Federal Reserve Bulletin, 1945-11

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

EDITORIAL COMMITTEE ELLIOTT THURSTON E. A. GOLDENWEISER CARL E. PARRY The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Review of the Month—Wartime Monetary Expansion and Postwar Needs . . 1091-1099 Ownership of Demand Deposits . . IIOO-IIOI Loans for War Purposes, by Gerald M. Conkling . 1102.-1105 Member Bank Earnings, First Half of 1945 1106 Publication of Postwar Economic Studies No. 3 1107 Current Events 1108 The Federal Register 1108 National Summary of Business Conditions 1109-1110 Financial, Industrial, Commercial Statistics, U.S. (See p. mi for list of tables) . . 1111-1161 International Financial Statistics (See p. 1162. for list of tables) 1162.-1179 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1180 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 1181 Map of Federal Reserve Districts 1182. Federal Reserve Publications (See inside of back cover) Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 31 November 1945 NUMBER II WARTIME MONETARY EXPANSION AND POSTWAR NEEDS Bank deposits and currency held by in- ing and compares them with the dollar dividuals and businesses expanded by almost value of the country's annual gross product 70 billion dollars as a result of financing the during the past 30 years. war and are now more than double the 1941 Expansion of money and Government level. In addition, holdings by these security holdings is an almost inevitable groups of United States Government result of war. Every country engaged in securities, which *may readily be converted the war experienced a similar rise. Ininto money, have increased an additional 70 dividuals and corporations received large billion dollars. There will be further in- incomes, a considerable part of which they creases as a result of the current Victory could not spend. They were free to decide Loan. The magnitude of the wartime whether to hold their funds in the form of expansion in these holdings is indicated on currency or deposits, or to invest them in the chart, which shows amounts outstand- Government securities or in other ways. The role of commercial banks was to pur- 6R0SS NATIONAL PRODUCT AND INDIVIDUAL AND CORPORATE chase such securities as were issued by the HOLDINGS OF CASH AND GOVERNMENT SECURITIES Government and not acquired by other IONS OF DOLLARS investors; by doing this the banks added to the money supply and enabled the public to keep in cash or as deposits the part of their excess earnings that they did not choose to invest in Government securities. The Federal Reserve Banks in turn purchased such amounts as were necessary to maintain bank reserves at the required level. In the aggregate, a little more than 40 per cent of the Government's wartime expenditures were met out of tax revenues, 3Z per cent by borrowing from nonbank investors, and z8 per cent through securities pur- Figures for gross national product are annual totals, 1916-1938; semi-annual, 1939 through first half of 1945; and quarterly for last half chased by the banks, including savings of 1945; all figures are expressed on an annual basis. Sources: 1916- 1918, Department of Commerce estimates based on National Bureau institutions. of Economic Research estimates of the production of finished goods; 1919-1929, Federal Reserve BULLETIN, September 1945, p. 873; 1930-1945 (first half), Department of Commerce estimates; last two quarters of 1945, preliminary estimates made by Federal Reserve. WARTIME NEEDS FOR MONEY Figures for individual and corporate holdings of cash and Government securities are for June 30, 1916-1938; June 30 and December 31, 1939—June 1945; latest figures are preliminary estimates for September Wartime expansion in deposits and cur- 30, 1945. All figures are estimated by Federal Reserve on basis of banking and corporation data from various sources; see June 1945 rency reflected in part the increased require- BULLETIN, pp. 532-535. NOVEMBER 1945 1091 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH ments and in part the preferences of in- gave money holders an added reason for dividuals and businesses in an expanding maintaining a degree of liquidity not noreconomy. With increased incomes and mally required. business volumes there was need for larger While monetary expansion in the war cash holdings. During the early years of period has been at least equal to and the defense preparation and war, the probably in excess of all of these needs, this growth in deposits and currency was not has been the inevitable result of providing as great as the increase in the total value all the financing needed for effective proseof the national product, but since 1941 cash cution of the war at a low and stable level holdings have expanded more rapidly than of interest rates. During this period excesgross product. The relationship of the sive use of the available supply of money volume of deposits and currency holdings to and undue inflation of prices have been production and incomes is shown on the avoided by the imposition of direct conchart. trols, such as price ceilings, priorities, al- Average deposit and currency holdings of locations, and rationing, by inability to individuals and businesses were about 60 secure many goods, and by voluntary reper cent of the gross national product during straints on spending. the period 1935-39, a higher figure than Termination of the war has brought prevailed in the 192.0's when business was changes in the financial needs both of the more active. By 1942. this ratio had de- Government and of the rest of the economy. clined to about 50 per cent, but by the third Government deficits and borrowings will quarter of 1945 it had increased to over 65 shrink sharply from war levels; businesses per cent. With the decrease in production and individuals will be less restricted in and income following termination of the ability to use funds available to them; the war, even though there should be little volume of economic activity will be somefurther increase in the amount of deposits, what smaller; and needs for a high degree of the ratio will be about 75 per cent by the liquidity will be lessened. With the deend of 1945. creased need for liquidity there will be an In addition to growing cash needs com- opportunity to channel savings more into mensurate with expanding business and in- nonmonetary forms. This will help the come payments, there were other special Government to meet the recurring problem wartime factors operating to increase the of refunding the public debt and to secure desire of the public for holding cash and the funds necessary to offset the redemption other liquid assets. The growth of tax of savings bonds and tax notes turned in to liabilities, especially those of corporations, discharge tax liabilities and for other purthe inability to make capital expenditures poses. equivalent to current allowances for depreciation, and the absence of many consumer OWNERSHIP OF DEPOSITS AND CURRENCY goods from the market all tended to en- Increased holdings of deposits and curcourage businesses and individuals to accu- rency during the war have been widely dismulate liquid assets in order to have funds tributed among different groups of holders. readily available for use when the situation Almost all groups have had substantial inchanged. In addition, the uncertain pros- creases in holdings of demand deposits, parpects for income, employment, and sales ticularly those groups in which large 1092. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH deferred capital and consumption expendi- rency in the early years of the war but have tures are to be expected. The most recent increased more rapidly in the past two Federal Reserve survey of demand deposit years. Since 1941 all time deposits, inownership, elsewhere reported in this BUL- cluding those of mutual savings banks and LETIN and summarized in the following postal savings deposits as well as those at table, shows that manufacturing and commercial banks, have expanded from x8 mining businesses have increased their hold- billion dollars to 47 billion. It is estimated ings by 84 per cent since December 1941 and that total holdings of deposits and currency trade concerns have increased theirs by 137 by individuals, excluding unincorporated per cent. Personal holdings are up 140 per businesses, have grown from 46 billion dolcent. Although estimates of farmer owner- lars at the end of 1941 to about 95 billion at ship over the whole period are not avail- the end of September 1945. able, it appears that expansion of farmers' deposits has been even more rapid. The BASIS OF MONETARY EXPANSION only important group not reporting deposit Principal banking factors accounting for gains are insurance companies, which have changes in the amount of bank deposits and generally kept their funds fully invested. currency during the war are shown in the following table. While ultimate decisions OWNERSHIP OF DEMAND DEPOSITS [Estimates, in billions of dollars] as to amounts of deposits and currency that may be held rest with businesses and in- Amount outstanding Dollar ce P n e ta r- ge dividuals, the banking mechanism makes it July, Dec. change change possible to effectuate these decisions and 1945^ 1941 also influences them. In the absence of an Total domestic business 42.4 24.8 +17.6 +71 increase in the country's gold stock, or the Nonfinancial business—total 37.1 20.4 +16.7 +82 Manufacturing and mining ... 18.4 10.0 +8.4 +84 payment of Government expenses through Public utilities 4.0 3.1 +0.9 +29 Trade.. . 10.9 4.6 +6.3 +137 the direct issuance of currency, deposits and Other nonfinancial 3.8 2.7 +1.1 +41 currency can increase only as the result of an Financial business—total... 5.3 4.4 +0.9 +20 I O n t s h u e r r a n fi c n e a n c c o i m al panies 3 1 . . 5 8 2 1. . 9 5 + -0 1 . . 1 0 +40 expansion in bank credit. The table shows Personal 23.0 9.6 +13.4 +140 the dominance of Treasury financing in the F O a t r h m er e s rs 1 5 7 . . 2 8 1 1 1 1 1 growth of deposits and currency during the Trust funds 1.5 I- war. Nonprofit associations 2.0 +1.0 +31 Foreigners2 0.7 During the war bank credit extended to Total . . 69.6 37.6 +32.0 +85 individuals or businesses increased very p Preliminary. little. Although bank loans to business for 1 Figures not available. 2 Excludes foreign banks and governments. war purposes increased, the major expendi- In addition to holdings of demand tures for plants, equipment, and inventories deposits, shown in the table, there have were made directly by the Government and been substantial increases in currency and in so were not reflected in private credit operatime deposits, which are largely held by tions. At the same time business borindividuals. The amount of currency in rowing at banks for nonwar purposes decirculation outside of banks has increased clined, and reduction in long-term indebtedfrom about 9 billion dollars in 1941 to x6 ness of business corporations also resulted in billion at present. Time deposits expanded a decrease in bank holdings of corporate more slowly than demand deposits and cur- securities. In addition, there was consid- NOVEMBER 1945 1093 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH erable contraction of consumer credit, system. Between drives some commercial which directly or indirectly reduced bank banks sold Government securities to the loans. Loans for purchasing and carrying Reserve Banks in order to obtain additional Government securities, though sizable, reserves needed as deposits were reshifted were relatively less important than in the from war-loan accounts to private accounts last war. subject to reserve requirements. Through these steps, as shown in the chart, bank PRINCIPAL FACTORS AFFECTING THE VOLUME OF DEPOSITS AND CURRENCY WEEKLY REPORTING MEMBER BANKS [In billions of dollars] Outstanding Change Sept.30, Dec. 31 1945 1941 Principal factors expanding deposits and currency 177.7 90.5 +87.2 Banking system1 holdings of: U. S. Government securities *119.6 29.0 +90.6 Loans and other investments *33.7 35.6 -1.9 Monetary gold stock 20.1 22.7 -2.6 Treasury currency outstanding 4.3 3.2 +1.1 Principal factors contracting deposits and currency 15.4 13.3 +2.1 Treasury cash and deposits at Federal Reserve Banks 3.1 3.1 Nonmember deposits at Federal Reserve Banks 1.5 1.4 +0.1 Bank capital (including Federal Reserve) *10.8 +2.0 Net of principal expansive and contractive items2 162.3 77.2 +85.1 Deposits and currency P162.8 78.2 +84.6 Currency outside banks *26.2 9.6 +16.6 Demand deposits—adjusted.. 2*75.4 39.0 +36.4 U. S. Government deposits in commercial banks 1.9 +12.4 Time deposits: Commercial banks 15.9 +13.2 Mutual sayings banks... 10.5 +4.5 Postal Savings System . 1.3 +1.5 '42 1943 1944 1945 Latest figures are for October 24. * —Estimated. v —Preliminary. 2 1 T T h h e e d P if o f s e t r a e l n c S e a v b i e n t g w s e e S n y s th te e m se i n n e c t l u fi d g e u d r . es and the totals shown be- credit was gradually expanded. Aggregate low results from several small unenumerated items, mainly miscellaneous bank assets and liabilities and differences between deposits bank holdings, however, showed little or due to and due from banks. no decline in the interdrive periods because Since i94x additions to bank holdings of of the increase in Reserve Bank holdings and Government securities generally have oc- also because nonreporting banks, which are curred during war loan drives. At such not included in this chart, generally were times banks had excess reserves because non- buying securities between war loan drives. bank purchases of Government securities In accordance with its wartime policy of shifted deposits from accounts against supplying banks with reserves needed to which reserves are required to the reserve- enable the war to be financed at a stable exempt war-loan accounts of the Govern- level of interest rates, the Federal Reserve ment. At the same time many individuals System purchased securities sold by banks and corporations sold some of their existing and others in the market. In this way holdings in order to subscribe for new issues banks obtained the reserve funds needed to in the drive, and these Government securi- meet the currency and deposit demands of ties were largely acquired by the banking the public. At the same time both Treasury 1094 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH and Federal Reserve policies have been de- individuals and corporations seeking cash signed to discourage undue expansion of during the reconversion and demobilization bank credit by limiting the issues of securi- period. ties available to banks and by supplying The Victory Loan now in progress is for only such additional reserves as were de- the purpose of raising funds to meet these manded by the banks. Nevertheless, banks requirements of the Treasury. It is imporcould by selling short-term low-rate tant that investors other than banks subsecurities to the Reserve Banks and pur- scribe in full for the securities offered in this chasing longer-term higher-rate issues in drive and that the use of bank credit be kept the market, actively bid securities away to a minimum; special efforts are being made from other holders and bring about a further to bring about these results. expansion of bank reserves' and deposits. Following the Victory Loan the Treasury This practice has been particularly in will have a large cash balance, which will evidence during the past year. probably be sufficient to meet its deficit and a large part of the security redemptions TREASURY REQUIREMENTS IN during 1946. The need for additional open- TRANSITION PERIOD market financing will depend primarily As the Federal Government deficit de- upon the amount of redemptions. In any clines, this dominant wartime factor in the event there should be little or no further growth of bank credit, of deposits and cur- increase in the total public debt during rency, and of holdings of Government 1946, although there may be important securities by individuals and businesses will shifts in its distribution among different diminish and perhaps even disappear. groups of holders. These shifts will reflect Federal Government expenditures, which the savings, the investment policies, and the reached a wartime peak of over ioo billion cash needs of the various holders. dollars a year, are being drastically reduced and by the end of 1946 may be at a level of BANK CREDIT IN TRANSITION PERIOD little over 30 billion a year. Receipts of the Further developments in bank credit will Government, which in the last fiscal year reflect private credit needs and adjustments amounted to 47 billion dollars, will decline in holdings of Government securities. Prisomewhat as a result of decreases in incomes vate demands for credit are not likely to and tax revisions, and there will continue require much net expansion of bank loans. to be a deficit throughout the next year. Some demands may emerge, both for busi- For the last six months of 1945, which ness credit and for credit to finance consumer include expenditures for a part of the war purchases, but the credit extended for war and for much of the reconversion and de- purposes will be in the process of liquidamobilization, the deficit will amount to tion. about xo billion dollars, and in the first six Large net redemptions or sales of Governmonths of 1946 it may amount to about 10 ment securities from the holdings of inbillion or less. During the next several dividuals and businesses might necessitate months the Treasury may need additional further bank credit expansion. Under the funds to meet substantial redemptions of established policy of maintaining stability demand and maturing obligations held by in the Government security markets, the NOVEMBER 1945 1095 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH Federal Reserve Banks would be called upon OWNERSHIP OF UNITED STATES GOVERNMENT DEBT [Estimates, in billions of dollars] to purchase a sufficient amount of Govern- Outstanding ment securities to supply the additional Inbank reserves needed. While the large Sept. 30,Dec. 31, crease 1945 1941 volume of Government securities held by Federal Reserve Banks 23.3 2.3 21.0 businesses and individuals provides the pos- Commercial banks 83.5 21.8 61.7 Mutual savings banks 10.0 3.7 6.3 sibility of substantial bank credit expansion Postal Savings System 2.8 1.3 1.5 from this source, such an expansion need Total banking system 119.6 29.0 90.6 not occur. In the absence of a sharp rise in Individuals1 . . 58 5 13 5 45 0 Corporations and associations excluding banks and insurance companies2 30.0 4.3 25.7 prices there will be no occasion for the Insurance companies 23.2 8.2 15.0 State and local governments 5.0 0.5 4.5 public as a whole to add to its already large U.S. Government agencies and trust funds. 23.8 8.2 15.6 holdings of cash and deposits by selling Total nonbank investors 140.5 34.7 105.8 Government securities to the banks. Sales Total interest-bearing direct and guaranteed debt ... 260.2 63.8 196.4 by some companies and individuals may be 1 Includes unincorporated business. offset in the aggregate by purchases of 2 Includes brokers, dealers, and foreigners. others. Corporations.—Holdings of Government securities by business corporations other PROSPECTIVE SHIFTS IN OWNERSHIP OF than insurance companies and banks have GOVERNMENT SECURITIES increased from about 4 billion dollars in 1941 to about 30 billion at present. A Even though the public debt in the third of this growth has been in Treasuryaggregate does not increase, there may be tax and savings notes, and most of the substantial shifts in the pattern of Governremainder has been in short-term securities. ment security ownership. These will result These securities are held in part against only in part from the sale in the open accrued tax liabilities and in part for market of Government securities by present prospective cash needs in the reconversion nonbank holders. Holdings of nonmarketand postwar periods. Accrued tax liabiliable issues, largely savings bonds in the ties will decline as higher taxes for 1945 hands of individuals and tax notes in the are paid and the lower ones for 1946 accrue. hands of corporations, will be offered to the As this occurs, corporations may liquidate Treasury for redemption in cash or, in some of the securities held against their tax the case of savings notes, in payment of liabilities. taxes. To the extent that cash from Financing of reconversion may lead to current sales of nonmarketable issues does other demands upon the liquid assets of not cover these redemptions, the Treasury corporations. Corporate expenditures for will need to sell additional marketable acquiring and improving plant and equipissues. Refunding of maturing issues will ment, for rebuilding inventories, and for also result in redistribution of ownership to increasing credits advanced to customers the extent that present owners take cash may again exceed internal sources of funds. rather than new issues offered in exchange. In addition to their holdings of Govern- The table shows the estimated distri- ment securities, business corporations have bution of ownership of Government se- approximately doubled their deposit balcurities as of September 30, 1945, and ances at banks during the war. It is prob- December 31, 1941. ably not to be expected that these balances 1096 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH will be reduced to prewar levels. If they then no doubt decline to well below warshould be maintained near current levels, time levels. It is not certain, however, any drains on corporate liquid assets to that redemptions will continue for any finance reconversion or other postwar extended period substantially in excess of needs will be reflected in a decline in cor- sales. porate holdings of Government securities or Investment Institutions.—Insurance coman increase in borrowings and security panies will probably continue to purchase issues. Although some corporations may Government securities. With the revival find themselves in a position to maintain of business capital expenditures and of their present liquidity, it appears likely home construction after the war, some that on balance corporate holdings of increases in outlets for private investment Government securities will decline next by insurance companies will emerge. It year. seems unlikely, however, that these outlets Individuals.—Some individual owners of will absorb all of the investment funds that Government securities will also be dispos- will accumulate in these institutions. ing of their holdings. Expenses incidental Though they will not continue to buy 3 to to shifts in the nature and perhaps location 4 billion dollars of Federal Government of employment, increased purchases of dur- securities a year, as they did during the able goods as supplies become available, war years, the amount might nevertheless and the buying of homes, farms, corporate be an important factor in the market, securities, and other forms of property especially in view of the small demand for may occasion the redemption or sale of new money by the Treasury. Government securities. At the same time Private trust accounts, administered many individuals will continue to receive largely by banking institutions, may also substantial incomes, and net savings by furnish a market of importance. While individuals in the aggregate will continue. the total amount of new investment funds in Outlets for these savings will include sub- these accounts is not likely to continue at stantial purchases of Government securities, the accelerated level of wartime, when as long as the Treasury continues to offer these accounts appear to have absorbed securities that are attractive to individuals about z billion dollars of Government and especially if purchases are maintained securities a year, they will nevertheless through pay roll savings plans and by continue to invest on balance. other means. The various trust accounts administered Redemptions of savings bonds have by the Federal Government will also gradually increased as the aggregate amount probably continue to absorb United States outstanding expanded and prior to the end Government securities. Although large of the war amounted to about 400 million unemployment compensation payments dollars a month. Subsequently they have would result in some drain on these funds, increased further and in August, September, receipts will probably continue in excess of and October exceeded 500 million a month, expenditures for the various funds as a slightly above the reduced level of sales in whole, leaving a balance available for the last two of those months. Sales will investment. The amounts invested will increase during the Victory Loan Drive and for some time be below the wartime annual NOVEMBER 1945 1097 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH average of almost 4 billion dollars. These Consequently bank holdings of Governaccounts are likely to take larger amounts ment securities would not need to increase of securities in times of large incomes and during the next year. activity, when absorption of debt by non- Commercial banks are to some extent bank investors is most desirable. savings institutions, and the securities they purchase represent in part the re- NEED FOR BANK PURCHASES OF GOVERNMENT investment of savings, as do purchases of SECURITIES savings banks. Savings held in banks, The banking system, including com- however, are generally much more readily mercial banks, mutual savings banks, and available than those held otherwise and, Federal Reserve Banks, has purchased more therefore, are considered highly liquid than two-fifths of the total amount of assets. Time and savings deposits in com- United States Government securities offered mercial banks and deposits in mutual during the war and now holds about the savings banks and in the Postal Savings same proportion of those outstanding. To System increased slowly in the early years some extent an increase in bank holdings of of the war while demand deposits were Government securities reflects the decision increasing rapidly, but since the middle of of individuals and businesses to increase 1943 time deposits have also grown contheir deposits in banks. Banks may, how- siderably, as shown in the chart. The ever, encourage or discourage these de- aggregate increase in time deposits was 4 cisions by their willingness to expand billion dollars in 1943, 7 billion in 1944, credit, and in purchasing securities banks and has been at a rate of 9 billion a year may bid them from other holders and thus in 1945. A continued growth, though at a take the initiative in expanding credit. reduced rate, seems likely in 1946. Need for further expansion in bank holdings of Government securities will BANK DEPOSITS AND CURRENCY depend upon whether the various nonbank investing groups absorb all of the securities which become available, as offered either by the Treasury or by other holders desiring cash, and upon the public's desire for additional cash holdings. It has been pointed out that the public debt will show little or no further increase in 1946. It seems likely that various demands from customary investment sources should be sufficient to absorb Government securities in amounts equal to redemptions and sales by others. In view of the large volume of cash already held by individuals and businesses and the likelihood that production and income will be at a somewhat lower level next year than they have been NOTE.—Figures are partly estimated. Deposits are for all banks in United States. Demand deposits-adjusted exclude U. S. Governduring the war, there should be little need ment and interbank deposits and items in process of collection. Time deposits include deposits in the Postal Savings System and in mutual for further additions to cash holdings. savings banks. Figures for July 1945 and subsequently are preliminary; latest figures are for September. 1098 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH The public demand for currency was the away from other holders. Banks hold major factor in the wartime expansion of substantial amounts of short-term low-rate Reserve Bank credit. When currency is Government securities which they can withdrawn from commercial banks, these readily sell to Federal Reserve Banks. banks must obtain it from the Reserve Some banks may sell such securities to the Banks, drawing on their reserve balances in Reserve Banks and purchase higher-yield the process. These reserve balances must issues in the market. This process makes then be- replenished, and this occasions available additional reserves, which are sales of Government securities to the Re- transferred to other banks, providing the serve Banks. basis for a multiple credit expansion. During 1945 the currency outflow, while In the transition period, moreover, there still substantial, has been slackening. In may be some shifting of deposits among the early spring the currency demand banks and areas. To meet drains of funds, slackened apparently in response to rumors some banks may need to dispose of a part of special measures that might be adopted to of their holdings of short-term securities. restrict currency holdings. Later the If these securities are purchased by the Treasury took action to require reports of banks gaining the funds, there will be no unusual currency transactions. Since the material change in the investment capacity end of hostilities there has been some of the banking system as a whole. If, further decrease in the outflow. In 1946 however, the process of transitional marketthe outflow of currency probably will be at ing should channel these securities to the a much reduced rate and might even cease. Reserve Banks, the reserves of the banking To the extent that expansion continues, community will be augmented, thereby the Reserve Banks will be called upon to establishing the possibility of further mulsupply additional credit. Should a return tiple credit expansion. That would give flow of currency develop, banks will have the commercial banking community the additional reserves which they could use funds to enter into competition with the as a basis for further credit expansion, other potential buyers. unless the Reserve Banks reduced their In view of the existing sources of demand holdings of Government securities. for Government securities and the reduced supply of new securities, prospects are for a POTENTIALITIES FOR CREDIT EXPANSION continued strong market for these securities. Although it appears likely that there Under the circumstances demands are particwill be little or no need for additional ularly strong for the intermediate and bank purchases of Government securities or long-term issues bearing the higher yields. for further expansion in bank deposits Such of these issues as can be held by banks during 1946, potentialities for credit ex- will be in demand by banks, while nonpansion continue to exist. Under present bank investors may be expected to buy conditions banks can increase their holdings principally the issues that are not eligible of Government securities by bidding them for purchase by banks. NOVEMBER 1945 1099 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS Distribution of ownership of demand deposits farmers' deposits declined slightly. It is noteamong different economic groups showed little worthy particularly because in many parts of change in the six months prior to the end of the country deposits of farmers are likely to be the war, a period of continued growth in the seasonally smaller in the summer months than total. This is brought out by an analysis of a at other times of the year. survey conducted by the Federal Reserve System as of July 31, 1945. Deposits of individuals, OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, PARTNER manufacturing and mining companies, public SHIPS, AND CORPORATIONS [In billions of dollars]* utilities, trade establishments, and financial businesses other than insurance companies all Amount outstanding Change January c in lo c s re e a s to e d t h a e t a ra r t a e t e o f o f g r a o b w ou th t 6 fo p r e r t h c e e n t t o , t w al h o ic f h a i l s l Ju 1 ly 94 3 5p 1, 3 Ja 1 n ,1 u 9 a 4 r 5 y r Ju 1 l 9 y 4 5 1 9 t 4 o 5 deposits for the period. Farmers' balances, con- Total domestic business 42.4 40.5 +2.0 trary to usual seasonal trends, increased some- Nonfinancial business—total 37.1 35.3 +1.9 what more rapidly than other personal balances, Manufacturing and mining 18.4 17.5 +0.9 Public utilities 4.0 3.7 +0.3 and noncorporate business deposits again Trade 10.9 10.3 +0.6 Other nonfinancial 3.8 3.7 +0.1 showed a greater rate of increase than corporate deposits.1 Financial business—total 5.3 5.2 +0.1 Insurance companies 1.8 1.9 ** Demand deposits of individuals, partner- Other financial 3.5 3.3 +0.1 ships, and corporations increased by an esti- Personal. . 23.0 21.5 +1.5 mated 3.7 billion dollars during the six-month Fanners 5.2 4.7 +0.5 Others 17.8 16.7 +1.1 period ended July 31, 1945 and reached a total Trust funds... . . . 1.5 1.4 +0.1 of 69.6 billion, as is shown in the table.2 The Nonprofit associations 2.0 1.9 +0.1 Foreigners—business and individuals 0.7 0.7 largest part of the increase was accounted for by Total . 69.6 65.9 +3.7 a x.o billion dollar growth in business deposits. p Preliminary. Personal deposits, including those of farmers, r Revised. * The figures in this table have been rounded to tenths of billions increased by 1.5 billion dollars over the period. from estimates with one more decimal place; therefore, the parts of totals may not add to total and changes may be different from those Deposits of trust funds and nonprofit organi- that could be computed from the figures shown in the table. ** Less than 50 million dollars. zations increased by comparatively small a- NOTE.—The figures on deposit ownership presented in this article are estimates of the balances as recorded by the books of all banks, and mounts, while those of foreigners declined as a consequence are different from figures that appear on the books of depositors. The former includes amounts represented by checks that slightly. have been drawn by depositors and deducted from their books but not yet charged off their balances on bank records. The latter includes The increase in demand deposits of individuals checks received by the payees which have been entered on their records but not yet deposited with the banks. was only half as much as in the preceding six-month period, but about as much as the The smaller additions to personal demand average for other half-year periods during the deposits during the period covered by this war. About one-third of the growth in persurvey than in the preceding six months were sonal deposits was added to the accounts of accompanied by a slackening in the outflow of farmers. This is in contrast to the developcurrency. On the other hand, individuals ment in the corresponding period last year when added more to their holdings of time deposits and War Savings bonds during this period than 1 Prior surveys of demand deposit ownership were discussed in the in prior six-month periods. Personal demand Federal Reserve BULLETIN of August 1943, pp. 713-16; October 1943, pp. 917-22; May 1944, pp. 432-35; November 1944, pp. 1069-76; and deposits at 2.3 billion dollars were two and a April 1945, pp. 331-34. 2 The comparison between the two dates Jan. 31, 1945, and July 31, half times larger than at the time of Pearl 1945 is believed to be relatively free of bias owing to war loan drives, inasmuch as the two surveys followed war loan drives by roughly equal Harbor, and total individual holdings of liquid time intervals. IIOO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS assets, including currency, demand deposits, nesses, including contractors, theaters, lawyers, time deposits, and United States Government doctors, and other service industries, increased securities, showed about the same rate of slightly in the aggregate. Balances of insurance growth. companies showed little change throughout the Demand deposits of businesses were about war period except for variations during and 4Z.4 billion dollars, compared with 15 billion between war loan drives. Deposits of financial in December 1941. Manufacturing and mining businesses other than insurance companies— companies accounted for half of the increase in real estate agents, investment trusts, brokers, deposits of domestic businesses. This increase loan companies, and similar enterprises— conof almost a billion dollars for manufacturing tinued to increase somewhat. and mining during the six months ending last Corporations owned over 75 per cent of busi- July, though considerably greater than the 300 ness deposits on July 31, 1945, and the increase million dollar increase in the preceding six in corporate deposits accounted for 1.3 billions months, is only slightly larger than the in- of the 2..0 billion dollar increase in business crease in the five-month period ended July 31 accounts. The rate of growth in corporate last year. Balances of wholesale and retail holdings, however, was smaller than that for trade establishments, which expanded more noncorporate business in both the manufacturing rapidly than those of other businesses during and mining and the trade groups. For the last the war, rose by 6co millions, as compared with three surveys business deposits have been classi- 1.5 billions in the previous period. Deposits of fied by corporate status of the holders, and the public utility, transportation, and communi- following table shows estimates of corporate cations companies, which had not changed in and noncorporate business deposits as of July the year and a half ending last January, in- 31, 1944, January 31, 1945, and July 31, 1945, creased by 300 millions in the following six and the change over the one-year period ended months. Accounts of other nonfinancial busi- July 31, 1945. DEMAND DEPOSITS OF CORPORATIONS AND UNINCORPORATED BUSINESS [In billions of dollars]* July 31, 1945P January 31, 1945r July 31, 1944 3 P 1 e , r c 1 e 94 n 4 ta t g o e J c u h l a y n 3 g 1 e , J 1 u 94 ly 5 Corporate cor N p o o n ra - te Corporate co N rp o o n ra - te Corporate cor N p o o n ra - te Corporate co N rp o o n r - ate Total domestic business 31.9 10.6 30.6 9.9 29.2 8.5 +9.2 +24.8 Nonfinancial business—total 27.9 9.2 26.7 8.6 25.6 7.4 +9.0 +24.8 Manufacturing and mining 16.6 1.8 15.8 1.7 15.7 1.5 +5.9 +23.4 Public utilities 3.8 0.2 3.6 0.2 3.6 0.1 +7.9 +35.7 Trade . . . 5.5 5.4 5.4 5.0 4.6 4.3 +20.4 +26.8 Other nonfinancial 2.0 1.8 1.9 1.8 1.8 1.5 +10.1 +19.6 Financial business—total 4.0 1.4 3.9 1.3 3.6 1.1 +11.2 +23.9 Insurance companies 1.7 0.2 1.7 0.1 1.6 0.1 +6.3 +66.7 Other financial. 2.3 1.2 2.1 1.2 2.0 1.0 +15.2 +20.0 * Owing to rounding, details may not add to total. p Preliminary. r Revised. NOVEMBER 1945 IIOI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LOANS FOR WAR PURPOSES by GERALD M. CONKLING Division of Bank Operations Loans for war purposes outstanding at all cularly in loan drives that have occurred near commercial banks in the United States declined the reporting date. to an estimated 3 billion dollars in June 1945 after reaching an estimated peak of 3.5 billion TABLE 1 at the end of 1943. As shown in Table 1, the WAR LOANS OUTSTANDING AT ALL COMMERCIAL BANKS [Dollar amounts in millions] increase in these loans was very rapid during 1941 and at a much lower rate during 1943; the Regulation V Total guaranteed loans ensuing decline has been gradual. The decline loans for Other during the first half of 1944 resulted from a Call date pu w rp a o r ses Percent- loa w ns a r (es- (esti- age of timated) continued decline in loans not guaranteed under mated)1 Amount total war loans Regulation V, which reached a low close to 1 1941—December 31 $1,300 $ $1,300 billion dollars on June 30, 1944. Conversely, in 1942—June 30 2,250 81 4 2,150 the latter half of the year, a decline of over 0.3 December 31 2,950 804 27 2,150 billion dollars in guaranteed war loans was 1943—June 30 3,250 1,428 44 1,800 offset by an increase in other war loans. During December 31 3,500 1,914 55 1,600 1944—June 30 3,150 2,064 66 1,100 the first half of 1945 a further decline of over December 30 3,200 1,736 54 1,450 0.3 million dollars in the guaranteed portion was 1945—June 30 3,000 1,387 46 1,600 only partly offset by a further increase in other 1 For brief description of method, see p. 1103. war loans. The guaranteed portion of total war loans, which had reached 66 per cent by WAR LOAN SURVEYS OF THE ABA June 30, 1944, declined during the last two The estimate of total war loans for all comsemi-annual periods to 46 per cent in June 1945. mercial banks is based largely on statistics Until around mid-1944, the tendency was for collected and released by the American Bankers banks to shift their credits from an unguaranteed Association. Beginning December 1940, the to a guaranteed status. There are a number of Association has periodically sent questionpossible explanations of the subsequent reversal naires to about 500 of the largest banks in the of this tendency: (1) Businesses generally were United States requesting data regarding war in a better financial condition than in the earlier loans outstanding and commitments to make stages of the war, and their experience in war additional war loans. Banks were requested to production tended to reduce credit risk; banks report the number of these loans and to classify were more willing to extend credit on an un- them as to purpose: For plant facilities and guaranteed basis. (2.) War contracts were in construction (defined in the recent questionnaires financially stronger hands. (3) The "other as "loans to finance the building of plants, war loan" category undoubtedly includes some cantonments or other construction related to loans only indirectly related to the war. For the war program, including defense housing example, some loans were being classified as financing"); and for all other purposes (defined commercial loans for war purposes when in all as "working capital loans to manufacturers for probability the main purposes were either to production of supplies and equipment for war broaden the borrowers' capital structure base for purposes; loans to industries directly or incomputing excess profits taxes or to purchase directly contributing to the war effort"). Both United States Government obligations, parti- of these classifications have been subdivided to IIOX FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LOANS FOR WAR PURPOSES show Regulation V loans separately, and the all dates reported. They continued to inplant facilities and construction classification crease during 1944 after the volume of outhas also been subdivided on most dates to show standing loans began to decline, and on the emergency plant facility loans. The results of two most recent dates they amounted to over these statistics, collected by the American twice the volume of loans outstanding. Bankers Association on a quarterly basis through December 1942. and semi-annually ESTIMATED WAR LOANS AT ALL COMMERCIAL thereafter until the surveys were discontinued BANKS following the reports of June 1945, are sum- By applying some of the results of the Amerimarized in Table 1. can Bankers Association survey of selected large TABLE 2 SUMMARY OF ABA SURVEYS OP LOANS FOR DEFENSE AND WAR PURPOSES, 1940-1945 [Dollar amounts in millions] Number of banks reporting Number Loans outstanding Commitments outstanding of cities rep- End of month Total D o l e r o f a w e n n a s s r e No lo a s n u s ch s b r u r e y e c p s h o b e r a n l t o n t i e a n k d n g s s Numbe T r ota A l mount f a s a t n P r c d u i l l a c i c n t t o i i t e o n s n - ot A h l e l r Total s f a a t n r P c d u i l l c a i c t n t o i i t o e n s n - ot A h l e l r 1940—December 221 196 25 80 3,233 $ 248 $ 8 $ 240 $ 326 $ 62 $ 264 1941—March 398 345 53 137 4,411 429 32 397 505 98 407 June 403 369 34 142 9,154 682 208 474 619 305 314 September 407 376 31 146 14,504 873 294 579 892 339 553 December 422 391 31 152 16,715 1,080 340 740 1,149 375 774 1942—March 424 406 18 159 24,908 1,559 407 1,152 1,561 488 1,073 June 433 423 10 162 33,845 2,057 527 1,530 2,122 496 1,626 September 431 421 10 167 36,590 2,400 554 1,846 2,635 499 2,136 December 423 414 9 165 35,787 2,527 512 2,015 3,395 402 2,993 1943—June 428 419 9 178 33,760 2,719 346 2,373 4,195 332 3,863 December 452 436 16 184 44,173 3,301 385 2,916 5,125 294 4,831 1944—June 448 430 18 186 31,297 2,746 116 2,630 5,421 176 5,245 December 450 429 21 186 31,433 2,811 173 2,638 5,817 148 5,669 1945—June 439 416 23 181 25,056 2,335 150 2,185 5,240 108 5,132 On most dates during 1941 and 1941, the banks to data for commercial loans at member volume of loans for plant facilities and con- banks, rough estimates have been made of loans struction represented from one-fifth to one- for war purposes at all commercial banks since third of total loans outstanding for defense December 1941. In general, the banks reand war purposes; after 1942-, the relative porting to the Association correspond roughly importance of this class of loans declined rap- to the weekly reporting member banks and to idly. The largest amount of these construction central reserve and reserve city banks. This loans was outstanding in September 19421; similarity and the survey of commercial loans thereafter they declined substantially. Other at member banks made by the Federal Reserve working capital loans for war purposes con- System in 1942. are the basis of the estimates.1 tinued to increase to December 1943, when total The survey showed that the proportion of war loans at the reporting banks were at their commercial and industrial loans being made for peak. The average loan outstanding has ranged war purposes at country banks was between between $60,000 in reports for September 1941 two-thirds and three-quarters of the proportion and June 1942., and $93,000 in reports for June at central reserve and reserve city banks. In estimating war loans at all commercial banks, 1945- Commitments outstanding for future loans were greater than loans outstanding on nearly 1 For description of the survey, see Federal Reserve BULLETIN for August 1942, pp. 768-73. NOVEMBER 1945 1103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LOANS FOR WAR PURPOSES the holdings of such loans at central reserve loans in the American Bankers Association and reserve city banks have been computed at series as compared with the more stable series the same proportions as shown in the Asso- of member banks in central reserve and reserve ciation surveys, and the holdings at other cities. For several dates it was necessary to banks have been computed on the assumption adjust the results for variations in bank coverage that the war loan portion of commercial and in the Association statistics; and for the Decemindustrial loans has been 70 per cent of the ber 1941 estimate of loans for war purposes corresponding ratio at central reserve and re- shown in Table 1, it was assumed that the banks serve city banks. reporting to the American Bankers Association were identical with the weekly reporting mem- TABLE 3 ber banks. It should be noted that the Associa- COMPARISON OF ABA REPORTING BANKS AND CENTRAL RE- SERVE AND RESERVE CITY BANKS—NUMBER OP BANKS tion series shown in Table 3 includes only those AND TOTAL LOANS EXCEPT MORTGAGE LOANS1 banks that reported some war loans, whereas [Dollar amounts in millions] the reserve series includes all central reserve Nu B m a b n e k r s of Total loans l e o x a c n e s p 1 t mortgage and reserve city banks. Call date l R i o n A a e g B n p w s A o r a 2 t t r o - C r re e e c a s s n i e e n t t r r y d r v v a e e l r w t e o B a p r a o A l n r o B t k i a A s n n g 2 s s a e C r b n e r e v a s d n e e n t r k r r c v e s a i e - l ty a s R P o e g f s e e r e e r s i A r c e e r i s e a r B e v n t s A t i e t o o - W an A T d R a b o l L t e h O e A 4 r N s S l h o o a A w n T s s I h a N e S l c U d l R as E b s D y if ic C i a n O t s i M u o r M n e E d R o C f c IA o w m L a m r B e l A r o c N a i K n a s l S banks during the war. From December 1941 1942—June 30.... 423 403 i$12,578 i$l1,536 109.03 Dec. 31.... 414 404 9,525 9,424 101.07 to June 1943, when war loans were rapidly in- 1943—June 30.... 419 404 8,575 8,724 98.29 creasing, loans in several other principal cate- Dec. 31.... 436 407 f0,987 10,084 108.95 gories were declining and there was a net 1944—June 30.... 430 405 12,182 11,804 103.20 Dec. 31.... 429 406 12,658 12,277 103.10 decline of nearly 4 billion dollars in total loans. 1945—June 30.... 416 409 12,758 13,996 91.15 The low point for the non-war portion of com- 1 With the exception of June 30, 1942, when total loans were re- mercial and industrial loans was also reached ported. 2 Excludes banks that reported no war loans. in June 1943. Since that date total loans have Table 3 shows the fluctuations in the number increased to a level higher than at the beginning and the loan coverage of banks reporting war of the war. TABLE 4 WAR LOANS AND OTHER LOANS OUTSTANDING AT INSURED COMMERCIAL BANKS IN THE UNITED STATES SEMI-ANNUAL CALL DATES, 1941-1945 [In millions of dollars] Commercial and industrial loans Loans for Call date T lo o a t n a s l Total Wa ( r E i stim I ate O d) ther Agr l i o c a u n lt s ural o p s r u e r c c c u a h r r a i r s t y i i e i n n s g g Rea l l o a e n s s tate O c th m o e n a r s i u n lo m ly a e n r s, 1941—Dec. 31.. 21,258 9,214 1,300 7,900 1,450 1,276 4,773 4,545 1942—June 30.. 19,920 8,867 2,250 6,600 1,164 1,189 4,770 3,928 Dec. 31.. 18,903 7,757 2,950 4,800 1,642 1,547 4,646 3,311 1943—June 30... 17,390 6,887 3,250 3,650 1,316 1,805 4,547 2,833 Dec. 31... 18,841 7,777 3,500 4,300 1,505 2,336 4,437 2,786 1944—June 30. 20,729 7,406 3,150 4,250 1,474 4,517 4,364 2,968 Dec. 30.. 21,352 7,920 3,200 4,700 1,723 4,534 4,343 2,832 1945—June 30. 23,376 7,501 3,000 4,500 1,632 6,714 4,413 3,116 1 Estimate of]war loans at all commercial banks, the same as in Table 1. It is probable that war loans at noninsured commercial banks have not exceeded from 10 to 20 million dollars at any date. IIO4 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LOANS FOR WAR PURPOSES On June 30, 1945, all classes of loans shown in on real estate have declined steadily throughthe table, except loans for war production and out nearly the entire period. They increased real estate loans, were at a higher level than slightly, for the first time, in the first half of they had been two years earlier. The greater 1945. ''Other" loans, a large part of which part of the increase, however, was in the volume are consumer loans, declined rapidly through of outstanding loans for purchasing and carrying 1941 and the first half of 1943; since the low securities, especially United States Goverment point at the end of 1943 there has been a modsecurities. These loans have increased cumu- erate increase. latively throughout the period. They have It appears likely that a substantial portion of fluctuated widely with war loan drives, usually the increase in non-war commercial loans since reaching their peak around the end of a drive June 1943 has reflected loans for purchasing and declining gradually to a low point shortly Government securities. This was particularly preceding the next drive. At the end of June true in the last half of 1943, when non-war 1945, close to the end of the Seventh War Loan, commercial loans increased more than 0.6 billion these loans were near a new wartime peak of dollars. Although the commercial loan item 6.7 billion dollars. on the call report is intended to exclude loans Changes in agricultural loans outstanding for purchasing or carrying securities, it seems (excluding farm mortgages) are usually largely probable that a number of loans have been seasonal, but on successive June and December classified as commercial which were for the dates throughout the war period they have purpose of replenishing working balances used increased, slowly and almost steadily. Loans in purchasing Government securities. NOVEMBER 1945 1105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, FIRST HALF OF 1945 Net profits of member banks after income Salaries and wages continued to increase and taxes in the first half of 1945 aggregated 391 amounted to 2.72. million dollars in the first half million dollars, an increase of 77 million over of 1945. Continued growth in time deposits the first half of 1944. Net current earnings resulted in an increase in interest payments, but increased 60 million dollars.1 Cash dividends the average rate paid on these deposits was also increased, but not substantially. Nearly- unchanged from the previous year. This item of all major items of income and profits were expense has been increasing since it reached its higher, including increases of 94 million dollars low point in 1943. in earnings on securities and 74 million in Profits on securities sold were more than profits on securities sold. These were offset double the amount in the corresponding period in part by increases of 54 million dollars in of 1944 and were higher than in any year since expenses and 48 million in taxes on net income. 1940. Losses and charge-offs on loans declined As a result of the increased holdings of se- about 13 million dollars and other losses and curities, interest and dividends on securities charge-offs declined slightly. The excess of all continued to increase in amount, but the annual recoveries and profits over losses and charge-offs rate of return remained unchanged at 1.5 per was 113 million dollars as compared with 49 cent. Earnings on loans showed little change million in the first half of 1944. from recent comparable periods, notwith- Net current earnings on an annual basis standing a moderate increase in holdings since amounted to 11.6 per cent of total capital the first half of 1944. The annual rate of accounts as compared with 10.8 per cent in the return on loans declined to 3.0 per cent, con- first half of 1944 and 11.1 per cent in the calendar tinuing the downward course that has been in year. Net profits on total capital accounts progress for several years. Other items of amounted to 11.0 per cent as compared with 9.5 earnings showed small increases. per cent in the first half of 1944 and 9.7 per cent for the year. For details of earnings, expenses, etc., in >n net income. For composition of net current earnings and net the first half of 1944 and 1945, see page 1161. >rofits, see summary table on this page and detailed table on page 1161. MEMBER BANK EARNINGS [Amounts in millions of dollars] Year First half Item 1940 1941 1942 1943 1944 1940 1941 1942 1943 1944 1945 Earnings 1,323 1,417 1,487 1,650 1,874 649 681 726 783 901 1,016 On securities 431 445 540 766 960 214 215 248 352 453 547 On loans1 595 665 649 563 563 290 318 329 280 276 284 Service charges on deposit accounts., 59 65 68 76 86 29 32 34 36 43 44 Other earnings1 238 242 230 245 265 116 116 115 115 129 141 Expenses1 921 1,002 1,039 1,127 455 475 520 r503 601 Salaries and wages 400 426 461 487 525 195 204 223 234 253 272 Interest on time deposits 147 140 128 124 144 75 71 65 61 68 87 Taxes other than on net income1 100 129 81 84 83 49 57 78 39 40 41 Other expenses1 273 293 331 344 375 136 143 154 168 185 201 Net current earnings1 402 429 485 611 747 194 206 206 r281 r355 415 Recoveries, profits on securities, etc 303 278 188 312 318 143 129 86 129 164 214 Losses and charge-offs1 356 318 223 251 232 175 137 122 111 115 101 Net profits before income taxes ... /451 673 833 0) 0) (299 403 529 Taxes on net income 115 184 \ 53 90 138 Net profits 349 390 383 162 198 170 557 649 246 314 391 Gash dividends declared2.. 210 211 203 100 101 101 208 226 102 108 116 Number of banks at end of period. 6,486 6,619 6,679 6,738 6,814 6,398 6,556 6,647 6,703 6,773 6,840 r Revised to exclude taxes on net income from expenses; see following footnote. 1 The following changes in reporting are reflected in the annual figures beginning with 1942 and in the figures for the first half of the year beginning with 1943: (a) earnings on loans include ''service charges and fees on loans," an item previously included in other earnings; (b) taxes on net income, previously included with other taxes in expenses, are a separate item; (c) recurring depreciation on real estate, previously included in losses and charge-offs, is included in expenses. 2 Includes interest on capital notes and debentures. no6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR ECONOMIC STUDIES NO. Public Finance and Full Employment, the third No. 4—Prices, Wages, and Employment. of the postwar pamphlets prepared by staff mem- Three papers by Charles O. Hardy, bers of the Board of Governors and the Federal Kenneth B. Williams, and Howard Reserve Banks, will be available in December. S. Ellis. The papers included in this pamphlet are the No. 5—Private Capital Requirements. following: "Fiscal Policy, Stability, and Full Two papers, one by Frederick C. Dirks Employment" and "Federal Tax Reform," by and one by Susan S. Burr and Ernest Richard A. Musgrave; "Public Debt and Na- J. Hopkins. tional Income," by Evsey D. Domar; "Monetary No. 6—Housing, Social Security, and Public Aspects of National Debt Policy," by Roland I. Works. Robinson; "Public Debt and Income Flow," by Three papers by Ramsay Wood, Eliot Henry C. Wallich; and "State and Local J. Swan, and Walter F. Stettner. Finance," by George W. Mitchell, Oscar F. No. 7—The United States in World Trade and Litterer, and Evsey D. Domar. Critical com- Finance. ments on the papers, prepared by Alvin H. Three papers by Walter R. Gardner, Hansen, Charles O. Hardy, and Simeon E. Lloyd A. Metzler, and Robert Lei and, are appended. Triffin. The Board of Governors has authorized publi- No. 8—Federal Reserve Policy. cation of the series of eight pamphlets, of which This pamphlet will contain papers in Public Finance and Full Employment is one, in the which monetary and credit controls belief that it may be of value in furthering the are discussed in the light of changes discussion of the many difficult questions with wrought by the war in monetary which the country is faced in the postwar and credit conditions. As backperiod. There is no official endorsement of any ground for the discussion of warof the opinions or proposals made by the time developments, there will be a authors. A complete list of the pamphlets and review of Federal Reserve policy their authors follows: since the establishment of the Sys- No. i—Jobs, Production, and Living Stand- tem and of the general and selective ards. instruments of credit control which Three papers by E. A. Goldenweiser, have been available to credit au- Everett E. Hagen, and Frank R. thorities. Garfield. Individual pamphlets may be purchased for No. 2.—Agricultural Adjustment and Income. i5 cents each, or for 15 cents each for group pur- Three papers by Arthur C. Bunce, chases of ten or more in single shipment. The William H. Fisher, and Earle L. Rauber. price for the set of eight pamphlets is $1.2.5. No. 3—Public Finance and Full Employment. Orders should be sent to the Division of Ad- Six papers and Critical Comments by ministrative Services, Board of Governors of the the authors listed in the text above. Federal Reserve System, Washington 2.5, D. C. NOVEMBER 1945 1107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Federal Reserve Meetings ary 2.6, 1942., he was appointed Vice President as well as General Counsel. The Conference of Presidents of the Federal Reserve Banks met in Washington, D. C, on Admissions of State Banks to Membership in the October 15 and 16, 1945. The Presidents met Federal Reserve System with the Board of Governors of the Federal The following State banks were admitted to Reserve System on October 18, 1945. membership in the Federal Reserve System A meeting of the Federal Open Market during the period September 16, 1945 to October Committee was held in Washington, D. C, on 15, 1945, inclusive: October 17, 1945. The Conference of Chairmen of the Federal Mississippi Reserve Banks met in Washington, D. C, on Columbus—Merchants & Farmers Bank October 2.9 and 30, 1945. Yazoo City—Bank of Yazoo City Appointment of Mr. Dunn as First Vice President of the Federal Reserve Bank of Chicago Nebraska Mr. Charles B. Dunn, Vice President and Tecumseh—-Johnson County Bank General Counsel of the Federal Reserve Bank New Jersey of Chicago was appointed First Vice President effective October 2.5, 1945, to succeed Mr. H. P. Paterson—Broadway Bank & Trust Company Preston who resigned to accept the presidency New York of the Hamilton National Bank of Knoxville, Tennessee. Holland—Bank of Holland Mr. Dunn has served as General Counsel of Ohio the Federal Reserve Bank of Chicago from January 1, 1934 to October 2.5, 1945- On Febru- Orwell—The Orwell Banking Company THE FEDERAL REGISTER Following is an announcement regarding the Foreign Relations, Housing, Labor Relations, Federal Register which is printed in the Bulletin Mineral Resources, Price Control, Priorities, by request: Reconversion, Securities, Shipping, Surplus Prop- The Federal Register publishes daily the full erty, Taxation, Transportation, Wages and text of Presidential Proclamations and Execu- Hours. A sample copy of the Federal Register tive Orders and any order, regulation, notice, or and additional information may be secured on similar document promulgated by Federal Ad- request to the Federal Register, National ministrative agencies which has general applic- Archives, Washington 2.5, D. C. Orders for ability and legal effect. A partial list of copies at the rate of $1.50 a month and $15.00 a subjects covered includes: Agriculture, Aviation, year may be sent to the Superintendent of Business Credit, Communications, Contracts, Documents, U. S. Government Printing Office, Customs, Fair Trade Practice, Food and Drugs, Washington 2.5, D. C. 1.108 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled October 24^ and released for publication October 26. Figures shown on charts may differ from preliminary figures used in text. Output and employment at factories producing ferrous metals, lumber, and stone, clay and war products declined further in September but glass products decreased somewhat in September. production and incomes in most other sectors Production of nondurable goods, as a group, of the economy were maintained or increased showed little change in September, as further somewhat. Retail buying in September and reductions in output of war products in the the first half of October continued above year chemical, petroleum, and rubber products inago levels. dustries were offset by increases in output of most civilian-type products. Output of textile INDUSTRIAL PRODUCTION yarns and fabrics, shoes, meats, beverages, Industrial production declined eight per cent cigarettes, and paper products increased. in September, reflecting mainly the continued Output of minerals declined in September rapid liquidation of output for war purposes, due mainly to an eight per cent decrease in and the Board's seasonally adjusted index was crude petroleum production. Coal production 172. per cent of the 1935-39 average as comincreased in September but in the first three pared with 187 in August and 2.10 in July. weeks of October dropped sharply as a result Reduced activity in the machinery and of work interruptions at bituminous coal mines. transportation equipment industries continued Contracts awarded for private construction, to account for most of the decline in the total according to the F. W. Dodge Corporation, index. Output in these industries during Sepincreased further in September, reflecting the tember was about one-fifth below the August largest volume of awards for nonresidential average and one-half of the rate at the beginning building in many years. Private residential of the year. Steel production, on the other awards showed little change and publiclyhand, was five per cent larger in September than financed construction declined further. in August. In the first three weeks of October, however, steel mill operations declined sub- EMPLOYMENT stantially owing largely to a temporary re- Employment at factories showed a decline of duction in coal supplies. Output of non- about 600,000 during the month of September, COST OF LIVING INDUSTRIAL PRODUCTION 1935-3! PHYSICAL VOLUME SEASONALLY ADJUSTED, 1935-39 160 150 150 ^/ 140 140 ^£> ^- / 130 130 CLOTHIN fEMS 120 120 -'ALL H 110 ^y— RFNT no 100 100 \ '' 1937 1938 1939 1940 1941 1942 1943 J944 1945 1940 1942 1944 1940 1942 1944 Bureau of Labor Statistics' indexes. Last month in each calendar Federal Reserve indexes. Groups are expressed in terms of points quarter through September 1940, monthly thereafter. Midmonth in the total index. Monthly figures, latest shown are for September. figures, latest shown are for August. NOVEMBER 1945 1109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS as compared to a decrease of 1,600,000 workers BANK CREDIT during August, reflecting a much smaller re- Rising reserve requirements, resulting from duction of munitions employment in September expanded deposits of businesses and individuals, and some increases in other industries. Em- and an increase in currency in circulation acployment in most nonmanufacturing lines, counted for continuing needs for reserve funds except Government service, was maintained or by banks between the middle of September and increased slightly, after allowing for seasonal the middle of October. These needs were changes. supplied through decreases in Treasury and nonmember deposits at Federal Reserve Banks. DISTRIBUTION The amount of Reserve Bank credit outstanding Department store sales in September showed showed little change in the period. Money in about the usual sharp seasonal increase and the circulation increased by 175 million dollars dur- Board's adjusted index was 199 per cent of the ing the four weeks ended October 17; this was a 1935-39 average. This was at the same high smaller growth than has been customary in level as the average for the first half of 1945 recent years reflecting in part some currency and was seven per cent above that for September inflow following the mid-September tax date. 1944. In the first two weeks of October sales Holdings of Government securities and member were 11 per cent larger than in the corresponding bank borrowing at the Reserve Banks increased period last year. fairly substantially in the latter part of Sep- The total volume of railroad revenue freight tember concurrent with a temporary rise in was maintained in September at the August Treasury deposits, but both were later reduced. rate and was only eight per cent lower than This reduction in security holdings was in last year's high level. In the early part of Treasury bills and accompanied an increase in October shipments of coal and coke declined member bank holdings of bills. substantially as a result of the drop in coal At reporting banks in 101 leading cities loans production. for purchasing and carrying Government se- COMMODITY PRICES curities declined by 550 million dollars during Prices of cotton, grains, and most other farm the four weeks ended October 17; commercial products increased somewhat from the middle loans increased somewhat, and holdings of of September to the middle of October, following securities showed little change in the aggregate. decreases in the previous six weeks. Prices Loans on Government securities remained well of most industrial products continued to be above amounts outstanding immediately prior maintained at Federal maximum levels. to the Seventh War Loan. MEMBER BANKS IN LEADING CITIES INCOME PAYMENTS TO INDIVIDUALS BILLIONS OF DOLL. ANNUAL RATES, SEASONALLY ADJUSTED BILLIONS OF DOLLARS BILLIONS OF DOLLARS 180 I 140 1940 1942 1944 1940 1944 Demand deposits (adjusted) exclude U. S. Government and inter- Based on Department of Commerce estimates. Wages and salaries bank deposits and collection items. Government securities include include military pay. Monthly figures raised to annual rates, latest direct and guaranteed issues. Wednesday figures, latest shown are shown are for September. Oct. 24. IIIO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGB Member bank reserves, Reserve Bank credit, and related items 1113 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements 1114-1115 Federal Reserve Bank statistics 1115-1119 Guaranteed war production loans 1119 Deposits and reserves of member banks 1119-11x0 Money in circulation IIXI-IIZZ Gold stock; bank debits and deposit turnover 112.Z Deposits and currency; Postal Savings System; bank suspensions 1113 All banks in the United States, by classes 11x4-11x5 All insured commercial banks in the United States, by classes 11x6-11x7 Weekly reporting member banks 11x8-1131 Commercial paper, bankers' acceptances, and brokers' balances 113X Money rates and bond yields 1133 Security prices and new issues 1134-1135 Corporate earnings and dividends 113 6 Treasury finance 1137-1139 Government corporations and credit agencies. 1140 Business indexes . 1141-1150 Department store statistics . 1151-1153 Consumer credit statistics 1154-1155 Wholesale prices 1156 Gross National Product, National Income, and Income Payments. 1157 October crop report, by Federal Reserve districts 1158 Current statistics for Federal Reserve chart book . 1159-1160 Member Bank Earnings. . 1161 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System arc derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other scries on business activity arc obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monttary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. NOVEMBER 1945 n il Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 30 30 15 10 1938 1939 1940 1941 1942 1943 1944 1945 Wednesday figures, latest shown are for Oct. 24. See p. 1113 . III! FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [ In millions of dollars ] Reserve Bank credit outstanding Member bank reserve Date v c a o D a a n u n i d c s n d - - e t s s ] T U o . t a S l . s e G c o u v ri e t r i n e m s e o n A t t h l e l r o A th l e l r* Total s G to o c l k d T s r r t u e c o e a i n u n r a u n y c r g s t d - y - - - M i c n t o u i c o n la i n e r - y - ! T c h i r u n a o e r s g l a y h d s s - - | u F T p r B e w s y o r d R e a e i s r e n d e t a i v h r - t k e s a e s - - s l b p m N e o r e o s m d i n t e - s - - c O s F o e e R a t e u r r h c v e a d n - e - e l - t r s Tot b a a l lan E c x e c s ess2 Monthly averages of daily figures: 1944—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 Sept 109 16,383 4,054 2,330 453 16,945 20,872 4,114 23,525 2,383 495 1,674 379 13,476 983 1945—July 163 21,593 18,793 2,800 459 22,215 20,203 4,153 26,918 2268 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 Sept ...... 398 22,877 20,051 2,827 434 23,709 20,090 4,221 27,765 2,261 609 1,499 470 15,414 1,063 End of month figures: 1944—July 31 37 14,915 2,447 2,468 374 15,325 20,996 4,109 22,699 2346 388 1,779 363 12,855 975 Aug. 31 95 15,806 3,456 2,350 299 16,201 20,926 4,114 23,292 2,374 381 1,753 369 13,072 801 Sept. 30.... 49 16,653 14,342 2,311 410 17,113 20,825 4,112 23,794 2,363 349 1,612 384 13,548 1,062 1945—July 31 302 21,717 18,906 2,811 340 22,359 20,152 4,199 27,108 2258 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 Sept. 29.... 334 23,328 20,418 2,911 420 24.082 20,073 4,251 27,826 2,246 854 1,487 473 15,520 1,153 Wednesday figures: Dec. 6... 383 18,311 15,522 2,789 435 19,130 20,668 4,122 25,107 2337 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 2348 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 2369 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 2377 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 2368 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 2372 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 2370 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 2380 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 2371 648 1,634 402 13,884 869 Feb. 1 .... 200 19,062 16,340 2,722 442 19,703 20,548 4,126 25,411 2372 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 2389 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 2384 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 2355 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 2365 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 2364 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 2360 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 2356 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 2379 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 2364 409 1,553 439 14,593 946 Apr. 18... 341 20,153 8,037 2,116 478 20,973 20,396 4,117 26,068 2374 430 1,594 437 14,582 806 Apr. 25.... 508 20,444 8,331 2,113 358 21,310 20,374 4,120 26,074 2371 651 1,563 437 14,708 835 569 20,479 18,374 2,104 358 21,406 20,374 4,130 26,204 2382 423 1,571 438 14,892 927 552 20,720 18,617 2,103 318 21,589 20,352 4,132 26,312 2384 447 1,463 439 15,029 961 487 20,668 18,555 2,113 432 21,587 20,351 4,137 26,372 2376 102 1,541 438 15,246 1,045 724 20,929 18,809 2,120 327 21,980 20,271 4,142 26,399 2319 526 1,592 440 15,117 866 21,023 18,891 2,132 349 22,258 20,270 4,141 26,500 2315 426 1,619 439 15,371 1,113 912 20,896 18,126 2,771 398 22,207 20,268 4,145 26,513 2314 352 1,546 443 15,452 1,098 852 21,103 18,323 2,780 392 22,347 20,268 4,146 26,533 2292 170 1,550 444 15,771 1,237 307 21,507 18,710 2,797 473 22,287 20,265 4,145 26,536 2297 347 1,710 452 15,354 1,454 203 21,693 18,896 2,797 315 22,211 20,263 4,144 26,628 2314 687 1,774 454 14,760 1,362 39 21,745 18,948 2,798 464 22,249 20,213 4,145 26,834 2285 667 1,647 450 14,722 1,408 73 21,544 18,747 2,798 411 22,028 20,214 4,145 26,932 2230 585 1,617 453 14,570 1,136 126 21,613 18,816 2,798 430 22,170 20,213 4,144 26,901 2274 690 1,553 450 14, 660 1,048 229 21,570 18,871 2,799 331 22,129 20,212 4,144 26,926 2279 594 1,539 450 14,699 994 399 21,877 19,066 2,811 288 22,564 20,152 4,198 27,130 2260 678 1,532 454 14,861 1,063 353 21,910 19,099 2,811 342 22,606 20,151 4,197 27,269 2269 538 1,588 457 14,833 1,066 312 21,869 19,058 2,811 601 22,782 20,130 4,198 27,351 2257 398 1,643 458 15,004 1,132 400 22,296 19,466 2,829 447 23,142 20,088 4,201 27,506 2248 671 1,557 458 14,992 1,018 442 22,358 19,516 2,841 263 23,063 20.Q88 4,215 27,600 2262 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 2269 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 2267 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 2268 428 1,525 475 15,552 1,039 Sept. 26.. 422 23,186 20,306 2,880 285 23,892 20,093 4,222 27,729 2263 961 1,506 475 15,274 893 Oct. 3.. 314 23,212 20,297 2,916 294 23,821 20,072 4,248 27,853 2,268 648 1,469 484 15,420 1,001 Oct. 10.. 313 23,272 20,357 2,916 338 23,923 20,040 4,257 27,962 2,282 535 1,419 485 15,537 1,027 Oct. 17.. 316 22,901 19,985 2,916 482 23,699 20,039 4,262 27,952 2249 293 1,324 482 15,700 pl,038 Oct. 24.. 389 23,089 20,192 2,898 312 23,790 20,038 4,270 27,974 2,248 295 1,349 482 15,751 PI,017 p Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 2 End of month and Wednesday figures are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. NOVEMBER 1945 1113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect October 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks Government obligations secured by direct obligations of the U. S. Federal Reserve Bank A G c d a t o i l v o l v a a n e n b s r c l n e m e m s i a n e s t n u e o t c r n i u o n e r b g e y l d i e o g a b r a r y - b m e a d y t i o u s n c r d i o n u o g n n t o e s r y o c e f a a l a r l n a a b d n l d e Other [ s S e e c c u . re 1 d 0 ( a b d )] vances (last par. Sec. 13) or less (Sec. 13) advances secured by (Se e e li s g . i 1 b 3 le a p n a d p e 1 r 3a)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 Sept. 1, 1939 Oct. 27, 1942 New York Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 Philadelphia Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Cleveland Oct. 27, 1942 Apr. 11, 1942 Sept. 12, 1942 Apr. 11, 1942 Oct. 27, 1942 Richmond Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 Oct. 15, 1942 Sept.16, 1939 Oct. 15, 1942 Chicago Oct. 17, 1942 Feb. 28, 1942 Aug. 29, 1942 Sept. 1, 1939 Oct. 17, 1942 St. Louis Oct. 27, 1942 Mar. 14, 1942 Mar. 14, 1942 Sept.16, 1939 Oct. 27, 1942 Minneapolis Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 Kansas City Oct. 27, 1942 Apr. 11, 1942 Oct. 27, 1942 Sept.16, 1939 Oct. 27, 1942 Dallas Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Sept.16, 1939 Oct. 17, 1942 San Francisco Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners'Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439Ht43. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS [Per cent per annum] AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT* Maturity ( R O a c t t e . o 3 n 1 In g i e n f n fe i c n t g — be- Pre ra v t i e ous r[In M eff a e t c u t r O iti c e t s o b n e o r t 3 1 e . x ce P e e d r i c n e g n t f iv p e e r y a e n a n rs um] T B r a e n a k s e u r r s y ' a b c i c ll e s p 1 tances:2 Vs Apr. 30, 1942 To c o in m d m us e t r r c i i a a l l or To financing institutions 1- 90 days V2 Oct. 20, 1933 1 businesses 91-120 days % Oct. 20, 1933 1 121-180 days Oct. 20, 1933 1M On discounts <>r Federal Reserve purchises 1 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 l h e ls e f o o s re e ff l e l m e re r a d , t . w ur e i E r t e y f f , e m c w a ti d o v e u e l d o A n s u e c g l o . l n 3 b d , a it c 1 i k 9 o 4 n 2 b , i t l h p ls u a t r c o h t f h as e li e k s R e e o s a f e m r s v o u e u c n h B t b a a i n n l k l d s , , lo O an n s , 2 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 it n m 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 2 Minimum buying rates on prime bankers' acceptances. obligated Back -figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. Boston , /4\ New York (3) (4) Philadelphia n (4 Cleveland t^\ >4 Richmond /3\ >4 GUARANTEE FEES AND MAXIMUM INTEREST AND COM- Atlanta.: /3\ (4 MITMENT RATES CHARGEABLE UNDER REGULATION Chicago 2)4-5 234-5 V ON LOANS GUARANTEED BY WAR DEPARTMENT, St. Louis 1-13^ (4° NA S V IO Y N A D N E U D P N A D C R E O T R N M T E E R X N A E T C C , T U A T S N I E V D T E T M L O A E R R M D IT E E R I N M T N E A O C C . O T 9 M 11 M 2 IS- M K D a a in n ll n s a a e s s a . p . C . o . i l . i t s y.. ( ( 3 3 j ) ( (4 4 ; ) OF 1944 San Francisco v ; [Rates in effect October 31] 1 See table on maximum interest and commitment rates chargeable FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS under Regulation V for rates on guaranteed Section 13b loans. 2 Including loans made in participation with financing institutions. Guarantee fee 3 Rate charged borrower less commitment rate. (In terms of per- 4 Rate charged borrower. Percentage of loan guaranteed centage of amount 5 May charge rate charged borrower by financing institution, if lower. of interest payable 6 Charge of }/i per cent is made on undisbursed portion of loan. by borrower)3- Back figures.—See Banking and Monetary Statistics,Table 118, pp. 446-447. MAXIMUM RATES ON TIME DEPOSITS 80 or less ... . .... 10 85 15 Maximum rates that may be paid by member banks as established by 90. 20 the Board of Governors under provisions of Regulation Q 95 30 [ Per cent per annum ] Over 95 . . ... 50 Nov. 1,1933- Feb. 1,1935- Effective Jan.31,1935 Dec. 31, 1935 Jan. 1,1936 MAXIMUM RATES THAT MAY BE CHARGED BORROWERS BY FINANCING INSTITUTIONS Savings deposits # [Per cent per annum ] Postal savings deposits... Other deposits payable: In 6 months or more 2H Maximum rate of interest.... In 90 days to 6 months. 2 Maximum commitment rate2. In less than 90 days.... 1 NOTE.—Maximum rates that may be paid by insured nonmember banks 1 Guarantee fee is charged only on guaranteed portion of loan. as established by the F. D. I. C, effective Feb. 1, 1936, are the 2 Based on average daily unused balance of the maximum principal same as those in effect for member banks. Under Regulation Q the rate amount of the loan. The financing institution may, in the alternative, payable by a member bank may not in any event exceed the maximum charge a flat fee of not to exceed $50, without regard to the amount or rate payable by State banks or trust companies on like deposits under maturity of the commitment. the laws of the State in which the member bank is located. III4 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 Prescribed in accordance with Securities N 1 o 93 v 7 . - 1, F 1 e 9 b 4 . 5- 5, E t f i f v e e c- 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 Exchange Act of 1934 F 1 e 9 b 4 . 5 4, Ju 1 l 9 y 4 5 4, Ju 1 l 9 y 4 5 5, city city banks banks) banks Regulation T: banks For extensions of credit by brokers and June21, 1917-Aug. 15, 1936 13 10 7 3 dealers on listed securities 40 50 75 Aug. 16, 1936-Feb. 28, 1937 193^ 15 103^ For short sales 50 50 75 Mar. 1, 1937-Apr. 30, 1937 22M 1234 53J Regulation U: May 1937-Apr. 15, 1938 26 20 14 6 For loans by banks on stocks , 40 50 75 Apr. 16,' 1938-Oct. 31, 1941 22% 12 5 Nov. 1, 1941-Aug. 19, 1942 26 20 14 6 1 Regulations T and U limit the amount of credit that may be extended on Aug.20, 1942-Sept.l3, 1942 24 20 14 6 a security by prescribing a maximum loan value, which is a specified Sept.14, 1942-Oct. 2, 1942 22 20 14 6 percentage of its market value at the time of the extension; the "margin Oct. 3, 1942 and after 20 20 " 14 6 requirements" shown in this table are the difference between the market value (100%) and the maximum loan value. ^Demand deposits subject to reserve requirements, i.e.,_ demand de; Back figures—See Banking and Monetary Statistics, Table 145, p. 504. posits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1945 1944 Oct. 31 Oct. 24 Oct. 17 Oct. 10 Oct. 3 Sept. 26 Sept. 19 Sept. 12 October September October Assets Gold certificates 7,118,565 17,128,565 17,129,06517,116,565 17,163,56517,195,06517,206,81517,220,815 7,118,56517,170,56418,009,067 Redemption fund for F.R. notes. 760,850 750,850 751,755 750,321 734,290 724,033 714,617 700,617 760,850 727,290 542,889 Total gold certificate reserves 7,879,41517,879,41517,880,820 17,866,88617,897,85517,919,09817,921,43217,921,432 7,879,41517,897,85418,551,956 Other cash 243,574 243,942 232,493 226,669 241,483 235,608 221,599 213,412 243,574 252,808 250,299 Discounts and advances: For member banks 427,056 379,706 306,734 303,094 304,131 410,946 290,397 446,524 427,056 323,996 345,246 For nonmember banks, etc 12,000 10,000 10,000 10,000 10,000 10,700 10,700 10,700 12,000 10,400 90 Total discounts and advances 439,056 389,706 316,734 313,094 314,131 421,646 301,097 457,224 439,056 334,396 Industrial loans 2,361 2,700 2,551 2,700 3,059 2,981 2,772 2,853 2,361 3,063 U. S. Government securities: " Direct: Bills: Under repurchase option 4,844,316 4,670,973 4,395,812 4,772,985 4,668,086 4,905,573 4,934,404 5,044,363 4,844,316 4,859,101 5,012,439 Other 8,328,149 8,349,489 8,349,990 8,329,550 8,374,430 8,307,583 8,249,683 8,227,693 8,328,149 8,374,430 6,538,787 Certificates: Special Other 7,206,161 7,171,161 7,239,161 7,254,161 7,254,161 7,092,961 6,931,861 6,741,561 7,206,161 7,184,161 3,749,490 Notes 1,920,150 1,920,150 1,938,150 1,938,150 1,938,150 1,902,150 1,872,150 1,817,150 1,920,150 1,933,150 1,100,371 Bonds 977,392 977,392 977,392 977,392 977,392 977,392 977,392 977,392 977,392 977,392 1,243,426 Guaranteed 2,500 Total U. S. Government securities, including Other Re g s u e a rv ra e n B te a e n d k c se re c d u i r t i t o ie u s t . - 23,276,168 23,089,16522,900,505 23272,238 23,212,21923,185,65922,965,49022,808,159 23,276,168 23,:328,23417,647,013 standing 269,527 308,543 479,454 335,391 291,286 281,954 437,791 408,77: 269,527 416,611 323,649 Total Reserve Bank credit outstanding 23,987,11223,790,114 23,699,24423,923,423 23,820,69523,892,24023,707,150 23,677,00823,987,11224,082,304 18,324,548 Liabilities Federal Reserve notes 24,215,01224,155,267 24,124,92524,136,75524,040,64023,930,07623,976,374 23,984,35924,215,012 24,003,078 20,791,737 Deposits: Member bank—reserve account 15,723,412 15,751,22315,700,468 15,536,70515,420,43115,273,57415,552,21315,328,74015,723,41215,520,40514,148,083 U. S. Treasurer—general account 428,929 294,887 293,240 535,448 647,692 961,21 427,524 597,681 428,929 854,249 255,017 Foreign 937,522 964,807 960,117 980,998 1,039,383 1,050,710 1,084,497 1,114,520 937,522 1,037,910 1,227,737 Other deposits 435,318 384,055 363,850 438,280 429, 455,681 440,784 423,377 435,318 448,783 386,144 Total deposits 17,525,18117,394,97217,317,67517,491,43117,537,39117,741,18017,505,01817,464,31817,525,18117,861,34716,016,981 Ratio of gold certificate reserves to deposit and F.R. note liabilities combined (per cent). 42.8 43.0 43.1 42.9 43.0 43.0 43.2 43.2 42.8 42.: 50.4 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] October 31, 1945 Total 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y 9 s 0 9 m 1 o to d n a 6 t y h s s 6 1 m y t o o e n a t r hs 2 l y y t e e o a a r rs 5 2 y y t e e o a a r r s s 5 O y v e e a r rs Discounts and advances 439,056 366,275 42,347 14,484 13,950 2,000 [ndustrial loans % 2,361 1,955 69 118 202 7 9 1 U. S. Government securities 23,276,168 3,098,299 2,069,968 4,376,122 4,476,826 3,498,671 4,227,490 273,800 "507,652 747^340 NOVEMBER 1945 1115 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 l i p l h a i - a C l l a e n ve d - m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n o n li e s - Ka C n it s y as Dallas F c S r i a s a n c n o - Assets Gold S e c p er t t . i f 2 i 6 cates: 17,195,065 758,099 5,308,277 814,880 137,218 791,719 896,1443,292,947 518,616 304,675 557,672 449,9052364,913 Oct. 3 17,163,565 747,938 5,207,077 806,651 120,196 862,117 860,6363,302,546 541,335 313,491 575,486 449,1622,376,930 Oct. 10 17,116,565 725,033 5,073,517 809,033 114,670 895,799 901,9463,379,430 535,122 315,022 571,964 455,1842339,845 Oct 17 17,129,065 709,4785,232,155 805,473 107,694 898,606 871,6503,249,927 528,577 306,583 559,322 450,6352408,965 Oct. 24 17,128,565 712,9935,186,163 829,417 110,351 886,500 890,5793,214,095 533,749 312,872 568,996 452,2362430,614 Redemption fund for F. R. notes: 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 Oct. 3 734,290 60,143 97,809 55,260 72,831 62,695 46,284 120,408 43,314 19,753 33,547 26,480 95,766 Oct. 10 750,321 60,062 112,513 55,085 72,715 62,695 46,177 120,408 43,278 19,742 35,517 26,480 95,649 Oct. 17 751,755 59,915 112,217 59,991 72,681 63,765 46,006 120,219 43,248 20,229 35,469 26,400 91,615 Oct. 24 750,850 59,841 111,965 60,361 72,578 63,265 45,911 120,126 43,218 20,218 35,447 26,375 91,545 Total gold certificates res O S e c e r p t v t . e . s 2 : 3 6 1 1 7 7 , , 9 8 1 9 9 7, ,0 85 9 5 8 8 8 1 0 8 8 , , 3 08 0 1 6 5 5 , , 4 3 0 0 6 4, , 8 3 8 3 6 3 8 8 6 7 1 0 , , 9 2 1 4 1 7 2 1 0 9 9 3 , ,0 6 2 3 7 6 9 8 2 52 4 , , 8 8 5 1 8 2 9 9 3 0 8 6 , ,9 5 2 0 0 43 3 , , 4 4 0 2 8 2 , , 4 9 3 5 8 4 5 5 6 8 1 4 , , 9 6 5 4 6 9 3 3 2 3 4 3 , , 4 2 3 44 7 5 6 9 0 1 9 , , 2 0 4 33 0 4 4 7 7 6 5 , , 4 6 0 42 72 2 , ! 4 47 6 2 0 , , 6 7 9 3 6 6 Oct. 10 17,866,886 785,095 5,186,030 864,118 187,385 958,494 948,1233,499,838 578,400 334,764 607,481 481,6642]435,494 Oct. 17 17,880,820 769,393 5,344,372 865,464 180,375 962,371 917,6563,370146 571,825 326,812 594,791 477,0352,500,580 Oct. 24 17,879,415 772,834 5,298,128 889,778 182,929 949,765 936,4903,334221 576,967 333,090 604,443 478,6112,522,159 Other cash: Sept. 26 235,608 20,161 47,966 16,465 17,643 14225 20,233 27417 12034 6,641 13084 8,943 30796 Oct. 3 241,483 20,765 59,148 17289 19,772 12956 15,927 26851 10970 6125 12871 8,010 30799 Oct. 10 226,669 20,160 50,408 16363 16814 13220 16,640 25531 10618 6,636 12964 7,995 29320 Oct. 17 232,493 20,817 48,100 16519 20408 13615 17,463 26798 10414 6114 13113 8,627 30505 Oct. 24 243,942 22,883 46,068 17824 18960 16137 21,198 27986 10504 7368 13639 9,438 31937 Discounts & advances: Secured by U. S. Govt. securities: Sept. 26 411,646 27,600 161175 13055 29305 19375 10,000 82079 25150 15400 21525 200 6782 Oct. 3 304,131 21,100 106550 2050 26850 19225 2200 68279 11650 11000 30125 200 4902 Oct. 10 303,094 16,700 158815 3650 20375 19600 1700 43879 3750 5000 22625 200 6800 Oct 17 306,734 18,150 116970 5220 19725 13400 25900 56754 15490 9000 19225 200 6700 Oct. 24 379,706 33,000 119,255 8232 18050 14550 22590 71024 17205 18500 27400 200 29700 Other: Sept. 26 10,000 670 3620 880 870 420 350 1300 300 230 300 300 760 Oct. 3 10000 670 3620 880 870 420 350 1300 300 230 300 300 760 Oct. 10 10000 670 3620 880 870 420 350 1300 300 230 300 300 760 Oct. 17 10000 670 3620 880 870 420 350 1300 300 230 300 300 760 Oct 24 10000 670 3620 880 870 420 350 1300 300 230 300 300 760 Industrial loans: Sept. 26 2981 121 2382 72 141 15 250 Oct. 3 3059 121 2460 72 141 15 250 Oct. 10 2700 121 2126 72 141 15 225 Oct 17 2551 121 1984 65 141 15 225 Oct. 24 2700 118 2161 65 141 15 200 U. S. Govt. securities: Bills: Under repurchase O S c e o p t p t . t . i 2 o 3 6 n: 4 4 9 6 0 6 5 80 5 8 7 6 3 1 9 0 6 9 ,3 1 7 1 2 9 , , 8 8 8 3 0 8 4 04 1 9 8 2 1 4 9 0 6 0 95 9 1 7 1 8 1 3 9 0 2 7 1 3 0 6 7 5 0 2 1 3 6 4 4 3 3 4 0 5 3 0 0 0 0 9 8 1 2 9 54 7 3 0 1 4 1 1 2 0 6 4 5 1 1 9 6 6 7 56 18 1 0 1 0 0 6 5 3 7 6 34 9 1 4 3 2 5 80 1 5 8 9 1 2 28 4 2 0 0 1 4 0 0 0 Oct. 10 4772985 103032 ,908108 218046 95928 67029 19700 845304 74870 38820 59494 22419 320235 Oct. 17 4395812 87321 ,608828 219771 93845 70001 11300 813191 88292 39810 60618 22270 280565 Oct. 24 4670,973 99021 ,804806 204760 102030 70,421 8200 824938 96270 43680 62566 33566 320715 Other bills: Sept. 26 8307583 644433 169656 632525I136685 841,351 6414561,235392 426861 256790 559325 4183601344749 Oct. 3 8374430 655579 380189 6772281112494 748220 6469961,156,762 446938 286793 526344 3932921,343595 Oct. 10 8329550 669097 380189 660,6201125440 743724 6433141,059,273 481359 302732 521262 4060651,336475 Oct. 17 8349990 646149 380189 6360571103706 745,772 644,9911,178,334 461131 296512 520,957 3964741,339,718 Oct. 24 8349489 651762 380189 6308321114736 745,722 6449501,201,647 450224 281792 507708 3911251,348,802 Certificates: Sept. 26 7092961 500162 1,756624 537700 681374 445,803 377716 919,220 355765 190420 329580 304842 693,755 Oct. 3 7254161 495114 1,758644 536,465 687,590 459,690 400362 971,094 357904 187176 359083 331090 709,949 Oct. 10 7254161 495114 1,758644 536,465 687,590 459,690 400362 971,094 357904 187176 359083 331090 709,949 Oct. 17 7239161 494047 1,755030 535,325 686,105 458,739 399568 969,163 357,183 186760 358351 330436 708,454 Oct. 24 7,171161 489158 1,738669 530,108 679,305 454,427 396013 960,505 353,944 184841 355039 327509 701,643 Notes: Sept. 26 1,902,150 134130 471,08 144,196 182,726 119,554 101,293 246,513 95,406 51065 88,385 81,753 186,048 Oct 3 1,938,150 132285 469,872 143,332 183,708 122,819 106 966 259,454 95,624 50,008 95,938 88,461 189,683 Oct. 10 1,938,150 132285 469,87 143,332 183,708 122,819 106,966 259,454 95',624 50[008 95[938 88[461 189[683 Oct. 17 1,938,150 132,273 469,87 143,322 183,692 122,819 106,976 259,476 95,630 50,001 95,940 88,469 189,675 Oct. 24 1,920,150 130,977 465,54 141,943 181,892 121,678 106,03 257,185 94,771 49,492 95,065 87,693 187,871 Bonds: Sept. 26 977,392 68,921 242,05 74,093 93,89 61,43 52,048 126,667 49,023 26,239 45,416 42,007 95,598 Oct. 3 977,392 66,710 236,95 72,28 92,642 61,936 53,942 130,841 48,223 25,219 48,381 44,610 95,655 Oct 10 977,392 66,710 236,95 72,28 92,642 61,936 53942 130841 48223 25,219 48,381 44,610 95655 Oct. 17 977,392 66,704 236[95 72,276 92,634 61,936 53',94 130[851 48[226 25[215 48[382 44',614 95[652 Oct. 24 977,392 66,670 236,97 72,252 92,586 61,93 53,97 130,912 48,240 25,192 48,390 44,637 95,630 Total U. S. Govt. securities: Sept. 26 23,185,659 1,456,765 5,519,831,628,612,213,8861,533,371,207,013,447,4961,053,571 596,3141,086,400 882,1432,560,250 Oct. 3 23,212,219 1,446,060 5,683,701,626,252,159,50 1,462,8291,238,563,343,5821,052,885 605,3061,087,087 885,5122,620,922 Oct. 10 23,272,238 1,466,238 5,753,761,630,7442,185,3081,455,1981,224,2843,265,9661,057,980 6039551,084,158 892,6452,651,997 Oct. 17 22,900,505 1,426,494 5,450,871,606,752,159,98 1,459,261,216,783,351,0151,050,462 598,2981,084,248 882,2632,614,064 Oct. 24 23,089,165 1,437,588 5,626,181,579,892,170,5491,454,1841,209,173,375,1871,043,449 584,9971,068,768 884,530 2,654,661 I 1116 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 ew rk d P e h lp il h a i - a land e I R m i o c n h d - I St. 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 - Total loans and sec: Sept. 26 23,610,286 ,485,156 5,684,632 1,644,9282,244,0611,553,240 1,217,3633,531,0161,079,021 611,944 1,108,240 882,643 ,568,042 Oct. 3 23,529,409 ,467,951 5,793,876 1,631,6472,187,2271,482,546 1,241,1"1"6 3,413,3021,064,835 616,5361,117,527 886,012 ,626,834 Oct. 10 23,588,032 , 483* 7 29 5,916,200 1,637,4002,206,5531,475,290 1,226,334 3,311,286 ,062,030 609,1851,107,098 893,145 ,659,782 Oct. 17 23,219,790 ,445,435 5,571,469 1,614, ",180,5771,473,1521,243,0323,409,210 1,066,252 607,5281,103,788 882,763 ,621,749 Oct. 24 23,481,571 ,471,376 5,749,057 1,591,168 2,189,4691,4692,1"9 1,232, 1"1"5 3,447,6521,060,954 603,7271,096,483 885,030 ,685,321 Due from foreign banks: Sept. 26 110 HO Oct. 3 110 HO Oct. 10 110 HO Oct. 17 110 HO Oct. 24 110 140 Federal Reserve notes of other banks: Sept. 26 99,309 3,958 15,230 4,750 5,327 7,019 8,504 12,311 8,547 4,920 7,245 3,376 18,122 Oct. 3 101,329 3,844 13,831 4,716 5,876 7,656 8,888 12,251 7,395 5,162 6,785 4,480 20,445 Oct. 10 95,650 3,577 12,119 3,799 6,371 7,713 7,636 10,175 7,181 4,617 6,481 3,893 22,088 Oct. 17 111,671 4,313 18,612 4,469 7,104 7,517 9,310 13,217 8,284 5,597 7,696 4,748 20,804 Oct. 24 118,632 4,519 16,796 4,745 7,701 10,745 9,781 13,466 10,074 5,544 7,328 5,390 22,543 Uncollected items: Sept. 26 1,799,525 152,195 345,943 102,166 165,689 149,922 105,627 267,428 75,136 46,527 93,669 74,422 220,801 Oct. 3 1,788,682 128,139 414,631 112,918 163,260 135,770 108,755 213,595 78,201 48,268 109,249 68,258 207,638 Oct. 10 1,756,092 119,369 357, ""' 96,980 161,199 140,059 117,271 289,642 73,659 48,926 95,406 64,705 191,288 Oct. 17 2,385,309 184,061 538,631 137,419 214,686 174,233 145,544 387,621 104,363 64,704 119,502 84,521 230,024 Oct. 24 1,820,216 124,409 372,052 100,114 167,965 143,470 116,848 296,051 77,782 50,565 110,316 70,510 190,134 Bank premises* Sept. 26 33,837 1,573 8,748 3,349 4,017 2,790 1,579 3,124 2,078 ,237 2,614 846 1,882 Oct. 3 33,806 1,568 8,729 3,349 4,017 2,790 1,579 3,123 2,075 ,245 2,609 840 1,882 Oct. 10 33,805 1,568 8,729 3,349 4,017 2,790 1,579 3,123 2,074 ,245 2,609 840 1,882 Oct. 17 33,805 1,568 8,729 3,349 4,017 2,790 1,579 3,123 2,073 ,246 2,609 840 1,882 Oct. 24 33,787 1,568 8,729 3,349 4,007 2,783 1,578 3,123 2,073 ,246 2,609 840 1,882 Other assets: Sept. 26 57,163 4,118 12,966 4,066 5,505 3,434 3,318 7,643 3,130 ,623 2,763 2,707 5,890 Oct. 3 50,344 3,610 11,148 3,226 4,568 2,970 3,033 7,301 2,762 ,419 2, 2,403 5,296 Oct. 10 51,809 3,752 11,948 3,331 4,768 3,139 3,166 6,820 2,946 ,480 2,695 2,357 5,407 Oct. 17 56,683 4,807 12,532 3,703 5,145 3,422 3,548 7,732 3,081 1,587 2,830 2,546 5,750 Oct. 24 58,728 3,515 13,119 3,779 5,530 3,703 3,511 8,451 3,273 1,686 2,956 3,143 6,062 Total assets: Sept. 26 43,754,936 2,485,474 11,521,8582,645,9813,651, 2,583,4932,295,132 7,257,3911,741,905 997,3321,818,8581,449,3475,306,277 Oct. 3 43,643,018 2,433,965 11,606,"2"8"9 2,635066 3' 577,7572,569,5052,286,222 7,099,3911,750,"8"9"0 1,012, " ,860,6851,445,6485,365,598 Oct. 10 43,619,053 2,417,257 11,543,0622,625,3503,587,117 2,600,710 2,320,753 7,146,4291,736,9111,006,8561,834,7371,454,6025,345,269 Oct. 27 43,920,681 2,430,401 11,542,4852,645,768 3,612,3222,637,1052,338,136 7,217,8611,766,2951,013,5911,844,332 1,461,0835,411,302 Oct. 24 43,636,401 2,401,11111,503,989 2,610,7673,576,5712,595,8272,321,5257,130,9641,741,6 -3"0 1,003,229 1,837,7771,452,965 5,460,046 Liabilities Federal Reserve notes: Sept. 26 23,930,076 1,460,579 5,227,8691,582,734 2,082,763 1,662:,,760 1,430,5614,377,556 1,007,198 536,053 893,335 606,489 3,062,179 Oct. 3 24,040,640 1,460,268 5,240,4801,583,820 2,081,459 1,684,394 1,451,9"4•'6 4,389,5981,016,520 538,458 902,606 616,579 3,074,512 Oct. 10 24,136,755 1,462,478 5,254,8831,593,610 2,086,778 1,692, ,459, ,398,"" ',020,315 541,781 903,612 617,7252,105,503 Oct. 17 24,124,925 1,461,079 5,239,2251,592,849 2,083,798 1,696,9411,460,432 4,401, ,022,056 543,606 902,163 615,3963,105,410 Oct. 24 24,155,267 1,453,411 5,228,4351,590,450 2,078, ,695i,,890 1,460,874 4,401,5141,024,582 545,040 900,970 614,4253,161,304 Deposits: Member bank-reserve account: 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 Oct. 3 15,420,431 712,102 4,884,861 786,9341,156,915 678,805 672,4042,220,918 580,116 359,099 785,141 707,0771,876,059 Oct. 10 15,536,705 704,095 4,906,474 781,3541,171,604 699,233 692,795 "2,,283,825 575,199 366,744 783,088 716,774 11,855,520 Oct. 17 15,700,468 700,361 4,999,485 796,7231,191,230 696,167 688,900 2,,262,537 587,112 373,514 781,188 719,2631,903,988 Oct. 24 • 15,751,223 713,423 5,062,341 786,6081,188,624 689,292 682,688 2:,, 245,398577,940 371,480 778,023 716,5391,938,867 U. S. Treasurergeneral account: Sept. 26 961,215 79,957 200,339 57,983 122,607 52,466 47,103 219,404 32,762 26,985 29,716 33,076 58,817 Oct. 3 647,692 35,621 248,183 32,345 58,276 11,658 9,055 72,860 30,999 35,773 31,765 17,717 63,440 Oct. 10 535,448 35,961 197,240 38,557 40,487 19,651 14,835 74,954 17,836 20,241 13,500 16,479 45,707 Oct. 17 293,240 14,560 81,893 14,935 22,085 14,650 7,011 60,001 13,746 8,182 10,840 9,310 36,027 Oct. 24 294,887 16,203 64,148 16,103 32,972 13,113 13,196 62,186 11,643 8,434 15,961 12,507 28,421 Foreign: Sept. 26 1,050,710 67,277 2411,721 88,109 87,108 42,052 35,043 130,161 30,037 23,029 30,037 30,037 76,099 Oct. 3 1,039,383 67,301 2409,210 86,746 85,761 41,402 34,501 128,148 29,573 22,672 29,573 29,573 74,923 Oct. 10 980,998 62,313 2389,292 81,582 80,655 38,937 32,447 120,518 27,812 21,322 27,812 27,812 70,496 Oct. 17 960,117 61,85' 2375,664 80,534 79,619 38,437 32,030 118,971 27,455 21,049 27,455 27,455 69,591 Oct. 24 964,807 61,599 1382,444 80,252 79,339 38,302 31,918 118,554 27,359 20,975 27,359 27,359 69,347 Other: Sept. 26 455,681 3,394 355,88: 3,788 11,277 9,879 2,344 4,253 9,481 1,846 1,204 2,31 50,021 Oct. 3 429,885 4,13' 329,773 4,682 10,752 9,258 2,501 3,861 9,636 1,835 3,100 1,141 49,207 Oct. 10 438,280 3,690 332,060 2,634 14,229 8,047 2,927 4,777 9,814 1,853 3,038 2,049 53,162 Oct. 17 363,850 2,526 267,908 2,861 7,014 8,308 2,805 4,557 9,787 1,543 3,113 1,633 51,795 Oct. 24 384,055 2,223 288,959 2,653 5,784 7,988 2,775 4,237 9,952 1,521 2,002 1,401 54,560 Total deposits: Sept. 26 17,741,180 841,155 5,840,519 930,162 1,368,212 767,647 746,3312,593,687 647,973 409,42' 824,346 761,07' 2,010,644 Oct. 3 17,537,391 819,163 5,872,02" 910,7071,311,704 741,123 718,4612,425,787 650,324 419,379 849,579 755,501 ",063,629 Oct. 10 17,491,431 806,059 5,825,066 904,1271,306,975 765,868 743,004 "2,484,074 630,661 410,160 827,438 763,1142,024,885 Oct. 17 17,317,675 779,304 5,724,950 895,0531,299,948 757,562 730,7462,446,066 638,100 404,288 822,596 757,6612,061,401 Oct. 24 17,394,972 793,448 5,797,892 885,6161,306,719 748,695 730,5772,430,375 626,894 402,410 823,345 757,8062,091,195 Deferred availability items: Sept. 26 1,517,681 146,454 270,044 85,884 148,206 126,222 95,818 211,029 66,879 36,744 81,62: 62,756 186,023 Oct. 3 1,497,506 117,091 309,945 93,207 131,745 117,081 93,358 208,613 64,094 39,168 88,871 54,556 179,777 Oct. 10 1,420,811 111,229 278,377 80,063 140,280 115,247 96,100 188,306 65,890 39,80J 83,926 54,644 166,944 Oct. 17 1,905,965 152,386 393,061 110,266 175,326 155,404 124,238 293,812 86,081 50,454 99,809 68,790 196,338 Oct. 24 1,511,783 116,525 291,920 86,900 138,020 123,865 107,200 222,878 69,968 40,370 93,546 61,382 159,209 1 After deducting $70,000 participations of other Federal Reserve BBanks on Sept. 26; Oct. 3; Oct. 10; Oct. 17; and Oct. 24. 2 After deducting $638,791,000 participations of other Federal Reser Banks on Sept. 26; $628,912,000 on Oct. 3; $591,466,000 on Oct. 10; $583,873,000 on Oct. 17, and $581,826,000 on Oct. 24. NOVEMBER 1945 III7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS-Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco Other liabilities including accrued div.: Sept 26 10,816 939 2,580 764 1,069 615 517 1,530 396 454 421 472 1,059 Oct. 3 10,216 913 2,501 771 1,036 528 451 1,463 421 299 417 333 1,083 Oct. 10 10,720 850 2,801 855 1,085 572 494 1,330 439 361 449 351 1,133 Oct 17 10,914 887 2,870 759 1,048 570 506 1,423 403 458 426 387 1,177 Oct.' 24 11,338 872 2,931 817 1,072 573 557 1,503 433 557 431 413 1479 Total liabilities: Sept.26 43, 199,753 2,449,12711,341,0122,599,5443 600,2502,557, 2442,273,2277,183,8021,722,446 982,6781,799,7241,430,7945,259,905 Oct. 3 43, 085,753 2,397,43511,424,9532,588,5053525,9442,543, 1262,264,2167,025,4611,731,359 997,3041,841,4731,426,9765,319,001 Oct. 10 43, 059,717 2,380,61611,361,1272,578,6553,535,1182574, 2092,298,6407,072,2161,717,305 992,1071,815,4251,435,8345,298,465 Oct. 17 43, 359,479 2,393,65611,360,1062,598,9273,560,1202,610,4772,315,9227,143,2711,746,640 998,8061,824,9941,442,2345,364,326 Oct. 24 43, 073,360 2,364,25611,321,1782,563,7833,524,1832,569, 0232,299,2087,056,2701,721,877 988,3771,818,2921,434,0265,412,887 Capital Accounts Capital paid in: 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 Oct. 3 172,266 10,436 60,944 12,967 17,426 6,911 6,203 20,542 5,523 3,734 5,652 5,947 15,981 Oct. 10 172,522 10,438 61,104 12,972 17,439 6,911 6,212 20,545 5,523 3,735 5,660 5,967 16,016 Oct 17 172,576 10,439 61,113 12,982 17,465 6,911 6,215 20,548 5,525 3,737 5,656 5,969 16,016 Oct. 24 172,678 10,440 61,120 12,992 17,470 6,957 6,215 20,555 5,525 3,740 5,675 5,965 16^024 Surplus (section 7): 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 Oct. 3 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 Oct. 10 ... 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 Oct. 17.. 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 Oct. 24 228,153 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): 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 Oct. 3 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Oct. 10 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Oct. 17 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Oct 74 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: 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 Oct. 3 129,681 7,975 28,346 9,254 14,309 8,365 7,105 18,758 6,433 4,941 6,227 5,393 12,575 Oct. 10 131,496 8,084 28,785 9,383 14,482 8,487 7,203 19,038 6,508 4,991 6,319 5,469 12,747 Oct. 17 133,308 8,187 29,220 9,519 14,659 8,614 7,301 19,412 6,555 5,025 6,349 5,548 12,919 Oct. 24 135,045 8,296 29,645 9,652 14,840 8,744 7,404 19,509 6,653 5,089 6,477 5,642 13,094 Total liabilities and capital accounts: Sept.26 43, 754,936 2,485,47411,521,8582645,9813,651,8882583,4932,295,1327,257,3911,741,905 997,3321,818,8581,449,3475,306,277 Oct. 3 43, 643,018 2,433,96511,606,2892 635,0663,577,7572569, 5052,286,2227,099,3911,750,8901,012,0021,860,6851,445,6485,365,598 Oct. 10 43, 619.053 2,417,25711,543,0622,625,3503,587,1172600 7102,320,7537,146,4291,736,9111,006,8561,834,7371,454,6025,345,269 Oct. 17 43,920,681 2,430,40111,542,4852,645,7683,612,3222,637, 1052,338,1367,217,8611,766,2951,013,5911,844,3321,461,0835,411,302 Oct. 24 43, 636,401 2,401,11111,503,9892,610,7673,576,5712,595,8272,321,5257,130,964 1,741,6301,003,2291,837,7771,452,9655,460,046 Commitments to make industr al loans: Sept.26 4,374 100 3,047 20 300 376 193 338 Oct 3 4,183 100 2,916 20 300 376 193 278 Oct. 10 4,521 100 3,232 20 300 376 193 300 Oct 17 3,719 164 2,366 20 300 376 193 300 Oct. 24 3,551 164 2,176 20 300 376 193 322 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS fin thousands of dollars] Total Boston Y N o ew rk 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 - la A n t t - a Chicago L S ou t. is M ap in o n li e s -K C an it s y as Dallas F c S r is a a c n n o - Federal Reserve notes outstanding (issued to Bank): Sept. 26 24,674,4381,501,328 5,368,9481,633,275 2,,134,8591,700,4051,499.347 4456,5171,056,449 547,228 929,604 644,269 3,202,209 Oct. 3 24,725,8791,497,0755,368,876 1,632, ,137,2091,725,8"7"0 1,503, 463,7471,060,941 339 930,967 648,037 3,208,264 Oct. 10 24,790,1391,496,6265,372,706 1,637,713 2,137,^ 1,728,7971,513,078 4,476,9911,068,207 009 930,358 649,089 3,227,817 Oct. 17 24,814,5431,492,2435,378,746 ,643,3182,139,3391,734,9631,513,108 4,483,2161,068,365 554; 348 930^52 647,510 3,229,335 Oct. 24 24,910,9991,496,235 5",376,423 ,646,547 2,,136, 94~9 1,739,0221,522,663 4,483,9481,071,765556,708 933,368 648,696 3,298,675 Collateral held against notes outstanding: Gold certificates: Sept. 26 11,188,000 410,000 3,,570,000 535,000 690,000 525,000 660,000 2,245,000 300,000 160,000 2801,,000164,000 1,649,000 Oct. 3 10,998,000 410,1,000 3,570,000 535,000 690,000 525,000 620, 000 2095,000 300,000 160,000 2801,,000164,0001,649,000 Oct. 10 10,703,000 410,1,000 3,270,000 540,000 690,000 525,000 620,000 2095,000 300,000 160,000 280,000 164,0001,649,000 Oct. 17 10,738,000 410,1,000 3,270,000 450,000 695,000 525,000 635, 200,000 300,000 160,000 280,000 164,0001,649,000 Oct. 24 10,763,000 410,>,000 3,270,000 450,000 695,000 550,000 635,000 2200,000 300,000160,000 280,000 164,0001,649,000 Eligible paper: Sept. 26 290,062 27,600 161,175 13,055 19,375 25,150 15,400 21,525 6,782 Oct. 3 206,602 21,100 106,550 2,050 19,225 11,650 11,000 30,125 4,902 Oct. 10 236,940 16,700 158,815 3,650 19,600 3,750 5,000 22,625 6,800 Oct. 17 204,155 18,150 116,970 5,220 13,400 15,490 9,000 19,225 6,700 Oct. 24 267,842 33,000 119,255 8,232 14,550 17,205 18,500 27,400 29,700 U. S. Govt. securities: Sept. 26 13,736,5161,1001,,000 1,800,0001,100,000 1,450,0001,200,000 850, 000 2,250,000 851,516 400,000 650,000 485,000 1,600,000 Oct. 3 13,954,1961,1001,,000 1,800,0001,100, ,450,000 1,225,000 900, 000 2,400,000 829,196 400,000 650000 500,0001,600,000 Oct. 10 14,374,8701,100,000 2,100,000 , 100, ,450,0001,225,000 900, 000 2,400,000 849,870 400,000 650,000 500,,0001,700,000 Oct. 17 14,388,292 ,100,000 2,100,0001,200,0001,4510,0,"0"0 1,225,000 900, 000 2,300,000 863,292 400,000 650),000500,0001,700,000 Oct. 24 14,396,2701,100,000 2,,100,000 1,200,0001,450),,000 1,225,000 900, 000 2,300,000 871,270 400,000 6501,,000500,0001,700,000 Total collateral: O Se c p t. t . 2 3 6 2 2 5 5 , , 1 2 5 1 8 4 , , 7 5 9 7 8 8 , , 5 5 3 3 7 1 , ,1 6 0 00 0 5 5 , ,, 4 5 7 3 6 1, ,5 1 5 7 0 5 1 1 , , 6 6 3 4 7 8 , , 0 0 5 5 0 5 2 2 , ,1 1 4 4 0 0 , , 0 0 0 0 0 0 1 1 , , 7 7 4 6 4 9 , , 3 2 7 2 5 5 1 1 , , 5 5 1 2 0 0 , , 0 0 0 0 0 0 4 4,4 4 9 9 5 5 , , 0 0 0 0 0 0 1 1 , , 1 1 7 4 6 0 , , 6 8 6 4 6 6 5 5 7 7 5 1 , , 4 0 0 0 0 0 9 9 5 6 1 0 , , 5 1 2 2 5 5 6 6 4 6 9 4 >, , ,0 0 00 0 00 0 0 3 3 3, ,: 2 2 5 5 5 3 , , 7 9 8 0 2 2 Oct. 10 25,314,810 ,526,7005,528,8151,643i,,650 2\ ,140,000 1,769,600 1,,552200,,000 4,449955,0,—0 0 •1,1/5"3,6.-20 565;OOO 952625664,000 3,355,800 Oct. 17 25,330,447 ,528,1505,486,9 ^70 1,655,,220 2,,145,000 1,763,400 1,535, 500,000 1',178,782569,000 949,225 664,000 3,355,700 Oct. 24 25,427,112 ,543, 000 5,489,2551,658,,232 2,145,000 1,789,5501,535,000 4,500,000 1,188,475578,500 957,400 664,000 3,378,700 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WAR PRODUCTION LOANS GUARANTEED BY WAR DE- MEMBER BANK RESERVES AND BORROWINGS PARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE [Averages of daily figures. In millions of dollars] BANKS UNDER REGULATION V [Amounts in thousands of dollars] Mo o n r th, m A em ll - Ce c n i t t r y a l b r a e n s k e s rve se R r e v - e Coun- Gua a r u a t t o n h t o e d r e a i d z te e l d oans Gua o r u a t n st t a e n ed d in lo g ans a A v a a d m i d l i a o t b i u o l n e n t a t l o week ending Friday ba b n e k r s1 b c a i n ty ks banks1 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 - o an 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 S A s e e u p r g t ves held: 1 1 3 3 , , 4 0 7 0 6 4 3 3, , 7 5 2 6 8 9 8 8 4 6 1 3 5 5, , 1 3 9 6 6 5 3 3 , , 3 5 9 2 8 0 1945—Aug 14,978 3,959 905 6,003 4,112 Sept 15,414 4,094 931 6,166 4,224 1942 J D S u e e n c p . e t . 3 3 3 0 1 0 2 1 , ,6 6 5 5 6 6 8 5 5 2,6 9 3 8 4 1 8 4 0 , , , 3 2 6 9 0 8 7 4 0 8 4 0 2 8 3 7 1 , , , 7 9 1 2 1 0 0 8 8 6 3 3 6 5 2 9 6 , , , 6 4 6 7 7 7 7 4 4 1,4 2 1 3 3 3 0 0 7 , , , 1 7 8 2 2 8 0 1 8 A S S S e e e ug p p p . t t t . . . 3 2 1 1 7 1 4 1 1 1 1 5 5 5 5 , , , , 0 2 4 5 7 9 0 4 1 4 6 8 4 4 3 4 , , , , 1 0 0 9 3 5 5 8 9 1 3 5 9 9 9 9 2 1 3 4 0 8 0 0 6 6 6 6 , , , , 1 1 0 2 5 9 5 0 2 6 5 6 4 4 4 4 , , , , 1 1 2 2 7 1 6 2 2 3 2 6 J S M u e n a p e r t . . 3 3 3 0 0 1 1943 4 4 3 , , , 2 7 5 1 8 3 7 7 4 4 5 3 , , , 7 4 7 1 5 2 8 2 5 , , , 8 4 2 1 9 4 8 8 1 1 1 1 , , , 2 4 7 4 2 0 5 8 8 , , , 0 7 2 2 1 5 2 1 3 1 1 , , 1 9 4 9 5 1 9 3 3 , , , 3 1 7 9 5 5 4 9 6 2 2 1 , , , 4 2 8 9 1 6 4 6 5 , , , 8 0 6 5 5 1 5 3 8 Excess r O O S O e e c c c s p t t t e . . . t . r v 2 1 1 e 5 8 9 2 s: 1 1 1 1 5 5 5 5 , , , , 3 7 4 6 8 4 5 1 1 8 9 0 4 4 4 4 , , , , 1 1 1 1 9 1 2 4 4 9 5 3 9 9 9 9 2 2 2 1 3 4 8 8 6 6 6 6 , , , , 1 1 2 2 1 4 7 2 1 0 3 9 4 4 4 4 , , , , 3 2 2 3 5 7 2 1 6 0 5 8 Dec. 31 ... 5,347 6,563,048 1,914,040 1,601,518 3,146,286 1944—Aug 1,006 10 4 286 706 M Ju a n r e . 3 3 0 1 1944 5 6 , , 9 4 0 3 4 3 8 7 , , 0 4 4 6 6 6 , , 6 7 7 6 2 2 2 2, , 0 0 6 0 4 9 , , 3 5 1 1 8 1 1 1 , , 7 6 3 8 5 0 , , 7 0 7 4 7 6 3 3, , 8 6 1 1 0 5 , , 7 9 9 6 7 3 1945— S S A e e u p p g t t 1 1 , , 9 0 0 6 8 8 3 3 4 1 2 1 9 1 2 1 4 7 0 2 2 2 5 7 5 8 7 6 6 7 7 9 7 9 8 6 1 S D e e p c. t .3 3 0 0 6 7 , , 8 4 8 3 2 4 8 9 , , 6 3 8 1 5 0 , ,5 7 8 5 2 3 1 1 , , 9 7 6 3 0 5 , , 7 9 8 7 5 0 1 1 , , 6 4 6 8 3 2 , , 4 0 8 3 9 8 4 4 , , 3 4 0 5 1 3 , , 3 5 2 8 2 6 A Se u p g. t . 31 7 1 1 , , 0 0 1 8 3 4 1 1 0 2 9 7 2 2 4 8 2 7 7 7 5 7 2 8 M M J F A a e p a a n b r y . r . . . 3 2 3 3 3 1 8 0 1 1 1945 8 8 7 7 7 , , , , , 2 0 5 7 8 1 8 4 2 8 8 1 8 0 6 1 9 9 9 9 0 , , , , , 4 8 5 6 0 0 7 1 4 1 7 2 7 5 5 , , , , , 9 2 8 3 4 1 7 5 2 7 6 2 3 7 8 1 1 1 1 1 , , , , , 7 6 4 5 5 0 4 7 5 9 0 6 9 8 9 , , , , , 6 1 8 2 1 3 4 6 7 2 2 7 0 0 0 1 1 1 1 1 , , , , , 4 4 3 2 3 4 3 0 7 6 8 2 2 2 5 , , , , , 0 9 1 6 9 5 3 9 4 5 0 7 5 6 9 4 3 3 3 3 , , , , , 0 9 9 9 9 0 6 1 6 9 2 4 1 4 3 , , , , , 7 8 0 7 9 7 3 5 2 6 2 0 8 6 1 Borrow O O O S S S in e e e c c c p p p t g t t . . . t t t s . . . 2 2 1 1 1 5 8 1 2 4 9 at Federal pl 1 1 1 1 1 , , , , , , 1 0 0 1 0 0 2 0 6 1 6 7 0 1 7 7 4 4 3 2 2 1 1 1 0 5 2 8 4 1 9 6 5 7 8 7 2 2 2 2 2 2 7 1 8 6 6 5 9 7 8 4 2 3 7 7 7 7 7 9 5 8 8 8 0 6 1 6 9 June 30 8,422 10,149,315 1,386,851 1,190,944 3,694,618 Reserve Banks: A J S u e u l g p y . t . 3 3 3 1 0 1 8 8 8 , , , 6 6 5 5 9 5 1 5 3 r1 1 1 0 0 0 , , , 2 3 2 9 1 4 2 3 1 , , , 2 8 6 2 6 0 5 8 0 rl 1 1 ,2 , , 0 2 4 7 7 2 3 4 , , , 6 9 2 8 1 3 8 9 8 rl 1 ,0 ,0 9 6 9 1 1 1 6 , , , 6 6 8 0 5 7 1 5 4 3 3 3 , , , 4 6 0 6 2 4 0 7 3 , , , 2 2 6 7 9 4 2 7 7 1 1 9 9 4 4 5 4 — — S A A e u u p g g t 3 1 8 0 7 3 8 0 1 2 5 4 4 5 9 1 2 2 6 4 8 7 2 6 2 2 7 5 Sept 388 111 192 85 Aug. 31.... 423 162 172 89 Sept. 7.... 396 120 184 92 Sept. 14.... 453 170 186 97 Sept. 21.... 363 66 201 96 Sept. 28.... 397 91 205 100 Oct. 5.... 341 87 178 75 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Oct. 12.... 333 108 132 93 [Amounts in thousands of dollars] Oct. 19.... 339 86 154 99 W l D e a d s a p n t t e e e r d s i a o d ( y l d a a ) y o s t f or Nu A m p a b t p p e o l p r i r c d o a a A v t t i e e o m d n o s unt ( b a p p m c u r l A o e t o o p m t v n u e - e - o d n d t 1 t) s (a t L a m o n o u o d a t u i n - n n s g t) 2 C s (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 r o i d t o t u i - i n c n n s i t g - ) b a d n a i p s 1 d n c W P k o o s r u f e e n a e l c t i k r o s m e l u y a i n e n n s t f a d r i t g y r i m y u a b . r d a e a v t s n e a k s n o . s c f e m e s W x a f c y e o e e r s i k n s n l - c y r o l • e u n s f d m i e g e - r e u v s m r e m e s b s a e o l o r l f f a b a m b a l n o l o r k m u r s o n e , w t m e s i t b n o c e g . f r s F b o e a d f n e a k r l s a l l a m R n e e d m s e o b r f e v r e c o b B u a a n n n t k k r s y 1934 984 49,634 20,966 13,589 8,225 1,296 1 1 9 9 3 3 5 6 2 1 , ,9 2 9 8 3 0 1 13 2 9 4 , , 8 4 2 9 9 3 1 8 1 , , 2 5 2 4 6 8 3 2 2 5, , 5 4 2 9 6 3 2 2 0 7 , , 9 6 5 4 9 9 8 7, , 2 7 0 7 8 8 DEPOSITS OF COUN S T M RY A L M L E C M E B N E T R E R B S A 1 NKS IN LARGE AND 1937 2,406 150,987 3,369 20,216 12,780 7,238 [Averages of daily figures. In millions of dollars] 1938 2,653 175,013 1,946 17,345 14,161 12,722 1 1 1 9 9 9 4 3 4 0 9 1 3 2 2 , , , 2 7 9 0 8 0 1 2 8 2 2 1 7 1 8 9 2 8 , , , 8 2 5 2 6 1 2 0 0 1 8 2 3 , , , 2 6 9 9 5 5 9 4 4 1 1 9 0 3 , , , 1 3 6 5 3 8 2 7 3 1 9 5 4 , , , 2 2 5 2 9 2 7 0 6 1 1 6 9 0 , , , 3 6 9 8 0 8 0 6 1 a I n n d p o l v a e c r e s p o o f p u 1 l 5 a ,0 ti 0 o 0 n I 1 n 5 , p 0 l 0 a 0 c e p s o o p f u l u a n ti d o e n r 1942 Demand Demand J D u e n c e . 2 3 4 1 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 1 4 , , 2 1 6 2 5 6 1 1 6 0 , , 8 6 3 6 2 1 2 1 6 7 , , 4 3 3 0 0 5 d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s p r i - t ts de T p i o m s e its 1943 bank2 bank2 June 30 3,452 475,468 3,203 13,044 12,132 19,070 Dec. 31 3,471 491,342 926 10,532 9,270 17,930 September 1944 13,524 5,450 8,451 3,782 1944 August 1945 15,538 6,861 10,537 4,793 J D u e n c. e 3 3 0 0 3 3, , 4 4 8 8 9 3 5 5 1 2 0 5 , , 8 5 5 3 7 2 1,29 4 5 5 1 3 1 , , 8 3 9 6 4 6 4 4 , , 0 1 4 6 8 5 1 2 1 , , 7 0 0 6 5 3 September 1945 15,363 7,027 10,665 4,911 Boston 2,062 769 341 200 M J F a e a n b r . . . 1 3 3 2 9 1 1 8 45 3 3 3 , , , 4 4 4 9 9 9 1 2 3 5 5 5 2 2 2 6 7 8 , , , 6 7 9 5 0 3 9 0 6 5 5 6 8 8 0 5 5 4 3 4, , , 2 9 0 1 2 6 4 1 6 3 3 3 , , , 4 5 3 6 4 2 1 1 7 2 2 2 , , , 3 4 3 7 0 6 4 5 5 N P C h e le i w l v a e d Y l e a o l n r p d k hia 3 1 1 , , , 3 1 0 1 8 4 0 5 1 1,7 6 7 8 2 9 7 3 3 1,0 9 8 3 7 7 5 8 0 6 9 7 7 8 2 5 0 6 Apr. 30 3,500 533,037 1,370 4,553 3,285 2,361 Richmond 1,069 333 787 374 M Ju a n y e 3 3 1 0 3 3 , , 5 5 0 0 2 2 5 5 3 3 5 7 , , 1 3 1 3 7 1 22 7 0 0 4 3 , ,2 3 5 39 2 5 4 , ,3 2 9 2 2 4 2 2 , , 5 6 0 9 1 7 A Ch tl i a c n ag ta o .. 1 1 , , 3 8 7 8 2 6 1,1 4 3 0 0 0 1,4 5 0 8 8 1 1 7 6 6 4 0 July 31 3,503 538,624 130 3,199 5,165 2,455 St. Louis 574 278 884 219 Aug. 31 3,504 539,765 130 3,259 4,708 2,358 Sept. 30 3,505 540,241 130 3,166 4,291 2,018 Minneapolis 502 233 596 340 Kansas City 469 95 1,359 171 Dallas 812 103 1,290 54 1 Includes applications approved conditionally by the Federal Reserve San Francisco 1,080 484 536 248 Banks and under consideration by applicant. 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of 1 Includes any banks in outlying sections of reserve cities which have Federal Reserve Banks. been given permission to carry the same reserves as country banks. All NOTE.—The difference between amount of applications approved and the reserve cities have a population of more than 15,000. sum of the following four columns represents repayments of advances, and 2 Includes war loan deposits, shown separately for all country banks applications for loans and commitments withdrawn or expired. in the table on the following page. NOVEMBER 1945 1119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Gross demand deposits Reserves with Federal Demand Reserve Banks Federa C l l R a e s a s s n e o d rv f e b a d n i k strict Total I b n a te n r k - w G m a U o d r v e . e e l S n - o r . t n an - Other a D d d e e j p u m o s a t s e n it d d s 3 N p m o e d s a t e i n - t d 4 d s e 4 - p T o d i s m e i - t e s5 d b o a b l m f d a a r u o n n e e m c k st e s i s c Total qu R i e r - ed Excess B F R i B n e o e g d r a s r s e e n o r r k w a v a s t l e posits2 First half of September 1945 All member banks 94,116 12,309 14,151 67,656 63,892 70,290 23,111 6,166 15,377 14,284 1,093 415 Central reserve city banks New York 25,621 4,106 4,760 16,754 15,737 19,834 1,260 47 4,063 4,042 21 144 Chicago 5,719 1,167 931 3,620 3,393 4,388 680 176 929 918 11 Reserve city banks 35,507 5,881 5,145 24,480 22,594 26,715 9,296 1,853 6,180 5,901 279 187 Boston 2,454 281 654 1,519 1,439 1,678 158 45 350 345 5 6 New York 582 28 80 475 450 459 256 19 109 107 2 7 Philadelphia 2,679 347 499 1,832 1,731 2,009 188 70 420 413 7 4 Cleveland 4,268 561 667 3,039 2,852 3,248 1,096 170 747 715 32 36 Richmond 2,344 401 414 1,530 1,410 1,708 400 113 403 366 37 7 Atlanta 2,162 565 231 1,366 1,247 1,671 356 148 376 356 20 3 Chicago 4,319 496 630 3,194 3,007 3,231 1,679 279 780 747 33 90 St. Louis 2,035 597 261 1,177 1,060 1,554 276 107 337 327 9 16 Minneapolis 1,126 331 197 598 519 783 144 68 169 165 3 2 Kansas City 2,944 1,036 270 1,637 1,460 2,200 302 304 497 458 39 11 Dallas 2,282 580 266 1,436 1,333 1,681 271 239 394 354 41 San Francisco 8,313 658 977 6,677 6,086 6,492 4,170 290 1599 1,549 50 Country banks 27,270 1,154 3,315 22,801 22,167 19,354 11,875 4,090 4204 ,422 782 84 Boston 2,508 87 484 1,936 1,860 1,759 965 197 347 304 43 12 New York 4,187 78 750 3,360 3,234 3,020 2752 308 680 588 92 50 Philadelphia 1,999 14 284 1,701 1,656 1,450 1,341 226 346 284 63 3 Cleveland 2,395 28 316 2,051 2,004 1,717 1459 322 430 328 102 2 Richmond 2,026 169 226 1,631 1,562 1,376 703 370 296 235 61 5 Atlanta 2,187 224 213 1,749 1,699 1,561 561 377 304 252 51 3 Chicago 3,380 68 393 2,918 2,864 2,417 1879 528 555 451 104 3 St. Louis 1,613 152 130 1,331 1,296 1,177 494 277 238 194 43 2 Minneapolis 1,169 75 116 979 952 816 570 215 184 148 36 1 Kansas City 1,918 90 117 1,711 1,687 1,313 264 474 265 200 65 1 Dallas..... 2,240 140 138 1,961 1,921 1,531 158 545 309 224 85 San Francisco 1,647 29 147 1,471 1,430 1,216 729 252 251 214 37 Second half of September 1945 All member banks 93,299 12,216 12,726 68,358 64,533 70,992 23,361 6,013 15,452 14,420 1,032 360 Central reserve city banks: New York 25,558 4,113 4,259 17,186 16,057 20,154 1,279 53 4,125 4,108 17 77 Chicago 5,639 1,142 837 3,659 3,435 4,409 686 173 932 923 9 1 Reserve city banks 35,000 5,798 4,645 24,556 22,689 26,754 9,395 1,826 6,151 5,915 237 197 Boston 2,398 288 585 1,525 1,439 1,685 160 43 351 347 5 3 New York 576 27 72 477 453 461 259 19 110 108 2 3 Philadelphia 2,662 347 447 1,869 1,762 2,037 189 72 428 419 9 5 Cleveland 4,165 550 603 3,012 2,821 3,209 1,104 166 734 708 26 23 Richmond 2,278 397 371 1,510 1,391 1,689 405 109 385 362 23 16 Atlanta 2,115 548 208 1,359 1,242 1,667 360 131 370 355 15 5 Chicago 4,204 479 571 3,154 2,975 3,181 1,696 281 769 738 31 96 St. Louis 1,983 576 235 1,172 1,057 1,537 279 101 330 324 6 13 Minneapolis 1,104 332 176 596 524 786 145 71 171 166 5 12 Kansas City 2,907 1,012 245 1,651 1,481 2,204 305 295 497 459 38 16 Dallas 2,271 585 240 1,446 1,337 1,695 274 234 387 355 32 San Francisco 8,336 658 892 6,786 6,208 6,602 4,218 303 1,619 1,573 46 Country banks 27,102 1,162 2,984 22,956 22,351 19,674 12,001 3,961 4,244 3,474 769 86 Boston 2,479 93 437 1,949 1,874 1,784 972 192 351 308 43 18 New York 4,124 80 672 3,371 3,257 3,053 2,782 300 688 594 94 43 Philadelphia 1,991 15 256 1,720 1,677 1,473 1,356 225 356 288 68 3 Cleveland 2,386 28 287 2,071 2,026 1,741 1,475 319 434 332 102 4 Richmond 2,027 171 204 1,652 1,584 1,408 710 362 293 240 53 3 Atlanta 2,163 221 193 1,749 1,699 1,576 568 358 299 255 44 3 Chicago 3,344 67 356 2,921 2,870 2,450 1,901 500 563 457 106 3 M St i . n L n o e u a i p s o . l ; is 1 1 , , 6 1 0 7 0 8 1 7 4 6 6 1 1 1 0 7 3 1, 9 3 9 37 9 1, 9 3 7 04 3 1, 8 19 4 4 3 5 5 0 7 1 6 2 2 6 1 2 0 2 1 3 9 8 1 1 1 9 5 7 3 4 3 1 9 2 2 Kansas City 1,923 96 105 1,722 1,699 1,347 268 458 267 205 62 1 Dallas 2,245 140 123 1,983 1,944 1,570 157 529 309 229 79 San Francisco 1,642 29 132 1,482 1,444 1,235 735 246 255 217 38 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. 6 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. II2O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of year and in cir- Unasmonth cula- sorted tion1 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—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 September 27,826 20,235 1,243 1,001 72 2,288 6,815 8,816 7,592 2,204 4,071 464 825 8 21 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money T s S o t e t a 1 p a n 9 l t d . 4 o 3 i 5 n u 0 g t , - , A g s a o s g l s i d a e l v i c a n e u n r s r t d ity Tr c e a a s s h ury R F B e e F a s d e o n e r r k r v a s e l B h F R a a e n e e g l d k s d e e s e n r r b t a v a s y n e l d Se 1 p 9 t 4 . 5 30 Au 1 g 9 . 4 5 31, Se 1 p 9 t 4 . 4 30 certificates and agents Gold 20,073 17,949 22,123 Gold certificates 17,949 15,082 2,815 52 52 53 Federal Reserve notes 24,694 796 23,818 23,685 20,017 Treasury currency—total 4,251 253 3,956 3,948 3,724 Standard silver dollars 494 340 129 Silver bullion 1,620 1,620 Silver certificates and Treasury notes of 1890 *Z,960 197 ,763 ,588 Subsidiary silver coin 843 17 812 808 725 Minor coin 310 5 301 299 272 United States notes 347 26 318 322 323 Federal Reserve Bank notes 518 5 513 517 582 National bank notes 119 1 119 119 125 Total—September 30, 1945 19,910 2,246 15,082 3,864 27,826 August 31, 1945 19,905 2,230 15,111 3,741 27,685 Septenber 30, 1944 20,508 2,363 15,832 3,742 23,794 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. 1113, and seasonally adjusted figures in table on p. 1122. 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. s Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. NOVEMBER 1945 IXZI 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 lOutside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars ] Ear- Date f u o A n r m a s d o e j u u a n s s o t t — e n d al ad A s ju e m a s s t o e o u d n n al t f - or s C a e h d a a s ju o n s n g t a e e l d l i y n Period a s G t t o o e c l n d k d I i n n c r g e o a ld se N im et p g o o r l t d g m o c l r a d e r : a k s d e e d e- p D ti r c o o m d g u o e c s ld - variation variation series1 of period stock or in- tion1 crease (—) End of year figures: 1939 7,598 +742 19342 8,238 4,202.5 1,133.9 82.6 92.9 1940 8,732 +1,134 1935 . .. 10,125 1,'887!2 1,739.0 .2 110.7 1 1 9 9 4 4 1 2 1 1 1 5 , , 1 4 6 1 0 0 + +4 2 , , 2 4 5 2 0 8 1 19 9 3 3 7 6 3 3 1 n 2 t , 2 7 5 6 8 0 l 1 , , 5 1 O 3 2 2 ! .5 5 l 1 , , 5 1 8 1 s 6 ! . 5 6 — — 2 8 0 5 0 . . 9 4 1 1 3 4 1 3 . . 6 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—February 20,635 20,635 +268 1944 20^619 —1,319.0 —845.4 —459.'8 35.8 March 20,964 21,027 +392 April 21,312 21,484 +457 1944—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 S O e c p to te b m er ber 2 2 4 3 , ,5 1 2 1 5 2 2 2 4 3 , ,5 1 7 1 2 2 + +5 4 4 6 0 8 M Fe a b r r c u h ary 2 2 0 0 , , 5 41 0 9 6 — -4 8 3 7 .8 .3 -19 1 .1 .9 - - 3 4 7 6 . . 4 9 2 2 . . 3 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 -15.0 13.5 -19.0 2.7 A M Tu p a n r y i e l 2 2 26 6 6 , , , 5 3 0 6 5 0 1 1 9 2 2 2 6 6 6 , , , 2 5 6 3 1 9 7 9 4 + + + 3 2 1 1 9 5 8 1 7 J O a c n t . o - b O e c r t. .. p p 2 2 O O , , O O 3 3 7 7 P P -5 -3 8 6 2 . . 3 3 ( ( 4 4 ) ) 5-3 5 1 3 4 4 . . 2 6 *> '2 25 .7 .4 July 26,918 26,972 +278 p Preliminary. f Figure carried forward. August 27,392 27,530 +558 1 Annual figures are estimates of the United States Mint. Monthly September 27,765 27,821 +291 figures are those published in table on p. 1164, adjusted to exclude Philippine October 27,943 27,943 +122 Islands production received in United States. I 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 4,251.4 million dollars on Oct. 31,1945. All of this was earmarked directly for foreign account except 102.8 million dollars which was earmarked in the name of a domestic bank as security for a foreign loan. NOTE.—For back figures, see Banking and Monetary Statistics, Table 156, pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND- DEPOSIT TURNOVER [Debits in millions of dollars] Year and month 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 A r e n n p i o n o n v u s te i e a t r r l s b r o a e a f n x t e k c t e o o p t f a t l D e a d e x n e b c d p e i o t p G s s t i t o t i o v n a e c t d r e c n e r o m b m u a a n e n n n t k s d t tur d A n i e n G o n p t v n o e o e r u v s b r i a e t a l r s o n n f r m k e a x d t e e a c e n e n m o t p d f a t nd Total, all Other New 333 other New 100 other New 100 other re c p e o n r t t e i r n s g Y C o it r y k 1 1 c 40 e n o t th e e r1s r 1 r c e e p n o t r e t r i s n 2 g York re c p e o n r t t e i r n s g Y C o it r y k le c a it d ie in s g Y C o it r y k le c a it d i i e n s g 1936 461,889 208,936 219,670 33,283 204,831 202,267 31.4 22.4 1937 469,463 197,836 235,206 36,421 193,143 215,090 29.5 22.4 1938 405,929 168,778 204,745 32,406 164,945 186,140 25.1 19.9 1939 423,932 171,382 218,298 34,252 167,939 200,636 21.0 19.4 1940 445,863 171,582 236,952 37,329 167,373 217,744 17.1 18.6 1941 537,343 197,724 293,925 45,694 193,729 270,439 17.3 19.4 1 1 9 9 4 4 2 2 — — n o e ld w s s e e ri r e ie sa s3 . 6 64 0 1 7 , , 7 0 7 7 8 1 2 2 1 2 0 6 , , 9 8 6 6 1 5 3 34 4 7 2 , , 8 4 3 3 7 0 5 6 3 7 , , 6 0 7 7 9 4 16.1 13.1 200,337 308,913 18.0 18.4 1943 792,937 296,368 419,413 77,155 16.5 11.7 258,398 369,396 20.5 17.4 1944 891,910 345,585 462,354 83,970 17.1 10.8 298,902 403,400 22.4 17.3 1944—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 r73,208 29,388 r36,767 7,054 14.4 8.2 24,803 30,796 19.7 13.7 September 71,172 28,545 35,721 6,906 16.5 9.1 26,534 30,631 22.9 14.9 T Revised. J National series for which bank debit figures are available beginning with 1919. 2 Annual figures for 1936-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers. 3 See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of 1942 partly estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation. IIZ2. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY-ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] Total End of month a c d o u d T e b u r j a p a o t u r n o s n e t s d i a s k n t d i l e s c t e d s y a c d d o u d e b e u r j p m a a t u r o n s n s e a d i s k t n n i d e s c t d d e s y a d d T e j p o u o t s s a te i l t d s a D d d e e j p m u o s a s t n i e t d s d1 d G U e S m o p n t v a o e it e t s n e e r i t d s t n s - 2 Total m ba C e n T r o k c i m i m s a 3 - l e 4 dep M s b o a a s u v n i t i t u k s n a s g 4 l s S S P a y o v s s i t n t e a m g l s 5 C o u b u r a t r n s e i k n d s c e y 1929—June 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 1,186 4,761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,483 1,208 4,782 1937—June 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 1,267 5,489 December 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 1,269 5,638 1938—June 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 1,251 5,417 December 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 1.251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 1,261 6,005 December 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 1,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 1,292 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 1,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 8,201 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—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 151,200 92,300 127,500 68,600 18,300 40,600 24,600 13,600 2,400 23,700 February 150,800 93,800 126,700 69,700 15,600 41,400 25,200 13,700 2,500 24,100 March 150,600 95,100 126,400 70,900 13,400 42,100 25,700 13,900 2,500 24,200 April 150,900 98,100 126,400 73,600 9,800 43,000 26,300 14,100 2,600 24,500 May 152,600 100,800 127,800 76,000 8,200 43,600 26,700 14,300 2,600 24,800 June 162,785 94,150 137,688 69,053 24,381 44,254 27,171 14,426 2,657 25,097 July** 163,500 97,600 138,000 72,100 20,800 45,100 27,800 14,600 2,700 25,500 August27 .... 163,400 100,000 137,400 74,000 17,300 46,100 28,500 14,800 2,800 26,000 September^. 162,800 101,600 136,600 75,400 14,300 46,900 29,100 15,000 2,800 26,200 P Preliminary. 1 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. 2 Beginning with December 1938, includes United States Treasurer's time deposits, open account. 3 Excludes interbank time deposits and postal savings redeposited in banks. 4 Beginning with June 1941, the commercial bank figures exclude and the mutual savings bank figures include three member mutual savings banks. 5 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONS* [In millions of dollars] Member Nonmember Assets Total, banks banks all End of month D i b e to p a r l o - s s ' - i C n a d s e h - U. S. se G cu o r v i e ti r e n s ment C r a e s - h banks ti N on a- al State su I r n e - d in N s o u n re - c ances1 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 1941 8 4 3 1 1 1 9 9 3 3 4 5 — — D D e e c c 1 1 , , 2 2 0 0 7 1 1 1 , , 2 2 3 3 7 7 5 2 4 8 0 7 8 5 5 9 3 7 4 7 6 0 7 6 1 1 3 4 0 7 1 9 0 8 0 1 1 1 9 9 9 4 4 4 2 3 4 . . 9 4 1 2 6 2 1 3 1936—Dec 1,260 1,296 145 1,058 892 167 93 1945—Jan.-Oct 0 1937—Dec 1,270 1,308 131 1,097 931 167 80 1938—Dec 1,252 1,291 86 1,132 965 166 73 Deposits of suspended banks 1939—Dec 1,279 1,319 53 1,192 1,046 146 74 (in thousands of dollars) :2 1 19 9 4 4 1— 0- D D e e c c 1 1 , , 3 3 0 1 4 4 1 1 , , 3 3 4 9 8 6 3 2 6 6 1 1 , , 2 2 2 7 4 4 1 1 , , 0 1 7 2 8 8 1 1 4 4 6 6 8 9 8 5 1934-39 125,991 14,616 26,548 44,348 40,479 1942—Dec 1,417 1,464 16 1,345 1,220 126 102 1940 5,943 256 5,341 346 1943—Dec 1,788 1,843 10 1,716 1,716 118 1941 3,726 3,144 503 79 1944—Sept 2,198 2,262 8 2,110 2,110 143 1 19 9 4 4 3 2 6 1 , ,7 2 0 2 2 3 4,982 1 1 , ,3 2 7 4 5 1 327 O N c o t v 2 2 , , 2 3 5 0 7 5 2 2 , ,3 3 7 2 4 3 8 8 2 2 , , 1 2 6 1 5 4 2 2 , , 1 2 6 1 5 4 1 1 5 5 0 2 1 19 9 4 4 4 5—Jan.-Oct 40 0 5 405 Dec 2,342 2,411 8 2,252 2,252 152 1945—Jan 2,404 2,477 8 2,308 2,308 162 1 Represents banks which, during the periods shown, closed temporarily Feb 2,458 2,536 8 2,363 2,363 164 or permanently on account of financial difficulties; does not include banks Mar 2,513 2,590 8 2,426 2,426 156 whose deposit liabilities were assumed by other banks at the time of closing Apr... 2,563 2,646 8 2,463 2,463 175 (in some instances with the aid of Federal Deposit Insurance Corporation May.. 2,609 2,696 8 2,518 2,518 170 loans). June 2,659 2,751 8 2,574 2,574 169 2 Deposits of member banks and insured nonmember banks suspended are July 2,720 2,809 7 2,625 2,625 176 as of dates of suspension, and deposits of noninsured nonmember banks Aug p2,779 are based on the latest data available at the time the suspensions were Sept P2,833 reported. Back figures.—See Banking and Monetary Statistics, pp. 283-292; for p Preliminary. description, see pp. 281-282 m 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. NOVEMBER 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 Total G o m U o b v l . e i e g n S r a t n - . - se O cu th ri e t r ie Total* I b n a t n er k - ^ Demand Time of banks 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. .. j 50,885 22,169 28,716 19,402 9,314 68,225 9,883 32,492 25,850 15,035 1940—Dec. 31 . .. . ..I 54,170 23,751 30,419 20,983 9,436 75,963 10,941 38,518 26,504 14,895 1941—Dec. 31.. ..I 61,101 26,616 34,485 25,488 8,997 81,780 10,989 44,316 26,476 14,825 1942—Dec. 31.. . .' 78,137 23,915 54,222 45,932 8,290 99,796 11,318 61,395 27,083 14,682 1943—June 30.... . 87,881 22,241 65,640 57,748 7,892 107,224 10,895 67,554 28,775 14,618 Dec. 31,... . 96.966 23,601 73,365 65,932 7,433 117,661 11,012 75,561 31,088 14,579 1944—June 30. . 108,707 25,424 83,284 75,737 7,547 128,605 11,219 83,588 33, 797 14,553 Dec. 30 119,461 26,015 93,446 85,885 7,561 141,449 12,245 91,644 37,559 14,535 1945—June 30 129,639 27,979 101,661 93,657 8,004 151,033 12,605 96,725 41,702 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 Dec. 30 105,530 21,644 83,886 77,558 6,329 128,072 12,245 91,644 24,183 13,992 1945—June 30 114,505 23,672 90,833 84,069 6,764 136,607 12,605 96,725 27,276 14,000 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. 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 aat all insured commercial banks. e members of the Federal Reserve System. These banks are ommercial banks," and are included only once in "all banks." ie admission to membership in the Federal Reserve System of one 4 l a B rg e e g i b n a n n in k g " w Ju it n h e 't o 3 t 0 a , l 1 lo 94 a 2 n , s i a n n c d lu i d n e v s e B st a m n e k n o ts f a N g o gr r e th g a D tin ak g o 5 t 5 a 4 , a m i n l o li n o m n e d m o b ll e a r r s b o a n n k D n ec o . t 3 p 1 re ,1 v 9 io 4 u 2 s . ly . i1ncJludJ. e1 d m these .. s tatistics; 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. 1124 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES—Continued LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank and Number call date Total Loans G U ov . e S rn . - Other Total1 I b n a te n r k - 1 of banks Total ment securities Demand Time 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 15,091 3,087 12,005 10,839 1,166 18,242 375 12,326 5,541 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. 31** 1,151 314 837 667 170 1,329 173 891 265 793 1943—June 30 1,363 270 1,094 925 169 1,519 214 1,045 260 775 Dec. 31 1,588 276 1,312 1,160 153 1,829 307 1,253 269 764 1944—June 30 1,795 281 1,514 1,347 168 1,989 181 1,527 281 745 Dec. 30 2,148 292 1,856 1,682 174 2,358 171 1,883 304 729 1945—June 30e 2,152 297 1,855 1,668 187 2,362 204 1,815 343 723 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 1124. NOVEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES* LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Loans for II". S. Government obligations Com- purchasing Obli- Total m ci e a r l, - or carrying gat o io f ns 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 n a e d n t s s s t- Total o c m p l i i u n n e a g - d n r- - - A t c u a g u r l r l - - i- br T e s o e r o k s c - urit o i T t e h o s - R l t o e e a a s a t - n e l s - s l C u o m o a n n e - s r O lo t a h n e s r Total Total Bills o c C f t a i e f t i i r e n - D - s - ir N ec o t tes Bonds G t a u e n e a - d r- p S o s a t c l u a n a i b t t d l e i - - s O r s i e t t h c i u e e s r ket 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 3,608 3,491 1941—Dec. 31.... 49,288 21,258 9,214 1,450 614 662 4,773 4,545 28,030 21,046 988 3,159 12,797 4,102 3,651 3,333 1942—Dec. 31.... 66,240 18,903 7,757 1,642 950 597 4,646 2,269 1,04247,336 40,705 4,462 6,727 5,799 20,999 2,718 3,533 3,098 1943—Dec. 31.... 83,507 18,841 7,777 1,505 1,414 922 4,437 1,868 91864,666 58,683 4,636 13,218 7,672 30,656 2,501 3,287 2,696 1944—June 30.... 93,936 20,729 7,406 1,474 2,221 2,296 4,364 1,862 1,10673,207 67,085 4,70815,46611,834 34,114 963 3,393 2,730 Dec. 30.... 103,382 21,352 7,920 1,723 2,269 2,265 4,343 1,888 94482,030 75,875 3,97115,30015,778 39,848 978 3,422 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 2,83117,20416,454 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 2,448 3,192 1940—Dec. 31.... 37,126 15,321 6,660 865 642 652 3,228 3,273 21,805 15,823 652 2,594 9,091 3,486 3,013 2,970 1941—Dec. 311... 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,007 11,729 3,832 3,090 2,871 1942—Dec. 31.... 59,263 16,088 7,387 1,089 934 538 3,423 l,847i 87043,175 37,546 4,363 6^285 5,409 18,948 2,540 2,965 2,664 1943—Dec. 31.... 74,258 16,288 7,421 1,023 1,398 839 3,274 1,4841 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 l,467i 1.03365,503 60,339 4,46614,22810,640 30,118 887 2,834 2,331 Dec. 30.... 91,569 18,676 7,531 1,198 2,249 2,108 3,209 1,505! 87772,893 67,685 3,74813,98214,127 34,927 902 2,857 2,350 1945—Mar. 20.... 90,524 17,219 73,305 67,915 2,989 2,400 June 30.... 99,426 20,588 7,095 1,125 3,089 3,407 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 1,245 2,977 1,615 695 788 1941—Dec. 31.... 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1942—Dec. 31.... 17,957 4,116 2,546 21 787 193 117 3031 14813,841 12,547 1,855 2,144 2,056 5,420 1,071 593 701 1943—Dec. 31.... 19,994 4,428 2,515 24 1,054 323 107 252 15315,566 14,563 1,328 3,409 1,829 7,014 984 444 558 1944—June 30.... 22,669 5,479 2,430 64 1,657 751 93 232 25117,190 16,157 1,258 4,242 2,805 7,650 201 456 577 Dec. 30.... 24,003 5,760 2,610 30 1,742 859 86 253 17918,243 17,179 913 3,740 3,745 8,592 189 468 596 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 "223 18,687 17,492 ' '424 3,538 3,607 9,920 2 567 629 Chicago:* 1938—Dec. 31.... 1,969 539 335 17 43 70 12 63 1,430 1,114 59 291 655 109 141 176 1940—Dec. 31.... 2,377 696 492 5 42 54 19 84 1,681 1,307 297 145 752 112 188 186 1941—Dec. 31.... 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1942—Dec. 31.... 3,973 832 658 6 34 32 23 62 18 3,141 2,789 397 "637 391 1,282 83 166 186 1943—Dec. 31.... 4,554 1,004 763 6 102 52 22 45 14 3,550 3,238 199 877 484 1,602 74 158 155 1944—June 30.... 5,124 1,064 710 11 102 130 21 49 40 4,060 3,688 367 1,038 587 1,665 31 204 169 Dec. 30.... 5,443 1,184 738 17 163 163 24 45 34 4.258 3,913 250 1,045 779 1,809 31 160 185 1945—Mar. 20.... 5,212 1,012 4,199 3,840 177 183 June 30.... 5,730 1,250 671 13"l59 299 "23 so""34 4,480 4,130 "l27 1,253 "814 1,936 154 196 Reserve city banks: 1938—Dec. 31.... 11,654 4,963 2,063 207 119 242 1,230 1,101 6,691 5,018 57 1,224 2,997 740 808 866 1940—Dec. 31 13,013 5,931 2,589 263 115 207 1,436 1,322 7,081 5,204 103 771 3,281 1,049 984 893 1941—Dec. 31.... 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1942—Dec. 31.... 20,915 6,102 2,957 290 97 153 1,486 808j 31214,813 13,038 1,441 2^253 1,723 6,810 811 954 821 1943—Dec. 31.... 27,521 6,201 3,058 279 217 267 1,420 658 30121,321 19,682 1,802 4,691 2,497 9,943 749 913 726 1944—June 30.... 30,943 6,761 2,787 277 409 903 1,385 650 35024,183 22,484 1,914 5,586 3,893 10,689 402 963 735 Dec. 30.... 33,603 6,822 3,034 348 311 777 1,379 660 31326,781 25,042 1,704 5,730 5,181 11,987 440 1,000 740 1945—Mar. 20.. .. 33,452 6,346 27,106 25,304 1,034 768 June 30.... 36,572 7,155 2,883 304 "371 1,147 1,378 757 "315 29,417 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 1,353 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 1,644 1,400 5,517 3,269 45 433 2,081 710 1,146 1,102 1941—Dec. 31.... 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1942—Dec. 31.... 16,419 5,038 1,226 772 17 161 1,797 674 39311,380 9,172 671 1^251 1,240 5,436 574 1,252 956 1943—Dec. 31.... 22,188 4,654 1,084 713 25 197 1,725 528 38117,534 15,465 1,032 3,094 2,096 8,705 538 1,214 855 1944—June 30.... 24,850 4,780 1,096 671 33 345 1,708 536 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 28 110 1,141 730 2,586 1,283 4 259 793 228 563 739 1940—Dec. 31 5,429 3,074 518 416 21 75 1,240 803 2,356 1,240 10 162 834 234 595 521 1941—Dec. 31 5,774 3,241 543 478 20 64 1,282 854 2,533 1,509 17 152 1,069 271 563 462 1942—Dec. 31.... 6,984 2,818 370 553 16 59 1,225 422 174 4,166 3,162 99 "*442 390 2,053 179 569 435 1943—Dec. 31.... 9,258 2,556 356 482 16 82 1,165 385 70 6,702 5,739 276 1,147 766 3,395 156 560 403 1944—June 30.... 10,360 2,648 383 452 21 166 1,159 395 73 7,712 6,752 242 1,238 1,194 4,002 76 560 400 Dec. 30.... 11,824 2,678 389 525 21 156 1,136 383 67 9,146 8,197 223 1,319 1,652 4,928 76 566 383 1945—June 30.... 12,940 2,790 406 506 24 193 1,167 420 7410,150 9,170 198 1,620 1,731 5,611 10 584 396 * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal Deposit Insurance Corporation. 1 During 1941 three mutual savings banks with total deposits of 8 million dollars became members of the Federal Reserve System. These banks are included in "member banks" but are not included in "all insured commercial banks." 2 Central reserve city banks. ux6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Interbank Cl c a a s l s 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 - - k e h e a s s l C va a in u sh lt m b a B w a d n e n a o i c s t l k - e t - h . i s s c 3 j p u m a D o s d d a t s e e - e n - i - d t d s * m D es o d t - i e c p 3 osi F e t i s o g r n - m U G er o e . n S v n - - . t p v s S o i u a s l t b n i a i t o d d t i e c n i s - a s l c C h c f o a e e e i f n e c r f r i d s d t k - i ' s - a v p n i a s p I d d r n h o t u i d n r p a c a i e o s l - - r s , r - - , I b n a t n er k - P m U G o S e a r s a . e o n n S t v n v d a - . - t - l S v p s i t i a u s o a c n i b t l a o e i d d l t n s - i s - v p an s a i p I d h d r o n t i u p n r d c a a s e i o l - - , r s r - - , B r in o o g w r s - - c C o t a a a u c l p n - i t - s etc. tions ings tions All insured commercial banks: 1938—Dec. 31.... 8,694 950 5663 25,198 6,595 503 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. 311. .. 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1942—Dec. 31.... 13,072 1,019 6 147 42,570 10,101 811 7,923 3,318 1,142 42,139 87 56 332 12,366 5 6,101 1943—Dec. 31.... 12,835 1,132 5450 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 6354 57 308 10,881 945 18,5091 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 10,250 1,016 12,409 4,030 1,305 59,409 65 101 378 20,004 285 7,138 June 30.... 14,807 1,150 6486 59 133 11,0641,106 21,967 3,877 1,138 57,417 61 102 392 21,254 52 7,276 New York City:'1 1938—Dec. 31.... 4,104 68 109 7168 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 10761 3,595 607 866 319 450 11,282 6 29 778 1,648 1942—Dec. 31.... 4,388 72 82 11899 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 26 816 "29' 1,862 1944—June 30. ... 3,455 85 60 13254 3,105 852 6,150 213 722 I 13,740 11 17 861 64 1,907 . Dec. 30.... 3,766 102 76 14042 3,179 851 6,722 199 361 14,448 11 17 977 96 1,966 1945—Mar. 20. ... 3,949 104 62 15309 2,996 914 4,296 293 494 15,614 11 18 1,065 164 1,995 June 30.... 3,879 89 64 14643 3,271 989 7,618 229 341 14,789 16 19 1,082 40 2,023 Chicago:2 1938—Dec. 31.... 884 35 235 1688 658 83 181 1,597 452 257 1940—Dec. 31.... 1,051 42 319 1941 997 90 174 1,905 496 270 1941—Dec. 31.... 1,021 43 298 2 215 1,027 127 233 2,152 476 288 1942—Dec. 31.... 902 39 164 2 557 1,105 12 665 178 2,588 453 304 1943—Dec. 31.... 821 38 158 3 050 972 14 713 174 3,097 505 326 1944—June 30. ... 811 41 179 3 070 1,090 15 1,105 218 3,040 543 343 Dec. 30.... 899 43 177 3 041 1,132 16 1,400 167 3,100 619 354 1945—Mar. 20. ... 892 45 144 3 289 1,092 16 900 162 3,324 631 353 June 30 929 33 180 3 152 1,174 19 1,499 193 3,124 663 362 Reserve city banks: 1938—Dec. 31.... 2,354 321 1940 7214 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 2590 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 14849 4,831 63 1,982 1,319 385 15,061 63 22 169 4,805 "2 2,028 1943—Dec. 31.... 5,116* 391 1758 18654 4,770 63 3,373 1,448 475 18,790 41 56 151 5,902 2,135 1944—June 30 5,109 399 1922 18405 4,757 65 6,453 1,464 384 18,367 37 45 158 6,567 2,207 Dec. 30.... 5,687 441 2005 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 I 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 2029 20 682 5,510 90 7,655 1,516 422 20,559 31 39 166 8,529 3 2,450 Country banks: 1938—Dec. 31.... 1,353 322 1956 6 224 446 143 1,128 154 5,215 44 147 5,509 6 1,798 1940—Dec. 31.... 1,857 452 3002 7845 633 151 1,184 187 6,846 33 150 5,917 3 1,909 1941—Dec. 31.... 2,210 526 3 216 9 661 790 225 1,370 239 8,500 31 146 6,082 4 1,982 1942- Dec. 31 2,842 542 3 699 13265 957 1,090 1,558 272 11,989 32 140 6,397 3 2,042 1943—Dec. 31.... 3,303 611 3474 17039 994 1,962 1,727 344 15,561 56 149 7,599 10 2,153 1944—June 30. .. . 3,438 618 3 638 17099 951 3,926 1,743 314 15,609 52 157 8,477 11 2,239 Dec. 30.... 3,909 684 4 097 19958 1,149 4,230 1,868 369 18,350 57 175 9,650 16 2,321 1945—Mar. 20. ... 3,927 745 3693 20 842 1,068 2,952 1,959 361 19,014 56 181 10,279 51 2,395 June 30.... 4,117 632 4 213 20 656 1,108 5,195 1,939 346 18,945 54 207 10,981 9 2,440 Insured nonmember commercial banks: 1938—Dec. 31.... 204 1,423 2,904 85 48 555 48 2,356 25 113 3,163 11 1,010 1940—Dec. 31.... 243 2,017 3,391 95 50 574 58 2,822 13 87 3,311 8 975 1941—Dec. 31 271 2,325 4,092 108 53 611 68 3,483 8 74 3,276 6 956 1942—Dec. 31.... 287 2,934 5,651 133 243 678 76 4,983 5 65 3,339 5 955 1943—Dec. 31.... 313 2,996 7,279 141 506 750 96 6,518 4 68 3,750 6 979 1944—June 30 322 2,978 7,368 126 1,124 764 90 6,595 4 74 4,094 9 1,015 Dec. 30.... 352 3,434 8,652 182 1,245 775 103 7,863 4 76 4,553 10 1,022 1945—June 30 324 3,473 8,915 153 1,511 820 101 8,078 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 million at 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. NOVEMBER 1945 11.2.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments For purchasing U. S. Government obligations Com- or carrying securities Total mer- Date or month i m n l a o v e n a e n n d s t s t s - Total in t c a r d i n i a u a d l s l , , - a T n o d b d r e o a k l e e r r s s To others R e 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 l t o h a e n r s Total Total Bills o c C t a f i e f t i i e r n - - s -Notes Bonds G a u n a - r- O s ri e t t c i h u e e s - r t a u c g u r l r a - i l - G U t l o i i o o . b g S v - n a . t s - . O c t s t u i e h e r - e s i- r G U t l o o . i i v b o g S - t a n . . - s O c t t u s i h r e e e i - s - r d n e e e d b s - t s - teed Total—101 Cities 1944—September.. 54,993 10,995 6,033 813 748 338 1,065 47 1,316 43,998 41,036 2,630 10,884 7,377 19,551 594 2,962 1945—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 September. 61,765 12,761 6,096 1,396 850 1,390 398 1,060 98 1,473 49,004 45,655 1,259 10,258 9,301 24,826 11 3,349 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 3,303 Aug. 8 63,052 12,97. 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 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 3,318 Aug. 22 62,680 12,888 5,948 1,385 827 1,706 408 1,058 83 1,473 49,79: 46,458 1,420 10,27' 9,478 25,268 3,334 Aug. 29... 62,546 12,841 5,982 1,443 820 1,599 1,058 77 1,468 49,705 46,371 1,463 10,196 9,448 25,253 3,334 Sept. 5....62,382 12, 6,055 1,418 818 1,507 397 1,059 134 1,479 49,515 46,182 1,451 10,50: 9,373 24,845 3,333 Sept. 12.... 61,842 12, 683 6,095 1,328 802 1,437 396 1^058 93 1,474 49,15r 45,823 1,229 10,347 9,327 24,909 3,336 Sept. 19.... 61,584 12,764 6,124 1,386 877 1,335 399 114 1,468 48,820 45,473 1,213 10,220 9,273 24,756 3,347 Sept. 26.... 61,251 12,731 6,113 1,451 905 1,283 398 l',060 51 1,470 48,520 45,140 1,144 9,964 9,232 24,789 3,380 Oct. 3 61,030 12,586 6,218 1,3661 828 1,155 395 1,063 76 1,485 48,444 45,143 1,310 9,803 9,180 24,840 3,301 Oct. 10 60,883 12,493 6,271 1,269 872 1,067 396 1,065 65 1,488 48,390 45,108 1,284 9,830 9,137 24,847 3,282 O Oc c t t . . 1 2 7 4 .... 6 6 1 1 , , 0 0 7 0 5 7 1 1 2 2 , , 3 2 2 7 1 9 6 6 , , 2 2 5 6 1 6 1 1 , , 1 2 9 0 0 3 8 8 5 4 2 8 9 9 8 2 5 2 4 3 0 9 5 9 1 1 , , 0 0 6 6 3 2 7 7 6 2 1 1 , , 4 5 9 0 9 7 4 4 8 8 , , 7 75 2 4 8 4 4 5 5 , , 4 4 7 5 1 8 1 1 , , 5 3 5 0 3 3 9 9 , , 8 9 6 0 4 4 9 9 , , 1 1 3 6 9 4 2 2 5 4 , ,9 0 0 7 6 8 3 3 , , 2 2 8 7 3 0 New York City 1944—September. 19,706 4,366 2,281 649 477 365 133 34 351 15,340 14,301 682 3,874 2,680 6,900 1,039 1945—May 20,354 4,794 2,218 1,093 632 193 162 84 347 15,560 14,551 166 3,456 2,594 8,284 1,009 June 21,891 5,643 2,229 1,365 691 686 174 71 362 16,248 15,180 281 2,988 3,233 8,677 1,068 July 22,997 6,089 2,221 1,316 693 1,153 182 j 62 397 16,908 15,798 443 3,019 3,233 9,102 1,110 August 22,253 5,560 2,191 1,125 656 859 191 ! 67 404 16,693 15,490 333 2,858 3,146 9,151 1,203 September. 21,591 5,39 2,295 1,135 628 597 183 83 409 16,194 14,965 280 2,811 3,019 8,853 1,229 Aug. 1.. 22,808 5,875 2,208 1,174 728 1,012 208 79 400 16,933 15,736 414 2,966 3,186 9,168 1,197 Aug. o.... 22,263 5,513 2,185 1,075 660 888 187 48 404 16,750 15,553 342 2,911 3,143 9,155 1,197 Aug. 15.... 22,237 5,520 2,186 1,089 632 872 184 84 405 16,717 15,515 362 2,839 3,158 9,154 1,202 Aug. 22.... 22,032 5,44" 2,173 1,108 634 796 195 66 407 16,585 15,376 243 2,821 3,143 9,167 1,209 Aug. 29.... 21,927 5,44' 2,205 1,178 624 726 182 58 403 16,483 15,274 304 2,753 3,10: 9,113 1,209 Sept. 5....21,924 5,50: 2,276 1,161 621 667 183 117 409 16,423 15,203 337 2,900 3,039 8,925 1,220 Sept. 12.... 21,490 5,33' 2,294 1,076 605 624 183 78 410 16,153 14,929 138 2,825 3,034 8,930 1,224 Sept. 19.... 21,516 5,389 2,306 1,121 646 559 183 100 407 16,127 14,901 305 2,801 3,010 8,783 1,226 Sept. 26.... 21,434 5,36 2,301 1,183 641 539 183 37 410 16,073 14,826 339 2,719 2,993 8,773 1,247 Oct. 3.... 21,382 5,322 2,372 1,134 615 474 182 63 414 16,06C 14, 384 2,750 2,995 8,755 1,174 Oct. 10.... 21,261 5,248 2,420 1,043 649 422 181 52 413 16,013 14,856 378 2,761 2,954 8,761 1,157 Oct. 17.... 21,331 5,054 2,411 946 607 356 186 63 417 16,277 15,144 606 2,770 2,96" 8,799 1,133 Oct. 24.... 21,216 5,01 2,419 939 611 324 182 56 420 16,197 15,083 414 2,816 2,999 8,852 1,114 Outside New York City 1944—September. 35,287 6,629 3,752 164 158 383 205 989 965 28,658 26,735 1,948 7,010 4,69 12,651 429 1,923 1945—May 36,931 6,621 3,600 188 189 400 203 981 1,042 30,310 28,286 1,170 7,320 4,764 14,751 281 2,024 June 39,032 7,205 3,647 191 795 214 982 1,065 31,827 29,782 1,374 6,968 6,083 1,5,336 21 2,045 July 41,097 7,58< 3,704 197 1,081 215 986 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 1,070 33,300 31,184 1,218 7,522 6,356 16,079 9 2,116 September. 40,174 7,364 3,801 261 222 793 993 1,064 32,810 30,690 979 7,447 6,282 15,973 9 2,120 Aug. 1 40,888 7,518 3,718 283 236 983 213 989 1,081 33,370 31,264 1,242 7,615 6,379 16,022 6 2,106 Aug. 8.... 40,789 7,462 3,729 275 203 970 211 987 1,067 33,327 31,218 ,243 7,551 6,368 16,049 7 2,109 Aug. 15.... 40,857 7,486 3,763 275 209 956 211 987 1,069 33,371 31,255 ,271 7,546 6,347 16,080 11 2,116 Aug. 22.... 40,648 7,44 3,775 277 193 910 213 990 1,066 33,207 31, ,177 7,456 6,335 16,101 13 2,125 Aug. 29.... 40,619 7,397 3,777 265 196 873 212 990 1,065 33,222 31,097 ,159 7,443 6,346 16,140 9 2,125 Sept. 5....40,458 7,366 3,779 257 840 214 992 1,070 33,092 30,97' ,114 7,602 6,334 15,920 9 2,113 Sept. 12.... 40,352 7,346 3,801 813 213 991 1,064 33,006 30,894 ,091 7,522 6,293 15,979 9 2,112 Sept. 19.... 40,068 7,375 3,818 231 776 216 994 1,061 32,693 30,572 908 7,419 6,263 15,973 9 2,121 Sept. 26.... 39,817 7,370 3,812 268 264 744 215 993 1,060 32,447 30,314 805 7,245 6,239 16,016 9 2,133 Oct. 3.... 39,648 7,264 3,846 232 213 681 213 995 1,071 32,384 30,257 926 7,053 6,185 16,085 2,127 Oct. 10.... 39,622 7,245 3,851 226 223 645 215 997 1,075 32,377 30,252 906 7,069 6,183 16,086 2,125 Oct. 17.... 39,744 7,267 3,840 244 629 219 995 1,082 32,477 30,327 947 7,094 6,172 16,107 2,150 Oct. 24.... 39,791 7,260 3,847 264 237 598 217 994 1,087 32,53 30,375 7,088 6,165 16,226 2,156 Back Jig^es—See Banking and Monetary Statistics, pp. 127-227. 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 Re- Date or month B s s w F e e e R a r e r i r n v e a t d v h k - e l - e s s v C a i a n u sh lt m b a B w a d n e n a i o c s t l k t e - h - i s s c j m p u D o a d s a d s e t e n e i - - - d t d s 1 s p u I p n v c h a n o a a e i o n i d r d l r p r r d s a - t - i - s , - - - , S p s d s a t i i o u c i a n o v l a b t d n i e i l - t s - - s c C h c o a e f e e e i f n t e c f r r c d i d t k s . - i ' s - , m U G e e r . o n n S v t - . - s p I p u a h v n n c o a a n i e i o d r r p d l d r r a t s i - - s - - - - , , S p s d s a t i i o u i a c o n v l b a t n d i i e - l t - s - s P m U G S o a e in a s r n e o . g t S n v n v d a s - - . t - l m D D a e n o b - m d an e k s T t s i i c me b F e a i o n g r k n - s B i r n o o g w r s - - co C i a u t c a a n - p l ts - B d i e a t b n s2 - k tions tions Total 101 Cities 1944—-September... 9,143 561 2,122 35,580 35,804 1,745 742 9,502 7,065 122 46 8,726 34 868 108 4,469 55,709 1945—May 10,192 585 2,157 39,886 39,660 2,296 899 5,804 8,265 109 44 9,216 47 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 41 1,044 519 4,761 78,821 July......... 9,709 564 2,358 36,619 36,847 1,826 1,065 15,142 8,506 108 44 9,803 32 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 32 1,072 343 4,834 55,599 September... 10,129 570 2,175 38,748 38,894 1,882 1,009 10,074 8,968 111 43 9,741 32 1,085 348 4,862 57,165 Aug. 1 9,833 543 2,170 37,533 37,626 1,904 1,283 13,741 8,637 107 42 9,366 33 1,069 381 4,821 114,63 Aug. 8 9,785 539 2,191 37,062 36,989 1,829 771 13,362 8,701 108 44 9,543 32 1,065 299 4,830 73,280 Aug. 15 9,934 545 2,324 37,444 37,691 1,812 776 13,005 8,738 110 44 9,789 33 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 32 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 32 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 32 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 32 L,087 399 4,854 12,623 Sept. 19 10,265 570 2,204 39,017 39,209 1,843 1,233 9,652 8,994 113 43 9,824 32 1,094 272 4,866 15,455 Sept. 26 10,072 590 2,086 38,817 38,798 1,918 1,062 9,501 9,023 112 42 9,446 33 L,085 360 4,871 14,999 Oct. 3 10,191 539 2,172 38,690 38,577 1,975 1,018 9,406 9,008 110 42 9,729 33 1,082 289 4,894 14,854 Oct. 10 10,250 588 2,187 39,082 39,229 1,928 1,230 8,793 9,052 111 42 9,860 32 1,099 262 4,901 13,202 Oct. 17 10,345 572 2,288 39,362 39,896 1,886 980 8,520 9,099 108 43 10,186 32 1,104 266 4,900 13,241 Oct. 24...... 10,413 576 2,193 39,929 39,862 1,991 1,158 8,036 9,128 105 44 9,882 32 1,111 339 4,911 14,262 New York City 1944—September... 3,349 92 23 13,035 13,402 171 390 3,839 845 17 7 2,743 1 785 66 1,750 23,827 1945—May. .. . 3,835 91 26 14,952 15,266 288 532 2,257 994 19 8 2,927 1 904 332 1,826 28,384 June 3,775 91 23 14,460 14,799 221 733 3,895 996 20 8 3,177 1 937 370 1,830 36,951 July 3,528 88 28 13,381 13,741 184 677 6,200 1,001 19 9 3,102 1 938 72 1,847 29,190 August 3,590 84 23 13,676 14,046 169 530 5,180 1,076 20 10 2,939 1 958 160 1,863 24,803 September... 3,671 86 24 14,198 14,541 168 618 4,005 1,119 20 10 2,941 1 971 122 1,869 26,534 Aug. i 3,657 84 23 13,912 14,312 222 873 5,570 1,053 19 10 2,892 1 959 219 1,861 6,863 Aug. 8 3,536 85 21 13,501 13,773 157 427 5,422 1,058 20 10 2,897 1 955 112 1,864 6,353 Aug. 15 3,557 83 27 13,542 13,961 163 418 5,270 1,060 20 10 2,963 1 963 147 1,865 4,348 Aug. 22 3,588 84 23 13,602 13,999 151 468 4,936 1,104 20 10 3,010 1 957 152 1,865 5,025 Aug. 29..... 3,611 85 22 13,824 14,183 153 463 4,702 1,104 20 10 2,933 1 956 173 1,862 5,986 Sept. 5 3,601 81 20 14,106 14,387 165 496 4,383 1,108 20 10 2,940 1 963 151 ,869 4,867 Sept. 12 3,671 89 23 14,015 14,431 168 472 4,040 1,114 20 10 2,980 1 972 179 ,867 5,641 Sept. 19 3,727 82 25 14,306 14,692 152 810 3,831 1,126 20 10 2,997 1 977 40 ,870 7,402 Sept. 26 3,690 90 28 14,363 14,655 185 695 3,767 1,128 19 10 2,847 1 972 117 ,870 7,211 Oct. 3. 3,679 79 22 14,284 14,541 220 616 3,715 1,073 19 10 3,000 1 968 89 ,879 6,720 Oct. 10 3,730 98 21 14,497 14,962 203 853 3,458 1,074 19 10 2,983 1 980 96 ,882 6,526 Oct. 17 3,783 85 25 14,584 15,046 174 576 3,353 1,084 18 10 3,123 1 986 76 ,882 5,971 Oct. 24 3,853 87 26 14,810 15,094 206 739 3,159 1,097 18 10 3,011 1 989 83 ],883 6,801 Outside New York City 1944—September.. 5,794 469 2,099 22,545 22,402 1,574 352 5,663 6,220 105 39 5,983 33 83 42 2,719 31,882 1945—May 6,357 494 2,131 24,934 24,394 2,008 367 3,547 7,271 90 36 6,289 46 103 241 2,922 34,418 June 6,464 489 2,325 24,394 24,152 1,847 379 5,989 7,384 89 35 6,721 40 107 149 2,931 41,870 July 6,181 476 2,330 23,238 23,106 1,642 388 8,942 7,505 89 35 6,701 31 110 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 31 114 183 2,971 30,796 September... 6,458 484 2,151 24,550 24,353 1,714 391 6,069 7,849 91 33 6,800 31 114 226 2,993 30,631 Aug. 1 6,176 459 2,147 23,621 23.314 1,682 410 8,171 7,584 88 31 6,474 32 110 162 2,960 7,774 Aug. 8 6,249 454 2,170 23,561 23|216 1,672 344 7,940 7,643 88 34 6,646 31 110 187 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 32 113 157 2,966 6,190 Aug. 22 6,351 472 2,277 23,985 23,835 1,808 234 7,308 7,720 90 34 6,830 31 117 193 2,977 7,021 Aug. 29 6,399 501 2,207 24,316 23,932 1,711 386 7,037 7,749 91 34 6,690 31 121 212 2,983 6,869 Sept. 5 6,460 459 2,163 24,379 24,078 1,729 373 6,606 7,791 90 33 6,820 31 117 211 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 31 115 220 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 31 117 232 2,996 8,053 Sept. 26 6,382 500 2,058 24,454 24,143 ,733 367 5,734 7,895 93 32 6,599 32 113 243 3,001 7,788 Oct. 3...... 6,512 460 2,150 24,406 24,036 , 755 402 5,691 7,935 91 32 6,729 32 114 200 3,015 8,134 Oct. 10 6,520 490 2,166 24,585 24,267 ,725 377 5,335 7,978 92 32 6,877 31 119 166 3,019 6,676 Oct. 17 6,562 487 2,263 24,778 24,850 ,712 404 5,167 8,015 90 33 7,063 31 118 190 3,018 7,270 Oct. 24.. 6,560 489 2,167 25,119 24,768 ,785 419 4,877 8,031 87 34 6,871 31 122 256 3,028 7,461 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. NOVEMBER 1945 11x9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments For purchasing or carry- U. S. Government obligations Total C m o e m r- - ing securities loans cial, d F i e s d tr e i r c a t l a R nd es d er a v te e m v a e i e n n n s d - t t - s Total t d a r i u n i n a s d - - l, u a T n . o d s b . d r e o a k l e e r r s s U T .S o . o ! thers e R l s e o t a a a l n t - s e L a o t n a o k n s s O lo t a h n e s r Total Total Bills C c e i a o n r t t f - e if s i- tfotes Bonds ju an a - r- O r s i e t t c h ie u e s - r a c g u r l i - - Govt. O se th cu e - r G ob o l v i- t.O se th cu er - d e e d b - t- teed tural obli- rities ga- rities ness ga- tions tions Boston Sept. 26 3,291 691 415 32 16 65 111 2,600 2,511 624 469 1,339 89 Oct. 3 3,277 693 420 30 16 66 112 2,584 2,498 596 470 1,341 86 Oct. 10 3,271 694 419 28 15 66 113 2,577 2,491 594 470 1,348 86 Oct. 17 3,285 697 419 36 16 66 113 2,588 2,502 588 469 1,347 86 Oct. 24 3,281 708 417 49 16 66 113 2,573 2,488 577 470 1,359 85 New York* Sept. 26 23,554 ,720 2,437 1,187 647 206 149 472 17,834 6,510 351 3,072 3,309 9,776 1,324 Oct. 3 23,498 5,681 2,511 1,136 621 519 150 476 17,817 6,566 409 3,085 3,310 9,760 1,251 Oct. 10 23,373 5,608 2,561 1,045 657 465 150 474 17,765 6,531 396 3,099 3,266 9,768 1,234 Oct. 17 23,444 5,418 2,552 952 618 394 209 150 480 18,026 6,813 621 3,106 3,277 9,807 1,213 Oct. 24 23,320 5,373 2,558 619 361 205 150 481 17,94" .6,753 426 3,159 3,300 9,866 1,194 Philadelphia Sept. 26 2,592 473 218 39 45 9 32 124 2,119 1,937 93 294 392 1,158 182 Oct. 3 2,592 47: 223 37 38 9 32 126 2,120 1,938 102 285 392 1,159 182 Oct. 10 2,587 474 228 40 33 9 32 125 2,113 1,930 100 278 395 1,157 183 Oct. 17 2,583 470 226 45 26 9 32 125 2,113 1,927 102 278 389 1,158 186 Oct. 24 2,592 459 225 41 23 9 32 125 2,133 1,944 119 278 390 1,157 189 Cleveland Sept. 26 4,907 923 384 139 15 150 128 3,984 3,733 29 826 2,125 251 Oct. 3 4,883 907 380 69 137 14 149 132 3,976 3,729 49 810 747 2,123 247 Oct. 10 4,854 904 379 132 14 150 131 3,950 3,705 37 803 742 2,123 245 Oct. 17 4,873 910 378 131 14 150 130 3,963 3,715 40 805 2,121 248 Oct. 24 4,868 898 375 121 14 150 133 3,970 3,720 43 814 728 2,135 250 Richmond Sept. 26 2,044 318 137 45 9 50 64 1,726 1,664 57 325 293 989 62 Oct. 3 2,045 319 140 43 9 50 64 1,726 1,664 54 309 29' 1,004 62 Oct. 10 2,040 320 142 43 9 50 64 1,720 1,658 52 307 294 1,005 62 Oct. 17 2,032 322 142 43 9 50 65 1,710 1,645 47 311 289 998 65 Oct. 24 2,043 319 141 40 9 50 66 1,724 1,659 42 315 290 1,012 65 Atlanta Sept. 26 1,977 333 177 47 7 24 66 1,644 1,498 42 373 319 762 146 Oct. 3 1,978 335 179 1 44 9 23 69 1,643 1,496 44 369 305 776 147 Oct. 10 1,988 334 178 1 43 6 24 71 1,65. 1,508 52 369 305 780 146 Oct. 17 2,028 342 188 1 41 7 23 72 1,686 1,538 54 379 305 799 148 Oct. 24 2,021 345 193 1 39 7 22 73 1,676 1,528 50 368 308 801 148 Chicago* Sept. 26 9,014 1,677 929 126 183 61 146 147 7,33' 6,789 110 1,854 1,348 3,474 548 Oct. 3 8,913 1,598 947 146 61 147 146 7,315 6,764 183 1,788 1,319 3,471 551 Oct. 10 8,857 1,557 928 136 61 147 146 7,300 6,748 163 1,804 1,310 3,468 552 Oct. 17 8,865 1,551 915 134 62 147 147 7,31 6,757 174 1,817 1,308 3,455 557 Oct. 24 8,874 1,553 913 126 62 147 146 7,321 6,764 172 1,807 1,308 3,474 557 St. Louis Sept. 26 1,914 460 243 31 14 68 1,454 1,319 26 237 324 731 135 Oct. 3 1,917 456 245 30 13 68 89 1,461 1,326 41 233 319 733 135 Oct. 10 1,929 461 247 30 13 68 91 1,468 1,334 48 229 320 737 134 Oct. 17 1,938 468 253 30 14 68 88 l,47i 1,334 39 228 321 746 136 Oct. 24. 1,928 469 258 29 13 68 90 1,45( 1,324 34 224 312 754 135 Minneapolis Sept. 26 1,214 230 124 20 4 24 50 984 934 5 190 190 549 50 Oct. 3 1,209 223 123 19 4 24 48 98 936 7 180 185 564 50 Oct. 10 1,214 220 121 19 4 24 48 994 944 15 173 184 572 50 Oct. 17 1,215 22i 121 18 4 24 52 98! 939 9 173 185 572 50 Oct. 24 1,224 234 127 18 4 24 52 99C 7 173 185 575 50 Kansas City Sept. 26 2,254 365 223 25 38 62 1,88' 1,753 74 429 465 785 136 Oct. 3 2,240 36: 221 24 38 62 1,87' 1,744 66 424 463 791 135 Oct. 10 2,269 36C 221 24 38 62 1,909 1,774 86 432 464 792 135 Oct. 17 2,284 36C 219 24 38 62 1,924 1,788 90 429 46' 802 136 Oct. 24 2,285 36C 221 23 38 63 1,92. 1,788 85 434 468 801 137 Dallas Sept. 26 1,873 44^ 286 50 24 57 1,42 1,371 64 406 278 622 56 Oct. 3 1,867 443 287 46 26 57 1,424 1,368 67 399 27' 622 56 Oct. 10 1,870 441 290 46 26 59 l,42f 1,366 69 397 279 620 56 Oct. 17 1,879 44< 290 45 26 58 1,43( 1,373 75 402 279 616 57 Oct. 24 1,891 45: 291 47 26 60 1,43( 1,382 68 402 293 618 57 San Francisco Sept. 26 6,617 1,09. 540 87 290 101 5,52: 5,121 214 1,334 1,092 2,479 401 Oct. 3 6,611 1,09! 542 83 290 104 5,51. 5,114 197 1,325 1,094 2,496 399 Oct. 10 6,631 1,11, 557 74 290 104 5,51, 5,119 187 1,345 1,108 2,477 399 Oct. 17 6,649 1,108 548 78 289 107 5,54 5,140 204 1,348 1,11 2,475 401 Oct. 24 6,680 1,105 547 74 289 105 5,57 5,168 175 1,353 1,112 2,526 403 City of Chicago* Sept. 26 5,369 1,16; 695 120 26 85 4,20: 3,846 94 -1,107 77? 1,867 356 Oct. 3 5,330 1,10: 711 90 26 85 4,22i 3,; 145 1,106 74< 1,868 360 Oct. 10 5,281 1,071 699 84 26 84 4,21 3,849 123 1,123 74< 1,863 361 Oct. 17 5,287 1,06= 83 26 85 4,22: 3,858 135 1,135 73£ 1,850 364 Oct. 24 5,293 1,07 = 77 26 84 4,21; 3,855 128 1,128 7U 1,853 363 * 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. II3O 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 - k h l - e s C va i a n u sh lt m b a w e a n d i s c n o t t e - k h i s s c p m u a o d s a d s e t n e - i - t d d s 1 s u p p h v n c a a o a i i e o n p d l r r r r d s s a - - t - , - , - S p d s s a t i o i i u a c o n v l b a t i n d i e - t l - s - s c C h c o e a f e e e i n t f c r r e f c d i t s k d . - i ' s - , ; m U G e e . o rn n v S - t - . s p u p h v n c a a a o o i e i n l r p d r r r d s t a s - - - - , - , S p d s s a t i i o i u c a n o v l a b t d n i i e l - - t s s - P U m G S i e o a n a r o . e n s g n v S v t n 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 r w g - - s C it a a p l - B de a b n - k tions tions Boston (6 Cities) Sept. 26 460 59 108 2,121 2,091 115 33 789 403 301 19 21 279 652 Oct. 3 467 54 125 2,132 2,096 127 32 778 408 311 18 14 286 752 Oct. 10 469 58 112 2,164 2,108 139 33 725 410 318 19 12 286 560 Oct. 17 457 60 117 2,189 2,165 139 35 705 411 319 19 14 286 584 Oct. 24 476 60 109 2,228 2,158 155 34 665 412 312 20 28 287 645 New York (8 Cities) Sept. 26 3,924 121 103 15,686 15,814 379 723 4,056 1,754 2,910 974 145 2,023 7,555 Oct. 3 3,939 107 103 15,631 15,704 424 658 4,000 1,701 3,068 970 116 2,033 7,096 Oct. 10 3,971 129 100 15,819 16,117 407 881 3,725 1,705 3,051 982 140 2,036 6,840 Oct. 17 4,035 115 103 15,929 16,236 373 609 3,613 1,717 3,195 988 109 2,035 6,307 Oct. 24 4,110 118 103 16,172 16,278 416 767 3,404 1,731 3,079 992 111 2,037 7,135 Philadelphia (4 Cities) Sept. 26 436 32 82 1,857 1,911 46 18 466 210 357 9 10 249 533 Oct. 3 446 28 92 1,868 1,926 47 15 466 212 370 10 1 250 658 Oct. 10 435 33 77 1,870 1,925 48 17 435 213 6 371 9 3 251 487 Oct. 17 456 31 86 1,891 1,968 54 22 422 213 6 388 9 3 250 522 Oct. 24 445 31 82 1,933 1,984 55 22 398 214 5 360 9 5 251 550 Cleveland (10 Cities) Sept. 26 756 78 193 3,063 3,058 158 40 652 1,180 27 537 3 28 470 837 Oct. 3 760 72 195 3,034 3,023 157 44 643 1,185 26 549 3 26 471 879 Oct. 10 779 75 205 3,066 3,051 156 39 603 1,190 27 557 3 21 472 685 Oct. 17 792 75 209 3,096 3,139 150 42 584 1,195 26 576 4 22 472 767 Oct. 24 790 73 198 3,136 3,122 149 43 552 1,200 24 545 3 20 473 787 Richmond (12 Cities) Sept. 26 329 41 137 1,267 1,271 82 23 335 336 2 430 3 15 127 390 Oh. 3 335 37 144 1,275 1,277 84 24 331 338 2 432 2 16 127 416 Oct. 10 346 40 152 1,291 1,292 83 25 311 340 2 452 3 18 128 362 Oct. 17 343 40 162 1,301 1,313 82 27 302 341 2 452 3 12 129 378 Oct. 24 342 40 152 1,319 1,319 23 285 342 2 449 3 12 130 366 Atlanta (8 Cities) Sept. 26 358 31 124 1,275 1,196 171 9 197 399 4 498 7 122 361 Oct. 3 362 27 136 1,275 1,204 173 10 196 401 4 516 7 122 388 Oct. 10 373 30 147 1,289 1,229 168 10 184 404 4 544 9 122 338 Oct. 17 364 29 148 1,298 1,263 165 12 176 406 3 558 9 123 352 Oct. 24 362 31 139 I,3i5 1,247 173 11 168 407 3 532 9 123 374 Chicago (12 Cities)* Sept. 26 1,488 93 364 5,713 5,539 471 64 1,280 1,757 5 1,535 24 576 2,078 Oct. 3 1,505 87 381 5,614 5,432 462 74 1,270 1,767 5 1,571 24 579 2,194 Oct. 10 1,508 90 374 5,632 5,469 439 70 1,195 1,775 6 1,593 23 579 1,633 Oct. 17 1,491 91 399 5,609 5,529 438 68 1,151 1,787 6 1,653 23 579 1,868 Oct. 24 1,477 91 390 5,666 5,515 455 68 1,082 1,790 6 1,625 25 580 1,802 St. Louis (5 Cities) Sept. 26 341 22 106 1,098 1,140 56 14 243 328 567 2 130 349 Oct. 3 342 21 109 1,105 1,151 56 15 242 330 578 2 130 333 Oct. 10 338 24 110 1,126 1,179 54 13 227 332 589 2 131 324 Oct. 17 349 22 112 1,132 1,197 55 14 220 334 598 2 130 361 Oct. 24 341 22 113 1,130 * 1,186 56 14 208 334 592 2 131 376 Minneapolis (8 cities) Sept. 26 194 12 93 677 661 78 13 200 198 344 2 83 309 Oct. 3 196 11 99 677 660 79 13 197 199 352 2 83 274 Oct. 10 198 11 94 685 675 76 12 185 201 363 2 83 268 Oct. 17 204 11 96 692 691 75 15 179 202 366 2 83 272 Oct. 24 201 11 94 689 79 14 169 202 364 2 84 313 Kansas City (12 cities) Sept. 26 469 25 274 1,417 1,409 143 20 235 277 933 144 449 Oct. 3 482 23 281 1,407 1,412 139 21 233 278 938 144 430 Oct. 10 477 24 288 1,442 1,442 134 20 220 280 954 144 378 Oct. 17 476 24 303 1,457 1,486 134 20 213 281 978 145 442 Oct. 24 475 24 294 1,477 1,479 140 23 202 282 951 145 440 Dallas (9 cities) Sept. 26 371 27 223 1,314 1,318 77 20 234 254 565 3 131 357 Oct. 3 391 25 237 1,334 1,326 79 21 231 255 572 4 131 329 Oct. 10 394 26 245 1,347 1,346 77 21 215 258 588 4 131 301 Oct. 17 395 26 254 1,366 1,389 73 22 209 260 591 4 131 324 Oct. 24 ,.,.. 284 26 245 1,377 1,376 82 22 198 261 584 4 131 363 San Francisco (7 cities) Sept. 26 946 49 279 3,329 3,390 142 85 814 1,927 469 39 537 1,129 Oct. 3 966 47 270 3,338 3,366 148 91 819 1,934 472 40 538 1,105 Oct. 10 962 48 283 3,351 3,396 147 89 768 1,944 480 43 538 1,026 Oct. 17 983 48 299 3,402 3,520 148 94 746 1,952 512 41 537 1,064 Oct. 24 1,010 49 274 3,478 3,509 147 117 705 1,953 489 42 539 1,111 City of Chicago* Sept. 26 916 35 170 3,475 3,462 213 29 835 710 1,081 20 366 1,391 Oct. 3 931 35 178 3,438 3,410 215 32 821 715 1,108 20 369 1,452 Oct. 10 945 36 179 3,436 3,411 207 34 767 718 1,131 20 369 1,056 Oct. 17 936 36 190 3,416 3,452 208 29 742 726 ,175 20 368 1,137 Oct. 24 926 36 183 3,475 3,469 217 29 696 726 1,147 21 369 1,177 * See note on preceding page. J 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. NOVEMBER 1945 1131 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 Total 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 o t t o e e r d s ts E U S x f t n r a p o i t t o m e e r s d ts ex D c o h l a l n a g r e 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—June 137 112 87 44 43 25 74 11 8 24 July 143 110 88 46 41 23 72 12 24 August 141 110 82 44 38 28 75 10 22 September 141 111 85 42 43 26 78 11 I3 19 October 142 115 85 40 45 30 79 13 ( ) 21 November 167 115 84 44 40 32 74 14 24 December 166 129 93 44 50 35 86 14 25 1945—January 162 130 98 48 50 32 86 13 25 February 157 126 97 52 46 29 87 12 24 March 147 128 96 54 42 32 87 11 25 April 119 117 90 52 38 26 81 10 (3) 24 May 103 104 82 51 32 22 72 9 (3) 22 June 101 107 80 44 36 27 74 10 (3) 20 July 107 117 90 45 45 227 81 9 (3) 22 August 110 128 101 50 50 28 91 10 () 25 September 111 135 104 52 52 31 98 11 23 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 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 m in Cash on cre C d u it s b to a m la e n r c s e ' s1 Other credit balances debit partners' firm hand Money ba (n la e n t) c 1 es a in n a v d c e c t s o r t a u m d n e i t n n s g t a in n a v d c e c t s o r t u a m n d e t i s 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 c d e p c s t o a r t r u a m t n d n e t i e s n n r g t s' i a n a n v c I d e n c s o t f t r u i m a r n d m e t i s n n t g I a n c ( c c n o a e u p t) n it t a s l 1936—June . ... 1,267 67 164 219 985 276 86 24 14 420 1937_ D ju e n c e ember 1 1 , , 3 4 9 8 5 9 6 5 4 5 1 1 6 6 4 1 2 2 4 1 9 4 1 1, , 2 0 1 4 7 8 3 2 4 6 2 6 1 9 0 2 3 3 2 0 5 1 1 3 2 4 3 2 9 4 7 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 1944—October e950 c67O e430 November e940 e640 e430 December 1,041 7 260 209 726 472 96 18 8 227 1945—January el,070 e730 e530 February el,100 e73O e540 March 31,034 3722 3553 April 31,065 s701 3575 M Ju a n y e 3 1 1 , , 2 0 2 94 3 11 333 220 3 8 7 5 4 3 2 3 5 5 4 8 9 3 "m" 14 i3 264 July 31,141 3824 3580 August 31,100 3758 3573 September 31,084 S762 3594 e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of large firms. 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own^partners. J 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; September, 153. % 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. 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 n r t p i o m c m t e i h 6 r - e a 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 s p s - e l t , - c S h l n a c o e t r a e o l x e a a s n - w - l c n 2 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 f t r t a o y o t t t n i i e e n f t d s 1 y i h - - 2 - i - eld 3 ta n s - 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 y 2 k 7 e E N c r a 3 n O i o s . t 0 r i t t a e t e 4 h h n s r e - n d r 1 W e 1 r c 3 n e S i . t s o 4 i a t e u 0 e n s r t d n hness 1937 average1... 2.59 1.73 2.88 3.25 1938 average1... 2.53 1.69 2.75 3.26 1 1 1 9 9 9 4 4 4 2 3 4 a a a v v v e e e r r r a a a g g g e e e.. .. . . . 4 4 4 4 4 4 . . . 0 0 0 0 0 0 . . . 3 3 3 2 7 7 6 3 5 . . 7 7 5 9 1 1 1 . . . 3 4 3 4 6 3 1 1 1 9 9 9 4 3 4 0 9 1 a a a v v ve e e r r r a a a g g g e e e . . . . . 2 2 2 . . . 7 5 6 8 4 3 2 2 1 . . . 0 0 9 7 4 7 2 2 2 . . . 8 5 5 7 6 5 3 3 3 . . . 5 3 1 1 8 9 1944—October... .44 .00 .375 .80 1.35 1942 average.. 2.61 2.07 2.58 3.26 November. .44 .00 .375 .81 1.34 1943 average . 2.72 2.30 2.80 3.13 December. .44 .00 .375 .80 1.35 1944 average.. 2.59 2.11 2.68 3.02 1945—January... .44 .00 .375 .78 1.31 1941—March 2.58 2.06 2.53 3.25 February.. .44 .00 .375 .77 1.22 June 2.55 1.95 2.58 3.23 March .44 .00 .375 .78 1.18 September.. 2.60 1.98 2.62 3.29 J J A M A S u u e p u a l n p y r g y e t i e u l m st b .. e . r . ; . . . . . . 4 4 4 4 4 4 4 4 4 4 4 4 . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . 3 3 3 3 3 3 7 7 7 7 7 7 5 5 5 5 5 5 . . . . . . 8 8 8 8 7 8 4 0 1 2 7 0 H 1 1 1 1 1 . . . . . . 1 1 1 1 1 1 9 7 6 6 4 6 1942— D J D S M u e e e n p a c c e r t e e c e m h m m b b b e e e r r r . . . . . 2 2 2 2 2 . . . . . 7 4 6 6 4 0 8 2 3 1 2 2 1 2 1 . . . . . 0 0 2 8 8 9 7 8 8 5 2 2 2 2 2 . . . . . 4 5 6 6 4 5 6 6 3 8 2 3 3 3 3 . . . . . 2 3 2 9 2 5 4 0 9 6 October... .44 1.00 .375 .83 1.17 1943—March 2.76 2.36 2.76 3.24 Week ending: June 3.00 2.70 2.98 3.38 O Se c p t. t . 2 6 9 . . . . . . 1 1 . . 0 0 0 0 . . 3 3 7 7 5 5 . . 8 8 4 4 1 1 . . 2 2 0 0 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 O O O c c c t t t . . . 1 2 2 3 0 7 . . . . . . . . . 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 7 7 7 5 5 5 . . . 8 8 8 4 2 1 1 1 1 . . . 1 1 1 7 6 6 1944-- J S M u e n a p e r t c e h mber. 2 2 2 2 . . . . 6 3 6 6 3 9 3 9 2 2 2 1 . . . . 1 1 2 9 0 8 3 3 2 2 2 2 . . . . 7 5 8 6 5 5 2 1 3 3 3 2 . . . . 1 1 1 6 2 8 4 5 December.. i Monthly figures are averages of weekly prevailing rates. 4 The 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. 2.75 2.05 2.53 2.81 4 Beginning on Sept. 15, 1945, includes Treasury notes of Sept. 15, 1948 and Treasury bonds of Dec. 15, 1950. 1 Prior to March 1939 figures were reported monthly on a basis not strictly Back figures—See Banking and Monetary Statistics, Tables 120-121, comparable with the current quarterly series. pp. 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 Yea o r r , w m e o e n k th, 7 y e t a o r s 9 15 years and over M (h u ip i n g a i h l c - - C (h r o a i r g t p e h o - - By rating By groups T a a b x le - a e P l x ly a e r m t ti a p - x t T ab ax le - grade)2 grade) 6 Total Aaa Aa A Baa In tr d i u al 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-& 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 L.86 2.60 3.05 2.72 2.81 3.06 3.61 2.80 3.39 2.96 1944—October 1.93 1.93 2.48 L.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 •L.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 ]L.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 L.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 L.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 L.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 L.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 L.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 L.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 L.79 2.56 2.85 2.62 2.70 2.85 3.24 2.67 3.05 2.85 October 1.50 1.62 2.35 L76 2.55 2.84 2.62 2.70 2.84 3.20 2.65 3.03 2.84 Week ending: Sept. 29 1.55 1.68 2.36 L.81 2.56 2.85 2.62 2.71 2.85 3.24 2.66 3.05 2.85 Oct. 6 1.53 1.65 2.36 L.80 2.55 2.85 2.61 2.71 2.85 3.23 2.66 3.05 2.85 Oct. 13 1.51 1.62 2.35 1.78 2.54 2.84 2.61 2.70 2.84 3.21 2.65 3.04 2.84 Oct. 20 1.49 1.61 2.34 L.75 2.54 2.83 2.62 2.69 2.83 3.20 2.65 3.03 2.83 Oct. 27 1.48 1.60 2.34 L.73 2.55 2.84 2.62 2.69 2.84 3.20 2.66 3.02 2.83 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have been reduced from 10 to 3, 6, and 9 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 7, 6, and 9 issues, respectively. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490. NOVEMBER 1945 1133 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices6 Volume Corporate4 Common (index, 1935-39 = 100) of trad- Year, month, or week U G . o v S - . M (h i u p i n g a i h l c- High- Medium- and lower-grade De- fe P r r r e e - d6 Rail- Public (i s n a n i t n d h g s o 7 o u f ment2 grade)3 grade Indus- Rail- Public faulted Total trial road utility shares) Total trial road utility Number of issues 1-8 15 15 50 10 20 20 15 15 402 354 20 28 1942 average 100.72 126.2 118.3 100.1 109.1 86.6 104.8 27.2 162.4 69 71 66 61 466 1943 average 100.50 131.8 120.3 109.5 117.0 97.6 114.0 44.0 172.7 92 94 89 82 1,032 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—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 October.... 102.36 137.7 121.9 117.7 122.0 115.3 115.7 76.6 188.0 132 135 145 114 1,556 Week ending: 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 Oct. 6... 102.23 136.8 121.8 117.4 121.6 114.9 115.7 76.4 186.2 130 132 143 113 1,619 Oct. 13... 102.35 137.2 121.9 117.6 122.1 115.0 115.7 76.6 187.7 133 135 146 114 1,668 Oct. 20.... 102.52 137.8 121.9 117.8 122.1 115.5 115.7 76.8 187.2 133 136 147 115 1,698 Oct. 27... 102.45 138.3 121.9 117.7 122.0 115.4 115.8 76.6 189.2 131 134 144 114 1,281 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years and over. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130,133, 134, and 136, pp. 475,479,482, and 486, respectively, and the BULLETIN for May 1945 pp. 483-490. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Total Year or month and (do- (dof i u r n n e g - d ) - m e a f i e o n g s r d n - t ) ic Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a p o o n n o t d e d r s a s te Stocks F e-i o g r n-*24 m e a f e i o g n s r d t n - i ) c Total S n a m p t i n a c a u d l i t - - e a c F e g i e r e e a d s n l - 1 - Total Co B n r a o o p n n t o d e d r s s ate Stocks e F ig o n r- * 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 1 19 9 3 3 9 8 4 5 , , 4 8 4 4 9 2 2 2 , , 3 2 6 8 0 9 2 2, , 2 3 3 2 9 5 9 9 7 3 1 1 4 9 8 2 1 4 8 3 7 8 3 3 8 2 0 8 7 7 6 9 7 7 35 3 2 , ,0 5 8 5 9 3 2 3 , , 0 4 6 6 1 5 1 1 2 9 9 5 1,5 6 3 6 7 5 1 1 , , 2 7 6 3 7 3 1 1 , , 2 5 3 9 6 6 1 3 3 1 7 8 2 8 8 1940 4,803 1,951 1,948 751 461 736 601 135 50 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 2 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 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—September.. 478 42 42 13 29 15 14 436 436 6 30 401 351 50 O N c o t v o e b m er ber... 8 4 9 8 2 0 1 3 7 9 8 1 3 7 9 8 4 6 7 "io" 1 2 3 3 1 10 9 9 2 1 2 4 4 7 4 1 0 4 4 7 4 1 0 4 6 6 1 5 4 3 2 9 6 33 1 6 1 3 5 0 8 4 6 3 2 2 5 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 Ap a r r i c l h 5 7 5 5 7 8 1 8 2 6 8 1 8 2 6 6 2 1 4 9 •••• — 1 6 0 2 1 2 5 7 0 3 5 5 1 ""2" 6 4 3 7 0 1 4 63 7 0 1 1 3 5 0 0 4 2 6 5 5 2 5 9 4 6 5 2 2 6 9 5 3 2 1 5 May 583 185 185 28 157 102 55 1 397 395 9 19 367 272 95 "2 " June 164 52 52 43 8 1 1 112 112 8 30 74 74 July 1,229 249 249 35 2 212 34 178 981 981 31 200 750 623 127" August 507 144 144 37 107 64 43 363 363 7 20 335 295 41 September.. 870 140 140 37 103 35 68 730 725 9 17 698 638 60 5 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. 1134 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES* PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars! Proposed uses of net proceeds Year or month Est g im ro a ss ted Esti n m e a t ted New money Retirement of securities Repayment proceeds2 proceeds3 of Other Total e P q l u a i n p t m a e n n d t W c o a r p k 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—March... 203 199 48 32 16 147 129 18 3 1 April 155 150 53 24 28 93 55 38 1 3 M Ju a n y e 1 1 4 6 8 3 1 16 4 0 6 2 2 3 3 1 8 7 1 6 5 1 11 2 7 0 1 1 0 1 3 5 1 5 3 1 3 8 i July 192 188 60 36 24 122 109 13 6 August 229 226 57 24 33 166 147 19 3 September 438 429 27 17 10 395 357 38 1 5 October 735 722 123 9 114 590 566 24 2 7 N D o ec v e e m m b b e e r r 3 1 4 5 7 4 3 1 4 5 0 2 2 5 4 4 1 4 1 5 1 0 3 31 9 6 6 20 9 7 6 109 1 i" 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 49 88 331 278 53 12 6 June 92 91 5 1 3 79 72 7 1 6 July 944 925 190 147 43 719 581 138 5 11 August 440 433 80 41 39 297 278 19 50 6 September 795 780 99 50 49 668 634 35 1 12 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars) Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses* ceeds ties poses4 ceeds ties poses4 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 L,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 ,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 , 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 L,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 .340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 4 4 1944 606 106 500 1,339 28 1,297 14 918 389 475 54 92 51 38 3 1944—March 29 29 140 6 134 28 14 11 4 2 2 April 28 28 118 49 65 3 4 " 3 ' i May 2 2 58 58 85 19 62 4 1 1 June 45 4 41 24 23 ••••{"• 58 17 22 19 33 2 ""31" July 21 21 58 ••5" 52 109 34 70 5 August 134 19 115 26 24 2 66 38 27 2 O Se c p to te b m er ber 1 3 8 6 9 1 2 0 17 3 9 5 4 1 9 4 8 9 8 4 1 8 3 4 8 6 5 1 8 8 5 6 1 1 1 0 3 7 7 5 1 2 6 2 2 4" 2 November 52 4 48 259 4 255 29 16 11 1 1 1 December 82 82 10 10 18 12 5 1 42 42 1945—January 119 119 65 65 82 28 54 10 8 2 F M A e p a b r r i r c l u h ary 3 1 6 0 0 8 1 1 2 4 34 9 6 6 1 1 6 2 3 0 4 9 ""2 1 " 1 2 1 1 6 2 2 0 2 7 "i" 1 9 1 2 3 8 7 4 6 9 1 4 5 3 1 0 8 6 1 2 1 5 1 1 4 5 8 1 4 7 2 6 i 5 1 M^ay 75 18 57 184 183 223 117 89 17 2 2 June 30 ...... 30 59 3 49 7 2 1 1 July 105 12 93 301 297 480 163 301 16 40 11 29 August 84 10 74 115 1 110 ••••-• 221 63 111 47 13 6 2 5 September 270 4 266 371 364 6 130 87 38 6 10 8 1 1 Estimates of new issues sold for cash in the United States. Current figures subject to revision. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilations of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. NOVEMBER 1945 113 5 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 ro i f v i i t d s e n a d n s d Year or quarter Total s I a t r n e o e d n l c M e h a r i - n y - t b A o i u m l - e o s - p e O t m o q t r t e r i u a h n t o i n e a t n s p r - - - m f p N e e u a r r o t c n o r a n t d o d l - s u - s s O g d t o b u l r h o e a e d - r s t F b o a a o e b g n o v a e d d e c s r s c , - , o pr r o a e i i O n n f n d i g i g d u n l c - - c I h c t n e r a d i l m u a s i s l - - O g d n t o u b o h r o l n a e d e - - r s s n c M e i e e c r i l o s e v l - u a s - - s pr N of e i t t , s1 f P e D r r r i e e v - d i d C e m n 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 I 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940.... I 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 90 151 152 164 136 161 888 552 1943 1,802 204 165 201 182 128 83 162 186 170 149 171 902 556 1944 1,897 194 174 222 191 115 88 175 220 187 147 184 970 611 Quarterly 1941—1 509 86 44 79 53 39 23 36 29 49 44 285 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 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 Operat- i I b n n e t c c a f o o x o m m * re e e i . n c N om e e t 1 d D e i n vi d - s r O e p v e i r e n a n g t u - e I i b n n t e c c f a o o o x r m m 5 e e e in N c e o t me1 d D e i n v d i- s O re p v i e n e r g n a u t e - i [ b n n e t c c f a o o o x r m m 5 e e e in N c e o t me1 d D e i n vi d - s 1939.... 3,995 126 93 126 2,647 629 535 ,067 227 191 175 1940.... 4,297 249 189 159 2,797 692 548 ,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 ,235 271 178 172 1942.... 7,466 1,658 902 202 3,216 847 490 ,362 302 163 163 1943.... 9,055 2,211 873 217 3,464 914 502 ,537 374 180 168 1944.... 9,437 1,971 668 246 3,618 915 499 ,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 24 816 234 131 324 72 41 44 2... 1,797 390 198 46 770 196 104 337 75 41 42 3... 2,047 556 286 30 792 195 105 342 72 39 39 4... 2,139 534 327 101 839 222 150 359 83 43 38 1943—1... 2,091 515 214 29 864 254 136 366 88 42 40 2... 2,255 608 244 i 835 221 118 382 96 44 42 3... 2,368 653 250 859 210 114 391 94 45 43 4... 2,340 435 166 906 228 133 398 96 48 43 1944— 2 3 4 1 2 2 2 2 , , , , 4 3 2 3 4 5 7 6 5 6 3 3 4 4 5 5 5 5 1 5 8 2 1 0 1 1 1 1 4 7 6 8 8 4 5 0 1 1 3 5 3 3 0 1 5 0 0 0 9 8 2 8 5 6 2 2 2 2 0 4 0 6 5 1 7 2 1 1 1 1 1 3 2 3 1 5 3 0 4 4 4 4 0 0 2 0 9 0 6 6 1 1 9 9 0 0 7 8 1 4 4 4 4 4 2 3 6 3 4 4 4 4 3 2 2 2 1945—1 2,277 425 139 30 971 292 139 436 115 46 41 2 2,422 504 187 72 909 233 123 444 109 45 44 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. ^ After all charges and taxes except Federal income and excess profits taxes, 6 Paartly estimated. * Not available. Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures prior to 1942 are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision, especially for war producers whose contracts are under renegotiation. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN. 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] Total Marketable public issues1 Nonmarketable public issues Fully Total Non- guaran- End of month d g d i r e r o e b s c t s t i b n d e d t i a e e r r r e b i e c n t s t g t- Totals 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 s b a U v o i . n n S d g . s s T t s a r a n e x v o a i t a s n e u n g s r d s y S is p s e u c e ia s l i b n e t d e a e r r b e in t s g t- s t b e t e e e c e r a u d e r r s i i i n t n t - 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 9,03*2 862 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—Oct. 210,244 208,608 145,008 16,060 29,546 17,936 81,271 47,430 37,645 9,075 16,170 1,636 1,480 Nov 215,005 210,774 14"5,183 16,405 29,545 17,936 81,102 49,008 38,308 9,990 16,583 »4,230 1,470 Dec 230,630 228,891 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 1,470 1945—Jan 232,408 230,672 162,261 16,403 30,401 23,039 92,221 51,723 ' 41,140 9,864 16,688 1,736 1,496 Feb 233,707 231,854 162,379 16,399 30,396 23,039 92,349 52,345 41,698 9,927 17,130 1,853 1,114 Mar 233,950 232,026 162,625 16,921 34,544 18,588 92,377 51,833 42,159 8,948 17,567 1,923 1,119 Apr 235,069 233,063 162,680 17,041 34,478 18,588 92,377 52,460 42,626 9,109 17,923 2,006 1,132 May 238,832 235,761 162,652 17,049 34,442 18,588 92,377 54,517 43,767 10,031 18,592 43,071 1,151 June 258,682 256,357 181,319 17,041 34,136 23,497 106,448 56,226 45,586 10,136 18,812 2,326 409 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 Oct. 261,817 259,439 182,790 17,026 35,021 23,498 107,049 56,072 46,786 8,776 20,577 52,378 541 1 Including amounts held by Government agencies and trust funds, which aggregated 6,085 million dollars on Aug. 31, 1945, and 6,087 million on 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. 5 Including prepayments amounting to 54 million dollars on securities dated Nov. 15,1945, sold in the Victory Loan, beginning on Oct. 29, 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, OCTOBER 31, 1945 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales during R tio e n d s e m an p d - Issue i•ind coupon rate Amount Issue and coupon rate Amount Month sta o n u d t i - ng month maturities 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 Nov. 1, 1945 1,317 Dec. 15 1948-50 2 571 Nov. 8 1945 1,319 June 15, 1949-51 . ..2 1,014 Nov. 15, 1945 1,314 Sept. 15, 1949-51..... ...2 1,292 1944—Mar 31,974 709 576 23 110 268 Nov. 23, 1945. ... 1,311 Dec. 15, 1949-51 ...2 2,098 Apr 32,497 739 606 19 114 237 Nov. 29, 1945 1,309 Dec. 15, 1949-52 491 May 32,987 751 624 15 111 279 Dec. 6, 1945 1,306 Dec. 15, 1949-53 ' iy2 1,786 June 34,606 1,842 1,350 115 377 248 Dec.13, 1945 1,302 Mar. 15, 1950-52 .. .2 1,963 July 36,538 2,125 1,687 101 338 227 Dec.20, 1945 1,307 Sept. 15, 1950-52 2y>, 1,186 Aug 36,883 602 499 18 85 279 Dec.27, 1945 1,301 Sept. 15, 1950-52 '. .2 4,939 Sept 37,323 692 591 16 85 283 Jan. 3, 1946 1,310 Dec. 15, 1950 \y& 2,635 Oct 37,645 695 599 * 14 83 401 Jan. 10, 1946 1,311 June 15, 1951-54 "•2% 1,627 Nov 38,308 1,023 807 43 174 382 Jan. 17, 1946 1,310 Sept 15 1951-53 2 7,986 Dec 40,361 2,386 1,855 125 406 365 Jan. 24, 1946 1,310 Sept. 15, 1951-55 .. . 3 755 Dec. 15, 1951-53 ..2H 1,118 1945—Jan 41,140 1,074 804 42 228 341 Cert, of indebtedness Dec. 15, 1951-55 ... .2 510 Feb 41,698 848 653 31 164 323 Dec. 1, 1945. % 4,395 Mar. 15, 1952-54 ..2y 1,024 Mar, 42,159 889 712 27 151 464 Feb. 1, 1946 5,043 June 15, 1952-54 ........2 5,825 Apr 42,626 838 684 23 130 404 Mar. 1, 1946 4,147 June 15, 1952-55 1,501 May 43,767 1,540 1,195 63 282 426 Apr. 1, 1946 y% 4,811 Dec. 15, 1952-54 8,662 June 45,586 2,178 1,468 178 532 403 May 1, 1946 y% 1,579 June 15, 1953-55 ...2 725 July 46,508 1,295 1,032 47 215 428 June 1, 1946 4,799 June 15, 1954-56 681 Aug 46,715 700 571 22 107 531 Aug.1 1946 2,470 Mar. 15, 1955-60 V.2% 2,611 Sept. 46,741 514 420 18 76 528 Sept. 1,1946 4,336 Mar. 15, 1956-58 '. .iy> 1,449 Oct 46,786 625 510 8 107 616 Oct. 1, 1946 y& 3,440 Sept. 15, 1956-59 2M 982 Sept. 15, 1956-59... .'.'.VA 3,823 Treasury notes June 15, 1958-63 ..2M 919 Dec. 15, 1945 % 531 June 15,1959-62 • •VA 5,284 Jan. 1, 1946 '^90 3,416 Dec. 15, 1960-65 .... • •2% 1,485 Mar. 15, 1946 . . .1 1,291 June 15, 1962-67 2,118 Maturities and amounts outstanding, October 31, 1945 July 1, 1946 ..90 4,910 Dec. 15, 1963-68 • -2MJ 2,831 M S D e e a p c r t . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 4 4 4 7 6 7..... . \ \ \ 1 } V V 4 A £ . 3 2 1 , , , 2 9 7 4 6 0 8 1 7 J M D u e a n c r e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 5 4 4 - - - 7 6 6 0 9 9 . . . . . . . . • • • - . - 2 2 23 y y ^ 2 2 2 3 3 5 , , , 7 1 8 9 6 3 7 1 8 Year of maturity se A ri ll es S A er - i D es Se E ries Se F ries Se G ries Sept. 15, 1947 • VA 1,687 Mar. 15, 1966-71 2^ 3,481 Sept, 15, 1948 •1/^2 3,748 June 15, 1967-72 .... • -23^ 7,967 Sept. 15, 1967-72 .2y> 2,716 1945 73 73 Treasury bonds Postal Savings bonds.2K 117 1946 329 329 Dec. 15, 1945 .2^ 541 Conversion bonds. ...3 29 1947 419 419 Mar. 15, 1946-56..• 3H 489 Panama Canal loan ...3 50 1948 493 493 J J u u n n e e 1 1 5 5 , 1 1 9 9 4 46 6 - - 4 4 9 8. ... 3 1,0 8 3 1 6 9 Total direct issues.. 182T79(T 1 1 9 94 5 9 0 9 8 9 0 1 3 8 9 0 9 3 1 Oct. J1-*Jy5 , X J?^1\J 94JT7-7 -, 5.2. 759 1951 1,651 443 " '1,208' Dec. 15 1947. ......2 701 Guaranteed securities 1952 4,963 4,963 Mar. 15, 1948-50.....2 1,115 Federal Housing Admin. 1953 9,190 7,791 214" 1,185 M Ju a n r e . 1 1 5 5 , , 1 19 9 4 4 8 8-51..• 2% 3 1 , ,2 0 2 6 3 2 Various 39 1 19 9 5 5 5 4 1 9 2 , , 5 4 1 3 6 5 9 6 , , 5 3 2 9 4 5 5 67 9 4 3 2 2 , , 4 3 4 18 7 Sept. 15, 1948 • 2M 451 1956 3,558 748 2,810 1957 2,402 445 1,956 1 Sold on discount basis. See table on Open-Market Money Rates, Unclassified -37 p. 1133. Total.. 46,786 3,551 29,844 2,674 10,717 NOVEMBER 1945 1137 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 1U. S. Gov- Privately held1 eminent agencies Held End of month s i e b n c e T t u e a o r r r i e t i t a n i s e l t g - s S is p a s e u n c e d i s a t l rust f P i u s u s n u b d e l s i s c R F B e e a b d s n y e e k r r v s a e l Total m b C e a o r n c m k ia s - l M s b a a v u n i t n u k g s a s l p I c a n a o n s n m u c ie e r - s - M i a a s O b s r u k l t e h 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 e s e - s t- 1942—June 76,517 7,885 2,738 2,645 63,249 26,410 3,891 9,200 10,700 13,000 December.. 111,591 9,032 3,218 6,189 93,152 41,373 4,559 11,300 14,800 21,100 1943-June 139,472 10,871 3,451 7,202 117,948 52,458 5,290 13,100 18,700 28,400 December.. 168,732 12,703 4,242 11,543 140,244 59,842 6,090 15,100 23,700 35,500 1944—June 201,059 14,287 4,810 14,901 167,061 68,431 7,306 17,300 30,700 43,300' 1944—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 r77,400 8,700 20,500 r33,300 50,700 May 236,912 18,592 5,217 20,954 192,149 r77,50O 8,700 20,100 r33,100 52,700 June 256,766 18,812 6,128 21,792 210,034 r84,069 9,588 r22,7OO r39,500 54,200 July 260,265 19,558 6,105 21,717 212,885 r85,300 9,800 r22,900 r39,900 55,000 August 261,261 20,033 6,121 22,530 212,577 84,500 10,000 23,100 39,700 55,300 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 t o i a o n u n t g t a d - l - a m e a c g r n i e e e n d n n s - t - B s F e R a e r e r n e a d v - k l - e s m b C a e o n rc m k i s a - 1 l 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 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 t i a n u n g u a k s l - s I p c a n a o n s n m c u ie e r - s - Other trust trust funds funds Total:2 Treasury bonds: 1944—June 141,591 4,60414,901 63,523 7,15816,471 34,935 Total: Dec 162,843 5,338 18,846 72,045 8,18318,761 39,670 1944—June 79,244 4,437 1,464 30,910 6,73615,76819,929 1945—Mar 163,412 5,26719,669 71,872 8,48219,554 38,568 Dec 91,585 5,173 1,243 36,508 7,70417,859 23,098 Apr 163,468 5,246 20,455 71,799 8,50219,640 37,826 1945—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 7,81718073 21,873 June 181,353 6,11221,792 77,484 9,38220,930 45,652 May 92,377 4,961 1,113 39,275 7,75317646 21,628 July 183,114 6,083 21,717 78,609 9,62121,146 45,939 June 106,448 5,968 1,113 41,795 9,04519,89228,636 Aug 183,369 6,092 22,530 77,862 9,775 21,273 45,837 July 107,890 5,936 1.113 42,822 9,278 20 Treasury bills: Aug..._ 108,172 5,937 1.114 43,170 9,365 20, 28,334 1944—June 14,734 8.872 4,894 2 960 Maturing within 5 years: 16,428 11,148 4,113 1 1,159 1944—June 7,824 536 4,697 189 663 1,740 1945—Mar'.".".'.'.'.'.'.'.'. 16,921 12,079 2,720 12 2,066 Dec 7,824 518 4,834 137 556 1,777 Apr 17,041 13,010 2,565 11 1,397 1945—Mar 8,939 564 5,554 268 535 2,015 May 17,049 12,954 2,242 17 1,706 Apr 8,939 564 5,488 267 543 2,076 June 17,041 12,962 2,798 1 1,273 May 8,939 564 5,548 258 520 2,050 July 17,025 12,810 2,737 2 1,466 June 8,939 547 5,770 172 375 2,074 Aug 17,038 13,254 2,193 2 1,574 July 8,939 530 5,814 175 350 2,069 Certificates: Aug 8,939 532 5,803 183 352 2,068 1944—June 28,822 3,382 15,037 126 339 9,871 Maturing in 5-10 years: Dec 30,401 4,887 15,032 136 310 9,974 1944—June 34,399 1,570 18,937 2,712 3,673 7,505 1945—Mar 34,544 110 5,411 17,830 269 698 10,225 Dec 44,087 1,504 24,445 3,556 4,23010,357 Apr 34,478 129 5.333 17,550 345 830 10,290 1945—Mar 43,564 1,297 24,987 3,588 4,385 9,307 May 34,442 103 5,870 17,202 394 884 9, Apr 43,564 1,280 25,350 3,503 4,335 9,099 June 34,136 6,032 16,789 92 420 10,756 May 43,564 1,262 25,790 3,427 4,196 8,891 July 34,472 6,096 16,812 96 454 10,968 June 48,155 1,333 29,147 3,400 4,267 10,009 Aug 34,430 6,400 16,413 158 423 10,991 July 48,423 1,322 29,954 3,228 4,194 9,725 Treasury notes: Aug 48,425 1,319 30,209 3,101 4,163 9,631 1944—June 17,405 1,180 11,718 286 337 3,826 Maturing in 10-20 years: 23,039 1,566 15,411 336 568 5,098 1944—June 15,482 1,097 5,509 1,857 2,792 4,228 1945—Mar.. 18,588 1,051 12,657 318 651 Dec 14,445 1,028 5,354 1,887 2,612 3,563 Apr 18,588 988 12,611 324 693 3*919 1945—Mar 14,445 998 5,500 1,812 2,569 3,561 May 18,588 1,017 12,588 327 692 3,912 Apr 14,445 963 5,590 1,830 2,530 3,531 June 23,497 1,685 16,076 242 601 4,841 May 14,445 960 5,745 1,828 2,319 3,591 July 23,498 1,698 16,211 244 598 4,695 June 16,727 1,054 4,562 2,458 2,471 6,179 Aug 23,498 1,762 16,058 247 587 4,793 July 17,307 1,058 4,667 2,673 2,476 6,433 Guaranteed securities: Aug 17,446 1,057 4,687 2,814 2,534 6,352 1944—June 1,190 3 949 6 26 205 Maturing after 20 years: Dec. 1,194 3 960 6 22 203 1944—June 21,539 2,696 1,766 1,981 8,640 6,456 1945— M J J A M u u p a l n a y r y r e . 7 7 7 3 3 8 8 8 9 7 8 4 4 5 5 5 8 7 6 1 1 1 5 0 0 0 4 4 4 2 2 1 1 1 1 1 7 3 6 3 7 2 1 1 0 7 8 3 3 2 9 7 1945— M D J A M u e p a n a c r y r e 3 2 2 2 2 2 5 5 5 5 , , , , , 4 6 2 4 4 2 2 2 2 2 7 6 7 7 7 3 4 3 3 3 , , , , , 1 2 3 3 3 4 9 0 0 6 6 0 8 8 6 2 2 2 2 1 , , , , , 3 1 0 0 8 1 9 7 2 7 7 4 3 4 2 3 2 2 2 2 , , , , , 0 2 2 2 1 1 4 0 1 2 0 0 9 8 5 12:,,779 7 7 7 7 , , . , , 2 1 4 0 1 0 6 9 4 1 8 5 Aug 35 11 2 13 2 July 33,219 4,140 2,385 3,200 131,,06110,375 Aug 33,360 4,141 2,470 3,266 13,199 1100,^48345 < * 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 Aug. 31, 1945, commercial banks reporting to the Treasury held 27,443 million dollars of U. S. Government securities due or callable within one year out of a total of 65,847 million outstanding. 2 Including 196 million dollars of Postal Savings and prewar bonds not shown separately below. 113 8 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 t O a t x h e e s r 1 c n i r n n e n e e u t v l a o e e l e l a u 1 r - - - s S S t r a o e i x c c ty i e u a s - l c O e r t i e h p - e ts r c T e r o i e p t - a t l s ce N ip e t t s3 I d n e o e t s n e b t r t - a W c 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 c s c n n - s . s t t t o s - , p O t e u e t n h x r d e - e s i r - e b T x i u t p o u d e t r g n a e e l d s t - D c e i f t i- c T o e a r u t c u c n - . s t 4 t s, f a 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 'f2,109 435 3,827 78,179 55,897 -1,861 +6,515 64,274 June 1944 8,393 26 262 5291 1,751 3,711 45 408 44 149 2 609 i57,039 556 3,540 93 74449,595 —4,051+10,662 64 307 June 1945 10,289 24,884 6,949 1,793 3,824 47,740 46,457 3,617 <>0,029 1,646 5,113 100,405 53,948 +798 +4,529 57,679 1944—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 Mav 1,282 745 557 337 477 3,398 3,085 66 8,156 296 757 9,275 6,190 +686 -1,741 3,763 j une 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 October 572 1,021 689 58 241 2,581 2,530 172 5,124 ! 38 617 5,950 3,420 +302 -3,321 -203 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security Net ex- Other Assets penditures Period in check- Balance ing ac- De- De- Total in c N e r i e e p - t ts I m nv e e n s t t s - p t e E u n r x e d - s i- c G a o g m o u e v n n e e t n c s r i t n e o - s f ce R i e p - ts I m nv e e n s ts t- p t E e u n x r d e -, i s - Total R F p e e o s d i s e n e i r t r v s a e l d s p p e o p e i s c n o i i s t a s i l - O as t s h e e t r s lia ti b e i s li- g f e u n n e d ral Banks taries Fiscal year ending: June 1943 2,810 2,350 456 2,194 1,117 655 133 10,149 1,038 7,667 1,144 643 9,507 June 1944 3,202 2,816 380 4,403 1,851 1,313 192 20,775 1,442 18,007 1,327 607 20,169 June 1945 3,239 2,757 453 1,178 3,820 2,444 -571 25,119 1,500 22,622 ?97 421 24,698 1944—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 1,335 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 1,384 15,265 1,085 420 17,313 March 66 227 43 -407 270 128 84 15,722 1,547 13,055 1,120 445 15,277 April 122 48 40 71 412 228 137 11,809 1,224 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 1,500 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 51 407 163 9 16,582 1,755 13,989 839 447 16,134 October 132 -66 146 -274 284 308 308 13,307 1,124 11,389 794 494 12,813 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 1 - V t t o a i r c x y - c r r a C o e t r u i n p o r t o - n - t B a a x c e k s E p t r x a o c x f e e it s s s s p O t r a o t x h f e i e t s r s Total C st t t a o a a p x c l k i- E ta s a g t x n i a f e d t t s e b A t h e a a o l v g x c l e e e o i r c s - - b t T a a c x o c e - o s S t t a a x m e p s M re t e t a t u a a x a n r n x c i u e l d e i e f r s s a s e r ' c s' - n c t M a e e x l o i l s e a u - s - s 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— 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 43 126 270 547 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 87 1,461 —l 74 62 228 824 209 69 199 108 102 132 September 3,553 1,112 32 768 46 1,584 11 531 34 198 101 6 93 93 1 Withheld by employers (Current Tax Payment Act of 1943). NOVEMBER 1945 1139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items1 Lia i b n i t l e i r t a ie g s e , n o c t y h e i r t e t m h s an Corporation or agency Total Cash r L e a o c b e a l i n e v s - m m p C r s t a l i u i a o o i a n e p e t d m l d s - e s s i , - , - - G r s U i e o t c . i I S v e u m n . s t - . v e e n O r s s t i e t s t t h - c ie e u s r - e m L s t q u a t a e u r r n n u n e i d p c d t s - - , , c U h t u r n a t i r d e b g d i - s es O as t s h e e t r s b a g t y F B n u u a u U o t r n a e l e n . l d r e s y d - S d s . p d , a e n O y b o a e t t h n b e - e l s e r , O l i i t a t i h b e e i s l r - G in m U o t v e e .S e r n e r . t n st -v o i a w n P e t t e s r n e t i l e - r y d - All agencies: Sept. 30, 1944. 31,435 6,566 2,987 1,604 437 15,755 1,421 1,813 1,565 1,204 6,398 21,771 498 Dec. 31, 1944.. 31,488 6,387 2.942 1,632 424 16,237 1,692 1,419 1,537 1,395 4,196 23,857 504 Mar. 31, 1945.. 31,309 5,789 2 i960 1,756 16,734 1,001 1,913 1,124 1,263 4,962 23,510 451 June 30, 1945.. 33,552 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 43 231 6 Federal intermediate credit banks 345 295 37 272 72 Federal land banks 1,294 1,062 161 840 186 224 Production credit corporations 121 64 56 121 Regional Agricultural Credit Corp 15 7 () 14 Others 26 23 2 25 Federal Farm Mortgage Corp 279 260 8 263 Rural Electrification Administration 386 377 '(*)' 6 386 War Food Administration: Commodity Credit Corp 1,623 35 1,333 213 450 654 519 F Fe a d rm er a S l e C cu ro ri p t y I n A s d u m ra i n n c i e s tr C a o ti r o p n 472 3 () 48 1 4 1 468 2 Federal Surplus Commodities Corp 3 3 National Housing Agency: Federal Home Loan Bank Administration: Federal home loan banks 310 160 50 125 Federal Savings and Loan Insurance Corp. 160 155 100 Home Owners' Loan Corp 1,047 15 26 1,005 United States Housing Corp Federal Housing Administration 155 97 118 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 1,034 261 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 216 214 () 2 80 War Shipping Administration 7,851 28 7,273 407 608 7,243 Other4 578 334 11 202 283 295 Smaller War Plants Corp 172 1 169 Federal Deposit Insurance Corp 870 836 (2) 581 150 Federal Works Agency.. .^ 240 90 47 240 Tennessee Valley Authority 733 719 724 U. S. Maritime Commission 4,056 14 3,297 428 282 266 3,790 All other 1,946 150 91 28 1,647 15 58 1,888 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY June 30, 1945 Mar. Purpose of loan b F l a a e n n d d k . s M C F F a o e o r r d r m p . t. . m i b c F n r a a e e t e n t e d e d d k r i . i - s - t f o B o p t r a i e v n c r e k a o s - s - m C C C r o o o e d m r d i p i t - t . y t R r A E i t f u l d i i e o r c m c n a a - l . - A S F r e a d i c r m t u m y - . H O C L e o r o 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 a R f t f F e il s C i- B p p I E o a r o x n n r r t - - t k - ot A he ll r a c A g i e l e l n s - 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 (2) 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. 4 3 I C n o c r l p u o d r e a s t i A on g s r ic p u re lt v u i r o a u l s M ly a c rk la e s t s i i n fi g e d A c " t w R a e r v c o o l r v p i o n r g a t F i u o n n d s " a a n r d e n E o m w e s r h g o en w c n y u C n r d o e p r a tw nd o F h e e e a d d i L ng o s a : n ( s 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 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. 114° 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 a th nd ( I 1 m v n = 9 p a c 3 e a l o 1 5 n u y 0 - m t e - 3 s 0 ) e 9 1 Tota In l (p d h u y 1 s 9 s tr i 3 c i 5 a a - D a l l 3 b 9 u v f p l M e a r o r - = c o l a u t d 1 u n m u 0 r u N c e d e a 0 - s t ) u o b i * r o n le - 2 n - 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 t 2 d t i e e t r 5 a r u n s l ( a i - c = v - c t a t i 1 s l o u 0 n o e 0 A t ) h 3 l e l r N t a c u g o u r r l n a - i 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 9 0 r y l c y 0 s - 4 = F c 1 a = r i 9 r e n l 3 i g o 1 g 5 s 0 a - h * d 3 0 t 9 1 D 9 = m s ( u s e 3 v t a e p o 5 e a l 1 ) a - e r n l * 0 3 e - s r t 5 0 9 t p W m r = c i 1 h s o c o 9 a o d e 1 m 2 l l s i e 0 6 e 4 - t 0 - y C 1 l = 9 i o v 3 s i 1 5 t n 0 - o g 3 0 4 f 9 Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 103.8 103.2 120 83 138.6 124.5 1920 75 93 60 83 63 30 90 104.2 123.5 129 99 154.4 143.2 1921 58 53 57 66 56 44 65 79.8 79.7 110 92 97.6 127.7 1922 73 81 67 71 79 68 88 88.2 85.5 121 94 96.7 119.7 1923 88 103 72 98 84 81 86 101.0 108.4 142 105 100.6 121.9 1924 82 95 69 89 94 95 94 93.8 10L2 139 105 98.1 122.2 1925 90 107 76 92 122 124 120 97.1 106.6 146 110 103.5 125.4 1926 96 114 79 100 129 121 I35 98.9 109.9 152 113 100.0 126.4 1927 95 107 83 100 129 117 139 96.8 107.9 147 114 95.4 124.0 1928 99 117 85 99 135 126 142 96.9 109.1 148 115 96.7 122.6 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 75.8 71 2 105 97 73.0 108! 7 1932 70.6 58 41 70 67 28 13 40 75^5 64.4 49.2 78 75 64.8 97.6 1933 68.9 69 54 79 76 25 11 37 76.0 71.3 52.8 82 73 65.9 92.4 1934 78 7 75 65 81 80 32 12 48 83.8 83.1 67.8 89 83 74.9 95.7 1935 87.1 87 83 90 86 37 21 50 87.6 88.7 78.0 92 88 80.0 98.1 1936 101.3 103 108 100 99 55 37 70 94.9 96.4 90.5 107 100 80.8 99.1 1937 107.7 113 122 106 112 59 41 74 100.9 105.8 108.2 111 107 86.3 102.7 1938 98.5 89 78 95 97 64 45 80 94.4 90.0 84.2 89 99 78.6 100.8 1939 105 4 109 109 109 106 72 60 81 100.0 100.0 100.0 101 106 77.1 99.4 1940 113.5 125 139 115 117 81 72 89 104.7 107.5 114.5 109 114 78.6 100.2 1941 138.0 162 201 142 125 122 89 149 117.5 132.1 167.5 130 133 87.3 105.2 1942 17416 199 279 158 129 166 82 235 126.7 154.0 245.2 138 150 98.8 116.5 1943 213.0 239 360 176 132 68 40 92 130.9 177.7 334.4 137 168 103.1 123.6 1944 P233.4 *>235 ^353 P140 41 16 61 127.5 169.1 339.1 140 186 104.0 125.5 1942 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 91 243 131.4 168.3 168.7 295.4 135 159 101.0 120.4 1943 January 199.6 227 224 337 171 125 145 79 198 131.6 170.7 170.1 300.7 135 163 101.9 120.7 February 203.5 232 229 344 174 131 102 56 140 131.6 173.1 172.5 308.9 139 192 102.5 121.0 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 April 208.8 237 236 356 175 131 63 33 87 131.4 176.2 175.4 324.9 136 159 103.7 124.1 May 209 4 239 239 359 176 129 52 31 68 130.9 176.9 175.8 330.4 135 159 104.1 125.1 June 212.8 237 238 358 177 117 45 32 55 131.0 179.0 178.3 336.1 127 168 103.8 124.8 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 August 216.7 242 245 365 178 135 59 35 79 130.9 180.2 181.4 343.1 140 166 103.1 123.4 September.... 216.8 244 248 368 179 138 65 35 89 130.1 179.6 180.8 349.5 140 165 103.1 123.9 October 219.3 247 249 374 179 136 49 34 61 130.1 180.6 181.4 354.9 137 172 103.0 124.4 November. . .. 222.9 247 247 376 180 133 60 37 78 130.2 181.5 181.9 359.7 139 177 102.9 124.2 December 224.7 241 239 365 174 137 61 35 81 130.1 179.9 180.3 350.7 143 167 103.2 124.4 1944 Tanuary 227.2 243 240 369 176 139 55 29 76 130.0 178.1 177.5 350.0 145 174 103.3 124.2 February 232.4 244 240 367 177 142 45 21 64 129.6 177.1 176.5 349.7 142 175 103.6 123.8 March 231.9 241 238 364 175 139 40 17 59 128.9 174.6 174.1 346.3 140 183 103.8 123.8 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 Tune. 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 January 241.9 234 230 345 175 140 48 14 75 126.6 162.9 162.4 335.2 143 197 104.9 127.1 February 245.2 236 232 346 176 141 59 13 96 126.7 162.5 162.0 333.7 139 211 105.2 126.9 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 Vlay 241.9 225 225 323 173 138 58 20 89 124.4 154.5 153.6 307.0 140 188 106.0 128.1 June 244.6 220 220 308 173 144 50 22 73 r123.4 151.0 150.5 302.5 140 202 106.1 129.0 July 243.4 r210 212 293 165 143 54 23 79 r122.5 145.5 145.6 286.5 139 218 105.9 129.4 August P237.3 ^187 P189 P243 P157 140 61 24 91 121.2 141.4 142.5 257.5 128 200 105.7 r129.3 September p172 ^175 ^208 ^154 p135 p115.6 P122.5 ^123.5 128 199 105.2 128.9 * 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. 1142-1145. s Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1149 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. 1151-1153. 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 1187, respectively, and October 1945, pp. 1054-1055; for department store sales, June 1944, pp. 549-561. NOVEMBER 1945 1141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1944 1945 Industry Aug. Sept. Oct. Nov Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept Industrial Production—Total. 232 230 232 232 232 234 236 235 230 225 220 r210 P187 Manufactures—Total 248 246 248 248 249 251 252 252 247 240 233 222 P178 Durable Manufactures 348 342 344 341 343 345 346 345 336 323 308 293 ^243 Iron and Steel 203 202 206 201 198 197 202 210 206 204 192 187 155 164 Pig iron 198 196 197 192 190 188 192 198 188 190 181 182 161 166 Steel 224 222 225 218 215 219 226 234 232 229 214 203 164 172 Open hearth., 183 183 187 186 181 176 180 189 184 182 173 172 142 155 Electric 512 502 492 453 456 526 552 561 573 567 505 421 319 299 Machinery 434 427 428 422 431 431 436 431 419 405 393 371 P310 Manufacturing Arsenals and Depots1. Transportation Equipment 707 695 704 699 709 706 695 676 651 610 572 535 p411 P308 Automobiles . 229 226 229 230 235 235 242 236 218 207 188 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products. 245 238 233 234 229 253 257 267 263 248 219 210 Smelting and refining 226 205 200 191 186 187 191 193 194 188 184 183 171 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 252 252 246 252 247 284 296 291 272 234 221 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)l Lumber and Products... 127 120 120 122 122 126 123 121 119 118 116 110 P107 Lumber 118 111 109 112 111 118 112 110 109 108 104 Furniture. 146 139 143 141 142 142 146 144 140 138 138 134 PI 10 Stone, Clay, and Glass Products. •162 159 161 160 163 162 163 167 162 166 169 P160 Glass products 169 165 174 169 174 164 168 175 183 179 176 193 177 Plate glass 66 66 64 56 51 60 56 61 62 61 43 62 61 Glass containers 204 200 212 208 218 200 207 216 225 221 223 239 217 Cement .' 88 86 88 88 90 87 87 86 85 85 95 93 97 Clay products 122 116 115 116 116 125 122 124 122 115 121 117 p110 Gypsum and plaster products 181 175 179 175 171 182 185 183 180 168 172 179 p162 3 Abrasive and asbestos products.. 295 302 292 295 307 302 305 306 300 295 298 287 p229 Other stone and clay products1 .. Nondurable Manufactures .. 168 168 169 173 173 175 176 176 174 173 173 165 Textiles and Products 141 147 146 149 152 150 155 153 149 150 150 132 p134 P142 Textile fabrics 132 137 136 139 141 139 144 142 137 138 138 121 123 Cotton consumption 140 148 140 149 146 145 152 150 143 142 144 123 123 138 Rayon deliveries 189 196 199 209 215 215 215 215 218 221 220 220 213 216 Nylon and silk consumption1... Wool textiles 140 144 150 143 152 146 151 149 142 146 144 r117 126 Carpet wool consumption.. 47 42 50 56 57 49 44 43 36 42 40 r33 58 Apparel wool consumption. 193 197 213 206 215 225 238 249 233 243 234 185 172 Woolen and worsted yarn.. 154 158 164 156 165 156 160 156 147 151 152 124 136 Woolen yarn 163 162 170 161 170 162 170 166 153 161 162 129 144 Worsted yarn 141 153 156 148 157 148 146 142 139 137 137 117 124 Woolen and worsted cloth.. 153 160 164 151 166 159 169 166 161 165 161 129 136 Leather and Products.. 121 115 116 114 113 121 122 122 110 107 P113 Leather tanning 108 120 111 112 115 113 119 117 118 115 119 110 98 Cattle hide leathers 118 132 119 122 127 125 137 132 134 132 137 128 113 Calf and kip leathers 82 92 88 84 86 85 89 88 95 91 97 87 68 Goat and kid leathers 77 80 80 81 72 68 63 69 61 62 56 50 47 Sheep and lamb leathers. 144 157 149 144 154 154 148 144 146 132 137 133 130 Shoes 114 122 117 119 113 114 123 126 125 126 132 109 114 Manufactured Food Products.. 147 146 149 154 155 155 158 160 153 r151 r147 P138 Wheat flour 116 113 118 125 123 130 131 125 138 138 135 130 Cane sugar meltings1 Manufactured dairy products.. H39 2152' P145 P132 P132 >143 P146 Butter 83 85 82 82 78 83 81 84 87 87 90 89 85 76 C C h an ee n s e e d and dried m ; ilk 1 1 4 8 5 0 1 1 4 8 6 4 1 1 4 7 9 9 1 1 8 5 1 6 1 17 5 9 4 1 1 6 7 3 2 1 17 6 5 2 1 1 6 8 8 9 2 18 0 1 4 1 1 7 9 5 6 2 1 0 7 6 9 2 1 2 8 2 1 2 1 0 7 8 1 2 1 0 6 1 2 Ice cream Meat packing 169 161 154 158 158 146 146 146 134 132 141 140' 133 141 Pork and lard 197 176 159 167 164 149 135 139 137 135 144 146 126 120 Beef 138 140 140 141 149 147 169 165 139 134 142 136 144 165 Veal 191 196 218 213 175 123 101 104 88 95 103 116 151 179 Lamb and mutton 125 135 145 142 149 143 129 129 121 128 142 133 110 125 r Revised. p Preliminary, 1 Series included in total and group indexes hut n.Qt available for publication separately. II4Z 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 Aug Sept. Oct. Nov. Dec. Jan. Feb.. Mar. Apr. May June July Aug. Sept. Manufactured Food Products—Continued Other manufactured foods 148 147 150 155 159 162 165 169 168 161 r155 150 *139 2>141 Processed fruits and vegetables 112 121 139 145 146 162 163 180 170 149 r139 r134 P101 p101 Confectionery 123 115 118 128 138 137 143 151 156 151 129 108 107 Other food products.. . 102 159 158 162 165 167 170 169 169 165 163 161 ?154 ^58 Alcoholic Beverages 186 156 166 184 169 213 170 148 144 136 139 193 173 Malt liquor 152 172 177 197 174 167 167 153 152 139 139 147 149 Whiskey.... 100 6 0 0 0 198 11 0 0 0 0 199 55 Other distilled spirits 647 68 104 76 74 452 250 156 67 61 57 448 399 Rectified liquors .... 232 270 305 353 355 346 312 265 283 291 318 293 306 Industrial Alcohol from Beverage Plants1 Tobacco Products 126 124 120 135 131 121 123 123 120 128 139 128 150 160* Cigars 92 95 93 105 95 85 95 93 91 92 93* 83 91 106 Cigarettes 152 149 142 157 155 147 145 147 143 156 177 162 195 206 Other tobacco products 92 87 93 107 108 95 97 91 90 94 90 88 98 99 Paper and Paper Products .... 142 142 143 143 135 136 137 141 140 141 142 135 131 P143 Paper and pulp 137 137 139 138 132 132 134 137 136 136 137 131 129 H38 Pulp 159 156 165 158 150 152 156 157 160 160 160 149 146 Groundwood pulp 119 118 126 111 115 111 113 113 114 108 116 120 118 Soda pulp 96 92 96 97 97 95 98 101 103 103 103 93 92 Sulphate pulp 234 231 245 238 212 214 227 227 234 236 236 227 219 Sulphite pulp 138 135 142 136 133 137 139 139 141 140 138 122 120 Paper 134 134 135 135 129 129 130 134 132 133 134 128 126 136 Paperboard 158 159 158 160 145 153 152 157 158 161 160 149 141 165 Fine paper 111 113 111 106 93 85 87 84 79 78 75 73 74 77 Printing paper 118 116 116 120 125 119 125 127 126 125 126 122 126 125 Tissue and absorbent paper 149 149 149 150 156 147 143 148 144 141 139 146 142 142 Wrapping paper.. 127 127 132 130 125 128 127 133 129 132 139 133 135 141 Newsprint 77 84 81 81 85 76 83 82 80 80 79 80 72 81 Paperboard containers (same as Paperboard).. Printing and Publishing 102 99 103 103 104 102 105 105 105 105 106 105 111 109 Newsprint consumption 87 83 89 86 84 85 84 83 85 85 85 88 96 93 Petroleum and Coal Products 251 258 266 268 268 273 276 172 268 273 269 P267 P242 Petroleum refining 264 272 281 283 283 289 292 287 284 289 285 Gasoline 138 141 140 144 141 143 150 145 145 149 148 156 155 ^136 Fuel oil 159 162 167 165 165 171 174 166 167 174 177 175 173 Lubricating oil. 125 132 135 136 133 133 126 134 136 138 136 136 138 Kerosene 126 126 124 124 119 123 126 131 120 121 132 133 140 Other petroleum products* Coke ... 171 168 170 170 167 167 168 171 161 168 163 165 153 152 By-product coke 164 162 164 164 163 162 163 164 157 161 155 158 148 150 Beehive coke 419 389 384 367 296 334 367 387 284 406 421 400 r332 226 Chemical Products....-.-.-.-. 314 307 307 307 312 317 318 319 318 r319 r318 r307 P265 P227 Paints 143 139 139 141 141 142 140 139 135 131 r134 139 pl33 P135 Soap 132 131 129 133 137 136 136 135 134 134 132 130 nn pl30 Rayon . . 240 237 239 242 242 244 241 244 241 240 243 r243 mi p235 Industrial chemicals 408 400 395 394 396 396 400 402 405 407 412 409 P36S p358 Explosives and ammunition* Other chemical Droducts* Rubber Products . 231 230 231 231 239 247 247 236 233 224 222 218 pl93 P180 Minerals—Total 142 143 143 143 137 140 141 142 140 138 144 143 140 p135 Fuels . .... . 147 148 148 148 141 145 146 147 145 143 150 148 146 p140 Coal 148 147 149 149 132 140 143 142 136 125 148 140 135 PU2 Bituminous coal 154 151 152 155 138 151 150 149 138 145 153 146 144 P148 Anthracite 124 129 133 126 109 96 112 115 131 47 129 117 102 P114 Crude petroleum 146 149 148 148 146 148 148 150 150 152 151 153 152 pl40 Metals . .. 114 113 111 112 111 111 111 111 111 110 109 r108 105 Metals other than gold and silver 175 175 171 170 168 170 170 170 169 167 168 168 r162 Iron ore . (Copper* Lead* Zinc)* Gold 23 22 22 22 23 24 24 24 23 24 22 23 Silver . . 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. NOVEMBER 1945 1143 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. ! Sept Industrial Production—Total 235 234 234 232 230 230 232 232 229 225 220 212 ns9 P175 Manufactures—Total .. 251 249 250 248 248 248 249 249 245 240 234 224 P197 p181 Durable Manufactures 349 343 346 341 342 343 345 344 335 323 308 293 Iron and Steel ... 203 202 206 201 198 197 202 210 206 204 192 187 155 164 Pig iron 198 196 197 192 190 188 192 198 188 190 181 182 161 166 Steel : 224 222 225 218 215 219 226 234 232 229 214 203 164 172 Open hearth 183 183 187 186 181 176 180 189 184 182 173 172 142 155 Electric 512 502 492 453 456 526 552 561 573 567 505 421 319 299 Machinery . 434 427 428 422 431 431 436 431 419 405 393 371 P310 P250 Manufacturing Arsenals and Depots1 Transportation Equipfnent . 707 695 704 699 709 706 695 676 651 610 572 535 p411 p308 Automobiles 229 226 229 230 235 235 242 236 231 218 207 188 nix (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products 245 238 233 234 229 253 257 267 263 248 219 210 P198 Smelting and refining 226 205 200 191 186 187 191 194 194 189 183 182 171 PI 55 (Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating " "252' "252' 246" "252' 247 "280' 284' 296 291 "272' "234' "221' ^209 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products 135 128 125 120 113 113 114 115 119 120 121 116 p113 p103 Lumber 129 123 117 109 97 99 97 101 108 112 113 107 108 P99 Furniture 146 139 143 141 142 142 146 144 140 138 138 134 P124 mo Stone, Clay, and Glass Products 167 164 167 163 159 156 156 161 165 167 166 168 p165 p157 Glass products 175 169 178 170 163 161 163 175 183 190 175 186 183 Plate glass 66 66 64 56 51 60 56 61 62 61 43 62 61 79 Glass containers 213 204 218 210 202 196 201 216 225 236 221 230 r226 Cement 100 100 102 95 82 71 66 71 81 89 102 102 110 Clay products . . .. . 125 120 122 121 120 116 118 119 119 115 120 115 P113 P\\\ Gypsum and plaster products 182 179 182 177 175 176 177 177 177 169 175 179 P162 P\5S Abrasive and asbestos products 295 302 292 295 307 302 305 306 300 295 298 287 ^260 ?>229 Other stone and clay products1 Nondurable Manufactures . 171 173 173 173 171 170 172 172 171 172 173 167 ^159 Textiles and Products . 141 147 146 149 152 150 155 153 149 150 150 132 134 P142 Textile fabrics 132 137 136 139 141 139 144 142 137 138 138 121 123 Cotton consumption 140 148 140 149 146 145 152 150 143 142 144 123 123 138 Rayon deliveries 189 196 199 209 215 215 215 215 218 221 220 220 213 216 Nylon and silk consumption1 Woo C l a te rp xt e i t l e w s ool consumption 1 4 4 7 0 "14 4 4 2 ' 15 5 0 0 1 5 4 6 3' 1 5 5 7 2' "14 4 6 9 1 4 5 4 1 1 4 4 3 9 1 3 4 6 2 1 4 4 2 6 1 4 4 0 4 '1 r3 1 3 7' 1 5 2 8 6 Apparel wool consumption 193 197 213 206 215 225 238 249 233 243 234 185 172 Woolen and worsted varn 154 158 164 156 165 156 160 156 147 151 152 124 136 Woolen yarn 163 162 170 161 170 162 170 166 153 161 162 129 144 Worsted yarn 141 153 156 148 157 148 146 142 139 137 137 117 124 Woolen and worsted cloth 153 160 164 151 166 159 169 166 161 165 161 129 136 Leather and Products ... 111 121 115 US 113 114 125 122 122 121 126 107 107 P112 Leather tanning 107 118 112 116 114 113 128 116 117 115 116 105 96 Cattle hide leathers 114 129 121 127 127 128 148 132 134 132 132 120 110 Calf and kip leathers 86 90 90 86 84 83 93 87 91 87 99 87 71 Goat and kid leathers 75 81 80 79 73 68 66 68 63 61 57 49 46 Sheep and lamb leathers 148 153 149 153 146 143 162 140 143 142 135 123 134 Shoes .... 114 122 117 119 113 114 123 126 125 126 132 109 114 P123 Manufactured Food Products 165 166 159 155 150 143 141 142 145 146 150 157 p151 W Ca h n e e a t s u fl g o a u r r m . e .. l . t i .# n gs1 • .. 115 123 125 126 122 130 132 122 133 134 132 133 128 p137 Manufactured dairy products 'P178' 'Pi55* P108" P116 P178 ^212 p185 Butter 91 82 70 62 61 69 71 77 89 112 124 109 93 73 Cheese .... 162 149 134 117 111 120 133 151 189 234 254 223 '191 165 Canned and dried milk 186 170 145 130 138 140 157 186 231 272 284 257 214 185 Meat I P B V L c o e a p e e e r m a a k f l c c b r k a e i a a n n m g n d d l a m rd utton 1 1 1 1 4 5 2 8 0 1 2 8 "1 2 1 1 1 4 1 3 5 4 8 5 9 1 4 " 1 2 1 1 1 5 4 5 5 5 6 8 3 0 1 '1 2 1 1 1 7 2 9 4 4 5 8 5 6 2 ' 2 1 1 1 1 1 8 4 6 4 7 4 9 5 6 "i 1 1 1 1 n 9 5 5 1 5 0 2 4 " 1 1 1 1 3 8 5 3 3 2 9 6 1 9' 1 1 1 1 3 9 2 5 2 5 8 9 0 6 1 1 1 1 2 8 3 2 1 5 6 1 8 5' "1 1 1 1 3 9 3 3 3 2 8 4 5 0 ' "1 1 1 1 1 3 4 3 3 0 9 4 9 2 3 ' 1 1 1 1 1 3 3 2 2 1 1 7 9 7 6 1 1 1 1 9 4 1 4 0 7 6 8 9 8 ' 1 1 1 1 9 3 7 9 3 5 9 4 7 4 ' r Revised. p Preliminary. 1 Series included in total and group indexes but not available for publication separately. 1144 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 Aug. Sept. Oct. Nlov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Manufactured Food Products—Continued Other manufactured foods •170 | 174 167 161 155 148 149 148 148 145 146 157 P151 ^169 Processed fruits and vegetables 213 236 180 133 114 105 103 99 104 97 r107 r174 P\65 ^223 Confectionery 132 148 154 151 139 141 144 140 130 117 96 88 115 Other food products . . 165 162 166 171 169 160 161 162 162 162 165 165 ^158 P161 Alcoholic Beverages . . 198 159 168 159 146 191 158 139 148 147 162 214 175 Malt liquor 173 174 164 151 140 137 150 142 160 158 175 184 170 Whiskey 100 6 0 0 0 198 11 0 0 0 0 199 55 Other distilled spirits 609 94 270 159 81 414 228 136 44 36 35 400 216 Rectified liquors 232 270 305 353 355 346 312 265 283 291 318 293 306 Industrial Alcohol from Beverage Plants1 ... Tobacco Products ... 129 131 125 137 121 121 118 117 115 128 145 133 155 169 Cigars 92 95 93 105 95^ 85 95 93 91 92 93 83 91 106 Cigarettes 160 160 148 160 142 147 136 137 133 156 186 170 204 220 Other tobacco products 89 93 99 110 95 93 94 91 90 95 92 88 95 106 Paper and Paper Products .. 141 141 143 143 134 136 138 141 141 142 142 134 131 P143 Paper and pulp 137 137 139 138 132 132 134 137 136 137 137 130 P\29 P137 Pulp Groundwood pulp . .. 1 1 5 0 7 5 1 1 5 0 4 5 1 1 6 1 4 7 1 1 5 1 9 7 1 1 5 1 0 7 1 1 5 1 2 5 1 1 5 1 7 8 1 1 5 2 8 1 1 1 6 2 2 5 1 11 6 7 1 1 1 6 1 0 7 1 1 4 0 7 7 1 1 4 0 4 4 Soda pulp 96 92 96 97 97 95 98 101 103 103 103 93 92 Sulphate pulp 234 231 245 238 212 214 227 227 234 236 236 227 219 Sulphite pulp 138 135 142 136 133 137 139 139 141 140 138 122 120 Paper 134 134 135 135 129 129 131 134 132 133 134 128 126 136 Paperboard 158 159 158 160 145 153 152 157 158 161 160 149 141 165 Fine paper 111 113 111 106 93 85 87 84 79 78 75 73 74 77 Printing paper 118 116 116 120 125 119 125 127 126 125 126 122 126 125 Tissue and absorbent paper 149 149 151 150 151 145 148 148 145 141 142 140 142 142 Wrapping paper 127 127 132 130 125 128 127 133 129 132 139 133 135 141 Newsprint 77 84 81 82 84 76 83 82 82 81 80 78 71 81 Paperboard containers (same as Paperboard) Printing and Publishing 98 100 105 107 106 99 104 107 108 106 105 99 107 110 Newsprint consumption 78 84 93 93 88 79 83 87 90 88 84 76 87 94 Printing paper (same as shown under Paper) Petroleum and Coal Products 251 258 266 268 268 27 3 276 272 268 273 269 P242 Petroleum refining 264 272 281 283 283 289 292 287 284 289 285 Gasoline 138 141 140 144 141 143 150 145 145 149 148 156 155 ^136* Fuel oil . 159 162 167 165 165 171 174 166 167 174 177 175 173 Lubricating oil 124 132 135 136 132 129 125 132 141 143 136 134 137 Kerosene .. . . 121 124 124 128 123 126 132 134 123 122 124 124 135 Other petroleum products1 Coke 171 168 170 170 167 167 168 171 161 168 163 165 153 152 By-product coke 164 162 164 164 163 162 163 164 157 161 155 158 148 150 Beehive coke . . . 419 389 384 367 296 334 367 387 284 406 421 400 r332 226 Chemical Products 310 307 309 313 316 319 321 320 318 315 r303 P261 P227 Paints 142 138 139 139 141 139 139 139 137 135 r138 137 p\u S R o a a y p on 2 1 4 3 0 3 2 1 3 3 7 6 2 1 3 3 9 5 2 1 4 3 2 4 2 1 4 3 2 7 2 1 4 3 4 3 2 1 4 3 1 5 2 1 4 3 4 5 2 1 4 3 1 1 2 1 4 3 0 0 2 1 4 3 3 0 r2 1 4 2 3 9 P p \ 2 2\ 22 P P \ 2 3S 3S Industrial chemicals 408 400 395 394 396 396 400 402 405 407 412 409 P358 Explosives and ammunition1 Other chemical products1 Rubber Products . . . . . .. 231 230 231 231 239 247 247 236 233 224 222 218 P193 p180 Minerals—Total 147 147 144 140 131 134 135 136 140 141 147 145 143 p13S Fuels ... 147 148 148 148 141 145 146 147 145 143 150 148 146 p140 Coal . . 148 147 149 149 132 140 143 142 136 125 148 140 135 PU2 Bituminous coal . . . 154 151 152 155 138 151 150 149 138 145 153 146 144 P148 Anthracite 124 129 133 126 109 96 112 115 131 47 129 117 102 Crude petroleum 146 149 148 148 146 148 148 150 150 152 151 153 152 ^140 Metals 145 138 123 89 68 68 68 72 109 131 129 124 123 Metals other than gold and silver 227 215 188 130 94 95 98 104 166 207 204 196 192 Iron ore 336 311 259 133 61 63 68 80 216 304 301 289 289 (Copper; Lead; Zinc)1 Gold . 25 "25 26 25 24 23 21 21 "21 "21 "20 "22 Silver 62 ! 57 58 64 62 56 53 56 61 54 47 i 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. NOVEMBER 1945 1145 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 Aug. Sept. May Junej July Aug. Sept. July Aug. Sept. May June July Aug. Total 167.9 166.0 153.6 150.5 145.6 142.5 123.5 331.7 335.0 333.8 307.0 302.5 286.5 257.5 Durable goods 228.1 224.3 204.1 196.9 187.8 181.1 141.6 461.4 465.4 460.6 413.3 399.8 372.7 325.5 Nondurable goods 120.5 120.1 113.7 113.9 112.3 112.0 109.3 204.9 207.5 209.8 202.9 207.3 202.2 191.0 Iron and Steel and Products 171.7 170.0 164.5 159.1 151.6 145.6 121.5 314.1 316.5 319.3 308.8 298.5 279.2 247.0 Blast furnaces, steel works, etc 124 123 122 121 119 118 225 223 227 227 223 215 197 Steel castings ... 244 240 230 213 201 193 434 456 452 422 r387 r349 311 Tin cans and other tinware 132 132 130 133 133 127 212 222 225 213 230 232 207 Hardware 130 128 127 125 119 117 258 262 261 268 r261 r242 213 Stoves and heating equipment 139 137 131 127 124 121 252 256 261 247 r242 r232 202 Steam, hot-water heating apparatus. 183 182 176 165 158 150 338 345 341 334 320 292 258 Stamped and enameled ware 161 159 153 150 145 138 320 324 327 313 304 282 245 Structural and ornamental metal wor] 210 208 179 168 155 141 418 411 407 341 318 279 240 Electrical Machinery 287.3 285.1 263.0 257.9 245.6 237.5 174.4 513.9 515.3 520.7 484.8 474.0 445.0 396.6 Electrical equipment 249 246 228 223 213 208 451 456 458 426 415 387 345 Radios and phonographs 286 287 260 254 242 226 542 534 547 501 486 463 390 Machinery, except Electrical 227.9 225.0 213.1 209.3 202.2 196.7 167.9 421.8 424.5 421.4 392.1 393.9 371.6 327.7 Machinery and machine shop products 228 224 214 210 203 197 409 415 410 386 386 366 324 Engines and turbines 377 371 339 332 320 308 784 786 773 683 680 641 532 Tractors 188 184 174 173 171 164 293 291 291 272 278 272 250 Agricultural, excluding tractors 160 159 149 150 147 142 334 319 333 289 306 ^298 259 Machine tools # 207 207 198 195 188 182 371 369 367 348 353 329 304 Machine-tool accessories 264 260 250 244 233 230 458 450 450 430 422 388 336 Pumps 318 310 279 274 265 258 676 669 666 576 585 543 512 Refrigerators 151 148 139 135 130 124 251 277 263 250 r243 229 169 Transportation Equipment, except Autos.. 1432.3 1396.1 1117.7 1025.4 961.1 906.6 506.6 2979.8 2982.1 2931.8 2322.6 2152.8 1999.9 1713.8 Aircraft, except aircraft engines 1733 1663 1450 r1284 rll92 1121 3338 3334 3175 2837 r2546 r2310 1917 Aircraft engines 2709 2626 2167 1950 1870 1686 4761 4820 4628 3703 3232 3043 2360 Shipbuilding and boatbuilding 1577 1551 1132 1067 998 948 3387 3379 3399 2434 2328 2193 1952 Automobiles 176.2 174.7 160.2 154.3 144.6 135.4 96.2 314.0 319.0 311.1 283.2 272.6 243.7 178.1 Nonferrous Metals and Products 183.6 179.5 177.7 172.7 162.0 160.1 145.3 342.1 342.9 336.9 336.5 327.0 302.7 282.7 Primary smelting and refining..._ 171 160 140 141 138 137 325 315 298 262 262 268 257 Alloying and rolling, except aluminum 179 178 183 176 163 162 320 337 330 341 328 294 292 Aluminum manufactures 296 282 296 284 260 251 551 522 506 524 497 450 417 Lumber and Timber Basic Products 118.8 115.8 108.8 108.9 107.9 107.5 105.4 213.2 227.1 215.9 203.1 209.6 192.9 189.0 Sawmills and logging camps 83 81 15 75 15 75 152 165 154 142 148 134 134 Planing and plywood mills 98 96 93 , 93 93 91 166 165 165 164 167 160 148 Furniture and Lumber Products 106.0 103.4 100.2 100.2 98.0 96.6 89.0 187.0 194.7 189.3 187.7 189.1 181.3 165.6 Furniture 99 96 93 93 90 89 174 181 175 173 173 166 150 Stone, Clay and Glass Products 114.1 112.1 109.1 111.0 109.3 109.3 105.7 186.2 191.1 188.2 187.9 192.0 187.7 181.7 Glass and glassware 129 127 124 127 124 125 197 204 201 200 201 194 192 Cement 73 73 69 71 73 77 113 118 116 114 121 128 128 Brick, tile, and terra cotta 76 74 71 73 73 73 122 124 119 121 126 127 118 Pottery and related products 124 122 115 117 113 114 187 193 189 184 186 176 173 Textile-Mill and Fiber Products 96.0 95.4 91.8 92.2 90.4 90.2 90.5 170.7 170.4 171.3 166.6 174.6 169.9 159.4 Cotton goods except small wares. ... 109 108 104 105 103 103 207 204 204 200 210 210 194 Silk and rayon goods 74 74 71 72 71 71 131 134 133 134 142 138 134 Woolen and worsted manufactures... 97 98 94 94 91 90 184 181 185 179 187 177 167 Hosiery ;.._ 66 65 61 61 60 60 102 106 104 95 100 94 89 Dyeing and finishing textiles 89 89 86 86 84 84 147 146 148 141 147 145 140 Apparel and Other Finished Textiles 110.5 110.3 103.1 702.2 96.4 98.9 99.7 178.8 190.9 199.1 181.5 183.1 167.5 157.3 Men's clothing, n.e.c 96 95 90 90 86 85 155 161 166 157 164 152 135 Shirts, c liars, and nightwear 74 73 68 69 68 68 133 128 128 123 126 r124 111 Women's clothing, n.e.c 79 80 74 r71 65 70 126 140 148 131 r125 109 108 Millinery 78 79 69 66 67 72 103 129 137 84 91 106 110 Leather and Leather Products 91.0 90.1 88.6 89.8 88.5 88.6 87.4 157.7 158.2 160.6 161.1 170.3 165.0 157.0 Leather 85 84 82 83 81 81 147 146 146 147 149 r147 141 Boots and shoes 80 79 78 79 78 78 140 140 143 143 154 149 141 Food and Kindred Products 137.7 138.5 114.5 116.7 123.3 124.6 131.2 211.7 215.5 215.5 188.1 196.4 205.8 198.6 Slaughtering and meat packing 130 125 103 106 106 103 220 211 200 163 178 175 158 Flour 114 113 116 119 121 124 195 190 197 202 211 218 210 Baking 112 111 110 110 108 108 168 168 169 171 174 175 171 Confectionery 114 114 109 108 99 101 178 188 192 185 187 164 166 Malt liquors 148 147 139 143 147 149 226 224 216 206 220 231 224 Canning and preserving 163 182 73 79 124 133 243 306 336 144 157 r250 248 Tobacco Manufactures 88.2 88.0 85.4 85.9 83.2 84.2 90.0 157.0 157.5 163.0 156.4 164.1 151.4 150.3 Cigarettes 127 126 124 124 124 124 197 196 202 192 204 201 198 Cigars 68 68 64 65 60 62 132 133 138 133 137 115 115 NOTE _xh'ese 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 September 1945 are preliminary.. 1146 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY lNDUSTRlES-Continued (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls 1944 1945 1944 1945 Aug. Sept. May June July Aug. Sept. July Aug. Sept. May June July Aug. Paper and Allied Products. 118.8 116. 114.6 116.0 113.7 114.2 114,1 192.8 194.0 193.1 r190.7 197.7 193.5 184 J Paper and pulp 107 106 104 105 103 104 179 181 180 178 184 181 172 Paper goods, n.e.c 119 113 115 115 111 112 194 187 182 186 193 182 180 Paper boxes 114 112 109 111 109 110 176 179 180 175 183 181 171 Printing and Publishing 98.9 97.1 97.5 97.5 96.8 98.0 97.0 135.3 135.0 136.0 138.9 139.6 137.8 140.0 Newspaper periodicals 93 92 92 92 91 93 117 118 120 122 122 120 128 Book and job 106 103 104 104 104 105 152 149 152 154 156 155 153 Chemical and Allied Products. 204.3 205.7 216.3 212.5 203.7 190.0 151.9 355.6 356.6 361.0 388.9 381.3 363.0 325.7 Drugs, medicines, and insecticide: 182 179 183 183 183 181 267 265 265 282 r284 r273 271 Rayon and allied products 110 109 110 111 111 110 174 176 176 183 186 184 182 Chemicals, n.e.c 170 168 164 165 162 161 298 295 293 295 299 292 288 Explosives and safety fuses 1119 1152 1349 1304 1207 1105 1646 1725 1782 2096 1984 1880 1607 Ammunition, small-arms 1110 1169 1549 1508 1346 840 2271 2225 2332 3185 3037 2636 1345 Cottonseed oil 81 108 88 r79 r76 76 144 154 221 184 164 151 145 Fertilizers 102 102 126 112 104 106 225 227 232 293 259 247 242 Products of Petroleum and Coal 127.4 126.0 126.3 126.8 127.4 127.3 125.8 223.2 220.9 220.7 226.9 229.5 233.4 226.9 Petroleum refining 126 125 127 127 128 128 216 214 213 223 224 r228 224 Coke and by-products 107 106 100 100 101 102 192 187 190 186 190 191 184 Rubber Products 161.2 160.7 157.6 155.2 151.1 148.4 140.6 282.7 291.0 294.5 283.6 287.3 281.3 249.5 Rubber tires and inner tubes 169 171 169 167 162 159 281 294 301 289 294 287 250 Rubber goods, other 138 136 134 131 128 124 245 247 248 244 243 238 213 Miscellaneous Industries^ 170.0 168.5 166.6 165.0 158.5 155.8 129.5 323.2 319.9 324.0 324.4 323.8 300.9 280.3 Instruments, scientific 557 557 534 512 473 449 1082 1032 1039 996 988 835 798 Photographic apparatus 167 162 158 157 155 155 272 271 268 265 263 260 250 For footnotes see opposite page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) * [Index numbers of the Board of Governors, 1939 = 100] 1944 1945 Group Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total 166.8 164.9 163.3 162.6 163.0 162.9 162.5 160.6 157.6 154.5 151.0 145.5 141.4 P122.5 Durable 227.7 224.0 220.8 219.0 219.7 219.8 219.1 215.9 210.3 204.1 196.7 187.6 180.8 ^141.3 Nondurable 118.7 118.3 118.0 118.1 118.3 118.0 117.8 117.1 116.1 115.4 115.0 112.3 110.3 *>107.7 p Preliminary. NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry 1944 1945 1944 1945 July Aug. Apr. May June July Aug. July Aug. Apr. i May June July Aug. All Manufacturing 44.6 45.2 45.1 44.1 44.6 44.0 40.8 101.8 101.6 104.4 104.2 103.8 r103.2202.5 Durable Goods 45.7 46.6 46.5 45.5 45.8 44.9 41.2 111.6 111.2 113.8 113.4 r113.0 r112.6 111.4 Iron and Steel and Products 46.0 46.7 46.9 46.0 46.0 45.2 41.6 108.6 107.5 110.9 111.2 111.2 r111.0 11*0.9 Electrical Machinery 45.7 46.3 46.4 45.6 r45.7 45.4 42.0 103.2 103.2 106.8 106.8 106.1 105.7 105.0 Machinery Except Electrical 47.5 48.3 48.1 46.6 47.7 46.6 42.7 112.3 112.1 115.2 115.2 115.0 114.8 113.6 Transportation Equipment Except Autos 46.8 47.4 46.8 45.9 46.2 45.8 41.9 126.7 127.2 129.5 129.7 r130.0 130.2 129.6 Automobiles 43.7 45.1 45.5 43.9 43.8 42.4 33.5 129.1 126.1 128.0 126.9 126.8 125.2 123.6 Nonferrous Metals and Products 46.0 46.5 47.1 46.0 r46.2 r45.7 43.2 105.1 104.7 108.2 107.7 107.2 106.8 106.5 Lumber and Timber Basic Products 42.4 44.7 43.6 42.9 44.0 41.5 40.5 79.6 80.1 80.7 81.4 82.2 81.0 81.6 Furniture and Finished Lumber Products. 43.6 44.8 44.3 43.6 44.1 43.3 40.6 81.2 81.6 85.5 85.9 r85.2 85.2 84.1 Stone, Clay, and Glass Products 42.4 44.0 44.5 43.6 43.8 43.3 41.6 89.9 89.5 92.9 92.8 92.9 93.1 93.7 Nondurable Goods 43.0 43.0 43.2 42.3 r43.1 42.8 40.3 86.2 86.4 89.9 90.3 90.4 90.2 90.8 Textiles—Mill and Fiber Products 41.7 41.8 41.9 40.7 41.8 41.3 38.4 71.0 71.1 73.5 74.5 75.9 76.3 77.1 Apparel and other Finished Products ... 37.3 37.7 37.9 36.4 37.2 r36.7 33.1 78.5 80.7 86.2 84.7 r83.9 r82.9 84.4 Leather and Manufactures 41.2 41.2 42.0 40.4 42.1 41.7 39.3 80.1 80.6 85.2 85.9 85.7 r85.1 85.7 Food and Kindred Products 45.6 45.0 45.0 44.5 r45.6 r45.8 43.3 84.5 84.4 86.9 87.4 87.7 87.4 88.2 Tobacco Manufactures 42.4 42.3 42.3 41.6 42.8 r41.0 39.6 70.9 71.5 74.0 74.7 75.7 r74.9 76.1 Paper and Allied Products 45.7 46.2 46.5 45.4 46.4 46.3 44.0 84.7 84.7 87.4 87.6 87.9 88.1 87.9 Printing, Publishing and Allied Industries 41.2 41.1 41.2 41.2 41.6 41.5 40.9 107.2 108.0 112.9 113.3 112.8 112.4 114.2 Chemicals and Allied Products 45.5 45.6 45.7 45.7 45.4 45.1 43.3 96.6 96.1 98.0 99.0 99.7 99.9 100.3 Products of Petroleum and Coal 46.9 46.9 48.3 47.5 47.8 47.7 46.8 119.9 117.9 120.2 120.4 120.7 121.7 121.6 R M u i b sc b e e l r l a P ne ro o d us u c I t n s dustr ; ies 4 4 5 5 . . 0 2 4 4 5 5 . . 6 1 4 4 5 5 . . 7 8 4 4 4 4. . 2 8 r4 4 5 5 . . 2 2 4 4 5 4 . . 5 0 4 4 1 1 . . 8 9 1 9 0 5 9 . . 5 4 1 9 1 5 0 . . 7 2 1 9 1 9 3 . . 3 6 1 9 1 9 3 . . 2 2 1 9 1 9 4 . . 2 0 1 r 1 9 3 8 . . 8 3 1 9 1 7 1 . . 7 9 r Revised. NOTE.—Back figures are available from the Bureau of Labor Statistics. NOVEMBER 1945 1147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons] Transporta- Finance, Federal, Year and month Total Ma t n u u r f i a ng c- lining Construction* ti p o u n b l a i n c d Trade an s d e r m vi i c s e ce , l- Sta l t o e c , a l and utilities laneous government 1939 30,353 10,078 845 1,753 2,912 6,618 4,160 3,988 1940 31,784 10,780 916 1,722 3,013 6,906 4,310 4,136 1941 35,668 12,974 947 2,236 3,248 7,378 4,438 4,446 1942 38,447 15,051 970 2,078 3,433 7,263 4,447 5,203 1943 39,728 16,924 891 1,259 3,619 7,030 4,115 5,890 1944 38,698 16,121 835 679 3,761 7,044 4,348 5,911 SEASONALLY ADJUSTED 1941—April 34,441 12,456 643 2,133 3,161 7,266 4,438 4,344 May 35,269 12,776 949 2,176 3,224 7,302 4,441 4,401 June 35,758 13,032 970 2,239 3,254 7,388 4,441 4,434 July 36,277 13,342 981 2,256 3,292 7,495 4,442 4,469 August 36,597 13,473 997 2,258 3,330 7,579 4,458 4,502 September 36,774 13,580 1,000 2,327 3,331 7,548 4,454 4,534 October 36,892 13,642 1,003 2,295 3,355 7,537 4,472 4,588 November 36,991 13,752 1,004 2,248 3,369 7,526 4,479 4,613 December 36,864 13,748 1,002 2,115 3,367 7,487 4,493 4,652 1942—January 37,057 13,879 996 2,102 3,372 7,481 4,520 4,707 February 37,195 14,041 981 2,090 3,357 7,414 4,491 4,821 March 37,391 14,255 976 2,055 3,382 7,331 4,523 4,869 April 37,724 14,463 982 2,054 3,402 7,319 4,541 4,963 May 37,981 14,649 982 2,048 3,419 7,280 4,521 5,082 June 38,204 14,865 981 2,057 3,419 7,206 4,532 5,144 July 38,581 15,143 982 2,077 3,433 7,210 4,520 5,216 August 39,042 15,442 973 2,101 3,448 7,222 4,518 5,338 September 39,171 15,644 962 2,077 3,448 7,227 4,382 5,431 October 39,452 15,798 954 2,136 3,484 7,224 4,330 5,526 November 39,597 16,048 944 2,095 3,503 7,132 4,255 5,620 December 39,898 16,333 933 2,041 3,525 7,136 4,229 5,701 1943—January 39,934 16,506 927 1,899 3,540 7,133 4,146 5,783 February 39,935 16,682 924 1,734 3,556 7,064 4,146 5,829 March 40,066 16,831 915 1,604 3,574 7,110 4,121 5,911 April 39,891 16,858 908 1,476 3,588 7,006 4,110 5,945 May 39,740 16,837 893 1,358 3,597 6,988 4,102 5,965 June 39,775 16,908 893 1,263 3,620 7,017 4,112 5,962 July 39,876 17,059 888 1,164 3,634 7,061 4,127 5,943 August 39,737 17,097 878 1,082 3,639 7,015 4,110 5,916 September 39,475 17,051 876 1,020 3,633 7,006 4,079 5,810 October 39,486 17,108 869 936 3,671 7,006 4,078 5,818 November 39,526 17,152 859 891 3,683 7,000 4,119 5,822 December 39,479 16,995 863 864 3,687 6,962 4,127 5,981 1944—January 39,454 16,910 862 830 3,720 7,096 4,170 5,866 February 39,352 16,819 862 786 3,780 7,043 4,173 5,889 March 39,123 16,642 852 737 3,780 7,046 4,165 5,901 April 38,865 16,391 848 719 3,763 6,982 4,257 5,905 May 38,749 16,203 843 673 3,768 6,997 4,363 5,902 June 38,766 16,093 848 677 3,765 7,012 4,475 5,896 July 38,700 16,013 833 653 3,753 7,084 4,505 5,859 August 38,654 15,943 830 648 3,762 7,059 4,514 5,898 September 38,400 15,764 822 627 3,735 7,065 4,488 5,899 October 38,159 15,614 812 609 3,748 7,077 4,384 5,915 November 38,044 15,529 808 611 3,771 7,052 4,359 5,914 December 38,164 15,554 802 619 3,789 7,015 4,304 6,081 1945—January 38,426 15,633 805 633 3,797 7,210 4,394 5,954 February 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 37,746 14,885 732 782 3,802 7,056 4,513 5,976 June r37,465 r14,534 798 828 r3,792 7,039 4,521 5,953 July r37,187 r14,130 784 r868 3,779 r7,117 r4,558 r5,951 August, 36,798 13,768 780 881 3,781 7,105 4,537 5,946 September 35,098 12,089 781 884 3,783 7,210 4,500 5,851 UNADJUSTED 1944—April 38,689 16,309 844 683 3,744 6,968 4,236 5.905 May 38,672 16,122 839 686 3,768 6,962 4,363 5,932 June 38,846 16,093 844 691 3,803 6,977 4,542 5,896 July 38,731 16,013 833 686 3,809 6,942 4,618 5,830 August 38,744 16,023 834 700 3,818 6,918 4,582 5,869 September 38,571 15,843 826 671 3,791 6,994 4,488 5,958 October 38,360 15,692 816 652 3,767 7,148 4,340 5,945 November 38,347 15,607 812 629 3,771 7,299 4,315 5,914 December 38,889 15,632 806 594 3,770 7,611 4,304 6,172 1945—January 37,952 15,555 801 582 3,740 7,030 4,350 5,894 February 37,968 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 37,679 14,811 728 798 3,802 7,021 4,513 6,006 June r37,549 r14,534 794 845 r3,830 7,004 4,589 5,953 July r37,229 r14,130 784 r911 3,836 r6,975 r4,672 r5,921 August 36,894 13,837 784 951 3,838 6,963 4,605 5,916 September 35,268 12,149 785 946 3,840 7,138 4,500 5,910 * 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. September 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. 1148 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Residential Nonresidential building Public works Total building and public Month Factories Commercial Educational Other utilities 1944 1945 1944 1945 1944 1945 1944 1945 1944 1945 1944 1945 1944 1945 January 159.2 140.9 41.0 19.5 34.0 45.2 4.1 7.5 8.7 4.9 21.1 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 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 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 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 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 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 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 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 7.7 3.5 20.0 52.2 November 164.9 23.3 52.9 7.1 5.3 28.3 48.0 December 188.5 23.9 57.6 9.5 3.8 27.1 66.6 Year 1,994.0 348.4 472.7 80.8 69.2 276.7 746.1 1 Negative because of revision of a prior month's entry. CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership 1945 1944 Month Federal Reserve district 1943 1944 1945 1943 1944 1945 1943 1944 1945 Sept. Aug. Sept. January ..... 351 159 141 316 122 75 35 37 66 Boston 18,369 18,841 8,786 February 394 137 147 364 109 74 30 28 73 New York 43,531 36,445 12,959 March 340 176 329 304 133 221 36 43 107 Philadelphia 20,725 16,162 7,568 April 303 179 396 253 133 309 50 46 87 Cleveland 32,936 25,423 16,227 May 234 144 243 192 9B 148 42 46 95 Richmond 26,870 29,395 29,441 June 230 164 227 183 122 82 46 42 146 Atlanta • 21,652 24,293 15,770 July 184 191 258 122 148 108 61 42 149 Chicago 57,870 51,704 33,833 August 414 169 264 351 125 67 62 44 196 St. Louis 16,122 28,703 13,004 September... 175 176 278 120 127 43 56 49 235 Minneapolis 11,632 7,621 5,556 October 214 145 157 102 56 43 Kansas City 11,439 6,131 15,348 November... 184 165 135 103 50 62 Dallas 17,116 18,890 17,247 December ... 252 188 198 114 54 74 Total (11 districts) .. 278,262 263,608 175,739 Year 3,2741,994 2,6951,435 579 559 NOTE.—Data for most recent month preliminary. LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] [In millions of dollars] Title I Loans Mortgages on Year or month Total p P m e r i r o r m e o t v n y p - e t - - S s h c t t m o i o r o m u n a n c - l e l - h 1 f ( a - o T m I u t i D o t s i l l e e y 4 s - h R o ( g T e u a r n o i s n t i t u d l n a e p l g h ( W o T V u i a s t I r ) l i e ng End of month Total b C m c a o i n e a m r k l - - s b s M i t a n u a n g u v a k s - - l s a a s S l i a t s o n i a n o o a g v d c n n s - i s - I p c a n a o n s n m c u i e e r - - s a c F e g i e r e e a d n s l - 1 - Other2 ID 1936—Dec 365 228 8 56 41 5 27 1937_Dec 771 430 27 110 118 32 53 1935 320 224 94 2 1938—Dec 1,199 634 38 149 212 77 90 1 1 1 9 9 9 3 3 3 7 6 8 4 5 6 5 9 9 7 5 4 2 1 4 6 6 6 0 0 13' 4 3 4 7 2 0 3 4 9 4 1 2 8 1 1939— D Ju ec ne 1 1 , , 4 7 7 9 8 3 9 7 0 59 2 5 7 0 1 1 1 6 9 7 2 3 2 4 71 2 1 1 3 5 7 3 1 9 3 4 3 1 1 1 1 1 9 9 9 9 9 4 4 4 3 4 0 2 1 9 3 1 1 1, , , 1 0 1 9 9 3 2 8 5 4 7 6 6 4 2 2 2 2 1 9 0 6 5 4 6 8 2 1 1 2 2 2 1 5 6 1 1 5 6 8 7 6 2 6 7 3 4 9 9 7 6 3 1 5 1 1 6 1 * 3 3 6 2 0 8 -• 1 4 1940— J D S M u e e n a c p r t e 2 2 2 1 , , , , 9 2 0 4 4 3 7 0 9 2 5 9 , , , 1 0 0 9 6 2 9 7 2 6 3 1 1 1 1 9 3 0 1 0 0 1 0 2 2 2 2 1 2 0 0 6 4 8 1 3 4 4 5 3 4 8 9 2 2 0 2 2 1 1 1 8 9 0 7 2 0 1 1 1 1 1 1 2 2 4 5 7 4 1 0 1944 886 125 216 7 537 1941—Mar 2,598 ,246 146 230 606 210 160 1944— N O S o c e t v pt 8 8 8 3 4 2 1 1 1 4 2 7 * * 2 2 2 2 0 2 3 1 4 4 4 6 9 3 J S D u e e n p c. e t. 3 2 2 , , , 1 9 7 0 4 5 7 2 5 1, , . 4 4 3 6 0 1 5 0 8 1 1 1 5 8 7 7 6 1 2 2 2 3 5 4 7 4 6 6 7 7 6 2 8 8 2 9 2 2 2 3 2 2 4 5 0 1 1 1 7 5 7 9 4 8 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 1 8 9 * * 1 1 9 4 * 3 3 9 4 J D u e n c e .... 3 3 , , 4 6 9 2 1 0 1 1 , ,6 6 6 2 9 3 2 2 1 3 9 6 2 2 7 7 2 6 1,0 9 3 4 2 0 2 2 4 4 3 5 1 1 9 6 5 3 M M Ap a a r r y 6 6 5 2 0 3 1 1 1 3 4 0 * * 2 1 1 2 5 7 3 2 2 0 8 6 1943— D Ju e n c e 3 3 , , 7 6 0 2 0 6 1 1 , , 7 7 0 0 0 5 2 2 5 5 6 2 2 2 8 9 4 2 1 1 , , 0 1 7 3 1 4 23 7 5 9 1 15 5 9 8 J A J u u u l n g y e 4 5 5 5 2 6 1 1 1 2 2 3 * * 1 1 1 9 9 8 * * 2 2 1 1 4 5 1944— D J e u c ne 3 3, , 3 5 9 5 9 4 1 t ,6 5 6 9 9 0 2 2 5 6 8 0 2 2 8 6 4 9 1 1 , , 1 0 1 7 9 2 6 7 8 3 1 1 5 4 0 0 Sept 44 11 * 16 2 14 1945—June 3,324 1,570 265 264 1,047 43 134 1 The RFC Mortgage Company, the Federal National Mortgage Associa- * Less than $500,000. tion, the Federal Deposit Insurance Corporation, and the United States NOTE.—Figures represent gross insurance written during the period and Housing Corporation. do not take account of principal repayments on previously insured loans. 2 Including mortgage companies, finance companies, industrial banks, Figures include some reinsured mortgages, which are shown in the month endowed institutions, private and State benefit funds, etc. in which they were reported by FHA. Reinsured mortgages on rental and NOTE.—Figures represent gross amount of mortgages held, excluding group housing (Title II) are not necessarily shown in the month in which terminated mortgages and cases in transit to or being audited at the Fedreinsurance took place. eral Housing Administration. 1149 NOVEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1941 1942 1943 1944 1945 1941 1942 1943 1944 1945 1941 1942 1943 1944 1945 January 325 482 749 1,124 p9Q3 229 254 229 300 96 228 520 824 p569 February 303 483 728 1,107 234 254 234 313 P325 69 230 494 794 p561 March 357 637 988 1,197 ^1,030 268 272 249 359 ^365 89 365 739 838 ^665 April 387 717 989 1,231 n,003 287 235 258 360 P366 100 482 731 871 "637 May 385 542 1,092 rl,455 ^1,133 297 191 281 386 2*372 88 351 811 rl,069 P761 June 330 650 1,003 1,297 280 215 295 331 50 435 708 965 July 365 659 1,265 rl,197 *>883 278 213 302 294 87 446 963 r903 August 460 705 1,280 1,191 282 186 316 304 ^358 178 518 964 887 I'2OO September 425 732 1,269 262 196 286 162 536 983 p9U October 666 803 1,238 pl,144 304 200 329 p329 362 603 909 ^815 November 492 788 1,073 ^1,187 281 168 311 211 620 762 ^864 December 653 883 1,288 P939 344 358 281 309 525 1,006 p603 January-August... 2,912 4,874 8,095 9,799 *7,451 2,154 1,820 2,164 2,647 p2,836 757 3,054 5,931 7,151 *>4,615 p Preliminary. r Revised. 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 Grain L st i o v c e k - p F u r e c o o s t r t d s - - Ore l M e o a e u n i l s e s - - - M l c d . h c i e . s a 1 r e n - . - 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 i c r l o w a e m t t a i e n y g i . n c N o e m t e Annual Annual 1939 101 98 102 107 96 100 110 101 97 1939 3,995 3,406 589 93 1940 109 111 137 101 96 114 147 110 96 1940 4,297 3,614 682 189 1941 130 123 168 112 91 139 183 136 100 1941 5^347 4^348 993 500 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—July 142 142 194 144 124 156 189 150 66 1944—June. . 810 701 109 71 August 142 145 185 131 121 155 188 150 68 July 804 706 98 61 September 139 147 183 126 114 137 184 146 67 August. 781 710 71 32 October 137 143 182 147 120 133 153 143 66 September 790 710 80 42 November 141 143 181 150 135 138 153 149 68 October 791 709 82 46 December 137 127 166 134 128 135 133 151 68 November 788 697 91 57 December 780 711 69 33 1945— F J e a b n r u u a a ry ry 1 13 4 9 3 1 1 4 3 1 9 1 17 7 8 6 1 1 2 1 8 9 1 1 2 2 1 0 1 1 4 3 2 3 1 1 6 6 8 1 1 15 5 2 7 6 6 6 6 1945—January 766 673 93 60 March 145 137 190 134 129 134 218 159 67 February 781 678 103 68 April 141 126 180 160 124 133 204 153 71 March 796 698 98 63 May 140 126 193 167 120 137 204 151 69 April 799 704 96 62 June 140 143 181 155 121 144 170 146 68 May 796 704 92 57 July 139 136 193 157 121 140 171 146 67 June 831 725 106 71 August 128 128 167 163 115 133 166 132 64 July 791 696 95 61 September.... 128 143 155 146 114 125 203 126 66 August 705 648 57 23 UNADJUSTED UNADJUSTED 1944— A O D S N Ju e c u e o l p t c g y v o t e u e e b m m s m e t b r b b e e e r r r .... 1 1 1 1 1 1 2 4 4 4 4 5 8 8 6 7 4 0 1 1 1 1 1 1 2 4 4 4 4 4 7 5 3 2 7 3 1 1 1 1 1 1 7 7 7 8 8 8 5 8 8 1 8 1 1 1 1 1 1 1 4 7 2 4 4 4 7 2 6 2 7 1 1 1 1 1 1 1 8 0 1 2 5 7 4 2 5 4 1 0 1 1 1 1 1 1 4 5 2 6 4 3 0 7 0 2 8 5 3 2 2 2 1 0 4 3 8 7 3 2 1 7 1 6 8 1 1 1 1 1 1 4 5 5 5 5 5 2 6 5 1 8 1 6 6 6 6 7 7 9 5 8 6 0 0 1944— N A J O D S J u e u o u e c l p n c t v y g o t e e e u e b m m s m e t b r b b e e e r r r 8 8 7 8 7 7 7 0 3 9 1 5 9 8 9 6 9 9 7 9 1 7 7 7 6 6 7 7 0 8 8 3 0 1 2 9 7 9 5 0 0 1 1 1 1 8 9 9 0 0 7 0 9 7 2 0 0 0 1 r5 6 6 5 4 6 6 8 0 1 1 6 4 0 1945— M J A J F M A S J u u e e a u p a a n l b n p g y r y r e i r u c u t l u e h a s a r m t y ry ber.... 1 1 1 1 1 1 1 1 1 3 3 4 3 4 3 3 3 4 7 2 5 6 2 0 2 9 3 1 1 1 1 1 1 1 1 1 3 2 4 4 2 3 2 4 3 7 8 3 3 6 6 6 1 9 1 1 1 1 1 1 1 1 1 5 6 7 9 8 8 8 7 9 4 0 8 2 7 5 8 6 1 1 1 1 1 1 1 1 1 1 6 1 7 2 2 4 5 8 4 3 7 6 4 8 7 8 8 1 1 1 1 1 1 1 9 9 9 0 5 1 0 1 0 7 9 7 2 0 5 9 1 8 1 1 1 1 1 1 1 1 1 3 2 2 3 4 4 3 4 4 5 8 8 4 0 9 3 0 3 2 2 2 2 2 2 4 4 6 6 6 4 6 0 7 0 2 3 1 8 9 3 3 3 1 1 1 1 1 1 1 1 1 4 5 5 4 5 3 5 3 4 2 2 1 3 0 6 1 3 8 6 6 6 6 6 6 6 6 7 4 3 9 8 9 8 7 5 1 1945— M A J F J A M J u u e a u p a a l n b n y g r r y e r i u c u l u a h s a r t y ry 8 8 7 7 8 7 7 7 2 5 2 9 1 1 7 5 0 3 6 3 3 9 1 5 6 6 6 6 6 7 7 7 6 9 4 8 2 7 1 2 9 9 0 7 3 8 3 4 1 1 9 9 8 9 7 0 7 0 6 7 2 7 3 0 3 0 P5 6 3 3 6 6 6 5 1 3 7 9 6 5 3 6 p Preliminary. r Revised. r Revised. NOTE.—Descriptive material and back figures may be obtainec NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for from the Division of Research and Statistics. Basic data romnilef 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. 1150 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 h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - AtlantaChicago Lo S u t i . s M a i p n ol n i e s - Ka C n i s t a y s Dallas F c r S i a a sc n n o - 1919 83 95 84 106 84 73 88 113 93 67 1920 99 110 100 126 106 81 105 126 112 80 1921 92 108 96 120 94 78 90 80 105 117 92 75 1922 94 112 99 122 95 75 85 83 103 112 86 78 1923 105 119 106 135 108 85 94 98 115 120 91 91 1924 105 121 110 134 106 87 91 96 114 119 119* * 94 93 1925 110 123 116 135 109 92 95 102 120 124 124 98 99 1926 113 127 120 138 110 96 99 106 121 119 123 103 106 1927 114 128 123 133 110 95 100 108 119 117 125 101 107 1928 115 126 124 127 110 95 100 114 120 110 119 103 110 1929 117 128 129 128 116 96 98 116 122 110 117 104 112 1930 108 123 126 118 105 92 91 101 110 105 111 96 104 1931 .... 97 114 116 105 93 86 79 88 97 98 96 81 94 1932 75 90 91 83 68 68 60 67 76 79 74 61 71 1933 73 84 86 80 69 68 62 68. 72 76 73 62 68 1934 83 90 91 88 81 81 78 79 83 85 85 76 77 1935 88 92 93 91 86 87 84 86 85 90 89 80 86 1936 100 100 101 102 101 98 97 100 97 99 99 97 100 1937 107 104 106 107 111 105 105 109 106 104 107 105 106 1938 . .. 99 100 99 96 96 101 103 98 102 101 100 106 100 1939 106 104 101 104 106 109 113 107 111 106 105 112 109 1940 114 108 106 111 114 120 123 116 119 109 110 117 117 1941 133 126 119 129 138 144 145 135 143 122 127 138 139 1942 150 140 128 143 153 170 162 149 158 133 149 157 169 1943 168 148 135 151 167 194 204 161 179 149 184 212 200 1944 186 162 150 168 182 214 244 176 200 165 205 246 221 SEASONALLY ADJUSTED 1943—October . .. 172 145 137 154 170 194 222 163 188 148 194 225 211 November 177 150 143 161 178 199 220 164 197 166 210 220 212 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 187 158 152 157 182 215 243 180 207 173 203 253 222 September 187 162 149 170 180 r219 247 181 193 162 200 252 r216 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 218 183 176 198 220 252 300 197 250 187 243 300 255 August 200 166 165 175 189 235 274 189 225 186 r2l4 272 231 September 199 167 161 173 187 225 268 193 213 187 217 278 233 UNADJUSTED 1943—October 186 161 157 174 182 212 233 174 194 168 203 250 219 November 215 184 182 202 214 252 257 200 224 192 228 269 255 December 273 255 228 256 262 332 336 253 277 224 283 343 325 1944—January 137 119 112 122 132 152 179 131 149 119 153 177 166 February 142 115 114 123 133 159 194 131 153 122 161 200 178 March 170 144 139 162 167 203 221 159 185 141 182 227 198 April 172 161 137 158 172 194 228 166 183 159 183 228 192 May 178 162 142 161 179 211 228 170 197 162 194 228 200 June 163 144 133 142 157 183 199 160 170 151 177 203 193 July 142 110 100 116 140 152 197 139 154 130 168 194 184 August 157 118 111 123 159 177 216 151 178 153 191 220 202 September 196 170 158 173 191 r232 257 185 212 184 220 265 r225 October 208 184 173 190 204 249 273 197 221 179 226 272 238 November 248 207 206 231 244 294 317 231 268 218 264 314 299 December 320 300 270 305 303 369 417 295 333 269 339 421 373 1945—January 156 132 124 133 145 174 214 147 173 136 178 211 197 February . . 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 June 186 165 156 167 187 207 233 178 198 171 200 228 215 July 163 127 118 137 161 181 225 154 185 147 192 228 211 August 168 125 120 r136 165 194 244 158 194 165 r201 237 210 September 209 176 171 177 199 239 279 197 234 211 239 292 243 r Revised. NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944. NOVEMBER 1945 1151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES [As reported by 296 department stores in various Federal Reserve districts ] [Weeks ending on dates shown. 1935-39 average : 100] Index of stocks Without seasonal adjustment Amount (1935-39 average (In millions of dollars) = 100) 1942 1943 1944 1945 Feb. 21.... ..115 Feb. 20.... .155 Feb. 19.. ...142 Feb. 24... ...177 Out- 28.... ..127 27.... .162 26.. ...146 Mar. 3... ...182 m ( S o t f a o n o l t r e t a h s l ) m ( S e o t n o n d c t k h o s f ) m ( o s e t r o n i a d n n d n e g t d r h o s - ) f a S d e j a a u l s l s o y te n d - j U u n s a te d d - M Ap a r r . . 2 2 1 4 7 1 8 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 5 7 3 4 3 7 0 7 8 0 A M p a r r . . 2 2 1 3 6 0 7 3 . . . . . 1 1 1 1 1 6 4 4 5 5 1 4 7 5 0 A M p a r r . . 2 1 1 4 1 1 5 8 . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 1 1 1 1 8 7 6 5 2 2 2 0 3 Apr. 3 2 1 1 7 4 1 0 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 1 2 0 1 3 8 6 4 4 0 1 11.... . 129 10 .168 8 . 208 14 156 18.... ..146 17 .170 15.. ...152 21... ... 192 1939 ave:•age 128 344 99 25.... ..140 24 .182 22.. ...163 28... ...184 1940 ave: 136 353 108 101 May 2.... ..147 May 1 .142 29.. . .168 May 5 193 1941 ave 156 419 194 120 9.... ..149 8 .169 May 6.. ...184 12... ...196 1942 ave 179 599 263 172 16.... ..127 15 .149 13.. ...197 19... ...178 1943 ave: 204 508 530 146 23 ......125 22 .153 20.. ...177 26... ...182 1944 ave:age. 227 533 560 153 30.... ..104 29 .151 27.. ...168 June 2... ...169 June 6 .....147 June 5 .151 June 3... ...163 9... ...196 1943—Dec... 467 492 143 134 13 .....128 12 .168 10... ...172 16... ...206 20 .....129 19 .168 17... ...173 23... ...183 1944—Jan 167 479 530 154 137 27 .....109 26 132 24 ...151 30 173 Feb 170 514 527 154 147 July 4.... .. 95 July 3 134 July 1 149 July 7 153 Mar 226 531 ' 484 149 152 11.... .112 10 .113 8... ...116 14... ...167 Apr 206 526 476 145 151 18.... ..105 17 .126 15... ...145 21... ...157 May.... 220 525 534 147 151 25.... ..103 24 .124 22... ...138 28... ...153 June 198 523 592 157 150 Aug. 1.... ..105 31 .118 29... ...132 Aug. 4... ...167 July.... 162 517 631 165 148 8 ..122 Aug. 7 131 Aug. 5......137 11 .176 Aug. ... 198 r573 579 171 r165 15 125 14 .131 12... ...148 IS ... .124 Sept.... 234 583 r561 161 167 22 ..126 21 146 19 149 25 .. 182 Oct 257 600 577 154 172 29 ..142 28 .145 26.!! ..171 Sept. i.V...194 Nov. ... 299 580 610 144 166 Sept. 5.... . 165 Sept. 4.... 169 Sept. 2 .....194 8.. .. .177 Dec. ... 385 444 622 136 127 12.... .140 11.... 156 9 .....177 15... ...213 19.... .152 18.... 179 16 .....196 22... ...220 1945—Jan 198 463 768 148 133 26.... .172 25.... 176 23.. ...193 29... ... 209 Feb.... 198 494 819 149 142 Oct. 3 .183 Oct. 2... 175 30.. ...196 Oct. 6.. ...242 Mar.... 284 524 772 147 150 10.... ..171 9 .188 Oct. 7... ..218 13... ...245 Apr... . 209 565 725 156 162 17.... ..166 16 .189 14... ..221 20.. ...238 May... 231 591 671 165 170 24.... ..172 23 .194 21... ..209 27.. ...232 June... 236 601 697 181 173 31.... ..168 30 .187 28... ..207 Nov. 3.. July... 191 590 r722 188 169 Nov. 7.... ..182 Nov. 6.... .202 Nov. 4.. ..215 10... Aug.... 213 624 672 187 179 14......182 13.... .211 11.. ..231 17... Sept... p243 p623 ^172 p179 21.... ..182 20.... .223 18.. ...252 24 28.... ..176 27.... .201 25.. ...236 Dec. 1.. p Preliminary. r Revised. NOTE.—Revised series. For description and back figures see pp. 874-875 of BULLETIN for September 1944. Back figures.—Division of Research and Statistics. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] S 1 e 9 p 4 t 5 .A 1 u 9 g 4 . 5 N m 19 i o 4 n s 5 e . S 1 e 9 p 4 t 5 . A 19 u 4 g 5 . N m 19 i o 4 n s 5 e . S 1 e 9 p 4 t 5 . A 1 u 94 g 5 . N m 19 i o 4 n s 5 e . S 1 e 9 p 4 t 5 .A 19 u 4 g 5 . N m 1 i 9 o n 4 e s 5 . United States.. +3 +6 +11 Chicago +2 +5 +9 Chicago +5 +6 +11 Bo W N P B S P s p r o t o e o o o r r w s i r n v t t n c l o i g a e d H n s f n e i t a d e n e v l r c d e e n + + — — — -5 2 3 1 0 4 3 + + + + + + + 1 6 3 5 7 1 6 2 + + + + + + + 1 1 6 9 5 5 4 1 9 R C ic W P E Y l h e i r m v o t h i e t u e o e l s a n n e b d n g l u d i s n — r t g g o C h w o n nt. , + + + - -4 ; 1 2 5 + + + + + 1 1 6 2 9 2 0 + + + + + 1 1 1 1 5 0 6 6 0 T D F D I F P n o e l e e e i d r o r s n t r t i r r t e a M o i W a n i H t o a a i p a n y o u e n l s t i e e s . . . . . . . . . . + + + + + - 2 7 9 7 9 6 0 0 + + + + + - - 1 2 1 2 6 8 6 3 9 + + + + + + + 3 1 1 1 1 4 9 6 8 2 2 5 Da H D F S S ll a o h a o a n s r r l u t e l s a A v t W s e o n p n o t o o r r n t t h io + + + + - 1 1 6 7 9 5 0 + + + + - 1 1 1 8 9 2 7 0 + + + + + + 2 1 1 1 6 5 2 4 1 2 Ne N B A B B E w l u i e r l m n b i f w d Y f g a a i g a o n h r l r a e r o y a k k p m o t r o t n + + + + - 2 6 4 3 2 4 0 i + + + + + + - 2 1 2 4 8 4 9 9 0 0 + + + + + + + 2 1 1 1 3 7 9 1 5 3 2 W B R W C G L N y a h a o r a i e l l n a r n e s t e f r c i s h i o l n m g h t e i l o v n h b k s o n i t g , u l r o - l t r e N e S n o g , , n a . l S S C e . . m C . C . . . . . . . . . + — - - + + 1 - 1 - 1 2 2 5 3 1 i 5 3 2 + + + - + + + + 1 1 1 1 0 9 6 5 9 1 7 4 + + + + + + + + 1 1 1 1 9 9 2 6 6 0 6 St. M M L G F G o a L r r a i e n a r l o d w t e s n u i n i s d a S i n o s u B g m n R k a i e a t y e h pids.. + + + + + - + 1 8 6 4 5 8 4 6 + + + + + + - 1 1 2 8 8 9 9 0 0 + + + + + + + 1 2 1 1 1 1 1 4 0 1 6 1 0 3 San P T B L F L h r o u a o F e o k n c s s r e g e s a n A o n r n o s n i B n c f x i i g e s e c e a l o l d c e h s + + + + + + -1 4 4 8 3 4 4 + + r+ + + + + 1 1 9 6 5 5 4 2 1 + + + + + + + 1 1 1 1 1 1 8 2 4 2 3 6 1 N Ne ia w g a Y ra o r F k a C ll i s t . y . + -2 5 + + 7 9 + + 1 8 3 R Ch ic a h r m les o t n o d n.W.Va. + + 7 9 + + 1 1 2 6 + + 1 2 3 0 Q Li u t i t n le c y Rock.... + + 6 9 + +1 1 0 1 + +1 1 2 4 Oa B k e l r a k n e d l e a y nd +3 +6 +11 P Cl h e P U R T S L P Y W S R A C C C i v l o y h r a c o e t e a l k i o a i e i e l u r n n h i c a d n c r a l r a n v l c g o k c d h e n a k e t a c e t i a o n d h i e e n l . o d u n n l p . s n s s k e a n s e n g t h t - n e c e e e l B a i p d e t r r a t a a p i h d r s i r y a i e e . . . . . . . . . . . . - - - + - - - + 1 - - - 1 + 1 — 4 2 7 2 4 1 4 1 2 4 9 4 0 3 0 5 r+ + + + + + r + + + 1 + + - + + + + 1 2 1 1 - 1 1 9 1 9 7 8 0 2 7 5 4 5 2 3 1 6 1 + + + + + + + + + + + + + + + 1 + 1 + 1 1 1 1 1 1 1 1 1 3 3 4 1 0 5 9 4 4 8 2 0 5 0 8 3 0 . At H M B M M C J O T A l A M C B N B J a a a i a l u r o u a e r n t o c o i r a a c l l m i a n w t l m g k t b a n c r a s k u o a m t k u n i s o t t n p s i m n i l o g o s s d n n n O o e i t a l b o a t n b o g g n , R a r u m v u h t l o r o T e i s a e g l u a n m l e r n e g y n s e n... + - + + + + + + + + 1 + + - + - 1 1 1 1 1 1 0 5 6 4 4 4 1 4 1 7 1 4 5 0 0 3 + + + + - + + + + + + + + 1 - + + + 1 - 1 1 1 2 1 1 1 1 1 1 2 7 9 2 4 5 1 1 0 4 3 5 7 8 2 3 + + + + + + + + + + + + + - + + + + 1 1 2 1 1 1 2 1 1 1 1 3 9 9 9 0 8 0 5 1 9 9 5 0 3 7 4 4 6 M Ka i E L E W S S S T J D P H n K S n o n p t o t s v a u o t e u a . . i . a e p r u s a e p c n n t a s i l L L t J n i c b n e h p v i s s o n h s o o g l k o i a S e v o s v t a i C l s u f u r a i i t e n i i l s i i i . e l l p s t s s C l e l y L h o e d A i n o t u r y e . i . s a . . . . . . + + - + + + + + + + * - + 1 + + + + 1 1 1 1 2 8 2 8 4 3 4 5 0 4 6 0 9 4 2 + + + + + + + + + + + + + + + - 1 1 1 1 8 9 9 5 7 8 7 5 4 8 6 7 2 5 7 6 ** + + + + + + + + + + + + + + + + + 1 1 1 1 1 1 1 1 1 1 1 1 l 5 3 4 1 2 1 8 5 7 4 6 9 1 2 2 0 l R V B S S S S S S P B S E T S S Y a a a t a o a i a o p a e a v e o a S N v n n n n c l i l a c r l o e k t c s a e l l t r t t o a k e r i a e k i n l r a t F D J n e m m m L a a l s j t o m a r e g o t o n i i n R a B a a a s t p e n d n h e a d e e k n a g o e d e n a n e c o s r m d t a i a n o s n C a c d N r o i d t a i y n p . o a . + + + + + + + + + + + + + + — - - 1 1 1 1 1 5 5 4 5 7 8 9 5 7 8 7 4 4 9 7 r+ + + + + + + + + + + + + + - - 2 1 1 2 8 4 7 5 9 1 7 9 8 2 2 5 5 1 •? + + + + + + + + + + + + + + + + + 1 1 1 1 1 1 1 1 1 8 5 8 7 9 9 8 2 9 4 1 8 5 5 5 2 4 Columbus + — 6 A + tt 9 + + + 15 6 9 C K N h n as o a h t x t v v a i i n l l l l o e e oga.. .. + + — 1 7 2 2 + + + 1 4 3 2 + + + 1 1 1 5 5 1 Omaha 1 + + -3 5 1 + + 4 1 0 + + + 1 1 1 0 6 3 "Revised. * Data not yet available. * Eight months. n z FEDERAL RESERVE BULLETIN 5 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) August reporting Aug. Aug. 1945 1945 1945 GRAND TOT AL—en tire store 353 +7 +13 +6 3.1 3.1 MAIN STORE—total 353 +7 +14 +6 3.1 3.2 Women's apparel and accessories... 350 +17 +8 2.4 2.4 Coats and suits 329 +19 +13 2.5 2.4 Dresses 334 +17 +22 +10 1.1 1.2 Blouses, skirts, sportswear, etc 313 +14 +24 +25 2.3 2.1 Juniors' and girls' wear 305 +17 +22 +29 1.9 1.7 Infants' wear 306 +4 +13 +28 2.9 2.4 Aprons, housedresses, uniforms 284 +12 -8 1.6 1.7 Underw ear, slips, negligees 325 +5 +18 -27 1.8 2.6 Corsets, brassieres 330 +11 +24 +26 2.3 2.0 Hosiery (women's and children's)... 342 +4 +10 -40 1.4 2.4 Gloves (women's and children's) 325 +21 +18 -3 7.3 9.1 Shoes (women's and children's) 242 +31 -3 2.9 3.9 Furs 261 +38 +23 4.1 4.6 Neckwear and scarfs 240 +1 +7 +49 4.2 2.9 Handkerchiefs 280 +3 +15 +20 6.7 5.8 Millinery 168 +12 +11 +14 1.3 1.3 Handbags and small leather goods.,. 301 +8 +10 +10 3.4 3.3 Men's and boys' wear 321 +6 +12 -6 4.7 5.2 Men's clothing 230 +2 +11 -22 4.8 6.2 Men's furnishings, hats, caps. 304 +2 +13 -3 5.2 5.4 M Bo e y n s 's ' c a l n o d t h b in o g y s a ' n s d h o fu es r n a is n h d i n s g l s ippers. 2 1 8 7 0 5 +10 + +1 1 9 2 + -1 1 6 3 3 4 . . 9 8 3 7 . . 8 7 +33 Home furnishings 313 —1 +8 +4 3.9 3.7 Furniture, beds, mattresses, springs... . 231 +3 +15 +19 3.6 3.1 Domestic floor coverings 236 -14 -8 -12 3.6 3.5 Draperies, curtains, upholstery 289 -8 +7 +3 4.0 3.5 M Do a m jo e r st h i o c u s, s e b h l o a l n d k e a t p s p , li l a in n e c n es s ' , etc 2 1 8 7 9 3 + -1 7 2 6 +41 - -2 1 1 3 2 1. . 1 9 3 2 . . 2 2 Lamps ana shades 219 +16 +22 +22 5.9 5.6 China and glassware 219 +6 +12 +15 5.2 4.8 Housewares 220 +16 +25 +16 4.3 4.2 Piece goods 284 -5 -23 2.0 2.4 Cotton wash goods 115 -26 -30 1.3 1.3 Small wares 334 +8 +15 4.4 4.2 Lace, trimmings, embroideries, ribbons 121 -3 +11 4.8 4.2 Notions ^ 223 +7 +17 +19 4.1 3.7 Toilet articles, drug sundries, and prescriptions . 319 +9 +6 +14 4.5 4.3 Jewelry and silverware 293 +11 +15 +9 4.6 4.7 Art needlework 239 +2 +15 +U 4.8 4.4 Stationery, books, and magazines 232 +9 +18 +28 4.6 3.9 Miscellaneous 296 +2 +12 +22 4.4 3.6 Luggage 225 0 +7 -3 2.4 2.4 BASEMENT STORE—total. . 213 +4 +11 +8 2.9 2.8 Women's apparel and accessories 200 +4 +13 +13 2.4 2.2 Men's and boys' clothing and furnishings 165 +8 +11 0 4.2 4.5 H Pi o e m ce e g f o u o rn ds ishings 1 5 2 4 0 + -9 1 + + 1 4 4 - + 15 7 3 2 . . 6 0 3 2 . . 0 4 Shoes 133 +32 +12 +10 4.2 5.0 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 ng month Ac a c t o u e n n t d s o f re c m e o i n va t b h le Collec m tio o n n s th during Cash Instal- Chargesales ment account Total Cash Instal- Charge Instal- Charge Instal- Charge sales sales ment account ment account ment account 1944—August 126 167 60 93 32 70 60 92 64 32 September r150 r194 66 r117 33 81 r63 96 63 33 October 164 211 81 127 r36 90 69 115 63 33 November 191 245 95 149 40 102 75 130 62 34 December 245 326 105 181 46 128 r78 135 64 32 1945—January 126 164 57 96 43 97 r78 168 63 33 February .. . 126 163 57 98 40 84 r69 128 63 33 March 178 230 73 141 r40 96 77 120 63 34 April 133 171 52 107 37 88 65 128 62 35 May 147 190 55 117 35 88 r64 122 63 34 June 149 194 52 117 34 88 61 121 63 34 July 121 163 48 88 32 76 r57 117 66 31 August.. 135 181 58 99 r32 76 57 104 65 31 September... 155 203 63 118 33 85 59 103 63 33 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. NOVEMBER 1945 1153 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars! Instalment credit En o d r o y f e a m r onth co T c n r s o e u t d a m i l t er ins T ta o l t m al e nt ' Sale credit Loans1 p S a l i o y n a m g n l e s e 2 n - t a C c h co ar u g n e ts Service credit credit Total Automobile Other 1929 7,637 3,167 2,515 1,318 1,197 652 2,125 1,749 596 1930 6,839 2,706 2,032 928 1,104 674 1,949 1.611 573 1931 5,528 2,214 1,595 637 958 619 1,402 ,381 531 1932 4,082 1,515 999 322 677 516 962 ,114 491 1933 3,905 1,581 1,122 459 663 459 776 ,081 467 1934 4,378 1,849 1,317 576 741 532 875 ,203 451 1935 5,419 2,607 1,805 940 865 802 1,048 1,292 472 1936 6,771 3,501 2,436 1,289 1,147 1,065 1.331 [,419 520 1937 7,467 3,947 2,752 1,384 1,368 1,195 L,504 1,459 557 1938 7,036 3,584 2,313 970 1,343 1,271 L.442 1,487 523 1939 8,008 4,463 2,792 1,267 1,525 1,671 L.468 1,544 533 1940 9,205 5,507 3,450 1,729 1,721 2,057 L.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 L.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 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 L.402 727 Oct 5,412 1,937 743 210 533 1,194 1,231 1,516 728 Nov 5,596 1,974 773 208 565 1,201 1,231 1,664 727 Dec 5,791 2,084 836 200 636 1,248 1,220 L.758 729 1945 Jan 5,488 2,014 778 192 586 1,236 1,206 1,534 734 Feb 5,332 1,968 743 186 557 1,225 1,188 1,438 738 Mar 5,582 1,991 732 184 548 1,259 1,181 1,669 741 Apr 5,449 1,989 724 184 540 1,265 1,212 1,506 742 M<iy 5,496 2,006 720 184 536 1,286 1,258 1/488 744 June 5,642 2,032 720 188 532 1,312 1,320 1,544 746 July 5,592 2,036 713 192 521 1,323 1,346 1,459 751 Aug. p5,586 p2,030 P7O7 p196 P511 pl,323 pl,359 ^1,441 P756 Sept 2*5,631 *>2,049 P719 *>202 P517 pl,330 *>1,354 ^1,470 2>758 p Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOBILE CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] End o r o f y e m ar onth ex m T a c o u o lu b t t d o a i i - l l n e , g D s o m m e t a r p o a e d n a r i n d e e l r t r - s t- F s t t u u o r r r n e e i s - H a s a h t p o o n o p u r c l l s d e e i e s - - J s e t w or e e lr s y s o r t e t A o h ta r l e e l i r l s m E o y n n e d t a h r o o f r Total m b C a e o n rc m k i s - a 1 l p S c l a o m o n a m i a n e l - s l b p I a n c a t n o n r d k i m i u a i e s n l - s - g 2 C un re io d n it s M l l a e n n is e d c o e e u r l s - s m I i r l n z o o e s a a p a d u t n n a e i r d o r i s e r n n 3 d houses 1929 652 43 263 219 32 95 1930 674 45 287 218 31 93 1931 619 39 289 184 29 78 1929 1,197 160 583 265 56 133 1932 516 31 257 143 27 58 1930 1,104 155 539 222 47 141 1933 459 29 232 121 27 50 1931 958 138 454 185 45 136 1934 532 44 246 125 32 60 ""25"" 1932 677 103 313 121 30 110 1935 802 88 267 156 44 79 168 1933 663 119 299 119 29 97 1936 1,065 161 301 191 66 102 244 1934 741 146 314 131 35 115 1937 1,195 258 350 221 93 125 148 1935 865 186 336 171 40 132 1938 1,271 312 346 230 112 117 154 1936 1,147 256 406 255 56 174 1939 1,671 523 435 257 147 96 213 1937 1,368 314 469 307 68 210 1940 2,057 692 505 288 189 99 284 1938 1,343 302 485 266 70 220 1941 2,237 784 535 298 217 102 301 1939 1,525 377 536 273 93 246 1942 1,505 426 424 202 147 91 215 1940 1,721 439 599 302 110 271 1943 1,186 312 372 165 123 86 128 1941 1,805 469 619 313 120 284 1944 1,248 358 388 175 119 88 120 1942 1,012 254 391 130 77 160 1943 641 174 271 29 66 101 1944 1944 636 184 269 13 70 100 Aug 1,187 343 363 172 118 85 106 Sept. . . 1,192 342 364 172 118 85 111 1944 Oct 1,194 344 361 172 117 85 115 Aug 499 132 233 13 42 79 Nov. 1,201 346 365 172 116 85 117 Sept 510 138 236 13 43 80 Dec 1,248 358 388 175 119 88 120 Oct 533 148 244 13 44 84 Nov 565 162 253 13 48 89 1945 Dec 636 184 269 13 70 100 Jan 1,236 359 378 172 116 87 124 Feb 1,225 357 372 168 114 86 128 Jan 1945 Mar 1,259 374 381 171 116 87 130 586 172 249 12 61 92 Apr 1,265 377 381 172 116 87 132 Feb 557 163 240 12 54 88 May ,286 388 384 177 116 87 134 Mar 548 163 238 11 50 86 June 317 400 389 181 118 88 136 Apr 540 159 237 11 48 85 July 1,?323 406 391 182 119 88 137 May 536 155 238 10 48 85 Aug p\,323 *>406 *>389 *>182 ?118 *>88 p140 June 532 151 237 11 49 84 Sept pl,330 ^413 ?387 p182 pm *>87 PI44 July 521 146 235 11 47 82 A Se u p g t 2*517 2 2 * * 1 1 4 4 5 3 2 2 * * 2 2 3 3 2 5 2*12 2*80 v 1 T P h re e l s i e m f in ig a u r r y e . s include only personal instalment cash loans and retail automobile direct loans, shown on the following page, and a small amount p Preliminary. of other retail direct loans (20 million dollars at the end of September 1945), not shown separately. 2 This series is in process of revision. 3 Includes only loans insured by Federal Housing Administration. 1154 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT CREDITS OF COMMERCIAL CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL BANKS, BY TYPE OF CREDIT LENDING INSTITUTIONS [Estimates. In millions of dollars] [Estimates of volume made in period. In millions of dollars] Month or year Total Aut r o e m ta o il bile c O re h t t a h a s e i e l r d , R e m r e a n p n o i d a d z i - a r - i s m n P o s e e n t n r a a - t l l- Month or year Co b m an m k e s r 1 cial c S o m m a p ll a n lo ie a s n c I o n b m d an u p k s a t i n r n i i g e a s l 2 . u C n re io d n it s Pur- Direct and tion cash chased loans direct loans1 loans 1929 463 413 42 1930 503 380 41 Outstanding at end of 1931 498 340 38 period: 1932 . . 376 250 34 1939 1,093 218 164 155 209 347 1933 304 202 33 1940 1,450 311 .253 217 247 422 1934 384 234 42 1941 1,694 411 310 288 234 451 1935 423 288 67 1942 845 136 123 143 154 289 1936 563 354 105 1943 514 55 81 68 89 221 1937 619 409 148 1944 559 57 99 75 83 245 1938 . . 604 417 179 1939 763 489 257 1944—August . 532 62 95 62 78 235 1940 927 536 320 September. . .. 534 62 96 62 80 234 1941 983 558 372 October.. .... 538 60 97 67 80 234 1942 792 " 798 408 247 November 544 59 97 70 82 236 1943 636 809 364 228 December 559 57 99 75 83 245 1944. 744 876 403 234 1945—January 562 56 100 80 82 244 1944 February 556 55 101 76 83 241 February 51 60 29 18 March 573 56 107 76 84 250 March 73 94 38 26 April 579 55 109 77 86 252 April 56 61 30 16 May 592 55 112 78 89 258 May 65 72 35 20 June 609 56 116 79 93 265 June 69 75 38 22 July 619 56 118 79 96 270 July 63 73 33 19 August23 622 57 119 79 100 267 August 64 70 35 20 September23... 633 58 122 79 103 271 September 60 67 33 19 October 61 68 34 18 Volume extended during November 61 77 34 18 month: December 72 106 37 23 1944—August 94 13 19 11 9 42 September. . .. 89 10 17 12 9 41 1945 October 92 10 18 15 9 40 January 66 58 33 16 November 92 10 18 15 8 41 February 62 56 30 16 December 103 8 19 18 8 50 March 82 94 42 23 April 69 70 34 18 1945—January 96 9 20 17 7 43 May 75 78 39 20 F M e a b r r c u h ary 1 8 1 6 4 1 9 2 2 1 4 9 1 1 2 5 9 7 5 3 4 9 J J u u n ly e 8 7 1 5 8 7 2 6 4 3 0 7 2 1 1 9 April 101 9 21 16 10 45 August27 72 71 36 18 May 110 10 22 18 10 50 September23 73 73 36 17 June 116 12 24 15 12 53 July.... 107 11 22 13 11 50 P Preliminary. August23 108 11 23 15 12 47 1 These figures for loans made include only personal instalment cash loans September21. .. 106 12 23 14 11 46 and retail automobile direct loans, which are shown elsewhere on this page, and a small amount of other retail direct loans (4 million dollars in Septemp Preliminary. ber 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 e a r n c g e e n t f a r g o e m c P h e a r n c g e e n t f a r g o e m Instalment accounts a C cc h o a u rg n e ts preceding corresponding Item Sept. m A o u n g th . July Se p p r t. e m ce o A d n u i t n h g g . o y f e Ju ar ly Month D s m e to p e r n a e r t s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n a s e c e s p e - - J s e t w o e re lr s y D s m t e o p e r a n e r t s t- 1945 1945 1945 1945 1945 1945 Net sales: 1944 Total +5 +2 +2 +2 +13 August 34 24 32 31 64 Cash sales +8 0 +19 '+13 +29 September r36 24 33 32 64 Credit sales: October 39 26 36 34 65 C In h s a t r a g lm e e a n c t count + + 2 4 r+ + 6 4 + -3 2 r+3 0 + + 9 7 N D o ec v e e m m b b e e r r 3 3 9 6 2 2 3 4 3 3 7 9 3 4 4 9 6 6 7 1 Accounts receivable, at end of 1945 month: January r31 21 35 29 61 Total 0 -1 -2 -2 -1 +1 February 30 21 32 28 61 Instalment +1 -1 -2 i 0 +2 March 36 24 36 32 66 April 30 22 36 30 61 Collections during month: May 32 23 40 33 64 Total 0 -2 +2 +4 +6 June 32 23 43 33 64 Instalment -1 -2 +1 +5 +7 J A u u ly gust 3 3 1 3 2 2 4 3 4 4 8 2 r3 3 1 1 6 6 2 3 Inventories, end of month, at September 35 23 48 29 63 retail value +1 +2 +1 +8 +7 +7 r Revised. r Revised. 1 Ratio of collections during month to accounts receivable at beginning of month. NOVEMBER 1945 "55 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 com- Farm Year, month, or week m t o ie d s i- p u r c o t d s - Foods Total H p l i r d e o a e d t s u h a c e n t r s d p T r e o x d t u i c le ts m F l u i a g e t h e l r t a i i n a n g l d s a p n M r d o e d m t u a e c ls t 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 - d - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 6«.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—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 September 105.2 124.3 104.9 99.8 118.7 100.1 84.1 104.9 118.0 95.3 104.6 94.8 Week ending: 1945—June 30.... 105.9 130.1 107.3 99.8 118.5 99.1 84.8 104.8 117.4 95.4 106.2 94.6 July 7.... 105.8 129.4 107.2 99.8 118.5 99.1 84.8 104.8 117.3 95.4 106.2 94.6 July 14.... 105.6 128.2 106.2 99.8 118.5 99. 84.8 104.8 117.3 95.2 106.2 94.6 July 21.... 105.6 128.5 106.5 99.8 118.5 99. 84.8 104.8 117.3 95.2 106.2 94.6 July 28.... 105.8 129.7 107.4 99.8 118.5 99. 84.8 104.8 117.3 95.2 106.2 94.6 Aug. 4.... 105.7 129.1 107.0 99.9 118.5 99. 84.8 104.8 117.3 95.2 106.2 94.6 Aug. 11.... 105.7 128.3 106.9 99.9 118.5 99. 85.2 104.8 117.3 95.2 106.2 94.6 Aug. 18.... 105.5 127.0 106.3 100.1 118.5 99. 85.3 104.8 118.2 95.3 106.2 94.6 Aug. 25.... 105.5 126.7 106.6 100.1 118.5 99. 85.3 104.8 118.2 95.3 106.2 94.6 Sept. 1... 105.2 125.1 105.5 100.1 118.6 99. 85.5 104.8 117.6 95.3 106.2 94.6 Sept. 8... 105.0 124.3 105.1 100.1 118.6 99.4 85.3 104.8 117.6 95.3 106.3 94.6 Sept. 15... 104.7 123.6 104.6 99.8 118.6 99.4 84.4 104.8 117.7 95.3 106.3 94.6 Sept. 22... 104.9 124.5 105.1 99.9 118.6 99.6 84.5 104.8 117.7 95.3 106.3 94.6 Sept. 29... 105.0 124.7 104.7 99.9 118.6 99.9 84.4 104.8 117.8 95.3 106.3 94.6 Oct. 6. .. 105.2 125.7 105.3 100.0 118.4 99.9 84.5 104.8 117.9 95.3 106.3 94.6 Oct. 13... 105.3 126.3 105.2 100.0 118.4 99.9 84.5 104.8 118.0 95.3 106.3 94.6 Oct. 20. .. 105.5 126.9 105.8 100.1 119.1 99.9 84.5 105.1 118.1 95.5 106.3 94.6 Oct. 27... 105.7 127.7 106.0 100.1 119.1 99.< 84.7 105.2 118.1 95.5 106.3 94.6 1944 1945 1944 1945 Subgroups Subgroups Sept. June July Aug. Sept. Sept. June July Aug. Sept. Farm Products: Metals and Metal Products: Grains 121.7 130.2 128.6 126.4 126.6 Agricultural implements 97. 97.6 97.7 97.8 97.9 Livestock and poultry 127.6 134.4 133.3 130.7 128.5 Farm machinery 98. 98.7 98.7 98.8 98.9 Other farm products 119.2 127.2 125.5 123.7 120.3 Iron and steel 97. 99.1 99.1 99.1 99.6 Foods: Motor vehicles 112. 112.8 112.8 112.8 112.8 Dairy products 110.7 110.5 110.5 110.6 110.3 Nonferrous metals 85. 85.9 85.9 85.8 85.7 Cereal products 94.4 95.5 95.3 95.1 95.1 Plumbing and heating 92. 92.6 92.6. 93.4 95.0 Fruits and vegetables 115.9 134.7 130.3 124.3 117.5 Building Materials: Meats 106.0 108.3 108.0 107.9 107.9 Brick and tile 101. 110.9 111.7 111.6 112.4 Other foods 95.5 95.1 95.6 96.8 94.9 Cement 96. 99.4 99.4 99.4 99.6 Hides and Leather Products: Lumber1 154. 154.9 155.1 155.3 155.0 Shoes 126.3 126.3 126.3 126.3 126.3 Paint and paint materials 105. 106.3 106.1 107.3 107.6 Hides and skins 106.1 117.3 117.6 117.8 118.1 Plumbing and heating 92. 92.6 92.6 93.4 95.0 Leather 101.3 101.3 101.3 101.3 103.8 Structural steel 107. 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. 104.3 104.3 104.3 104.5 Textile Products: Chemicals and Allied Products: Clothing 107.0 107.4 107.4 107.4 107.4 Chemicals 96. 95.9 96.1 96.1 96.1 Cotton goods 118.7 119.7 119.7 119.7 121.3 Drugs and Pharmaceuticals. .. 106. 109.5 110.2 110.2 110.2 Hosiery and underwear 70.8 71.5 71.5 71.5 71.5 Fertilizer materials 81. 80.4 81.1 81.1 81.1 W S R i a l o k y o o le n n and worsted goods 1 3 1 0 2 . . 3 9 ' 1 3 1 0 2 . . 2 7 1 3 1 0 2 . . 2 7 1 3 1 0 2 . . 2 7 1 '3 1 0 2 . .7 2' Hous M O ef i i u l x s r e n d a i n sh f d e i n r f g t a i t l s iz G e o r o s ds: 1 8 02 6 . . 1 8 0 6 2 . . 6 0 1 8 0 6 2 . . 6 0 1 8 0 6 2 . . 6 0 1 8 0 6 2 . . 6 0 Other textile products 100.9 100.9 100.9 100.9 101.3 Furnishings 107.' 107.5 107.5 107.5 107.7 Fuel and Lighting Materials: Furniture 101.- 101.5 101.5 101.5 101.5 Anthracite 95.4 97.5 101.6 101.8 102.2 Miscellaneous: Bituminous coal 120.6 123.8 123.9 124.7 124.7 Auto tires and tubes 73J 73.0 73.0 73.0 73.0 Coke... 130.7 131.0 131.0 134.0 134.9 Cattle feed 159.i 159.6 159.6 159.6 159.6 Electricity 60.3 59.6 60.3 Paper and pulp 107.: 109.0 109.0 109.3 109.3 Gas 76.8 78.0 77.8 78.0 Rubber, crude 46.: 46.2 46.2 46.2 46.2 Petroleum products 63.8 64.2 64.2 64.2 62.6 Other miscellaneous 97 .< 98.9 98.9 98.9 98.9 1 Lumber series revised from September 1943. Back figures.—Bureau of Labor Statistics, Department of Labor. II56 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND INCOME PAYMENTS [Estimates of the Department of Commerce] [In billions of dollars] Half-year periods Annual totals Unadjusted Seasonally adjusted annual rates 1944 1943 1944 19451 1937 1938 1939 1940 1941 1942 1943 1944 Gross national product or expenditure and components Gross national product or expenditure. 87.7 80.6 88.1 97.1 120.5 151.5 187.8 198.7 90.5 97.3 97.8 100.9 183.2 192.3 197.4 200.1 206.0 Government expenditures for 13.6 14.4 16.0 16.7 26.5 62.0 94.8 99.4 46.4 48.5 50.5 48.9 92.4 97.3 100.6 98.1 100.7 goods and services 6.1 6.8 7.9 8.8 18.6 54.6 87.4 91.9 42.6 44.8 46.7 45.3 85.0 89.9 93.2 90.7 93.3 Federal Government 1.4 2.8 13.3 49.5 82.5 86.3 40.3 42.3 43.7 42.6 80.5 84.5 87.4 85.2 87.0 War 6.5 6.1 5.3 5.0 4.9 5.6 2.3 2.6 3.0 2.7 4.4 5.4 5.8 5.5 6.3 Non-war 7^5 i.6 8.1 7.9 7.9 7.4 7.4 7.4 3.8 3.6 3.8 3.6 7.4 7.4 7.4 7.4 7.4 State and local governments.. Output available for private use 74.1 66.2 72.6 80.4 93.9 89.5 93.0 99.4 44.1 48.8 47.4 52.0 90.9 95.1 96.8 101.9 105.3 Private gross capital formation 11.6 7.7 10.9 14. 19.4 7.7 2.1 1. 0.7 1.3 0.9 0.9 1.6 2.6 1.2 2.3 4.7 Co R n e s s t i r d u e c n ti t o ia n l 3.7 3.3 3 2 . . 6 0 4 2 . . 3 4 5 2 . . 2 8 2 1. . 3 8 0 1 . . 6 5 0 1 . . 5 6 0 0 . . 7 3 0 0 . . 8 3 0 0 . . 8 3 0 0. . 2 8 1.5 1.5 1.6 1.6 2.0 Other 1.6 2.0 2.5 1.5 0.9 1.1 0.4 0.4 0.5 0.6 Producers' durable equipment 6.3 4.5 5.5 6.9 8.9 5.1 3.1 4.0 1.4 1.9 2.1 2.8 3.4 3.8 4.2 4.4 Net change in business inventories 1.1 -1.3 0.9 1.8 3.5 -0.5 -0.6 -1.7 -0.6 -0.5 -1.3 -1.2 -1.6 -0.8 Net exports of goods and services 0.1 1.1 0.8 1.5 1.5 0.2 -1. -2.1 -0.7 -1.1 -1.3 -0.8 -1.4 -2.3 -2.7 -1.5 -0.9 Net exports and monetary use of gold and silver 0.4 0.1 0.2 0.3 0.2 0.1 -0.1 () ( ( () -0.1 () () Co N S D n e o u s r u n r v a m d i b c u e e l r e r s a g b g o o le o o d d g s s o a o n d d s services.. 5 62 7 4 . . . 5 6 9 5 5 6 8 2 . . . 0 5 5 3 6 2 2 2 6 1 . . . . 6 7 4 7 3 6 2 7 4 5 3 . . . . 4 4 7 9 4 2 7 9 0 5 4 . . . . 1 1 4 6 4 8 2 6 7 1 7 . . . . 3 9 9 6 9 5 2 6 0 5 9 . . . . 6 9 1 3 9 6 3 6 0 7 0 . . . . 7 0 6 9 4 2 1 3 3 5 4 . . . . 0 4 9 5 4 2 1 3 7 9 4 . . . . 6 2 5 7 2 4 1 3 8 6 5 . . . . 0 5 1 4 3 5 1 3 1 1 5 . . . . 7 9 1 6 5 8 2 6 3 8 9 . . . . 5 9 9 3 9 5 2 6 2 6 9 . . . . 6 5 3 5 9 3 6 8 5 0 . . . . 5 6 7 6 9 6 3 6 9 1 1 . . . . 9 6 4 3 1 6 3 0 2 1 6 0 . . . . 9 7 0 7 Relation of gross national product to national income Gross national product or expenditure 87.7 80.6 88.6 97.1 120.5 187.8 198.7 90.5 97.3 97.8 100.9 Deductions: Business tax and non-tax liabilities 9.0 8.3 10.4 12.4 18.5 23.1 27.4 29.3 13.3 14.1 14.3 15.0 Depreciation and depletion... . 6.1 6.2 6.2 6.4 7.0 7.6 8.2 8.4 4.1 4.1 4.2 4.2 Other business reserves 1.0 0.5 0.8 0.7 0.8 0.7 0.7 0.7 0.3 0.3 0.3 0.3 Capital outlay charged to current expense 0.8 0.5 0.7 0.9 1.3 1.1 0.8 0.4 0.4 0.4 Adjustments: For inventory revaluation -0.7 +0.9 -0.4 -0.4 -3.2 -2.1 -0.2 -0.1 -.1 -.1 -.1 0 For discrepancies 0 0 0 -0.4 -0. -1.1 +1.6 -1.1 +1.0 + .6 + .1 -1.2 National income 71.5 64.2 70.8 77.6 96.9 122.2 149.4 160.7 71.5 77.9 78.5 82.1 Relation of national income to imncome payments to individuals National income 71.5 64.2 70.8 77.6 96.9 122.2 149.4 160.7 71.5 77.9 78.5 82.1 145.1 153.6 159.5 161.7 166.5 Additions: Transfer payments.... 1.7 2.4 2.4 2.6 2.5 2.7 3.2 5.3 1.5 1.7 2.5 2.8 6.3 Deductions: Corporate savings -0.8 -1. 0.4 1.8 4.0 4.4 5.5 5.4 2.9 2.6 3.0 2.4 5.4 Contributions to social insurance funds 1.7 1.9 2.0 2.1 2.6 3.2 3.8 3.9 1.8 2.0 2.0 2.0 4.0 Income payments to individuals... 72.3 66.2 70.8 76.2 92.7 117.3 156.8 68.2 74.9 76.3 80.5 138^9 158^0 163.4 Use of income payments to individuals Incomepayments to individuals 72.3 66.2 70.8 76.2 92.7 117.3 143.1 156.8 68.2 74.9 76.3 80. 138.9 147.2 155.5 158.0 163.4 Deductions: Personal taxes and non-tax 19.3 payments 3.1 3.3 3.1 3.3 4.0 6.7 18.5 17.2 7.8 10.7 11.5 7.8 23.5 Federal 1.4 1.6 1.3 1.4 2.0 4.7 16.6 2.0 6.7 9.8 10.3 6.9 State and local 1.7 1. 1.9 1.9 2.0 2.0 2.0 137.5 1.1 .9 1.1 .9 Disposable income of individuals.. 69.2 62.9 67.7 72.9 88.7 110.6 124.6 60.4 64. 64.8 72.7 Consumer expenditures 62.5 58.5 61. 65. 74.6 81.9 90.9 97.6 43.4 47.5 46.5 51.1 100.7 Net savings of individuals 6.7 4.4 6.0 7.3 14. 28.8 33.7 39.9 17.0 16. 18.3 21.6 39.2 National income by distributive shares National income 71.5 64.2 70.8 77.6 96.9 122.2 149.4 160.7 71.5 77.9 78.5 82.1 145.1 153.6 159.5 161. 166.5 Total compensation of employees 48.3 45.1 48.1 52.3 64.5 84.1 106.3 116.0 51.2 55.2 57.1 58.9 102.6 110.0 114.8 117.1 118.9 Salaries and wages 45.0 41.2 44.2 48.6 60.8 80.8 103.1 112.8 49.6 53.5 55.5 57.3 99.4 106.8 111.6 113.9 115.7 Supplements 3.3 3.9 3.8 3.7 3. 3.3 3.2 3.2 1.6 1.6 1.6 1.6 3.2 3.3 3.2 3.2 3.2 Net income of proprietors 11.9 10.1 11.2 12.0 15.8 20.6 23.5 24.1 10.7 12.8 11.1 13.0 23.4 23.6 24.3 23.9 25.7 Agricultural 5. 4.0 4.3 4.4 6.3 9.7 11.9 11.8 5.0 6.9 5.1 6.7 11.9 11.8 12.1 11.4 Nonagricultural 6. 6.1 6.9 7.6 9.6 10.9 11.6 12.3 5.7 5.9 6.1 6.2 11.4 11.7 12.1 12. Interest and net rents 7. 7.3 7.5 8.0 8.8 9.7 10.6 4.8 4.9 5.3 5.3 9. 10.0 10.5 10.8 11.7 Net corporate profit 3.9 1. 4!..•2 5.8 8.5 8.7 9.8 9.9 4.8 5.0 5.0 4.9 9. 10.0 10.0 9.8 .10.0 Dividends 4 3.2 3.8 4.0 4 4.3 4 4 1.9 2.4 2 2 4.6 Savings -0.8 -1.5 0. 1.8 4.0 4.4 5.5 5.4 2.9 2.6 3.0 2.4 5.4 1 Seasonally adjusted data only are available for 1945. 2 Less than 50 million dollars. NOTE.—Detail will not necessarily add to totals because of rounding. For a general description of the series and methods of estimating, see Milton Gilbert and R. B. Bangs, "Preliminary Estimates of Gross National Product, 1929-1941," Survey of Current Business,May 1942. NOVEMBER 1945 1157 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of October 1, 1945] (In thousands of units) Cotton Corn Winter wheat Spring; wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1944 Oct. 1, 1945 1944 Oct. 1, 1945 1944 Oct. 1, 1945 1944 Oct. 1, 1945 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston. . 7,694 7,899 40 36 New York 29,302 28,978 9,799 10,523 58 57 Philadelphia 47,208 53,210 18,022 18,425 146 146 Cleveland 181,230 220,648 52,928 68,145 34 34 Richmond 1,603 1,087 136,802 145,020 34,274 27,192 Atlanta 2,551 2,160 166,230 180,831 9,222 8,211 Chicago 1,220,245 1,202,484 54,269 67,234 859 798 St. Louis "23,167" 367,312 362,631 48,546 52,089 16 19 Minneapolis 453,060 383,213 30,411 35,989 265,502 262,748 Kansas City 526 324 529,603 403,707 337,847 412,790 4,640 5,830 Dallas 3,360 2,524 82,016 81,835 75,775 38,617 133 93 San Francisco 449 517 7,659 7,670 92,980 97,754 43,146 43,095 Total.. 12,230 9,779 3,228,361 3,078,126 764,073 836,969 314,574 312,856 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1944 Oct. 1, 1945 1944 Oct. 1,1945 1944 Oct. 1,1945 1944 Oct. 1, 1945 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 5,461 4,842 2,779 3,643 32,515 32,417 63,703 68,194 New York ... 26,116 22,352 5,938 6,330 1,404 1,235 31,143 36 814 Philadelphia 15,062 16,085 2,325 2,516 52,893 52,447 19,765 21,164 Cleveland 47,135 63,607 4,987 5,598 158,913 147,446 11 813 14 329 Richmond 29,201 31,004 4,131 5,075 1,068,295 1,161,415 18,070 24,497 Atlanta 28,256 31,176 3,342 4,455 212,329 231,983 14,342 18,854 Chicago 399,906 612,273 18,021 18,927 31,642 38,790 31,558 37,631 St Louis 53,674 61,584 7,735 8,852 384,237 362,793 8,945 10,377 Minneapolis 377,205 526,310 10,408 10,600 2,526 3,077 45,816 51,055 Kansas City 106,365 134,749 8,788 8,618 5,459 5,228 33,122 36,462 Dallas 44,159 48,795 2,115 2,080 6,010 5,832 San Francisco 33,852 30,873 13,276 13,783 95,149 110,186 Total... 1,166,392 1,583,650 83,845 90,477 1,950,213 2,036,831 379,436 435,395 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 October 1. II58 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* On Bank Credit, Money Rates, and Business Chart 1945 Chart book book page Se 2 p 6 t. O 3 ct. O 1 c 0 t. O 1 c 7 t. O 24 ct. page July Aug. Sept.* WEEKLY FIGURES1 In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY M T T E R E M G R x x r r e e o e o e e c c q s l m n a a d e e e u D U e s s s s b r i y u s s u v r s i . e e t s r e r r o r y r d y S c i e e N n B B C c o B . b s s k r d c o i u e o a G e a e e c l a e r n n n t l r n s r i s t s o e p v k r d v e t k i h s s c v f o e s r e i u v s t r s s c c . a e l e i e a r a t n s s ( s e s t t w e d e e d i r s o c e i v a u n t e , e d r k s v i „ l t t y a o i e n t a a s c , l v e e s t r o a t g a e l. ) , total6 .. 2, 5 2 2 4 3 2 2 2 4 2 3 3 4 3 3 2 2 1 2 1 2 1 2 1 7 1 7 0 5 3 4 3 3 . . . . . . . . . . . . . . 2 0 8 7 3 9 9 9 2 2 4 0 1 0 8 1 0 9 3 8 0 6 8 6 2 9 9 9 9 7 1 2 1 1 2 2 2 1 2 4 1 1 1 3 7 5 3 0 3 7 . . . . . . . . . . . . . . . 4 6 0 4 8 0 3 9 0 9 2 2 0 2 8 2 5 7 2 5 0 1 8 4 4 5 7 1 2 7 2 1 1 2 2 2 1 2 1 1 7 1 5 4 0 3 3 3 7 . . . . . . . . . . . . . . . 2 5 0 1 0 5 3 5 9 2 9 9 1 2 9 8 1 3 2 4 4 1 4 6 5 8 4 0 2 7 P v 2 2 1 2 2 1 \ 2 0 7 1 i 2 3 2 7 5 . . . . . . . . . . . . . . . 0 2 1 2 9 0 9 3 6 9 7 2 7 9 7 4 9 2 5 8 4 5 2 6 4 4 5 0 0 0 '1 2 2 1 2 1 2 4 0 l 7 7 1 5 3 3 . . . . . . . . . O . . . . 2 7 9 3 0 9 7 1 O 0 9 3 : C 4 : ! S = M M T E T R R G x r r e e o e o e e c q s l m n a a d e e u R R C C C C e s s s r b i y s u u v s e e e o r o e e t e e r s s r n n u u r R o r y i y d e e t t e n n n E c B r r r b r s k t S t v v a a d c r a r e r c a E l e l e e a e y y n r i n R s s p r v k r k r h c e c c V b o e b e e i r i u s E s s a s a t t r c v l y e , e y S i e n n r a e t r r s e s k k t s v v b t b e A i d s s , o e e o a r a t N i v t o n n t n D a c c . e t k k l i i a s s t s t l , C y y U t b o b R a t a R a n n E l k k N s s C Y 6, 1 1 1 1 1 1 7 7 6 3 6 6 3 6 3 3 6 3 3 7 2 2 2 1 1 4 4 4 3 2 5 5 2 6 1 0 3 4 . . . . . . . . . . . . . . 5 8 2 8 1 2 8 2 5 7 2 9 2 6 1 0 3 2 0 2 3 7 4 5 2 2 0 2 2 2 2 1 1 4 4 3 5 2 4 1 6 2 0 3 4 7 . . . . . . . . . . . . 0 8 5 3 3 8 2 7 1 9 8 0 1 8 8 5 5 2 9 9 6 8 6 0 2 3 1 7 2 2 2 1 1 3 4 5 5 1 2 5 6 7 0 3 4 5 . . . . . . . . . . . . . . 4 0 2 9 0 1 2 0 7 0 3 6 7 4 5 0 2 1 7 3 7 6 9 6 5 1 1 1 N R C C e e o h w s u i e c n r a Y t v r g e y o o r c . k b . i . a t y C n k i b t s y a '5 n ks 5 5 5 5 . . . . 0 0 2 7 1 2 2 6 (2 . . . ) 0 7 2 1 6 9 . . . . 2 0 0 7 9 1 3 9 V . . . . 0 8 0 2 1 2 2 8 . . 0 0 : . M Ba o l R C n a B e n e o y c i s u l e e l n i s s r n t v r d o e y c f u i c r e b $ i c a t 5 f u y n r 0 l o k a b m a s t a i n o n d b n k a , s o n v t k o e s r t : al 1 1 8 3 3 8 2 4 7 7 1 . . . . 1 5 1 9 4 1 1 4 2 4 1 7 7 9 0 6 5 4 4 9 5 2 4 7 7 1 . . . . 0 5 8 8 3 9 3 4 MEMBER BANKS IN LEADING CITIES $10 and $20 bills 8 15.06 1553 15.63 Total—101 cities: Coins, $1, $2, and $5 bills 8 4.54 461 4.60 New L L D U U Y o o . . e a a o m S S n n r . . k a s s n G G a d C o o n v v i d d t t t e y . . i p : n o d o v b e s e p l i i s t o g s t s m a i a t t e i d s o n j n u ts s s ted 1 1 1 1 1 4 4 4 4 4 4 6 3 1 9 5 1 8 2 . . . . 5 1 8 7 2 4 4 2 5 3 4 3 6 1 9 5 8 1 2 4 0 5 6 1 5 3 9 9 4 4 3 6 1 8 2 5 9 0 . 0 8 4 8 1 9 8 4 8 1 4 3 6 1 5 8 9 1 2 . . 3 5 4 3 0 7 2 6 6 8 4 3 6 1 5 9 2 1 . . . . 4 2 9 0 1 £ . T T D C i o u e m t m r a r e l e a n n d d c d e e y p p d o o o e s s u p i i A t t t o s s s L s i L i d a t e s n B d A b a N c n K u k r S r s e I n N c y U . S. 9 9 9 9 ' ? ^ P 1 7 4 2 6 2 5 5 3 . . . . 1 1 5 5 0 0 0 0 P P ^ 1 7 2 6 4 6 3 ) . . . . 0 0 4 1 0 0 0 0 p1 p p p 4 2 7 6 6 6 5 2 . . . . 2 9 4 8 0 0 0 0 Loans and investments 15 2143 2138 2126 2133 21.22 U. S. Govt. deposits 9 P17.3O PU.30 T L D U I U n i o . . e m t a m e S S n e r C N B B C . . a b s o i G n , o o d e G a l m d r n e l t n t o o s t e o p d k i m v s v f d s o t t i t a e e . s c . a d l p r i a n e d t o c o t s p d e i e b s a o s p l i . l g i t s o s g u i s t a a i s a t t r d s i . o j s u n e s s c , t e u t d r o i t ti a e l s 1 1 1 1 1 1 1 1 1 1 1 5 6 5 5 5 5 5 7 6 6 6 1 1 2 8 3 5 2 3 3 1 4 4 3 3 0 3 3 8 8 7 7 7 1 6 0 0 4 6 2 3 5 8 7 2 1 1 2 3 3 5 3 8 2 1 4 4 3 9 3 0 3 2 0 7 8 7 7 2 0 8 8 9 9 7 7 3 5 6 1 1 5 2 3 8 2 3 2 1 4 4 . . 4 9 4 9 3 5 0 2 8 7 7 6 2 7 5 8 0 9 5 6 6 6 1 1 4 5 2 3 8 2 2 1 4 5 . . 4 3 7 9 5 0 6 8 1 1 1 6 7 1 7 8 5 1 0 0 4 1 1 1 4 2 5 3 3 8 2 1 4 5 . . . . . . . . . . . 4 0 0 0 1 8 8 1 8 0 4 2 2 0 ' 0 5 2 2 8 Cons I S S C n u e i h n m s r a t g v e a r I I l i g r e n l n c m e e s s p c t t e a a c a O A a r C n c e r l l y t u O t m m e c d h m t d N o i c o e e e t i u e S , r r t n m n U n n e t t t M o d t t s o s l b i E l a o t t i o , R l a a l e a e l n t n o c C s s r t R a e E l d D i I t T , total 18, 1 1 1 1 1 1 1 1 1 9 9 9 8 9 8 8 8 9 2 5 1 1 1 . . . . . . . . . 0 3 3 4 5 1 5 7 7 4 2 5 6 9 9 2 1 5 p P P 2 p P p P \ I 5 0 2 3 7 3 7 3 0 2 6 1 1 6 P P P P P 1 P P P P 2 I I S A . . . . . . . 7 7 . 5 3 2 0 3 2 7 6 6 2 5 0 5 3 3 For purchasing securities: T B B o r r o o o k k t e e h r r e s s ' ' r — — s o o n n o U th . e S r . G se o c v u t r s i . t i . e . s .. .. 1 1 1 7 7 7 1 6 7 1 4 8 2 1 6 6 1 2 6 3 10 6 6 4 0 5 9 5 6 5 4 1 . . . 5 9 6 1 4 1 U. t o S t . a G l o in v t t. e r o T e b R s l t E i - g A b a S e t U a io R ri Y n n s g F o I u N t A s N ta C n E ding, 20 260.27 261.26 260.16 100 cities A l o l u o ts th id e e r New York: 17 51 55 53 55 .54 By c B la o s n s d e s s o (m f a s r e k c e u t r a i b ti l e e s : issues). 20 107.89 108.17 107.05 L U o . a S n B . s o G a n o n d v d s t . in o v b e li s g tm at e io n n ts s , total 1 1 1 5 5 6 3 3 1 9 0 6 8 0 3 2 2 1 3 3 1 9 0 6 . . . 6 0 26 5 9 3 3 1 9 0 6 . . .0 6 2 9 2 5 3 3 1 9 0 6 3 7 1 3 0 43 3 1 0 9 6 . . . 3 7 2 8 9 3 N S S a p o v e t c i e n i s a g , l s c i b e s o r s t u n ., e d s s a n a d n d b t il a l x s notes 2 2 2 0 0 0 5 7 1 7 4 9 . . . 1 9 5 4 9 6 5 2 7 7 0 4 . . .9 0 38 3 7 5 2 7 6 0 5 . . . 2 5 5 8 2 9 T L U D In o i . e m t a m e S n e r N B C . a s b n i , G d e o a l d r e l t n t o s t e o p k i v s f d t o t i a e . s c a d l p i a n e d t o t s p d e e s o p s i g t s o s u i s t a i s a t r s d . j s u e s c te u d r ities 1 1 1 1 1 1 1 1 6 5 5 5 5 5 6 6 2 6 5 6 7 7 4 7 ! . . . . . . 4 9 3 8 7 7 2 2 5 9 7 1 5 5 7 4 2 8 6 5 4 7 6 7 . ! . . . . . 1 4 8 0 2 9 7 0 9 1 8 3 6 3 5 2 2 8 4 5 6 7 7 7 . . . . . . . . 3 0 0 2 0 5 9 1 7 7 3 7 5 9 1 9 2 8 4 5 6 7 7 7 ! . . . . 9 2 2 2 0 1 1 7 5 8 0 1 9 1 8 7 2 4 8 6 7 7 5 7 . . . . . . . . 1 2 0 9 1 1 0 8 2 6 2 1 2 9 9 By m W W B 5 5 5 C - - i e a 1 2 y i i l r t t t l 0 0 e h t h s u i a i i r f y y n n r i i s e e c t i a a a 5 1 a e r r t s s e s n y y : s d e e a a o r r v s er 2 2 2 2 2 2 2 0 0 0 0 0 0 0 4 3 8 9 6 6 1 4 8 3 3 9 5 7 . . . . . . . 4 9 4 0 5 8 1 7 7 2 2 8 9 1 4 3 8 6 9 6 1 4 8 3 3 6 9 7 . . . . . . . 4 9 0 3 0 5 3 3 4 3 9 4 8 9 4 8 3 9 6 6 1 9 5 3 6 2 9 7 . . . . . . . 0 3 0 3 0 7 4 7 4 2 5 9 9 8 F A C o l o l r m o p m t u h e r e r c r c h i a a s l ing securities 1 1 1 7 7 7 3 2 1 . . . 0 4 8 7 9 1 3 2 1 . . .3 0 8 4 8 5 3 2 1 . . . 0 3 8 9 1 5 3 2 1 . . .3 8 0 4 4 9 3 2 1 . . . 8 3 1 5 : 0 Hold F F C i e n e o d d g m . s e m r a o a g e l f e r c R n U i c e a . i s l S e e s . b r v G a a e n n o k d v B s t a t . r n o u k b s s t l ig fu a n ti d o s n . s . : 2 2 2 1 1 1 2 8 2 5 1 5 . . . 7 6 3 2 6 0 8 2 2 6 4 2 . . .5 5 1 0 3 5 3 2 6 3 . .3 6 3 4 Mutual savings banks 21 9.80 10.00 Per cent per annum Insurance companies 21 r22.90 23.10 MONEY RATES, ETC. Other investors, total 21 r94.90 95.00 Treasury bills (new issues) 24 .375 375 .375 .375 .375 Marketable issues 21 r39.90 39.70 Treasury notes (taxable) 24 1.20 120 1.17 1.16 1.16 U. S. Goyt. bonds: P T a a r x t a i b al le ly tax-exempt 2 2 4 4 , , 2 2 6 6 2 1 . . 3 6 6 8 2 1.6 3 5 6 2 1 . . 3 6 5 2 2 1. . 6 3 1 4 2 1 . . 3 6 4 0 Per cent per annum High-grade corporate bonds (5 issues) 26 2.56 2.55 2.54 2.54 2.55 MONEY RATES, ETC. C Co o r r p p o o r r a a t t e e A B a a a a b b o o n n d d s s 2 2 6 6 2 3. . 2 6 4 2 2 3 6 2 1 3 2 3. . 2 6 1 1 3 2 . . 2 6 0 2 3 2 . . 2 6 0 2 F C . o R rp . o B ra a t n e k A d a i a sc b o o u n n d t s rate (N. Y.).. 2 2 3 3 2. . 6 5 0 0 2. . 6 5 1 0 2. . 6 5 2 0 In unit indicated Treasury bills (new issues) 23 .375 .375 3.75 Stock prices (1935-39 = 100), total 27 127 130 133 133 131 Industrial 27 129 132 135 136 134 In unit indicated Railroad 27 142 143 146 147 144 Public utility 27 111 113 114 115 114 Volume of trading (mill, shares)3 27 ;1.20 1.62 1.67 1.70 1.28 Stock prices (1935-39 = 100): Total 27 118 118 126 BUSINESS CONDITIONS Industrial 27 119 119 128 Steel production (% of capacity) 37 83.6 79.7 73.5 66.3 65.1 Railroad 27 140 131 138 Electric power prod. (mill. kw. hrs.) 37 4,039 4,028 3,934 3,915 3,93 Public utility 27 108 107 111 Freight carloadings (thous. cars) 45 832 768 755 773 855 Volume of trading (mill, shares).... 27 .95 1.03 1.22 Department store sales (1935-39 = 100)... 45 209 242 245 238 232 Brokers' balances (mill, dollars): Wholesale prices (1926 = 100), total 49 105.0 105.2 105.3 105.5 105.7 Credit extended customers.... 29 1,141 1,100 1,084 Farm products 49 124.7 125.7 126.3 126.9 127.7 Money borrowed 29 824 758 762 Other than farm and food 49 99.9 100.0 100.0 100.1 100.1 Customers' free credit balances 29 580 573 594 For footnotes see following page. NOVEMBER 1945 1159 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart Chart 1945 book book page July Aug. Sept. page July j Aug. j Sept. MONTHLY FIGURES—Gont. In unit indicated MONTHLY FIGURES-Cont. In unit indicated BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS Wholesale prices (1926 = 100): Income payments (mill, dollars):5 Total 49 105.9105.7 105.2 Total 13,624 213,283 Farm products 49 129.0126.9 124.3 Salaries and wages 9,451 2*9,147 Other than farm and food , 49 99.7 99.9 99.8 Other 4,173 24,136 Cash farm income (mill, dollars): 1945 Total 1,905 1,870 1,985 Livestock and products 935 917 2916 G Cr o o v p t s . payments 8 1 7 0 0 0 90 5 3 0 p 1, P 0 i 5 t 3 QUARTERLY FIGURES Armed forces (mill, persons) 12.3 12.3 12.1 Civilian labor force (mill, persons): MONEY RATES Per cent per annum Total 55.2 54.4 52.9 Bank rates on customer loans: Male 35.1 35.0 34.3 Total, 19 cities 2.53 250 2.45 Female 20.1 19.3 18.7 \Tew York City 1.99 220 2.05 Unemployment 1.0 0.8 1.7 Other Northern and Eastern cities 2.73 2.55 2.53 Employment 54.3 53.5 51.3 Southern and Western cities 2.91 280 2.81 Nonagricultural 44.4 41.5 42.5 Industrial pr A o g d r u i c c t u i l o t n u : r 5 al 9.8 9.1 8.8 SECURITY MARKETS 'n millions of dollars Total (1935-39 = 100) r210 2187 2172 Corporate security issues: Groups (points in total index): Net proceeds: Durable manufactures 111.0 P92A 278.8 All issues 28 7081,208 2,139 " Nondurable manufactures 77.6 273.6 272.2 Industrial 28 201 400 831 Minerals 21.7 221.3 Railroad 28 227 435 459 New orders, shipments, and inventories (1939 = 100): Public utility 28 248 354 786 New orders:6 New money: Total 183 2144 All issues 28 111 244 369 Durable 180 H7 Industrial 28 78 184 313 Shipments: Railroad 28 12 32 26 Total 247 2228 Public utility. 28 2 13 5 Durable 320 2274 Nondurable 197 2196 1944 1945 Inventories: Total 164 2164 Durable 187 P187 Dec. Mar. June Nondurable 143 2145 30 20 Factory employment and pay rolls (1939 = 100): CALL DATE FIGURES Pay rolls 286.5 257.5 In billions of dollars Hou E rs m a p n lo d y e m ar e n n i t ngs at factories: 145.6 P123.5 ALL MEMBER BANKS Weekly earnings (dollars) 45.42 41.81 Loans and investments, total 10 91.5790.52 99.43 Hourly earnings (cents) r103.2 102.5 U. S. Govt. obligations, total 10 67.6967.92 73.24 Hours worked (per week) 44.0 40. Bonds 11 34.93(7) 40.27 Nonagricultural employment (mill, persons):5 Certificates 11 13.98(7) 15.58 Total 37.2 30. 235.1 Notes 11 14.13(7) 14.72 Manufacturing and mining 14.9 14.5 p12.9 Bills 11 3.75(7) 2.63 Trade 7.1 7.1 27.2 Guaranteed obligations 11 .90(7) .03 Government 6.0 5.9 25.9 Other securities, total 10 5.21 5.39 5.60 Transportation and utilities 3.8 3.8 23.8 State and local government obligations 11 2.86 2.99 3.10 Construction 0.9 0.9 20.9 Other securities 11 2.35 2.40 2.50 Construction contracts (3 mo. moving average, mill, Loans, total. 10 18.6817.22 20.59 dollars) :* Commercial 11 7.53(7) 7.10 Total 222 2276 Real estate 11 3.21(7) 3.25 Residential 43 246 Brokers' 11 1.74(7) 2.53 Other 179 2230 Agricultural '. 11 1.20(7) 1.13 Residential contracts (mill, dollars):5 Demand deposits adjusted 10 57.3161.17 59.13 Total 43 42 Public 5 Private, total 38 39 43 CLASSES OF BANKS 1- and 2-family dwellings 29 30 37 Central reserve city banks: Other 9 9 6 Loans and investments, total 12 29.4527.95 31.49 Freight carloadings:5 U. S. Govt. obligations 12 21.0920.41 21.62 T G o ro ta u l p s ( 19 (p 3 o 57i 3 n 9 ts = in 1 to 0 t 0 a ) l index): 128 128 O Lo th a e n r s securities 1 1 2 2 6 1. . 4 9 1 4 6 1 . . 0 4 7 7 8 1 . . 3 5 2 5 Miscellaneous 80.2 72.2 68.9 Demand deposits adjusted 12 17.0818.60 17.80 Coal 29.0 27.2 30.3 Time deposits 12 1.63 1.73 1.79 All other 29.6 29.0 28.4 Reserve city banks: Department stores (1935-39 = 100) :5 Loans and investments, total 12 33.6033.45 36.57 Sales 218 200 199 U. S. Govt. obligations 12 25.0425.30 27.52 Stocks ......... 188 187 2172 Other securities 12 1.74 1.80 1.89 Exports and imports (mill, dollars): Loans 12 6.82 6.35 7.15 Exp E o x rt c s lu .. d .; ing Lend-Lease exports " p3 8 5 8 4 3 2 2 3 7 3 4 2 6 T D i e m m e a n d d e p d o e s p it o s sits adjusted 1 1 2 2 2 7 0. .7 2 9 72 8 1 . . 2 74 8 2 8 0 . . 7 6 6 8 Imports ^ P356 2358 Country banks: Excess of exports excluding Lend-Lease exports... 2-26 Loans and investments, total 13 28.5229.13 31.37 Cost of living (1935-39 = 100): U. S. Govt. obligations 13 21.5522.20 24.09 All items 129.4 r129.3 128.9 Other securities 13 2.06 2.12 2.16 Food 141.7 140.9 139.4 Loans 13 4.91 4.81 5.11 Clothing r145.9 r146.4 148.2 Demand deposits adjusted 13 19.9620.84 20.66 Rent 108 Time deposits 13 9.90 10.54 11.26 c Corrected. e Estimated. p Preliminary. r Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Less than $5,000,000. 3 Figures for earlier dates should be corrected as follows: Sept. 5, 1.17; Sept. 12, 1.19; and Sept. 19, 1.31. 4 For charts on pages 20, 23, and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series. 5 Adjusted for seasonal variation. 6 Revised series; for explanation and new data back to 1939 see Bureau of Foreign and Domestic Commerce report "Industry Survey," August 1945. 7 Figures available for June and December dates only. * Copies of the Chart Book may be obtained at a price of 50 cents each. n6o FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS NATIONAL AND STATE MEMBER BANKS, FIRST HALF OF THE YEAR, 1944-1945 Figures for national banks were compiled by the Comptroller of the Currency from reports submitted by national banks. [Amounts in thousands of dollars] All member banks National member banks State member banks Item First half First half First half First half First half of 1944 of 1944 of 1945 of 1944 of 1945 Earnings 901,468 580,248 650,047 321,220 365,701 Interest and dividends on securities 453,032 298,905 357,547 154,127 189,921 Interest and discount on loans 269,197 177,246 180,927 91,951 94,645 Service charges and fees on loans 6,885 3,970 4,934 2,915 3,578 Service charges on deposit accounts 42,845 30,151 30,583 12,694 13,304 Other charges, commissions, fees, etc... . 26,194 17,296 20,353 8,898 10,549 Trust department 48,520 16,776 18,880 31,744 34,376 Other current earnings 54,795 35,904 36,823 18,891 19,328 Expenses. r546,532 r351,304 383,935 195,228 216,829 Salaries—officers 90,151 58,847 63,203 31,304 34,432 Salaries and wages—others 162,852 100,330 106,782 62,522 67,483 Directors' and committee members' fees 4,565 3,074 3,388 1,491 1,679 Interest on time deposits 67,881 45,692 58,424 22,189 28,220 Interest on borrowed money 343 181 572 162 507 Taxes other than on net income '"40,200 r25,815 26,250 r14,385 14,398 Recurring depreciation on banking house, furniture, and fixtures 16,620 11,577 10,904 5,043 5,039 Other current expenses .... 163,920 105,788 114,412 58,132 65,071 Net current earnings... r354,936 414,984 r228,944 266,112 125,992 148,872 Recoveries, profits on securities, etc. 163,647 214,414 106,324 122,078 57,323 92,336 Recoveries on securities 44,729 32,801 31,373 14,730 13,356 18,071 Profits on securities 59,866 134,272 34,480 76,492 25,386 57,780 Recoveries on loans , 40,304 26,721 29,320 18,807 10,984 7,914 All other 18,748 20,620 11,151 12,049 7,597 8,571 Losses and charge-offs 115,350 100,852 69,229 54,105 46,121 46,747 On securities 55,010 55,157 36,368 34,524 18,642 20,633 On loans 29,136 16,550 18,171 8,257 10,965 8,293 Allother 31,204 29,145 14,690 11,324 16,514 17,821 Net profits before income taxes 403,233 528,546 266,039 334,085 137,194 194,461 Taxes on net income: 89,621 138,002 58,783 85,277 30,838 52,725 Federal..... ... 81,838 128,278 53,943 79,949 27,895 48,329 State 7,783 9,724 4,840 5,328 2,943 4,396 Net profits 313,612 390,544 207,256 248,808 106,356 141,736 Cash dividends declared 107,835 115,684 68,824 73,204 39,011 42,480 On preferred stock1 4,955 4,445 2,785 2,112 2,170 2,333 On common stock 102,880 111,239 66,039 71,092 36,841 40,147 Assets and liability items -J Loans 16,835,000 18,828,000 10,421,000 11,458,000 6,414,000 7,370,000 United States Government securities. 56,686,000 69,613,000 36,433,000 44,715,000 20,253,000 24,899,000 Other securities 5,103,000 5,399,000 3,411,000 3,644,000 1,692,000 1,754,000 Real-estate assets 998,000 914,000 618,000 571,000 381,000 343,000 Cash assets 23,392,000 25,652,000 15,786,000 17,419,000 7,607,000 8,233,000 Total assets 103,333,000 120,741,000 66,859,000 78,009,000 36,473,000 42,732,000 Time deposits 16,147,000 20,558,000 10,797,000 13,770,000 5,351,000 6,788,000 Total deposits 96,056,000 112,754,000 62,381,000 73,098,000 33,675,000 39,656,000 Total capital accounts 6,599,000 7,127,000 4,036,000 4,367,000 2,564,000 2,760,000 Number of officers at end of period C37,154 38,513 C26,317 26,941 10,837 11,572 Number of employees at end of period "193,512 199,823 C123,776 126,581 69,736 73,242 6,773 6,840 5,036 5,015 1,737 1,825 Number of banks at end of period... Earnings ratios: Percentage of total capital accounts:3 rl0.8 11.6 r11.3 12.2 r9.8 10.8 Net current earnings 9.5 11.0 10.3 11.4 8.3 10.3 Net profits 3.3 3.2 3.4 3.4 3.0 3.1 Cash dividends declared Percentage of total assets:3 Total earnings 1.7 1.7 1.7 1.7 1.8 1.7 Net current earnings r.7 .7 r.l .7 r.7 .7 Net profits .6 .6 .6 .6 .6 .7 Percentage of total securities:3 Interest and dividends on securities. 1.5 1.5 1.5 1.5 1.4 1.4 Net recoveries and profits .2 .3 .1 .2 .2 .4 Percentage of total loans:3 Earnings on loans 3.3 3.0 3.5 3.2 3.0 2.7 Net recoveries .1 .1 .2 .2 Other ratios: Total capital accounts to: Total assets 6.4 5.9 6.0 5.6 7.0 6.5 Total assets less Government and cash assets. 28.4 28.0 27.6 27.5 29.8 28.8 Total deposits 6.9 6.3 6.5 6.0 7.6 7.0 Time deposits to total deposits 16.8 18.2 17.3 18.8 15.9 17.1 Interest on time deposits to time deposits3 .8 .8 r Revised to exclude taxes on net income, which are reported separately and are shown just above net profits. c Corrected. 1 Includes interest on capital notes and debentures. 2 For the first half of 1944 these are averages of figures reported on Dec. 31,1943, Apr. 13, 1944, and June 30, 1944; for the first half of 1945 they are averages of figures reported on Dec. 30, 1944, Mar. 20, 1945, and June 30, 1945. 3 Annual basis. NOVEMBER 1945 1161 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE Gold reserves of central banks and governments... 1163 Gold production... 1164 Gold movements... 1164 Net capital movements to United States since January 2., 1935 1165-1170 Central banks .. 1171-1174 Money rates in foreign countries.. . 1175 Commercial banks... 1176 Foreign exchange rates... 1177 Price movements: Wholesale prices 1178 Retail food prices and cost of living.., 1179 Security prices... 1173 Taibblleess <on the following pages include the principal available statistics of current significance relating to ^cold, international capital transactions of the United States, and financial developments abroad. The^ 1d ata are comp*i l1e d1 f/"o r th1 e most part fCr om regul1a1r ly pu1b 1l i• s1h ed1 sources suc1h as central1 andJ co^m__ merci• al1 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. 1162. 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 S n ta i t t e e s d g t A i e n n r- a - 1 g B iu e m l- Brazil B I r n i d ti i s a h Canada Chile lom Co b - ia Cuba C v z s a e l k c o h i - a o- m De a n rk - Egypt France m G a e n r- y Greece 1938—Dec 14,512 431 581 32 274 192 30 24 T" 83 53 55 2,430 29 27 1 19 9 4 3 0 9 — — D D e e c c 2 1 1 7 , , 9 6 9 4 5 4 4 35 6 3 6 6 73 0 4 9 4 5 0 1 2 2 7 7 4 4 21 2 4 7 3 3 0 0 2 1 1 7 1 5 5 8 6 5 5 2 3 5 5 5 2 2 2 , , 0 7 0 0 0 9 2 2 9 9 2 2 8 8 1941—Dec 22,737 354 734 70 274 5 30 16 1 61 44 52 2,000 29 28 1942—Dec 22,726 735 115 274 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—Oct 20,727 409 313 274 6 56 90 101 61 44 52 28 Nov 20,688 409 314 274 5 56 91 101 61 44 52 28 Dec 20,619 11,111 329 274 6 56 92 111 61 44 52 ' 1,777" "29 ' 28 1945—Jan 20,550 409 '732 " 330 274 7 57 94 121 61 44 52 1,777 28 Feb 20,506 409 732 340 274 6 57 95 126 61 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 7 103 171 "61" 44 52 Aug 20,088 409 712 6 104 61 44 "l,'777' Sept 20,073 694 7 106 End of month H ga u r n y - (P I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r- Ze N al e a w nd N w o a r y - Peru Poland Po g r a t l u- Ru ni m a a- A S f o r u ic th a Spain 1938—Dec... 37 26 193 164 80 29 998 23 94 20 85 69 133 220 3525 1939—Dec 24 26 144 164. 90 32 692 23 94 20 484 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—Oct 24 p125 221 500 23 32 60 796 104 Nov 24 P127 222 500 23 32 60 811 104 Dec 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 220 500 23 30 60 848 108 Apr. 219 500 23 30 60 851 109 May 219 500 23 30 60 865 109 June ». 231 500 23 28 60 878 109 July 230 270 23 28 60 886 109 Aug 255 270 23 28 909 Sept 270 28 Government gold reserves* 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 United United Bel- End of month States K d i o n m g- France gium 1938—Dec 321 701 29 2,690 69 52 57 14 166 1938—Dec. ... 80 2759 331 44 1939—Dec 308 549 29 n 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 1942—Dec 335 824 114 1 89 68 21 185 Sept.... 164 3876' 1943—Dec 387 964 161 1 121 89 45 229 Dec 156 17 1940—June... 86 17 1944—Oct..... 456 1,029 221 1 149 110 39 244 Dec. ... 48 292 17 Nov 462 1,040 221 1 151 125 36 244 1941—June... 89 17 Dec 463 1,052 221 1 157 130 37 245 Dec 25 17 1945—Jan 477 1,058 221 1 159 130 37 245 1942—June... 8 17 Feb 475 1,061 221 1 164 147 37 246 Dec 12 17 Mar 474 1,072 225 1 166 147 37 246 1943—June 11 17 Apr 472 1,103 225 1 168 161 39 246 Dec 43 17 May 470 1,105 225 1 173 161 39 247 1944—Mar.... 14 June 478 1,069 234 1 175 176 39 247 June. . . 21 17 July 478 1,073 234 1 179 176 247 Sept.... 25 Aug 479 p1.084 234 1 189 186 247 Dec... . 12 Sept......... 479 pl,085 1 1: : 248 1945—Mar.... 32 p Preliminary. 1 Figures through March 1940 and for December 1942, December 1943, and December 1944 include, 1 Reported at infrequent intervals or on dein addition to gold of the Central Bank held at home, gold of the Central Bank held abroad and gold layed basis: U. S.—Exchange Stabilization Fund belonging to the Argentine Stabilization Fund. (Special A/c No. 1); U. K.—Exchange Equali- 2 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- zation Account; France—Exchange Stabilization trol Board. Gold reported since that time is gold held by Minister of Finance. Fund and Rentes Fund; Belgium—Treasury. 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 (Siam). Figures for certain of these countries have been carried forward regarding special internal gold transfers affecting from last previous official report. the British and French institutions, see Banking 7 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British and Monetary Statistics, p. 526, and BULLETIN for Exchange Equalization Account during 1939. February 1945, p. 190. NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of figures, including details regarding special internal gold transfers affecting the reported data, see pp. 524-535 in the same publication. 1163 NOVEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly Year or month production Total Africa North and South America Other U o . u S t . s S i . d R e .1 m re o p n o t r h te ly d A So fr u ic th a d R e h s o ia - 1 | A W fri e c s a t * B C e o l n g g ia o n s U St n a i t t e e s d * Canada5Mexico6 Colom- Chile N g ic u a a r 7 a- Au li s a t 8 ra- 1 1 B In r d it i i a s * h $1 = ISAgrains of gold £0fine; i.e.,an ounce of fine gold = $35 1934 823,003 708,453 366,795 24,264 12,153 6,549 108,191 104,023 23 135 12,045 8,350 1,166 30,559 | 11,223 1935 882,533 752,847 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251 868 31,240 11,468 1936 971,514 833,895 396,768 28,053 16,295 7,386 152,509 131,181 26465 13,632 9,018 807 40,118 11,663 1937 1,041,576 893,384 410 710 28,296 20,784 8,018 168,159 143,367 29 591 15,478 9,544 848 46,982 11,607 1938 1,136.360 958,770 425 649 28,532 24,670 8,470 178,143 165,379 32 306 18,225 10,290 1,557 54,264 11,284 1939 1,208,705 1,020 297 448 753 28,009 28,564 8,759 196,391 178,303 29426 19,951 11,376 3,506 56,182 11,078 1940 1,297,349 1,094 264 491 628 29,155 32,163 3 8,862 210,109 185,890 30 878 22,117 11,999 5,429 55,878 10,157 1941 1,288,945 1,089 395 504 268 27,765 32,414 209,175 187,081 27,969 22,961 9,259 7.525 51,039 9,940 1942 968 112 494439 26,641 29,225 130,963 169,446 630,000 20,882 6,409 8,623 42,525 8,960 1943 738471 448 153 23,009 19,740 48,808 127,796 19,789 6,081 7,715 28,560 8,820 1944 663960 429 787 20,746 18.445 35,778 101,980 19,374 7,131 7,865 16,310 6,545 1944—Sept 54885 35 810 1,724 1,540 3,087 8,274 J .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 53446 34 836 1,733 1,610 2,828 8,012 1,162 506 765 1,470 525 1945—Jan 55 199 36 216 1,674 1,610 2,463 8,166 1,882 486 672 1,470 560 Feb 50 782 33,698 1,610 ,575 2,342 7,432 L,379 372 590 1,260 525 Mar 54 703 36 458 1,686 ,610 2,446 8,004 ,382 542 615 1,365 595 Apr 54096 35 937 1,718 ,610 2,328 7,831 1,836 526 560 1,225 525 May. 53,934 36,073 1,673 L.575 2,563 7,614 1,736 528 631 1,190 350 June 167 35,800 1,645 L,575 2,516 7,426 1,460 '528 574 1,295 350 July p53,'363 36,311 ,1,679 1,610 2,078 7,357 1,518 '528 393 1,400 490 Aug P52' 778 34,199 '1,679 ,610 3,277 7,411 •^1,518 '528 595 '1,400 560 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes, irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. p Preliminary. ' Figure carried forward. 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal Statistics. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944 they represent Gold Coast only. 3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year. 4 Includes Philippine Islands production received in United States. Annual figures 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. 6 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 p a O L u n m a t b h t e R l i e i r n c e r i s - - I P s p h l i a i n l n i e d p s - t A ra u l s i - a A So fr u ic th a Japan B In i r s d i h t i - a c o t o t r A h i u e l e n l s r - 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 401168,74016,159 13,301 1939 3,574,1511,826,403 3,798 165,122 341,618 28,715 86,987 612,949 33,610 57,020 35,636 74,250 22,862165,60550,956 268,623 1940 4,744,472 633,083 241,778 977 63,260161,489 90,3202,622,330 29,880 128,259 38,627 103,777184,756111,73949,989 3284,208 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 61,862 42,678 67,492292,893 9,444 9,665 463,O71 1942 315,678 1,955 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 18,365 1945 Feb 1,912 375 248 1,002 5 102 180 Mar — 19,149 29 353 202 -19,829 10 74 12 Apr 2,398 552 554 1,052 4 6 229 May -18,266 284 268 -13,700 11 71 -5,199 June -83,758 27 218 315 1,815 20 -86,152 July -6,979 481 11,524 1,583 22 -20,589 Aug -12,339 848 517 1,192 '"'loo' 2 16 -15,014 Sept 13,496 41 11,796 272 951 19 11 407 Jan.-Sept. -121,974 96 15,282 14,162 -26,061 100 95 321 5-125,970 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. s Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $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 $127,629,000 to China and $1,659,000 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. 1164 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 .4 June (July 1) 1,949.2 779.0 35.9 743.1 449.0 180.5 524.1 16.5 Sept. 30 2,283.3 898.5 37.4 861.1 456.2 272.2 633.3 23.2 Dec. 30 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Mar. 31 2,931.4 1,121.6 62.8 1,058.8 411.0 319.1 1,075.7 4.1 June 30 3,561.9 1,612.4 215.3 1,397.1 466.4 395.2 L,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 L,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 :L,125.4 64.1 Dec. (Jan. 4, 1939). 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 L, 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 L,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 1,112.3 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,727.6 3,159.0 1,200.8 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,526.5 3,148.8 1,307.7 1,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,575.4 3,193.3 1,375.1 1,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1) 5,510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,230.7 2,856.2 1,053.7 1,802.6 791.3 855.5 626.7 100.9 1942—Mar. (Apr. 1) 5,082.4 2,684.0 932.0 1,752.0 819.7 849.6 624.9 104.3 June 302 5,495.3 3,075.9 1,211.7 1,864.2 842.3 838.8 632.0 106.2 Sept. 30 5,654.9 3,212.6 1,339.1 1,873.5 858.2 830.5 646.1 107.5 Dec. 31 5,835.0 3,320.3 1,412.0 1,908.3 888.8 848.2 673.3 104.4 1943—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 1,025.3 732.4 125.0 Dec. 31 7,475.7 4,612.5 2,372.2 2,240.3 805.8 1,019.4 911.8 126.3 1945—Jan. 31 7,633.1 4,723.9 2,468.7 2,255.2 848.2 1,025.9 909.0 126.1 Feb. 28 7,755.4 4,887.3 2,587.3 2,300.0 859.8 1,033.4 845.0 129.9 Mar. 31 7,739.1 4,909.9 2,555.6 2,354.3 848.5 1,029.6 820.6 130.5 Apr. 30 7,797.3 4,958.2 2,588.9 2,369.2 844.7 1,061.6 802.5 130.4 May 31 7,857.7 5,004.5 2,634.0 2,370.5 845.7 1,088.9 785.0 133.6 June 30 8,071.9 35,261.4 32.903.6 32,357.9 3760.4 1,069.9 848.4 3131.8 NOVEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935-Continued [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 ro ta p l e Canada A L m a e t r in ica Asia1 o A th l e l ri 1935—Dec. (Jan. 1, 1936) 1,412.5 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1,200.6 (2) 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 1,183.8 339.6 328.6 557.5 140.5 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 3,790.1 229.4 483.4 431.0 87.4 1940—Dec. (Jan. 1, 1941) 5,727.6 865.2 670.3 455.6 911.5 175.9 55.4 922.7 4,056.6 411.7 606.8 562.3 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 4,192.8 760.3 951.0 1,013.1 201.4 1944—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 ,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 ,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 ,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 ,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 ,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 4,081.8 976.4 ,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 ,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 ,262.4 1,200.1 207.7 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 ,234.2 1,205.3 211.4 Apr 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 .263.0 1,202.9 210.7 May 31 7,857.7 1,029.3' 453.0 506.8 677 A 179.0 77.5 1,003.6 3,926.4 1,204.7 1,324.3 1,193.8 208 5 June 30 8,071.9 1,066.2 521.7 513.0 679.7 179.0 80.0 1,017.9 4,057.5 1,276.7 1,353.8 1,175.5 208.4 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 n m te g d - France N l e a t n h d e s r- Sw la it n z 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 in ica Asiai ot A h l e l ri 1935—Dec. (Jan. 1, 1936) 603.3 128.6 129.6 55.7 72.4 -.8 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—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 —22.7 —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—July 3i 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— F j e an b 3 2 i 8 4 4 , , 7 8 2 8 3 7 . . 9 3 7 7 2 7 6 7 . . 4 0 3 3 3 2 8 9 . . 9 6 1 1 9 9 0 2 . . 0 6 2 2 1 2 9 7 . . 8 1 - - 2 2 3 3 . . 4 4 1 1 0 3 . . 7 5 5 57 7 6 0 . . 7 5 2 2 , , 0 0 3 9 2 3 . . 9 2 9 86 6 8 2 .3 1 8 8 4 5 8 5 .4 7 8 8 0 0 4 3 .8 5 1 1 6 7 9 2 .5 7 Mar 31 4,909.9 772.9 286.4 192.2 234.5 -23.3 15.7 582.8 2,061.3 1,021.2 842.5 809.3 175.7 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 June 30 5,261.4 800.5 292.2 196.7 243.2 -23.5 23.6 670.0 2,202.7 1,159.3 955.4 770.5 173.5 TABLE 4.-DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through- Total U K d n o i 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 ro ta p l e Canada A L m a e t r i i n ca Asia1 ot A h l e l ri 1935— Dec. (Jan. 1, 1936) 361.4 48.1 — .4 1.6 29.7 13.7 310.2 -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 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—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 -.8 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 7.3 196.9 26.2 70.1 658.0 67.3 40.1 77.9 2.4 June 30... 760.4 264.1 77.8 18.0 2.7 196.9 26.2 30.9 616.5 39.1 23.5 79.9 1.5 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. n66 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, 19'35-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— Total U K d n i o 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 r* 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 1.1 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 3.5 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 221A 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 6L5 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—July 31 1,005.8 127.1 50.8 33.6 44.8 36.5 27.8 209.7 530.2 106.0 287.0 62.0 20.7 Aug. 31 1,009.7 126.8 50.7 33.6 44 7 36.5 27.7 210.3 530.2 105.8 291.1 61.9 20.7 Sept. 30 1,026.2 126.6 50.7 33.6 44.7 36.5 27.7 210.4 530.2 119.1 294.8 61.5 20.7 Oct. 31 1,025.8 127.2 50.8 33.6 44.5 36.5 27.7 210.4 530.7 116.9 296 1 61.1 21.0 Nov. 30 1,025.3 127.0 50.9 33.6 44.4 36.5 27.7 210.4 530.4 113.5 299 !o 61.4 21.1 Dec. 31 1,019.4 126.5 51.0 33.6 44.5 36.5 27.6 210.4 530.1 104.9 302 0 61 3 21 0 1945—Jan. 31 1,025.9 124.8 51.0 33.6 44.5 36.5 27.6 210.4 528.4 111.5 303^5 6l!3 2l!l Feb. 28 1,033.4 125.2 51.2 33.6 44.7 36.5 27.6 210.3 529.1 118.1 303.7 61.5 21.0 Mar. 31 1,029.6 124.0 51.4 33.6 44.7 36.5 27.6 210.3 528.0 113.9 305.1 61.5 21.1 Apr. 30 1,061.6 121.6 51.3 33.6 44.7 36.5 27.6 210.1 525.4 147.1 306.1 61.9 21.2 May 31 1,088.9 120.8 51.2 33.5 44.5 36.5 27.6 210.0 524.1 171.4 310.4 61.7 21.2 June 30 1,069.9 118.9 51.3 33.5 44.7 36.5 27.6 210.1 522.5 152.0 312.4 61.7 21.3 TABLE 6. DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From Jan. 2, 1935, through— Total U K d n i o i n m t g ed - France N l e a t n h d e s r- Sw la it n z 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 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—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 51.9 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 52.4 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 53.3 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 54.9 240.5 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 55.7 241.1 10.7 Feb. 28 845.0 -131.7 76.9 239.1 363.3 -30.8 2.1 102.4 621.4 -84.2 55.4 241.9 10.6 Mar. 31 820.6 -135.4 68.0 239.1 362.2 -30.8 2.1 93.7 598.9 -85.7 55.2 241.7 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 31 785.0 -142.8 66.4 239.3 359.4 -30.7 .8 93.5 585.9 -106.7 52.8 242.7 10.3 June 30 848.4 -138.9 77.6 241.3 363.1 -30.7 2.2 96.4 611.0 -91.7 58.5 260.4 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 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 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 Asiai ot A h l e l r* 1935—Dec. (Jan. 1, 1936) 6.0 2.4 1.3 2.5 -.2 .1 1.4 7.6 -4.5 1.0 2.9 -.9 1936—Dec. 30 12.9 4.0 10.4 — .9 9.1 — .7 .3 .4 22.6 -7.6 -4.2 2.1 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 .1 5.0 44.0 3.5 c .5 1938—Dec. (Jan. 4, 1939) 47.6 13.4 12.9 6.8 9.6 -.2 .2 5.2 47.9 1.8 — .9 -1.5 .3 1939—Dec. (Jan. 3, 1940) 80.6 19.4 20.1 9.3 17.8 .1 5.0 71.6 8.7 1.6 -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—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 -.2 .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 18.6 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 -.1 .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 — .1 .3 10.3 101.1 19.3 7.5 3.9 1.9 June 30 131.8 21.7 22.8 23.5 26.0 -.1 .3 10.6 104.8 17.9 4.1 3.0 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. 1167 NOVEMBER 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 ed - France N l e a t n h d e s r- Sw la i n tz d er- Ger- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia* 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—Dec. 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 2,020.7 507.4 597.7 712.1 149.6 1943—Dec. 31 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 -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 2,594.3 867.8 860.3 930.2 136.6 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 1 865.7 401.2 209.7 239.3 6.8 27.3 767.7 I 2,517.81 926.5 909.3 743.8 174.0 1945—Jan. 31 5,382.8 | 787.8 383.6 206.6 237.8 6.8 31.0 703.6 I 2,357.11 976.0 963.3 912.4 174.1 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 1,161.3 035.0 915.6 141.6 June 30 5,927.3 861.8 372.3 213.3 261.2 6.7 43.9 803.0 2,562.3 1,267.3 076.9 878.4 142.4 LIABILITIES—SUPPLEMENTARY DATA Other Europe3 Date E O u t r h o e p r e g B iu el m - m De a n rk - F la 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 1941—Dec 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—j)ec 3i 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—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— F j e an b . 2 3 8 i 7 7 0 0 3 9 . . 6 8 1 1 2 2 1 3 . . 8 5 1 1 4 4 . . 2 4 7 6 . . 0 6 4 4 8 8. . 7 6 1 1 8 8 . . 5 6 1 1 8 8 5 7 . . 4 2 4 4 2 1 . . 0 3 9 9 . . 4 1 4 3 1 8. . 2 1 1 1 4 5 8 2 . . 6 3 1 1 2 2 . . 7 9 5 5 . . 7 7 4 5 8 1 . . 7 0 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 June 30 803.0 142.1 13.7 6.7 56.6 19.3 240.6 40.6 9.3 31.8 165.4 20.9 5.7 50.3 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 a e n d n u n e a d 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 d u t n n e h m r i d d s e i e s - 6 t s r- P m an a a 7 - Peru6 z V u e e n l e a - 6 A O L m a th t 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. 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 1943—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—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. 30 899.4 84.6 18.7 142.7 57.4 85.2 7.1 131.1 3.1 90.7 35.8 67.7 25.8 29.4 120.0 Dec. 31 909.3 93.9 17.7 140.8 55.0 83.6 7.4 139.3 4.4 83.1 36.0 69.1 27.7 31.5 119.8 1945—Jan. 31 963.3 89.3 19.9 160.2 54.4 85.0 7.0 139.1 4.6 99.3 35.3 69.4 29.2 49.0 121.5 Jan. 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 1,035.0 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 June 30 1,076.9 73.2 19.2 146.2 66.8 76.2 7.5 190.4 6.3 163.8 29.2 86.2 35.5 41.5 134.8 For footnotes see page 1169. 1168 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—Continued [In millions of dollars] LIABILITIES-SUPPLEMENTARY DATA-Continued Asia and All Other1 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 g I C n B I a m o d n e u n a d y i r 2 a , - - , l M B t a i r y s a i h a - - 2 c J M ( K r h a a i e n p u n a o a c r a - d n ) i l n - a . 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 I p h n s 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 S E a t u g g n i n d a y g y d n a l p p o n t - -F r r o M e c n o c - c o h A U So f n o r u i i f o c th n a O e t r h- 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. 31 712.1 360 9 27 4 41 6 13 i 1 0 4 8 160 4 36 8 29 9 36 2 149 6 23 1 4^8 6^8 12^1 n!o 018 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—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 June 30 878.4 519.6 27.5 22.0 23.2 1.0 4.1 111.3 49.6 51.5 68.6 142.4 30.7 3.3 11.0 3.6 6.4 87.4 1 The figures in this table represent a breakdown of the columns headed "Asia" and "All other" in the main t;.able. The figures for "Asia" cover four countries from Jan. 3, 1940, and five additional countries since June 30, 1942, while those for "All other" coveer five countries available only from June 3 3 C 0 o , u 1 n 9 t 4 ry 2 . brea 2 k p d rj o or w t n o J n u o n t e a 3 v 0 a , i 1 la 9 b 4 l 2 e , i u n n c t l i u l d J e u d n u e n 3 d 0 e , r 1 " 9 O 42 th . er A 4 s S i e a e . " footnote 2 for main table. Footnotes to table on page 1168. 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." 5 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. fi Prior to June 30,1942, included under "Other Latin America." J Included "Canal Zone" prior to June 30, 1942. 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 e g d - Fra N la e n th d e s r- land m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia* ot A h l e l ri 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 -Dec. 31... 367.8 20.9 1.8 1.1 2.6 34.4 1.5 26.2 88.4 33.6 148.3 87.9 9.7 1942- -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—July 31 284, 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, 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, 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 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, 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, 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, 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 27.4 1.5 .3 .8 33.9 .3 72.9 24.8 127.3 40.9 9.7 Mar. 31 286 23.2 1.5 .3 .9 33.9 .3 68.8 23.9 144.1 41.0 9.2 Apr. 30 290 25.4 1.4 .5 ,9 33.9 .3 8.4 70.8 23.0 145.0 42.6 9.3 May 31 289 30.5 1.3 .4 .8 33.9 .3 8.9 76.2 25.6 127.9 51.1 9.0 June 30 375 27.9 1.3 .7 5.4 33.9 .3 48.2 117.6 53.8 144.5 49.2 9.9 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. NOVEMBER 1945 1169 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 a e r n k - l F a i n n d - Greece2 L b u o x u e rg m 2 - N w o a r y - t P ug o a r- l* m R a u n - ia2 Spain2 S d w en e- USSR2 s Y la u v g i o a - 2 ot A h l e l r 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 8 5.6 i.i .2 "lA • • (3)- • • "3.2" .4 • ' ' (3) ' ' 8.4 1943—Dec. 31 19.0 .7 7.6 .6 .1 .2 1.4 (3) 3.2 .2 (3) (3) 5.0 3 1 1 9 9 4 4 4 5 — — M M J A N F O D A S J J u e u e a u p o c e a a b n n l p t c r g y v r y . e . . . . t . . . . 3 3 2 3 3 3 3 3 3 3 3 3 0 1 8 1 0 0 1 0 1 1 1 1 . . •.... 4 4 2 8 8 8 8 8 8 8 8 8 8 4 7 . . . . . . . . . . . . 7 9 7 4 4 2 8 6 4 2 4 4 ' . . . . . . . . . . . . 8 8 8 8 8 7 7 7 7 7 7 7 ( ( ( ( ( ( ( ( ( ( ( ( 3 3 3 3 3 3 3 3 3 3 3 ) ) ) ) ) ) ) ) ) ) ) ) 8 ( ( ( ( ( ( ( ( ( ( ( 3 3 3 3 3 3 3 3 3 3 3 . ) ) ) ) ) ) ) ) ) ) ) 4 . . . . . . . . . . . . 6 6 6 6 6 8 6 6 6 6 6 6 . . 1 1 4 3 1 0 5 0 . . . . . . . . . . . . 1 1 2 1 1 1 1 1 1 1 2 1 . . . . . . . . . . . . 7 6 5 6 7 6 7 6 6 8 6 5 ( ( ( ( ( ( ( ( ( ( ( ( 3 3 3 3 3 3 3 3 3 3 3 3 ) ) ) ) ) ) ) ) ) ) ) ) 1 1 1 1 1 1 1 1 . . . . . . . . . . . . 2 3 5 9 6 4 1 8 2 9 9 8 . . . . . . . . . . . . 2 2 2 2 3 2 2 3 2 2 2 3 ( ( ( ( ( ( ( ( ( ( ( ( 3 3 3 3 3 3 3 3 3 3 3 3 ) ) ) ) ) ) ) ) ) ) ) ) ( ( ( ( ( ( ( ( ( ( ( ( 3 3 3 3 3 3 3 3 3 3 3 3 ) ) ) ) ) ) ) ) ) ) ) ) 4 4 5 5 5 4 5 5 5 5 4 4 . . . . . . . . . . . . 8 9 9 9 0 0 1 8 1 1 0 0 Lattn 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 a - 5 - 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 t s P m an a a 6 - Peru5 z V u e e n l e a - 5 A O L i m t a c h t a e e in r 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—j)ec (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—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 A Se u p g t 3 3 1 0 1 1 0 0 4 3 . . 9 7 6 5 . . 3 8 2.0 9 2 2 5 5 . . 5 8 8 7. . 8 0 1 1 3 2 . . 2 6 L.O ? 2 2 3 3 .3 3 ( ( 3 3 ) ) 8 7 . .6 9 . . 5 4 . . 8 9 1 1. 4 4 4 4 .9 4 1 9 0 .1 6 N O o c v t. 3 3 1 0 1 11 0 6 3 . . 8 1 3 3 . . 9 9 L L. . 4 6 2 2 3 4 . . 5 4 8 8 . . 7 7 1 1 2 4 . . 2 8 L L . . 2 3 2 33 5 . . 9 1 . (3 ( ) 3) 8 8 . . 3 0 . . 4 4 . . 8 9 1 1 . . 5 5 4 5 . . 3 6 1 1 1 2 . . 6 1 Dec 31 131.0 3.1 8 25.3 9.0 15.5 L.2 47.4 (3) 8.6 .3 .8 1 2 5 1 11 7 I945— F j e an b 2 3 8 1 1 1 3 2 1 7 . . 9 3 2 2 . . 8 9 L. ? 7 2 2 4 3 . . 8 8 8 8 . . 5 5 1 1 5 3 . . 5 5 L . . 0 I 4 5 9 0 . . 2 1 (3).1 9 8 . . 3 4 . . 5 3 1 . . 9 0 1 1 . . 7 4 4 3 . . 1 7 1 1 1 1 . 8 4 Mar 31 144.1 5.5 L.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 L.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 (3) 8.7 .4 .9 1.4 5.8 12.6 June 30 ... 144.5 8.3 1.2 30.6 7.0 16.8 1.1 49.7 .1 8.9 .4 1.0 1.4 5.6 12.3 Asia and All Other7 Date Asia 'hina F C I r n h e d i n n o c a - h 1 H K o on n g g I B C n l m a s d u e n a y i r d a , - - , l M B t a i y s r a h i a - - 8 J c ( M a i h r a K n e p u n a o c a a r d n - l ) i n . - a N In l E e a d t n a i h s d e e t s s r ' - P p la i I h i p s n n i - - l e d - s T ke u y r ' - O A t s h i e a r o A th l e l r9 A tr u a s l - ia Z l N a e e n a w d - A E E S a t u g g n i n d y y a g d a n p l p o n - t - Fr M en o- ch A U So f n o r u i i f o c th a n Oth- 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 .9 2.2 .5 1.6 14.4 2.0 4.8 1.0 1.7 1.2 1943—Dec. 31 26.3 1.7 1.0 2.0 .5 1.7 13.9 1.8 3.9 .5 2.4 .7 1944—July 31 30.7 2.2 .9 1.6 .5 1.4 13.9 8.2 12.3 .6 10.0 .8 Aug. 31 32.4 1.9 .9 3.1 .5 1.4 13.9 8.7 12.7 .4 10.5 1.1 Sept. 30 35.8 1.7 .9 6.3 .5 1.4 13.9 9.1 11.7 .5 9.9 .9 Oct. 31 30.9 1.4 .9 1.9 .5 1.4 14.0 8.8 12.2 .4 10.4 1.0 Nov. 30 33.0 1.6 .9 4.2 .5 1.5 13.8 8.9 13.0 .7 11.0 1.0 Dec. 31 51.4 1.5 .9 22.3 .5 1.5 13.8 8.8 11.7 .6 9.7 1.0 1945—Jan. 31 41.5 1.7 .9 12.4 .5 1.4 13.9 8.6 10.6 8.3 1.1 Feb. 28 40.9 1.2 .9 12.1 .5 1.4 13.9 9.0 9.7 7.2 1.2 Mar. 31 41.0 1.3 .9 11.8 .5 1.4 13.9 9.1 9.2 6.7 1.1 Apr. 30 42.6 1.3 .9 12.1 .5 1.4 13.9 10.5 9.3 6.7 1.2 May 31........... 51.1 1.1 .9 19.4 .5 1.4 13.9 11.8 9.0 1.0 6.1 1.2 June 30............ 49.2 1.2 .8 16.8 .5 1.4 13.6 12.5 9.9 .9 6.0 2.4 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 countries since June 30, 1942. 5 Prior to June 30, 1942, included under "Other Latin America." 6 Included "Canal Zone" prior to June 30, 1942. 7 The figures in this table represent a breakdown of the columns headed "Asia" and "All other" in the main table. The figures for "Asia" cover four countries from Jan. 3,1940, and five additional countries since June 30,1942, while those for "All other" cover five countries available only from June 30,1942. 8 Prior to June 30,1942, included under "Other Asia." 9 Country breakdowsnvn not available until June 30, 1942. I I7O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue Assets of banking department Liabilities of banking department department Bank of England Note (Fi p g o u u re n s d s in s m ter il l l i i n o g n ) s of Goldi a O ss th e e ts r 2 C C oi a n sh rese N rv o e t s es a c v n o D a d u n i c n s a e - t d s s - Se t c ie u s ri- ci t r i c o u n l * a- Bankers' D P e u p b o l s i i c ts Other O lia t t i h b e e i s l r i- 1929—Dec. 25 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 * 35.8 17.9 1930—Dec. 31 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220.0 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 4.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 5630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1 1 1 9 9 9 4 4 4 3 2 1 — — — D D D e e e c c c . . . 2 3 3 9 0 1 . . . 2 2 2 51, 5 5 1 9 7 0 5 8 0 0 0 . . . 0 0 0 . . . 9 9 3 2 2 1 6 8 1 . . . 8 5 6 3 2 6 . . . 5 5 4 3 2 2 0 6 6 7 7 7 . . . 9 9 8 1,0 9 7 8 2 5 8 3 1 . . . 4 7 7 2 2 2 1 2 3 9 3 4 . . . 9 4 3 1 1 9 1 0 . . . 0 2 3 5 4 6 4 8 0 . . . 1 8 4 1 1 1 7 7 7 . . . 9 9 9 1944—Oct. 25 .2 1,200.0 2.3 35.9 234.9 1,164.4 203.8 6.2 54.1 17.7 Nov. 29 .2 1,200.0 2.3 10.7 5.1 273.5 1,189.5 207.0 11.6 55.3 17.8 Dec. 27 .2 51,250.0 1.9 11.6 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Jan. 31 .2 1,250.0 1.5 30.6 6.6 263.6 1,219.6 215.1 11.6 57.8 17.9 Feb. 28 .2 1,250.0 1.7 33.1 8.5 261.1 1,217.1 207.8 18.1 60.5 18.0 Mar. 28 .2 1,250.0 1.5 14.5 18.6 268.4 1,235.8 218.9 8.9 57.0 18.1 Apr. 25 .2 1,250.0 1.3 15.0 20.1 269.9 1,235.2 229.6 8.5 50.5 17.7 May 30 .2 n, 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 '1,350.0 .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 Sept. 26 .2 1,350.0 .2 20.3 3.6 331.7 1,329.9 279.1 5.5 53.1 18.1 I Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Figures in millions of in S d t e U rl n in it g ed securities Other Note Other Canadian dollars) Gold States assets circulation7 liabilities' dollars S t h e o rm rt- 8 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—Oct. 31.. 62.8 875.7 622.9 58.6 ,012.5 454.3 76.9 32.4 43.8 Nov. 30.. 172.3 868.6 618.9 29.3 ,007.8 437.2 10.8 20.4 212.9 Dec. 30.. 172.3 906.9 573.9 34.3 ,036.0 401.7 12.9 27.7 209.1 1945—Jan. 31.. 172.3 914.5 590.2 28.0 ,020.6 413.1 23.2 36.0 212.1 Feb. 28.. 170.4 891.6 595.5 29.0 ,028.6 397.6 27.9 37.2 195.1 Mar. 31.. 177.1 926.5 608.7 33.2 ,048.7 422.0 18.7 52.7 203.4 Apr. 30.. 196.6 937.7 621.7 49.7 ,062.3 448.9 39.5 50.8 204.2 May 31.. 177.9 1,068.3 533.5 42.0 ,055.8 464.8 33.6 32.4 235.1 June 30.. 174.4 1,073.8 559.5 34.4 ,063.2 492.0 43.9 35.9 207.1 July 31. . 174.4 1,034.7 558.3 56.5 ,078.8 441.1 57.5 37.6 208.8 Aug. 31.. 176.1 1,031.5 584.0 62.3 1,097.9 444.4 32.6 39.7 239.2 Sept. 29.. 176.1 1,028.9 591.4 34.9 1,112.4 442.9 39.6 22.4 213.9 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; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6,1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million-'pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. & 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. 'Includes notes held by the chartered banks, which constitute an important part of their reserves. s 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. NOVEMBER 1945 1171 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills Advances to Deposits (Figu o re f s f i r n a n m c i s l ) lions Gold1 Fo e re x i - gn Government a O s t s h e e t r s ci N rc o u te la- l O ia t b he il r ichange m O a p rk en et2 Special Other c F u c o p o r a st t o s i c o s - n Other2 tion G m ov e e n r t n- C.A.R.4 Other ties 1929—Dec. 27.. 41,668 25,942 5,612 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26.. 53,578 26,179 5,304 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30.. 68,863 21,111 7,157 7,389 11,275 85,725 * 5,898 22,183 1,989 1932—Dec. 30.. 83,017 4,484 6,802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29.. 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28.. 82,124 963 5,837 3,971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27.. 66,296 1,328 5,800 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30.. 60,359 1,460 5,640 1,379 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30.. 58,933 911 5,580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29.. 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28.. B97,267 112 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—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 M Ju a n y e 2 2 5 9 . . . . . 8 8 4 4 , , 5 5 9 9 8 8 3 3 7 7 4 4 4 6 , , 2 2 3 4 2 1 i' 6 6 , , 6 0 1 4 1 5 4 3 0 8 9 3 , , 2 60 0 0 0 6 7 7 1 , , 6 5 0 0 0 0 2 2 1 1 , , 1 1 4 6 3 0 5 5 5 7 1 6 , , 9 9 6 0 9 9 7 7 9 5 5 0 1 9 2 , , 6 3 5 0 2 9 3 4 7 3 , , 8 3 7 4 6 3 7 5 , , 5 4 2 7 8 2 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 Aug. 30.. 75,151 46 48,703 12,936 426,000 741,666 469,652 80,246 50,005 4,600 I Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figures in millions of foreign exchange checks), Note Other reichsmarks) re T s o e t r a v l es Gold i T n r c e b l a i u l s d l u s i r n y g Se lo cu an ri s ty E a c s li o g n v i o e b r t l e e Other O as t s h e e t r s cir t c io u n la- Deposits lia ti b e i s li- 1929—Dec. 31 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Dec. 30 78 71 11,392 30 804 393 2,498 11,798 2,018 1,378 1940—Dec. 31 78 71 15,419 38 32 357 2,066 14,033 2,561 1,396 1 1 9 9 4 4 2 1 — — D D e e c c . . 3 3 1 1 7 7 6 7 7 7 1 1 2 2 1 9 , , 6 2 5 8 6 3 3 2 2 5 1 8 0 7 7 2 2 8 1 3 0 2 1 , , 3 6 1 6 1 4 2 1 4 9, , 3 3 2 7 5 5 3 5 , ,2 6 9 4 2 9 1 1 , ,6 4 8 9 0 3 1943-Dec. 31 77 71 41,342 27 65 2,337 33,683 8,186 1,980 1944—Mar. 31 77 40,379 46 1 33 2,281 33,792 7,237 1,788 Apr. 29 77 40,909 38 1 31 2,525 34,569 7,179 1,833 May 31 77 42,159 28 1 23 2,096 35,229 7,240 1,915 June 30 77 42,150 26 1 27 2,397 35,920 6,754 2,004 July 31 77 43,222 38 1 21 2,396 36,888 6,813 2,054 Aug. 31 .. 77 45,829 42 1 20 2,275 38,579 7,480 2,185 Sept. 30 77 50,821 47 67 25 2,510 42,301 9,088 2,160 Oct. 31.... 77 53,954 46 70 24 2,351 44,704 9,603 2,216 Nov. 30 77 56,939 62 69 21 2,795 46,870 10,829 2,264 Dec. 30 77 63,497 112 1 45 2,351 50,102 13,535 2,445 1945—Jan. 31 77 64,625 199 81 60 2,083 51,207 13,566 2,353 Feb. 28 77 70,699 307 112 61 2,591 55,519 16,419 1,909 1 Gold revalued March 1940, November 1938, July 1937, and October 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 2 For explanation of this item, see BULLETIN for July 1940, p. 732. 3 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25,1940, through July 20,1944, advances of 441,000 million francs were authorized to meet the costs of the German army of occupation. * 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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BARKS—Continued Central Bank 1945 1944 Central Bank 1945 1944 (Figures as of last report (Figures as of last report date of month) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. Central Bank of the Argentine Re- National Bank of Denmark (millions public (millions of pesos): of kroner): Gold reported separately 1,242 1,242 1,243 Gold 97 97 97 Other gold and foreign exchange... 3,103 2,987 2,396 Foreign exchange 33 36 22 Government securities 877 877 883 Clearing accounts (net) 2,952 2,962 2,596 Rediscounted paper Loans and discounts 33 30 31 Other assets " ' 148 ' " 149 163 Securities 64 72 78 Note circulation 2,581 2,553 2,163 Govt. compensation account8 65 65 85 Deposits—Member bank 1,585 1,570 1,420 Other assets 5,071 5,018 3,931 Government 626 561 615 Note circulation 1,102 868 1,678 Other 207 198 125 Deposits—Government 2,962 3,003 2,661 Certificates of participation in Other 3,770 3,915 2,037 Government securities 168 179 172 Other liabilities 481 493 464 Other liabilities 202 193 192 Central Bank of Ecuador (thousands Commonwealth Bank of Australia1 of sucres): (thousands of pounds): Gold 288,805 289,859 Gold and foreign exchange 161,507 Foreign exchange (net) 111,691 143,821 Checks and bills of other banks. . . 1,705 Loans and discounts... 114,653 83,507 Securities (incl. Government and Other assets 79,850 93,010 Treasury bills)1. 406,588 Note circulation 324,207 291,068 Other assets 11,921 Demand deposits 240,686 263,755 Note circulation 185,464 Other liabilities 30,105 55,373 Deposits of Trading Banks: National Bank of Egypt^ (thou- Special 222,738 sands of pounds): Other 24,762 Gold.. 6,241 6,241 6,241 Other liabilities 148,757 Foreign exchange 16,405 15,918 15,318 National Bank of Belgium (millions Loans and discounts 2,643 2,792 2,062 of francs): British, Egyptian, and other Gov- Gold2 31,218 31,219 ernment securities 293,268 292,829 245,927 Foreign exchange 3,768 4,315 Other assets 21,856 22,419 18,198 Loans to Government 45,732 42,334 Note circulation 123,718 124,398 104,676 Other loans and discounts 544 491 Deposits—Government 72,764 73,936 64,015 Claim against Bank of Issue 64,597 64,597 Other 129,756 127,942 105,211 Other assets 1,283 1,385 Other liabilities 14,175 13,922 13,844 Note circulation 62,459 60,202 Central Reserve Bank of El Salva- Demand deposits 5,450 4,306 dor (thousands of colones): Blocked Treasury account2 10,493 10,493 Gold 33,083 33,100 33,046 Notes and blocked accounts4 67,636 68,244 Foreign exchange 36,883 37,327 35,503 Other liabilities 1,105 1,097 Loans and discounts 2,025 994 898 Central Bank of Bolivia (millions Government debt and securities... 5,855 5,256 6,347 of bolivianos): (June)' Other assets 1,819 1,723 1,082 Gold at home and abroad 684 600 Note circulation 43,956 44,070 42,686 Foreign exchange 588 384 Deposits 28,544 27,018 27,442 Loans and discounts 342 279 Other liabilities. 7,164 7,312 6,748 Securities—Government 626 641 Bank of Finland" Other 41 41 Bank of Greece6 O O N D t t e o h h p t e e e o r r s c i a l i t i r s s a c s b u e i t l l s a it t i i e o s n 1,3 9 1 1 3 5 1 1 7 4 9 0 1,1 7 1 8 9 6 0 5 9 0 0 Na o t f i F G o p o o n e r l n e a d g i l . g o B n ) : a e n x k c h o a f n g H e u r n es g e a r r v y e (millions ( 1 N 94 o 4 v 1 ) . 0 B 3 0 10 3 0 , National Bank of Bulgaria6 Discounts 11,977 7,458, Central Bank of Chile (millions Loans—To Treasury 511 529 of pesos): To foreign countries 1,074 1,005 Gold 28' 28' 369 Other 2: Discounts for member banks 218 308 204 Other assets 1, 1,377 Loans to Government 736 736 715 Note circulation 10,672 7,552 Other loans and discounts 924 973 957 Demand deposits 2,713 1,344 Other assets 1,371 1,342 1,029 Consolidated foreign credits of Note circulation 2,589 2,624 2,408 1931 10 10 Deposits—Bank 496 514 380 Other liabilities 1,352 1,569 Other 134 191 179 Reserve Bank of India (millions of Other liabilities 31 31 307 rupees): Bank of the Republic of Colombia Issue department: (thousands of pesos): Gold at home and abroad 444 444 444 Gold 180,191 155,366 Sterling securities 10,343 10,343 8,343 Foreign exchange 106,990 119,033 Indian Govt. securities 578 578 578 Loans and discounts 13,286 12,329 Rupee coin 17. 164 142 Government loans and securities.. 65,953 56,884 Note circulation 11,394 11,287 9,413 Other assets 32,122 30,277 Banking department: Note circulation 174,771 156,527 Notes of issue department 146 24: 96 Deposits 169,905 136,972 Balances abroad 4,728 4,34^ 3,048 Other liabilities 53,866 80,391 Treasury bills discounted 39 3 4 National Bank of Czechoslovakia Loans to Government 7 in N D O L O F G P o o t e t o o r h h r a p t l e a e d e e n o r i r g s s g c u i n l a i t a i s e r s n a 7 c e s d b u x e i ( l c t l d t a s i h h t t i . a i . i o s e o n c u s n o g s e u an n d ts s of koruny): 1 4 4 2 0 3 0 0 1 1 , , , , , 0 4 7 5 9 7 1 6 8 0 4 8 5 1 1 1 8 9 4 3 1 3 6 0 9 1 , , , , ,5 9 4 2 7 5 1 8 9 7 5 6 ' ' 5 9 4 6 4 2 1 1 9 9 3 3 1 1 , , , , , , 1 9 4 5 1 7 7 4 1 4 0 8 3 6 5 5 5 1 6 6 6 C Ba e o n n f N G S k t p r t o o e a o o l t r l u f d e l O D O n i B n J c t t e d a h h g a i p s r e n e p o ) c f r r : k s u a u i a l l n n t o a i s s d 6 a f t s s i b e o I i t n l r s i e ti l e a s nd (thousands 3 34 1 2 , . , 5 8 6 4 9 4 1 5 6 3 3 " 5 0 2 3 " , , , , 3 0 2 6 7 3 1 1 1 4 7 2 3 2 2 6 6 3 3 4 2 0 2 , , , , 1 8 6 7 2 1 8 3 4 1 6 7 8 4 6 7 3 1 2 2 3 2 9 7 , , , , 1 6 8 2 1 1 2 4 7 2 5 8 7 6 4 5 9 1 Bank of Java6 1 Beginning Aug. 27, 1945, figures published in the balance sheet of the Commonwealth Bank cover central banking operations only, while previously these statements included the operations of the General Banking Division. 2 Gold revalued provisionally at 49.318 francs per gram. The resulting increment is held for the account of the Treasury and is shown on the liabilities side under "Blocked Treasury account." 3 In addition to the gold increment includes notes not presented for exchange and forfeited to the State. 4 Includes current accounts transferred and to be transferred to blocked accounts and old notes not declared. 6 Latest month available. , « For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943), see BUL- LETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; and of Java (January 1942), see BULLETIN for March 1943, p. 278. 7 First statement available since liberation is that for July 31. Until May 1945, known as the National Bank of Bohemia and Moravia. s 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. « Items for issue and banking departments consolidated. NOVEMBER 1945 1173 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1944 Central Bank 1945 1944 (Figures as of last report (Figures as of last report date of month) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. Bank of Mexico (millions of pesos): Bank of Spain—Continued Metallic reserve1 727 709 701 556 Note circulation 17,093 16,582 "Authorized" holdings of securi- Deposits—Government 1,434 1,758 ties, etc 1,930 1,1 1,835 1,347 Other 3,895 4,142 Bills and discounts 361 349 358 368 Other liabilities 552 528 Other assets 64 84 78 128 Bank of Sweden (millions of kronor): Note circulation 1,549 1,494 1,463 1,236 Gold ,057 1,056 1,055 1,000 Demand liabilities 1,359 1,342 1,341 989 Foreign assets (net) 814 774 690 563 Other liabilities 174 174 167 174 Swedish Govt. securities and ad- Netherlands Bank (millions of vances to National Debt Office7. ,289 1,255 1,266 1,171 guilders): Other domestic bills and advances. 20 ' 24 33 87 Golds . 713 713 713 931 Other assets ,024 944 993 1,034 Silver (including subsidiary coin).. Note circulation :,576 2,488 2,412 2,337 Foreign bills. 4^491 '4,488 "4,'233 Demand deposits—Government 801 753 738 434 Discounts 318 Other 233 223 323 433 Loans 130 ' " 133 130 '"l35 Other liabilities 595 588 564 651 Other assets 126 110 116 Swiss National Bank (millions of Note circulation 1,683 2,573 3,448 4,711 francs): Deposits—Government 1,330 475 230 105 Gold; 4,690 4,642 4,468 Other 1,967 1,915 1,607 386 Foreign exchange 141 136 95 Other liabilities ... 481 481 481 Loans and discounts 73 59 99 Reserve Bank of New Zealand (thou- Other assets 84 84 136 sands of pounds): Note circulation 3,558 3,522 3,194 Gold 2,802 2,802 2,802 Other sight liabilities 1,139 1,105 1,325 Sterling exchange reserve 67,871 66,556 34,105 Other liabilities 292 294 280 Advances to State or Stateunder- Central Bank of the Republic of takings 19,539 17,466 37,605 Turkey (thousands of pounds): Investments 14,346 14,345 11,736 Gold 292,107 292,107 Other assets 1,245 1,709 3,256 Foreign exchange and foreign Note circulation 41,118 40,544 37,736 clearings 56,276 63,499 Demand deposits 61,062 58,741 48,206 Loans and discounts 795,229 807,399 Other liabilities 3,623 3,592 3,562 Securities 170,562 170,787 Bank of Norway3 Other assets 19,293 23,053 Bank of Paraguay—Monetary Dept. Note circulation 923,808 948,008 (thousands of guaranies):4 Deposits—Gold 85,586 85,586 Gold 3,323 3,328 Other 147,935 146,288 Foreign exchange 23,983 22,606 Other liabilities 176,137 176,963 Loans and discounts ..•••• 7,434 8,125 Bank of the Republic of Uruguay Government loans and securities... 10,551 10,587 (thousands of pesos): Other assets 360 323 Issue department: Note circulation 27,626 28,309 Gold and silver 122,751 122,751 120,614 Demand deposits 15,992 14,746 Note circulation 155,176 156,574 135,251 Other liabilities 2,033 1,914 Banking department: Central Reserve Bank of Peru (thou- Gold and silver 177,802 162,680 115,518 sands of soles): Notes and coin 26,695 25,780 C44,152 Gold and foreign exchange 124,985 141,105 Advances to State and to gov- Discounts 16,936 1,023 ernment bodies 8,793 9,782 16,789 Government loans.., 581,398 432,479 Other loans and discounts 92,549 91,172 95,676 Other assets 30,076 26,410 Other assets 316,651 320,939 -272,064 Note circulation 462,783 399,092 Deposits 292,364 283,482 243,204 Deposits 261,162 171,334 Other liabilities 330,126 326,871 300,994 Other liabilities 29,450 30,592 Central Bank of Venezuela (thou- Bank of Portugal (millions of es- sands of bolivares): cudos): (Feb.)5 God 468,863 438,570 338,108 Golds 1,415 1,412 Foreign exchange (net) 69,490 93,948 55,512 Other reserves (net) 5,717 5,204 Credits to national banks 14,310 14,310 26,370 Nonreserve exchange 9,251 9,055 Other assets 14,055 16,304 36,844 Loans and discounts 261 254 Note circulation—Central Bank.... 328,393 323,849 267,363 Government debt 1,020 1,023 National banks.. 11,776 12,494 20,889 Other assets 779 827 Deposits 217,457 216,343 161,838 Note circulation 7,389 7,175 Other liabilities 9,092 10,446 6,744 Other sight liabilities 10,194 9,732 National Bank of the Kingdom of Other liabilities, 860 868 Yugoslavia3 National Bank of Rumania3 Bank for International Settlements South African Reserve Bank (thou- (thousands of Swiss gold francs):10 sands of pounds): Gold in bars 119,342 119,342 119,024 Gold , 110,279 107,532 95,326 Cash on hand and on current ac- Foreign bills.. 27,866 27,619 19,278 count with banks 42,786 43,749 48,872 Other bills and loans 3,965 3,673 6,302 Sight funds at interest 8,215 8,093 12,817 Other assets 100,183 99,344 92,247 Rediscountable bills and accept- Note circulation 65,167 64,612 56,259 ances (at cost) 86,589 86,387 72,633 Deposits 172,455 168,925 150,895 Time funds at interest 2,750 2,750 14,968 Other liabilities 4,670 4,631 5,999 Sundry bills and investments 196,153 195,022 197,568 Bank of Spain (millions of pesetas): Other assets 114 116 217 Gold 1,189 1,135 Demand deposits (gold) 16,978 16,985 29,031 Silver 597 611 Short-term deposits (various cur- Government loans and securities .. 16,101 16,102 rencies) : Other loans and discounts 3,406 3,026 Central banks for own account 6,240 6,240 7,348 Other assets 1,681 2,137 Other 2,018 2,017 2,095 Long-term deposits: Special accounts 229,001 229,001 229,001 Other liabilities 201,712 201,215 198,624 c Corrected. 1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 2 Gold revalued in July 1945 from 2,098 to 2,970 guilders per fine kilogram. 3 For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282; and of Rumania (June 1944), see BULLETIN for March 1945, p. 286. 4 The Bank of the Republic of Paraguay was reorganized in September 1944 under the name of Bank of Paraguay. The new institution is divided into a Monetary, a Banking, and a Mortgage Department. The first official balance sheet of the Monetary Department, which assumes central banking functions, was issued for the end of December 1944. 6 Latest month available. 6 Valued at average cost beginning October 1940. 7 Includes small amount of non-Government bonds. 8 Figure not available. 9 Beginning October 1944, a certain amount of gold, formerly reported in the Bank's account, shown separately for account of the Government. 10 See BULLETIN for December 1936, p. 1025. 1174 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [ Per cent per annum ] Central bank of— Date effective U K d n i o i n m t g e - d France Ger- 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 it - d z- b C an e k n tr of a — l R O 3 a c 1 t t e . ef D fe a ct t i e ve ba C n e k n tr o a f l — R O 3 a c 1 t t e . ef D fe a c t ti e ve In effect Dec. 31, 1936 Albania Mar. 21, 1940 Italy 4 Sept. 11, 1944 Jan. 28, 1937.... Argentina Mar, 1, 1936 Japan 3.29 Apr. 7, 1936 June 15 Belgium Jan. 16, 1945 Java 3 Jan. 14, 1937 July 7 Bolivia Nov. 8, 1940 Latvia 5 Feb. 17, 1940 Aug. 4 Lithuania. 6 July 15, 1939 Sept. 3 Nov. 13 May 10, 1938.... May 13 British India.. 3 Nov. 28, 1935 Mexico June 4, 1942 May 30 Bulgaria 5 Dec. 1, 1940 Netherlands June 27, 1941 Sept. 28 Canada Feb. 8, 1944 New Zealand July 26, 1941 Oct. 27 Chile... 3-4^ Dec. 16, 1936 Norway May 13, 1940 Nov. 25 "m Colombia July 18, 1933 Peru Aug. 1, 1940 Jan. 4,1939.... Czechoslovakia Oct. 1, 1940 Portugal.... Jan. \2X 1944 Apr. 17 May 11 July 6 Aug. 24 Denmark Oct. 1*6, 1940 Rumania... May 8, 1944 Aug. 29 Ecuador.. May 26, 1938 South Africa June 2, 1941 Sept. 28 El Salvador... Mar. 30, 1939 Spain Dec. 1, 1938 Oct. 26 Estonia Oct. 1, 1935 Sweden Feb. 9,1945 Dec. 15 Finland Dec. 3, 1934 Switzerland. Nov. 26,1936 Jan. 25, 1940.... Apr. 9 May 17 Mar. 17, 1941 ... France IK Jan. 20, 1945 Turkey July 1, 1938 May 29 Germany Apr. 9, 1940 United King- June 27 Greece 10 Apr. 10, 1945 dom Oct. 26, 1939 Tan. 16, 1945 ... Hungary 3 Oct. 22, 1940 U. S. S. R... July 1, 1936 Tan. 20 Ireland Nov. 23, 1943 Yugoslavia.. Feb. 1, 1935 Feb. 9 In effect Oct. 31, 1945 IK NOTE.—Changes since Sept. 30: none. OPEN-MARKET RATES [Per cent per annum ] Switzer- United Kingdom Germany Netherlands Sweden land Month ic B 3 c a e m n p o k ta n e n t r c h s e ' s s 3 T r m e b a i o l s l n u s t r h y s Da m y- o t n o e - y day o a n B l lo a d n w e k p a e o n r s c s i e t ' s d P i r s r i c a v o t a e u t n e t Da m y- o to ne -d y ay d P i r s r i a c v o te a u t n e t 1 M m f o o n o r e n y th m u L p o o n a to n th s s 3 d P is r r i a c v o te a u t n e t 1929—Aug... 5.47 5.48 4.35 7.18 7.42 5.06 4.68 3.33 1930—Aug... 2.21 2.17 1.85 3.24 3.73 1.83 1.63 1.75 1931—Aug... 4.28 4.21 3.59 18.92 19.15 1.30 1.22 1.98 1932—Aug... .74 .60 .73 4.50 5.82 .37 1.00 1.50 1933—Aug... .41 .30 .62 3.88 4.94 1.11 1.08 1.5Q 1934—Aug... .79 .74 .81 3.75 4.72 .75 1.00 1.5ft 1935—Aug... .60 .58 .75 3.00 3.06 4.78 4.72 2.47 1936—Aug... .55 .53 .75 2.88 3.01 1.29 1.20 2.25 1937—Aug... .55 .52 .75 2.88 2.85 .13 .53 1.00 1938—Aug... .53 .51 .75 2.88 2.51 .13 .50 1.00 1939—Aug... .58 1.92 1.35 2.75 2.50 1.03 1.53 1.00 1940—Aug... .03 1.02 1.00 2.31 1.77 (2) 3.00 1.50' 1941—Aug... .03 1.00 1.00' 2.13 1.73 1.88 2.25 1.25 1942—Aug... .03 1.00 1.00 2.13 1.68 1.25 1943—Aug... .03 1.00 1.11 2.13 1.89 1.25 1944—Aug... .03 1.00 1.13 2.13. 1.89 1.25 1944—Sept.. .03 1.01 1.13 2.13 1.93 1.25 Oct... .03 1.00 1.10 2.13 1.25 Nov... .03 1.00 1.00 2.13 1.25 Dec... .03 1.00 1.02 2.13 1.25 1945—Jan... .03 1.01 1.00 2.13 1.25 Feb... .03 1.00 1.00 2.13 1.25 Mar.. .03 1.00 1.00 2.13 1.25 Apr... .03 1.01 1.00 1.25 May.. .03 1.00 1.03 1.25 June.. 1.03 1.00 1.13 1.25 July.. 1.03 1.00 1.13 Aug... 1.03 1.00 1.13 1 Based on data for part of month only. 2 Figure not available. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-66*1, and for description of statistics see pp. 571-572 in same publication. NOVEMBER 1945 1175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 F L i o g p n u o d r u e o n s n d i s c n l e s m t a e i r l r i l l n i i g o n n g b s ) a o n f ks. re C se a r s v h es M ca n o s l o n h l t e o i a y c r n e t d at B co il u ls n d te i d s- T r d e r e c e p e a o i s p s u t i r t s y 2 Securities Loans to a O s t s h e e t r s Total D D e e p m o a s n it d s Time lia O 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 j 4,032 2,712 1,319 245 1944—September 443 191 209 1,444 1,183 744 282 4,251 2,827 1,424 244 October... 453 191 170 1,567 1,172 744 291 4,342 2,876 1,467 245 November. 460 205 198 1,548 1,192 748 292 4,398 2,922 1,475 245 December. 500 199 147 1,667 1,165 772 347 4,545 3,045 1,500 250 1945—January... 460 198 159 1,663 1,165 765 301 4,462 2,968 1,495 248 February.. 455 188 140 1,639 1,160 769 305 4,405 2,904 1,501 250 March 464 180 149 1,681 1,153 780 299 4,459 2,944 1,516 246 April 472 180 109 1,821 1,140 749 300 4,525 2,994 1,530 245 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 August.... 511 233 195 1,993 1,126 769 292 4,875 3,236 1,638 244 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty Deposits payable ir Canada (10 m c o o h f n a t C r h t a e f n r i e g a d u d r i e b a s n a n in k d o s m . l la il r E l s i n ) o d n s of Cash Security O lo t a h n e s r d a a u n b e d r o f n r a o e d m t Securities O as t s h e e t r s ci N r ti c o o u t n e la- excluding interbank deposits li O a t bi h l e i r ties reserves loans and dis- foreign Total Demand Time counts banks 1938—December. 263 65 940 166 1,463 535 2,500 840 1,660 843 1939—December. 292 53 1,088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December. 323 40 1,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—December. 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December. 387 31 1.168 231 2,293 657 60 3,657 1,984 1,673 1,049 1943—December. 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 1,172 1944—September 575 56 976 224 3,450 761 335 4,726 2,262 2,464 31,282 October... 597 56 992 236 3,622 757 35 4,957 2,468 2,489 1,269 November. 586 81 1,275 236 3,577 774 34 5,221 2,877 2,343 1,273 December. 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 1,289 1945—January... 567 95 1,156 244 3,571 731 32 5,049 2,525 2,524 1,283 February.. 539 80 1,125 254 3,624 717 31 5,021 2,390 2,631 1,287 March 544 78 1,094 219 3,606 708 31 4,938 2,214 2,725 1,280 April 598 82 1,047 269 3,799 750 30 5,210 2,475 2,735 1,306 May 622 125 1,299 251 3,885 775 29 5,616 3,053 2,563 1,312 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 August.... 581 112 1,021 242 3,835 789 28 5,229 2,396 2,833 1,324 France Assets Liabilities (4 larg f e ig b u a r n es k s in . m E i n ll d io o n f s month Cash Due from Bills dis- Loans Other Deposits ac O c w e n pt- Other of francs) reserves banks counted assets Total Demand Time ances liabilities 1938—December. 3,756 4,060 21,435 7,592 1,940 33,578 33,042 537 721 4,484 1939—December . 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—December. 6,418 3,863 46,546 8,346 2,229 62,032 61,270 762 558 4,813 1941—December. 6,589 3,476 61,897 8,280 2,033 76,675 75,764 912 413 5,187 1942—December. 7,810 3,458 73,917 10,625 2,622 91,549 91,225 324 462 6,422 1943—March 6,813 3,803 74,664 15,245 1,536 96,431 95,783 648 426 5,205 April 6,720 3,665 77,922 15,043 1,650 99,152 98,419 733 387 5,461 May 7,132 3,750 81,620 14,980 1,750 103,272 102,437 836 397 5,563 June 6,632 3,851 80,276 15,518 1,869 102,047 101,118 929 383 5,716 July 6,770 3,795 83,362 14,696 2,024 103,596 102,578 1,017 321 6,730 August— 6,486 3,786 82,685 14,644 2,206 102,602 101,525 1,078 347 6,859 September 6,935 3,832 85,079 14,084 2,228 104,830 103,657 1,173 341 6,987 October... 7,133 3,877 88,289 14,215 2,448 108,368 107,100 1,268 411 7,182 November. 7,203 3,960 86,754 14,361 2,653 107,200 105,811 1,390 404 7,326 December. 8,548 4,095 90,897 14,191 2,935 112,732 111,191 1,541 428 7,506 1944—January... 7,510 4,125 90,024 13,737 1,676 110,485 108,883 1,601 419 6,168 i 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 tor "Note circulation" includes a small amount of iinntt erbank note holdings w"h *il*e 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. 1176 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES (Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Year or month Off A ic r ia ( g p l e e n so E S t ) i p x n e p a c o i r a t l Off A ic ( u i p a s l o t u r n a d li F ) a ree ( g f B r i e a u l n m - c* Off ( ic c i B r a u l r z a e z ir i F l o r 1 e ) e B ( I r r n u i p d ti e i s e a h ) g B ( a l u e r l v i - a ) C Of a f n ic a ia d l a (d F ol r l e a e r) Of C fi h ci i a l l e (p E e x s p o o ) rt C S ( h h y h a a u i n i a n ) g n a - 1937. 32 959 393.94 3.3752 8.6437 6.1983 37.326 1.2846 100.004 5.1697 24.OOOO 29.606 1938..... 32.597 389.55 3.3788 5.8438 36.592 1.2424 99.419 5.1716 4,0000 21.360 1939 30.850 353.38 3.3704 6.0027 5^1248 33.279 21.2111 96.018 5.1727 4.0000 11.879 1940 29.773 2322.80 305.16 23.3760 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—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 Sept 29.773 25.125 320.70 32'.2883' 6.0602 5.1802 30.122 90.909 89.908 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 (f r r a a n nc c ) e ( m m r G e a a i e c r n k h r y - ) s- G (d r m r e a a e c ) c h e - ( H K do o o l n n la g g r) ( H p g e a u n r n g y - o) I ( t li a 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—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 Sept 56.980 2.0189 20.578 321.99 United Kingdom Uruguay Year or month N (k o r r o w n a e y ) P (z o l l o a t n y) d ( P e o s g c r a u t l d u o - ) R ( u n le m i u a ) a- ( A S p o o fr u u i n 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 n g v a o i r - a ) trolled 1937 24.840 18.923 4.4792 .7294 489.62 6.053 57.973 25.487 22.938 494.40 79.072 2.3060 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939.... 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 236\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—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 Sept. 400.50 402.49 65.830 56.175 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis.' 2 Averagge of dailyy rates for thaat ppaarrtt oof tt he yyeaarr duriign g whichq quotations were certified. 33 BBaasseedd oonn qquuoottaattiioonnss bbeeggiinnnniinngg SSeepptt.. 2244.. NOTE.—For back figures, see Banking^ and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publication, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for February 1943, p. 201, and February 1944, p. 209. NOVEMBER 1945 "77 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United United Nether- Switzer- Year or month States Canada Kingdom France Germany Italy ( J O a ct p o a b n er ( l 19 a 2 n 6 d - s 30 Sweden (Ju l l a y n 1 d 914 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) (1900 = 100) = 100) (1935 = 100) =100) 1926 100 100 » 124 695 134 237 106 U26 144 1932 65 67 86 427 97 70 161 65 l 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 1 1 9 9 3 4 9 0 7 7 7 9 8 75 3 1 1 0 3 3 7 2 7 9 0 0 7 1 1 1 0 1 7 0 1 9 1 9 6 2 31 78 1 3 7 8 4 8 1 11 4 5 6 1 1 1 4 1 3 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—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 106 104 171 197 ^222 August 106 103 171 194 September 105 *>103 p170 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 Raw and Fully and Indus- Induspr F o a d r uc m ts Foods co O i m t t h m i e e o r s d- pr F o a du r c m ts f m p a a a c r t n t u u l r - y ed f m c a h a c i t n e u f u r l - e y d Foods pr I o n tr d d i u u a c s l t - s p A r g t o r u d i r c u a u c l l t - s a t f n r i i d a n s l i e s r m h a i e w - dp t r r i i o s a d h l u e c d f t i s ngoods goods products 1926 100 100 100 100 100 100 129 130 150 1932 48 61 70 48 55 70 8S 85 91 89 118- 1933 . 51 61 71 51 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 79 84 78 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 * 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 ... 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 112 100 133 1942 .... 106 100 96 83 90 92 158 160 115 102 134 1943 123 107 97 96 99 93 160 164 119 102 135 1944 123 105 99 103 104 94 158 170 1944—September 123 104 99 101 103 94 157 172 122 102 137 October 123 104 99 103 103 94 156 172 122 103 137 November 124 105 99 103 103 94 156 173 122 103 137 December 126 106 99 103 104 94 157 173 1945—January 126 105 99 104 104 94 156 173 February 127 105 99 105 105 94 157 173 March 127 105 99 105 105 94 156 174 April 129 106 99 105 105 94 156 174 May 130 107 99 105 105 94 156 175 June 130 108 100 106 106 94 160 175 July 129 107 100 108 107 94 161 176 August 127 106 100 106 106 94 161 176 September 124 105 100 p104 P105 * Preliminary. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1178 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 t n a 3 1 i 5 t t 0 e e - 0 3 d s ) 9 (1 C = a 9 a 3 d 1 5 0 n a - 0 - 3 ) 9 U K = d ( n 1 J i o 9 1 i u n 1 m 0 t l g 0 e 4 y - d ) (1 m G 91 a 1 e 3 0 n r - 0 - y 1 ) 4 N (1 l e a 9 t 1 n 1 h 1 0 d e - 0 s 1 r ) - 3 S e = w r ( 1 J i l 9 1 u a t 1 0 n n z 4 0 e d - ) Year or month ( U S 1 = 9 t n a 1 3 i 0 5 t t 0 e e -3 d s ) 9 (1 = C a 9 1 3 d a 0 5 a n 0 - - 3 ) 9 U K = d ( n 1 J i o 1 9 u i n m 1 0 t l g 0 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 1 n h 0 1 d e 0 - s 1 r ) - 3 S e = ( r w 1 J l 9 1 u a i 1 0 n t n 0 4 z e d ) - 1934 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 . 101 98 130 122 120 120 1936 99 98 147 125 1132 130 1937 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 98 104 141 122 130 130 1938 101 102 156 126 139 137 1939 95 101 141 123 130 132 1939 99 102 158 126 140 138 1940 97 106 164 128 2140 146 1940 100 106 184 130 3148 151 1941 106 116 168 129 175 1941 105 112 199 133 174 1942 124 127 161 132 200 1942 117 117 200 137 193 1943 138 131 166 134 211 1943 124 118 199 139 203 1944 136 131 168 215 1944 126 119 201 208 1944—September... 137 131 169 137 215 1944—September. 127 119 202 141 208 October 136 131 168 136 215 October 127 119 201 140 208 November... 137 132 168 136 215 November . 127 119 201 141 208 December... 137 130 168 215 December.. 127 119 201 208 1945—January 137 130 168 216 1945—January... 127 119 202 209 February.... 137 131 168 216 February .. 127 119 202 209 March 136 131 168 216 March 127 119 202 209 April 137 131 168 216 April 127 119 202 209 May 139 132 168 May 128 119 203 1'2\O June 141 133 170 June 129 120 204 p2!0 July 142 136 176 ^217 July 129 120 207 p211 August 141 136 172 August 129 121 205 P2K) September.. 139 ^134 169 September . 129 p120 203 p Preliminary. 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 2 Average based on figures for 3 months; no data available since March 1940, when figure was 141. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [ Index numbers except as otherwise specified] Bonds Common stocks Year or month U S n ta it t e e d s K U in n g it d e o d m France Germany Nether- U S n ta it t e e d s (1926=100) France Nether- ( p d r e i r c iv e) 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 0 - 0 3 ) 9 K U in n g it d e o d m Germany (1938 = 1OO)2 (19 l 3 a 0 n = d 1 s 00) Number of issues 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 6103.3 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 1944—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 121.4 128.1 152.3 104.7 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 122.3 128.3 118.4 93.7 August 121.7 128.3 117.9 91.4 September 121.6 128.2 126.1 92.0 1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for 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 Generate" December 1942, pp. 511-513, and July-August 1942, pp. 364-371, respectively. For back figures for both indexes from 1938 through 1941 on a monthly basis see "Bulletin de la Statistique Generate" 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 4Ms 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. 6 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. NOVEMBER 1945 1179 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK ERNEST G. DRAPER JOHN K. MCKEE R. M. EVANS ELLIOTT THURSTON, Assistant to the Chairman CHESTER MORRILL, Special Adviser to the Board of Governors OFFICE OF THE SECRETARY DIVISION OF SECURITY LOANS S. R. CARPENTER, Secretary CARL E. PARRY, Director BRAY HAMMOND, Assistant Secretary BONNAR BROWN, Assistant Director LEGAL DIVISION DIVISION OF PERSONNEL ADMINISTRATION WALTER WYATT, General Counsel ROBERT F. LEONARD, Director GEORGE B. VEST, General Attorney J. LEONARD TOWNSEND, Assistant General Attorney DIVISION OF RESEARCH AND STATISTICS DIVISION OF ADMINISTRATIVE SERVICES E. A. GOLDENWEISER, Economic Adviser LISTON P. BETHEA, Director WOODLIEF THOMAS, Director FRED A. NELSON, Assistant Director HOWARD S. ELLIS, Assistant Director DIVISION OF EXAMINATIONS OFFICE OF ADMINISTRATOR FOR WAR LOANS LEO H. PAULGER, Director EDWARD L. SMEAD, Administrator C. E. CAGLE, Assistant Director GARDNER L. BOOTHE, II, Assistant Administrator WILLIAM B. POLLARD, Assistant Director DIVISION OF BANK OPERATIONS EDWARD L. SMEAD, Director FISCAL AGENT J. R. VAN FOSSEN, Assistant Director O. E. FOULK, Fiscal Agent J. E. HORBETT, Assistant Director JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman Vice President ERNEST G. DRAPER R. M. EVANS JOHN C. TRAPHAGEN, NEW YORK DISTRICT RAY M. GIDNEY WILLIAM F. KURTZ, PHILADELPHIA DISTRICT R. R. GILBERT H. G. LEEDY JOHN H. MCCOY, CLEVELAND DISTRICT JOHN K. MCKEE ROBERT V. FLEMING, RICHMOND DISTRICT RONALD RANSOM M. S. SZYMCZAK KEEHN W. BERRY, ATLANTA DISTRICT ALFRED H. WILLIAMS EDWARD E. BROWN, CHICAGO DISTRICT President CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary RALPH C. 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 1180 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Vice Presidents Bank of Deputy Chairman First Vice President Boston Albert M. Creighton Ralph E. Flanders E. G. Hult Carl B. Pitman Henry S. Dennison William Willctt J. C. Hunter" O. A. Schlaikjer New York Bcardslcy Ruml Allan Sproul J. W. Jones H. V. Roelsc William I. Myers L. R. Rounds L. W. Knoke Robert G. Rouse Walter S. Logan John H. Williams A. Phelan V. Willis J. M. Rice R. B. Wiltsc Philadelphia ... Thomas B. McCabc Alfred H. Williams W. J. Davis C. A. Mcllhcnny" Warren F. Whitticr Frank J. Drinnen E. C. Hill C. A. Sienkiewicz Cleveland George C. Brainard Ray M. Gidney Wm. H. Fletcher B. J. Lazar Reynold E. Klages Reuben B. Hays J. W. Kossin W. F. Taylor A. H. Laning* Richmond Robert Lassiter Hugh Leach C. L. Guthric R. W. Mercer W. G. Wysor J. S. Waldcn, Jr. Gco. H. Keescc* C. B. Strathy E. A. Kincaid Edw. A. Wayne Atlanta Frank H. Neely W. S. McLarin, Jr. V. K. Bowman H. F. Conniff J. F. Porter Malcolm H. Bryan L. M. dark 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 Charles B. Dunn J. H. Dillard O. J. Netterstrom A. L. Olson Alfred T. Sihler St. Louis Wm. T. Nardin Chester C. Davis O. M. Attcbcry Wm. E. Peterson Douglas W. Brooks F. Guy Hitt Henry H. Ed mis ton C. M. Stewart H. G. McConnell E. W. Swanson Minneapolis W. C. Coffey J. N. Peyton A. W. Mills* Sigurd Ueland Roger B. Shcpard O. S. Powell Otis R. Preston Harry I. Zicmcf Kansas City.... Robert B. Caldwcll H. G. Lccdy O. P. Cordill John Phillips, Jr. Robert L. Mchornay Henry O. Koppang L. H. Earhart G. H. Pipkin C. O. Hardy D. W. Woollcy8 Dallas Jay Taylor R. R. Gilbert E. B. Austin" W. O. Ford J. R. Parten W. D. Gentry R. B. Coleman W. H. Holloway W. E. Eagle L. G. Pondrom W. J. Evans San Francisco... Henry F. Grady Wm. A. Day C. E. Earhart H. N. Mangels Harry R. Wcllman ra Clerk J. M. Leisner1 H. F. Sladc OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith* Minneapolis Helena R. E. Towle* Cleveland Cincinnati B. J. LazarB Pittsburgh J. W. Kossin* Kansas City Denver G. H. Pipkin* Oklahoma City O. P. Cordill* Richmond Baltimore W. R. Milford* Omaha L. H. Earhart* Charlotte W. T. Clements* Atlanta Birmingham P. L. T. Beavers* Jacksonville Gco. S. Vardeman, Jr.* Dallas El Paso W. E. Eagle5 Nashville Joel B. Fort, Jr.* Houston L. G. Pondrom5 New Orleans E. P. Paris4 San Antonio W. H. Holloway* Chicago Detroit E. C. Harris* San Francisco... Los Angeles W. N. Ambrose* St. Louis Uttlc Rock A. F. Bailey* Portland D. L. Davis* Louisville C. A. Schacht* Salt Lake City W. L. Partner* Memphis W. H. Glasgow* Seattle C. R. Shaw* 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. * Managing Director. * Vice President. NOVEMBER 1945 1181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

oo FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES = BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES i( BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ® FEDERAL RESERVE BANK CITIES < • FEDERAL RESERVE BRANCH CITIES W a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis