Federal Reserve Bulletin, 1945-10

FEDERAL RESERVE BULLETIN OCTOBER 194! 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—Business Finance in the Transition . 987-998 Letter from Secretary Vinson 999 General Policy Statement of the Export-Import Bank of Washington . 1000-1005 Publication of Postwar Economic Studies No. z. . 1005 New Currency in Ethiopia . 1006-1010 Law Department: Consumer Credit: Amendment to Regulation W ion Classification of Jeeps. . ... ion Foreign Funds Control—Treasury Department Releases . 1011-1014 Current Events .... 1015 National Summary of Business Conditions 1016-1017 Financial, Industrial, Commercial Statistics, U.S. (See p. 1019 for list of tables) . 1019-1069 International Financial Statistics (See p. 1070 for list of tables) 1070-1087 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1088 Senior Officers of Federal Reserve Banks; Managing Officers of Branches . . 1089 Map of Federal Reserve Districts 1090 Federal Reserve Publications QSee inside of back cover) Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 31 October 194$ NUMBER IO BUSINESS FINANCE IN THE TRANSITION Following the cessation of hostilities new security issues, both stocks and bonds. and the sharp reduction in munitions pro- In fact the beginnings of such financing duction, business concerns are faced with have been in evidence for more than a year. complex physical and financial problems For the national economy in this period in adapting their resources to the peacetime the function of business finance should be pattern of civilian demand. For thousands to facilitate and not hinder the large shifts of war contractors the Government as a in resources that have to take place. That major customer will be replaced by private the financing of the transition will, in the competitive markets; other concerns will be main, proceed smoothly seems assured by able to expand operations following the the substantial liquid balances now in the elimination of wartime restrictions on the hands of most business units and by the use of manpower and materials. Many emergency financing facilities that have developments in the financial structure of been provided through the banking system business which were peculiar to war con- and through Government agencies. ditions will be reversed, and the adjust- While the current financial position of ments are likely, on balance, to absorb business will be helpful in facilitating reconsiderable amounts of funds. conversion, it also contains the seeds of Some of the needed funds will accrue potential inflation. During the war the from current operations, and some will be civilian population, including businesses drawn from the tremendous accumulation as well as consumers, was unable to spend a of liquid assets—cash and Government substantial portion of the great increase securities—built up by business during the in money income that accompanied high war. Owing to irregularity in the timing level munitions output. This was due of receipts and disbursements, temporary to the scarcity of goods available, and drains of funds wrill in many cases be con- accordingly some of the accumulated siderably larger than the total drain for balances represent deferred demand which the transition period as a whole. As a the public will attempt to satisfy. But consequence there may be considerable in the course of producing new goods more need for bank credit both by concerns which money income will be created, and the will be expanding, as in the case of trade, over-all demand for goods by business and and by war producers whose assets may be consumer groups may continue for a long contracting. The postwar expansion pro- time to be in excess of available supplies grams of many businesses, which will be in the market. begun during the transition, will be fi- While this prospect is considerably qualinanced to some extent also by flotations of fied by the sharp reduction in government OCTOBER 1945 987 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH war expenditures, there is a danger that in financial pattern of assets and liabilities, limited areas buyers may attempt to obtain one which developed during the war as goods by using their funds to bid up prices, business reacted to the needs of war proor by placing orders in duplicate and tripli- duction and cooperated with the Governcate; sellers, too, may be tempted to charge ment in bringing forth that production and as much as the market will bear, and may in its financing. For business corporations thus contribute to inflationary potentiali- in the aggregate, excluding banks and inties. If these developments should occur, surance companies, the wartime pattern is some of the disorderly price and inventory illustrated by the shifts in distribution of conditions which followed the First World various assets and liabilities from December War would be imminent. In view of these 1941 to March 1945, estimates of which are possibilities, it may be essential to retain shown in the table. Briefly, the outstandsome measures of control over prices and ing developments were (1) a large increase over spending, such as price ceilings and in short-term current assets, especially high level tax rates, until supplies are much liquid assets; (2.) little change in privatelymore plentiful. owned plant and equipment; and (3) the financing of the asset expansion largely by WARTIME CHANGES IN FINANCIAL POSITION retained earnings and by increases in shortterm liabilities, especially those for Fed- From the standpoint of business finance eral income taxes. The principal variation the transition to a peacetime economy will among industries, concealed by the aggreinvolve the unwinding of an abnormal gates, was that privately-owned plant and equipment and bank borrowing increased ESTIMATED ASSETS AND LIABILITIES O? NONFINANCIAL considerably among war producers but CORPORATIONS [In billions of dollars] declined among concerns in nonwar in- Decem- March D In e c ce re m a b se e , r dustries. 1 b 9 e 4 r 1 1945 Ma 1 r 9 c 4 h 1 1 to 945 The failure of private plant and equipment in the aggregate to expand during Assets C G a o s v h e . rnment securities.. 1 3 3 . . 9 9 2 1 4 9 . . 8 8 1 1 0 5 . . 9 9 the war was a reflection in part of Govern- Receivables: private 27.4 23.2 -4.2 Government.... .... 0.6 4.3 3.7 ment financing of over two-thirds of the Inventories 25.6 25.9 0.3 Other current assets 1.4 1.4 new capacity required for war production— Total current assets 72.8 99.4 26.6 thus obviating much private expansion— Postwar credit on excess profits tax. . . 0.0 2.3 2.3 and in part of the restrictions on purchase Plant and equipment (net of depreciation) 100.3 96.7 -3.6 of new equipment for civilian production. Investments and other assets 52.5 52.0 —0.5 Liabilities The decline in net book value of plant and Government advances 0.8 1.7 0.9 Notes and accounts payable1. 25.6 25.9 0.3 equipment, as shown in the table, reflects Accrued income taxes 7.1 16.1 9.0 Other current liabilities. 7.2 8.8 1.6 the fact that funds provided by deprecia- Total current liabilities.. 40.7 52.5 11.8 tion charges were larger than expenditures Long-term debt 50.6 47.8 -2.8 for plant replacements and additions, thus Stock 85.9 86.4 0.5 Reserves and earned surplus... 48.4 63.6 15.2 increasing depreciation reserves and con- 1 Includes loans from banks. tributing to the growth in current assets. NOTE.—Current assets and liabilities for 1941 and 1945 are estimates of Securities and Exchange Commission covering all corpora- In nearly all industries an important tions except banks and insurance companies. Other figures are estimates of the Board of Governors based partly on data from the Bureau source of funds was retained profits, that of Internal Revenue and the Department of Commerce. The estimates for plant and equipment and for reserves and surplus exclude wartime is, earnings after deduction of charges for writedowns. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH current costs, taxes, and cash dividends; ding this scale of war production may be this source was reflected in the increase in broadly indicated by comparing the 36 reserves and earned surplus. The other billion dollars of canceled contracts awaitprincipal source of funds in nearly all ing settlement at the end of August with the industries has been the increase in current previous rate of settlements, which averliabilities. Most of the wartime increase aged about 1.5 billion dollars a month. represented funds that accrued temporarily in the hands of business enterprises through PRIME CONTRACT TERMINATIONS AND SETTLEMENTS the periodic rather than daily meeting of [In billions of dollars] costs and taxes. This was reflected in the Cumularise of three items: notes and accounts pay- tive May-July August through 1945 1945 able to trade, income tax liability, and April 1945 "other" current liabilities. The expansion All contracts Contracts terminated.. 29.7 8.9 22.8 of income tax liabilities was especially Terminations settled 19.4 4.3 1.0 Settlement pending (end of period)1 10.3 14.9 36.2 large because of the rapid increase in war- Partial payments approved. 0.14 0.12 0.09 time profits and the imposition of high Fixed-price contracts Contracts terminated. . 20.6 7.3 18.1 rates of excess profits taxes. Terminations settled 15.7 3.5 0.5 With claim. 9.4 2.3 0.3 Without claim. 6.5 1.1 0.2 In summary, wartime business financing Settlement pending (end of period)1 4.9 8.9 26.0 has been unusual in the large extent to With claim 1.9 1.7 2.5 Without claim 3.0 7.2 23.5 which it has used short-term funds from current liabilities in contrast to the small 1 Adjusted for corrections of data for prior periods SOURCE.—-Office of Contract Settlement. amount of long-term funds that were raised For thousands of contractors and subthrough sales of corporate securities; in the contractors who have been engaged in war aggregate, new issues have in fact been work, an important phase of the transition exceeded by retirements. While the shortproblem will be the work of inventorying term basis on which most wartime expanmaterials, parts, and industrial equipment sion has been financed will entail close to be turned back to the Government or attention to the timing of receipts and other contractors, and of preparing claims disbursements in the transition, it has for the amounts due on terminated conhowever provided a flexibility of capital tracts. Promptness in performing this part structure that will facilitate adaptation to of the work will greatly facilitate the clearpostwar needs. ing of Government property from private SETTLEMENT OF WAR CONTRACTS plants and the making of partial payments In August, following the end of hostil- on claims so that contractors can go ahead ities with Japan, cancellations of munitions with civilian production. contracts totaled about Z3 billion dollars. Contracts terminated since April present These cancellations, together with smaller more difficult problems for both contractors amounts canceled after the end of war in and settlement agencies than did the earlier Europe, are expected to reduce the annual terminations, mainly because they reflect rate of munitions output from 57 billion actual cutbacks in munitions output rather dollars in the first quarter of 1945 to about than changes in specifications or projected 8 billion by the end of the year. The mag- deliveries. The size of claims will be nitude of the task of terminating and set- larger in relation to the size of the contracts, OCTOBER 1945 989 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH and more time may be required by con- exceptionally slow to settle because of the tractors to prepare and file their claims. detailed auditing procedures involved, have Contract settlement experience prior to been gradually shifted to a fixed-price May did, however, enable manufacturers basis. and settlement agencies to develop proce- The Contract Settlement Act also produres for accelerating the process of set- vided special arrangements for financing tling the contracts terminated since then. contractors while the settlement is in The basic organization and procedures were process. The procurement services were established by the Contract Settlement Act authorized to guarantee bank loans made of 1944, approved July 1, 1944. To assist to contractors and subcontractors for terwar contractors in technical problems aris- mination purposes, and Regulation V of the ing in connection with termination, the sev- Board of Governors of the Federal Reserve eral procurement agencies together with the System was amended to broaden and sim- War Production Board and the Smaller War plify previous arrangements for guaranteed Plants Corporation have set up "termina- loans on war contracts. The first specific tion-coordination committees" in about xi termination or "T" loan was approved in cities containing nearly half of all war September 1944* Provision was also made production contractors. Numerous meet- for the procurement agencies to extend ings have been held to instruct businessmen partial payments to prime contractors in the termination procedure. within 30 days of filing claims, the amounts Preparation of claims has been expedited ranging from 75 to 90 per cent on different by preliminary discussions between con- items involved. It was contemplated that tractors and settling agencies concerning subcontractors, except under unusual cirthe principles to be followed in itemizing cumstances, would secure partial payments and moving Government-owned materials, indirectly through prime contractors, and by tentative agreements as to the basis owing to the fact that records on subfor allocating various direct and overhead contracts are not generally maintained by costs to the terminated portion of the the procurement services. contracts. For manufacturers holding con- The need for financing during the settletracts with several procurement agencies, ment period may be acute for individual methods have been devised for consolidat- concerns, especially subcontractors, where ing claims and negotiating through the preparation and filing of claims may be principal agency on an over-all company protracted by the necessity of proceeding basis. Settlement of many contracts will be through several tiers of prior contractors speeded as a result of a Bureau of Internal in order to reach the procurement agency. Revenue ruling clarifying the treatment for Contractors generally are in a strong finantax purposes of costs and expenses related cial position, however, and procedures for to termination; under this ruling contrac- effecting settlements are well matured. tors are in a position to take advantage As a result the over-all amount of settleof "no cost" settlements, in which their ment financing is likely to be small in right to termination compensation is comparison with the great volume of waived and the preparation and filing of terminations. A large proportion of terdetailed claims is avoided. Many cost- minated contracts, both number and plus-fixed-fee contracts, which had proved amount, may be settled without claims, 99° FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH especially since the recent liberalization of relationships with sales. These adjustterms encouraging contractors to retain ments will occur both among producers inventories. Moreover, for settlements in- with war contracts and among other manuvolving claims, the amount of the claim is facturers and trade concerns who may have likely to be only a small percentage of the on hand inventories of finished goods that contract value. are made of substitute materials or that The amount of partial payments and of are otherwise of substandard quality. applications for guaranteed T loans made Many manufacturers with war contracts to date has been very small indeed. At the will doubtless find that considerable porend of August partial payments approved tions of their termination inventories are had reached a total of 353 million dollars, adaptable to civilian markets, but the including 37 million for subcontractors. aggregate amount of inventories to be Authorizations for guaranteed termination cleared from private plants and turned back loans amounted to 344 million dollars, and to Government agencies for disposal will outstanding loans were less than 4 million. nevertheless amount to several billion There has been some further increase in dollars. Some of these surplus goods will September, but the aggregate amount of this gradually be moved back into private financing has so far continued small. One hands. This redistribution process may factor in the small amount of T loans has tend to leave manufacturers in the durable probably been the substantial amount of goods industries with 2. to 3 billion dollars financial protection already arranged for less inventories than the 9 billion which the termination period through war pro- they held at the end of July 1945. While sduction loans under VT agreements. the average level of productive activity among these producers will be considerably INVENTORY NEEDS lower in coming months than it was in July, With the rapid relaxation of production the relaxation of Government inventory and inventory controls since the end of controls will be an offsetting influence hostilities, there will be a general tendency which may lead them to rebuild their stocks for manufacturers, wholesalers, and retail- to near their recent wartime levels. Fiers to rebuild inventories and for producers nancing of these additions will, in the in all industries to make capital expendi- aggregate, probably be more or less covered tures for replacing over-age equipment and by the proceeds from settlement of war for taking advantage of new technological contracts. developments. The considerable outlays In the nondurable goods manufacturing of business funds involved will support industries and in trade the disposal of the demand for goods during the transi- unwanted inventories will be more a matter tion and, in the event of strong consumer of selling to the public at mark-down prices demands also, will contribute to inflation- and scrapping what remains unsold. Durary pressures. ing the war many of the larger department From the standpoint of business manage- stores and other sellers of semidurable and ment in many lines, an early task in the durable goods appear to have stocked transition will be to get rid of unneeded whatever goods they could obtain, regardor unwanted wartime stocks and to build less of quality. Some of these were already up other inventories to normal peacetime sold before the end of the war, and it is OCTOBER 1945 991 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH questionable whether losses on the re- groups might involve a net inventory exmainder will be substantial. pansion of 15 to 30 per cent, aggregating Judging from the dollar size of inventories perhaps 4 billion dollars. It seems quesrelative to sales, there appears to be room tionable, however, whether such an amount for considerable inventory expansion during will actually be added to inventories during the transition among retailers, whole- the transition period. Much will depend salers and producers of nondurable goods. on the volume of consumer purchases. If such purchases are maintained this SALES AND INVENTORIES IN MANUFACTURING AND TRADE winter it may be difficult for businesses BILLIONS OF DOLLARS to supply goods needed to meet these RATIO SCALE demands and still to increase inventories of finished goods much above the minimum levels now prevailing. CAPITAL EXPENDITURES Expenditures for construction and equipment by producers in major industrial groups have been increasing for more than MANUFACTURES - NONDURABLE ! INVENTORIES | a year. As shown in the table, capital expenditures in 1944 were about 2.5 per cent above the low 1943 level, and were also above the average for the late 1930's. The recent lifting of production controls seems likely to stimulate further rapid expansion during the remainder of this year. Major factors in the demand for construction and equipment are the backlog of deferred replacement of over-age equipment, accelerated retirement of some equipment which TRADE-RETAIL has been used with abnormal intensity during the war, and the initial stages of postwar expansion and modernization programs. Deferred maintenance may be an appreciable 1939 1940 1941 1942 1943 1944 1945 item in trade and service industries, but in NOTE .—Department of Commerce estimates for manufacturers, limited-function wholesalers, and all retail stores. Latest figures manufacturing and public utility groups shown are for second quarter of 1945. liberal allocations of materials by the War By June of this year the dollar value of Production Board for maintenance and inventories in these lines, as shown in the repair are generally believed to have sufchart, averaged only a little more than one ficed for most operating purposes. month's sales in comparison with ij^ to The intention of manufacturers and pub- 2. months' sales in 1940 and 1941. If sales lic utilities to make new capital expendishould continue near recent levels, restora- tures is illustrated by a special survey tion of the earlier inventory relationships recently conducted by the Department of among nondurable manufacturing and trade Commerce. Reports from about 7,000 com- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH panics in the manufacturing, railroad, exceed 5 to 8 billion dollars in terms of electric power, and gas industries were original cost, and after several years of analyzed to secure estimates covering all wartime use the resale value will be below companies in these industries. These esti- the original cost. Moreover, the fact that mates indicated a- prospective level of some plants will be leased rather than sold expenditures for the fiscal year July 1945 to outright, and that others will be sold on June 1946 that would be about 50 per cent an instalment basis, will tend to reduce above the peak year 1941. On a national the amount of new funds needed by private scale such a percentage increase would business for this phase of their plant exmean capital expenditures of more than 15 pansion. billion dollars in the period. OTHER NEEDS FOR FUNDS ESTIMATED BUSINESS CAPITAL EXPENDITURES In addition to meeting inventory out- [In billions of dollsirs] lays and capital expenditures, some busi- Industry A 19 v 3 e 5 ra -3 g 9 e 1941 1942 1943 ness funds will be required to expand customer credit and to retire short-term Manufacturing and mining 2.3 4.1 3.2 2.6 3.3 Public utilities .. ... 0.8 1.4 1.1 0.5 0.6 liabilities, especially those for Federal Railroads 0.3 0.6 0.5 0.5 0.6 Agriculture 0.9 1.5 1.1 1.0 1.3 income and excess profits taxes. In the Other*. .. 1.6 2.3 1.3 0.7 0.8 aggregate, however, the net amount of All industries. 5.9 9.8 7.2 5.3 6.6 funds required during the transition for v Preliminary. 1 Other transportation, trade, service, real estate, finance. these adjustments seems likely to be small NOTE.—Estimates of Board of Governors of the Federal Reserve System of expenditures for construction and equipment net of credits compared with outlays for inventories and for sale or salvage of retired equipment. For description of data, see Federal Reserve BULLETIN for April 1942, pages 317-318. plant and equipment. As the Department of Commerce analysis Customer credit.—During the war the pointed out, however, it seems doubtful outstanding total of customer credit exwhether such optimistic intentions will be tended by trade and service concerns derealized in so short a period. The mere clined sharply, especially that part which process of hiring and training employees was consumer instalment credit, owing in the production of new equipment, largely to diminished sales of durable and coupled with some difficulty in securing semidurable goods. The contraction of materials and components, seems likely to consumer credit greatly increased the liquidprevent business construction and output ity of retailers and led many of them to of new capital equipment from much ex- reduce their accounts payable to wholeceeding 5 billion dollars in the six months salers. Credit extended by durable goods July to December 1945; this would leave a manufacturers, on the other hand, did not i2_-month total of 15 billion of construction decline greatly, owing to the substitution and new equipment well beyond reach. of war products for civilian goods. The Private companies may in the next outstanding volume of consumer instalyear make some expenditures also for used, ment credit has increased only slightly Government-owned, industrial plants and from its wartime low, reached early in 1944, equipment, but this part of the reconversion but there may be a substantial increase in of war facilities may in many cases involve the demand for such credit during 1946 as negotiations which will run beyond the supplies of durable goods become more transition period. Properties likely to be plentiful. useful for private postwar purposes may not Among manufacturers that have had OCTOBER 1945 993 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH war contracts, receivables due from prior bilities by holdings of Government securicontractors and from Government procure- ties, so that it may be said that accrued ment agencies will need to be liquidated tax funds have not been utilized to finance and at the same time new credit extended the expansion of their operating assets. in connection with re-establishing civilian With a probable decline in earnings of markets. Because of differences in timing manufacturers during the latter half of 1945 and in business units involved, these trans- and early 1946, coupled possibly with actions may not offset each other for in- reductions in excess profits taxes effective dividual concerns, and some interim financ- at the beginning of 1946, tax accruals on ing may be necessary. current operations will be smaller than Taxes.—In addition to funds for expand- current payments for previous tax liabilites; ing various operating assets, concerns in consequently outstanding tax liabilities both war and nonwar industries may draw may decline during 1946 as much as 5 to 10 down their liquid balances considerably billion dollars. Much of the decline will in retiring some of the large short-term be reflected in reduced holdings of Treasury liabilities that were accumulated during tax and savings notes, which comprised the war. Of these the most important about half of the zo billion dollars of will be corporate income tax liabilities Government securities held by corporations owed to the Federal Government, which at the close of the war. increased from 7 billion dollars in 1941 to The actual drain on corporate resources about 16 billion in 1943 and 1944. Since, that will accompany the decline in tax under the revenue law, taxes are paid liabilities will be moderated, however, by roughly a year after the relevant taxable provisions of the Tax Adjustment Act of income has accrued, the growth of out- 1945. Under this Act corporations will be standing tax liabilities has resulted in the permitted to reduce their current tax payaccrual of large amounts of funds in busi- ments in cases where they anticipate that ness hands for short periods. About two- tax credits will arise from applying the thirds of all corporate income tax liabilities carryback provisions of the revenue law. in 1944 were concentrated in manufacturing In effect these provisions will permit the industries. averaging of transition year earnings against The extent to which these short-term the higher profits for the two prior years. funds have been utilized for business pur- In addition to the credits against current poses appears to have varied partly in income taxes obtained in this way, owners accordance with the need for funds. Small of war plant facilities may obtain further manufacturers with especially large war- credits by charging the final amortization time expansions of assets but tight cash of these facilities against previous income. positions have generally covered about 70 About 45 per cent of the cost of plant faciliper cent of their outstanding income tax ties constructed under certificates of war liabilities by purchasing Government se- necessity had not been amortized at the curities, and have placed the rest of their time hostilities ceased; final amortization accrued tax funds in operating assets. of these facilities during the transition may Larger manufacturers, on the other hand, involve tax credits of more than 2. billion have had easier cash positions and have dollars. more than covered their income tax lia- Another factor that will contribute to the 994 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH financial relief of many companies during be actual interruptions of sales with acthe transition is the provision for redeem- companying interruptions in the flow of ing in January 1946 the Government securi- funds from profits. For a time thereafter ties that were issued for the 10 per cent the initial stages of civilian production postwar credit on 194.x and 1943 excess will not, at established price ceilings, profits taxes, and the 1944 and 1945 credit yield profits before taxes that are as high for which securities have not yet been as in the war period. However, in most issued. The total available from this cases a considerable part of any reduction source was about 1..^ billion dollars at the in earnings will be automatically offset by end of March 1945. lower income tax liability, with some These provisions for adjusting income companies also securing appreciable tax tax liabilities and payments are expected credits from adjustment of prior year tax to benefit especially those small- and me- returns. dium-size companies which grew very Among nonwar manufacturers and among rapidly during the war and which financed concerns in other industries such as public their growth largely out of retained profits utilities, trade, service, construction, and and the temporary use of funds accrued finance the favorable outlook for civilian for excess profits taxes. For many such activity will provide one of the basic companies and their creditors the current factors essential to continued high level nature of their large tax liabilities had profits and retained earnings. Aside from previously seemed a serious financial weak- the very important questions of volume ness. and price level, however, the trend of net profits and retained earnings during coming OUTLOOK FOR RETAINED EARNINGS months will depend largely on possible During the war, as during periods of downward revisions in income and excess high peacetime activity, retained earnings profits taxes and on the course of labor provided a large part of the funds for costs. Congressional committees are curbusiness expansion. In fact, over half of rently drafting legislation to reduce or the wartime expansion in privately-owned eliminate excess profits taxes, with some business assets was financed in this manner. reduction likely to become effective at the While it seems likely that during the tran- beginning of 1946. At the same time sition retained earnings in some industries organized labor is pressing for higher wage will be much reduced from their high war- rates, and this pressure seems likely to time levels, in these and other industries continue throughout the transition period. this source will continue to supply a sub- Reduction or elimination of excess profits stantial amount of funds. The over-all taxes will tend to increase net profit and trend will depend on a number of develop- retained earnings for many concerns, but ments which are not clear at the present the effect of lower taxes would be more or time. The uncertainty in outlook will less offset if labor costs increased as a vary for individual concerns and may in- result of higher wage rates. crease somewhat the demand for supplemental financing from external sources. FINANCING BY BANKS For war producers whose facilities re- Bank loans to business for nonwar purquire considerable reconversion, there will poses have increased slightly during the OCTOBER 1945 995 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH past year, but they are still little above the crease in holdings by financial institutions, low levels reached in 1943. As shown on including banks. the chart, estimated commercial and Several new developments over the past industrial loans for nonwar purposes at all year look toward increasing the availability insured commercial banks had declined of bank credit to business concerns, espefrom about 8 billion dollars at the end of cially to small-and medium-size concerns. 1941 to 3.7 billion in June 1943; the subse- Some banks are establishing small-business quent increase to June 1945, which was loan departments in order to handle more less than a billion dollars, was partly offset systematically the special problems inby a contraction in loans outstanding for volved in small loans. In a number of war purposes. In recent weeks commercial financial centers the larger banks have and industrial loans have risen somewhat formed voluntary bank credit groups or at large city banks, but the increase does pools for the purpose of participating in not appear to be much larger than that higher risk loans that originate either in which occurred in the summer and fall of small banks outside the group or in banks 1944. within the group. About 40 such groups have been formed throughout the country, COMMERCIAL AND INDUSTRIAL LOANS OF BANKS but up to the present only a few group BILLIONS OF DOLL. loans have been arranged. Extension of loans involving more credit risk than is usually assumed by banks is being encouraged by additional provisions for guarantee by Government agencies. As indicated earlier the V-loan system, through which bank loans for war production were guaranteed by the procurement authorities, was modified by the Contract Settlement Act to provide guaranteed loans on terminated contracts. Such guarantees, however, do not apply to bank loans specifically for reconversion. To aid in filling the gap, a proposal has been 1939 1940 194! 1942 1943 1944 1945 introduced in Congress which would subwar A l l o l a i n n s s u a r r e e d e s c t o im m a m te e d rc i o a n l b b a a s n i k s s o f i n w a th r e l o U an n s i te re d p o S r t t a e t d e s t . o th O e u t A st m an er d i i c n a11 stitute for Section 13b of the Federal Re- Bankers Association by 400-450 of the large banks. serve Act a new section authorizing Federal In addition to direct borrowing from Reserve Banks, under supervision of the banks, individual business concerns may Board of Governors, to guarantee financial affect bank credit indirectly in the coming institutions against loss up to 90 per cent months through sale of Government secur- on loans to business enterprises and to make ities. Their holdings of these securities, commitments to purchase such loans. other than tax notes, include substantial The Reconstruction Finance Corporaamounts of Treasury certificates and notes, tion announced in March a broad program and any large sales in the open market for cooperating with banks in loans against would probably be reflected in some in- canceled war contracts and in financing re- 996 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH conversion expenses and purchases of plant CORPORATE SECURITY ISSUES FOR NEW MONEY and equipment; the program includes an S OF bOLLARS QUARTERLY MILLIONS OF DOLLARS automatic guarantee of bank loans to I] NONINDUS1'RIAL J[ INOUSTRIAL industry up to 75 per cent with a ceiling of $2.50,000 for each loan, and also participation with banks in individual business loans of any amount. The Smaller War j - Plants Corporation also has a program for guaranteeing up to 100 per cent bank loans I of less than $2.5,000 to small manufacturers. j, . The Veterans' Administration, under the ,i I! i it. Servicemen's Readjustment Act, is guaran- ID teeing loans to veterans made by private financing institutions for a number of Securities and Exchange Commission estimates of issues sold for cash and intended for plant and equipnient or working capital. Inpurposes, including the establishment of a dustrial includes manufacturing, mining, construction, trade, and service; nonindustrial includes railroad, public utility, finance, and new business or the purchase of an existing other. Figures for third quarter of 1945 include rough estimates for September. enterprise. Loans may be guaranteed up to 50 per cent, but the amount guaranteed Most of the recent new money issues may not exceed $2,000. have been offered by manufacturing companies, including a substantial amount in INCREASE IN NEW SECURITY FINANCING the petroleum and tobacco industries, and Perhaps partly in anticipation of larger nearly half of the amount issued has been outlays for expanding assets, and partly in the form of stocks. There has also been in anticipation of a lower level of retained some new financing of railroad equipment earnings, corporate flotations of security accompanying the gradual resumption of issues for new money have increased con- purchases of such equipment. Among elecsiderably during the past year and a half. tric utilities internal sources of funds During the period of defense preparation, have sufficed for virtually all wartime expansion, but a group of telephone comas shown in the chart, new money issues panies has recently announced a substantial increased with the volume of business program of postwar expansion which is activity and averaged about 2.00 million likely to entail new security financing. dollars a quarter from the middle of 1940 to the middle of 194Z. Wartime limitations REFUNDING AND REDUCTION OF LONGon private capital expenditures and the TERM DEBT increasing provision by the Government of war production facilities subsequently re- A marked improvement in prices of duced the need for private financing. In medium- and lower-grade corporate bonds the last quarter of 1943, however, issues during the past three years has increased the for new money again began to appear in opportunities for refunding outstanding somewhat larger volume, and the amount issues at lower coupon rates. Sales of new offered in the past two years has totaled issues to retire outstanding securities, nearly 1.5 billion dollars, about the same as mainly bonds, totaled about 5.5 billion in the two years 1940-41 but less than in dollars in 1944 and the first nine months of 1936-37. 1945; this was a somewhat larger amount OCTOBF.R 1945 997 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH than in the two years 1935-36, which was a of debt. After 1941, as less cash was period of extensive refunding activity. required for expanding business assets, the About one-quarter of the refunding issues sustained level of corporate profits coupled of the recent period was offered by rail- with conservative dividend policies proroads. The marked increase in their earn- vided substantial amounts of funds that ings during the war and the consequent could be used to reduce long-term debt. improvement in prices of outstanding bonds Retirements, both by call and by purchase have given railroads the first important in the open market, have exceeded the opportunity during the past ten years of amount of obligations sold to raise new low interest rates to reduce interest costs money, with the result that the aggregate on long-term debt by refunding. Public volume of corporate long-term debt has utility companies, which originated more declined. According to estimates of the than 60 per cent of the refunding issues in Department of Commerce, the decline from 1935 and later years, have also engaged in 1940 to 1944 was about ix per cent in the substantial refunding operations during the case of railroads and 3 per cent for corporapast two years. tions in all other industries. A factor in the greater debt reduction among railroads CORPORATE SECURITY ISSUES TO RETIRE OUTSTANDING was the reorganization of several roads SECURITIES with accompanying adjustments of debt [In millions of dollars] and losses to bondholders. All t ri i e n s d 1 us- Industrial Railroad P ut u i b li l t i y c As a result of the large volume of refunding during the war, together with sub- Yearlv average: 1935-36 2,617 655 306 1,543 1937-38 1,153 299 70 777 stantial cash retirements of debt, railroads 1939-41 1,711 518 130 1,024 1942-43 568 144 64 358 and public utilities will enter the postwar 1944 2,310 475 500 1,297 period with a smaller volume of fixed 1945—Jan-SepO 3,230 740 1,060 1,370 interest charges. Available data indicate 1 Includes amounts, usually small, from issuers other than industrial, railroad, or public utility companies. that, for electric utilities and for Class I 2 Includes approximate figures for September. NOTE.—Estimates of Securities and Exchange Commission. Fig- railroads which have not been in receiverures are proposed uses of net proceeds, which represent gross proceeds less costs of flotation. ship since 1940, aggregate fixed interest Interest charges of many corporations charges during 1944 were about 12. per cent have been reduced also by cash retirements less than in 1940. 998 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LETTER FROM SECRETARY VINSON On October 8, 1945, Secretary Vinson made for speculative purposes. I am sure that you as a banker appreciate the importance of eliminatpublic the following letter, which he addressed ing these undesirable purchases and will do all to banking institutions throughout the country: you can to help stop such practices. The purpose of this letter is to ask for your There is no objection, of course, to the making personal cooperation and that of your bank dur- of loans for the purpose of facilitating permanent ing the Victory Loan Drive, which opens on investments in Government securities provided October 2.9. such loans conform to the provisions of the In this Drive, the Treasury must raise at least joint statement issued by the National and 11 billion dollars, of which 4 billion is to come State Bank Supervisory Authorities on Novemfrom the sale of securities to individuals and the ber X3, 1942-, which reads in part as follows: remainder from other nonbank investors. While "... subscribers relying upon anticipated inthe Treasury balance is large at the present time, come may wish to augment their subscriptions enormous obligations incurred in the achieve- by temporary borrowings from banks. Such ment of victory, including those for materials loans will not be subject to criticism but and munitions already delivered and used, re- should be on a short-term or amortization main to be liquidated so that additional funds basis fully repayable within periods not exwill be needed early in December. ceeding six months." Government expenditures are being drastically There are two additional matters in which I reduced and this will continue vigorously. The would greatly appreciate your cooperation durresults of war, however, carry grave responsi- ing the Victory Loan Drive: (1) to decline to bilities that must be met. The cost of contract purchase any outstanding securities from nonsettlements, bringing our armed forces home, bank investors on the understanding or condition that a subscription for a substantially like their mustering-out pay, hospitalization, care, amount of Treasury securities offered during the and rehabilitation will be great and will require Drive will be made through your bank with billions of dollars. payment to be made through the war loan ac- The Victory Loan will be the last great public count; and (2.) to hold to a minimum the transfer drive and the major emphasis will again be on of funds for the purchase of Government securisales to individuals. It is highly important ties. For statistical purposes credits will be that every effort be made to sell at least 4 billion given to localities desired by the purchaser dollars of bonds to this group of investors. in the Victory Loan as in previous drives. Until reconversion of industry from a war to a While it is not possible to set a precise formula peacetime basis is well advanced or completed, to take care of the many thousands of different and goods are coming into the market in sufficircumstances under which subscriptions will be cient volume reasonably to meet demands, it is received, I would greatly appreciate it if your highly desirable to channel as much as possible bank would carefully examine every subscripof the available nonbank funds into Government tion with a view to making the program as securities. The banks can be of great help to effective and equitable as possible and one the Government in its effort to hold the line which will meet the Treasury's objectives. against the pressure on prices if they will co- I know that the banks have rendered a very operate in carrying out the objectives of the fine service in assisting the Treasury to float Treasury. the huge war loans that have preceded the We have tried to design the securities to be Victory Loan. With your continued help, I offered in the Victory Loan Drive so as to proam sure this last great public drive will be a cure maximum investment of nonbank funds and success, not only in raising the funds necessary to hold indirect participation of commercial to take care of urgent needs, but in a manner bank funds to a very minimum. I respectfully which will be least harmful to our economy. urge your cooperation in declining to make loans Sincerely yours, for speculative purchases of Government securities and also in declining to accept subscriptions (Signed) FRED M. VINSON from customers which may appear to be entered Secretary of the Treasury. OCTOBER 1945 999 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GENERAL POLICY STATEMENT OF THE EXPORT-IMPORT BANK OF WASHINGTON On September 14, 1945, the following statement of tories or insular possessions and any foreign country or the agencies or nationals thereof". the general policy of the Export-Import Bank of All of the operations of the Bank are and must Washington, dated September 11, 194s, was made be related to this fundamental purpose. public by Mr. Wayne C. Taylor, President. The statement contains general information on the pur- 3. POWERS poses and poivers of the Bank; its organization and The Export-Import Bank has been given the basic principles on which it operates; what the broad powers to do a general banking business and to make practically any type of loan, with- Bank finances and what the Bank does not do; who out limitation as to the amount of loans to any may apply for credit and how; and various other one borrower, in so far as the exercise of these aspects of the Bank's activities. Copies of the state- powers is necessary to carry out its fundamental ment and further information about the facilities of purpose of assisting in the financing of United the Export-Import Bank may be obtained from Dis- States foreign trade. (See Section 9 for a statement of transactions expressly forbidden to the trict and Regional Offices of the Department of Com- Bank or excluded by reason of its general merce or from Federal Reserve Banks. policies.) FOREWORD 4. SOURCES OF FUNDS The recent expansion of the lending authority In addition to its capital stock of $1,000,000,of the Export-Import Bank under the terms of 000 subscribed by the United States, the Bank the Export-Import Bank Act of 1945 has accentuis authorized to borrow from the Secretary of ated the need for a comprehensive statement of the Treasury on the evidence of its own debenits general policies. The following statement tures or other acceptable obligations an amount was prepared in the light of both the estabnot in excess at any one time of two and one-half lished practices of the Bank and the new probtimes its authorized capital stock. The earnlems of foreign-trade financing growing out of ings of the Bank provide an additional source the transition from war to peace. The purpose of funds. of the statement is to provide the public with information on the facilities of the Bank and 5. LIMITATION ON LOANS AND GUARANTEES on the policies which guide its operations. The Bank shall not have outstanding at any one time loans and guaranties in an aggregate 1. AUTHORITY amount in excess of three and one-half times its The Export-Import Bank was established in authorized capital stock, or $3,500,000,000. 1934 as a banking corporation organized under However, over a period of time the Bank can the laws of the District of Columbia. The obviously handle a total volume of business Bank was continued as an agency of the United larger than this amount because of participa- States by acts of Congress in 1935, 1937, 1939, tions by private banks with the Export-Import and 1940 and was made a permanent independent Bank without its guaranty, because of sales by agency of Government by the Export-Import the Bank to private persons of paper from its Bank Act of 1945, the text of which is ap- portfolio without its endorsement or guaranty, pended to this statement.* and because of the release of funds through repayments. 2_. PURPOSE 6. ORGANIZATION The purpose of the Export-Import Bank of Washington, as laid down by Congress, is to The Export-Import Bank Act of 1945 places aid in "the financing and facilitating of exports the management of the Bank in a Board of and imports and the exchange of commodities Directors consisting of the Foreign Economic between the United States or any of its Terri- Administrator as Chairman (so long as the Foreign Economic Administration shall exist), * For the text of the Act, see the Federal Reserve BULLETIN, August the Secretary of State, and three full-time direc- 1945, pp. 767-69. IOOO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GENERAL POLICY STATEMENT OF EXPORT-IMPORT BANK OF WASHINGTON tors appointed by the President of the United development projects and programs in foreign States by and with the advice and consent of the countries. Loans of the latter type have a Senate. Not more than three of the five mem- further indirect effect upon United States bers of the Board shall be members of any one foreign trade; for they assist in building up political party. Participation by other Govern- the economies and raising the levels of income ment agencies in shaping the policies of the of foreign countries, which thereby become Bank is provided through an Advisory Board better markets for American products and consisting of the Chairman (at present the better suppliers of imports to this country. Foreign Economic Administrator), the Secre- Thus, the Export-Import Bank is guided in taries of State, Treasury, and Commerce, and the its lending policies by the demonstrated fact Chairman of the Board of Governors of the that the best trading partners of the United Federal Reserve System. States are countries which have reached the The National Advisory Council created by highest state of economic development. the Bretton Woods Agreements Act has the (b) In accordance with its established pracsame membership as the Advisory Board of the tice and as explicitly provided in the Export- Export-Import Bank, except that its Chairman Import Bank Act of 1945, the Bank makes loans is the Secretary of the Treasury. It is responsi- generally only for specific purposes. A corollary ble for coordinating the policies of the Export- of this principle is that disbursements under a Import Bank with those of the United States commitment by the Bank are made only upon representatives on the Bretton Woods organiza- receipt of evidence satisfactory to the Bank tions and with all other agencies of the Gov- that the purposes of the loan have been carried ernment to the extent that they make foreign out by the borrower. Conversely, the Bank loans or engage in foreign financial transactions. does not make lump-sum advances for use as The close working relationships between the the borrower sees fit. Bank and the Departments of State, Treasury, (c) As a matter of prudent management and Commerce, Agriculture, and the Board of Gov- as required by law, the Bank makes only loans ernors of the Federal Reserve System, as the which offer reasonable assurance of repayment. permanent agencies of Government primarily The restriction of loans to specific purposes is concerned with foreign economic operations, an important means to this end, as is also the serve to keep them fully informed regarding spread of maturities over the productive life individual loan projects under consideration by of a project in order to facilitate repayment. the Bank and give them full opportunity to call Furthermore, all loan applications are careattention to any possible conflict between the fully analyzed by the Bank's staff from the day-to-day activities of the Bank and their legal, engineering, and economic points of activities in carrying out the international view and must be approved by its Board of economic program of the United States. They Directors. have also facilitated access by the Bank to the (d) As a general rule, the Bank extends credit information and technical services of these only to finance purchases of materials and equip- Departments and the Federal Reserve Board ment produced or manufactured in the United and in this way enabled the Bank to limit the States and the technical services of American firms size of its own technical staff. and individuals as distinguished from outlays for The operations of the Bank are administered materials and labor in the borrowing country or by its officers and staff under the general super- purchases in third countries. The reasons for vision of the Board of Directors. doing so are principally two: (1) The limited resources of the Bank should be used with rare 7. BASIC PRINCIPLES exceptions solely for the purpose of directly Since its organization in 1934, the Export- financing and facilitating United States foreign Import Bank has been guided in its lending trade; (2.) foreign countries should not ordioperations by the following basic principles: narily assume external indebtedness to finance (a) In accordance with the statutes govern- expenditures in local currency. ing its activities, the Bank makes only loans and (e) In accordance with its own rule and the guaranties which serve to -promote the export and express instruction of Congress, the Bank does import trade of the United States. The Bank not compete with private capital but rather supplepromotes foreign trade directly by financing ments and encourages it. The activities of the exports and imports as specific transactions Bank are confined, therefore, to dealing with and by financing exports in connection with certain types of risks which private banks are OCTOBER 1945 IOOI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GENERAL POLICY STATEMENT OF EXPORT-IMPORT BANK OF WASHINGTON not in a position to assume without govern- exporters without recourse to them (i.e., credits ment assistance and with other risks which involving no liability on the part of the exporter they are not prepared to assume at all. in the event of default by the foreign debtor). The principle of noncompetition with 9. WHAT THE BANK DOES NOT DO private lending institutions is further carried out by the readiness of the Export-Import There are a number of things which the Bank to sell paper which it has acquired and Export-Import Bank is expressly prohibited by arrangements under which the Export- from doing under existing law or which are Import Bank undertakes in advance to pur- excluded by its general policies. Thus, chase from commercial banks notes arising out (a) The Bank does not compete with priof specified transactions financed in the first vate banks and does not, therefore, extend instance by the commercial banks. credits when private credit is available in adequate amounts and on reasonable terms. (b) The Bank is prohibited by its charter 8. WHAT THE BANK FINANCES from purchasing stock in any corporation. The Export-Import Bank is prepared to assist, In other words, the Bank is not permitted to under proper conditions, in financing exports engage in equity financing. from the United States and imports into the (c) The Bank does not make lump-sum ad- United States of products of all kinds. It is also vances for use as the borrower sees fit. prepared to aid in the purchase of engineering (d) The Bank is not authorized by the and other technical services in the United States. language of the Export-Import Bank Act of As a matter of practice, however, its assistance 1945 to finance trade between the United is required primarily in facilitating exports of States and its Territories or insular possestangible commodities the sale of which involves sions. This means that the Bank may not extended terms of credit. Exports of commodi- assist in financing trade between continental ties may be financed on the basis of values f .o.b. United States and Puerto Rico, the Virgin the inland point of shipment, f.o.b. the landport Islands, Alaska, Hawaii, the Philippines, or or seaport of exit from the United States, or other possessions in the Pacific or between c.i.f. a foreign port. any two of these Territories or possessions. The Bank's financing of exports is of two However, the Bank may finance export or general types. The first type consists of credits import transactions between United States for the benefit of individual United States ex- Territories or possessions and foreign counporters to facilitate the sale abroad of specific tries. materials or equipment. The second type con- (e) The Bank does not ordinarily finance sists of a line of credit in favor of a foreign gov- local currency expenditures. ernment, a foreign bank, or a foreign firm, to be (f) The Bank does not assume any obligaavailable during a stipulated period of time, for tion or responsibility for the issuance by any the purpose of facilitating the purchase in the agency of the United States Government of any United States of specific materials, equipment, priority, allocation, permit, or license which and services. Although different in form, the may be required by law or regulation for the two types of credits obviously serve a single procurement and export of any commodity purpose. It is often a matter of choice or con- which it may finance. Nor does the Bank venience whether a given transaction or set of attempt to give advice to borrowers on possitransactions is financed by extending credit to ble suppliers of exports which it finances. American exporters or by making a loan to a (g) The Bank does not undertake to select foreign country or purchaser. Thus, it is clearly engineering or other technical firms or inpreferable from the point of view of ease of ad- dividuals whose services may be sought by ministration to make an arrangement with a foreign borrowers in connection with projects foreign government or purchaser rather than financed by the Bank, although it does require separate arrangements with each of several competent engineering and other technical hundred United States suppliers who may be direction of such projects and will finance providing equipment for a given project. The long-term contracts providing for payments difference between the two types of operations for engineering or other technical services. is made even smaller by the fact that the guaranty of a foreign bank or government is usually 10. WHO MAY APPLY FOR CREDIT required as a condition of credits extended on The facilities of the Export-Import Bank are the application of individual United States open to United States exporters either of goods IOOZ FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GENERAL POLICY STATEMENT OF EXPORT-IMPORT BANK OF WASHINGTON or of engineering and other technical services, (d) Amount of credit desired and proposed to United States importers, and to foreign gov- terms of repayment. ernments, the agencies of foreign governments, (e) Commercial bank and trade references. and foreign firms and individuals. In brief, (f) Comparative balance sheets and profitthe Bank's facilities are accessible to any one and-loss figures for the preceding three years. requiring assistance and to whom the granting (g) In certain cases, cost sheets or other of assistance will aid in the financing of United evidence of cost. States foreign trade. (h) Brief statement of history and experi- The Export-Import Bank Act of 1945 released ence. the Export-Import Bank from the pre-existing (i) Credit information regarding the purprohibition against loans by the Bank to foreign chaser. governments in default on their obligations to (j) Names of possible guarantors, together the United States Government. The Act also with an indication as to whether the guaranty permits any individual, partnership, corpora- of a foreign bank or government has been tion, or association to participate with the promised. Export-Import Bank in any of its authorized (k) Any other information which would be transactions and thus sets aside, with respect useful to the Bank in appraising the credit to participations with the Bank, the provisions risk involved. of the so-called Johnson Act prohibiting loans Authorized representatives of foreign governby private persons to such governments. ments may apply directly to the Export-Import Bank for credits or may initiate discussions 11. How TO APPLY through United States embassies and legations in their respective countries. In the considera- United States exporters, both of goods and tion of applications from foreign governments or of engineering and other technical services, or their agencies, the following information is United States importers who wish to apply to necessary: the Bank for credit may do so by writing directly (a) Purposes for which the credit is to be to the Export-Import Bank of Washington, used, including lists of materials, equipment, Washington Z5, D. C, or, preferably, by seeking and services to be purchased in the United assistance from the Bank through their own States and their suppliers (if known) and, commercial banks. It is recommended that the when specific projects are involved, engineerapplicant consult his bank in any case, since in ing and economic surveys. most cases it will be familiar with the facilities (b) Justification for seeking the assistance of the Export-Import Bank and will be able to of the Export-Import Bank, including satisjudge whether or not the assistance of the factory evidence that private credit is not Export-Import Bank is necessary and appropriate. available. Banks may obtain further information with (c) Amount of credit desired and proposed respect to Export-Import Bank policies and terms of repayment. procedures from their local Federal Reserve (d) Statement of external assets of the Banks. country in the form of gold and foreign ex- The following information is essential for change, showing official holdings separately the consideration by the Bank of applications from private holdings and holdings of dollars from domestic exporters (and, with appropriate separately from holdings of other currencies. modifications, also for the consideration of ap- (e) Current and prospective rate of gold plications from domestic importers): production. (a) Description of commodity to be fi- (f) Statement of the international investnanced. ment position of the country at long-term (b) Name of foreign country to which the and short-term, including major commitexports to be financed are destined and the ments pending or contemplated, and an estiname of the foreign purchaser. mate of the amounts of interest and amortiza- (c) Justification for seeking the assistance tion due annually over the life of the loan of the Export-Import Bank, including a state- on external fixed-service obligations. ment of the credit terms to be extended to the (g) Summary of the record of the country purchaser and suitable evidence that neither as regards the payment of external debt and the seller nor his bank is in a position to statement of the default status of outstanding finance the transaction. external obligations. OCTOBER 1945 1003 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GENERAL POLICY STATEMENT OF EXPORT-IMPORT BANK OF WASHINGTON (h) Analysis of the capacity of the country durable productive equipment may be on terms to repay on the basis of its current and prospec- extending over a period of years. Where extive balance-of-payments position. tended terms are involved, principal amounts (i) Satisfactory assurances that dollars will are ordinarily made payable in equal installbe made available by the monetary authorities ments beginning with the first or some subseof the country to meet payments of interest quent interest date. and principal to the Export-Import Bank as they fall due. 15. INTEREST RATES Foreign applicants other than governments The rate of interest charged by the Exportor their agencies may apply directly to the Bank, Import Bank depends upon the type of credit but the support of their governments will ordi- involved in each case, is computed on the outnarily be required before a credit can be negoti- standing balance, and is usually payable semiated. The information required of such appli- annually. The Bank is obliged to charge cants consists of items (a), (b), and (c) in the interest sufficient to cover the cost of its own itemization applicable to foreign governments funds, defray its administrative expenses, and and items (e), (f), (h), (j), and (k) in the accumulate a reasonable reserve against losses itemization applicable to domestic firms or in order that the Bank may be self-sustaining. individuals. The Bank is also bound to consider market rates of interest in order to avoid what might be ix. ADVANCE COMMITMENTS construed as competition on a rate basis with United States exporters who desire to bid on private sources of credit. Interest rates are foreign business may apply to the Export-Im- uniform to all borrowers for any given type of port Bank for credit with a view to securing credit. commitments in principle in advance of the submission of bids. When more than one 16. SECURITY United States exporter is interested in obtaining Loans to domestic exporters, importers, and a given order, the Bank will indicate identical manufacturers are usually made on the basis of or similar terms to all qualified bidders in order the credit standing of the borrower, supplethat the successful bidder, if a United States mented by the guaranty of a foreign bank or exporter, will be determined solely on the basis government in the case of loans made without of price, quality, and proposed delivery schedule, recourse to the applicant. Credits to foreign rather than upon any advantage in credit terms governments and their agencies are made on the created by the Bank. basis of the general credit of the country or The Bank does not look with favor upon re- agency, supplemented where desirable and apquests for assistance from exporters who have propriate by a pledge of specific revenues or not consulted it prior to making credit engage- specific receipts of dollar exchange. The Exments to foreign buyers. port-Import Bank attempts to arrange the terms and conditions of its loans in accordance with the 13. NONRECOURSE FINANCING circumstances in each case and with a view to The percentage of the credit risk involved in creating the type of obligation which is most any export or import transaction which the suitable from the point of view of both the Export-Import Bank will assume without re- borrower and the Bank. course on the exporter or importer depends upon the circumstances in each case. Under present 17. AID TO SMALL BUSINESSES conditions, nonrecourse financing of exports by As a special aid to small and medium-sized the Bank almost invariably requires the endorse- firms engaged in exporting, the Export-Import ment or unconditional guaranty of a foreign Bank extends credit lines to individual firms bank or foreign government. which are experienced and of good repute, but which are hampered by lack of capital in ob- 14. MATURITIES taining adequate accommodation from private The maturities of credits granted by the Ex- sources. These credits are revolving and are port-Import Bank are arranged in accordance available for limited periods, generally from with the circumstances in each case. Generally year to year, upon presentation for discount by speaking, the financing of trade in consumption the Bank through its agent bank of drafts on goods is limited to relatively short-term credits. approved foreign purchasers. These credits are On the other hand, the financing of trade in designed especially to help small firms increase 1004 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GENERAL POLICY STATEMENT OF EXPORT-IMPORT BANK OF WASHINGTON their export commitments without the necessity 19. RELATIONSHIP TO INTERNATIONAL BANK FOR of raising additional capital. Comparable facil- RECONSTRUCTION AND DEVELOPMENT ities are available to small and medium-sized The Export-Import Bank will not compete in firms engaged in importing. any sense with the proposed International Bank for Reconstruction and Development. This will 18. RELATIONS WITH COMMERCIAL BANKS obviously be true during the period before the It is a cardinal principle of the Bank's opera- International Bank comes into being. It is also tions that it does not compete with private true with respect to short-term and mediumbanks. This principle is carried into effect in a term credits to United States exporters and imnumber of ways. As indicated above, the Ex- porters, because this is a field in which the port-Import Bank prefers to receive applications International Bank will not operate. With refor loans from private firms and individuals spect to long-term loans to foreign governments, through commercial banks to insure that private the activities of the Export-Import Bank and credit is not available. The Bank attempts to the policies of the United States representatives secure the maximum participation by private on the International Bank will be coordinated banks in credit arrangements to which it is a by the National Advisory Council on Internaparty. The Export-Import Bank commonly tional Monetary and Financial Problems, as uses the facilities of commercial banks for mak- provided in the Bretton Woods Agreements Act. ing funds available to borrowers under lines of The making of long-term loans to private credit, receiving payments of interest and prin- foreign companies by the Export-Import Bank cipal, and for handling other matters in connec- and the International Bank will be coordinated tion with the extension and collection of credits. in the same way. The Export-Import Bank enters into agreements with commercial banks under which it under- 20. MARINE TRANSPORTATION takes in advance to purchase from them notes Public Resolution No. 17, 73rd Congress, rearising out of specified transactions financed in quires that exports of agricultural or other the first instance by the commercial banks. It products fostered by loans made by any instrustands ready in turn to sell to commerial banks mentality of the United States Government shall or other private investors paper from its own be carried exclusively in vessels of United States portfolio. registry unless it is determined by proper au- By using the services of commercial banks and thority after investigation that such vessels are other private organizations to the fullest extent not available in sufficient numbers, or in suffipossible, the Export-Import Bank is able to cient tonnage capacity, or on necessary sailing keep its own operating personnel at a minimum. schedule, or at reasonable rates. POSTWAR ECONOMIC STUDIES NO. 2, The second of the series of postwar studies able at irregular intervals during the next few authorized by the Board of Governors will be months. ready for distribution early in November. En- Each pamphlet will contain essays on related titled Agricultural Adjustment and Income, the subjects by specialists on the staffs of the Board pamphlet will contain the following papers: and the Federal Reserve Banks. The views expressed in the papers are entirely those of the "Our Agricultural Policies," by Arthur C. authors, and there is no official endorsement Bunce; "Farm Land Values and Reconstrucof any of the proposals made. tion," by William H. Fisher; and "Low Income Individual pamphlets may be purchased for Groups in Southern Agriculture," by Earle L. 2.5 cents each, or for 15 cents each for group Rauber. purchases of ten or more in single shipment. Jobs, Production, and Living Standards, the first Orders should be sent to the Division of Adpamphlet in the series, was announced in the ministrative Services, Board of Governors of August BULLETIN. Later pamphlets will be the Federal Reserve System, Washington 2.5, announced in the BULLETIN as they become avail- D. C. OCTOBER 1945 1005 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CURRENCY IN ETHIOPIA By Proclamation of the Emperor on May 29, 194s, 1. This Proclamation may be cited as the Currency and Legal Tender Proclamation, 1945. effective on July 23, 194s, the State Bank of Ethiopia 2.. The monetary unit in Ethiopia shall be the is vested with the sole right of issuing currency in that Ethiopian dollar (Eth$) equal in value to 5.51 country. The monetary unit established is the grains of fine gold, and divided into one hundred Ethiopian dollar', divided into 100 cents and equal in cents. value to 5.52 grains of fine gold or 40.25 United 3. The sole right of issuing currency (notes and coin) in Ethiopia shall be vested in the States cents. The State Bank is directed to establish State Bank of Ethiopia, acting for and on behalf and maintain a redemption fund consisting of not less of the Imperial Ethiopian Government and the than 7/ per cent in gold, silver, and foreign exchange, said Bank shall maintain an Issue Department and not more than 2/ per cent of Imperial Treasury for this purpose. obligations. The Minister of Finance is directed to 4. (a) It shall be the duty of the State Bank of Ethiopia to establish and maintain a currency take immediate steps to assure that the Ethiopian dolfund consisting of gold, silver and foreign curlar is the only legal tender circulating in Ethiopia. rency bank balances or prime securities readily Prior to this Proclamation the Maria Theresa convertible into foreign currencies or bank baldollar, originally minted during the Eighteenth Cen- ances to a minimum extent of 75% of the said fund and Imperial Treasury obligations to a tury by the Austrian Imperial Mint, was the main maximum extent of 2.5% of the said fund. This circulating medium in Ethiopia, where its official value fund shall constitute a reserve for the redempwas 10-*/$ pence sterling, or about 37.# United States tion at their full issue value of notes issued under cents. The Proclamation provides that the Maria this Proclamation. Theresa dollar shall be treated as silver bullion and (b) The Currency Fund is to be segregated shall be purchased by the State Bank as a commodity from all other assets of Our Imperial Government and of the State Bank of Ethiopia and is at rates to be fixed by the Bank. The East African to be maintained solely and exclusively for the shilling, which has been circulating in Ethiopia since purposes of the currency issue. The books and the country's liberation from Italian rule, will be accounts of the Fund shall be open to inspection withdrawn from circulation by the State Bank within and examination at all times by Our Minister of a period of six months at the rate of one Ethiopian Finance or officers appointed by him. (c) The Issue Department of the State Bank dollar to two shillings. of Ethiopia shall publish in the Negarit Ga%eta at An English translation of the Proclamation of the least twice each year, in a form to be prescribed Emperor is given below, together with a Proclamation by Our Minister of Finance, a statement of the issued on the same date by the Vice-Minister of currency issued and the assets of the Currency Fund. Finance. 5. The State Bank of Ethiopia shall issue currency at declared currency centres in Ethiopia No. 76 OF 1945 against prepayment of foreign currencies as des- Currency and Legal Tender ignated and at rates prescribed by the Minister Proclamation of Finance and published in the Negarit Ga%eta. It shall also on demand, receive such currency tendered at its currency centres in Ethiopia and CONQUERING LION OF THE TRIBE OF JUDAH issue in exchange telegraphic or mail transfers HAILE SELASSIE I payable in currencies designated and at rates prescribed by the Minister of Finance and ELECT OF GOD, EMPEROR OF ETHIOPIA published in the Negarit Ga%eta. WHEREAS it is necessary to revise the monetary 6. (a) The currency notes issued by the State arrangements of Our Empire and to provide a Bank shall be legal tender in Ethiopia for the national currency system suitable for the needs payment of any amount, provided that each of Our people and the commerce of Our Empire, note shall be legal tender only for the amount WE PROCLAIM AS FOLLOWS: of its denomination. 1006 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CURRENCY IN ETHIOPIA (b) Coin issued under this Proclamation shall shall, unless and until otherwise declared by be legal tender for any amount in the case of Proclamation issued by Us, on the petition of silver coins and not exceeding ten dollars in the the Bank, be of the denomination of one Ethicase of base metal coins provided that each coin opian dollar, five Ethiopian dollars, ten Ethishall be legal tender only for the amount of its opian dollars, twenty Ethiopian dollars, fifty denomination. Ethiopian dollars, one hundred Ethiopian dol- (c) Our Minister of Finance may declare by lars, and five hundred Ethiopian dollars. legal notice to be published in the Negarit Ga%eta (b) Currency notes shall be in such form, and that any issue or denomination of currency notes of such design and printed from such plates, and or coin shall cease to be legal tender; and the shall be authenticated in such manner as shall State Bank of Ethiopia shall thereby be empow- be determined by the Bank. ered to take and shall take all necessary steps to (c) The plates shall be prepared and kept and call in and replace or redeem such notes and coin the currency notes printed, stored, issued, withuntil such time as, in accordance with the drawn, cancelled and destroyed under such reguprovisions of Schedule C to the present Proclam- lations as the Bank may make for the purpose of ation, the said currencies shall be held to be preventing fraud and improper use. irredeemable. 2.. (a) The coin to be minted and issued by the (d) Our Minister of Finance will declare by Bank in accordance with Article 3 of this Proclegal notice to be published in the Negarit lamation shall, unless and until otherwise Ga%eta that as from a date to be fixed the notes declared by Proclamation issued by Us on the and coin issued under this Proclamation shall be petition of the Bank, be copper coins of one, the sole legal tender in Ethiopia. five, ten and twenty-five cents and silver coins of 7. Our Minister of Finance may advance to fifty cents and, at the discretion of Our Minister the State Bank of Ethiopia on application for of Finance, a silver dollar. such period of time as may be necessary such (b) The weight, composition, remedy, form funds as may be required to meet the initial cost and design of such coins shall be determined by of issuing the currency. the Bank with Our approval and published in 8. Our Minister of Finance or the State Bank the Negarit Ga%eta. with his concurrence may enter into agreements (c) The dies shall be prepared and kept and including loan agreements with the monetary the coin minted, stored, issued, withdrawn, authorities of other Governments or Adminis- melted down and disposed of under such regulatrations concerning exchange facilities, the tions as the Bank may make for the purpose of stabilization of the currency, and other interna- preventing fraud and improper use. tional currency measures which have as their 3. The Bank shall maintain such records of object the improvement of the economy of Our currency notes and coin stored, issued and with- Empire. drawn as it may determine. 9. Our Minister of Finance is charged with 4. The issue and redemption of currency in the execution of this Proclamation and is hereby accordance with Article 5 of this Proclamation empowered to issue regulations for the detailed shall be effected at the rate of one Ethiopian operation of the currency arrangements. dollar for 40.2.5 United States cents and of one 10. The Legal Tender Proclamation No. 31 of Ethiopian dollar for two shillings sterling (one i94i published ^n Negarit Ga%eta (1st Supple- tenth pound sterling) and against such other ment) dated the 31st of October 1942. is hereby currencies and at such rates as shall be deterrepealed and replaced by the present proclama- mined by the Bank, provided that the Bank may tion. charge a commission which it shall fix from time 11. This Proclamation shall come into force to time and shall post on the bulletin boards in as from the X3rd day of July, 1945. its Head Office and various agencies. Provided further that no person shall be entitled to claim SCHEDULE A. the issue or redemption of currency in accordance with this Clause for any sum less than 50,000 (MINTING, PRINTING, ISSUE AND WITHDRAWAL OF ETHIOPIAN Ethiopian dollars. CURRENCY) 5. Coins issued by the Bank shall cease to be legal tender under the provisions of Article 6 (c) 1. (a) The currency notes to be printed and of this Proclamation if diminished in weight issued by the State Bank of Ethiopia in ac- below the limits determined by the Bank in cordance with Article 3 of this Proclamation accordance with clause 2. (b) of this Schedule. OCTOBER 1945 1007 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CURRENCY IN ETHIOPIA SCHEDULE B. b. by any art or contrivance causes any such words, device, or distinction, or any words, (PENALTIES FOR WRONGFUL ISSUE, COUNTERFEITING AND device, or distinction intended to resemble ILLEGAL TREATMENT) and pass for the same to appear visible in the substance of any paper; he shall be I. If any person issues or utters or is a party liable on conviction to a fine from 5,000 to to issuing or uttering any currency note or coin 50,000 dollars or to imprisonment for a otherwise than in accordance with this Procterm from two years to life or to both such lamation he shall be liable on conviction to a fine fine and imprisonment. from 5,000 to 50,000 dollars or shall be imprisoned from ten years to life or shall be 5. If any person without lawful authority or punished by both such fine and imprisonment. excuse, the proof whereof shall lie upon him, a. in any wise makes upon any plate, die or x. (a) If any person counterfeits or, with inmould whatsoever, or upon any material, tent to defraud, alters any currency note or coin, any design purporting to be that of a curor knowing any currency note or coin to be rency note or coin, or a part of a currency counterfeit or altered utters the same, he shall be liable on conviction to pay a fine from 5,000 note or coin, or any name, word, number, to 50,000 dollars or shall be imprisoned from two figure, device, character or ornament reyears to life or shall be punished by both such sembling or apparently intended to resemfine and imprisonment. ble that appearing on a currency note or coin; or (b) If any person, without lawful authority b. uses any such plate, die, mould or material or excuse, the proof whereof shall lie on him, receives from any other person or has in his or any other instrument or device for the possession or custody any counterfeit or altered making or impressing of any currency note currency note or coin knowing the same to be or coin; or counterfeit or altered or any unfinished or incom- c. knowingly has in his possession or custody plete currency note or coin, he shall be liable on any such plate, die, mould, material, inconviction to a fine from 5,060 to 50,000 dollars strument or device; or or shall be imprisoned from two years to life or d. knowingly utters or knowingly has in his shall be punished by both such fine and im- possession or custody any paper or coin prisonment. upon which an impression of any such 3. If any person makes, or causes to be made, matter as aforesaid is made; or uses for any purpose whatsoever, or utters any he shall be liable on conviction to a fine from object purporting to be, or in any way re- 5,000 to 50,000 dollars or to imprisonment from sembling, or so nearly resembling as to be calcu- two years to life or to both such fine and imlated to deceive, any currency note or coin or prisonment. any part thereof, he shall be liable on conviction, 6. Any person who in any commercial transacto a fine from 5,000 to 50,000 Ethiopian dollars tion offers to give in coins less than the value of or to imprisonment for a term from two years to any currency note or to give less than one hunlife or to both such imprisonment and fine in dred cents for every dollar shall be liable to a respect of each such object and it shall be lawful fine not exceeding two hundred dollars or to for the Court to order the object in respect of imprisonment not exceeding six months, or to which the offence was committed and any copies both such fine and imprisonment. of that object, and any plates, blocks, dies, 7. Any person who without lawful authority moulds, or other instrument used for, or capable or excuse wilfully defaces, or tears, cuts, perof being used for, impressing or reproducing forates or otherwise mutilates any currency note, any such object which are in possession of such or affixes or attaches thereto anything in the offender, to be destroyed. nature or form of an advertisement, or melts 4. If any person, without lawful authority or down, sweats, cuts, files, defaces, mutilates, or excuse, the proof whereof shall lie upon him, uses otherwise than as currency any coin, shall a. makes, or uses, or sells, or exposes for sale, be liable on conviction to imprisonment for a or knowingly has in his possession or cus- period not exceeding three months or to a fine tody, any instrument for the making of coin not exceeding five hundred dollars or to both or for the making of paper with any words, such imprisonment and fine. device, or distinction peculiar to and ap- 8. The State Bank of Ethiopia shall impound pearing in the substance of the paper used and destroy or otherwise dispose of with or for currency notes; or without compensation to the holder thereof, as 1008 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CURRENCY IN ETHIOPIA it thinks fit, having regard to all the circum- provided that each note or coin shall be legal stances of the case, any currency note or coin tender only for the amount of its denomination. which has been damaged or which, in its opin- 3. (a) Every contract, sale, payment, bill, ion, is counterfeit or has been illegally dealt note, instrument and security for money and with. every transaction dealing in any matter and The decision of the Bank, the President of the thing whatsoever relating to money or involv- High Court and the Chief Treasurer of the Im- ing the payment of, or the liability to pay, any perial Government that a currency note or coin money in Ethiopia in East African shillings, is counterfeit or has been illegally dealt with shall, on and after the coming into force of this and that compensation shall be granted or with- Proclamation, be deemed to have been made, held shall be final, and no person shall be en- executed, entered into, done and had in Ethiopia titled to claim and no proceedings or action in Ethiopian dollars and shall be converted into shall be brought against the Bank or Our Gov- Ethiopian dollars at the rate of one Ethiopian ernment in respect of any loss or damage suffered dollar equals two East African shillings, and, by reason of such impounding and destruction. for a period of six months from the coming into 9. The expression "currency note or coin" in force of this Proclamation may be paid either this Schedule means a currency note or coin is- in Ethiopian dollars or East African shillings sued under this Proclamation and also, except in at the rate of one Ethiopian dollar equals two Article 8 of this Schedule, any note or coin of a East African shillings. similar character, by whatever name called, is- (b) Amounts appearing in any law, decree, sued by or on behalf of or under the authority of public regulation or order in force in Ethiopia the Government of any foreign State. at the date of the coming into force of this 10. A currency note or coin shall be deemed Proclamation and expressed in East African to have been "illegally dealt with" if impaired shillings shall be converted into Ethiopian in any manner specified in Article 7 of this dollars at the rate of one Ethiopian dollar equals Schedule. two East African shillings. 11. Any penalty prescribed by Chapter 5 of 4. From the date of the coming into force of the Penal Code which is in contradiction to the this Proclamation, the Maria Theresa dollar penalties prescribed in this Proclamation is shall no longer be legal tender within Ethiopia. hereby repealed. Henceforth, the Maria Theresa dollar shall be treated as silver bullion and shall be purchased by Our State Bank of Ethiopia as a commodity SCHEDULE C. at rates to be fixed by the Bank. (a) Amounts appearing in any law, decree (TRANSITION PERIOD) public regulation or order observed in Ethiopia at the date of the coming into force of this 1. Our Minister of Finance shall take im- Proclamation and expressed in Maria Theresa mediate steps to assure that the Ethiopian dollar dollars shall be converted into Ethiopian dollars is circulated throughout Ethiopia and to make at the rate of one Ethiopian dollar equals one it the only legal tender circulating within Maria Theresa dollar. Ethiopia. To this end, Our Minister of Finance (b) Every contract, sale, payment, bill, note, shall, at his discretion, issue legal notices to be instrument and security for money and every published in the Negarit Ga%eta. transaction dealing in any matter and thing 2.. For a period of six months or until otherwhatsoever relating to money, entered into bewise declared by legal notice of Our Minister fore the coming into force of this Proclamation of Finance as provided in Article 1 of this and involving the payment of, or representing Schedule, the currency issued by the East Afria liability to pay money in Ethiopia in Maria can Currency Board shall remain legal tender; Theresa dollars, on or after the coming into force a. in the case of notes and silver shilling coins of this Proclamation (other than those provided for the payment of any amount; for in 4 (a) of this Schedule), shall be paid in b. in the case of silver 50 cent coin for the Ethiopian dollars at the rate to be fixed by the payment of an amount not exceeding 2.0 Bank with regard to bullion, and from the date shillings; of the coming into force of this Proclamation c. in the case of coins of any denomination the Maria Theresa dollar shall be neither tendlower than 50 cents, for the payment of an ered nor accepted in settlement of any contract, amount not exceeding one shilling; OCTOBER 1945 1009 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CURRENCY IN ETHIOPIA sale, payment, bill, note, instrument or security LEGAL NOTICE NO. 75 or 1945 for money or any transaction relating to money Currency and Legal Tender or involving the payment of, or the liability to Proclamation of 1945 pay, any money in Ethiopia. NOTICE (c) From the date of the coming into force of this Proclamation, no contract, sale, payment, under Article 9 bill, note, instrument or security for money or From the 2.3rd day of July, 1945 the State any transaction dealing in any matter or thing Bank of Ethiopia will convert all deposit acwhatsoever relating to money, or involving counts, loan and advance accounts and all other the payment of, or representing a liability to pay accounts which it previously carried on its money in Ethiopia shall be made; entered into, books in East African shillings into Ethiopian done or had in Ethiopia in Maria Theresa dol- dollars at the rate of one Ethiopian dollar equals lars provided, however, that the provisions of two East African shillings. From the 13rd day of July 1945 the State Bank of Ethiopia may this paragraph shall not prevent holders from receive for deposit or, at its discretion, pay out selling Maria Theresa dollars to the State Bank to its depositors either East African shillings of Ethiopia as provided in Article 4 of this or Ethiopian dollars as provided in paragraph Schedule. 3 (a) Schedule C of the Currency and Legal (d) From the date of the coming into force of Tender Proclamation provided, all checks are this Proclamation, the State Bank of Ethiopia drawn in Ethiopian dollars, all deposit receipts shall accept no further deposits in Maria are expressed in Ethiopian dollars and the rela- Theresa dollars. tive accounts are kept in Ethiopian dollars. Done at Addis Ababa this X9th day of May, Done at Addis Ababa this i9th day of May, 1945.• 45. (Signed) TSAHAFE TEZAZ WELDE GUIORGUIS (Signed) YILMA DERESSA Vice-Minister of Finance Minister of the Pen. IOIO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Consumer Credit (a) Real Estate and Home Improvement Loans.—Any extension of credit which is Amendment to Regulation W for the purpose of financing or refinancing The Board of Governors of the Federal Re- (1) the construction or purchase of an entire serve System, effective October 15, 1945, residential building or other entire structure amended Regulation W relating to consumer or (2.) repairs, alterations, or improvements credit by exempting credits for home repairs upon urban, suburban or rural real property and improvements and by lengthening from 12. in connection with existing structures. months to 18 the maturity limitation on loans 4. Section 12.(0) and i$(f) are deleted. which are not for the purpose of purchasing con- 5. Section 13 (V) is amended by striking out sumers' durable goods. the description of the articles listed as Item 1 in Until consumers' goods come on the market Group C and inserting after such number the folin sufficient supply to meet demands, the Board lowing parenthesis: * '(Deleted—see section believes that the use of consumer credit should 80))." so far as possible be discouraged. Accordingly, Classification of Jeeps the Board, after reviewing Regulation W now that the war is ended, concluded that the regula- Neither military nor civilian jeeps are classition should not be substantially amended at the fied as automobiles for purposes of Regulapresent time except in the two particulars tion W. specified. Foreign Funds Control The text of the amendment is as follows: Treasury Department Releases AMENDMENT NO. 18 TO REGULATION W The following releases relating to transactions in foreign exchange, etc., in addition to those Regulation W is hereby amended in the folheretofore published in the Federal Reserve lowing respects, effective October 15, 1945: BULLETIN, have been issued by the Office of the 1. Section 6(b) is amended by striking out ' 'ix Secretary of the Treasury under authority of the months" and inserting in lieu thereof "18 Executive Order of April 10, 1940, as amended, months." and the Regulations issued pursuant there to: 2.. Section j(c) is amended by inserting "6(a) or" before "6(£)" in clauses (1) and (2.) and by Treasury Department striking out the text of footnote 5 and substi- Foreign Funds Control tuting in lieu thereof the following text: August 9, 1945 5 The maximum maturity is 6, iz, 15, or GENERAL RULING NO. 7, AS AMENDED 18 months from the date of the original Under Executive Order No. 8389, as Amended, Executive Order loan as determined by its purpose, except No. 9193, as Amended, Sections $(a) and j(Jr) of the Trading that 18m onths from the date of renewal or with the Enemy Act, as Amended by the First War Powers Act, extension is permissible with a Statement 1941, Relating to Foreign Funds Control* of Necessity pursuant to section io(d). * Sec. 3 (a), 40 Stat. 412; Sec. 5 (b), 40 Stat. 415 and 966; Sec. 2, 48 3. Section 8 entitled ''EXCEPTIONS" is Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, amended so that subsection (a) will read as fol- 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended by Ex. Order, 9567, June 8, lows : 1945; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. OCTOBER 1945 IOII Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT General Ruling No. 7 is hereby amended to read as follows: Public Circular No. 2.5 is hereby amended to read as The provisions of General Ruling No. 5, as amended, are follows: extended to currency and securities or evidences thereof (1) Exemption from General Ruling No. 11 of certain comcoming from the Panama Canal Zone into any other part of munications and transactions with Italy, Bulgaria, Hungary and the United States. Rumania. There are hereby exempted from the provisions FRED M. VINSON, of General Ruling No. 11: Secretary of the Treasury. (a) Any communication of a financial, commercial, or business character with any person within any part of Treasury Department Italy, Bulgaria, Hungary, or Rumania; Foreign Funds Control (b) Any act or transaction involving any such communication; August 9, 1945 (c) Any act or transaction for the benefit or on behalf of GENERAL LICENSE NO. 84, AS AMENDED any such person. (2.) Certain general licenses not applicable to Italy, Bulgaria, Under Executive Order No. 8389, as Amended, Executive Order No. Hungary and Rumania. The provisions of General Licenses 9193, as Amended, Section $(F) of the Trading with the Enemy Nos. 32. and 33 shall not be deemed to authorize any remit- Act, as Amended by the First War Powers Act, 1941, Relating tances to any person within the territory of Italy, Bulgaria, to Foreign Funds Control* Hungary, or Rumania. General License No. 84 is hereby amended to read as FRED M. VINSON, follows: Secretary of the Treasury. Exemption of certain currency and securities from General Ruling Treasury Department No. 5. A general license is hereby granted exempting from the provisions of General Ruling No. 5 the following cur- Foreign Funds Control rency and securities: October 2., 1945 (a) United States Defense and War Savings Stamps and Bonds of all series and designations; GENERAL LICENSE NO. 72.A, AS AMENDED (b) Securities issued or authenticated in the United States or Canada after December 7, 1941; Under Executive Order No. 8389, as Amended, Executive Order (c) Veterans Adjusted Service Certificates and Veterans No. 9193, as Amended, Section f(Jf) of the Trading with the Adjusted Service Bonds; Enemy Act, as Amended by the First War Powers Act, 1941, (d) United States Treasury notes of Tax Series A and Tax Relating to Foreign Funds Control* Series B; and QL) Certain transactions with respect to any blocked foreign (e) United States currency in denominations of $2.0 or less patent, trademark, or copyright authorized. A general license is and all foreign currency. hereby granted authorizing the following transactions by FRED M. VINSON, any person who is not a national of any blocked country: Secretary of the Treasury. (a) The filing and prosecution of any application for a blocked foreign patent, trademark, or copyright, or * Sec 5 (b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order for the renewal thereof; 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, (b) The receipt of any blocked foreign patent, trademark, as amended by Ex. Order 9567, June 8, 1945; Regulations, April 10, or copyright; 1940, as amended June 14, 1941, and July 26, 1941. (c) The filing and prosecution of opposition or infringe- Treasury Department ment proceedings with respect to any blocked foreign patent, trademark, or copyright, and the prosecution Foreign Funds Control of a defense to any such proceedings; (d) The payment of fees currently due to the government October -L, 1945 of any foreign country, either directly or through an AMENDMENT TO PUBLIC CIRCULAR NO. 2.5 attorney or representative, in connection with any of the transactions authorized by subdivisions (a), (b), Under Executive Order No. 8389, as Amended, Executive Order No. or (c) of this paragraph or for the maintenance of any 9193, as Amended, Sections 3(0) and /(£) of the Trading with blocked foreign patent, trademark, or copyright; and the Enemy Act, as Amended by the First War Powers Act, 1941, (e) The payment of reasonable and customary fees cur- Relating to Foreign Funds Control * rently due to attorneys or representatives in any * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Ex. Order 9193, July 6, 1942, as amended by Ex. Order 9567, June 8, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 1945; Regulations, April 10, 1940, as amended June 14, 1941, and July 6, 1942, as amended by Ex. Order 9567, June 8, 1945; Regulations, Apri 26, 1941. 10, 1940, as amended June 14, 1941, and July 26, 1941. IOI2. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT foreign country incurred in connection with any of the Secretary of the Treasury expressly referring to this the transactions authorized by subdivisions (a), (b), general ruling, the presentation, endorsement, acceptance, (c), or Cd) of this paragraph. collection, payment, transfer, protest of, or any other CO Terms and conditions to which payments are subject. Pay- dealing in or with respect to, any check, draft, bill of exments effected pursuant to the terms of subdivisions Cd) and change, promissory note, transfer order, or other payment CO °f paragraph CO hereof may not be made from any blocked instruction is prohibited, if such instrument, prior to Sepaccount. Such payments shall be subject to the following tember z, 1945, has been within, or there is reasonable cause terms and conditions: to believe that it has been within, Germany, Japan, Italy, Ca) Payments to the government of any country referred to Bulgaria, Rumania or Hungary, or any territory which at in Public Circular No. 15 or to any attorney or repre- any time was occupied or controlled by Germany or Japan, sentative within any such country shall be made in the z. Certain transactions with respect to checks, drafts, etc. authormanner specified in any general license, now outstand- ised. ing or hereafter issued, which authorizes remittance Ca) Notwithstanding the provisions of General Ruling to such country; No. 11, as amended, the return to the sender, except to Cb) Payments to any other government, attorney or repre- any person who is within Germany or Japan or whose sentative shall be made in the manner and under the name appears on The Proclaimed List of Certain Blocked conditions specified in paragraph CO °f General Li- Nationals, of any check, draft, bill of exchange, promiscense No. 33. sory note, transfer order or other payment instruction, C3) Reports by domestic banks effecting remittances. With re- to which paragraph 1 hereof applies, is hereby authorized, spect to payments authorized by subdivisions Cd) and CO o£ provided such instrument is stamped or marked to indicate paragraph CO hereof, reports shall be executed and filed in clearly that payment thereof is prohibited by General the manner and form and under the conditions prescribed in Ruling No. 5A. General License No. 32., provided, however, that in cases Cb) The sending, mailing, exporting, or otherwise where Form TFR-132. is required to be executed item No. 6 taking of any check, draft, bill of exchange, promissory thereof shall be left blank. note, foreign currency, or any security from the United C4) Definition. As used herein the term "blocked foreign States to a blocked country may be effected pursuant to patent, trademark, or copyright" shall mean any patent, the terms and conditions of General Licenses Nos. 49, 50, petty patent, design patent, trademark, or copyright issued 51, 70 and 92. and any other general license hereafter by any foreign country, in which a blocked country or na- issued which expressly licenses any transaction referred tional thereof has an interest, including any patent, petty to in Section 1 of the Order with respect to a specified patent, design patent, trademark, or copyright issued by a blocked country or countries. blocked country, provided that the term "blocked foreign CO Persons departing from the United States for blocked patent, trademark, or copyright" shall not be deemed to in- countries are hereby authorized to carry: clude any patent, petty patent, design patent, trademark, or CO travelers checks and checks drawn on the Treascopyright in which an enemy national, other than the urer of the United States provided such checks are Government of a country referred to in Public Circular No. Z5 issued in the name of the person carrying them; or a person within such country, has an interest. Cii) United States currency in denominations of $2.0 FRED M. VINSON, or less and all foreign currencies. Secretary of the Treasury. FRED M. VINSON, Secretary of the Treasury. Treasury Department Treasury Department Foreign Funds Control Foreign Funds Control October 5, 1945 October 5, 1945 GENERAL RULING NO. 5A, AS AMENDED GENERAL LICENSE NO. 92. Under Executive Order No. 8389, as Amended, Executive Order Under Executive Order No. 8389, as Amended, Executive Order No No. 9193, as Amended, Sections 3(0) and j(b") of the Trading 9193, as Amended, Section j(li) of the Trading ivith the Enemy with the Enemy Act, as Amended by the First War Powers Act, Act, as Amended by the First War Powers Act, 1941, Relating 1941, Relating to Foreign Funds Control* to Foreign Funds Control* 1. Prohibition with respect to certain dealings in checks, drafts, Transactions on behalf of, or involving property of, France etc. Unless authorized by a license or other authorization of and its nationals. * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179: as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. Ex. Order 9193, July 6, 1942, as amended by Ex. Order 9567, June 8, 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, 1945; Regulations, April 10, 1940, as amended June 14, 1941, and July as amended by Ex. Order 9567, June 8,1945; Regulations, April 10, 1940, 26, 1941. as amended June 14, 1941, and July 26, 1941. OCTOBER 1945 1013 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (i) Certain transactions involving France or nationals thereof (2.) Certain other transactions authorized. This general lior relating to French property authorized. A general license is cense also authorizes any transaction which could be effected hereby granted licensing any transaction referred to in Section under General License No. 53 if France were a member of the i of the Order if (i) such transaction is by, on behalf of, or generally licensed trade area, provided that this paragraph pursuant to the direction of France or any national thereof, shall not be deemed to authorize any payment, transfer, or or (ii) such transaction involves property in which France withdrawal, or other dealing, with respect to any property or any national thereof has at any time on or since the ef- which is subject to proviso (b) of paragraph (1) hereof, fective date of the Order had any interest, provided that: unless certification has been made thereunder. (a) Such transaction (i) is not by, on behalf of, or pur- (3) Application of license to nationals of France who are also suant to the direction of any blocked country or any nationals of other blocked countries. The provisions of paragraph national thereof, other than France or any national (1) hereof shall not apply with respect to any national of of France, and (ii) does not involve property in which France who is also a national of any other blocked country, any blocked country or any national thereof, other provided, however, that for the purpose only of this general than France or any national of France, has at any time license the following shall be deemed not to be nationals on or since the effective date of the Order had any of any blocked country other than France: interest; and (a) Any individual residing in France, except any citizen (b) No payment, transfer, or withdrawal, or other dealing or subject of Germany or Japan who at any time on or with respect to since December 7, 1941 has been within the territory (i) any property in which on the date hereof any of of either such country or within any other territory the following has an interest: (A) Any person while it was designated as "enemy territory" under within France; or (B) any partnership, corpora- General Ruling No. 11; tion, association, or other organization which (b) Any partnership, association, corporation, or other is a national of France by reason of the interest organization organized under the laws of France, therein of a person within France; or unless it is a national of Germany, Japan, Bulgaria, (ii) any income from such property accruing on or Hungary or Rumania. after the date hereof (4) Waiver of General Rulings Nos. 3 and iy and Public shall be effected under, or be deemed to be authorized Circular No. 14. The provisions of General Rulings Nos. 3 by, this license unless a designated agent of the Gov- and 17 and Public Circular No. 14 are waived with respect ernment of France has certified in writing that the to any transaction effected under this license. Government of France has determined that no blocked (5) Definition. As used in this general license, the term country or national thereof, other than France or any "France" shall include France and any colony or other ternational of France, has at any time between the ef- ritory subject to the jurisdiction of France. fective date of the Order and the date of the certifica- FRED M. VINSON, tion, had any interest in such property. Secretary of the Treasury. IOI4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Meeting of Federal Advisory Council Illinois The Federal Advisory Council met in Wash- Libertyville—First State Bank of Libertyville ington on September 16-17, 1945. The Council Indiana met with the Board of Governors of the Federal Reserve System on September 17, 1945. Friendship—The Friendship State Bank Discontinuance of Reserve City Kansas Under the provisions of Section 11 of the Fed- Yates Center—The State Exchange Bank eral Reserve Act, the Board of Governors has Missouri terminated the designation of Savannah, Georgia, as a Reserve city, effective October 1, Lincoln—The Farmers Bank of Lincoln 1945. Slater—State Bank of Slater Admissions of State Banks to Membership in the Montana Federal Reserve System Billings—Billings State Bank The following State banks were admitted to membership in the Federal Reserve System dur- Ohio ing the period August 16, 1945 to September 15, Ashley—The Farmers Savings Bank Company 1945, inclusive: Wisconsin California Milwaukee—Wisconsin State Bank of Milwau- Beaumont—Bank of Beaumont kee, Wisconsin OCTOBER 1945 IOI5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled September zj, and released for publication September zg. Figures shown on charts may differ from preliminary figures used in text. Production and employment at factories drop- tries. Cattle slaughter at Federally inspected ped sharply after the middle of August when plants rose sharply in August and the first two most military contracts were canceled. Ac- weeks of September. Output of shoes and newstivity in most other lines was maintained and paper publishing activity also increased in Authe value of retail sales continued above last gust. Output of textiles, most manufactured year's high levels. food products, and other nondurable goods showed little change or declined slightly. INDUSTRIAL PRODUCTION Immediately after Japan's capitulation, ration- . Industrial production declined 11 per cent in ing was ended for gasoline, fuel oil, and canned August, reflecting primarily the sharp curtailfruits and vegetables. Increased supplies of ment of activity in aircraft, shipbuilding and dairy and meat products and tobacco products ordnance plants in the last half of the month, were also made available for civilians. and the Board's seasonally adjusted index was Minerals production declined somewhat in 188 per cent of the 1935-39 average as compared August reflecting chiefly a 4 per cent decrease in with in in July. coal production. In the first part of September The largest part of the decline was in the maoutput of bituminous coal advanced. Crude chinery and transportation equipment induspetroleum output was maintained in August at tries, where activity during the month averaged the record July level, but due to the substantial about zo per cent below July. Output of steel decline in military demand for petroleum prodand of nonferrous metal products likewise deucts, the production rate in the first half of clined with the sudden elimination of almost all September was about 8 per cent below August. military demands. In September steel output Awards for the construction of privatelyincreased with the receipt of orders in large owned factories and commercial buildings convolume from the automobile and other steeltinued to increase sharply in August. Conconsuming industries now rapidly converting to tracts for private residential construction were civilian production. Output of lumber and awarded at about the same rate as in June and stone, clay and glass products declined slightly July, which was about twice the value of awards in August. in the summer of 1944. Production of nondurable goods in August was also below the July level, reflecting prima- DISTRIBUTION rily military contract cancellations affecting out- Department store sales in August were smaller put in the chemicals and rubber products indus- DEPARTMENT STORE SALES AND STOCKS INDUSTRIAL PRODUCTION DOLLAR VOLUME SEASC 1938 1939 1940 1942 1943 1944 1945 * 1937 1938 1939 1940 1941 1942 1943 1944 1945 Federal Reserve indexes. Monthly figures, latest shown are for Federal Reserve index. Monthly figures, latest shown is for August. August. 1016 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS than in July on a seasonally adjusted basis but Adjusted demand and time deposits of weekly about 6 per cent larger than in August last year. reporting banks increased by 1.8 billion dollars In the first half of August sales were about zo during the five weeks ended September 19, while per cent larger than a year ago. In the last half war loan balances at these same banks declined of the month and the early part of September, by 3.4 billion. Thus, as in other periods befollowing Japan's surrender, sales slackened and tween Treasury financing drives, Treasury exwere little changed from last year's level. Sales penditures tended to increase deposits of business in the two weeks ending September 2.2., however, and individuals at small banks more than at rose sharply and were 11 per cent larger than in large ones. the corresponding period a year ago. The currency outflow continued and totaled Railroad shipments of revenue freight in the 415 million dollars during the five-week period, last two weeks of August and the early part of but it was somewhat below the outflow of last September were in almost as large a volume as year for the comparable period. Time deposit in the period prior to the week of Japanese sur- expansion continued as rapidly as in recent render and only 7 per cent smaller than during months. the same period last year. In the middle of Loans for purchasing and carrying Govern- September shipments of most classes of freight ment securities at reporting banks were further were as large or larger than a year ago; loadings, liquidated during the five weeks by 470 million however, of miscellaneous manufactured prod- dollars and, in addition, reporting banks reduced ucts which include munitions were at a reduced holdings of U. S. Government securities by 1.3 level. billion dollars to meet the increase in reserve requirements and net deposit declines. Smaller COMMODITY PRICES banks appear to have been purchasing Govern- Prices of agricultural commodities declined ment securities during the period. from the early part of August to the early part of Reserve funds during the five-week period September but since that time have increased were supplied by an increase of 1.1 billion dolsomewhat. lars in Reserve Bank holdings of Government Maximum prices of petroleum products have securities and by a small increase in member been reduced somewhat since the early part of banks borrowings from the Reserve Banks. August, owing to lower transportation charges, This increase met the currency outflow and inwhile maximum prices of cotton goods, building creased average reserve balances by close to 550 materials, and various other industrial commodimillion dollars; this was about as much as the ties have been increased. increase in required reserves, and excess reserves AGRICULTURE remained near one billion dollars. Crop prospects continued to improve during WHOLESALE PRICES August and total production is expected to equal 40 the record harvests of 1942. and 1944. Cotton L production, however, is forecast at only 10 mil- FARM PRODUCTS^ lion bales, which is about 2. million smaller than 20 1 last year's crop and the average for the past 10 » /< ALL C0MM05IT1ES ******* years. Total carry-over of raw cotton in this 100 country on August 1 was about 11 million bales, slightly more than in the two previous seasons. J BANK CREDIT In the first month of peace, Federal Government expenditures though reduced were still 40 well in excess of receipts, and war loan balances at commercial banks were accordingly reduced. Bureau of Labor Statistics' indexes. Weekly figures, latest shown are for week ending Sept. 22. OCTOBER 1945 1017 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES Member bank reserves. Reserve Bank credit, and related items ion Federal Reserve Bank discount rates; rates on industrial loans; guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements 102.2.-102.3 Federal Reserve Bank statistics ... .... 1013-1017 Guaranteed war production loans 1017 Deposits and reserves of member banks. . 1017-10x8 Money in circulation 1019-1030 Gold stock; bank debits and deposit turnover 1030 Deposits and currency; Postal Savings System; bank suspensions ... 1031 All banks in the United States, by classes 1031-1033 All insured commercial banks in the United States, by classes 1034-1035 Weekly reporting member banks 1036-1039 Commercial paper, bankers' acceptances, and brokers' balances ... 1040 Money rates and bond yields . . 1041 Security prices and new issues .... 1041-1043 Corporate earnings and dividends. . 1044 Treasury finance 1045-1047 Government corporations and credit agencies. . 1048 Business indexes . . 1049-1058 Department store statistics. . 1059-1061 Consumer credit statistics. . 1061-1063 Wholesale prices 1064 September crop report, by Federal Reserve districts 1065 Current statistics for Federal Reserve chart book 1066-1067 All member banks—Assets and liabilities on June 30, 1945, by classes of banks . .... 1068 Assets and liabilities of insured commercial banks in United States and possessions, June 30,1945, and Dec. 31,1944 and June 30,1944. 1069 Tables OD the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System arc derived from regular reports made to the Board; index numbers of production arc compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity arc obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive tcxt may be obtained from the Board's publication, Banking and Motutsry Statistics; back y figures for most other tables may be obtained from earlier BULLETINS. OCTOBER 1945 1019 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEONESOAY FIGURES BILLIONS OF DOLLARS 30 30 25" MONEY IN -# CIRCULATION/ I / ,^A/\\/v^^^ 1938 1939 1940 1941 1942 1943 1944 1945 Wednesday figures, latest shown are for Sept. 26. See p. 1021. IOXO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [ In millions of dollars ] Reserve Bank credit outstanding Member bank reserve U. S s ^ e jG cu o r v it e i r e n s ment ury Money Treas- u T p ry o re s d a it e s s - - Non- O F e t e r h d a e - l r balances Date c va o D a a n u n i d c s d n - - e t s s Total b r a u e i n l r a d l y s s- o A th l e l r o A th l e l r1 Total s G to o c l k d s r t c e o a i u n n u n r c g t d - y - - in c t u i c o la i n r - - c i h u n a o r g s l y h s d- F B e w s d R a e i e n r t e v h r k - a e s l b p m e o r e s m d it e - s - c s o e R a u r c v e n - - e ts Total j Excess2 ertificates Monthly averages of daily figures: 1944—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 Aug 71 15,367 2,963 2,404 361 15,800 20,975 4,111 22,988 2,359 385 1,780 370 13,004 1,006 1945—June 590 21,271 8,488 2,783 457 22,318 20,263 4,145 26,561 2,302 368 1,631 449 15,415 1,339 July 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 Aug 388 22,052 19,230 2,822 431 22,871 20,116 4,202 27,392 2,257 549 1,554 457 14,978 1,084 End of month figures: 1944—June 30 13 14,901 12,254 2,647 358 15,272 21,173 4,104 22,504 2,296 650 1,870 364 12,866 1,380 July 31 37 14,915 12,447 2,468 374 15,325 20,996 4,109 22,699 2,346 388 1,779 363 12,855 975 Aug. 31 95 15,806 13,456 2,350 299 16,201 20,926 4,114 23,292 2,374 381 1,753 369 13,072 801 1945—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 1,037 Aug. 31 362 22,530 19,653 2,877 315 23,207 20,088 4,217 27,685 2,230 552 1,577 457 15,011 920 Wednesday figures: Nov. 1 359 17,605 15,259 2,346 301 18,265 20,727 4,115 24,409 2,372 216 1,633 393 14,083 894 Nov. 8 401 17,957 15,605 2,352 296 18,655 20,726 4,115 24,674 2,313 314 1,640 395 14,159 869 Nov. 15 357 17,941 15,586 2,355 509 18,807 20,694 4,114 24,717 2,338 119 1,488 395 14,557 1,055 Nov. 22 473 18,411 16,054 2,357 457 19,341 20,693 4,117 24,881 2,339 251 1,567 395 14,719 998 Nov. 29 593 18,553 16,196 2,357 374 19,520 20,688 4,120 24,997 2,334 292 1,549 395 14,761 1,151 Dec. 6 383 18,311 15,522 2,789 435 19,130 20,668 4,122 25,107 2,337 258 1,636 397 14,184 1,260 Dec. 13 176 18,577 15,783 2,794 558 19,311 20,667 4,123 25,163 2,348 503 1,597 397 14,092 1,184 Dec. 20 218 19,009 16,208 2,801 886 20,113 20,646 4,127 25,280 2,369 1,250 1,621 408 13,958 1,155 Dec. 27 153 19,064 16,253 2,812 604 19,821 20,639 4,131 25,335 2,377 901 1,601 409 13,969 1,260 1945—Jan. 3. . 30 18,734 15,927 2,808 706 19,470 20,619 4,130 25,326 2,368 592 1,609 402 13,921 1,158 Jan. 10... . 130 18,907 16,120 2,787 449 19,486 20,593 4,130 25,257 2,372 528 1,590 405 14,057 1,197 Jan. 17. . 129 18,651 15,880 2,771 529 19,310 20,572 4,129 25,209 2,370 334 1,538 404 14,156 1,161 Jan. 24.. 141 18,620 15,880 2,739 459 19,220 20,571 4,129 25,175 2,380 479 1,397 404 14,085 1,049 Jan. 31 176 19,006 16,272 2,734 370 19,552 20,550 4,127 25,290 2,371 648 1,634 402 13,884 869 Feb. 7.... 200 19,062 16,340 2,722 442 19,703 20,548 4,126 25,411 2,372 593 1,643 409 13,950 922 Feb. 14... 230 19,181 16,465 2,716 506 19,918 20,507 4,124 25,533 2,389 547 1,649 409 14,022 975 Feb. 21... 294 19,231 16,534 2,698 478 20,003 20,506 4,124 25,652 2,384 517 1,672 410 13,999 851 Feb. 28... 321 19,439 16,748 2,692 398 20,158 20,506 4,122 25,751 2,355 460 1,581 410 14,228 965 Mar. 7... 304 19,350 17,152 2,198 495 20,150 20,454 4,121 25,864 2,365 288 1,586 415 14,208 899 Mar. 14... 255 19,576 17,378 2,198 465 20,296 20,453 4,120 25,881 2,364 263 1,485 417 14,459 1,013 Mar. 21.... 192 19,493 17,294 2,198 488 20,173 20,451 4,120 25,836 2,360 96 1,447 427 14,579 1,067 Mar. 28.. 218 19,516 17,326 2,190 341 20,074 20,419 4,118 25,834 2,356 310 1,377 429 14,305 852 Apr. 4.. 220 19,580 17,414 2,167 455 20,255 20,418 4,117 25,865 2,379 335 1,420 438 14,353 934 Apr. 11.... 323 20,091 17,975 2,116 349 20,763 20,417 4,118 25,939 2,364 409 1,553 439 14,593 946 Apr. 18.. . 341 20,153 18,037 2,116 478 20,973 20,396 4,117 26,068 2,374 430 1,594 437 14,582 806 Apr. 25.. 508 20,444 1.8,331 2,113 358 21,310 20,374 4,120 26,074 2,371 651 1,563 437 14,708 835 May 2 .. . 569 20,479 18,374 2,104 358 21,406 20,374 4,130 26,204 2,382 423 1,571 438 14,892 927 May 9.... 552 20,720 18,617 2,103 318 21,589 20,352 4,132 26,312 2,384 447 1,463 439 15,029 961 May 16.... 487 20,668 18,555 2,113 432 21,587 20,351 4,137 26,372 2,376 102 1,541 438 15,246 1,045 May 23.... 724 20,929 18,809 2,120 327 21,980 20,271 4,142 26,399 2,319 526 1,592 440 15,117 866 May 30.... 886 21,023 18,891 2,132 349 22,258 20,270 4,141 26,500 2,315 426 1,619 439 15,371 1,113 June 6.... 912 20,896 18,126 2,771 398 22,207 20,268 4,145 26,513 2,314 352 1,546 443 15,452 1,098 June 13... 852 21,103 18,323 2,780 392 22,347 20,268 4,146 26,533 2,292 170 1,550 444 15,771 1,237 June 20 307 21,507 18.710 2,797 473 22,287 20,265 4,145 26,536 2,297 347 1,710 452 15,354 1,454 June 27.. 203 21,693 18,896 2,797 315 22,211 20,263 4,144 26,628 2,314 687 1,774 454 14,760 1,362 July 3... 39 21,745 18,948 2,798 .464 22,249 20,213 4,145 26,834 2,285 667 1,647 450 14,722 1,408 July 11... 73 21,544 18,747 2,798 411 22,028 20,214 4,145 26,932 2,230 585 1,617 453 14,570 1,136 July 18... 126 21,613 18,816 2,798 430 22,170 20,213 4,144 26,901 2,274 690 1,553 450 14,660 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 2,811 288 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 1,018 Aug. 29.... 442 22,358 19,516 2,841 263 23,063 20,088 4,215 27,600 2,262 397 1,577 458 15,070 986 Sept. 5... 377 22,435 19,670 2,765 380 23,192 20,088 4,216 27,750 2,269 304 1,529 463 15,180 966 Sept. 12 457 22,808 20,014 2,795 412 23,677 20,096 4,216 27,793 2,267 598 1,538 465 15,329 964 Sept. 19... 301 22,965 20,116 2,850 441 23,707 20,095 4,222 27,777 2,268 428 1,525 475 15,552 pl,02Q Sept. 26 422 23,186 20,306 2,880 285 23,892 20,093 4,222 27,729 2,263 961 1,506 475 15,274 ^860 p Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 2 End of month and Wednesday figures are estimates. Back figures—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publicati OCTOBER 1945 IOXI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect September 30. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks 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 Boston Oct. 27, 1942 Sept. 1, 1939 Oct. 27, 1942 1 Sept. 1, 1939 2 Oct. 27, 1942 New York Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 1 Aug. 25, 1939 2K Oct. 30, 1942 Philadelphia. .. Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 1 Mar. 21, 1942 2 Oct. 17, 1942 Cleveland Oct. 27, 1942 Apr. 11, 1942 Sept. 12, 1942 1 Apr. 11, 1942 2 Oct. 27, 1942 Richmond Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 1 Mar. 14, 1942 2K Oct. 28, 1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 Oct. 15, 1942 1 Sept.16, 1939 2 Oct. 15, 1942 Chicago Oct. 17, 1942 Feb. 28, 1942 Aug. 29, 1942 1 Sept. 1, 1939 2 Oct. 17, 1942 St. Louis Oct. 27, 1942 Mar. 14, 1942 Mar. 14, 1942 1 Sept.16, 1939 2 Oct. 27, 1942 Minneapolis Oct. 30, 1942 Mar. 28, 1942 K Oct. 30, 1942 1 Mar. 28, 1942 2K Oct. 30, 1942 Kansas City ... Oct. 27, 1942 Apr. 11, 1942 IK Oct. 27, 1942 1 Sept.16, 1939 2 Oct. 27, 1942 Dallas .. .. Oct. 17, 1942 Mar. 21, 1942 IK Oct. 17, 1942 1 Sept.16, 1939 2 Oct. 17, 1942 San Francisco. Oct. 28, 1942 Apr. 4, 1942 IK Oct. 28, 1942 1 Apr. 4, 1942 2K Oct. 28, 1942 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners'Loan Corporation guaranteed as to principal and interest by the UnitedStates, or by obligations of Federal interrity for advances to individuals, pari paragraph of Section 13 is 90 days. Rack figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS [Per cent per annum] AND C O O F M TH M E I T F M E E D N E T R S A L U N R D ES E E R R V SE E C A T C IO T N 1 13b Maturities not exceeding five years Maturity R Se a p te t . o 3 n 0 In g i e n f n fe in c g t — be- Pre r v at i e ous [In effect September 30. Per cent per annum] Treasury bills1 5 8 Apr. 30, 1942 To industrial or Bankers' acceptances:2 commercial To financing institutions 1- 90 days Oct. 20, 1933 1 businesses 91-120 days. Oct. 20, 1933 1 121-180 days Oct. 20, 1933 1XA On discounts or Federal Reserve purchases l Established rate at which Federal Reserve Banks stand ready to buy Bank a i u f 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 t i b h l e l e s f o o s r e f e f l e l m e re r, d a t . w ur 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 u se c g l o . l n 3 b d , a it c 1 i k o 9 4 n 2 b , i t l h p ls a u t r c o h t f h a e s l e ik s R e e o s a f e m r s v o u e u c h n B t b a a i n l n k l d s , , lo O an n s" co m m O e m n n t i s t- fo P r o w rt h io ic n h Re- m O i n tm c e o n m ts maturity at the same rate of discount. Since May 15, 1943, all purchases institu- maining have been made subject to repurchase option. tion is portion 2Minimum buying rates on prime bankers' acceptances. obligated Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. Boston 2^-5 8 N Ph e i w la d Y e o lp rk hia 2^-5 V~\Y (3) l 4)) Cleveland 23^-5 &1X 32 Richmond YrX G M UA IT R M AN E T N E T E R F A E T E E S S A C N H D A R M G A E X A I B M L U E M U N IN D T E E R R E R S E T G A U N L D A T C IO O N M- A Ch tl i a c n ag ta o 2 2 ^ ^ - - 5 5 Y YL r , V -\ % X lils 23^-5 61A-iX V ON LOANS GUARANTEED BY WAR DEPARTMENT, St. Louis 234-5 YrlxA l-UA NAVY DEPARTMENT, AND MARITIME COMMIS- Minneapolis 234-5 Yr-\\i SION A N U D N D C E O R N T E R X A E C O C T F U T S 1 I E 9 V 4 T E 4 T L O E R M DE E R N T N A O C . T 9112 D S K a a a n l n l s a F a s r s a n C c it i y sco... 2 2 Y 14 2- - 5 5 I Y T & - ~ ^ \ A -X [Rates in effect September 30] 1 See table on maximum interest and commitment rates chargeable FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS under Regulation V for rates on guaranteed Section 13b loans. 2 Including loans made in participation with financing institutions. Guarantee fee 3 Rate charged borrower less commitment rate. (In terms of per- 4 Rate charged borrower. Percentage of loan guaranteed centage of amount 5 May charge rate charged borrower by financing institution, if lower. of interest payable 6 Charge of XA Per cent is made on undisbursed portion of loan. by borrower)1 Back figures.—See Banking and Monetary Statistics,Table 118, pp. 446-447. MAXIMUM RATES ON TIME DEPOSITS 80 or less 10 85 15 Maximum rates that may be paid by member banks as established by 90 20 the Board of Governors under provisions of Regulation Q 95 30 [Per cent per annum ] Over 95 50 Nov. 1,1933- Feb. 1,1935- Effective Jan.31,1935 Dec. 31,1935 Jan. 1,1936 MAXIMUM RATES THAT MAY BE CHARGED BORROWERS BY FIN [P A e N r C c I e N n G t p I e N r S T an IT n U u T m I O ] NS P Sa o v s i t n al g s s a d v e i p n o g s s i t d s eposits... 2 2 H y2 2 2 Y Y 2 2 Other deposits payable: In 6 months or more Maximum rate of interest 4K In 90 days to 6 months. Maximum commitment rate... 2% In less than 90 days IO2.2. 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, Effec- Period in effect C re e s n e t r r v a e l Reserve Country d m e e ( p a m o ll s b i e t r s Prescribed E i x n c h a a c n c g o e r d A an c c t e o w f i 1 th 9 34 Securities F 1 e 1 9 9 b 3 4 . 7 5 4 - , J 1 u 1 9 l 9 4 y 4 5 5 4 - , Ju t 1 i l 9 y v 4 e 5 5 , city city banks banks) Regulation T: banks banks For extensions of credit by brokers and June 21, 1917-Aug. 15, 1936 13 10 7 3 dealers on listed securities 40 50 Aug. 16, 1936-Feb. 28, 1937 15 103^ For short sales.. 50 50 Mar. I, 1937-Apr. 30, 1937. 225/ \2l/i 5l4 Regulation U: May 1, 1937-Apr. 15, 1938 26 20 2 14 6 For loans by banks on stocks 40 50 Apr. 16, 1938-Oct. 31, 1941 22% 173^ 12 5 Nov. 1, 1941-Aug. 19, 1942 26 20 14 6 Aug. 20, 1942-Sept.l3, 1942 24 20 14 6 Sept 14, 1942-Oct. 2, 1942 22 20 14 6 Oct. 3, 1942 and after 20 20 14 6 lcqunciiicuus suunu in u.iis iauie are UJC < value (100%) and the maximum loan value. ^Demand deposits subject to reserve requirements, i.e., demand de- Back figures.—See Banking and Monetary Statistics, Table 145, p. 504. posits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS ___ fin thousands of dollars] Wednesday figures End of month Item 1945 Sept. 26 Sept. 19 Sept. 12 Sept. 5 Aug. 29 Aug. 22 Aug. 15 Aug Sept. Aug. Sept. Assets G Re o d ld e m ce p r t t i i o fi n c a f t u e n s d for F.R.notes 17,1 7 9 2 5 4 , , 0 0 6 3 5 3 17, 7 2 1 06 4 , , 8 6 1 1 5 7 17, 7 22 0 0 0 , , 8 6 1 1 5 7 17,2 6 3 8 7 1 , , 8 9 1 7 ; 8 17,2 6 3 8 9 7 , , 3 0 1 9 5 7 17,245,31517, 6 2 7 9 6 2 , , 6 3 0 1 1 517,3 6 1 6 1 7 , , 1 8 1 0 0 2 17, 7 1 2 70 7 , , 5 2 6 9 4 0 8,810 18, 4 1 7 6 8 8 , , 9 5 2 6 5 6 Total gold certificate reserves 17,919,09817,92,1,43217,921,43217,919,79317,926,41217,928,82717,968,916 17,978,912 17,897,85417,926,12418,647,491 Other cash 235,608 221,599 213,412 208,800 220,293 210,377 215,219 212,503 252,8 221,255 267,054 Discounts and advances: For member banks 410,946 290,397 446,524 365,799 431,519 388,634 311,534 352,464 323,996 351,574 49,260 For nonmember banks, etc 10,70C 10,700 10,700 10,720 10,720 10,700 700 700 10,400 10,720 95 Total discounts and advances 301,09' 376,519 442,239 399,334 312,234 353,164 362,294 49,355 Industrial loans 2,772 3,006 3,247 3,131 3,154 3,063 3,154 9,027 Acceptances purchased 46 163 U. S. Government securities: Direct: Bills: Under repurchase option 4,905,573 4,934,404 5,044,363 4,942,934 4,997,741 5,103,518 4,875,257 4,927,940 4,859,101 5,094,632 4,828,734 Other 8,307,583 8,249,6 8,227,693 8,158,923 8,133,898 8,085,268 8,062,178 8,050,632 8,374,430 8,158,923 5,954,245 Certificates: Special Other 7,092,961 6,931,861 6,741,561 6,568,561 6,384,511 6,277,511 6,120,511 6,120,511 7,184,161 6,399,511 3,559,490 Notes 1,902,150 1,872,150 1,817,150 1,787.45C 1,726,950 1,714,950 1,697,950 1,697,950 1,933,150 1,762,450 1,064,871 Bonds 977,392 977,392 977,392 977,392 1,114,442 1,114,442 1,112,642 1,112,642 977,392 1,114,442 1,243,426 Guaranteed , 2,500 Total U. S. Government securities, including guaranteed securities 23,185,65922,965,49022,808,159 2,435,26022,357,54222,295,i ,868,53821,909,67523,328,234 22,55:29,95816,653,266 Other Reserve Bank credit outstanding 281,954 437,791 408,772 376,800 259,761 443,534 598,128 339,468 416,611 311,541 401,469 Total Reserve Bank credit outstanding. 23,892,24023,707,15023,677,00823,191,58:23,062,52923,141,80422,782,077 22,605,62424,082,304 23,206,94717,113,117 Liabilities Federal Reserve notes. 23,930,07623,976,37423,984,35923,939,05123,805,18;23,694,18123,555,115 23,473,10724,003,07823,864,496 20,215,364 Deposits: Member bank—reserve account 15,273,57415,552,21315,328,740 15,180,32615,070,36114,991,665 15,003,78314,832,650 15,520,40515,010,53413,548,132 U. S. Treasurer—general account 961,21 427,524 597,681 304,350 397,477 671,257 398,195 537,715 854,249 551,611 348,667 Foreign 1,050,710 1,084,49' 1,114,520 1,135,118 1,167,951 1,170,239 1,091,531 1,148,287 1,037,910 1,149,166 1,254,479 Other deposits 455,681 440,784 423,377 393,715 409,521 387,213 551,645 439,282 448,783 427,999 357,076 Total deposits... 17,741,18017,505,01817,464,31817,013,50917,045,31017,220,374 17,045,154 16,957,93417,861,34717,139,310 15,508,354 Ratio of gold certificate reserve: to deposit and F.R. note liabilities combined (per cent). 43.0 43.2 43.2 43.8 44.5 42.8 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] September 26, 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 t y o s 60 61 d a to y s 90 9 m 1 t o o d n a 6 t y h s s 6 1 m t y o o e n a t r hs 2 1 y y t e o e a a r r s 5 2 y y to e e a a r r s s 5 O y v e e a r rs Discounts and advances. 421,646 370,042 7,900 14,025 29,679 Industrial loans 2,981 2,302 4 4 191 258 32 92 r. S. Government securities... 23,185,659 3,744,045 2,097,285 4,282,816 4,382,960 2,576,171 4,573,590 273,800 507,652 747,340 OCTOBER 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 e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificates: Aug. 29 17,239,315 744,200 5,180,308 802,5441,094,812 796,049 950,709 3;, 370,665531,988 301,242 564,316 441,5712,460,911 Sept. 5 17,237,815 740,819 5,242,379 805,4731,108,526 824,635 937,040 3;, 289,651525,104 309,143 553,655 451,699 2,449,691 Sept. 12 17,220,815 755,835 5,157,325 823,409 ,117,047 818,594 935,676 31,,334,874 528,576 306,670 559,960 443,9712,439,120 Sept. 19 17,206,815 759,643 5,349,578 786,7771,132,910 793,3.53 893,2153;,234,092 515,995 312,643 567,287 445,430 2;,415,892 Sept. 26 17,195,065 758,099 5,308,277 814,8801,137,218 791,719 896,144 3!, 292,947 518,616 304,675 557,672 449,9052,364,913 Redemption fund for F. R. notes: Aug. 29 687,097 45,474 94,083 55,746 72,744 58,616 40,818 108,837 43,459 18,060 33,672 24,607 90,981 Sept. 5 681,978 45,324 93,594 55,570 72,596 59,988 40,623 108,743 43,391 18,028 33,609 24,571 85,941 Sept. 12 700,617 50,321 98,497 55,567 72,594 59,972 40,504 115,657 43,390 18,027 33,608 26,542 85,938 Sept. 19 714,617 50,321 98,497 55,567 72,594 61,972 42,504 115,657 43,390 18,027 33,608 26,542 95,938 Sept. 26 724,033 60,207 98,056 55,367 72,418 61,139 42,360 115,491 43,340 19,762 33,568 26,502 95,823 Total gold certificate reserves: Aug. 29 17,926,412 789,674 5,274,391 858,2901,167,556 854,665 991,527 3:, 479,502575,447 319,302 597,988 466,1782,551,892 Sept. 5 17,919,793 786,143 5,335,973 861,0431,181,122 884,623 977,663 3:, 398,394568,495 327,171 587,264 476,2"7"0 2,;535,632 Sept. 12 17,921,432 806,156 5,255,822 878,9761,189,641 878,566 976,180 31,,450,531 571,966 324,455 593,568 470,5132,525,058 Sept. 19 17,921,432 809,964 5,448,075 842,3441,205,504 855,325 935,719 3,349,749 559,385 330,670 600,895 471,972 2,511,830 Sept. 26 17,919,098 818,306 5,406,333 870,2471,209,636 852,858 938,504 3,!408,438 561,956 324,437 591,240 476,4072,460,736 Other cash: Aug. 29 220,293 18,579 50,312 16,146 18,560 13,741 17,300 23,664 10,704 5,389 11,533 9,954 24,411 Sept. 5 208,800 16,803 48,231 14,875 18,367 12,271 16,208 22,525 9,909 5,117 11,565 9,769 23,160 Sept. 12 213,412 17,363 48,210 15,721 16,481 13,470 17,689 22,746 10,350 5,473 12,073 9,349 24,487 Sept. 19 221,599 17,712 48,030 16,530 19,016 13,125 17,101 23,108 11,538 5,608 12,294 8,977 28,560 Sept. 26 235,608 20,161 47,966 16,465 17,643 14,225 20,233 27,417 12,034 6,641 13,084 8,943 30,796 Discounts & advances: Secured by U. S. Govt. securities: Aug. 29 432,239 13,950 217,465 16,185 27,180 8,827 7,600 96,350 13,570 5,080 20,300 200 5,532 Sept. 5 366,519 18,225 151,590 7,115 37,605 11,602 4,100 88,250 20,220 7,580 14,400 200 5,632 Sept. 12....... 447,224 10,365 228,890 5,960 37,505 11,822 8,700 97,750 24,400 1,000 12,100 200 8,432 Sept. 19 291,097 18,250 64,350 9,280 17,505 13,475 10,100 97,200 30,250 7,200 17,975 200 5,312 Sept. 26 411,646 27,600 161,175 13,055 29,305 19,375 10,000 82,079 25,150 15,400 21,525 200 6,782 Other: Aug. 29 10,000 10,000 Sept. 5 10,000 670 3,620 870 420 350 1,300 300 230 300 300 760 Sept. 12 10,000 670 3,620 870 420 350 1,300 300 230 300 300 760 Sept. 19 10,000 670 3,620 870 420 350 1,300 300 230 300 300 760 Sept. 26 10,000 670 3,620 880 870 420 350 1,300 300 230 300 300 760 Industrial loans: Aug. 29 2,987 123 2,236 75 238 1 300 Sept. 5 3,006 123 2,316 75 227 15 250 Sept. 12 2,853 123 2,197 75 193 15 250 Sept. 19 2,772 123 2,169 74 141 15 250 Sept. 26 2,981 121 2,382 72 141 1: 250 U. S. Govt. securities: Bills: Under repurchase option: Aug. 29 4,997,741 126,104 3,075,836 220,471 86,290 59,112 7,300 853,854 124,051 73,585 46,628 32,930 291,580 Sept. 5 4,942,934 133,679 2,988,038 208,636 92,770 68,438 17,300 887,174 118,740 43,675 47,403 32,236 304,845 Sept. 12 5,044,363 132,499 3,171,038 216,491 99,940 53,983 15,600 838,029 108,368 52,345 56,269 31,156 268,645 Sept. 19 4,934,404 99,073 2,920,757 230,261 108,500 76,816 31,700 907,809 130,972 59,235 66,529 26,492 276,260 Sept. 26 4,905,573 109,119 2,880,418 240,097 119,210 65,234 34,500 919,704 126,516 71,800 63,694 35,181 240,100 Other bills: Aug. 29 8,133,898 678,175 657,095 ,211,169 835,464 629,712 1,125,276 434,266 270,237 600,618 442,043 ,249,843 Sept. 5 8,158,923 652,711 650,880 ,159,990 837,545 631,4041,188,727 442,206 279,267 602,126 445,340 ,268,727 Sept. 12 8,227,693 647,899 650,447 ,171,426 843,263 636,0541,187,990 455,439 290,076 588,358 445,612 ,311,129 Sept. 19 8,249,683 665,641 153,583 652,883 ,103,400 835,066 637,5411,189,355 423,683 287,030 558,099 429,367 ,314,035 Sept. 26 8,307,583 644,433 169,656 632,525 ,136,685 841,351 641,4561,235,392 426,861 256,790 559,325 418,360 ,344,749 Certificates: Aug. 29 6,384,511 449,152 ,584,327 483,272 610,671 401,167 341,004 829,467 321,801 170,428 295,436 274,575 623,211 Sept. 5 6,568,561 462,265 ,629,499 497,317 628,693 412,751 350,675 853,052 330,829 175,496 304,148 282,461 641,375 Sept. 12 6,741,561 474,753 ,671,482 510,628 646,036 423,654 359,611 874,908 339,076 180,405 312,521 289,848 658,639 Sept. 19 6,931,861 488,525 ,717,553 525,296 665,205 435,649 369,402 898,884 348,093 185,841 321,775 297,968 677,670 Sept. 26 7,092,961 500,162 ,756,624 537,700 681,374 445,803 377,716 919,220 355,765 190,420 329,580 304,842 693,755 Notes: Aug. 29 1,726,950 121,491 428,546 130,720 165,181 108,513 92,240 224,362 87,043 46,099 79,913 74,269 168,573 Sept. 5 1,787,450 125,794 443,424 135,331 171,082 112,318 95,427 232,134 90,025 47,755 82,764 76,864 174,532 Sept. 12 1,817,150 127,967 450,539 137,638 174,136 114,193 96,930 235,828 91,395 48,627 84,238 78,127 177,532 Sept. 19 1,872,150 131,940 463,876 141,872 179,657 117,661 99,769 242,769 94,014 50,190 86,903 80,474 183,025 Sept. 26 1,902,150 134,130 471,081 144,196 182,726 119,554 101,293 246,513 95,406 51,065 88,385 81,753 186,048 Bonds: Aug. 29 1,114,442 78,401 276,551 84,356 106,595 70,026 59,525 144,786 56,171 29,749 51,570 47,928 108.784 Sept. 5 977,392 68,785 242,468 74,000 93,549 61,416 52,180 126,933 49,226 26,113 45,256 42,030 95,436 Sept. 12 977,392 68,830 242,332 74,032 93,662 61,421 52,136 126,845 49,159 26,155 45,309 42,022 95,489 Sept. 19 977,392 68,882 242,175 74,067 93,793 61,427 52,086 126,742 49,082 26,203 45,370 42,013 95,552 Sept. 26 977,392 68,921 242,058 74,093 93,891 61,431 52,048 126,667 49,023 26,239 45,416 42,007 95,598 Total U.S. Govt. securities: Aug. 29 22,357,542 ,453,323 5,365,260 1,575,9142,179,906 1,474,2821,129,7813,177,7451,023,332 590,0981,074,165 871,745 ,441,991 Sept. 5 22,435,260 ,443,234 5,303,429 1,566,164 "2,146,084 1:,492,4681,146,986",288,0201,031,026 572,306 1,081,697 878,931 ,484,915 Sept. 12 22,808,159 ,451,948 5,535,3911,589,2362,185,2001,496,5141,160,3313,263,600 ,043,437 597,6081,086,695 886,765 ,511,434 Sept. 19 22,965,490 ,454,061 5,497,9441,624,3792,150,555 ,526,6191,190,4983,365,5591,045,844 608,4991,078,676 876,314 ,546,542 Sept. 26 23,185,659 ,456,765 5,519,8371,628,6112,213,8861,533,3731,207,0133,447,4961,053,571 596,3141,086,400 882,143 ,560,250 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Total loans and sec: Aug. 29 22,802,768 1,467,39 5,592,72 1,594,33 2,207,08 1,483,1841,137,3813,274,3331,036,90 595,17 1,094,480 871.9452,447,823 Sept. 5. 22,814,785 1,462,25 5,458,63 1,576,47 2,184,55 1,504,5651,151,4363,377,79 1,051,546 580,11 1,096,412 ' 879.43 2,491,557 Sept. 12 23,268,236 1,463,10 5,767,90 1,598,2732,223,57 1,508,8311,169,3813,362,84 1,068,13 598,93 1,099,110 887,2652,520,876 Sept. 19 23,269,359 1,473,10 5,565,91 1,636,70 2,168,93 1,540,5881,200,9483,464,2001,076,394 615,92 1,096,966 876,8142,552,864 Sept. 26 23,610,286 1,485,15 5,684,63 1,644,92 2,244,06 1,553,2401,217,3633,531,0161,079,02 611,9441,108,240 882,6432,568,042 Due from foreign banks: Aug. 29 110 H 1 1 5 4 14 3 8 Sept. 5. 110 14. 1 5 : Sept. 12 110 4 1 1 5 4 1^ 0 Sept. 19 110 1 10 5 4 14 88 Sept. 26 110 4 1 1 5 4 14 8 Federal Reserve notes of other banks: Aug. 29 98,574 5,50 18,81 6,66 4,57 5,259 7,658 9,222 6,418 1,154 6,45 4,250 19,595 Sept 5 95,883 6,32 16,30 6,87 4,493 5,956 8,298 9,22 6,902 1,376 4,614 3,763 18,745 Sept. 12 101,709 6,39 18,72 6,993 4,159 6,720 9,416 10,560 7,796 3,615 5,250 3,847 18,242 Sept. 19 105,513 6,81 19,88 4,62 5,074 7,522 9,183 11,31" 7,113 1,528 6,514 3,347 19,592 Sept. 26 99,309 3,95 15,23 4,750 5,32 7,019 8,504 12,31 8,54 1,920 7,24^ 3,376 18,122 Uncollected items: Aug. 29 1,658,419 110 62 356,06 102,849 166,59 122,831 96,854 262 7153 40 ?Q 93,70 7C017 164,609 Sept. 5. 1,686[588 115[46 35l[7O 97[388 143[279 151[682 100[890 261[618 76',599 43 [205 11O[57 63[629 165,557 Sept 12 2,000,602 140,47 403,15 120,73 178,77 164,445 127,758 322,566 96,940 58,075 114,38 72,102 201,203 Sept. 19 2,274,473 149,87 431,23 118,38 235,00 175,408 150,674 417,82 94,060 53,899 122,963 85,653 239,501 Sept 26 1,799,525 152,19 345,94 102,16 165,689 149,922 105,627 267,428 75,136 46,52 93,669 74,422 220,801 JjcLIlK A . u p g i . c i 2 ni 9 o^o. 33,908 1,57 8,76 3,36 4,02 2,798 1,582 3,128 2,078 1,23 2,620 853 1,888 Sept 5 33,877 1,57 8,74 3,36 4,02 2,798 1,583 3,129 2,07 1,23 2,614 846 1,887 Sept 12 33,876 1,57 8,74 3,36 4,02 2,798 1,582 3,129 2,076 1,235 2,614 846 1,888 Sept 19 33,880 1,57 8,74 3,36 4,02 2,798 1,583 3,129 2,07 1,23 2,614 846 1,888 Sept. 26 33,837 1,57 8,74 3,349 4,01 2,790 1,579 3,124 2,078 1,23 2,614 846 1,882 Other assets: Aug. 29 66,734 4,71 15,32 4,894 6,53 4,047 3,813 8,780 3,836 1,778 3,079 2,966 6,968 S S S S e e e e p p p pt t t t . . . 2 1 1 6 5 2 9 5 6 6 5 3 7 5 2 , , , [ 1 7 2 2 5 3 6 4 8 9 3 2 4 4 4 4 , [ , , 0 1 4 6 9 1 4 0 1 1 1 1 2 2 4 3 , , , [ ' 9 9 4 2 6 0 5 6 4 4 4 4 , , , [ 6 0 5 0 1 6 9 4 5 6 5 5 5 5 6 , , , * ' 5 3 1 9 0 0 4 1 v ^ 5 4 3 3 3 3 , [ , 1 4 2 7 0 3 5 1 ' 4 3 7 3 3 3 3 , , , [ ' 3 5 1 6 1 5 7 9 8 4 7 6 g 7 7 [ ,6 6 5 2 4 6 7 8 . 3 4 2 : 3 3 [ ,1 0 5 6 3 9 7 9 0 * 7 7 L 1, ', 6 6 7 5 2 7 5 5 3 9 2 2 3 2 2 [ , [ 7 8 8 o 6 3 8 i6 3 7 . 2 2 2 2 , [ , 7 6 8 7 0 0 0 5 7 9 6 ( 5 5 6 , , , , 8 6 6 6 9 7 5 3 0 7 5 4 Aug. ?9." 42,807,218 2,398,07 11,316,43 2,586,5513,574,9452,486,5302,256,1197,060,7871,706,925 967,6321,809,8561,426,1665,217 194 Sept. 5 42,822,075 2,393,01911,233,5482,564,6243,541,9602,565,6172,259,6367,080,9861,719 210 967,9021,815,9261,436,4675,243 180 Sept. 12 43,602,619 2,439,66911,516,8602,628,6803,622,6082,578,5392,305,7067,180,9621,760,865 993,5451,830,0211,446,7255,298439 Sept. 19 43,882,124 2,463,15( 11,534,37 2,626,0063,642,8782,598,0242,318,3897,277,0021,753,6671,013,4261,845,0861,450,2215,359 898 Sept. 26 43,754,936 2,485,47411,521,8582,645,98 3,651,8882,583,4932,295,1327,257 3911,741,905 997,3321,818,8581,449,3475,306 277 Liabilities Federal Reserve notes Aug. 29. 23,805,183 1,466,439 5,212,8171,571,9862,078,4071,627,9371,427,2494,355 1791,001 717 524L293 891,510 605 5903,042 059 Sept. 5... 23,939,051 1,473,562 5,248,3471,580,2872,084,3331,636,9891,434,2934,377,9291,007 744 530,028 897,111 609 6673,058 761 Sept. 12.... 23,984,359 1,471,413 5,240,9451,584,0082,090,9021,650,4151,437,4124,383 0501,010 474 536,315 897,636 609,3623,072 427 Sept. 19... 23,976,374 1,466,834 5,241,0541,584,0712,088,0391,659,9471,437,4494,385 3261,010 208 536,154 895,862 606.4203,065 010 Sept. 26 23,930,076 1,460,579 5,227,8691582,7342,082,7631,662,7601,430,5614,377 556\,007 198 536,053 893,335 606 4893,062 179 Deposits: Member bank—reserve account: Aug. 29 15,070,361 688,008 4,775,658 752,1171 153,356 646,964 654,2492,242 773 553 132 34C,848 754,807 6909501,814 499 Sept. 5 15,180,326 689,730 4,741,371 754,2021163,247 707,017 675,7562,212 303 564 056 352,572 759,956 7055621,854 554 Sept. 12 15,328,740 689,919 4,829,840 764,6121170,782 689,227 685,8332,270 259 581 702 345,197 761,594 7070191,832 756 Sept. 19 15,552,213 719,947 4,953,675 779,3631 186,848 673,282 673,7632,289938 577 668 36C,842 758,900 6934091,884 578 Sept. 26 15,273,574 690,527 4,872,577 780,2821 147,220 663,250 661,8412,239 869 575 693 357,567 763,389 695 6521,825 707 U. S. Treasurergeneral account Aug. 29 397,477 24,004 102,716 27,836 31,026 28,791 23,629 37436 22439 23,033 22,177 19272 35 118 Sept. 5... 304,350 20,617 89,749 15,934 16,956 9,693 8,447 71427 18780 5,546 13,629 13212 20360 Sept. 12 ... 597,681 42,257 215,167 38,819 52,869 22,214 16,883 72,970 30,153 25,857 19,343 17413 43,736 Sept. 19 427,524 26,941 67,794 21,804 18,252 52,663 20,511 63,681 25696 30,668 27,970 27 716 43 828 Sept. 26 961,215 79,957 200,339 57,983 122,607 52,466 47,103 219,404 32,762 26,985 29,716 33076 58,817 Foreign Aug. 29 1,167,951 75,390 2454,467 98,338 97,220 46,934 39,112 145,272 33,524 25,702 33,524 33 524 84,944 Sept. 5 1,135,118 74,456 2441,238 95,461 94,376 45,561 37,967 141,021 32,543 24,950 32,543 32,543 82,459 Sept. 12 1,114,520 74,024 2432,033 93,767 92,701 44,752 37,294 138,519 31,966 24,507 31,966 31,966 81025 Sept. 19 1,084,497 71,831 2419,430 91,420 90[381 43,632 36,360 135,052 31,166 23,894 31,166 31,166 78,'999 Sept. 26 1,050,710 67,277 2411,721 88,109 87,108 42,052 35,043 130,161 30,H37 23,029 30,037 30,037 76,099 Other:' Aug. 29 409,521 4,561 314,891 3,990 9,489 6,949 4,445 4,112 11,171 2,286 1,937 1,585 44,105 Sept. 5 393,715 3,772 298,931 2,741 10,121 8,230 3,631 5,738 11,114 2,008 2,009 1,062 44,358 Sept. 12 423,377 3,740 326,720 5,523 11,785 8,583 3,596 5,179 9,466 1,483 2,170 1,186 43,946 Sept. 19 440,784 3,506 342,037 2 645 11,539 8,652 2,293 292 244 1,821 2,456 1 194 51,105 Sept."26 455,681 3,394 355[882 3,' 788 11*277 9[879 2 [344 4[253 9[481 1,846 1,204 2,312 50[021 Total deposits: Aug. 29 17,045,310 791,963 5,647,732 882,281 291,091 729,638 721,4352,429,593 620,266 394 869 812,445 745,331 ,978,666 Sept. 5 17,013,509 788,575 5,571,289 868,338 284,700 770,501 725,8012,430,489 626,493 385076 808,137 752,379 ,001,731 Sept. 12 17,464,318 809,940 5,803,760 902,721 328,137 764,776 743,6062,486,927 653,287 397044 815,073 757,584 ,001,463 Sept. 19 17,505,018 822,225 5,782,936 895,232 t307,020 778,229 732,927 2,492,963 643,774 417 225 820,492 753,485 ,058,510. Sept. 26 17,741,180 841,155 5,840,519 930,162 368,212 767,647 746,3312,593,687 647,973 409427 824,346 761,077 ,010,644 Deferred availability items: Aug. 29 1,398,768 103,027 274,423 85,661 153,486 102,547 85,396 201,986 65,437 33640 86,670 56,446 150,049 Sept. 5 1,309,898 93,995 232,066 69,235 120,834 131,694 77,473 198,335 65,367 37859 91,383 55,693 135,964 Sept. 12 1,591,940 121,416 289,642 95,035 151,243 136,738 102,506 236,508 77,393 44962 97,880 60,968 177,649 Sept. L9 1,836,792 137,035 327,312 99,705 195,317 133,128 125,733 323,927 79,956 44 715 109,303 71,406 189,255 Sept. 16 1,517,681 146,454 270,044 85,884 148,206 126,222 95,818 211,029 66,879 36 744 81,622 62,756 186,023 1 After deducting $70,000 participations of other Federal Reserve Banks on Aug. 29; Sept. 5; Sept. 12; Sept. 19; and Sept. 26. 2 After deducting $712,948,000 participations of other Federal Reserve Banks on Aug. 29; $692,089,000 on Sept. 5; $679,807,000 on Sept. 12; $662,795,000 on Sept. 19; and $638,791,000 on Sept. 26. OCTOBER 1945 1015 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Other liabilities including accrued div.: Aug. 29 9,793 817 2,188 695 1,048 605 493 1,347 375 372 415 467 971 Sept. 5 9,839 884 2,217 729 979 557 446 1,414 381 434 401 357 1,040 Sept. 12.... 10,393 786 2,469 759 1,045 600 462 1,315 404 663 470 381 1,039 Sept. 19 10,763 845 2,641 722 1,039 591 472 1,454 381 732 420 419 1,047 Sept. 26 10,816 939 2,580 764 1,069 615 517 1,530 396 454 421 472; 1,059 Total liabilities: Aug. 29 42 259,054 2,362,246 11,137,160 2,540, 623 3 524,0322,460,7272 234, 573 6 988, 105 1 687, 795 95; 174 1 791 040 1 407, 834:5 171,745 Sept. 5 42 272,297 2,357,016 11,053,919 2,518, 589 3 490,8462,539,7412 238 013 7 008, 167 1 699, 985 95. ,397 1 797, 032 1,418, 096:5 197,496 Sept. 12 43 051,010 2,403,555 11,336,8162\582, 523 3 571,3272,552,5292 283, 986 7 107, 800 1 741, 558 978,984 1 811, 05911,428, 29515252,578 Sept. 19 43 328,947 2,426,939 11,353,9432,579, 730 3 591,4152,571,8952 296 581 7 203, 670 1 734, 319 99**,8261 826, 077 1,431, 7305 313,822 Sept. 26. 43 199,753 2,449,127 11,341,012 2,599, 544 3 600,2502,557,2442 273 227 7 183, 802 1 722 446 981,6781 799 724 1,430, 794 5 259,905 Capital Accounts Capital paid in: Aug. 29 171,834 10,367 60,875 12,935 17,396 6,905 6 184 20,505 5 514 3,723 5 635 5,943 15,852 Sept. 5 171,844 10,368 60,875 12,933 17,398 6,906 6 185 20,507 5 514 3,723 5 637 5,943! 15,855 Sept. 12 171,896 10,369 60,879 12,935 17,403 6,908 6 196 20,518 5 517 3,731 5 639 5,944' 15,857 Sept. 19 171,912 10,369 60,863 12,933 17,418 6,911 6 200 20,522 5 516 3,733 5,648 5,945 j 15,854 Sept. 26 172,094 10,375 60,863 12,967 17,422 6,911 6 203 20,533 5 516 3,734 5 648 5 947| 15,975 Surplus (section 7): Aug. 29 228,153 15,239 84,903 19,872 19,071 7,813 7 936 33, 201 7 048 1,950 6 196 6 025] 15,899 Sept. 5 228,153 15,239 84,903 19,872 19,071 7,813 7 936 33, 201 7 048 1,950 6 196 6 025' 15,899 Sept. 12 228,153 15,239 84,903 19,872 19,071 7,813 7 936 33, 201 7 048 1,950 6 196 6 025 15,899 Sept. 19 228,153 15,239 84,903 19,872 19,071 7,813 7 936 33,201 7 048 4,950 6 196 6 025 15,899 Sept. 26 228,153 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): Aug. 29 27,165 2,880 7,143 4,468 1,007 3,290 762 1 429 527 L,O73 1 137 1 307 i 2,142 Sept. 5 27,165 2,880 7,143 4,468 1,007 3,290 762 1 429 527 1,073 1 137 1 307! 2,142 Sept. 12 27,165 2,880 7,143 4,468 1,007 3,290 762 1 429 527 1,073 1 137 1 307 2,142 Sept. 19 27,165 2,880 7,143 4,468 1,007 3,290 762 1 429 527 1,073 1 137 1 307 2,142 Sept. 26 27,165 2,880 7,143 4,468 1,007 3,290 762 1 429 527 1,073 1 137 1 307 2,142 Other capital accounts: Aug. 29 121,012 7,344 26,356 8,653 13,439 7,795 6 664 17 547 6 041 1,712 5 848 5 057 11,556 Sept. 5 122,616 7,516 26,708 8,762 13,638 7,867 6 740 17 682 6 136 1,759 5 924 5 096 11.788 Sept. 12 124,395 7,626 27,119 8,882 13,800 7,999 6 826 18 014 6 215 1,807 5 990 5 154; 11,963 Sept. 19 125,947 7,723 27,525 9,003 13,967 8,115 6 910 18 180 6 257 i,844 6 028 2U| 12,181 Sept. 26 127,771 7,853 27,937 9,130 14,138 8,235 7 004 18 426 6 368 4,897 6 153 5 274 12,356 Total liabilities and capital accounts: ] Aug. 29 42 807,218 2,398,076 11,316,437 2,586, 551 3 574,9452,486,5302 256 119 7 060 787 1,706,925 967,632 1 809 856 1 426 166i5 217,194 Sept. 5 42 822,075 2,393,019 11,233,5482,564, 624 3,541,960 2,565,6172 259 636 7,080 986 1,719 210 967,902 1,815 926 1 430 467 5 243,180 Sept. 12 43 602,619 2,439,669 11,516,860 2,628, 680 3,622,6082,578,5392 305 706 7 180 962 1,760 865 993 S4S1 8 SO02111 446 7255 298,439 Sept. 19 43 882,124 2,463,150 11,534,377 2,626, 006 3,642,8782,598,0242 318 389 7 277 002 1,753 667 1,013,4261,845 086 1 450 221 5,359.898 Sept. 26 43 754,936 2,485,474 11,521,8582,645, 981 3,651,888 2,583,4932 295 132 7,257 391 1,741 905 997,332 1,818 858)1 449 347J5,306,277 Commitments to make industrial loans: Aug. 29 4,962 100 3,385 20 300 376 193 5SS Sept. 5 4,844 100 3,217 20 300 376 193! 638 Sept. 12 4,611 100 3 284 20 300 376 19.31 338 Sept. 19 4,625 100 3,298 20 300 376 193 358 Sept. 26 4,374 100 3 047 20 300 376 193 338 i FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston New Phila- Cleve- Rich- At- Chicago St. Minne- F S r a a n n- York delphia land mond lanta Louis apolis cisco Federal Reserve notes outstanding (issued to Bank): Aug. 29 24,453,5981,503,456 5,351,441 1,618,139 2,125,617 1,656,848 1,473, 792 4,429,652 1,049,193 533,204 914,849 631,60013,165,807 Sept. 5 24,543,2881,507, ,376,502 1,625,5412,127,9061,667,0371,477,759 4;,446,977 1,051,220537, 912 916,522 637,502)3,170,714 Sept. 12 24,651,5361,512,3095,393,7131,634,3352,135,2211,681,4071,486, ,458,781 1,055,354546,951922,498 639,325 3,184,841 Sept. 19 24,676,5241,509,781 5',369,320 1,638, 339 2,136,1231,695,393 1,493, ,470,031 1,058,120 545^750 992255,,665511 638,528 3,196,379 Sept. 26 24,674,4381,501,3285,368,9481,633,27 ,134,859 1,700,4051,499, ,456,517 1,056, 4- 4•-9 5• 47• i 228 929,604 644,269 3,202,209 Collateral held against notes outstanding: Gold certificates: Aug. 29 11,411,000 620,0003,520,000 520,000 680,000 525,000 680,000 2,295,000 300,000178,000 280,000 164,000 1,649,000 Sept. 5 11,451,000 620,000 3,520,000 520,000 685,000 525,000 680,000 2,325,000 300,000183,000 280,000 164,000 1,649,000 Sept. 12 11,281,000 520, ,520,000 530,000 690,000 525,000 690,000 2,225,000 300,000188,000 280,000 164,00011,649,000 Sept. 19 11,326,000 520,000 3,570,000 535,000 690,000 525,000 660,000 2,245,000 300,000188,000280,000164,000j1,649,000 Eligi S b e le p t. p a 2 p 6 er: 11,188,000 410,000 3;,570,000 535,000 690,000 525,000 660,000 2,245,000 300,000160,000 280,000 164,000 1,649,000 Aug. 29 300,909 13,950 217,465 16,185 8,827 13,570 5,080 20,300 5,532 Sept. 5 236,364 18,225 151,590 7,115 11,602 20,220 7,580 14,400i 5,632 Sept. 12 303,069 10,365 228,890 5,960 11,822 24,400 1,100 12,100i 8,432 Sept. 19 166,092 18,250 64,350 9,280 13,475 30,250 7,200 17,975: 5,312 U. S S . e G p o t. v 2 t. 6 securities: 290,062 27,600 161,175 13,055 19,375 25,150 15,400 21,5251 J 6,782 Aug. 29 13,294,051 900,000 1,800,0001,100,0001,450, ,150,000 8001,000 2,150,000 849,05 360,000650,000(485,000(1,600,000 Sept. 5 13,313,740 900,000 1,800,000 1,100,0001,450,000 1,175,000 800• ,000 2,150,000 843,740360,000 6'~5, 00001485,000 1,600,000 Sept. 12 13,503,368 1,000,0001,800,000 ,100,0001,450,0001,175,000 800>,000 2,250,000 833,368360,000 650,0001485,000! 1,600,000 Sept. 19 13,600,972 1,000,0001,800,000 ,100,0001,450, ,200,000 850 ,250,000 855,972360,000650,000] 485 000 1,600.000 Sept. 26 13,736,516 1,100,000 1,800,000 ,100,0001,450,0001,200,000 850,000 2,250,000 851,516 400,000 650,0001-485.000 1,600,000 Total collateral: Aug. 29 25,005,960 ,533, ,537,465 ,636, 185 2,130,000 1,683,8271,480,000 4,445,000 162,621 543, ,300!649,000 3,254,532 Sept. 5 25,001,104 ,538, 225 5,471,590 ,627, 115 2,135, ,711,6021,480,000 4475,000 1,163,960 550,580 944,400i 649,000\ 3, 254,632 Sept. 12 25,087,437 ,530,3655,548,890 ,635,960 2,140,000 1,711, 1,490,000 4,475, 000 1,157,768 549100 942,100 649,00013, 257,432 Sept. 19 25,093,064 ,538, ",434,350 ,644,280 2,140,1,000 1',738,475 1,510,000 4,495, ,186,222 555,200 947,975649,000(3,254.312 Sept. 26 25,214,578 ,537, 600 5,531,175 ,648,055 2,140,1,000 1,744,3751,510,000 4 495,000 1,176,666 575,400 951,525649,00013,255,782 IOl6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WAR PRODUCTION LOANS GUARANTEED BY WAR DE- MEMBER BANK RESERVES AND BORROWINGS PARTMENT, NAVY DEPARTMENT, AND MARITIME [Averages of daily figures. In millions of dollars] COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V [ G A u m a a r o u a u t t n o n h t t o e d s r e a i d i z t n e e l d t o h a o n u s sand G s u o a o f r u a d t n s o t t l a e la n e r d d s i ] n lo g ans a A v a a d m i d l i a o t b i u o l n e n t a t l o week e M nd o o i n n r t g h . Friday b m a A b e n e l m k r l s - 1 C N Y e e o c n w r i t k t r y a l b C r a e h n s i k e c s r a v g e o b se c a R r i n e t v - y k e s b C a t o n r u y k n s - 1 borrowers Date under guar- Number Amount am To o t u a n l t g P u o te a r e r t d i a o n n - a o n u t t m e s e t e a n a n g t d s r i e n e g - To 1 t 9 a 4 l 4 — re A J s u u e l g r y ves held: 1 13 2 , , 0 9 0 0 4 0 3 3 , , 5 5 6 2 9 5 8 8 4 3 1 9 5 5 , , 1 1 2 9 9 6 3 3, , 3 4 9 0 8 6 1945—July 14,755 3,930 895 5,834 4,096 Aug 14,978 3,959 905 6,003 4,112 1942 Aug. 10 14,883 3,939 898 5,942 4,105 June 30 565 310,680 81,108 69,674 137,888 Aug. 17 14,995 3,934 906 6,032 4,124 Sept. 30 1,658 944,204 427,918 356,677 230,720 Aug. 24 15,018 3,960 913 6.022 4,124 Dec. 31 2,665 2,688,397 803,720 632,474 1,430,121 Aug. 31 15,071 3,985 918 6,055 4,113 Sept. 7 15,294 4,051 920 6,152 4,172 1943 Sept. 14 15,406 4,053 930 6,196 4,226 Mar. 31 3,534 3.725,241 1,245,711 999,394 1,865,618 Sept. 21 15,548 4,139 940 6.206 4,262 June 30 4,217 4,718,818 1,428,253 1,153,756 2,216,053 Sept. 28 15,381 4,119 923 6.111 4,228 Sept.30 4,787 5,452,498 1,708,022 1,413,159 2,494,855 Excess reserves: Dec. 31 5,347 6,563,048 1,914,040 1,601,518 3,146,286 1944—July 1,232 19 8 390 816 Aug 1,006 10 4 286 706 Mar. 31 1944 5,904 7,466.762 2.009,511 1,680,046 3,615,963 1945— A Ju u l g y 1 1 , , 0 2 8 2 4 0 1 1 7 2 1 4 0 328 8 7 6 9 6 1 June 30 6,433 8,046,672 2,064,318 1,735,777 3,810,797 277 Sept.30 6,882 8,685,753 1,960,785 1,663,489 4,301,322 A A u u g g . . 1 1 7 0 1 1 , , 1 1 1 4 8 7 1 1 0 2 6 7 3 2 1 8 8 6 8 8 1 1 0 6 Oct. 31 7,051 8,985,617 1,895,733 1,611,873 4,367,332 Aug. 24 1,067 13 6 266 782 Nov. 30 7,237 9,133,750 1,776,539 1,507,709 4,476,988 Aug. 31 1,013 10 9 242 752 Dec. 30 7,434 9,310,582 1,735,970 1,482,038 4,453,586 Sept. 7 1,084 12 7 287 778 Sept. 14 1,064 11 8 264 781 1945 Sept. 21 ^1,071 25 7 253 P786 Jan. 31 7,581 9,407,853 1,700,632 1,448,995 3,911,058 Sept. 28 P997 22 6 217 7>752 Feb. 28 7,720 9,517,272 1,646,160 1,402,646 3,964,830 Borrowings at Federal Mar. 31 r7,886 r9,645,378 1,599,120 1,365,959 3,963,961 Reserve Banks: M A A J J u u u p a n l g r y y e . . 3 3 3 3 3 1 0 0 1 1 r r r % 8 8 8 8 , , , , 5 2 4 0 6 5 2 1 4 5 3 2 8 8 1 r r r 1 1 1 r 1 9 0 0 0 0 , , , , , 8 1 2 0 2 7 4 4 1 9 2 9 1 5 2 , , , , , 9 3 6 4 2 1 0 1 2 2 6 0 5 7 5 1 1 1 1 1 , , , , , 5 2 2 3 4 5 4 7 7 8 2 8 4 9 6 , , , , , 5 2 8 2 8 5 7 4 3 5 2 0 7 8 1 1 1 1 1 1 , , , , , 1 0 0 3 2 9 9 6 3 7 0 1 1 2 2 , , , , , 6 9 0 4 1 5 5 4 7 3 4 0 4 8 7 4 3 3 3 3 , , , , , 4 6 6 0 9 6 9 2 0 9 0 4 7 2 4 , , , , , 2 6 2 7 7 7 1 9 7 2 2 8 7 2 6 i | 1 1 1 9 9 4 4 4 5 — - A J A J u u u u l l g y y g 3 1 3 6 7 8 4 4 0 3 14 2 7 6 9 4 6 1 5 2 6 1 4 4 7 0 3 6 2 1 3 7 2 8 Aug. 10 385 153 165 66 r Revised. Aug. 17 358 137 162 59 NOTE.—The difference between guaranteed loans authorized and sum Aug. 24 390 133 177 80 of loans outstanding and amounts available to borrowers under guarantee Aug. 31 423 161 172 90 agreements outstanding represents amounts repaid, guarantees available Sept. 7 396 120 92 but not completed, and authorizations expired or withdrawn. Sept. 14 453 170 97 Sept. 21 363 66 201 96 Sept. 28 397 91 205 101 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] p Preliminary. W l e D a d s p a n t t e e e r d s i a o d ( y l d a a y ) s o t f or Num Ap b a t p p e o r l p i r d c o a a A v t t i e e o m d n o s unt b p p c u l r A o e t o m p t v n e - e - o d d t 1 s ( t a L a m o n o u o d a t u i n - n n s g t) 2 s C (a t m o a m o n m e u o d n m t u i - t n n s i g t t ) - ( s a p P t m a a o a n t u o r i d t o u t i - i n n c n s t i g ) - b a d n a is 1 d n c W k o o s u f e n a e c t r k o s e l u y a n e n f s t d i r t g y i m u a b d r a e a v t s n e a k n s o . s c f e m e s W x a f c y e o e e r s i k s n n l c y r o l e u n f s m d i e g e r e u v m s r e e m s b s a e o l o r l f f b a a b m a ll o n o r k m u r s o n e , w m t e s i t b n c o e g . f r s F b o e a f d n e a k r l s a l l a m R n e d e m s o e b r f e v r e c o b B u a a n n n t k r k s y (amount) DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND SMALL CENTERS1 1 1 9 9 3 3 5 4 1,9 9 9 8 3 4 1 4 2 9 4 , , 6 4 3 9 4 3 2 1 0 1 , , 9 5 6 4 6 8 3 1 2 3 , , 4 5 9 8 3 9 2 8 7 , , 2 64 2 9 5 8 1 , , 7 29 7 6 8 [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 In places of 15,000 In places of under 1938 2,653 175,013 1,946 17,345 14,161 12,722 and over population 15,000 population 1939 2,781 188,222 2,659 13,683 9,220 10,981 1 1 9 9 4 4 0 1 3 2 , , 2 9 0 08 2 2 2 7 1 9 2 , , 8 51 6 0 0 1 8 3 , , 2 9 9 54 4 1 9 0 , , 1 3 5 3 2 7 1 5 4 , , 2 5 2 9 6 7 1 6 9 , , 3 6 8 0 6 0 D de e p m o a si n t d s D de e p m o a s n it d s J D u e n c. e 2 3 1 4 9 1 42 3 3 , , 3 4 5 2 2 3 4 3 0 3 8 8 , , 7 8 3 2 7 2 2 4 6 , , 2 3 4 4 8 6 1 1 4 1 , , 1 26 2 5 6 1 1 6 0 , , 8 6 3 6 2 1 2 1 6 7 , , 4 3 3 0 0 5 e i b x n a c t n e e k r p - 2 t de T p i o m s e its e b i x n a c t n e e k p r 2 - t de T p i o m s e its J D u e n c. e 3 3 1 0 9 1 43 3 3, , 4 4 7 5 1 2 4 4 7 9 5 1 , ,3 4 4 6 2 8 3,2 9 0 2 3 6 1 1 3 0 , , 0 5 4 3 4 2 1 9 2 , , 2 1 7 3 0 2 1 1 9 7 , , 0 9 7 3 0 0 A Ju u ly g us 1 t 94 1 5 944 1 1 3 6 , , 5 03 8 5 1 5 6, , 7 3 4 0 6 9 1 8 0 , , 3 32 3 4 3 4 3 , , 6 6 5 8 9 4 August 1945 15,538 6,861 10,537 4,793 J M D S u e e a n c p . r e t . . 3 1 3 3 3 9 0 0 1 0 4 . 4 . 3 3 3 3 , , , , 4 4 4 4 8 8 8 8 1 7 3 9 5 5 5 5 0 1 1 2 3 0 9 5 , , , , 3 8 1 5 3 5 2 3 0 7 0 2 1 1 , , 4 2 6 0 9 4 4 8 5 5 5 1 1 9 3 1 1 , , , , 2 8 7 3 7 7 6 9 4 6 4 4 9 4 4 4 , , , , 0 0 4 1 6 4 0 6 9 8 0 5 1 1 9 2 8 1 , , , , 8 7 2 0 5 0 6 6 1 5 7 3 B P N C h o e le i w s l v t a o e d Y n l e a o n l r p d k hia 3 2 1 1 , , , , 1 4 1 1 0 1 3 1 7 9 7 4 1,7 6 7 7 4 0 7 5 6 8 3 4 1,0 8 3 9 5 6 7 4 1 4 6 1 9 6 7 1 5 5 0 9 9 9 9 6 Richmond 1,067 325 766 365 Jan. 3 19 1 45 3,491 526,659 560 4,066 3,461 2,405 A Ch tl i a c n ag ta o 1 1 , . 3 9 7 0 7 4 1,0 3 9 8 8 7 1,4 5 0 8 3 6 7 1 4 6 0 1 M Fe a b. r . 3 2 1 8 3 3 , , 4 4 9 9 2 3 5 5 2 2 7 8 . ,9 7 3 0 6 0 5 8 8 5 5 4 3 , , 2 9 1 2 4 1 3 3 , ,5 3 4 2 7 1 2 2 , , 3 37 6 4 5 St. Louis 573 270 875 214 J M J A A u u u p a n l g y r y e . . 3 3 3 3 3 1 1 0 1 0 3 3 3 3 3 , , , , , 5 5 5 5 5 0 0 0 0 0 4 2 0 2 3 5 5 5 5 5 3 3 3 3 3 9 3 7 8 5 , , , , , 7 0 3 6 1 6 3 3 1 2 5 1 7 7 4 1,3 2 1 1 7 2 3 7 3 0 0 0 0 0 4 4 3 3 3 , , , , , 2 1 5 3 2 9 5 3 5 5 9 9 3 9 2 4 3 4 5 5 , , , , , 7 1 2 2 3 0 6 2 9 8 8 5 4 2 5 2 2 2 2 2 , , , , , 3 3 6 5 4 5 9 6 0 ^ 8 7 5 1 1 M S D K a a a i n n n l l n s F a e a s r s a . a p n C o c i l . i t i _ s y s co 1,0 4 8 4 7 0 6 9 7 4 9 2 4 2 1 8 9 2 0 0 2 6 0 1 1 , , 3 2 5 5 2 6 1 6 5 8 7 5 2 3 1 4 3 5 6 2 0 2 6 I 1 Includes applications approved conditionally by the Federal Reserve 1 Includes any banks in outlying sections of reserve cities which have Banks and under consideration by applicant. been given permission to carry the same reserves as country banks. All clu 2 d I e n d c l i u n d e in s d i u n s d t u ri s a t l r ia lo l a l n o s a n o s u t p s a t s a t n d d i u n e g 3 in m w o e n e t k h l s y o s r t a m te o m re e , n w t h o ic f h c o a n re d i n ti o o t n in o - f rese 2 r v In e c c l i u t d ie e s s h w a a v r e a lo p an o p d u e l p at o i s o i n ts o , f s h m o o w re n t s h e a p n a 1 ra 5 t ,0 e 0 ly 0 . for all country banks Federal Reserve Banks. in the table on the following page. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. OCTOBER 1945 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 Borrow- Federa C l R la e s a s s n e o d rv f e b a d n is k trict Total I b n a te n r k - w G m a U o d r v . e e S e - l n . o r t n an - Other a D d d e e j p u m o s a t s e n it d d s 3 p N m o e d s a t e i n - t d s d e * - p T o d i s e m - it e s5 d b o a b m l f d a a r u o n n e e m k s c t e s i s c Total qu R i e r - ed Excess F R i B n e e g d a s s e n e r r k a v a s t e l posits2 First half of August 1945 All member banks . 95061 12,041 17,789 65,230 61,562 67,755 22516 6,105 14,917 |l3,789 1,129 373 Central reserve city bank: New York 26419 4,050 6, 064 16,305 15,272 19,313 1203 46 3.949 3,935 14 150 Chicago 5,825 1,147 1,182 3,495 3,286 4,265 670 174 899 893 6 1 Reserve city banks 35588 5,692 6,389 23,507 21,687 25,625 9062 1,847 5,966 5,669 298 163 Boston 2,550 282 785 1,483 1,401 1,640 155 44 344 337 7 7 New York 590 28 101 462 437 446 251 18 107 104 3 5 Philadelphia 2,736 339 634 1,763 1,664 1,933 183 71 407 397 10 9 Cleveland 4,332 556 838 2,938 2,749 3,133 1,072 177 726 691 35 14 Richmond 2,323 361 523 1,439 1,332 1,587 391 118 364 341 24 8 Atlanta 2,162 561 292 1,309 1,192 1,613 345 146 375 343 32 3 Chicago 4,364 489 782 3,094 2,910 3,118 1,639 288 757 722 35 88 St. Louis 2,0^6 580 333 1,123 1,014 1,493 269 105 328 315 13 9 Minneapolis 1,112 282 247 583 522 741 140 65 159 157 3 4 Kansas City 2,907 1,016 340 1,550 1,379 2,104 293 299 477 438 39 12 Dallas..... 2275 566 338 1,371 1,273 1,611 264 235 389 338 51 San Francisco 8,202 634 1176 6,392 5,814 6,206 4,059 280 1532 1,485 47 3 Country banks 27,228 1,151 4,154 21,922 21,316 18,552 11,582 4,038 4104 3,292 811 60 Boston 2,551 88 580 1,884 1,807 1,712 944 193 340 296 44 9 New York 4,296 80 947 3,268 3,145 2,919 2,689 322 674 570 104 35 Philadelphia 1,995 14 361 1,620 1,581 1,384 1,310 216 332 272 59 2 Cleveland '. 2,410 30 402 1,978 1,932 1,638 1,422 330 418 315 104 1 Richmond 1,984 158 281 1,545 1,484 1,303 686 354 285 224 62 5 Atlanta 2,199 227 270 1,702 1,653 1,506 547 388 304 244 61 3 Chicago , 3,375 68 489 2,818 2,766 2,320 1,822 526 543 434 109 1 St. Louis 1,596 156 167 1,272 1,236 1,130 481 270 231 187 44 1 Minneapolis 1,129 73 149 907 883 772 555 188 176 141 35 1 Kansas City 1,871 89 150 1,633 1,610 1,241 256 468 252 189 63 1 Dallas 2,200 139 177 1,884 1,847 1,472 151 529 308 215 93 ...... San Francisco 1,621 29 182 1,411 1,372 1,155 719 256 241 205 36 Second half of August 1945 All member banks 94,628 12,256 16,277 66,095 62,471 68,780 22,829 6,203 15,035 13,992 1,043 391 Central reserve city banks: New York 25,913 4,120 5,519 16,274 15,307 19,417 1,246 47 3,969 3,958 11 148 Chicago 5,783 1,171 1,071 3,541 3,337 4,338 674 175 910 908 2 Reserve city banks . 35,716 5,823 5,880 24,013 22,151 26,137 9,188 1,930 6,037 5,779 258 170 Boston 2,532 281 739 1,512 1,420 1,656 157 47 348 341 8 6 New York 587 28 92 468 445 454 253 19 108 106 2 8 Philadelphia 2,723 346 582 1,795 1,684 1,960 185 71 413 403 10 9 Cleveland 4,365 566 768 3,031 2,820 3,197 1,084 194 733 704 28 15 Richmond 2,324 378 479 1,468 1,359 1,629 396 119 373 350 23 6 Atlanta 2,180 573 267 1,340 1,228 1,653 351 156 374 352 23 1 Chicago 4,346 494 720 3,132 2,958 3,168 1,660 292 763 733 30 86 M St i . n L n o e u a i p s o l . its 2 1 , ,0 0 9 3 9 6 2 5 9 8 3 6 3 2 0 2 2 6 1, 5 1 8 4 1 8 1, 5 0 1 3 9 7 1,5 74 1 8 8 2 1 7 4 3 2 1 6 1 4 0 3 1 2 6 9 0 3 1 2 5 0 8 9 2 1 5 4 Kansas City 2,960 1,041 311 1,608 1,434 2,161 297 321 492 450 42 11 Dallas 2,311 587 308 1,416 1,302 1,645 267 251 390 345 45 San Francisco 8,253 650 1,087 6,516 5,947 6,348 4,122 287 1,555 1,517 38 9 Country banks ... 27,216 1,142 3,807 22,267 21,676 18,888 11,721 4,051 4,119 3,348 772 73 Boston 2,531 83 543 1,904 1,828 1,729 955 192 340 299 41 11 New York 4,241 79 864 3,297 3,181 2,968 2,720 307 672 579 93 39 Philadelphia.... 1,999 14 329 1,655 1,615 1,414 1,324 221 338 277 61 3 Cleveland 2,412 28 364 2,020 1,974 1,675 1,442 333 421 321 100 1 Richmond 2,002 164 258 1,580 1,517 1,335 693 361 286 229 57 8 Atlanta 2,180 224 247 1,709 1,661 1,517 550 384 298 245 53 5 Chicago 3,375 68 450 2,857 2,807 2,360 1,853 527 546 442 105 1 St. Louis 1,606 151 152 1,303 1,270 1,155 488 272 234 191 43 1 Minneapolis 1,130 73 135 923 900 783 558 194 177 143 34 1 Kansas City.... 1,893 89 136 1,668 1,646 1,274 261 471 260 194 66 1 Dallas 2,220 138 160 1,923 1,886 1,498 153 540 304 219 85 San Francisco .. 1,626 30 168 1,427 1,390 1,179 724 250 243 209 35 ""i" 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. 2 Figures include Series E bond deposit accounts, but do not include certain other demand deposits of the U. S. Government with member banks and, therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 3. 3 Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (other than war loan and Series E bond accounts) on the latest available call report date. 4 Demand deposits subject to reserve requirements, i.e., demand deposits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. s Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. ioz8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 1 End of year and in cir- Unasmonth cula- sorted tion1 Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934. 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939............ 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943—September 18,844 13,891 970 866 64 1,887 4,893 5,211 4,951 1,327 2,535 360 698 11 20 2 October... 19,250 14,135 987 872 65 1,902 4,962 5,347 5,118 1,366 2,636 373 713 11 20 3 November. 19,918 14,598 1,006 886 68 1,950 5,127 5,561 5,323 1,416 2,761 388 729 10 19 2 December. 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944—January ... 20,529 14,817 1,013 880 69 1,940 5,174 5,742 5,715 1,509 2,992 418 767 9 21 3 February. . 20,824 15,004 1,018 877 70 1,952 5,255 5,832 5,823 1,534 3,054 426 777 9 22 3 March 21,115 15,100 1,029 881 70 1,951 5,265 5,905 6,017 1,576 3,152 444 814 9 22 1 April 21,552 15,342 1,039 885 70 1,964 5,344 6,040 6,212 1,618 3,270 456 836 9 23 1 May 22,160 15,731 1,055 903 72 2,003 5,498 6,198 6,431 1,668 3,371 473 887 9 23 2 June 22,504 15,925 1,065 906 72 2,010 5,544 6,326 6,581 1,699 3,458 481 912 9 22 2 July 22,699 16,034 1,077 910 73 2,016 5,569 6,388 6,667 1,722 3,516 487 911 9 22 2 August 23,292 16,410 1,092 921 75 2,053 5,706 6,562 6,884 1,780 3,642 502 929 9 22 2 September. 23,794 16,715 1,105 937 75 2,078 5,789 6,731 7,081 1,829 3,765 516 939 9 22 2 October... 24,425 17,089 1,125 948 76 2,103 5,877 6,960 7,339 1,893 3,918 532 963 10 23 2 November. 25,019 17,461 1,144 962 78 2,129 5,990 7,157 7,561 1,946 4,056 546 981 10 23 3 December. 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945—January.. . 25,290 17,456 1,150 950 77 2,102 5,936 7,242 7,837 2,022 4,228 566 990 10 21 3 February.. 25,751 17,778 1,158 953 75 2,135 6,076 7,381 7,974 2,059 4,317 571 994 10 24 1 March.... 25,899 18,000 1,170 954 73 2,132 6,132 7,539 7,900 2,088 4,266 550 965 9 23 1 April 26,189 18,353 1.180 957 73 2,151 6,238 7,754 7,837 2,126 4,210 527 932 9 33 1 May 26,528 18,715 1,196 972 73 2,186 6,377 7,911 7,814 2,159 4,192 513 909 8 33 1 June 26,746 19,183 1,205 981 73 2,215 6,515 8,193 7,565 2,132 4,044 483 868 8 31 2 July 27,108 19,599 1,223 995 73 2,250 6,659 8,400 7,511 2,139 4,013 472 847 8 32 2 August.... 27,685 20,141 1,236 1,003 73 2,301 6,826 8,700 7,546 2,180 4.038 466 832 8 22 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money Total out- For held by standing, As security Federal Federal Aug 1 u 9 s 4 t 5 31, g a o g ld a in a s n t d Tr c e a a s s h ury R B e a se n r k v s e B R an e k se s rv a e nd Au 1 g 9 . 4 5 31, Ju 1 ly 9 4 3 5 1, Au 1 g 9 . 4 4 3\ silver and agents certificates agents Gold 20 088 17 978 22 110 Gold certificates 17,978 15,111 2,815 52 52 53 T Fe re d a e s r u al r y R c e u se rr r e ve n c n y o — te t s otal 2 4 4 , 2 4 1 6 7 2 ""njzY" 4 7 6 3 2 70 2 4 1 2 3 3 , , 9 6 4 8 8 5 2 3 3 , 9 1 1 3 7 9 1 3 9 , 7 5 1 2 2 7 Standard silver dollars 494 340 23 2 129 127 107 Silver bullion 1 588 1 588 Silver certificates and Treasury notes of 1890 H,927 172 1,755 1,732 1,583 Subsidiary silver coin . 838 15 15 808 800 716 Minor coin ... 309 5 4 299 296 269 United States notes 347 3 22 322 322 324 Federal Reserve Bank notes............. 522 1 5 517 521 587 National bank notes.................. 120 1 119 119 125 Total—August 31, 1945 4 19,905 2.230 15,111 3,741 27,685 July 31, 1945 4 19,945 2,258 15,165 3,775 27,108 August 31, 1944 . A 20,618 2,374 15,943 3, 715 : 23,292 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. 1021, and seasonally adjusted figures in table on p. 1030. 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. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 6 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (li) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold_certificates of at least 25 pe-— ^ -'-~1--J:—^ — -J *-•-- *•—A --i-^ *• »-« ^«—-«—i ™ " notes in actual circulati Treasurer of the United States payable in gold OCTOBER 1945 1019 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 ] [Outside Treasury and Federal Reserve Banks. In millions of dollars] Ear- Amount— Amount— Change in Gold marked Domes- Date 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 e u r a s i s t a e o t d n i o a n l for s a e d s a e j s u r o i s n e t a s e 1 l d ly Period of a s t t p o e e c n r k i d od In s c to re c a k se N im et p g o o rt ld go c o l r r d e i : a n s d - e e- p ti r c t o i o d g n u o 1 c ld crease (—) End of year figures: 1939 7,598 +742 19342 8,238 4,202.5 1,133.9 82.6 92.9 1940 8,732 +1,134 1935 10,125 1,887.2 1,739.0 .2 110.7 1941 11,160 +2,428 1936... 311,258 1132.5 1,116.6 —85.9 131.6 1942 15,410 +4,250 1937 312,760 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 21,938 — 788.5 68.9 —803.6 48.3 1944—January 20,428 20,367 +423 1944 20,619 -1,319.0 -845'.4 -459*8 35*8 February 20,635 20,635 +268 March 20,964 21,027 +392 1944—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 .7 -58.2 2.5 September 23,525 23,572 +468 February 20,506 -43.8 1.9 -37.4 2.3 October 24,112 24,112 +540 March 20,419 -87.3 — 19.1 -46.9 2.4 November 24,738 24,664 +552 April 20,374 -45.1 2.4 -53.2 2.3 December 25,207 24,957 +293 May 20,270 -103.3 -18.3 -66.9 2.6 June 20,213 -57.3 -83.8 96.0 2.5 1945—January 25,243 25,167 +210 July 20,152 -60.6 -7.0 -100.3 2.1 February 25,527 25,527 +360 August... 20,088 -64.6 -12.3 -63.0 3.2 March 25,850 25,928 +401 September ^20,073 P-14.4 (4) 5-19.0 '3.2 April 26,009 26,219 +291 Jan.-Sept ?)2O,O73 p-545.5 (4) 5-348.8 p23.2 May 26,351 26,537 +318 June 26,561 26,694 +157 p Preliminary. f Figure carried forward. July 26,918 26,972 +278 1 Annual figures are estimates of the United States Mint. Monthly August 27,392 27,530 +558 figures are those published in table on p. 1072, adjusted to exclude Philippine September 27,765 27,821 +291 Islands production received in United States. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a fine ounce thereafter. 1 For end of year figures, represents change computed on absolute 3 Includes gold in the Inactive Account amounting to 27 million dollars amounts in first column. on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. NOTE.—For discussion of seasonal adjustment factors and for back 4 Not yet available. figures on comparable basis see September 1943 BULLETIN, pp. 822-826. 5 Gold held under earmark at the Federal Reserve Banks amounted to Because of an apparent recent change in the seasonal pattern around the 4,286.0 million dollars on Sept. 29, 1945. All of this was earmarked directly year end, adjustment factors have been revised somewhat for dates af- for foreign account except 102.8 million dollars which was earmarked in 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 Statistics, Table 156, 111, p. 414, and described on p. 405, are based on an older series of adjust- pp. 536-538, and for description of statistics see pp. 522-523 in the same ment factors. publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars! Annual rate of Debits to demand Annual rate of Debits to i t n o t t e a r l b d a e n p k o s a i c t c a o c u c n o t u s nts except tu d r e n p i o o n v s te i e t r r s b o a e f n x k c t e o p ta t l e a d x n e c d p e o p G s t i t o i v n a e c t r e c n r o b m u a n e n n t k s t tur d n i e n o p t v e o e r s r b i t a s o n f k e x d a c e n e m p d a t nd Year and month Government T re o c p t e a o n l r t , t e i a r n s l g l Y N C o e it w r y k 1 1 c 4 e 0 n o t t e h r e s r 1 r c e e O p n t o t h r e t e r i r s n 2 g Y N C o i e t r w y k r 3 e c 3 p e 3 o n o r t t e t i h r n s e g r Y N C o e it w r y k 1 l 0 e c 0 a i t d o ie i t n s h g er Y N C o i e t r w y k 10 le c 0 a i t d o ie i t n h s g er 1936 461,889 208,936 219,670 33,283 204,831 202,267 31.4 22.4 1937 469,463 197,836 235,206 36,421 193,143 215,090 29.5 22.4 1938 405,929 168,778 204,745 32,406 164,945 186,140 25.1 19.9 1939 423,932 171,382 218,298 34,252 167,939 200,636 21.0 19.4 1940 445,863 171,582 236,952 37,329 167,373 217,744 17.1 18.6 1941 537,343 197,724 293,925 45,694 193,729 270,439 17.3 19.4 1 1 9 9 4 4 2 2 — — n o e ld w s s e e r r i i e e s s 3 3 .. . 6 6 4 0 1 7, , 0 7 7 7 1 8 2 22 1 6 0 , , 8 9 6 6 5 1 3 3 4 4 7 2 , , 8 4 3 3 7 0 6 5 7 3 , ,6 0 7 7 9 4 16.1 13.1 200,337 308,913 18.0 18.4 1943 792,937 296,368 419,413 77,155 16.5 11.7 258,398 369,396 20.5 17.4 1944 891,910 345,585 462,354 83,970 17.1 10.8 298,902 403,400 22.4 17.3 1944—August 69,124 26,165 36,332 6,627 13.9 9.2 21,722 30,988 19.0 15.2 September 70,389 26,860 36,765 6,764 16.1 10.2 23,827 31,882 21.4 16.2 October 73,891 28,558 38,336 6,997 16.9 10.3 24,672 33,498 20.9 16.0 November 77,775 30,016 40,381 7,378 18.7 11.5 25,464 34,676 21.6 17.2 December 91,281 37,678 45,490 8,114 21.4 11.9 33,064 40,559 30.0 20.4 1945—January 82,756 34,990 40,305 7,461 18.6 9.9 30,826 34,801 27.0 16.9 February 70,249 29,065 34,724 6,461 17.7 9.7 25,416 30,024 24.3 16.0 March 81,077 31,884 41,722 7,471 17.0 10.0 28,924 36,008 22.9 16.1 April 74,139 29,413 37,846 6,881 17.2 9.9 25,115 32,430 20.8 15.5 May 81,724 33,678 40,643 7,403 18.8 10.1 28,384 34,418 21.4 15.3 June 98,024 41,725 47,716 8,583 22.0 11.3 36,951 41,870 28.9 18.9 July 79,163 33,590 38,286 7,287 17.5 9.2 29,190 32,662 25.6 16.1 August 73,229 29,388 36,788 7,054 14.4 8.2 24,803 30,796 19.7 13.7 1 National series for which bank debit figures are available beginning with 1919. 2 Annual figures for 1936-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers. 3 See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of 1942 partly estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from which rates of turnoverhave been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics Table 5c r5 , -*p .O 2r 4 54J,.. «d uJe-~ ^t'XoX differenc* es ini .L me1 th_ Co d of cio_^*m putation. ' * • * - '* IO3O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] Total Total demand Time deposits a d d e j p u o s s t i e t d s deposits Total Demand U S n ta it t e e d s Currency End of month and adjusted deposits deposits Govern- outside currency and adjusted adjusted1 ment Com- Mutual Postal banks outside currency deposits2 Total mercial savings Savings banks outside banks3 4 banks4 System5 banks 1929—June 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December ... 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June.. . 41,680 19,172 36,919 14,411 852 21,656 10,849 . 9,621 ,186 4,761 December . 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 ,208 4,782 1937—June... 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 ,267 5,489 December 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 ,269 5,638 1938—June 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 ,251 5,417 December 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 L.251 5,775 1939—June . 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 1,261 6,005 December... ... 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 1,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 1,292 6,699 December . 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 1,303 7,325 1941—June. . 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 8,204 December ... 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 1,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 1,315 10,936 December 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 1,415 13,946 1943—June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 1,576 15,814 December ... 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 1,786 18,837 1944—June 136,172 80,946 115,291 60,065 19,506 35,720 21,217 12,471 2,032 20,881 1944—August 139,200 86,000 117,500 64,300 16,100 37,100 22,200 12,800 2,100 21,700 September 139,100 87,700 116,900 65,500 13,500 37,900 22,800 12,900 2,200 22,200 October 139,900 92,300 117,100 69,500 8,700 38,900 23,500 13,100 2,300 22,800 November .. 143,200 95,800 119,900 72,500 8,200 39,200 23,700 13,200 2,300 23,300 December 150,988 90,435 127,483 66,930 20,763 39,790 24,074 13,376 2,340 23,505 1945—January** 151,100 92,300 127,400 68,600 18,300 40,500 24,600 13,500 2,400 23,700 February** 150,900 93,900 126,700 69,700 15,600 41,400 25,200 13,700 2,500 24,200 March*5 150,700 95,300 126,500 71,100 13,400 42,000 25,700 13,800 2,500 24,200 April** 151,000 98,300 126,500 73,800 9,800 42,900 26,300 14,000 2,600 24,500 Mayp 152,700 101,100 127,900 76,300 8,200 43,400 26,700 14,100 2,600 24,800 June** 163,000 94,200 137,900 69,100 24,600 44,200 27,100 14,400 2 700 25,100 July** 163,700 97,900 138,200 72,'400 20,'800 45,'000 27]700 14^600 2,'700 25^500 August*' 163,500 100,300 137,500 74,300 17,300 45,900 28,400 14,700 2,800 26,000 Table 9, pp. 34-35, for back figures POSTAL SAVINGS SYSTEM BANK SUSPENSIONS^ [In millions of dollars] Member Nonmember Assets Total, banks banks all Depos- U. S.Government banks ti N o a n - al State su I r n e - d in N s o u n re - d End of month itors' Cash securitie Cash bal- in de- reances1 Total posi- serve Number of banks suspended: b t a o n r k y s Total r D ec i- t G a u n a - r- f e u t n c d .2 s, 1934-39 291 15 6 189 81 teed 1940 .. 22 1 18 3 1941 8 4 3 1 1934—Dec. 1,207 1,237 540 597 467 130 100 1 1 9 9 4 4 2 3.... 9 4 2 6 2 3 1 19 9 3 3 6 5 — — D D e e c c. 1 1 , , 2 2 0 6 1 0 1 1 , , 2 2 3 9 7 6 2 1 8 4 7 5 1,0 8 5 5 8 3 8 7 9 0 2 6 1 1 4 6 7 7 9 9 8 3 1 19 9 4 4 4 5—Jan.-Sept 0 1 1 1937—Dec. 1,270 1,308 131 1,097 931 167 80 1 19 9 3 3 9 8 — — D D e e c c. 1 1 , , 2 25 7 2 9 1 1, , 3 2 1 9 9 1 5 8 3 6 1 1 , , 1 1 9 3 2 2 1,0 9 4 6 6 5 1 1 6 4 6 6 7 7 3 4 De ( p in o s t i h ts o u o s f a s n u d s s p o e f n d d e o d l la b r a s n ) k :2 s 1 1 9 9 4 4 0 1 — — D D e e c c. 1 1 , , 3 3 0 1 4 4 1 1 , , 3 3 4 9 8 6 3 2 6 6 1 1 , , 2 2 2 7 4 4 1 1 , , 0 1 7 2 8 8 1 1 4 4 6 6 8 9 8 5 1934-39 125,991 14,616 26,548 44,348 40,479 1942—Dec 1,417 1,464 16 1,345 1,220 126 102 1940 5,943 256 5,341 346 1943—Dec 1,788 1,843 10 1,716 1,716 118 1941 3,726 3,144 503 79 1944—Aug 2,140 2,202 8 2,050 2,050 143 1 1 9 9 4 4 3 2 6 1 , ,7 2 0 2 2 3 4,982 1 1 , , 3 2 7 4 5 1 327 Sept 2,198 2,262 8 2,110 2,110 143 1944 405 405 Oct.. 2,257 2,323 8 2,165 2,165 150 1945—Jan.-Sept. 0 Nov.. 2,305 2,374 8 2,214 2,214 152 Dec 2,342 2,411 8 2,252 2,252 152 1 Represents banks which, during the periods shown, closed temporarily 1945—Jan 2,404 2,477 8 2,308 2,308 162 or permanently on account of financial difficulties; does not include banks Feb.. 2,458 2,536 8 2,363 2,363 164 whose deposit liabilities were assumed by other banks at the time of closing Mar... 2,513 2,590 8 2,426 2,426 150 (in some instances with the aid of Federal Deposit Insurance Corporation Apr 2,563 2,646 8 2,463 2,463 175 loans). May 2,609 2,696 8 2,518 2,518 170 2 Deposits of member banks and insured nonmember banks suspended are June 2,659 2,751 8 2,574 2,574 169 as of dates of suspension, and deposits of noninsured nonmember banks July p2,713 are based on the latest data available at the time the suspensions were Aug.. 1 i rep B o a r c t k e d f . igures.—See Banking and Monetary Statistics, pp. 283-292; for p Preliminary. description, see pp. 281-282 in the same publication. 1 Outstanding principal, represented by certificates of deposit. 2 Includes working cash with postmasters, 5 per cent reserve fund and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. OCTOBER 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 and Number call date Total Loans G U ov .S e . rn- Total* Inter- of banks Total o m bl e ig n a t - se O cu th r e it r ies bank1 Demand Time tions All 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 30e 129,650 27,980 101,670 93,660 8,010 151,050 12,610 96,730 41,710 14,542 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 1945— D J e u c n . e 3 3 0 0e 1 1 0 1 5 4 r , 5 5 1 3 0 0 2 2 1 3 , , 6 6 4 7 4 0 8 9 3 0 , , 8 8 8 4 6 0 8 7 4 7 , , 0 5 7 5 0 8 6 6 , , 3 77 2 0 9 1 1 3 2 6 8 , , 6 07 2 2 0 1 1 2 2 , , 2 6 4 1 5 0 9 9 1 6 , ,7 6 3 4 0 4 2 2 4 7 , , 1 28 8 0 3 1 1 3 4 , , 9 00 9 0 2 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 1945—June 30 112,353 23,376 88,978 82,401 6,577 134,245 12,401 94,910 26,934 13,277 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. 312 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 1944—June 30 83,587 18,084 65,503 60,339 5,164 101,276 10,903 73,488 16,884 6,773 Dec. 30 91,569 18,676 72,893 67,685 5,208 110,917 11,884 79,774 19,259 6,814 1945—June 30.. 99,426 20,588 78,838 73,239 5,599 118,378 12,230 84,400 21,748 6,840 All national banks: 1938—Dec. 31 20,903 8,469 12,434 8,691 3,743 27,996 4,499 15,587 7,910 5,224 1939—Dec. 30 21,810 9,022 12,789 9,058 3,731 31,559 5,898 17,579 8,081 5,187 1940—Dec. 31 23,648 10,004 13,644 9,735 3,908 35.787 6,574 20,885 8,329 5,144 1941—Dec. 31 27,571 11,725 15,845 12,039 3,806 39,458 6,786 24,350 8,322 5,117 1942—Dec. 31 37,576 10,183 27,393 23,744 3,648 50,468 7,400 34,499 8,570 5,081 1943—June 30 42,805 9,173 33,632 30,102 3,529 54,589 7,155 38,205 9,229 5,060 Dec. 31 47,499 10,116 37,382 34,065 3,318 59,961 7,159 42,605 10,196 5,040 1944—June 30 53,343 11,213 42,129 38,640 3,490 65,585 7,402 46,879 11,304 5,036 Dec. 30 58,308 11,480 46,828 43,292 3,536 71,858 8,056 50,900 12,901 5,025 1945—June JO 63,177 12,369 50,808 47,051 3,757 76,533 8,251 53,698 14,585 5,015 State member banks: 1938—Dec. 31 11,168 4,738- 6,429 4,532 1,897 15,367 2,653 9,255 3,459 1,114 1939—Dec. 30 12,130 4,940 7,190 5,271 1,920 17,781 3,512 10,652 3,617 1,175 1940—Dec. 31 13,478 5,316 8,162 6,088 2,074 20,642 3,849 12,944 3,849 1,342 1941—Dec. 312 15,950 6,295 9,654 7,500 2,155 22,259 3,739 14,495 4,025 1,502 1942—Dec. 31 21,687 5,905 15,783 13,802 1,980 27,808 3,600 20,024 4,184 1,598 1943—June 30 24,350 5,649 18,701 16,878 1,823 29,427 3,396 21,465 4,566 1,643 Dec. 31 26,759 6,171 20,588 18,883 1,705 32,302 3,397 23,833 5,072 1,698 1944—June 30 30,244 6,870 23,373 21,699 1,674 35,690 3,501 26,609 5,580 1,737 Dec. 30 33,261 7,196 26,065 24,393 1,672 39,059 3,827 28,874 6,357 1,789 1945—June 30... 36,249 8,219 28,030 26,188 1,842 41,844 3,980 30,702 7,163 1,825 * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller of the Currency and the Federal Deposit Insurance Corporation for national banks and insured banks respectively. e Partly estimated. Figures have been rounded to the nearest 10 million. 1 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 2 During 1941 three mutual savings banks, with total deposits of 8 million dollars, became members of the Federal Reserve System. These banks are included in both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included only once in "all banks." 3 Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942. 4 Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec, 31, 1941, its deposits, excluding interbank deposits, were 33 million dollars and its loans and investments 26 million. Back figures—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES—Continued LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investment Other Class of bank and Number call date Total Loans Total G m U ov e . n e S r t n . - se O cu th ri e ti r es Total1 I b n a te n r k - 1 Demand j Time of banks obligations All nonmember commercial banks: 1938—Dec. 31 6,598 3,156 3,442 1,848 1,594 7,678 331 3,853 3,493 8,314 1939—Dec. 30 6,726 3,281 3,445 1,971 1,474 8,362 473 4,260 3,629 8,122 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 7,239 Dec. 30 13,972 2,971 11,002 9,880 1,122 17,168 362 11,870 4,936 7,181 1945—June 30e 15,100 3,080 12,010 10,840 1,170 18,260 380 12,330 5,550 7,163 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 1945—June 30.... 12,940 2,790 10,150 9,170 979 15,880 171 10,510 5,199 6,440 Noninsured nonmember commercial banks: 1938—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. 313 4 , 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 1945—June 3()e 2,160 290 1,860 1,670 190 2,380 210 1,820 350 723 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. 312 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 30 15,134 4,307 10,827 9,588 1,240 14,426 14,426 542 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 1945- June 30 10,063 3,089 6,974 6,368 607 9,671 9,671 192 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 1,887 9,114 9,114 500 1940—Dec. 31 8,593 4,322 4,271 2,676 1,595 8,840 8,840 498 1941—Dec. 31 8,686 4,263 4,424 3,071 1,353 8,743 8,743 496 1942—Dec. 31.. 8,739 3,958 4,781 3,698 1,084 8,616 8,616 490 1943—June 30 8,544 3,568 4,975 4,026 949 8,402 8,402 484 Dec. 31 4,345 1,411 2,935 2,246 689 4,204 4,204 361 1944—June 30 4,487 1,302 3,185 2,554 631 4,236 4,236 352 Dec. 30 4,708 1,260 3,448 2,819 629 4,466 4,466 351 1945- June 30 5,071 1,218 3,853 3,219 633 4,755 4,755 350 For footnotes see page 1034. OCTOBER 1945 1033 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 U. S. Government obligations Com- purchasing Obli- Total mer- or carrying 1 gations Cl c a a ss l 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 c c p i i l i n n u e a - g d n l, - - A t c u a g u r l r l - - i- )r T s o e o k c - uriti T es o R l t o e a e a s a t - n e l s - s l C u o o a n n - s u o t a l n e s r Total Total c C t a if e t i r e - D - s irect G a u n a - r- p S o a t c o l a n a i f t t d l e i- s O r s i e t t h c ie u e s r mar- ers oth- Bills of in- Notes Bonds teed subket and ers debt- divipaper deal- ed- sions ers ness All insured commercial banks: 1938—Dec. 31.... 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 3,932 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" 3608 3,491 1941—Dec. 31.. .. 49,288 21,258 9,214 1,450 614 662 4,773 4,545 28,030 21,046 988 3 159 12,797 4,102 3 651 3,33?? 1942—Dec. 31... 66,240 18,903 7,757 1,642 950 597 4,646 2 269 1,04247,336 40,705 4,462 6,727 5 799 20,999 2,718 3 533 3'098 1943—Dec. 31... 83,507 18,841 7,777 1,505 1,414 922 4,437 1,868 918 64,666 58,683 4,63613,218 7672 30,656 2,501 3 287 2,696 1944—June 30 93,936 20,729 7,406 1,474 2,221 2,296 4,364 1,862 1,10673,207 67,085 4,70815,46611834 34,114 963 3393 2, 730 Dec. 30.... 103,382 21,352 7,920 1,723 2,269 2,265 4,343 1,888 94482,030 75,875 3,971 15,30015778 39,848 978 3422 2,733 1945—June 30... 112,353 23,376 7,501 1, 632 3,113 3,601 4,413 2, 105 1,00888,978 82,401 2,83117,20416454 45,870 43 3 684 2,892 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 2448 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 3013 2,970 1941—Dec. 311... 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3007 11,729 3,832 3090 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 5409 18,948 2,540 2965 2,664 1943—Dec. 31.... 74,258 16,288 7,421 1,023 1,398 839 3,274 1,484i 84857,970 52,948 4,360 12,071 6,906 27,265 2,345 2 729 2,294 1944—June 30.... 83,587 18,084 7,023 1,023 2,200 2,130 3,207 1,467 lt03365,503 60,339 4,466 14,22810640 30,118 887 2834 2,331 Dec. 30... 91,569 18,676 7,531 1,198 2,249 2,108 3,209 1,505 87772,893 67,685 3,74813,98214 127 34,927 902 2857 2,350 1945—Mar. 20.... 90,524 17,219 73,305 67,915 2989 2,400 June 30 99,426 20,588 "7,095 1,125 3,089 *3,' 407 3,248 1,688 93478,838 73,239 2,63315,58414 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 1245 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 1623 3,652 1,679 729 830 1942—Dec. 31.... 17,957 4,116 2,546 21 787 193 117 3031 14813,841 12,547 1,855 2,144 2056 5,420 1,071 593 701 1943—Dec. 31.... 19,994 4,428 2,515 24 1,054 323 107 252 15315,566 14,563 1,328 3,409 1829 7,014 984 444 558 1944—June 30.... 22,669 5,479 2,430 64 1,657 751 93 232 25117,190 16,157 1,258 4,242 2 805 7,650 201 456 577 Dec. 30.... 24,003 5,760 2,610 30 1,742 859 86 253 17918,243 17,179 913 3,740 3,745 8,592 189 468 596 1945—Mar. 20.... 22,734 5,054 17,681 16,568 515 598 June 30... 25,756 7,069 2,380 53 2,'528 1,'539 76 270 22318,687 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 1230 1,101 6,691 5,018 57 1224 2,997 740 808 866 1940—Dec. 31.... 13,013 5,931 2,589 263 115 207 1436 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 1486 8081 31214,813 13,038 1,441 2,253 1723 6,810 811 954 821 1943—Dec. 31... 27,521 6,201 3,058 279 217 267 1420 658 30121,321 19,682 1,802 4,691 2497 9,943 749 913 726 1944—June 30 30,943 6,761 2,787 277 409 903 1385 650 35024,183 22,484 1,914 5,586 3 893 10,689 402 963 735 Dec. 30..., 33,603 6,822 3,034 348 311 777 1379 660 31326,781 25,042 1,704 5,730 5 181 11,987 440 1000 740 1945—Mar. 20.. .. 33,452 6,346 27,106 25,304 1034 768 June 30.... 36,572 7,155 "2,883 304 "371 1,147 1378 757 31529,417 27,523 1,320 6,598'5 689 13,906 10 1 100 794 Country banks: 1938—Dec. 31.... 10,113 4,444 1,186 483 25 243 1353 1,154 5,669 3,233 11 732 1,893 597 982 1,453 1940—Dec. 31.... 10,826 5,309 1,453 590 21 201 1644 1,400 5,517 3,269 45 433 2,081 710 1 146 1,102 1941—Dec. 31... . 12,518 5,890 1,676 659 20 183 1823 1,530 6,628 4,377 110 481 2,926 861 1222 1,028 1942—Dec. 31.... 16,419 5,038 1,226 772 17 161 1797 674 39311.380 9,172 671 1,251 1240 5,436 574 1252 956 1943—Dec. 31... . 22,188 4,654 1,084 713 25 197 1725 528 381|17,534 15,465 1032 3,094 2096 8,705 538 1,214 855 1944—June 30... 24,850 4,780 1,096 671 33 345 1708 536 39220,071 18,009 926 3,362 3 355 10,114 252 1,212 849 Dec. 30... . 28,520 4,910 1,149 802 32 310 1 719 547 35123,610 21,552 882 3,466 4 422 12,540 241 1,230 829 1945—Mar. 20... . 29,126 4,807 24,319 22,204 1,264 851 June 30.... 31,368 5,114 " 1,162 '755 32 " 422 1 771 611 36226,253 24,094 762 4,194 4^613 14,504 21 1,281 878 Insured nonmember commercial banks: 1938—Dec. 31... . 5,399 2,813 457 348 28 1U 1 141 730 2,586 1,283 4 259 793 228 563 739 1940—Dec. 31... 5,429 3,074 518 416 21 75 1240 803 2,356 1,240 10 162 834 234 595 521 1941—Dec. 31.... 5,774 3,241 543 478 20 64 1282 854 2,533 1,509 17 152 1,069 271 563 462 1942—Dec. 31... 6,984 2,818 370 553 16 59 1 225 422, 174 4,166 3,162 99 442 390 2,053 179 569 435 1943—Dec. 31.... 9,258 2,556 356 482 16 82 1,165 385! 70 6,702 5,739 276 1,147 766 3,395 156 560 403 1944—June 30.... 10,360 2,648 383 452 21 166 1,159 3951 73 7,712 6,752 242 1,238 1,194 4,002 76 560 400 Dec. 30... 11,824 2,678 389 525 21 156 1,136 383 671 9,146 8,197 223 1,319 1,652 4,928 76 566 383 1945—June 30.... 12,940 2,790 406 506 24 193 1,167 420 741 10,15( 9,170 198 1,620 1,731 5,611 10 5841 396 * These figures do not include data for banks in possessions of the United States and therefore differfrom those published by the Federal Deposit Insurance Corporation. 1 During 1941 three mutual savings banks with total deposits of 8 million dollars became members ofthe Federal Reserve System. These banks are included in "member banks" but are not included in "all insured commercial banks." 2 Central reserve city banks. 1034 FEDERAL RESERVE BUILETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Interbank Cl c a a s l s a l n o d d f a t b e ank F s B s e w e e R d R a r r i e n v e e v t r - e k h - e a s s l C va a in u sh lt m b a B w a n e n a i c s t l k e t - h i s s c 3 j p m u a D o s d d a t s e e n - e i - - t d d s 4 m D es o d t - i e c p 3 osi F e ts o ig r n - m U G er e . o n v n S - - t . p v s S o i u a s l t b i n a i t o d d t i e n c i s - a s l c C h c e f o a e e e t i f n e c c r f r i d . d s t k - i ' s - a v p n a i p s t I d i d n h r o o t u i d r n n c p a a i s e o - s - l r , s r - - , I b n a t n e k r- P m U G S i o e a n r a s . o e n n g v t v n S d - a s - - t l . S v s p i t a i u s a o c n i b t l a o e d i d l t n s - i s - a v p s n a i p I t h d d r i o n i t o u r p d n c n a a s e i o s - l - , r r s - - , r i B n o o g w r s - - co a u c n - ts 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 3,298 971 32,398 160 69 522 14,998 11 6,673 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,841 1942—Dec. 31.... 13,072 1,305 9,080 48,221 10,234 813 8,167 3,996 1,219 47,122 97 61 397 15,697 10 7,055 1943—Dec. 31 12,834 1,445 8,445 59,921 9,743 893 9,950 4,352 1,669 58,338 68 124 395 18,561 46 7,453 1944—June 30.... 12,812 1,464 8,776 59,197 10,030 940 18,757 4,402 1,550 57,351 68 108 407 20,530 84 7,709 Dec. 30. ... 14,260 1,622 9,787 65,960 11,063 948 19,754 4,518 1,354 64,133 64 109 423 23,347 122 7,989 1945—June 30.... 14,806 1,474 9,959 68,048 11,2171,119 23,478 4,698 1,240 65,494 66 105 482 26,346 65 8,340 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 5,698 1941—Dec. 31i. . 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1942—Dec. 31.... 13,072 1,019 6,147 42,570 10,101 811 7,923 3,318 1,142 42,139 87 56 332 12,366 5 6,101 1943—Dec. 31.... 12,835 1,132 5,450 52,642 9,603 891 9,444 3,602 1,573 51,820 62 120 327 14,822 39 6,475 1944—June 30.... 12,813 1,143 5,799 51,829 9,904 937 17,634 3,638 1,460 50,756 63 104 333 16,448 75 6,696 Dec. 30.... 14,261 1,271 6,354 57,308 10,881 945 18,509 3,744 1,251 56,270 58 105 347 18,807 111 6,968 1945—Mar. 20. ... 14,605 1,365 5,772 61,175 10,2501,016 12,409 4,030 1,305 59,409 65 101 378 20,004 285 7,138 June 30.... 14,807 1,150 6,486 59,133 11,0641,106 21,967 3,877 1,138 57,417 61 102 392 21,254 52 7,276 New York City:2 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 8 19 1,082 40 2,023 Chicago* 1938—Dec. 31.... 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 ,027 8 127 233 34 2,152 476 288 1942—Dec. 31.... 902 39 164 2,557 ,105 12 665 178 38 2,588 2 453 304 1943—Dec. 31.... 821 38 158 3,050 972 14 713 174 44 3,097 2 1 505 326 1944—June 30 811 41 179 3,070 ,090 15 1,105 218 41 3,040 1 543 343 Dec. 30.... 899 43 177 3,041 ,132 16 1,400 167 33 3,100 1 619 354 1945—Mar. 20.... 892 45 144 3,289 ,092 16 900 162 34 3,324 1 631 353 June 30 929 33 180 3,152 . 174. 19 1,499 193 29 3,124 1 663 362 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 "70' 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 Countrv 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—Dec. 31.... 1,857 452 3,002 7,845 633 2 151 1,184 187 6,846 29 33 150 5,917 3 1,909 1941—Dec. 31... . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1942—Dec. 31.... 2,842 542 3,699 13,265 957 4 1,090 1,558 272 11,989 20 32 140 6,397 3 2,042 1943—Dec. 31 3,303 611 3,474 17,039 994 5 1,962 1,727 344 15,561 17 56 149 7,599 10 2,153 1944—June 30. .. . 3,438 618 3,638 17,099 951 5 3,926 1,743 314 15,609 15 52 157 8,477 11 2,239 Dec. 30.... 3,909 684 4,097 19,958 1,149 8 4, 230 1,868 369 18,350 14 57 175 9,650 16 2,321 1945—Mar. 20. . 3,927 745 3,693 20,842 1,068 8 2,952 1,959 361 19,014 21 56 181 10,279 51 2,395 June 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: 1938—Dec. 31.... 204 1,423 2,904 85 2 48 555 48 2,356 15 25 113 3,163 11 1,010 1940—Dec. 31... . 243 2,017 3,391 95 3 50 574 58 2,822 18 13 87 3,311 8 975 1941—Dec. 31.... 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 956 1942—Dec. 31.... 287 2,934 5,651 133 2 243 678 76 4,983 10 5 65 3,339 5 955 1943—Dec. 31.... 313 2,996 7,279 141 2 506 750 96 6,518 6 4 68 3,750 6 979 1944—June 30. .. 322 2 978 7 368 126 3 1,124 764 90 6,595 5 4 74 4,094 9 1,015 Dec. 30.... 352 3^434 8^652 182 3 1,245 775 103 7,863 6 4 76 4,553 10 1,022 1945 June 30. 324 3,473 8,915 153 13 1,511 820 101 8,078 5 4 90 5,105 13 1,065 3 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 millionat all insured commercial banks. 4 Demand deposits other than interbank and U.S. Government less cash items reported as in process of collection. For other footnotes, see opposite page. Back figures—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103, and 108-113. OCTOBER 1945 1035 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 1J. S. Government obligations For purchasing Com- or carrying securities Total mer- Date or month in lo a v n a e d n s s t- Total in t c r d i i a u a l s l , , - a T n o d b d r e o a k l e e r r s s To others e R s e t a a l t - e Lo t a o ns O lo t a h n e s r Total c C t a i e f t i e r - - s Guar- s O e t c h u e - r ments and loans banks Total Bills of in-Notes Bonds an- rities agri- U. S.Other U. S. Other debt- teed cul- Govt. se- Govt. se- edtural ob- curi- ob- curi- ness liga- ties liga- ties tions tions Total—101 Cities 1944—August 56,286 11,228 6,004 763 605 1,071 343 1,070 60 1,312 45,058 42,111 3,533 11,023 7,449 19,501 605 2,947 1945—Apr 57,271 11,039 5,989 881 755 651 350 1,041 76 1,296 46,232 43,152 1,706 11,143 7,412 22,564 327 3,080 May 57,285 11,415 5,818 1,281 821 593 365 1,046 102 1,389 45,870 42,837 1,336 10,776 7,358 23,035 332 3,033 June 60,923 12,848 5,876 1,652 882 1,481 388 1,047 95 1,427 48,075 44,962 1,655 9,956 9,316 24,013 22 3,113 July 64,094 13,673 5,925 1,618 890 2,234 397 1,051 75 1,483 50,421 47,258 1,967 10,640 9,614 25,027 10 3,163 August 63,014 13,021 5,944 1,400 863 1,797 403 1,056 84 1,474 49,993 46,674 1,551 10,380 9,502 25,230 11 3,319 July 3 64,291 14,043 5,941 1,821 879 2,401 398 1,048 68 1,487 50,248 47,116 1,932 10,664 9,607 24,899 14 3,132 July 11 64,235 13,772 5,928 1,667 877 2,304 396 1,051 64 1,485 50,463 47,338 2,090 10,647 9,626 24,967 8 3,125 July 18 63,994 13,535 5,928 1,518 899 2,184 395 1,052 78 1,481 50,459 47,267 1,935 10,646 9,591 25,087 8 3,192 July 25 63,853 13,340 5,903 1,465 905 2,050 397 1,051 90 1,479 50,513 47,312 1,913 10,603 9,632 25,156 8 3,201 Aug. 1 63,696 13,393 5,926 1,457 964 1,995 421 1,055 94 1,481 50,303 47,000 1,656 10,581 9,565 25,190 8 3,303 Aug. 8 63,052 12,975 5,914 1,350 863 1,858 398 1,053 68 1,471 50,077 46,771 1,585 10,462 9,511 25,204 9 3,306 Aug. 15 .... 63,094 13,006 5,949 1,364 841 1,828 395 1,055 100 1,474 50,088 46,770 1,633 10,385 9,505 25,234 13 3,318 Aug. 22 62,680 12,888 5,948 1,385 827 1,706 408 1,058 83 1,473 49,792 46,458 1,420 10,277 9,478 25,268 15 3,334 Aug. 29... 62,546 12,841 5,982 1,443 820 1,599 394 1,058 77 1,468 49,705 46,371 1,463 10,196 9,448 25,253 11 3,334 Sept. 5 62,382 12, 867 6,055 1,418 818 1,507 397 1,059 134 1,479 49,515 46,182 1,451 10,502 9,373 24,845 11 3,333 Sept. 12 61,842 12, 683 6,095 1,328 802 1,437 396 1,058 93 1,474 49,159 45,823 1,229 10,347 9,327 24,909 11 3,336 Sept. 19 61,584 12, 764 6,124 1,386 877 1,335 399 1,061 114 1,468 48,820 45,473 1,213 10,220 9,273 24,756 11 3,347 Sept. 26 61,251 12,731 6,113 1,451 905 1,283 398 1,060 51 1,470 48,520 45,140 1,144 9,964 9,232 24,789 11 3,380 New York City 1944—August 20,363 4,526 2,274 574 466 601 137 79 49 346 15,837 14,834 1,151 3,917 2,700 6,885 181 1,003 1945—Apr 20,277 4,392 2,301 699 580 230 146 65 64 307 15,885 14,834 423 3,710 2,612 8,032 57 1,051 May 20,354 4,794 2,218 1,093 632 193 162 65 84 347 15,560 14,551 166 3,456 2,594 8,284 51 1,009 June 21,891 5,643 2,229 1,365 691 686 174 65 71 362 16,248 15,180 281 2 988 3 233 8 677 1 1 068 July 22,997 6,089 2,221 1,316 693 1,153 182 65 62 397 16,908 15,798 443 3*, 019 3',233 9', 102 1 August 22,253 5,560 2,191 1,125 656 859 191 67 67 404 16,693 15,490 333 2,858 3,146 9,151 2 1,203 July 3 23,230 6,369 2,243 1,495 689 1,245 181 65 58 393 16,861 15,788 402 3,091 3,263 9,031 1 1,073 July 11 23,052 6,137 2,227 1,340 684 1,193 180 65 51 397 16,915 15,8*4 508 3,039 3,227 9,069 1 1,071 July 18 22,880 6,001 2,220 1,236 700 1,137 182 65 64 397 16,879 15,733 385 2,98,2 3,230 9,135 1 1,146 July 25 22,827 5,850 2,196 1,193 700 1,038 184 65 74 400 16,977 15,827 478 2,962 3,211 9,175 1 1,150 Aug. 1 22,808 5,875 2,208 1,174 728 1,012 208 66 79 400 16,933 15,736 414 2,966 3,186 9,168 2 1,197 Aug. 8..... 22,263 5,513 2,185 1,075 660 888 187 66 48 404 16,750 15,553 342 2,911 3,143 9,155 2 1,197 Aug. 15 22,237 5,520 2,186 1,089 632 872 184 68 84 405 16,717 15,515 362 2,839 3,158 9,154 2 1,202 Aug. 22 22,032 5,447 2,173 1,108 634 796 195 68 66 407 16,585 15,376 243 2,821 3,143 9,167 2 1,209 Aug. 29 21,927 5,444 2,205 1,178 624 726 182 68 58 403 16,483 15,274 304 2,753 3,102 9,113 2 1,209 Sept. 5 21,924 5,501 2,276 1,161 621 667 183 67 117 409 16,423 15,203 337 2,900 3,039 8,925 2 1,220 Sept. 12 21,490 5,337 2,294 1,076 605 624 183 67 78 410 16,153 14,929 138 2,825 3,034 8,930 2 1,224 Sept. 19 21,516 5,389 2,306 1,121 646 559 183 67 100 407 16,127 14,901 305 2,801 3,010 8,783 2 1,226 Sept. 26 21,434 5,361 2,301 1,183 641 539 183 67 37 410 16,073 14,826 339 2,719 2,993 8,773 2 1,247 Outside New York City 1944—August 35,923 6,702 3,730 189 139 470 206 991 11 966 29,221 27,277 2,382 7,106 4,749 12,616 424 1,944 1945—Apr 36,994 6,647 3,688 182 175 421 204 976 12 989 30,347 28,318 1,283 7,433 4,800 14,532 270 2,029 May 36,931 6,621 3,600 188 189 400 203 981 18 1,042 30,310 28,286 1,170 7,320 4,764 14,751 281 2,024 June 39,032 7,205 3,647 287 191 795 214 982 24 1,065 31,827 29,782 1,374 6,968 6,083 15,336 21 2,045 July 41,097 7,584 3,704 302 197 1,081 215 986 13 1,086 33,513 31,460 1,524 7,621 6,381 15,925 9 2,053 August 40,761 7,461 3,753 275 207 938 212 989 17 1,070 33,300 31,184 1,218 7,522 6,356 16,079 9 2,116 July 3..,.. 41,061 7,674 3,698 326 190 1,156 217 983 10 1,094 33,387 31,328 1,530 7,573 6,344 15,868 13 2,059 July 11 41,183 7,635 3,701 327 193 1,111 216 986 13 1,088 33,548 31,494 1,582 7,608 6,399 15,898 7 2,054 July 18 41,114 7,534 3,708 285 199 1,047 213 987 14 1,084 33,580 31,534 1,550 7,664 6,361 15,952 7 2,046 July 25 41,026 7,490 3,707 272 205 1,012 213 986 16 1,079 33,536 31,485 1,435 7,641 6,421 15,981 7 2,051 Aug. 1 40,888 7,518 3,718 283 236 983 213 989 15 1,081 33,370 31,264 1,242 7,615 6,379 16,022 2,106 Aug. 8 40,789 7,462 3,729 275 203 970 211 987 20 1,067 33,327 31,218 1,243 7,551 6,368 16,049 7 2^109 Aug. 15 40,857 7,486 3,763 275 209 956 211 987 16 1,069 33,371 31,255 1,271 7,546 6,347 16,080 11 2,116 Aug. 22 40,648 7,441 3,775 277 193 910 213 990 17 1,066 33,207 31,082 1,177 7,456 6,335 16,101 13 2* 125 Aug. 29 40,619 7,397 3,777 265 196 873 212 990 19 1,065 33,222 31,097 1,159 7,443 6,346 16,140 9 2*125 Sept. 5 40,458 7,366 3,779 257 197 840 214 992 17 1,070 33,092 30,979 1,114 7,602 6,334 15,920 9 2,113 Sept. 12 40,352 7,346 3,801 252 197 813 213 991 15 1,064 33,006 30,894 1,091 7,522 6,293 15 979 9 2^112 Sept. 19 40,068 7,375 3,818 265 231 776 216 994 14 1,061 32,693 30,572 908 7,419 6,263 15,973 9 2121 Sept. 26 39,817 7,370 3,812 268 264 744 215 993 14 1,060 32,447 30,314 805 7,245 6,239 16,016 9 2f133 Back figures.—See Banking and Monetary Statistics, pp. 127-227. IO36 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month B s w F e e R a e r r i n e a t d v - h k l - e s v C a i a n u s l h t m b a w a d n e n o i c s t k - e t h i s s c j p m u a o d s a d e s t n e i - - t d d s 1 s p p u n v c h a o a a e o i n i r d l r r p r d s a - t - - s , - - , S p s d s a i t i o u i c a n o v b l a t d n i - e i l t s - - s c C h c o a e f e e e f t i n c f c e r r d i . k s t d - i ' s - , m U G e e . r o n n v S t - - . s p p u a h n v c o a a n e i o i r r p d l d r r a t s - - - s - - , , S p d s a i t i o u i c a n v b l a t d i - i e l t - s - P m U G S o a e in a s n o e r . g S n v t n d v a s - . - t - l m D a e n b - d ank T s ime b F e a i o n g r k n - s B i r n o o g w r s - - co C a i u t c a a n - p l t - s B d i e a t b s n - 2 k tions tions Total 101 Cities 1944—August 8,849 542 2,166 34,111 34,193 1,749 660 12,434 6,882 120 46 8,645 876 56 4,444 52,710 1945—Apr 9,806 578 2,130 38,231 38,202 2,096 853 7,690 8,109 104 44 9,035 955 327 4,718 57.545 May 10,192 585 2,157 39,886 39,660 2,296 899 5,804 8,265 109 44 9,216 1,007 573 4,748 62,802 June 10,239 580 2,348 38,854 38,951 2,0681,112 9,884 8,380 109 43 9,898 1,044 519 4,761 78,821 July 9,709 564 2,358 36,619 36,847 1,8261,065 15,142 8,506 108 44 9,803 1,048 131 4,800 61,852 August 9,900 553 2,243 37,553 37,651 1,874 876 12,818 8,751 109 44 9,632 1,072 343 4,834 55,599 July 3 9,732 542 2,424 35,875 36,019 1,8311,243 16,135 8,434 108 44 10,013 1,033 64 4,795 14,643 July 11 9,599 582 2,415 36,308 36,683 1,7651,051 15,488 8,487 109 47 9,965 1,040 78 4,802 14,360 July 18 9,710 567 2,338 36,852 37,178 1,8071,003 14,769 8,529 108 43 9,780 1,053 149 4,799 15,482 July 25 9,796 567 2,254 37,440 37,506 1,902 961 14,176 8,574 107 43 9,453 1,069 234 4,802 13,956 Aug. 1.... 9,833 543 2,170 37,533 37,626 1,904 1,283 13,741 8,637 107 42 9,366 1,069 381 4,821 14,637 Aug. 8. ... 9,785 539 2,191 37,062 36,989 1,829 771 13,362 8,701 108 44 9,543 1,065 299 4,830 13,280 Aug. 15.... 9,934 545 2,324 37,444 37,691 1,812 776 13,005 8,738 110 44 9,789 1,076 304 4,831 10,538 Aug. 22. ... 9,939 556 2,300 37,587 37,834 1,959 702 12,244 8,824 110 44 9,840 1,074 345 4,842 12,046 Aug. 29.... 10,010 586 2,229 38,140 38,115 1,864 849 11,739 8,853 111 44 9,623 1,077 385 4,845 12,855 Sept. 5... 10,061 540 2,183 38,485 38,465 1,894 869 10,989 8,899 110 43 9,760 1,080 362 4,858 11,101 Sept. 12.. .. 10,117 583 2,226 38,671 39,100 1,874 871 10,150 8,954 110 42 9,935 1,087 399 4,854 12,623 Sept. 19.. 10,265 570 2,204 39,017 39,209 1,8431,233 9,652 8,994 113 43 9,824 1,094 272 4,866 15,455 Sept. 26.... 10,072 590 2,086 38,817 38,798 1,9181,062 9,501 9,023 112 42 9,446 1,085 360 4,871 14,999 New York City 1944—August 3,244 12,435 12,779 171 344 5,072 818 15 2,758 794 24 1,744 21,722 1945—Apr 3,619 14,121 14,485 233 471 3,163 966 18 2,869 857 131 1,816 25,115 May 3,835 14,952 15,266 288 532 2,257 994 19 2,927 904 332 1,826 28,384 June 3,775 14,460 14,799 221 733 3,895 996 20 8 3,177 937 370 1,830 36,951 July 3,528 13,381 13,741 184 6,200 1,001 19 9 3,102 938 72 1,847 29,190 August 3,590 13,676 14,046 169 5,180 1,076 20 10 2,939 958 160 1,863 24,803 July 3 3,578 13,107 13,449 168 810 6,658 991 20 8 3,246 921 46 1,845 6,496 July 11 3,433 13,214 13,625 147 682 6,354 995 20 10 3,142 930 23 1,847 6,720 July 18 3,510 13,445 13,819 206 610 6,022 1,002 19 10 3,067 943 84 1,846 7,457 July 25 3,589 13,757 14,068 215 606 5,764 1,015 19 10 2,954 959 137 1,848 6,696 Aug. 1.... 3,657 13,912 14,312 222 873 5,570 1,053 19 10 2,892 959 219 1,861 6,863 Aug. 8.... 3,536 13,501 13,773 157 5,422 1,058 20 10 2,897 955 112 1,864 6,353 Aug. 15. ... 3,557 13,542 13,961 163 5,270 1,060 20 10 2,963 963 147 1,865 4,348 Aug. 22.. .. 3,588 13,602 13,999 151 4,936 1,104 20 10 3,010 957 152 1,865 5,025 Aug. 29.. . 3,611 13,824 14,183 153 463 4,702 1,104 20 10 2,933 956 173 1,862 5,986 Sept. 5....3,601 14,106 14,387 165 496 4,383 1,108 20 10 2,940 963 151 1,869 4,867 Sept. 12.. .. 3,671 14,015 14,431 168 472 4,040 1,114 20 10 2,980 972 179 1,867 5,641 Sept. 19.... 3,727 14,306 14,692 152 810 3,831 1,126 20 10 2,997 977 40 1,870 7,402 Sept. 26.... 3,690 14,363 14,655 185 3,767 1,128 19 10 2,847 972 117 1,870 7,211 Outside New York City 1944—August 5,605 455 2,142 21,676 21,414 1,578 316 7,362 6,064 5,887 32 2,700 30,988 1945—Apr 6,187 483 2,088 24,110 23,717 1,863 382 4,527 7,143 86 36 6,166 98 196 2,902 32,430 May.... 6,357 494 2,131 24,934 24,394 2,008 367 3,547 7,271 90 36 6,289 103 241 2,922 34,418 June 6,464 489 2,325 24,394 24,152 1,847 379 5,989 7,384 89 35 6,721 107 149 2,931 41,870 July 6,181 476 2,330 23,238 23,106 1,642 388 8,942 7,505 89 35 6,701 110 59 2,953 32,662 August.. 6,310 469 2,220 23,877 23,605 1,705 346 7,638 7,675 89 34 6,693 114 183 2,971 30,796 July 3 6,154 2,401 22,768 22,570 1,663 433 9,477 7,443 36 6,767 112 18 2,950 8,147 July 11 6,166 2,387 23,094 23,058 1,618 369 9,134 7,492 89 37 6,823 110 55 2,955 7,640 July 18 6,200 481 2,314 23,407 23,359 1,601 393 8,747 7,527 89 33 6,713 110 65 2,953 8,025 July 25 6,207 479 2,216 23,683 23,438 1,687 355 8,412 7,559 33 6,499 110 97 2,954 7,260 Aug. 1 6,176 459 2,147 23,621 23,314 1,682 410 8,171 7,584 32 6,474 110 162 2,960 7,774 Aug. 8 6,249 454 2,170 23,561 23,216 1,672 344 7,940 7,643 34 6,646 110 187 2,966 6,927 Aug. 15 6,377 462 2,297 23,902 23,730 1,649 358 7,735 7,678 90 34 6,826 113 157 2,966 6,190 A A u u g g . . 2 2 2 9 6 6 , , 3 3 5 9 1 9 4 5 7 0 2 1 2 2, , 2 2 0 7 7 7 2 2 4 3 , , 3 9 1 8 6 5 2 2 3 3 , , 9 8 3 3 2 5 1 1, , 7 8 1 0 1 8 3 2 8 3 6 4 7,. 7 7 , , 7 7 2 4 0 9 9 9 1 0 3 3 4 4 6 6, , 6 8 9 3 0 0 1 12 1 1 7 2 1 1 9 2 3 2 2 , , 9 9 7 8 7 3 6 7 , , 8 0 6 2 9 1 7,037 Sept. 5 6,460 459 2,163 24,379 24,078 1,729 373 6,606 7,791 90 33 6,820 117 211 2,989 6,234 Sept. 12 6,446 494 2,203 24,656 24,669 1,706 399 6,110 7,840 90 32 6,955 115 220 2,987 6,982 Sept. 19 6,538 488 2,179 24,711 24,517 1,691 423 5,821 7,868 93 33 6,827 117 232 2,996 8,053 Sept. 26 6,382 500 2,058 24,454 24,143 1,733 367 5,734 7,895 93 31 6,599 113 243 3,001 7,788 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. OCTOBER 1945 1037 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, d F i e s d tr e i r c a t l a R n e d s d er a v te e m v a e e i n n n s - d t t - s \>tal t d a r i u n n i s a - d - l, U T a . n o d S b . d r e o a k l e e r r s s U. T S o . others e R l s e o t a a a l n t - s e L ba o t n a o k n s s O lo t a h n e s r Total Total Bills C c e i a o n r t - t f e if s i- tfotes Bonds O s ri e t t c h ie u e s - r agri- Govt.Other Govt.Other debt- teed cul- obli- obli- secu- edtural ga- rities ness tions Boston Aug. 29 3,427 699 409 41 20 32 16 64 5 112 2,728 2,6*2 142 684 481 1,335 86 Sept. 5 3,399 691 414 30 21 29 16 64 5 112 2,708 2,622 129 686 480 1,327 86 Sept. 12 3,348 689 416 30 20 28 16 64 3 112 2,659 2,576 104 659 480 1,333 83 Sept. 19 3,331 692 415 33 22 27 16 64 3 112 2,639 2,553 101 639 474 1,339 86 Sept. 26 3,291 691 415 32 22 26 16 65 4 111 2,600 2,511 79 624 469 1,339 89 New York* Aug. 29 24,069 5,799 2,345 1,179 629 772 205 148 58 463 18,270 16,985 322 3,075 3,427 10,159 1,285 Sept. 5 24,064 5,860 2,416 1,162 626 713 207 148 117 471 18,204 16,907 351 3,262 3,360 9,932 1,297 Sept. 12 23,645 5,695 2,432 1,079 610 669 207 148 78 472 17,950 16,649 164 3,190 3,355 9,938 1,301 Sept. 19 23,640 5,749 2,443 1,123 654 603 207 149 100 470 17,891 16,589 317 3,159 3,326 9,785 1,302 Sept. 26 23,554 5,720 2,437 1,187 647 585 206 149 37 472 17,834 16,510 351 3,072 3,309 9,776 1,324 Philadelphia Aug. 29 2,665 478 215 4 39 54 10 33 1 122 2,187 2,005 121 293 410 1,181 182 Sept. 5 2,641 473 213 4 40 51 10 33 1 121 2,168 1,991 127 301 410 1,153 177 Sept. 12 2,625 473 218 4 39 48 9 32 1 122 2,152 1,974 114 296 406 1,158 178 Sept. 19 2,612 479 219 6 42 47 9 32 1 123 2,133 1,952 102 294 401 1,155 181 Sept. 26 2,592 473 218 5 39 45 9 32 1 124 2,119 1,937 93 294 392 1,158 182 Cleveland Aug. 29 5,060 947 387 70 28 160 15 152 135 4,113 3,859 78 909 765 2,107 254 Sept. 5 5,041 940 388 69 26 156 15 152 134 4,101 3,849 66 910 764 2,109 252 Sept. 12 5,000 929 382 69 25 155 15 152 131 4,071 3,818 56 899 759 2,104 253 Sept. 19 4,949 922 382 65 34 146 15 151 129 4,027 3,776 50 876 752 2,098 251 Sept. 26 4,907 923 384 66 41 139 15 150 128 3,984 3,733 29 826 753 2,125 251 Richmond Aug. 29 2,077 322 133 6 6 51 9 49 61 1,755 1,69: 87 325 290 990 63 Sept. 5 2,060 319 133 6 7 49 9 50 61 1,741 1,679 80 325 290 984 62 Sept. 12 2,068 31 133 6 6 47 9 50 62 1,751 1,689 84 329 291 98^ 62 Sept. 19 2,050 319 137 5 6 46 9 50 63 1,731 1,669 58 329 293 98" 62 Sept. 26 2,044 318 137 6 45 9 50 64 1,726 1,664 57 325 293 989 62 Atlanta Aug. 29 1,999 333 173 9 50 7 24 67 1,666 1,524 59 372 320 772 142 Sept. 5 1,992 331 172 9 48 7 24 68 1,661 1,520 52 375 318 773 141 Sept. 12 1,994 330 174 8 48 7 24 66 1,664 1,522 54 371 321 774 142 Sept. 19 1,982 332 177 9 48 7 24 65 1,650 1,507 41 384 315 765 143 Sept. 26 1,977 333 177 10 47 7 24 66 1,644 1,498 42 373 319 762 146 Chicago* Aug. 29 9,264 1,683 931 108 45 246 59 145 149 7,581 7,038 205 1,937 1,392 3,501 543 Sept. 5 9,195 1,673 924 117 45 232 60 145 150 7,522 6,979 175 1,980 1,390 3,431 543 Sept. 12 9,165 1,667 929 109 51 221 60 146 151 7,498 6,955 185 1,945 1,371 3,451 543 Sept. 19 9,098 1,672 934 122 59 204 61 145 147 7,426 6,879 136 1,913 1,363 3,464 547 Sept. 26 9,014 1,677 929 126 85 183 61 146 147 7,33 6,789 110 1,854 1,348 3,474 548 St. Louis Aug. 29 1,964 457 242 5 35 14 68 1,507 1,37 55 251 332 735 133 Sept. 5 1,968 457 242 5 35 14 67 1,511 1,378 59 253 331 73- 133 Sept. 12 1,968 456 244 4 33 14 67 1,512 1,378 58 253 331 735 134 Sept. 19 1,930 456 245 6 30 14 67 1,474 1,339 33 247 328 730 135 Sept. 26 1,914 460 243 11 31 14 68 1,454 1,31' 26 237 324 731 135 Minneapolis Aug. 29 1,218 214 112 2 21 4 23 50 1,004 955 10 200 187 558 49 Sept. 5 1,227 225 119 3 21 4 24 52 1,002 95. 33 204 186 530 49 Sept. 12 1,222 232 127 2 21 4 24 52 990 941 13 199 184 49 Sept. 19 1,212 229 126 4 20 4 24 49 983 934 15 190 184 545 49 Sept. 26 1,214 23C 124 6 20 4 24 50 984 934 5 190 190 549 50 Kansas City Aug. 29 2,269 37: 228 5 29 38 61 1, 1,76: 100 410 466 785 136 Sept. 5 2,270 372 229 4 28 38 62 1,898 1,763 99 437 46: 765 135 Sept. 12 2,268 368 226 5 26 38 62 1,900 1,765 90 440 464 771 135 Sept. 19 2,259 36? 227 5 25 38 62 1,89 1,75 75 441 463 771 134 Sept. 26 2,254 36= 223 6 25 38 62 1,88( 1,753 74 429 465 785 136 Dallas Aug. 29 1,888 44 280 4 54 24 56 1,44 1,39: 80 415 278 618 55 Sept. 5 1,889 44 282 4 52 24 56 1,445 1,394 74 414 281 624 54 Sept. 12 1,892 44! 284 4 51 24 55 l,45i 1,396 74 413 283 625 54 Sept. 19 1,896 44. 284 5 51 24 57 1,45 1,39' 79 410 283 624 54 Sept. 26 1,873 44i 286 5 50 24 57 1,42 1,37 64 406 278 622 56 San Francisco Aug. 29 6,646 1,096 527 95 290 104 5,55C 5,144 204 1,325 1,100 2,512 406 Sept. 5 6,636 1," 523 93 290 104 5,55' 5,14" 206 1,355 1,101 2,483 404 Sept. 12 6,647 1, 530 90 289 101 5,56: 5,16( 223 1,353 1, 2,500 402 Sept. 19 6,625 1,10 535 88 293 103 5,52< 5,12 206 1,338 1,091 2,484 403 Sept. 26 6,617 1,09. 540 87 290 101 5,52. 5,12 214 1,334 1,092 2,47 401 City of Chicago* Aug. 29 5,513 1,172 693 104 173 26 4,34 151 1,147 813 1,87 353 Sept. 5 5,477 l,16t 687 114 161 26 4,31 3,95 127 1,178 812 1,84C 354 Sept. 12 5,449 1,16C 692 106! 151 26 4,28 3,93? 143 1,151 793 1,85 351 Sept. 19 5,427 1,162 697 118 135 26 4,26i 3,91 105 1,143 788 1,87 355 Sept. 26 5,369 1,16! 695 122 120 26 4,20: 3,84<: 94 1,107 778 1,86' 356 * Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 1038 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [ In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic d F i e s d tr e i r c a t l a R n e d s e d r a v t e e B s w F e R a e e r i n r e a t d v - h k l - e s C va i a n u sh lt m b a w n a d e i c n o s t e - k h ti s s c p m u o a d s a d e s t n - e i - t d d s 1 s u p p v h n c a a o a i i e o n d p l r r r r d s - a t - s - , - - , S p d s t s o a i i i a l u c n v o t i a b i n d t e - l - s - s c C h c e o e a f e e f r t i n r f c t c i e s k d i . - d ' s - , U m G er . o e n S v n . - - t s p u p v h n c a a a o i o i e n r l d p r r r d s t a - - - s - , - , S p d s s a t i o i i u a c n o v l b t 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 S n 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 o n w r g - - s c C o i a u a t c a n p - l t - s d B i e t a b s n - 2 k tions tions Boston (6 cities) Aug. 29 463 122 2,121 2,093 102 31 973 396 291 23 11 279 562 Sept. 5 459 114 2,132 2,109 106 31 913 398 293 21 15 280 464 Sept. 12 458 115 2,154 2,146 103 30 842 401 304 21 6 280 519 Sept. 19 481 111 2,173 2,150 109 34 800 402 311 20 15 281 597 Sept. 26 460 108 2,121 2,091 115 33 789 403 301 19 21 279 652 New York (8 cities)* Aug. 29 3,869 102 15,154 15,332 386 492 5,057 1,716 2,995 959 199 2,015 6,278 Sept. 5 3,843 100 15,431 15,544 370 523 4,716 1,727 3,004 966 176 2,022 5,193 Sept. 12 3,912 108 15,373 15,634 386 499 4,348 1,736 3,045 975 213 2,020 5,956 Sept. 19 3,989 114 15,665 15,879 354 846 4,124 1,750 3,062 979 73 2,024 7,826 Sept. 26 3,924 103 15,686 15,814 379 723 4,056 1,754 2,910 974 145 2,023 7,555 Philadelphia (4 cities) Aug. 29 424 78 1,803 1,849 44 21 582 206 357 10 14 248 500 Sept. 5 429 77 1,824 1,873 47 17 541 207 361 10 4 250 394 Sept. 12 432 79 1,858 1,913 51 23 499 209 363 10 2 249 469 Sept. 19 440 85 1, 1,920 48 21 474 210 370 10 249 569 Sept. 26 436 82 1,857 1,911 46 18 466 210 357 9 249 533 Cleveland (10 cities) Aug. 29 767 203 3,116 3,120 147 44 797 1,160 27 543 4 469 796 Sept. 5 776 205 3,118 3,118 152 41 748 1,166 27 558 3 469 674 Sept. 12..... 763 199 3,113 3,149 147 40 692 1,172 27 559 3 469 778 Sept. 19 784 196 3,12 3,134 151 44 663 1,176 27 555 3 469 833 Sept. 26 756 193 3,063 3,058 158 40 652 1,180 27 537 3 470 837 Richmond (12 cities) Aug. 29 322 151 1,26 1,261 71 20 417 329 2 7 415 4 12' 343 Sept. 5 366 149 1,28: 1,299 83 23 389 331 2 7 436 3 12 325 Sept. 12 346 151 1.30C 1,314 77 26 359 333 2 7 444 3 126 366 Sept. 19 333 139 1,27 1,286 78 29 341 334 2 7 435 3 12 441 Sept. 26 329 137 1,26' 1,271 82 23 335 336 2 7 430 3 127 390 Atlanta (8 cities) Aug. 29 360 148 1,284 1,200 170 10 24 391 4 3 515 6 121 309 Sept. 5 367 146 1,281 1,215 161 9 225 393 4 2 523 7 121 288 Sept. 12 367 152 1,29' 1,246 161 10 211 396 4 2 531 7 121 334 Sept. 19 364 140 1,281 1,211 165 12 20C 399 4 3 516 7 121 400 Sept. 26 358 124 1,27. 1,196 171 9 19' 399 4 3 ' 498 7 122 361 Chicago (12 cities)* Aug. 29 1,497 392 5,65' 5,492 437 68 1,57* 1,725 5 4 1,612 24 571 1,707 Sept. 5 1,468 377 5,63i 5,453 461 73 1,47; 1,735 5 4 1,629 23 573 1,581 Sept. 12 1,508 379 5,71 5,608 459 76 1,36= 1,745 5 4 1,652 24 573 1,756 Sept. 19 1,511 391 5,75 5,600 446 88 1.30C 1,751 5 4 1,607 25 574 1,998 Sept. 26 1,488 364 5,71 5,539 471 64 1,28C 1,757 5 4 1,535 24 576 2,078 St. Louis (5 cities) Aug. 29 325 127 l,10C 1,141 60 13 30C 322 1 583 2 129 318 Sept. 5 336 120 1,107 1,149 62 13 28C 324 1 593 2 129 285 Sept. 12 347 117 1,11 1,182 59 12 25? 326 1 608 2 129 317 Sept. 19 347 112 1,095 1,144 61 12 24' 327 1 584 2 130 392 Sept. 26 341 106 1,098 1,140 56 14 24. 328 1 567 2 130 349 Minneapolis (8 cities Aug. 29 193 92 67: 639 88 14 24* 196 316 2 83 250 Sept. 5 199 96 67< 653 83 13 23: 197 344 1 83 285 Sept. 12 188 109 67: 674 81 21 214 199 362 2 83 321 Sept. 19 202 99 68 669 80 14 204 197 353 2 83 323 Sept. 26 194 93 67 661 78 13 20 198 344 2 309 Kansas City (12 cities Aug. 29 463 299 1,395 1,382 142 19 28< 270 947 142 433 Sept. 5 470 293 1,39/ 1,399 147 21 272 969 143 368 Sept. 12 463 298 1,41 1,447 135 20 24« 274 964 143 434 Sept. 19 459 289 1,41 1,426 136 20 275 949 144 512 Sept. 26 469 274 1,41 1,409 143 20 277 933 144 449 Dallas (9 cities) Aug. 29 378 246 1,296 1,297 72 20 248 584 130 305 Sept. 5 379 233 1,295 1,303 75 21 249 586 130 277 Sept. 12 385 248 1,32( 1,343 72 25 24' 251 597 130 314 Sept. 19 371 244 1,32) 1,343 70 26 238 253 590 131 367 Sept. 26 371 223 1,31 1,318 77 20 234 254 565 131 357 San Francisco (7 cities Aug. 29 949 269 3,27 3,309 145 97 974 1,894 465 531 1,054 Sept. 5... .... 969 275 3,31 3,350 147 84 936 1,900 464 531 967 Sept. 12 948 271 3,32( 3,444 143 89 86= 1,912 506 531 1,028 Sept. 19 984 284 3,37 3,447 145 87 823 1,920 492 532 1,197 Sept. 26. 946 279 3,32< 3,390 142 85 814 1,927 469 1,129 City of Chicago* Aug. 29 925 186 3,41 3,403 184 35 1,03. 697 1,143 363 1,058 Sept. 5 876 187 3,383 3,366 202 37 963 702 1,149 365 988 Sept. 12 940 184 3,464 3,492 202 35 892 705 1,168 365 1,075 Sept. 19... 943 189 3,50 3,503 201 44 848 707 1,143 1,246 Sept. 26. 916 170 3,47. 3,462 213 29 83= 710 1,081 1,391 * See note on preceding page. * Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Debits to demand deposit accounts except in interbank and U. S. Government accounts. OCTOBER 1945 IO39 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commer- Held by Based on cial End of month paper Total Accepting banks Goods stored in or sta o n u d t i - ng1 sta o n u d t i - ng rotal O bi w lls n b B ou il g ls ht Others2 I u m S i n t n p a i t t o t o e e r d s ts S f t r a o t m es ex D c o h l a l n ar ge U sh n i i p te p p d o ed in t b s e F i t n w or e e e i n gn States countries 1944—May 151 113 90 49 41 24 71 10 (3) 28 4 June 137 112 87 44 43 25 74 11 (3) 24 3 July 143 110 88 46 41 23 72 12 (3j 24 2 August 141 110 82 44 38 28 75 10 (3) 22 3 September 141 111 85 42 43 26 78 11 (3) 19 3 October 142 115 85 40 45 30 79 13 21 2 November 167 115 84 44 40 32 74 14 (3) 24 4 December 166 129 93 44 50 35 86 14 (3) 25 3 1945—January 162 130 98 48 50 32 86 13 (3) 25 5 February 157 126 97 52 46 29 87 12 (3) 24 4 March 147 128 96 54 42 32 87 11 (3) 25 4 April 119 117 90 52 38 26 81 10 (3) 24 2 May 103 104 82 51 32 22 72 9 (3) 22 2 June 101 107 80 44 36 27 74 10 (3) 20 3 July 107 117 90 45 45 227 81 9 (|) 22 4 August 110 128 101 50 50 28 91 10 25 2 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. 3 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS* DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances 1 End of month Customers' bal D an e c b e i s t in bal D an e c b e i s t in Cash on cre C d u it s t b o a m la e n r c s e ' s1 Other credit balances debit partners' firm hand Money ba (i l l a e n t) c 1 es a in n a d v c e c t s o r t a u m d n e i t n 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 borrowed2 Free O (n th e e t) r i a I n n n a v d c p e c t s a o r t r u a m t n d n e t i e s n n r g t s' i a n a n v c d I e n c s t o f r t i u a m r n m d e t i s n n g t I a n c ( c c n o a e u p t) n it t a s l 1936—June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 269 December 677 12 99 204 427 281 54 22 5 247 1941— June 616 11 89 186 395 255 65 17 7 222 December 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December 788 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 U>44—September e940 e640 c420 October *950 e670 e430 November e940 e640 e430 December 1,041 • ••••y 260 726 472 96 '"is 8 227 209 1945— January e1,070 e730 e530 February 1,100 e73O e540 March 31,034 3722 3553 April 3-,065 3701 3575 May 31,094 3742 3583 June 1,223 li 333' 853 549 121 14 13 264 July 31,141 220 3824 3580 August. 31,100 3758 3573 6 Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of large firms. I 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. f Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): March, 109; April, 106; May, 110; July, 145; August, 148. . NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144 p 503 for data in detail at semiannual dates prior to 1942. ' IO4O 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 m o m c t e i h r - 6 a e s , l - l a a b P d c n a e r a c 9 c r i n y e s m 0 e k ' p s s e - l t , - c S h l n c a e o t r a e o x l a e a n - - w c l n l g k - e m b o i 3 l n - ls t s h 3 ecu d 9 c m r e o - c e i b t f t r o a o y t t t n i i e e n f 1 t d s y i h - 2 - - i - eld 3 ta s n - y x o t e o a t a e b r s 5 l - e 1936 average1 1 T 9 2 o . c 6 t i a 8 t l ies Y N C 1. o e i 7 t w r 2 y k 7 e E N r c a 3 n o O i s . t r 0 t i a t t e e 4 h n h s r e - d n r 1 W e 1 r c 3 n e S i . t s 4 o i a t e e u 0 n s r t d n hness 1937 average1 2.59 1.73 2.88 3.25 1938 average1 2.53 1.69 2.75 3.26 1 1 1 9 9 9 4 4 4 2 4 3 a a a v v v e e e r r r a a a g g g e e e . . . 6 6 7 9 6 3 . . . 4 4 4 4 4 4 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 2 7 7 6 3 5 " ! .7 7 9 5 1 1 1 . . . 4 3 3 6 4 3 1 1 1 9 9 9 3 4 4 9 0 1 a a a v v v e e e r r r a a a g g g e e e 2 2 2 . . . 7 6 5 8 3 4 2 2 1 . . .9 0 0 7 7 4 2 2 2 . . . 8 5 5 7 6 5 3 3 3 . . . 5 3 1 1 8 9 1944—September.... .75 .44 1.00 .375 .79 1.31 1942 average 2.61 2.07 2.58 3.26 October. .75 .44 1.00 .375 .80 1.35 1943 average 2.72 2.30 2.80 3.13 November .75 .44 1.00 .375 .81 1.34 1944 average 2.59 2.11 2.68 3.02 December.. .75 .44 1.00 .375 .80 1.35 1941—March 2.58 2.06 2.53 3.25 1945—January .75 .44 1.00 .375 .78 1.31 June 2.55 1.95 2.58 3.23 February .75 .44 1.00 .375 .77 1.22 September.. 2.60 1.98 2.62 3.29 March .75 .44 1.00 .375 .78 1.18 December.. 2.41 1.88 2.45 2.99 J J A A M u u p u a l n r g y y e i u l st . . . . . 7 7 7 7 7 5 5 5 5 5 . . . . . 4 4 4 4 4 4 4 4 4 4 1 1 1 1 1 . . . . . 0 0 0 0 0 0 0 0 0 0 . . . . . 3 3 3 3 3 7 7 7 7 7 5 5 5 5 5 . . . . . 7 8 8 8 8 7 0 2 1 0 1 1 1 1 1 . . . . . 1 1 1 1 1 6 7 6 6 4 1942— J D S M u e e n a p c e r t e c e m h m b b e e r r . . . . . 2 2 2 2 . . . . 7 4 6 6 0 8 2 3 2 2 2 1 . . . .8 0 0 2 5 7 9 8 2 2 2 2 . . . . 5 4 6 6 6 8 3 6 3 3 3 3 . . . . 2 3 2 2 0 4 5 6 September .75 .44 1.00 .375 .84 1.19 1943—March 2.76 2.36 2.76 3.24 Week ending: June 3.00 2.70 2.98 3.38 S Se e p p t t . . 8 1 H % %> 1 1 . . 0 0 0 0 . . 3 3 7 7 5 5 . . 8 8 3 4 1 1 . . 1 1 7 6 D Se e p c t e e m m b b e e r r . . . . . 2 2 . . 4 6 8 5 2 2 . . 0 1 5 0 2 2 . . 7 7 1 6 2 3. . 1 7 7 3 S S S e e e p p pt t t . . . 2 2 1 9 2 5 8 7 7 % A A 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 7 7 7 5 5 5 . . . 8 8 8 5 5 4 4 1 1 1 . . . 2 2 1 0 1 8 1944— J S M u e n p a e r t c e h mber.. 2 2 2 . . . 6 6 6 3 3 9 2 2 2 . . . 1 1 2 0 8 3 2 2 2 . . . 7 5 8 5 5 2 3 3 3 . . . 1 1 1 2 8 4 December... 2.39 1.93 2.61 2.65 1 Monthly figures are averages of weekly prevailing rates. zThe average rate on 90-day stock exchange time loans was 1.25 per 1945—March 2.53 1.99 2.73 2.91 cent during the entire period. June 2.50 2.20 2.55 2.80 3 Rate on new issues offered within period. September. 2.05 4 Beginning on Sept. 15, 1945, includes Treasury notes of Sept. 15, 1948, and Treasury bonds of Dec. 15, 1950. i Prior to March 1939f igures were reported monthly on a basis not strictly Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. comparable with the current quarterly series. 448-459, and the BULLETIN for May 1945, pp. 483-490. Back figures—See Banking and Monetary Statistics, Tables 124-125, pp. 463-464; for description, see pp. 426-427. BOND YIELDS^ [Per cent per annum) U. S. Government Corporate (Moody's)4 7 to 9 Munic- Corpo- Yea o r r , w m e o ek nth, years 15 years and over (h i i p g a h l - (h ra ig te h- By rating By groups T ab ax le - a e P l x ly a e r m t t a i p - x t T ab ax le - grade)^ grade)3 Total Aaa Aa A Baa In tr d ia u l s- R ro a a i d l- P u u ti b li l t i y c Number of issues 1-5 1-5 1-8 15 5 120 30 30 30 30 40 40 40 1942 average 1.93 2.09 2.46 2.36 2~75 3.34 2.83 2.98 3.28 4.28 2.96 3.96 3.11 1943 average 1.96 1.98 2.47 2.06 2.64 3.16 2.73 2.86 3.13 3.91 2.85 3.64 2.99 1944 average 1.94 1.92 2.48 1.86 2.60 3.05 2.72 2.81 3.06 3.61 2.80 3.39 2.96 1944—September 1.92 1.93 2.47 1.83 2.55 3.03 2.72 2.79 3.05 3.56 2.79 3.35 2.94 October 1.93 1.93 2.48 1.87 2.55 3.02 2.72 2.81 3.01 3.55 2.79 3.32 2.96 November 1.92 1.90 2.48 1.88 2.61 3.02 2.72 2.80 3.01 3.53 2.77 3.29 2.98 December 1.93 1.87 2.48 1.87 2.59 2.98 2.70 2.76 2.98 3.49 2.74 3.25 2.96 1945—January 1.89 1.81 2.44 1.81 2.58 2.97 2.69 2.76 2.98 3.46 2.73 3.23 2.97 February 1.77 1.75 2.38 1.71 2.56 2.93 2.65 2.73 2.94 3.41 2.69 3.16 2.95 March 1.70 1.70 2.40 1.61 2.51 2.91 2.62 2.72 2.92 3.38 2.68 3.11 2.94 April 1.62 1.68 2.39 1.57 2.49 2.90 2.61 2.73 2.90 3.36 2.69 3.07 2.94 May 1.57 1.68 2.39 1.58 2.53 2.89 2.62 2.72 2.88 3.32 2.68 3.05 2.93 June 1.56 1.63 2.35 1.58 2.54 2.87 2.61 2.69 2.86 3.29 2.68 3.03 2.89 July 1.58 1.63 2.34 1.57 2.53 2.85 2.60 2.68 2.85 3.26 2.68 3.00 2.87 August 1.59 1.68 2.36 1.70 2.56 2.86 2.61 2.70 2.85 3.26 2.68 3.02 2.86 September 1.56 1.68 2.37 1.79 2.56 2.85 2.62 2.70 2.85 3.24 2.67 3.05 2.85 Week ending: Sept. 1 1.57 1.68 2.37 1.78 2.57 2.86 2.62 2.70 2.85 3.26 2.68 3.03 2.86 Sept. 8 1.56 1.68 2.37 1.77 2.56 2.85 2.62 2.69 2.84 3.25 2.67 3.03 2.85 Sept. 15 1.58 1.69 2.38 1.79 2.56 2.86 2.62 2.70 2.85 3.25 2.67 3.05 2.85 Sept. 22 1.56 1.69 2.37 1.80 2.56 2.86 2.63 2.71 2.86 3.24 2.67 3.06 2.85 Sept. 29 1.55 1.68 2.36 1.81 2.56 2.85 2.62 2.71 2.85 3.24 2.66 3.05 2.85 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. * Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 10 to 6 issues, respectively, and the railroad Aaa group from 10 to 5 issues. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490. OCTOBER 1945 1041 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices5 Volume Corporate4 Common (index, 1935-39 = 100) of trad- Year, month, or week U.S. Municing7 m G er e o n n v - r - , g ( r h i a p i d g a e l h )3 g H r i a g d h e - Tl ot . a M l i e diu I t n m r d i - a u l a s - n d l r o R o w a a i e d l r - - gra u P d t e u il b it l y ic lu D l e te - d fe P r r r e e - d6 Total In tr d i u a s l - R r a o i a l d - P ut u i b li l t i y c [ s i s n a h n a t d h r s e o s o u ) f - Number of issues 1-8 50 20 402 354 28 1942 average 100.72 126.2 118.3 100.1 109.1 86.6 104.8 27.2 162.4 69 71 66 61 466 1943 average 100.50 131.8 120.3 109.5 117.0 97.6 114.0 44.0 172.7 92 94 89 82 1,032 1944 average 100.25 135.7 120.9 114.7 120.5 107.3 116.3 59.2 175.7 100 102 101 90 971 1944—September. 100.40 136.2 121.2 114.5 120.1 107.0 116.5 55.5 177.4 101 103 99 91 738 October 100.29 135.5 121.1 115.5 119.9 109.6 116.9 59.1 177.4 104 106 103 93 776 November. 100.26 135.2 120.9 115.9 119.9 110.9 116.7 61.2 178.5 103 105 105 92 850 December. 100.34 135.5 121.4 116.9 120.7 113.2 116.8 65.8 180.9 105 106 114 92 1,421 1945—January 100.97 136.6 121.6 117.3 121.2 113.7 117.0 68.6 183.3 108 110 121 94 1,652 February.. 101.81 138.7 121.9 117.6 121.9 114.3 116.5 68.1 185.5 113 115 125 97 1,664 March 101.56 140.7 122.7 118.1 122.9 114.8 116.5 68.9 187.7 112 114 124 96 1,195 April 101.68 141.6 122.9 118.2 123.1 115.0 116.5 71.9 190.9 114 117 129 98 1,273 May 101.74 141.3 122.3 117.9 122.1 115.0 116.5 77.5 191.2 118 120 135 101 1,357 June 102.38 141.5 122.1 118.1 122.2 115.5 116.7 81.4 190.9 121 122 144 106 1,828 July 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 September. 102.02 137.0 121.6 117.1 121.4 114.4 115.6 74.5 186.7 126 128 138 111 1,220 Week ending: Sept. 1... 102.06 137.2 121.4 116.9 121.3 114.2 115.5 73.9 187.2 122 124 132 108 1,153 Sept. 8... 102.02 137.4 121.7 116.9 121.0 114.2 115.5 73.1 187.7 124 126 133 109 1,168 Sept. 15... 101.92 137.0 121.6 117.0 121.0 114.3 115.5 73.3 187.2 127 129 137 111 1,190 Sept. 22... 102.02 136.8 121.5 117.2 121.6 114.5 115.7 74.6 186.2 127 129 139 111 1,308 Sept. 29... 102.13 136.6 121.7 117.4 121.7 114.7 115.7 76.7 185.7 127 129 142 111 1,204 * 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. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130,133,134, and 136, pp. 475,479,482, and 486, respectively, and the BULLETIN for May 1945, pp. 483-490. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Total Year or month f a i u r n n n e g - d d ) - m e ( a f i d e o n g o s r d n - - ti ) c Total S n m a p t i n a c a u d t i l - e - a c F e g i e r e e a d n s l - 1 - Total Co B n r a o p o n n o t d e d r s a s te Stocks m e ( a f e i d o g n s o r d t n - - i ) c Total S n a m p t i n a c a u d t i l e - - a c F e g i e r e e a d s n l - 1 - Total Co B n r a o o p n n t o d e d r s s ate Stocks e F ig o n r - 2 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 . . 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 1940 4,803 1,951 1,948 751 461 736 601 135 2 2 852 2,852 482 344 2,026 1,834 193 1941 . . . 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,174 642 640 176 90 374 282 92 2 1,532 1,442 259 497 685 603 82 90 1944 4,153 923 906 235 45 627 404 223 17 3,230 3,215 404 388 2,423 2,135 288 15 1944—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 633 143 143 99 2 43 18 25 490 490 23 195 272 240 33 February 220 42 42 6 9 27 22 5 178 163 8 18 136 136 "15" M J A M J u u p a a n l r y y r e i c l h 1, r 2 5 5 7 1 2 8 5 6 5 9 3 7 4 8 r1 2 1 8 4 5 8 2 5 9 2 6 8 2 1 1 4 8 5 2 8 9 6 2 6 5 4 3 2 2 1 3 5 4 8 9 '""8 2 6 " 2 1 1 1 5 6 0 2 7 2 1 1 ""' 1 3 2 5 0 4 7 0 2 ' 1 3 5 5 7 5 5 1 8 1 " r 2 l " 9 3 4 6 1 9 8 3 7 1 7 1 0 1 2 9 4 3 6 1 8 9 3 7 1 1 5 0 1 2 1 3 3 5 9 8 0 1 0 2 4 3 0 2 1 6 0 0 5 9 5 3 2 7 6 5 5 9 7 7 4 0 6 4 6 5 2 2 2 7 2 6 7 9 2 3 5 4 " " " l 3 2 9 2 7 5 l 5 " " ""2 ' August 507 144 144 37 107 64 43 363 363 7 20 335 295 41 r Revised. 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. IO42. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month Est g im ro a ss tedI Esti n m e a t ted New money Retirement of securities Repayment proceeds2 proceeds3 of Other Total e P q l u a i n p t m a e n n d t W c o a r p k i i t n al g Total Bo n n o d t s e a s nd Pr s e t f o e c r k red other debt purposes 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 "'" 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,014 2,956 575 224 351 2,310 1,972 338 35 37 1944—February. 97 95 49 18 31 33 32 1 4 8 March... 203 199 48 32 16 147 129 18 3 1 April 155 150 53 24 28 93 55 38 1 3 May 148 146 23 17 6 120 115 5 3 June.... 163 160 23 8 15 117 103 13 18 1 July 192 188 60 36 24 122 109 13 6 August.... 229 226 57 24 33 166 147 19 3 September 438 429 27 17 10 395 357 38 1 5 October... 735 722 123 9 114 590 566 24 2 7 November 347 340 24 11 13 316 207 109 December. 154 152 54 4 50 96 96 1 1 1945—January... 281 275 35 14 21 240 221 •19 February. 215 212 28 16 12 177 160 17 5 1 March.... 226 221 48 28 19 171 158 13 1 2 April 643 632 102 55 47 513 501 12 14 3 May 496 485 136 r49 88 331 278 53 12 6 June 92 91 5 1 3 79 72 7 1 6 July r944 r925 r190 r147 43 r719 r581 138 5 11 August. .. 440 433 80 41 39 297 278 19 50 6 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire-! All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of "other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses* ceeds ties poses* ceeds ties poses4 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 "72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 • 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1 340 317 993 30 828 244 463 121 94 55 18 21 1 1 9 94 4 2 3 1 4 6 7 0 3 4 2 6 11 1 4 5 4 4 6 6 4 9 14 2 5 2 4 29 2 2 3 2 2 7 5 5 4 2 9 7 7 2 2 9 2 3 8 1 8 9 9 9 14 7 6 1 2 4 1 1 4 3 4' ""4 1944 606 106 500 1,339 28 1,297 14 918 389 475 54 92 51 38 3 1944— M A F p e a r b r i c r l u h ary 2 9 9 2 9 9 1 3 2 4 0 8 0 (," 1 3 3 2 0 4 8 1 5 2 1 5 8 8 4 4 1 0 9 4 6 1 3 5 1 1 4 3 2 4 2" ""3" 2 1 May 2 2 58 58 85 19 62 4 1 1 June 45 4 41 24 23 ""[" 58 17 22 19 33 2 "••31" J O N D S A u e o c e u l p t c y v g o t e e u e b m m s m e t b r b b e e e r r r 1 1 5 8 3 8 2 3 2 2 6 9 1 4 2 1 1 4 2 1 0 9 "1 1 1 4 8 3 7 5 8 2 5 9 4 2 1 9 5 5 4 2 1 8 9 8 9 6 0 4 5 8 5 " 4 2 1 5 8 2 3 5 1 5 4 4 8 2 0 ""2" 6 5 1 1 8 6 2 8 0 1 5 6 9 6 9 8 1 3 3 1 1 1 1 4 8 0 3 6 2 2 7 7 7 1 5 7 5 1 0 1 ""2" 2 5 1 1 4 2 2 1 42 2 " 4 1 2 1945—January 119 119 65 65 82 28 54 ""i"' 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 4 9 1 5 1 0 6 2 1 4 8 4 7 6 5 April 360 14 346 r139 12 r127 rl r118 64 r38 r15 15 12 1 1 May 75 18 57 184 1 183 223 117 89 17 2 2 June 30 30 59 3 49 7 2 1 1 July 105 12 93 r301 r4 r297 . .„. 480 163 301 16 40 11 29 August 84 10 74 115 1 110 221 63 111 47 13 6 2 "5 r Revised. 1 Estimates of new issues sold for cash in the United States. Current figures subject to revision. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of notation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. „..„«,,<. ,,*«* i_i- Source—Securities and Exchange Commission; for compilations of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. 1043 OCTOBER 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 e n 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 u r o h n t n n i e a s p t r - - - m f p e N u a e r r o c n r o t o d t n a d s - u l - s s O g d b o u t l o h r e a d e - r s t F o b a a o b e g n o a v e d c d e s c r s , - o , pr r a e o i i O n n f n d i g g i d n u l - c- c I h n c tr e a d i m l u a s l i s - - O g d n o u b t o o h r l n e a d e - - s r s n c M e i e e c r l i o e v l s u a - s - - s pr N of e it t s , 1 fe P r D r r e e i - v d ide C n m o d 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 1,897 194 174 222 191 115 88 175 220 187 147 184 970 86 611 Quarterly 1941—1 509 86 44 79 53 39 23 36 29 49 44 28 285 22 150 2 547 84 48 73 56 36 28 43 42 53 48 33 295 23 165 3 558 81 46 60 56 38 30 44 56 52 49 44 282 23 170 4 549 72 55 61 62 40 32 37 46 52 46 47 275 24: 221 1942—1 413 52 38 46 646 36 19 32 35 39 39 31 206 21 134 2 358 52 35 25 643 32 18 32 27 35 27 32 174 23 135 3 445 51 36 46 644 34 22 42 42 41 35 52 213 20 125 4 554 72 49 92 651 36 30 44 49 48 35 46 296 23 158 1943—1 431 52 39 47 648 34 19 39 36 41 36 39 209 21 127 2 433 47 41 49 646 32 22 37 42 41 36 38 221 22 132 3 461 51 41 52 646 31 20 43 49 40 39 50 226 21 127 4 477 53 45 53 641 31 23 43 58 47 38 44 247 22 170 1944—1 444 47 40 52 652 29 20 38 49 42 36 39 224 21 142 2 459 46 40 55 648 30 22 43 52 43 37 43 230 22 149 3 475 47 38 55 647 28 21 45 56 49 37 52 244 20 137 4 518 55 55 59 644 28 25 49 64 53 37 50 272 23 184 1945—1 480 49 38 54 647 31 21 45 62 48 39 45 241 20 142 2 501 55 44 65 643 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 c a f o o o x m m r 5 e e e inc N o e m t e1 d D e i n v d i- s r O e p v i e e n n r g a u t e - I i b n n e c c f o o o m m * 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 in N co e m t e1 d D e i n vi d - s 1939. 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940. 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941. 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942. 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943. 9,055 2,211 873 217 3,464 914 502 410 1,537 374 180 168 1944. 9,437 1,971 668 246 3,618 915 499 390 1,641 399 174 168 Quarterly 1941—1. 1,152 96 69 28 751 209 154 295 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 68 46 40 1942—1... 1,483 178 90 24 816 234 131 98 324 72 41 44 2.. . 1,797 390 198 46 770 196 104 96 337 75 41 42 3... 2,047 556 286 30 792 195 105 84 342 72 39 39 2,139 534 327 101 839 222 150 131 359 83 43 38 1943—1... 2,091 515 214 29 864 254 136 99 366 88 42 40 2... 2,255 608 244 52 835 221 118 100 382 96 44 42 3... 2,368 653 250 36 859 210 114 99 391 94 45 43 4... 2,340 435 166 100 906 228 133 113 398 96 48 43 1944—1... 2,273 458 148 31 925 262 135 94 400 97 42 42 2.. . 2,363 511 174 55 886 241 123 102 406 101 43 42 3-... 2,445 550 180 30 878 207 111 94 409 98 43 42 4... 2,356 452 165 130 929 205 130 101 426 104 46 43 1945—1. 2,277 425 139 30 971 292 139 102 436 115 46 2. 2,422 504 187 72 909 233 123 96 444 109 45 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 Class I line-haul railroads, covering about 95 per cent of all railroad operations. 3 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 4 Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. 8 After all charges and taxes except Federal income and excess profits taxes. 6 Partly estimated. 7 Not available. Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures prior to 1942 are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision, especially for war producers whose contracts are under renegotiation. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN. 1044 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] Marketable public issues1 Nonmarketable public issues I Fully End of month T d g d i r o e r o t e b s a c t s l t i . b n T d e d t i a o e e r r t r e b i a e c n t l s t g t- Total2 Tre b a il s ls ury in c C d a e n e t r e e b t s s i t s f e o i d - f - Tr n e o a t s e u s ry Tr b e o a n s d u s ry Total2 sa b U v o . i n S n d . g s s T t r a e x a s a u n r d y Special i b n e N t d e a e o r r b e i n t n s - g t- s t g b e t e u e e c e r a a u d e r r r s i i a i n n t t n - i g - - es 1942—June.. 72,422 71,968 50,573 2,508 3,096 6,689 38,085 13,510 10,188 3,015 7,885 454 4,548 Dec... 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1943—June.. 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,092 Dec... 165,877 164,508 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,225 1944—June.. 201,003 199,543 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,516 1944—Sept.. 209,496 207,850 144,723 15,747 29,573 17,936 81,270 47,152 37,323 9,124 15,976 1,645 ,480 Oct... 210,244 208,608 145,008 16,060 29,546 17,936 81,271 47,430 37,645 9,075 16,170 1,636 ,480 Nov... 215,005 210,774 145,183 16,405 29,545 17,936 81,102 49,008 38,308 9,990 16,583 84,230 1,470 Dec... 230,630 228,891 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 ,470 1945—Jan... 232,408 230,672 162,261 16,403 30,401 23,039 92,221 51,723 41,140 9,864 16,688 1,736 ,496 Feb... 233,707 231,854 162,379 16,399 30,396 23,039 92,349 52,345 41,698 9,927 17,130 1,853 ,114 Mar... 233,950 232,026 162,625 16,921 34,544 18,588 92,377 51,833 42,159 8,948 17,567 1,923 ,119 Apr... 235,069 233,063 162,680 17,041 34,478 18,588 92,377 52,460 42,626 9,109 17,923 2,006 ,132 May.. 238,832 235,761 162,652 17,049 34,442 18,588 92,377 54,517 43,767 10,031 18,592 43,071 ,151 June.. 258,682 256,357 181,319 17,041 34,136 23,497 106,448 56,226 45,586 10,136 18,812 2,326 409 July.. 262,045 259,781 183,080 17,025 34,472 23,498 107,890 57,143 46,508 10,119 19,558 2,264 484 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 Sept.. 262,020 259,630 182,833 17,018 35,072 23,498 107,049 56,278 46,741 9,021 20,519 2,391 527 1 Including amounts held by Government agencies and trust funds, which aggregated 6,077 million dollars on July 31, 1945, and 6,085 million on Aug. 31, 1945. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and depositary bonds not shown separately. 3 Including prepayments amounting to 2,546 million dollars on securities dated Dec. 1,1944, sold in the Sixth War Loan, beginning on Nov. 20,1944. 4 Including prepayments amounting to 947 million dollars on securities dated June 1,1945, sold in the Seventh War Loan, beginning on May 14, 1945. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES-OUTSTANDING, SEPTEMBER 30, 1945 [ In millions of dollars ] [On basis of daily statements of United States Treasury. In millions of dollars] Redemp- Issue and coupon rate Amount Issue and coupon rate Amount Month s A ta m o n u o d t u i - n n g t Funds receive m d o f n ro th m sales during m ti a o t n u s r i a t n ie d s Treasury bills1 Treasury bonds—Cont. at m e o n n d th of se A ri l e l s Se E ries Se F ries Se G ries se A r l i l es Oct. 4, 1945.... 1,305 Dec. 15, 1948-50 . .. ....2 571 Oct. 11, 1945 1,311 June 15, 1949-51 ... ....2 1,014 Oct. 18, 1945 1,305 Sept. 15, 1949-51.... ....2 1,292 1944—Feb 31,515 2,782 2,102 157 522 185 Oct. 25, 1945 1,312 Dec. 15, 1949-51 2 2,098 Mar 31,974 709 576 23 110 268 Nov 1, 1945 1,317 Dec. 15, 1949-52.... 491 Apr. 32,497 739 606 19 114 237 Nov 8, 1945. .:. 1,318 Dec. 15, 1949-53.... 23^ 1,786 May 32,987 751 624 15 lit 279 Nov 15, 1945 1,314 Mar. 15, 1950-52.... W..2 1,963 June 34,606 1,842 1,350 115 377 248 Nov 23, 1945 1,311 Sept. 15, 1950-52 1,186 July 36,538 2,125 1,687 101 338 227 Nov 29, 1945. . .. 1,309 Sept. 15, 1950-52. . '.'...2 4,939 Aug 36,883 602 499 18 85 279 Dec. 6, 1945 1,306 Dec. 15, 1950 \y& 2,635 Sept 37,323 692 591 16 85 283 Dec. 13, 1945 1,302 June 15, 1951-54. .. • 2% 1,627 Oct. 37,645 695 599 14 83 401 Dec. 20, 1945 1,307 Sept. 15, 1951-53... .... 2 7,986 Nov 38,308 1,023 807 43 174 382 Dec. 27, 1945 1,301 Sept. 15, 1951-55.... ... 3 755 Dec 40,361 2,386 1,855 125 406 365 Dec. 15, 1951-53 ... ..2H 1,118 Cert, of indebtedness Dec. 15, 1951-55 .... ...2 510 1945—Jan 41,140 1,074 804 42 228 341 D O e c c t . . 1 1 , , 1 1 9 9 4 4 5 5 4 3 4 , , 4 3 9 9 2 5 J M u a n r e . 1 15 5 , , 1 1 9 95 5 2 2 - - 5 5 4 4 .. . . . . . . . .2 . Y .22 5 1, , 0 8 2 2 4 5 F M e a b r 4 4 1 2 , , 6 15 9 9 8 8 8 4 8 8 9 6 7 5 1 3 2 3 2 1 7 1 1 6 5 4 1 4 3 6 2 4 3 Feb. 1, 1946 i 5,043 June 15, 1952-55 ..2H 1,501 Apr 42,626 838 684 23 130 404 Mar. 1, 1946 • • / 4,147 Dec. 15, 1952-54 ....2 8,662 May.. 43,767 1,540 1,195 63, 282 426 Apr. 1, 1946 4 4,811 June 15, 1953-55 ....2 725 June. 45,586 2,178 1,468 178 532 403 May 1, 1946 • •"4 1,579 June 15, 1954-56 ... • -2yi 681 July 46,508 1,294 1,032 47 215 428 June 1, 1946 4 4,799 Mar. 15, 1955-60 .274 2,611 Aug 46,715 700 571 22 107 531 Aug. 1, 1946 4 2,470 Mar. 15, 1956-58 2x/i 1,449 Sept 46,741 514 420 18 76 528 Sept. 1,1946 4 4,336 Sept. 15, 1956-59 •'•2H 982 Tr J D e a e a n c s . . ury 15 1 , , n o 1 1 9 9 t 4 4 e 6 5 s .... • . 9 M 0 3,4 5 1 3 6 1 J J D S u u e e n n c p . e e t . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 6 9 8 6 0 - - - - 6 5 6 6 2 9 3 5 .... • • • •2% • • V 2% A 3 5 1 , , ,4 2 8 9 8 8 2 1 5 4 3 9 Mar. 15, 1946 .. 1 1,291 June 15, 1962-67 : :| 2,118 Maturities and amounts outstanding, September 30, 1945 1, 1946 ..90 4,910 Dec. 15, 1963-68 . . . 2,831 M De a c r'. 1 1 5 5 , , 1 1 9 9 4 4 7 6 • 1/4 3 1 , , 2 94 6 8 1 J D u e n c. e 1 1 5 5 , , 1 1 9 9 6 6 4 4 - - 6 6 9 9 .... '.'.iy2 3 3 , , 7 8 6 3 1 8 Year of maturity All Series Series Series Series Sept. 15, 1947 \y> 2,707 Mar. 15, 1965-70 . .. '.'22V2 5,197 series A-D E F G Sept. 15, 1947 1,687 Mar. 15, 1966-71.... 3,481 Sept. 15, 1948 • 1 y& 3,748 June 15, 1967-72 .... 2}/i 7,967 Treasury bonds P S o e s p t t a . l 15 S , a 1 v 9 i 6 n 7 g s 7 2 b . o .. n . ds ' . .' 2 .2 % Y2 2,7 1 1 1 6 7 1 1 9 9 4 4 5 6 3 8 2 5 9 3 8 2 5 9 Dec. 15, 1945 2% 541 Conversion bonds. ... 3 29 1947 419 419 Mar. 15, 1946-56...3% 489 Panama Canal loan ... 3 50 1948 493 493 June 15, 1946-48. ... .3 1,036 Total direct issues 182,833 1949 803 803 15 1946-49 819 1950 992 992 Oct. 15', 1947-52;; 759 1951 1,657 444 1,213 Dec 15, 1947. 2 701 Guaranteed securities 1952 4,999 4,999 Mar. 15, 1948-50. .. .2 1,115 Federal Housing Admin. 1953 9,282 7,881 215 " M87" Mar. 15, 1948-51. ..2% 1,223 Various 37 1954 12,604 9,687 594 2,323 June 15, 1948. 3,062 1955 9,280 6,150 675 2,454 Sept. 15, 1948.... • V/2 451 1 19 9 5 5 6 7..., 3 2 , , 5 2 6 9 9 0 4 7 3 5 8 2 2 1 , , 8 85 1 2 7 1 Sold on discount basis. See table on Open-Market Money Rates, Unclassified -61 p. 1041. Total 46,741 3,565 29,930 2,674 10,633 OCTOBER 1945 1045 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by U- S. Gov- Privately held1 End of month s i . e n b c e t T u e a r o r r i e i t t n a s ie t l g - s S i e s p a r s e n n u c m d e i s a e t l r n u t s a t g f e P i u s n u s n c u b d i e l e s i s s c R F B H e e a d s e n e e l k d r r v s a e l Total m b C e a o r n c m k ia s - l M s b a a v u n i t n u k g s a 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 e i s N s a a t s r o o b u k r n l e s e e - s t- 1942—June 76,517 7,885 2,738 2,645 63,249 26,410 3,891 9,200 r,7oo 13,000 December.. 111,591 9,032 3,218 6,189 93,152 41,373 4,559 11,300 14,800 21,100 1943—June 139,472 10,871 3,451 7,202 117,948 52,458 5,290 13,100 18,700 28,400 December.. 168,732 12,703 4,242 11,543 140,244 59,842 6,090 15,100 23,700 35,500 1944—June 201,059 14,287 4,810 14,901 167,061 68,431 7,306 17,300 30,700 43,300 1944—October... 210,088 16,170 4,616 17.647 171,655 70,000 7,700 18,400 29,800 45,800 November.. 212,244 16,583 4,603 18,388 172,670 71,600 7,300 17,900 28,600 47,300 December.. 230,361 16,326 5,348 18,846 189,841 77,558 8,328 19,600 35,200 49,200 1945—January 232,168 16,688 5,270 19,006 191,204 78,500 8,600 19,900 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 20,100 33,200 52,700 June 256,766 18,812 6,128 21,792 210,034 r84,100 9,600 21,700 r40,400 54,200 July... 260,265 19,558 6,105 21,717 212,885 85,200 9,800 21,900 41,000 55,001) r Revised. 1 Figures for insurance companies and other investors have been rounded to nearest 100 million dollars for all dates, and figures for commercial banks and mutual savings banks have been rounded to nearest 100 million for all dates except June and December for which call report data are available. Back figures.—See Banking and Monetary Statistics, Table 149, p. 512. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES* [Public marketable securities. Par values in millions of dollars) U.S. U.S. Gov- Gov- End of month s T o t i a o u n n t g t a d - l - a m e c a g r i n e e e n n d 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 t i a n u n g 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 T st o i o a n u n t g t a d - l - a m e c a g r i 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 5,33818,846 72,045 8,183 18,761 39,670 1944—June 79,244 4,437 1,464 30,910 6,736 768 19,929 1945—Feb 163,166 5,25119,439 72,543 8,476 19,289 38,168 Dec 91,585 5,173 1,243 36,508 7,704 859 23,098 Mar 163,412 5,26719,669 71,872 8,48219,554 38,568 1945—Feb 92,349 5,056 1,132 37,737 7,93118,18222,311 Apr 163,468 5,24620,455 71,799 8,50219,640 37,826 Mar 92,377 5,039 1,128 38,068 7,87918,16722,097 May 163,441 5,202 20,954 71,896 8,49719,325 37,567 Apr 92,377 4,991 1,123 38,!499 7,817 18,07321,873 June 181,353 6,11221,792 77,484 9,38220,930 45,652 May 92,377 4,961 1,113 39,,275 7,75317,64621,628 July 183,114 6,08321,717 78,609 9,62121,146 45,939 June 106,448 5,968 1,113 41,795 9,04519,892 28,636 Treasury bills: . July... 107,890 5,936 1,113 42,822 99,227788 20,079 88,666611 1944—June.. 14,734 1,872 4,894 2 960 Maturing within 5 years Dec 16,428 11.148 4.113 1 1,159 1944—June 7,824 536 4,697 189 663 1,740 1945—Feb. 16,399 11,830 3,387 7 1,164 Dec 7,824 518 4,834 137 556 1,777 Mar 16,921 12,079 2,720 12 21 2,066 1945—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 July 17,025 12,810 2,737 2 1 1,466 June 8,939 547 5,770 172 375 2,074 Certificates: July 8,939 530 5,814 175 350 2,069 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 34,399 1,570 18,937 2,712 3,673 7,505 1945—Feb 30,396 80 4,917 15,259 203 429 9,509 Dec 44,087 1,504 24,445 3,556 4,230 10,357 Mar 34,544 110 5,411 17,830 269 698 10,225 1945—Feb 44,645 ,362 25,507 3,743 4,467 9,569 Apr 34,478 129 5,333 17,550 345 830 10,290 Mar 43,564 ,297 24,987 3,588 4,385 9,307 May 34,442 103 5,870 17,202 394 884 9,989 Apr 43,564 ,280 25,350 3,503 4,335 9,099 June 34,136 47 6,032 16,789 92 420 10,756 May 43,564 ,262 25,790 3,427 4,196 8,891 Treasury n J o ul t y es: 34,472 45 6,096 16,812 96 454 10,968 J Ju u l n y e 4 4 8 8 , , 4 1 2 5 3 5 , ,3 3 2 3 2 3 2 2 9 9 , , 1 9 4 5 7 4 3 3 , , 4 2 0 2 0 8 4 4 , , 2 1 6 9 7 4 1 9 0 , , 7 0 2 0 5 9 1944—June... 17,405 58 1,180 11,718 286 337 3,826 Maturing in 10-20 years: Dec 23,039 60 1,566 15,411 336 568 5,098 1944—June 15,48: ,097 5,509 1,857 2,792 4,228 1945—Feb 23,039 62 1,560 15,560 330 662 4,866 Dec 14,445 ,028 5,354 1,887 2,612 3,563 Mar 18,588 54 1,051 12,657 318 651 3,858 1945—Feb 14,445 ,003 5,466 1,829 2,607 3,538 Apr 18,588 52 988 12,611 324 693 3,919 Mar 14,445 998 5,500 1,812 2,569 3,561 May 18,588 53 1,017 12,588 327 692 3,912 Apr 14,44.c 963 5,590 1,830 2,530 3,531 June 23,497 52 1,685 16,076 242 601 4,841 May 14,445 960 5,745 1,828 2,319 3,591 July......... 23,498 52 1,698 16,211 244 598 4,695 June 16,727 1,054 4,562 2,458 2,471 6,179 Gviaranteed securities: July 17,307 1,058 4,667 2,673 2,476 6,433 1944—June.. 1,190 1 949 6 26 205 Maturing after 20 years Dec 1,194 1 960 6 22 203 1944—June 21,539 2,696 1,766 1,981 8,640 6,456 1945—Feb 786 6 586 4 16 1 Dec 25,227 3,366 1,873 2,12510,462 7,401 Mar 787 6 581 4 17 179 1945—Feb 25,433 3,306 1,991 2,18710,600 7,349 Apr.. 78S 6 560 17 202| Mar 25,42' 3,308 2,024 2,20910,675 7,214 May 785 6 575 16 187! Apr 25,427 3,308 2,072 2,21810,666 7,168 June 34 6 10 13 May 25,427 3,290 2,194 2,24010,609 7,095 July 34 10 1 June 32,626 4,146 2,317 3,01012,77910,375 July.. 33,219 4,140 2,385 3,20013,06110,435 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, and the residual "other" are not entirely comparable from month to month. Since June 1943 the coverage by the survey of commercial banks has been expanded. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Including stock savings banks. On July 31, 1945, commercial banks reporting to the Treasury held 28,551 million dollars of U. S. Government securities due or callable within one year out of a total of 65,875 million outstanding. 2 Including 196 million dollars of Postal Savings and prewar bonds not shown separately below. 1046 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Mis- Change Period W I h n e c i l t o d h m 2 - e O ta t x h e e s r 1 r c n i n n e n e e u v t l a o e e l e l u a r 1 - - - 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 i e p t - a t l s ce N r i e p e - t t sd I d n e o e t s e n b t r t - ac W t t i i e a v s r i- c T f o e t r e a r r u a t u s c n n c - s . t s t t o s - , p O t e u e t n h r x d e e - s i r - e b T i x u t p o u d e t r g n a e e l s d t - D c e i f t i- c T o e a r u t c u c n - . s t 4 t s, f a b g e u n i a r e n n c a n l d - e l - c g d r I e r e i n o a n b - s s t s e Fiscal year ending: June 1943... 16,094 4,553 1,508 1,230 23,385 22,282 1,808 72,109 435 3,827 78,179 55,897 —1,861 +6,515 64,274 June 1944 8,393 26,262 5,291 1,751 3,711 45,408 44,149 2,609 87,039 556 3,540 93,744 49,595 -4,051 +10,662 64,307 June 1945 10,289 24,884 6,949 1,793 3,824 47,740 46,457 3,617 90,029 1,646 5,113 100,405 53,948 + 798 +4,529 57,679 1944—September .. . 741 4,432 514 65 175 5,927 5,926 581 6,998 22 329 7,930 2,004 -244 -2,555 -307 October 609 632 580 60 174 2,054 2,001 133 7,479 47 365 8,024 6,023 +148 -5,127 748 November 1,035 466 507 293 205 2,506 2,240 56 7,401 18 353 7,828 5,587 +639 -188 4,761 December 741 3,606 539 63 470 5,418 5,416 560 7,503 22 332 8,416 2,999 -193 +12,433 15,626 1945—January 619 1,803 573 48 545 3,587 3,556 191 7,551 69 390 8,202 4,645 +238 -2,630 1,778 February 1,295 1,627 552 341 172 3,987 3,767 91 6,948 48 373 7,460 3,693 +101 -2,292 1,300 March 883 4,935 520 96 473 6,908 6,892 628 8,246 45 513 9,433 2,540 +262 -2,036 242 April 600 1,567 534 46 221 2,967 2,929 139 7,139 236 455 7,968 5,040 +9 -3,911 1,120 May 1 282 745 557 337 477 3,398 3.085 66 8,156 296 757 9,275 6,190 +686 -1,741 3,763 June 826 3,930 561 69 529 5,916 5,914 1,009 7,837 335 460 9,641 3,727 -1,050 +15,073 19,850 July 669 1,073 718 66 228 2,754 2,695 156 7,324 530 547 8,557 5,862 -116 -2,615 3,362 August 1,200 466 877 306 432 3,281 2,997 99 6,398 162 695 7,354 4,357 -50 -3,451 956 September... 768 3,440 573 69 342 5,192 5,189 647 5,365 34 564 6,611 1,422 -95 -2,497 -980 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security Net ex- Other Assets nrrniinta penditures Period c N e r i e e p - t ts I m nv e e n s t t s - p t e u E n r x e d - s i- c i a G n i o g n m o u e c g v n n h e e t a e c n s r c c i t n e o - k - s f - ce R i e p - ts I m nv e e n s t t s - p t E e u n x r d e - i s - Total R F p e e D o s d i s e n e e i r - t r v s a e l d s p p e D o p e i s c n o e 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- B g f e a u n l i a n n e n d ra c l e Banks taries Fiscal year ending: June 1943 2,810 2,350 456 2,194 1,117 655 133 10,149 1,038 7,667 1,444 643 9,507 June 1944 3,202 2,816 380 4,403 1,851 1,313 192 20,775 ],442 18,007 1,327 607 20,169 June 1945 3,239 2,757 453 1,178 3,820 2,444 —571 25,119 1,500 22,622 997 421 24,698 1944—September.... 42 303 35 -35 162 121 24 15,753 1,314 13,013 1,426 635 15,117 October 146 45 36 95 206 84 -55 10,609 998 8,242 1,368 618 9,990 November.... 519 266 35 -71 225 95 -220 10,223 1,122 8,002 1,100 421 9,803 December.... 43 312 36 164 182 119 -213 22,717 ,335 20,261 1,120 481 22,236 1945—January 169 84 39 -21 251 117 -37 20,077 1,048 17,866 1,164 471 19,606 February 432 208 37 313 250 122 -98 17,734 L,384 15,265 1,085 420 17,313 March 66 227 43 -407 270 128 84 15,722 ,547 13,055 1,120 445 15,277 April 122 48 40 71 412 228 137 11,809 ,224 9,492 1,093 443 11,366 May 592 271 42 — 154 530 296 -21 10,055 1,140 7,941 974 430 9,625 June 217 482 42 778 701 663 3 25,119 L,500 22,622 997 421 24,698 July 312 203 51 222 579 441 89 22,469 1,252 20,303 914 386 22,082 August 543 239 56 -26 336 172 487 19,018 1,300 16,874 844 387 18,631 September. . . 52 241 91 51 407 172 16,582 ,755 13,989 839 447 16,134 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). 3 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. 4 Excess of receipts (+) or expenditures ( —). Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516. INTERNAL REVENUE COLLECTIONS [On basis of reports of collections. In millions of dollars] Income taxes Miscellaneous internal revenue Period Total vi C i r d n e u u d n r a i t - - l W he i l t d h i - V t t o a i r c x y - c ra r C o e t r u i n p o r t o - n - t B a a x c e k s E p t r x a o c x f e e it s s s s p O t r a o t x h f e i e t s r s Total C st t t o a a a p c x l k i- E ta s a g x t n i a f e d t t s e b A t h e a a o l v x g c l e e e o i r c s - - b t T a ac x o c e - o s S t t a a x m e p s M re t e a t u a x a n r n i c u e l d i f r e s a s e r ' c s' - n c t M a e e x l o i l e s u a - s - s taxes Fiscal year ending: June 1943 16,299 5,771 686 4,137 557 5,064 84 4,571 329 447 1,423 924 45 670 732 June 1944. 33,028 10,254 7.'038 785 4,763 705 9,345 137 5.353 381 511 1,618 988 51 729 1,075 June 1945. 35,062 8,56710,263 1 4,422 661 11,004 144 6,960 372 643 2,310 932 66 1,207 1,430 1944—August.. 1,712 73 1,258 72 43 260 6 111 194 63 202 86 6 88 139 September 4,490 1,330 18 953 31 2,133 25 529 29 35 183 78 4 85 115 October 1,810 82 1,233 110 26 350 9 544 19 39 196 78 5 95 113 November 1,633 37 1,203 70 31 285 7 520 32 204 81 5 95 103 December.. .. 3,670 294 18 980 40 2,312 27 559 50 201 71 5 120 112 1945—January 3,024 1.889 690 43 126 270 5 547 49 206 78 6 117 90 February 3,158 759 1,892 57 143 301 6 510 37 195 66 6 116 90 March. 4,996 1,737 61 956 59 2,170 13 560 89 171 74 6 104 117 April 2,408 907 915 160 -26 443 9 517 75 171 68 5 97 100 May. 2,406 201 1,751 70 79 295 10 571 64 180 83 6 116 121 June 4,025 1,127 46 858 79 1,895 21 572 62 191 93 6 104 116 July 2,242 318 1,249 i 161 75 429 8 791" " 105 49 198 84 6 121 228 August 1,916 81 1,461 —l 74 62 228 5 824 209 69 199 108 5 1021 132 1 Withheld by employers (Current Tax Payment Act of 1943). OCTOBER 1945 1047 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 Liabilities, other than interagency items Com- Invest- Bonds, notes, Primodi- ments Land, and deben- • U. S. vately Corporation or agency Total Cash r L e a o c b e a l i n e v s - m p r s t a l i u a i i a n e p e t l d - s e s s , - , G r s U i e o t . c i v e u S s t - . O r s i e t t h c ie u e s r - e m s t q u a t e u r n r u n e i d p c t s - - , c U h t u r n a t i r d e b g d i - s e - s O as t s h e e t r s b a t F g y n u u u U t r a e l e . l r e s y - S d . pa O ya th b e le r O l i i t a t i h b e e i s l r - G m ov e e n r t n- o i w n e t s n e t e r d - All agencies: Sept. 30, 1944. 31,435 853 6,566 2,987 1,604; 437 15,755 l,42l| 1,813 1,565 1,204 6,398 21,771 Dec. 31, 1944.. 31,488 756 6,387 2,942 1,6321 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 1,7561 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 1,679| 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 238 135 43 22 231 6 Federal intermediate credit banks 345 295 37 272 72 Federal land banks 1,294 1,062 161 20 840 186 224 Production credit corporations 121 64 56 2) 121 Regional Agricultural Credit Corp 1 7 14 Others 26 23 25 Federal Farm Mortgage Corp 279 260 263 Rural Electrification Administration 386 377 386 War Food Administration: Commodity Credit Corp 1,623 35 1,333 213 654 519 Farm Security Administration 472 354 (2) 48 4 468 Federal Crop Insurance Corp 3 1 1 2 Federal Surplus Commodities Corp 3 National Housing Agency: Federal Home Loan Bank Administration: Federal home loan banks 310 132 160 50 125 89 Federal Savings and Loan Insurance Corp. 160 155 100 Home Owners' Loan Corp 1,047 952 15 26 00 1,005 United States Housing Corp (2) (2) Federal Housing Administration 97 16 118 Federal Public Housing Authority and affiliate: Federal Public Housing Authority .. 545 290 219 536 Defense Homes Corp 69 1 67 68 Federal National Mortgage Association 10 10 10 R. F. C. Mortgage Company — 69 58 66 Reconstruction Finance Corp. and certain affiliates: Reconstruction Finance Corp 1,477 1,034 75 261 2 20 61 225 1,253 Certain affiliates4 8,241 68 768 1 6,769 175 449 1,182 7,060 Office of Emergency Management: Export-Import Bank 216 () 2 137 War Shipping Administration 7,851 63 28 7,273 407 7,243 Other4.. 578 22 334 11 202 283 295 j Smaller War Plants Corp 172 118 15 3 1691 Federal Deposit Insurance Corp 870 11 836 14|. 581 150 139 Federal Works Agency..... 240 (2) 90 47 35!. 240 Tennessee Valley Authority 733 1 719 ... . j 9 724 U. S. Maritime Commission 4,056 3,297 428. 266 3,790 All other 1,946 1501 28' 1,647 58 1, CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Jurle 30, 1945 Mar. Purpose of loan b l F a a e n n d k d . s M C F F a o e o r r d r m p . t. . m b i c F n r a a e e e t n t e d e d d k r i . i s - - t o f B o p t r a i e v n c r e a k o s - s - m C C C r o o o e d m r d i p i t - t . y tr R A E i t f u l i d i e o r c m c n a a - l . - A S F r e d a i c r m t 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 i u b e n u t l d g h i s . c - . b h l F a o o e n a m d n k e . s R n s C e t t a F o r i c n i o u - r o c n p c n e - . - a R a f t f F e il s C i- B p p I E o a o m x n r r - t - k t - ot A he ll r a c A g i e e ll s n- a 31 g , e a n 1 l c 9 l i 4 e 5 s , To aid agriculture 1,134 327 295 135 39 377 498 (2) 166 2,971 3,037 To aid home owners 965 11 50 1 1,027 1,149 To aid industry: Railroads 222 21 243 281 Other 33 64 104 201 226 To aid financial institutions: Banks 31 16 46 49 Other 132 32 163 93 Other 290 705 22 214 112 1,343 1,409 Less: Reserve for losses.. 72 66 (2) 1 5 (2) 143 13 1 00 149 451 454 Total loans receivable (net) 1,062 260 295 135 35 377 354 952 290 132 1,034 135 214 269 5,544 5,789 1 Assets are shown on a net basis, i.e., after reserves for losses. 2 Less than $500,000. 3 Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans. 4 Corporations previously classified "war corporations" are now shown under two headings: (1) "certain affiliates" under Reconstruction Finance Corp. (including Defense Plant Corp., Defense Supplies Corp., Metals Reserve Co., and War Damage Corp.) and (2) "other" under Office of Emergency Management (including Cargoes, Inc., Petroleum Reserves Corp., Rubber Development Corp., U. S. Commercial Co., and Coordinator of Inter-American Affairs). The item "certain affiliates" also includes Disaster Loan Corp. NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Figures on the (quarterly basis are not comparable with monthly figures previously published, owing to changes in reporting', of which the most important are: assets items are included in total assets on a net basis (after reserves for losses); each asset and liability item is segregated into Government agencies (interagency) and other, and segregation of interagency amounts is more complete than formerly; some asset items formerly shown are completely changed; reporting of certain assets, especially cash and privately-owned interest, is more complete. Monthly figures on the old reporting basis for the months prior to Sept. 30, 1944, may be found in earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and in Banking and Monetary Statistics, Table 152, p. 517. 1048 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation! Y m ea o r n t a h nd ( I 1 m v n = 9 p a c 3 e a l o 5 1 n u y m 0 - t e - 3 s 0 ) e 9 1 Tota I l n (p d h u y 1 s 9 s tr i 3 c i 5 a a - D a l l 3 b 9 u v f p l M a r e o r = - c o l a u t d u n 1 m u r u 0 N c e d e - 0 t s ) u o i * o r n - n 2 - M era in ls - To a t w a 1 C l a 9 o r 2 c d n 3 o e R s - d n 2 t d t i e e t r 5 a r u n s l a ( i - c = v - c t a t i s 1 o lu 0 n o e 0 A t ) h 3 l e l r N t a c u g o u r r n a l i - l E - - 1 m 9 p 3 l 9 o y = F m a 1 c e 0 t n o 0 t r 4 y 1 r 9 F t p o 3 1 o a a l 0 9 r c l y y 0 - s . 4 = F c 1 a r = i 9 e r n l 3 i g o 1 g 5 s a 0 h - * 3 d 0 t 9 - D 19 s m = ( s u e t 3 v a o e p e 5 , a l 1 ) a r n e - l e * 0 3 r - s t 5 0 t 9 - W p m r = c i 1 h s o o c 9 a o d m e 1 2 l l e i s 0 e 6 t - 4 - 0 y C 1 l = 9 i o v 3 s i 1 5 t n 0 - o g 3 0 4 f 9 able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- I Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed , justed justed 1919 72 84 62 71 63 44 79 103.8 103.2 120 83 138.6 124.5 1920 75 93 60 83 63 30 90 104.2 123.5 129 99 154.4 143.2 1921 58 53 57 66 56 44 65 79.8 79.7 110 92 97.6 127.7 1922 73 81 67 71 79 68 88 88.2 85.5 121 94 96.7 119.7 1923 88 103 72 98 84 81 86 101.0 108.4 142 105 100.6 121.9 1924 82 95 69 89 94 95 94 93.8 101.2 139 105 98.1 122.2 1925 90 107 76 92 122 124 120 97.1 106.6 146 110 103.5 125.4 1926 96 114 79 100 129 121 135 98.9 109.9 152 113 100.0 126.4 1927 95 107 83 100 129 117 139 96.8 107.9 147 114 95.4 124.0 1928 99 117 85 99 135 126 142 96.9 109.1 148 115 96.7 122.6 1929 122.9 110 132 93 107 117 87 142 102.6 103.1 116.4 152 117 95.3 122.5 1930 109.1 91 98 84 93 92 50 125 95.5 89.8 94.1 131 108 86.4 119.4 1931 92.3 75 67 79 80 63 37 84 86.1 75.8 71.2 105 97 73.0 108.7 1932 70.6 58 41 70 67 28 13 40 75.5 64.4 49.2 78 75 64.8 97.6 1 1 9 9 3 3 4 3 7 6 8 8 . . 7 9 6 7 9 5 6 5 5 4 8 7 1 9 8 7 0 6 3 2 2 5 1 1 1 2 4 3 8 7 8 7 3 6 . . 8 0 8 7 3 1 . . 1 3 6 5 7 2 . . 8 8 8 8 9 2 8 7 3 3 6 7 5 4 . . 9 9 9 9 2 5 . . 4 7 1935 87.1 87 83 90 86 37 21 50 87.6 88.7 78.0 92 88 80.0 98.1 1936 101.3 103 108 100 99 55 37 70 94.9 96.4 90.5 107 100 80.8 99.1 1937 107.7 113 122 106 112 59 41 74 100.9 105.8 108.2 111 107 86.3 102.7 1938 98.5 89 78 95 97 64 45 80 94.4 90.0 84.2 89 99 78.6 100.8 1939 105.4 109 109 109 106 72 60 81 100.0 100.0 100.0 101 106 77.1 99.4 1940 113.5 125 139 115 117 81 72 89 104.7 107.5 114.5 109 114 78.6 100.2 1941 138.0 162 201 142 125 122 89 149 117.5 132.1 167.5 130 133 87.3 105.2 1 1 1 9 9 9 4 4 4 4 2 3 P 2 2 1 3 3 3 ! . o 4 I P 2 2 1 3 3 9 9 5 9 ^3 3 2 6 5 7 0 9 3 m 1 1 7 5 i 6 8 1 1 3 2 2 9 1 6 4 6 8 1 6 8 4 1 2 0 6 2 9 3 6 2 5 1 1 1 1 3 2 2 0 7 6 . . . 9 5 7 1 1 1 7 6 5 7 9 4 . . . 7 1 0 r r 3 3 2 3 3 4 4 9 5 . . . 4 1 2 1 1 1 3 3 4 8 7 0 1 1 1 6 5 8 8 0 6 1 1 9 0 0 8 3 4 . . . 8 1 0 1 1 1 2 2 1 5 3 6 . . . 6 5 5 1942 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 70 268 129.1 160.2 162.1 266.0 140 151 99.6 117.8 October.... 187.2 215 218 311 165 129 185 83 269 130.0 162.9 163.7 276.2 140 157 100.0 119.0 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 13.1.4 168.3 168.7 295.4 135 159 101.0 120.4 1943 J F a e n b u r a u r a y ry... 2 1 0 9 3 9 . . 5 6 2 2 3 2 2 7 2 22 2 4 9 3 3 4 3 4 7 1 1 7 7 1 4 1 1 2 3 5 1 1 10 4 2 5 5 7 6 9 1 1 9 4 8 0 1 1 3 3 1 1 . . 6 6 1 1 7 7 0 3 . . 7 1 1 17 7 2 0 . . 5 1 r r 3 3 0 0 0 8 . . 7 9 1 1 3 3 5 9 1 1 6 9 3 2 1 1 0 0 2 1 . . 5 9 1 1 2 2 0 1 . . 7 0 March 206.9 235 232 351 174 133 85 42 119 132.0 175.1 174.6 "318.0 138 161 103.4 122.8 M A Ju p a n y r e il: 2 2 2 0 0 1 9 8 2 . . . 8 4 8 2 2 2 3 3 3 7 9 7 2 2 2 3 3 3 9 6 8 3 3 3 5 5 5 6 8 9 1 1 1 7 7 7 5 6 7 1 1 1 3 2 1 1 9 7 6 4 5 3 5 2 3 3 3 3 2 1 8 6 5 7 8 5 1 1 1 3 3 3 1 0 1 . . . 4 9 0 " ' 1 1 1 7 7 7 9 6 6 . . . 0 9 2 1 r P 1 1 7 7 7 5 5 8 . . . 4 8 3 r3 " " 3 3 2 3 3 4 0 6 . . . 9 4 1 1 1 1 3 3 2 6 5 7 1 1 1 5 5 6 9 9 8 1 1 1 0 0 03 3 4 . . . 7 8 1 1 1 1 2 2 2 5 4 4 . . . 1 8 1 July 214.8 240 241 360 177 134 60 36 80 131.4 180.1 180.2 "335.8 141 169 103.2 123.9 O D N A Se e c u o p c t g v o t e u e e b m s m m t e b b b r e . e e . r r r . . . . . . 2 2 2 2 2 1 1 2 2 1 6 6 4 2 9 . . . . . 7 8 7 9 3 2 2 2 2 2 4 4 4 4 4 2 7 4 7 1 2 2 2 2 2 4 4 4 4 3 5 7 8 9 9 3 3 3 3 3 6 7 6 7 6 5 4 8 6 5 1 1 1 1 1 7 7 7 8 7 4 9 9 0 8 1 1 1 1 1 3 3 3 3 3 7 6 5 8 3 5 6 4 6 6 9 5 9 0 1 3 3 3 3 3 5 4 7 5 5 6 8 8 7 7 1 9 1 9 8 1 1 1 1 1 3 3 3 3 3 0 0 0 0 0 . . . . . 2 9 1 1 1 1 1 1 1 1 8 7 8 7 8 0 9 1 9 0 . . . . . 2 9 5 6 6 1 r r r 1 1 1 1 8 8 8 8 8 0 1 1 0 1 . . . . . 3 4 4 8 9 • " " " •3 3 3 3 3 5 4 5 5 4 0 9 3 4 9 . . . . . 7 7 9 5 1 1 1 1 1 1 4 3 3 4 4 3 9 7 0 0 1 1 1 1 1 6 6 7 7 6 5 7 2 7 6 1 1 1 1 1 0 0 0 0 0 3 3 2 3 3 . . . . . 2 0 9 1 1 1 1 1 1 1 2 2 2 2 2 4 4 4 3 3 . . . . . 4 4 2 9 4 1944 January 227.2 243 240 369 176 139 55 29 76 130.0 178.1 177.5 •350.0 145 174 103.3 124.2 M Fe a b rc ru h ary... 2 2 3 3 2 1 . . 4 9 2 2 4 4 4 1 2 2 4 3 0 8 3 36 6 4 7 1 1 7 7 5 7 1 1 3 4 9 2 4 4 5 0 2 1 1 7 6 5 4 9 1 1 2 28 9 . . 9 6 1 17 7 4 7 . . 6 1 1 1 7 7 6 4 . . 5 1 r • 3 3 4 4 6 9 . . 3 7 1 1 4 4 2 0 1 1 7 8 5 3 1 10 0 3 3 . . 8 6 1 1 2 2 3 3 . . 8 8 April 231.1 239 237 361 172 140 36 17 52 128.0 171.8 171.0 "339.8 138 173 103.9 124.6 May 232.1 236 236 356 169 143 33 16 46 127.7 170.1 169.1 '339.2 138 183 104.0 125.1 June 233.9 235 236 354 169 142 34 15 50 127.7 169.2 168.6 •339.5 139 176 104.3 125.4 July 233.2 230 232 347 165 139 38 14 57 127.5 167.6 167.7 •331.7 142 189 104.1 126.1 August 234.0 232 235 348 168 142 41 13 63 127.3 166.8 167.9 •335.0 142 187 103.9 126.4 September. 232.5 230 234 342 168 143 39 13 61 126.5 164.9 166.0 •333.8 139 187 104.0 126.5 October.... 235.5 232 234 344 169 143 42 13 65 125.7 163.3 164.1 *335.1 137 193 104.1 126.5 November.. 237.5 232 232 341 173 143 46 13 73 125.3 162.6 163.0 "331.8 141 205 104.4 126.6 December.. 239.0 232 230 343 173 137 51 14 81 125.7 163.0 163.3 "336.8 137 196 104.7 127.0 1945 J F a e n b u r a u r a y ry... 2 24 4 5 1 . . 2 9 2 2 3 3 6 4 2 2 3 3 2 0 3 3 4 4 6 5 1 17 7 6 5 1 1 4 4 0 1 4 5 8 9 1 1 4 3 9 7 6 5 1 1 2 2 6 6 . . 7 6 1 1 6 6 2 2 . . 9 5 1 1 6 6 2 2 . . 4 0 r r 3 3 3 3 5 3 . . 2 7 1 14 3 3 9 2 1 1 9 1 7 1 10 0 5 4 . . 2 9 1 12 2 6 7 . . 9 1 March 244.1 235 -232 345 176 142 72 15 118 126.7 160.6 160.2 '330.2 145 220 105.3 126.8 April 242.3 230 229 336 174 140 70 18 112 125.1 157.6 156.9 "321.5 141 181 105.7 127.1 M Ju a n y e , 2 2 4 4 1 4 . . 9 6 2 2 2 2 0 5 r2 2 2 2 0 5 3 3 0 2 8 3 1 1 7 7 3 3 1 1 3 4 8 4 5 5 8 0 2 2 0 2 8 7 9 3 1 12 2 3 4 . . 5 4 1 1 5 5 4 1 . . 5 0 1 15 5 0 3 . . 5 6 r ' 3 3 O 07 2 . . 0 5 1 1 4 4 0 0 2 1 0 8 2 8 1 1 0 0 6 6 . . 0 1 1 1 2 2 9 8 . . 0 1 July 243.4 211 212 293 165 143 54 23 79 122.4 145.5 145.6 "286.5 139 218 105.9 129.4 August 2*237.3 *>188 ^190 ?'243 ^158 ''141 P89 '121.1 PU2.2 128 200 105.7 129.2 * Average per working day. p Preliminary. r Revised. 1 Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 1050-1054. . 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1057 of this BULLETIN. 4 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 5 For indexes by Federal Reserve districts and other department store data, see pp. 1059-1061. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory employment January and December 1943, pp. 14 and 1,187, respectively, and 1054-1055 of this BULLETIN; for department store sales, June 1944, pp. 549-561. 1049 OCTOBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100J 1944 Industry July Aug. ! Sept. Oct. Nov Dec Jan. Feb. Mar. Apr. May June July Aug Industrial Production—Total. 230 232 230 232 232 232 234 236 235 230 225 220 211 PI 88 Manufactures—Total. 246 248 246 248 248 249 251 252 252 247 240 233 222 PI 96 Durable Manufactures 347 348 342 344 341 343 345 346 345 336 323 308 293 Iron and Steel 202 203 202 206 201 198 197 202 210 206 204 192 r187 Pig iron 196 198 196 197 192 190 188 192 198 188 190 181 182 161 Steel 222 224 222 225 218 215 219 226 234 232 229 214 r203 164 Open hearth. 184 183 183 187 186 181 176 180 189 184 182 173 r172 142 Electric 491 512 502 492 453 456 526 552 561 573 567 505 r421 319 Machinery 435 434 427 428 422 431 431 436 431 419 405 393 371 P310 Manufacturing Arsenals and Depots1 Transportation Equipment. 704 707 695 704 699 709 706 695 676 651 610 r572 535 P411 Automobiles 223 229 226 229 230 235 235 242 236 231 218 r2O7 188 2*151 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products. 244 245 238 233 234 229 253 257 267 263 248 219 210 noo Smel ( t C in o g p p a er n d sm re e f l i t n in in g g ; Lead refining; Zinc smelting; 226 205 200 191 186 187 191 193 194 188 184 183 p\n Aluminum; Magnesium; Tin)i Fabricating 252 252 252 247' 280 296 291 234' 221 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)l Lumber and Products 124 127 120 120 126 123 121 119 118 r116 110 p107 Lumber 114 118 111 109 112 111 118 112 110 109 108 104 98 Furniture. 143 146 139 143 141 142 142 146 144 140 138 rm 2*124 Stone, Clay, and Glass Products 165 159 161 160 163 162 163 166 167 162 169 P160 r166 Glass products 180 169 165 174 169 174 164 168 175 183 179 r193 Plate glass 60 66 66 64 56 51 60 56 61 62 61 176 62 Glass containers 222 204 200 212 208 218 200 207 216 225 221 43 239 2*213 Cement 86 88 86 88 88 90 87 87 86 85 85 223 93 97 Clay products 124 122 116 115 116 116 125 122 124 122 115 95 117 Gypsum and plaster products 182 181 175 179 175 171 182 185 183 r180 r168 r121 179 2*162 Abrasive and asbestos products... 294 295 302 292 295 307 302 305 306 300 295 r172 287 Other stone and clay products1 ... 298 Nondurable Manufactures 165 168 168 173 173 175 176 176 174 173 173 165 2*158 Textiles and Products 139 147 146 152 150 155 153 149 150 150 132 P134 Textile fabrics 129 132 137 136 139 141 139 144 142 137 138 138 121 Cotton consumption 139 140 148 140 149 146 145 152 150 143 142 144 123 123 Rayon deliveries 193 189 196 199 209 215 215 215 215 218 221 220 220 213 Nylon and silk consumption1.... Wool textiles "m 140' 144 "m 143 152' 146' 149 142 146 144 118 A Ca p r p p a e r t e l w w o o o o l l c o c n o s n u s m um pt p io ti n on... 1 4 8 1 5 1 4 9 7 3 1 4 9 2 7 2 5 1 0 3 20 5 6 6 2 5 1 7 5 2 4 2 9 5 2 4 3 4 8 2 4 4 3 9 23 3 3 6 2 4 4 2 3 r23 4 4 0 1 3 8 4 5 Woolen and worsted yarn 144 154 158 164 156 165 156 160 156 147 151 152 124 Woolen yarn 148 163 162 170 161 170 162 170 166 153 161 162 129 Worsted yarn 138 141 153 156 148 157 148 146 142 139 137 137 117 Woolen and worsted cloth 144 153 160 164 151 166 159 169 166 161 165 161 129 Leather and Products... 112 121 115 116 114 113 121 122 121 127 110 P107 Leather tanning 113 108 120 111 112 115 113 119 117 118 115 r119 110 Cattle hide leathers 126 118 132 119 122 127 125 137 132 134 132 137 128 113 Calf and kip leathers 78 82 92 88 84 86 85 89 88 95 91 r97 r87 68 Goat and kid leathers 81 77 80 80 81 72 68 63 69 61 62 r56 50 47 Sheep and lamb leathers 144 144 157 149 144 154 154 148 144 146 132 137 133 130 Shoes 100 114 122 117 119 113 114 123 126 125 126 132 2*109 2*114 Manufactured Food Products. 153 147 146 154 155 158 160 160 153 150 146 P139 Wheat flour 113 116 113 118 125 123 130 131 125 138 140 138 .'135 Cane sugar meltings1 2*131 Manufactured dairy products. P151 2*147 2*152 2*165 ^145 2>132 *138 2*133 2*146 Butter 88 83 85 82 78 83 81 84 87 87 90 r89 85 Cheese 152 145 146 149 156 154 163 162 168 181 175 179 181 171 Canned and dried milk.... 185 180 184 179 181 179 172 175 189 204 196 206 222 208 Ice cream Meat packing 175 169 161 154 "l58 158' 146 146 146 134 "132" 140' 133 Pork and lard 219 197 176 159 167 164 149 139 137 135 144 146 126 Beef 127 138 140 140 141 149 147 169 165 139 134 142 136 144 Veal 160 191 196 218 213 175 123 101 104 88 95 103 116 151 Lamb and mutton 134 125 135 145 142 149 143 129 129 121 128 142 133 110 r Revised. p Preliminary. * Series included in total and group indexes but not available for publication separately. IO5O 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Manufactured Food Products—Continued Other manufactured foods 153 148 147 150 155 159 162 165 169 168 161 154 150 Processed fruits and vegetables 130 112 121 139 145 146 162 163 180 170 149 136 131 Confectionery 135 123 115 118 128 138 137 143 151 156 151 129 108 Other food products.. 162 162 159 158 162 165 167 170 169 169 165 163 161 '^154' Alcoholic Beverages... 128 186 156 166 184 169 213 170 148 144 136 139 193 173 Malt liquor 146 152 172 177 197 174 167 167 153 152 139 139 147 149 Whiskey 0 100 6 0 0 0 198 11 0 0 0 0 199 55 Other distilled spirits 37 647 68 104 76 74 452 250 156 67 61 57 448 395 Rectified liquors 205 232 270 305 353 355 346 312 265 283 291 318 293 306 Industrial Alcohol from Beverage Plants1 Tobacco Products.... 122 126 124 120 135 131 121 123 123 120 128 139 128 150 Cigars. ... 86 92 95 93 105 95 85 95 93 91 92 93 83 91 Cigarettes 154 152 149 142 157 155 147 145 147 143 156 177 162 195 Other tobacco products 78 92 87 93 107 108 95 97 91 90 94 90 88 98 Paper and Paper Products... 133 142 142 143 143 135 136 137 141 140 141 142 135 P132 Paper and pulp 129 137 137 139 138 132 132 134 137 136 136 137 131 Pj29 Pulp 153 159 156 165 158 150 152 156 157 160 160 160 149 Groundwood pulp 114 119 118 126 111 115 111 113 113 114 108 116 120 Soda pulp 92 96 92 96 97 97 95 98 101 103 103 103 93 Sulphate pulp 232 234 231 245 238 212 214 227 227 234 236 236 227 Sulphite pulp 127 138 135 142 136 133 137 139 139 141 140 138 122 Paper 125 134 134 135 135 129 129 130 134 132 133 134 128 126 Paperboard 148 158 159 158 160 145 153 152 157 158 161 160 149 141 Fine paper 99 111 113 111 106 93 85 87 84 79 78 75 73 74 Printing paper 103 118 116 116 120 125 119 125 127 126 125 126 122 126 Tissue and absorbent paper 158 149 149 149 150 156 147 143 148 144 141 139 146 142 Wrapping paper 118 127 127 132 130 125 128 127 133 129 132 139 133 135 Newsprint 83 77 84 81 81 85 76 83 82 80 80 79 80 72 Paperboard containers (same as Paperboard) Printing and Publishing.... 95 102 99 103 103 104 102 105 105 105 105 106 105 nu Newsprint consumption 87 87 83 89 86 84 85 84 83 85 85 85 88 96 Printing paper (same as shown under Paper) Petroleum and Coal Products 247 251 255 266 268 268 273 276 272 268 273 r269 *>267 Petroleum refining 259 264 272 281 283 283 289 292 287 284 289 r285 Gasoline 137 138 141 140 144 141 143 150 145 145 149 148 156 Pi 53 Fuel oil....... 164 159 162 167 165 165 171 174 166 167 174 177 175 Lubricating oil 125 125 132 135 136 133 133 126 134 136 138 136 136 Kerosene • 128 126 126 124 124 119 123 126 131 120 121 132 133 Other petroleum products1 Coke 172 171 168 170 170 167 167 168 171 161 168 163 165 153 By-product coke . 164 164 162 164 164 163 162 163 164 157 161 155 158 148 Beehive coke . 442 419 389 384 367 296 334 367 387 284 406 421 400 335 Chemical Products 314 314 307 307 307 312 317 318 319 318 318 319 308 P265 Paints 142 143 139 139 141 141 142 140 139 135 131 135 139 P133 Soap 134 132 131 129 133 137 136 136 135 134 134 132 130 ^122 Rayon . .. 237 240 237 239 242 242 244 241 244 241 240 243 242 P222 Industrial chemicals 408 408 400 395 394 396 396 400 402 405 407 412 409 P368 Explosives and ammunition1 Other chemical products1 Rubber Products 227 231 230 231 231 239 247 247 236 233 224 222 218 pm Minerals—Total . . .. . . 139 142 143 143 143 137 140 141 142 140 138 144 143 P141 Fuels 143 147 148 148 148 141 145 146 147 145 143 150 148 PMT Coal 144 148 147 149 149 132 140 143 142 136 125 148 140 pl35 Bituminous coal 151 154 151 152 155 138 151 150 149 138 145 153 146 2>i44 Anthracite 118 124 129 133 126 109 96 112 115 131 47 129 117 ^102 Crude petroleum 142 146 149 148 148 146 148 148 150 150 152 151 153 2*153 Metals... 117 114 113 111 112 HI 111 111 111 111 110 r109 109 p105 Metals other than gold and silver 178 175 175 171 170 168 170 170 170 169 167 168 168 163 (Copper* Lead* Zinc)1 Gold 24 23 22 22 22 23 24 24 24 23 24 22 23 Silver 67 63 57 58 64 62 56 52 54 61 54 49 42 r Revised. p Preliminary. 1 Series included in total and group indexes but not available for publication separately. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. OCTOBER 1945 1051 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1944 1945 Industry July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Industrial Production—Total. 232 235 234 234 232 230 230 232 232 229 225 r220 212 Manufactures—Total .. 248 251 249 250 248 248 248 249 249 245 240 234 224 P198 Durable Manufactures — 348 349 343 346 341 342 343 345 344 335 323 308 293 P244 Iron and Steel 202 203 202 206 201 198 197 202 210 206 204 191 155 Pig iron 196 198 196 197 192 190 192 198 188 190 181 182 161 Steel 222 224 222 225 218 215 219 226 234 232 229 214 r203 164 Open hearth 184 183 183 187 186 181 176 180 189 184 182 173 r172 142 Electric 491 512 502 492 453 456 526 552 561 573 567 505 r421 319 Machinery 435 434 427 428 431 436 431 419 371 P310 Manufacturing Arsenals and Depots1 .. Transportation Equipment 704 707 695 704 699 709 706 676 651 610 r572 535 P411 Automobiles 223 230 235 236 231 218 r2O7 188 P151 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products .. 243 245 238 233 234 229 253 257 267 219 P200 Smelting and refining 244 226 205 200 191 186 187 191 194 194 189 183 P172 (Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 243 252 '252 '247 280 284 296 291 272 234 221 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)* Lumber and Products . 130 135 128 125 120 113 113 114 119 120 121 116 i>l 13 Lumber . . 123 129 123 117 109 97 99 97 108 112 r113 107 P10S Furniture . 143 146 139 143 141 142 142 146 140 138 r138 134 P124 Stone, Clay, and Glass Products. 165 164 167 163 159 156 165 167 166 168 P165 Glass products 174 175 169 178 170 163 161 163 175 183 190 175 r186 180 Plate glass 60 66 66 64 56 51 60 56 61 62 61 43 62 61 Glass containers 213 213 204 218 210 202 196 201 216 225 236 221 r230 222 Cement 94 100 100 102 95 82 71 66 71 81 89 102 102 110 Clay products 124 125 120 122 121 120 116 118 119 119 115 120 115 Gypsum and plaster products. . 182 182 179 182 177 175 176 177 177 177 169 175 179 Abrasive and asbestos products . 294 295 302 292 295 307 302 305 306 300 295 298 287 ^260 Other stone and clay products1. Nondurable Manufactures .. 167 171 173 173 173 171 170 172 172 171 172 173 167 Textiles and Products 139 141 147 146 149 152 150 155 150 132 P134 Textile fabrics 129 132 137 136 139 141 139 144 142 137 138 138 121 Cotton consumption 139 140 148 140 149 146 145 152 150 143 142 144 123 123 Rayon deliv eries 193 189 196 199 209 215 215 215 215 218 221 220 r220 P213 Nylon and silk consumption1 .. Wool textiles 131 140 144 150 143 152 146 151 149 142 146 144 117 Carpet wool consumption .. 41 47 42 50 56 57 49 44 43 36 42 40 34 Apparel wool consumption , 185 193 197 213 206 215 225 238 249 233 243 r234 185 Woolen and worsted yarn .. 144 154 158 164 156 165 156 160 156 147 151 152 124 Woolen yarn 148 163 162 170 161 170 162 170 166 153 161 162 129 Worsted yarn 138 141 153 156 148 157 148 146 142 139 137 137 117 Woolen and worsted cloth . 144 153 160 164 151 166 159 169 166 161 165 161 129 Leather and Products 103 111 115 118 114 122 r126 107 107 Leather tanning 107 107 112 116 114 113 128 116 117 115 116 105 96 Cattle hide leathers 119 114 121 127 127 128 148 132 134 132 132 120 110 Calf and kip leathers 77 86 90 86 84 83 93 87 91 87 99 87 71 Goat and kid leathers 80 75 80 79 73 68 66 68 63 61 r 57 ! 49 46 Sheep and lamb leathers 134 148 149 153 146 143 162 140 143 142 135 123 134 Shoes 100 114 117 119 113 114 123 126 125 126 132 109 114 Manufactured Food Products 163 165 159 155 150 143 141 142 145 146 150 157 P153 Wheat flour 112 115 125 122 130 132 122 133 134 133 P130 Cane sugar meltings1 Manufactured dairy products . PI 78' 2*125 I 08 ^212 P-185 Butter 107 91 82 70 62 61 69 71 77 89 112 124 r109 93 Cheese 187 162 149 134 117 111 120 133 151 189 234 254 223 192 Canned and dried milk 215 186 170 145 130 138 140 157 186 231 272 284 257 214 Ice cream Meat packing 162 147 148 156' 175' 184 171 139 135' 125 132' 139 131 119 Pork and lard 193 151 139 150 195 217 I 195 132 129 125 135 144 129 97 Beef 128 140 151 153 146 149 j 150 | 156 150 131 134 139 137 146 Veal 160 188 215 248 228 165 114 89 98 86 98 103 116 148 Lamb and mutton 129 122 144 151 142 146 152 131 126 118 130 132 127 108 r.Revised. P Preliminary. * Series included in total and group indexes but not available for publication separately. 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 July Aug. Sept. Oct. Nov. Dec.Jan. Feb. Mar. Apr. May June July Aug. Manufactured Food Products—Continued Other manufactured foods 159 170 174 167 161 155 148 149 148 148 145 146 p157 ^157 Processed fruits and vegetables ... 169 213 236 180 133 114 105 103 99 104 97 105 170 p Confectionery 111 132 148 154 151 139 141 144 140 130 117 96 88 Other food products 165 165 162 166 171 169 160 161 162 162 162 165 165 Alcoholic Beverages ... 151 198 159 168 159 146 191 158 139 147 162 214 175 Malt liquor 183 173 174 164 151 140 137 150 142 160 158 175 184 170 Whiskey .............. 0 100 6 0 0 0 198 11 0 0 0 0 199 55 Other distilled spirits . 22 609 94 270 159 81 414 228 136 44 36 35 400 216 Rectified liquors .. 205 232 270 305 353 355 346 312 265 283 291 318 293 306 Industrial Alcohol from Beverage Plants1 Tobacco Products ... 127 129 131 125 137 121 117 115 128 145 133 155 Cigars 86 92 95 93 105 95 85 95 93 91 92 93 83 91 Cigarettes 162 160 160 148 160 142 147 136 137 133 156 186 170 204 Other tobacco products . 78 89 93 99 110 95 93 94 91 90 95 92 95 Paper and Paper Products ... 132 141 141 143 143 134 136 138 141 141 142 142 134 *>132 Paper and pulp , 128 137 137 139 138 132 132 134 137 136 137 137 130 Pulp 151 157 154 164 159 150 152 157 158 162 161 160 147 Pape T G P W S S P F S r o r i i u a u r s n r i d o p l l n a s e p p a u e u p t h h r n i e p p n b p i a d t i a g t u o e n w a e p l a g n p e o p r p d p r d o a u p u d p a l a l p e b p p p r s e u o r l r p bent paper 2 1 1 1 1 1 1 1 9 9 3 0 2 2 5 4 0 1 1 2 9 2 7 5 1 8 3 8 2 1 1 1 1 1 1 1 1 9 3 3 0 3 1 5 1 4 2 6 4 8 5 4 1 8 8 9 7 2 1 1 1 1 1 1 1 1 9 5 3 1 0 3 3 1 4 2 2 9 1 3 5 5 4 6 9 7 2 1 1 1 1 1 1 1 1 9 4 3 5 1 1 4 1 5 3 6 5 5 8 7 1 2 6 1 2 2 1 1 1 1 1 1 1 1 9 3 1 3 3 6 0 2 5 3 7 8 7 5 6 0 6 0 0 0 2 1 1 1 1 1 1 1 9 9 1 3 1 2 2 4 5 2 7 3 2 3 7 5 9 5 1 5 2 1 1 1 1 1 1 1 9 8 1 1 3 2 5 2 4 1 5 5 4 5 7 9 3 8 5 9 2 1 1 1 1 1 1 1 9 2 8 3 1 3 2 5 2 4 8 7 7 1 8 9 5 2 7 8 2 1 1 1 1 1 1 1 1 8 2 3 2 0 3 4 3 2 5 4 7 9 1 1 3 8 4 7 7 2 1 1 1 1 1 1 1 1 3 2 4 0 3 7 5 4 2 2 4 5 1 3 2 9 8 5 6 9 2 1 1 1 1 1 1 1 1 1 3 7 4 4 0 3 2 3 6 7 6 8 0 1 3 2 5 3 1 2 1 1 1 1 1 1 1 1 3 7 6 0 1 3 2 3 3 4 6 5 0 3 7 8 6 9 4 2 2 1 1 1 1 1 1 1 9 2 0 7 4 4 2 2 3 2 3 7 7 3 9 0 8 2 3 2 1 1 1 1 1 7 4 2 3 2 4 4 1 6 5 6 2 Newsprint 82 77 84 81 82 84 76 83 82 82 81 80 78 71 Paperboard containers (same as Paperboard) Printing and Publishing 100 105 107 106 104 107 108 106 105 99 107 Newsprint consumption 78 84 93 83 90 76 87 Printing paper (same as shown under Paper) Petroleum and Coal Products 247 251 258 266 268 268 273 276 272 268 273 r269 P267 Petroleum refining 259 264 272 281 283 283 289 292 287 284 289 r285 Gasoline 137 138 141 140 144 141 143 150 145 145 149 148 P153 Fuel oil 164 159 162 167 165 165 171 174 166 167 174 177 175 Lubricating oil 124 124 132 135 136 132 129 125 132 141 143 136 134 Kerosene 119 121 124 124 128 123 126 132 134 123 122 124 124 Other petroleum products1 Coke , 172 171 168 170 170 167 167 168 171 161 168 163 165 153 By-product coke 164 164 162 164 164 163 162 163 164 157 161 155 158 148 Beehive coke 442 419 389 384 367 296 334 367 387 284 406 421 400 335 Chemical Products . 310 310 307 309 308 313 316 319 321 320 318 315 304 P261 Paints 140 142 138 139 139 141 139 139 139 137 135 139 pl32 Soap 133 133 136 135 134 137 133 135 135 131 130 130 P124 Rayon 237 240 237 239 242 242 244 241 244 241 240 243 P222 Industrial chemicals 408 408 400 395 394 396 396 400 402 405 407 412 409 Explosives and ammunition1 . Other chemical products1 Rubber Products .... 227 231 230 231 231 239 247 247 236 233 224 222 p193 Minerals—Total . 143 147 147 144 140 131 134 135 136 140 141 147 145 p144 Fuels 147 148 148 148 141 145 146 147 145 143 150 p147 Coal 144 148 147 149 149 132 140 143 142 136 125 148 140 pl35 Bituminous coal . 151 154 151 152 155 138 151 150 149 138 145 153 146 Anthracite 118 124 129 133 126 109 96 112 115 131 47 129 117 *102 Crude petroleum 142 146 149 148 148 146 148 148 150 150 152 151 153 Metals . 142 145 138 123 68 72 109 r129 125 p123 Metals other than gold and silver , 222 227 215 188 130 95 98 104 166 207 r204 196 pl93 I ( r C o o n p o p r e e r; Lead; Zinc)1 323 336 311 259 133 63 216 304 301 289 289 Gold ., "25 26 "23' "21' "20 22 Silver 57 58 56 61 47 42 r Revised, P Preliminary. 1 Series included in total and group indexes but not available for publication separately. NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. OCTOBER 1945 1053 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 July Aug. Apr. May June July Aug. June July Aug. Apr. May June July Total r167.7 167.9 r156.9 r153.6 7150.5 145.6 142.2 r339.5 r331.7 r 335.0 r321.5 f307.0 r302.5 286.5 Durable goods r229.3 r228.1 r210.2 r204.1 196.9 187.8 180.6 r476.6 '461.4 r465.4 r437.2 r413.3 r399.8 372.7 Nondurable goods r119.3 J120.5 r114.9 r113.7 r113.9 112.3 112.0 r205.4 r204.9 r207.5 r208.3 r202.9 r207.3 202.2 iron and Steel and Products r171.3 r 171.7 r167.O r164.5 r159.1 151.6 146.3 r318.6 r 314.1 r316.5 r319.0 r308.8 r298.3 279.2 Blast furnaces, steel works, etc 124 124 122 122 121 119 225 225 223 229 227 223 215 Steel castings 244 244 236 230 213 201 453 434 456 451 422 389 345 Tin cans and other tinware. 130 132 131 130 133 133 207 212 222 228 213 230 232 Hardware 128 130 129 127 125 119 263 258 262 275 268 263 244 Stoves and heating equipment 138 139 134 131 127 124 259 252 256 265 247 244 234 Steam, hot-water heating apparatus.. 183 183 179 176 r165 158 346 338 345 348 334 r320 292 Stamped and enameled ware 160 161 155 153 150 145 323 320 324 323 313 304 282 Structural and qrnamental metal work 214 210 190 179 168 155 421 418 411 365 341 318 279 Electrical Machinery r289.2 r287.3 r267.6 r263.0 r 2 57.9 245.6 235.2 r527.6 r5l3.9 r515.3 r 502.1 r484.8 r474.0 445.0 Electrical equipment 249 249 232 228 223 213 465 451 456 441 426 415 387 Radios and phonographs... 292 286 263 260 254 242 560 542 534 521 501 486 463 Machinery, except Electrical r229.8 r227 .9 r2l7.3 r 213.1 r209.3 202.2 196.8 r441.1 r421.8 r424.5 r413.7 r392.1 r393.9 371.6 Machinery and machine shop products 228 228 218 214 210 203 429 409 415 410 386 386 366 Engines and turbines 376 377 349 339 332 320 833 784 786 732 683 680 641 Tractors 192 188 178 174 173 171 304 293 291 278 272 278 272 Agricultural, excluding tractors.... 163 160 153 149 150 147 336 334 319 313 289 306 296 Machine tools 210 207 201 198 195 188 384 371 369 371 348 353 329 Machine-tool accessories 270 264 254 250 244 233 475 458 450 449 430 422 388 Pumps 326 318 284 279 274 265 712 676 669 593 576 585 543 Refrigerators 150 151 142 139 r135 130 270 251 277 260 250 r243 229 Transportation Equipment, except Autos 1457.3 r1432.3 '1201.1r1117.7 1'1025.4 961.1 900.1 r3079.3 r2979.8 r2982.1 r2538.3 r2322.6 r 2152.8 1999.9 Aircraft, except aircraft engines ... 1745 1733 1560 1450 1277 1186 3433 3338 3334 3071 2837 2543 2307 Aircraft engines 2788 2709 2289 2167 1950 1870 4993 4761 4820 3957 3703 3232 3043 Shipbuilding and boatbuilding.. 1613 1577 1233 1132 1067 998 3498 3387 3379 2711 2434 2328 2193 Automobiles r174.7 r176.2 r166.5 r160.2 r 154.3 144.6 134.1 r330.8 r314.0 r319.0 r308.0 r283.2 r272.6 243.7 Nonferrous Metals and Products r184.4 r183.6 r179.1 r177.7 r172.7 162.0 157.2 r354.3 r342.1 342.9 r349.2 r336.5 r327.0 302.7 Primary smelting and refining 175 171 142 140 141 138 334 325 315 269 262 262 268 Alloying and rolling, except aluminum 176 179 185 183 176 163 340 320 337 362 341 328 294 Aluminum manufactures 309 296 300 296 284 260 567 551 522 554 524 497 450 Lumber and Timber Basic Products r118.0 rU8.8 r107.7 r108.8 r108.9 107.9 108.0 r222.8 r213.2 r227.1 r202.7 r203.1 r209.6 192.9 Sawmills and logging camps 83 83 74 15 75 75 159 152 165 141 142 148 134 Planing and plywood mills 98 98 94 93 93 93 170 166 165 167 164 167 160 Furniture and Lumber Products r105.4 r 106.0 r101.0 r100.2 r100.2 98 0 97 2 r190 9 r187 0 r194 7 r191.6 r187.7 r189 1 181.3 Furniture 98 99 94 93 93 90 178 174 181 177 173 173 166 Stone, Clay and Glass Products r114.7 r 114.1 r109.7 r 109.1 r111.0 109.3 108.7 r191.9 r186.2 r 191.1 r193.3 r187.9 r192.0 187.7 Glass and glassware 131 129 125 124 127 124 210 197 204 206 200 201 194 Cement 73 73 68 69 71 73 111 113 118 115 114 121 128 Brick, tile, and terra cotta 76 76 71 71 73 73 123 122 124 124 121 126 127 Pottery and related products 125 124 116 115 117 113 196 187 193 189 184 186 176 Textile-Mill and Fiber Products r96.5 r96.0 r92.7 r91.8 r92.2 90.4 90.2 r174.5 r170.7 r170.4 r170.6 r166.6 r174.6 169.9 Cotton goods except small wares... 110 109 105 104 105 103 205 207 204 202 200 210 210 Silk and rayon goods. 74 74 72 71 72 71 136 131 134 135 134 142 138 Woolen and worsted manufactures. 98 97 95 94 94 91 195 184 181 187 179 187 177 Hosiery . 66 66 61 61 61 60 106 102 106 99 95 100 94 Dyeing and finishing textiles... 90 89 86 86 86 84 151 147 146 148 141 147 145 Apparel and Other Finished Textiles. r108.1 r110 1 r10i>.4 r103.1 r102.2 96 4 97.8 r189 7 r178 8 r190 9 r196 2 r181 5 r183 1 167 5 Men's clothing, n.e.c 95 96 91 90 90 86 167 155 161 167 157 164 152 Shirts, cellars, and nightwear 76 74 69 68 69 68 135 133 128 129 123 r126 126 Women's clothing, n.e.c 76 79 76 74 72 65 135 126 140 144 131 126 109 Millinery 72 78 81 69 66 67 91 103 129 126 84 91 106 Leather and Leather Products r91.1 r91.0 r89.0 r88.6 r89.8 88.5 88.6 rl60.4 r157.7 r 158.2 r166.9 r 161.1 r170.3 165.0 Leather 85 85 82 82 83 81 148 147 146 148 147 149 146 Boots and shoes 80 80 78 78 79 78 143 140 140 150 143 154 149 Food and Kindred Products r132.5 r137.7 r115.4 r114.5 r116.7 123.3 125.9 r199.8 r211.7 r215.5 r189.6 r 188.1 r196.4 205.8 Slaughtering and meat packing.... 132 130 107 103 106 106 218 220 211 168 163 178 175 Flour 117 114 115 116 119 121 188 195 190 201 202 211 218 Baking 112 112 110 110 110 108 167 168 168 170 r171 174 175 Confectionery 109 114 113 109 108 99 186 178 188 192 185 187 164 Malt liquors 148 148 138 139 143 147 210 226 224 207 206 220 231 Canning and preserving 132 163 76 73 79 124 157 243 306 150 144 155 246 Tobacco Manufactures. r88.6 r88.2 r86 7 r85 4 r8i 9 83 2 81 *r157.4 1'157.0 r160.4 rH6 4 r164.1 151.4 Cigarettes 128 127 125 124 124 124 189 197 196 200* 192' 204* 201* Cigars 68 68 65 64 65 60 141 132 133 131 133 137 115 Paper and Allied Products. r119.3 r118.8 r115.6 r114.6 r 116.0 113.7 114.1 rl94.5 rl92.8 rl94.0 rl96.2 r190.7 r197.7 193.5 Paper and pulp 106 107 105 104 105 103 180 179 181 182 178 184 181 Paper goods, n.e.c 122 119 117 115 115 111 194 194 187 194 186 193 182 Paper boxes 115 114 110 109 111 109 179 176 179 180 175 183 181 r Revised. NOTE.—Revised indexes shown here for major groups and totals were released by the Bureau of Labor Statistics in September 1945. These indexes have been adjusted to final 1943 data made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover wage earners only. Figures for August 1945 are preliminary. 1054 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES-Gw//««e</ (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls 1944 1945 1944 1945 July Aug. Apr. May June July Aug. June July Aug. Apr. May June July Printing and Publishing r99.6 r98.9 r97.3 r97.5 r97.5 96.8 97.1 r134.7 r135.3 r 135.0 r138.2 r138.9 r 139.6 137.8 Newspaper periodicals 93 93 92 92 92 91 117 117 118 121 122 122 120 Book and job 107 106 104 104 104 104 150 152 149 156 154 156 155 Chemical and Allied Products T202.7 r204.3 r219.8 r216.3 r212.5 203.7 191.0 r355.5 r355.6 356.6 r391.3 r388.9 r381.3 363.0 Drugs, medicines, and insecticides. 184 182 183 183 184 183 267 267 265 277 282 285 274 Rayon and allied products 109 110 110 110 111 111 174 174 176 181 183 186 184 Chemicals, n.e.c 171 170 165 164 165 162 297 298 295 296 295 299 292 Explosives and safety fuses 1048 1119 1358 1349 1304 1207 1563 1646 1725 '2076 2096 1984 1880 Ammunition, small-arms 1127 1110 1581 1549 1508 1346 2359 2271 2225 3150 3185 3037 2636 Cottonseed oil 75 81 95 88 80 77 149 144 154 203 184 164 151 Fertilizers 99 102 145 126 112 104 228 225 227 351 293 259 247 Products of Petroleum and Coal r126.4 r127.4 r 126.0 r126.3 r126.8 127.4 128.1 r215.8 r223.2 r220.9 r229.5 r226.9 r229.5 233.4 Petroleum refining... 124 126 126 127 127 128 208 216 214 227 223 224 229 Coke and by-products. 107 107 100 100 100 101 188 192 187 179 186 190 191 Rubber Products r160.5 r 161.2 r160.8 r157.6 r 155.2 151.1 149.2 r284.5 r282.7 r 291.0 r299.6 r283.6 r287 .3 281.3 Rubber tires and inner tubes 166 169 172 169 167 162 279 281 294 306 289 294 287 Rubber goods, other 139 138 138 134 131 128 251 245 247 256 244 243 238 Miscellaneous Industries... r 171.6 r170.0 r167.8 rl66.6 r165.0 158.5 155.0 r332.5 r323.2 r319.9 T334.2 r324.4 r323.8 300.9 Instruments, scientific.... 562 557 540 534 512 473 1097 1082 1032 1070 996 988 835 Photographic apparatus. 172 167 159 158 157 155 273 272 271 270 265 263 260 For footnotes see opposite page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 =100] Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Annual Total.. . 1943. 170.7 173.1 175.1 176.2 176.9 179.0 180.1 180.2 179.6 180.6 181.5 179.9 177.7 1944.. 178.1 177.1 174.6 171.8 170.1 169.2 167.6 166.8 164.9 163.3 162.6 163.0 169.1 1945 162.9 162.5 160.6 157.6 154.5 151.0 145.5 pUl.l Durable.. .1943 226.4 231.1 235.3 237.6 239.1 242.8 245.3 246.1 246.4 249.0 251.1 249^8 241.7 1944 247.0 245.2 241.5 237.1 234.1 232.0 229.0 227.7 224.0 220.8 219.0 219.7 231.4 1945 219.8 219.1 215.9 210.3 204.1 196.7 187.6 2*180.3 Nondurable .1943 126.8 127.4 127.8 127.8 127.8 128.6 128.7 128.2 126^9 124^9 127.4 1944 123.7 123.3 121.8 120.3 119.6 119.7 119.3 118.7 118.3 118.'0 118!l 118.3 119.9 1945 118.0 117.8 117.1 116.1 115.4 115.0 112.3 p Preliminary. NOTE.—Revised indexes based on new Bureau of Labor Statistics data released in September 1945. 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 1944 1945 June July Mar. Apr. May June July June July Mar. Apr. May June July All Manufacturing. 45.4 44.6 45.4 45.2 44.1 44.6 44.0 101.7 101.8 104.4 104.4 104.2 7103.8 103.3 Durable Goods 46.8 45.7 46.7 46.5 r45.5 45.8 44.9 111.3 111.6 113.9 113.8 113.4 113.1 112.7 Iron and Steel and Products 46.8 46.0 47.1 46.9 46.0 r46.0 45.2 108.1 108.6 110.7 110.9 111.2 111.2 Electrical Machinery 46.6 45.7 46.6 46.4 45.6 r45.8 45.4 102.6 103.2 107.0 106.8 r106.8 106.1 105.7 Machinery Except Electrical 49.1 47.5 48.6 48.1 46.6 47.7 46.6 112.2 112.3 115.3 115.2 115.2 r115.0 114.9 Transportation Equipment Except Autos 47.3 46.8 47.1 46.8 45.9 r43.8 45.8 126.2 126.7 129.9 129.5 129.7 r130.2 130.3 Automobiles 45.9 43.7 46.1 45.5 43.9 r44.3 42.4 127.5 129.1 128.0 128.0 r126.9 r126.8 125.2 Nonferrous Metals and Products 47.1 46.0 47.3 47.1 46.0 46.1 45.4 104.9 105.1 108.1 108.2 107.7 107.4 107.0 Lumber and Timber Basic Products 44.5 42.4 43.1 43.6 42.9 44.0 41.5 79.9 79.6 79.8 80.7 81.4 82.2 81.0 Furniture and Finished Lumber Products 44.6 43.6 44.6 44.3 r43.6 r44.1 43.3 81.3 81.2 85.0 85.5 85.9 r85.3 85.2 Stone, Clay, and Glass Products 43.8 42.4 44.2 44.5 43.6 r43.8 43.3 89.4 89.9 92.3 92.9 r92.8 r92.9 93.1 Nondurable Goods. 43.3 43.0 43.5 43.2 42.3 43.0 42.8 86.1 86.2 89.6 89.9 r90.3 r90.4 90.2 Textiles—Mill and Fiber Products ... 42.0 41.7 42.4 41.9 r40.7 41.8 41.3 71.2 71.0 73.3 73.5 r74.5 75.9 76.3 Apparel and other Finished Products . 38.2 37.3 39.0 37.9 36.4 37.2 36.6 78.4 78.5 87.4 86.2 84.7 84.0 82.8 Leather and Manufactures 41.6 41.2 42.5 42.0 40.4 42.1 41.7 80.2 80.1 84.8 85.2 85.9 85.7 85.0 Food and Kindred Products 45.9 45.6 45.1 45.0 44.5 45.5 45.5 85.1 84.5 86.4 86.9 rS7A r87.7 87.4 Tobacco Manufactures 42.3 42.4 42.9 42.3 41.6 42. 41.1 70.6 70.9 74.1 74.0 74.7 75.7 75.1 Paper and Allied Products 46.3 45.7 46.3 46.5 45.4 46.4 46.3 84.5 84.7 87.1 87.4 87.6 87.9 88.1 Printing, Publishing and Allied Industries 41.3 41.2 41.6 41.2 41.2 41.6 41.5 107.5 107.2 112.1 112.9 113.3 112.7 112.4 Chemicals and Allied Products 45.8 45.5 45.9 45.7 45.7 45.4 45.1 95.8 96.6 97.5 98.0 r99.0 99.7 99.9 Products of Petroleum and Coal 46.8 46.9 47.4 48.3 47.5 47.8 47.7 118.1 119.9 119.5 120.2 120.4 120.7 121.9 R M u i b sc b e e l r l an P e r o o u d s u c I t n s d ustri ; es 4 4 6 5. . 2 1 4 4 5 5 . . 2 0 4 4 6 5 . . 1 3 4 4 5 5 . . 8 7 4 4 4 4. . 2 8 r4 4 5 5 . . 2 1 . 4 4 4 5 . . 0 5 1 9 0 5 9 . . 8 2 1 9 0 5 9 . . 5 4 1 9 1 9 1 . . 1 7 1 9 1 9 3 . . 3 6 1 9 1 9 3 . . 2 2 1 r9 1 9 4 . . 2 0 1 9 1 8 3 . . 2 9 r Revised. NOTE.—Back figures are available from the Bureau of Labor Statistics. OCTOBER 1945 1055 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- Federal, Year and month Total M t a u n r u in fa g c- Mining Construction* ti p o u n b l a i n c d Sta l t o e c , a l and utilities government 1939 30,353 10,078 845 1,753 2,912 6,618 4,160 3,988 1940 31,784 10,780 916 1,722 3,013 6,906 4,310 4,136 1941 35,668 12,974 947 2,236 3,248 7,378 4,438 4,446 1942 38,447 15,051 970 2,078 3,433 7,263 4,447 5,203 1943 39,728 16,924 891 1,259 3,619 7,030 4,115 5,890 1944 38,698 16,121 835 679 3,761 7,044 4,348 5,911 SEASONALLY ADJUSTED 1941—March 34,406 12,174 943 2,260 3,131 7,192 4,397 4,309 April 34,441 12,456 643 2,133 3,161 7,266 4,438 4,344 May 35,269 12,776 949 2,176 3,224 7,302 4,441 4,401 June 35,758 13,032 970 2,239 3,254 7,388 4,441 4,434 July 36,277 13,342 981 2,256 3,292 7,495 4,442 4,469 August 36,597 13,473 997 2,258 3,330 7,579 4,458 4,502 September 36,774 13,580 1,000 2,327 3,331 7,548 4,454 4,534 October. 36,892 13,642 1,003 2,295 3,355 7,537 4,472 4,588 November 36,991 13,752 1,004 2,248 3,369 7,526 4,479 4,613 December 36,864 13,748 1,002 2,115 3,367 7,487 4,493 4,652 1942—January 37,057 13,879 996 2,102 3,372 7,481 4,520 4,707 February. 37,195 14,041 981 2,090 3,357 7,414 4,491 4,821 Marchh 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 O N D c o e t c v o e e b m m e b r b e e r r 3 3 3 9 9 9 , , , 4 5 8 9 5 9 7 2 8 1 1 1 5 6 6 , , , 7 3 0 3 9 4 3 8 8 9 9 9 5 3 4 4 3 4 2 2 2 , , , 1 0 0 3 9 4 6 5 1 3 3 3 , , , 4 5 5 8 2 0 4 5 3 7 7 7 , , , 1 2 1 3 3 2 6 2 4 4 4 4 , , , 3 2 2 3 2 5 0 9 5 5 5 5 , , , 7 5 6 0 2 2 1 6 0 1943—Jaaynuary 39,934 16,506 927 1,899 3,540 7,133 4,146 5,783 Fbebruary.. 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 L,476 3,588 7,006 4,110 5,945 May............. 39,740 16,837 893 L,358 3,597 6,988 4,102 5,965 J J S O N A D u u e c o e u l p n t c y v g o t e e e u e b m . m m s e . t . b r b b . e e e . r . r r ..... , 3 3 3 3 3 3 3 9 9 9 9 9 9 9 , , , , , , , 7 4 7 8 4 4 5 7 7 3 7 7 8 2 5 5 7 9 6 6 6 1 1 1 1 1 1 1 7 6 7 7 6 7 7 , , , , , , , 0 9 0 9 0 1 1 5 9 0 9 5 5 0 1 5 8 7 9 2 8 8 8 8 8 8 8 8 9 7 7 6 6 5 8 3 6 8 3 9 9 8 L 1 1 1 , , , , 0 0 1 9 2 8 8 8 2 6 3 6 6 9 2 0 4 6 4 1 3 3 3 3 3 3 3 3 , , , , , , , 6 6 6 6 6 6 6 2 3 3 8 7 3 8 0 1 9 4 7 3 3 6 7 7 7 7 7 7 , , , , , , , 0 0 0 9 0 0 0 1 6 1 6 0 0 0 5 1 7 6 2 6 0 4 4 4 4 4 4 4 , , , , , , , 1 1 1 1 0 1 0 1 1 2 2 1 7 7 2 0 7 7 9 9 8 5 5 5 5 5 5 5 , , , , , , , 9 9 9 8 9 8 8 8 4 1 1 1 6 2 1 0 3 6 8 2 2 1944—January.... 39,454 16,910 862 830 3,720 7,096 4,170 5,866 February... 39,352 16,819 862 786 3,780 7,043 4,173 5,889 March 39,123 16,642 852 737 3,780 7,046 4,165 5,901 April 38,865 16,391 848 719 3,763 6,982 4,257 5,905 May........ 38,749 16,203 843 673 3,768 6,997 4,363 5,902 June....... 38,766 16,093 848 677 3,765 7,012 4,475 5,896 July...... . 38,700 16,013 833 653 3,753 7,084 4,505 5,859 August... . 38,654 15,943 830 648 3,762 7,059 4,514 5,898 September. 38,400 15,764 822 627 3,735 7,065 4,488 5,899 October. 38,159 15,614 812 609 3.748 7,077 4,384 5,915 November.. 38,044 15,529 808 611 3,771 , 7,052 .4,359 5,914 December. 38,164 15,554 802 619 3,789 7,015 4,304 6,081 1945—January.. 38,426 15,633 805 633 3,797 7,210 4,394 5,954 February 38,469 15,595 802 658 3,848 7,164 4,404 5,998 March 38,456 15,445 796 691 . ' 3,846 7,214 4,438 6,026 April.... 37,963 15,178 765 736 3,811 7,004 4,466 6,003 May ... ..... r37,746 14,885 732 782 f r3,802 7,056 4,513 5,976 June 37,472 14,538 r798 r828 3,795 r7,039 r4,521 5,953 July 37,164 14,136 784 853 3,779 7,123 4,537 5,952 August.. 36,749 13,744 779 864 3,781 7,100 4,537 5,944 UNADJUSTED 1944—March..... 38,725 16,559 852 678 3,723 6,919 4,123 5,871 April 38,689 16,309 844 683 3,744 6,968 4,236 5.905 May 38,672 16,122 839 686 3,768 6,962 4,363 5,932 June 38,846 16,093 844 691 3,803 6,977 4,542 5,896 July..... 38,731 16,013 833 686 3,809 6,942 4,618 5,830 August 38,744 16,023 834 700 3,818 6,918 4,582 5,869 September 38,571 15,843 826 671 3,791 6,994 4,488 5,958 October 38,360 15,692 816 652 3,767 7,148 4,340 5,945 November 38,347 15,607 812 629 3,771 7,299 4,315 5,914 December 38,889 15,632 594 3,770 7,611 4,304 6,172 1945—January... 37,952 15,555 801 582 3,740 7,030 4,350 5,894 February.. 37,968 15,517 798 599 3,771 6,985 4,360 5,938 March 38,062 15,368 796 636 3,788 7,084 4,394 5,996 April...... 37,791 15,102 761 699 3,792 6,990 4,444 6,003 May r37,679 14,811 728 798 r3,802 7,021 4,513 6,006 June 37,556 r14,538 r794 r845 3,833 r7,004 r4,589 5,953 July 37,205 14,136 784 896 3,836 6,981 4,650 5,922 August.. 36,844 13,813 783 933 3,838 6,958 4,605 5,914 * Includes Contract Construction and Federal Force Account Construction. r Revised. . NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. August 1945 figures are preliminary. For back seasonally adjusted estimates see BULLETIN for June 1944, p. 600. Back unadjusted data are available from the Bureau of Labor Statistics. IO56 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Public works Total R b es u i i d ld e i n n t g ial and public Month Factories Commercial j Educational Other utilities 1944 1945 1944 1945 1944 1945 1944 1945 1944 j 1945 1944 1945 1944 1945 J anuary., 159.2 140.9 41.0 19.5 34.0 45.2 4.1 7.5 8.7 4.9 21.1 23.9 50.3 39.8 February 137.2 147.0 24.9 19.3 29.9 66.6 4.5 8.5 !-0.2 3.0 23.1 17.6 55.1 32.0 March 176.4 328.9 35.2 26.9 48.7 160.4 7.4 10.0 4.4 4.6 19.5 36.3 61.3 90.6 April. 179.3 395.8 37.8 42.7 33.0 174.5 6.1 12.3 5.4 4.3 25.0 49.9 72.0 111.9 May...... 144.2 242.5 34.5 47.2 27.1 43.4 5.8 9.5 3.8 5.1 17.1 29.4 55.8 107.9 June. , 163.9 227.3 30.6 41.8 24.4 25.5 8.7 18.8 10.5 10.5 18.9 35.6 70.7 95.0 July......... 190.5 257.7 25.8 46.3 38.3 51.5 5.6 19.8 10.1 13.4 30.2 36.9 80.5 89.9 August. 169.3 263.6 23.3 42.7 40.0 75.5 7.9 25.5 6.4 10.4 22.4 32.0 69.4 77.5 September 175.7 24.5 49.0 6.4 7.6 24.2 64.1 October 144.8 23.8 37.7 ?:I 3.5 20.0 52.2 November 164.9 23.3 52.9 5.3 28,3 48.0 December. . 188.5 23.9 57.6 3.8 27.1 66.6 9.5 Year ll,994.0 348.4 472.7 80.8 69.2 276.7 746.1 1 Negative because of revision of a prior month's entry. CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership 1945 1944 Month Federal Reserve district 1943 1944 1945 1943 1944 1945 1943 1944 1945 Aug. July Aug. January ... 351 159 141 316 122 75 35 37 66 Boston 18,841 10,891 6,392 February. 394 137 147 364 109 74 30 28 73 New York 36,445 27,012 14,915 March 340 176 329 304 133 221 36 43 107 Philadelphia 16,162 23,976 7,621 April. 303 179 396 253 133 309 50 46 87 Cleveland 25,423 26,722 16,650 May. 234 144 243 192 98 148 42 46 95 Richmond 29,395 46,621 26,951 Tune... 230 164 227 183 122 82 46 42 146 Atlanta 24,293 21,689 21,906 July... 184 191 258 122 148 108 61 42 149 Chicago 51,704 35,273 27,088 August ... 414 169 351 125 62 44 St. Louis I 28,703 19,819 13,120 September. 175 176 120 127 56 49 Minneapolis 7,621 5,700 5,196 October 214 145 157 102 56 43 Kansas City 6,131 12,784 13,046 November. 184 165 135 103 50 62 Dallas 18,890 27,204 16,456 December . 252 188 198 114 54 74 Total (11 districts) . 263,608 257,691 169,341 Year... . 3,2741,994 2,6951,435 579 559 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollarsl PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Title I Loans Mortgages on Sav- Com- Mu- ings Insur- Fed- Year or month Total p P e r i r o m r o t v y p - e - - S h s c t o m o r m u n a c - l e l - f h 1 ( a o - T m u i t t o s i l l e e y s 4 -i ' h R o g e u r a n o s n t i u d , n a p l g h ( o W T u i a s tl i r e ng End of month Total b m c a i n e a r k l - s b s i a n a n g v k s - s a a s l t a s o i n o o a d c n n i s - p c a a o n n m c ie e - s a c e g i r e e a n s l 1 - I Other2 ment tion II) (Title VI) II) 1936—Dec... 365 228 8 56 41 5 27 1937—Dec... 771 430 27 110 118 32 53 1935 320 | 224 ! 94 | 1938—Dec. 1,199 634 38 149 212 77 90 1936. 557 246 | 309 I 1937. 495 60 1 424 i 1939—June.. 1,478 759 50 167 271 137 94 1938. 694 I 160 13 j 473 ! Dec. 1,793 902 71 192 342 153 133 1939. 954 208 25 !• 669 I 1940. 1,026 251 26 I 736 | 1940—Mar... 1,949 971 90 201 392 171 124 1941 1,186 262 21 i 877 | 13 June. 2,075 1,026 100 208 432 182 127 1942. 1,137 141 15 ! 691 ; 284 Sept.. 2,232 1,093 111 216 480 190 141 1 1 9 9 4 4 3 4 . . 9 8 4 8 2 6 1 9 2 6 5 1 ! i 2 2 4 1 3 6 i | 6 5 0 3 1 7 Dec... 2,409 1,162 130 224 542 201 150 1941—Mar... 2,598 1,246 146 230 606 210 160 1944—Aug... 81 11 20 50 June.. 2,755 1.318 157 237 668 220 154 Sept.. 83 14 20 46 Sept.. 2,942 1,400 171 246 722 225 178 Oct... 84 12 22 49 Dec. 3,107 1,465 186 254 789 234 179 Nov. . 82 17 22 43 Dec. 66 11 18 37 1942—Mar.., 3,307 1,549 201 264 856 237 200 1945— F J e a b n . .. . 6 6 7 8 19 1 1 9 4 3 3 9 4 j D Ju e n c e . . I 3 3 , , 4 6 9 2 1 0 1 1 , , 6 66 2 9 3 2 2 1 3 9 6 2 2 7 7 2 6 1,0 9 3 4 2 0 2 24 4 5 3 1 1 6 9 3 5 Mar.. 60 13 ; 17 30 i 3.700 1,700 252 284 1,071 235 158 Apr. S3 io ! 15 I 28 1943—June. 3,626 1,705 256 292 1,134 79 159 May 62 14 ; 22 | 26 Dec. June 56 13 ! 19 I 24 1944—June. 3,554 1,669 258 284 1,119 73 150 July 52 12 i 19 21 Dec. 3,399 1,590 260 269 1,072 68 140 A 45 12 | 18 | 15 1 The RFC Mortgage Company, the Federal National Mortgage Associa- * Less than $500,000. tion, the Federal Deposit Insurance Corporation, and the United States NOTE.—Figures represent gross insurance written during the period and Housing Corporation. do not take account of principal repayments on previously insured loans. 2 Including mortgage companies, finance companies, industrial banks, Figures include some reinsured mortgages, which are shown in the month endowed institutions, private and State benefit funds, etc. in which they were reported by FHA. Reinsured mortgages on rental and NOTE.—Figures represent gross amount of mortgages held, excluding group housing (Title II) are not necessarily shown in the month in which terminated mortsraees and cases in transit to or being audited at the Fedreinsurance took place. eral Housing Administration. OCTOBER 1945 1057 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 1945 1942 1943 1944 1945 1942 1943 1944 January 325 482 749 1,124 229 254 229 300 96 228 520 824 February 303 483 728 1,107 ^884 234 254 234 313 P325 69 230 494 794 ^558 March 357 637 1,197 pl,022 268 272 249 359 P365 89 365 739 838 P657 April 387 717 989 1,231 287 235 258 360 P366 100 482 731 871 P636 May 385 542 1,092 1,454 1,133 297 191 281 386 ^372 88 351 811 1,068 June 330 650 1,003 1,297 ^866 280 215 295 331 50 435 708 965 July 365 659 1,265 1,196 ^882 278 213 302 294 P345 87 446 963 902 ^537 August 460 705 1,280 PI,188 282 186 316 P304 178 518 964 P884 September 425 732 1,269 ^1,192 262 196 286 162 536 983 P911 October 666 803 1,238 PI,142 304 200 329 P329 362 603 909 P814 November.... 492 788 1,073 pl,185 281 168 311 P323 211 620 762 p862 December 653 883 1,288 p937 344 358 281 P336 309 525 1,006 p601 January-July. 2,451 4,169 6,815 8,606 ^6,691 1,872 1,634 1,848 2,344 P2.467 580 2,535 4,967 6,262 P Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for April 1940, p. 347- February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers; 1935-39average* 100 ] RAILROADS [In millions of dollars] Total Coal Coke s L t i o v c e k - p F r e o s o r d t - - Ore l M c a i e n s l e - - - M 1 c d h i . e a c s r e n .l - - . o r r p e T a v e i o e r l a w n ta t u a i l n e y s g e r x a T p i o l e w t n a a s l y es o r i p n a e N c i r l o w a e m t t a i e n y g in N co e m t e Annual Annual 1939 101 98 102 107 96 100 110 101 97 1939 3,995 3,406 589 93 1940 109 111 137 101 96 114 147 110 96 1940 4,297 3,614 682 189 1941 130 123 168 112 91 139 183 136 100 1941 5,347 4,348 998 500 1942 138 135 181 120 104 155 206 146 69 1942 7,466 5,982 1,485 902 1943 137 138 186 146 117 141 192 145 63 1943 9,055 7,693 1,362 874 1944 140 144 186 139 124 144 181 147 67 1944 9,437 8,343 1,093 668 SEASONALLY SEASONALLY ADJUSTED ADJUSTED 1944—June 139 147 194 135 124 148 187 143 1944—May 779 688 91 52 J A S u e u l p g y t u e -- s m t ber . 1 1 1 1 3 3 4 4 7 9 2 2 r1 1 1 1 4 4 4 4 5 2 3 7 1 1 1 1 8 8 8 9 5 2 2 4 1 1 1 1 4 2 3 4 7 6 1 4 1 1 1 1 2 2 2 1 1 0 4 4 1 1 1 1 3 3 5 5 7 3 5 6 1 1 1 1 5 8 8 8 3 9 8 4 r1 1 1 1 4 5 4 5 3 0 6 0 J J A S u u e u l n p y g e t u e s m t ber 8 8 7 7 1 0 9 8 0 4 0 1 7 7 7 7 0 0 1 1 1 6 0 0 1 9 8 7 0 8 0 1 9 6 3 4 7 1 2 2 1 October.... 141 143 181 150 135 138 153 149 October 791 709 82 46 November.. 137 127 166 134 128 135 133 151 November 788 697 91 57 December.. December 780 711 69 33 1945—January.... 143 141 176 128 120 142 161 157 February... 139 139 178 119 121 133 168 152 1945—January 766 673 93 60 March 145 137 190 134 129 134 218 159 February. 781 678 103 68 April 141 126 180 160 124 133 204 153 March 796 698 98 63 May 140 126 193 167 120 137 204 151 April 799 704 96 62 June 140 143 181 155 121 144 170 146 May 796 704 92 57 July 139 136 193 157 121 140 171 146 June 831 725 106 71 August 128 128 167 163 115 133 166 132 July 791 696 95 P61 UNADJUSTED UNADJUSTED 1944—June 144 147 190 137 100 154 291 147 1944— J M un a e y 8 7 0 9 4 9 7 7 0 0 5 0 1 9 0 9 0 6 6 0 1 J A u u ly gust 1 1 4 4 7 6 r1 1 4 4 5 2 1 1 8 7 8 8 1 1 7 4 2 1 1 1 0 1 2 5 1 1 5 6 7 2 3 28 0 1 2 1 1 5 5 1 1 J A u u ly gust 8 8 0 3 9 6 r7 7 0 35 9 r1 1 0 0 0 1 6 5 0 7 O N D Se c e o p t c v o t e e e b m m m er b b b e e e r r r . . . . . 1 1 1 1 2 4 5 4 8 8 0 4 1 1 1 1 2 4 4 4 7 3 3 7 1 1 1 1 7 8 8 7 8 1 1 5 1 1 1 1 2 4 4 4 6 2 7 7 1 1 1 1 5 2 8 7 1 4 4 0 1 1 1 1 2 4 3 4 0 0 5 8 2 2 1 4 3 7 3 1 7 6 8 1 1 1 1 5 4 5 5 6 2 5 8 N O D Se o c e p t c v o t e e e b m m m e b r b b e e e r r r 8 7 7 7 1 9 8 5 9 9 1 7 6 6 7 7 8 8 2 1 7 9 1 0 8 9 9 7 9 7 2 0 6 4 5 6 4 1 6 0 1945— F A M J e a p a b n r r i u r c l u a h r a y ry... 1 1 1 1 3 3 3 3 6 9 0 2 1 1 1 1 3 2 3 4 7 6 9 1 1 1 1 1 8 9 7 8 5 2 6 8 1 1 1 14 1 2 2 1 7 8 4 1 1 1 9 1 1 0 7 5 1 2 1 1 1 1 2 2 3 3 8 8 4 3 2 4 4 6 0 0 2 3 3 1 1 1 1 5 5 4 4 1 1 3 2 1945— M F A J e a p a b n r r r i u c l u h a a ry ry 7 8 7 7 1 1 5 7 3 3 1 9 6 6 6 7 8 4 1 7 7 0 3 8 1 9 7 0 7 2 3 0 3 3 6 5 3 7 3 6 9 J M u a n y e 1 14 4 5 2 1 14 2 3 6 1 1 7 9 8 1 1 1 4 5 7 8 1 9 0 9 8 1 14 4 9 3 2 26 6 3 8 1 1 5 5 2 0 J M u a n y e 8 8 2 2 3 0 7 7 2 2 3 4 1 9 0 6 0 6 6 6 5 A Ju u ly gust 1 1 4 3 3 2 1 12 3 8 6 1 1 8 6 7 0 1 17 8 6 8 1 9 0 7 9 1 14 4 0 0 2 24 7 9 3 1 13 4 3 8 July 796 699 97 P Preliminary. r Revised. r Revised. NOTE.—Descriptive material and back figures may be obtained NOTE.—For description and back data, see pp. 529-533 of the BULLETIN forfrom the Division of Research and Statistics. Basic data compiled June 1941. Based on daily average loadings. Basic data compiled by Associa-by the Interstate Commerce Commission. Annual figures include retion of American Railroads. Total index compiled by combining indexes for classesvisions not available monthly. with weights derived from revenue data of the Interstate Commerce Commission. 1058 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on value figures) MONTHLY INDEXES OF SALES [1935-39 average = 100] Federal Reserve district United Year and month States Boston Y N o e r w- k d P e b l i p l h a i - a ! ' C l l a e n v d e - j m Rk ond I AtlantaChicago Lo S u t i . s M ap i o n l n i e s - K C an it s y a Dallas F c S r is a a c n n o - 1919. 95 84 106 84 88 115 93 67 1920. 110 100 126 106 81 105 126 112 80 1921. 108 96 120 94 78 90 j 105 117 92 75 1922. 94 112 99 122 95 75 85 83 103 112 86 78 1923. 105 119 106 135 108 85 94 ! 98 115 120 91 91 1924. 105 121 110 134 106 87 91 i 96 j 114 119 119 94 93 1925. 110 123 116 135 109 92 95 I 102 i 120 124 124 98 99 1926. 113 127 120 138 110 96 99 106 | 121 119 123 103 106 1927. 114 128 123 133 110 95 100 j 108 119 117 125 101 107 1928. 115 126 124 127 110 95 100 114 120 110 119 103 110 1929. 117 128 129 128 116 96 98 116 122 110 117 104 112 1930. 108 123 126 118 105 92 91 101 110 105 111 96 104 1931. 97 114 116 105 93 86 79 88 97 98 96 31 94 1932. 90 91 83 68 68 60 67 76 79 74 61 71 1933. 84 86 80 69 68 62 68 72 76 73 1934. 83 90 91 88 81 81 78 79 83 85 85 76 77 1935. 88 92 93 91 86 87 84 86 85 90 89 80 86 1936. 100 100 101 102 101 98 97 100 97 99 99 97 100 1937. 107 104 106 107 111 105 105 109 106 104 107 105 106 1938. 99 100 99 96 96 101 103 98 102 101 100 106 100 1939. 106 104 101 104 106 109 113 107 111 106 105 112 109 1940. 114 108 106 111 114 120 123 116 119 109 110 117 117 1941. 133 126 119 129 138 144 145 135 143 122 127 338 139 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 2(X 1944. 186 162 150 168 182 214 244 176 200 165 205 246 221 SEASONALLY ADJUSTED 1943—September 165 145 133 149 158 196 210 | 162 171 147 j 179 1 189 October 172 145 137 154 170 194 222 163 188 148 194 j 211 \Tovember. 177 150 143 161 178 199 220 164 197 166 j 210 220 212 December 167 148 133 144 164 197 208 163 172 146 | 174 212 206 1944—January 174 151 135 159 169 202 224 164 182 160 207 219 208 February.... 175 148 138 156 166 198 225 164 194 176 203 227 211 March 183 155 152 173 183 213 228 168 195 159 194 244 219 April 173 157 141 161 166 200 221 166 173 157 181 237 201 May... 183 164 150 168 181 212 233 170 197 160 192 242 214 June 176 155 144 158 166 208 237 165 189 151 192 239 210 July 189 160 149 169 191 212 262 178 208 165 212 256 222 August 187 158 rl52 r157 182 r215 243 180 207 173 r203 253 r222 September. 187 162 149 170 180 218 247 181 193 162 200 252 217 October. 193 165 152 168 190 227 260 185 215 158 215 248 228 November 205 168 161 183 203 231 271 189 235 189 244 258 253 December 196 174 158 171 190 220 258 190 207 175 208 259 233 1945--January 197 167 149 173 186 231 268 184 211 181 241 261 247 February ... 211 166 165 189 204 238 274 202 236 208 246 271 257 March 220 193 189 204 222 250 274 207 235 205 240 269 249 April 181 157 150 162 174 210 234 168 188 157 199 256 219 May- 188 160 156 170 179 210 243 170 209 162 203 264 234 June 202 177 169 185 197 235 277 184 220 172 218 268 233 July 218 183 176 198 220 r252 300 197 j 250 r187 r243 r300 r255 Avigust. . 200 166 165 175 189 235 274 189 I 225 186 215 231 UNADJUSTED 1943—September.. 174 152 141 152 168 208 218 166 188 166 197 232 197 October 180 161 157 174 182 212 233 174 194 168 203 250 219 November... 215 184 182 202 214 252 257 200 224 192 228 269 255 December 273 255 228 256 262 332 336 253 224 283 343 325 1944--January 137 119 112 122 132 152 179 | 131 149 119 153 177 166 February... 142 115 114 123 133 159 194 I 131 153 122 161 200 178 March. ' 170 144 139 162 167 203 221 j 159 185 141 182 227 198 April 172 161 137 158 172 194 228 166 183 159 ; 183 228 192 May. 178 162 142 161 179 211 228 | 170 197 162 | 194 228 200 June 163 144 133 142 157 183 199 ! 160 170 151 i 177 203 193 July . 142 110 100 116 140 152 197 I 139 154 130 168 194 184 August. 157 H8 J 111 123 159 177 216 151 178 '"153 191 220 202 September 196 170 158 173 191 231 257 185 212 184 220 265 226 O N c o t v o e b m er ber 2 2 0 4 8 8 2 1 0 8 7 4 2 1 0 7 6 3 2 1 3 9 1 0 2 2 4 0 4 4 2 2 9 4 4 9 3 2 1 7 7 3 2 1 3 9 1 7 2 2 6 2 8 1 2 1 1 7 8 9 2 2 6 2 4 6 2 3 7 1 2 4 2 2 9 3 9 8 December 320 300 270 305 303 369 417 295 333 269 339 421 373 1945-January 156 132 124 133 145 174 214 147 173 136 178 211 197 February 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 J J u u n ly e . 1 1 8 6 6 3 r H 1 6 2 5 7 " 1 11 5 8 6 r1 1 3 6 7 7 1 1 6 8 1 7 2 18 0 1 7 2 2 2 3 5 3 1 1 5 7 4 8 1 1 9 8 8 5 r1 1 4 7 7 1 r1 2 9 0 2 0 2 2 2 2 8 8 r2 2 1 1 1 5 August . 168 125 120 137 165 194 244 158 194 165 202 210 r Revised. NOTE.—pror description and monthly indexes for back yearSj see pp. 542-561 of BULLETIN for June 1944. OCTOBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES [As reported by 296 department stores in various Federal Reserve districts J [Weeks ending on dates shown. 1935-39 average = 100] Amount Index of stocks Without seasonal adjustment (In millions of dollars) (1935-39 average = 100) 1942 1943 1944 1945 Jan. 24.... ..122 Jan. 23 .....125 Jan. 22 .... 144 Jan. 27 .... 161 Out- 31.... ..125 30 .....126 29 .....137 Feb. 3 .... 163 m ( S t o f o a o n l t r e t a h s l ) m ( S o e t n n o d t c k h o s ) f ( o s e r t i n d a n d e n g r d o s - f a S d e j a a u l s l s o y te n d - j U u n st a e d d - Feb. 2 2 1 1 7 8 4 . . . . . . .. . . . . . . . . . . 1 1 1 1 2 1 2 1 7 9 2 5 Feb. 2 1 2 7 3 0 6 . . .. . . . . 1 1 1 1 4 5 6 7 3 5 2 8 Feb. 2 1 1 6 5 9 2 . . . . . . . . .1 1 1 1 4 4 4 4 2 6 2 6 Mar. 2 1 1 3 4 0 7 . . . . 1 1 1 1 8 7 7 7 2 2 7 6 month) Mar. 7.... ..130 Mar. 6......150 Mar. 4... ..153 10 204 14... ..137 13......144 11... ..160 17 214 21.... ..148 20......147 18... ..172 24 226 1939 average. 128 344 99 28... ..157 27......155 25... ..182 31 230 1940 average. 136 353 108 101 Apr. 4. .....170 Apr. 3......161 Apr. 1 .....212 Apr. 7 .181 1941 average. 156 419 194 120 11... ..129 10......168 8... ..208 14 .156 1942 average. 179 599 263 172 18... ..146 17......170 15... ..152 21 .192 1943 average. 204 508 530 146 25... ..140 24......182 22... ..163 28 .184 1944 average. 227 r533 r560 153 May 2 .....147 May 1......142 29... ..168 May 5 .193 9.... ..149 8.... ..169 May 6... ..184 12 .196 1943—Nov.. . 259 576 562 143 165 16......127 15.... ..149 13... ..197 19 .178 Dec... 338 467 r492 143 134 23 ......125 22 153 20.. 177 26 182 30 ......104 29.... ..151 27... ..168 June 2 .169 1944—Jan.... 167 479 r530 154 137 June 6 .....147 June 5 ..151 June 3.... ..163 9 .196 Feb.... 170 r514 r527 154 147 13 .....128 12.... ..168 10 172 16 .206 Mar.... r226 531 r484 149 152 20 .....129 19 168 17 173 23 183 206 r526 r476 145 151 27 ... ..109 26.... .. 132 24!!!!.'.151 3o!!!!!!l73 May!!! 220 525 r534 147 151 July 4.... .. 95 July 3.... .134 July 1... ..149 July 7 .153 June... r198 r523 r592 157 150 11 112 10 113 8. .116 r167 July... '162 r511 r631 165 148 18.... ..105 17.... .!l26 is!!!!!!l45 21!!!!!.157 Aug. .. r198 r572 r579 r171 r164 25.... ..103 24.... ..124 22.... ..138 28 .153 Sept... 234 583 r560 161 167 Aug. 1... ..105 31.... ..118 29.... ..132 Aug. 4 .167 Oct.... 257 600 r577 154 172 8.... ..122 Aug. 7 ..131 Aug. 5 137 11 .176 Nov. .. 299 r580 r610 144 166 15... ..125 14 131 12 148 18 .124 Dec. .. 385 444 136 127 22.... ..126 21.... ..146 19......149 25 .182 29.... ..142 28.... ..145 26.... ..171 Sept. 1 r194 1945—Jan.... 198 r463 r768 148 133 Sept. 5.... . 165 Sept. 4... . 169 Sept. 2 .....194 8 .177 Feb.... 198 494 r819 r149 142 12.... . 140 11... . 156 9 .....177 15.... .213 Mar.... 284 r524 r772 147 150 19.... .152 18... . 179 16... ..196 22.... .220 Apr.... 209 r565 r725 156 162 26.... . 172 25... . 176 23... ..193 29.... .209 May... 231 591 r671 165 170 Oct. 3... .183 Oct. 2... . 175 30... ..196 Oct. 6... .242 June... 236 601 697 181 r173 10.... ..171 9.... ..188 Oct. 7.... ..218 13.... July... 191 590 721 188 169 17.... ..166 16......189 14......221 20 Aug.... P213 P673 P186 Pl79 2 31 4 . . . . . . . . . . . . 1 1 7 6 2 8 2 3 3 0 . . . . . . . . . . . . 1 1 9 8 4 7 2 2 1 8 . . . . . . . . . . . . 2 2 0 0 9 7 Nov. 2 3 7.... * Preliminary. r Revised. Revised. NOTE.—Revised series. For description and back figures see pp. 874-875 Back figures.—Division of Research and Statistics. of BULLETIN for September 1944. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] A 1 u 94 g 5 . J 1 u 94 ly 5 E m 1 i 9 o g 4 s h . 5 t Aug. July E m 1 i 9 g o 4 s h 5 . t A 19 u 4 g 5 . J 1 u 94 ly 5 E m 1 i 9 g o 4 h s 5 . t A 19 u 4 g 5 . J 1 u 94 ly 5 E m 19 i o g 4 s h 5 . t United States. +6 +14 +12 Chicago.... +5 +9 +11 Chicago +6 +15 +11 Bo W N P B P S s p r o t e o o o o r w r s r i n v t t n c l o i g a e H d n s n f e i a t d e n e v l r c d e e n + + + + + + + 1 6 5 7 3 1 2 6 + + + + + 1 2 2 1 7 3 0 1 3 + + + + + 1 1 1 5 7 0 3 0 R C i l W e c E P Y v h i r o e t h m i l t u e e a s o n e n b n g l d u i d s n — r t g g o C h w o n nt. + + + 1 l 9 6 0 + + +2 1 1 8 6 6 + + + + + 1 1 1 1 7 7 1 8 2 T D D F F I P n l e o e e e i d r o s r n t r i t r r t e a o M i W a n i H t o a a p i a y n o u n e l t i s e e s . . . . . . . . . . . . . . . . . . + + + + - + 2 1 1 6 8 6 9 3 2 + + + + + + + 2 3 1 1 9 5 5 1 2 9 2 + + + + + + + 1 1 3 1 1 1 5 1 9 9 3 6 3 Da H F S D S l a o h o l a n a r r u l t e l s s a A v t W s o e n p n t o o o r n r th t io + + + + 1 1 9 8 7 2 0 T + + + + + + 3 1 1 2 1 8 5 3 8 3 1 + + + + + + 2 1 1 1 6 6 3 5 2 3 N P e h N B U T N A B L N B P P E R S S w i o l y h r a u l r i e e c l o t i a m n e b i i a n w u f r w i h c c d Y d f a n g l g a c g h a e i a a g a o e c n h t a r a l h e n Y d o l r e u r a o y r a s p s k k e k a n e p s m t o t h e c e e l e o r p i e F r t t r k r a o a p h t a d n s i C l a i y l e i s . — . t . . . . y . . . + + + + + + + + + + + + + + + + - 1 1 2 2 U 1 2 1 1 4 8 4 7 9 8 7 5 0 9 0 9 3 0 0 1 r r+ + + + + + + + + + + + + + + 1 2 1 1 1 2 1 2 1 1 2 2 3 8 4 2 4 6 9 8 4 4 4 8 8 3 0 3 + + + + + + + + + + + + + + + + + + 1 1 2 1 1 1 1 1 1 1 1 1 1 1 4 8 9 5 7 5 1 0 0 2 6 3 6 7 0 4 2 4 At H C G B R W L N W C M R B M M C l J O a a y h a a h i i r u o l r n o c o i i a c r a e l l n l a a a r n n m t k b e a s n h t r e f r a r c m i s t k h i n i s o t m l n l m i i h g t l g e e o s i d n n l e o v i n h b s k s b o o n o o g g n i t t g , u u n m l v r o o h t - l t N r e r d o S e i n n a o g e g l , n m . , a . l n r W e y l S S C e . . m . . V C C . . . a . . . + + + + + + + + + - - + + + + + + + 1 1 1 1 1 1 1 1 1 1 1 2 0 5 7 9 4 9 9 6 2 7 4 2 6 1 1 0 1 + + + + + + + + + + + + + - 1 1 2 2 2 2 2 2 1 1 3 8 9 7 7 9 6 2 3 8 5 4 6 4 + + + + + + + + + + + + + + + + + + 1 2 1 1 1 2 1 1 2 1 1 1 1 1 4 4 9 9 8 1 7 4 1 1 2 2 3 5 0 0 1 4 S M t. M E F L Q E L M L M G S S S i G n o p t o v t a a L i u r r a . e . n i t e r n u r s a a l o i t d m i t w e e n L L t l s n n i n u i e s a n i c s p o d s o g S a i S n v p y o s y u h f u u B m R g i t o i n i R l . i i i k e l l s s a s l o i l e e l L i a t y e d s c h e A p o k i u r d . e i . s s a . . . . . . + + + + + + + + + + + + + + + — - 1 1 1 1 1 2 5 9 9 8 8 9 8 9 7 7 7 0 1 0 0 3 r r r ' r r T + + + + + + + + + + + + + + + 1 1 + - 1 2 1 1 1 1 2 2 1 1 1 1 2 3 9 3 6 4 3 3 9 8 7 0 1 5 1 6 6 5 + + + + + + + + + + + + + + + + + 1 1 1 2 1 1 1 1 1 1 1 1 2 1 6 3 9 3 4 4 1 4 2 5 3 5 4 8 2 3 4 Sa R V B B L S S S S P S T F S O n L a a a t a h o r a o u i a a o a o B S v e F n n n n c o k n i l c s k c s l s a e t r r e e e s g e l e k a n n a r a A J D o F r r n a j s t o s m k n o o n n B a i r o n i i B f R x c e s d a e d n i n g e e a i e e l e g o n e d s a n e e n l r c a o s c d c l y t d n o a e a n o i h a n s s d r N c d d o a i . n p .. o a . + + + + + + + + + + + + + + + - 1 1 2 1 3 5 6 6 8 5 4 5 1 7 9 4 0 1 6 2 r r r + + + + + + + + + + + + + + 1 + 1 1 + 1 1 1 1 1 1 1 1 1 1 1 6 5 2 5 5 9 5 1 2 1 5 5 4 0 6 3 + + + + + + + + + + + + + + + + 1 1 1 1 1 1 1 1 1 1 1 1 1 9 8 6 5 6 2 4 7 7 3 5 5 0 6 2 4 Cl W Y e R A v e o k e i a l r r l a o k k d n n e i d n s g -Barre.. + + + + + 2 2 7 4 5 0 " + + + + + 1 1 1 1 9 3 3 5 8 + + + + + 2 1 1 1 6 0 4 3 2 T A M A B C a o a u t a l m t l g c a o u u o n p m n n s t a a t b R a u o s uge.... + + + + + - 1 2 1 1 5 4 2 3 7 + + + + + + 1 2 1 2 1 2 4 4 2 3 1 0 + + + + + + 1 1 2 2 1 6 0 0 1 1 6 Ka W T H D P n o u u e s i p e c n t a c b e h v s h k l i e o t C i a r a n i s ty on ... + + + + + - 1 1 8 8 6 5 4 5 + + + + + + 2 1 1 7 6 1 1 8 3 + + + + + + 1 1 1 1 1 5 6 1 9 8 4 B P E S S a o e v e N l a l r e t l t t a i r l t n m e a L le g t n a t p h d k a a e m City.. + + + + + - 1 1 8 2 9 2 1 r+ + + + + U + 1 1 1 2 8 0 9 1 1 + + + + + + 1 1 1 9 7 9 5 1 3 C Ci a n n c t i o n n nati + + 2 6 + +1 1 9 1 + + 1 8 5 N B e ri w st o O l, r l T ea e n n s n... + + 1 5 8 + + 1 1 0 9 + + 1 9 7 Kansas City... + +2 7 '+ + 1 1 8 9 + + 1 9 4 T Sp ac o o k m an a e + -2 5 + + 2 8 0 + + 1 1 0 9 Cleveland -1 +16 +10 Jackson +13 +24 +16 St. Joseph +16 -1 +10 Yakima +5 +2 +8 Columbus +9 +22 +16 Chattanooga.. . +4 + 15 + 16 Omaha 0 +9 +11 Springfield +4 +9 +8 Knoxville +3 +7 + 13 Oklahoma City +4 +11 + 15 Toledo +11 + 11 Nashville +12 +18 +16 Tulsa.... + 1 r+15 +19 r Revised. 1060 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS, BY MAJOR DEPARTMENTS Percent change from a year ago (value) Ratio of stocks to sales Number Stocks (end Department of stores Sales during period of month) July reporting July Seven mos. July 1945 1945 1945 1945 1944 GRAND TOTAL—entire store.. 350 +18 +14 +13 3.2 3.4 MAIN STORE—total 350 +19 +14 +12 3.3 3.5 Women's apparel and accessories. 347 +23 +18 +20 2.8 2.8 Coats and suits 324 +23 +21 +42 4.3 3.8 Dresses 330 +29 +23 +36 1.0 1.0 Blouses, skirts, sportswear, etc 309 +32 +26 +44 2.8 2.6 Juniors' and girls' wear 301 +30 +24 +58 3.3 2.7 Infants' wear 304 +16 +15 +43 3.9 3.2 Aprons, housedresses, uniforms 282 +20 +13 1.1 1.4 Underwear, slips, negligees 321 + 15 +20 -20 1.8 2.5 Corsets, brassieres 327 +26 +25 +21 2.0 2.1 Hosiery (women's and children's)... 339 +9 +11 -42 1.3 2.4 Gloves (women's and children's) 322 +36 +17 +9 8.0 10.0 Shoes (women's and children's). 241 + 17 +15 +3 3.6 4.1 Furs 257 +79 -7 +30 8.1 11.2 Neckwear and scarfs 241 +9 +8 +62 4.3 2.9 Handkerchiefs 278 +20 +17 +36 6.7 5.9 Millinery 168 +12 +10 +24 1.7 1.6 Handbags and small leather goods. 298 +25 +11 +13 3.2 3.6 Men's and boys' wear 319 +17 +13 + 4.7 5.3 Men's clothing 228 +16 +12 -17 3.7 5.2 Men's furnishings, hats, caps 303 +17 +15 +4 4.2 4.8 Boys' clothing and furnishings. 279 +18 +12 +35 7.1 6.3 Men's and boys' shoes and slippers. 172 +17 +17 — 11 5.6 7.3 Home furnishings 311 +13 +10 +4 3.9 4.2 Furniture, beds, mattresses, springs. 228 +23 +17 +19 4.0 4.1 Domestic floor coverings 236 -1 -7 -12 3.6 4.0 Draperies, curtains, upholstery.. 288 +8 +9 +3 3.6 3.7 Major household appliances. . . 165 +49 +35 1.6 2.6 Domestics, blankets, linens, etc. . 288 -1 —21 3.1 3.7 Lamps and shades 218 +31 +23 +24 5.9 6.2 China and glassware 217 +22 +13 +12 5.3 5.7 Housewares 220 +36 +26 +18 4.0 4.5 Piece goods 283 +8 +12 -17 2.2 2.8 Cotton wash goods 115 1 0 -35 0.9 1.2 Small wares 330 +24 +13 +18 4.2 4.4 Lace, trimmings, embroideries, ribbons 119 +8 +5 --17 3.6 3.3 Notions 220 +27 +18 --18 3.4 3.7 Toilet articles, drug sundries, and prescriptions . 314 +25 +6 --18 4.2 4.4 Jewelry and silverware 266 +28 +16 --13 4.7 5.3 Art needlework 238 +15 +17 --13 5.1 5.2 Stationery, books, and magazines. 228 +18 +19 +32 4.4 4.0 Miscellaneous 292 +12 +13 +23 4.0 3.6 Luggage 221 +17 +8 -11 2.1 2.7 BASEMENT STORE—total 212 +14 +12 +17 2.9 2.8 Women's apparel and accessories. 200 +16 +14 +27 2.4 2.2 M Ho e m n' e s a fu n r d n i b sh o i y n s g ' s clothing and furnishings . 1 1 6 2 4 0 + 4 + + 1 6 1 + + 1 8 2 4 3 . . 4 3 4 3. . 2 6 Piece goods 51 +15 -20 1.7 2.3 Shoes 132 +7 +10 +14 3.7 3.9 +20 NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. * SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Year and month Sales during month Ac at c o e u n n d t s o f r e m ce o iv n a th ble Collec m tio o n n s th during Cash Instal- Chargement account Total Cash I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t sales sales sales 1944—July 103 138 44 75 32 67 57 103 65 4 31 August 126 167 60 93 32 70 r60 92 64 4 32 September 149 193 66 116 33 81 61 96 63 4 33 October 164 211 81 127 35 90 69 115 63 4 33 November 191 245 95 149 40 102 75 130 62 4 34 December 245 326 105 181 46 128 77 135 64 4 32 1945—January 126 164 57 96 43 97 77 168 63 4 33 February 126 163 57 98 40 84 68 128 63 4 33 March 178 230 73 141 39 96 77 120 63 3 34 April 133 171 52 107 37 88 65 128 62 3 35 May 147 190 55 117 35 8S 63 122 63 3 34 June 149 194 52 117 34 88 r61 121 63 3 34 July 121 r163 48 88 32 76 56 117 66 3 31 August 135 181 58 99 31 76 57 104 65 4 31 r Revised. NOTE.—Data based on reports from a smaller group of stores than that included in the monthly index of sales shown on a preceding page. OCTOBER 1945 1061 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] I Instalment credit Total Single- End o r o y f e m ar onth co c n r s e u d m it er ins T ta o l t m al ent Sale credit Loans1 pa lo y a m n e s2 nt a C c h co ar u g n e ts Service credit credit Total Automobile Other 1929.... 7,637 3,167 2,515 1,318 1,197 652 2,125 1,749 596 1930 '6,839 2,706 2,032 928 1,104 674 1,949 1,611 573 1931... 5,528 2,214 1,595 637 958 619 1,402 1,381 531 1932 4,082 1,515 999 322 677 516 962 1,114 491 1933 3,905 1,581 1,122 459 663 459 776 1,081 467 1934 4,378 1,849 1,317 576 741 532 875 1,203 451 1935 5,419 2,607 1,805 940 865 802 1,048 1,292 472 1936 6,771 3,501 2,436 1,289 1,147 1,065 1,331 1,419 520 1937 7,467 3,947 2,752 1,384 1,368 1,195 1,504 1,459 557 1938 7,036 3,584 2,313 970 1,343 1,271 1,442 1,487' 523 1939 8,008 4,463 2,792 1,267 1,525 1,671 1,468 1,544 533 1940 9,205 5,507 3,450 1,729 1,721 2,057 1,488 1,650 560 1941.... 9,959 5,984 3, 747 1,942 1,805 2,237 1,601 1,764 610 1942 6,529 2,999 1,494 482 1,012 1,505 1,369 1,513 648 1943.. 5,379 2,002 816 175 641 1,186 1,192 1,498 687 1944. 5,791 2,084 836 200 636 1,248 1,220 1,758 729 1944 July. 5,148 1,889 706 204 502 1,183 1,250 1,287 722 Aug 5,192 1,896 709 210 499 1,187 1,239 1,330 727 Sept 5,272 1,912 720 210 510 1,192 1,231 1,402 727 Oct.... 5,412 1,937 743 210 5SS 1,194 1,231 1,516 728 Nov.. .. 5,596 1,974 773 208 565 1,201 1,231 1,664 727 Dec... 5,791 2,084 836 200 636 1,248 1,220 1,758 729 1945 Jan.. 5,488 2,014 778 192 586 1,236 1,206 1,534 734 Feb... 5,332 1,968 743 18o 557 t, 225 1,188 1,438 738 Mar.. 5,582 1,991 732 184 548 t,259 1,181 1,669 741 Apr... 5,449 1,989 724 184 540 1,265 1,212 1,506 742 May.. r5,496 2,006 720 184 536 ,286 r 1,258 1,488 744 June. 5,642 2,032 720 188 532 L, 312 1,320 1,544 746 July. P5,594 p2,040 ni4 P192 ''522 />,326 v1,346 ''1,459 P749 Aug. y'5,589 P2,033 ?)706 *>1% P5i() p .327 v1,363 ''1,441 ''752 p Preliminary. T Revised. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOBILE CREDIT [Estimated amounts outstanding. In millions of dollars] {Estimated amounts outstanding. In millions of dollars] Indus- D m ep e a n r t t- House- m E o n n d t h o f or Total m C e o rc m i - al S l m oa a n ll ba t n r k ia in l g Credit End o r o f y e m a o r nth I [ ex m T a c u o o lu t b t o d a i - i l l e , ng s o m t a r o a d n r i d e e l r - s F s u t t r u o n r r i e e - s a s a h p t n o p o l l r c i e d e - s J s e t w o e re lr s y s o r t e t A o h ta r l e l e i r l s year banks1 p c a o n m ie - s pa co n m ie - s2 houses 1929 652 43 263 219 1930.. 674 45 287 218 1931. 619 39 289 184 1929.... 1,197 160 583 265 56 133 1932.. 516 31 257 143 1930.... 1,104 155 539 222 47 141 1933.. 459 29 232 121 1931 958 138 454 185 45 136 1934 532 44 246 125 1932 677 103 313 121 30 110 1935.. 802 88 267 156 1933 663 119 299 119 29 97 1936.. 1,065 161 301 191 1934 741 146 314 131 35 115 1937. 1,195 258 350 221 1935 865 186 336 171 40 132 1938. 1,271 312 346 230 1936 1,147 256 406 255 56 174 1939. 1,671 523 435 257 1937 1,368 314 469 307 68 210 1940. 2,057 692 505 288 1938 1,343 302 485 266 70 220 1941. 2,237 784 535 298 1939 1,525 377 536 273 93 246 1942 1,505 426 424 202 1940 1,721 439 599 302 110 271 1943 1,186 312 372 165 1941 1,805 469 619 313 120 284 1944. 1,248 358 388 175 1942 1,012 254 391 130 77 160 1943... 641 174 271 29 66 101 1944 1944.. 636 184 269 13 70 100 July. 1,183 339 367 170 Aug. 1,187 343 363 172 1944 Sept.. 1,192 342 364 172 Tuly 502 132 234 14 43 79 Oct. 1,194 344 361 172 Aug. 499 132 233 13 42 79 Nov. 1,201 346 365 172 Sept. 510 138 236 13 43 80 Dec. 1,248 358 388 175 Oct.. 533 148 244 13 44 84 Nov... 565 162 253 13 48 89 1945 Dec. 636 184 269 13 70 100 Jan.. 1,236 359 378 172 116 Feb.. 1,225 357 372 168 114 1945 Alar. 1,259 374 381 171 116 J an 586 172 249 12 61 92 Apr.. 1,265 377 381 172 116 Feb...... 557 163 240 12 54 88 May I 1,286 i 388 384 177 116 Mar 548 163 1 238 11 50 86 June. 1 1,312 ! 400 389 181 118 Apr... 540 159 j 237 11 48 85 July. "1,326 :' ''406 "391 ''182 ''119 May... 536 155 i 238 10 48 85 Aug.. "1,327 ! ''389 ''181 ''118 June. . 532 151 ! 237 11 49 84 July. . "522 '147 p235 •''11 P47 >'$2 Aug.. "510 ''142 ''232 pn "45 "80 ** Preliminary. ct lo t shown separately. 2 -33 T II m nn h cc iis ll s uu ss dd ee ee rr ss ii ee oo ss nn ii ll ss yy ii ll nn oo aa pp nn rro ss o cc ii ee nn ss ss ss uu rr oo ee rf dd rre bb ev yy vi is F s F ii e o e o dd nn ee .. ral Housing Administration. I06l FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT CREDITS OF COMMERCIAL CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL BANKS, BY TYPE OF CREDIT LENDING INSTITUTIONS [Estimates. In millions of dollars] [Estimates of volume made in period. In millions of dollars! Month or year Total Aut r o e m ta o il bile I O c rree h t p h tt a u ? aa s r , ii r e - l l d , I j !j ' R e m e r aa n p nn o i a dd z d i a r - ) - | || \ i ss P m n oo e s e nn t r n aa a - ll t l- Month or year I Co b m an m k e s r 1 c ial} j S co m m al p l an lo ie a s n c I o n b m a d p n u a k s n i t i r n i e g a s l 2 u C n r i e o d n i s t Pur- j Direct and tion cash chased loans direct loans1 loans 1929... 463 413 42 1930 503 380 41 Outstanding at end of 1931 .. 498 340 38 period: 1932.. .. 376 250 34 1939..... 1,093 218 I 164 155 209 347 1933.. 304 202 33 1940.. 1,450 311 j 253 217 247 422 1934.. 384 234 42 1941 1,694 411 310 288 234 451 1935. 423 288 67 1942. 845 136 I 123 143 154 289 1936.. 563 354 105 1943..... 514 55 j 81 68 89 221 1937. 619 409 148 1944 .. 559 57 ! 99 75 83 245 1938. 604 417 179 1939. 763 489 257 1944—July. . 527 61 j 94 62 77 233 1940. 927 536 320 August.. 532 62 i 95 62 78 235 1941. 983 558 372 September 534 62 I 96 62 80 234 1942. 798 408 247 October. 538 60 I 97 67 80 234 1943 809 364 228 N D o ec v e e m m b b e e r r 5 5 4 5 4 9 5579 I 9 9 7 9 7 7 0 5 8 8 2 3 2 2 3 4 6 5 1944. 876 403 234 1944 1945—January. 562 56 100 80 82 244 January 53 27 15 February 556 55 101 76 83 241 February 60 29 18 March.... 573 56 107 76 84 250 March 94 38 26 April... 579 109 77 86 252 April. 61 30 16 May.... 592 112 78 89 258 May 72 35 20 June 609 116 79 93 265 June 75 38 22 July* 619 118 79 96 270 July 73 33 19 August33. .. 622 119 79 100 268 August 70 35 20 September 67 33 19 Volume extended during October 68 34 18 month: November 77 34 18 1944—July 95 15 19 11 8 42 December. ... 106 37 23 August.. 94 13 19 11 9 42 September. 89 10 17 12 9 41 1945 October. 92 10 18 15 9 40 January 58 33 16 November 92 10 18 15 8 41 February... . 56 30 16 December. 103 8 19 18 8 50 M Ap a r r i c l h . 9 7 4 0 4 3 2 4 2 1 3 8 1945— A F M J e p a a b n r r i r u c l u a . h a r . y . ry. 1 1 1 0 4 1 1 9 9 9 2 2 2 2 1 4 1 0 9 1 1 1 1 5 6 2 7 1 9 7 7 0 4 5 4 3 5 4 3 9 J A J M u u u l a n g y y e u P s . t*' 8 7 7 7 2 6 8 1 3 4 3 3 9 0 7 6 2 2 1 1 0 1 9 8 May 110 10 22 18 10 50 A J J u u u l n g y e u * s . t . * 1 1 1 0 0 1 7 8 6 1 1 1 1 2 1 24 1 1 1 5 5 3 1 1 1 2 1 2 4 5 5 7 3 0 an v 1 d P T r r e h e t e a l s i i m e l f a i i n u g a t u o r r y m e . s o f b o i r l e l o d a i n re s c m t a lo d a e n i s n , c w lu h d ic e h o n a l r y e p s e h r o s w on n a e l ls in ew st h al e m re e o n n t c t a h s i h s p lo ag an e, s and a small amount of other retail direct loans (3 million dollars in August p Preliminary. 1945) not shown separately. 1 Includes not only loans insured by Federal Housing Administration 2 This series is in process of revision. but also noninsured loans FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE* c P h p e a r r n e c g c e e e n d t f a i r n g o g e m c c o P h m r e a r r e o n c s n g e p e t n h o t n f a o r d g o f i e m ng Month Instalment a H c o co u u se n - ts a C cc h o a u rg n e ts preceding year Depart- Furni- hold ap- Jewelry Department ture pliance stores ment Aug. July June Aug. July I June stores stores stores stores 1945 1945 1945 1945 1945 1945 Net sales: 1944 T C C o a re s ta d h I l i n t s s a s ta l a e l l s e m s e : nt + + 2 4 0 r- - - 8 8 5 + 0 0 1 + + 2 3 0 + + r+ 2 7 1 9 3 + + + 2 4 8 2 A O J S u e u c l p t y g o t u e b s m e t r b . er 3 3 3 3 1 4 5 9 2 2 2 2 3 4 4 6 3 3 2 3 6 3 9 2 3 3 3 3 1 1 2 4 6 6 6 6 4 4 5 1 Charge account.. +5 r-ll -1 + 2 +9 November 39 24 37 34 67 December 36 23 39 49 61 Accounts receivable, at end of month: 1945 Total 2 0 -1 + 1 0 January 32 21 35 29 61 Instalment -2 0 0 '•+2 +1 February 30 21 32 28 61 1 March. 36 24 36 32 66 Collections during month: April .. . 30 22 36 30 61 Total 0 r-2 + 1 +4 +6 +4 May 32 23 40 33 64 Instalment + 1 r-2 +1 +5 +7 +6 June .... 32 23 43 33 64 July 31 24 r42 31 62 Inventories, end of month, at August 33 23 48 32 63 retail value +2 +1 -2 +7 +7 +8 r Revised. r Revised. 1 Ratio of collections during month to accounts receivable at beginning of month. 1063 OCTOBER Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All Farm Year, month, or week m c t o o i m e d s i - - p u r c o t d s - Foods Total H p i l r d e o a e d s t u h a c e n t r s d p T ro ex d t u i c le ts m F li u i aa gg e t hh e l t i t r t a ii i nn n a g l d s a p n M r d o e d m t u a e c ls t ts al m B a u t i e ld ri i a n l g s p c C r a a o h l l s d l e i u a m ed c n i t d - s i f n H u g r o n g u i o s s o e h - - ds l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.4 94.3 82.0 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 95.5 102.4 89.7 1943 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 94.9 102.7 92.2 1944 104.0 123.3 104.9 98.5 116.7 98.4 83.0 103.8 115.5 95.2 104.3 93.6 1944—August . 103.9 122.6 104.8 98.6 116.0 98.4 83.2 103.8 116.0 95.5 104.4 93.6 September. 104.0 122.7 104.2 98.6 116.0 99.2 83.0 103.8 116.0 94.9 104.4 93.6 October 104.1 123.4 104.2 98.7 116.2 99.4 82.9 103.7 116.3 95.0 104.4 93.6 November.. 104.4 124.4 105.1 98.8 116.2 99.4 83.1 103.7 116.4 94.8 104.4 94.0 December.. 104.7 125.5 105.5 98.9 117.4 99.5 83.1 103.8 116.4 94.8 104.4 94.2 1945—January 104.9 126.2 104.7 99.1 117.5 99.6 83.3 104.0 116.8 94.9 104.5 94.2 February... 105.2 127.0 104.7 99.2 117.6 99.7 83.3 104.2 117.0 94.9 104.5 94.6 March 105.3 127.2 104.6 99,2 117.8 99.7 83.4 104.2 117.1 94.9 104.5 94.6 April 105.7 129.0 105.8 99.3 117.9 99.6 83.5 104.2 117.1 94.9 104.5 94.8 May 106.0 129.9 107.0 99.4 117.9 99.6 83.7 104.3 117.3 94.9 104.5 94.8 June 106.1 130.4 107.5 99.6 118.0 99.6 83.9 104.7 117.4 95.0 104.5 94.8 July 105.9 129.0 106.9 99.7 118.0 99.6 84.3 104.7 117.5 95.3 104.5 94.8 August 105.7 126.9 106.4 99.9 118.0 99.6 84.8 104.7 117.8 95.3 104.5 94.8 Week ending: 1945— une 2. 106.1 130.8 107.5 99.8 118.3 99. 84.7 104. { 117.3 94.9 106.2 94.6 une 9. . . 106.0 130.7 107.3 99.7 118.3 99. 84.5 104. { 117.3 95.3 106.2 94.6 une 16. . . 106.0 131.0 107.7 99.7 118.3 99. 84.5 104.5 117.3 95.3 106.2 94.6 une 23. .. 105.9 130.0 107.3 99.8 118.3 99. 84.7 104.? 117.3 95.3 106.2 94.6 une 30.... 105.9 130.1 107.3 99.8 118.5 99. 84.8 104.I 117.4 95.4 106.2 94.6 uly 7.... 105.8 129.4 107.2 99.8 118.5 99. 84.8 104.1 117.3 95.4 106.2 94.6 uly 14.... 105.6 128.2 106.2 99.8 118.5 99. 84.8 104.5 117.3 95.2 106.2 94.6 uly 21.... 105.6 128.5 106.5 99.8 118.5 99. 84.8 104. { 117.3 95.2 106.2 94.6 uly 28.... 105.8 129.7 107.4 99.8 118.5 99. 84.8 104 A 117.3 95.2 106.2 94.6 Aug. 4 105.7 129.1 107.0 99.9 118.5 99. 84.8 104.1 117.3 95.2 106.2 94.6 Aug. 11... 105.7 128.3 106.9 99.9 118.5 99. 85.2 104.! 117.3 95.2 106.2 94.6 Aug. 18.... 105.5 127.0 106.3 100.1 118.5 99. 85.3 104.! 118.2 95.3 106.2 94.6 Aug. 25.... 105.5 126.7 106.6 100.1 118.5 99.1 85.3 104.! 118.2 95.3 106.2 94.6 Sept. 1... 105.2 125.1 105.5 100.1 118.6 99.1 85.5 104.! 117.6 95.3 106.2 94.6 Sept. 8... 105.0 124.3 105.1 100.1 118.6 99.4 85.3 104.! 117.6 95.3 106.3 94.6 Sept. 15... 104.7 123.6 104.6 99.8 118.6 99.4 84.4 104.! 117.7 95.3 106.3 94.6 Sept. 22... 104.9 124.5 105.1 99.9 118.6 99.6 84.5 104.! 117.7 95.3 106.3 94.6 Sept. 29... 105.0 124.7 104.7 99.9 118.6 99.9 84.4 104.! 117.8 95.3 106.3 94.6 1945 1945 Subgroups Subgroups Aug. May June July Aug. Aug. May June July Apr. Farm Products: Metals and Metal Products: Grains. 122.5 129.1 130.2 128.6 126.4 Agricultural implements.. 97.5 97.5 97.6 97.7 97.8 Livestock and poultry 125.4 135.5 134.4 133.3 130.7 Farm machinery 98.6 98.7 98.7 98.7 98.8 Other farm products 120.0 125.9 127.2 125.5 123.7 Iron and steel 97.1 98.4 99.1 99.1 99.1 Foods: Motor vehicles 112.8 112.8 112.8 112.8 112.8 Dairy products 110.5 110.6 110.5 110.5 110.6 Nonferrous metals 85.8 85.9 85.9 85.9 85.8 Cereal products 94.3 95.4 95.5 95.3 95.1 Plumbing and heating 92.4 92.4 92.6 92.6 93.4 Fruits and vegetables 122.8 131.4 134.7 130.3 124.3 Building Materials: Meats 105.9 108.6 108.3 108.0 107.9 Brick and tile 100.7 110.7 110.9 111.7 111.6 Other foods 94.1 94.7 95.1 95.6 96.8 Cement , 96.4 99.4 99.4 99.4 99.4 Hides and Leather Products: Lumber1 154.9 154.9 154.9 155.1 155.3 Shoes 126.3 126.3 126.3 126.3 126.3 Paint and paint materials. 105.5 106.4 106.3 106.1 107.3 Hides and skins 105.7 117.0 117.3 117.6 117.8 Plumbing and heating.... 92.4 92.4 92.6 92.6 93.4 Leather 101.3 101.3 101.3 101.3 101.3 Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products 115.2 115.2 115.2 115.2 115.2 Other building materials.. 103.2 104.1 104.3 104.3 104.3 Textile Products: Chemicals and Allied Products: Clothing 107.0 107.4 107.4 107.4 107.4 Chemicals 96.2 95.8 95.9 96.1 96.1 Cotton goods 115.9 119.7 119.7 119.7 119.7 Drugs and Pharmaceuticals 112.0 106.8 109.5 110.2 110.2 Hosiery and underwear 70.6 71.5 71.5 71.5 71.5 Fertilizer materials 81.2 81.9 80.4 81.1 81.1 Silk Mixed fertilizers 86.6 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 Housejurnishing Goods: Other textile products 100.5 100.9 100.9 100.9 100.9 Furnishings 107.4 107.5 107.5 107.5 107.5 Fuel and Lighting Materials: Furniture 101.4 101.5 101.5 101.5 101.5 Anthracite 95.4 95.6 97.5 101.6 101.8 Miscellaneous: Bituminous coal 120.5 123.2 123.8 123.9 124.7 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 130.7 130.7 131.0 131.0 134.0 Cattle feed 159.6 159.6 159.6 159.6 159.6 Electricity 59.0 58.5 59.6 Paper and pulp 107.2 109.0 109.0 109.0 109.3 Gas 76.0 76.4 78.0 77.8 Rubber, crude 46.2 46.2 46.2 46.2 46.2 Petroleum products 63.9 64.2 64.2 64.2 64.2 Other miscellaneous 96.9 98.9 98.9 98.9 98.9 1 Lumber series revised from September 1943. Back figures—Bureau of Labor Statistics, Department of Labor. IO64 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of September 1, 1945] (In thousands of units) Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1944 Sept. 1, 1945 1944 Sept. 1, 1945 1944 Sept. 1,1945 1944 Sept. 1, 1945 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,694 7,741 40 36 New York 29 302 28 971' 9 799 10 523 58 57 Philadelphia 47,208 53,210 18,022 18,425 146 146 Cleveland 181 230 224 212 52 928 68 145 34 34 Richmond 1 603 1 152 136 802 143 155 34 274 27 192 Atlanta 2,551 2,158 166,230 178,161 9,222 8,211 Chicago 1,220,245 1,189,562 54,269 67,234 859" 796 St. Louis ... 13, 741 23,174 367,312 356,142 48 546 52,089 16 19 Minneapolis 453,060 372,738 30,411 35,989 265,502 267,008 Kansas City 526 373 529,603 423,695 337,847 412,790 4,640 5,901 Dallas 3,360 2,663 82,016 83,833 75,775 38,617 133 89 San Francisco 449 506 7,659 7,635 92,980 97,754 43,146 41,215 Total 12,230 10,026 3,228,361 3,069,055 764,073 836,969 314,574 315,301 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1944 Sept. 1, 1945 1944 Sept. 1,1945 1944 Sept. 1, 1945 1944 Sept. 1, 1945 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 5,461 4,849 2,779 3,471 32,515 31,857 63,703 71,131 New York 26,116 22,352 5,938 6,266 1,404 1,270 31,143 37,275 Philadelphia 15,062 16,085 2,325 2,505 52,893 52,091 19,765 21,072 Cleveland 47,135 63,607 4,987 5,544 158,913 146,271 11,813 13,939 Richmond . 29,201 31,004 4,131 5,064 1,068,295 1,132,556 18,070 24,440 Atlanta 28,256 31,176 3 342 4 435 212 329 228 543 14 342 18 779 Chicago 399,906 608,912 18,021 19,235 31,642 37,010 31,558 36,074 St Louis .... 53,674 61,584 7,735 8,984 384,237 361,538 8,945 10,183 Minneapolis 377,205 521,589 10,408 10,530 ' 2,526 2,964 45,816 48,932 Kansas City 106,365 134,993 8,788 8,738 5,459 5,228 33,122 36,782 Dallas 44,159 48 837 2 115 2 129 6 010 5 822 San Francisco 33,852 30,368 13,276 13,738 95,149 108,466 Total 1,166,392 1,575,356 83,845 90,639 1,950,213 1,999,328 379,436 432,895 1 Includes 15,000 bales grown in miscellaneous territory. 2 Includes 12,000 bales grown in miscellaneous territory. NOTE.—Figures for winter wheat from estimates for August 1; no estimate for September 1. OCTOBER 1945 1065 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* On Bank Credit, Money Rates, and Business 1945 Chart Chart book book page A 2 u 9 g. Se 5 pt. Se 1 p 2 t . j Se 1 p 9 t. Se 2 p 6 t. page June July Aug.3 WEEKLY FIGURES^ In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY Reserve Bank credit, total 2 23.06 23.19 23.68 23.71 23.89 RESERVES AND CURRENCY U. S. Govt. securities, total 3 22.36 22.44 22.81 22.97| 23.19 Reserve Bank credit. 6 22.32 22.22 22.87 B C i e l r ls ti ficates 3 3 1 6 3 . . 3 1 8 3 1 6 3 . . 5 1 7 0 1 6 3. . 2 7 7 4 1 6 3 . . 9 1 3 8 13 7 . .0 21 9 M Go o l n d e y s to in ck circulation. . 6 6 2 2 0 6 . . 2 5 6 6 2 2 6 0 . . 9 2 2 0 2 2 7 0 . .1 3 2 9 Notes 3 1.73 1.79 1.82 1.8' 1.9G Treasury cash 6 2.30 2.27 2.26 Bonds 3 1.11 .98 .98 .9i .98 Treasury deposits 6 .37 .62 .55 Discounts and advances 2 .44 .38 .46 .30 .42 Member bank reserves, total 6, 7 15.42 14.75 14.98 Gold stock 2 20.09 20.09 20.10 20.10 20.09 Central reserve city banks... . 13 5.15 4.82 4.86 Money in circulation 2 27.60 27.75 27.79 27.78 27.73 Reserve city banks 13 6.07 5.83 6.00 Treasury cash 2 2.26 2.27 2.27 2.27 2.26 Country banks 13 4.19 4.10 4.11 Treasury deposits 2 .40 .30 .60 .43 .96 Required reserves,total 7 14.08 13.54 13.89 Member bank reserves 2, 4 15.07 15.18 15.33 15.55 15.27 Central reserve city banks.... 13 5.11 4.80 4.85 E R x e c q e u s i s r e r d e s r e e r s v e e rv s' e 5 s 4 4 14. . 0 99 8 14. . 2 9 1 7 14. . 3 9 7 6 P1 " 4 1 . . 5 0 3 2 P14 P . . 4 8 1 6 R C e o s u e n r t v r e y c b i a ty n k b s anks 1 1 3 3 3 5 . . 2 7 6 0 5 3 . . 5 2 1 3 3 5 . . 3 7 2 3 Excess reserves (weekly average), total6 . . 5 1.01 1.08 1.06 n.07 ^1.00 Excess reserves, total 7 1.34 1..22 1.08 New York City 5 .01 .01 .01 .03 .02 Balances due from banks: Chicago. 5 .01 .01 .01 .01 .01 Reserve city banks 13 1.92 1.94 1.94 Reserve city banks 5 .24 .29 .26 .25 .22 Country banks 13 4.03 4.14 4.04 Country banks6 5 .75 .78 .78 P.79 P 75 Money in circulation, total 8 26.75 27.11 27.69 Bills of $50 and over 8 7.57 7.51 7.55 MEMBER BANKS IN LEADING CITIES $10 and $20 bills 8 14.71 15,06 15! 53 Total—101 cities: Coins, $1, $2, and $5 bills 8 4.47 4.54 4.61 Loans and investments 14 62.55 62.38 61.84 61.58 61.2 ALL BANKS IN U. S. D U U e . . m S S . . a n G G d o o v v d t t e . . p d o o e b s p i l t i o s g s a i a t t d i s o ju n s s t ed 1 1 1 4 4 4 4 3 1 8 6 1 . . . 1 3 7 4 7 8 4 3 1 8 6 1 . . . 4 1 0 9 8 3 4 3 1 5 8 0 .8 6 1 2 7 9 4 3 9 9 5 . . . 7 0 4 0 2 7 3 4 8 9 5 . . . 5 8 1 2 4 4 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 nd currency 9 9 p1 p6 6 9 3 . . 1 0 0 0 P ? i6 7 3 2 . . 7 4 0 0 P 7 I ' 6 7 3 4 . .3 5 0 0 New L Y oa o n rk s City: 14 12.84 12.87 1268 12.76 12.73 T C i u m rr e e n d c e y p o o s u it t s side banks 9 9 ^ P2 4 5 4 . . 1 2 0 0 P "2 4 5 5 . . 5 0 0 0 ^ "2 4 6 5 . .9 0 0 0 Loans and investments. 15 21.93 21.92 2149 21.52 21.43 U.S. Govt. deposits 9 P24.60 -°20.80 PI 7.30 U. S. Govt. obligations, total 15 15.27 15.20 14.93 14.90 14.8. CONSUMER CREDIT B C o er n t d if s i cates 1 1 6 6 9 2. . 7 1 5 1 8 2 . . 9 9 3 0 • 8 2.8 9 3 3 8 2 . .80 8 2 . . 7 7 ' 2 Consumer credit, total. .. . 18 5.64 ^5.59 P5.59 D U e . m S N B . a n i o G l d t l o e s v s . d . t e . a p n d o d e s p i g t o s u s a i a r t d s . j s u e s c te u d ri ties 1 1 1 1 6 6 5 5 1 4 3 3 . . . . 1 7 8 3 0 1 2 0 1 3 4 4 . . . . 0 3 1 3 4 9 1 4 1 3 4 4 0 0 0 1 4 2 5 4 1 3 3 4 . . . . 0 3 8 3 1 1 4 1 1 3 3 4 . . . . 7 0 3 3 8 6 0 4 S S I C n i e h n s r a g v t r a l i g e c l e m e p e a c a n c r y t e c m d o c i e u r t n n e t d t s i l t o , a t n o s tal 18, 1 1 1 1 9 8 8 8 2 1 1 . . . . 5 3 0 7 4 2 3 5 p " p 2 1 1 p M . . . 4 3 7 6 5 5 P P p2 v I I i . . 0 3 7 4 3 6 4 5 Interbank deposits 15 3.89 3.90 395 3.98 3.82 Instalment loans 19 1.31 n.33 Pi. 33 Time deposits 15 1.12 1.13 113 1.15 1.1 Instalment sale credit, tota1 19 .72 •°.7\ P.71 Loan C s o , m to m ta e l r cial 1 1 5 7 5 2 . . 4 2 4 1 5 2 . . 5 2 0 8 5 2 3 2 4 9 5 2. . 3 3 1 9 5 2. . 3 3 6 C A O u th to e m r. obile. 1 1 9 9 . . 5 1 3 9 p > ' . M 52 9 P P . 2 5 0 1 For purchasing securities: TREASURY FINANCE Brokers'—on U. S. Govts. . . . 17 1.18 1.16 108 1.12 1.18 Brokers'—on other securities.. 17 .62 .62 61 .65 .64 U. S. Govt. obligations outstanding Toothers. 17 .91 .85 81 .74 total interest-bearing. 20 256.77 260.27 261.26 All other 17 .53 .59 56 .57 .51 By classes of securities: 100 cities outside New York: Bonds (marketable issues) 20 106.45 107.89 108.17 Loans and investments 15 40.62 40.46 40 35 40.07 39.8: Notes, cert., and bills 20 74.67 74.99 74.97 U. S. Govt. obligations, total 15 31.10 30.98 30 89 30.57 30.31 Savings bonds and tax note^ 20 56.23 57.14 57.38 Bonds 16 16.14 15.92 1598 15.97 16.02 Special issues 20 18.81 19.56 20.03 Certificates 16 7.44 7.60 752 7.42 7.25 By maturities: Notes and guar. securities 16 6.36 6.34 6.30 6.27 6.2. 5 years and over... 20 97.67 99.11 99.3') Bills.. .... . 16 1.16 1.11 1.09 .91 .81 5-20 years .... 20 65.04 65. S9 66.03 Demand deposits adjusted 15 24.32 24.38 2466 24.71 24.4. 5-10 years. 20 48.25 48.58 48.58 U. S. Govt. deposits 15 7.07 6.64 6 14 5.85 5.77 Within 5 years... 20 83.65 83.97 83.94 Interbank deposits 15 6.84 6.97 7 10 6.98 6.74 Within 1 year. 20 58.19 63.42 63. 39 Time deposits. . . . 15 7.84 7.88 793 7.96 7.99 Certificates.. 20 34.14 34.47 3\. 45 Loans, total 15 7.40 7.37 735 7.38 7.37 Bills 20 17.04 17.02 17.04 Commercial 17 3.78 3.78 3.80 3.82 3.81 Holdings of U. S. Govt. obligations A Fo ll r o p t u h r e c r h asing securities 1 1 7 7 2 1 . . 0 5 7 5 2 1 . .5 0 1 8 2 1 0 4 7 8 2 1. . 4 0 9 7' 2 1 . .4 0 9 7 C Fe o d m . m ag e e rc n i c a i l e s b a a n n k d s . trust funds. 2 2 1 1 8 24 4 . . 9 0 4 0 8 2 5 5 , 3 6 . 6 0 26.15 Federal Reserve Banks 21 21.79 21.72 Mutual savings banks 21 9.60 9.80 MONEY RATES, ETC. Per cent per annum Insurance companies 21 21.70 21.90 Other investors, total 21 94.70 96,10 Treasury bills (new issues) 24 .375 .375 375 375 Marketable issues 21 40.50 41.10 Treasury notes (taxable) 24 1.17 1.16 21 18 i.21 1.20 U. S. Govt. bonds: P T a a r x t a i b al le ly tax-exempt . 2 2 4 4 , , 2 2 6 6 2 1 . .6 3 8 7 2 1 . . 3 6 7 8 2 1.6 3 9 8 2 l. . 6 3 9 7 2 1 . . 3 6 6 8 Per fent per annum H C Co o ig r r h p p - o o g r r r a a a t t e e d e A B c a a o a a r p b b o o o r n n a d d t s e s . b . onds (5 issues) 2 2 2 6 6 6 3 2 2 . . . 2 5 6 6 7 2 3 2 2 . . . 2 6 5 5 2 6 3 2 2 5 6 2 6 2 5 3 2 2 . . .2 5 6 4 6 3 3 2 2 . . . 2 5 6 4 6 2 F C . o R rp . o B ra a t n e k A d M a i O s a c N b o E o u Y n n d t R s A ra T t E e S , ( E N T . C Y . .). . 2 2 3 3 2. . 6 5 1 0 2. . 6 5 0 0 2. . 6 5 1 0 Treasury bills (new issues) 23 .375 .375 .375 In unit indicated Stock prices (1935-39 = 100), total 122 124 127 127 127 Industrial 124 126 129 129 129 In unit indicated Railroad 132 133 137 139 142 Public utility 108 109 111 111 111 Volume of trading (mill, shares) 1.15 1.15 1.17 1.19 1.31 Stock prices (1935-39 == 100): Total 27 121 i 118 118 BUSINESS CONDITIONS Industrial. . 27 122 | 319 11') Steel production (% of capacity) 74.5 74.9 80.3 83.2 83.6 Railroad 27 144 140 131 Electric power prod. (mill. kw. hrs.) 4,137 3,909 4,106 4,019 4,039 Public utility... 27 106 108 107 Freight carloadings (thous. cars) 860 731 856 837 832 Volume of trading (mill, shares). 27 1.83 .95 1.03 Department store sales (1935-39 = 100). 194 176 213 220 209 Brokers' balances (mill, dollars): Wholesale prices (1926 = 100), total 105.2 105.0 104.7 104.9 105.0 Credit extended customers 29 1,223 1,141 1,100 Farm products 125.1 124.3 123.6 124.5 124.7 Money borrowed 29 853 824 758 Other than farm and food. 100.1 100.1 99.8 99.9 99.9 Customers' free credit balances 29 549 573 For footnotes see following page. IO66 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart 1945 Chart 1945 book book page June July Aug. page June July Aug. MONTHLY FIGURES—Cont. In unit indicated MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS Wholesale prices (1926 = 100): Income payments (mill, dollars;:1 Total 106.1 105.9105.7 Total 30 13,694 13,624"13,28. Farm products 130.4 129.0126.9 Salaries and wages. 30 9,480 9,451 "9,14* Other than farm and food 99.6 99.799.9 Other 30 4,214 4,173 "4,13C Cash farm income (mill, dollars): Total. 31 1,551 1,905 "1.87S Livestock and products.. 31 974 935 "925 Crops 31 555 870 "903 Govt. payments . 31 22 100 "5C QUARTERLY FIGURES Armed forces (mill, persons) 32 12.3 12.3 12.2 Civilian labor force (mill, persons):3 MONEY RATES Total........ 32 53.1 55.2 54.4 Bank rates on customer loans. Male 33 34.4 3S 1 35.0 Total, 19 cities. 253 2.50 Female 33 18.8 20.1 19.3 New York City 199 2.20 Unemployment 32 1.1 1.0 0.8 Other Northern and Eastern cities. 273 2.55 Employment 32 52.1 54.3 53.5 Southern and Western cities 2.91 2.80 Nonagricultural. 33 43.0 44.4 44.5 Industrial p A ro g d r u i c c t u i l o t n u : r 4 al. 33 9.1 9.8 9.1 SECURITY MARKETS In millions of dollars T G o ro ta u l ps ( 19 (p 3 o 57 i 3 n 9 ts = in 1 t 0 o 0 ta ). l . index): 35 220 211 "188 Corp N o e r t a t p e r o se c c e u ed ri s t : y issues: Durable manufactures. 35 116.7 111.0 "92.2 All issues. 708rl,208 Nondurable manufactures. 35 80.9 77.6 "74.0 Industrial. 201 r400 Minerals . . . . 35 21.9 21.7 "21.5 Railroad. .. 227 435 New orders, shipments, and inventories (1939 = 100): Public utility. 248 r354 New orders: New money: Total.. 36 All issues.. 111 r244 Durable 36 Industrial. 78 184 Shipments: Railroad... 12 32 Total. . 36 Public utility 2 13 Durable 36 Nondurable. 36 1944 1945 Inventories: Total. . 36 Durable 36 Dec. Mar. Jun Nondurable 36 30 20 30 Fact P o a ry y e r m ol p ls l oyment and pay rolls (1939 = 100): 38 r302.5 286.5 GALL DATE FIGURES In billions of dollars Employment 38 150.5 145.6"142.2 Hours and earnings at factories: ALL MEMBER BANKS Weekly earnings (dollars) 39 46.34 45.42 Loans and investments, total 90.52 99.43 Hourly earnings (cents).. 39 103.8 103.3 U. S. Govt. obligations, total 67.92 73.24 Hours worked (per week) 39 44.6 44.0 Bonds 40.27 Nonagricultural employment (mill, persons):4 Certificates. 11 13 15.58 Total....... 40 37.5 37.2 "36.7 Notes It 14 14.72 Manufacturing and mining. 40 15.3 14.9 "14.5 Bills . 11 3 2.63 Trade 40 7.0 7.1 "7.1 Guaranteed obligations 11 .03 Government 40 6.0 6.0 "5.9 Other securities, total. ... 10 5 5.39 5.60 Transportation and utilities. 40 3.8 3.8 "3.8 State and local government obligations 11 2 2.99 3.10 Construction, . . . . 40 0.8 0.9 ^0.9 Other securities. 11 2 2.40 2.50 Construction contracts (3 mo. moving average, mill, Loans, total 10 18 17.22 20.59 dollars) :4 Commercial. 11 C6) 7.10 Total. . 41 206 222 "244 Real estate. 11 _q 3.25 Residential. 41 41 43 H2 Brokers' 11 1 2.53 Other.. .. 41 165 179 "201 Agricultural 11 1.13 Residential contracts (mill, dollars):4 Demand deposits adjusted. .. 10 ! 57 61.17 59.13 Total. ... .. 42 37 43 42 Public...... . 42 1 3 Private, total 42 36 38 39 CLASSES OF BANKS 1- and 2-family dwellings . 42 29 29 30 Central reserve city banks: Other, ., ... 42 9 9 Loans and investments, total 29.45 27.95 Freight car loadings:4 U. S. Govt. obligations 21.09 20.41 21.62 Total (1935-39 = 100). 43 140 139 128 Other securities. 1.41 1.47 1.55 Groups (points in total index): Loans 6.94 6.07 8.32 Miscellaneous. 43 79.7 80.2 72.2 Demand deposits adjusted 17.08 18.60 17.80 Coal..... 43 30.4 29.0 27.2 Time deposits 1.63 1.73 1.79 All other 43 29.7 29.6 29.0 Reserve city banks: Department stores (1935-39 = 100) :4 Loans and investments, total 33.60 33.45 36.57 Sales 44 202 218 200 U. S. Govt. obligations 25.04 25.30 27.52 Stocks 44 181 r188 "186 Other securities. 1.74 1.80 1.89 Exports and imports (mill, dollars): Loans 6.82 6.35 7.15 Exports 46 ''866 "882 Demand deposits adjusted 20.27 21.74 20.68 Excluding Lend-Lease exports 46 "338 "354 Time deposits. 7.79 8.28 8.76 Imports . 46 ''360 "345 Country banks: Excess of exports excluding Lend-Lease exports. 46 "-22 "10 Loan* and investments, total 28.52 29.13 31.37 Cost of living (1935-39 = 100): U. S. Govt. obligations. 21.55 22.20 24.09 All items 47 129.0 129.4 129.2 Other securities 2.06 2.12 2.16 Food. . 47 141.1 141.7 140.9 Loans 4.91 4.81 5.11 Clothing. 47 145.4 145.7 146.2 Demand deposits adjusted 19.96 20.84 20.66 Rent ...... 47 108.3 Time deposits. 9.90 10.54 11.26 e Estimated. " Preliminary. r Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Beginning on Sept. 15, 1945, includes Treasury notes of Sept. 15, 1948, and Treasury bonds of Dec. 15, 1950. 3 For charts on pages 20, 23, and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series. 4 Adjusted for seasonal variation. 5 Estimates beginning July incorporate the results of an improved interviewing procedure adopted by the Census Bureau and are not comparable with those for June and earlier months. For detailed explanation see Monthly Report on The Labor Force, No. 39, Sept. 20, 1945. 6 Figures available for June and December dates only. * Copies of the Chart Book may ho obtained at a price of 50 cents each. OCTOBER 1945 1067 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBERS BANKS—ASSETS AND LIABILITIES ON JUNE 30, 1945, BY CLASS OF BANK [Amounts in thousands of dollars] Ne C w e m n Y t e r o m a r l k b r e e r s e b r a C v n e h k i c s c i 1 a ty go m R b e e c a s m i n e t k y r b v s e e 1 r C m b o a e u n m n k b t s r e 1 y r All b m an e k m s ber n m b a e t A a m i n o l b k l n e s a r l A m l b e l a m S n b t k e a s r te ASSETS Loans and investments 25,756,332 5,729,677 36,572,285 31,367,716 99,426,010 63,176,933 36,249,077 Loans (including overdrafts) 7,069,166 1,249,609 7,154,873 5,114,230 20,587,878 12,368,774 8,219,104 United States Government direct obligations 17,489,867 4,130,152 27,513,123 24,073,012 73,206,154 47,025,779 26,180,375 Obligations guaranteed by United States Government 1,648 10,091 21,426 33,165 25,156 8,009 Obligations of States and political subdivisions 566,645 '"154,153 1,100,253 1,280,682 3,101,733 2,196,194 905,539 Other bonds, notes, and debentures 535,147 181,674 680,055 801,540 2,198,416 1,419,774 778,642 Corporate stocks (including Federal Reserve Bank stock) 93,859 14,089 113,890 76,826 298,664 141,256 157,408 Reserves, cash, and bank balances 4,762,164 1,336,608 10,128,317 9,539,220 25,766,309 17,544,045 8,222,264 Reserve with Federal Reserve Banks 3,879,411 928,815 5,881,965 4,116,709 14,806,900 9,609,383 5,197,517 Cash in vault 89,319 32,594 395,729 632,468 1,150,110 800,785 349,325 Demand balances with banks in United States (except private banks and American branches of foreign banks) 60,232 178,412 2,013,129 4,196,432 6,448,205 4,906,578 1,541,627 Other balances with banks in United States 3,600 1,525 16,019 16,763 37,907 28,490 9,417 Balances with banks in foreign countries 13,760 1,184 7,303 1,823 24,070 14,896 9,174 Cash items in process of collection 715,842 194,078 1,814,172 575,025 3,299,117 2,183,913 1,115,204 Due from own foreign branches 270 270 270 Bank premises owned and furniture and fixtures 175,923 16,419 273,069 335,178 800,589 501,722 298,867 Other real estate owned 5,353 10,577 11,748 27,678 12,946 14,732 Investments and other assets indirectly representing bank premises or other real estate 4,347 210 47,580 13,388 65,525 45,937 19,588 Customers' liability on acceptances 24,257 1,470 13,200 2,037 40,964 27,167 13,797 Income accrued but not yet collected 71,954 16,994 93,491 41,006 223,445 134,849 88,596 Other assets 11,935 2,301 41,538 29,176 84,950 47,409 37,541 Total assets — 30,812,535 7,103,679 47,180,057 41,339,469 126,435,740 81,491,008 44,944,732 LIABILITIES Demand deposits 27,238,082 6,038,454 35,751,126 27,541,577 96,569,239 61,910,798 34,658.441 Individuals, partnerships, and corporations 14,788,735 3,123,646 20,558,944 18,945,262 57,416,587 37,031,288 20,385,299 United States Government: War loan and Series E bond accounts 7,581,951 1,493,689 7,563,359 5,074,594 21,713,593 12,848,024 8,865.569 States and political subdivi # s i O on th s er 2 3 2 6 8, , 9 4 5 9 5 4 19 4 3 , , 9 4 4 11 6 1,5 9 1 1 5 , , 4 6 4 1 2 5 1,9 1 3 2 9 0, , 8 4 1 1 4 4 3, 2 8 5 7 3 7 , ,3 6 9 96 5 2, 2 8 1 4 1 4 , , 5 6 3 7 8 0 1,0 4 3 2 2 , , 1 7 5 2 8 5 Banks in United States 3,271,380 1,174,382 5,510,415 1,107,529 11,063,706 7,668,009 3,395,697 Banks in foreign countries 989,157 1,105,851 Certified and officers' checks, cash letters of credit and 18,964 89,799 7,931 544,899 560,952 travelers' checks, etc 341,410 1,138,411 29,416 421,552 346,033 762,370 376,041 Time deposits 1,125,415 21,808,837 Individuals, partnerships, and corporations: 663,355 8,763,851 11,256,216 14,623,029 7,185,808 Savings deposits 793,089 8,338,239 10,431,536 20,190,338 Certificates of deposit 7,208 627,474 58,329 385,517 482,917 13,631,451 6,558,887 Christmas savings and similar accounts 9,783 31,863 36,373 111,145 158,651 360,701 122,216 Open accounts 272,076 1,350 95,568 52,744 422,406 100,174 58,477 United States Government 8,384 2,018 37,948 51,557 97,889 116,444 305,962 Postal savings. 791 2,842 3,633 78,379 19,510 States and political subdivisions 19,004 650 165,580 206,989 392,223 3,115 518 Banks in United States 1,021 29,523 13,886 44,430 294,841 97,382 Banks in foreign countries 14,850 1,500 33,874 10,556 16,350 12,300 Total deposits 28,363,497 6,701,809 44,514,977 38,797,793 4,050 41,844,249 118,378,076 Due to own foreign branches 188,958 7,275 76,533,827 28,330 Bills payable, rediscounts, and other liabilities for borrowed 196,233 money 40,000 3,000 8,897 51,897 167,903 46,688 Acceptances outstanding 28,715 1,529 16,483 2,106 48,833 5,209 17,081 Dividends declared but not yet payable 20,960 1,234 15,008 8,559 45,761 31,752 15,909 Income collected but not yet earned 6,269 1,819 18,950 12,102 39,140 29,852 12,664 Expenses accrued and unpaid 109,818 28,436 124,583 55,892 318,729 26,476 124,211 Other liabilities 31,513 6,424 29,554 13,757 81,248 194,518 40,978 40,270 Total liabilities 28,789,730 6,741,251 44,729,830 38,899,106 119,159,917 77,029,807 42,130,110 CAPITAL ACCOUNTS Capital 588,140 131,500 859,581 956,594 2,535,815 1,619,684 916,131 Surplus 1,017,825 146,350 1,062,650 932,638 3,159,463 1,871,908 1,287,555 Undivided profits 323,057 39,500 335,773 408,181 1,106,511 691,557 414,954 Other capital accounts 93,783 45,078 192,223 142,950 474,034 278,052 195,982 Total capital accounts 2,022,805 362,428 2,450,227 2,440,363 7,275,823 4,461,201 2,814,622 Total liabilities and capital accounts .. 30,812,535 7,103,679 47,180,057 41,339,469 126,435,740 81,491,008 44,944,732 MEMORANDA Demand deposits adjusted2 14,643,258 3,152,395 20,681,939 20,655,684 59,133,276 38,454,415 20,678,861 37 12 360 6,431 6,840 5,015 1,825 Number of banks 1 Banks are classed according to the reserves which they are required to carry (see p. 1023). Some banks classed as "country banks'* are in outlying sections of reserve cities or central reserve cities, and some banks classed as "reserve city banks" are in outlying sections of central reserve cities. Figures for each class of bank include assets and liabilities of their domestic branches, whether located within or outside the cities in which the parent banks are located. 2 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. 1068 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS JUNE 30, 1945, DECEMBER 31, 1944, AND JUNE 30, 1944 [Amounts in thousands of dollars] June 30, 1945 December 30, 1944 June 30, 1944 A co l b l m a i m n n l s e r u r cl c re ia d l s F e B r e m v a d e e n e m k r S a s b l y n e s R r o t s e e t m - c A o l m b l a m i n n e s k r u s c 1 r i e a d l s F e B r m e v a d e e n e m k r S s a b l y e n s R r o t s e e t m - c A o l m l b a m i n n e ! s r u c r i e a d l s F e B e r m v a d e e n e m k r S a s b l y e n s R r o t s e e t m - ASSETS Loans and investments 112,380,096 12,966,444 103,407,825 11,849,829 93,959.854 10,383,502 Loans (including overdrafts) 23,378,880 2,793,311 21,354,758 2,681,032 20,732,091 2 650 895 United States Government direct obligations 82,378,820 9,181,377 74,918,613 8,142,439 66,140. 655 6,694,922 Obligations guaranteed by United States Government 43,284 10,119 977,613 75,876 963.052 76*344 Obligations of States and political subdivisions 3,686,190 585,531 3,423,732 567,087 3,393,594 561'l43 Other bonds, notes, and debentures 2,566,830 368,642 2,385,706 354,707 2,388,042 368 453 Corporate stocks (including Federal Reserve Bank stock).. 326,092 27,464 347,403 28,688 342,420 31;745 Reserves, cash, and bank balances 29,659,257 3,894,840 29 746,309 3 888 OKn 27 190 581 3,395,505 Reserve with Federal Reserve Banks . 14,805 926 14*259,603 12*811 799 Cash in vault 1,477,475 327,'474" 1^625^675 355,102 M67 [749 325,383 Demand balances with banks in United States (except private banks and American branches of foreign banks) 9,902,652 3,455,221 9,732 661 3,418,392 8,721,213 2,963,984 Other balances with banks in United States. 64,630 26,723 64 239 24,951 64,241 23,442 Balances with banks in foreign countries 24,389 319 17,088 264 17,936 299 Cash items in process of collection 3,384,185 85,103 4,047,043 89,541 4,107,643 82,397 Due from own foreign branches .... 217 176 Bank premises owned and furniture and fixtures 918,606" 118,085 940 042 123^572" 971,648 i30,166 Other real estate owned 45,082 17,412 63 522 22,483 91,671 32,467 Investments and other assets indirectly representing bank premises or other real estate 70,386 4,862 75527 5,169 80,211 6,021 Customers' liability on acceptances 41,376 412 62801 403 51 660 412 Income accrued but not vet collected 234,874 11,429 216 599 10556 205919 10,154 Other assets 107,074 21,854 100323 20'401 95 714 17,892 Total assets 143,456,751 17,035,338 134,613,165 15,920,663 122,647,434 13,976,119 LIABILITIES Demand deposits 107,266,301 10,697,071 101,793,313 10,193,605 93,051,940 8,723,807 Individuals, partnerships, and corporations 65,507 969 8,091 382 64,148 968 7,878 709 57,364 373 6,608,316 United States Government: War loan and Series E bond accounts 23,199 502 1,485,918 19,455 586 1,213 881 18,431 347 1,087,369 _ Other 283 822 30 126 303 205 36017 331 631 41,963 States and political subdivisions 4,699 707 822 312 4,520 308 776 736 4,404 201 766,022 Banks in United States 11,216 666 152960 11,063 174 182386 10,029 890 126,369 Banks in foreign countries 1,118 697 12846 947 651 2 699 939 819 3,156 Certified and officers' checks, cash letters of credit and travelers' checks, etc 1,239 938 101527 1,354 421 103 177 1,550 679 90,612 Time deposits 27,016,085 5,220,345 23,958 482 4,653 741 21,127 657 4,191 366 Individuals, partnerships, and corporations: Savings deposits . • 24,803 484 4,626 039] Certificates of deposit 898976 416 0591 Christmas savings and similar accounts 199 157 40 705 f 23,362 909 4,568 274 20,543 888 4,107,345 Open accounts 461489 39,083) United States Government 99963 2074 103175 2054 101853 2,257 Postal savings 5 254 1621 5365 1524 5 831 1,729 States and political subdivisions 482 200 89982 423 502 76295 407 591 74,669 Banks in United States 49 203 4 773 52672 5 585 57 136 5,358 Banks in foreign countries... 16359 9 10859 9 11358 8 Total deposits 134,282,386 15,917,416 125,751 795 14,847 346 114,179 597 12,915,173 Due to own foreign branches 183943 209 107 Bills payable, rediscounts, and other liabilities for borrowed money 65308 13411 121549 10294 84 240 9,455 Acceptances outstanding 49 253 420 72693 404 58,232 430 Dividends declared but not yet payable 47 776 2040 48,357 2 778 44,040 1,697 Income collected but not yet earned. 49 787 10647 46,728 10,000 45,499 9,949 Expenses accrued and unpaid. 335 771 17045 278,974 15,630 245,245 13,616 Other liabilities 285 122 7,647 118,859 10,599 70,887 9,743 Total liabilities 135,115 403 15,968 626 126,622,898 14,897 051 114,936,847 12,960,063 CAPITAL ACCOUNTS Capital 2,977,941 442,126 2,912,455 443,414 2,894,735 453,092 Surplus • - • 3,528,861 370,461 3,401,995 355,406 3,190,416 335,028 Undivided profits .. 1,293,751 187,339 1,169,389 160,977 1,129,712 162,946 Other capital accounts.. 540,795 66,786 506,428 63,815 495,724 64,990 Total capital accounts 8,341,348 1,066,712 7,990,267 1,023,612 7,710,587 1,016,056 Total liabilities and capital accounts. 143,456,751 17,035,338 134,613,165 15,920,663 122,647,434 13,976,119 MEMORANDA Demand deposits adjusted2. 68,063,429 8,930,118 65,976,654 8,669,081 59,211,610 7,382,553 Slumber of banks 13,282 6,445 13,268 6,457 13,269 6,499 1 Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on opposite page. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. OCTOBER 1945 1069 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE Gold reserves of central banks and governments.. 1071 Gold production... 1072. Gold movements... 1072. Net capital movements to United States since January 2, 1935.. . . 1073-1078 Central banks.... . 1079-1082. Money rates in foreign countries.. 1083 Commercial banks... 1084 Foreign exchange rates.. 1085 Price movements: Wholesale prices... 1086 Retail food prices and cost of living... 1087 Security prices... 1087 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance witn the Treasury Regulation of November 12., 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. 1070 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U St n a i t t e e s d g t A e in n r a - - 1 g B iu e m l- Brazil B In ri d ti i s a h Canada Chile lom Co b - ia Cuba C v z s a e l k c o h i - a o- France many Greece 1938—Dec 14,512 431 581 32 274 192 30 24 83 53 55 2,430 29 27 1939—Dec 17,644 466 609 40 274 214 30 21 1 56 53 55 2,709 29 28 1940—Dec... 21,995 353 734 51 274 27 30 17 1 58 52 52 2,000 29 28 1941—Dec 22,737 354 734 70 274 5 30 16 1 61 44 52 2,000 29 28 1942—Dec 22,726 J658 735 115 274 6 36 25 16 61 44 52 2,000 29 28 1943—Dec 21,938 734 254 274 5 51 59 46 61 44 52 2,000 29 28 1944—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 il,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 44 52 1,777 28 Mar 20,419 409 715 341 274 5 57 97 131 44 52 1,777 28 Apr 20,374 409 715 341 274 6 57 99 141 44 52 1,777 28 May 20,270 409 714 342 274 4 57 100 151 44 52 1,777 June 20,213 409 713 342 274 6 102 166 44 52 July 20,152 409 712 342 274 7 103 " 61"" 44 Aug 20,088 712 6 104 44 1,777 End of month H ga u r n y - (P I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r- Ze N al e a w nd N w o a r y - Peru Poland Po g T Ru n m ia a- A So fr u ic th a Spain 1938—Dec 37 26 193 164 80 29 998 23 94 20 85 69 133 220 3525 1939—Dec 24 26 144 164 90 32 692 23 94 20 69 152 249 1940—Dec 24 26 120 164 140 47 617 23 484 20 59 158 367 1941—Dec 24 26 5164 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—Sept 24 220 500 23 32 60 785 104 Oct 24 ^125 221 500 23 32 60 796 104 Nov. 24 P127 222 500 23 32 60 811 104 Dec ^128 222 500 23 32 60 814 105 1945—Jan 222 500 23 30 60 829 106 Feb 221 500 23 30 60 834 106 Mar 220 23 30 60 848 108 Apr 219 23 30 60 851 109 May 219 23 30 60 865 109 June 231 '500" 23 28 60 878 109 July 230 23 28 60 886 Aug 255 28 Government gold reserves1 not included in previous figures End of month S d w e e n - Sw la i n tz d er- T k u e r y - U K d n o i i n m t g e - d g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. c O t o r t i u h e n s e - 6 r End of month U St n a i t t e e s d |U K d n i o i n m t g e - d France g B iu e m l- 1938—Dec 321 701 29 2,690 69 52 57 14 166 1938—Dec. 80 2759 331 44 1939—Dec 308 549 29 68 52 59 7 178 1939—Mar. . 154 1,732 559 1940—Dec 160 502 88 1 90 29 82 12 170 May ... 477 1941—Dec 223 665 92 1 100 41 483 12 166 June... 85" 17 1942—Dec 335 824 114 1 89 68 21 185 Sept.... 164 3876' 1943—Dec 387 964 161 1 121 89 45 229 Dec 156 1940—June... 86 17 1944—Sept 454 1,033 221 1 149 110 39 244 Dec. .. 48 " 292' 17 Oct 456 1,029 221 1 149 110 39 244 1941—June . 89 17 Nov 462 1,040 221 1 151 125 36 244 Dec.... 25 17 Dec 463 1,052 221 1 157 130 37 245 1942—June. .. 8 17 1945—Jan 477 1,058 221 1 159 130 37 245 Dec 12 17 Feb 475 1,061 221 1 164 147 37 246 1943—June.... 11 17 Mar 474 1,072 225 1 166 147 37 246 Dec 43 17 Apr 472 1,103 225 1 168 161 39 246 1944—Mar.. . . 14 M Ju a n y e . . 4 4 7 7 0 8 1 1 , , 0 1 6 0 9 5 2 23 2 4 5 1 1 1 1 7 7 5 3 1 1 6 7 1 6 3 3 9 9 2 2 4 4 7 7 J S u e n p e t. . . . 2 2 1 5 17 July 478 1,073 234 1 179 176 247 Dec. 12 17 Aug 479 H, 084 1 186 247 1945—Mar.. . p Preliminary. 1 Figures through March 1940 and for December 1942, December 1943, and December 1944 include, l 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 Func1 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. 3 Figure for December 1938 is that officially reported on Apr. 30, 1938. 2 Figure for end of September. 4 Figures relate to last official report dates for the respective countries, as follows: Java- 3 Reported figure for total British gold reserves on Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941. Aug. 31,1939, less reported holdings of Bank of Eng- 5 Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately. land on that date. 6 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian Congo, 4 Figure for Sept. 1, 1941. 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 fSiam). Figures for certain of these countries have been carried forward regarding special internal gold transfers affecting from last previous official report. 7 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British Exchange Equalization Account during 1939. NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of figures, including details regarding special internal gold transfers affecting the reported data, see pp. 524-535 in the same publication. OCTOBER 1945 1071 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month production Total Africa North and South America Other outside reported South Rho- Nicara- Austra-I British U.S.S.R.1 monthly Africa desia gua' lia8 I India9 1 19 9 3 3 5 4 8 8 8 2 2 3 , , 7 75 0 2 8 , , 8 4 4 5 7 3 3 37 6 7 6 , , 0 7 9 9 0 5 $1 2 2 5 4 = , , 4 2 7 6 1 7 4 5& g 1 1 r 3 2 a , , i 1 6 n 5 2 s 3 5 of g 7 6 o , , l 1 5 d 5 4 T 9 9 9 0 fi 1 1 n 2 0 e 6 8 ; , , i 3 1 . 9 2 e 1 5 .,an 1 1 1 0 o 4 4 u , , 9 0 n 7 2 c 1 3 eof 2 2 f 3 3 in . , 1 8 e 3 5 g 5 8 old 1 1 1 2 , , 5 0 1 $ 4 3 5 5 5 8 9, , 2 3 5 5 1 0 1,1 8 6 6 6 8 3 3 1 0 , , 2 5 4 5 0 9 1 1 1 1 , , 4 2 6 2 8 3 1936 971, 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, 893,384 410,710 28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544 848 46,982 11,607 1938 1,136, 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, 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, 1,094,264 491,628 29,155 32,163 3 8,862 210,109 185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941 1,288, 1,089,395 504,268 27,765 32,414 209,175 187,081 27,969 22,961 9.259 7.525 51,039 9,940 1942 968,112 494,439 26,641 29,225 130,963 169,446 630,000 20,882 6,409 8,623 42,525 8,960 1943 738,471 448,153 23,009 19,740 48,808 127,796 19,789 6,081 7,715 28,560 8,820 1944 663,960 429,787 20,746 18,445 35,778 101,980 19,374 7,131 7,865 16,310 6,545 1944—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 1,365 525 Oct 54,521 35,821 1,714 1,575 2,922 8,051 1,370 560 653 1,295 560 Nov 53,734 35,270 1,680 1,575 3,033 7,809 1,380 555 613 1,260 560 Dec 53,446 34,836 1,733 1,610 2,828 8,012 1,162 506 765 1,470 525 1945—Jail 55,199 36,216 1,674 1,610 2,463 8,166 1,882 486 672 1,470 560 Feb 50,782 33,698 1,610 1,575 2,342 7,432 1,379 372 590 1,260 525 Mar 54,703 36,458 1,686 1,610 2,446 8,004 1,382 542 615 1,365 595 Apr 54,096 35,937 1,718 1,610 2,328 7,831 1,836 526 560 1,225 525 May.... 53,934 36,073 1,673 1,575 2,563 7,614 1,736 528 631 1,190 350 June ^53,167 35,800 1,645 1,575 2,516 7,426 1,460 {528 574 1,295 350 July.... P53,329 36,311 A, 645 1,610 2,078 7,357 1,518 '528 393 1,400 490 1 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes, irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. p Preliminary. f Figure carried forward. 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal Statistics. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944 they represent Gold Coast only. 3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year. 4 Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures represent estimates of American Bureau of Metal Statistics, those for 1944 having been revised by adding to each monthly figure $59,421 so that aggregate for the year is equal to annual estimate compiled by Bureau of Mint in cooperation with Bureau of Mines. 5 Figures for Canada beginning 1944 are subject to official revision. 6 Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three months of year. 7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 1943 they represent total Australia; beginning January 1944, Western Australia only. 9 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235: and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: Y m e o ar n t o h r im To n p e t o a t r l ts U K d n o i i n m t g e - d France g B iu 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 O a L n m a t h t e R i e r n r e i- - I P s p h la i i n l n i e d p s - t A ra u l s i - a A S f o r u ic t a h Japan B In i r s d i h t i - a o co t A h u l e l n r 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 12 476 820 21 095 1935 1,739,019 315,727 934,243 3 227,185 968 95,171 13,667 29,359 15,335 3,498 65 75 268 28 529 1936 1,116,584 174,093 573,671 3 351 71,006 2 7,511 72,648 39,966 30,790 21,513 23,280 8 77 892 20 856 1937 1,585,503 891,531 -13, 710 90 859 6,461 6 54,452 111,480 38,482 39,485 25,427 34,713 181246"46450 762 8 910 1938 1,973,5691,208,728 81 135 15 488 163,049 60,146 1,363 76,315 36,472 65,231 27,880 39,162 401 168,740 16 159 13 301 1939 3,574,151 1,826,403 3 798 165 122 341,618 28,715 86,987 612,949 33,610 57,020 35,636 74,250 22,862 165,60550 956 268 623 1940 4,744,472 633,083 241 778 977 63,260 161,489 90,3202,622,330 29,880 128,259 38,627 103,777 184,756111,73949 989 3284208 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 463071 1942 315,678 1955 5 208,917 40,016 39,680 321 528 4,119 129 20 008 1943 68,938 88 66,920 -3, 287 13,489 152 307 -8 731 1944 -845,392 — 695,483 46,210 — 109,695 — 108,560 199 3,572 18365 1945 Jan 710 375 263 -127 44 155 Feb. .. 1,912 375 248 1,002 102 180 Mar -19,149 29 353 202 — 19,'829 10 74 12 Apr 2,398 552 554 1,052 4 5 229 J A M J u u u a n l g y y e - — — 1 — 2 8 1 6 3 , 8 3 , , 9 7 , 3 2 7 5 9 6 9 8 6 27 2 4 8 2 8 4 8 1 4 8 1 8 11,5 2 3 5 2 1 1 6 4 7 5 8 — 1 1 1 1 3 * , , 1 8 , 5 7 9 1 8 0 2 5 3 0 IOO' 1 2 1 2 2 7 1 2 0 1 6 3 6 - - 1 - 8 2 5 6 0 . , m , ' 1 0 5 1 5 1 8 9 2 4 9 9 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20 67 a fine ounce 2 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries « Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000 from other countries 4 Includes $44,920,000 from U.S.S.R. and $18,151,000 from other countries. 5 Includes $84,270,000 to China and $1,883,000 to other countries. 6 Includes $20,664,000 to China and $75,000 from other countries. 7 Includes $15,695,000 to China and $681,000 from other countries. NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, seep. 524 in the same publication. IO.72. FEDERAL RESERVE BULLETIN 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 [Net movement from United States, (—). In millions of dollars] TABLE 1.-TOTAL CAPITAL MOVEMENT, BY TYPES Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U. S. securities: securities: Inflow in From Jan. 2, 1935, through- Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official1 Other abroad funds funds 1935—Mar. (Apr. 3) 259.5 57.7 -2.0 59.7 155.0 31.8 -6.2 21.1 June (July 3) 616.0 213.8 6.1 207.7 312.8 43.7 15.8 29.8 Sept. (Oct. 2) 899.4 350.7 -4.5 355.2 388.6 40.1 90.3 29.8 Dec. (Jan. 1, 1936) 1,412,5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936—Mar. (Apr. 1) 1,511.1 578.4 44.4 534.0 390.3 114.4 427.6 June (July 1) 1,949.2 779.0 35.9 743.1 449.0 180.5 524.1 16.5 Sept. 30 2,283.3 898.5 37.4 861.1 456.2 272.2 633.3 23.2 Dec. 30 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Mar. 31 2,931.4 1,121.6 62.8 1,058.8 411.0 319.1 1,075.7 4.1 June 30 3,561.9 1,612.4 215.3 1,397.1 466.4 395.2 1,069.5 18.3 Sept. 29 3,911.9 1,743.6 364.6 1,379.0 518.1 493.3 1,125.1 31.9 Dec. 29 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,207.2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939) 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940) 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 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 ,307.7 1,841.0 767 A 812.7 701.8 95.9 June (July 2) 5,575.4 3,193.3 ,375.1 1,818.2 818.6 834.1 631.2 98.2 Sept.(Oct. 1) 5,510.3 3,139.5 ,321.7 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,230.7 2,856.2 ,053.7 1,802.6 791.3 855.5 626.7 100.9 1942—Mar. (Apr. 1) 5,082.4 2,684.0 932.0 1,752.0 819.7 849.6 624.9 104.3 June 30§ 5,495.3 3,075.9 ,211.7 1,864.2 842.3 838.8 632.0 106.2 Sept. 30 5,654.9 3,212.6 ,339.1 1,873.5 858.2 830.5 646.1 107.5 Dec. 31 5,835.0 3,320.3 ,412.0 1,908.3 888.8 848.2 673.3 104.4 1943—Mar. 31 6,147.1 3,643.4 1,723.1 1,920.3 898.7 810.5 685.9 108.6 June 30 6,506.4 4,002.6 2,071.4 1,931.2 896.9 806.8 687.9 112.1 Sept. 30 6,771.3 4,130.6 2,190.9 1,939.7 888.6 929.3 708.1 114.8 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 ,025.3 732.4 125.0 Dec. 31 7,475.7 4,612.5 2,372.2 2,240.3 805.8 ,019.4 911.8 126.3 1945—Jan. 31 7,633.1 4,723.9 2,468.7 2,255.2 848.2 ,025.9 909.0 126.1 Feb. 28 7,755.4 4,887.3 2,587.3 2,300.0 859.8 ,033.4 845.0 129.9 Mar. 31 7,739.1 4,909.9 2,555.6 2,354.3 848.5 ,029.6 820.6 130.5 Apr. 30 7,797.3 4,958.2 2,588.9 2,369.2 844.7 ,061.6 802.5 130.4 May 31 7,857.7 35,004.5 32,634.0 32,370.5 3845.7 ,088.9 785.0 3133.6 i This category made up as follows: through Sept. 21,1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accountsat the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are |?ased upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98. 3 Amounts outstanding May 31, in millions of dollars: total foreign banking funds in United States, 5,670.4, including official funds, 3,271.6, and other funds, 2,398.8; United States banking funds abroad, 289.8; and brokerage balances (net due "foreigners"), 56.7. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see BULLETIN for September 1945, pp. 960-974. OCTOBER 1945 1073 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, 193 5 — Continued [Net movement from United States, (—). In millions of dollars] TABLE 2.-TOTAL CAPITAL MOVEMENT, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n o i i n m t g ed - 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 a e t r i i n ca Asia ot A h l e l rs 1935 Dec. •Jan. 1, 1936) 1,412.5 554.9 210.2 114.5 130.4 36.6 ».o 130.(3 1,200.6 70.9 128.3 12.7 1936 Dec. 30 2,608.4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2,051.3 150.5 201.2 184.0 21.4 1937 Dec. 29. 3,410.3 993.7 281.7 311.9 607.5 . 123.9 22.1 312.2 2,653.0 106.3 410.6 224.6 15.9 1938- Dec. (Jan. 4, 1939) 3,844.5 1,183.8 339.6 328.6 140.5 32.2 472.0 3,054.2 155.3 384.6 214.2 36.2 1939 -Dec. (Jan. 3, 1940) 5,021.2 1,101.3 468.7 470.3 773.0 165.9 58.0 752.9 3,790.1 229.4 483.4 431!o 87.4 1940- 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 90.2 1941- 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 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- Dec. 31 7,118.6 1,257.7 636.8 487.7 629.1 178.6 48.2 954.8 4,192.81 760.3 951.0 1,013.1 201.4 1944- June30 7,459.6 1,320.6 631.5 496.3 646.8 178.5 50.4 964.8 4,288.8| 832.8 1.109.8 1,069.9 158.3 July 31 7,423.4 1,261.5 633.3 497.1 649.8 178.6 53.0 950.1 4,223.3: 836.2 1,145.9 1,060.0 158.0 Aug. 31. 7,440.9 1,226.3 633.3 494.6 651.7 178.6 54.3 962.3 4,201.1 875.4 1,152.6 1,056.9 154.9 Sept 30. 7,430.9 1,127.0 633.5 498.5 653.2 178.6 56 .'2 966.8 4,113.6 951.9 1,159.6 1,049.5 156.3 Oct. 31. 7,460.2 1,053.6 635.4 504.0 652.8 178.9 58.5 973.5 4,056.8 1,014.4 1,166.6 1,062.9 159.5 Nov 30. 7,530.5 1,078.8 635.2 502.7 654.4 179.0 61.5 982.7 4,094.2 1,015.6 1,194.7 1,062.7 163.3 Dec. 31.. 7,475.7 1,090.0 585.7 506.2 664.3 179.1 63.1 993.3 4,081.81 976.4 1,193.7 1,020.9 203.0 1945- Jan.31. 7,633.1 1,008.6 566.6 503.3 659.6 179.0 66.7 965.2 3,949.0 1,030.8 1,250.2 1,199 2 204.1 Feb. 28... 7,755.4 1,053.6 558.3 506.3 666.4 179.0" 69.8 970.5 4,003.9 1,081.3 1,262.4 1,200A 207.7 Mar. 31.. 7,739.1 1,048.9 506.5 505.7 673.0 179.2 72.0 967.6 3,952.9 1,135.4 1,234.2 1,205.3 211.4 30 7,797.3 1,026.0 477.6 506.3 670.7 179.2 75.5 990.5 3,925.8 1,194.9 1,263.0 1,202.9 2W.7 May 31 7,857.7 1,029.3 453.0 506.8 677.1 179.0 77.5 1,003.6 3,926.4 1,204.7 1,324.3 1,193.8 208.5 TABLE 3.- INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From Jan. 2, 1935, through— Total U K d n o i i m n t g ed - France N l e a t n h d e s r - I S w la it n z d er-; Europe E T u o r t o a p l e Canada A L m a e t r in ica Asia* ot A h l e l rs 1935-Dec. (Jan. 1, 1936). 603.3 128.6 129.6 55.7 72.4 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—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—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—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 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 -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—Dec. 31 2,856.2 328.6 416.5 161.0 326.2 -23.1 -3.4 561.1 1,766'.9 273.1 296.7 418.0 101.6 1942—Dec. 31 3,320.3 493.3 394.5 170.0 166.3 -11.1 -6.2 502.5 1,697.5 399.5 482.8 598.7 141.9 1943 Dec. 31 4,496.3 939.4 404.1 176.7 192.7 -23.7 — 6.9 589.0 2,271 2 704.7 578.7 779.7 162.0 1944 -June 30... 4,851.7 1,023.6 402.1 183.5 206.6 -23.8 -5.1 595.1 2,382.0 785.6 724.2 834.3 125.7 July 31 4,740.8 967.9 403.6 184.1 209.1 -23.8 -2.6 581.0 2,319.3 728.2 742.8 824.2 126.3 Aug. 31... 4,732.3 937.6 405.4 182.5 210.3 -23.8 -1.1 570.2 2,281.1 759.8 745.7 822.3 123.4 Sept. 30... 4,661.2 834.2 415.6 186.0 212.6 -23.7 .8 574.8 2,200.3 776.2 743.0 818.1 123.5 Oct. 31.... 4,680.3 760.8 414.1 191.3 212.1 -23.5 3.0 581.9 2,139.6 839.8 746.9 827.0 126.9 Nov. 30... 4,775.1 789.7 413.8 190.1 214.4 -23.6 5.7 591.0 2,181.2 848.7 784.8 828.9 131.5 Dec. 31... 4,612.5 804.4 356.6 193.1 221.4 -23.4 7.0 634.7 2,193, 7 818.6 794.7 635.9 169.7 1945-Jan. 31.. . 4,723.9 726.4 338.9 190.0 219.8 -23.4 10.7 570.5 2,032 C) 868.1 848.7 804.5 169.7 Feb. 28.... 4,887.3 777.0 329.6 192.6 227.1 -23.4 13.5 576.7 2,093.2 962.3 855.4 803.8 172.5 Mar. 31.. 4,909.9 772.9 286.4 192.2 234.5 -23.3 15.7 582.8 2,061 3 1(P1 2 842.5 809.3 175.7 Apr. 30 ... 4,958.2 758.5 258.3 192.2 234.1 -23.3 19.1 606.8 2,045.9 1,056.8 872.0 808.3 175 .'2 May 31 ... 5,004.5 770.7 235.0 192.7 ! 240.1 -23.5 22.5 619.7 2,057.3 1,053.4 913.5 807.7 172.7 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m te g 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 a e t r i i n ca Asia1 ot A h l e l r 1 1935 -Dec. (Jan. 1, 1936) 361.4 208.8 48.1 -.4 1.6 29.7 13.7 8.8 310.2 -4.6 20.1 37.3 -1.6 1936- Dec. 30 431.5 178.0 62.0 -3.3 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30.4 -4.4 1937- Dec. 29 449.1 207.4 65.3 -4.4 2.6 105.1 6.5 26.9 409.3 -21.7 51.6 18.7 -8.7 1938 -Dec. (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 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 -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—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- 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—Dec. 31. 877.6 272.1 77.9 18.3 5.1 196.9 26.2 60.0 656.5 55.1 55.7 102.7 7.5 1944—June 30.. 856.6 265.7 77.8 18.3 6.7 196.9 26.2 51.9 643.5 58.9 55.0 99.3 -.1 July 31. 850.6 262.5 77.8 18.2 6.3 196.9 26.2 51.6 639.6 51.0 62.6 98.3 -.9 Aug. 31. 869.7 262.4 77.8 18.0 6.8 196.9 26.2 70.6 658.8 52.5 63.1 96.7 -1.3 Sept. 30. "883.5 267.6 77.8 18.3 6.8 196.9 26.2 70.4 664.0 62.3 64.3 93.2 — .3 Oct. 31 891.3 268.6 77.8 18.3 6.6 196.9 26.2 70.3 664.6 64.4 64.9 98.2 Nov. 30. 872.7 267.4 77.7 18.3 4.8 196.9 26.2 70.9 662.2 64.9 51.2 96.0 -1.6 Dec. 31.. 805.8 266.1 77.7 18.3 6.8 196.9 26.2 34.6 626.6 64.8 37.0 77.7 — .3 1945—Jan. 31. 848.2 266.2 77.6 18.3 6.2 196.9 26.2 70.7 662.0 61.8 36.1 87.6 .8 Feb. 28 859.8 264.6 77.6 18.3 7.3 196.9 26.2 70.3 661.2 68.1 40.7 88.2 1.7 Mar. 31. 848.5 268.8 77.6 18.3 7.2 196.9 26.2 70.4 665.3 69.0 23.9 88.1 2.2 Apr. 30.. 844.7 266.6 77.6 18.1 7.2 196.9 26.2 70.6 663.3 69.9 23.0 86.4 2.1 May 31. 845.7 261.5 77.8 18.2 l 7.3 196.9 26.2 | 70.1 658.0 67.3 40.1 77.9 2.4 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 2 Inflow less than $50,000. 1074 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, 1935--Continued [Net movement from United States, (—). In millions of dollars] TABLE 5.-FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) From Jan. 2, 1935, through— j Total U K d n o i i n m t g e d - I | j France N l e a t n h d e s r - Sw la i n tz d er- E O u t r h o e p r e E T u o r t o a p l e A L m a e t r in ica Asia* ot A h l e l r1 1935—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 1936—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 1937—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-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—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—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—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—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—Dec. 31 925.9 127.6 50.6 33.0 44.7 36.5 27.9 210.1 530.3 41.2 272.3 62.2 19.9 1944—June 30 929.8 126.2 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 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 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 33.6 44.7 36.5 27.7 210.4 530.2 119.1 294.8 61.5 20.7 Oct. 31 ,025.8 127.2 33.6 44.5 36.5 27.7 210.4 530.7 116.9 296.1 61.1 21.0 Nov. 30.. ,025.3 127.0 33.6 44.4 36.5 27.7 210.4 530.4 113.5 299.0 61.4 21.1 Dec. 31 ,019.4 126.5 33.6 44.5 36.5 27.6 210.4 530.1 104.9 302.0 61.3 21.0 1945—Jan. 31. ,025.9 124.8 33.6 44.5 36.5 27.6 210.4 528.4 111.5 303.5 61.3 21.1 Feb. 28 .033.4 125.2 33.6 44.7 36.5 27.6 210.3 529.1 118.1 303.7 61.5 21.0 Mar. 31. 029.6 124.0 33.6 44.7 36.5 27.6 210.3 528.0 113.9 305.1 61.5 21.1 Apr. 30. ,061.6 121.6 33.6 44.7 36.5 27.6 210.1 525.4 147.1 306.1 61.9 21.2 May 31 088.9 120.8 33.5 44.5 36.5 27.6 210.0 524.1 171.4 310.4 61.7 21.2 TABLE 6.-DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From Jan. 2, 1935, through Tota U K d n i o i n t m g ed - France N l e a t n h d e s r- Sw a it n z d e r-1 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 m a e t r in ica Asia* ot A h l e l r1 1935—Dec. (Jan. 1, 1936) 316.7 149.8 23.4 50.5 55.1 -5.4 — .1 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30. 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7.1 1937—Dec. 29. 1,162.0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1,041.6 37.6 18.2 54.7 9.8 1938—Dec. (Jan. 4, 1939) 1,219.7 472.6 76.9 212.1 304.1 -22.8 —5.5 56.6 1,094.1 25.7 23.7 65.2 11.1 1939—Dec. (Jan. 3, 1940) 1,133.7 328.1 76.6 227.7 344.7 -28.2 —4.9 60.4 1,004.4 -2.6 30.1 87.6 14.3 1940—Dec. (Jan. 1, 1941) 888.7 157.1 74.4 233.2 348.1 -29.1 2.7 64.9 851.3 -18.4 25.6 17.6 12.6 1941—Dec. 31 626.7 -70.1 74.9 236.7 336.4 -30.1 -.1 67.3 615.0 -44.7 28.1 17.5 10.9 1942—Dec. 31 673.3 -77.6 80.5 236.9 360.5 -30.9 — .1 75.3 644.7 -45.1 35.2 27.7 10.9 1943—Dec. 31. 701.1 -100.3 82.7 239.9 367.3 —30.8 .6 86.3 645.7 |-58.2 40.5 62.5 10.6 1944—June 30. 702.4 -113.3 78.7 240.2 369.2 -30.8 1.1 99.0 644.0 j -64.2 42.6 68.9 11.0 July 31 706.9 -114.7 79.0 240.0 369.2 -30.8 1.2 98.2 642.0 ' — 65.6 48.9 70.7 10.8 Aug. 31 709.4 -118.9 77.1 239.7 369.1 -30.8 1.2 101.1 638.4 -59.1 48.1 71.2 10.7 Sept. 30 737.8 -120.2 66.9 239.7 367.6 -30.8 1.2 100.9 625.2 -21.7 )1.9 71.7 10.7 Oct. 31. 735.8 -122.0 70.1 239.7 367.2 -30.8 1.3 100.5 626.0 -24.9 2.4 71.6 10.6 Nov. 30 732.4 -123.5 70.0 239.4 369.2 -30.8 1.5 100.5 626.3 -28.2 3.3 70.4 10.6 Dec. 31 . 911.8 -125.4 77.3 239.0 368.5 -30.8 1.9 103.2 633.7 -28.1 4.9 240.5 10.7 1945—Jan. 31. ... 909.0 -127.4 77.2 239.0 366.1 -30.8 1.8 103.0 629.0 -27.4 5.7 241.1 10.7 Feb. 28.... 845.0 -131.7 76.9 239.1 363.3 -30.8 2.1 102.4 621.4 -84.2 5.4 241.9 10.6 Mar. 31 820.6 -135.4 68.0 239.1 362.2 -30.8 2.1 93.7 598.9 -85.7 )5.2 241.7 10.5 Apr. 30 802.5 -139.2 67.1 239.4 360.1 -30.8 2.2 92.5 591.2 -95.9 55.1 241.9 10.3 May 3! 785.0 — 142.8 66.4 239.3 359.4 -30.7 .8 93.5 585.9 -106.7 52.8 242.7 10.3 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) From Jan. 2, 1935, through— Total i U K d n o i i n m t g ed - 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 ro ta p l e Canada A L m a e t r i i n ca Asia* ot A h l e l r1 1935—Dec. (Jan. 1, 1936;.. 6.0 (2) 2.4 1.3 2.5 2 .1 1.4 7.6 -4.5 1.0 2.9 -.9 1936— Dec. 30.. .. 12.9 i 4.0 10.4 — .9 9.1 -!7 .3 .4 22.6 -7.6 -4.2 2.1 (3) 1 1 9 9 3 3 7 8 — — D D e e c c . . 2 (J 9 a n. . 4 . , 1939). 4 4 7 7 . . 6 5 1 1 3 1 . . 4 5 1 1 1 2. . 9 5 6 5 . . 8 0 1 9 0 . . 6 8 - ( . 2 2 ) . . 2 1 5 5 . . 2 0 4 47 4 . . 9 0 3 1 . . 5 8 -.5 o -1.5 .5 (Sj, 1939—Dec. (Jan..3, 1940;. 80.6 19.4 20.1 9.3 17.8 — .1 .1 5.0 71.6 8.7 l!6 -3.4 2*1 1940—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—Dec. 31. 100.9 16.8 19.9 17.6 13.5 2 2 8.0 75.7 14.1 3.9 6.3 '.8 1942—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—Dec. 31. 117.8 18.8 21.5 19.9 19.3 _2 .3 9.4 89.1 17.6 3.8 6.0 1.3 1944—June 30... 119.1 18.3 22.0 20.8 19.4 -.2 .3 9.2 89.8 17.5 5.3 5.4 1.1 July 31. 119.3 18.7 22.1 21.1 20.5 — .2 .3 9.6 92.2 16.6 4.6 4.8 1.2 Aug. 31 ... 119.9 18.4 22.2 20.8 20.8 — .2 .3 10.2 92.5 16.3 4.8 4.9 1.4 Sept. 30 122.2 18.9 22.4 20.9 21.5 — .2 .3 10.3 94.0 16.0 5.5 5.0 1.8 Oct. 31 127.1 19.0 22.6 21.2 22.5 -.2 .3 10.5 95.9 18.2 6.3 5.0 1.8 Nov. 30 125.0 18.2 22.7 21.3 21.6 -.1 .3 10.0 94.1 16.7 6.4 6.0 1.8 Dec. 31 .. 126.3 18.5 23.1 22.3 23.0 (3) .3 10.5 97.7 16.2 5.1 5.6 1.8 1945—Jan. 31... 126.1 18.5 21.9 22.4 22.9 9 .3 10.6 96.6 16.7 6.3 4.7 1.8 Feb. 28... 129.9 18.6 22.9 22.7 23.9 -.2 .3 10.8 99.0 17.0 7.2 4.8 1.9 Mar. 31.. 130.5 18.0 23.1 22.6 24.5 — .1 .3 10.5 99.4 17.0 7.5 4.7 1.9 Apr. 30... 130.4 18.4 23.1 23.0 24.7 -!i .3 10.5 100.0 17.0 7.0 4.4 1.9 May 31. 133.6 19.1 22.6 23.1 25.8 -.i .3 10.3 101.1 19.3 7.5 3.9 1.9 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other.' 2 Inflow less than $50,000. 3 Outflow less than $50,000. IO75 OCTOBER 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 [In millions of dollars] LIABILITIES 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- 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 m a e t r i i n ca Asia1 o A th l e l r1 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—Dec (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—j)ec 30 1,491.6 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263.9 200.2 27.1 1937—Dec 29 .... 1,729.6 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 236.0 20.0 1938—-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—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—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—Dec. 31 3,482.4 400.8 448.6 174.9 339.9 6.6 15.4 608.0 1,994.0 373.2 417.7 583.9 113.6 1942—Dec 31 . .. 3,987.5 554.6 432.3 186.6 184.2 7.5 12.1 643.4 2,020.7 507.4 597.7 712.1 149.0 1943—j)ec 3i 5,153.7 1,000.8 439.9 193.3 210.6 6.5 11.3 722.1 2,584.5 812.6 693.7 887.6 175.3 1944—June 30 5,508.6 1,084,9 437.9 200.1 224.6 6.4 13.2 728.1 2,695.2 893.5 838.8 942.2 138.9 July 31 5,397.7 1,029.2 439.4 200.7 227.0 6.5 15.7 714.0 2,632.5 836.1 857.4 932.1 139.6 Aug 31 5,389.2 998.9 441.2 199.1 228.2 6.5 17.2 703.2 2,594.3 867.8 860.3 930.2 130.6 Sept 30 5,318.1 895.6 451.4 202.6 230.5 6.5 19.1 707.8 2,513.5 884.2 857.6 926.0 136.7 Oct 31 5,337.2 822.1 449.9 207.9 230.0 6.7 21.3 714.9 2,452.9 947.7 861.5 934.9 140.1 Nov 30 5,432.0 851.0 449.6 206.7 232.3 6.7 24.0 724.0 2,494.4 956.6 899.4 936.8 144.7 Dec. 31 5,269.4 865.7 392.3 209.7 239.3 6.8 25.3 767.7 2,506.9 926.5 909.3 743.8 182.9 Dec. 312 5,271.4 865.7 401.2 209.7 239.3 6.8 27.3 767.7 2,517.8 926.5 909.3 743.8 174.0 1945—Jan. 31 5,382.8 787.8 383.6 206.6 • 237.8 6.8 31.0 703.6 2,357.1 976.0 963.3 912.4 174.1 Jan 312 5,389.7 787.8 419.0 206.6 237.8 6.8 31.0 703.6 2,392.5 976.0 970 2 912 4 138 6 Feb 28 5,553.1 838.3 409.8 209.3 245.0 6.8 33.8 709.8 2,452.8 1,070.3 976.9 911.7 141.4 Mar 31 5,575.7 834.2 366.6 208.8 252.5 6.9 36.0 715.8 2,420.8 1,129.1 964.0 917.2 144.5 Apr 30 . . .. 5,624.0 819.9 338.5 208.8 252.0 7.0 39.4 739.9 2,405.5 1,164.8 993.5 916.2 144.1 May 31 5,670.4 832.1 315.1 209.3 258.0 6.7 42.9 752.7 2,416.9 1,161.31,035.0 915.6 141.6 LIABILITIES-SUPPLEMENTARY DATA Other Europe3 Date E O u t r h o e p r e g B iu e m l- m De a n rk - l F a i n n d - Geeece4 L bo u u x r e g m 4 - Norway P g o a r l t 4 u- m R an u i - a4 Spain4 Sweden USSR4 s Y la u v g i o a - 4 ot A h l e l r 1939—Dec. (Jan. 3, 1940)... 516.9 159.2 28.1 21.4 56.3 142.2 109.8 1940—Dec. (Jan. 1, 1941)... 650.6 144.8 17.3 16.5 48.7 235.4 187.9 104I—j)ec 31 608.0 117.3 18.1 5.7 65.2 210.7 191.0 1942—Dec. 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 1943—Dec. 31 722.1 122.9 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—June 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 Dec. 31 767.7 124.3 14.8 7.1 48.7 18.6 220.8 54.5 9.5 43.4 152.1 16.1 5.7 52.1 1945—jan 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 Feb. 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 Mar 31 715.8 133.7 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 May 31... 752.7 147.3 13.4 6.8 53.7 19.1 194.0 36.6 9.3 37.6 160.2 17.5 5.6 51.7 Latin America5 Date A L i a m c t a e in r- A t r i g n e a n- li B v o ia - 6 Brazil Chile l b C o i m o a6 - - C R o ic s a ta 6 Cuba F I W r n G a e n d & u n e a i i c s e 6 - t h s M i e c x o - N I l W n S n e a a a u d t n n e h m r i d d s e i e s - t 6 s r- P m an a a 7 - Peru6 V zu e e n l e a - 6 A O L i m a t c h t a e i e n r r - 1939—Dec. (Jan. 3, 1940) 336.0 57.7 36.4 26.8 37.0 58.8 34.0 85.3 1940—Dec. (Jan. 1, 1941) 447.3 115.4 36.2 28.5 47.9 55.0 58.7 105.6 1941—Dec. 31.... 417.7 75.7 50.5 27.3 62.5 37.7 42.1 121.8 1942—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 19*3—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 1944—June 30 838.8 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 Aug. 31 860.3 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. 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. 312 970. 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 May 31 ,035.0 70.0 17.7 138.8 54.9 76.6 8.2 169.6 6.3 158.4 32.5 83.1 33.9 48.2 136.6 For footnotes see page 1077. IO76 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-Co»//»»«/ [In millions of dollars] LIABILITIES—SUPPLEMENTARY DATA—Continued Asia and All Other1 Japan Egypt Date Asia China F C I r n h e d i n o n c - a h 2 H K o o n n g gm I C n B lo a d e u n , y i r 2 a & - - , l M B t a i r y s i a h - a - 2 M ( K r i e n o & a a - c n ) l - . N I l n E a e d n a th i d s e e t s s r 2 - i l P p a p h n i i d n l- s e k T e u y r 2 - O A th si e a r ot A he ll rs t A ra u l s i - a N Z la e e n a w d - A E t n g i & a g y n l p o - - F r r o M e c o n c - c o h A U So f n o r u i i f o c th a n O e t r hchuria Sudan 1939—Dec. (Jan. 3, 1940). 491.4 167.0 71.4 165.4 29.1 58.5 72.5 1940—Dec. (Jan. 1, 1941).616.9 207.5 91.1 110.3 45.6 162.4 73.3 1941—Dec. 31 583.9 156.8 61.6 69.9 30.7 264.9 113.6 1942—Dec. 31... 712 1360 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—Dec. 31... 887.6 574.2 27.4 23.9 18.2 .9 4.1 110.1 37.9 35.4 55.5 '175.3 25.3 5.1 6.1 10.3 4.5 124.1 1944—June 30.... 942.2 641.4 27.4 23.4 16.9 .9 4.1 106.2 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 4.2 109.7 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 Sept. 30 926.0 615.6 27.4 23.7 26.7 1.2 4.1 109.2 39.1 21.2 57.9 136.7 33.8 6.4 6.6 5.0 4.3 80.7 Oct. 31 934.9 617.6 27.4 23.0 22.6 1.1 4.1 111.8 44.4 20.9 62.0 140.1 35.1 4.0 6.6 4.7 7.3 82.4 Nov. 30 936.8 607.2 27.4 22.9 39.3 1.2 4.0 113.6 39.2 20.3 61.7 144.7 40.0 3.6 7.2 4.4 5.2 84.2 Dec. 31 743.8 427.3 27.4 22.9 22.1 1.3 4.0 110.5 40.4 23.7 64.2 182.9 52.9 3.5 7.3 4.3 8.3 106.5 Dec. 314 743.8 427 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 4.0 111.1 40.2 37.1 74.0 174.1 34.2 5.6 8.4 4.2 8.9 112.8 Jan. 314 912.4 573.9 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 May 31 915.6 541.7 27.5 21.9 26.6 .8 4.0 117.6 45.2 50.7 79.4 141.6 32.0 3.5 9.5 4,3 6.0 86.2 footnotes to table on page 1076. 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 2 Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to the United States" have been adjusted to exclude the unreal movements introduced by these changes. Figures shown above are adjusted to compare with those of previous months. 3 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. 4 Prior to June 30,1942, included under "All other." •r> 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. 6 Prior to June 30,1942, included under "Other Latin America." 7 Included "Canal Zone" prior to June 30, 1942. i NOTE.—For previous changes or corrections in the reporting practices of reporting banks (similar to those indicated in footnote 2 above), which occurred on Aug. 12, 1936, Jan. 5, 1938, Oct. 18, 1939, and May 7, 1941, see Banking and Monetary Statistics, pages 578-584. For changes subsequent to 1941, which occurred on Apr. 1 and June 30,1942, Sept. 30 and Oct. 31, 1943, and Mar. 31, 1944, see BULLETIN for September 1945, pp. 967-970. ASSETS Date Total U K d n i o i n t m 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 he ll r* 1934—Dec. (Jan. 2, 1935) 1,139.9 296.9 80.5 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 1935—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—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—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—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—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—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—]3ec 3i 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—Dec. 31 246.7 12.6 1.3 .5 1.5 34.0 .4 22.3 72.6 34.3 99.7 35.3 4.8 1943—Dec. 31 257.9 19.9 1.1 .4 3.0 33.9 .4 19.0 77.6 37.8 112.2 26.3 3.9 1944—June 30 278.9 26.3 1.3 .3 1.4 33.9 .3 27.1 90.6 34.0 113.0 29.8 11.5 July 31 284.9 29.5 1.3 .4 1.8 33.9 .3 27.4 94.6 41.9 105.4 30.7 12.3 Aug. 31 265.8 29.6 1.3 .6 1.3 33.9 .3 8.4 75.4 40.4 104.9 32.4 12.7 Sept. 30 252.0 24.4 1.3 .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 1.4 .5 .9 33.9 .3 8.4 70.8 23.0 145.0 42.6 9.3 May 31 .. 289.8 30.5 1.3 .4 .8 33.9 .3 8.9 76.2 25.6 127.9 51.1 9.0 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 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, pp. 589 and 591.) On June 30, 1942, reporting practice was changed from a weekly to a monthly basis. For further information see BULLETIN for September 1945, pp. 971-974. OCTOBER 1945 1077 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 [In millions of dollars] ASSETS-SUPPLEMENTARY DATA Other Europe1 Date E^ O u' t r h o e p r e ^ g B i e u ' l m - ^ m D'e ar n k - l F a i n n d - Greece2 L b u o x u e r m g2 - N w o a r y - t P u o g r a - l2 m R a u n - ia2 Spain2 S d w en e- USSR* s Y la u v g i o a - 2 1939—Dec. (Jan. 3, 1940). 51.4 6.5 3.2 1.4 3.6 8 7 28.0 1940—Dec. (Jan. 1, 1941). 29.9 1.5 .3 1.8 .9 1.0 24.5 1941—Dec. 31 26.2 1.1 (3) 1.9 .5 .6 22.1 1942—Dec. 31 22.3 .8 (3) 5.6 " A .2 2^4 (3) 3.2 A (3) (3) 8.4 1943—Dec. 31 19.0 .7 (3) 7.6 .6 A .2 1.4 (3) 3.2 .2 (3) (3) 5.0 1944—June 30 27.1 .6 (3) 8.4 .6 .1 10.2 .5 (3) 1.5 .2 (3) (3) 5.0 July 31 27.4 .7 (3) 8.4 .8 .1 10.2 .7 (3) 1.4 .2 (3) (3) 4.9 Aug. 31 8.4 .7 (3) (3) .6 .1 .2 .6 (3) 1.2 .2 (3) (3) 4.9 Sept. 30 8.6 .7 (3) (3) .6 I .1 .7 (3) 1.1 .2 (3) (3) 5.0 Oct. 31 8.8 .7 (3) (3) .6 ,1 .1 .6 (3) 1.6 .2 (3) (3) 4.8 Nov. 30 8.2 .7 (3) (3) .6 .1 .1 .6 (3) .8 .3 (3) (3) 5.0 Dec. 31 44.4 .7 (3) (3) .6 .1 35.1 .8 (3) 1.8 .2 (3) (3) 5.1 1945—Jan. 31 8.4 .7 (3) 8 .6 .1 .1 .7 (3) .9 .2 (3) (3) 5.0 Feb. 28 8.7 .8 (3) .6 .1 .1 .6 (3) 1.2 .2 (3) (3) 5.1 M M Ap a a r y r . . 3 3 3 1 0 1 8 8 8 . . . 4 9 7 . . . 8 8 8 ( ( ( 3 3 3 ) ) ) ( ( ( 3 3 3 ) ) ) . . . 6 6 6 . . . 1 1 1 . . . 1 1 1 . . . 5 6 6 ( ( ( 3 3 3 ) ) ) 1 1 . . . 3 5 9 . . . 2 2 3 ( ( ( 3 3 3 ) ) ) 8 (3) 5 5 4 . . . 0 1 9 Latin America4 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 - 5 Brazil Chile l b o C i m o a5 - - C R o ic s a ta 5 Cuba I W n G a d n u e i d s i e - t s Mexico I l n W a a d n n e i d d e s s s t P m an a a 6 - Peru5 z V u e e n la e 5 - A O L m i t a c h t a e e i r n r ana5 Surinam5 1939—Dec.(Jan. 3, 1940) 113.3 16.8 32.2 9.7 10.5 5.9 1.0 37 2 1940—Dec (Jan. 1, 1941) 122.7 11.9 33.1 13.4 11.7 6.1 2.1 44 4 1941 Dec 31 148 3 16 8 38 0 14.9 11 3 7 6 2.4 57 3 1942—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—Dec 31 112.2 15.3 1.8 18.9 16.6 12.2 .7 20.1 (3) 11.2 .5 1.1 1.4 3.8 8 7 1944—June 30 113.0 9.9 1.9 24.4 9.3 12.4 .8 28.4 C) 9.0 .9 .8 1.6 4.6 8 8 July 31 105.4 5.5 2.0 23.6 8.4 12.7 .9 28.1 (3) 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 <*s S.9 .5 .8 1.4 4.4 9 6 Sept.30 103.7 5.8 1.9 25.8 7.8 12.6 1.2 23.3 7.6 .4 .9 1-4 4 9 10 1 Oct 31 103.1 3.9 1.6 23.5 8.7 12.2 1.2 25.1 (3) 8.3 .4 .8 S 4.3 11 6 Nov 30 116.8 3.9 1.4 24.4 8.7 14.8 1.3 33.9 (3) 8.0 .4 .9 s 5.6 12.1 945— D Ja e n c 3 3 1 1 1 1 3 3 1 1 . . 0 9 3 2 . . 1 8 1 1. . 7 8 2 2 5 4. . 8 3 9 8 . . 0 5 1 1 5 5 . . 5 5 1 1 . . 2 1 4 4 7 9 . . 4 2 ( ( 3 3 ) ) 8 9 . . 6 3 . . 3 5 . . 8 9 .2 7 4 5. . 1 1 1 11 1 . 8 7 Feb. 28 127.3 2.9 1.2 23.8 8.5 13.5 1.0 50.1 .1 8.4 .3 1.0 .4 3.7 11.4 Mar. 31 144.1 5.5 1.3 22.7 7.8 16.0 .9 60.9 (3) 9.1 .4 1.0 1.4 4.0 13.1 Apr. 30 145.0 8.7 1.4 24.1 8.7 14.7 1.0 57.1 (3) 8.8 .4 1.0 1.4 4.9 13.0 May 31 127.9 7.7 1.3 25.5 8.4 15.1 1.1 39.1 (•) 8.7 .4 .9 1.4 5.8 12.6 Asia and All Other7 Date Asia China F C I r n h e d i n n o c a - h S H Ko o n n g g I B C n m d & e u a y i r a , - - , l M B t a i y s r a h a i - - s J ( M a i r K n e p a & c a o a n ) l - n . - N I l n E e a d t n a h i d s e e t s s r 8 - P p la i I h i p s n n i - - l d e - s T ke u y r s - O A t s h i e a r o A th l e l r9 A tra u l s i - a Z l N a e n e a w d - A E E t g g n i & y a y g n p l p o - t -F r r M o e c n o c c - o h A S U o f n o r u i i f o c th a n O e t r h churia Sudan 1939—Dec. (Jan. 3, 1940). 174.1 22.0 1.9 102.1 26.4 21.6 9.3 1940—Dec. (Jan. 1, 1941). 117 8 23.7 1.7 55 8 22 6 14 0 6 4 1941—Dec. 31 87.9 23.5 3.1 18.9 23.0 19.5 9.7 ....... 1942—Dec. 31 35.3 11.1 (3)" .9 "2.2' '".7" .5 1.6 14.4 l.S 2.0 4.8 1.0 '".7" ' " (3) " " 1.7 1.2 1943—Dec. 31 26.3 1.7 1.0 2.0 .5 .5 1.7 13.9 3.2 1.8 3.9 .5 .2 .1 (3) 2^4 • 7 1944— J J u u l n y e 3 3 1 0. 2 30 9 . . 7 8 2 2 . . 2 2 ( ( 3 3 ) ) . . 9 9 1 1 . . 9 6 . . 2 2 . . 5 5 1 1. . 4 5 1 1 3 3 . . 9 9 2 1 . . 0 8 6 8. . 2 7 1 1 1 2 . . 5 3 . . 5 6 . . 3 4 1. . 1 5 .1 1 8 0 . . 6 0 . . 8 9 Aug. 31 32.4 1.9 (3) .9 3.1 .2 .5 1.4 13.9 1.8 8.7 12.7 .4 .3 .5 (3) 10.5 1.1 Sept. 30 35.8 1.7 (3) .9 6.3 .2 .5 1.4 13.9 1.8 9.1 11.7 .5 .3 .2 (3) 9.9 .9 Oct. 31 30.9 1.4 (3) .9 1.9 .2 .5 1.4 14.0 1.9 S.S 12.2 .4 .2 .1 (3) 10.4 1.0 Nov. 30 33.0 1.6 (3) .9 4.2 .1 .5 1.5 13.8 1.4 8.9 13.0 .7 .3 .1 (3) 11.0 1.0 Dec. 31 51.4 1.5 (3) .9 22.3 .1 .5 1.5 13.8 1.8 8.8 11.7 .6 .2 .2 (3) 9.7 1.0 1945—Jan. 31 41.5 1.7 (3) .9 12.4 .1 .5 1.4 13.9 2.0 8.6 10.6 .8 .2 .2 (3) 3.3 1.1 Feb. 28.... 40.9 1.2 (3) .9 12.1 .1 .5 1.4 13.9 1.8 9.0 9.7 .7 .2 .3 (3) 7.2 1.2 M M Ap a a r y r . . 3 3 3 1 1 0. 4 4 5 1 2 1 . . . 0 1 6 1 1 1 . . . 3 3 1 ( I ( 3 ) 3 ) ) . . . 9 9 9 1 1 1 2 1 9 . . . 8 4 1 . . . 1 1 1 . . . 5 5 5 1 1 1. . . 4 4 4 1 1 1 3 3 3 . . . 9 9 9 2 1 1 . . 8 0 .9 1 1 9 0 1 . . . 1 5 8 9 9 9 . . . 0 3 2 1. . . 0 8 8 . . . 4 4 3 . . . 3 4 4 ( ( ( 3 3 » ) ) ) f 6 6 > . . 7 1 .7 1 1 1 . . . 1 2 2 1 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. 2 Prior to June 30, 1942, included under "All other." 3 Less than $50,000. 4 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 ccoouunnttrriieess ssiinnccee J_une 30, 1942. 5 7 T Pr h i e o r f ig to u re Ju s n i e n 3 th 0) i;, s 1 ta 94 b 2 le , i r n e c p l r u e d s e e d n t u a n b d r e e r a k " d O o t w he n r o L f a t t h in e c A o m lu e m rri n icc s aa h .."" e aded 6 I " n A cl s u i d a" e d a n " d C " a A na ll l o Z th o e n r e " " i p n r i t o h r e m to a J in u n t e a b 3 le 0 . , 19 T 4 h 2 e . 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 countriesavailableonlyfrom June30,1942. 8 Prior to June 30, 1942, included under "Other Asia." 9 Country breakdown not available until June 30, 1942. 1078 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue Assets of banking department Liabilities of banking department department Bank of England Note (Fig p u o r u e n s d s in s m te i r l l l i i n o g n ) s of Goldi a O s t s h e e ts r 2 Cash reserves a c n o D d u i s n a - t d s - Se t c ie u s ri- ci t r i c o u n l s a- Deposits O lia th b e il r i- Coin Notes vances Bankers' Public Other ties 1929—Dec. 25. 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31. 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30. 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28 119.8 275.0 .8 23.6 18,5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25. 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30. 313.7 200.0 .6 46.3. 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29. 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27. 4.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25. .2 5630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31. .2 5780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30. .2 5950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29. .2 61,100.0 .9 11.6 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Sept. 27 .2 L.200.0 2.0 45.7 4.3 252.6 1,154.6 221.5 9.8 55.3 18.1 Oct. 25 .2 1,200.0 2.3 35.9 8.8 234.9 1,164.4 203.8 6.2 54.1 17.7 Nov. 29 .2 1,200.0 2.3 10.7 5.1 273.5 1,189.5 207.0 11.6 55.3 17.8 Dec. 27 .2 51,250.0 1.9 11.6 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Jan. 31 .2 1,250.0 1.5 30.6 6.6 263.6 1,219.6 215.1 11.6 57.8 17.9 Feb. 28. .2 1,250.0 1.7 33.1 8.5 261.1 1,217.1 207.8 18.1 60.5 18.0 Mar. 28. .2 ,250.0 1.5 14.5 18.6 268.4 1,235.8 218.9 8.9 57.0 18.1 Apr. 25. .2 1,250.0 1.3 15.0 20.1 269.9 1,235.2 229.6 8.5 50.5 17.7 May 30. .2 61.300.0 1.2 30.6 9.6 254.3 1,269.6 212.4 14.8 50.7 17.8 June 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 H, 350.0 .9 44.5 ' 1.8 263.6 1,305.7 229.1 10.3 53.6 17.9 Aug. 29. .2 1,350.0 .4 24.3 7,2 295.3 1,325.9 238.2 16.0 55.0 18.0 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Figures in millions of an S d t e U rl n in it g ed securities Other Note Other Canadian dollars) Gold States assets irculation7 liabilities* dollars S t h er o m rt * - Other Ch b a a r n te k r s ed D g o m o m v e e i n n r t n io - n Other 1935—Dec. 31 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 .8 7.7 1936—Dec. 31 179.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec. 31 179.8 14.9 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1938—Dec. 31 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31 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—Sept. 30 45.9 833.1 625.5 22.1 982.8 454.8 21.9 33.3 33.8 Oct. 31 62.8 875.7 622.9 58.6 1,012.5 454.3 76.9 32 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 1945—Tan. 31... 172.3 914.5 590.2 28.0 1,020.6 413.1 23.2 36.0 212.1 Feb. 28.. 170.4 891.6 595.5 29.0 1,028.6 397.6 27.9 37.2 195.1 Mar. 31. 177.1 926.5 608.7 33.2 1,048.7 422.0 18.7 52.7 203.4 Apr. 30.. 196.6 937.7 621.7 49.7 1,062.3 448.9 39.5 50.8 204.2 May 31. 177.9 1.068.3 533.5 42.0 1,055.8 464.8 33.6 32.4 235.1 June 30.. 174.4 1,073.8 559.5 34.4 1,063.2 492.0 43.9 35.9 207.1 July 31. . 174.4 1,034.7 558.3 56.5 1,078.8 441.1 57.5 37.6 208.8 Aug. 31. I 176.1 1,031.5 584.0 62.3 1,097.9 444.4 32.6 39.7 239.2 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 millionJpounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942;1 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 Securities maturing in two years or less. 7 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. 9 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640 and pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication. OCTOBER 1945 1079 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France (Figu o re f s f i r n a n m c i s l ) lions Gold1 F c o h e r a e x n i - g g e n m O a p r e k n et D 2 om S e p s e t c ic ia l b 2 ills Other c F u c o p o r G A a s t o o t d i s c v v o 3 - n e a r n n c m e O s e t n t h o t er2 a O s t s h e e ts r ci N r ti c o o u t n e la- G m ov e e n r t n- D C ep .A os .R its .4 Other l O i t a t i b h es i e l 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. 28 597,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26 584,616 42 43,194 661 3,646 72,317 63,900 23,179 218,383 984 41,400 27,202 3,586 1941—Dec. 31 84,598 38 42,115 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—Dec. 31 84,598 37 43,661 169 5,368 210,965 68,250 21,749 382,774 770 16,857 29,935 4,461 1943—Dec. 30 84,598 37 44,699 29 7,543 326,973 64,400 21,420 500,386 578 10,724 33,137 4,872 1944—Mar. 30 84,598 37 44,359 19 8,349 351,000 69,800 21,570 530,174 786 9,063 35,100 4,608 Apr. 27 84,598 37 44,706 12 7,718 367,300 66,800 21,437 539,058 793 8,811 38,017 5,928 May 25 84,598 37 44,232 i " 6,611 383,600 67,600 21,143 551,969 795 9,652 37,876 7,528 June 29 84,598 37 46,241 6,045 409,200 71,500 21,160 576,909 750 12,309 43,343 5,472 July 13 84,598 37 45,851 4,856 409,200 70,850 23,799 584,820 729 1,853 46,899 4,890 Dec. 286 75,151 42 47,288 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 19,750 735,403 548,945 774 57,231 7,701 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figu r r e e i s c h in s m m a i r l k li s o ) ns of foreign exchange i c n h c e lu c d k i s n ), g Security Eligible O as t s h e e t r s ci N rc o u t l e a- Deposits l O ia t b h i e l r ire T s o e t r a v l es Gold Tre b a il s l u s ry loans a c s o n v o er te Other tion ties 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 1 1 1 1 1 9 9 9 9 9 4 3 3 4 4 0 8 9 2 1 — — — — — D D D D D e e e e e c c c c c . . . . . 3 3 3 3 3 1 1 1 1 0 7 7 7 7 7 8 8 6 6 7 7 7 7 7 7 1 1 1 1 1 2 2 1 1 8 1 9 5 1 , , , , , 2 6 4 2 3 4 1 9 5 8 9 2 4 6 3 4 3 3 3 2 5 0 8 2 5 8 5 1 8 0 3 5 0 7 4 2 7 7 3 3 2 2 2 5 9 8 1 9 7 3 3 0 8 2 2 2 1 1 , , , , , 3 6 0 4 6 1 2 6 6 9 1 1 4 6 8 2 1 1 1 8 4 9 1 4 , , , , , 2 3 7 0 3 2 2 9 3 7 5 8 3 3 5 2 3 5 2 1 , , , , , 5 0 2 5 6 2 1 9 6 4 7 8 1 2 9 1 1 1 1 1, , , , , 6 3 0 3 4 8 7 9 9 9 0 8 1 6 3 1943-Dec. 31 77 71 41,342 27 1 65 2,337 33,683 8,186 1,980 1944—Mar. 31 77 (8) 40,379 46 1 33 2,281 33,792 7,237 1,788 Apr. 29 77 40,909 38 1 31 2,525 34,569 7,179 1,833 May 31 77 42,159 28 1 23 2,096 35,229 7,240 1.915 June 30 77 42,150 26 1 27 2,397 35,920 6,754 2| 004 July 31 77 43,222 38 1 21 2,396 36,888 6,813 2,054 Aug. 31 .. .. 77 45,829 42 1 20 2,275 38,579 7,480 2,185 Sept. 30 77 50,821 47 67 25 2,510 42,301 9,088 2,160 Oct. 31 77 53,954 46 70 24 2,351 44,704 9,603 2,216 Nov. 30 77 56,939 62 69 21 2,795 46,870 10,829 2,264 Dec. 31 77 7l" 63,497 112 1 45 2,351 50,102 13,535 2,445 1945—Jan. 31^.. 77 64,625 199 81 2,082 51,207 13,566 2,351 Feb. 28p... 77 70,699 307 112 55,519 16,419 P Preliminary. 1 Gold revalued March 1940, November 1938, July 1937, and October 1936. For further details see BULLETIN for May 1940, pp. 406-407; Tanuarv 1939 p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 2 For eexxppllaannaattiioonn ooft tthhiiss iitteemm,, sseeee B~ULLETIN for July 1940, p. 732. 3 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of 441,000 million francs were authorized to meet the costs of the German army of occupation. 4 Central Administration of the Reichskreditkassen. 5 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund. 6 First official statement published since liberation. 7 Includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium on Dec. 22. 8 Gold not shown separately in weekly Reichsbank statement after June 15,1939. 9 Figure not available. NOTE.—For back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 and 167, pp. 641-643 and pp.#645-647, respectively; for description of statistics see pp. 562-565 in same publication. 1080 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1945 1944 Central Bank 1945 1944 (Figures as of last report (Figures as of last report date of month) Aug. July June Aug. date of month) Aug. July June Aug. Central Bank of the Argentine Re- National Bank of Denmark (millions public (millions of pesos): of kroner): Gold reported separately 1,242 1,242 1,239 Gold 97 97 97 Other gold and foreign exchange... 2 987 2 863 2 352 Foreign exchange 36 37 22 Government securities 877 882 883 Clearing accounts (net) 2,962 2,960 2, 536 Rediscounted paper Loans and discounts 30 40 29 O N t o h t e e r c a ir s c s u e l t a s tion 2,5 1 5 4 3 9 2,5 1 3 5 3 7 2,1 1 0 6 6 6 S G e o c v u t r . i t c ie o s mpensation account6 6 7 5 2 6 7 5 3 8 7 5 1 Deposits—Member bank 1,570 1,542 1,414 Other assets 5,018 4.989 3,728 Government 561 528 623 Note circulation 868 1.241 1,600 Other 198 177 143 Deposits—Government 3,003 3,014 1,887 Certificates of participation in Other 3,915 3,612 2,661 Government securities 179 169 171 Other liabilities 493 395 419 Other liabilities 193 196 183 Central Bank of Ecuador (thousands Commonwealth Bank of Australia of sucres): (Apr.)* (thousands of pounds): Gold. 288,655 289,695 Issue department" Foreign exchange (net) 137,097 95,519 Gold and English sterling 50 858 50 856 50,544 Loans and discounts . . 93, 324 96,242 Securities 140 675 143 420 154 329 Other assets 92,491 93,644 Banking department: Note circulation 308,131 273,023 Coin, bullion, and cash 20 233 19 347 14,056 Demand deposits.. . 277,810 239,415 L L o o n an d s o n a n b d a l d a i n s c c e o s unts . ... 10 2 2 2 4 2 3 3 1 3 13 2 7 0 8 0 7 2 9 6 12 2 4 9 ,7 8 0 6 1 8 Nat O io t n he a r l lia B b a il n it k ie s of Egypt7 (thou- 25,625 62,663 Securities 301 364 273 573 236 843 sands of pounds): Deposits 202 203 199 045 209,661 Gold 6,241 6,241 Note circulation 182,964 1851744 196,494 Foreign exchange 17,185 14,684 National Bank of Belgium (millions 2,753 1,663 of belgas): British, Egyptian, and other Gov- Gold1 6 244 6 248 ernment securities 291,395 244,328 Foreign exchange 863 812 Other assets 23,682 16,369 Loans to Government 8 467 8 282 Note circulation 123,887 100,706 Other loans and discounts 98 117 Deposits—Government 77,559 62,246 Claim against Bank of Issue 12 919 12 919 Other 126,351 106,894 Other assets 277 301 Other liabilities.. 13,460 13,438 Note circulation 12 040 11 697 Central Reserve Bank of El Salva- Demand deposits 861 888 dor (thousands of colones): Blocked Treasury account1 2,099 2,099 Gold 33,100 33,122 32,830 Notes and blocked accounts2 13,649 13,775 Foreign exchange 37,327 38,855 37,201 Other liabilities 219 221 Loans and discounts 994 901 779 Central Bank of Bolivia (millions Government debt and securities... 5,256 5,195 6,350 of bolivianos): (May)3 Other assets 1,723 1,729 1,125 Gold at home and abroad 684 600 Note circulation 44,070 45,039 42,588 Foreign exchange 481 384 Deposits 27,018 27,687 28,962 Loans and discounts 357 288 Other liabilities 7,312 7,076 6, 735 Securities—Government 631 637 Bank of Finland4 Other 41 41 Bank of Greece4 Other assets 109 77 National Bank of Hungary (millions (Nov. Note circulation 1 320 1,186 of pengo): 1944)3 Deposits 882 733 Gold 100 100 Other liabilities 101 107 Foreign exchange reserve 7 3 National Bank of Bulgaria4 Discounts 11,977 6,132 Central Bank of Chile (millions Loans—To Treasury 511 536 of pesos) • To foreign countries 1,074 941 Gold 287 277 273 Other 2 Discounts for member banks 308 257 140 Other assets 1,082 1,439 736 760 715 Note circulation 10,672 6,347 973 1 052 950 Demand deposits 2,713 1,294 Other assets 1,342 1,264 1,172 Consolidated foreign credits of Note circulation 2 624 2,626 2,348 1931 1C 10 Deposits—Bank 514 466 444 Other liabilities 1,352 1,502. Other 19: 17^ 176 Reserve Bank of India (millions of Other liabilities 317 344 282 rupees): Bank of the Republic of Colombia Issue department: (thousands of pesos): Gold at home and abroad 444 444 444 Gold 180,191 177,72; 153,259 Sterling securities 10,343 10,293 8,283 Foreign exchange 106,990 97,896 114,959 Indian Govt. securities 578 578 578 Loans and discounts 13,286 18,636 5,808 Rupee coin 164 152 150 Government loans and securities.. 65,953 67,042 56,332 Note circulation 11,287 11,370 9,270 Other assets 32,122 30,619 29,573 Banking department: Note circulation 174,771 178,942 154,798 Notes of issue department 242 98 186 Deposits 169,905 158,148 133,662 Balances abroad 4,344 3,952 2,488" Other liabilities 53,866 54,825 71,472 Treasury bills discounted 37 1 National Bank of Czechoslovakia Loans to Government 2 in Prague5 (thousands of koruny): Other assets 263 270 150 Gold 1,517 Deposits 4,717 3,997 2,665 Foreign exchange 787 Other liabilities 171 329 160 Loans and discounts Central Bank of Ireland (thousands Other assets . • • 93,995 of pounds): Note circulation 40,254 Gold 2,646 2,646 2,646 2,646 Deposits 36,479 Sterling funds 30,726 30,188 30,243 26,085 Other liabilities 19,566 Note circulation 33,372 32,834 32,889 28,731 Bank of Japan4 Bank of Java4 1 Gold revalued provisionally at 49.318 francs per gram. The resulting increment is held for the account of the Treasury and is shown on the liabilities side under "Blocked Treasury account." 2 Includes current accounts transferred and to be transferred to blocked accounts and old notes not declared. 4 Fo/lasTavailable report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943), see BUL- LETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; and of Java (January 1942), see BULLETIN for March 1943, p. 278. . ... 5 First statement available since liberation is that for July 31. Until May 1945, known as the National Bank of Bohemia and Moravia. 6 Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942. 7 Items for issue and banking departments consolidated. 1081 OCTOBER 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) Aug. July June Aug. date of month) Aug. July June Aug. Bank of Mexico (millions of pesos): Bank of Spain—Continued (May)4 M "A e u ta t l h l o ic r i r z e e s d e " r ve h 1 o . ldings of secur#i . - . 701 696 543 N D o ep te o s c it i s r — cu G la o ti v o e n rn .. m . ent. 16 1, , 9 8 2 7 2 4 1 1 6 , , 9 1 6 4 6 4 ties, etc 1,835 1,802 1,366 Other 3,598 4,448 Bills and discounts... 358 378 347 Other liabilities 471 510 Other assets 78 71 83 Bank of Sweden (millions of kronor): Note circulation 1,463 1,434 1,227 Gold 1,056 1,055 1,054 989 Demand liabilities 1,341 1,350 945 Foreign assets (net) 774 690 580 569 Other liabilities 167 163 168 Swedish Govt. securities and ad- Netherlands Bank (millions of vances to National Debt Office6. 1,255 1,266 1,205 1,161 guilders): Other domestic bills and advances. 24 33 27 94 Gold 931 932 Other assets 944 993 1,040 990 Silver (including subsidiary coin).. Note circulation 2,488 2,412 2,445 2,253 Foreign bills 4,488 3,921 Demand deposits—Government — 753 738 710 441 Discounts 326 Other 223 323 148 484 Loans 153 133 Other liabilities. . . 588 564 604 625 Other assets 117 96 Swiss National Bank (millions of Note circulation 4,998 4,474 francs): Deposits—Government. 232 105 Gold 4 ,.690 4,642 4,626 4,453 Other 515 310 Foreign exchange.. 141 136 112 105 Other liabilities : 272 193 Loans and discounts. 73 59 95 64 Reserve Bank of New Zealand (thou- Other assets 84 82 140 sands of pounds): Note circulation 3,558 3,522 3,522 3,082 Gold 2,802 2,802 2,802 Other sight liabilities 1,139 1,105 1,102 1,402 Sterling exchange reserve. 66,556 62,417 32,658 Other liabilities C7) 294 292 277 Advances to State or State under- Central Bank of the Republic of takings 17,466 18,084 39,953 Turkey (thousands of pounds): Investments • • 14,345 14,346 11,736 Gold. • 292,107 275,911 Other assets 1,709 1,541 2,630 Foreign exchange and foreign Note circulation 40,544 40,560 37,961 clearings 68,172 67,657 Demand deposits 58,741 54,513 48,347 Loans and discounts 839,648 805,546 Other liabilities . 3,592 4,116 3,471 Securities 171,111 180,055 Bank of Norway2 Other assets 23,401 24,40(1 Bank of Paraguay—Monetary Dept. Note circulation 971,608 952,284 (thousands of guaranies):3 Deposits—Gold 85,586 85,116 Gold 3,328 Other 156,258 145,822 Foreign exchange — 22,606 Other liabilities 180,985 170,347 Loans and discounts... . . 8,125 Bank of the Republic of Uruguay Government loans and securities... 10,587 (thousands of pesos): Other assets 323 Issue department: Note circulation 28,309 Gold and silver 122,751 122,751 119,342 Demand deposits. 14,746 Note circulation. 156,574 157,207 134,292 Other liabilities 1,914 Banking department: Central Reserve Bank of Peru (thou- Gold and silver 162,680 156,647 114,149 sands of soles): (May)* Notes and coin 25,780 24,906 43,657 Gold and foreign exchange. 123,862 151,527 Advances to State and to gov- Discounts 22,402 1,025 ernment bodies 9,782 9,916 13,03M Government loans.. 559,836 416,956 Other loans and discounts 91,172 91,074 96,431 Other assets 19,313 22,413 Other assets 320,939 312,512 262,176 Note circulation 436,116 392,812 Deposits 283,482 278,917 239,734 Deposits 262^122 173,183 Other liabilities 326,871 316,137 289,718 Other liabilities •. 27,175 25,926 Central Bank of Venezuela (thou- Bank of Portugal (millions of es- sands of bolivares): cudos): (Feb.)4 Gold* 438,570 438,568 338,108 Gold5 1 415 1,412 Foreign exchange (net) 93,948 77,399 37,196 Other reserves (net) 5J17 5,016 Credits to national banks 14,310 20,310 26,370 Nonreserve exchange 9,251 9,092 Other assets 16,304 18,365 45,035 Loans and discounts 261 241 Note circulation—Central Bank.... 323,849 321,363 267,608 Government debt 1,020 1,023 National banks.. 12,494 13,331 21,587 Other assets 779 894 Deposits 216,343 209,988 147,082 Note circulation 7,389 7,130 Other liabilities 10,446 9,959 10,431 Other sight liabilities. 10,194 9,599 National Bank of the Kingdom of Other liabilities 860 948 Yugoslavia2 National Bank of Rumania2 Bank for International Settlements South African Reserve Bank (thou- ^thousands of Swiss gold francs):9 sands of pounds): Gold in bars 119,342 119,323 119,022 Gold 106,528 94,381 Cash on hand and on current ac- Foreign bills 26,649 20,241 count with banks 43,749 43,279 18,597 Other bills and loans 3,581 4,060 Sight funds at interest 8,093 7,923 6,099 Other assets. 95,901 90,243 Rediscountable bills and accept- 63,798 52,092 ances (at cost) 86,387 86,639 101,270 Deposits 163,521 151,573 Time funds at interest 2,750 2,750 21,075 Other liabilities 5,340 5,260 Sundry bills and investments 195,022 197,145 200,012 Bank of Spain (millions of pesetas): (May)* Other assets 116 118 280 Gold, 1,189 1,135 Demand deposits (gold) 16,985 18,418 29,312 Silver .;•••• 609 616 Short-term deposits (various cur- Government loans and securities .. 16,058 16,352 rencies) : Other loans and discounts 3,199 2,874 Central banks for own account 6,240 5,223 8,057 Other assets 1,808 2,091 Long O -t t e h r e m r deposits: Specmial ac- 2,017 2,017 2,222 counts • . 229,001 229,001 229,001 Other liabilities 201,215 202,517 198,363 1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 2 For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282; and of Rumania (June 1944), see BULLETIN for March 1945, p. 286. 3 The Bank of the Republic of Paraguay was reorganized in September 1944 under the name of Bank of Paraguay. The new institution is divided iato a Monetary, a Banking, and a Mortgage Department. The first official balance sheet of the Monetary Department, which assumes central banking tw&ctions, was issued for the end of December 1944. 4 Latest month available. ^ Valued at average cost beginning October 1940. e Includes small amount of non-Government bonds. 7 Figure not available. 8 Beginning October 1944, a'certain amount of gold, formerly reported in the Bank's account, shown separately for account of the Government. 9 See BULLETIN for December 1936, p. 1025. FEDERAL RESERVE BTJIXETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [ Per cent per annum ] Central bank of— Date effective U K d n i o i n m t g e - d France m G a e n r- y g B iu e m l- N la e e n r t d h - s - S d w en e- S l w a e n r i - d tz- b C an e k n t o r f a — l S R e 3 a p 0 te t. eff D ec a t t i e ve ba C n e k n t o r f a — l S R e 3 a p 0 te t. ef D fe a ct t i e ve In effect Dec. 31, 1936 2 2 4 2 2,4 13/2 Albania... Mar 21, 1940 Italy 4 Sept. 11, 1944 Jan. 28. 1937 4 Argentina 334 Mar 1 1936 Japan 3.29 Apr. 7, 1936 June 15.. 6 Belgium. Jan. 16, 1945 Java 3 Jan. 14, 1937 July 7.. 5 Bolivia 6 Nov. 8, 1940 Latvia 5 Feb. 17, 1940 Aug. 4.. 4 Lithuania. .. 6 July 15, 1939 Sept. 3.. Nov. 13 3 May 10, 1938 4 M M a a y y 1 3 3 0 . . . . 2X "3 B B r u i l t g is a h r ia India.. 5 3 N De o c v . . 2 1 8 , , 1 1 9 9 3 4 5 0 M Ne ex th ic e o rlands. 4 2 3 3 4 4 J J u un n e e 27 4, ', 1 19 9 4 4 2 1 Sept. 28... Canada. 134 Feb. 8, 1944 New Zealand 134 26, 1941 Oct. 27. Chile 3-434 Dec. 16, 1936 Norway 3 May 13, 1940 Nov. 25 Colombia. 4 July 18, 1933 Peru 5 Aug. 1, 1940 Jan. 4, 1939 Czechoslovakia 334 Oct. 1,1940 Portugal... 234 Jan. 12, 1944 Apr. 17 4 May 11 3 luly 6 234 Aug. 24 4 Denmark •I Oct. 16, 1940 Rumania.... 4 May S, 1944 Aug. 29 ..3. Ecuador.. 7 May 26, 1938 South Africa 3 June 2, 1941 Sept. 28 El Salvador. 3 Mar. 30, 1939 Spain 4 Dec. 1, 1938 Oct. 26 2 Estonia.. 434 Oct. 1,1935 Sweden 234 Feb. 9,1945 Pec. 15 Finland. 4 Dec. 3, 1934 Switzerland. 134 Nov. 26,1936 Jan. 25, 1940 Apr. 9. ' 334' 2 May 17 Mar. 17, 1941 134 France. 1% Jan. 20 1945 Turkey 4 July 1, 1938 May 29. Germany 334 Apr. 9 1940 United Kingfune 27. .. . 234 Greece... 11 Dec. 1 1944 dom 2 Oct. 26, 1939 J . a Ia n n . . 2 1 0 6 . , 1945 is,/ • m I H re u l n a g n a d ry 3 234 N O o c v t. 2 23 2, 1 19 9 4 4 3 0 Y U. u g S o . s S l . a v R ia . . . . . 4 5 F Ju e l b y . 1 1 , , 1 1 9 9 3 3 6 5 Feb. 9. . ! 2V2 1 n effect Sept. 30, ! 1945. j 134 j 2y2 I 234 1 134 NOTE.—Changes since August 31: none. OPEN-MARKET RATES [Per cent per annum ] United Kingdom Germany Netherlands Sweden Switzerland Month ac B ce a p n t k a e n r c s e ' s Tre b a il s l u s ry ' Day> to-day- a B llo an w k a e n r c s e ' d P i r s i c v o a u t n e t Day-to-day d P i r s i c v o a u t n e t M f o o n r ejr u L p o a t n o s 3 d P is ri c v o a u t n e t 3 months 3 months money on deposits rate money rate 1 month months rate 1929- July. 5.38 5.39 4.54 334 7.39 8.21 5.20 4.90 4^2-634 3.19 1930- July 2.37 2.38 1.78 I 3.40 4.30 1.85 1.85 334-534 1.92 1«)31 July 2.58 2.44 2.05 \ 2V2 '7.00 18.89 1.53 1.40 4-6 1.55 1932 Julv .92 . 66 .67 X 4.58 5.49 .49 1.00 4-6 1.50 1933 July .48 .40 .62 34 3.88 5.19 3.54 2.64 3-534 1.50 * 1934 July .87 .76 .85 X 3.75 4.67 .74 1.00 234-5 1.50 1 1 9 9 3 3 5 6 - J J u u l l v y . .5 6 8 5 •> 8 9 . . 7 7 5 5 X y 2 3 2 . . 0 8 0 8 3 2 . . 1 9 0 6 3 2 . . 2 0 5 1 2 1 . . 7 7 7 3 2 2 3 3 4 4- -4 5 34 2 2 . . 7 2 9 5 1937 -July .56 v> .79 X 2.88 2.64 .13 .92 234-5 1.00 1938- Julv. .55 >2 .75 Yi 2.93 2.96 .13 .50 234-5 1.00 1939- July .79 7 . 75 2.75 2.65 .51 .75 2^-5 / 1.00 1940-July. .03 1.()2 1.00 X 2.38 .73 (2) 2.83 1.50 1941—July .03 lit)0 1.00 34 2.13 .63 1.88 2.25 1.25 1942—July .03 1.00 1.00 34 2.13 .75 3-534 1.25 1943—Julv .03 1.00 1.04 P 2.13 .86 3-534 1.25 1944—July .03 1.00 1.13 2.13 .90 3-534 1.25 1944—Aug... • .03 1.00 1.13 2.13 .89 3-sy2 1.25 Sept.... .03 1.01 1.13 X 2.13 .93 3-534 1.25 Oct.. 1.03 1.00 1.10 X 2.13 3-534 1.25 Nov .03 1.00 1.00 X 2.13 3-534 1.25 Dec L.03 1.00 1.02 2.13 3-534 1.25 1945— F Ja e n b.. . . 0 0 3 3 1 1 . . 0 0 1 0 1 1 . . 0 0 0 0 X 2 2 . . 1 1 3 3 f{A2 1 1 . . 2 2 5 5 Mar.. .03 1.00 1.00 34 2.13 1.25 Apr.. .03 1.01 1.00 34 234~5 1.25 May.. .03 1.00 1.03 34 2 34-5 June.. .03 1.00 1.13 X 234-5 July 1.03 1.00 1.13 X 234-5 1 Based on data for part of month only. - Figure not available. t , NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. 1083 OCTOBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 F L ig o p u n o r d u e o n s n d i s n c l s e m t a e i r r l i l l n i i o n g n g b s ) a o n f ks. re C se a r s v h es M c n a o s l o n h l t e o i a y c r n e t d at B co il u ls n t d e i d s- T r d e r e c e p e a o i s p s u t i r s t y Securities c L u o s a to n m s e to rs a O s t s h e e t r s Total D D e e p m o a s n it d s Time lia O b t i h li e ti r es 1938—December 243 160 250 635 971 263 2,254 1,256 997 269 1939—December 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—December 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—December 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December 390 142 198 896 1,120 794 325 3,629 2,429 1,200 236 1943—December 422 151 133 1,307 1,154 761 349 4,032 2,712 1,319 245 1944—-August 439 205 211 1,337 1,180 750 283 4,161 2,775 1,386 243 September 443 191 209 1,444 1,183 744 282 4,251 2,827 1,424 244 October 453 191 170 1,567 1,172 744 291 4,342 2,876 1,467 245 November 460 205 198 1,548 1,192 748 292 4,398 2,922 1,475 245 December ... 500 199 147 1,667 1,165 772 347 4,545 3,045 1,500 250 iQ45—Tanuarv 460 198 159 1,663 1,165 765 301 4,462 2,968 1,495 248 February 455 188 140 1,639 1,160 769 305 4,405 2,904 1,501 250 March 464 180 149 1,681 1,153 780 299 4,459 2,944 1,516 246 April 472 180 109 1,821 1,140 749 300 4,525 2,994 1 530 245 May 482 196 120 1,882 1,126 757 297 4,617 3,064 1,553 243 June 494 195 135 1,939 1,128 774 331 4,752 3,147 1,605 243 July 500 198 181 1,994 1,123 767 300 4,819 3,205 1,613 244 Assets Liabilities Canada Security Entirely in Canada loans Deposits payable in Canada (10 m c o o h f n a t C r h t e a f r n i e g a d u d r i e b a s n a n in d k o s m . l l i a l r E l s io n ) n d s of Cash Security O lo t a h n e s r d a a u n b e d r o f n r a o e d m t Securities O as t s h e e t r s ci N t r i c o o u t n e la- excluding interbank deposits li O ab th il e it r ies reserves loans a c n o d u d n i t s s - f b or a e n ig k n s Total Demand Time 1938—December.. 263 65 940 166 1,463 535 2,500 840 1,660 843 1939—December.. 292 53 1,088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December.. 323 40 1,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—December. 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December.. 387 31 1,168 231 2,293 657 60 3,657 1,984 1,673 1,049 1943—December. 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 1,172 1944—August 569 61 1,002 215 3,368 755 35 4,667 2,297 2,370 1,268 September 575 56 976 224 3,450 761 335 4,726 2,262 2,464 31,282 October... 597 56 992 236 3,622 757 35 4,957 2,468 2,489 1,269 November. 586 81 ,275 236 3,577 774 34 5,221 2,877 2,343 1,273 December. 550 92 ,211 214 3,611 782 34 5,137 2,714 2,423 1,289 1945—January 567 95 ,156 244 3,571 731 32 5,049 2,525 2,524 1,283 February.. 539 80 ,125 254 3,624 717 31 5,021 2,390 2,631 1,287 March 544 78 ,094 219 3,606 708 31 4,938 2,214 2,725 1,280 April 598 82 ,047 269 3,799 750 30 5,210 2,475 2,735 1,306 May 622 125 ,299 251 3,885 775 29 5,616 3,053 2,563 1,312 June 622 123 1,142 248 3,996 766 29 5,540 2,894 2,646 1,326 July 591 135 1,079 237 3,802 769 28 5,269 2,528 2,741 1,316 France Assets Liabilities (4 larg f e ig b u a r o e n f s k s f i . n r a m n E c i s n l ) l d io o n f s month re C se a r s v h es Du b e a n f k r s om B c i o l u ls n t d e i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O b t i h li e ti r es 1938—December. 3,756 4,060 21,435 7,592 1,940 33,578 33,042 537 721 4,484 1939—December 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—December. 6,418 3,863 46,546 8,346 2,229 62,032 61,270 762 558 4,813 1941—December. 6,589 3,476 61,897 8,280 2,033 76,675 75,764 912 413 5,187 1942—December. 7,810 3,458 73,917 10,625 2,622 91,549 91,225 324 462 6,422 1943—March 6,813 3,803 74,664 15,245 1,536 96,431 95,783 648 426 5,205 April 6,720 3,665 77,922 15,043 1,650 99,152 98,419 733 387 5,461 May 7,132 3,750 81,620 14,980 1,750 103,272 102,437 836 397 5,563 June 6,632 3,851 80,276 15,518 1,869 102,047 101,118 929 383 5,716 July 6,770 3,795 83,362 14,696 2,024 103,596 102,578 1,017 321 6,730 August 6,486 3,786 82,685 14,644 2,206 102,602 101,525 1,078 347 6,859 September 6,935 3,832 85,079 14,084 2,228 104,830 103,657 1,173 341 6,987 October... 7,133 3,877 88,289 14,215 2,448 108,368 107,100 1,268 411 7,182 November. 7,203 3,960 86,754 14,561 2,653 107,200 105,811 1,390 404 7,326 December. 8,548 4,095 90,897 14,191 2,935 112,732 111,191 1,541 428 7,506 1944—January... 7,510 4,125 90,024 13,737 1,676 110,485 108,883 1,601 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 \y% per cent, callable by the banks in emergency at a discount equal to the Bank of England rate. 3 Due to changes in reporting procedure, the figure for "Note circulation" includes a small amount of interbank note holdings while these holdings are now omitted from "Other liabilities." NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Table 168, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. IO84 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certifiecI noon buying rates in NewYork forcable transfers. In cents per unit of foreign currency] Ar ( g p e e n so t ) ina A ( u p s o t u r n a d li ) a Bel- (c B ru r z a e z ir i o l 1) British Bul- Canada (dollar) Chile (peso) C (y h u i a n n a Year or month gium India garia Shang- Official E Sp x e p c o i r a t l Official Free (belga) Official Free rupee) (lev) Official Free Official Export hai) 1937 32.959 393.94 16.876 8.6437 6.1983 37.326 1.2846 100.004 5.1697 24.OOOO 29.606 1938 32.597 389.55 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30 850 353.38 16.852 6.0027 5!l248 33.279 21.2111 96.018 5.1727 4.0000 11.879 1940 29.773 2322.80 305.16 216.880 6.0562 5.0214 30.155 290.909 85.141 5.1668 4.0000 6.000 1941 29.773 223'! 704' 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 25.1664 24.OOOO 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1943 29.773 24.732 322.80 2321.50 6.0586 5.1280 30.122 90.909 89.978 1944 29.773 25.125 322.80 6.0594 5.1469 30.122 90.909 89.853 1944—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 Aug 29.773 25.125 320.87 6.0602 5.1802 30.122 90.909 90.475 Year or month C ( o p b l e i o s a m o) - s ( C l k o z o v e ru c a h n k o a ia ) - ( m D kr e a o n r n - k e) ( l F m k a i a a n n ) r d - k- F ( r fr a a n nc c ) e ( m m r G e a a i e c r n r k h y - ) s- G (d r m r e a a e c ) c h e - ( H K do o o l n l n a g g r) ( H p g e a u n r n g y - o) I (l t i a ra ly ) J ( a y p en a ) n M (p e e x s i o c ) o e N ( r g l e e u a r t i n ) l h d d - - s (p N Z l o a e e u n w a n d - d) 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 5.0407 23.436 18.546 253.128 306.38 1941 57.004 22.0101 239.968 224.592 219.770 25.0703 223.439 20.538 322.54 1942 57.052 20.569 322.78 1943 57.265 20.577 324.20 1944 57.272 20.581 324.42 1944—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 Aug 56.980 2.0189 20.581 322.16 United Kingdom Uruguay Year or month N (k o r r o w n a e y ) P (z o l l o a t n y) d ( P e o s g c r a u t d l 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 t e o r t e l a t n l l a i e t t r s - s ) S ( w kr e o d n e a n ) S e (f r w r l a a i n t n c z d ) - Offici ( a p l ound F ) ree tr C o o ll n e - ( d peso N ) co o n n - - Y ( s d u l i a g n v r a o i r - a ) trolled 1937 24.840 18.923 4.4792 .7294 489.62 6.053 57.973 25.487 22.938 494.40 79.072 2.3060 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 236!789 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 '2403!50' 383.00 65.830 37.601 2.2463 1941 24 0023 398.00 29.130 47.133 223.829 223.210 403.50 403.18 65.830 43.380 22.2397 1942 398.00 246.919 403.50 403.50 65.830 52.723 1943 398.00 403.50 2403.50 65.830 52.855 1944 398.00 403.50 65.830 53.506 1944—Sept. 398.00 403.50 65.830 54.185 Oct 398.00 403.50 65.830 54.185 Nov 398.00 403.50 65.830 54.189 Dec 398.00 403.50 65.830 54.196 1945—Jan 398.00 403.50 65.830 54.197 Feb 398.00 403.50 65.830 54.197 Mar 398.00 403.50 65.830 54.197 Apr 398.00 403.50 65.830 54.253 May 398.00 403.50 65.830 54.265 June 398.00 403.50 65.830 54.265 July 398.30 402!95 65.830 55.489 Aug 400.50 402.69 65.830 56.125 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." 2 Average of daily rates for that part of the year during which quotations were certified. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publication, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for February 1943. D. 201 and February 1944, p. 209. OCTOBER 1945 1085 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Index numbers] United United Nether- Switzer- Year or month States Canada Kingdom France Germany Italy Japan lands Sweden land (October (1926-30 (July 1914 (1926=100) (1926=100) (1930 = 100) (1913 = 100) (1913 = 100) (1928 = 100) (1900 = 100) = 100) (1935 = 100) = 100) 1926 100 100 i 124 695 134 237 106 i 126 144 1932 65 67 86 427 97 70 161 65 i 92 96 1933 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 . . 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 707 107 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 1944—August 104 102 168 118 197 224 September 104 102 167 118 196 223 October 104 102 167 118 195 223 November 104 102 167 118 195 222 December 105 103 167 195 221 1945—January 105 103 167 195 221 February 105 103 167 195 221 March 105 103 168 195 221 April 106 103 168 196 221 May 106 103 168 196 221 June 106 103 170 197 P222 July 106 p104 171 197 P222 August 106 "171 194 « p Preliminary. 1 Approximate figure, derived from old index (1913=100). 2 Average based on figures for 5 months; no data available since May 1940, when figure was 919. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p, 678. WHOLESALE PRICES-GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Germany (1926=100) (1926=100) (1930=100) (1913 = 100) Year or month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts R f m a g p a c o w a a t o r n u t d a u r ly s e n - d d F f u m c a g l h c o l a i y t o e n u f d u a r l s e y - n d d Foods pr I o n tr d d i u u al c s- ts p A r t g o u r d r i u c a u c l t l s - a p t f n r r I i i d n o n a i d d l s s u u e r h a m c s e w - t d s i- p tr r I i i o s n a h d d l e u u f d c s i - t n s - 1926 100 100 100 100 129 130 1932 48 61 70 48 55 70 88 85 91 118 1933 51 61 71' 51 57 70 83 87 87 113 1934.... 65 71 78 59 64 73 85 90 96 91 116 1935 79 84 78 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 112 100 133 1942 106 100 96 83 90 92 158 160 115 102 134 1943 123 107 97 96 99 93 160 164 119 102 135 1944 123 105 99 103 104 94 158 170 1944—August 123 105 99 101 104 94 159 172 124 102 136 September 123 104 99 101 103 94 157 172 122 102 137 October 123 104 99 103 103 94 156 172 122 103 137 November 124 105 99 103 103 94 156 173 122 103 137 December 126 106 99 103 104 94 157 173 1945—January 126 105 99 104 104 94 150 173 February 127 105 99 105 105 94 157 173 March 127 105 105 105 94 156 174 April 129 106 105 105 94 150 174 May... 130 107 105 105 94 156 175 June 130 108 100 106 106 94 100 175 July 129 107 100 I'108 ''107 161 170 August 127 106 100 p Preliminary. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1086 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Year or month U ( S 1 = 9 n t a 3 1 i 5 t t 0 e e - 0 3 d s ) 9 (1 C = a 9 a 3 d 1 5 n 0 a 0 - -3 ) 9 U K d ( n 1 J i o 9 i n u m 1 t l g e 4 y - d (1 m = G 9 a 1 1 e 3 0 n r- 0 - y 1 ) 4 N (1 l = e a 9 t 1 n 1 h 0 1 d e 0 - s 1 r ) - 3 S e = r ( w 1 J l 9 1 a u i 1 0 t n n 0 4 z e d ) - Year or month ( U S 1 = 9 n t 1 a 3 i 0 5 t t 0 e e -3 d s ) 9 (1 = C a 9 1 a 3 d 0 5 n a 0 - - 3 ) 9 U K d ( n 1 J i o 9 i u n m 1 t l g e 4 y - d (1 m = G 9 a 1 1 e 3 n 0 r - y 0 - 1 ) 4 N (1 l = e a 9 t 1 1 n h 0 1 d 0 e - s 1 ) r- 3 S e = ( r w 1 J l 1 9 u a i 0 1 t n n 0 4 z e d ) - = 100) = 100) 1934 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 .. ... 101 98 130 122 120 120 1936 99 98 147 125 M32 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 1044—August. 138 132 170 143 216 1944—August . . 126 119 202 144 208 September... 137 131 169 137 215 September. 127 119 202 141 208 October.... 136 131 168 136 215 October . .. 127 119 201 140 208 November . 137 132 168 136 215 November . 127 119 201 141 208 December . 137 130 168 215 December. 127 119 201 208 1945—January. 137 130 168 216 1945—January. . 127 119 202 209 February- 137 131 168 216 February . 127 119 202 209 March . i 136 131 168 216 March. 127 119 202 209 April ! 137 131 168 216 April. 127 119 202 209 May ... 139 132 168 p216 May. 128 119 203 "210 June . 141 133 170 ^217 June 129 120 204 ^210 July 142 ^136 176 P217 July ... . 129 "120 207 ^211 August 141 172 August. 129 205 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. s Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [ Index numbers except as otherwise specified] Bonds Common stocks Year or month U S n ta it t e e d s K U in n g i d te o d m Germany Nether- U S n ta it t e e d s (1926 = 100) France Nether- ( p d r e i r c i e v ) e x d ( 1 D 92 ec 1 e = m 1 b 0 e 0 r ) (1938=100)2 (a p v r e ic ra e g )3 e lands4 (1 = 9 3 1 5 00 -3 ) 9 K U in n g it d e o d m Germany (1938=100)2 (19 l 3 a 0 n = d 1 s 00) Slumber of i ssues. 15 87 50 3 139 8 402 278 (5) 300 100 1938 111.1 121.3 100.0 99.9 105.9 88.2 80.8 100.1 100 95.8 1939 113.8 112.3 114.2 99.0 90.9 94.2 75.9 94.1 112 89.7 1940 115.9 118.3 6114.2 100.7 777.9 88.1 70.8 114.6 6140 8 95.0 1941 117.8 123.8 9143.4 103.0 84.3 80.0 72.5 136.8 9308 129.0 1942 118.3 127.3 146.4 H03.3 94.7 69.4 75.3 142.1 479 131.5 1943 120.3 127.8 146.6 98.5 91.9 84.5 145.0 540 151.0 1944 120.9 127.5 150.5 99.8 88.6 551 1941—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 October 121.1 127.9 154.3 103.5 89.1 145.2 589 November 120.9 127.9 151.9 102.7 90.1 145.2 527 December 121.4 128.1 152. ,S 104.7 • 90.1 489 1945—January 121.6 128.5 153.8 108.4 91.0 512 February 121.9 128.7 154.2 113.0 90.6 505 March 122.7 128.7 154.4 111.8 91.1 498 April 122.9 129.3 153.1 114.4 92.0 469 May- 122.3 128.1 153.8 118.2 92.8 414 June, 122.1 127.8 120.7 92.8 July 122.,) 128.3 118.4 93.7 August 121.7 117.9 1 Figures represseennt calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds, Source.—Standard aanmd Poor's Cor.pi_o_r_at io_n._;. .,f.o._r compilations of back figures on prices of both bonds and common stocks in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 Published by the Ministry of National Economy with new base of 1938 = 100. Figures are for the last Friday of each month. The number of bonds included in the new index was increased to 50 (formerly 36), while the number of stocks remained the same. For complete information on the composition of the bond and stock indexes see "Bulletin de la Statistique Generale" December 1942, pp. 511-513, and July-August 1942, pp. 364-371, respectively. For back figures for both indexes from 1938-1941 on a monthly basis see "Bulletin de la Statistique Generale" for October-December 1944, pp. 274-276. 3 Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4^ per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 4 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 = 100; average yield in base year was 4.57 per cent. For new index beginning January 1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent. 5 This number, originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941, it was down to 287. 6 Average based on figures for 5 months; no data available June-Dec. 7 Average based on figures for 7 months; no data available May-Sept. 8 Average based on figures for 9"months; no data available May-July. 9 Average based on figures for 10 months; no data available Jan.-Feb. Sources.— See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. 1087 OCTOBER 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 ERNEST G. DRAPER JOHN K. MCKEE R. M. EVANS ELLIOTT THOTSTON, Assistant to the Chairman CHESTER MORRILL, Special Adviser to the Board of Governors OFFICE OF THE SECRETARY DIVISION OF SECURITY LOANS S. R. CARPENTER, Secretary CARL E. PARRY, Director BRAY HAMMOND, Assistant Secretary BONNAR BROWN, Assistant Director LEGAL DIVISION DIVISION OF PERSONNEL ADMINISTRATION WALTER WYATT, General Counsel ROBERT F. LEONARD, Director GEORGE B. VEST, General Attorney J. LEONARD TOWNSEND, Assistant General Attorney DIVISION OF RESEARCH AND STATISTICS DIVISION OF ADMINISTRATIVE SERVICES E. A. GOLDENWEISER, Economic Adviser LISTON P. BETHEA, Director WOODLIEF THOMAS, Director FRED A. NELSON, Assistant Director HOWARD S. ELLIS, Assistant Director DIVISION OF EXAMINATIONS OFFICE OF ADMINISTRATOR FOR WAR LOANS LEO H. PAULGER, Director EDWARD L. SMEAD, Administrator C. E. CAGLE, Assistant Director GARDNER L. BOOTHE, II, Assistant Administrator WILLIAM B. POLLARD, Assistant Director DIVISION OF BANK OPERATIONS EDWARD L. SMEAD, Director FISCAL AGENT J. R. VAN FOSSEN, Assistant Director O. E. FOULK, Fiscal Agent J. E. HORBETT, Assistant Director JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman Vice President ERNEST G. DRAPER R. M. EVANS JOHN C. TRAPHAGEN, NEW YORK DISTRICT RAY M. GIDNEY WILLIAM F. KURTZ, PHILADELPHIA DISTRICT R. R. GILBERT H. G. LEEDY JOHN H. MCCOY, CLEVELAND DISTRICT JOHN K. MCKEE 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 JULIAN B. BAIRD, MINNEAPOLIS DISTRICT E. A. GOLDENWEISER, Economist C. O. HARDY, Associate Economist A. E. BRADSHAW, KANSAS CITY DISTRICT L. MERLE HOSTETLER, Associate Economist W. H. IRONS, Associate Economist C. A. SIENKIEWICZ, Associate Economist ED. H. WINTON, DALLAS DISTRICT WOODLIEF THOMAS, Associate Economist JOHN H. WILLIAMS, Associate Economist GEORGE M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 1088 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Vice Presidents Bank of Deputy Chairman First Vice President Boston Albert M. Creighton Ralph E. Flanders E. G. Hult Carl B. Pitman Henry S. Dennison William Willett J. C. Hunter1 O. A. Schlaikjer New York..... Bcardsley Ruml Allan Sproul J. W. Jones H. V. Roelsc William I. Myers L. R. Rounds L. W. Knokc Robert G. Rouse Walter S. Logan John H. Williams A. Phelan V. Willis J. M. Rice R. B. Wiltsc Philadelphia ... Thomas B. McCabe Alfred H. Williams W. J. Davis C. A. Mcllhcnny3 Warren F. Whitticr Frank J. Drinneri E. C. Hill C. A. Sienkiewicz Cleveland. .*.... George C. Brainard Ray M. Gidncy Wm. H. Fletcher B. J. Lazar Reynold E. Klages Reuben B. Hays J. W. Kossin W. F. Taylor A. H. Laning* Richmond Robert Lassiter Hugh Leach C. L. Guthrie R. W. Mercer W. G. Wysor J. S. Walden, Jr. Geo. H. Keeseei C. B. Strathy 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. Schuessler Allan M. Black' E. C. Harris Chicago. Simeon E. Leland C. S. Young Neil B. Dawcs John K. Langum W. W. Waymack J. H. Dillard O. J. Netterstrom Charles B. Dunn A. L. Olson Alfred T. Sihlcr St. Louis. Wm. T. Nardin Chester C. Davis O. M. Attebcry 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. Coffey J. N. Peyton A. W. Mills' Sigurd Ueland Roger B. Shepard O. S. Powell Otis R. Preston Harry I. Ziemcr Kansas City.. .. Robert B. Caldwell H. G. Lecdy O. P. Cordill John Phillips, Jr. Robert L. Mchornay Henry O. Koppang L. H. Earhart G. H. Pipkin C. O. Hardy D. W. Woolley3 Dallas. Jay Taylor R. R. Gilbert E. B. Austin1 W. O. Ford J. R. Parten W. D. Gentry R. B. Coleman W. H. Holloway W. J. Evans L. G. Pondrom San Francisco... Henry F. Grady Wm. A. Day C. E. Earhart H. N. Mangels H arry R. Wcllman Ira Clerk J. M. Leisncr1 H. F. Slade OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith* Minneapolis Helena R. E. Towle4 Cleveland. Cincinnati B. J. Lazars Pittsburgh J. W. Kossin5 Kansas City Denver G. H. Pipkin^ Oklahoma City O. P. Cordill' Richmond Baltimore W. R. Milford* Omaha L. H. Earhart6 Charlotte W. T. Clements* Atlanta Birmingham P. L. T. Beavers* Jacksonville Geo. S. Vardcman, Jr.4 Dallas El Paso J. L. Hermann6 Nashville Joel B. Fort, Jr.4 Houston L. G. Pondrom5 New Orleans E. P. Paris4 San Antonio W. H. Holloways Chicago Detroit E. C. Harris* San Francisco... Los Angeles W. N. Ambrose4 St. Louis Little Rock A. F. Bailey* Portland D. L. Davis4 Louisville C. A. Schacht* Salt Lake City W. L. Partner4 Memphis W. H. Glasgow4 Seattle C. R. Shaw4 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 Managing Director. 5 Vice President. 6 Manager. OCTOBER 1945 1089 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

r FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES ====== BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 5 | ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis