136.2 121.2 114.5 120.1 107.0 116.5 55.5 177.4 101 103 99 91 738 October 100.29 135.5 121.1 115.5 119.9 109.6 116.9 59.1 177.4 104 106 103 93 776 November 100.26 135.2 120.9 115.9 119.9 110.9 116.7 61.2 178.5 103 105 105 . 92 850 December . . . 100.34 135.5 121.4 116.9 120.7 113.2 116.8 65.8 180.9 105 106 114 92 1,421 1945— Tanuarv 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 1,195 101.68 141.6 122.9 118.2 123.1 115.0 116.5 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 Tune. 102.38 141.5 122.1 118.1 122.2 115.5 116.7 81.4 190.9 121 122 144 106 1,828 jSSr..........::;:.. 102.46 141.6 122.3 117.9 122.2 115.2 116.4 80.4 189.6 118 119 140 108 951 August. 102.22 138.8 121.7 117.2 121.7 114.4 115.5 75.6 188.1 118 119 131 107 1,034 Week ending: Tulv 28 102.25 141.4 122.0 117.7 122.0 115.0 116.0 78.7 188.7 117 118 136 108 875 Aug. 4 102.42 140.9 121.9 117.6 122.1 115.1 115.6 79.2 188.2 117 117 136 108 708 Aug. 11 102.44 140.1 121.9 117.5 122 A 115.0 115.4 78.1 188.7 116 117 133 107 1,067 Aug IS 102.27 138.7 121.8 117.3 122.1 114.2 115.5 75.1 188.7 118 119 129 107 1,032 Aug 25 101.95 137.2 121.5 116.9 121.5 113.8 115.5 72.8 187.7 117 118 125 106 1,151 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. 6 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. » Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133,134, and 136, pp. 475,479,482, and 486, respectively, and the BULLETIN for May 1945, pp. 483-490. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Total Year or month f i a u r n n n e g - d d ) - m e ( a f i d e o n g o s r d n t - - i ) c Total S n m a p t i n a c a u d i t l - - e a F c e g i e r e e a d s n l * - - Total Co B n r a o o p n n t o d e d r s a s te Stocks F ei o g r n - 2 m e ( a f e i d o g n s o r n d t - - i ) c Total S n a m p t i n a a c u d l i t - - e a F c e g i e r e e a d s n l - 1 - Total Co B n r a o o p n n t o d e d r s a s te Stocks e F ig o n r- * 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 69S 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 1 1 9 9 4 4 4 3. . , . 2 4 , , 1 1 7 5 4 3 6 9 4 2 2 3 6 90 4 6 0 2 1 3 7 5 6 9 4 0 5 6 3 2 7 7 4 4 2 0 8 4 2 22 9 3 2 3 1 , , 2 5 3 3 0 2 3 1 , , 2 44 1 2 5 4 2 0 5 4 9 4 38 9 8 7 2, 6 4 8 2 5 3 2,1 6 3 0 5 3 2 8 8 2 3 9 1 0 5 1944—July 274 70 64 12 52 " 43 10 204 204 22 27 154 133 21 August 332 145 145 40 106 68 37 187 187 26 20 141 136 5 September. 478 42 42 13 29 15 14 436 436 6 30 401 351 50 October.... 892 178 178 47 131 109 22 714 714 61 42 611 586 25 November.. 480 39 39 6 10 23 9 14 440 440 65 39 336 304 32 December.. 193 38 38 20 19 13 6 155 155 14 27 114 114 1945—January 633 143 99 43 18 25 -490 490 23 195 272 240 February... 220 42 6 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 758 128 126 19 101 50 51 630 630 30 46 554 529 25 May 584 186 185 28 157 102 55 397 395 9 19 367 272 95 "2 fJutne 164 52 52 43 1 1 112 112 8 30 74 74 July 1,229 249 249 35 212 178 981 981 31 200 750 623 127 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to reviissiioonn.. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. 930 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES* PROPOSED USES OF PROCEEDS, ALL ISSUERS fin millions of dollars] Proposed uses of net proceeds Estimated Estimated Year or month pro g c r e o e s d s s2 pro n c e e t eds8 New money Retirement of securities Repay o m f ent Other Total Plant and Working Total Bonds and Preferred other debt purposes equipment capital notes stock 1 1 9 93 3 5 4 2,3 3 3 9 2 7 2,2 3 6 8 6 4 20 5 8 7 1 3 1 2 1 9 2 6 6 1,8 2 6 3 5 1 1,7 2 9 3 4 1 71 1 8 7 4 0 2 1 3 1 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—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 June 163 160 23 8 15 117 103 13 18 July 192 188 60 36 24 122 109 13 6 August 229 226 57 24 33 166 147 19 3 September 438 429 27 17 10 395 357 38 1 5 October 735 722 123 9 114 590 566 24 2 7 November 347 340 24 11 13 316 207 109 December 154 152 54 4 50 96 96 1 1 1945—January 281 275 35 14 21 240 221 19 February 215 212 28 16 12 177 160 17 5 1 March 226 221 48 28 19 171 158 13 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 July 974 955 205 162 43 734 596 138 5 11 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 poses4 ceeds ties poses* 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 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 . 160 46 114 469 22 423 25 497 228 199 71 21 13 4 4 1944 606 106 500 1,339 28 1,297 14 918 389 475 54 92 51 38 3 1943—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 3 1 May 2 2 58 58 85 19 62 4 1 June 45 4 41 24 23 1 58 17 22 19 33 2 31 July 21 21 58 5 52 109 34 70 5 N O A Se u o c p t v g o t u e e b m s m e t r b b e e r r 1 1 3 5 8 3 6 2 9 4 1 1 4 2 9 0 1 1 4 3 7 1 8 5 9 5 4 2 1 9 5 2 4 8 9 6 9 ""s 4 8 " 4 2 1 5 8 2 3 5 4 4 8 5 6 1 6 8 2 8 6 5 9 6 1 3 1 1 1 8 0 3 6 2 7 7 1 7 1 5 1 2 1 6 2 1 2 4 1 ""2" 82 82 10 10 18 12 5 1 42 "*42" 1945—January 119 119 65 65 82 28 54 10 8 2 M Fe a b r r c u h ary 108 12 96 12 6 4 0 2 1 6 2 0 2 9 2 3 7 41 9 5 1 0 6 2 1 1 4 8 4 7 6 5 360 14 346 137 12 125 120 64 55 1 15 12 1 1 M J J u u a l n y y e 10 7 5 5 1 1 2 8 9 5 3 7 3 1 3 3 8 1 0 4 *'i9 1 " 3 1 1 3 8 2 0 3 4 2 8 5 2 0 9 3 1 1 6 1 3 3 7 3 4 0 8 9 1 9 1 1 7 6 7 40 2 2 11 1 29 2 1 » Estimates of new issues sold for cash in the United States. Current figures subject to revision. . 2SnrnV«ds are derived by multiplying principal amounts or number of units by offering price. JK S S d LS equS tc^limited gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. b^^ , see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. 93 * SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups P d r i o v f i i d ts e n a d n s d Year or quarter Total s I a t r n e o e d n l c M e h r i a y n - - t b o A i m l u e o - s - p e O t m r t q o i t a e o u r h n t n n i e a s p t r - - - m f p e N u a r r e c n o r o t o t a d n d s u l - - s s g O 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 a o v e d c d e s c r s , - o , p r r a e i i o O n n n f d i g g i d n u l - c- c I h n c tr e a d i m l a u s l s i- - g O d n o u b o t o h r l n e a d e - - s r s n c M e i e e c r i l o s e v l - u a s - - s pr N of e i t ts1 fe P r D r r e i e - v d ide C n m d o o m s n - Number of companies... 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564. 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,163 325 193 274 227 153 113 159 174 207 187 152 1,137 92 705 1942 1,770 226 159 209 183 138 90 151 152 164 136 161 888 88 552 1943 1,802 204 165 201 182 128 83 162 186 170 149 171 902 86 556 1944 rl,897 194 174 222 r191 115 88 175 220 187 147 r184 r97O 86 611 Quarterly 1941—i 509 86 44 79 53 39 23 36 29 49 44 28 285 22 150 2 547 84 48 73 56 36 28 43 42 53 48 33 295 23 165 3 558 81 46 60 56 38 30 44 56 52 49 44 282 23 170 4 549 72 55 61 62 40 32 37 46 52 46 47 275 24 221 1942—1 413 52 38 46 •46 36 19 32 35 39 39 31 206 21 134 2 358 52 35 25 *43 32 18 32 27 35 27 32 174 23 135 3 445 51 36 46 «44 34 22 42 42 41 35 52 213 20 125 4 554 72 49 92 •51 36 30 44 49 48 35 46 296 23 15S 1943_1 431 52 39 47 •48 34 19 39 36 ' 41 36 39 209 21 127 2 433 47 41 49 «46 32 22 37 42 41 36 38 221 22 132 3 461 51 41 52 •46 31 20 43 49 40 39 50 226 21 127 4 477 53 45 53 •41 31 23 43 58 47 38 44 247 22 170 1944 i f444 47 40 52 re52 29 20 38 49 42 36 39 r224 21 142 2 r459 46 40 55 r«48 30 22 43 52 43 37 r43 r230 22 149 3 r475 47 38 55 re47 28 21 45 56 49 37 52 r244 20 137 4 r518 55 55 59 "44 28 25 49 64 53 37 50 r272 23 184 1945—1 r480 r49 r38 54 •47 r3l 21 r45 62 48 39 r45 r241 20 142 2 501 55 44 65 «43 28 21 48 64 45 37 50 258 22 144 PUBLIC UTILITY CORPORATIONS [ In millions of dollars] Railroad2 Electric power3 Telephone4 Year or quarter O re p v i e n e r g n a u t- e i I b n n e t c a c f o o o x m m r * e e e inc N o e m t e1 d D e i n vi d - s r O e p v e i r e n a n g t u - e I i b n n t e c c a f o o x o m m 6 re e e inc N o e m t e1 d D e i n v d i- s O re p v i e n e r n g a u t e - I i b n n t e c c a f o o x o m m * re e e i • n N co e m t e1 d D e i n v d i- s 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 3 3 4 2 1 0 9 . . . . . . . , 3 4 5 9 9 7 , , , , , , 2 3 9 0 4 4 9 4 9 5 3 6 7 5 7 5 7 6 2 1 1 , , , 2 6 9 2 6 1 5 1 7 7 4 2 8 1 1 4 9 6 9 8 5 6 1 7 0 9 0 6 8 3 2 3 0 8 9 2 2 2 1 1 1 1 0 4 8 5 2 7 2 6 6 9 6 3 3 3 2 2 3 , , , , , , 4 6 2 7 0 6 6 9 1 1 2 4 4 7 8 6 9 7 9 9 8 6 6 7 1 1 4 7 9 2 4 5 7 4 2 9 4 4 5 5 5 5 9 0 9 2 4 3 9 2 0 7 3 5 4 4 4 3 4 4 0 1 3 9 4 4 8 0 7 0 7 4 1 1 1 1 1 1 , , , , , , 6 5 2 3 0 1 3 4 3 6 6 2 7 1 5 2 7 9 3 3 3 2 2 2 7 0 9 7 4 2 4 2 9 1 8 7 1 1 1 1 1 1 6 7 7 8 9 9 3 8 4 0 1 4 1 1 1 1 1 1 7 7 7 6 6 6 2 5 8 8 8 3 Quarterly 1941—1 1,152 96 69 28 751 209 154 295 67 43 44 2. 1,272 145 103 36 723 182 126 308 69 44 45 3. 1,468 267 189 34 750 183 107 311 66 45 44 4. 1,454 166 138 87 805 200 139 321 63 46 40 1942-1. 1,483 178 90 24 816 234 131 98 324 72 41 44 2. 1,797 390 198 46 770 196 104 96 337 75 41 42 3. 2,047 556 286 30 792 195 105 84 342 72 39 39 4. 2,139 534 327 101 839 222 150 131 359 83 43 1943— 2 1. 2 2 , , 2 0 5 91 5 5 6 1 0 5 8 2 2 1 4 4 4 2 5 9 2 8 83 6 5 4 2 22 5 1 4 1 11 3 3 6 1 9 0 9 0 3 38 6 2 6 8 9 8 6 4 4 2 4 4 4 0 2 2,368 653 250 36 859 210 114 99 391 94 45 43 2,340 435 166 100 906 228 133 113 398 96 43 1944—1. 2,273 458 148 31 925 262 135 94 400 97 42 42 2. 2,363 511 174 55 886 241 123 102 406 101 43 42 3. 2,445 550 180 30 878 207 111 94 409 98 43 42 4. 2,356 452 165 130 929 205 130 101 426 104 46 43 1945—1 2,277 425 139 30 r971 292 139 102 436 115 46 41 2 2,422 504 187 72 909 233 123 96 444 109 45 44 r Revised. 11 Net pprrroooffiittss'* and "net income" refer to income after all charges and taxes and before dividends. 4 a £ T — i n : i — iw A A i J ? S T a J— iV cclli ee r cc* a tt l * nr l " r icc o . . * a uu * d t , l w tI ? *i * l . * ti . " tt c ei : o e * ss p v , . e c W c r o ¥i o tn v * v g * ee " r ri a o i b n a o g u u a u b t b u 9 ou t 5 ut ? t9 p j 59 e p 5 r e p c r e e t r n c t c u e o i n t f 0 t a 1 fo l a f l i la r i l a l l r i l l a e r i u l o e r a c o d t a r a i o c p o p e p o r e w a r t e i a r o u n o o s p n . tei s r . ationFs.i Figures include affiliated nonelectric operations. Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Companyr greater part of whose income consists of dividends received on stock holdings in the 30 companies. • pJ5i , charges and taxes except Federal income and excess profits taxes. _rartly estimated. ' Not available. ption of data and back figures, see pp. 214-217 of the March 1942 BULLETIN. 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 o r r e o t e b s a c t s l t i b . n d e T d t i a e o e r r r e b t i e a c n t s l t g t- Total* Tre b M a il s l a u s r r k y eta in b c C d l a e e n t e r e e b p t s s i t u s f 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 a a b U v b o . i l n n S e d . g s p s ubl T i s t c r a a n e x v o i a s i t s a n s e u n u s g r d e s y s S i p ss e u c e ia s l i b n e d t N e a e o r r b e i n n t s - g t- s t g b e t e e e u c F e r a u a d u e r r r l s i i a i l n n t t y n - i > g - es 1942— D Ju e n c e ...... 1 7 0 2 8 , , 4 1 2 7 2 0 1 7 0 1 7 , , 9 3 6 0 8 8 5 76 0f, 5 4 7 8 3 8 2 6 , ,6 5 2 0 7 8 1 3 0 , , 0 5 9 34 6 6 9 , , 6 8 8 6 9 3 3 4 8 9 , , 0 2 8 6 5 8 2 1 1 3 , , 7 51 8 0 8 1 15 0 , , 0 1 5 8 0 8 6 3 , , 3 0 8 1 4 5 9 7 , , 0 8 3 8 2 5 4 8 5 6 4 2 4 4 , , 5 2 4 8 3 3 1943—June 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 ,316 4,092 Dec 165,877 164,508 115,230 13,072 • 22,843 11,175 67,944 36,574 27,363 8,586 12,703 ,370 4,225 1944—June 201,003 199,543 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 ,460 1,516 1944—Aug., , .. 209,802 208,289 145,213 15,715 30,001 18,067 81,235 47,614 36,883 10,030 15,461 ,514 1,475 Sept 209,496 207,850 144,723 15,747 29,573 17,936 81,270 47,152 37,323 9,124 15,976 ,645 1,480 Oct.. 210,244 208,608 145,008 16,060 29,546 17,936 81,271 47,430 37,645 9,075 16,170 ,636 1,480 Nov. 215,005 210,774 145,183 16,405 29,545 17,936 • 81,102 49,008 38,308 9,990 16,583 1,230 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 ,739 1,470 1945—Jan 232,408 230,672 162,261 16,403 30,401 23,039 92,221 51,723 41,140 9,864 16,688 1,736 1,496 Feb 233,707 231,854 162,379 16,399 30,396 23,039 92,349 52,345 41,698 9,927 17,130 ,853 1,114 Mar. 233,950 232,026 162,625 16,921 34,544 18,588 92,377 5l,S33 42,159 8,948 17,567 1,923 1,119 Apr 235,069 233,063 162,680 17,041 34,478 18,588 92,377 52,460 42,626 9,109 17,923 i,006 1,132 May 238,832 235,761 162,652 17,049 34,442 18,588 92,377 54,517 43,767 10,031 18,592. 5,071 1,151 June 258,682 256,357 181,319 17,041 34,136 23,497 106,448 56,226 45,586 10,136 18,812 1,326 409 July 262,045 259,781 183,080 17,025 34,472 23,498 107,890 57,143 46,508 10,119 19,558 !,264 484 Aug 263,001 260,746 183,334 17,038 34,430 23,498 108,172 57,379 46,715 10,148 20,033 2,255 515 1 Including amounts held by Government agencies and trust funds, which aggregated 6,105 million dollars on June 30, 1945, and 6,077 million on Tuly31,1945. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and depositary bonds not shown separately. 3 4 I I n n c c l l u u d d i i n n g g p p r r e e p p a a y y m m e e n n t t s s a a m m o o u u n n t t i i n n g g t t o o 9 2 4 ,5 7 4 m 6 i m ll i i l o l n io d n o d ll o a l r l s a r o s n o s n e c s u e r c i u ti r e i s ti e d s a t d e a d t e J d u n D e e 1 c , . 1 l 9f4 1 5 9 , 4 s 4 o , l d so i l n d t i h n e t S h e e v S e i n x t t h h W W a a r r L L o o a a n n , , b b e e g g i i n n n n i i n n g g o o n n M No a v y . 1 2 4 0 , , 1 1 9 9 4 4 4 5 . . Back figures.—See Banking and Monetary Statisttcst Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING, AUGUST 31, 1945 [ In millions of dollars) [On basis of daily statements of United States Treasury. In millions . of dollars] Amount Funds received from sales during R tio e n d s e m an p d - Issue and coupon rate Amount Issue and coupon rate Amount Month sta o n u d t i - ng month maturities at end of Treasury bills1 Treasury bonds—Coat. month se A ri l e l s Se E ries Se F ries Se G ries se A r l i l es Sept. 6, 1945.. 1,302 Dec. 15, 1948-50 2 571 Sept. 13, 1945. 1,310 June 15, 1949-51 2 1,014 Sept. 20, 1945. 1,305 Sept. 15, 1949-51 2 1,292 1944—Jan 28,901 1,698 1,085 127 487 188 Sept. 27, 1945. 1,318 Dec. 15, 1949-51 2 2,098 Feb 31,515 2,782 2,102 157 522 185 Oct. 4, 1945.. 1,305 Dec. 15, 1949-52 M 491 Mar 31,974 709 576 23 110 268 Oct. 11, 1945.. 1,311 Dec. 15, 1949-53 2lA 1,786 Apr 32,497 739 606 19 114 237 Oct. 18,1945. 1,305 Mar. 15, 1950-52 2 1,963 May 32,987 751 624 15 111 279 Oct. 25, 1945. 1,312 Sept. 15, 1950-52 lYi 1,186 June 34,606 1,842 1,350 115 377 248 NNoovv. 1, 1945. 1,317 Sept. 15, 1950-52 2 4,939 July 36,538 2,125 1,687 101 338 227 Nov, 8, 1945. 1,318 Dec. 15, 1950 lH 2,635 Aug 36,883 602 499 18 85 279 Nov 15, 1945. 1,314 June 15, 1951-54 2% 1,627 Sept 37,323 692 591 16 85 283 Nov, 23, 1945. 1,311 Sept. 15, 1951-53 2 7,986 Oct 37,645 695 599 14 83 401 Nov, 29, 1945. 1,309 Sept. 15, 1951-55 3 755 Nov 38,308 1,023 807 43 174 382 Dec. 15,1951-53 2% 1,118 Dec 40,361 2,386 1,855 125 406 365 Cert, of indebtedness Dec. 15, 1951-55 2 510 Sept. , 1945. 3,694 Mar. 15, 1952-54 2XA 1,024 1945—Jan 41,140 1,074 804 42 228 341 Oct. , 1945 Vs 3,492 June 15, 1952-54 2 5,825 Feb 41,698 848 653 31 164 323 Dec. ,1945 H 4,395 June 15,1952-55 2K 1,501 Mar 42,159 889 712 27 151 464 Feb. ,1946 % 5,043 Dec. 15, 1952-54 2 8,662 Apr 42,626 838 684 23 130 404 Mar. , 1946 Vi 4,147 June 15, 1953-55 2 725 May 43,767 1,540 1,195 63 282 426 Apr. , 1946 % 4,811 June 15, 1954-56 l\i 681 June 45,586 2,178 1,468 178 532 403 May ., 1946 % 1,579 Mar. 15, 1955-60 2% 2,611 July 46,508 1,294 1,032 47 215 428 June 1, 1946. 4,799 Mar. 15,1956*58 2\i 1,449 Aug 46,715 700 571 22 107 531 Aug. 1, 1946., 2,470 Sept. 15, 1956-59 2% 982 Sept. 15, 1956-59 2\i 3,823 Treasury notes June 15, 1958-63 2H 919 Dec. 15, 1945 H 531 June 15,1959-62 V/A. 5,227 Jan. 1, 1946 90 3,416 Dec. 15, 1960-65 2% 1,485 Mar. 15, 1946 1 1,291 June 15, 1962-67 2)4 2,118 Maturities and amounts outstanding, August 31, 1945 July 1,1946 90 4,910 Dec. 15, 1963-68 2H 2,831 M D S S e e e a p p c r . t t . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 7 7 6 7 1 I l \ V % H H 2 3 2 1 1 , , , , 9 2 6 7 4 8 6 0 8 7 1 7 J D M M u e a a n c r r e . . . 1 1 1 IS 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 4 4 5 6 - - - 6 6 7 -7 9 9 0 1 2 2 2 % 2 lA \ \ i i 3 3 5 3 , , , , 7 8 1 4 9 6 3 8 7 1 8 1 Year of maturity se A ri l e l s S A er - i D es Ser £ ies Se F ries Se G ries Sept. 15, 1948 1}4 3,748 J S u e n p e t. 1 1 5 5 , , 1 1 9 9 6 6 7 7 - - 7 7 2 2 2 2 H H 2 7 , , 7 9 1 3 6 3 1945 93 93 Treasury bonds Postal Savings bonds.2K 117 1946 32S 328 Sept. 15, 1945-17... 2U 21,214 Conversion bonds 3 29 1947 418 418 Dec- 15, 1945 2H 541 Panama Canal loan— 3 50 1948 492 492 J M u a n r e . 1 1 5 5 , , 1 1 9 9 4 4 6 6 - - 4 5 8 6 ... 3% 3 1, 4 0 8 3 9 6 Total direct issues— 183,334 1 1 9 9 5 4 0 9 8 99 0 2 3 8 99 0 2 3 O J D M u e c a n c t r e . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 7 8 7 6 - - 5 - 5 4 0 9 2 . . . . . . 4 3 K } 2 2 /$ 1,1 8 7 7 1 1 0 5 5 9 1 9 G F u e a V d r e a a r r n i a o t l u e s H ed o u s s e in c g u r A it d ie m s in. 35 1 1 1 1 9 9 9 9 5 5 5 5 2 4 1 3 1 9 5 1 2 , , , , 6 3 0 7 6 5 2 4 0 1 5 8 444 5 9 7 1 , , , , 0 9 8 2 4 2 1 2 7 5 5 6 2 5 1 9 5 5 2 1 , , 3 1 2 8 8 8 Mar. 15, 1948-51... 2*A 1,223 1955 . .. 9,065 5,929 676 2,460 June 15,1948 \% 3,062 1956 3 578 754 2,824 Sept. 15, 1948. l¥i 451 1957 2 198 421 1,777 1 Sold on discount basis. See table on Open-Market Money Rates, Unclassified -38 Total 46,715 3,572 29,943 2,662 10,577 2 Called for redemption on Sept. 15,1945. 933 SEPTEMBER 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 im e b n c e t T u e a o r r r i e t i t a n s ie l t g - s S is p a s e u n c e d i s a t l rust f i P u s u s n u b d e l s i s c R F B e e a b d s n y e e k r r v s a e l Total m b C e a o r n c m k ia s - l M s b a a v u n i t n u k g a s s l p I c n a a o n s n m u c ie e r - - s M i a a s O b s rk u t l h e e e e s t- r inv m es N a a to r o b k r n t s e e - tissues 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 23,600 47,300 December. 230,361 16,326 5,348 J8,846 189,841 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 34,200 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 20,400 34,000 50,100 April 234,194 17,923 5,262 20,455 190,554 77,300 8,700 20,500 33,400 50,700 May 236,912 18,592 5,217 20,954 192,149 77,400 8,700 r20,100 r33,200 52,700 June 256,766 18,812 6,128 21,792 210,034 84,000 9,600 21,700 40,500 54,200 I Figures for insurance companies and other investors have been rounded to nearest 100 million dollars for all dates, and figures for commercial banks and mutual savings banks have been rounded to nearest 100 million for all dates except June and December for which call report data are available. Back figures—See Banking and Monetary Statistics, Table 149, p. 512. r Revised. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES* [Public marketable securities. Par values in millions of dollarsl U.S. U.S. Gov- Gov- End of month s T t o i a o n u n t g t a d - l - a m a e c g n i r e e e n d n n s - t - B s F e R e a r e r n e a d v k - l - e s m b C a e o r n c m k i s a - 1 l b M s i t a n u a n g v u a k s l - - s p I a c n a o n s n m c u i e e r - - s Other End of month s T t o i o a n u n t g t a d - l - a m e c a g i r n e e e n d n n s - t - B s F e R e a r e r n e a v d - k l e - sb C m a c o n i e a m k r l - s - b M s t i a n u a n g v u a k s l - - s p I a c n a o n s n m c u i e e r - - s Other trust trust funds funds Total:2 Treasury bonds: 1944—June 141,591 4,60414,901 63,523 7,15816,471 34,935 Total: Dec 162,843 5,338 18,846 72,045 8,183 18,761 39,670 1944—June 79,244 4,437 ,464 30*910 6,736 15,768 19,929 1945—Jan 163,458 5,260 19,006 72,918 8,39219,082 38,801 Dec 91,585 5,173 243 36,508 7,70417,859 23,098 Feb 163,166 5,251 19,439 72,543 8,47619,289 38,168 1945—Jan 92,221 5,091 166 37,418 7,90918,07722,561 Mar 163,412 5,26719,669 71,872 8,48219,554 38,568 Feb 92,349 5,056 37,737 7,93118,18222,311 Apr 163,468 5,246 20,455 71,799 8,50219,640 37,826 Mar 92,377 5,039 128 38,068 7,887799 18,16722,097 May 163,441 5,202 20,954 71,896 8,497 19,325 37,567 Apr 92,377 4,991 123 38,499 7,817 18.,07321,873 June 181,353 6,112 21,792 77,484 9,382 20,930 45,652 May 92,377 4,961 1,113 39,275 7,753 17,646 2211,628 Treasury bills: June 106,448 5,968 1,113 41,795 9,045 19,89228,636 1944—June 14,734 8,872 4,894 2 960 Maturing within 5 years Dec 16.428 6 11.148 4.113 1 1,159 1944—June 7,824 536 4,697 189 663 1,740 1945—Jan 16,403 7 11,376 3,931 3 1,087 Dec 7,824 518 4,834 137 556 1,777 Feb 16,399 11,830 3,387 7 1,164 1945—Jan 7,824 518 4,799 144 525 1.836 Mar 16,921 12,079 2,720 12 21 2,066 Feb 7,824 518 4,770 172 510 1,856 Apr 17,041 13,010 2,565 11 25 1,397 Mar 8,939 564 5,554 268 535 2,015 May 17,049 12,954 2,242 17 86 1,706 Apr 8,939 564 5,488 267 543 2,076 June 17,041 12,962 2,798 1 4 1,273 May 8,939 564 5,548 258 520 2,050 Certificates: June 8,939 547 5,770 172 375 2,074 1944—June 28,822 67 3,382 15,037 126 339 9,871 Maturing in 5-10 years: Dec 30,401 62 4,887 15,032 136 310 9,974 1944—June 34,39Q 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 4,230 10,357 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 M Ap a r r 3 3 4 4 , , 5 4 4 7 4 8 1 1 1 2 0 9 5 5, , 4 3 1 3 1 3 1 17 7 , , 5 8 5 3 0 0 3 2 4 6 5 9 6 8 9 3 8 0 1 1 0 0 , , 2 2 9 2 0 5 M Fe a b r 4 43 4 , , 5 6 6 4 4 5 1 1 , , 3 2 6 9 2 7 2 2 4 5 . , 9 5 8 0 7 7 3 3 , , 5 7 8 4 8 3 4 4 , , 3 46 8 7 5 9 9, , 3 5 0 6 7 9 Treasury n M Ju o a n te y e s: 3 3 4 4 , , 1 4 3 4 6 2 1 4 0 7 3 5 6 , , 8 0 7 3 0 2 1 1 6 7 , , 7 2 8 0 9 2 3 9 9 2 4 4 8 2 8 0 4 1 9 0 , , 9 7 8 5 9 6 A M Ju p a n r y e 4 4 4 3 8 3 , , , 5 1 5 6 5 6 4 5 4 1 1 1 , , , 2 3 2 6 3 8 2 3 0 2 2 2 5 5 9 , , , 1 7 3 4 9 5 7 0 0 3 3 3 , , , 4 4 5 2 0 0 7 0 3 4 4 4 , , , 2 3 1 6 3 9 7 5 6 1 9 8 0 , , , 8 0 0 9 9 0 1 9 9 1944—June 17,405 58 ,180 11,718 286 337 3,826 Maturing in 10-20 years: Dec 23,039 60 ,566 15,411 336 568 5,098 1944—June 15,482 1,097 5,509 1,857 2,792 4,228 Guar 1 a 9 n 4 t 5 e — ed M M A J F J u a e p a a s n n b r y r e e curities: 2 2 2 1 1 1 3 3 3 8 8 8 , , , , , , 4 0 0 5 5 5 9 3 3 8 8 8 7 9 9 8 8 8 5 6 5 5 5 6 2 4 3 2 1 1 , , , , , 5 0 5 6 0 9 1 6 8 6 5 8 6 7 0 1 5 8 1 1 1 1 1 1 5 2 2 2 6 5 , , , , , , 6 6 0 4 5 5 1 7 5 8 8 6 1 6 7 7 8 0 3 3 3 3 2 3 1 4 2 4 3 2 8 2 7 2 0 4 6 6 6 6 6 6 5 9 9 0 2 6 1 2 3 1 8 2 4 3 4 3 4 3 , , , , , , 9 9 8 9 8 8 1 1 6 6 4 5 9 2 6 0 1 8 1945— M D F A M J J u a e p e a a n n b c r r y e 1 1 1 1 1 1 1 6 4 4 4 4 4 4 , , , , , , , 7 4 4 4 4 4 4 2 4 4 4 4 4 4 7 5 5 5 5 5 5 1 1 1 1 , , , , 0 0 0 0 9 9 9 5 0 2 0 6 6 9 4 0 3 3 8 6 8 4 5 5 5 5 5 5 , , , , , , , 5 7 5 5 3 4 4 6 4 9 0 5 6 7 2 5 0 0 4 6 5 2 1 1 1 1 1 1 , , , , , , , ' 8 8 " 8 8 8 8 1 2 8 8 2 3 2 8 0 7 9 0 2 2 2 2 2 2 2 , , , , , , , 3 5 5 4 6 6 6 1 6 0 3 1 7 0 9 9 2 1 7 0 3 3 3 3 3 3 6 3 , , , , , , , 5 1 5 5 4 5 5 7 9 6 6 8 3 3 9 1 1 3 0 1 8 1944—June 1,190 3 949 6 26 205 Maturing after 20 years; Dec 1,194 3 960 6 22 203 1944—June 21,539 2,696 1,766 1,981 6,456 1945— M M J A F J u a e p a a n n b r y r e 1,1 7 7 7 7 9 8 8 8 3 8 7 6 9 8 4 7 3 5 5 5 9 5 8 7 8 2 6 1 1 5 6 1 0 0 4 4 4 6 4 2 1 1 1 1 1 1 7 6 9 6 3 7 2 2 1 1 1 0 4 8 7 7 2 5 7 5 9 1945— M F A M D J J u a e p e a a n n b c r r y e 2 3 2 2 2 2 2 2 5 5 5 5 5 5 , , , , , , , 4 2 4 4 6 4 4 2 2 2 2 2 2 3 7 7 7 0 7 6 3 4 3 3 3 3 3 3 , , , , , , , 1 3 3 3 3 2 3 1 4 0 0 0 9 6 2 6 6 8 8 0 6 2 2 2 2 1 1 1 , , , , , , , 3 1 0 0 8 9 9 1 9 7 2 9 7 4 7 4 2 4 1 3 6 3 2 2 2 2 2 2 , , , , , , , 1 1 0 2 1 2 2 2 7 1 8 1 0 4 5 6 8 7 0 9 0 1 1 1 1 1 0 0 2 0 0 , , , 1 7 7 7 7 7 7 0 , , , , , , , 2 3 1 4 0 3 3 1 4 6 0 9 9 7 4 8 9 1 5 5 6 • Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, and the r F e i s g i u d r u e a s l #i n o t c h o e l r u m a n r e h n ea o d t e e d n tir o e t l h y e c r om in p c a l r u a d b e le h f o ro ld m in m gs o n b t y h n to o n m re o p n o t r h t . i ng S i b n a c n e k J s u a n n e d 1 i 9 n 4 s 3 u r th a e n c c e o v c e o r m ag p e a n b i y e s t h a e s s w ur e v ll e y a s o b f y c o o m th m e e r rc in ia v l e b s a to n r k s s . h E as s ti b m ee a n te s ex o p f a n t d o e ta d l . 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 June 30,1945, commercial banks reporting to the Treasury held 25,328 million dollars of U. S. Government securities due or callable within one year out of a total of 60,646 million outstanding. 2 Including 196 million dollars of Postal Savings and prewar bonds not shown separately below. 934 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 Income O ta t x h e e s r 1 r n c i n M e n n e e u v t l i a o e e s l e l 1 u a - r - - - s S S t r a o e i x c t c y e i u a s - l c O e r t i e h p - e ts r c T e r o e ip t * a t l s ce N ip e t t s3 I d n e o e t s n b e 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 u r a t c u s c n n - . s t t s t o s - , p O t e u e t n x r h * d e e s i r - e b T i x u t p o u d e t r g n a e e l d s t - D c e i f t i- c T o e a r u t c u c n - . s t 4 t s, C f a h g b e u n i a a r e n n l c n a n - d e l g - e c g d r I r e e i o n n b a s - s t s e Fiscal year ending: June 1943 16,094 4,553 1,508 1,230 23,385 22,282 1,808 2,109 435 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 (>i,3O7 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 57,079 1944—August 1,065 487 S32 319 157 2,859 2,568 77 7,571 57 415 8,119 5,551 +70 -4,252 1,229 September.. 741 4,432 514 65 175 5,927 5,926 581 6,998 22 329 7,930 2,004 -244 -2,555 -307 October 609 632 580 60 174 2,054 2,001 133 7,479 47 365 8,024 6,023 +148 -5,127 748 November.... 1,035 466 507 293 205 2,506 2,240 56 7,401 18 353 7,828 5,587 +639 -188 4,761 December 741 3,606 539 63 470 5,418 5,416 560 7,503 22 332 8,416 2,999 -193 +12,433 15,626 1945—January 619 1,803 573 48 545 3,587 3,556 191 7,551 69 390 8,202 4,645 +238 -2,630 1,778 February 1,295 1,627 552 341 172 3,987 3,767 91 6,948 48 373 7,460 3,693 +101 -2,292 1,300 March 883 4,935 520 96 473 6,908 6,892 628 8,246 45 513 9,433 2,540 +262 -2,036 242 April 600 1,567 534 46 221 2,967 2,929 139 7,139 236 455 7,968 5,040 +9 -3,911 1,120 May 1,282 745 557 337 477 3,398 3,085 66 8,156 296 757 9,275 6,190 +686 -1,741 3,763 Tune 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 August 1,200 466. 877 306 432 3,281 2,997 99 6,398 162 695 7,354 4,357 -50 -3,451 956 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security Balance in accounts Net ex- Other Assets general fund penditures Period c N e r i e e p - t ts I m nv e e n s t t s - pe E n x- di- c i a G n i o g n m o u e c g v n n h e e t a c e n s r c c i t n e - k o s - - f ce R i e p - ts I m nv e e n s t t s - p t e u n r d e i s - Total R F p e e D o s d i s e e n e i - r t r v s a e l d s p p e D o p e i e s n c o - i i s t a s i l - O as t s h e e t r s l T ia t o i b e t i a s l l i- Total W a b i n a n o l c g r - e k- Banks taries Fiscal year ending: June 1943 2,810 2,350 456 2,194 1,117 655 133 10,149 1,038 7,667 1,444 643 9,507 8,744 June 1944 3,202 2,816 380 4,403 1,851 1,313 192 20,775 1,442 18,007 1,327 607 20,169 19,406 June 1945 3,239 2,757 453 1,178 3,820 2,444 -571 25,119 1,500 22,622 997 421 24,698 23,935 1544-August 586 287 35 254 216 149 6 18,277 1,215 15,693 1,369 605 17,672 16t909 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 3S -71' 225 95 -220 10,223 1,122 8,002 1,100 421 9,803 9,040 December.... 43 312 36 164 182 119 -213 22,717 1,335 20,261 1,120 481 22,236 21,473 1945—January 169 84 39 -21 251 117 -37 20,077 1,048 17,866 1,164 471 19,606 18,843 February 432 208 37 313 250 122 -98 17,734 1,3S4 15,265 1,085 420 17,313 16,551 March 66 227 43 -407 270 128 84 15,722 1,547 13,055 1,120 445 15,277 14,514 April 122 48 40 71 412 228 137 11,809 1,224 9,492 1,093 443 11,366 10,603 May 592 271 42 -154 530 296 -21 10,055 1,140 7,941 974 430 9,625 8,862 June 217 482 42 778 701 663 3 25,119 1,500 22,622 997 421 24,698 23,935 J A u u ly gust 3 54 1 3 2 2 23 0 9 3 5 5 6 1 - 2 2 2 6 2 5 3 7 3 9 6 441 659 89 2 1 2 9 , , 4 0 6 1 9 8 1 1 , , 2 3 5 0 2 0 2 1 0 6 , , 3 8 0 7 3 4 9 8 1 4 4 4 3 38 8 7 6 2 1 2 8 , , 0 63 8 1 2 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). . . ,. , U T - J I I- J • • *J 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 (-). m t Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516. INTERNAL REVENUE COLLECTIONS [On basis of reports of collections. In millions of dollars! Income taxes Miscellaneous internal revenue Manufac- Period Total vi i C r d n e u u d n r a i t - - l W he i l t d h 1 - V t t o a ic r x y - c r r a C o e t r u i n p o r t o - n - B ta a x c e k s E p t r x a o c x f e e it s s s s p O t r a o t x h f e e it s r s Total C st t t a o a a p x c 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 a o c x - c e o s S t t a a x m e p s re t e t t u a a x a r n x i c e l d i e e r s s s e r ' s' n c t M a e e x i l o s l e - a u s - s Fiscal year ending: June 1943 16,299 5,771 686 4,137 557 5,064 84 4,571 329 447 1,423 924 45 670 732 J J u u n n e e 1 1 9 9 4 4 5 4 3 3 3 5 , , 0 0 2 6 8 2 1 % 0 5 ,2 6 5 7 4 1 7 0 . , 0 2 3 6 8 3 785 1 r4 4 , , 4 7 2 6 2 3 r6 7 6 0 1 5 r11 9 . , 0 3 0 4 4 5 r1 1 4 3 4 5 6 . ,9 3 6 5 0 3 3 3 7 8 ! 1 r6 5 4 1 3 1 2 1 , ,6 3 1 1 8 0 9 9 8 3 8 2 6 5 6 1 1,2 7 0 2 7 9 rl 1 , , 4 0 3 7 0 5 1944-July 1,729 133 1,179 93 28 290 754 128 48 210 77 5 72 214 August 1,712 73 1,258 72 43 260 777 194 63 202 86 6 88 139 S N O e c o p t v o te e b m m er b b e e r r . . . . . . . 4 1 1 , , , 8 4 6 1 3 9 0 3 0 1,33 3 8 0 7 2 1 1 , , 2 2 3 0 1 3 3 8 9 1 5 1 7 3 0 0 3 2 3 1 6 1 2,1 3 2 3 5 8 3 0 5 5 5 5 4 2 2 4 0 9 2 1 9 9 3 3 3 9 5 2 1 2 1 0 9 8 4 6 3 7 8 7 8 1 8 4 5 5 9 8 9 5 5 5 1 1 1 1 1 0 3 5 3 December— 3,670 294 18 980 40 2,312 559 50 201 71 5 120 112 1945— M F J e a a b n r r c u u h a a ry ry 4 3 3, , , 9 1 9 5 6 8 1 1 , , 8 7 7 8 3 5 9 7 9 1,8 6 9 6 9 2 1 0 9 4 5 5 3 7 6 1 1 2 5 4 6 9 3 2,1 3 2 7 0 7 0 1 0 5 5 5 1 4 6 C 7 0 4 3 8 9 7 9 2 1 1 0 9 7 6 5 1 6 7 7 6 8 4 6 6 6 1 1 1 1 0 1 7 4 6 1 9 9 1 0 0 7 April 2,408 907 915 160 -26 44f 51' 75 171 68 5 97 100 M J J u u a n ly y e 4 2 2 , , , 2 0 4 4 2 0 2 5 6 1,1 2 3 2 1 0 7 8 1 1 1 , ,2 7 4 5 4 1 9 6 r8 1 5 7 6 8 0 1 7 7 7 9 5 9 rl,8 4 2 9 2 9 5 9 5 5 5 7 7 7 9 105 r6 6 4 2 4 « 1 1 1 9 8 9 0 8 9 8 8 3 3 4 6 6 6 1 1 1 0 1 2 4 6 1 r1 1 2 1 2 2 6 1 8 'Revised. 1 Withheld by employers (Current Tax Payment Act of 1943). 935 SEPTEMBER 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 em th s an Corporation or agency Total Cash r L e a o c b e a l i n e v s - m m p C s t a l i a u o o i n e e m p t d d s e - s - i , - , - G s U e o . c S v I u m . n t - . v e e n O r s s t i e t s t t h - c ie u e s r - e m L s t q u a t a e u r n r u n n e i d p c d s t - - , , c U h t u r n a t i r d e b g d i - s e - s O as t s h e e t r s a t g F B n u u a u o t r n a e l e n l d r e s y d - d s p d , a e n O y b o a e t t h n b e - e l s e r , O l i i t a t i h b e e i s l r - G in m U o t v . e e S e r n . e r t n st -v o i a w n P e t s r t e n t i e - l e r y d rials rities by U.S. All agencies: Sept 30 1944 . . 31,435 853 6,566 2,987 1,604 437 15,755 1,421 1,813 1,565 1,204 6,398 21,771 498 Dec. 31. 1944 31,488 756 6,387 2,942 1,632 424 16,237 1,692 1,419 1,537 1,395 4,196 23,857 504 Mar. 31, 1945 31,309 768 5 789 2 960 1 756 388 16 734 1 001 1,913 1,124 1,263 4,962 23,510 451 June 30, 1945 33,552 700 5,544 2,507 1,619 375 20,164 772 1,811 502 1,163 4,162 27,266 459 Classification by agency, June 30,1945 Department of Agriculture: Farm Credit Administration: Banks for cooperatives .. . .... .. 238 36 135 43 22 (*) 1 231 6 Federal intermediate credit banks........ 345 11 295 37 2 272 2 72 Federal land banks . . 1,294 45 1 062 161 20 840 43 186 224 Production credit corporations 121 1 64 56 (2) 121 Regional Agricultural Credit Corp 15 8 7 (3) 1 14 Others 26 1 23 2 1 25 Federal Farm Mortgage Corp 279 10 260 g 8 8 263 Rural Electrification Administration .. 386 3 377 6 386 War Food Administration: Commodity Credit Corp 1,623 32 35 1 333 4 7 213 450 654 519 Farm Security Administration 472 28 354 33 7 48 • 4 468 Federal Crop Insurance Corp 3 2 1 1 2 Federal Surplus Commodities Corp 3 3 3 National Housing Agency: Federal Home Loan Bank Administration: Federal home loan banks 310 17 132 160 1 50 46 125 89 Federal Savings and Loan Insurance Corp. 160 2 155 3 60 100 Home Owners' Loan Corp 1,047 44 952 15 26 3 (*) 7 16 (2) 26 1,005 United States Housing Corp Federal Housing Administration 155 20 21 97 (2) 1 16 28 9 118 Federal Public Housing Authority and affiliate: Federal Public Housing Authority 545 21 290 8 219 7 9 536 Defense Homes Corp 69 1 1 67'"(')" 1 68 Federal National Mortgage Association 10 10•••(•)"• 10 R. F. C. Mortgage Company 69 58 7 (2) 4 3 66 Reconstruction Finance Corp. and certain Re a c ff o i n li s a t t r e u s c : t # ion Finance Corp. 1,477 25 1,034 75 261 2 20 61 (2) 225 1~253 Certain affiliates4 8,241 11 68 768 • 1 6 769 175 449 1,182 7,060 Office of Emergency Management: Export-Import Bank 216 214 2 80 137 War Shipping Administration 7,851 63 28 7 273 79 407 608 7,243 Other4 578 22 /2\ 334 3 11 202 283 295 Smaller War Plants Corp 172 118 39 15 169 870 11 10 (2j 836 14 581 15C 139 240 68 90 47 35 240 Tennessee Valley Authority 733 1 3 7 719 3 9 724 U S Maritime Commission . 4 056 14 7 25 3 3 297 428 282 266 3,79( All other 1,9461 150 91 12""28 3 1,'647 1 15 58 1,888 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY June 30, 1945 Mar. 31, 1945, Purpose of loan b F l a a e n n d k d . s M C F F a o e o r r d r m p . t. . m i . b c F n r a a e t e e t n e e d d d _ k r i . i - s - t o f B o p t r a i e v n r c e a k o s - s - m C C C r o o o e m d r d i - p i t t . y t R r A E i t f u d l i i e o m r c c n a a . - l - A S F r e a d i c r t m u m y - . H C O L e o o r w o s m r a ' n p n e - . P H A F u o u b e u t d l s h i . c - . b h F l a o o e n a m d n k . e s R n s C t e t a F o r i c n u o i r o - c p c n n e - . - a R a f t f F e il C s i- B p p I E o a m o x n r r - - t t k - ot A h l e l r a c A g i l e e l s n- age a n l c l. ies T T o o a a i i d d a h g om ric e u o lt w u n re ers 1,134 327 295 135 39 377 498 965 (2) 11 50 166 1 2 1 , , 9 0 7 2 1 7 3 1 , ,1 0 4 3 9 7 To aid industry: Railroads .- 222 21 243 281 Other 33 64 104 201 226 To aid financial institutions: Banks 31 16 46 49 Dt L O h e e t s h r s: e r Reserve for losses.. 72 66 (2) 1 5 (2) 143 13 290 1 V) 70 3 5 2 22 1 (2) 214 1 1 4 1 9 2 1,3 4 1 4 5 6 1 3 3 1,4 4 0 9 5 3 9 4 Total loans receivable (net) 1,062 260 295 135 35 377 354 952 290 132 1,034 135 214 269 5,544 5,789 are A sn?wn on a net basls» *•?•' after reserves for losses. 2 Less than $500,000. Affairs). The hem "certain affiliates" also includes Disaster Loan Corp. NOTE.—This table is based on the revised form of the Treas " quarterly basis are not comparable with monthly figures previou items are included in total assets on a pet basis (after reserves for losses); each asset and liability item is segregated into Government a agency) and other, and segregation of interagency amounts is more complete than formerly; some asset items formerly shown are comple reporting of certain assets, especially cash and privately-owned interest, is more complete. t i1innf it- 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. IUU 01 November 1944 BULLETIN) and in Banking and Monetary Statistics, Table 152, p. 517. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted*' and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Industrial production Construction Y m ea o r n t a h nd ( I 1 m v n - 9 p a c e 3 l a o 5 n u 1 y m - 0 e t - 3 s ) 0 e 9 Total (phy 19 s 3 ic 5 a - D a l 3 b 9 u v f l M a e r o - - c l a t u u 1 n m 0 r u N e d e 0 - o s u ) n * r * - - M er i a n l - s To a t w a 1 l a 9 r 2 c d 3 o e R - 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 u o r r l n a - i l - - E 1 m 9 p 3 l 9 o y = F m a 1 c e 0 t n o 0 t r * y 19 F t 3 1 o a 0 9 r c 0 y - F c 1 a = r i 9 r e n l 3 i g o 1 g 5 s a 0 - h * d 3 0 t - 9 D 19 m s = ( s u e 3 v t a e p o e 5 a l 1 ) a e - l n r * 0 - 3 e r s t 8 t 0 9 - p W m r = c i 1 h s o c o 9 a o e d m 1 2 l l s i e 0 6 e * - t - 0 y C 1 l - i 9 o v 3 s i 1 5 t n 0 - g o 3 0 * f 9 able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- .Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 103.8 103.2 120 S3 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 no 92 97.6 127.7 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 4 4 4 3 4 3 4 3 3 3 3 3 3 3 3 2 2 2 2 2 2 2 2 4 0 2 9 3 7 1 4 8 6 5 2 3 1 0 9 8 7 5 4 6 2 3....;... "2 2 1 1 1 1 1 1 1 1 9 3 9 8 7 1 7 6 3 7 0 1 0 0 2 0 3 8 7 2 8 3 7 8 0 4 8 3 5 1 2 9 . . , . . . . . . . . . . . . . 4 7 1 5 7 3 0 0 6 5 6 9 4 3 9 1 "2 2 1 1 1 1 1 1 1 8 9 8 9 9 7 5 6 3 1 9 9 3 0 2 0 6 8 8 7 7 9 1 9 0 7 9 1 5 8 9 5 3 6 5 9 3 5 9 2 8 2 5 3 9 0 PS 3 2 1 1 2 1 1 1 1 1 1 1 1 9 6 4 6 8 S 9 5 7 0 5 6 0 2 7 0 0 1 1 3 3 0 0 8 7 1 5 3 5 4 8 1 3 0 8 2 9 9 3 4 7 2 I 9 7 7 m 1 1 1 1 1 1 1 9 i 9 9 6 6 8 8 7 8 7 7 7 7 7 8 0 0 1 7 0 4 5 3 0 7 9 5 4 5 9 3 2 6 9 0 9 1 6 0 5 6 9 2 8 p1 1 1 1 1 1 1 1 1 1 4 9 9 9 8 8 9 9 6 8 7 0 7 1 0 0 3 2 1 2 0 0 2 9 3 0 0 9 7 7 6 6 7 1 2 0 0 2 5 7 9 6 1 1 1 1 1 1 1 6 3 3 9 9 2 5 6 8 5 6 4 8 2 2 1 7 3 2 2 7 2 6 3 2 7 4 2 8 9 1 1 5 8 1 4 5 9 7 9 5 9 2 2 2 6 1 1 1 1 4 5 3 4 3 2 6 6 8 9 8 8 8 4 7 2 1 1 1 2 1 2 1 1 0 7 5 7 1 0 8 1 5 7 9 2 0 2 1 3 1 2 4 7 6 6 2 1 1 1 1 1 1 1 8 4 4 5 8 3 8 9 8 8 9 7 8 2 7 4 3 3 6 4 2 4 3 4 0 3 0 0 7 t 2 4 4 9 8 6 5 0 2 5 5 1 2 0 9 9 1 1 1 1 1 1 1 1 9 9 8 8 9 8 7 7 0 0 0 3 0 2 2 1 4 7 1 5 3 6 5 6 2 0 0 0 4 6 7 7 . . . . . . . . . . . . . . . . 4 6 9 5 8 5 0 1 6 9 0 7 9 7 5 5 1 1 1 1 1 1 1 1 1 9 9 9 9 8 9 9 8 9 6 8 8 7 7 0 0 0 0 3 5 7 0 6 8 3 8 6 9 6 6 ? 0 4 8 7 3 5 1 1 5 7 5 2 4 6 0 . . . . . . . . . . . . . . . . . . . . . . . 7 9 8 4 8 9 4 8 2 0 1 1 8 0 3 8 7 1 5 7 1 0 0 ' 3 1 3 1 1 1 1 1 1 1 1 1 2 1 9 4 6 9 8 5 7 8 7 3 0 0 1 0 3 0 0 0 0 4 0 6 1 9 4 7 0 2 5 1 4 8 0 9 8 6 1 7 9 6 8 4 5 0 4 7 . . . . . . . . . . . . . . . . . . . . . . . 2 8 1 8 2 5 5 0 2 9 4 4 4 9 2 1 2 6 5 2 2 0 5 1 1 1 1 1 I 1 1 1 1 1 1 1 1 1 1 1 1 4 9 8 5 8 8 0 5 4 7 4 4 3 3 0 1 0 2 0 3 3 4 3 S 2 2 2 9 9 5 2 7 8 6 2 9 1 7 1 9 1 1 7 0 0 8 1 1 1 1 1 1 H 1 1 1 1 1 1 1 1 1 9 8 9 9 1 1 1 0 8 1 0 0 7 7 0 0 1 0 6 5 3 8 O 7 3 4 9 7 4 5 8 8 3 5 5 5 3 0 7 4 6 8 0 3 6 1 1 1 1 1 9 9 9 9 9 8 S 6 8 8 6 7 7 8 9 0 7 7 0 0 7 0 0 6 8 6 5 6 6 5 0 4 0 5 0 3 8 3 4 0 8 7 7 8 3 4 . . . . . . . . . . . . . . . . . . . . . . . 3 7 4 1 7 4 3 0 0 8 9 5 8 6 0 9 6 8 6 3 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 2 2 2 1 0 2 2 0 0 1 2 0 2 2 2 0 1 7 8 5 9 2 9 6 5 2 9 8 2 1 9 2 4 0 2 0 5 3 5 6 . . . . . . . . . . . . . . . . . . . . . . . 6 1 4 7 1 4 4 4 6 7 7 5 4 0 9 7 8 2 2 2 6 5 5 1942 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 uly 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 r151 99.6 117.8 October.... 187.2 215 218 311 165 129 185 83 269 130.0 162.9 163.7 276.2 140 r157 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 r159 101.0 120.4 1943 January 199.6 227 224 337 171 125 145 79 198 131.6 170.5 169.6 300.0 135 r163 101.9 120.7 February 203.5 232 229 344 174 131 102 56 140 131.6 172.3 171.7 307.4 139 192 102.5 121.0 March 206.9 235 232 351 174 133 85 42 119 132.0 174.0 173.5 315.7 138 r161 103.4 122.8 April 208.8 237 236 356 175 131 63 33 87 131.4 174.8 174.0 321.8 136 159 103.7 124.1 May 209.4 239 239 359 176 129 52 31 68 130.9 174.9 173.9 326.5 135 r159 104.1 125.1 Tune 212.8 237 238 358 177 117 45 32 55 131.0 176.4 175.8 331.3 127 r168 103.8 124.8 July 214.8 240 241 360 177 134 60 36 80 131.4 177.2 177.3 330.4 141 r169 103.2 123.9 August... 216.7 242 245 365 178 135 59 35 79 130.9 177.1 178.7 338.0 140 r166 103.1 123.4 September. -. 216.8 244 248 368 179 138 65 35 89 150.1 177.0 178.2 344.2 140 r165 103.1 123.9 October 219.3 247 249 374 179 136 49 34 61 130.1 178.0 178.8 349.6 137 r172 103.0 124.4 November 222.9 247 247 376 180 133 60 37 78 130.2 178.9 179.3 354.4 139 r177 102.9 124.2 December 224.7 241 239 365 174 137 61 35 SI 130.1 177.4 177.7 345.6 143 r167 103.2 124.4 1944 January.... 227,2 243 240 369 176 139 55 29 76 130.0 175.9 175.0 345.1 145 103.3 124.2 February 232.4 244 240 367 177 142 45 21 64 129.6 174.6 174.0 344.7 142 175 103.6 123.8 March 231.9 241 238 364 175 139 40 17 59 128.9 172.1 171.6 341.3 140 r183 103.8 123.8 April 231.1 239 237 361 172 140 36 17 52 128.0 169.4 16S.6 335.0 138 173 103.9 124.6 May 232.1 236 236 356 169 143 33 16 46 127.7 167.7 166.7 334.3 138 r183 104.0 125.1 June 233.9 235 236 354 169 142 34 15 50 127.7 166.7 166.1 334.6 139 176 104.3 125.4 July 233.2 230 232 347 165 139 38 14 57 127.5 165.2 165.3 326.8 '142 r189 104.1 126.1 August . 234.0 232 235 348 168 142 41 13 63 127.3 164.1 165.6 330.3 142 187 103.9 126.4 September 232.5 230 234 342 168 143 39 13 61 126.5 162.6 163.6 329.1 139 r187 104.0 126.5 October 235.5 232 234 344 169 143 42 13 65 125.7 161.0 161.7 330.3 137 r193 104.1 126.5 November 237.5 232 232 341 173 143 46 13 73 125.3 160.3 160.7 327.3 141 r205 104.4 126.6 December 239.0 232 230 343 173 137 51 14 81 125.7 160.7 161.0 331.8 137 r196 104.7 127.0 Januar 1 y 945 241.9 234 230 345 175 140 48 14 75 126.6 161.0 160.1 330.5 143 r197 104.9 127.1 February 245.2 236 232 346 176 141 59 13 96 126.7 160.2 159.7 329.0 139 211 105.2 126.9 M A J J M u u p a l n r y r e i c l h P P 2 2 2 2 2 4 4 4 4 4 1 2 2 4 4 . . . . . 3 6 9 3 1 r2 2 2 2 2 2 3 3 5 0 5 0 P - I- 2 2 2 2 2 1 2 3 2 2 3 1 2 9 5 r3 3 3 3 2 4 0 3 3 5 8 6 1 1 1 1 7 7 7 7 3 3 6 4 1 1 1 1 4 3 4 4 4 8 2 0 "5 5 7 5 7 6 8 2 0 0 2 2 1 1 0 2 8 5 P 1 1 8 8 7 1 1 9 3 3 8 2 ^ r1 1 1 1 1 2 2 2 2 2 4 6 2 5 3 . . . . . 4 7 5 3 1 P 1 1 1 1 H 5 5 4 5 3 S 5 2 9 . . . . . 4 5 4 4 0 p 1 1 1 1 5 5 4 5 8 4 8 1 . . . . 0 8 4 4 r3 ' 3 2 3 1 2 9 0 7 5 8 2 . . . . O 5 7 3 . 1 1 1 1 1 4 4 4 3 4 5 1 0 9 0 r r r 2 2 1 1 2 2 0 8 8 1 0 2 8 1 8 1 1 1 1 1 0 0 0 0 0 5 5 6 6 5 . . . . . 3 7 0 9 1 1 1 1 1 1 2 2 2 2 2 9 9 6 7 8 . . . . . 4 0 8 1 1 * Average per working day. p Preliminary. r Revised. 1 Department of Commerce series on value of payments to individuals. 2 3 B F a o s r e i d n o de n x F e s W by D e o ro d u ge p s C o o r r p in o d ra u t s i t o r n i e d s, a t s a e ; e f p or p . d 9 e 3 sc 8 r -9 ip 4 t 2 i . o n, see p.358of BULLETIN for July 1931; by groups, see p. 945 of thist BULLETIN. 4 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 6 For indexes by Federal Reserve districts and other department store data, see pp. 947-949. Back fisures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, PD. 933-437, and October 1943, pp. 958-984; for factory employment, January and December 1943, pp. 14 and 1,187, respectively, and March 1945, p. 267; for department store sales, June 1944, pp. 549-561. SEPTEMBER 1945 937 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjusted jor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average « 100] 1944 1945 Industry June | July | Aug. | Sept.| Oct, | Nov. | DeJca.n. | Feb. | Mar. | Apr. I May I June I July Industrial Production—Total. 235 230 232 230 232 232 232 234 236 235 230 r225 220 mi Manufactures—Total 251 246 248 246 248 248 249 251 252 252 247 T240 233 P223 Durable Manufactures 354 347 348 342 344 341 343 345 346 345 336 r323 308 P292 Iron and Steel 204 202 203 202 206 201 198 197 202 210 206 204 T192 188 Pig iron 198 196 198 196 197 192 190 188 192 198 188 190 181 182 Steel O El p e e c n t r h ic earth., 2 1 5 2 8 2 5 3 6 4 2 1 9 2 8 1 2 4 2 5 1 2 1 8 4 2 3 2 5 1 2 0 8 2 2 3 2 4 1 2 9 8 5 2 7 4 2 1 5 1 8 3 8 6 2 4 1 1 5 8 5 6 1 2 5 1 1 2 7 9 6 6 2 5 1 2 5 8 6 2 0 1 2 5 8 3 6 9 4 1 2 5 1 3 7 8 2 3 4 T5 2 1 6 2 8 7 9 2 r r 1 5 2 7 0 1 3 5 4 2 4 1 0 2 7 4 2 3 Machinery 442 435 434 427 428 422 431 431 436 431 r419 r405 393 P374 Manufacturing Arsenals and Depots1., Transportation Equipment 716 704 707 695 704 699 709 706 695 676 651 H10 Automobiles . 228 223 229 226 .229 230 235 235 242 236 231 r218 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Noriferrous Metals and Products. 263 244 245 238 233 234 229 253 257 r267 r263 r248 Smeelltitngg aanndd rreeffinininingg 253 246 226 205 200 191 186 187 191 193 194 188 2183 ((CCC ooppppeerr ssmmeellltttiiinngg;; LLeeaad rreeffiinniinngg;; Zinc smelting; AAlluummii num; MMaig nesium; TTiin)*)* Fabricating 268 243 252 252 246 252 247 280 284 296 r291 r272 234 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)' Lumber and Products. 127 124 127 120 120 122 122 126 123 121 119 T118 115 PUS Lumber..., 118 114 118 111 109 112 111 118 112 110 109 108 104 Furniture., 144 143 146 139 143 142 142 146 144 140 '138 137 H36 141 Stone, Clayt and Glass Products., 168 165 •162 159 161 160 163 162 163 166 167 r162 165 P169 Glass products 187 180 169 165 174 174 164 168 175 183 179 176 192 Plate glass 65 60 66 66 64 169 51 60 56 61 62 61 43 62 Glass containers, 230 222 204 200 212 56 218 200 207 216 225 221 223 Cement 84 86 88 86 88 208 90 87 87 86 85 85 95 Clay products 127 124 122 116 115 88 116 125 122 124 122 r115 120 Gypsum and plaster products.... 180 182 181 175 179 116 171 182 185 183 179 r166 171 Abrasive and asbestos products.. 297 294 295 302 292 175 307 302 305 306 300 r295 298 Other stone and clay products*.. 295 Nondurable Manufactures .. 169 165 168 168 169 173 173 175 176 176 174 173 173 "168 Textiles and Products., 145 139 141 147 146 149 152 150 155 153 149 r150 150 P141 Textile fabrics 135 129 132 137 136 139 141 139 144 142 137 138 138 Cotton consumption 141 139 140 148 140 149 146 145 152 150 143 142 144 123 Rayon deliveries 196 193 189 196 199 209 215 215 215 215 218 221 220 219 Nylon and silk consumption1... Wool textiles 148 131 140 144 150 143 152 146 151 149 142 r146 144 Carpet wool consumption... 49 41 47 42 50 56 57 49 44 43 36 42 40 Apparel wool consumption., 196 185 193 197 213 206 215 225 238 249 233 r243 233 Woolen and worsted yarn.., 163 144 154 158 164 156 165 156 160 156 147 151 152 Woolen yarn 166 148 163 162 170 161 170 162 170 166 153 161 162 Worsted yarn 159 138 141 153 156 148 157 148 146 142 139 137 137 Woolen and worsted cloth.. 163 144 153 160 164 151 166 159 169 166 161 161 Leather and Products., 115 105 112 121 115 116 114 113 121 122 122 121 127 P112 Leather tanning 113 113 108 120 111 112 115 113 119 117 118 115 119 Cattle hide leathers 124 126 118 132 119 122 127 125 137 132 134 r132 137 Calf and kip leathers 85 78 82 92 •84 86 85 89 95 91 97 Goat and kid leathers.... 84 81 77 • 80 81 72 68 63 61 62 58 Sheep and Iamb leathers.. 141 144 144 157 149 144 154 154 148 144 146 r132 137 Shoes 117 100 114 122 117 119 113 114 123 126 125 r126 132 Manufactured Food Products. 153 153 147 146 149 154 155 155 158 160 160 150 P146 153 Wheat flour •. 110 113 116 113 118 125 123 130 131 125 138 138 P134 Cane sugar meltings* 140 Manufactured dairy products.. P153 "147 P152 P145 "132 P133 P143 1 Butter 93 85 82 82 78 83 81 S4 87 87 90 90 Cheese 158 152 146 149 156 154 163 162 168 181 175 r179 181 Canned and dried milk 180 185 184 179 181 179 172 175 189 204 196 206 222 Ice cream Meat packing 173 175 169 161 154 158 158 146 146 146 134 132 141 140 Pork and lard 225 219 197 176 159 167 164 149 135 139 137 135 144 146 Beef 121 127 138 140 140 141 149 147 169 165 139 134 142 136 Veal 117 160 191 196 218 213 175 123 101 104 88 95 103 116 Lamb and mutton 125 134 125 135 145 142 149 143 129 129 121 128 142 133 r Revised. * Preliminary. 1 Series included in total and group indexes but not available for publication separately. 938 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average » 100) 1944 1945 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Manufactured Food Products—Continued Other manufactured foods .. 154 153 148 147 150 155 159 162 165 169 168 161 154 P149 Processed fruits and vegetables 136 130 112 121 139 145 146 162 163 180 170 149 136 Confectionery 147 135 123 115 118 128 138 137 143 151 156 151 129 Other food products 160 162 162 159 158 162 165 167 170 169 169 165 163 ^160 Alcoholic Beverages 119 128 186 156 166 184 169 213 170 148 144 136 139 193 Malt liquor 140 146 152 172 177 197 174 167 167 153 152 139 139 147 W O h t i he s r k e d y istilled spirits 3 0 1 3 0 7 6 1 4 00 7 6 6 8 10 o 4 7 o 6 7 o 4 4 1 5 98 2 250 15 o 6 6 0 7 6 Q 1 5 0 7 4 1 4 99 8 Rectified liquors 177 205 232 270 305 353 355 346 312 265 283 291 318 293 Tobacco Products 121 122 126 124 120 135 131 121 123 123 120 128 139 128 Cigars 89 86 92 95 93 105 95 85 95 93 91 92 93 83 Cigarettes 151 154 152 149 142 157 155 147 145 147 143 156 177 162 Other tobacco products 79 78 92 87 93 107 108 95 97 91 90 94 90 88 Paper and Paper Products 140 133 142 142 143 143 135 136 137 141 140 141 142 P136 Paper and pulp 136 129 137 137 139 138 132 132 134 137 136 136 137 Pulp 156 153 159 156 165 158 150 152 156 157 160 160 160 Groundwood pulp 108 114 119 118 126 111 115 111 113 113 114 108 116 Soda pulp 91 92 96 92 96 97 97 95 98 101 103 103 103 Sulphate pulp 232 232 234 231 245 238 212 214 227 227 234 236 236 Sulphite pulp 137 127 138 135 142 136 133 137 139 139 141 140 138 Paper.. 133 125 134 134 135 135 129 129 130 134 132 133 rl34 128 Paperboard 156 148 158 159 158 160 145 153 152 157 158 161 r160 149 Fine paper 110 99 111 113 111 106 93 85 87 84 79 78 75 73 Printing paper.. 115 103 118 116 116 120 125 119 125 127 126 125 126 122 159 158 149 149 149 150 156 147 143 148 144 141 139 146 Wrapping paper. ........ 125 118 127 127 132 130 125 128 127 133 129 132 139 133 Newsprint 80 83 77 84 81 81 85 76 83 82 80 80 79 80 PaDerboard containers (same as PaDerboard) Printing and Publishing 100 95 102 99 103 103 104 102 105 105 105 105 106 P10S Newsprint consumption SB 87 87 83 89 86 84 85 84 83 85 85 85 88 242 247 251 258 266 268 268 273 276 272 268 273 273 252 259 264 272 281 283 283 289 292 287 284 r289 289 136 137 138 141 140 144 141 143 150 145 145 149 148 *>152 Fuel oil 164 164 159 162 167 165 165 171 174 166 167 174 177 131 125 125 132 135 136 133 133 126 134 136 138 136 Kerosene . . * 130 128 126 126 124 124 119 123 126 131 120 121 132 Coke 172 172 171 168 170 170 167 167 168 171 161 168 163 165 164 164 164 162 164 164 163 162 163 164 157 161 155 158 463 442 419 389 384 367 296 334 367 387 284 406 '421 "401 314 314 307 307 307 312 317 318 319 318 318 319 138 142 143 139 139 141 141 142 140 139 135 131 135 "139 138 134 132 131 129 133 137 136 136 135 134 134 132 "128 237 237 240 237 239 242 242 244 241 244 241 240 243 ^243 Industrial chemicals. 411 408 408 400 395 394 396 396 400 402 405 r407 412 p412 Rubber Products 228 227 231 230 231 231 239 247 247 236 233 r224 222 P217 142 139 142 143 143 143 137 140 141 142 140 138 144 V144 Fuels 146 143 147 148 148 148 141 145 146 147 145 143 150 P149 Coal m 144 148 147 149 149 132 140 143 142 136 125 148 P140 158 151 154 151 152 155 138 151 150 149 138 145 153 ^146 128 118 124 129 133 126 109 96 112 115 131 47 129 **117 143 142 146 149 148 148 146 148 148 150 150 152 151 no 117 114 113 111 112 111 111 111 111 111 110 110 181 178 175 175 171 170 168 170 170 170 169 167 168 25 24 23 22 22 22 23 24 24 24 23 24 Silver 72 67 63 57 58 64 62 56 52 54 61 54 49 i <Wip<* inVhided in total and croup indexes but not available for publication separately. NOTE-FordeYcrfption and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 194Of pp. 753-771 and 825-882. SEPTEMBER 1945 939 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 *- 100l 1944 1945 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July 236 232 235 234 234 232 230 230 232 232 229 r225 221 p213 252 248 251 249 250 248 248 -248 249 249 245 r240 234 V224 354 MS 349 343 346 341 342 343 345 344 r335 323 308 J>292 204 202 203 202 206 201 198 197 202 210 206 204 192 188 198 196 198 196 197 192 190 188 192 198 188 190 181 182 steel 225 222 224 222 225 218 215 219 226 234 232 229 214 204 183 184 183 183 187 186 181 176 180 189 184 182 r173 173 526 491 512 502 492 453 456 526 552 561 573 r567 r505 422 442 435 434 427 428 422 431 431 436 431 r4l9 H05 393 p374 716 704 707 695 704 699 709 706 695 676 651 H10 573 P523 228 223 229 226 229 230 235 235 242 236 231 r218 210 (Aircraft; Railroad cars; Locomotives; Ship- Nnnferrous Metals and Products 263 243 245 238 233 234 229 253 257 T261 r263 r248 219 252 244 226 205 200 191 186 187 191 194 194 189 183 (Copper smelting, Lead refining, Zinc smelt- Fabricating 268 243 252 252 246 252 247 280 284 296 r291 r272 234 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium 133 130 135 128 125 120 113 113 114 115 119 r120 121 P120 127 123 129 123 117 109 97 99 97 101 108 112 112 144 143 146 139 143 141 142 142 146 144 140 r138 r137 ^136 Stone Clay, and Glass Products 169 165 167 164 167 163 159 156 156 161 165 T167 166 p169 186 174 175 169 178 170 163 161 163 17 S 183 190 175 185 65 60 66 66 64 56 51 60 56 61 62 61 43 62 228 213 213 204 218 210 202 196 201 216 225 236 221 228 Cement 90 94 100 100 102 95 82 71 66 71 81 89 102 125 124 125 120 122 121 120 116 118 119 119 r120 P119 183 182 182 179 182 177 175 176 177 177 177 r169 175 174 Abrasive and asbestos products 297 294 295 302 292 295 307 302 305 306 300 f295 298 P289 Nondurable Manufactures 169 167 171 173 173 173 171 170 172 172 171 172 173 mo Textiles and Products 145 139 141 147 146 149 152 150 155 153 149 r150 150 *141 Textile fabrics 135 129 132 137 136 139 141 139 144 142 137 138 138 141 139 140 148 140 149 146 145 152 150 143 142 144 123 Rayon deliveries ..... .... 196 193 189 196 199 209 215 215 215 215 218 221 220 219 Wool textiles 148 131 140 144 150 143 152 146 151 " 149 142 r146 144 Carpet wool consumption 49 41 47 42 50 56 57 49 44 43 36 42 40 196 185 193 197 213 206 215 225 238 249 233 r243 233 Woolen and worsted yarn 163 144 154 158 164 156 165 156 160 156 147 151 152 Woolen yarn ......... ... .. ... 166 148 163 162 170 161 170 162 170 166 153 161 162 Worsted yarn 159 138 141 153 156 148 157 148 146 142 139 137 137 Woolen and worsted cloth 163 144 153 160 164 151 166 159 169 166 161 r165 161 114 103 111 121 115 118 113 114 125 122 122 121 125 *109 Leather tanning 111 107 107 118 112 116 114 113 128 116 117 115 116 Cattle hide leathers 119 119 114 129 121 127 127 128 148 132 134 r132 C G Sh a o l e a f e t p a a n a n d n d d k k i l i p a d m l l e b e a a t l t h e h e a e r t r s h s e r . s ... ..... 1 8 8 3 5 7 9 1 " 8 3 7 4 0 7 1 9 7 4 , 5 8 6 1 9 8 5 0 1 3 1 9 8 4 0 0 9 1 8 5 7 6 3 9 1 8 4 7 4 6 3 1 8 6 4 3 8 3 1 9 6 6 3 6 2 1 6 8 4 8 7 0 1 9 6 4 1 3 3 r14 8 6 2 7 1 1 9 5 3 9 9 5 Shoes 117 100 114 122 117 119 113 114 123 126 125 r126 132 P107 Manufactured Food Products 153 163 165 166 159 155 150 143 141 142 145 146 150 P155 Wheat flour 106 112 115 123 125 126 122 130 132 122 133 134 132 P133 Manufactured dairy products P225 2*221 P178 P155 ^125 PI 08 P94 vkh pgs *>ii6 P149 ^178 P209 P212 Butter ... , 128 107 91 82 70 62 61 69 71 77 89 112 124 110 Cheese 225 187 162 149 134 117 111 120 133 151 189 234 r254 223 Canned and dried milk 249 215 186 170 145 130 138 140 157 186 231 272 284 257 172 162 147 148 156 175 184 171 139 135 i25 132 139 131 225 193 151 139 150 195 217 195 132 129 125 135 144 129 Beef 118 128 140 151 153 146 149 150 156 150 131 134 139 137 Veal 117 160 188 215 248 228 165 114 89 98 86 98 103 116 116 129 122 144 151 142 146 152 131 126 118 130 132 127 — •— r Revised. * Preliminary. 1 Series included in total and group indexes but not available for publication separately. 940 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued {Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average — 100] 1944 1945 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Manufactured Food Products—Continued Other manufactured foods 145 159 170 174 167 161 155 148 149 148 148 145 146 7'154 Processed fruits and vegetables 105 169 213 236 180 133 114 105 103 99 104 97 105 ''153 Confectionery 109 111 132 148 154 151 139 141 144 140 130 117 96 Other food products 162 165 165 162 166 171 169 160 161 162 162 162 165 p163 Alcoholic Beverages 143 151 198 159 168 159 146 191 158 139 148 147 162 214 Malt liquor 177 183 173 174 164 151 140 137 150 142 160 158 175 184 O W t h h i e s r k e d y istilled spirits 1 0 9 2 0 2 6 1 0 0 9 0 94 27 Q 0 159 0 8o1 4 1 1 9 4 8 22 1 8 1 13 o 6 4o4 36 0 35 0 4 1 0 9 0 9 Rectified liquors 177 205 232 270 305 353 355 346 312 265 283 291 318 293 Industrial Alcohol from Beverage Plants* Tobacco Products 126 127 129 131 125 137 121 121 118 117 115 128 145 133 Cigars 89 86 92 95 93 105 95 85 95 93 91 92 93 83 158 162 160 160 148 160 142 147 136 137 133 156 186 170 Other tobacco products 80 78 89 93 99 no 9S 93 94 91 90 95 92 88 Paper and Paper Products 141 132 141 141 143 143 134 136 138 141 141 142 142 Paper and pulp 137 128 137 137 139 138 132 132 134 137 136 137 137 P132 Pulp 156 151 157 154 164 159 150 152 157 158 162 161 160 Groundwood pulp 109 101 105 105 117 117 117 115 118 121 125 117 117 Soda pulp 91 92 96 92 96 97 97 95 98 101 103 103 103 Sulphate pulp 232 232 234 231 245 238 212 214 227 227 234 236 236 Sulphite pulp 137 127 138 135 142 136 133 137 139 139 141 140 138 Paper 134 125 134 134 135 135 129 129 131 134 132 133 r134 128 156 148 158 159 158 160 145 153 152 157 158 161 r160 149 Fine paper 110 99 111 113 111 106 93 85 87 84 79 78 75 73 Printing paper . 115 103 118 116 116 120 125 119 125 127 126 125 126 122 Tissue and absorbent paper 162 151 149 149 151 150 151 145 148 148 145 141 142 140 Wrapping paper .. .... 125 118 127 127 132 130 125 128 127 133 129 132 139 133 Newsprint 80 82 77 84 81 82 84 76 83 82 82 81 80 78 PaDerboard containers (same as Paoerboard) Printing and Publishing 100 89 98 100 105 107 106 99 104 107 108 106 105 99 Newsprint consumption . ...... 84 75 78 84 93 93 88 79 83 87 90 88 84 76 Printing paper (same as shown under Paper) 242 247 251 258 266 268 268 273 276 272 268 273 273 Petroleum refining ... . 252 259 264 272 281 283 283 289 292 287 284 r289 289 Gasoline . . ...... 136 137 138 141 140 144 141 143 150 145 145 149 148 P152 Fuel oil 164 164 159 162 167 165 165 171 174 166 167 174 177 131 124 124 132 135 136 132 129 125 132 141 143 136 Kerosene . . 123 119 121 124 124 128 123 126 132 134 123 122 124 Coke 172 172 171 168 170 170 167 167 168 171 161 168 163 165 By-product coke ..... , 164 164 164 162 164 164 163 162 163 164 157 161 155 158 463 442 419 389 384 367 296 334 367 387 284 406 r421 401 316 310 310 307 309 308 313 316 319 321 320 r318 315 p307 Paints 142 140 142 138 139 139 141 139 139 139 137 135 139 Soao . . 136 133 133 136 135 134 137 133 135 135 131 130 130 7*127 237 237 240 237 239 242 242 244 241 244 241 240 243 P243 411 408 408 400 395 394 396 396 400 402 405 r407 412 ^412 228 227 231 230 231 231 239 247 247 236 233 r224 222 p217 146 143 147 147 144 140 131 134 135 136 140 141 147 P147 Fuels 146 143 147 148 148 148 141 145 146 147 145 143 150 p149 Coal .. .. •••• 1 1 5 5 8 2 1 1 4 5 4 1 1 15 4 4 8 1 14 5 7 1 1 15 4 2 9 1 1 5 4 5 9 1 13 3 8 2 1 1 5 4 1 0 1 1 4 5 3 0 1 1 4 4 9 2 1 13 3 8 6 1 1 2 4 5 5 1 1 5 4 3 8 p146 128 118 124 129 133 126 109 96 112 115 131 47 129 pll7 143 142 146 149 148 148 146 148 148 150 150 152 151 Metals * *...,.*•*•-.*,, 148 142 145 138 123 89 68 68 68 72 109 131 130 231 222 227 215 188 130 94 95 98 104 166 207 205 330 323 336 311 259 133 61 63 68 80 216 304 r301 Gold * 24 23 25 25 26 25 24 23 21 21 21 21 Silver • 69 66 62 57 53 64 62 56 53 56 61 54 47 T Revised. * Preliminary. , . i Series included in total and group indexes but not available for publication separately. NOTE —For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882, 941 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 » 100] Factory employment Factory pay rolls 1944 1945 1944 1945 June July Mar. Apr. May June July May June July Mar. Apr. May June Total 166. 165. 158.0 154.8 151.4 148.4 143.5 334.3 334.6 326.8 325.5 T317.0 r302.7 298.3 N D o u n ra d b u l r e a b g l o e o d g s oods 2 1 2 1 8 7 . . 2 1 2 1 5 7 . . 2 1 1 1 2 5 . . 2 2 2 1 0 1 6 3 . . 9 7 2 1 0 1 0 2 . . ' 4 1 1 1 9 2 3 . . 6 8 1 1 1 8 1 4 . . 2 4 2 4 0 7 0 0 . . 7 9 2 4 0 6 3 9 . . 2 0 2 4 0 5 2 3 . . 6 8 4 20 4 9 4 . . 7 0 r4 2 3 0 0 6 . . 4 1 r4 2 0 0 6 0 . . 9 8 3 2 9 0 3 5 . . 6 1 Iron and Steel and Products 168. 168.. 167.3 164.5 162.0 156. 148.6 310.9 313.3 308.5 319.1 314.2 304.1 293.9 Blast furnaces, steel works, etc 124 124 123 122 122 121 221 225 225 229 229 227 223 Steel castings 248 244 239 236 230 213 461 453 434 458 451 422 389 Tin cans and other tinware 125 130 132 131 f130 133 196 207 212 231 228 r2l3 230 Hardware 128 128 131 - 129 127 125 260 263 258 281 275 268 263 Stoves and heating equipment 137 138 138 134 131 127 253 259 252 270 265 247 244 Steam, hot-water heating apparatus. 186 183 182 179 176 169 354 346 338 350 348 334 326 Stamped and enameled ware 160 160 156 155 153 150 313 323 320 331 323 r313 304 Structural and ornamental metal work 214 214 197 190 179 168 435 421 418 369 365 341 313 Electrical Machinery 287. 284.0 267.5 263.2 258.7 253.6242.5 512.2 518.9 505.2 504.7 493.8 476.8 466.2 Electrical equipment 252 249 236 232 228 223 456 465 451 453 441 426 415 Radios and phonographs 296 292 268 263 260 254 552 560 542 529 521 501 486 Machinery, except Electrical 229.0 225.9 218.0 213.8 209.6 205.9198.9 428.8 434.1 414.7 419.2 407.0 385.8 387.5 Machinery and machine shop products 231 228 222 218 214 210 426 429 409 420 410 386 386 Engines and turbines 382 376 358 349 339 332 814 833 784 769 732 683 680 Tractors 192 192 183 178 174 173 298 304 294 288 278 272 275 Agricultural, excluding tractors 165 163 158 153 149 150 333 336 334 325 313 289 304 Machine tools 214 210 204 201 198 195 381 384 371 382 371 348 353 Machine-tool accessories 273 270 256 254 250 244 471 475 458 457 449 430 422 Pumps 334 326 295 284 279 274 699 712 676 630 593 576 585 Refrigerators 151 150 145 142 139 136 259 270 251 266 260 250 250 Transportation Equipment, except Autos.. ,470.7 ,433.4,240.9'1,181.3 '1.099.4 1,008.6933.2 127.33,028.8 1,930.9 ,645.4'2,496.6 r2,284J 1,117.5 Aircraft, except aircraft engines 1,789 ,745 ,607 1,560 1,450 ,277 '557 3,433 3,338 ,190 3,071 2,837 2,543 Aircraft engines 2,822 ,788 ,369 2,289 2,167 ,950 ,946 4,993 4,761 ,280 3 957 r3,703 3,232 Shipbuilding and boatbuilding 1,664 f613 ,325 1,233 rl,132 ,067 ,645 3,498 3,387 ,907 "2,711 r2,434 2,328 Automobiles 174.6 171.8 166.1 163.7 157.5 151.8 140.0 324.4 325.3 308.8 310.9 302.9 278.5 268.0 Non.ferrous Metals and Products.. 184.5 181.4 177.6 176.3 174.9 170.0 162.5 347.9 349.0 336.6 348.1 343.9 331.3 311.0 A Pr l i lo m y a i r n y g a sm nd e l r t o in ll g i n a g n , d e x r c e e f p in t i a n . g lu .. m v inum 1 18 7 1 8 1 17 7 6 5 1 1 8 4 7 3 1 18 4 5 2 1 18 4 3 0 1 1 7 4 6 1 3 3 4 4 2 0 3 3 4 3 0 4 3 3 2 2 5 0 3 2 6 6 7 5 3 2 6 6 2 9 3 2 4 6 1 2 3 2 2 6 8 2 Aluminum manufactures. 317 309 299 300 r296 284 570 567 551 556 554 r524 497 Lumber and Timber Basic Products. 113.3 114.2 106.5 104 J 105.3 105.4 105.4 208.4 215.8 206.4 195.9 196.3 H96.7 203.9 Sawmills and logging camps.... 82 83 76 74 75 75 152 159 152 140 141 r142 14S Planing and plywood mills 98 98 96 94 93 93 170 170 166 168 167 164 167 Furniture^ and Lumber Products 105.3 105.3 '103.0 101.0 100.2 100.2 99.1 187.7 190.8 187.1 195.1 191.6 r187.7 189.1 Furniture 99 98 96 94.. 93 93 176 178 174 182 177 rm 173 Stone, Clay and Glass Products 115.0 114.7 111.4 109.7 109.1 111.0 109.5 189.8 191.9 186.2 193.2 193.3 187.9 191.4 Glass and glassware 133 131 127 125 124 127 208 210 197 207 206 200 201 Cement 72 73 68 68 69 71 109 111 113 108 115 114 121 B Po ri t c t k e , r y t i a le n , d a r n e d l a t t e e r d r a p c ro o d tt u a cts.. 1 7 2 5 6 12 7 5 6 1 7 1 2 8 1 7 1 1 6 1 7 1 1 5 1 7 1 3 7 1 19 1 3 9 1 1 9 2 6 3 1 1 2 8 2 7 1 1 9 2 1 1 1 1 2 8 4 9 1 18 2 4 1 1 18 2 6 6 , Texti C le o -M tto il n l g a o n o d d s F i e b x e c r e p P t r o s d m u a c l t l s wares 1 9 1 6 0 .6 n9o5.1 1 9 0 3 7 .2 1 9 0 1 5 .4 1 9 0 0 4 .5 1 9 0 0 5 .9 88.9 2 1 0 7 2 1.0 2 1 0 7 5 2.3 2 1 0 6 7 8.3 1 20 7 7 3.0 2 1 0 6 2 8.3 2 1 0 6 0 4.3 1 21 7 0 2.2 Silk and rayon goods 75 74 74 72 71 72 136 136 131 139 135 134 142 Woolen and worsted manufactures... 101 98 97 95 94 94 193 195 184 193 187 179 187 Hosiery 67 66 62 61 61 61 106 106 102 101 99 95 100 Dyeing and finishing textiles 91 90 88 86 86 86 152 151 147 151 148 141 147 Apparel and Other Finished Textiles 109.8 106.1 105.9 103.7 101.4 100.7 96.8 182.8 186.4 175.6 206.2 193.0 178.5 180.1 Men's clothing, n.e.c 98 95 92 91 90 90 166 167 155 174 167 157 164 Shirts, collars, and nightwear 76 76 70 69 68 69 134 135 133 133 129 123 127 Women's clothing, n.e.c 80 76 78 76 74 72 123 135 126 157 144 131 126 Millinery 70 72 85 81 69 66 102 91 103 160 126 84 91 Leath L e e r a t a h n e d r Leather Products., 9 8 0 5 .3 9 8 0 5 .0 8 8 3 8.9 8 8 7 2 .9 8 8 7 2 .4 8 8 8 3 .6 88.0 1 14 5 7 6.1 1 1 5 4 8 8 .6 1 14 5 7 5.8 1 15 6 1 7.7 1 1 6 4 4 8 .7 1 14 5 7 8.9 1 14 6 9 8.1 Boots and shoes 80 79 78 78 79 140 143 140 154 150 143 154 Food S a la n u d g h K t i e n r d i r n e g d a P nd ro m du e c a ts t packing 1 13 2 1 1.5 1 1 3 3 1 2 ,1 1 11 1 3 4.6 1 10 1 7 4.1 1 10 1 3 3.2 1 10 1 6 5.4 120.0 2 1 1 9 7 1.6 2 1 1 9 8 7.6 2 22 0 0 9.2 1 17 8 8 7.3 1 16 8 8 7.4 1 16 8 3 6.0 1 17 9 8 4.2 Flour 113 117 117 115 116 119 179 183 195 201 201 '202 211 Baking , 112 112 111 110 110 110 164 167 168 170 170 172 174 Confectionery.; 114 109 117 113 109 108 183 186 178 199 192 185 187 Malt liquors 141 148 138 138 139 143 202 210 226 201 207 206 220 Canning and preserving 82 132 71 76 73 79 143 157 243 143 150 144 155 Toba C cc i o g are M tt a e n s ufactures., 1 8 2 9 5 .4 1 8 2 8 8 .6 1 8 2 7 7 .6 1 8 2 6 5 .7 1 8 2 5 4 .4 1 8 2 5 4 .9 84.1 1 18 5 2 2.8 1 1 5 8 7 9 .4 1 19 5 7 7.0 1 20 6 7 5.2 1 20 6 0 0.4 r1 1 5 9 6 2 .8 2 1 0 6 4 4.1 Cigars 71 63 65 65 64 65 138 141 132 135 r131 '133 137 Pape P r ap an er d a A n l d li e p d u lp Products., 1 10 1 6 7.0 1 1 1 0 7 6 .2 1 10 1 6 5.7 1 10 1 5 3.6 1 10 1 4 2.6 1 10 1 5 4.0 112.6 1 17 8 7 8.8 1 1 9 8 1 0 .2 1 17 8 9 9.4 1 1 9 8 5 3 .2 1 1 9 8 2 2 .8 1 17 8 8 7.4 1 18 9 4 4.3 Paper goods, n.e.c 123 122 119 117 115 115 195 194 194 193 194 186 193 Papei boxes 114 115 112 110 109 111 177 179 176 182 180 175 183 NOTE.—Figures for July 1945 are prelimuinnaarryy.. Indexes for major groups and totals have been adjusted to final 1942 and preliminary 1943 data rnaae available oytne imreau ot employmenitn tS Seeccuurirtiyty oof f ththee F Feeddeeraral lS Seeccuurirtiyty AAggeennccyy. . BBaacckk ddaatata aanndd d daatata fofor r inindduusstrtireies sn noot th heerere sshhoowwnn aarere ootbtainable from the Bureau of Labor^StaUsUcs. Underlying figures are for pay roll period ending nearest middle of month and cover wage earners only. 942- FEDERAL RESERVE BUIXETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 - 100] Factory employment Factory pay rolls 1944 1945 1944 1945 June July Mar. Apr. May June July May June July Mar. Apr. May June Printing and Publishing 100.7 101.5 100.2 99.4 99.5 99.6 99.1 134.9 137.3 137.9 142.4 141.1 141.8 142.5 N Bo e o w k s p a a n p d e r j o p b eriodicals 1 9 0 3 5 1 9 0 3 7 1 9 0 2 5 1 9 0 2 4 1 9 0 2 4 1 9 0 2 4 1 1 1 4 6 5 1 1 1 5 7 0 1 1 1 5 7 2 1 15 2 7 0 1 1 2 5 1 6 1 1 2 5 2 4 1 1 2 5 2 6 Chemical and Allied Products 202.7 202.5 221.6 219. 216.3 212.5 204.0 358.7 355.1 355 .'2 394.1 301.3 388.9 381.3 Drugs, medicines, and insecticides. 185 184 182 183 r183 184 271 267 267 280 277 282 285 Rayon and allied products 108 109 113 110 110 111 174 174 174 182 181 183 186 Chemicals, n.e.c 172 171 166 165 164 165 297 297 298 297 296 295 299 Explosives and safety fuses 1,004 1,048 1,361 1,358 1,349 1,304 1,499 1,563 1,646 2,092 2,076 2,096 1,984 Ammunition, small-arms 1,168 1,127 1,576 1,581 1,549 1,508 2,558 2,359 2,271 3,167 3,150 3,185 3,037 Cottonseed oil 78 75 107 95 88 80 170 149 144 225 203 184 164 Fertilizers 104 99 143 145 126 112 267 228 225 341 351 293 259 Products of Petroleum and Coal 124.2 126.6 126.2 126.0 126.3 126.8 127.0 212.4 215.5 222. 223.9 r229.5 226.9 229.5 Petroleum refining 122 124 126 126 127 127 205 208 216 221 227 223 224 Coke and by-products 106 107 102 100 rl00 100 183 188 192 182 r179 r186 190 Rubber Products 159.2 158.8 162.9 159.1 155.9 153.6 150.5 283.3 281.4 279.7 296.7 296.4 280.6 284.2 Rubber tires and inner tubes 165 166 177 172 169 167 283 279 281 302 306 289 294 Rubber goods, other 140 139 140 138 134 131 248 251 245 265 256 244 243 Miscellaneous Industries^ 167.0 165.5 163.4 161.8 160.7 159.1 153.5 319.1 320.7 311.6 376.3 322.2 312.8 312.3 Instruments, scientific 566 562 541 540 534 512 1,092 1,097 1,082 1,068 1,070 996 988 Photographic apparatus 169 172 162 159 158 157 274 273 272 275 270 265 263 For footnotes see opposite page. FACTORY EMPLOYMENT {Adjusted for Seasonal Variation) flndex numbers of the Board of Governors, 1939 « 100] 1944 1945 Group June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Total 166.7 165.2 164.1 162.6 161.0 160.3 160.7 161.0 160.2 158.4 155.5 152.4 149.0 P143.4 Durable. 228.2 225.3 224.1 220.4 217.3 215.6 216.1 216.3 215.6 212.5 r2O7.1 200.9 193.6 *184.2 Nondurable 118.3 117.9 116.8 117.0 116.6 116.7 117.0 117.3 116.5 115.8 114.8 114.1 113.8 mi.2 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 earnings (cents per hour) Industry 1944 1945 1944 1945 May June Feb. Mar. Apr. May June May June Feb. Mar. Apr. May June Alt Manufacturing. 45.3 4SA 45 A 45.4 r45.1 44.1 44.6 101.7 101.7 104.3 104.4 104.4 104.3 103.9 Durable Goods 46.6 46.8 46.8 46.7 46.5 r45.4 45.8 111.2 111.3 113.9 113.9 113.8 r113.4 113.1 I E r l o e n c t a r n ic d a l S t M ee a l c a h n in d e P ry roducts 4 4 6 6 . . 8 3 4 4 6 6 . . 8 6 4 4 6 6 . . 9 7 4 4 7 6 .1 .6 r4 4 6 6 . . 4 9 " 4 4 6 5 . . 0 6 4 45 5 . . 7 9 1 1 0 0 7 2 . . 7 1 1 10 0 2 8 . . 6 1 1 10 0 6 9 . . 7 8 1 1 1 0 0 7 . . 7 0 r1 1 0 1 6 0 . . 8 9 M06.7 1 1 1 0 1 6 . . 4 1 T M r a a c n h s i p n o e r r t y a t E io x n c e E p q t u E ip le m ct e r n ic t a E l xcept Autos 4 4 8 7 . . 7 4 4 4 9 7 . . 1 3 4 4 8 7 . . 8 2 4 4 8 7 . . 6 1 4 4 8 6 . . 1 8 4 4 5 6 . . 9 6 4 4 7 6 . . 7 3 1 12 1 6 1 . . 4 6 1 1 1 2 2 6 . . 2 2 1 13 1 0 5 . . 4 1 1 12 1 9 5 . . 9 3 M r12 IS 9 . . 2 5 ' r 1 1 1 2 5 9 . . 2 7 1 1 1 3 5 0 . . 1 1 Automobiles 45.5 45.9 46.5 46.1 45.5 43.9 44.0 126.6 127.5 127.9 128.0 f128.0 126.6 126.6 Nonferrous Metals and Products 46.6 47.1 47.1 47.3 47.1 46.0 46.1 104.7 104.9 107.8 108.1 r108.2 107.7 107.4 L F u u m rn b it e u r re a n a d n d T F im in b is e h r e B d a L si u c m P b r e o r d P u r c o ts ducts. 4 4 3 4 . . 3 4 4 4 4 4 . . 5 6 4 4 3 4 . . 3 8 4 4 3 4 . . 1 6 4 4 3 4 . . 6 3 ' r 4 4 2 3. . 7 9 4 4 4 4 . . 0 0 7 81 9 . . 2 8 8 7 1 9. . 9 3 8 7 4 9 . . 7 4 8 7 5 9 . . 0 8 r8 8 5 0. . 7 5 r8 8 5 1 . . 9 4 8 8 2 5 . . 2 6 Stone, Clay, and Glass Products 43.7 43.8 43.8 44.2 44.5 43.6 43.7 89.3 S9.4 91.6 92.3 92.9 92.9 92.7 Nondurable Goods 43.2 43.3 43.4 43.5 43.2 42.3 43.0 85.8 86.1 89.2 89.6 89.9 90.4 90.5 T L A e e p x a p t t a h il r e e e r s l — a a n n M d d i M o ll t a h a n e n u r d f F a F i c n i t b u is e r h r e e s P d r P od ro u d c u ts cts . 4 4 3 1 1 8 . . . 6 3 1 4 3 4 2 8 1 . . . 0 2 6 4 3 4 2 8 2 . . . 8 3 2 4 3 4 2 9 2 . . . 4 0 5 4 3 4 1 7 2 . . . 9 9 0 4 3 4 0 6 0 . . . 8 4 4 4 3 4 1 7 2 . . . 2 8 1 7 8 7 7 0 1 . . . 2 0 0 8 7 7 0 8 1 . . . 2 4 2 8 8 7 6 3 3 . . . 2 5 1 8 8 7 7 4 3 . . . 4 8 3 r8 8 7 5 6 3 . . . 2 2 5 r8 8 7 4 5 4 . . . 7 6 9 8 8 7 4 5 5 . . . 7 0 9 T P P R F P M C r a o o r u h i i o p o b b s e n d d e a c m b t r u e c i e n i c l c a a r c l o g t n n a a s , d P n d ls P o e M r A K f o u o a a b d l n u P i l n n l s d u i e i e u d c s t I d A r f r h t n o a s e i l P d c l d l n e i t u r g e u u o P s d m r d t r a e r o P u n s ; i a d r d e c n o s u t A d s d c . l t u s l C c ie . t o d s . a . l I . n .. d . u . s . t . ries 4 4 4 4 4 4 4 4 7 6 0 5 6 6 2 5 . . . . . . . . 0 0 9 1 0 0 1 8 4 4 4 4 4 4 4 4 6 5 6 5 2 6 1 5 . . . . . . . . 8 2 1 8 9 3 3 3 4 4 4 4 4 4 4 4 6 5 7 7 1 3 6 4 . . . . . . . . 0 5 0 3 0 9 3 3 4 4 4 4 4 4 4 4 6 1 7 5 5 6 5 2 . . . . 3 . . 6 . . 4 3 9 1 1 r4 4 4 4 4 4 4 4 8 5 1 5 6 5 2 5 . . . . . . . . 3 2 0 7 5 7 3 8 r4 4 4 4 4 4 4 4 1 5 5 7 1 4 4 4 . . . . . . . . 6 4 7 2 2 5 5 8 4 4 4 4 4 4 4 4 7 5 6 5 2 1 5 5 . . . . . . . . 4 4 8 5 8 6 1 1 1 1 1 6 8 9 9 8 1 0 0 4 9 5 5 5 7 7 8 . . . . . . . . 2 4 8 4 2 4 2 7 1 1 1 8 8 9 7 9 0 1 0 4 5 5 0 5 7 8 9 . . . . . . . . 5 1 6 8 8 5 1 2 1 1 1 8 8 9 9 7 1 1 1 6 7 6 3 8 1 9 4 . . . . . . . . 1 2 5 7 5 8 6 9 1 1 1 8 8 9 7 9 1 1 1 6 7 7 4 9 2 1 9 . . . . . . . . 4 5 1 1 1 1 7 5 r1 r 1 1 7 2 8 8 9 9 1 1 4 0 7 6 8 9 2 3 . . . . . . . . 0 2 4 9 0 9 3 6 1 1 r 1 7 8 8 9 9 2 1 1 4 7 7 9 9 0 3 3 . . . . . . . . 7 7 6 2 1 4 3 2 1 1 1 9 8 8 7 9 1 2 1 9 7 7 5 9 2 0 4 . . . . . . . . 7 7 9 8 7 4 7 0 r Revised. ^Back figures arc available from the Bureau of Labor Statistics, 943 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRIGULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons] Transporta- Finance, Federal, Year and month Total M t a u n r u in fa g c- Mining Construction* ti p o u n b a li n c d Trade an s d e r m vi i c sc e e , l- Sta l t o e c , a a l nd utilities laneous government 1 1 9 9 3 4 9 0 3 31 0 , t3 7 5 8 3 4 1 10 0 , , 7 0 8 7 0 8 * 8 4 9 5 16 1 1 , , 7 7 5 2 3 2 3 2 , , 0 9 1 1 3 2 6 6 , , 6 9 1 0 8 6 4 4 , , 1 3 6 1 0 0 3 4, , 1 9 3 8 6 8 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—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 4,321 March 37,391 14,255 976 2,055 3,382 7,331 4,523 4,869 April 37,724 14,463 982 2,054 3,402 7,319 4,541 4,963 May 37,981 14,649 982 2,048 3,419 7,280 4,521 5,082 June 38,204 14,865 981 2,057 3,419 7,206 4,532 5,144 July 38,581 15,143 982 2,077 3,433 7,210 4,520 5,216 August 39,042 15,442 973 2,101 3,448 7,222 4,518 5,338 September 39,171 15,644 962 2,077 3,448 7,227 4,382 5,431 October 39,452 15,798 954 2,136 3,484 7,224 4,330 5,526 November 39,597 16,048 944 2,095 3,503 7,132 4,255 5,620 December 39,898 16,333 933 2,041 3,525 7,136 4,229 5,701 1943—January. 39,934 16,506 927 1,899 3,540 7,133 4,146 5,783 February 39,935 16,682 924 1,734 3,556 7,064 4,146 5,829 March 40,066 16,831 915 1,604 3,574 7,110 4,121 5,911 April 39,891 16,858 908 1,476 3,588 7,006 4,110 5,945 May 39,740 16,837 893 1,358 3,597 6,988 4,102 5,965 June 39,775 16,908 893 1,263 3,620 7,017 4,112 5,962 July '.... 39,876 17,059 838 1,164 3,634 7,061 4,127 5,943 August 39,737 17,097 878 1,082 3,639 7,015 4,110 5,916 September 39,475 17,051 876 1,020 3,633 7,006 4,079 5,810 October 39,486 17,108 869 936 3,671 7,006 4,078 5,818 November 39,526 17,152 859 891 3,683 7,000 4,119 5,822 December 39,479 16,995 863 364 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 16,391 843 719 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 15,943 830 643 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 15,529 803 611 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 r37,963 15,178 765 736 3,811 r7,004 4,466 6,003 May r37,745 r14,885 732 r782 r3,801 r7,056 r4,513 5,976 June 37,472 14,523 807 831 3,795 7,036 4,527 5,953 July 37,136 14,100 795 853 3,777 7,122 4,537 5,947 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 16,013 833 636 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 T37,968 15,517 798 r599 3,771 6,985 4,360 5,938 March 38,062 15,368 796 636 3,788 7,084 4,394 5,996 April r37,791 15,102 761 699 3,792 r6,990 4,444 6,003 May r37,678 r14,811 728 r798 r3,80l r4,5l3 6,006 June 37,556 14,523 803 848 3,833 7',001 4,595 5,953 July 37,177 14,100 795 901 3.834 6,980 4,650 5,917 estab N * l O i I s n T h c m E lu . e — d n e t U s s U s n C e n e a m a m o dd n j pp juu t ll s o r o st a t yy ee c e d e d t dd dd C dd aa o uu tt n aa rrii s nn cc tr gg oo u mm tt c hh p t p i ee ii o ll pp ee n dd aa y a y bb n pp yy d ee BB rr F ii uu oo e rr dd d ee e a e a e r uu nn a dd l oo ii f F f nn L g o g L r a n a n c bb ee e o a o a r A r r r e e S c S ss c t tt ta o a tt t u t hh iis n ee st t t i 1 1 ic C 5 c 5 s t s t o . h . h n oc E s E ff t s r i s tL t u h t ii c m e m t m i a o at o n tee n . s s A t i ih- in T n . c c R llu "P u e d d v r e o e i s a p a e l r l d l :i l . f e fu t u o lll r -l - s a , an s n e dd l f p - pa e ar m tr-t p -t 'l it o mim y e e e d w * w p aag e ge rs ea o an n nd s d , s dJ as o laa m lray e r y s w *t " w i o c* ro s kr e ek r res v r si a n i n * nn t o s n , a a F ^ l ' p 'u e l r r t t s " o i n "i n n el til of the armed ffoorrcceess aarree eexxcclluuddeedd.. JJuullyy 11994455 ffiigguurreess aarree pprreelliimmiinnaarry. For back seasonally adjusted estimates see BULLETIN for June 1944, p. ow. Back unadjustteedd ddaattaa aarree aavvaaiillaabbllee ffrroomm tthhee BBuurreeaauu ooff LLaahbnorr SStAtattUisHtircas, 944 FEDERAL RESERVE BUIXETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Total R b es u i i d ld e i n n t g ial Nonresidential building P a u n b d li c p u w b o l r ic ks Month Factories Commercial Educational Other utilities 1944 1945 1944 1945 1944 1945 1944 1945 1944 1945 1944 1945 1944 1945 January 159.2 140.9 41.0 19.5 34.0 4.1 7.5 21.1 23.9 50.3 39.8 February 137.2 147.0 24.9 19.3 29.9 4.5 8.5 *i -08.'72 23.1 17.6 55.1 32.0 ' March 176.4 328.9 35.2 26.9 48.7 7.4 10.0 4.4 19.5 36.3 61.3 90.6 April 179.3 395.8 37.8 42.7 33.0 6.1 12.3 5.4 25.0 49.9 72.0 111.9 May 144.2 242.5 34.5 47.2 27.1 5.8 9.5 3.8 17.1 29.4 55.8 107.9 June 163.9 227.3 30.6 41.8 24.4 8.7 18.8 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 24.2 64.1 October 144.8 23.8 37.7 7.7 3.5 20.0 52.2 November 164.9 23.3 52.9 7.1 5.3 28.3 48.0 December 188.5 23.9 57.6 9.5 3.8 27.1 66.6 Year 1,994.0 348.4 472.7 80.8 69.2 276.7 746.1 1 Negative because of revision of a prior month's entry. CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. \V. 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 July June July January 351 159 141 316 122 75 35 37 66 Boston ... ... 10,891 12,260 8,639 February 394 137 147 364 109 74 30 28 73 New York 27,012 31,135 26,853 March 340 176 329 304 133 221 36 43 107 Philadelphia.. 23,976 14,936 17,834 April 303 179 396 253 133 309 so 46 87 Cleveland 26,722 22,965 19,034 May 234 144 243 192 98 148 46 95 Richmond .. ... .... ..... 46,621 29,798 26,451 June. 230 164 227 183 122 82 42 42 146 Atlanta 21,689 30,126 17,737 July 184 191 258 122 148 108 46 42 149 Chicago 35,273 45,431 42,704 August 414 169 351 125 61 44 St Louis . 19 819 12,269 9,457 September... 175 176 120 127 62 49 Minneapolis .. 5,700 -6,249 2,924 October 214 145 157 102 56 43 Kansas City . ... .... 12,784 9,253 9,455 November... 184 165 135 103 56 62 Dallas..... 27,204 25,374 9,451 December ... 252 188 198 114 50 74 54 Total (11 districts)] 257,691 227,298 190,539 Year 3,2741,994 2,6951,435 579 559 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION INSURED FHA HOME MORTGAGES (TITLE II) HELD INf [In millions of dollars] PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Title I Loans Mortgages on Sav- Year or month Total p P m e r i r o r m e o t v n y p - e t - - S s h c t t o m i o r o m u n a n c - l e l - h 1 f ( a - o T m I u i t D o t s i l l e e y 4 s - h R ( o g T e u a r I o n i s n D t i u t d l n a e p g l h ( W o T V u i a s t I l r i ) e ng End of month Total b C m c a o i n e a m r k l - s - b s i M t a n a u n g v u a k s - l - s a a s l i t a s o n i n o o a g d c n n s i s - I p c a n a o n s n m c u i e e r - - s a F c e g i e r e e a d n s l - 1 - Other* 1936—Dec. 365 228 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 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— A O S Ju e u c l p t g y t 8 7 8 8 4 1 1 3 1 1 1 7 4 1 2 * • * • 2 2 2 1 0 0 2 8 3 1 4 4 5 4 9 5 0 6 1941— J S D M u e e n p a c e r t . . . . . 3 2 2 2 , , , , 1 9 7 5 0 4 5 9 7 2 5 8 1 1 1 1 * , , , 4 3 2 4 0 1 4 6 0 8 6 5 1 1 1 1 5 4 8 7 7 6 6 1 2 2 2 2 3 3 5 4 7 0 4 6 6 6 7 7 6 0 8 2 8 6 9 2 2 2 2 2 3 1 2 2 4 0 0 5 1 1 1 1 6 5 7 7 0 4 9 8 Nov 82 17 22 43 1942—Mar.. 3,307 1,549 201 264 856 237 200 Dec 66 11 18 37 June. 3,491 1,623 219 272 940 243 195 1945— M M J F J A J u u e a p a a l n b n y r r y e 5 6 5 6 6 5 6 2 2 6 7 0 3 8 1 1 1 1 1 1 8 2 9 4 3 3 0 * * • • 2 1 1 1 1 1 1 2 9 9 9 4 7 5 • • 2 3 2 2 2 3 3 0 6 4 1 8 9 4 1 1 9 9 4 4 4 3 — — D D D J J u u e e e n n c c c e e . . . . . 3 3 3 3 3 , , , , , 6 7 6 5 3 2 0 2 5 9 0 4 0 9 6 1 1 1 1 1 , . , , , 6 7 7 6 5 6 0 0 6 9 9 5 0 9 0 2 2 2 2 2 3 5 5 5 6 6 6 2 8 0 2 2 2 2 2 7 8 9 8 6 6 4 2 4 9 1 1 1 1 1 , , , , , 0 1 0 0 1 3 3 7 7 1 2 4 2 1 9 2 2 6 3 4 7 7 8 3 5 5 9 1 1 1 1 1 5 5 4 5 6 0 9 0 5 3 1 The RFC Mortgage Company, the Federal National Mortgage Associa- * Less than $500,000. t . . . • tion, the Federal Deposit Insurance Corporation, and the United States NOTE.—Figures represent gross insurance written during the period and Housing Corporation. do not take account of principal repayments on previously insured loans. 4 Including mortgage companies, finance companies, industrial banks, Figures include some reinsured mortgages, which are shown in the month endowed institutions, private and State benefit funds, etc. in which they were reported by FHA. Reinsured mortgages on rental and NOTE.—Figures represent gross amount of mortgages held, excluding group housing (Title II) are not necessarily shown in the month in which terminated mortgages and cases in transit to or being audited at the Fedreinsurance took place. eral Housing Administration. SEPTEMBER 1945 945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1941 1942 1943 1944 1945 1941 1942 1943 1944 1945 1941 1942 1943 1944 1945 .? 325 482 749 1,124 ^902 229 254 229 300 ^334 96 228 520 824 p568 303 483 728 1,107 234 254 234 313 69 230 494 794 P557 March 357 637 988 1,197 pl,O22 268 272 249 359 P365 89 365 739 838 P657 April 387 717 9R9 rl 231 pl,002 287 235 258 360 P366 100 482 731 r871 May 385 542 1,092 1,454 pl,137 297 191 281 386 P372 88 351 811 1,068 P765 .330 650 1,003 1,297 280 215 295 331 50 435 708 965 P524 July 365 659 L.265 pl,196 278 213 302 87 446 963 p902 August 460 705 L,28O pl,l88 282 186 316 P302 178 518 964 September . . 425 732 L,269 pl,192 262 196 286 P281 162 536 983 -911 O N c o t v o e b m er ber 4 6 9 6 2 6 8 7 0 8 3 8 1 1 , , 2 0 3 7 8 3 p P lfI 1 ,1 4 8 2 5 3 2 0 8 4 1 2 1 0 6 0 8 3 3 2 1 9 1 P P 3 3 2 2 3 9 3 2 6 1 2 1 6 6 0 2 3 0 9 7 0 6 9 2 P862 December 653 883 1 2RR ^937 344 358 281 P336 309 525 1,006 p601 January-June 2,086 3,510 5,550 7,410 "S.B2S 1,594 1,420 1,546 2,050 P2,118 492 2,089 4,004 5,360 p3,707 P 1 P In r c e l l u im di i n n g a r b y o . th dome T s t R ic e v a i n s d e d f . o r . e m ign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933/p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers; 1935-39 average=100] RAILROADS [In millions of dollars] Total Coal Coke Grain L st i o v c e k - p F r e o o s r t d - - Ore l M e a i e n l s e - - - M c d i i a e s r n e - , o r p T a e i o r l a w ta t a i l n y g e r x a T p i o l e w t n a a s l y es o r p a e N i r lw a e t t a in y g in N co e m t e ucts ous l.c.1. revenues income Annual Annual 1939 101 98 102 107 96 100 110 101 97 1939 3,995 3,406 589 93 1940 109 111 137 101 96 114 147 110 96 1940 4,297 3,614 682 189 1941 130 123 168 112 91 139 183 136 100 1941 5,347 4,343 998 500 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—May 138 146 190 128 118 140 195 144 1944-April 780 689 91 54 June 139 147 194 135 124 148 187 143 May 779 688 . 91 52 July rm r142 194 144 124 156 189 150 June 810 701 109 71 August 146 185 131 121 155 188 149 July 804 706 98 61 September 142 147 182 126 114 137 184 146 August 781 710 71 32 October 139 143 182 147 120 133 153 143 September. 790 710 80 42 November 137 143 181 150 135 138 153 149 October..., 791 709 82 46 December 141 127 166 134 128 135 133 151 November., 788 697 91 57 137 December.. 780 711 69 33 1945— M M F J A J u e a p a a n b n r y r e r i u c l u a h a ry ry 1 1 1 1 1 1 4 4 3 4 4 4 5 3 9 0 1 0 1 1 1 1 1 1 2 4 3 4 3 2 6 3 9 1 7 6 1 1 1 1 1 1 7 9 9 8 7 8 8 3 0 1 6 0 1 1 1 1 1 1 1 2 5 3 6 6 9 8 5 4 7 0 r1 1 1 1 1 1 2 2 2 2 2 2 1 1 0 9 0 4 1 1 1 1 1 1 3 3 3 4 4 3 3 3 4 2 4 7 2 2 2 1 1 1 6 1 0 0 6 7 1 8 4 4 8 0 1 1 1 1 1 1 5 5 5 5 5 4 7 2 9 1 3 6 1945— M F A M J e p a a a b r r y n i r c l u u h a a r r y y . . . . .. 7 7 7 7 7 6 8 9 9 9 6 1 6 9 6 6 6 6 7 7 7 7 9 0 0 8 8 4 3 4 1 9 9 9 9 0 8 6 2 3 3 6 6 6 6 5 0 3 3 2 7 July 139 136 193 157 121 140 171 146 June 831 725 106 P72 UNADJUSTED UNADJUSTED 1944— J J A D O N S M u u e u e c o l a n p c y t g v y e o t e u e e b m m s m e t b r b b e e e r r r 1 1 1 1 1 1 1 1 4 2 4 4 4 4 4 5 0 8 4 7 8 4 6 0 r1 1 1 1 1 1 1 1 4 4 4 4 4 4 2 4 7 6 2 7 3 3 7 6 1 1 1 1 1 1 1 1 8 8 8 7 7 8 7 9 1 8 1 5 8 8 8 0 1 1 1 1 1 1 1 1 1 2 4 4 3 4 7 4 3 6 1 2 7 7 2 7 1 1 1 1 1 1 1 1 5 0 0 1 2 7 8 0 1 6 0 5 4 0 4 2 1 1 1 1 1 1 1 1 4 6 3 4 4 2 5 5 6 2 5 0 8 0 4 7 3 2 2 2 2 2 1 4 3 8 0 9 8 7 3 1 7 1 2 1 1 6 8 1 1 1 1 1 1 1 1 5 5 5 5 4 4 4 5 6 5 1 1 5 7 2 8 1944— N J J A O S D M A u u e o e c u a p l n p v c y t g y r e t o e i e e u l b m m m s e b t b b r . e e . e . . r . r r . . . . . . , , 8 8 7 8 8 7 7 7 7 0 0 1 3 6 9 9 5 8 4 9 9 6 9 9 0 7 1 6 7 7 6 6 7 7 7 7 7 8 0 0 1 8 3 1 2 0 9 5 0 0 0 7 5 1 1 1 9 9 9 9 9 8 0 7 0 0 9 9 9 0 1 7 2 0 '6 5 6 5 6 6 4 6 5 0 0 0 6 0 4 1 1 7 1945— M F M A J J e u u a p a a b n l n r y r y e r i u c l u a h a ry ry 1 1 1 1 1 1 1 3 3 3 4 3 4 4 2 6 9 5 0 3 2 1 1 1 1 1 1 1 4 3 4 3 2 3 2 1 9 3 7 6 6 6 1 1 1 1 1 1 1 8 9 8 8 7 7 9 5 2 8 7 8 6 1 1 1 1 1 1 1 1 4 2 5 2 1 8 4 1 8 8 4 7 8 7 1 1 1 1 9 9 9 0 1 1 0 9 7 7 2 5 1 8 1 1 1 1 1 1 1 3 3 4 2 2 4 4 3 4 9 8 8 0 3 2 2 2 2 4 4 6 6 7 0 6 0 2 3 3 3 3 8 1 1 1 1 1 1 1 5 4 4 5 5 4 5 1 2 3 0 1 8 2 1945— M J F A M u J e p a a n a b r r y n e i r c l u u h a a r r y y . . . . . '8 8 7 8 7 7 2 2 1 7 1 5 0 3 3 9 3 1 6 6 7 7 6 7 4 8 2 2 1 7 0 7 3 4 3 8 1 1 9 0 0 9 7 7 6 0 0 2 3 3 6 3 6 3 5 5 7 3 9 6 r Revised. N ^ ^ £ a ^ £ S& and back figure, may be ob^ined NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for from the Division of Research and Statistics. Basic data compi«a 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. 946 FEDERAL RESERVB BvtLBXDt 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 - AtlantaChicago Lo S u t i . s M a i p n ol n i e s - K C a i n t s y as Dallas F c S r i a a s n c n o - 1919 83 95 84 106 84 73 83 H3 93 M 1920 99 110 100 126 106 81 105 126 112 80 1921 92 108 96 120 94 78 90 80 105 117 92 51 1922 94 112 99 122 95 75 85 S3 103 112 86 1st. 1923 105 119 106 135 108 85 94 93 115 120 91 91 1924 105 121 110 134 106 87 91 96 114 119 119 94 93 1925 110 > 123 116 135 109 92 95 102 120 124 124 98 99 1926 113 127 120 138 110 96 99 106 121 119 123 103 106 1927 114 12S 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 117 128 129 123 116 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 83 97 98 96 81 94 1932 75 90 91 83 68 63 60 67 76 79 74 61 71 1933 73 84 86 80 69 63 62 63 72 76 73 62 63 1934 83 90 91 83 81 81 78 79 33 85 85 76 77 1935 88 92 93 91 86 87 84 86 85 90 39 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 r150 168 182 214 244 176 200 165 205 246 221 SEASONALLY ADJUSTED 1943—August . ... 166 147 135 144 164 189 201 161 177 149 174 r2I0 193 September,.. ... ... r165 145 133 149 158 196 210 162 171 147 179 r217 189 October r172 145 137 154 170 194 222 163 183 148 194 •"225 211 November ... . ...r177 r150 143 161 178 199 220 164 197 166 210 r220 212 167 148 133 144 164 197 203 163 172 146 174 r212 206 1944—"January . ..... r174 r151 135 159 169 202 224 164 182 160 207 r219 208 February 175 148 138 156 166 198 225 164 194 176 203 r227 211 March r183 155 152 173 133 213 223 168 195 159 194 r244 219 173 157 141 161 166 200 221 166 173 157 131 r237 201 May r183 164 150 168 181 212 233 170 197 160 192 r242 214 176 155 144 158 166 203 237 165 189 151 192 r239 210 July r189 160 149 169 191 r2l2 262 178 208 165 212 r256 ••222 August . .... .... 187 158 151 153 182 214 243 180 207 173 204 r253 221 September r187 162 149 170 180 r218 247 181 193 162 200 '252 217 October r193 165 152 163 190 227 260 185 215 158 215 • r248 228 November r2O5 r168 161 183 203 231 271 189 235 189 244 r258 253 December . ... .... 196 174 153 171 190 220 258 190 207 175 208 r259 233 1945—January r197 167 149 173 136 231 268 184 211 181 241 261 247 211 166 165 189 204 238 274 '202 236 208 246 r271 257 March r220 193 189 204 222 250 274 r207 235 205 240 r269 249 April 181 157 150 162 174 210 234 168 188 157 199 r256 219 May r188 160 156 170 179 210 243 170 209 162 203 r264 234 June . . ... r2O2 r177 169 185 197 235 277 184 220 172 r218 r268 233 July 218 183 176 198 220 253 300 197 250 188 244 299 256 UNADJUSTED 1943 August 139 110 99 112 143 155 179 136 152 132 163 183 180 174 152 141 152 168 208 218 166 183 166 197 232 197 October 186 161 157 174 182 212 233 174 194 168 203 250 219 215 184 182 202 214 252 257 200 224 192 228 269 255 December . .......... 273 255 228 256 262 332 336 253 277 224 233 343 325 1944—•Tanuary 137 119 112 122 132 152 179 131 149 119 153 177 166 142 115 114 123 133 159 194 131 153 122 161 200 178 170 144 139 162 167 203 221 159 135 141 182 227 198 April 172 161 137 158 172 194 228 166 183 159 183 228 192 178 162 142 161 179 211 228 170 197 162 194 228 200 163 144 133 142 157 183 199 160 170 151 177 203 193 July 142 110 100 116 140 152 197 139 154 130 168 194 184 157 118 110 123 159 177 216 151 178 154 191 220 202 SeotpiTiber . 196 170 158 173 191 231 257 185 212 184 220 265 226 208 184 173 190 204 249 273 197 221 179 226 272 233 248 207 r206 231 244 294 317 231 268 213 264 314 299 320 300 270 305 303 369 417 295 333 269 339 421 373 156 132 124 133 145 174 214 147 173 136 178 211 197 171 130 137 149 163 191 236 162 187 144 194 239 217 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 183 158 148 163 177 209 238 170 209 164 205 248 219 186 164 156 167 187 207 233 178 198 171 r200 228 215 Tulv 163 126 118 136 161 181 225 154 185 148 193 228 212 NOTE!— For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944. 947 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STOKE STATISTICS—Ow//*w/tf</ SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES [A3 reported by 296 department stores in various Federal Reserve districts] [Weeks ending on dates shown. 1935-39 average = 100] Amount (1 In 93 d 5 e - x 3 9 o f a v s e to ra c g k e s Without seasonal adjustment (In millions of dollars) = 100) 1942 1943 1944 1945 Jan. 3 Ill Jan. 2 .....117 Jan. 1.....110 Jan. ..145 m ( S t o f o a o n l t r e t a h s l ) m ( S e o t n o n d c t k h o s ) f ( o s e t O r n i a d n d u n e g t d r o - s - f a S d e j a a u l s l s o y t n e - d j U u n st a e d d - Feb. 2 3 1 1 7 4 1 7 0 . .1 1 1 1 1 3 3 2 1 2 6 5 2 9 5 Feb. 2 3 1 6 9 3 0 6 . . . . . . . . . . .. . . . . . . . . . . . . . . 1 1 1 1 1 3 2 2 4 4 9 5 6 6 3 Feb. 2 2 1 5 8 2 9 5 . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 4 3 4 4 4 3 7 6 4 6 Feb. 2 2 1 3 0 0 7 . . . . . . . . . . . 1 1 1 1 1 6 7 6 6 6 6 2 3 1 0 month) 14 122 13......178 12......142 17. ...176 21 115 20......155 19......142 24. ....177 28 127 27......162 26... ..146 Mar. 3. ....182 1939 average 128 344 99 Mar. 7 130 Mar. 6......150 Mar. 4......153 10. ....204 1940 average 136 353 108 101 14 137 13......144 11... ..160 17. ....214 1941 average 156 419 194 120 21 148 20......147 18......172' 24. ....226 1942 average 179 599 263 172 28 157 27......155 25... ..182 31. ....230 1 19 9 4 4 4 3 a a v v e e r r a ag g e e 2 2 2 0 7 4 5 5 3 0 1 8 5 53 5 0 8 1 14 5 6 3 Apr. 1 4 1 1 1 7 2 0 9 Apr. 3 10 . . . . . . . . . .. . 1 1 6 6 1 8 Apr. 1 8 . .. . . . . .. . 2 2 0 1 8 2 AP, r . . . . . .. . 1 1 5 8 6 1 18..... 146 17......170 15... ..152 21. ....192 1943—Oct 230 593 550 153 170 25 140 24......182 22... ..163 28. ....184 Nov. 259 576 562 143 165 May 2 147 May 1......142 29... ..168 May* 5. ....193 Dec 338 467 491 143 134 9 149 8... ..169 May 6.....184 12. ....196 16 127 15... ..149 13... ..197 19. ....178 1944— F T e a b n. 1 1 6 7 7 0 4 5 7 1 9 3 5 5 2 2 6 7 1 1 5 5 4 4 1 1 3 4 7 7 3 2 0 3 .1 1 2 0 5 4 2 29 2 . . . . . . . . . . 1 1 5 5 3 1 2 20 7 . . . . . . . .. . 1 1 7 6 7 8 June 2 2 6 . . . . . . . . . . 1 1 6 8 9 2 Mar 225 531 483 149 152 June 6 .147 June 5......151 June 3......163 9. ....196 206 525 475 145 151 13.... .128 12......168 10......172 16. ....206 May 2 1 2 9 0 9 5 5 2 2 5 2 5 5 9 3 1 1 1 1 5 4 7 7 1 15 5 0 1 July 2 2 „7 0 * . . : . .:: . . . .: . .: 1 1 2 0 9 9 2 1 6 9 . . . . . . . . . . . . 1 1 3 6 2 8 2 1 4 7 . . . . . . . . . . . . 1 1 5 7 1 3 3 23 0 . . . . . . . . . . 1 1 8 7 3 3 July 1 1 6 9 3 6 5 5 6 1 8 6 r6 5 2 7 9 4 1 1 6 7 5 0 1 1 4 6 8 3 . .1 9 12 5 July 1 3 0 . . . . . . . . . . 1 1 3 1 4 3 July 1 8 . . . .. . . .. . . . 1 1 4 1 9 6 July , . . . . . .r . 1 1 6 5 S 3 Sept 234 S&3 559 161 167 18 .105 17......126 15.... ..145 21. ...r157 Oct 257 600 576 154 172 25 .103 24... ..124 22.... ..138 28. ....153 N D o ec v 2 3 9 8 9 5 5 4 7 4 9 4 6 6 0 2 S 0 1 1 4 3 4 6 1 12 6 7 6 Aug. 8 1 . .1 1 2 0 2 5 Aug. 3 7 1 . . . .. .. . . . . . 1 1 3 1 1 8 Aug. 2 5 9 . . . . . . . . . . . . 1 1 3 3 7 2 Aug-it: . . . . . . . . 1 1 6 7 7 6 15 .125 14... ..131 12......148 18. .... 124 1945— M M A J F J u a e p a a l n b y r v r . P r2 2 2 2 1 1 1 3 3 8 9 0 9 9 1 6 4 9 2 8 8 r5 4 4 5 5 6 9 6 9 2 6 0 1 2 4 3 4 1 6 8 6 7 7 7 1 7 9 2 6 7 7 0 7 4 5 0 1 1 1 1 1 1 5 6 8 4 4 4 6 5 1 7 8 8 • * r 1 1 1 1 1 1 7 4 6 5 3 7 0 2 2 0 3 2 S O e c p t. t . 2 2 2 1 1 3 9 2 5 6 9 2 . . 1 1 1 1 1 1 1 7 8 5 4 4 6 2 2 3 2 0 2 5 6 O Se c p t. t . 2 2 2 2 1 1 4 8 1 5 1 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 7 7 7 4 5 4 6 5 5 6 9 6 6 9 Sept. 2 3 2 1 1 2 6 9 0 9 3 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 9 9 7 9 9 4 7 6 3 7 6 4 9 1 O Se c p t. t. 2 2 2 1 6 1 5 8 9 2 5 . . . . . . . . . . . . . . . . . . . .. . . . 1 1 8 9 2 3 p Preliminary. / Revised. 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 S m 1 e 9 v o 4 e s 5 . n J 1 u 94 ly 5 J 1 u 9 n 4 e 5 S m 1 e 9 v o 4 e s 5 n . J 1 u 9 m 45 S m 1 e 9 v o 4 e s 5 n . J 1 u 94 ly 5 J 1 u 9 n 4 e 5 S m 1 e 9 v o 4 e s 5 n . 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V . C . . . . . , . C . . . . a . . ' . . . , ! . . + + + + + + + + + + + + + + + + + + + + + + + + + + - 2 2 2 2 1 1 2 2 1 1 1 2 2 1 1 2 1 1 1 1 2 4 7 9 9 8 8 8 2 5 7 9 3 4 6 4 4 6 0 2 4 3 7 1 9 0 4 6 + + + + + + + + + + + + + + + + + + + + + + + + 2 2 2 2 2 2 1 1 1 2 1 1 1 1 2 2 1 1 1 1 3 1 4 7 5 8 7 7 5 3 0 6 5 4 9 7 1 5 4 1 7 0 3 3 1 7 0 + + + + + + + + + + + + + + + + + + + + + + + + - + 1 1 1 2 2 1 1 1 2 1 1 1 1 1 1 1 2 1 1 2 1 1 1 6 9 7 9 5 3 2 5 1 1 3 2 1 3 6 0 S 0 6 2 6 0 0 1 7 S M K t a . M F L L M G Q E W i L S S D F G T J D P H K S n n o p o t o v a l u L i o u t r n e r u e s a . a i i i t p . r e n u r a a e l i o n a c t n p e t d t n i t w L n l e l s n J n i r c n b u a h s v i t i e s e s n c i o o n s h o s g d l S a i p i n a e v k y o o s s v i t C u i f u s r o m B R g i a t n a e i n i R l i k e l i l l p s . s a i o t i C l l e e . a s y t o h d e y . c h e p . i n k t i y d . . . . s . . . . . . . . . . + + + + + + + + + + + + + + + + + + + + + + + 1 2 2 2 £ 1 2 1 1 2 1 1 1 2 1 1 1 1 n 9 9 5 7 2 3 1 1 6 5 6 1 9 5 6 5 5 5 9 1 9 - ' " + • + + + + + + + + + + r + + + + + + + + + + + V + 1 + 1 2 2 2 1 1 1 1 1 1 1 3 2 1 1 1 2 1 8 1 1 3 9 3 0 8 2 0 9 4 2 9 8 9 5 1 6 9 4 3 0 r 8 4 " * " + + + + + + + + + + + + + + + + + + + + H + + 1 1 2 1 1 1 1 1 1 1 1 2 2 1 1 1 1 1 8 4 5 8 1 9 7 6 9 5 2 0 6 6 5 1 9 5 3 3 5 Sa R S S S S B L S P B V T F S O P S B L E T n S S Y a a a a t h r o o u i o a a a p o a a e v e a o S N a B v F e n n n n o k n l i c c r l c l o s a k e k c s t s a e l l t t r e e s g e a o r t k i l r e e a k n i l n r a A J o t D F n r n r a a m m e a m a L s j l o t s o k a n n i n B g e o m r o t n n n i i f B x a s e R t a p n c a d e a d i h a n d e g e e k e l i g a e e n e d a n e a e o s l e a o r n m c d c d c y l a n s n e i o h t n a a C s s o d N c d r . . i d . o . t a . . i y . . . n p . . . . . o a . . . . + " + + + + + + + + + + + + + - - + - - $ - - + + + 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 2 1 8 1 7 9 9 5 6 6 2 5 5 0 3 8 2 5 1 0 1 0 3 ' r r ' ' + + + + + + + + + + + + + + + + + + + + + i + 1 + 1 1 1 1 1 1 1 1 1 1 S 2 1 2 1 1 1 2 l 2 1 l 8 6 5 3 6 6 2 9 0 2 4 7 1 3 3 4 6 8 5 0 9 7 + + + + + + + + + + + + + + + + + + + + + + + 1 1 + 1 1 1 1 + 1 1 1 1 1 1 1 1 1 1 1 1 2 8 9 8 8 5 6 5 8 4 9 3 8 9 8 1 2 3 9 5 0 6 6 2 2 3 T S C p o o r l l i e u n d m g o f b ie u l s d . . . . . . . +2 S 2 + + + 2 1 1 4 4 6 + + + 1 1 8 8 2 K N C n a h s o a h x tt v v a i i n l l l l o e e oga.. . +18 + + + 2 2 2 2 6 0 + + + 1 1 1 9 6 5 O O Tu m k l l s a a a h h a oma City + + + 1 1 9 6 1 + + + 1 2 2 1 V +12 - 'Revised. • Data not yet available. "Six months. 8 94 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 t n h) d June reporting June Six mos. June 1945 1945 1945 1945 1944 GRAND TOTAL—en tire store. 350 +18 +13 +13 2.6 2.7 MAIN STORE-total 350 +18 +14 +13 2.7 2.9 Women's apparel and accessories 347 +25 +17 +24 2.3 2.3 Coats and suits 325 h63 +21 r82 3.8 3.4 Dresses 330 -27 +22 -47 1.1 0.9 Blouses, skirts, sportswear, etc 309 -32 +25 r48 2 4 2.2 Juniors' and girls' wear 277 -33 +24 -68 2,5 2.0 Infants* wear 304 -17 +15 -42 3.6 3.0 Aprons, housedresses, uniforms 283 + 16 +12 -8 0.9 1.2 Underwear, slips, negligees 321 +19 +21 -19 1.6 2.3 Corsets, brassieres, m 328 +33 +25 +21 1.7 1.9 Hosiery (women's and children's) 340 +11 +11 -43 1.1 2.2 Gloves (women's and children's) 321 +44 + 16 +15 5.0 6.2 Shoes (women's and children's) 241 +14 +14 0 2.8 3.2 Furs 255 +174 -14 +49 • 19.8 36.3 Neckwear and scarfs 239 +12 +8 +42 3.4 2.7 Handkerchiefs 280 +23 +17 +38 5.1 4.6 Millinery 166 +14 +10 +14 1.0 1.0 Handbags and small leather goods 299 +28 +9 +10 2.4 2.9 Men's and boys* wear 319 +16 +13 +4 2.8 3.2 Men's clothing.. / 230 +18 +11 -15 2.4 3.3 Men's furnishings* hats, caps 303 +15 +14 +4 2.4 2.7 Boys' clothing and furnishings 277 +17 +12 +36 4.8 4.1 Men's and boys' shoes and slippers.. 172 +22 +17 -It 4.1 5.6 Home furnishings 312 +9 +9 +2 3.4 3.7 Furniture, beds, mattresses, springs.. 228 +15 +17 +19 3.7 3.6 Domestic floor coverings 236 -7 -8 -15 2.9 3.2 Draperies, curtains, upholstery 288 +3 +9 +6 2.9 2.8 Major household appliances 163 +36 +32 -19 1.7 2.8 Domestics, blankets, linens, etc 290 -3 — 1 -25 2.8 3.6 Lamps and shades 219 +26 +22 +20 4.9 5.2 China and glassware 219 +16 +11 +9 4.4 4.7 Housewares 218 +30 +24 +16 3.6 4.0 Piece goods 283 +3 +13 -18 1.9 2.4 Cotton wash goods 115 —12 +2 -36 0.8 1.0 Small wares .••••.-; 331 +22 +12 +18 3.7 3.8 Lace, trimmings, embroideries, ribbons 118 +1 +5 +19 3.0 2.5 Notions .- • -. 222 +21 +17 +15 2.9 3.0 Toilet articles} drug sundries, and prescriptions . 316 +24 +3 +17 3.9 4.1 Jewelry and silverware 291 +30 +14 +15 3.8 4.3 Art needlework 240 +15 +17 +9 5.0 5.3 Stationery, books, and magazines 230 +17 +19 +29 3.7 3.3 Miscellaneous 292 +17 +13 +24 3.2 3.0 Luggage 221 +27 +6 -8 1.7 2.4 BASEMENT STORE-total 212 +14 +12 +16 2.4 2.3 Women's apparel and accessories..... — 199 +17 +14 +28 2.0 1.8 M H Pi o e e m c n e ' e s g f a o u n o r d n d i s b sh o i y n s g ' s clothing and furnishings . 1 1 5 6 2 1 5 2 + + + 1 8 3 1 + + + 1 1 6 1 7 + - + 2 1 6 3 3 3 2 1 . . . 9 1 4 3 2 2 . . . 0 9 1 Shoes 131 +17 +8 +9 3.4 3.7 NOTE —Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. SAtES, 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 r f e m ce o iv n a th ble Collec m ti o on n s th during Cash Instal- Chargesales ment account Total Cash I m ns e t n al t - a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t sales sales 1944—June 127 165 50 99 35 78 62 111 63 3 34 Tniv 103 138 44 r75 32 67 r57 103 65 4 31 126 167 60 93 32 70 58 92 64 4 32 149 193 66 116 33 81 61 96 63 4 33 October • • • 164 211 81 127 35 90 69 115 63 4 33 191 245 95 149 40 102 75 130 62 4 34 December 245 326 105 181 46 128 77 135 64 4 32 126 164 57 96 43 r97 77 168 63 4 33 126 163 57 98 40 84 68 128 63 4 33 March *.. *...*.,«. 178 230 73 141 39 96 77 r120 63 3 34 133 171 52 107 37 8S 65 128 62 3 35 May 147 190 r55 r117 3S r88 63 122 63 3 34 149 194 52 117 34 88 60 121 63 3 34 July...: 121 162 48 88 32 76 56 117 66 3 31 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. SEPTEMBER 1945 949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit End o r o y f e m ar onth co T c n r o s e u t d a m i l t er ins T ta o l t m al ent Sale credit Loans1 p S a lo i y n a m g n l e s e 2 n - t a C c h co ar u g n e ts Service credit credit Total Automobile Other 1929.. 7,637 3,167 2,515 1,318 1,197 652 2,125 1,749 596 1930 6,839 2,706 2,032 928 1,104 674 1,949 1,611 573 1931 5,528 2,214 1,595 637 958 619 1,402 ',381 531 1932 4,082 1,515 999 322 677 516 962 ,114 491 1933 3,905 1,581 1,122 459 663 459 776 ,081 467 1934 4,378 1,849 1,317 576 741 532 875 ,203 451 1935 5,419 2,607 1,805 940 865 802 1,048 ,292 472 1936 6,771 3,501 2,436 1,289 1,147 1,065 1,331 ,419 520 1937 7,467 3,947 2,752 1,384 1,368 1,195 ,504 ,459 557 1938 7,036 3,584 2,313 970 1,343 1,271 ,442 ,487 523 1939 8,008 4,463 2,792 1,267 1,525 1,671 ,468 ,544 533 1940 9,205 5,507 3,450 1,729 1,721 2,057 ,488 ,650 560 1941 9,959 5,984 3,747 1,942 1,805 2,237 ,601 ,764 610 1942 6,529 2,999 1,494 482 1,012 1,505 ,369 ,513 648 1943 5,379 2,002 816 175 641 1,186 ,192 ,498 687 1944 5,791 2,084 836 200 636 1,248 ,220 ,758 729 1944 June. .' 5,209 1,882 707 192 515 1,175 ,241 ,370 716 July 5.H8 1,889 706 204 502 1,183 ,250 ,287 722 Aug 5,192 1,896 709 210 499 1,187 ,239 ,330 727 Sept 5,272 1,912 720 210 510 1,192 ,231 ,402 727 Oct 5,412 1,937 743 210 533 1,194- ,231 ,516 728 Nov 5,596 1,974 773 208 565 1,201 ,231 ,664 727 Dec 5,791 2,034 836 200 636 1,248 ,220 ,758 729 1945 Jan r5,488 2,014 778 192 586 1,236 1,206 rl,534 734 Feb r5,332 1,968 743 186 557 1,225 1,183 rl,438 738 M Ap a r r r r 5 5 , , 5 4 8 4 2 9 1 1 , , 9 9 9 8 1 9 7 7 3 2 2 4 1 1 8 8 4 4 5 54 4 0 8 1 1 , , 2 2 5 6 9 5 1 1, , 2 1 1 8 2 1 r r l l , , 6 5 6 C 9 6 7 7 4 4 1 2 M Ju a n y e pS 5 t6 ,4 i9 98 p2 2 , , 0 0 3 0 6 6 ^7 7 2 2 0 0 *1 1 8 8 8 4 p5 5 3 3 2 6 P 1 i, , 3 2 1 8 6 6 P 1 i, , 3 2 2 6 4 0 Pi 1 , , 5 4 4 8 4 8 P7 7 4 4 5 4 July ^5,588 p2,044 P192 P522 "i,130 pl,453 P Preliminary. r Revised. * Includes repair and modernization loans insured by Federal Housing Administration. a Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOBILE CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] Insured End o r o f y e m a o r nth ex m T a c u o l o u t b t d o a i i - l l n , e g D s o m m e t a r o p a e n d r a i n d e e l r t r - s t- F s t u t u o r r r n e e i s - H a s a h t p o o n o p u r c l l s e d e i e s - - 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 o f r Total m a C a e o n r m c k i s - a 1 l p S c l a m o o n a m i a n e l - l s p I la n c a t n o d r n k i m u i a e i s n l - s - g 2 C un re io d n it s M l l a e n n is e d c o e e u r l s - s m i r l z e o o a a p a d n t n a e i d o i r s r n n 3 bouses 1929 652 43 263 219 32 95 1930 674 45 287 218 31 93 1931 619 39 289 184 29 78 1929. 1,197 160 583 265 56 133 1932 516 31 257 143 27 58 1 1 9 9 3 3 0 1 1,1 9 0 5 4 8 1 1 5 3 5 8 4 5 5 3 4 9 2 1 2 8 2 5 4 4 7 5 1 13 4 6 1 1 1 9 9 3 3 4 3 . 4 53 5 2 9 4 2 4 9 2 2 4 3 6 2 1 1 2 2 5 1 3 2 2 7 5 6 0 0 25 1 1 9 9 3 3 2 3 6 6 6 7 3 7 1 1 0 1 3 9 3 2 1 9 3 9 1 1 2 1 1 9 3 2 0 9 1 9 1 7 0 1 1 9 9 3 3 5 6 1,0 8 6 0 5 2 1 8 6 8 1 2 3 6 0 7 1 1 1 5 9 6 1 4 6 4 6 10 7 2 9 2 1 4 6 4 8 1 1 1 1 9 9 9 9 3 3 3 3 7 5 4 6 1 1 , , 1 3 8 7 4 6 6 4 7 8 5 1 2 3 1 1 5 1 8 4 6 4 6 6 4 3 4 3 0 3 6 1 6 6 9 4 2 3 1 1 5 0 7 3 5 7 1 1 4 5 3 6 0 6 5 8 2 1 1 1 1 1 3 7 0 5 2 4 1 1 1 1 9 9 9 9 3 3 4 3 7 8 0 9 2 1 1 1 , , , , 1 2 0 6 9 7 7 5 5 1 1 7 2 3 6 5 5 1 9 2 8 2 2 3 3 3 5 4 5 4 0 3 0 6 5 5 2 2 2 2 5 2 3 8 7 1 0 8 1 1 1 9 1 4 8 3 2 7 9 1 1 9 9 1 2 6 9 7 5 2 1 2 1 5 8 1 4 4 4 3 8 1 1 1 1 1 9 9 9 9 9 3 4 3 4 4 8 2 9 1 0 1 1 1 1 1 , , , , , 3 5 7 8 0 4 2 2 0 1 3 5 1 5 2 3 4 3 4 2 0 3 5 7 6 2 9 4 9 7 4 5 5 3 6 8 3 9 1 9 5 6 9 9 1 2 3 2 3 1 6 0 7 1 3 6 2 3 3 0 1 1 9 7 7 2 1 3 0 0 0 7 2 2 2 2 1 8 2 4 7 6 4 0 6 0 1 1 1 1 1 9 9 9 9 4 4 4 4 2 1 3 4 2 1 1 1 , , , , 2 5 2 1 3 0 4 8 7 5 8 6 4 3 7 3 2 8 5 1 6 4 8 2 4 3 5 3 2 7 3 8 4 2 5 8 2 2 1 1 9 0 6 7 8 2 5 5 2 1 1 1 1 4 1 2 7 7 9 3 1 9 8 0 8 1 6 2 8 3 2 1 1 0 1 2 2 1 5 0 8 1 1 9 9 4 4 3 4 • 6 6 3 4 6 1 1 1 7 8 4 4 2 2 7 6 1 9 2 1 9 3 6 7 6 0 1 1 0 0 1 0 June 1944 1,175 335 365 169 119 85 102 A O T S T u e u u c l n p g t y e t. 1944 • * 5 4 5 5 5 1 1 9 0 3 0 5 9 2 3 1 1 1 1 1 3 3 3 3 4 8 2 2 3 8 2 2 2 2 2 3 3 4 3 3 6 4 4 7 3 1 1 1 1 1 3 3 3 5 4 4 4 4 4 4 3 2 3 4 4 8 8 8 7 7 4 1 0 9 9 J A O S N D u e u o e c l p g c t v y t . . . .. . . 1 1 1 1 1 1 , , , , , , 1 1 1 2 1 2 8 9 9 8 0 4 7 4 2 3 1 8 3 3 3 3 3 3 3 4 4 4 4 5 9 2 3 6 4 8 3 3 3 3 3 3 6 6 6 6 6 8 7 5 4 1 3 8 1 1 1 1 1 1 7 7 7 7 7 7 0 2 2 2 2 5 1 1 1 1 1 1 1 1 1 1 1 1 9 7 8 8 6 9 8 8 8 8 8 8 5 5 5 5 5 8 1 1 1 1 1 1 1 1 0 0 1 2 5 1 6 3 7 0 565 162 253 13 48 89 1945 Dec 636 184 269 13 70 100 Jan 1,236 359 378 172 116 87 124 1945 Feb 1,225 357 372 168 114 86 128 M J M A F a e p n a a b r y r .... .. 5 5 5 5 5 3 5 4 4 8 6 7 8 0 6 1 1 1 1 1 5 5 6 7 6 5 9 3 2 3 2 2 2 2 2 3 3 4 3 4 8 9 7 8 0 1 1 1 1 1 1 2 2 1 0 4 6 5 4 5 8 1 4 8 0 8 9 8 8 8 2 6 5 5 8 M \ M J fu p u l a r a n y r y e p P l 1 1 1 l , . 3 , , , 3 2 2 2 3 8 5 1 6 0 6 9 6 5 P P 3 4 3 4 3 7 0 8 7 0 4 0 8 7 6 P P 3 3 3 3 3 8 8 8 8 9 1 4 9 1 1 P p1 1 1 1 1 8 8 7 7 7 2 1 1 7 2 P P 1 1 1 1 1 1 1 1 1 1 8 8 6 6 6 P * 8 8 8 8 8 7 8 8 7 7 P P 1 1 1 1 1 3 4 3 3 4 0 0 4 2 5 June P49 P84 July . P522 P235 P47 Preliminary. 1 These figures include only personal instalment cash loans and retail P Preliminary. automobile direct loans, shown on the following page, and a small amount of other retail direct loans (18 million dollars at the end of July 1945), not shown separately. * This series is in process of revision. 8 Includes only loans insured by Federal Housing Administration. 950 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 liJ>1B^ ^ LENDING INSTITUTIONS lEstimates. In millions of dollars] lEstimates of volume made in period. In millions of dollars] Month or year Total Aut r o e m ta o il bile O re p t t u h a r e i - l r , R m e a o p n a d d - ir i s n P o s e n t r a a - 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 p u k a s n t i r n i i e g a s l * u C n r i e o d n i s t chased erniza- ment 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 54 1939 1,093 21S 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 1 1 1 9 9 9 4 4 4 2 3 4 8 5 5 1 4 5 4 5 9 1 5 3 5 5 6 7 1 S 9 2 9 3 I 1 6 4 7 8 3 5 1 8 8 5 9 3 4 2 2 2 2 8 4 1 9 5 1 1 1 1 9 9 9 9 3 3 3 3 9 7 8 6 . 5 6 6 7 0 1 6 6 4 9 3 3 4 3 4 4 8 0 1 5 9 9 7 4 1 2 1 1 5 0 7 4 7 S 9 3 1944— J O A S J u u e c u l n p t y g o e te b u m e s r t b . e .. r . . . . .. . . . 5 5 5 5 5 1 2 3 3 3 8 7 4 2 8 6 6 6 5 6 1 2 2 6 0 9 9 9 9 9 3 4 6 5 7 6 6 6 6 6 2 2 2 7 2 8 8 7 7 7 0 0 7 6 8 2 2 2 2 2 3 3 3 3 3 1 4 4 5 3 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 2 4 1 0 3 ,. 7 6 7 9 3 4 2 6 4 9 9 8 8 7 2 8 0 7 9 7 3 9 6 8 5 4 4 3 5 0 3 6 0 5 8 6 4 3 8 3 3 2 2 2 4 2 7 3 2 7 0 2 4 8 N D o ec v e e m m b b e e r r 5 5 4 5 4 9 5 5 9 7 9 9 7 9 7 7 0 5 8 S 2 3 2 24 3 5 6 December 1943 58 95 32 23 1945— M M J A F J J u u e p a a n a l b n r y y e r i r u c 3 * l u * h a a ry ry ;... 5 6 6 5 5 5 5 7 1 0 7 9 5 6 3 9 9 9 2 6 2 5 5 5 5 5 5 5 6 6 5 5 6 6 5 1 1 1 1 1 1 1 0 1 0 0 0 1 1 0 8 1 9 7 2 6 8 7 7 7 7 7 7 0 6 9 6 7 8 9 8 8 8 9 8 8 9 6 9 6 2 3 4 3 2 2 2 2 2 2 2 4 5 4 5 7 5 6 4 8 1 2 0 0 5 J M J M F u a e a a n b n r y e r c u u h a a r ry y 1 . . 9 . . . . . 4 . . . 4 .. . .... . 4 5 5 6 6 7 9 1 5 9 3 6 5 6 9 6 7 7 3 0 4 1 2 5 2 2 3 3 3 3 7 9 8 0 5 8 I 1 2 2 2 1 S 8 6 0 6 2 July 63 73 33 19 Volume extended during August . .... 64 70 35 20 mo 1 n 94 th 4 : — J J u u l n y e 1 9 0 5 0 1 1 2 5 2 1 0 9 1 1 1 3 4 4 7 2 S O e ct p o t b e e m r be . r. . . . .... .. . * ..... 6 6 6 0 1 1 6 6 7 7 8 7 3 3 3 3 4 4 1 1 1 9 8 8 August 94 13 19 11 42 72 106 37 23 September 89 10 17 12 41 O D N e o c c v t e o e m m b b e b e r e r . r ...... 1 9 9 0 2 2 3 1 1 8 0 0 1 1 1 9 3 3 1 1 1 5 8 5 4 5 4 1 0 0 Tanti&rv 1945 •*..*. 6 6 6 2 5 5 8 6 3 3 3 0 1 16 6 82 94 42 23 1945—January 96 9 20 17 7 43 April 69 70 34 13 February 86 9 19 12 7 39 75 78 39 20 March 114 12 24 15 9 54 81 82 40 21 April 101 9 21 16 10 45 July? 75 76 37 19 May 110 10 22 18 10 50 June* 116 12 24 15 12 53 July"......... 107 11 22 13 11 50 1 These 6gures for loansmade include only personal instalment cash loans and retail automobile direct loans, which are shown elsewhere on this page, and a small amount of other retail direct loans (3 million dollars in July 1945) not shown separately. 2 This series is in process of revision. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE! c P h e a r n c g e e n t f a ro g m e c c o P h r e a re r n c s g p e e n o t n f a r d o g i m e ng Instalment accounts a C cc h o a u r n ge ts Item p m r J e o c u n e n d t e h ing May Ju p ly re m ce o J d n u i t n n h g e o y f e M ar ay Month D s m e to p e r n a e r t s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n s e a c e s p e - - J s e t w or e e lr s y D s m t e o p e r a n e r t s t- 1945 1945 1945 1945 1945 Net sales: 1944 Total . —9 o -f8 +13 +8 -2 June 31 24 28 30 63 Cash sales -5 0 +8 +29 +22 +8 July r31 23 29 31 61 Credit sales: - - 1 8 2 r+l +10 + + 8 8 r r + + 9 4 - - 1 4 0 O A Se u c p g to t u e b s m t e b r. e . r .. . . . 3 3 3 5 4 9 2 2 2 4 6 4 3 3 3 6 2 3 3 3 3 1 2 4 6 6 6 4 5 4 November... 39 24 37 34 67 Accounts receivable, at end of December... 36 23 39 49 61 month: Total -2 0 +1 +1 0 0 1945 -2 0 0 +3 +1 0 January 32 21 35 29 61 February 30 21 32 23 61 Coll T ec o t t i a o l ns during month: -1 +1 +3 +6 +4 0 M Ap a r r i c l h . 3 3 6 0 2 2 4 2 3 3 6 6 3 3 0 2 r6 6 1 6 -I +1 +3 +7 +6 -1 May ,. 32 23 40 33 64 June 32 23 r43 r33 64 Inventories, end of month, at 4-1 r-2 +2 +7 +8 +9 July 31 24 40 31 62 r Revised. r Revised. 1 Ratio of collections during month to accounts receivable at beginning of month. 951 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 -=100]' Other commodities All Year, month, or week m c t o o i m e d s i * - F p u a r c o r t m d s - Foods Total H p l i r e d o a e d t s u h a c e n t i s d p T ro ex d t u i c le ts m F li u a g t e h e l r t a i i n n a g l d s a p n M r d o e d m t u a e c ls t t a s m B a u t i e ld r i i n al g s p c r C a a o l h l s d l e i u a e m d n c i t d - s i f n H u g r o n g u i o s s o e h - d - s l M an is e c o e u l s - 1929. 95,3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930. 86.4 SS.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 S6.6 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 6S.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—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 J M J M A F u u e p a a l n b r y r y e i r c l u h ary... 1 1 1 1 1 1 0 0 0 0 0 0 5 6 5 6 5 5 . . . . . . 7 1 9 0 3 2 1 1 1 1 1 1 2 2 3 2 2 2 9 9 0 7 9 7 . . . . . . 0 9 4 2 0 0 1 1 1 1 1 1 0 0 0 0 0 0 6 7 5 7 4 4 . . . . . . 9 5 8 0 7 6 9 9 9 9 9 9 9 9 9 9 9 9 . . . . . . 7 3 6 4 2 2 1 1 1 1 1 1 1 1 1 1 1 1 8 7 8 7 7 7 . . . . . . 0 9 0 9 6 8 9 9 9 9 9 9 9 9 9 9 9 9 . . . . . . 6 6 7 7 6 6 8 8 8 8 8 8 3 3 3 3 3 4 . . . . . . 7 9 5 4 3 3 1 1 1 1 1 1 0 0 0 0 0 0 4 4 4 4 4 4 . . . . . . 7 7 3 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 7 7 7 7 7 7 . . . . . . 5 4 3 1 1 0 9 9 9 9 9 9 4 5 5 4 4 4 . . . . . . 9 0 3 9 9 9 1 1 1 1 1 1 0 0 0 0 0 0 4 4 4 4 4 4 . . . . . . 5 5 5 5 5 5 9 9 9 9 9 9 4 4 4 4 4 4 . . . . . . 8 8 8 8 6 6 Week ending: 1945— A J J J J A A A , J M J J . M M M ' u u u u u u u u u u u u u a a a a l l l n l n n n g n g g g y y y y y y y y e e e e . . . . e 2 2 2 1 1 1 3 1 2 1 2 1 1 8 6 7 2 5 9 2 4 9 4 0 3 1 5 8 6 . . . . . . . . . . . . . . . . . . . . . . . . , . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5 5 5 5 5 5 5 5 5 5 6 5 5 5 6 6 5 . . . . . . . . . . . . . . . . . 7 5 7 5 8 6 6 8 9 9 7 9 0 8 0 1 7 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 3 3 3 3 3 3 2 2 2 6 8 9 8 9 8 9 7 0 0 1 0 0 0 9 9 9 . . . . . . . . . . . . . . . . . 7 7 5 1 3 2 4 0 1 0 7 0 5 5 8 5 8 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6 6 6 6 7 6 7 7 7 7 7 7 6 7 7 6 6 . . . . . . . . . . . . . . . . . 5 2 6 9 4 3 0 3 2 7 3 5 8 3 4 5 6 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 0 0 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 0 0 . . . . . . . . . . . . . . . . . 8 8 8 9 8 8 7 7 8 9 7 7 5 1 8 1 6 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 . . . . . . . . . . . . . . . . . 5 5 5 5 5 5 5 5 5 3 3 3 3 3 3 3 3 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 4 4 4 4 4 4 4 5 4 4 4 5 4 4 4 4 5 . . . . . . . . . . . . . . . . . 7 8 8 8 8 8 3 3 8 0 5 5 7 6 6 3 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 . . . . . . . . . . . . . . . . . 8 8 8 3 8 8 3 8 8 8 8 4 8 8 8 8 4 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 7 7 7 7 7 7 8 7 7 7 8 7 7 7 7 7 7 . . . . . . . . . . . . . . . . . 0 3 2 2 3 3 2 4 2 2 3 3 3 3 3 3 3 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 5 4 5 5 5 4 4 4 5 5 5 5 5 5 5 5 4 . . . . . . . . . . . . . . . . . 2 9 9 3 2 2 9 9 4 4 2 3 3 3 2 3 9 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 . . . . . . . . . . . . . . . . . 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 1944 1945 1944 1945 Subgroups Subgroups July Apr. May June July July Apr. May June July ?am Products: Metals and Metal Products: Grains 125.2 130.5 129.1 130.2 128.6 Agricultural implements 97.3 97.5 97.5 97.6 97.7 Livestock and poultry 123.4 136.4 135.5 134.4 133.3 Farm machinery 98.4 98.7 98.7 98.7 98.7 Other farm products 123.2 123.2 125.9 127.2 125.5 Iron and steel , 97.1 98.1 98.4 99.1 99.1 ?oods: Motor vehicles , 112.8 112.8 112.8 112.8 112.8 Dairy products 110.3 110.7 110.6 110.5 110.5 Nonferrous metals , 85.7 85.9 85.9 85.9 85.9 Cereal products 94.3 95.4 95.4 95.5 95.3 Plumbing and heating 92.4 92.4 92.4 92.6 92.6. Fruits and vegetables 129.9 123.4 131.4 134.7 130.3 Building Materials: Meats 105.9 108.2 108.6 108.3 108.0 Brick and tile 100.7 110.6 110.7 110.9 111.7 Other foods " 94.7 94.7 94.7 95.1 95.6 Cement 96.4 99.4 99.4 99.4 99.4 Udes and Leather Products: Lumber1 154.8 154.4 154.9 154.9 155.1 Shoes 126.3 126.3 126.3 126.3 126.3 Paint and paint materials.. 105.5 106.3 106.4 106.3 106.1 Hides and skins 106.8 117.0 117.0 117.3 117.6 Plumbing and beating 92.4 92.4 92.4 92.6 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... 103.1 103.8 104.1 ;104.3 104.3 extile Products: Chemicals and Allied Products: Clothing 107.0 107.4 107.4 107.4 107.4 Chemicals 96.2 95.8 95.8 95.9 96.1 Cotton goods 114.0 119.7 119.7 119.7 119.7 Drugs and Pharmaceuticals 112.0 106.8 106.8 109.5 110.2 Hosiery and underwear 70.6 71.5 71.5 71.5 71.5 Fertilizer materials 81.1 81.9 81.9 80.4 81.1 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 112.9 112.7 112.7 112.7 112.7 Housefurnishing Goods: Other textile products 100.5 100.9 100.9 100.9 100.9 Furnishings 107.2 107.5 107.5 107.5 107.5 uel and Lighting Materials: Furniture 101.4 101.5 101.5 101.5 101.5 Anthracite 95.4 95.3 95.6 97.5 101.6 Miscellaneous: Bituminous coal 120.5 120.6 123.2 123.8 123.9 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 130.7 130.7 130.7 131.0 131.0 Cattle feed 159.6 159.6 159.6 159.6 159.6 Electricity 59.5 58.7 58.5 Paper and pulp 107.2 109.0 109.0 109.0 109.0 Gas 78.9 77.0 76.4 Rubber, crude 46.2 46.2 46.2 46.2 46.2 Petroleum products 64.0 64.2 64.2 64.2 64.2 Other miscellaneous 96.9 98.9 98.9 98.9 98.9 c Corrected. 1 Lumber series revised from September 1943. Back figures,—Bureau of Labor Statistics, Department of Labor. 952- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of August 1, 1945J (In thousands of units) Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1944 Aug. 1, 1945 1944 Aug. 1, 1945 1944 Aug. l, 1945 1944 Aug. 1, 1945 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7 694 7 888 40 36 New York 29,302 28,971 9,799 10,523 58 54 Philadelphia 47,208 50,001 18,022 18,425 146 I2S Cleveland 181,230 220,337 52,928 68,145 34 30 Richmond 1,603 1,233 136 802 135 747 34 274 27 192 Atlanta 2,551 2,269 166,230 161 897 9 222 8 211 1,220,245 1,122,551 54,269 67,234 859 738 St Louis 13,741 *3,096 367,312 332,473 48,546 52,089 16 IS 453,060 336,928 30,411 35,989 265,502 262,,779 Kansas City 526 315 529,603 357,796 337,847 412,790 4,640 5,409 Dallas 3,360 2,715 82,016 82,393 75,775 38,617 133 79 San Francisco 449 506 7,659 7,496 92,980 97,754 43,146 40,043 Total 12,230 10,134 3,228,361 2,844,478 764,073 836,969 314,574 309,314 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1944 Aug. 1, 1945 1944 Aug. 1, 1945 1944 Aug. 1, 1945 1944 Aug. 1, 1945 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels 5,461 4,862 2,779 3,443 32,515 31,313 63,703 69,313 26,116 21,780 5,938 6,266 1,404 1,307 31,143 37,778 Philadelphia 15,062 16,364 2,325 2,430 52,893 43,903 19,765 20,813 Cleveland 47,135 63,766 4,987 5,475 158,913 142,700 11,813 13,205 Richmond . 29,201 30,893 4,131 5,035 1,068,295 1,102,358 18,070 24,293 28,256 31,176 3,342 4,441 212,329 214,857 14,342 18,779 Chicago 399,906 592,205 18,021 18,929 31,642 36,914 31,558 32,633 St Louis .. 53,674 63,518 7,735 9,058 384,237 352,079 8,945 9,804 377,205 507,734 10,408 10,519 2,526 2,978 45,816 46,001 Kansas City 106,365 134,975 8,788 8,713 5,459 5,660 33,122 34,045 Dallas 44,159 48,820 2,115 2,115 6,010 5,810 33 852 29 939 13,276 13,804 95,149 107,732 Total 1,166,392 1,546,032 83,845 90,228 1,950,213 1,934,069 379,436 420,206 1 Includes 15,000 bales gTown in miscellaneous territory. 2 Includes 11,000 bales grown in miscellaneous territory. NOTE.—1944 figures for Cotton are as revised in August 1945. 953 SEPTEMBER 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 Chart 1945 Chart 1945 book book page July Aug. Aug. Aug. page May June3 July3 25 1 15 WEEKLY FIGURES* In billions of dollars MONTHLY FIGURES In billions of dollars PESERVES AND CURRENCY T M G R r e o o e s l n a d e D U e s r y u v s . i t s e r o S y c i B N B C n c o B . k c i o u e o G a c l a r n n t l n i s t s o e r d t k i h s s v c f s i u t c c a . l a r n a s e t d t e e d i s c o i a u n t d , r v i t t a o ie n ta s c , l e s t otal 2 2 2 3 2 2 3 3 3 3 2 2 2 2 1 2 6 6 0 1 2 2 1 1 . . . . . . . . . . 0 1 2 6 2 5 1 9 7 2 7 1 8 9 1 7 3 3 0 3 2 2 2 2 1 2 6 1 1 1 0 7 2 2 . . . . . . . . . . 1 2 1 1 8 1 7 9 4 5 1 6 5 3 8 2 0 5 0 6 2 2 2 2 1 2 6 1 1 7 2 1 0 2 . . . . . . . . . . 2 1 6 9 2 3 1 7 1 9 7 1 1 1 7 5 5 0 2 8 2 2 2 2 1 6 7 2 1 1 0 2 1 2 . . . . . . . . . . 1 3 2 3 1 1 7 9 8 7 2 5 6 1 3 1 0 4 7 8 2 2 2 2 1 2 6 1 7 3 1 0 2 3 . . . . . . . . . . 2 4 7 2 1 1 5 0 3 1 5 1 8 4 1 9 0 9 M M T T R G r r e o e o e e s l m n a d a e R C C e s s r b y u v u s e o e e t s e r r n R u r o i y y e t n n E c B r r b k t S v a d c a c r a E e l e y a n n i R r p s k r k c c V b e o h i u E s a s t . c r ; y l e i S e n r a t r s e k s t v b A e d i s e o r a i N v t n n c D e . k i s s t C , y U t R o b R t a a E n l N k C s Y 6 1 1 1 , 6 6 6 6 3 6 3 3 7 2 2 2 1 4 5 2 5 0 1 6 5 . . . . . . . . . 3 3 0 9 1 1 4 8 3 2 6 3 7 6 5 0 0 5 2 2 1 2 4 5 6 0 2 6 5 2 . . . . . . . . . 1 0 1 3 2 4 5 3 3 9 7 5 0 6 2 6 2 7 2 2 2 1 4 4 2 5 2 6 0 4 . . . . . . . . . 2 1 8 8 2 9 2 7 6 7 0 2 3 2 2 0 2 5 M Tr e e m as b u e r r y b d a e n p k o s re it s s e rves 2,4 2 14. . 7 5 0 9 14 . . 6 8 8 6 14 . . 5 8 4 3 15. . 0 4 0 0 14 . . 6 9 7 9 Requ C ir e e n d t ra r l e s r e e r s v e e r s v , e t o c t i a t l y banks , 1 7 3 1 5 4. . 1 1 5 3 1 5 4 . . 1 0 1 8 1 4 3 . . 8 5 0 4 E R E x x e c c q e e u N C s s i s s h e r e w i r r c d e e a Y s s r g e e e o o r r s r v v e k e e r v s s C * e ( s i w ty e ekly average), total*.. 5 4 5 4 5 1 1 3 . . . . . 1 7 0 0 9 0 1 1 2 9 1 1 1 3 . . . . . 0 0 0 0 8 1 6 2 5 0 1 1 1 3 . . . . . 0 0 0 1 7 1 1 7 2 7 P 1 I 3 . . . . . 0 0 1 1 8 1 1 5 3 7 P P 1 I I 3 . . . . . 0 0 0 0 9 7 5 1 1 5 E B x a c l R a e R C n e s c s s e o e e s u r r s e e n v r s d e t v e r u e y r c e v i c b t e f y i r a s t o y , n b m k a b t s o n a b t k n a a s k l n s k s: 1 1 1 7 3 3 3 5 3 i 1. . . . 7 0 3 7 9 1 0 2 5 3 1 1 . . . . 7 2 3 9 0 6 4 2 4 5 3 1 1 . . . . . 2 1 9 5 2 2 4 4 1 3 Reserve city banks 5 .28 .26 .29 .32 .27 Country banks 13 3.70 4.03 27.11 Country banks* 5 .80 .77 .82 P.81 *\ 79 Money in circulation, total 8 26.53 26.75 7.51 Bills of $50 and over 8 7.81 7.57 15.06 MEMBER BANKS IN LEADING CITIES $10 and $20 bills 8 14.29 14.71 4.54 Total—101 cities: Coins, $1, $2, and $5 bills 8 4.43 4.47 Loans and investments 14 63.85 6370 6305 630962.68 U. S. Govt. obligations 14 47.31 47.00 4677 46.7746.46 ALL BANKS IN U. S. D U. e m S. a G nd o v d t e . p d o e s p it o s s i a t d s justed 1 1 4 4 3 1 7 4 . .2 4 2 4 3 1 7 3 . . 5 7 3 8 3 1 7 34 0 1 6 3 1 7 3 4 0 4 5 3 1 7 2 . . 5 2 9 9 T D o e t m al a n d d e p d o e s p i o ts s i a ts n d currency 9 9 P P 1 7 52 6 . .3 7 0 0P P 1 6 6 9 3 . . 1 0 0 0 ^ ^ 1 7 6 2 3 . . 4 7 0 0 Loans 14 13.34 13.39 1298 1301 12.89 Time deposits. , 9 *43.40 P44.20 H5.00 New York City: Currency outside banks 9 P24.'80 ^25.10 P25.50 Loans and investments 15 22.83 2281 2226 222422.03 U. S. Govt. deposits 9 P8.20 P24.60 P20.80 U. S. Govt. obligations, total 15 15.83 1574 15.55 1552 15.38 Bonds 16 9.18 917 916 915 9.17 CONSUMES CREDIT D U In . e t m e S N r B C . a b G i n o e a l d r t l n o t s e i k v s f d i t e . c a d p a n e d o t p e d e s o p s i g t s o s u i s t a i s a t r d s . j s u e s c te u d r ities 1 1 1 1 1 1 5 6 5 5 6 6 1 3 3 5 2 3 . . . . . . 9 2 7 9 7 4 1 1 7 6 6 8 1 3 5 3 2 39 9 4 8 5 1 1 7 1 5 8 9 1 3 5 3 2 3 3 5 4 8 9 1 4 0 3 5 1 5 1 5 3 3 2 3 9 3 5 2 8 1 3 6 4 8 4 6 1 4 3 3 2 3 . . . . . . 8 9 9 1 2 6 : ! 5 5 4 0 Cons S I S C n u e i h n m s r a t v g a e r I l i g r n e l c m e e s p c t e a c a r a n c e r l y m e t c d m d o i c e t i u e r , n t n e n t t d t t s o l i l o t t o , a a a l n t n o s s t al 18, 1 1 1 1 1 1 9 8 8 8 8 9 2 5 1 1 1 . 4 2 7 0 5 2 0 9 6 4 1 9 P P P P n P I l 2 5 . . . . . . 3 7 3 5 6 0 2 5 2 4 5 4 P P * P P I P 1 2 I 5 . . . . . . 7 3 0 5 3 4 5 5 4 3 9 5 T L i o m an e F C s o o d , r m e t p o p m o t u a e s r l r c i t c h s i a a s l ing securities: 1 1 1 5 5 7 5 2 1 . . . 8 2 0 5 0 3 5 2 10 8 2 7 8 1 5 2 1 .5 0 1 1 8 9 5 2 10 5 1 8 2 9 2 5 l. . . 1 4 i; 7 5 Insta A O l u m th to e er n m t o s b a i l l e e credit, total 1 1 1 9 9 9 5 7 1 4 2 8 P P P . . . 5 7 1 3 2 9 P P P . . . 7 5 1 1 2 9 Brokers'—on U. S. Govts 17 1.19 117 108 109 1.11 TREASURY FINANCE Brokers'—on other securities.. 17 .70 73 66 63 .63 TJ. S. Govt. obligations outstanding, Toothers 17 1.22 122 1.08 1.06 .99 total interest-bearing 20 23691 256.77 260.27 Allother 17 .54 55 •52 56 .54 By classes of securities: 100 cities outside New York: Bonds (marketable issues). 20 9238 106.45 107.89 Loans and investments 15 41.03 40.89 40.79 40.8640.65 Notes, cert., and bills 20 7008 74.67 74.99 U. S. Govt. obligations, total 15 31.49 3126 31.22 312631.08 Savings bonds and tax notes 20 5452 56.23 57.14 Bonds 16 15.98 1602 16.05 1608 16.10 Special issues 20 1859 18.81 19.56 Certificates 16 7.64 762 7.55 7.55 7.46 By maturities: N Bi o ll t s e s and guar. securities 1 1 6 6 6 1 . . 4 4 3 4 6 1. 3 2 9 4 6 1 . . 3 2 8 4 6 1 . . 3 2 6 7 6 1 . .1 3 8 5 5 5- 2 y 0 e a y rs e a a rs n d over. .t 2 2 0 0 S 5 3 8 .6 1 0 7 9 6 7 5. . 0 6 4 7 9 6 9 5 . . 1 8 1 9 Demand deposits adjusted 15 23.68 23.62 23.56 23.90 23.99 5-10 years 20 43.65 48.25 48.58 U. S. Govt. deposits 15 8.45 8.20 7.97 7.77 7.34 Within 5 years 20 79.05 83.6S 83.97 Interbank deposits 15 6.64 662 6.79 6.97 6.98 Within 1 year 20 5850 58.19 63.42 Time deposits 15 7.65 7.67 7.73 7.77 7.81 Certificates 20 34.44 34.14 34.47 Ioans, total 15 7.49 7.52 7.46 7.49 7.44 Bills 20 17.05 17.04 17.02 Commercial 17 3.71 3.72 3.73 3.76 3.78 Holdings of U. S. Govt. obligations: For purchasing securities 17 1.70 1.72 1,66 1.65 1.59 Commercial banks 21 <77.40 84.00 Allother 17 2.08 210 2.07 2.07 2.07 Fed. agencies and trust funds.. 21 23.81 24.94 25.66 Federal Reserve Banks 21 20.95 21.79 21.72 Per cent per annum Mutual savings banks 21 8.70 9.60 MONEY RATES, ETC. Insurance companies 21 r20.10 21.70 T T r r e e a a s s u u r r y y n b o il t l e s s (n (t e a w x a i b s l s e u ) e s) 2 2 4 4 1 . . J 1 V 9 6 1 . . 3 1 7 8 5 1 . . 3 1 7 7 5 1 . . 3 1 7 7 5 1 .3 .1 7 9 5 Othe M r a i r n k v e e t s a t b o l r e s , is to su ta e l s 2 2 1 1 r r3 8 3 5 . . 2 90 0 9 4 4 0 . . 7 5 0 0 tJ. S. Govt. bonds: Partially tax-exempt 24, 26 1.65 1.67 1.67 1.69 1.71 Taxable 24, 26 2.36 2.35 2.34 2.36 2.38 Per cent per annum High-grade corporate bonds (5 issues) 26 2.54 2.54 2.56 2.56 2.57 Corporate Aaa bonds 26 2.60 2.61 2.60 2.61 2.62 MONEY RATES, ETC. Corporate Baa bonds 26 3.27 3.27 3.26 3.27 3.28 Corporate Aaa bonds 2.62 2.61 260 F. R. Bank discount rate (N. Y.j] .50 .50 50 In unit indicated Treasury bills (new issues) .375 .375 375 Stock prices (1935-39 « 100), total 27 117 117 116 118 117 R In a d il u r s o t a r d ia l 2 2 7 7 1 1 3 1 6 8 1 1 1 3 7 6 1 1 1 3 7 3 1 1 2 1 9 9 1 12 1 5 8 In unit indicated Public utility 27 108 108 107 107 106 Volume of trading (mill, shares) 27 .88 .71 1.07 1.03 1.15 Stock prices (1935-39 *» 100): BUSINESS CONDITIONS Total 27 118 121 118 W D S E F t r l e h e e e p e o i c O F g l a l t e r r h a t p i s t h t r c m r a m e o c l r p e e d a o n p r u t p w t l h r c o r o a t i e s a i d c n r t o d e o u n i s p f r c n e a r t g ( r o ( s 1 m s s % d 9 a . 2 l ( e a o t 6 ( h s n m f o d = c ( i u 1 l a f l s 9 1 o p . . 3 0 o a k c 5 0 d c w a - ) i 3 r , t . 9 s y t ) h ) o « r t s a . l ) 1 00)... 4 3 4 4 4 4 3 9 7 5 5 9 9 7 4 1 1 9 9 2 , 0 4 8 9 0 1 5 9 3 8 5 . . . . 8 8 7 7 5 6 3 4 1 1 9 9 , 2 0 4 9 8 1 0 9 5 3 6 6 . . . . 9 2 8 1 7 4 7 4 1 1 9 8 , 2 0 3 8 9 1 7 8 5 9 7 7 . . . . 9 5 9 3 7 0 6 3 1 1 1 8 0 2 , 0 9 6 1 2 0 7 5 3 5 2 . . . . 1 5 0 5 9 3 4 1 1 4 1 6 0 2 0 ,1 8 1 9 0 6 5 1 5 8 . . . . 1 9 7 5 6 3 2 V Br o o lu k M C P I R C m e n u u a r o r d e e b i s s n l u d ' t l o r e o i s i o b c y f t m t a a r t u e d b l i e r a x a t o a r i n l t s d r l e c ' r i i n o t e n f y d s w r g e e e e ( d ( d m m c c i r u l i e l l s , l d , t d o i s t I o m h l b a " e l a r " a r e l s r a s s n ) ) . ' : c V e " ." s . 2 2 2 9 2 • 7 > 9 i 9 9 7 • i ? 1, 1 5 7 0 . 1 1 1 9 3 4 0 3 2 8 4 6 2 1 5 0 3 1 1 . , 1 1 1 5 8 2 8 4 0 2 4 2 5 3 4 6 2 3 9 3 1.1 5 8 1 1 1 . 4 9 8 2 1 0 4 1 5 0 4 9 8 0 ng page 954 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK-Cotithwcd C b h o a o r k t 1945 Chart 1945 page book May June July May j June | July MONTHLY FIGURES—Cont. In unit indicated MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS BUSINESS CONDITIONS—Cont. Income payments (mill, dollars):3 Wholesale prices (1926 *» 100): T Sa o l t a a r l i es and wages . 3 3 0 0 1 9 3 , , 4 5 6 4 0 3 1 9 3 , , 4 6 8 9 0 4*1 P9 3 , ,, 3 5 7 6 7 6 T Fa o r t m al products 4 4 9 9 Other. .t 30 4,083 4,214 "4,189 Other than farm and food 49 Cash farm income (mill, dollars): Total 31 1,532 1,551 "1,965 Livestock and products ' 31 986 974 P933 Crops 31 468 5S5 P932 Govt, payments 31 78 22 "100 QUARTERLY FIGURES Armed forces (mill, persons) '.[[.'. 32 12.2 12.3 12.3 Civilian labor force (mill, persons): MONEY RATES Total 32 52.0 53.1 53.8 Bank rates on customer loans: Male 33 33.8 34.4 34.9 Total, 19 cities 23' Female 33 18.2 r18.8 18.8 New York City 25 Unemployment 32 ..7 1.1 1.1 Other Northern and Eastern cities 25 Employment 32 51.3 r52.1 52.7 Southern and Western cities 25 Nonagricultural 33 43.4 r43.0 43.5 Industrial pr A o g d r u i c c t u i l o t n u : r 3 al 33 8.0 9.1 9.1 SECURITY MARKETS fn millions of dollars Total (1935-39 = 100) 35 r225 220 "211 Corporate security issues: Groups (points in total index): Net proceeds: N D o u n ra d m ur e a b m le a n m uf a a n c u t f u a r c e t s u res 3 3 5 5 r1 r8 2 1 2 . . 0 5 1 8 1 1 6 . . 0 7 "1 "7 1 8 0 . . 8 6 A In l d l u is s s t u ri e a s l 2 2 8 8 1,2 2 1 3 4 3 7 20 0 1 8 1,2 4 0 0 7 1 Minerals 35 21.0 21.9 "21.8 Railroad 28 170 227 435 New orders, shipments, and inventories (1939 » 100): Public utility 28 766 248 351 New orders: New money: Total 36 258 P258 All issues. 28 201 111 243 Sh t i p D m u e r n a t b s l : e 36 351 I R n a d il u r s o t a r d ia l 2 2 8 8 142 5 7 1 8 2 1 3 8 2 4 Total 36 269 P268 Public utility 28 12 2 13 Durable 36 361 "355 Nondurable , 36 205 "208 1944 1945 Inventories: Total 36 163 P163 Durable 36 189 Dec. Mar. June Nondurable 36 140 30 20 30 Factory employment and pay rolls (1939 = 100): CALL DATE FIGURES Pay rolls 38 302.7 298.3 In billions oj dollars Employment 38 151.4 148.4 "143.5 ALL MEMBER BANES Hours and earnings at factories: Weekly earnings (dollars) 39 r46.01 46.35 Loans and investments, total 10 915790.5299.43 Hourly earnings (cents) 39 104.3 103.9 U. S. Govt. obligations, total 10 676967.92 73.24 N Co o d n n o M T T T R O H T s G C a l t l g r r o o e r t o a o o a a a h u r s t t r n u v n i n d a a s i e c c s e r d u l ) l e s r t s t u r i e f p r : n o l * a u n w o t m n c u c t r o t i t r t e u a i c r a a n o l k r o t l i t n e i n n o d e t g n m r a ( p a p a c n l e t n o s d r d y w m ( m u 3 e t e i m i e n n l k i i t o n t ) i , g ( e m m s i o l v l, ; i n p g e r a s v o e n r s a ) g :1 e, m • i l • l. — 4 4 4 4 4 4 4 4 4 3 0 0 0 0 0 0 1 1 1 9 4 3 1 3 0 6 2 2 4 7 7 5 3 3 0 . . . . . . . 8 8 0 1 7 1 8 6 7 1 4 3 1 0 6 3 2 4 7 7 1 5 4 0 . 6 . . . . . . 8 8 0 5 6 0 3 1 6 5 " " " 3 1 P " " " " 1 2 7 0 " 3 7 4 S 4 8 3 . . . . . . 1 9 8 1 9 9 4 7 1 Dem O L a o t n h a d e n N G B S O A B R B C C r s d t i o o e e o u r t g , a e s l h o r a n m t a r l e p t t t s e e l i k e d r o i c o c r s m a f e s e t u u s i a n a r e s s c r i l s l n t t e i t r a t ' s e t a u c d c t i e e t i r u e a e d a s l a s r d o l l , i j c o t u i t a b e o s l l s t t i g e a g d o l a v t e io rn ns m ent obligations 1 1 1 1 1 1 1 1 1 1 1 1 I I 1 0 0 0 1 1 1 I I 1 1 1 1 1 3 5 1 I 1 5 3 2 2 3 7 7 1 3 1 4 4 S . . 9 9 8 6 2 3 7 5 2 3 9 7 2 1 5 1 8 0 0 3 6 3 1 5 3 1 4 3 < ( < < < < ( ( ( 1 * • * • * « 2 * 2 * 7 0 ) > ) . . ) ) ) ) ) 9 3 4 2 1 9 9 0 2 7 4 2 1 1 5 5 0 2 3 3 2 7 2 0 4 5 9 1 . . . . . . . . . . . . . . 2 6 6 1 2 1 0 5 7 5 5 5 1 1 7 0 3 0 5 0 0 3 2 8 9 3 3 3 Residential contracts (mill, dollars):' Cl Total 42 42 37 43 P P u ri b v l O 1 a ic - t t e h a , e n r t d o t 2 a - l f amily dwellings 4 4 4 4 2 2 2 2 2 2 1 6 8 2 4 3 2 6 7 9 1 3 2 9 8 9 Cent L r o al a n r U s e . s a e S n r . v d G e i o n c v v it t e y . s C o t b L m b A a l e n S i n S g k E t a s s S : t , i o O t n o F s t a B l AKES 1 1 2 2 2 2 9 1 . . 4 0 5 9 2 2 7 0 9 4 5 1 3 2 1 1 . . 4 6 9 2 Frei T gh o t t a c l a r ( l 1 o 9 a 3 d 5 i - n 3 g 9 s : = * 100) • 4 3 , 140 140 139 O Lo th a e n r s securities 1 1 2 2 6 1 . A 9 \ 4 6 1 . 4 07 7 8 1 . . 3 5 2 5 Grou A M C p o l i s l s a o c l ( e t p h l o l e a i r n n e ts o u in s total index): « f g , 3 2 8 1 6 2 . . . 0 9 6 3 2 7 9 0 9 . . . 7 4 7 2 8 2 9 0 9 . . . 2 6 0 Rese T L D r o i v e m e a m n e c a s i n d t a d y e n p d d b o e a s i p i n n t o k s v s s e i : s ts t m a e d n ju ts s , t e t d o tal 1 1 1 2 2 2 3 1 1 3 7 . . . 6 0 6 0 3 3 3 1 1 3 8 4 6 7 5 0 3 3 1 6 1 7 . . 5 7 8 7 9 0 Department stores (1935-39 = 100):« r188 r202 218 U. S. Govt. obligations 12 25.042530 27.52 S S a to le c s k s * u } 165 181 190 O Lo th a e n r s securities 1 1 2 2 6 1. . 7 8 4 2 6 18 3 0 5 7 1 . . 1 8 5 9 Exports and imports (mill, dollars): PI,137 mi Demand deposits adjusted 12 20.2721.74 20.6S Exports. J° *>35O P353 Time deposits 12 7.79 828 8.76 Excluding Lend-Lease exports J° *>372 P357 Country banks: Excess of exports excluding Lend-Lease exports.... 46 P-23 P-4 Loan U s . a S n . d G i o n v v t e . s o tm bl e ig n a ts t , i o t n o s t al ; 1 1 3 3 2 2 1 S. .5 5 5 22 2 9 2 . . 1 2 3 0 3 2 1 4 . . 3 0 7 9 Cost A F o o f ll o l d i i t v e i m ng s (1935-39 = 100): AX }i 1 1 14 3 2 4 8 8 . . . 6 8 1 1 1 1 4 2 45 1 9 . . . 4 1 0 1 1 1 2 4 4 9 1 5 . . . 4 7 7 Dem O L a o n th a d e n r s d e s p e o cu si r t i s t i a es d justed 1 1 1 3 3 3 1 4 2 9. . . 9 9 0 6 1 6 2 4 2 0 . . . 8 1 5 1 2 42 2 5 0 . . . 1 1 6 1 6 6 Clothing •'' Vj 108.3 Time deposits 13 9.90 10.5411.26 Rent • 4' * Adjusted for seasona 955 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures for last date shown are preliminary] Commercial banks Mutual savings All Member banks Nonmember banks1 • banks banks Total Total National me S m ta b te er Total Insured2 in N su o r n e - d2 Insured i m n N su o r n e - d Banks (Head Offices) December 31 1933 15,029 14,450 6,011 5,154 '857 8,439 439 579 December 31, 1934. . . .. . .. 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 December 31, 1941 14,825 .14,277 36,619 5,117 '1,502 7,661 6,810 851 *52 496 December 31 1942 14 680 14,134 36,679 S,081 31,598 7,458 6,667 791 356 490 December 31, 1943 14,579 14,034 '6,738 5,040 31,698 7,299 6,535 764 •184 361 December 31, 1944 14,535 13,992 86,814 5,025 31,789 7,181 6,452 729 3192 351 June 30 1945. . . 14,543 14,001 36,840 5,015 '1,825 7,164 6,440 724 »192 350 Branches and Additional Offices1 December 31 1933 . . .... 2,911 2 786 2,081 1.121 960 705 705 r15 December 31, 1934 3,133 3,007 2,224 1,243 981 783 5783 8126 December 31, 1941 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 December 31, 1942 3 739 3,602 2,615 1,592 1,023 987 935 52 35 102 December 31, 1943 3,933 3,797 2,793 1,741 1,052 1,004 952 52 95 41 December 31 1944 .... 4 064 3 924 2,892 1,813 1,079 1,032 978 54 99 41 June 30, 1945 4,122 3,979 2,940 1.851 1,089 1,039 984 55 101 42 Bank Changes Jan. 1-June 30,1945 Increases in number of banks: Primary organizations (new banks)6 +51 +51 +8 +4 +4 +43 +38 +5 Decreases in number of banks: Consolidations and absorptions -35 -34 -18 -14 -4 -16 -14 -2 -1 Voluntary liquidations7 -8 —8 -2 -2 -6 -3 -3 Inter-class bank changes: Conversions- National into State —4 +4 +4 State into national +4 +6 —2 -4 —4 Federal Reserve membership8 Admissions of State banks +40 +40 -40 -39 -1 Withdrawals of State banks -2 —2 +2 +2 Federal deposit insurance9 Admission of State banks +5 —5 Withdrawals of State banks +1 Net increase or decrease in number of banks +8 +9 +26 -10 +36* -17 -12 -5 -1 Branch Changes Jan. 1-June 30,1945* Increases in number of branches: De novo branches +30 +28 +17 +13 ft +11 +9 +2 +2 Banks converted into branches +16 +15 +13 +10 +2 +2 +1 Decrease in number of branches: Branches discontinued -8 -8 -3 -3 -5 -1 Inter-class branch changes: From national to State member -1 i\ From nonmember to State member +1 —1 —i Banking offices at military reservations: Established +33 +3$ +30 +23 +7 +3 +3 Discontinued -13 -13 -10 -3 -3 Net increase or decrease in number of branches and additional offices +58 +55 +48 +38 +10 +7 +6 . +1 +2 +i 1 Includes unincorporated (private) banks. 8 Federal deposit insurance did not become operative until /an. 1, 1934. mber mutual savings banks which became members 6 Separate figures not available for branches of insured and noninsured banks, 8 Exclusive of newbanks organized to succeed operating banks. 7 Exclusive of liquidations incident to the succession, conversion, and absorption of banks are i w f f i ^^ ^^ ^ StatC bank members' or vice versa« Such «W« do not affect Federal Reserve membership; they » Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa Such changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "inter-class bank changes.'' Back figures-See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text pp 13-14 enanges,. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments. 958 Gold production 959 Gold movements 959 Net capital movements to United States since January z, 1935 960-974 Central banks ....-• • 975"978 Money rates in foreign countries 919 Commercial banks 9^o Foreign exchange rates 9Sl Price movements: Wholesale prices • 98i Retail food prices and cost of living 983 Security prices * • • •: 9 3 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 tie most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the Uni ted States in accordance witn the Treasury Regulation of November iz, 1934. Back figures for all ex cept price tables, together with descriptive text, may be obtained from the Board's publication, Ban king and Monetary Statistics. 957 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U St n a i t t e e s d g t A i e n n r- a - 1 g B iu el m - Brazil B I r n i d ti i s a h Canada Chile lom Co b - ia Cuba C v z s a e lo k c - h ia o- m D a en rk - Egypt France m G a er n - y Greece 1933—Dec 14,512 431 581 32 274 192 30 24 83 53 55 2,430 29 27 1 19 9 4 3 0 9 — — D D e e c c. . 2 1 1 7 , , 9 6 9 4 5 4 3 4 5 6 3 6 6 73 0 4 9 4 5 0 1 2 2 7 7 4 4 2 2 1 7 4 3 3 0 0 2 1 1 7 1 1 5 5 8 6 5 5 2 3 5 5 5 2 2 2 , , 0 70 0 9 0 2 2 9 9 2 2 8 8 1941—Dec 22,737 354 734 70 274 5 30 16 1 61 44 52 2,000 29 28 1942—Dec 22,726 J658 735 115 274 6 36 25 16 61 44 52 2,000 29 28 1943—Dec 21,938 *939 734 254 274 5 51 59 46 61 44 52 2,000 29 28 1944—Aug 20,926 408 734 298 274 5 56 88 91 61 44 52 28 Sept 20,825 409 298 274 5 56 89 101 61 44 52 28 Oct :. 20,727 • 409 313 274 6 56 90 101 61 44 52 28 Nov 20,688 409 314 274 5 56 91 101 61 44 52 28 Dec 20,619 11,111 329 274 6 56 92 111 61 44 52 1,777 29 28 1945—Jan 20.550 409 '"732"* 330 274 7 57 94 121 61 44 52 1,777 28 Feb 20,506 409 732 340 274 6 57 95 126 61 52 1,777 28 Mar 20,419 409 715 341 274 5 57 97 131 52 1,777 28 Apr 20,374 409 715 341 274 6 57 99 141 52 1,777 28 May 20,270 409 714 342 274 4 57 100 151 52 1,777 June 20,213 409 713 6 102 166 52 July 20,152 409 712 7 103 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 ay r- Peru Poland Po g r a t l u- R n um ia a- A So fr u i t c h a Spain 1938—Dec 37 26 193 164 80 29 998 23 94 20 85 69 133 220 »525 1939—-Dec 24 26 144 164 90 32 692 23 94 20 *84 69 152 249 1940—Dec 24 26 120 164 140 47 617 23 484 20 59 158 367 1941—Dec .... 24 26 6164 235 47 575 23 21 59 182 366 42 1942—Dec 24 34 4216 39 506 23 25 59 241 634 42 1943—Dec. 24 92 203 500 23 31 60 316 706 91 1944—Aug 24 115 • 220 500 23 34 60 778 104 Sept 24 *>115 220 500 23 32 60 785 104 Oct 24 P125 221 500 23 32 60 796 104 Nov 24 ^127 222 500 23 32 60 811 104 Dec PI 28 222 500 23 32 60 814 105 1945—Jan P128 222 500 23 30 60 829 106 Feb P128 221 500 23 30 60 834 106 Mar 220 23 30 60 848 108 219 23 30 60 851 109 May 219 23 30 60 865 231 23 28 60 878 July 230 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 a g vi o a - B.I.S. c O t o r t i u h e n s e - 6 r End of month United U K n i i n t g e - d France Bel- States dom gium 1938—Dec 321 701 29 2.690 69 52 57 14 166 1938—Dec... . 80 2759 331 44 1939—Dec 308 549 29 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 17 1940—June... 86 17 1944—Aug 449 1,029 221 1 148 110 39 244 Dec. ... 48 292 17 Sept 454 1,033 221 1 149 110 39 244 1941-June... 89 17 Oct 456 1,029 221 149 110 39 244 Dec 25 4151 17 Nov 462 1,040 221 151 125 36 244 1942-June... 8 17 Dec. 463 1,052 221 157 130 37 245 Dec 12 17 1945— M MF A Ja e n a a n b r y r 4 4 4 4 4 7 7 7 7 7 2 7 4 5 0 P P ^ P P 1 I I I i , , , , , 0 0 1 0 1 7 6 0 5 0 2 1 5 8 3 2 2 2 2 2 2 2 2 2 2 1 5 5 1 5 1 1 1 1 1 1 6 6 5 6 7 4 6 9 8 3 1 1 1 1 1 3 4 4 6 6 0 7 7 1 1 3 3 3 3 3 7 7 7 9 9 2 2 2 2 2 4 4 4 4 4 5 6 6 6 7 1 1 9 9 4 4 3 4 - - J D M J S u u e e a n n c p r e e t . . . . . . . . . . . . . . . 4 1 2 1 2 3 1 1 4 5 1 1 1 7 7 7 June 478 PI, 069 1 175 176 39 247 Dec... 12 July 478 PI,073 1 176 247 1945--Mar.... 32 P Preliminary. 1 Figures through March 1940 and for December 1942, December 1943, and December 1944 include, 1 Reported at infrequent intervals or on dein addition to gold of the Central Bank held at home, gold of the Central Bank held abroad and gold layed basis: U. S.—Exchange Stabilization Fund belonging to the Argentine Stabilization Fund. (Special A/c No. 1); U. K.—Exchange Equali- 2 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- zation Account; France—Exchange Stabilization trol Board. Gold reported since that time is gold held by Minister of Finance. Fund and Rentes Fund; Belgium—Treasury. 4 3 F F i i g g u u r r e e s f o re r l D at e e c e t m o b la e s r t 1 o 9 f 3 fi 8 ci a is l t r h e a p t o o rt f fi d ci a a t l e ly s f re o p r o t r h t e ed r e o sp n e A ct p iv r e . 3 c 0 o , u 1 n 9 t 3 r 8 ie . s, as follows: Java- 2 3 F R i e g p u o re rt e f d o r f i e g n u d re o f f o r S t e o p t t a e l m B b r e it r i . sh gold reserves on Jan. 5 6 3 T F 1 i h ,1 g e 9 u s 4 e re 2 c ; f o o u N r n F o tr e r i b w e r s a u a y a r - r e y M : a 1 A 9 r l 4 . b 1 a ; 3 n b 0 i e , a 1 g , 9 i A n 4 l n 0 g i ; e n P r g i o a M , l a A a n r u d . s - 2 t J r 9 a u ,1 l l i 9 y a 4 , 1 3 A , 1 g u ,1 o s 9 t l r d 3 i a 9 r ; e t Y h se r u o rv g u e g o s h s n l M o a v l a o i r a n . - g 7 F e , r 1 e r 9 b e 3 . p 2 8 o , 8 r B , t 1 e e 9 d l 4 g s 1 ia e . n p a C r o at n e g l o y , . l A a u n * g d . F o 3 ig n 1 u , t 1 r h e 9 a 3 t f 9 o d , r a le t S s e e s . p r t e . p o 1 r ,1 te 9 d 4 1 h . oldings of Bank of Eng- Bolivia, Bulgaria, China, Costa Rica beginning July 1943, Danzig through Aug. 31,1939,Ecuador, El Salvador,Estonia, Finland, Guatemala, Iceland, Ireland beginning February 1943,Latvia, Lithuania, NOTE.—For available back figures and for details Morocco, and Thailand (Siam). Figures for certain of these countries have been carried forward regarding special internal gold transfers affecting from last previous official report. the British and French institutions, see Banking » Gold holdings of Bank of England reduced to nominal amount by gold transfers to British and Monetary Statistics, p. 526, and BULLETIN foi Exchange Equalization Account during 1939. February 1945, p. 190: 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. 958 FEDERAL RESERVE BULLETINS 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 Year or month production Total 1 Africa North and South America Other U o . u S t . s S i . d R e .1 monthly I S A o f u ri t c h a d R e h s o i - a A W fr e ic s a t * B C e o l n g g i o a 3 n U St n a i t t e e s d * Canada*Mexico6 Co b l i o a m- Chile N g ic u a a r 7 a- Au l s ia t 8 ra- I B I r n it d i i s a h * */ = ;5a\ grains of sold ft fine; i.e.,an ounce tj fine god - $35 1934 823,003 708,453 366,795 24,264 12,153 0,549 108,191 104,023 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 K68 31,240 11,468 1936 971,514 833,895 396,768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40,118 11,663 1937 1,041,576 893,384 410,710 28,296 20,784 8,018 168,159 143,367 29,591 15,478 ' 9,544 818 46,982 11,607 1938 1,136,360 958,770 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939 1,208,705 1,020,297 448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940 1,297.349 1,094,264 491,628 29,155 32,163 * 8,862 210,109 185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941 1,288,945 1.089,395 504,268 27.765 32.414 209,175 187,081 27,969 22,961 9,259 7.525 51,039 9,940 1942 968,112 494,439 26,641 29,225 130,963 169,446 fi30,000 20,882 6,409 8,623 42,525 8,960 1943 738 471 448 153 23 009 19 740 48 808 127 796 1<> 789 6 081 7,715 28 560 8 820 1944 663,960 429,787 20 746 18 445 35,778 101,980 19,374 7 131 7,865 16,310 6,545 1944—July 55,938 36,430 1.763 1,400 3,018 8,247 1,901 911 590 1,295 385 Aug.,..... 57,286 37,022 1,732 1,470 2,838 8,290 2,044 604 625 2.100 560 Sept. ... 54,885 35,810 1,724 1,540 3,087 8,274 1,421 523 615 ,365 525 Oct 54 521 35,821 L,714 1,575 2,922 8,051 1,370 560 653 ,295 560 Nov. 53,734 35,270 1,680 1,575 3,033 7,809 1,380 555 613 ,260 560 Dec 53,446 34,836 1,733 1,610 2,828 8,012 1,162 506 765 ,470 S25 1945—Tan 55,199 36 216 1,674 1,610 2,463 8,166 1,882 486 672 ,470 560 Feb 50,782 33,698 1.610 1,575 2,342 7,432 1,379 372 590 L,260 525 Mar 54,703 36,458 1,686 1,610 2,446 8,004 1,382 542 615 ,365 595 Apr 54,096 35,937 1,718 1,610 2,328 7,831 1,836 526 560 ,??•» 525 ^53 976 36 073 •^1,718 1 575 2,563 7,614 1,736 '526 631 1,190 350 y...,. ^53,238 35,800 '1,718 1,575 2,516 7,426 1,460 '526 574 ,795 350 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes, irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production Is follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. p Preliminary. ' Figure carried forward. jAnn •"" estimates of American Bureau of Metal Statistics, those for 1944 having been revised by adding to each monthly figure $59 421 so that aggregate tor the year is equal to annual estimate compiled by Bureau of Mint in cooperation with Bureau of Mines. J 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 ooff ttoottaall pprroodduuccttiioonn 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-Decembcr 1943 they ' t totagl gA ustralia; beginning, Jagn uary 1944, Westpe rn Ausytr alia only. For the period December 1941Decembcr 1943 they 'represent 9 9 to B Bta e l g i i Ai n n u i s n tr g Ma l M i a; a y b1 e9 1 g4 9 i0n 4 0 ni , n f g ig Jf u ia r n es u a a r ry e th t 1 h 9 o 44 s , e W re e p s o tte r d t r e n d b A b uA y s t A rrai m l i e a r i o c n a Bl n y . Bureau f M of M tl eta S l tt S i t t a i tistics. NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235* and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these ana other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: Total Other Y m e o ar n t o h r im n p e o t rts U K d n o i i n m t g ed - France g B iu e m l- N l e a t n h d e s r- S d w en e- S er w la i n tz d - Canada Mexico c A a L n m a t e R i r n e i- - I r s h p l i a i l n n i e p d - 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 publics 19341.... 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30.270 28,153 12,038 1,029 76,820 1935 1,739,019 315,727 934,243 3 227,185 968 95,171 13,667 29,359 15,33S 3,498 75,268 1936 1,116,584 174,093 573,671 3,351 71,006 2 7,511 72,648 39,966 30,790 21,513 23,280 77,892 1937 1,585,503 891,531 -13,710 90,859 6,461 6 54,452 111,480 38,482 39,485 25,427 34,713 181246,464 50,762 1938 1,973,569 ,203,728 81,135 15,488 163,049 60,146 1,363 76,315 36,472 65,231 27,880 39,162 401168,740 16,159 1939 3,574,151 ,826,403 3,798 165,122 341,618 28,715 86,987 612,949 33,610 57,020 35,636 74,250 22,862 165,605 50,956 1940 4,744,472 633,083 241,778 977 63,260 161,489 90,3"2-0 2i.622,330 29.880 128,259 38,627 103,777 184.756 111,739 49,989 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 61,862 42,678 67,492 292,893 9,444 9,665 1942 315,678 1,955 5 208,917 40,016 39,680 321 528 4,119 129 1943 68,938 88 66,920 -3,287 13,489 152 307 1944 -845,392 695,483 46,210 -109,695 -108,560 199 3,572 1945 Jan 710 375 263 -127 155 Feb 1,912 375 248 1,002 102 ISO Mar -19,149 29 353 202 -19,829 74 12 Apr...... 2,398 552 554 1,052 6 229 J M Ju u a n l y e y..... - - - 8 1 6 3 8 , , , 9 7 2 7 5 6 9 8 6 4 2 2 8 1 8 1 8 4 11,5 3 2 2 1 6 4 5 8 -13 1 1 , , , 7 8 5 1 8 0 5 3 0 2 2 7 2 0 1 5 B — » - 8 2 5 6 0 , , , 1 5 1 9 8 5 9 9 2 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Tnrlude<? $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. s 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, S20 581000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000 from other countries. * Includes $44,920,000 from U.S.S.R. and $18,151,000 from other countries, s Includes 584,270,000 to China and $1,883,000 to other countries. ^ ^ ^ ^ ^ ^ Z S ^^ US. PP. 539-541, and fo, description of statistic,, seep. 524 in the same publication. 959 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 TABLE 1.-TOTAL CAPITAL MOVEMENT, BY TYPES [Net movement from United States, (—). In millions of dollars] Decrease Foreign Domestic Increase in foreign banking in U. S. securities: securities: Inflow in From Jan. 2, 1935, through— Total funds in U. S. ba fu n n k d in s g o R f e U tu . r S n . In f f o l r o e w ig n of b b r a o l k a e n r c a e g s e Total Official1 Other abroad funds funds 1935— J D S M u e e n a p c r e t . . . ( ( ( ( J J A O u a p l n c y r t . . . 1 3 2 3 , ) ) ) 1936). 1,4 2 6 8 5 1 9 1 9 6 9 2 . . . . 5 0 4 5 2 3 6 5 5 1 0 7 0 3 3 . . . . 7 7 8 3 - - 2 4 6 9 . . 0 . 5 . 1 8 3 2 S 5 5 0 9 9 3 7 5 . . . . 5 7 7 2 3 3 3 1 1 8 6 5 2 8 1 5 . . . . 8 0 6 4 1 3 4 4 2 1 3 0 5 . . . . 8 7 1 2 . 3 - 9 1 1 6 0 5 6 .2 . . . 3 8 7 2 2 2 6 9 1 9 . . . . 1 8 8 0 1936-Mar. (Apr. 1). 1,511.1 578.4 44.4 534.0 390.3 114.4 427.6 A June (Julyl). 1,949.2 779.0 35.9 743.1 449.0 180.5 524.1 16.5 Sept. 30 2,283.3 898.5 37.4 861.1 456.2 272.2 633.3 23.2 Dec. 30 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Mar. 31. 2,931.4 1,121.6 62.8 1,058.8 411.0 319.1 1,075.7 4.1 June 30. 3,561.9 1,612.4 215.3 1,397.1 466.4 395.2 1,069.5 18.3 Sept. 29. 3,911.9 1,743.6 364.6 1,379.0 518.1 493.3 1,125.1 31.9 Dec. 29., 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,207.2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 Tune 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 3U.4 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940). 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 1,112.3 1,980.5 773.6 793.1 987.0 . 101.6 Dec. (Jan. 1,1941). 5,727.6 3,159.0 1,200.8 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2). 5,526.5 3,148.8 1,307.7 1,841.0 767.4 812.7 701.8 95.9 June (July 2). 5,575.4 3,193.3 1,375.1 1,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1).. 5,510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,230.7 2,856.2 1,053.7 1,802.6 791.3 855.5 626.7 100.9 1942—Mar. (Apr. 1) . 5,082.4 2,684.0 932.0 1,752.0 819.7 849.6 624.9 104.3 June 30« 5,495.3 3,075.9 1.211.7 1,864.2 842.3 838.8 632.0 106.2 Sept. 30 5,654.9 3,212.6 1,339.1 1,873.5 858.2 830.5 646.1 107.5 Dec. 31 5,835.0 3,320.3 1,412.0 1,908.3 888.8 848.2 673.3 104.4 1943—Jan. 31 5,907.7 3,471.1 1,536.6 1,934.5 889.8 761.3 678.5 107.0 Feb. 28 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 31 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. 31 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. 30 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. 36 7,797.3 '4,958.2 *2,588.9 32,369.2 "844.7 1,061.6 802.5 3130.4 f a o n r d eI e i' c g« m o : ni i " n u e " n a t r a n ls a U m b es lh ; b h e m ri e n n n U in , ? e w t i c th .f the new g se o r v ie e s rn c m om en m ts e n a c n i d n g th w ei i r t h a g t e h n e c m .e o s n ( t . h n c o lu f d J i u n l g y o 1 f 9 fi 4 c 2 ia , l a p ll u r t c o h d a s s i h n e g l d m w is i s t i h o n b s t , i t k ra s d a e n a d n b d a n sh k i e p pin in g t m hT is u st n o U ns e , d d S ^ ? o a m teS a t b i y c iiuwcvci ,s un-uin^icic aun-c it la^cs mioattouni omy certain signmcani movements known to have occurred on July 1.' , , 3, footnote 3; and Table 5, footnote 2.) Subsequent figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, •. 30, in millions of dollars: total foreign banking funds in United States, 5,624.0, including official funds, 3,226.5, and other inking funds abroad 290.8; and brokerage balances (net due "foreigners"), 53.5. reported by banks, bankers, brokers, and dealers. For back figures through December 1941, i i. 574-637, and for full description of statistics see pp. 558-560 in the same publication. 96O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES-Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, l935-Gw*//«*f</ TABLE 2,-TOTAL CAPITAL MOVEMENT, BY COUNTRIES [Net movement from United States* (—). In millions of dollars] From Jan. 2, 1935, through— Total U K d n i o i n t m e g d - France K l e a t n h d e s i Sw la it n z d ei m G a e n r- y Italy E O u t r h o e p r E T u o r t o a p l e Canada A L m at c i r n i- Asia1 ot A he ll r1 1935-M J D S u e e a n p c r e t . . . ( ( ( ( J J A O u a p l n c y r . t . . 1 3 3 2 , ) ) ) 1936). 1,4 6 8 2 1 1 5 9 6 9 2 9 . . . . 3 3 5 1 7 0 5 4 9 7 4 0 , . . , 2 1 1 2 1 0 1 5 0 0 4 . . . 1 . 2 4 0 1 4 8 1 2 8 9 4 . . . . 7 3 0 5 1 6 2 3 7 9 7 0 . . . . 4 8 7 4 3 3 1 3 6 3 5 . . . . 3 6 3 0 - 2 1 2 7 . 4 . . . 3 6 0 1 8 4 3 3 4 9 5 0 . . . . 5 1 0 2 1,2 2 5 7 0 6 1 5 0 7 3 9 . . . . 6 8 2 9| - - - < 2 2 1 ) 0 1 0 . . . 4 4 5 3 6 7 2 8 5 0 7 . . . . 4 3 9 3 1 9 2 2 1 0 9 8 8 . . . . 0 4 9 3 1 1 4 4 7 2 . . . . 7 4 8 7 1936— D J S M u e e n a p c e r t . . . 3 3 ( ( J 0 0 A u , . . l p . y ' r . 1 1 ). ). 2 2 1 1 , , , , 6 5 9 2 0 1 4 8 8 1 9 3 . . . J 4 8 5 6 7 2 8 6 8 9 2 0 0 . . . . 2 2 2 2 0 9 2 4 1 9 1 0 . . . . 9 5 7 0 2 1 1 1 2 9 9 2 9 5 8 5 . . . . 7 0 2 0 3 2 2 1 3 9 4 7 5 7 7 3 . . . . 5 6 5 0 8 4 3 7 3 7 3 6 . . . . 2 1 9 4 4 2 2 2 5 8 0 2 . . . . 6 7 5 3 ; , 2 1 1 1 2 9 5 3 8 7 9 9 . . . . 5 2 5 2 2 1 1 1 , . , , 0 5 7 2 9 5 7 7 6 1 4 6 . . . . 9 3 6 3 J 1 - 1 2 5 3 1 6 0 8 .5 . . . 5 0 5 2 1 1 1 0 6 4 0 1 1 3 3 . . . . 2 7 5 ] 1 1 1 1 2 9 6 8 5 8 4 6 . . . . 8 4 0 0 1 ! 2 1 1 6 1 3 3 . . . . 8 4 7 9 1937— J S M u e n a p r e t . . 3 2 3 0 9 1 3 3 2 , , , 5 9 9 6 1 3 1 1 1 . . .4 1 1 , , 0 1 9 7 0 2 8 5 7 . . . 3 3 3 4 3 0 3 8 8 . . . 5 1 9 3 3 2 5 9 6 6 0 7 . . . 7 8 1 6 3 7 1 6 3 9 3 7 . . . 9 5 7 1 1 1 0 2 0 7 7 3 . . . 6 3 5 3 2 2 4 1 7 . . . 4 7 0 3 3 2 0 5 5 3 8 8 . . . 5 1 9 3 2 2 , , , O 8 2 3 6 S 1 5 3 . . . 5 2 1 1 1 4 7 3 2 5 1 . . . 0 9 1 1 ] 4 3 3 0 8 3 1 7 6 . . . 5 9 6 , 2 1 1 2 7 9 1 0 4 . . . 4 4 4; 2 2 1 3 3 7 . . . 7 1 2 Dec. 29 3,410. 993. 281.7 311.9 607.5 123.9 22.1 312.2 2,653.0 106.3 41O.6J 224.6| 15.9 1938-Mar. 30 3,207.2 938. 266.4 260.2 544.1 125.8 15. 315.3 2,465.8 134.7| 400.3; 187.7 18.8 June 29 3,045.8 889. 237.4 266.0 484.1 137.7 21.4 313.4 2,349.7 124.1 412.0 140.5 19.5 Sept. 28 3,472.0 983. 308.7 298.2 504.3 131.5 20.6 434.5 2,681.1 124.8 442.9 186. 37.1 Dec. (Jan. 4, 1939) 3,844.5 1,183. 339.6 328.6 557.5 140.5 32. 472.0 3,054.2 155.3 384.6 214.2! 36.2 1939—Mar. 29 4,197.6 1,203. 366.8 383.6 587.6 150.2 24.7| 536.8 3,252.9 185.1 443.5 269.4 46.8 June 28 4,659.2 1,360. 439.7 401.0 599.2 149.5 29.5, 604.2 3,583.3 230.5 500.2 289.4 55.8 Sept. 27 5,035.3 1,368. 459.6 448.4 671.1 151.1 32.9| 686.0 3,817.2 260.9 528.0 356.3 72.9 Dec. (Jan. 3, 1940) 5,021.2 1,101. 468.7 470.3 773.0 165.9 58.0 752.9 3,790.1 229.4 483.4 431.0 87.4 1940—Mar. (Apr. 3). 5,115.9 964.8 468.3 469.5 857.8 167.5 83.6 865.7 3,877.21 213.3| 520.7 434.7 70.1 June (July 3) 5,440.7 963.6 681.4 459.6 876.8 171.4 66.3 885.3 4,104.5 230.1 579.2 451.3 75.7 Sept. (Oct. 2) 5,748.1 946.7 683.0 457.9 884.4 176.3 84.6 934.0 4,167.0 387.3 603.8 506.5 83.6 Dec. (Jan. 1, 1941). 5,727.6 865.2 670.3 455.6 911.5 175.9 55.4 922.7 4,056.6 411.7 606.8 562.3 90.2 1941—Mar. (Apr. 2). 5,526.51 716. ?| 665.4 471.0 883.6 177.1 47.4 898.1 3,859.3 394.9 623.7 547.0 101.7 June (July 2). 5,575.4' 696.1 670.5 456.7 886.6 177.6 47.0 883.6 3,818.2 400.4 659.5i 579.7 117.6 Sept. (Oct. 1). 5,510.3 694.0 654.7 451.0 836.3 178.8 50.1 935.1 3,799.8 407.6 606.0 580.1 116.7 Dec. 31 5,230.7 674.1 639.9 464.4 725.7 179.9 50.5| 891.8 3,626.3 340.5 567.5 567.7 128.6 1942—Jan. 28 5,163.7 645.5 638.4 460.7 690.5 180.2 51.1 901.4 3,567.8 336.9 565. 557.5 136.4 Feb. 25 5,069.0 614.7 634.3 461.1 650.0 179.0 51.2 863.4 3,453.7 329.7 587.1 565.3 133.2 Mar. (Apr. 1). 5,082.4 652.3 631.6 457.4 596.5 179.0 46.8 843.8 3,407.5 379.0 605.0 561.4 129.5 Apr. 29 5,309.6 628.1 631.3 467.2 597.6 179.0 46.8 838.4 3,388.3 379.3 627.3 774.3 140.4 May (June 3). 5,413.4 689.2 629.6 476.7 598.8 179.0 47.4 821.2 3,441.8 347.8 696.5 780.3 147.0 • June 30. '5,495.3 '713.5i 631.2 477.8 598.7 178.8 47.5 825.4 '3,472.9 362.3 729.0 784.7 146.3 July 31 5,542.6 737.9 633.1 476.0 591.6 178.7 48.0 829.6 3,494.9 361.8 761.8 780.2 143.9 Aug. 31 5,599.9 764.9* 628.1 472.1 595.0 178.4 48.6 835.3 3,522.6 369.3 775.8 783.5 148.6 Sept. 30 5,654.9 791.5 627.5 472.9 602.0 179.0 48.8 845.0 3,566.7 384.5 772.0 786.5 145.2 Oct. 31 5,694.7 809.8 626.3 471.9 596.1 178.9 48.9 848.7 3,580.6 401.2 761.0 797.6 154.4 Nov. 30 , 5,761.6 806.0 622.7 471.9 592.9 179.0 48.0 863.2 3,583.8 423.8 809.7 788.9 155.4 Dec. 31 5,835.0 837.8 625.9 474.0 592.1 179.5 48.1 850.9 3,608.1 425.1 835.8 787.7 178.3 1943—Jan. 31.. 5,907.7 740.3 627.6 473.1 591.4 179.7 48.6 860.5 3,521.1 590.0 829.1 786.2 181.4 Feb. 28.. 6,014.91 762.4 628.4 474.1 585.8 179.6 48.4 877.6 3,556.4 635.2 848.2) 793.3 181.9 Mar. 31.. 6,147.l' 791.8 625.4 479.9 596.5 179.7 47.7 887.9 3,608.9 651.8 871.3 813.9! 201.2 Apr. 30.. 6,212.3 845.9 627.7 480.6 596.4 179.5 46.9 890.2 3,667.2 656.0 873.6 813.4 202.2 May 31.. 6,282.61 847.8; 632.0 481.6 597.4 179.6 46.3 901.6 3,686.4 640.3 934.9 815.4 205.7 June 30.. 6,506.4 941.4 636.9 481.3 605.4 179.6 46.3 908.1 3,799.01 683.1 961.8 830.5 232.1 July 31. .6,556.0 1,012.9 641.4 483.5 608.2 179.5 46.4 907.1 3,879.0 621.6 985.0 833.5 237.0 Aug. 31.. 6,726.3 1,090.1 642.6 481.5 617.4 178.9 47.1 919.0 3,976.6 698.3 948.0 858.7 244.8 Sept.30 . 6,771.3 1,128.0 639.7 485.9 620.2 179.0 47.5 912.0 4,012.3 715.1 929.8 873.2 241.1 D N O e o c c v t . . 3 3 3 1 1 0 . . . . . . 6 7 7 , , , 9 1 0 0 1 7 4 8 3 . . . 6 6 6 1 1 1 , , , 2 2 2 5 1 0 7 8 7 . . . 7 2 2 6 6 6 3 3 3 6 4 5 . . . 8 1 3 4 4 4 8 8 8 7 9 6 . . . 7 0 6 6 6 6 2 2 17 8 9 . . . 7 8 1 1 1 1 7 7 7 8 8 8 . . . 8 6 6 4 4 4 8 8 8 . . . 4 2 2 9 9 9 5 3 4 4 1 4 . . . 8 8 9 4 4 4 , , , 1 1 1 9 0 4 2 6 0 . . . 7 8 8 8 7 7 4 6 5 3 2 0 . . . 4 0 3 | 9 9 9 5 2 2 1 5 7 . . . 0 5 6 1,0 8 9 1 3 9 3 7 6 . . . 1 7 8 2 2 2 0 2 2 1 4 3 . . . 4 2 6 1944— M M J A O N D A J F S J u u a e e u c e p o a a l n n b p t y g c y r v r . e . . . . . . t . . 3 3 2 3 3 3 3 3 3 3 3 3 1 1 9 1 0 1 1 1 0 1 0 0 . . . . . . . . . . . . . . . . . . . . . . . . . 7 7 7 7 7 7 7 7 7 7 7 7 , , , , , , , , , , , , 4 4 4 4 4 5 4 4 4 4 4 2 2 4 7 6 5 3 5 3 6 1 6 7 3 5 0 0 8 0 0 9 2 8 4 2 . . . . . . . . . . . . 7 4 9 2 9 5 9 6 9 6 3 9 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 2 3 2 3 1 0 0 3 3 2 0 2 2 2 2 9 2 7 9 3 6 2 5 9 5 7 7 6 8 2 0 1 0 0 3 0 . . . . . . . . . . . . 5 7 0 8 0 3 0 5 6 5 6 1 ' 6 6 6 6 6 6 6 5 6 6 6 6 2 3 3 3 8 3 3 3 3 3 3 3 9 2 5 1 3 3 5 3 5 2 5 3 . . . . . . . . . . . . 9 4 7 5 2 4 1 3 6 3 6 5 4 4 4 4 4 4 4 4 4 5 5 5 9 8 9 9 9 8 9 9 9 0 0 0 6 9 4 4 5 9 6 8 6 7 2 4 . . . . . . . . . . . . 4 0 7 6 2 1 2 3 5 7 0 1 6 6 6 6 6 6 6 6 6 6 6 6 2 3 2 4 4 4 5 3 6 5 5 5 4 9 5 1 6 9 5 4 3 2 4 4 . . . . . . . . . . . . 4 0 7 1 8 8 1 2 6 8 4 3 1 1 1 1 1 1 1 1 1 1 1 1 7 7 7 7 7 7 7 7 7 7 7 7 8 8 8 8 8 8 8 8 8 8 9 9 . . . . . . . . . . . . 6 6 7 6 5 6 6 6 6 9 0 1 4 4 4 4 4 5 6 5 5 5 5 6 9 7 8 7 8 0 6 4 1 3 8 3 . . . . . . . . . . . . 7 9 9 4 5 0 2 0 3 5 5 1 , 9 9 9 9 9 9 9 9 9 9 0 9 7 8 9 6 6 6 8 5 7 9 0 7 6 0 1 4 2 2 6 0 3 3 0 4 . . . . . . . . . . . . 4 7 2 8 7 1 3 8 5 3 5 1 4 4 4 4 4 4 4 4 4 4 4 4 , , , , , , , , , , , , 3 2 2 3 2 2 2 2 1 0 0 0 0 8 6 5 8 1 2 0 1 5 9 8 2 8 2 4 0 9 3 1 3 4 6 1 . . . . . . . . . . . . 4 8 8 5 9 6 3 6 1 2 8 8 1 1 , , 0 0 8 9 8 8 8 9 8 8 7 9 1 7 1 3 5 7 3 7 2 3 7 9 4 8 1 6 3 5 2 5 6 8 6 2 . . . . . . . . . . . . 9 9 3 4 4 2 8 4 8 0 6 , , , , , , , , , 0 1 1 0 1 1 1 1 1 9 9 9 3 0 9 4 9 5 5 5 6 6 6 9 7 4 9 3 5 2 2 9 6 5 6 8 . . . . . . . . . . . . 3 7 7 8 4 9 0 1 6 6 6 1 1 , , , , , , , , , , ,O 0 0 0 0 0 0 0 0 0 0 0 6 6 7 6 5 2 4 6 9 8 6 2 9 4 2 1 9 6 9 0 2 0 2 O . . . . . . . . . . . 2 4 . 7 0 9 9 5 0 3 6 9 9 ! | | | 2 2 2 1 1 1 1 1 1 1 1 1 0 0 0 5 9 5 5 8 9 5 5 6 9 2 3 4 8 8 8 9 7 3 6 3 . . . . . . . . . . . . 7 7 5 0 9 0 5 3 3 1 3 3 1945— M A F Ja e p a n b r r . . . . 3 2 3 3 1 8 0 1 . . . . . . . . . 7 7 7 7 , , , , 6 7 7 7 5 3 9 3 5 3 7 9 . . . . 4 1 3 1 1 1 1 1 , , , , 0 0 0 0 0 5 2 4 8 3 6 8 . . . . 6 6 9 0 5 5 4 5 6 5 7 0 6 8 6 7 . . . . 5 6 3 6 5 5 5 5 0 0 0 0 3 6 5 6 . . . . 7 3 3 3 6 6 6 6 5 6 7 7 6 9 3 0 . . . . 4 6 7 0 1 1 1 1 7 7 7 7 9 9 9 9 . . . . 2 0 2 0 6 6 7 7 6 9 2 5 . . . . 7 8 0 5 9 9 9 9 6 7 6 9 5 0 7 0 . . . . 2 5 6 5 3 4 3 3 , , , , 0 9 9 9 0 4 2 5 3 9 2 5 . . . . 9 0 9 8 1 1 1 1 , , , , 0 0 1 1 3 8 3 9 0 5 1 4 . . . . 8 4 3 9 1 , , , , 2 2 2 2 3 6 5 6 4 2 0 3 . . . . 2 4 2 0 1 ! 2 2 2 1 0 0 0 9 5 2 0 9 . . . . 9 3 1 2 2 2 2 2 0 1 0 1 7 0 1 4 . . . . 7 7 4 1 i Prior to Jan 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countriesbeing included under "All other." ^ ^ M f i ^* of 3.5 million dollars on July 1. See Table 1, footnote 2. 961 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1955-Contfnued TABLE 3.-INCREASE IN FOREIGN BANKING FUNDS IN U. S. BY COUNTRIES t [Net movement from United States, (—). In millions of dollars] From Jan. 2, 1935, through— Total U K d n i o n i m t g e - d France N l e a t n h d e s r- Sw la i n tz d er- m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m c a a t e i r n i- ' Asia1 Ot A he ll r* 1935—Mar. (Apr. 3) 57.7 19.2 13.2 5.2 8.6 -4.1 -3.8 ' 8.7 47.1 -3.4 16.2 -7.9 5.7 June (July 3) 213.8 67.8 58.2 28.7 22.2 -5.3 -.3 8.8 180.0 24.3 22.5 —17.7 4.7 Sept. (Oct. 2) 350.7 94.5 58.1 43.5 48.1 -1.7 (2) 22.1 264.6 26.4 33.2 19.8 6.7 Dec. (Jan. 1, 1936) 603.3 128.6 129.6 55.7 72.4 -.8 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Mar. (Apr. 1) .' 578.4 102.4 117.8 44.7 82.6 -8.3 2.6 69.2 411.0 49.1 64.3 48.6 5.3 June (July 1) 779.0 178.3 119.0 92.4 115.9 -9.8 5.6 74.7 576.1 33.7 82.4 * 76.3 10.4 Sept. 30 898.5 221.6 131-1 63.9 133.6 -10.1 10.5 82.3 632.9 71.4 86.0 100.4 7.9 Dec. 30 930.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—Mar. 31 1,121.6 154.7 140.9 47.6 99.4 24.5 17.9 94.2 579.2 110.7 '326.4 94.7 10.5 June 30. 1,612.4 300.9 174.1 132.2 317.7 10.9 4.3 131.3 1,071.5 90.8 334.2 . 100.6 15.4 Sept. 29 1,743.6 313.7 165.2 154.8 411.8 19.4 8.8 176.9 1,250.5 120.0 239.2 120.0 13.9 Dec. 29 1,168.5 189.3 111.8 76.3 288.4 9.6 6.9 109.4 791.7 76.3 166.3 126.2 8.0 1938—Mar. 30 949.8 175.9 94.1 34.6 223.0 -3.9 -3.9 88.8 608.6 86.3 137.0 108.5 9.3 June 29 786.2 145.2 70.1 34.7 160.1 -2.3 -.5 75.0 482.2 73.4 140.8 83.4 6.5 Sep*t. 28 1,180.2 236.3 133.5 68.3 177.3 -12.0 -1.5 185.9 787.8 90.7 164.1 115.9 21.7 Dec. (Jan. 4, 1939) 1,425.4 364.0 155.3 87.9 205.1 -11.8 1.7 208.6 1,010.7 101.6 127.6 163.3 22.2 1939—Mar. 29 1,747.6 401.8 187.4 129.9 233.4 -10.9 -3.9 267.8 1,205.5 136.5 179.8 194.5 31.3 June 28 2,111.8 535.2 252.3 132.0 227.1 -14.5 -6.6 320.0 1,445.5 191.5 242.0 195*0 37.8 Sept. 27 2,479.5 584.5 263.8 172.0 286.2 —21.9 -1.6 399.5 1,682.5 225.2 262.0 255.6 54.3 Dec. (Jan. 3, 1940) 2,430.8 376.1 256.1 190.9 362.7 -20.1 19.7 470.0 1,655.4 174.5 215.1 325.4 60.5 1940—Mar. (Apr. 3) 2,539.0 289.1 258.6 185.7 418.5 -21.2 50.5 571.8 1,753.1 150.0 244.5 349.3 42.2 June (July 3) 2,830.1 325.8 472.7 170.8 427.4 -19.9 11.0 578.8 1,966.6 159.0 300.5 355.7 48.3 Sept. (Oct. 2) 3,092.8 314.3 471.4 166.3 445.9 -16.5 5.8 620.6 2,007.8 310.6 317.5 401*8 55.1 Dec. (Jan. 1, 1941) 3,159.0 293.3 458.0 160.3 494.7 -22.9 -.9 603.7 1,986.3 334.1 326.4 450.9 61.3 1941—Mar. (Apr. 2) 3,148.8 297.3 452.8 173.4 484.2 -24.0 -3.5 576.9 1,957.1 321.4 349.3 446.9 74.1 June (July 2) 3,193.3 334.4 451.0 157.3 500.5 —24.0 -4.4 559.6 1,974.4 317.8 371.9 433*7 95.5 S D e e p c t . . 3 ( 1 Oct. 1) 2 3 , , 8 1 5 3 6 9 . . 2 5 3 3 2 4 8 5 . . 6 0 4 4 1 3 6 2 . . 5 0 1 1 6 5 1 0 . . 0 0 3 4 2 4 6 3 . . 2 9 - - 2 2 3 3 . . 1 1 - - 3 3 . . 6 4 5 6 6 0 1 8 . . 1 5 1 1, , 7 9 6 5 6 2 . . 9 7 3 27 3 3 8 . . 1 3 3 2 1 9 8 6 . . 2 7 4 4 1 3 8 7 ^ 9 0 1 9 0 2 1 . . 4 6 1942— M D M J O N J A A S F J u u e e e c o a u p a a n l p b c n t y v g r y r . e . . t . . . . . . ( 3 3 3 ( 3 3 3 3 2 2 2 J A 1 1 0 1 0 0 1 9 u 5 8 p n r e . 3 I) ) * 3 3 3 3 3 3 2 2 2 2 2 3 , , , , , , , , , , , , 3 2 2 1 2 1 9 6 9 6 7 0 2 5 0 2 1 8 9 8 0 7 7 7 0 0 4 1 2 4 6 4 6 5 5 1 . . . . . . . . . . . . 3 2 2 4 6 8 8 0 9 1 5 6 3 4 4 4 4 4 3 3 3 2 2 2 3 9 4 6 6 1 3 8 0 8 9 6 6 3 8 5 4 0 8 9 1 3 6 3 3 . . . . . . . . . . . . 3 4 8 3 3 2 9 2 4 1 1 8 3 4 4 3 3 4 4 4 4 4 4 3 9 0 9 9 0 0 0 0 0 1 5 1 4 5 9 5 4 7 7 7 1 4 9 0 . . . . . . . . . . . . 5 5 1 1 6 0 7 1 6 1 7 3 1 1 1 1 1 1 1 1 1 1 1 1 7 6 7 7 7 6 6 6 7 5 5 5 0 2 0 9 2 9 2 9 3 7 3 6 . . . . . . . . . . . . 2 0 8 2 8 0 8 0 1 8 7 1 2 1 1 1 1 1 2 1 1 1 1 1 8 7 6 8 8 6 9 4 8 9 7 7 4 7 8 7 3 6 1 9 0 6 8 7 . . . . . . . . . . . . 4 5 6 5 6 0 8 3 3 4 3 1 . - - - - - - - - - - - - 2 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 2 3 . . . . . . . . . . . . 7 0 2 3 5 4 5 1 3 3 8 1 - - - - - - - - - - - - 6 6 7 6 7 7 5 5 5 3 6 3 . . . . . . . . . . . . 2 2 4 8 7 3 2 3 1 0 4 6 4 4 5 4 4 5 5 5 5 5 5 5 8 9 1 0 8 0 0 8 0 2 0 6 2 4 3 0 9 2 0 5 1 9 7 8 . . . . . . . . . . . . 6 3 4 1 2 5 6 3 8 0 1 5 31 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 5 6 6 6 6 6 6 5 5 5 6 5 8 7 7 0 7 1 5 3 9 7 9 2 9 0 5 3 6 7 6 2 7 9 7 9 . . . . . . . . . . . . 2 7 3 7 7 2 9 8 5 6 8 8 '3 4 3 3 3 3 3 3 3 2 2 3 3 0 8 2 7 7 9 5 1 6 2 6 6 1 1 9 7 3 9 3 0 6 4 6 . . . . . . . . . . . . 7 4 6 2 5 6 5 1 3 5 3 3 3 4 4 4 4 4 4 2 3 3 3 3 4 1 1 3 6 5 3 8 0 3 9 8 2 6 9 7 0 0 5 9 7 4 2 9 0 . . . . . . . . . . . 9 6 4 5 8 6 8 8 8 8 6 0 4 4 6 5 4 6 6 6 6 6 6 5 1 1 1 9 1 1 1 1 9 1 0 0 1 3 8 7 9 8 9 3 1 4 4 8 ^ ! . . . . . . . . . . 5 7 7 0 2 2 5 7 9 8 8 4 '1 1 1 1 1 1 1 1 1 1 1 0 9 1 1 0 0 0 1 1 1 4 1 9 9 9 6 4 0 8 9 4 9 1 4 . . . . . . . . . . . . 8 7 9 2 4 6 9 0 9 8 6 6 1943— M M O N D J A J A S F J u u e e a c o e u p a a n l p n b t c v g y y r r . e . . t . . . . . . 3 3 3 3 3 3 3 3 3 3 2 3 0 1 1 1 1 1 1 0 0 0 8 1 4 4 4 4 4 4 4 3 3 3 3 3 , , , , , , , , , , , . 4 2 4 1 0 1 0 6 7 6 4 5 3 8 9 3 5 0 4 9 0 6 7 9 5 4 6 0 6 7 3 0 9 2 1 0 . . . . . . . . . . . . 7 4 3 6 4 4 9 5 6 1 6 1 8 4 4 9 3 5 5 6 8 6 7 7 9 3 5 2 9 0 8 8 1 0 9 5 6 9 1 7 4 3 0 2 9 0 9 8 . . . . . . . . . . . . 9 4 4 5 4 4 3 3 4 9 0 1 4 4 4 3 3 3 4 4 4 4 3 3 0 0 0 9 9 9 1 0 1 0 9 9 4 1 2 7 5 8 4 3 1 0 6 6 . . . . . . . . . . . . 1 9 6 4 0 7 6 8 4 9 8 1 1 1 1 1 1 1 1 1 1 1 1 1 7 6 7 7 7 7 7 7 7 7 7 6 9 6 3 8 3 7 4 6 2 4 2 9 . . . . . . . . . . . . 2 7 7 0 6 8 0 9 6 5 1 3 1 1 1 1 1 1 1 1 1 1 1 1 6 6 6 8 6 7 8 8 9 7 6 8 1 7 4 2 0 5 3 3 9 1 5 3 . . . . . . . . . . . . 4 7 2 7 9 5 0 6 6 9 2 6 - - - - - - - - - - - - 2 2 2 2 2 2 2 2 2 2 2 2 3 3 2 3 3 2 2 2 2 3 2 2 . . . . . . . . . . . . 7 7 7 7 4 7 8 6 8 3 6 6 - - - - - - - - - - - - 6 6 7 7 7 6 8 8 8 5 6 5 . . . . . . . . . . . . 7 9 6 4 9 9 5 5 7 7 9 1 5 5 5 5 5 5 5 5 5 5 5 5 8 7 7 6 4 3 5 3 2 4 5 1 2 9 0 8 9 5 8 7 9 7 2 2 . . . . . . . . . . . . 4 7 6 0 5 5 1 0 6 6 7 3 2 2 2 2 2 1 1 1 1 1 1 1 , , , , , , , , , , , , 2 2 0 1 0 7 6 7 9 6 6 8 7 1 5 8 9 4 4 6 6 7 9 1 1 4 6 6 8 4 9 0 6 5 3 2 . . . . . . . . . . . . 2 7 4 6 9 2 4 2 2 5 3 3 6 6 6 6 6 6 6 7 6 7 7 7 3 7 8 3 6 5 0 6 7 0 4 0 7 1 4 5 4 5 6 8 4 0 7 0 . . . . . . . . . . . . 4 7 7 2 3 2 5 3 8 4 5 3 • 5 5 4 4 5 6 5 5 5 5 6 5 7 5 6 0 2 7 5 9 7 0 6 1 8 0 3 2 6 1 4 2 2 7 7 0 . . . . . . . . . . . . 7 4 9 6 9 1 9 5 9 1 9 0 6 6 6 6 6 6 6 6 7 7 5 6 6 3 0 4 0 1 1 2 7 0 9 0 8 3 6 1 9 5 4 6 0 2 7 3 . . . . . . . . . . . . 7 4 2 9 7 8 0 9 3 3 0 3 2 2 1 1 1 1 1 1 1 1 1 1 0 0 8 6 8 6 6 9 9 6 4 4 4 2 5 4 2 3 8 3 3 8 4 4 . . . . . . . . . . . . 5 8 0 8 0 8 4 0 8 5 5 1 1944— M D M O J A N A J S F J u u e a e e c u o p a a l n n p b c t y g v r y r . e . . t . . . . . . 3 3 3 3 3 3 3 3 3 3 2 3 1 1 0 0 1 0 0 1 1 1 9 1 4 4 4 4 4 4 4 4 4 4 4 4 , , , , , , , , , , , , 6 6 8 6 8 6 7 8 8 7 7 8 6 S 8 5 3 1 7 5 8 4 8 3 1 1 8 3 2 5 0 2 1 0 2 5 . . . . . . . . . . . . 2 7 7 2 2 5 1 0 3 3 3 4 1 1 1 1 , , , , 0 0 0 0 8 9 8 9 9 9 7 7 2 0 1 2 1 3 6 8 8 6 3 8 4 3 8 4 4 6 7 6 0 0 9 7 . . . , . . . . . . . . 4 2 8 7 4 6 9 8 6 0 0 3 4 3 4 4 4 4 4 3 4 4 4 4 1 5 1 1 0 0 1 1 9 0 0 1 3 6 5 5 4 3 0 1 5 3 2 2 . . . . . . . . . . . . 8 6 6 4 1 4 1 2 3 6 1 5 1 1 1 1 1 1 1 1 1 1 1 1 9 E 5 8 S 9 8 8 8 7 8 7 3 0 2 1 3 4 7 3 4 7 3 6 . . . . . . . . . . . . 1 1 5 5 3 7 0 4 1 5 1 0 2 2 2 2 2 2 2 1 1 2 1 1 2 1 1 1 1 0 0 9 0 9 9 8 1 2 4 0 2 6 9 5 5 5 1 8 . . . . . . . . . . . . 4 6 4 3 1 7 6 1 0 4 1 1 - - - - - - - - - - - - 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . . . 4 6 7 5 8 8 7 7 7 6 8 7 - - - - - - - - 1 5 7 7 6 2 5 7 3 5 7 . . . . . . . . 7 . 4 1 4 . 6 3 . 1 8 . 7 0 8 0 5 5 5 5 6 6 6 6 5 5 6 6 7 7 8 3 9 9 4 0 0 8 0 2 0 4 1 4 5 1 4 9 8 1 9 1 . . . . . . . . . . . . 2 0 8 7 0 1 9 9 9 7 6 2 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , . . , 3 1 1 3 3 2 1 2 3 3 4 3 8 4 8 9 1 0 3 6 9 8 1 5 9 2 1 3 9 0 9 3 4 8 1 4 . . . . . . . . . . . . 4 0 2 7 6 3 3 0 8 6 3 1 8 8 8 9 8 8 7 8 7 7 7 7 0 1 3 0 4 3 2 4 3 7 5 8 5 8 4 9 8 8 8 9 6 5 9 5 . . . . . . . . . . . . 4 2 7 2 9 7 6 2 8 8 0 6 5 6 6 6 6 7 7 7 7 7 7 7 2 9 0 2 7 4 6 4 4 9 8 4 4 4 5 1 2 0 1 3 5 4 4 6 . . . . . . . . . . . . 2 2 1 8 7 7 6 7 8 0 5 9 8 8 8 8 6 8 8 8 8 8 8 7 2 1 2 2 3 4 3 4 3 2 5 9 4 8 7 7 8 5 6 1 4 2 7 2 . . . . . . . . . . . . 2 2 4 6 0 1 9 9 3 3 0 9 1 1 1 1 1 1 1 1 1 1 1 1 2 6 2 2 3 5 2 2 5 6 6 5 9 3 3 5 1 1 6 4 6 3 9 9 . . . . . . . . . . . . 7 4 7 5 5 7 2 9 9 3 4 9 1945— M A F J e a p a b n r r . . . . 3 3 2 3 1 0 8 1 4 4 4 4 , , . , 9 8 7 9 0 8 2 5 9 7 8 3 . . . . 9 3 2 9 1 1 7 7 7 7 7 7 2 5 2 7 8 6 . . . A 9 0 5 3 3 2 2 3 2 5 £ 8 9 8 6 . . . . 9 6 4 3 1 1 1 1 9 9 9 9 0 2 2 2 . . . . 0 6 2 2 2 2 2 2 3 1 2 3 9 4 7 4 . . . . 8 1 1 5 - - - - 2 2 2 2 3 3 3 3 . . . 4 3 3 A 1 1 1 1 0 5 3 9 . . . . 7 7 5 1 5 5 5 6 7 8 0 7 6 2 6 0 . . . . 7 8 8 5 2 2 2 2 , , , , 0 0 0 0 9 4 6 3 3 5 1 2 . . . . 2 9 3 9 1 1 , , 0 0 8 9 2 5 6 6 1 6 8 2 . . . . 2 8 1 3 8 8 8 8 4 7 5 4 2 5 2 8 . . . . 4 5 0 7 8 8 8 8 0 0 0 0 9 4 3 8 . . . . 3 5 8 3 1 1 1 1 7 7 6 7 5 9 5 2 . . . . 7 7 2 5 Mow' lis "ban "*'" repreSent F" East "» ™»U"l Asiatic countries being included under "All other " ££?i Jufc'' ^ributed.as folbws: United Kingdom, +3.5 mil- +2.6 million, represents payments made for'redemption FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1955-Corttinued TABLE 4.-DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES [Net movement from United States, (—). In millions of dollars! From Jan. 2, 1935, through— Total U K d n o in i m t g e - d France N l e a t n h d e s r- Sw la i n tz d er- m G a e n r y - Italy E O u t r h o eL pe E T u o ro ta p l e Canada A L m c a a t e i r n i- Asia* ot A h l e l r1 1935— J D S M u e e n a p c e r . t . . ' ( ( ( ( J J A O u a p c n ly r t . . . 3 1 3 2 ) , ) ) 1 " 9 " 3 .' 6 .' ) .'.'.'.'.'.... 3 3 3 1 6 8 1 S 1 8 2 5 . . . . 4 6 8 0 2 2 1 0 1 0 8 S 2 . . . 8 1 0 4 3 4 9 1 9 8 . . . . 4 7 1 1 - — 2 5 6 . . . . 8 1 3 4 2 1 . . . , 7 6 3 2 3 2 1 6 9 1 8 . . . . 3 7 0 0 1 3 6 2 3 . . . . 2 5 9 7 1 8 3 2 5 . . . . 8 9 7 8 3 3 2 1 1 0 9 3 0 0 0 0 . . . . 2 7 1 5 - - - 1 4 4 1 6 8 . . . 6 7 . 7 2 2 2 8 0 0 . . . 4 1 1 3 3 2 5 1 7 0 5 . . . . 4 7 4 3 - - - - 1 1 1 . . . . 4 4 0 6 1936— J D S M u e e n p a c e r t . . . ( ( 3 3 J A 0 0 u p ly r . 1 1 ) ) . . . . 4 4 4 3 5 4 3 9 6 9 1 0 . . . . 2 0 5 3 2 2 2 1 1 1 0 7 5 6 3 8 . . . . 0 0 3 3 - 5 6 5 2 2 7 1 .7 . . . 0 7 1 - - - - 3 2 2 4 .3 . . . 9 4 8 3 2 2 2 . . . . 7 9 7 8 4 6 3 7 5 6 4 0 . . . . 5 8 6 0 1 1 1 1 4 6 4 6 . . . . 5 2 3 1 2 2 2 1 7 2 2 5 . . . . 8 0 4 8 3 3 3 3 4 5 2 1 3 5 8 8 . . . . 7 6 1 0 4 3 1 1 7 6 8 8 . . . . 2 9 5 1 3 3 2 1 2 9 4 7 . . . . 5 4 9 4 4 4 3 3 5 0 9 3 . . . . 4 3 4 2 - - - - 1 2 4 2 . . . . 7 4 9 6 1937— J D S M u e e n a p c r e t . . . 3 3 2 2 0 1 9 9 . . . . 4 4 4 5 4 6 1 1 6 1 9 8 . . . . 4 0 1 1 2 2 2 1 0 1 1 9 7 6 6 2 . . . . 4 8 5 4 6 6 6 6 5 7 5 3 . . . . 7 3 6 0 -4 4 1 .4 . . 5 9 3 4 2 3 . . . . 2 6 9 6 1 9 6 8 0 9 9 7 5 . . . . 0 1 3 1 1 1 1 6 2 4 0 . . . . 5 4 4 2 2 2 2 2 7 1 6 4 . . . . 7 0 9 6 4 4 4 3 2 1 0 6 4 5 9 5 . . . . 5 9 3 1 -2 2 1 1 8 4 3 . . . . 7 4 6 8 3 5 5 3 0 9 1 4 . . . . 7 0 0 0 - 2 2 1 1 5 8 4 .4 . . . 7 9 0 - - - - 8 7 6 5 . . . . 7 0 0 0 1938—Mar. 30 434.4 171.5 67.4 -4.9 3.3 119.2 9.1 28.7 394.4 2.9 52.5 -6.5 -8.9 June 29 403.3 150.7 62.6 -6.6 2.2 128.6 11.1 30.8 379.3 8.7 49.4 -28.8 -5.3 Sept. 28 477.2 170.3 67.4 -4.0 3.7 132.1 10.2 33.4 413.1 12.3 71.8 -16.0 -3.9 Bee. (Jan. 4, 1939). 510.1 206.2 68.4 -5.6 2.6 141.7 13.7 33.8 460.9 35.9 66.8 -46.5 -7.0 1939-Mar. 29 550.5 209.2 64.9 -1.5 4.5 149.8 10.8 30.9 468.6 49.9 66.5 -28.1 -6.4 June 28 607.5 236.7 68.1 -1.0 3.6 153.8 17.7 39.9 518.8 42.2 55.7 -2.9 -6.3 Sept. 27 618.4 226.1 70.0 9.1 5.2 164.1 15.1 38.2 527.7 46.6 57.4 -6.4 -6.9 Dec. (Jan. 3, 1940) 650.4 252.2 73.8 12.9 2.9 177.8 15.5 28.4 563.5 56.5 52.6 -21.5 -.8 1940—Mar. (Apr. 3) 631.6 252.4 73.8 11.9 1.9 181.1 10.3 31.2 562.6 54.1 55.3 -40.0 -.4 June (July 3) 684.1 260.1 72.6 16.0 4.3 183,9 13.0 38.8 588.6 61.0 49.0 -15.3 .8 Sept. (Oct. 2) 773.6 271.9 75.3 17.6 6.5 185.6 24.5 45.0 626.4 65.4 52.9 26.9 2.1 Dec. (Jan. 1,1941).. 775.1 269.2 74.6 17.7 6.5 191.6 25.3 49.8 634.7 60.3 43.2 34.8 2.1 1941—Mar. (Apr. 2) 767.4 268.2 76.0 17.8 5.0 195.0 25.6 49.7 637.2 65.3 44.4 19.2 1.3 June (July 2) 818.6 268.6 76.6 17.8 5.2 195.7 25.6 51.2 640.8 68.5 52.1 57.7 -.4 ~ept. (Oct. '1*).. 805.3 269.8 76.9 17.9 5.4 195.9 25.7 51.4 612.9 64.6 43.0 56.9 -2.0 Dec. 31 , 791.3 271.2 76.9 17.6 5.4 196.8 25.8 53.6 647.4 62.7 17.7 64.7 -1.2 1942—Jan. 28 801.6 275.8 77.1 17.8 5.8 196.8 26.1 55.5 655.0 64.4 19.7 63.4 Feb. 25 809.2 278.0 77.2 17.9 5.9 196.0 26.1 56.8 657.8 64.1 26.7 60.7 — .1 Mar. (Apr. 1). 819.7 279.5 77.1 17.9 6.2 196.2 26.1 58.1 661.1 64.3 30.6 62.6 1.1 Apr. 29 829.8 274.5 77.2 17.9 6.3 196.2 26.1 58.0 656.2 69.7 30.7 71.3 2.0 May (June 3). 839.8 281.5 77.2 17.9 6.1 196.2 26.1 59.0 663.9 61.7 36.5 75.8 1.8 June 30 842.3 282.0 77.3 18.0 6.2 196.2 26.1 59.7 665.6 55.5 40.4 78.0 2.8 July 31 854.9 280.5 77.6 18.0 6.3 196.3 26.2 59.9 664.7 55.5 48.4 81.3 5.0 Aug. 31 839.9 279.6 77.7 18.0 6.6 196.1 26.1 60.3 664.6 39.4 50.2 81.1 4.7 Sept. 30 858.2 279.1 77.8 18.0 6.7 196.5 26.1 59.8 664.1 47.7 57.9 83.2 5.3 Oct. 31 890.0 279.4 77.8 18.0 6.8 196.5 26.1 61.3 665.9 53.3 62.5 102.4 5.8 Nov. 30 901.6 280.1 77.8 18.0 6.7 196.5 26.1 60.8 666.1 58.3 68.1 103.3 5.9 Dec. 31 888.8 279.4 77.8 18.1 6.6 196.7 26.2 56.8 661.5 58.6 68.3 93.8 6.6 1943—Jan. 31. 277.7 77.6 18.1 5.0 196.8 26.2 56.1 657.4 68.4 65.0 92.6 6.4 Feb. 28. 890.5 277.9 77.6 17.8 4.9 196.8 26.2 56.1 657.1 68.0 65.1 93.4 6.9 Mar. 31. 898.7 278.4 77.6 18.2 5.4 196.8 26.2 57.3 659.8 68.6 69.1 93.8 7.4 Apr. 30. 909.9 279.5 77.6 18.1 6.2 196.8 26.2 57.5 661.9 65.5 76.2 99.2 7.1 May 31. 905.1 276.9 77.5 18.1 5.1 196.8 26.2 57.5 658.1 65.0 72.8 103.1 6.1 J J A N O S D u u e u c o e l n p y t g c v e . t . . . . 3 3 3 3 3 3 3 1 1 1 0 1 0 0 . . . . . . . 8 8 8 8 9 9 8 8 7 7 0 9 0 8 7 2 0 9 6 1 8 . . . . . . . 6 4 5 6 9 9 6 2 2 2 2 2 2 2 7 7 7 7 7 7 7 5 3 7 6 6 5 2 . . . . . . . 2 4 9 7 7 2 1 7 7 7 7 7 7 7 7 7 7 7 7 7 8 . . . . . . . 9 9 8 9 8 5 0 1 1 1 1 1 1 1 8 8 8 8 8 8 8 . . . . . . . 3 1 5 6 5 6 5 6 5 . . . . . . . 7 8 0 1 5 6 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 6 6 6 6 6 7 6 . . . . . . . 9 8 8 9 9 0 9 2 2 2 2 2 2 2 6 6 6 6 6 6 6 . . . . . . . 2 2 2 2 2 2 2 5 5 6 5 5 6 6 8 5 8 0 0 0 0 . . . . . . . 9 8 5 5 1 0 0 6 6 6 6 6 6 6 6 5 5 5 5 5 5 2 5 9 8 9 2 6 . . . . . . . 7 7 7 9 2 1 5 6 6 6 5 5 5 5 4 7 5 2 6 5 5 . . . . . . . 8 2 8 4 5 6 1 6 6 5 6 7 5 7 7 3 0 8 2 5 3 . . . . . . . 8 4 9 2 0 7 6 1 1 1 1 1 9 9 0 0 0 0 0 7 9 0 2 1 1 0 . . . . . . . 2 1 7 7 8 0 5 6 6 7 7 7 7 7 . . . . . . . 6 9 3 4 4 5 5 1944— M J M J A A N F S O D J u u e e a u p e c o a a l n n p b y c t g y r v r e . . . . t . . . . . 3 3 3 3 3 3 3 3 3 2 3 3 1 U 0 1 1 9 1 1 0 1 1 0 . . . . . . . . . . . . . . . . . . . . , . . . 8 8 8 8 8 8 8 8 8 8 8 8 8 7 9 0 6 7 5 7 4 6 7 5 1 3 2 5 9 0 6 2 3 8 3 0 . . . . . . . . . . . . 3 5 7 8 7 8 6 5 0 4 9 6 2 2 2 2 2 2 2 2 2 2 2 2 6 6 7 6 6 6 6 6 6 6 6 6 1 2 7 5 9 2 7 9 6 7 8 9 . . . . . . . . . . . . 3 7 5 2 4 3 4 2 1 9 6 6 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 8 7 7 7 7 7 . . . . . . . . . . . . 9 8 7 9 7 0 8 8 8 8 7 8 1 1 1 1 1 1 1 1 1 1 1 1 8 8 8 8 8 8 8 8 8 8 8 8 , . . . . . . . . . . . 2 3 3 0 3 3 3 3 3 3 3 3 5 6 5 5 6 6 6 6 4 6 6 6 . . . . . . . . . . . . 9 7 7 3 6 2 1 5 8 8 8 8 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 6 6 6 6 6 6 6 6 6 6 6 6 . . . . . . . . . . . . 9 9 9 9 9 9 9 9 9 9 9 9 2 2 2 2 2 2 2 2 2 2 2 2 6 6 6 6 6 6 6 6 6 6 6 6 . . . . . . . . . . . . 2 2 2 2 2 2 2 2 2 2 2 2 6 6 6 6 5 5 5 3 7 7 7 7 0 1 1 1 1 1 1 4 0 0 0 0 . . . . . . . . . . . . 5 2 1 6 9 3 4 4 6 6 3 9 6 6 6 6 6 6 6 6 6 6 6 6 5 5 5 5 4 4 5 3 6 6 6 2 6 7 6 3 4 3 8 9 2 4 4 6 . . . . . . . . . . . . 2 2 4 9 3 5 8 6 2 0 6 6 5 5 5 5 6 5 5 6 5 6 6 6 7 7 1 8 4 4 1 3 2 2 4 4 . . . . . . . . . . . . 5 9 9 3 4 9 5 0 1 3 9 8 5 4 5 5 5 5 6 6 6 6 3 5 0 1 2 5 1 3 2 3 4 4 7 1 . . . . . . . . . . . . 8 8 6 0 9 1 6 1 3 9 0 2 1 1 9 9 9 9 9 9 9 9 9 7 0 0 6 7 9 8 9 8 6 3 6 0 7 0 . . . . . . . . . . . . 8 8 7 7 3 3 2 3 2 0 6 7 - - - - - - - 1 1 6 7 6 6 3 . . . . . . . 1 9 3 8 3 . . . . . 6 3 6 5 8 1 5 1945— M A F J e a p a n b r r . . . . 3 2 3 3 8 1 0 1 . . . . . . . . 8 8 8 8 4 4 5 4 8 4 9 8 . . . . 5 7 8 2 2 2 2 2 6 6 6 6 6 4 8 6 . . . . 2 6 8 6 7 7 7 7 7 7 7 7 . . . . 6 6 6 6 1 1 1 1 8 8 8 8 . . . . 3 3 3 1 6 7 7 7 . . . . 2 2 3 2 1 1 1 1 9 9 9 9 6 6 6 6 . . . . 9 9 9 9 2 2 2 2 6 6 6 6 . . . . 2 2 2 2 7 7 7 7 0 0 0 0 . . . . 7 3 4 6 6 6 6 6 6 6 6 6 1 5 3 2 . . . . 2 3 3 0 6 6 6 6 9 1 8 9 . . . . 0 8 1 9 4 3 2 2 0 6 3 3 . . . . 7 1 9 0 8 8 8 8 8 7 6 8 . . . . 2 4 6 1 2 2 1. . . . 7 2 1 8 Far East on'y> 963 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, \W>-Omtinufid TABLE 5.-FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES [Net Purchases by Foreigners of Foreign Securities Owned in U. S.) [Net movement from United States, (—). In millions of dollars! From Jan. 2, 1935, through- Total U K .d n i o n i m t g e - d France N l e a t n h d e s r- Sw la i n tz d er- Ger- Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a c t a e i r n i- Asia* ot A h l e l r * 1935—Mar. (Apr. 3) 31.8 6.1 .4 1.3 -2.6 2.8 -.3 19.9 27.7 -2.7 4.6 2.0 .2 June (July 3) 43.7 15.6 3.3 2.2 -3.0 6.3 .3 31.7 56.3 -24.5 5.6 6.1 .3 Sept. (Oct. 2) 40.1 32.0 4.3 4.8 -3.2 9.5 1.2 38.2 86.8 - 64.6 9.2 7.8 .9 Dec. (Jan. 1, 1936) 125.2 67.8 6.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Mar. (Apr. 1) 114.4 80.3 8.8 9.1 16.1 4.1 35.2 152.7 -67.4 17.7 10.2 1.2 June (July 1J 180.5 96.4 12.8 11.6 3.3 18.2 3.3 39.9 185.6 -40.8 21.3 12.6 1.8 Sept. 30 272.2 106.2 15.2 11.0 7.1 20.1 3.7 58.6 222.1 7.7 25.7 14.0 2.6 Dec. 30 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937-Mar. 31 319.1 140.5 22.7 17.8 27.8 23.6 9.3 98.9 340.6 -13.4 -32.1 19.8 4.2 June 30 395.2 143.0 23.1 22.4 36.2 24.3 9.8 101.4 360.2 7.0 1.9 21.2 4.9 Sept. 29 493.3 135.1 23.7 23.5 37.5 25.0 10.0 103.6 358.3 11.1 95.3 22.4 6.2 Dec. 29 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175,0 24.5 6.8 1938—Mar. 30 613.5 135.9 23.7 21.5 29.5 28.6 15.1 134.6 388.9 3.1 191.3 27.5 7.7 June 29 643.1 137.9 23.7 22.5 30.3 30.5 15.6 147.3 407.8 -2.1 200.8 28.6 8.0 Sept- 28 625.0 129.3 24.2 23.8 30.5 31.9 17.0 155.2 411.9 -11.2 184.7 30.9 8.7 Dec. (Jan. 4, 1939) 641.8 127.7 26.1 27.3 36.1 33.5 22.0 167.8 440.6 -9.7 167.4 33.8 9.7 1939—Mar. 29 646.7 127.6 26.3 28.7 38.4 34.9 23.1 174.9 453.8 -25.8 172.6 36.2 9.9 June 28 664.5 128.2 28.2 29.4 41.7 35.8 23.8 180.4 467.4 -26.5 176.0 37.1 10.4 Sept. 27 676.9 124.9 33.8 29.7 43.4 36.4 24.8 183.1 476.0 -29.5 180.4 39.3 10.7 Dec. (Jan. 3, 1940) 725.7 125.5 42.1 29.4 45.0 36.6 27.6 189.0 495.2 -7.6 184.0 42.8 11.3 1940—Mar. (Apr. 3) 761.6 130.9 42.6 31.3 49.0 36.3 27.6 192.9 510.8 6.4 187.5 45.3 11.8 June (July 3) 785.6 131.7 42.9 31.0 48.8 36.2 28.0 194.8 513.4 17.5 194.3 47.7 12.6 Sept. (Oct. 2) 793.1 130.4 43.0 31.0 47.4 36.1 28.1 195.9 511.8 20.7 197.6 50.1 12.9 Dec. (Jan. 1, 1941) 803.8 128.6 43.4 31.0 46.0 36.5 28.1 196.4 510.0 25.0 202.3 53.0 13.5 1941—Mar. (Apr. 2) 812.7 128.3 43.7 31.0 45.2 36.5 28.1 198.9 511.8 26.5 203.0 57.6 13.9 June (July 2) 834 1 127.2 49.1 31.0 44.7 36.5 28.1 199.6 516.2 37.0 210.5 60.1 10.4 Sept. (Oct. 1) 841.1 127.3 51.2 31.2 44.4 36.5 28.1 200.3 519.0 32.8 214.6 60.7 14.1 Dec. 31 855.5 127.6 51.6 31.5 44.3 36.5 28.1 201.8 521.3 35.4 221.1 61.2 16.6 1942—Jan. 28 857.5 127.7 51.6 31.5 44.2 36.5 28.1 202.2 521.8 34.7 223.2 61.2 16.6 Feb. 25 856.2 127.5 51.7 31.5 44.1 36.5 28.1 203.2 522.6 31.1 224.3 61.4 16.8 Mar. (Apr. 1) 849.6 127.0 51.7 31.5 44.0 36.5 28.1 203.7 522.4 22.9 225.9 61.4 16.9 Apr. 29 843.2 126.3 51.8 31.5 43.9 36.5 28.1 203.8 521.9 15.6 227.1 61.4 17.2 May (June 3) 843.2 125.9 52.0 31.5 44.1 36.5 28.1 204.4 522.4 9.4 232.7 61.4 17.3 June 30 *838.s 125.6 52.2 31.4 44.2 36.5 28.1 204.5 522.5 =4.2 2233.4 61.5 17.3 July 31 829.3 125.5 52.2 31.4 44.3 36.5 28.1 204.8 522.8 -10.7 238.2 61.6 17.4 Aug. 31 828.6 125.4 52.2 31.5 44.4 36.5 28.1 205.5 523.5 -13.7 239.6 61.5 17.6 Sept. 30 830.5 125.7 52.2 31.5 44.5 36.5 28.1 206.8 525.4 -14.4 240.4 61.4 17.6 Oct. 31 842.1 125.7 52.2 31.5 44.7 36.5 28.1 207.0 525.7 -4.2 241.3 61.5 17.9 Nov. 30 844.8 125.3 52.2 31.5 45.0 36.5 28.1 207.3 525.9 -3.1 242.7 61.4 17.9 Dec. 31 848.2 125.4 52.4 31.6 44.9 36.5 28.0 207.6 526.3 -3.0 245.4 61.5 18.0 1943—Jan. 31 761.3 125.6 52.4 31.6 44.9 36.5 28.0 208.1 527.0 -91.5 246.0 61.5 18.2 Feb. 28 751.9 125.4 52.4 31.6 44.9 36.5 28.0 209.0 527.7 -103.4 247.9 61.3 18.3 Mar. 31 810.5 125.3 52.4 31.6 44.9 36.5 27.9 209.3 527.9 -47.8 250.7 61.3 18.4 Apr. 30 809.5 125.7 52.4 32.3 44.9 36.5 27.9 209.4 529.1 -51.6 251.8 61.5 18.8. May 31 807.0 125.8 52.4 32.3 44.8 36.5 27.9 209.4 529.1 -57.6 255.0 61.3 19.0 Tune 30 806.8 125.7 52.3 32.3 44.7 36.5 27.9 209.4 529.0 -59.7 257.1 61.4 19.0 July 31 792.9 125.8 50.9 32.3 44.7 36.5 27.9 209.6 527.7 -74.2 258.9 61.4 19.1 Aug. 31 907.8 128.0 50.6 32.3 44.6 36.5 27.9 209.8 529.8 33.9 262.5 62.3 19.4 Sept. 30 929.3 127.5 50.6 32.3 44.8 36.5 27.9 210.1 529.7 52.3 265.5 62.2 19.5 Oct. 31 928.3 127.8 50.6 32.9 44.9 36.5 27.9 210.3 530.9 48.7 266.9 62.1 19.7 N De o c v . . 3 3 1 0 9 9 2 2 5 9 . . 9 8 1 1 2 2 7 7 . . 6 8 5 5 0 0 . . 6 6 3 3 3 2 . . 0 9 4 44 4 . . 7 8 3 3 6 6 . . 5 5 2 2 7 7 . . 9 9 2 2 1 1 0 0 . . 0 1 5 5 3 30 0 . . 4 3 4 4 1 8 . . 2 4 2 2 7 6 2 8 . . 3 8 6 6 2 2 . . 2 3 1 1 9 9 . . 9 9 1944—Jan. 31 931.7 127.5 50.7 33.5 44.7 36.5 27.9 210.0 530.9 43.6 275.0 62.2 20.0 Feb. 29 924.2 127.5 51.2 33.5 44.9 36.5 27.9 209.1 530.4 35.7 275.7 62.2 20.3 Mar. 31 904.1 127.0 51.1 33.5 45.1 36.5 27.9 209.3 530.3 14.5 276.8 62.2 20.3 Apr. 30 905.4 126.9 51.1 33.5 45.0 36.5 27.9 209.5 530.4 14.0 278.3 62.1 20.6 May 31 903.2 127.1 50.9 33.6 44.9 36.5 27.8 209.5 530.3 9.5 280.8 62.0 20.7 June 30 929.8 126.2 50.9 33.6 44.9 36.5 27.8 209.6 529.5 35.0 282.7 62.0 20.7 July 31 ,005.8 127.1 50.8 33.6 44.8 36.5 27.8 209.7 530.2 106.0 287.0 62.0 20.7 Aug. 31 ,009.7 126.8 50.7 33.6 44.7 36.5 27.7 210.3 530.2 105.8 291.1 61.9 20.7 Sept. 30 .026.2 126.6 50.7 33.6 44.7 36.5 27.7 210.4 530.2 119.1 294.8 61.5 20.7 O N D c e o t c v . . . 3 3 3 0 1 1 , , , 0 0 0 2 1 2 9 5 5 . . . 4 8 3 1 1 1 2 2 2 7 6 7 . . . 2 5 0 5 5 5 1 0 0 . . . 0 9 8 3 3 3 3 3 3 , . . 6 6 6 4 4 4 4 4 4 . . . 4 5 5 3 3 3 6 6 6 . . . 5 5 5 2 2 2 7 7 7 . . . 7 6 7 2 2 2 1 1 1 0 0 0 . . . 4 4 4 5 5 5 3 3 3 0 0 0 . . . 7 4 1 1 1 1 1 0 1 6 3 4 . . . 9 5 9 2 2 3 9 9 0 6 9 2 . . . 1 0 0 6 6 6 1 1 1 . . . 4 1 3 2 2 2 1 1 1 . . . 0 1 0 1945— M F A Ja e p a b n r r . . . . 2 3 3 3 8 1 0 1 5 5 5 5 2 2 2 2 5 9 8 8 . . . . 4 1 4 0 1 1 1 1 1 1 4 1 1 3 8 7 . . . . 5 9 1 1 3 3 3 3 0 0 0 0 3 3 5 6 . . . . 7 5 1 1 6 6 6 6 1 1 1 1 . . . . 9 5 5 3 2 2 2 2 1 1 1 1 . . . . 2 0 1 1 964 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES-CW,W NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2. 1935-Cb»«W TABLE 6.-DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS. BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) /ement from United States, (-). In millions of dolarsl Unite From Jan. 2, 1935, through— Total K d i o n m g Franc N la e n th d e s Sw la i n tz d e m G a e n r y - Italy E O u t r h o e p r E T u o r t o a p l e Canad A L m c a a e ti r n i Asia* ot A he ll r 1935— J S D M u e e n p a c e r t . . . ( ( ( ( J J A O a u p n l c y r . t . . 1 3 2 3 , ) ) ) 1936). 3 - 9 1 1 6 0 6 5 . . . . 1 3 4 8 5 9. - - 2 3 3 3 . . . . 6 6 3 4 5 2 2 8 0 4 . . . . 7 6 5 6 - 5 2 1 5 5 1 . . . . 3 6 4 1 - - - - 5 5 3 1 . . . . 4 4 8 8 - _ .1 c 1 4 6 1 2 . . . . 8 2 4 9 2 - 8 8 2 1 5 6 6 . . . 2 . 2 6 0 — - -6 1 2 4 . . . 8 8 . 8 7 3 1 1 . . . 7 6 0 8 - 2 3 C 5 1 . . . 2 . 2 4 7 2. . . 6 1 8 1936— J D S M u e e n p a c e r t . . . ( ( 3 3 JT A 0 0 uu p . . lyl r y . ]l 1 ) ) 4 9 5 6 2 1 2 3 7 7 4 3 . . . . 4 3 3 2 1 1 6 7 3 9 7 5 5 0 . . . 4 3 6 4 4 2 6 4 . . . . 7 2 6 0 1 1 9 5 7 1 6 7 5 9 . . . . 1 6 9 9 2 1 1 0 8 4 2 0 5 6 0 . . . . 2 9 6 3 - - - - 7 6 6 6 . . . . 5 7 8 1 - - - 3 1 i . ! 3 . i 9 3 2 2 1 8 0 6 7 . . . . 5 6 3 8 3 8 4 5 8 1 6 6 4 8 3 1 . . . . 7 0 6 9 3 1 1 4 2 8 8 . . . . 9 6 5 5 1 1 8 7 5 2 . . . . 9 3 5 5 4 3 3 2 4 0 3 6 . . . . 1 5 9 6 4 4 4 7 . . . . 7 4 1 1 1937— J M un a e r . 3 3 0 1 . . 1,075.7 438. 72.9 197.5 222.7 -13.6 -4.6 42.4 956.0 30.2 16.9 63.6 9,0 Sept. 29. 1,069.5 412. 69.0 193.1 249.7 -14.9 -5.0 44.2 948.2 36.4 16.8 59.2 9.0 Dec. 29. 1 1 , , 1 1 2 6 5 2 . . 1 0 4 44 3 8 2 . . 7 7 0 0 . . 0 3 2 2 1 0 3 8 . . 8 6 2 2 7 7 2 5 . . 2 3 - - 1 1 7 6 . . 4 1 - - 4 4 . . 9 9 5 4 5 7 . . 7 9 1 1 , , 0 0 0 4 9 1 . . 8 6 3 3 7 9. . 7 6 1 1 8 7 . . 2 6 4 54 9 . 7 2 9 8 . & 9 1938— J S M u e n p a e r t. . 2 2 3 8 9 0 1 1 1 , , , 1 1 1 2 5 5 5 0 5 . . . 4 4 3 4 4 4 3 4 4 1 0 0 . . . 6 6 6 7 7 7 . . . 8 7 1 2 2 20 0 0 3 2 8 . . . 3 4 6 2 2 2 8 8 7 2 3 9 . . . 2 1 7 - - - 2 1 1 0 8 9 . . . 4 0 2 - - - 5 4 5 . . . 3 9 0 5 5 5 4 3 8 . . . 2 0 1 1 1 1 , , , 0 0 0 1 2 2 1 9 6 . . . 2 7 2 4 3 2 0 7 6 . . . 1 7 8 2 2 2 1 1 0 . . . 1 9 7 5 5 5 4 5 4 . . . 7 5 6 1 1 1 0 0 0 . . . 1 5 2 Dec. (Jan. 4, 1939). 1,219.7 472. 76.9 212.1 304.1 -22.8 -5.5 56.6 1,094.1 25.7 23.7 65.2 11.1 1939—Mar. 29 1,188.9 448. 72.3 217.7 301.7 -23.4 -5.5 56.5 1,067.6 18.8 24.6 66.2 11.7 June 28 1,201.4 442. 74.4 231.0 315.0 -25.2 -5.5 56.9 1,088.4 13.9 25.7 59.7 13.7 Sept. 27 1,177.3 408. 73.7 228.2 320.9 -27.4 -5.5 58.3 1,056.7 8.9 26.1 71.4 14.1 Dec. (Jan. 3, 1940). 1,133.7 328. 76.6 227.7 344.7 -28.2 -4.9 60.4 1,004.4 -2.6 30.1 87.6 14.3 1940—Mar. (Apr. 3) 1,095.0 273. 75.9 231.5 368.1 -28.7 -4.9 64.5 980.0 -8.3 32.1 76.8 14.4 June (July 3). 1,042.1 229. 74.7 230.4 378.3 -28.7 14.3 64.8 963.3 -19.4 27.9 57.2 13.2 Sept. (Oct. 2) 987.0 213. 74.5 230.7 365.4 -28.8 26.2 64.5 946.2 -20.7 26.6 22.0 12.8 Dec. (Jan. 1, 1941). 888.7 157. 74.4 233.2 348.1 -29.1 2.7 64.9 851.3 -18.4 25.6 17.6 12.6 1941—Mar. (Apr. 2). 701.8 6. 74.2 234.9 334.7 -30.3 -3.0 64.8 681.5 -28.9 20.9 16.9 11.3 June (July 2). 631.2 -50. 74.6 236.1 321.7 -30.4 -2.5 64.8 613.8 -34.4 19.3 21.1 11.4 Sept. (Oct. 1). 623.5 -64. 75.3 236.5 328.9 -30.4 — % 66.6 611.9 -41.8 23.9 18.0 11.5 Dec. 31. . 626.7 -70. 74.9 236.7 336.4 -30.1 -A 67.3 615.0 -44.7 28.1 17.5 10.9 1942—Jan. 28 631.0 -70. 75.1 236.7 339.5 -30.2 -.1 67.6 617.7 -42.8 27.5 17.7 10.9 Feb. 25 626.2 -70. 75.4 236.7 340.5 -30.2 -.1 66.7 618.4 -46.6 25.9 17.7 10.9 Mar. (Apr. 1). 624.9 -72. 74.8 236.7 340.5 -30.2 -.2 67.1 616.2 -47.0 26.8 18.0 10.9 Apr. 29 626.6 -73. 75.0 236.7 343.4 -30.2 -.1 67.1 618.6 -48.0 27.2 17.9 10.8 May (June 3). 629.0 -73. 75.6 236.6 344.9 -30.2 -.1 67.0 620.2 -48.3 27.7 18.4 10.9 June 30 632.0 -75. 75.7 236.6 346.7 -30.3 -.1 67.1 620.2 -48.6 30.0 19.5 10.8 July 31 633.3 -75. 76.0 236.7 349.2 -30.4 -.1 67.5 623.6 -50.7 29.9 19.6 10.8 Aug. 31 642.7 -75. 76.9 236.7 351.1 -30.6 -.2 66.9 625.1 -44.0 29.9 20.9 10.8 Sept. 30 646.1 -76.5 77.2 236.6 352.8 -30.7 -.3 69.3 628.4 -43.2 29.3 20.8 10.8 Oct. 31 654.3 -76.8 76.8 236.6 356.0 -30.9 -.2 71.4 632.9 -44.1 32.0 22.7 10.8 Nov. 30 661.0 -76.9 77.2 236.5 359.1 -30.9 •* 73.4 638.2 -47.9 32.8 27.1 10.8 Dec. 31 673.3 -77.6 80.5 236.9 360.5 -30.9 -!i 75.3 644.7 -45,1 35.2 27.7 10.9 1943—Jan. 678.5 —78.0 79.6 237.8 362.8 -30.8 -.i 74.8 646.0 -43.1 35.9 28.8 10.9 Feb. 676.0 -78.5 79.7 238.2 364.7 -30.9 -.i 74.7 647.8 -46.4 34.7 29.1 10.9 Mar. 685.9 -79.7 79.4 238.2 364.6 -30.9 (*) 75.5 647.2 -44.5 34.2 38.1 11.0 Apr. 692.9 -81.7 80.6 238.6 366.8 -30.9 -.i 78.6 652.0 -46.0 35.2 40.2 11.4 May 692.5 -83.3 84.6 239.7 367.0 -30.9 (•) 78.3 655.5 -49.7 34.8 40.5 11.4 June 687.9 -88.6 84.8 239.9 367.3 -30.9 .4 78.2 651.1 -48.9 34.0 40.3 11.5 July 692.3 -91.4 79.8 240.1 366.9 -30.9 .5 81.4 646.3 -51.7 31.5 54.8 11.4 Aug. 687.0 —92.5 78.1 239.9 364.8 -30.9 .6 81.4 641.5 -52.3 31.3 55.9 10.6 Sept. 708 ] 1 —94.8 81.3 240.1 366.9 -30.9 .6 81.4 644.8 -46.8 35.3 64.1 10.7 Oct. 707.4 -96.3 82.4 240.1 366.9 -30.9 .6 84.2 647.1 -50.6 37.0 63.3 10.6 Nov. 710.1 —98.2 82.7 240.1 368.7 -30.9 .6 86.1 649.1 -53.2 39.7 63.7 10.7 Dec. 701 !l -100.3 82.7 239.9 367.3 -30.8 .6 86.3 645.7 -58.2 40.5 62.5 10.6 1944—Jan. 31. 695.1 —103.1 82.2 239.9 366.4 -30.9 .9 86.0 641.5 -61.0 41.2 62.6 10.7 Feb. 29. 698^8 —104.8 84.1 240.0 368.4 -30.9 1.0 86.1 643.9 -60.3 41.9 62.7 10.7 Mar. 31. 685^8 —107.4 70.9 239.7 368.3 -30.9 1.0 86.3 627.9 -60.7 40.4 67.6 10.6 M Ap ay r. 3 3 1 0 . . 6 6 8 8 6 0 .1 2 — — 1 1 1 0 1 8 . . 0 9 7 7 0 1 . . 2 6 2 2 3 3 9 9 . . 5 5 3 3 6 6 8 9 . . 7 2 - - 3 3 0 0 . . 8 9 1 t. .0 o 8 9 9 0. , 7 2 6 6 2 3 6 2 . . 8 3 - - 6 6 6 4 . . 4 6 4 4 1 0 . . 5 5 6 6 7 7. . 5 6 1 1 0 0 . . 6 6 J J O D A N S u u e c e u o l n p t c y g v . e . t . . . 3 3 3 3 3 3 3 1 1 1 0 1 0 0 . . . . . . . 9 7 7 7 1 • 7 I / / J j U u 1 ( f 1 3 3 r l J \ y % f i Q o 1 . 2 7 \ O j . . . yQ 8 . A d8 » 4 a - - - — — „ 1 1 1 2 1 2 2 H 1 1 3 1 2 5 0 1 4 . 8 2 " . 3 . * - 4 2 5 . 9 7 3 0 7 6 7 7 7 7 7 7 6 0 0 7 9 8 . . . . . . . 3 0 9 1 1 0 7 2 2 2 2 2 2 2 3 3 3 3 3 4 4 9 9 9 9 9 0 0 . . . . . . . 0 7 4 7 7 0 2 3 3 3 3 3 3 3 6 6 6 6 6 6 6 8 9 7 7 9 9 9 . . . . . . . 5 2 2 6 1 2 2 — - - - - - - 3 3 3 3 3 3 3 0 0 0 0 0 0 0 . . . . . . 8 . 8 8 8 8 8 8 1 1 t. . . . . . . 2 5 9 2 3 2 1 1 1 1 1 1 9 9 0 0 0 0 0 8 3 9 0 0 1 0 , . . . . . . 2 2 1 5 5 0 9 6 6 6 6 6 6 6 2 2 2 3 3 4 4 5 3 6 6 8 2 4 . . . . . . . 7 2 0 3 4 0 0 - - - - - - - 2 2 2 2 5 6 6 8 8 1 9 4 5 4 . . . . . . . 1 7 1 2 9 6 2 5 4 5 5 4 5 4 4 8 2 1 3 8 2 . . . . . . . 9 1 4 9 3 9 6 2 7 4 6 7 7 7 7 0 0 1 1 1 8 0 . . . . . . . 5 7 4 6 2 7 9 1 1 1 1 1 1 1 0 0 0 0 0 0 1 . . . . . . . 7 7 7 6 6 8 0 1945— M A F J e p a a b n r r . . . . 3 3 3 2 1 0 8 1 . . . . 8 8 8 9 0 2 4 0 2 0 5 9 . . . . 5 6 0 0 - - - - 1 1 1 1 3 3 3 2 9 5 1 7 . . . . 2 4 7 4 6 6 7 7 7 8 6 7 . . . . 1 0 9 2 2 2 2 2 3 3 3 3 9 9 9 9 . . . . 4 1 1 0 3 3 3 3 6 6 6 6 2 0 6 3 . . . . 1 2 1 3 — - - - 3 3 3 3 0 0 0 0 . . . 8 . 8 8 8 2 1 M . . . 1 8 2 1 1 9 9 0 0 2 3 3 2 . . . . 5 7 4 0 6 6 5 5 2 9 2 9 1 1 9 8 . . . . 2 4 9 0 - - - - 8 9 8 2 5 5 4 7 . , . . 7 9 2 4 5 5 5 5 5 5 5 5 . . . . 1 2 7 4 2 2 2 4 4 4 4 1 1 1 1 . . . . 7 1 9 9 1 1 1 1 0 0 0 0 . . . . 5 7 3 6 Asiatic countries being included under i Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining ' Outflow less than $50,000. 965 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES-Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935-Continued - TABLE 7.-INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases m Balances Held by Brokers and Dealers in U.S. with Brokers and Dealers Abroad) [Net movement from United States, (—). In millions of dollars] From Jan. 2,1935, through- Total U K d n o in i m t g e - d France N l e a t n h d e s r- Sw la i n tz d er- m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e in r- Asia* ot A he ll r1 1935-Mar. (Apr. 3) 21.1 6.5 5.6 2.6 .3 J2) 1.2 16.1 2.2 .3 2.5 June (July 3) 29.8 6.8 7.0 3.6 2.2 1.6 20.8 3.3 1.3 4.4 Sept. (Oct. 2) 29.8 6.2 6.1 3.7 3.3 -!i .'l 1.6 20.8 3.2 1.0 5.1 Dec. (Jan. 1, 1936), 6.0 () 2.4 1.3 2.5 -.2 .1 1.4 7.6 -4.5 1.0 2.9 — 9 1936—Mar. (Apr. 1) .4 -.5 6.7 -.2 2.6 -.1 1.3 9.9 -6.2 -3.3 1.2 -1.2 June (July 1) 16.5 2.1 8.8 .8 4.1 00 2.0 17.8 -4.0 -1.5 4.1 (3) Sept. 30 23.2 .6 14.4 3.0 7.4 2.2 27.8 -6.4 -2.4 3.9 Dec. 30 12.9 4.0 10.4 -.9 9.1 '.3 .4 22.6 »7.6 -4.2 2.1 (2)' 1937—Mar. 31 4.1 9.4 2.7 10.3 .2 .9 24.3 -10.0 -5.4 -5.4 .5 June 30 18.3 6.1 11.7 4.2 11.8 .2 2.0 35.8 -5.5 -.5 Sept. 29 31.9 8.2 11.5 4.4 12.3 .2 3,5 40.0 -8^6 -3.2 3.9 Dec. 29 47.5 11.5 11.5 5.0 10.8 .1 5.0 44.0 3.5 -.5 .5 1938—Mar. 30 54.2 13.0 13.4 6.6 8.7 .2 5.2 47.2 5.5 -1.2 2.6 .1 June 29 57.8 15.7 13.9 6.8 8.4 .2 6.2 51.2 4.0 -.1 2.6 .1 Sept. 28 64.1 16.8 15.9 6.8 10.7 .2 6.9 57.2 5.3 .4 .8 .5 Dec. (Jan. 4,1939) 47.6 13.4 12.9 6.8 9.6 -.2 .2 5.2 47.9 1.8 -.9 -1.5 .3 1939—Mar. 29 63.9 16.3 16.0 8.8 9.6 -.2 .2 6.6 57.4 5.6 .1 .6 .3 June 28 74.0 18.1 16.8 9.6 11.9 -.3 .1 7.0 63.2 9.3 .8 .4 .3 S D e e p c t . . ( 2 J 7 an. 3, 1940) 8 S 3 O . . 1 6 2 1 4 9 . . 2 4 2 1 0 8 . . 1 4 9 9 . . 4 3 1 1 7 5 . . 8 3 - - . . 1 1 . . 2 1 5 7 . . 0 0 7 7 4 1 . . 3 6 8 9 . . 7 7 2 1. . 6 1 - - 3 3 . . 6 4 2 . . 7 1 1940—Mar. (Apr. 3) 88.7 18.7 17.4 9.0 20.2 .1 5.4 70.8 11.1 1.2 3.3 2.2 June (July 3) 98.9 16.6 18.5 11.4 18.0 .1 8.1 72.7 12.0 7.6 6.0 .7 Sept. (Oct. 2) 101.6 16.3 18.8 12.3 19.2 .1 8.1 74.7 11.2 9.1 5.8 .7 Dec. (Jan. 1, 1941) 100.9 17.0 19.9 13.4 16.2 — 2 .2 7.9 74.3 10.7 9.2 6.0 .7 1941—Mar. (Apr. 2) 95.9 16.7 18.7 13.9 14.5 -.2 .2 7.9 71.7 10.6 6.1 6.4 1.1 June (July 2) 98.2 16.4 19.2 14.5 14.5 -.2 •2 8.4 73.1 11.6 5.7 7.1 .7 Sept. (Oct. 1) 100.9 16.6 19.3 15.5 13.8 -.2 .2 8.3 73.4 13.7 6.3 6.7 Dec. 31 100.9 16.8 19.9 17.6 13.5 -.2 .2 8.0 75.7 14.1 3.9 6.3 1942—Jan. 8 102.0 16.9 19.8 18.0 13.2 -.2 7.6 75.5 14.3 5.1 6.4 .7 Feb. 25 102.0 16.8 19.8 18.1 13.2 -.2 .2 7.6 75.4 14.6 4.8 6.4 .8 Mar. (Apr. 1) 104.3 17.0 20.3 18.3 14.3 -.2 .2 7.9 78.0 14.5 4.9 6.1 .8 Apr. 29 103.9 17.2 20.2 18.4 14.0 -.2 .2 8.1 77.9 14.5 4.6 6.1 .8 May (June 3) 104.6 17.2 20.2 18.7 14.1 -.2 .2 8.3 78.6 14.3 4.7 6.1 .8 Tune 30 106.2 17.5 20.5 19.0 14.0 -.2 .2 8.3 79.3 14.6 5.2 6.1 .9 July 31 103.7 17.3 '20.3 16.1 14.6 -.2 .2 8.3 76.6 14.4 5.5 6.1 .0 A S U ep K t . . 3 3 0 1 , 1 1 0 0 3 7 . . 9 5, 1 1 7 7 . . 2 4 2 20 0 . . 7 3 1 16 6 . . 5 1 1 14 4 . . 7 6 T) . . 3 2 8 8. . 6 4 7 76 8 . . 7 1 1 1 5 4 . . 2 5 5 6. . 7 5 6 6 . . 4 2 . . 0 0 Oct. 31 104.1 17.3 20.4 16.5 14.1 .2 8.5 76.9 14.8 5.2 6.2 .0 Nov. 30 104.1 17.3 20.4 16.7 13.6 -.*2 .3 8.6 76.7 14.9 5.4 6.1 .1 Dec. 31 104.4 17.4 20.7 17.5 13.7 -.1 .2 8.7 78.1 15.2 4.2 6.0 .9 1943—Jan. 31 107.0 17.6 20.6 17.7 13.5 .3 8.8 78.4 15.9 5.1 6.3 .4 Feb. 28 106.4 17.4 20.3 17.2 10.9 -.2 .3 8.5 74.3 16.6 8.0 6.2 .3 Mar. 31 108.6 16.3 21.0 17.8 14.3 -.1 .3 8.8 78.4 16.9 6.5 5.9 .0 Apr. 30.... 109.5 18.0 21.0 17.9 13.9 -.1 .3 9.1 80.1 16.3 6.5 5.6 .0 May 31 108.5 18.2 20.7 17.8 14.7 .3 8.8 80.4 16.4 5.0 5.6 .1 June 30 112.1 19.3 21.3 18.0 16.1 .3 9.0 83.9 17.0 4.4 5.6 .2 July 31 112.6 18.9 21.1 18.4 17.4 .3 9.0 85.1 16.4 4.0 5.6 .5 Aug. 31 114.3 18.6 21.4 18.6 18.3 -.1 .3 9.1 86.2 16.6 4.4 5.5 .6 Sept.30 114.8 18.6 21.2 18.6 18.9 -.2 .3 9.4 86.8 16.7 4.2 5.6 .5 Oct. 31 114.1 18.2 21.3 18.8 18.9 -.2 .3 9.2 86.5 17.2 3.3 5.6 .5 . D N e o c. v. 3 3 1 0 1 1 1 1 5 7 . . 4 8 1 18 8 . . 8 3 2 2 1 1 . . 4 5 1 1 9 8 . . 9 8 1 1 9 9 . . 3 0 - - . . 2 2 . . 4 3 9 9 . . 4 6 8 8 7 9 . . 3 1 1 17 7 . . 6 0 4 3. . 8 0 5 6. . 0 8 . . 3 3 1944—Jan. 31 117.0 18.8 21.4 19.7 20.0 -.2 .3 9.3 89.4 17.1 3.2 6.0 .3 Feb. 29 118.9 18.9 21.4 20.2 18.8 -.2 .3 9.3 88.7 17.4 5.5 6.0 .3 Mar. 31 119.6 18.5 21.7 20.3 19.7 -.2 .3 9.6 89.9 17.8 4.7 5.7 .4 Apr. 30 118.3 18.4 21.4 20.6 19.2 -.2 .3 9.7 89.3 18.1 4.3 5.1 4 May 31 119.9 18.2 21.7 20.6 19.9 -.2 .3 9.6 90.0 17.1 5.6 5.6 4 J J O A N S D u u e e c u o c l n p . t y g v e . t . . . 3 3 3 3 3 3 3 1 1 0 0 0 1 1 1 1 1 1 1 1 1 2 2 2 2 1 1 1 7 5 6 2 9 9 9 . . . . . . . 1 0 2 3 9 1 3 1 1 1 1 1 1 1 9 8 8 8 8 8 8 . . . . . . . 2 4 0 9 5 7 3 2 2 2 2 2 2 2 3 2 2 2 2 2 2 . . . . . . . 1 7 6 2 4 0 1 2 2 2 2 2 2 2 2 1 1 0 0 1 0 . . . . . . . 2 3 8 9 3 1 8 2 2 2 2 2 2 1 3 2 1 1 0 0 9 . . . . . . . 5 0 6 5 8 5 4 - - - - - . . . . . 2 2 2 2 2 . . . . . . . 3 3 3 3 3 3 3 1 1 1 1 1 9 9 0 0 0 0 0 . . . . . . . 2 6 2 5 5 3 0 9 9 9 8 9 9 9 5 7 2 9 2 4 4 . . . . . . . 7 9 5 8 2 0 1 1 1 1 1 1 1 1 6 6 8 6 6 6 7 . . . . . . . 7 2 2 0 6 5 3 4 5 4 6 5 6 5 . . . . . . . 3 8 3 4 6 5 1 4 4 5 5 6 5 5 . . . . . . . 0 8 4 9 0 0 6 , . 4 8 1 2 8 1945— M A F J e a p b a . n r r . . . 3 3 2 3 1 0 8 1. 1 1 1 1 2 3 2 3 9 0 6 0 . . . . 4 9 1 5 1 1 1 1 8 8 8 8 . . . . 4 6 6 5 2 2 2 2 3 1 3 2 . . . . 1 9 1 9 2 2 2 2 3 2 2 2 . . . . 0 7 4 6 2 2 2 2 4 2 3 4 . . . . 7 9 9 5 - - - . . . 2 1 2 . . . . 3 3 3 3 1 1 1 1 0 0 0 0 .6 . . . 5 5 8 1 9 9 9 0 9 6 9 0 . . . . 4 0 6 0 1 1 1 1 6 7 7 7 . . . . 7 0 0 0 6 7 7 7 . . . . 3 5 2 0 4 4 4 4 . . . . 7 8 7 4 I Onflow ^Uthayn3i5o!SSo.thC the ™i ng Asktic ™»«™ bein* "A» other." 966 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES-Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES LIABILITIES [In millions of dollars) Date Total U K d n i o i n m t g e - d France N l e a t n h d e s r- land m G a e n r y - Italy E O u t r h o e p r e]E T u o ro ta p l e ma da A L m a k t a i c n r- Asia* ot A he ll r* 1934—Dec. (Jan. 2, 1935).. 597.0 76.9] 33.9 12.9 13.7 29.9 18.8 46.8 232.9 99.3 122.8 130.1 12.0 1935— J S M u e n a p e r t . . ( ( ( J A O u p l c y r t . . 3 2 3 ) ) ) 8 6 9 1 4 5 0 7 4 . . . 8 6 7 1 1 9 4 7 6 4 1 . . . 1 7 4 4 9 9 7 2 2 . . . 1 0 1 4 5 1 1 6 8 . . . 5 3 1 3 6 2 6 1 2 . . . 0 9 4 2 2 2 8 4 5 . . . 2 6 8 1 1 18 8 4 . . . 8 5 9 6 5 5 8 5 5 . . . 9 5 6 4 4 2 1 9 8 2 7 0 . . . 9 5 0 1 1 9 2 2 5 5 3 . . . f 9 6 t 1 15 4 5 5 . . 9 3 1 1 1 1 4 2 2 9 2 . . . 8 4 2 1 l 1 o 7 8 . . . 7 6 0 Bee. (Jan. 1,1936).. 1,200.2 205.5 163.5 68.6 86.1 29.0 26.1 107.5 686.3 145.3 156.3 188.9 23.4 1936—Mar. (Apr. 1) 1,175.4 179.3 151.7 57.6 96.4 21.6 21.4 116.0 643.9 14ft.4 1R7.1 178.7 17.3 June (July 1) 1,376.0 255.2 152.9 105.3 129.6 20.1 24.4 121.5 133.0 205.2 200.4 22.4 Sept. 30 1,459.6 293.7 163.2 76.8 147.3 19.2 29.2 128.8 858.3 170.7 200.5 210.2 19.K Dec. 30 1,491.6 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 203.9 2<X).2 27.1 1937—Mar. 31 1,682.7 226.9 173.0 60.4 113.1 53.9 36.6 140.8 SO*. 7 210.0 441.0 204.6 22.5 June 30 2,173.6 373.1 206.2 145.0 331.4 40.3 23.0 177.9 1,296.9 190.I' 448.8 210.4 27.4 Sept. 29 2,304.8 385.8 197.3 167.6 425.5 48.7 27.5 223.4 1,475.9 219.3 3S.1.R 229.9 25. H Dec. 29 1,729.6 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.0 280.9 230.0 20.0 1938—Mar. 30 1,521.0 248.1 126.3 48.5 236.7 25.7 14.9 135.7 835.8 186.4 257.9 219.5 21.3 June 29 1,357.4 217.4 102.2 48.6 173.8 27.3 18.2 121.9 709.4 173.5 261.7 194.4 18.4 Sept. 28. 1,751.4 308.5 165.6 82.2 191.0 17.6 17.2 232.8 1,015.0 190.8| 285.0 220.9 33.7 Dec. (Jan. 4, 1939).. 1,996.6 436.1 187.4 101.8 218.8 17.8 20.4 255.5 1,237.8 201.8 248.5 274.3 34.1 1939—Mar. 29 2,318.8 473.9] 219.5 143.9 247.1 18.7 14.8 314.7 1,432.7 236.6: 300.7 305.5 43.3 June 28 2,683.0 607.4f 284.4 146.0 240.8 15.1 12.2 366.9 1,672.7 291.7 363.0 306.0 49,7 Sept.27 3,050.7 656.7 295.9 186.0 299.9 7.8 17.1 446.4 1,909.7 325.3 383.0 366.5 60.2 Dec. (Jan. 3,1940).. 3,057.0 448.2 288.2 204.9 376.3 9.5 38.5 516.9 1,882.6 274.6 336.0 491.4 72.5 .1940—Mar. (Apr. 3) 3,165.2 361.3 290.7 199.7 432.2 8.4 69.3 618.7 1.9S0.3 250.1 3r>5.5 515.2 54.1 June (July 3) 3,456.3 397.9 504.8 184.7 441.0 9.8 29.8 625.7 2,193.8 259.2 421.4 521.7 60.3 Sept. (Oct. 2) 3,719.0 386.4 503.5 180.3 459.6 13.2 24.6 667.5 2,235.0 410.7, 438.4 567.7 07.1 Dec. (Jan. 1,1941).. 3,785.2 365.5 490.1 174.3 508.4 6.7 17.9 650.6 2,213.5 434.3 447.3 616.9 73.3 1941—Mar. (Apr. 2) 3,775.0 369.4 484.9 187.3 497.8 5.6 15.3 623.8 ,184.3 421.5 470.2 612.9 86.1 June (July 2) 3,819.5 406.6] 483.1 171.2 514.2 5.7 14.4 606.5 ,201.6 417.9 492.8 599.7 107.5 Sept. (Oct. 1) 3,765.7 417.1 464.1 164.0 .457.5 6.6 15.1 655.4 ,179.9 438.4 439.2 603.8 104.4 Dec. 31.. 3,482,4 400.8| 448.6 174.9 339.9 6.6 15.4 608.0 ,994.0 373.2| 417.7 583.9 113.6 1942— M F J e a a b n r . . . 2 ( 2 A 8 5 pr. 1) 3 3 3, , , 3 3 3 1 0 9 0 1 7 . . . 2 7 8 3 3 3 6 3 7 8 5 3 . . . 3 2 3 4 4 4 4 4 3 6 2 9 . . . 8 4 8 1 1 1 7 7 6 0 0 7 . . . 6 9 1 3 2 2 0 0 6 1 5 0 . . . 4 2 0 6 6 6. . . 4 8 6 1 1 1 5 5 1 . . . 6 6 3 5 6 5 5 1 7 4 5 5 . . . 4 0 9 , , , 7 8 9 5 0 2 7 6 5 . . . 8 0 0 3 3 4 6 2 6 6 4 6 . . . 4 4 6 4 4 43 1 2 7 0 6 . . . 7 5 3 5 5 5 7 8 7 9 5 4 . . . 2 2 8 1 1 1 1 1 2 6 1 1 . . . 8 9 0 M M J A u p a a n y r r e . . 2 ( ( 3 9 J A 0 u » p n r e . 3 1 ) )* , 3 3 3 3 , , , , 7 5 6 3 1 4 3 2 6 6 7 4 . . . . 0 2 0 1 4 4 3 3 1 3 7 5 0 6 5 3 . . . . 4 0 5 3 4 4 4 4 3 3 3 3 6 9 9 7 . . . . 7 2 8 6 1 1 1 1 8 7 6 8 6 6 7 5 . . . . 7 8 1 9 2 2 2 2 0 0 0 0 5 3 1 3 . . . . 2 2 7 2 6 6 6 6 . . . . 4 3 3 2 1 1 1 1 1 1 1 2 . . . . 2 3 8 0 5 5 5 5 5 4 3 2 8 4 2 9 . . . . 2 0 7 5 , , , , 8 7 7 7 1 5 8 4 2 9 3 0 . . . . 5 0 9 9 4 4 4 4 2 2 3 1 7 4 6 0 . . . . 7 8 4 4 5 5 5 3 4 1 8 7 0 5 . . . . 7 5 9 8 5 7 7 7 9 9 9 9 3 8 7 9 . . . . 1 4 5 5 1 1 1 1 2 1 2 2 1 6 8 1 . . . . 9 1 3 6 J J A O N S D u u e e u c o n l p c y t g v e . . t . . . 3 3 3 3 3 3 3 0 1 1 1 0 0 1 * 3 3 3 3 3 3 3 , , , , , , , 7 8 8 7 8 9 9 4 7 5 8 1 7 8 3 1 7 2 8 9 7 . . . . . . . 1 4 4 0 5 6 8 4 5 5 4 4 5 5 2 5 5 7 2 2 0 1 4 9 5 5 1 7 . . . . . . . 6 6 8 6 2 3 1 4 4 4 4 4 4 4 3 3 3 4 4 3 3 2 7 2 6 4 8 3 . . . . . . . 4 3 9 9 8 9 3 1 1 1 1 1 1 1 8 8 8 8 8 9 8 6 5 9 0 6 5 6 . . . . . . . 4 4 5 8 9 6 9 2 2 1 1 1 1 1 0 0 9 8 9 8 9 5 5 4 1 6 6 2 . . . . . . . 5 0 2 3 2 5 3 6 6 6 7 7 7 7 . . . . . . . 7 9 8 2 0 5 3 1 1 1 1 1 1 1 1 2 2 2 3 2 2 . . . . . . . 5 0 6 8 0 1 1 6 6 6 6 6 6 6 4 2 4 4 3 3 5 6 3 1 0 1 5 3 . . . . . . . 7 4 0 5 1 3 9 2 2 2 , , , , , , , 9 0 9 9 0 9 0 0 9 3 0 5 2 0 8 3 0 5 0 2 0 . . . . . . . 9 9 3 4 7 0 3 4 4 4 4 4 5 5 6 8 8 4 8 0 0 1 1 7 9 4 7 9 . . . . . . . 1 0 4 4 6 6 5 5 5 5 5 5 5 5 9 6 5 3 3 7 4 7 5 2 5 4 5 . . . . . . . 7 7 5 5 0 8 8 7 7 7 7 7 7 7 2 2 3 0 1 2 1 7 4 3 4 8 7 2 . . . . . . . 2 1 9 5 3 9 1 1 1 1 1 1 1 1 2 2 2 1 2 1 4 2 6 2 7 7 8 9 . . . . . . . 4 7 5 5 1 3 6 1943— M M J A A F T O O S N S D J u e u e a e u p e a c c a o l b n n p p c y g y t t r r v . . . . . e . . t t . . . . 3 3 3 3 2 3 3 3 3 3 3 3 3 3 0 1 1 1 1 8 0 0 1 0 1 1 1 0 * * 4 4 4 4 4 4 4 4 4 4 4 4 5 5 , , , , , , , , , , , , , , 1 2 3 3 4 6 7 7 9 7 7 9 1 0 3 5 5 1 3 6 2 9 4 8 7 4 5 9 8 7 7 6 9 0 3 7 1 8 5 1 3 3 . . . . . . . . . . . . . . 3 3 7 8 8 6 8 8 6 0 1 8 7 1 1, 4 4 5 0 5 6 5 7 8 9 9 8 8 9 8 5 7 7 1 0 6 4 4 6 1 5 4 6 1 8 1 0 2 5 4 9 0 3 1 3 1 8 . . . . . . . . . . . . . . 6 7 5 7 7 8 8 4 6 3 6 3 3 8 4 4 4 4 4 4 4 4 4 4 4 4 4 4 3 3 3 3 3 3 4 3 3 4 5 3 4 3 5 6 4 2 8 3 6 7 8 9 2 7 4 9 . . . . . . . . . . . . . . 2 2 7 6 8 9 4 7 4 6 5 9 7 4 1 1 1 1 1 1 1 1 1 1 1 1 1 1 8 9 8 9 8 9 9 9 9 9 9 8 9 9 4 0 9 0 6 3 3 1 0 5 5 9 3 3 . . . . . . . . . . . . . . 7 6 5 4 0 4 2 3 6 8 8 1 3 6 1 1 1 1 2 2 2 1 1 1 2 2 1 1 8 8 8 7 0 0 8 8 9 0 1 0 9 9 2 9 3 8 1 3 5 1 1 9 9 1 7 0 . . . . . . . . . . . . . . 6 6 1 5 8 1 5 4 4 0 8 5 6 6 7 7 7 7 7 6 6 6 7 6 6 6 7 6 . . . . . . . . . . . . . . 4 6 6 6 9 5 5 9 9 6 6 5 4 6 1 1 1 1 1 1 1 1 1 1 1 1 9 9 2 1 0 2 0 0 0 0 1 1 1 1 . . . . . . . . . . . . . . 8 8 4 6 6 9 2 7 4 7 4 4 3 6 6 6 6 6 6 6 6 7 6 6 7 7 7 7 7 7 5 9 7 8 8 0 9 9 0 2 0 1 0 7 6 3 3 8 9 1 9 5 3 2 5 2 . . . . . . . . . . . . . . 4 2 9 6 5 5 5 4 4 6 8 4 2 1 2 2 2 1 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , , , 0 0 9 9 0 1 2 3 4 4 4 4 5 5 7 8 3 1 6 9 8 7 2 1 9 9 2 8 2 5 6 8 7 9 3 9 2 2 9 9 8 4 . . . . . . . . . . . . . . 5 4 5 6 3 3 3 5 0 2 9 9 0 5 8 7 7 7 8 7 7 8 7 7 7 7 8 7 0 6 4 1 7 7 8 4 7 9 4 4 1 9 8 6 8 5 9 3 2 3 4 2 5 2 5 2 . . . . . . . . . . . . . 3 . 3 4 7 2 3 1 2 2 3 3 6 1 5 6 6 6 6 7 6 6 6 7 6 6 6 6 9 2 1 0 8 9 6 3 7 1 7 9 6 6 1 5 8 7 2 1 7 6 5 7 3 6 5 9 . . . . . . . . . . . . . . 9 8 9 5 1 8 9 4 7 1 5 1 9 4 7 7 7 7 7 8 8 7 7 7 7 7 7 7 1 1 2 1 2 1 3 2 8 4 8 7 5 5 0 6 8 8 0 5 3 4 6 2 7 6 4 4 . . . . . . . . . . . . . . 4 7 4 3 3 7 7 7 8 1 6 6 6 6 1 2 1 1 1 2 2 2 1 2 1 1 1 1 0 5 7 7 5 1 0 0 7 0 9 9 9 7 1 1 1 2 2 3 5 9 5 9 2 7 8 5 . . . . . . . . . . . . . . 2 5 5 3 3 6 9 8 8 8 3 8 1 3 1 1 _ 9 9 _• 4 4 _ 5 4 _ — — M M M J J F M J O A F A S N D D T J a u u e e e a a c a e u p e o a a a n b n l b n p n c t r c y g y r r v r . . . e . . . . . . t . . . . . . 3 3 2 3 3 3 3 2 3 3 3 3 3 3 3 3 3 3 1 1 8 1 1 1 1 9 0 0 1 1 0 0 1 1 1 1 * * s 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , , , , , , , , 5 5 3 2 6 3 5 3 3 3 2 4 5 5 4 3 5 5 3 5 6 7 8 8 0 2 8 3 1 7 3 9 3 3 4 9 4 1 3 9 5 8 9 7 2 9 8 7 4 1 7 2 9 2 0 2 5 .1 . . . . . . . . . . . . . . . . . . 4 6 2 2 9 1 7 0 6 3 7 7 8 4 0 7 6 8 , , , , , 8 8 9 8 8 8 0 0 0 0 0 0 0 0 8 8 7 8 7 3 1 2 4 9 9 3 2 8 8 4 6 6 8 7 7 4 8 5 4 9 7 5 9 5 8 8 4 2 5 5 7 9 7 2 7 2 1 . . . . . . . . . . . . . . . . . . . 2 2 7 7 7 4 6 9 3 8 9 8 1 4 6 0 1 1 9 4 4 4 4 4 4 4 4 4 4 4 3 3 4 4 4 4 3 3 5 0 3 1 4 4 0 3 3 3 4 6 3 4 4 4 8 4 9 1 1 1 9 9 9 9 9 8 1 9 6 7 6 6 8 3 6 2 . . . . . . . . . . . . . . . . . . . 4 2 2 9 8 4 1 0 5 0 6 6 9 8 1 3 6 9 3 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9 9 9 9 9 0 7 6 9 9 1 2 0 6 6 0 8 3 8 9 9 9 4 9 . . . . . . . . . . . . . . . . . . . 7 9 7 7 7 1 6 7 0 6 6 1 8 6 6 3 8 3 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 2 3 1 0 1 2 2 3 3 0 3 3 3 5 4 5 3 8 3 3 7 0 3 4 3 9 9 9 0 6 7 2 2 7 5 2 . . . . . . . . . . . . . . . . . . . 7 2 1 0 0 6 3 7 3 3 5 8 3 5 8 0 0 0 1 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 7 . . . . . . . . . . . . . . . . . . . 5 5 5 5 5 5 6 5 4 7 5 7 8 8 8 8 9 8 0 1 2 1 1 1 1 1 1 2 2 2 3 3 1 1 3 1 3 3 0 1 0 3 0 7 0 1 7 5 1 4 2 1 5 9 3 9 6 . . . . . . . . . . . . . . . . . . . 9 0 4 2 9 2 9 9 7 3 3 6 4 8 0 0 0 3 1 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 4 7 4 4 1 2 5 4 0 1 6 0 2 6 0 0 0 1 3 3 7 1 2 4 8 4 2 3 4 7 7 4 7 3 3 9 5 9 . . . . . . . . . . . . . . . . . . . 7 0 9 2 6 0 9 1 2 9 7 8 0 7 6 8 8 6 9 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , , , , , , , , 6 6 7 6 7 6 6 6 5 4 4 5 5 5 3 3 4 4 4 6 7 0 9 3 6 6 3 1 9 5 9 0 1 5 9 5 2 0 2 8 6 5 1 2 7 2 3 4 2 4 6 7 7 2 2 0 5 . . . . . . . . . . . . . . . . . . . 7 2 1 3 8 5 6 6 5 4 9 3 9 8 1 5 8 8 5 1 1 1 1 1 , , , , , 0 0 9 8 8 9 9 8 8 8 9 9 9 1 9 0 1 9 9 4 1 1 3 4 9 1 5 2 4 8 6 5 6 2 7 2 7 7 6 2 2 7 7 6 3 3 6 7 4 7 6 4 6 0 9 6 6 . . . . . . . . . . . , . . . . . . 1 9 4 5 6 8 8 2 8 6 7 7 7 8 8 7 7 8 8 7 8 8 9 9 9 9 9 9 9 1 1 3 5 3 8 3 5 7 6 9 6 0 0 7 6 7 6 9 5 0 9 7 8 5 8 6 7 0 9 1 9 9 0 3 6 4 3 . . . . . . . . . . . . . . . . . . 4 6 2 . 4 7 8 2 8 6 4 3 5 3 3 2 3 9 0 5 9 9 9 9 9 9 9 9 9 9 9 9 7 7 9 9 9 9 9 0 4 5 5 6 4 4 3 3 2 3 3 4 4 1 1 1 1 1 0 9 5 5 4 4 2 2 0 6 4 6 3 3 2 2 1 7 6 . . . . . . . . . . . . . . . . . . 2 2 8 6 . 9 2 3 1 2 0 9 8 8 8 4 7 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 7 8 6 6 6 7 3 3 3 3 4 4 8 7 7 3 4 4 4 7 7 3 7 4 2 9 8 6 6 4 0 2 4 4 8 1 4 4 . . . . . . . . . . . . . . . . . 2 . 9 1 9 4 6 6 9 6 7 . 7 1 9 0 1 6 4 5 1 Apr. 30 For footnotes see following page. 967 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES. BY COUNTRIxia—Continued LIABILITIES-SUPPLEMENTARY DATA* [In millions of dollars] Date E O u t r h o e p r e g B iu e m l- m D a e r n k - l F a i n n d - Greece' L b u o x u e r m g2 - Norway Po g r a t l u 3 - m R an u i : a2 Spain* Sweden USSR' Y la u v g i o a* - oth A e l r l * 1939—Dec. (Jan. 3, 1940). ... 516.9 159.2 28.1 21.4 56.3 142.2 109.8 1940— J S D M u e e n p a c e r t . . . ( ( ( ( J J A O u a p l n c y r . t . . 3 1 3 2 ) , ) ) 1941). ... 6 6 6 6 1 2 5 6 8 5 7 0 . . . . 7 7 5 6 1 1 1 1 8 6 4 4 4 1 7 4 . . . . 3 3 9 8 2 1 1 1 8 9 6 7 . . . . 7 5 8 3 2 2 2 1 5 9 9 6 . . . . 0 1 6 5 6 5 5 4 8 9 8 1 . . . . 7 4 2 0 2 1 1 2 6 8 5 8 7 . . . 3 6 6 1 1 1 1 6 9 8 4 8 7 7 3 . . . . 7 2 9 6 1941— J M un a e r . ( ( J A u p ly r . 2 2 ) ). .: 6 6 2 0 3 6 . . 8 5 1 1 3 2 5 5 . . 4 5 1 1 6 5 . . 4 9 1 5 0 . . 4 6 4 4 5 3. . 7 0 2 2 2 3 2 5 . . 2 2 1 1 9 8 4 0 . . 2 8 S D e e p c t . . 3 ( 1 Oct. 1) 6 6 5 0 5 8 . . 4 0 1 11 2 7 0 . . 3 9 1 1 8 8 . . 8 1 5 5 . . 7 9 6 6 6 5 . . 1 2 210.7 191.0 1942— F J e an b . . 2 2 5 8 5 6 7 1 5 5 . . 9 4 1 11 1 7 7 . . 6 0 1 1 7 7 . . 4 7 5 5 . . 2 7 6 6 4 3 . . 5 4 2 1 0 8 9 9. . 7 6 2 18 0 2 1 . . 7 0 Mar. (Apr. 1) 554.0 117.9 17.2 5.4 62.2 170.7 180.6 Apr. 29 548.2 117.6 16.1 5.3 62.0 167.9 179.3 May (June 3) 529.5 117.0 15.7 5.3 61.6 144.0 186.0 June 30^ 532.7 116.6 15.6 S.3 61.7 146.5 186.9 June 30* 626.7 118.3 16.2 5.8 34.0 18.5 129.1 32.4 9.3 7.4 150.7 33.5 22.9 48.6 July 31 630.0 117.2 16.6 5.8 36.0 18.5 126.5 35.3 9.4 10.0 150.9 29.4 24.4 49.9 635.1 118.9 16.2 5.4 35.5 18.4. 132.0 37.6 9.4 10.6 152.3 22.1 21.3 55.4 641.3 118.3 16.6 5.8 39.7 18.4 133.4 39.2 9.7 11.3 150.3 20.5 21.1 57.1 Oct 31 641.5 117.9 16.3 5.8 39.4 18.4 135.5 39.3 9.3 14.4 151.7 16.7 20.9 55.9 653.9 122.8 17.8 5.8 39.5 18.3 131.4 42.1 9.4 20.5 152.1 15.8 20.9 57.6 j)ec 31 643.4 121.8 17.7 7.9 39.3 18.3 132.4 35.7 9.4 17.5 153.5 14.3 17.7 57.9 1941 Tin 31 653.6 124.1 17.3 7.9 39.4 18.4 140.5 35.0 9.4 16.7 152.9 16.2 17.8 57.9 M pe a b r 2 3 8 1 6 6 7 7 7 0 . . 9 2 1 1 2 2 4 4 . . 5 8 1 1 9 8 . . 5 4 7 7 . . 6 8 3 3 9 9 . . 9 6 1 1 8 8 . . 3 3 1 14 3 5 9 . . 4 8 3 3 6 7 . . 5 2 9 9 . . 4 4 1 1 6 9 . . 5 6 1 1 5 5 5 7 . . 6 0 2 20 0 . . 7 8 1 1 7 7 . . 8 8 6 6 4 1 . . 6 3 Apr 30 676.4 125.9 15.8 7.7 39.7 18.4 145.7 29.1 9.4 14.7 160.8 20.5 17.7 71.0 May 31 688.5 127.2 14.8 8.0 39.6 18.4 147.9 30.3 9.4 15.1 164.7 23.3 14.7 75.1 June 30 693.5 124.8 15.2 7.7 39.6 18.4 147.7 31.2 9.4 17.6 165.3 21.2 15.1 80.4 July 31 689.5 120.1 14.5 7.7 39.6 18.4 149.2 33.7 9.4 20.7 161.0 19.1 15.0 81.0 Aug 31 699.4 120.7 14.3 7.6 39.6 18.4 151.5 35.7 9.4 25.1 164.6 20.9 10.1 81.5 Sept. 30 701.6 121.8 14.2 8.0 39.4 18.4 163.6 36.9 9.4 21.3 162.2 16.4 9.9 80.1 Sept 30* 693.8 121.8 14.2 8.0 39.4 18.4 163.6 36.9 9.4 21.3 154.4 16.4 9.9 80.1 Oct 31 705.4 122.2 13.8 8.0 39.5 18.4 157.9 47.9 9.5 26.5 155.1 16.6 10.0 80.1 712.2 123.4 13.6 7.9 42.6- 18.4 156.1 49.6 9.3 27.4 156.5 17.7 10.0 80.0 722.1 122.9 13.9 7.7 43.5 18.4 158.9 53.4 9.3 31.8 163.2 12.3 9.9 76.9 1944—Tan 31 741.7 125.0 13.7 7.5 43.3 18.5 166.5 60.0 9.3 32.5 164.4 15.6 7.4 78.1 M peb ar . 2 3 9 1 7 74 7 3 7 . . 0 9 1 1 2 2 1 3 . . 5 6 1 13 3 . . 8 3 7 7 . . 5 7 4 4 3 5. . 7 2 1 1 8 8 . . 4 4 1 1 9 8 1 2 . . 5 8 7 55 0 . . 8 3 9 9 . . 2 3 3 35 5 . . 8 6 1 1 6 5 4 0 . . 4 9 1 1 7 6 , . 3 8 7 7 . . 5 1 7 7 7 5 . . 8 6 Mar 31s 742.9 123.6 13.8 7.5 45.7 18.4 182.8 55.8 9.3 35.8 150.9 16.8 7.1 75.6 Apr 30 742.2 123.6 13.6 7.4 45.7 18.4 191.1 47.6 9.5 39.1 151.2 13.3 7.1 74.6 Wfay 31 754.6 127.2 14.1 7.5 45.9 18.5 193.9 37.7 9.2 50.5 154.2 14.5 7 1 74 4 Tune 30 728.1 122.2 13.5 7.6 46.0 18.5 189.2 35.2 9.2 50.2 155.5 16.4 7.0 57.6 July 31 714.0 121.9 13.2 7.5 46.6 18.5 180.0 39.4 9.2 49.0 155 9 8 2 7 0 57.7 Aug 31 703.2 123.0 13.5 7.5 46.3 18.5 178.4 40.6 9.2 50.6 144 6 7 5 6 9 56.7 Sept 30 ..... 707.8 124.7 14.0 7.2 46.4 18.5 178.6 45.9 9.2 45.2 147.5 7.9 6.9 55.9 Oct 31 714.9 124.1 13.6 7.1 48.8 18.6 186.6 45.6 9 2 41.4 149 0 8 2 6 9 55 7 Nov -30 724.0 124.3 13.4 7.1 48.7 18.5 186.6 49.8 9.4 43.3 148.0 12.9 5.8 56.2 767.7 124.3 14.8 7.1 48.7 18.6 220.8 54.5 9.5 43.4 152.1 16.1 5.7 52.1 1Q45 Tan 31 703.6 121.8 14.4 7.0 48.7 18.5 185.4 42.0 9.4 38.2 148.6 12.7 5.7 51.0 peb 28 709.8 123.5 14.2 6.6 48.6 18.6 187.2 41.3 9.1 41.1 152.3 12.9 5.7 48.7 715.8 133.7 14.4 7.1 50.6 18.6 194.7 35.4 9.3 27.3 157.7 8.6 5.8 52.8 Apr 30 739.9 139.7 13.7 7.0 52.5 18.5 199.9 39.4 9.3 31.5 158.0 12.8 5.8 51.8 i The figures in this table represent a breakdown of the column headed "Other Europe" in the main table and cover five countries from Jan. 3,1940, and seven additional countries since June 30, 1942. * Prior to June 30, 1942, included under "All other." * Data reported on a weekly basis.^ * Data reported on a monthly basis. * See footnote 2 for main table (below). Footnotes to main table on preceding page: : practice of ; the unreal movements introduced by these changes. Figures shown above are adjusted to compare with those of previous months. 968 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Coutitwed SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, LIABILITIES-SUPPLEMENTARY DATA^-Con/inued [In millions of dollars] French Nether- Date A L i m a c t a e in r- A t r i g n e a n- li B vi o a - * Brazil Chile l b C o i m o a - * - C R o ic s a ta * Cuba I W G n an d & u e a i i s e * - t s M ic e o x- I l W n S n a a a n u d n e m d r i d s e i t s - 2 s P m a a n * a- Peru* z V u e e n la e * - A O L i m c a th a t e i 1 e n r r - 1939—Dec. (Jan. 3, 1940) 336.0 57.7 36.4 26.8 37.0 58.8 34.0 S5.3 1940-Mar. (Apr. 3) 365.5 63.5 35.3 24.7 43.2 68.4 40.2 90.1 June (Juiy 3) 421.4 88.7 39.0 30.2 49.7 65.3 53.5 94.9 Sept. (Oct. 2) 438.4 110.1 33.4 26.1 48.7 63.2 57.3 99.6 Dec. (Jan. 1, 1941) 447.3 115.4 36.2 28.5 47.9 55.0 58.7 105.6 1941—Mar. (Apr. 2)..., 470.2 104.5 44.0 30.5 51.5 53.5 64.5 121.7 J S u e n p e t . ( ( J O ul c y t. 2 1 ) ) 4 4 3 9 9 2 . . 2 8 1 9 1 8 9 . . 8 4 5 3 3 7 . . 4 5 2 2 9 6 . . 4 0 7 6 4 0 . . 0 1 4 4 1 2 . . 4 6 4 5 9 9 . . 1 4 1 12 12 8 . 4 7 Dec. 31 417.7 75.7 50.5" 27.3 62.5 37.7 42.1 121.6 1942—Jan. 28 410.5 77.9 53.1 27.3 54.6 36.8 42.2 118.5 Feb. 25 426.3 75.3 53.8 24.8 53.1 43.4 41.5 134.4 Mar. (Apr. 1) 437.7 64.9 56.7 28.3 52.5 50.8 42.8 141.6 Apr. 29 458.5 64 0 54.4 31 5 58.5 52.4 48 3 149 3 May (June 3) 515.8 61.4 58.0 29.8 99.8 51.9 55.1 159.8 June 30* 540.9 66.3 62.7 28.9 121.1 52.0 51.2 158.8 June 30s 535.0 66.4 8.4 72.0 28.9 30.6 4.1 121.5 4.1 52.3 21.1 27.4 14.4 25 4 58 4 July 31 554.7 63.8 8.1 70.7 30.8 36.8 4.6 124.6 4.3 56.5 21.9 29.3 16.5 25.9 60 9 Aug. 31 565.5 70.3 8.3 68.8 32.0 36.2 5.3 121.1 4.5 59.8 23.0 30.8 15.5 28.4 61.3 Sept. 30. 552.5 65.5 8.8 64.7 32.2 37.1 8.7 109.6 4.4 68.0 20.7 31.3 13.5 25.0 62.9 Oct. 31 534.8 54.4 9.8 56.1 30.0 39.5 9.3 100.5 4.4 79.5 20.4 32.4 14.8 20.4 63.3 Nov 30 575.8 61.1 12.1 62.6 28.3 40.7 11.5 101.4 4.3 89.2 21.3 34.4 16.0 22.3 70.5 Dec 31 597.7 67.6 10.8 67.7 34.5 43.4 12.4 100.3 4.9 95.7 20.7 36.9 17.7 20.9 64.2 1943—Jan. 3i 591.9 65.6 68.5 41.9 45.7 13.4 96.7 5.2 74.3 22.1 38.7 16.3 21.4 70.4 Feb 28 607.5 62.9 14.3 78.3 37.1 47.8 13.9 95.0 5.2 70.7 21.5 42.3 16.8 20.8 81.0 Mar 31 625 .<8 65.1 14.8 85.8 35.9 51.1 14.9 87.2 4.6 70.1 20.4 46.6 15.9 23.8 89.8 Apr. 30 618.9 64.6 13.4 75.3 38.6 44.8 15.8 85.3 4.5 78.0 20.9 45.4 15.1 23.3 93.9 May 31 682 1 68.1 12.6 92.2 40.2 48.8 17.1 89.4 4.6 96.1 33.9 47.2 15.4 20.5 95.8 June 30 717.8 66.5 13.0 101.8 48.6 53.6 18.8 80.2 4.5 106.9 35.0 50.2 18.0 21.6 99.0 July 31 737.5 66.6 13.2 112.1 48.4 54.4 13.5 90.7 4.5 114.9 34.4 49.5 18.0 24.1 93.2 Aug. 31 691.9 69.5 12.6 108.5 54.6 51.8 13.5 85.1 2.4 72.5 35.1 53.3 19.3 20.3 93.3 Sept. 30 666.1 67.6 12.0 105.2 54.3 54.8 12.9 80.9 2.4 56.9 35.3 52.8 18.7 20.7 91.5 Oct 31 675.4 78.5 11.7 93.5 55.1 59.0 12.7 76.2 2.4 59.2 36.0 57.5 20.6 20.8 92.1 Nov 30 669.9 66.1 10.4 91.8 58.2 60.0 12.6 73.3 2.4 64.6 40.9 55.6 16.0 24.1 93.8 Dec. 31 693.7 69.8 12.6 98.7 54.0 67.1 12.2 70.4 2.6 70.4 41.2 57.6 17.4 24.2 95.4 1044 Tan 31 710.6 73.8 12.3 111.1 50.6 57.0 12.2 74.4 2.2 71.8 40.3 54.9 18.9 25.3 105.9 Feb 29 715.4 68.0 13.2 130.3 51.4 59.8 12.9 79.7 2.1 58.0 39.9 54.9 19.5 22.7 103.1 Mar. 31 739.2 67.2 14.4 143.9 52.3 62.8 13.2 74.1 2.5 64.6 38.4 57.4 17.5 26.7 104.0 Mar 316 738.8 67.2 14.4 143.8 52.3 62.8 13.2 74.1 2.5 64.6 38.4 57.4 17.5 26.7 104.0 Apr. 30. . .• 776.2 68.1 13.1 140.2 52.1 66.6 13.2 81.7 2.6 77.4 40.7 59.5 17.4 31.5 112.1 May 31 785.7 65.1 13.0 135.8 54.7 76.1 8.9 86.4 2.8 82.9 41.5 63.2 19.4 23.4 112.6 838.8 69.5 13.2 131.2 64.1 79.9 8.4 127.5 3.1 77.5 39.4 62.5 20.1 22.2 120.1 July 31 857.4 71.1 13.6 140.1 62.6 83.1 8.1 131.3 3.7 78.1 39.7 63.7 18.4 23.6 120.5 860.3 68.2 17.5 142.2 63.1 82.5 8.1 128.4 3.5 85.8 37.6 63.9 19.5 23.8 116.2 Sept. 30 857.6 66.1 17.1 144.3 45.3 85.5 7.9 124.6 3.6 89.2 36.9 64.2 22.9 31.8 118.3 Oct 31 861.5 72.1 17.4 134.8 46.3 86.9 7.8 120.6 3.8 87.9 37.6 65.7 24.0 39.7 117.0 Nov 30 • • • 899.4 84.6 18.7 142.7 57.4 85.2 7.1 131.1 3.1 90.7 35.8 67.7 25.8 29.4 120.0 Dec 31 909.3 93.9 17.7 140.8 55.0 83.6 7.4 139.3 4.4 83.1 36.0 69.1 27.7 31.5 119.8 1945—Jan. 31 963.3 89.3 19.9 160.2 54.4 85.0 7.0 139.1 4.6 99.3 35.3 69.4 29.2 49.0 121.5 Jan 316 ... 970.2 89.3 19.9 160.2 54.4 85.0 7.0 139.1 4.6 99.3 35.3 76.3 29.2 49.0 121.5 Feb 28 976.9 89.9 18.9 156.9 53.2 82.8 6.9 136.6 5.1 114.2 35.5 78.7 29.7 43.9 124.6 Mar 31 964.0 73.4 17.1 128.2 52.1 81.5 7.4 141.2 5.4 129.0 34.3 82.5 32.7 49.4 129.9 Apr. 30 993.5 73.1 18.-5 133.3 51.3 77.2 8.1 160.2 5.2 140.1 33.7 81.8 33.9 43.2 133.8 1 ine ngures in mis laoie represent a uicanuunuui iU», W.UIH« *.™— • - - J • i t and seven additional countries since June 30, 1942. t . * Prior to June 30, 1942, included under "Other Latin America, a Included "Canal Zone" prior to June 30, 1942. * Data reported on a weekly basis. * Data reported on a monthly basis. « See footnote 2 for main table. 969 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued LIABILITIES—SUPPLEMENTARY X>KXhy-Omtmued [In millions of dollars] Japan Egypt Date Asia China C " I r h n e i d n n o a c - * hH K o o n n g g m i B C n l a o d . u e n i y r a - 2 & - , B l M a i r s y i a h t a - - ' M ( r K i e n a o & a c - n ) l - . N I l n E e a d t a n h i s d e e t s s r- 4 i l P p a I h p n s l - i ii d l in - s e k T e u y r 3 -O A t s h ia e * r oth A e l r l 3 t A r u a s l - ia N l Z a e e n a w d - A E Su g n ti g d y a l a p n o n - - F r r M o e c o n c - c o h A S U o o f n r u f i i o c th a n Othchuria 1939—Dec. (Jan. 3, 1940) 491.4 167.0 71.4 165.4 29.1 58.5 72.5 1940—Mar. (Apr. 3) 515.2 178.5 75.2 169.4 32.0 60.1 54.1 June July 3) 521.7 181.8 78.4 152.6 35.6 73.3 60.3 Sept. (Oct. 2) 567.7 192.7 87.0 106.8 45.2 136.1 67.1 Dec. (Jan. 1, 1941) 616.9 207.5 91.1 110.3 45.6 162.4 73.3 1941—Mar. (Apr. 2) 612.9 216.7 94.5 90.8 45.9 165.0 86.1 June (July 2) 599.7 164.4 101.3 79.2 48.5 206.3 107.5 Sept. (Oct. 1) 603.8 151.6 90.0 75.4 38.1 248.8 104.4 Dec. 31 583.9 156.8 61.6 69.9 30.7 264.9 113.6 1942—Jan. 28 574.8 156.3 57.5 69. 34.0 257.2 121.0 Feb. 25 585.2 153.3 56.2 70.9 32.9 271.9 116.8 Mar. (Apr. 1) 579.2 145.1 55.7 69.5 33.0 275.9 111.9 Mar. (Apr. 1)*.... 593.1 145.1 55.7 69.5 33.0 289.8 111.9 Apr. 29 797.5 346.0 55.4 69.4 34.6 292.2 121.6 May (June 3) 798.4 346.5 55.3 69.4 35.0 292.2 128.1 June 30s 799.5 351.2 51.8 69.4 35.1 292.1 126.3 June 30s 733.1 350.6 27.6 46.3 14.6 1.3 4.8 195.2 35.7 20.8 36.1 122.1 25.3 3.2 9.8 12.6 12.2 59.1 July 31 724.9 352.1 27.6 46.3 14.2 1.2 5.1 191.2 34.9 20.5 31.7 117.5 26.4 3.3 8.5 12.3 10.0 57.0 Aug. 31 727.2 352.6 27.1 45.5 17.6 1.3 5.0 188.8 35.7 21.2 32.4 122.4 27.7 3.8 7.2 12.0 12.1 59.5 Sept. 30 727.9 356.1 27.4 42. 15.8 1.2 4.9 189,9 35.9 21.3 32.9 118.3 27.3 3.8 7.6 11.9 10.5 57.1 Oct. 31 718.3 352.4 27.2 40.2 16.1 1.3 4.9 184.3 38.2 19.6 34.1 126.7 26.2 4.8 7.5 12.0 11.2 65.0 Nov. 30 704.5 352.0 27.4 40.2 15.9 1.3 5.1 170.8 37.5 19.2 35. 127.5 23.8 5.4 7.1 12.1 12.5 66.6 Dec. 31 712.1 360.9 27.4 41.6 13.1 1.0 4.8 160.4 36.8 29.9 36.2 149.6 23.1 4.8 6.8 12.1 11.0 91.8 1943—Jan. 31 710.4 362.5 27.4 41.3 16.1 .9 4.8 157.2 36.4 24.1 39.7 152.3 25.0 4.4 7.0 14.8 8.6 92.5 Feb. 28 716.7 356.1 27.1 40.5 19.2 .9 4.8 152.3 36.3 33.6 46.0 152.3 26.1 5.0 7.1 14.9 8.0 91.2 Mar. 31 728.3 384.2 27.0 41.5 16.5 1.0 4.2 146.2 37.0 18.7 51.9 171.2. 26.9 4.9 7.1 16.1 6.9 109.3 Apr. 30 720.3 385.8 27.0 34.0 13.2 1.0 4. 150.3 36.8 16.6 51.3 171.5 30.4 7.2 7.1 25.5 9.4 92.0 May 31 718.4 391.4 27.1 34.1 17.6 1.0 4. 134,5 36.8 20.9 50.7 175.8 25.5 5.9 6.4 28.5 6.8 102.6 June 30 735.7 413.6 27.1 23.5 22.0 1.0 4. 136.0 37.6 20.2 50.6 201.5 32.2 6.5 6.8 22.9 7.5 125.5 July 31 723.7 426.9 27.4 24.1 15.2 1.0 4. 115.8 37.3 21.6 50.3 205.9 35.0 5.5 6.8 18.7 5.6 134.2 Aug. 31 746.8 448.6 27.5 24.2 14.8 1.0 4. 116.5 36.9 22.2 51.0 213.6 39.4 4.7 6.5 21.6 6.4 134.9 Sept. 30 754.6 466.0 27.4 24. 13.3 1.0 4. 103.9 37.1 25.3 52.0 209.8 44.1 7.4 6.0 18.1 5.5 128.6 Oct. 31 782.1 481.8 27.4 23.9 16.4 1.0 4. 104.6 38.3 25.7 58.8 192.3 28.6 6.5 6.3 16.7 7.6 126.6 Oct. 31* 776.6 481.8 27.4 23.9 16.4 1.0 4. 104.6 38.3 25.7 53.3 197.8 28.6 6.5 6.3 10.7 7.6 138.1 Nov. 30 814.7 505.3 27.4 24.1 15.9 .9 4. 111.7 38.4 30.9 56.0 198.1 38.3 6.5 6.1 13.7 7.8 125.8 Dec. 31 887.6 574.2 27.4 23.9 18.2 .9 4. 110.1 37.9 35.4 55.5 175.3 25.3 5.1 6.1 10.3 4.5 124.1 1944—Jan. 31 900.8 585.3 27.4 23.3 20.3 .9 3. 109.2 38.7 37.7 54.3 183.1 33.0 6.7 6.0 11.1 6.3 120.6 Feb. 29 949.6 616.5 27.4 23.4 20.1 .9 4. 110.0 38.6 56.6 52.0 177.2 28.5 6.6 6.0 11.3 8.4 116.4 Mar. 31 955.2 641.4 27.4 24.4 13.4 1.0 4. 107.9 39.3 43.2 52.9 167.9 31.2 5.8 5.9 8.7 5.9 110.4 • Apr. 30 964.9 641.0 27.4 24.6 19.8 1.0 4. 107.4 38.8 47.4 53.3 172.6 40.3 5.7 6.0 7.8 4.1 108.6 May 31 944.3 640.5 27.4 24.6 19.6 .9 4. 106.3 38.4 29.7 52.8 164.4 36.3 5.1 6.4 4.8 5.3 106.4 June 30 942.2 641.4 27.4 23.4 16.9 .9 4. 106.2 38.0 30.8 53.0 138.9 25.0 4.3 6.2 5.1 6.9 91.4 July 31 932.1 624.0 27.3 23.6 25.6 1.0 4. 109.7 38.9 21.0 56.9 139.6 28.8 3.5 6.0 4.8 4.9 91.6 Aug. 31 930.2 619.5 27.4 23.7 27.2 1.2 4.1 109.5 38.8 21.8 57.1 136.6 30.7 3.5 6.2 4.8 6.8 84.6 O N D S e e c o c p t . v . t . . 3 3 3 3 1 1 0 0 9 9 7 9 3 3 4 2 6 3 4 6 . . . . 8 8 9 0 6 4 6 6 0 2 1 1 7 7 7 5 . . . . 2 3 6 6 2 2 2 2 7 7 7 7 . . . . 4 4 4 4 2 2 2 2 3 2 2 3 . . . . 9 9 0 3 2 2 2 2 9 2 6 . . . . 1 6 7 3 1 1 1 1 . . . . 3 2 2 1 4 4 4 4 . . . . 0 1 1 0 1 1 1 1 1 0 1 1 3 9 0 1 . . . . 6 2 5 8 4 4 3 3 0 4 9 9 . . . . 4 4 2 1 2 2 2 2 1 3 0 0 . . . . 2 7 9 3 5 6 6 6 1 2 7 4 . . . . 7 0 2 9 1 1 1 1 4 3 8 4 4 6 2 0 . . . . 7 7 9 1 4 3 3 5 0 3 2 5 . . . . 0 8 9 1 4 6 3 3 . . . . 0 4 6 5 6 6 7 7 . . . . 6 2 6 3 4 5 4 4 . . . . 4 7 0 3 4 5 8 7 . . . . 2 3 3 3 1 8 8 8 0 2 0 4 6 . . . . 4 7 2 5 Dec. 31* 743.8 427.3 27.4 22.9 22.1 1.3 4.0 110.5 40.4 23.7 64.2 174.0 52.9 3.5 7.3 4.3 8*3 97.6 1945—Jan. 31 912.4 573.9 27.4 22.6 20.8 1.3 111.1 40.2 37.1 74.0 174.1 34.2 5.6 8.4 4.2 8.9 112.8 Jan. 31* .-. 912.4 573.9 27.4 22.6 20.8 1.3 4.0 111.1 40.2 37.1 74.0 138.6 34.2 5.6 8.4 4.2 8.9 77.4' Feb. 28 911.7 556.9 27.4 22.8 21.1 .9 3.9 113.5 42.8 46.0 76.4 141.4 34.9 4.8 8.8 4.1 8.0 80.8 Mar. 31 917.2 554.4 27.4 21.9 21.3 .9 4.0 116.5 40.4 50.4 80.1 144.5 34.6 4.1 9.0 3.9 7.4 85.5 Apr. 30 916.2 546.9 27.5 21.6 23.5 .9 4.0 115.4 43.8 51.6 80.9 144.1 34.5 3.6 9.8 4.1 7.1 85.0 iThe figures in this table represent a breakdown of the columns headed "Asia" and "All other" in thi main table The figures for "Asia" cov>ver four countries from Jan. 3,1940, and five additional countries since June 30,1942, while those for "All other" cover five countries available only from Ju:,ne 30, 1942. a Prior to June 30,1942, included under "Other Asia." 3 Country breakdown not available until June 30, 1942. * See footnote 2 for main table. 5 Data reported on a weekly basis. • Data reported on a monthly basis. 970 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES-Co«//«//^ SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES-CO»//VM/«/ ASSETS [In millions of dollars] Date \>tal U K d n o in i m t g ed - France N la e n th d e s r-Sw la i n tz d er- m G a e n r y -' Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L i m a c t a e in r- Asia1 ot A h l e l r1 1934—Dec. (Jan. 2, 1935). 139.9 296.9 80.5 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 1935—Mar. (Apr. 3) 984.9 188.9 71.1 21.4 5.4 225.4 24.3 76.1 612.7 101.0 169.3 92.0 9.9 June (July 3) 827.1 84.8 31.5 13.3 7.8 213.7 24.1 77.3 452.5 113.0 166.1 86.0 9.5 Sept. (Oct. 2) 751.3 88.1 48.9 12.5 7.9 200.8 20.7 64.3 443.1 78.1 154.4 66.7 8.9 Dec. (Jan. 1, 1936). 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 . 80.1 10.1 1936—Mar. (Apr. 1). 749.7 93.6 28.8 23.0 5.5 196.9 13.1 64.3 425.3 78.2 157.1 78.0 11.1 June (July 3 690.9 81.9 23.5 21.4 4.2 186.2 12.8 57.6 387.6 77.8 142.1 72.1 11.4 Sept. 30., 647.9 75.8 81.5 21.5 5.2 160.6 11.0 52.0 407.6 49.1 126.6 54.4 10.2 Dec. 30.. 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937—Mar. 31. 693.1 99.7 15.8 17.1 4.9 162.2 13.0 58.1 370.7 71.7 135.3 100.0 15.5 June 30.. 637.7 75.6 13.2 13.7 3.5 143.9 14.8 55.2 319.9 87.8 132.0 83.6 14.5 Sept. 29.. 586.0 75.3 11.1 19.1 4.2 132.0 16.8 52.8 3U.3 82.5 107.0 71.7 13.5 Dec. 29.. 655.0 84.8 13.5 23.0 5.5 126.1 20.8 •52.9 326.5 118.0 114.4 78.9 17.2 1938—Mar. 30 669.7 120.6 11.4 23.5 4.8 112.0 18.1 51.0 341.4 93.3 113.5 104.1 17.4 June 29 700.8 141.4 16.2 25.2 5.9 102.6 16.1 49.0 356.4 87.6 116.6 126.4 13.8 Sept. 28 626.9 121.9 11.4 22.6 4.4 99.1 17.0 46.3 322.7 84.0 94.2 113.6 12.4 Dec. (Jan. 4, 1939). 594.0 86.0 10.3 24.2 5.5 89.4 13.5 45.9 274.9 60.4 99.1 144.1 15.5 1939—Mar. 29 553.6 83.0 13.8 20.1 3.6 81.4 16.4 48.8 267.1 46.3 99.5 125.7 14.9 June 28 496.6 55.4 10.7 19.7 4.5 77.4 9.5 39.9 217.0 54.0 110.3 100.5 14.8 Sept. 27 485.7 66.0 8.7 9.6 2.9 67.1 12.2 41.6 208.1 49.7 108.5 104.0 15.4 Dec. (Jan. 3, 1940). 508.7 39.9 4.9 5.7 5.2 53.4 11.8 51.4 172.2 39.7 113.3 174.1 9.3 1940—Mar. (Apr. 3) 527.5 39.7 4.9 6.7 6.2 50.1 16.9 48.6 173.2 42.2 110.7 192.6 8.9 June (July 3) 475.0 32.0 6.2 2.6 3.S 47.3 14.2 41.0 147.2 35.3 117.0 167.9 7.7 Sept. (Oct. 2) 385.5 20.2 3.5 1.1 1.5 45.6 2.8 34.8 109.4 30.8 113.1 125.7 6.4 Dec. (Jan. 1, 1941) 384.0 23.0 4.2 .9 1.5 39.6 2.0 29.9 101.0 36.0 122.7 117.8 6.4 1941—Mar. (Apr, 2). 391.7 24.0 2.8 .8 3.1 36.1 1.7 30.1 98.6 30.9 121.6 133.4 7.2 June (July 2). 340.5 23.5 2.1 .8 2.9 35.5 1.6 28.6 95.0 27.8 113.9 94.9 8.9 Sept. (Oct. 1). 353.8 22.4 1.9 .7 2.7 35.3 1.5 28.4 92.9 31.7 123.0 95.7 10.5 Dec. 31 367.8 20.9 1.8 1.1 2.6 34.4 1.5 26.2 88.4 33.6 148.3 87.9 9.7 1942—Jan. 28 357.4 16.4 1.6 .8 2.3 34.3 1.1 24.2 80.8 31.9 146.3 89.2 9.3 Feb. 25 349.9 14.2 1.6 .8 2.2 35.2 1.1 23.0 78.0 32.1 139.3 91.9 8.6 Mar. (Apr. 1). 339.4 12.7 1.6 .8 1.9 35.0 1.1 21.7 74.7 32.0 135.4 90.0 7.4 Apr. 29 329.3 17.6 1.6 .8 1.8 35.0 1.1 21.8 79.6 26.6 135.3 81.3 6.5 May (June 3). 319.3 10.7 1.6 .8 2.0 35.0 1.1 20,8 71.9 34.6 129.4 76.8 6.6 June 302 316.8 10.1 1.4 .6 1.9 35.0 1.1 20.1 70.1 40.7 125.6 74.6 5.7 June 303.. 293.2 10.0 1.7 .6 1.9 34.5 A 19.3 68.5 37.4 127.6 51.1 8.6 July 31... 2S0.6 11.5 1.5 .7 1.8 34.5 A 19.1 69.5 37.4 119.6 47.7 6.4 . Aug. 31.. 295.5 12.4 1.4 .6 1.5 34.6 A 18.7 69.6 53.5 117.8 47.9 6.7 Sept. 30... 277.3 12.9 1.3 .6 1.4 34.3 A 19.2 70.1 45.2 110.1 45.8 6.1 Oct. 31... 245.5 12.6 1.3 .6 1.3 34.3 A 17.7 68.2 39.6 105.5 26.7 5.6 Nov. 30... 233.9 11.9 1.3 .6 1.4 34.2 A 18.2 68.1 34.6 99.9 25.$ 5.5 Dec. 31.. 246.7 12.6 1.3 .5 1.5 34.0 A 22.3 72.6 34.3 99.7 35.3 4.8 1943—Jan. 31 245.7 14.3 1.5 .5 3.1 34.0 A 22.9 76.7 24.5 103.0 36.4 5.0 Feb. 28 245.0 14.1 1.5 .8 3.3 34.0 A 22.9 77.0 24.9 102.9 ' 35.7 4.5 Mar. 31. ... 236.8 13.6 1.5 .4 2.7 33.9 A 21.8 74.3 24.3 98.9 35.3 4.0 Apr. 30 225.6 12.5 1.4 .5 1.9 33.9 A 21.5 72.3 27.3 91.8 29.8 4.3 May 31 230.4 15.1 1.6 .5 3.0 33.9 A 21.5 76.1 27.9 95.2 26.0 5.3 June 30 238.6 16.3 L.5 .5 2.4 33.9 A 20.2 75.2 25.7 104.6 28.2 4.8 July 31 233.6 15.8 L.3 .5 2.0 33.9 A 20.6 74.4 27.1 100.0 27.6 4.5 Aug. 31 226.1 14.1 L.3 .5 2.3 33.9 .3 18.9 71.4 28.1 95.1 27.4 4.1 Sept. 30 246.9 15.3 L.I .6 2.1 33.9 A 28.6 82.0 37.4 94.4 29.0 4.0 Oct. 31 265.0 16.8 L.I .6 2.6 33.7 A 23.3 78.5 40.5 110.2 31.9 4.0 Nov. 30 252.9 18.6 LI .5 1.5 33.9 A 19.0 74.9 36.2 "107.8 30.0 3.9 Dec. 31 257.9 19.9 L.I A ' 3.0 33.9 A 19.0 77.6 37.8 112.2 26.3 3.9 1944—Jan. 31.. 264.7 22.8 L.I A 2.4 33.9 A 18.9 79.8 35.6 117.2 28.4 3.6 Feb. 29.. 292.0 22.1 L.I A 2.2 33.9 .3 27.8 87.7 41.0 126.2 32.3 4.8 Mar. 31.. 267.5 20.7 L.3 .3 2.6 33.9 .3 17.7 76.9 38.0 116.1 31.2 5.3 Apr. 30.. 262.1 22.7 L.I .3 2.0 33.9 .3 17.5 77.9 35.4 115.4 28.4 4.9 May 31.. 262.6 24.8 L.3 .3 1.9 33.9 .3 17.7 80.2 29.8 114.9 29.7 7.9 June 30.. 278.9 26.3 .3 .3 1.4 33.9 .3 27.1 90.6 34.0 113.0 29.8 11.5 July 31.. 284.9 29.5 .3 A 1.8 33.9 .3 27.4 94.6 41.9 105.4 30.7 12.3 Aug. 31.. 265.8 29.6 .3 .6 1.3 33.9 .3 8.4 75.4 40.4 104.9 32.4 12.7 Sept. 30.. 252.0 24.4 ' L.3 .3 1.3 33.9 .3 8.6 70.2 30.6 103.7 35.8 11.7 Oct. 31.. 244.2 23.4 1.3 .3 1.5 33.9 .3 8.8 69.5 28.5 103.1 30.9 12.2 Nov. 30.. 262.8 24.6 1.4 .3 3.3 33.9 .3 8.2 71.9 28.0 116.8 33.0 13.0 Dec. 31.. 329.7 25.9 1.4 .3 1.3 33.9 .3 44.4 107.5 28.1 131.0 51.4 11.7 1945—Jan. 31.. 287.3 25.8 1.5 .3 1.9 33.9 .4 8.4 72.1 31.1 131.9 41.5 10.6 Feb. 28.. 275.6 27.4 1.5 .3 .8 33.9 .3 8.7 72.9 24.8 127.3 40.9 9.7 Mar. 31. . 286.9 23.2 1.5 .3 .9 33.9 .3 8.7 68.8 23.9 144.1 41.0 9.2 Apr. 30... 290.8 25.4 1L.4 .5 .9 33.9 .3 8.4 70.8 23.0 145.0 42.6 9.3 1 Prior to Jan. 3,1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 2 Data reported on a weekly basis. •, . . .. , 3 Data reported on a monthly basis. The principal difference between the two sets of figures for June 30 is the omission from the monthly series of claims on, "foreigners" by Japanese and Italian banks and agencies in New York City. (See footnote 2 on page 960.) t Note —The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice of reporting banks on Aug. 12,1936, and Oct. 18, 1939. (See Banking and Monetary Statistics, Table 161, pages 589 and 591,) SEPTEMBER 1945 971 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COVNTRIKS-Continued ASSETS-SUPPLEMENTARY DATA* [In millions of dollars] Date E O u t r h o e p r e g B iu el m - D m e a n rk - l F a i n n d - Greece3 L b u o x u e r m g' - w N a o y r- tu P g o a r i - s m R an u i - a' Spain! S d w en e- U S. . R S . . * - Y la u v g i o a s 2 - ot A h l e l r2 193*—Dec. (Jan. 3, 1940). 51.4 6.5 3.2 3.6 8.7 28.0 1940—Mar. (Apr. 3) 48.6 7.9 2.2 4.0 4.5 29.2 June (July 3) 41.0 3.4 .7 1 3.4 30.5 Sept. (Oct. 2) 34.8 1.7 .3 1.2 2.7 27.3 Dec. (Jan. 1, 1941). 29.9 1.5 .3 .9 1.0 24.5 1941—-MMaarr.. (Apr. 2). 30.1 1.3 25.3 Tune (July 2). 28.6 1.1 24.2 Sept. (Oct. 1). 28.4 1.1 24.2 Dec. 31 26.2 1.1 22.1 1942!--Jan. 28 24.2 .9 20.4 Feb. 25 23.0 .9 19.2 Mar. (Apr. 1). 21.7 1.0 18.0 Apr. 29 21.8 .9 18.2 May (June 3). 20.8 .9 17.3 June 30* 20.1 .7 16.8 June 30s. 19.3 .9 1.2 .1 .3 2.4 3.8 8.4 July 31.. 19.1 .8 1.2 .1 .3 2.4 3.7 8.3 Aug. 31.. 18.7 .8 1.1 .1 .2 2.3 3.5 8.3 Sept. 30.. 19.2 .8 1.2 .1 .2 2.9 3.2 8.5 Oct. 31... 17.7 .7 1.1 .1 .2 1.7 3.3 8.3 Nov. 30.. 18.2 1.1 .1 .2 1.8 3.2 8.7 Dec. 31... 22.3 1.1 .1 .2 2.4 3.2 8.4 1943—Jan. 31.. 22.9 1. .1 .2 3.7 3.2 7.7 Feb. 28.. 22.9 1. .1 .2 4.0 3.3 7.5 Mar. 31.. 21.8 1. .1 2.9 3.3 7.4 Apr. 30.. 21.5 1. .2 2.9 3.3 7.2 May 31.. 21.5 1. .2 2.7 3.2 7.2 June 30.. 20.2 1. .2 2.8 3.3 5.2 July 31.. 20.6 1. .2 3.5 3.3 5.2 Aug. 31.. 18.9 .8 1. 2.7 3.3 4.2 Sept. 30.. 28.6 .8 1. KK2 2.2 3.3 4.1 Oct. 31.. 23.3 .7 .6 5.2 1.8 3.4 4.7 Nov. 30.. 19.0 .7 .6 .2 1.6 3.3 5.0 Dec. 31.. 19.0 .7 .6 .2 1.4 3.2 5.0 1944—Jan. 31.. 18.9 .7 .6 .2 1.4 3.1 5.0 Feb. 29.. 27.8 .7 .6 10.2 .7 2.8 4.9 Mar. 31... 17.7 .7 .6 .2 .7 2.5 5.0 J J A O M N D S A u u e u c e o p a p n l t c g v y r y . e t . . . . . 3 3 3 3 3 3 3 3 3 1 1 1 1 0 1 0 0 0 . . . . . . . . .. . . . . . . . , . . . . . . . . 4 2 2 1 1 8 8 8 8 4 7 7 7 7 . . . . . . . . . 8 2 4 4 6 4 1 7 5 . . . . . . . ' 7 7 7 7 6 7 7 . . . . . . . . . 6 6 6 6 6 8 6 6 6 3 1 1 5 0 0 . . . . . . . . . 1 1 1 2 1 2 2 2 2 . . . . . . . . 7 6 6 7 7 6 9 5 1 1 2 2 1 1 1 1 . . . . . . . . . 6 8 8 2 4 1 2 5 4 4 4 4 4 5 5 5 5 5 . . . . . . . . . 9 8 9 0 0 9 1 0 0 1945— M A F J e p a a b n r r . . . . 3 3 3 2 0 1 1 8 . . . . . . . . . . . . 8 8 8 8 . . . . 4 7 7 4 . . . . 8 8 7 8 . . . . 6 6 6 6 . . . . 1 1 1 1 . . . . 6 6 5 7 1 1 . . . . 9 3 9 2 5 5 5 5 . . . . 1 0 0 1' ££n^to£wZ*i£^j££fiiSZFoi the column beaded "other Europe"in the maint abka nd coverf ivec ountries from 3™- 3>1940' s Prior to June 30, 1942, included under "All other." * Less than $50,000*. 4 Data reported on a weekly basis. 6 Data reported on a monthly basis. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITEDJSTATES. BY COUNTRIES-Continued ASSETS-SUPPLEMENTARY BATA^-Omtmued [In million of dollars] Neth- French er- Date A L m i a c t a e in r- A t r i g n e a n- li B v o ia - * Brazil Chile l b o C i m a o * - - C R o ic s a ta * Cuba I W n a d n e d i s e t s Mexico I l W n a d n e i d s e t s s P m an a a * - Peru* V zu e e n l e a - * O A La t m h ti e e n r r - Gui- and ica* ana* Surinam* 1939— Dec. (Jan. 3, 1940) 113.3 16.8 32.2 9.7 10.5 5.9 1.0 37.2 1940—Mar. (Apr. 3) 110.7 12.5 33.0 9.4 10.7 4.7 1 1 39.3 June (July 3) 117.0 16.7 33.7 9.7 11.4 4.8 1.3 39*5 Sept. (Oct. 2) 113.1 14.8 30.8 10.0 10.6 4.5 1.9 Dec. (Jan. 1, 1941) 122.7 11.9 33.1 13.4 11.7 6.1 2 1 44*4 1941—Mar. (Apr. 2) 121.6 1O."4 30.0 12.2 10.7 5.4 2.5 50.4 June (July 2) 113.9 12.6 25.4 13.2 9.8 5.9 2 7 44.3 Sept. (Oct. 1) 123.0 15.6 24.4 13.5 9.1 6.5 1.9 51 [9 Dec. 31 148.3 16.8 38.0 14.9 11.3 7.6 2 4 57.3 1942—Jan. 28 146.3 16.3 37.8 14.8 12.6 7.6 2.6 54.6 Feb. 25. 139.3 15.8 29 9 15.5 15.1 7 3 2 7 52.9 Mar. (Apr. 1) 135.4 17.2 30.1 15.5 14.3 6.5 2.4 Apr. 29 135.3 16.8 26.7 15.6 14.7 5.3 3.8 52*4 May (June 3) 129.4 14.5 27.2 15.1 13.4 4.9 2 7 51.7 June 30* 125.6 11.6 28.3 15.1 10.7 5.6 2.8 June 305 127.6 11.8 2.6 27.5 17.1 24.1 .8 10.8 (*) 5.3 .5 2.8 2.9 4.4 17.1 July 31 119.6 9.7 3.4 25.3 17.2 25.6 .8 8.1 (*) 5.2 .4 2.4 3.7 5.0 13.1 Aug. 31 117.8 10.9 3.5 21.9 17.4 24.6 .6 11.6 4.8 .4 2.4 3.6 4.3 11.8 Sept. 30 110.1 9.2 2.6 17.4 16.9 24.2 .5 10.2 (') 5.0 .6 2.1 3.2 4.7 13.6 Oct. 31 105.5 10.9 2.6 18.7 16.4 23.7 .5 4.9 .1 4.5 .6 2.1 2.5 3.9 14.1 Nov. 30 99.9 7.0 2.3 19.5 16.3 22.1 .4 5.5 4.4 .5 1.6 2.3 3.4 14.6 Dec. 31 99.7 6.9 3.0 16.7 15.3 20.7 .6 8.3 .2 4.8 .3 2.1 2.8 3.9 14.2 1943—Jan. 31 103.0 7.9 3.0 18.2 14.4 19.5 .6 10.6 (6) 4.3 .4 1.9 2.5 4.3 15.4 Feb. 28 102.9 5.8 2.8 17.2 14.6 19.8 .5 13.9 (') 5.2 .5 1.8 2.2 4.0 14.6 Mar. 31 98.9 6.1 3.0 18.1 15.9 16.9 .7 11.7 (*) 5.6 .4 1.8 1.3 . 4.3 13.2 Apr. 30 91.8 7.1 2.7 15.5 15.4 16.8 .7 7.0 (8) 8.4 .4 2.0 1.4 5.3 9.0 May 31 95.2 8.7 2.5 16.1 15.1 18.1 .9 7.2 (*) 8.8 .5 1.6 1.1 4.2 10.3 June 30 104.6 8.0 2.4 18.1 14.9 17.4 .8 18.3 .3 9.5 .4 1.4 1.3 3.8 8.1 July 31 100.0 6.8 2.4 19.6 14.5 18.1 .9 14.1 (*) 8.1 .6 1.4 1.2 3.6 8.6 Aug. 31 95.1 7.5 2.1 17.8 14.7 15.7 .8 12.8 (*) 7.7 .7 1.3 .4 4.0 8.7 Sept. 30 94.4 8.1 1.9 18.5 16.1 14.1 .9 12.6 6.9 .7 1.0 L.4 3.8 8.5 Oct. 31 110.2 14.3 1.9 19.0 15.7 15.2 .7 20.6 8.4 .9 .9 L.5 3.6 7.4 Nov. 30 107.8 12.8 2.0 16.7 15.9 12.4 .6 21.2 (e) 11.3 .6 1.0 L.3 3.5 8.7 Dec. 31 112.2 15.3 1.8 18.9 16.6 12.2 .7 20.1 <•) 11.2 .5 1.1 L.4 3.8 8.7 1944—Jan. 31 117.2 13.5 2.1 22.5 15.4 12.2 .5 24.7 (6) 11.5 A .9 L.2 3.8 8.4 Feb. 29 126.2 19.5 2.7 20.3 15.9 11.4 .7 28.6 (6) 11.1 A 1.9 L.2 3.8 8.5 Mar. 31 116.1 19.7 2.0 21.4 14.9 12.8 .8 19.7 (6) 8.8 A .9 L.2 4.0 9.4 Apr. 30 115.4 17.4 1.9 24.5 15.0 12.8 .8 19.5 (6) 8.6 .5 1.0 L.4 3.8 8.2 May 31 114.9 13.8 2.0 22.8 14.7 12.1 .8 26.4 .1 7.6 .4 .9 L.4 4.3 7.8 June 30 113.0 9.9 1.9 24.4 9.3 12.4 .8 28.4 (6) 9.0 .9 .8 .6 4.6 8.8 July 31 105.4 5.5 2.0 23.6 8.4 12.7 .9 28.1 ( / 7.6 .4 .9 1.6 5.0 8.8 Aug. 31 104.9 6.3 2.0 25.5 8.0 13.2 1.0 23.3 (*) 8.9 .5 .8 1.4 4.4 9.6 Sept. 30 103.7 5.8 .9 25.8 7.8 12.6 1.2 23.3 (*) 7.6 .4 .9 L.4 4.9 10.1 Oct. 31 103.1 3.9 1.6 23.5 8.7 12.2 1.2 25.1 (*) 8.3 .4 .8 1.5 4.3 11.6 Nov. 30 116.8 3.9 1.4 24.4 8.7 14.8 1.3 33.9 (6) 8.0 .4 .9 [.5 5.6 12.1 Dec. 31.. 131.0 3.1 L.8 25.3 9.0 15.5 1.2 47.4 (B) 8.6 .3 .8 1.2 5.1 11.7 1945—Jan. 31 131.9 2.8 .7 24.8 8.5 15.5 1.1 49.2 (') 9.3 .5 .9 1.7 4.1 11.8 Feb. 28 127.3 2.9 .2 23.8 8.5 13.5 1.0 50.1 8.4 .3 1.0 L.4 3.7 11.4 Mar. 31 144.1 5.5 L.3 22.7 7.8 ie.o .9 60.9 (*) 9.1 .4 1.0 1.4 4.0 13.1 Apr. 30 145.0 8.7 L.4 24.1 8.7 1.0 57.1 (*) 8.8 .4 1.0 1.4 4.9 13.0 1 The figures in this table represent a breakdown of the column headed "Latin America" in the main table and cover six countries from Jan. 3, 1940, and seven additional countries since June 30, 1942. * Prior to June 30, 1942, included under "Other Latin America." * Included "Canal Zone" prior to June 30, 1942. * Data reported on a weekly basis. 5 Data reported on a monthly basis, e Less than $50,000. 973 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE'UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES-Contmued ASSETS-SUPPLEMENTARY DATAy-Continued [In millions of dollars] [ndia, Japan ET* Date Asia China F C I r n h e d i n n o c a - h 2 H K o o n n g g B C m u e & a y r , - - M B tis r a i h - - ( M K i r n e & a o c a n - ) l. - N I l n E e a d t n a h i d e s e t s s r * - l P p a i I h i n p s n i d - - e l s - T ke u y r ^ - O A t s h ia e 2 r ot A he ll r3 t A ra u li s a - N Z la e e n a w d - A E t n g i g a y n l p o - - F r r M o e c n o c c - o h U A So f n o r u i i f o c th n a Othlon* churia Sudan 1939—Dec. (Jan. 3, 1940). 174.1 22.0 1.9 102.1 26.4 21.6 9.3 1940—Mar. (Apr. 3) 192.6 26.1 1.7 125.9 28.9 9.9 8.9 June (July 3) 167.9 30.2 1.6 90.6 32.7 12.8 7.7 Sept (Oct. 2) 125.7 24.2 4.3 53.2 28.2 15.9 6.4 Dec. (Jan. 1, 1941) 117.8 23.7 1.7 55.8 22.6 14.0 6.4 1941—Mar. (Apr. 2) 133.4 26.5 .9 67.3 20.4 18.3 7.2 June (July 2) 94.9 31.1 2.7 17.3 27.1 16.7 8.9 Sept. (Oct. 1) 95.7 29.4 3.1 21.5 27.3 14.5 10.5 Dec. 31 87.9 23.5 3.1 18.9 23.0 19.5 9.7 1942!-—Jan. 28 89.2 23.2 3.1 18.5 19.3 25.1 9.3 Feb. 25 91.9 23.5 3.0 18.5 18.7 28.1 8.6 Mar. (Apr. 1).. 90.0 23.5 3.0 18.5 17.6 27.4 7.4 Apr. 29 81.3 23.4 2.9 18.4 17.1 19.5 6.5 May (June 3).. 76.8 23.9 2.3 18.4 16.4 15.8 6.6 June 30* 74.6 23.2 2.2 18.4 16.2 14.6 5.7 June 305. 51.1 20.4 2.0 2.5 1.4 .5 5.3 15.1 1.8 2.0 8.6 1.7 .2 5.1 .4 July 31... 47.7 20.5 2.0 1.5 .8 .5 3.8 15.4 1.8 1.4 6.4 1.6 .2 3.2 .1 Aug. 31.. 47.9 20.9 2.0 1.4 .7 .5 3.7 15.2 1.9 1.6 6.7 1.5 .1 4.0 .8 Sept. 30.. 45.8 20.5 2.0 1.5 .5 2.2 15.3 1.9 1.3 6.1 1.4 .2 2.9 .3 Oct. 31.. 26.7 2.3 1.0 1.3 \i .5 2.1 15.1 1.9 1.7 5.6 1.2 .2 2.8 .1 Nov. 30.. 25.8 1.3 .9 1.8 .7 .5 1.6 15.1 1.8 2.0 5.5 1.1 .2 2.9 .1 Dec. 31.. 35.3 11.1 .9 2.2 .7 .5 1.6 14.4 1.8 2.0 4.8 1.0 .1 1.7 .2 1943—Jan. 31.. 36.4 11.1 .9 2.1 .7 .5 1.6 14.3 3.2 2.0 5.0 .9 .2 1.6 .6 Feb. 28.. 35.7 11.1 .9 2.4 .7 .5 1.7 14.0 2.4 2.1 4.5 .8 .1 1.9 .3 Mar. 31.. 35.3 11.1 1.2 2.5 .7 .5 1.6 14.1 2.0 1.6 4.0 .6 .1 1.6 .3 Apr. 30.. 29.8 4.3 1.3 2.6 .7 .5 1.6 14.2 3.1 1.5 4.3 .6 .2 1.8 .2 May 31.. 26.0 1.8 1.4 2.3 .5 1.6 14.2 2.2 1.4 5.3 .6 .2 2.7 .1 June 30.. 28.2 1.9 1.4 2.5 '.5 .5 1.6 14.1 4.2 1.5 4.8 .6 .1 2.6 1.1 July 31.. 27.6 1.7 1.6 2.8 .5 .5 1.6 14.2 3.1 1.7 4.5 .6 .2 2.3 .9 Aug. 31.. 27.4 1.7 1.5 2.4 .5 .5 .7 14.1 2.9 2.0 4.1 .7 .2 1.9 .9 Sept. 30.. 29.0 3.9 1.0 1.6 .5 .5 .7 14.0 4.0 1.8 4.0 .7 .2 2.1 .7 Oct. 31.. 31.9 3.2 .9 6.6 .5 .5 .7 13.9 2.7 1.8 4.0 .7 .2 2.1 .7 Nov. 30.. 30.0 2.8 1.2 4.5 .5 .5 .6 14.2 3.3 1.4 3.9 .6 .2 1.9 .7 Dec. 31.. 26.3 1.7 1.0 2.0 .5 .5 13.9 3.2 1.8 3.9 .5 .1 2.4 .7 1944—Jan. 31... 28.4 1.8 1.1 3.1 .5 .5 .5 14.1 3.4 2.5 3.6 .3 .2 2.2 .7 Feb. 29... 32.3 2.9 .9 6.2 A .5 .5 14.0 4.2 1.6 4.8 .4 1.1 2.3 .7 Mar. 31.. 31.2 2.6 .9 6.2 .1 .5 .5 14.0 2.6 2.9 5.3 .5 .7 3.3 .7 Apr. 30... 28.4 2.2 .9 3.2 .4 .5 .5 14.0 2.7 3.1 4.9 .5 .2 3.2 .7 May 31... 29.7 2.2 .9 3.6 .3 .5 .5 14.0 2.5 4.4 7.9 .4 .3 6.3 .7 June 30... 29.8 2.2 .9 1.9 .2 .5 .5 13.9 2.0 6.7 11.5 .5 1.1 8.6 .9 July 31... 30.7 2.2 .9 1.6 .2 .5 A 13.9 1.8 8.2 12.3 .6 .5 10.0 .8 Aug. 31... 32.4 1.9 .9 3.1 .2 .5 A 13.9 1.8 8.7 12.7 A .5 10.5 1.1 Sept. 30... 35.8 1.7 .9 6.3 .2 .5 A 13.9 1.8 9.1 11.7 .5 .2 9.9 .9 Oct. 31... 30.9 1.4 .9 1.9 .2 .5 A 14.0 1.9 8.8 12.2 .4 .1 10.4 1.0 D N e o c v . . 3 3 1 0 . . . . . . 5 3 1 3 . . 4 0 1 1 . . 5 6 .9 2 4 2 . . 2 3 . . 5 5 . . 5 5 1 1 3 3 . . S 8 1 1 . . 8 4 8 8 . . 9 8 1 11 3 . . 7 0 . . 6 7 . . 1 2 1 9 1 . . 7 0 1 1 . . 0 0 1945- M A F Ja e p a n b r r . . . . 3 2 3 3 1 8 0 1 . . . . . . . . . . . . 4 4 4 4 2 1 0 1 . . . . 6 0 9 5 1 1 1 1 . . . . 3 2 3 7 1 1 1 1 2 2 2 1 . . . . 4 8 1 1 .. . . . 5 5 5 5 A A A A 1 1 1 1 3 3 3 3 . . . . 9 9 9 9 2 1 1 1 . . . . 0 8 8 9 1 9 8 9 0 . . . . 0 6 1 5 1 9 9 9 0 . . . . 3 7 2 6 . . . . 8 7 8 8 . . . . 2 3 3 4 8 7 6 6 . . . . 3 7 2 7 1 1 1 1 . . . . 2 1 2 1 i The figures in this table represent a breakdown of. the columns headed "Asia" and "All other" in the main table. The figures for"Asia" cover four countries from Jan. 3,1940, and five additional countries since June 30,1942, while those for "All other" cover five countries available only from June '2 Prior to June 30, 1942, included under "Other Asia." » Country breakdown not available until June 30, 1942. 4 Data reported on a weekly basis. * Data reported on a monthly basis. « Less than $50,000. 974 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue Bank of England department Assets of banking department Liabilities of banking department Note (Fi p g o u u re n s d s in s t m er il l l i i n o g n ) s of Goldi a O s t s h e e t r s3 Cash reserves • a c n D o d u i n s a - t d s - Se t c ie u s ri- ci t r i c o u n l * a- Deposits O lia th b e il r i- Coin Notes vances Bankers* Public Other ties 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 4 3 3 3 3 3 3 3 3 4 4 3 2 4 3 3 2 3 1 5 7 8 4 6 1 2 9 9 0 0 — — — — — — — — — — — — — — — D D D D D D D D D D D D D D D e e e e e e e e e e e e e e e c c c c c c c c c c c c c c c . . . . . . . . . . . . . . . 2 2 2 3 2 2 3 3 2 2 2 3 3 2 2 8 9 8 5 1 7 0 0 7 6 5 1 0 9 5 . . , . . . . . . . . . 3 3 3 1 2 1 1 1 1 1 1 2 2 2 0 4 9 9 1 4 3 6 0 + 6 0 5 2 9 7 0 . . . . . . . . . . . . . . . 2 7 2 2 7 4 2 7 8 6 8 3 4 1 2 1 1 . . . . . . ' . . . . . . . 6 . 6 8 8 2 9 6 9 0 8 3 0 9 6 4 3 3 4 3 4 5 2 5 2 2 2 1 2 1 6 1 1 5 8 7 1 8 5 3 6 6 3 8 1 . . . . . . . . . . . . . . . 7 7 6 5 8 6 3 1 1 6 3 3 8 5 6 2 4 2 1 1 1 2 7 8 9 4 4 3 6 2 7 9 8 8 6 2 7 . . . . . . . . . . . . . . . 0 5 3 2 6 5 3 5 0 5 5 8 3 4 5 , 1 1 1 1 1 1 3 1 2 2 1 9 9 9 8 0 2 5 3 0 3 0 6 7 6 9 0 4 8 4 1 0 5 5 4 3 7 7 6 7 9 . . . . . . . . . . . . . . . 7 7 2 4 9 1 5 6 7 0 9 1 9 8 1 1, 3 4 0 3 3 3 4 4 3 5 5 6 5 9 7 0 6 6 7 9 2 6 0 8 1 0 7 5 2 5 5 4 1 2 4 8 4 7 6 5 9 4 8 3 1 . . . . . . . . . . . . . . . 2 7 2 2 0 5 4 8 9 3 6 6 4 7 7 1 1 1 2 1 1 1 1 1 2 2 1 8 7 0 0 5 7 2 2 2 1 3 0 3 1 3 9 2 1 1 0 6 5 0 7 2 2 3 1 9 4 . . . . . . . . . . . . . . . 1 1 7 2 4 6 0 6 3 4 4 4 9 0 3 2 2 1 1 1 1 1 1 1 9 6 8 9 8 2 9 7 1 2 5 2 2 1 0 . . . . . . . . . . . . . . . 0 9 6 9 2 7 4 8 9 1 7 5 1 2 3 3 3 4 3 3 3 3 3 4 3 5 4 3 5 6 9 6 2 6 7 6 3 6 1 6 0 8 5 4 0 . . . . . . . . . . . . . . . 2 6 8 0 4 1 8 5 2 2 3 8 1 3 4 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 8 7 7 7 8 7 7 8 8 8 7 8 8 8 8 . . . . , . . . . . . . . . . 9 0 9 0 9 9 9 0 0 0 0 9 0 0 0 1944—Aug. 30. .2 1.5 54.2 6.2 228.4 1,146,0 201.9 14.4 56.2 18.0 Sept. 27 .2 2.0 45.7 4.3 252.6 1,154.6 221.5 9.8 55.3 18.1 Oct. 25 .2 2.3 35.9 8.8 234.9 1,164.4 203.8 6.2 54.1 17.7 Nov. 29, .2 2.3 10.7 5.1 273.5 1,189.5 207.0 11.6 55.3 17.8 Dec. 27 .2 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 M*ay30. .2 61,300.0 1.2 30.6 9.6 254.3 1,269.6 212.4 14.8 50.7 17.8 Tune 27, .2 1,300.0 1.3 15.1 3.8 324,2 1,285.2 262.3 12.7 51.6 17.9 July 25. .2 n, 350.0 .9 44.5 1.8 263.6 1,305.7 229.1 10.3 53.6 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 d S t o e t U l a r l l t a n i e n r i s s t g ed S t h e o rm rt s * - ecuritie O s ther a O s t s h e e ts r c . i rc N ul o a t t e ion7 Ch b a a r n te k r s ed D g o o m v i e n rn io - n Other liab O i t l h it e i r es' 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. 3L (•) 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec 31 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec 31 . ... .5 807.2 209.2 31.3 693.6 259 9 51.6 19.1 24 »0 1943-Dec. 31 .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 • 1944 Aue U . . .. 48.7 849.4 593.8 26.9 960.4 432 5 S3 9 34 3 37 9 Sept 30 45.9 833.1 625.5 22.1 982.8 454 8 21.9 33.3 33.& Oct 31 62.8 875.7 622.9 58.6 1,012.5 454.3 76.9 32 A 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 27.7 209.1 172.3 914.5 590.2 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 ^Iar 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 32.4 235.1 174.4 1,073.8 559.5 34.4 1,063.2 492.0 43.9 35.9 207.1 July 31 174.4 1,034.7 558.3 56.5 , 1,078.8 441.1 57.5 37.6 208.8 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 wa 2 s S o e ff c i u c r ia it l i ly es s a e n t d a s t i l 1 v 6 e 3 r s c h o i m ll i h n e g l s d p as e r c o fi v n e e r o fo u r n c f e id . uc t iary issue, the amount of whi , c h # is also shown by this figure. 3 Notes issued less amounts held in banking department. * On Jan. 6,1939,200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account: on Mar. 1, 1939f about 5 5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12,1939, 20 million "pounds transferred from Exchange Account to Bank- on Sept 6,1939,279 million pounds transferred from Bank to Exchange Account. 6 Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942;' by 70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8,1943, Mar. 7, Aug. 2, and Dec. 6,1944, and on May 8 and July 3,1945. 6 7 I S n e c c l u u r d it e i s e s n m ot a e t s u r h i e n l g d i b n y t w th o e y c e h a a rs r t o er r e l d e s b s. a nks, which constitute an imt portant part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. r 9 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government security (see BULLETIN for July 1940, PP# NOTE7—For back figures oh Bank of England and Bank of Canada, see Banking and Monetary StatistUs,Tab\es 164 t/d 166, pp. 538-640 and pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication. 975 SEPTEMBER 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 G d o v v a e n rn c m es e n to t Deposits (Figu o re f s f i r n a n m cs il ) lions Gold1 F c o h e r a e x n i - g g e n m O a p r e k n et3 Special3 Other c F u c o p o r a s t t o i s c o 3 - n Other* a O s t s h e e ts r ci N r ti c o o u t n l e a- G m ov e e n r t n- C.A.R.4 Other l O i t a t i b h es e il r i- 1929—Dec. 27.. 41,668 25,942 5,612 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26. - 53,578 26,179 5,304 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30.. 68,863 21,111 7,157 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30.. 83,017 4,484 6,802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29., 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28.. 82,124 963 5,837 3,971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27.. 66,296 1,328 5,800 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30.. 60,359 1,460 5,640 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.. 697,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26.. 684,616 42 43,194 661 3,646 72,317 63,900 23,179 218,383 984 41,400 27,202 3,586 1941—Dec. 31.. 84,593 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 June 29. 84,598 37 46,241 1 6,045 409,200 71,500 21.160 576,909 750 12,309 43,343 5,472 July 13 84,598 37 45,851 4,856 409,200 70,850 23,799 584,820 729 1,853 46,899 4,890 Dec. 28*. 75,151 42 47,288 *48* 18,592 426,000 15,850 735,221 572,510 748 37,855 7,078 1945—Jan. 25.. 75,151 42 47,842 16 26,360 426,000 745,435 562,416 3,196 50,382 4,852 Feb.22 . 75,151 42 47,894 9 23,473 426,000 7,700 737,903 568,900 778 43,697 4,797 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 '35,403 548,945 774 57,231 7,701 Assets Liabilities Relchsbank Reserves of gold and Bills (and Security (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 u il s d l u s i r n y g Se lo cu an ri s ty E a c s li o g n v i o e b t r l e e Other O as t s h e e t r s 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 33 2,281 33,792 7,237 1,788 Apr. 29.. 77 40,909 38 31 2,525 34,569 7,179 1,833 May 31. 77 42,159 28 23 2,096 35,229 7,240 1,915 June 30.. 77 42,150 26 27 2,397 35,920 6,754 2,004 July 31.. 77 43,222 38 21 2,396 36,888 6.813 2,054 Aug. 31 . 77 45,829 42 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. 31?.. 77 64,625 199 81 60 2,082 51,207 13,566 2,351 Feb. 28*., 77 70,699 307 112 <) (•) 55,519 16,419 * Preliminary. For further deuils BTO P. vf&S ^SXBgg. i&» - *»' nd October For explanation o is item, see BULLETIN for July 1940, p^ 732 ^ e ^^ fromAug.25. mo, through July 20, ^.advance, of 441.000 million * Central Administration of the Reichskreditkassen. _ * In each of the weeks ending Apr. 20 and Aug. 3,1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7,1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund. ' 6 First official statement published since liberation. ^ d t o t s h^ « Figure not available. NOTE.-For back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 and 167, pp 641-643 and pp respectively; for description of statistics see pp. 562-565 in same publication. ' pp °*1^*<> ana PP* 976 FEDERAL RESBRVB 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) July June Way July date of month) July June May July Central Bank of the Argentine Re- National Bank of Denmark (millions (Dec. public (millions of pesos): of kroner): 1944)< Gold reported separately 1,242 1,242 1,242 1,206 Gold 97 97 Other gold and foreign exchange... 2,987 2,863 2,807 2,296 Foreign exchange 22 22 Government securities 877 882 882 883 Clearing accounts (net) 2,762 2,496 Rediscounted paper Loans and discounts 55 27 Other assets 149 157 142 170 Securities 95 62 Note circulation 2,553 2,533 2,495 2,089 Govt. compensation account8... 85 85* Deposits—Member bank 1,570 1,542 1,657 1,268 Other assets 4,389 3,581! Government 561 528 471 694 Note circulation 1,658 1,581 Other 198 177 112 159 Deposits—Government 2,327 1,781 Certificates of participation in Other 3,009 2,578: Government securities 179 169 153 167 Other liabilities 512 429- Other liabilities 193 196 186 178 Central Bank of Ecuador (thousands Commonwealth Bank of Australia of sucres): (Apr.)' (thousands of pounds); Gold 288,655 270,489' Issue department: Foreign exchange (net) 137,097 72,226- Gold and English sterling 50,856 50,856 50,544 Loans and discounts 93,324 101,834 Securities 143,420 143,418 152,833 Other assets 92,491 95,8(5 Banking department: Note circulation 308,131 255,365 Coin, bullion, and cash 19,347 19,561 13,125 Demand deposits 277,810 218,040 London balances * 137,026 132,504 123,180 Other liabilities 25,625 67,010- Loans and discounts 20,879 21,870 30,371 National Bank of Egypt7 (thou Securities 273,573 271,214 237,417 sands of pounds): Deposits 199,045 194,187 207,328 Gold.. 6,241 6,241 6,241' Note circulation 185,744 185,744 194,994 Foreign exchange 17,185 18,355 14,684 National Bank of Belgium (millions Loans and discounts 2,753 3,283 1,828. British, Egyptian, and other Gov- 6,244 6,248 6,257 ernment securities 291,395 C287,494 239,934' Foreign exchange 863 81f 813 Other assets. 23,682 26,264 18,164 L O o th a e n r s l t o o a G ns o v an er d n m di e sc n o t unts 8,46 9 ' 8 8,2 i 8 r 2 7,9 1 3 0 ' 3 D N e o p te o s c i i ts rc — ul G at o i v on ernment I2 7 3 7 f , 8 5 S 5 r 9 1 7 2 6 2 , , 3 0 1 7 ' " 1 6 0 2 1 , , 8 89 8 9 6 Claim against Bank of Issue 12,919 12,919 12,918 Other. 126,351 129,90 102,502 Other assets 277 301 430 Other liab>ililiittii<es 13,460 13,334 13,563 Note circulation 12,040 11,69: 11,190 Central Reserve Bank of El Salva- Demand deposits 861 888 868 dor (thousands of colones): Blocked Treasury account* 2,099 2,099 2,099 Gold 33,122 33,142 32,856 Notes and blocked accounts3 13,649 13,775 14,089 Foreign exchange 38,855 38,970 38,018 Other liabilities 219 221 211 Loans and discounts 901 805 763 National Bank of Bohemia and (Nov. Government debt and securities.. 5,195 5,168 6,351 Moravia (millions of koruny): 1944)* Other assets 1,729 1,681 1,108 Gold 1,517 1,515 Note circulation 45,03? 45,694 43,576 Foreign exchange >... 800 775 Deposits 27,68' 26,98 29,473 Discounts 3,793 3,385 Other liabilities 77 7,09 6,046 Loans Bank of Finland5 Other assets. 55,027 40,726 Bank of Greece5 Note circulation 32,705 27,356 National Bank of Hungary (million; (Nov. Cen O D tr t e a h m l e r a B n l d i a a n b d k i e l p it o o i f e s s it B s olivia (millions 1 1 4 3 , , 4 94 9 2 9 9 , , 4 6 4 0 4 2 o t £< F ? o o e.n r d e g i B g ): n exchange reserve 1944 1 ) 0 * C 10 $ 0 of bolivianos): (Apr.)* Discounts 11,97! 5,315 Gold at home and abroad 599 Loans—To Treasury 51 54a Foreign exchange 525 406 To foreign countries 1,074 902 Loans and discounts 35' 287 Other 2 Securities—Government 63 634 Other assets. 1,08 1,396 Other 4 41 Note circulation 10,67 5,598 Other assets 92 72 Demand deposits 2,713 1,220 Note circulation 1,289 [,175 Consolidated foreign credits of Deposits 875 771 1931 10 10 Other liabilities 123 93 Other liabilities 1,352 1,432 National Bank of Bulgaria5 Reserve Bank of India (millions of Central Bank of Chile (millions rupees): of pesos): Issue department: O O O N D G D Lo e t o t t i o h s h h a p l t c d e e e e n o o r r r s s c u i l a l t i t n i o s r o s a t c — a s s b u n e G i l t B f s O l a s o o i a t t a v r t i i h n n e e o m k e s d r n r n e d m m i e s b c n e o t r u b n a ts nks 2 1 1 , , , 6 2 0 3 2 4 2 1 7 6 4 5 7 2 5 7 6 6 4 7 7 4 4 6 2 6 0 2 1 1 , , , 3 6 2 4 2 7 2 0 1 5 5 5 3 7 1 9 4 6 : 1 5 7 3 8 0 4 9 2 1 , , 4 9 3 2 1 2 7 1 1 3 0 4 7 8 7 1 5 9 8 3 2 2 5 8 5 9 Bank N T G S R N B In i t r a u o n o o e d e l p l g t t r a i a d e e l e a n s i s e n d n u c a c g o e e t i r c G r y p s f o c h s a o u o i e i a b r s n v l c b m t i s a . t l m u r u . . t l e o . r s i e e o i s a a t n e n d d i d n e c t i e : d s u s p c r a i o a t r b u i t e r n m s o te a e d d n . . t 1 1 3 1 0 , , , 3 9 2 5 1 7 5 9 7 9 5 1 8 2 8 . 2 1 1 3 0 1 , , , 4 5 9 1 2 1 1 4 2 7 9 6 1 5 4 8 4 3 4 0 8 8 9 2 , , , 4 5 2 2 2 0 1 4 7 8 3 5 4 2 1 4 8 0 4 3 5 2 0 Ba ( n th N O F L G G k o o o t o o o u h r o a l t v e s e d e f n e a i r s g r n c t n n a d i h a m r s n s e c e s d e u x e o R n l c t f d a t s h e t i . p a i s p . l o o e n c u n a s o g b o n e u s s l n i ) t c a : s n . o d f s C ec o u l r o i . m t - i ; e • b s - i . - a . - . 1 1 1 1 3 6 7 6 0 1 8 2 5 4 9 6 3 0 , , , , , , ,1 1 9 9 7 2 9 9 0 5 2 7 8 9 ! 5 3 2 1 6 0 1 1 1 3 6 9 5 1 7 7 0 7 7 8 8 8 7 , , , , , , , 6 0 9 8 1 6 7 1 4 4 4 3 9 2 9 2 2 8 6 6 3 1 1 1 3 9 7 5 7 7 1 0 5 6 0 5 2 9 , , , , , , , 3 7 5 3 0 1 9 5 7 9 4 3 0 4 1 6 9 4 6 3 2 1 1 1 V 5 2 3 5 1 6 9 3 4 4 0 7 , , , , , , , 5 9 5 9 5 3 0 2 1 5 0 2 2 3 5 3 1 0 6 8 8 Ce o n f N G S tr p t o o e a o l t r l u d e l O O D L i n B n o t c t e d a g h h a i p s r n e e n o ) c r r : k f s s u u i l a l t t o n i a o s s a f d t s b i e G s o I i t . l n r s o . i . e t v i l e e a s r n n d m e ( n t t housands 3 3 2 2 0 , , , 6 8 1 4 3 8 « 4 8 3 3 3 2 0 2 , , , , 6 9 8 2 3 2 4 2 8 9 4 7 « 1 9 3 ' 2 3 9 2 2 4 , , , , 9 6 6 0 3 2 9 1 4 3 9 6 ! 1 6 7 7 8 2 2 5 2 8 2 , , , T6 2 6 3 1 1 4 5 9 5 6 1 6 5 9 7 5 1 53,866 54,825 65,089 69,839 Bank of Japan6 Bank of Java5 •"Ke&ta ESStESSK Seared and to be transferred to blocked accounts and old notes not declared. \ MTavaiUbk reSrXm \hl i^lb^iB^Ta^u^ty 1943), see BULLETIN for Tuly 1943, p. 697; of Finland (August 1943), w to for ^prH 19*4. P 405; of Greece (lUrch 1941) and Japan (September 1941), see BULLETIN for March 1942. p. 281; and of Java (January 1942). see ( R™SenuBanhk?? "scPk2hnon the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23.1942. ' Items for issue and banking departments consolidated. 977 SEPTEMBER 1945 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) July June May July date of month) July June May July Bank of Mexico (millions of pesos): Bank of Spain—Continued Metallic reserve1 671 535 • Note circulation 16,874 16,069 "Authorized" holdings of securi- Deposits—Government 1,922 1,972 ties, etc.. ..... 1,707 1,368 Other 3,598 4,199 Bills and discounts. 404 322 Other liabilities 471 508 Other assets 64 . 77 Bank of Sweden (millions of kronor): Note circulation 1,408 1,212 Gold 1,055 1,054 1,035 960 Demand liabilities 1,274 930 Foreign assets (net) 690 580 601 600 Other liabilities 163 161 Swedish Govt. securities and ad- Netherlands Dank {millions of (Oct. vances to National Debt Office8. 1,266 1,205 1,133 1,229 guilders): 1944)* Other domestic bills and advances. 33 27 35 89 Gold 931 932 Other assets 993 1,040 1,031 974 Silver (including subsidiary coin). Note circulation 2,412 2,445 2,368 2,187 Foreign bills 4,404 Demand deposits—Government... 738 710 761 582 Discounts Other 323 148 77 452 Loans 136 131 Other liabilities 564 604 629 631 Other assets 96 94 Swiss National Bank (millions of Note circulation 4,879 4,415 francs): Deposits—Government 149 104 Gold 4,642 4,626 4,783 4,455 Other 320 294 Foreign exchange 136 112 103 87 Other liabilities. 223 183 Loans and discounts 59 95 348 62 Reserve Bank of New Zealand (thou- Other assets 84 82 83 144 sands of pounds): Note circulation 3,522 3,522 3,532 3,028 Gold 2,802 2,802 2,802 Other sight liabilities 1,105 1,102 1,494 1,441 Sterling exchange reserve 62,417 54,893 30,848 Other liabilities 294 292 292 279 Advances to State or State>nder- Central Bank of the Republic of takings 18,084 28,069 41,381 Turkey (thousands of pounds): Investments 14,346 14,341 11,736 Gold 292,107281,200 275,911 Other assets 1,541 1,713 2,591 Foreign exchange and foreign Note circulation 40,560 40,716 37,688 clearings 68,172 90,983 65,462 Demand deposits 54,513 57,098 48,272 Loans and discounts 839,648821,454 772,144 Other liabilities 4,116 4,004 3,398 Securities 171,111171,362 179,216 Bank of Norway* Other assets 23,401 25,106 25,664 Bank of Paraguay—Nf onetary Dept. Note circulation 971,608976,408 906,635 (thousands of guaranies):* Deposits—Gold 85,586 85,586 85,116 Gold. 3,328 3,324 Other 156,258151,679 160,577 Foreign exchange 22,606 22,319 Other liabilities . 180,985176,434 166,069 Loans and discounts 8,125 8,638 Bank of the Republic of Uruguay Government loans and securities.. 10,587 10,634 (thousands of pesos): Other assets 323 312 Issue department: Note circulation. 28,309 28,607 Gold and silver 122,751122,751 119,342 Demand deposits 14,746 14,865 Note circulation 157,207158,280 134,411 Other liabilities •1,91' 1,755 Banking department: Central Reserve Bank of Peru (thou Gold and silver : 156,64' 153,657 105,818 ' sands of soles): (Apr.) Notes and coin. 24,906 23,914 43,471 Gold and foreign exchange 123,039 170,821 Advances to State and to gov- Discounts 24,290 1,072 ernment bodies. 9,916 10,982 13,255 Government loans 513,822 414,907 Other loans and discounts 91,074 90,500 97,520 Other assets. 22,518 20,461 Other assets 312,512301,832 262,888 Note circulation , 428,244 392,235 Deposits 278,917274,602 235,541 Deposits 225,912 191,513 Other liabilities 316,137306,282 287,410 Other liabilities 29,513 23,514 Central Bank of Venezuela (thou- Bank of Portugal (millions of es- sands oF bolivares): cudos): (Feb.)1 Gold* 438,570 438,568392,758 338,108 Gold* 1,415 1,412 Foreign exchange (net) 93,948 77,399 99,264 32,209 Other reserves (net) 5,7r 4,922 Credits to national banks 14,310 20,310 20,310 26,370 Nonreserve exchange 9,25: 9,072 Other assets , 16,304 18,365 21,160 33,241 Loans,and discounts 26: 237 Note circulation—Central Bank... 323,849 321,363320,577 266,989 Government debt 1.02C 1,023 National banks. 12,494 13,331 14,970 22,273 Other assets 779 937 Deposits 216,343 209,988189,281 133,810 Note circulation 7,389 6,920 Other liabilities , 10,446 9,959 8,665 6,856 Other sight liabilities 10,194 9,736 National Bank of the Kingdom of Other liabilities 860 947 Yugoslavia3, National Bank of Rumania3 Bank for International Settlements South African Reserve Bank (thou- (thousands of Swiss gold francs);» sands of pounds): Gold in bars , 119,323119,323 118,495 Gold.. 106,528 105,00' 92,184 Cash on hand and on current ac- Foreign bills 26,64! 28,352 21,114 count with banks 43,279 46,446 21,513 Other bills and loans 3,58! 3,880 4,436 Sight funds at interest , 7,923 8,166 6,701 Other assets 95,90 93,50: 89,874 Rediscountable bills and accept- Note circulation , 63,798 58,88? 53,613 ances (at cost) 86,639 83,882 101,741 Deposits 163,52: 165,990 148,791 Time funds at interest 2,750 2,749 21,075 Other liabilities 5,34C 586 5,204 Sundry bills and investments 197,145197,056 198,607 Bank of Spain (millions of pesetas): Other assets 118 11 282 Gold 1,189 1,135 Demand deposits (gold) 18,418 29,076 Silver 609 616 Sfcort-term deposits (various cur- Government loansand securities. 16,058 15,918 rencies): Other loans and discounts 3,199 2,926 Central banks for own accoum 5,223 6,233 9,473 Other assets 1, 2,154 Other 2,01C 3,106 Long-term deposits: Special accounts 229,00: 229,001 229,001 Other liabilities 202,517202,07C 197,757 i Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities ; 3 Latest month for which report is available for this institution. RumrJrK « The Bank off tthhee RReeppuubblliicc ooff PPaaraaguuaayy was reorganiidz edi inS Setbp temb1e9r4 419 44d u ndtehr the namfe B okf Bafnk 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. e Valued at average cost beginning October 1940. « Includes small amount of non-Government bonds. » Beginning October 1944, a certain amount of gold, formerly reported in the Bank's account, shown separately for account of the Government. 8 See BULLETIN for December 1936, p. 1025. 978 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [ Per cent per annum J Central bank of— Date effective U K d n i o n i m t g e - d France m G a e n r- y g B iu 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 t o r f a — l . R A 3 a u 1 t g e . eff D ec a t t i e ve ba C n e k n t o r f a — l R A ate ef D fe a ct t i e ve In effect Dec. 31, 1936 2 IX Albania... Mar. 21, 1940 Italy 4 Sept. 11, 1944 Jan. 28,1937 4 Argentina Mar. 1, 1936 3.29 Apr. 7, 1936 Tune 15 6 Belgium Jan. 16, 1945 Java 3 Jan, 14, 1937 July 7 5 Bohemia and Latvia 5 Feb. 17, 1940 Aug. 4 Moravia Oct. 1, 1940 Lithuania. .. 6 July 15, 1939 Sept. 3 Nov. 13 May 10,1938 May 13 2H Bolivia Nov. 8, 1940 Mexico June 4, 1942 May 30. British India. Nov. 28, 1935 Netherlands. June 27, 1941 Sept. 28 Bulgaria Dec. 1, 1940 New Zealand July 26, 1941 Oct. 27 2H Canada Feb. 8, 1944 Norway 3 May 13, 1940 Nov. 25 Chile Dec. 16, 1936 Peru 5 Aug. 1, 1940 Jan. 4,1939 Colombia July 18, 1933 Portugal.... 2H Jan. 12, 1944 Apr. 17 May 11 July 6 Aug. 24 Denmark...'. Oct. 16, 1940 Rumania 4 May 8, 1944 Aug. 29 Ecuador May 26, 1938 South Africa 3 Tune 2, 1941 Sept. 28 El Salvador.. Mar. 30, 1939 Spain Dec. 1, 1938 Oct. 26 Estonia Oct. 1, 1935 Sweden M Feb. 9,1945 Dec. 15. Finland Dec. 3, 1934 Switzerland. 1H Nov. 26,1936 Jan. 25, 1940 Apr. 9.... May 17 Mar. 17, 1941 .... 1H France Jan. 20, 1945 Turkey July 1, 1938 May 29 Germany Apr. 9,1940 United King- June 27 Greece Dec. 1, 1944 dom Oct. 26, 1939 Jan. 16, 1945 IX Hungary...... Oct. 22, 1940 U.S. S. R... J'u l'y 1', 11993366 Jan. 20 Ireland Nov. 23,1943 Yugoslavia.. Feb. 1, 1193S Feb. 9 2H In effect Aug. 31, 1945 IX 2% IX NOTE.—Changes since July 31: none. OPEN-MARKET RATES [ Per cent per annum J United Kingdom Germany Netherlands Sweden Switzerland Month ac 3 B c a e m n p k o ta e n n r t s c h * e s s 3 T r m e b a i o l s l n u s t r h y s Da m y- o t n o e - y day o a n B l lo a d w n ep k a o e n r s c s i e t ' s d P i r s r i c a v o t a e u t n e t Da m y- o t n o e -d y ay d P is r r i c a v o te a u t n e t 1 M m f o o o n r e n y th m u L p o o n a to t n h s 3 s d P i r s r i c a v o te a u t n e t 1929—June 5.32 5.35 4.23 3H 7.50 7.90 5.30 5.30 4J4-6H 3 26 1930—June 2.31 2.30 L93 I 3.58 3.74 1.89 1.93 3>£-5H 2.0fi 1931—June 2.09 2.10 1.64 6.05 6.74 1.05 1.07 3-5 L 12 1932—June 1.05 .85 .99 IS 4.75 5.70 .39 1.00 4-6 L.50 1933—June .50 .40 .62 iz 3.88 4.93 2.18 2.06 3-5J^ L50 1934—June .91 .85 .92 3.76 4.57 .78 1.00 2M-5 1.50 1935—1Fune .. .... . .71 .64 .75 i2 3.00 3,16 4.42 3.83 2.60 1936—1fune. .78 .78 .75 \£ 2.88 2.67 3.92 3.95 2.25 1937—1fune. .68 .68 .79 i£ 2.88 2.78 .15 1.00 2J4-5 LOO 1938—1une .59 .59 .75 \6 2.88 3.06 .13 .50 2^-5 LOO 1939—jnnp .75 .76 .77 1Z 2.79 2.71 .49 .75 2)3-5 LOO 1 1 9 9 4 4 0 1 — — J J u u n n e e .... 1 1. . 0 0 3 3 1 1 . . 0 0 0 2 L L O O O O X 1Z L 2 2 . . 3 1 8 3 L 1. 9 9 8 3 1 C .88 1) & 3M 3- - 5 sy M2 1 L . 2 5 5 0 1942 Tun** I 03 1.00 LOO 2.13 1.90 3-5 M L25 1943 june I 03 1.00 L06 !• 2.13 1.90 3-53^ L25 iQld• tnnr 03 1*00 L.13 2.13 L.92 [ 25 \QAA Tu1v 03 1 00 L13 X 2.13 .90 L 25 L 03 1.00 L.13 \y 2.13 ,89 25 Cant L 03 1 01 .13 \A 2.13 L93 [ 25 I 03 1 00 .10 1/ 2.13 25 Nov .03 1.00 .00 2.13 *'£$ Dec .03 1.00 L.02 2.13 L.2.S 1945—Jan .03 1.01 L.00 2.13 L.25 Feb .03 1.00 .00 2.13 1.25 Mar .03 1.00 L.00 2.13 1.25 Apr .03 1.01 .00 May .03 1.00 .03 June 1.03 1.00 l.u H irl!Fo^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. 979 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom1 (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 r l i l l n i i o g n n g b s ) a o n f ks. re C se a r s v h es M c n a o s l o n h l t e o i a c y r n e t d at B co il u ls n t d e i d s- T r d e r e c e p e a o i s p u s t i r s t y Securities c L u o s a to n m s t e o rs! a O s t s h e e t r s Total D D e e p m o a s n it d s Time lia O b t i h li e ti r es 1 1 1 1 1 1 9 9 9 9 9 9 4 4 3 3 4 4 8 9 1 2 0 3 — — — — — — D D D D D D e e e e e e c c c c c c e e e e e e m m m m m m b b b b b b e e e e e e r r r r r r . . . . . . 3 3 2 2 3 4 4 6 2 7 9 2 3 6 4 4 0 2 1 1 1 1 1 1 4 7 5 6 5 4 1 4 9 0 1 2 3 2 2 1 1 1 6 3 5 7 3 9 5 4 0 1 3 8 1,3 8 3 7 0 9 1 5 7 6 4 8 1 1 , , 1 1 9 6 6 7 5 2 9 0 3 7 4 0 9 9 5 1 1,0 9 8 9 7 7 1 7 2 2 6 9 5 1 4 3 1 4 3 3 3 2 2 2 2 2 4 9 9 6 4 5 9 3 0 3 3 3 2 2 2 4 , , , , , , 6 8 2 3 4 0 0 5 2 4 3 2 0 4 1 2 9 9 2 2 1 2 1 1 , , , , , , 3 2 7 4 7 1 9 5 7 1 2 6 8 6 0 2 9 8 1 1 1 1 1 , , , , , 0 0 2 3 1 9 3 4 0 1 6 9 0 3 0 9 1 7 2 2 2 2 2 2 6 5 5 3 4 5 9 6 3 6 5 0 1944—July 426 1S8 213 1,310 ,175 765 289 4,121 2,744 1,377 244 O N D A Se o c e u p c t v g t o e e e u b m m m s e b t b b r — e e . e . r r r . . . 4 4 4 4 5 3 4 5 0 0 9 3 3 0 0 2 2 1 1 1 9 0 0 9 9 1 5 5 1 9 2 2 1 1 1 0 1 7 4 9 9 1 0 7 8 1 1 1 1 1 , , , , , 4 5 3 6 5 4 6 6 3 4 4 7 7 7 8 , , 4 , , 1 1 1 1 7 8 8 9 6 2 3 0 2 5 7 7 7 7 7 4 4 5 4 7 4 4 0 8 2 2 3 2 2 2 9 8 4 8 9 1 2 7 3 2 4 4 4 4 4 , , , , , 3 2 1 3 5 4 5 6 9 4 2 1 1 8 5 2 3 2 2 2 , . , , , 8 7 8 0 9 2 7 7 2 4 7 5 6 2 5 1 1 1 1 1 , , , , , 4 4 5 3 4 6 2 0 8 7 7 4 0 6 5 2 2 2 2 2 4 4 4 4 5 5 3 4 5 0 1945—January... 460 198 159 1,663 ,165 765 301 4,462 2,968 1,495 248 February.. 455 188 140 1,639 ,160 769 305 4,405 2,904 1,501 250 March 464 180 149 1,681 1,153 780 299 4,459 2,944 1,516 246 April 472 180 109 1,821 1,140 749 300 4,525 2,994 1,530 245 M Ju a n y e 4 4 9 8 4 2 1 1 9 9 6 5 1 1 2 3 0 5 1 1 , , 8 9 8 3 2 9 l 1, f1 12 2 8 6 7 7 5 7 7 4 3 2 3 9 1 7 4 4 , , 6 7 1 5 7 2 3 3 , , 0 14 6 7 4 1 1, , 6 5 0 5 5 3 2 2 4 4 3 3 Assets Liabilities Canada Entirely in Canada Se lo cu an ri s ty Deposits payable in Canada (10 m c o o h f n a t C r h t a e f n r ig e a d u d r i e b a s n a n i d n k o s m . l la il r E l s i n o ) d n s of Cash Security O lo t a h n e s r d a a u n o e d r o f n r a o e a m t Securities O as t s h e e t r s ci N r ti c o o u t n e la- excluding interbank deposits li O ab th il e it r ies reserves loans and dis- foreign Total II Demand I Time counts banks 1938—December. 263 65 940 166 1,463 535 2,500 840 1,660 843 1939—December. 292 53 ,088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December. 323 40 ,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—December. 356 32 ,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December. 387 31 ,168 231 2,293 657 60 3,657 1,984 1,673 ,049 1943—December. 471 48 ,156 250 2,940 744 42 4,395 2,447 1,948 ,172 1944—July 545 63 ],063 218 3,388 755 35 4,716 2,451 2,265 ,282 A Se u p g te u m st b .. e . r . 5 5 6 7 9 5 6 5 1 6 11,0 9 0 7 2 6 2 2 2 1 4 5 3 3 , , 4 3 5 6 0 8 7 7 5 6 5 1 41 4 4 , , 6 7 6 2 7 6 2 2 , , 2 2 9 6 7 2 2 2 , , 3 46 7 4 0 31 ., , 2 2 6 8 8 2 October... 597 56 992 236 3,622 757 4,957 2,468 2,489 ,269 November. 586 81 ,275 236 3,577 774 35 5,221 2,877 2,343 ,273 December. 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 ,289 34 1945—January... 567 95 1,156 244 3,571 731 32 5,049 2,525 2,524 ,283 February.. 539 80 ,125 254 3,624 717 31 5,021 2,390 2,631 ,287 March 544 78 L.094 219 3,606 708 31 4,938 2,214 2,725 ,280 April 598 82 i;047 269 3,799 750 30 5,210 2,475 2,735 ,306 May 622 125 1,299 251 3,885 775 29 5,616 3,053 2,563 ,312 June 622 123 1,142 248 3,996 766 29 5,540 2,894 2,646 ,326 France Assets Liabilities (4 larg f e i g b u a r o e n f s k s i f . n r a m n 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 t r ies 1938—December. 3,756 4,060 21,435 7,592 1,940 33,578 33,042 537 721 4,484 1939—December . 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—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-M M Ap a a r r y i c l h 6 6 7 , , , 8 1 7 1 3 2 3 2 0 3 3 3 , , , 7 6 8 5 6 0 0 5 3 7 8 7 4 1 7 , , , 6 6 9 6 2 2 4 2 0 1 1 1 5 5 4 , , , 2 0 9 4 4 8 5 3 0 1 1 1 , , , 7 6 5 5 5 3 0 0 6 1 9 9 0 6 9 3 , , , 4 1 2 3 5 7 1 2 2 1 9 9 0 5 8 2 , , , 4 7 4 1 8 3 9 3 7 6 8 7 4 3 3 8 3 6 4 3 3 2 9 8 6 7 7 5 5 5 , , , 2 4 5 6 0 6 1 5 3 June 6,632 3,851 80,276 15,518 1,869 102,047 101,118 929 383 5,716 July 6,770 3,795 83,362 14,696 2,024 103,596 102,578 1,017 321 6,730 August 6,486 3,786 82,685 14,644 2,206 102,602 101,525 1,078 347 6,859 September, 6,935 3,832 85,079 14,084 2,228 104,830 103,657 1,173 341 6,987 October... 7,133 3,877 88,289 14,215 2,448 108,368 107,100 1,268 411 7,182 November. 7,203 3,960 86,754 14,361 2,653 107,200 105,811 1,390 404 7,326 December. 8,548 4,095 90,897 14,191 2,935 112,732 111,191 1,541 428 7,506 1944—January... 7,510 4,125 90,024 13,737 1,676 110,485 108,883 1,601 419 6,168 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 \%, per cent, callable by the banks in emergency at a discount equal to the Bank of England rate. * 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. 980 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia Brazil (peso) (pound) BBel- (cruzeiro1) British Bul- Canada (dollar) Chile (peso) Chtna Year or month giium India garia (yuan (belga) (rupee) (lev) Shang- Officia! |P^> Official Free Official Free Official Free Official Export hai) 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 3 3 4 3 4 4 0 2 9 8 3 7 1 3 3 2 2 3 2 2 2 2 2 9 9 0 9 9 9 . . . . . . . . 9 5 8 7 7 7 7 7 9 5 5 7 7 7 7 7 7 9 0 3 3 3 3 3 2 2 2 4 3 5 . . . 7 1 7 3 2 0 2 5 4 2 3 3 3 3 3 2 2 2 2 2 2 2 2 2 2 . . . . . 8 8 8 8 8 0 0 0 0 0 2 3 3 3 3 3 3 3 0 8 9 2 5 2 2 5 9 3 1 3 1 1 . . . . . . . 1 5 9 2 3 5 5 6 5 4 7 8 0 0 2 1 1 1 1 6 6 6 6 . . . . 8 8 8 8 9 5 7 8 4 2 6 0 8 6 6 6 5 6 6 6 . . . . . . . . 8 6 0 0 0 0 0 0 4 4 5 0 5 5 5 5 3 2 3 6 8 7 8 9 8 7 7 2 6 5 4 4 ' 5 5 5 s 6 5 5 . . . . . . . 0 1 1 1 1 0 n 2 2 4 4 9 7 1 8 2 6 8 i 0 s 4 0 7 9 3 5 3 3 3 3 3 3 3 3 0 0 0 6 0 7 3 0 . . . . . . . . 1 1 5 1 1 2 1 3 2 5 9 3 2 7 2 2 2 5 2 7 2 9 2 6 '1 1 1 . . . 2 2 2 1 4 8 1 2 4 1 4 6 s 9 9 9 9 9 0 0 0 0 0 . . . . . 9 9 9 9 9 0 0 0 0 0 9 9 9 9 9 1 8 8 8 9 8 9 8 0 9 9 8 5 6 9 7 0 , . . . . . . . 3 9 8 1 0 4 3 0 7 7 4 1 1 5 4 0 9 8 1 9 8 3 5 4 J5 5 5 5 5 . . . . . 1 1 1 1 1 6 6 7 7 6 6 9 2 1 6 8 7 7 6 4 * * 4 4 4 4 4 . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 1 * 6 1 9 1 5 . . . . . 0 3 6 8 3 0 6 1 0 7 0 0 3 6 9 1944—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 July 29.773 25.125 321.35 6.0602 5.1802 30.122 90.909 90.736 Year or month C ( o p b l e i o s a m o) -C s (k l z o o e v r c u a h n k o a ia - ) ( m D kr e o a n n rk - e) ( l F m k a i a a n n ) r d - k- F ( r fr a a n nc c ) e ( m m r G e a i a c e r n h k r 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 . d) I (l t i a ra ly ) J ( a y p en an ) M (p e e x s i o c ) o e N ( r g l e u e a r i t 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 *3.4252 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 '2.0101 239.968 224.592 219.770 l5.O7O3 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—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 July.. 56.980 20.582 322.69 United Kingdom Uruguay Year or month N (k o r r o w n a e y ) P (z o l l o a ty n ) d ( P es o g c r u a t l d u o - ) R ( u n le m i u a ) a- ( A S p o o fr u u i n c th d a )( S pe p s a e i t n a) S S ( m d e t o r e t a l t n l l i a e t t r s s - ) S ( w kr e o d n e a n ) S e (f r w r l a a i n t n c z d ) - Offici ( a p l ound F ) ree tr C o o ll n e - ( d peso N ) co o n n - - Y ( s d u l i a g n v a o i r - a ) trolled 1937 24.840 18.923 4.4792 .7294 489.62 6.053 57.973 25.487 494.40 79.072 2.3060 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 4 3 4 4 4 4 9 8 3 4 1 2 0 . 22 2 2 2 4 3 . . . 7 5 2 O 6 2 9 6 6 2 1 1 8 8 . . 8 8 6 3 0 5 2 4 4 3 4 . . . . 4 0 7 0 2 3 1 0 6 7 1 2 7 5 0 3 2. . 6 7 7 8 3 1 2 9 1 5 6 1 3 4 4 3 3 3 3 9 4 8 9 9 9 9 0 4 8 7 8 8 8 . . . . . . . 1 1 9 0 0 0 0 7 6 9 0 0 0 0 1 2 5 9 0 9 . . . . 6 3 6 1 0 2 3 3 0 2 0 0 2 5 4 5 4 4 6 1 6 6 7 . . . . . 9 7 9 9 1 1 3 7 1 3 7 6 9 9 3 22 2 2 2 3 5 3 3 . . . . 1 8 8 9 9 0 2 9 7 2 9 1 2 4 4 4 4 4 0 0 0 0 0 3 3 3 3 3 . . . . . 5 5 5 5 5 0 0 0 0 0 24 4 4 4 3 4 0 4 0 8 8 0 3 3 8 3 3 3 . . . . . . 9 5 0 5 5 1 4 4 0 0 0 8 6 6 6 6 6 6 6 5 5 2 4 5 5 5 . . . . . . . 8 0 8 8 3 8 8 3 3 1 3 7 3 3 0 0 1 0 0 0 0 S3 5 3 4 5 5 6 2 7 3 2 3 . . . . . . 7 8 6 3 5 7 8 5 0 0 8 2 9 5 1 6 0 3 22 2 2 2 . . . . 2 3 2 2 3 1 7 4 9 1 1 6 5 7 6 3 1 1 9 9 4 4 4 5 — — M O N S D F A J e a e o c u e a p n b t v g c r t . . . . . ... ..: 3 3 3 3 3 3 3 3 3 9 9 9 9 9 9 9 9 9 8 8 8 8 8 8 8 8 8 . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4 4 4 4 4 4 4 4 4 0 0 0 0 0 0 0 0 0 3 3 3 3 3 3 3 3 3 . . . . . . . . . 5 5 5 5 5 5 5 5 5 0 0 0 0 0 0 0 0 0 6 6 6 6 6 6 6 6 6 5 5 5 5 5 5 5 5 5 . . . . . . . . . 8 8 8 8 8 8 8 8 8 3 3 3 3 3 3 3 3 3 0 0 0 0 0 0 0 0 0 5 5 5 5 5 5 5 5 5 4 4 4 4 4 4 4 4 4 . . . . . . . . . 1 1 2 1 1 1 1 1 2 8 9 0 8 9 8 9 9 5 9 7 0 5 7 5 6 7 3 Apr 398.00 403.50 65.830 54.265 May 398.00 403.50 65.830 54.265 398.30 462.95 65.830 55.489 1 Prior to Nov. 1,1942, the official desi ation of the B milreis." 8 Average of da" . For description of statistics see pp. 572-573 in same publica- February 1944, p. 209. 981 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Index numbers] United United Nether- Switzer- States Canada Kingdom France Germany Italy Japan lands Sweden land Year or month (October (1926-30 (July 1914 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) (1900 = 100) = 100) (1935^100) = 100) 1926 100 100 * 124 095 134 237 106 U26 144 1932 65 67 86 427 97 70 161 65 i 92 96 1933 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 193 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 74 115 111 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 1l9y-H1 4 " > A T ulv ' i 1 lO 04 i 1 1 0 0 3 2 1 1 6 6 7 8 1 11 1 8 9 1 1 9 9 8 7 2 2 2 2 4 4 SeDtcmber 104 102 167 118 196 223 Ortober 104 102 167 118 195 223 November 104 102 167 118 195 222 105 103 167 195 221 1045 Tanuirv 105 103 167 195 221 105 103 167 195 221 March 105 103 168 195 221 April 106 103 168 196 221 I^lay 106 103 168 196 221 June 106 103 170 197 ^222 Tulv 106 171 197 P Preliminary. I 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. 5 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 Ilndexs 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 h m e e s o r d- pr F o a d r u m cts R f m a a g p w c o a a t o r n u t d u r l a y s e - n d d F f u c m a g l h c o l a i t y o e n u f d u r l a s e y - n d d Foods p I r n o tr d d i u u al c s- ts p A r g t o u r d i r u c a u c l t l s - a p t f n r I r i d i n o n a i d d l s s u u h r e a e c m s w - d ts i- p tr r I i i o n s a h d d l e u u f d i c s n - ts - 1926 100 100 100 100 100 100 129 130 150 1932 48 61 70 48 55 70 SS 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 6S 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— O N A S D J e u o u c e p l c v g t y t o e e u e m b m s m t e b b b r e e . e . r r r . . 1 1 1 1 1 1 2 2 2 2 2 2 4 3 3 4 6 3 1 1 1 1 1 1 0 0 0 0 0 0 6 4 6 5 5 4 9 9 9 9 9 9 9 9 9 9 9 9 1 1 1 1 1 1 0 0 0 0 0 0 2 3 3 3 1 1 1 1 1 1 1 1 0 0 0 0 0 0 4 4 3 4 3 3 9 9 9 9 9 9 3 4 4 4 4 4 1 1 1 1 1 1 5 5 5 5 6 5 9 6 7 7 1 6 1 1 1 1 1 1 7 7 7 7 7 7 2 2 0 2 3 3 1 1 1 1 1 2 2 2 2 2 5 2 4 2 2 1 1 1 1 1 0 0 0 0 0 2 2 2 3 3 1 1 1 1 1 3 3 3 3 3 7 7 7 6 6 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 130 108 100 106 106 94 160 175 July....... 129 107 100 p108 *107 P94 161 176 v Preliminary. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 98Z FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL EOOD PRICES , COST OF LIVINC [Index numbers] [Index numbers] Year or month U ( S 1 = 9 n t a 3 1 i 5 t t 0 e e - 0 3 d s ) 9 ( C 1 = a 9 a 1 3 d 0 n 5 a 0 - - 3 ) 9 U K = d ( n 1 J i o 9 1 i u n 1 m 0 t l g e 0 4 y - d ) m 1 = G 9 1 a 1 e 0 3 n r 0 - - y 1 ) 4 N (1 l e a 9 t 1 n 1 h 1 0 d e - 0 s r 1 ) - 3 S e « w r ( 1 1 J l i 9 0 u a t 1 n 0 n z 4 e ) d - Year or month ( U S = 1 n t 9 i a 1 3 t t 0 5 e - 0 e 3 d ) s 9 ( « C 1 a 9 1 a d 3 0 n 5 0 a - * ) 39 U K n d ( 1 i J i o 9 n u t 1 l m g 4 e y - d ( m 1 « G 9 1 a e 1 0 n r 3 0 - y - ) 14 N (1 l e - 9 a t 1 1 h n 0 1 e d 0 - r ) s 1 - 3 S e - ( r w 1 1 J l 9 u 0 a i 1 n t 0 n 4 z e ) d t-100) 1 1 9 9 3 3 4 5 . . 1 9 00 4 9 9 3 5 1 1 2 2 2 5 1 1 1 2 8 0 1 U 2 S 4 1 1 1 1 5 4 1 19 9 3 3 5 4 . . 9 9 6 8 9 9 6 6 1 14 4 3 1 1 1 2 2 1 3 1 1 4 3 0 6 1 1 2 2 9 8 1936 . 101 98 130 122 120 120 1936. 99 98 147 125 *132 130 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—July...;,.. 137 132 169 146 217 1944—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 127 119 202 141 203 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 137 131 168 216 April 127 119 202 209 May 139 132 168 May 128 119 203 *210 June 141 133 170 June 129 120 204 P2!0 July 142 176 nn July 129 *120 207 p Preliminary. i Revised index from March 1936 (see BULLETIN for April 1937, p. 373). * 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 p d n r e t i a r i c i t t v e e e e ) d s 1 d ( K 1 D U 9 i e 2 n n c 1 g e i « d t m 1 e o 0 d b m 0 e ) r (1 F 9 r 3 a 8 n -1 c 0 o 0)' G ( e a p v r r m e ic r e a a ) g n * e y N la e n th d e s* r- ( U S 1 = 9 t n a 3 1 i t 5 0 t e e - 0 3 s d ) * 9 K U in n g it d e ( o d 1 m 926=100) (1 F 93 r 8 a = n 1 c 0 e 0)5 (1 N 9 l 3 e a 0 t n h « d 1 e s 0 r- 0) Number of issues 15 87 50 • 139 402 278 300 100 1938. 111.1 121.3 100.0 99.9 105.9 88.2 80.8 100.1 100 95.8 1939. 113.3 112.3 114.2 99.0 90.9 94.2 75.9 94.1 112 89.7 1940. 115.9 118.3 •114.2 100.7 m.9 88.1 70.S 114.6 •140 «95.0 1 1 1 1 9 9 9 9 4 4 4 4 2 4 3 1 . . . . . 1 1 1 1 2 1 2 1 0 7 0 8 . . . . 8 9 3 3 1 1 1 1 2 2 2 2 7 3 7 7 . . . . 8 8 5 3 » 1 1 1 1 5 4 4 4 0 6 6 3 . . . . 5 4 4 6 •1 1 0 0 3 3 . . 3 0 9 8 9 8 4 4 . . . 5 7 3 9 9 6 8 1 9 9 0 . . . . 9 4 8 0 8 8 7 7 4 8 2 5 . . . . 5 6 3 5 1 1 1 4 3 4 5 6 2. . . 1 8 0 • 4 5 3 5 7 5 0 4 9 1 8 0 1 1 1 5 2 3 1 9 1 . . . 0 0 5 1944—July 121.3 127.3 151.9 104.3 90.3 145.5 627 August 121.2 127.2 155.6 102.7 90.6 145.1 656 September 121.2 127.6 150.9 100.7 88.8 145.0 548 1945— M J J M A O N D F u u J e p e c o a a a n l b c y t n r v y r e o i r e u c e l u b m h a m a e r b y r r b y e e r r 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 0 1 1 1 2 2 1 . . . . . . . . . . 3 1 9 9 9 4 1 7 3 6 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 8 7 8 8 9 8 8 7 7 8 . . . . . . . . . . 3 8 1 7 3 7 5 9 9 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 3 4 4 3 2 3 1 4 . . . . . . . . 8 4 2 1 8 9 3 3 1 1 1 1 1 1 1 1 1 1 0 0 1 1 0 1 1 0 2 1 3 4 8 4 2 3 8 0 1 8 . . . . . . . . . . 4 4 7 5 7 4 0 7 2 8 9 9 9 8 9 9 9 9 9 9 1 0 0 9 2 0 2 3 1 2 . . . . . . . . . . 1 1 1 1 8 6 8 7 0 0 1 1 4 4 5 5 . . 2 2 4 4 5 5 5 4 4 5 1 8 6 2 1 3 9 0 4 9 9 7 2 9 8 5 i * fair,f r*nt 20 vear bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. ra ana oJ^^^W^^^^&^ °U^ °f bOth ^ *** ^^^ * " ** r inclu - d , e d u u in * t t t h u e « t n u ew * Li n n i e l d i s e M l x ic i w n s, i a s T s t r a i y n b c l o e r f e 1 a N 3 se a 0 d t , i p o to . n 4 a 5 7 l C 5 E ' , ( c f a o o n n r d m o m T e a r y l b y l w e 3 1 6 i 1 t ) h 3 , 3 w ^ ,, h p r . i b 4 ^ a 7 t s h 9 e e i o ^ te 1Wr o» ^ sof tsotc0k c s k s r re a m ained t ^ h e sam j e . Fo .^ r coof ^ me apclhe te p m p oinn ^ ftoh ^ <rm a T tio t ^ n iv e ^ o _ n b tehr eo F fc bo o m r dpsosition of the bond and stock indexes see "Bulletin de la S ^ S ^ t i ^ ^ ^S to Statistfque Generale" for October-December 1944 pp. 274-276., back figures for both indexes from 1938-1941 on a ^ffidJSatSi c^ the average price have all borne interest at 4^ per cent. Tne series prior to that • Since Apr. 1, 1935, the 139 bonds included mithe ^»atie« o^i ne^ g^/^cj^ed b the calculation bore interest at 6 per cent. . . . .. date is not comparable to the present series, Prm«PaVj.^USi92^1936 1929 =* 100; average yield in base year was 4.S7 percent. For new index beginning 'Indesesojrecipro^^ ^ ^ ^, ^ te w. * i; no data available May-Sept. jascu UJJ ijyuica lyi XM IIJWUmaj no data available Jan.-Feb. 3; June 1935, p. 394; and February 1932, p. 121. 983 SEPTEMBER. 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK t ERNEST G. DRAPER JOHN K. MCKEE R. M. EVANS ELLIOTT THUISTON, Assistant to the Chairman CHESTER MORWIX, 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 WOODLIEP THOMAS, Director FRED A. NELSON, Assistant Director HOWARD S. ELLIS, Assistant Director DIVISION OF EXAMINATIONS OFFICE OF ADMINISTRATOR FOR WAR LOANS LEO H. PAULGER, Director EDWARD L. SMEAD, Administrator C. E. CAGLE, Assistant Director GARDNER L. BOOTHE, II, Assistant Administrator WILLIAM B. POLLARD, Assistant Director DIVISION OF BANK OPERATIONS EDWARD L. SMEAD, Director FISCAL AGENT J. R. VAN FOSSEN, Assistant Director O. E. FOULK, Fiscal Agent J. E. HORBETT, Assistant Director JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman Vice President ERNEST G. DRAPER R. M. EVANS JOHN C. TRAPHAGEN, NEW YORK DISTRICT RAY M. GIDNEY WILLIAM F. KURTZ, PHILADELPHIA DISTRICT R. R. GILBERT H. G. LEEDY JOHN H. MCCOY, CLEVELAND DISTRICT JOHN K. MCKEE RONALD RANSOM ROBERT V. FLEMING, RICHMOND DISTRICT 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 E. A. GOLDENWXISER, Economist JULIAN B. BAIRD, MINNEAPOLIS DISTRICT C. 0. HARDY, Associate Economist L. MERLE HOSTETLER, Associate Economist A. E. BRADSHAW, KANSAS CITY DISTRICT W. H. IRONS, Associate Economist C. A. StENKiEWicz, Associate Economist ED. H. WINTON, DALLAS DISTRICT WOODLIEF THOMAS, Associate Economist JOHN H. WILLIAMS, Associate Economist GEORGE M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSI, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 984 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 Viet President Boston Albert M. Creighton Ralph E. Flanders E. G. Holt Carl B. Pitman Henry S. Dcnnison William Willctt J. C. Hunter* O. A. Schlaikjer New York. Bcardsley Ruml Allan Sproul J. W. Jones H. V. Roclsc William I. Myers L, R. Rounds L. W. Knokc Robert G. Rouse Walter S. Logan Jv oh ° n H. Williami A. Phelan Willis J. M. Rice R. B. Wiltse - Philadelphia ... Thomas B. McCabe Alfred H. Williams W. J. Davis C. A. Mcllhennyi Warren F. Whitticr Frank J. Drinncn E. C. Hill C. A. Sicnkiewica 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 Lassitcr Hugh Leach Geo. H. Keescd R. W. Mercer W. G. Wysor J. S. Waldcn,Jr. E. A. Kincaid Edw. A. Wayne Atlanta Frank H. Necly W. S. McLarin,Jr. V. K. Bowman H. F. Conniff J. F. Porter Malcolm H. Bryan L. M. Clark S. P. Schucsslcr Allan M. Blacki E. C. Harris Chicago Simeon E. Leland C. S. Young Neil B. Dawcs John K. Langum W. W. Waymack J. H. Dillard O. J. Nctterstron Charles B. Dunn A. L. Olson Alfred T. Sihler St. Louis Wm. T. Nardin Chester C. Davis O. M. Attcbcry Wm. E. Peterson Douglas W. Brooks F. Guy Hitt Henry H. Ed mis ton C. M. Stewart H. G. McConncll E. W. Swanson Minneapolis.... W. C. Coffcy J. N. Peyton A. W. Mills' Sigurd Ueland Roger B. Shepard O. S. Powell Otis R. Preston Harry I. Ziemer Kansas City.... Robert B. Caldwell H. G. Lccdy O. P. Cordill John Phillips, Jr* Robert L. Mchornay Henry O. Koppang L. H. Earhart G. H. Pipkin C O. Hardy D. W. Wooltey* Dallas. Jay Taylor R. R. Gilbert E. B. Austin1 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. H G a ra rr d y y R. Wcllman Wm. A. Da I y ra Clerk J C . M E. . E L a ci r s h n a e r r t 1 H H . . F N . . S M la a d n c gels OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Branch Chief Officer Federal Reserve Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith* Minneapolis.., Helena R. E. Towlc* Cincinnati B. J. Lazar* Cleveland Pittsburgh J. W. K6ssin« Kansas City... Denver G. H. Pipkin' Oklahoma City O. P. Cordill* Baltimore W. R. Milford* Omaha L. H. Earhart1 Richmond Charlotte W. T. Clements* Birmingham P. L. T. Beavers* Atlanta 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 Angjelet 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. 8 Also Cashier. * Managing Director. B Vice President. 6 Manager. 985 SEPTEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CO FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES BOUNDARIES OF fEDCRAL RESERVE OtSTTOCTS s 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 TML FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis