Federal Reserve Bulletin, 1945-12

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

EDITORIAL COMMITTEE ELLIOTT THURSTON E. A. GOLDENWEISER CARL E. PARRY The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Review of the Month—Economic Activity and Demand At High Levels. . n83-1190 Financial Developments in Manufacturing and Trade, by Doris P. Warner. . 1191-1196 Law Department: Consumer Credit—Amendment to Regulation W. 1197-1199 Regulations T and U: Withdrawal of Stock upon Deposit of Cash. 1197 Substitution of Stock Certificates. 1197 Addition to Outstanding Loan. . . . .. 1198 Foreign Funds Control—Treasury Department Release. 1198-1199 Current Events 1100-1101 National Summary of Business Conditions 12.01-12.04 Financial, Industrial, Commercial Statistics, U.S. (See p. 12.05 for list of tables) . . 12.05-12.55 International Financial Statistics (See p. 12.56 for list of tables) 1156-1173 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1174 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 1175 Map of Federal Reserve Districts 1176 Index to Volume 31 . 12.77-12.96 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 December NUMBER II ECONOMIC ACTIVITY AND DEMAND AT HIGH LEVELS Economic activity and incomes, after and many chemicals have been beyond the declining in August and September follow- capacity of these industries to produce during the surrender of Japan, were maintained ing this period. Buying by consumers has in October and November at levels which been very active. During October and Nowere still high. War production was cur- vember retail sales of both durable and nontailed rapidly upon the cancellation of war durable goods showed a large expansion contracts and total industrial output and were substantially above last year's dropped by about one-fifth from the early high level. part of August to the early part of October. With few exceptions commodity prices Since that time production at factories and in wholesale and retail markets have conmines has increased, employment has ex- tinued to press against the ceiling levels. panded in industry as well as in the services In a number of cases ceilings have been and trades, and consumer incomes have held raised, and in some instances where ceilings at the level which prevailed during most of were removed prices have advanced con- 1944. siderably. Prices of urban property and To a large extent the reduction in Federal farm land have been maintained at advanced war expenditures since August has been levels or have increased further in recent offset by increased private expenditures for months. Prices of common stocks have goods and services. Business orders and continued to advance and in recent weeks purchases of raw and semifinished materials many stocks have surpassed their 1937 and finished products for capital purposes highs. and of goods to sell at retail to consumers Reconversion of industrial plant to peacehave been in exceptional volume. Value time production has proceeded more rapidly of contract awards for construction of than had been anticipated before the end manufacturing facilities has been at the of the war but less rapidly than was indihighest level on record. Awards for com- cated when most Federal controls were mercial building and other private non- being discontinued in August and Septemresidential building have also increased ber. At that time large cuts were occurring sharply; residential awards increased sub- in war employment and in the use of facilstantially in the second half of October, ities and materials for war purposes. Large after the removal of restrictions. Orders surpluses of labor and other resources were for steel, lumber, paper, textiles, leather, generally expected to develop immediately, 1183 DECEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH and the problem of reconversion to peace- held in check chiefly by the maintenance of time production was regarded as being price controls. mainly of a physical character. Events INDUSTRIAL OUTPUT ADVANCES FOLLOWING since that time have demonstrated, on the DROP IN MUNITIONS PRODUCTION contrary, that four years of active warfare Sfnce the middle of October output at have left this country with widespread factories and mines has shown important shortages and with important readjustments increases following sharp declines during in incomes and prices to be faced. the previous two months when most of the Shortages of manpower have persisted nation's industrial output for war purposes even though the demobilization of the was terminated. According to preliminary armed forces has been accelerated beyond indications production in such industries earlier schedules. Many economic and as coal, coke, petroleum, wool textiles, occupational readjustments, as well as geographic shifts, have been required of INDUSTRIAL PRODUCTION former war workers and of veterans during PHYSICAL VOLUME SEASONALLY ADJUSTED, 1935-39 the reconversion period. Workers have resisted cuts in wages resulting from reduc- \ f tions in working hours and overtime pay. They have been reluctant to accept jobs at 1rates of pay prevailing in the low-wage y manufacturing and service industries, where / there are large unsatisfied demands for J workers. Industrial disputes have occurred J in various lines, and wage-rate advances - \y - \ have been granted in a number of industries. 1957 1938 1939 1940 1941 1942 1943 1944 1945 Little relief from prevailing shortages of Federal Reserve index. Monthly figures, latest shown is an estimate materials and finished products has come for November. from Government-owned surpluses. In- meatpacking, steel, and automobiles ventories of civilian goods held by manu- showed large advances from the middle of facturers and distributors had been sharply October to the latter part of November. reduced during the war. In a number of These advances reflected in part the end of instances, also, the goods on the market are work stoppages in the coal and petroleum still of poor quality. Currently each month refining industries as well as strong demand many additional consumers, chiefly men generally for goods for civilian use. As returning from the war, are entering the indicated on the chart, industrial producmarkets for civilian goods with accumu- tion for the month of October was 163 per lated earnings at the same time that many cent of the 1935-39 average, according to civilians are expecting to replenish their the Board's seasonally adjusted index, and stocks of goods—semidurable as well as it is estimated that the index showed a rise durable. With current domestic incomes of about 5 points for November. At the and holdings of liquid assets at exception- end of November operations in the autoally high levels and with heavy demands mobile industry were sharply reduced by a from abroad, widespread speculative ac- wage dispute, but, barring large-scale tivity and further large price advances are interruptions to production as a result of 1184 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH work stoppages, it is likely that industrial included those producing refrigerators, production will show a further advance in laundry equipment, stoves, typewriters, December. lighting equipment, railroad cars, and tex- The current level of industrial produc- tile machinery. Much of the activity at tion, while sharply below wartime peaks, this stage of reconversion was in the prois about the same as that reached in the duction of parts and preparation of plants autumn of 1941. Output of many goods for final assembly of peacetime products, for civilian as well as for war purposes was but output of finished goods was also inshort of war-stimulated demands at that creasing rapidly. time and a similar situation seems to prevail Production of nondurable goods, which at the present time for many goods needed declined about 5 per cent from July to Sepin the reconstruction period. Shortages tember as a result of curtailed output of are even more pronounced now partly be- explosives, ammunition, and aviation gasocause of the generally reduced and unbal- line, showed no change for the group in anced supply of materials important to the October and advanced in November, accordcivilian economy. Output levels of some ing to preliminary indications. Some materials like lead, zinc, brick, plate glass, further declines in output of war products and lumber are not only much lower than were more than offset by further increases in 1941, but even below 1939. Production in production of many nondurable goods of a number of other materials is above 1939 for civilians. Since August output of levels but considerably reduced from 1941; textile yarns and fabrics, meats, beverages, these include cotton textiles, worsted yarns, and paper products have shown important leather, pulp and paper, and paint and soap increases. Nevertheless, the volume of materials. In order to assure a stable production of these and other nondurable peacetime economy it will be necessary to goods like tires, shoes, clothing, hosiery, expand output of these materials and their textile housefurnishings, soap, dairy prodmanufactures considerably. In the mean- ucts, and confectionery is still generally time, it appears that shortages of many short of demand. industrial products will remain acute, EMPLOYMENT GAINS AFTER MIDDLE OF although physical reconversion of plant OCTOBER and equipment had been largely completed Employment outside of agriculture by the end of November. showed a moderate gain in the latter part Production in the machinery and transof October and in November, according to portation equipment industries, which had preliminary indications. This rise foldeclined about 40 per cent between July and lowed a decline of about 2. million persons September, decreased by only 5 per cent from the middle of August to the early from September to October as increases in part of October and a continuous decline civilian production in many of these infor the two years preceding the end of the dustries in large part offset further curtailwar, which had reduced employment by ment of munitions production. Activity about 3 million persons. At factories the at automobile plants increased substantially reversal of the downward movement in in October. Other metal fabricating inemployment was brought about by the dustries showing gains for the month speedy completion of the initial phases DECEMBER 1945 1185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW' OF THE MONTH of reconversion in metal-products indus- Bureau reports. Demobilization of the tries, which enabled many of these indus- armed forces increased from a monthly rate tries to show employment gains on civilian of about 700,000 in September to over work as early as October. Employment in- 1,500,000 in October and November. This creases in these industries, coupled with factor is leading now to substantial increases smaller additions in many consumer non- in the civilian labor force. durable manufacturing lines, after allowing for seasonal changes, have more than offset INCOMES MAINTAINED AT HIGH LEVELS further small declines in munitions employ- The current rate of income payments to ment since mid-October so that employ- individuals is at an annual level of around ment in manufacturing as a whole was 155 billion dollars following a reduction of higher in November than in October. The about 10 billions from July to September. end of the bituminous coal strike in the latter part of October resulted in increased INCOME PAYMENTS TO INDIVIDUALS employment at coal mines and also in some O B F I D L O LI L O I NS BILLIO _A N R S S 180 140 manufacturing industries which had previously reduced their operations because of i inadequate coal supplies. TOTAL1 - Employment in wholesale and retail |/ / trade establishments, which showed an - iALAFWES,UND VAGES _ unusually large rise from September to / (EXCL. GOV'T / October, has continued to expand. Em- - / / ployment on construction projects, and / / OTHER in many service industries—such as laun- - 1 / PAYMENTS 1 dries, cleaning establishments and other i - .... personal services, hotels, automobile repair, amusement places, and educational estab- \ lishments—has also increased further. - ' VERNMENT With the sharp curtailment of munitions 1945 1939 Based on Department of Commerce estimates. Government salaries production and of other phases of the war and wages include military'pay. Monthly figures raised to annual rates, latest shown are Federal Reserve estimates for November. program, such as various rationing programs and wartime wage and production This rate is similar to the level which precontrols, Federal employment has declined vailed during most of 1944, as shown in the substantially. Increases in most other ma- chart, and is two-thirds above the average jor lines of nonagricultural activity, how- rate of payments during the prewar boom ever, appear to have more than offset this year of 1941. The increase of 60 billion decline since the early part of October. dollars in the annual rate of income pay- The total number of persons unemployed ments since 1941 has been shared equally increased from 800,000 just before the end by the three major divisions of the total of the war to 1,700,000 in the early part of shown on the chart. September. From that time until the Factory pay rolls, which in March early part of November unemployment accounted for one-half of all private wage showed little change, according to Census and salary payments, declined one-third 1186 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH from March to September reflecting the wages. Pay of the armed forces is sharp curtailment in employment and over- scheduled to decline below an annual rate time work at premium rates in war in- of 10 billion dollars by the end of this year dustries. In October there was a slight as compared with the level of around 17 further decline in factory pay rolls but it is billions which was maintained during the likely that in November pay rolls increased third quarter. Likewise, employment and in most manufacturing lines except the food pay rolls of Federal war agencies are exindustries, where seasonal decreases are pected to be reduced considerably further usual in that month, and the aircraft and in the near future. shipbuilding industries. The currently rising trend in factory pay RETAIL SALES AT RECORD RATES rolls reflects an expansion in employment Consumer expenditures reached new recin most nondurable goods industries and ord levels in October and November. in industries producing construction mate- Retail sales have shown a much larger rise rials, producers equipment, and consumer durable goods, and also increases in wage DEPARTMENT STORE SALES AND STOCKS rates in a number of manufacturing lines. Rates of pay in the chemical, lumber, brick, textile, and food industries have already been advanced in the past couple of months, and in various other lines the major point of disagreement seems to be only the amount of the increases to be effected. Rising wage and salary payments appear also to be typical in most lines of economic activity outside of manufacturing, including construction, trade, transportation, utilities, finance, and the service industries. Fede 1 r 93 a 7 l R 1 e 9 s 3 e 8 r ve 1 9 i 3 n 9 d e 1 x 9 e 4 s 0 . Monthly f 1 i 9 g 4 u 2 res, 1 94 l 3 a tes 1 t 9 44 s ho 1 w 94 n 5 are for October-November. Net income of farm proprietors has currently been maintained at last year's record than is usual at this season of the year, level while net incomes of other proprietors reflecting in part increased civilian supplies and Federal interest payments, have con- of such products as foods, footwear, cigatinued to advance. Government payments rettes, gasoline, and metal wares. Early to discharged veterans and unemployment in November shoe rationing was stopped, compensation payments have been con- and at the end of the month rationing of siderably larger in October and November meats and butter was discontinued. Tires than in earlier months. The total of all continued to be rationed because supplies these payments, together with dividends, were far short of demand. Buying of some rents, and royalties, which are included in products like shoes and men's clothing has "other income payments" shown on the been in excess of production and distribuchart, has risen sharply in recent months. tors' stocks have generally been reduced Important reductions are now taking further. Owing to further increases in place in aggregate Government salaries and prices in recent months, however, the value 1187 DECEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH of distributors' inventories has not declined have generally advanced since that time, as much as their physical stocks. both in wholesale and retail markets. Value of sales in October at retail stores Wholesale prices of farm products have was 12. per cent larger than last year's high increased about 7 per cent and are now level. Advances over a year ago occurred slightly above the level prevailing early in all lines, with the largest increases at in the summer which was the highest since stores selling semidurable and durable World War I. The recent price advances goods. At department stores, as shown in have reflected increased export inquiries chart, sales advanced from a level of about and purchases, the maintenance of domestic xoo per cent of the 1935-39 average in demand at a high level, and speculative August and September, after allowance activity stimulated by legislative proposals for seasonal changes, to xi^ in October and to raise the parity price formula and by a new record peak of xxS is indicated for other developments regarded by traders as November. conducive to rising markets. Up until August of this year the wartime Grain prices are' generally at ceiling rise in retail trade, though widespread levels. Reflecting in part higher wheat throughout the country, was much larger prices, the domestic subsidy to millers was in areas where income gains had been par- raised for the month of November to a new ticularly great, such as war production high level of between 30 and 33 cents per centers, areas around military camps, and bushel. Cotton prices have risen two cents agricultural regions. Since the sharp re- per pound since the early part of September ductions in employment and incomes in and at the end of November averaged X4-4 war production centers in August, depart- cents per pound as compared with 2.1.4 cents ment stores sales in a few cities, such as last November. The butter subsidy was Norfolk, Charleston, and San Diego, have discontinued in October and prices rose been somewhat below the high level of last about ix per cent to the new ceiling levels. year. Sales have shown little change as Prices of eggs, which had declined below compared with a year ago in a number of ceiling levels in the latter part of August as other cities considerably affected by war Federal contracts for the purchase of dried activities. These include New Haven, eggs were cancelled, have advanced to Bridgeport, Akron, Toledo, Knoxville, Mo- maximum levels. Prices of most other farm bile, New Orleans, Detroit, Flint, and products have also been rising in recent Wichita. In most other cities, in both the weeks. agricultural and urban areas of the country, Wholesale prices of most industrial proddepartment store sales have continued to ucts in recent months have remained at show large increases compared with the Federal maximum levels and in a number of same pef iod a year ago, when sales were at a instances it has been necessary to raise maxivery high level. mum prices in order to maintain or increase output. In the latter part of November, however, it was announced that a further UPWARD PRICE MOVEMENTS general increase in steel prices would not Commodity prices after declining slightly be granted at this time and that prices for in August and the early part of September new passenger cars would be close to early 1188 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH 1942. levels, which were on the average one- early part of 1937. Prices of railroad issues fifth or more above 1939 prices. were about 55 per cent above the prewar In retail markets prices of foods showed a average, reflecting a relatively larger indecline of one per cent from July to Septem- crease in earnings from the depressed level ber, reflecting mainly decreases in prices of of the 30's. Earnings of public utilities fresh vegetables. Retail prices of fuel oil have been more stable during the war, and and gasoline in Eastern Seaboard States were prices of their common stocks were about xo also reduced in that period owing to the per cent above the prewar level. restoration of tankers to coastwise service. Recent stock market advances have been Prices of most other goods and services, accompanied by some reduction in stock however, continued to show small in- market credit, reflecting the tightening of creases. From September to October retail prices of most commodities showed little sTOCJ< MARKET change, according to the indexes of the Bu- PER CENT reau of Labor Statistics. Since that time 60 1600 retail prices of butter and some other foods have advanced, and there appears to have 120 1200 been further increases in prices of clothing, ^ •* SCALE Iftyr t~* housefurnishings, and building materials. r In the latter part of November a Federal .w ^V 60 600 subsidy program for coffee was announced in O 40 CUSTCMERS NCES 400 order to encourage larger imports and at the DEBIT BALA SCALE *• same time prevent increases in retail prices 20 200 of coffee. 0 0 VOLUME OF TRADING STOCK PRICES ADVANCE SHARPLY Llli-..lil II illllllllmlilillnllhillillllllll 1935 1937 1939 1941 1943 1945 Prices of common stocks have increased Standard and Poor's index of prices of 402 common stocks; 1935-39 = 100; Wednesday figures, latest for November 28. Customers' debit balsharply during the past three months, as ances, end of month figures (latest for October) as reported by member firms of N. Y. Stock Exchange carrying margin accounts. Monthly shown in the chart, and the volume of trad- averages of daily volume of trading on N. Y. Stock Exchange, latest figure for November. ing has been relatively large. The larger volume of buying at rising prices has been margin requirements in July. Trading on financed without additional credit for pur- margin has declined, and margin traders chasing and carrying securities. Stock have sold more shares than they have purprices have advanced more than 15 per cent chased. Credit extended to customers, as since mid-August, according to Standard reported by member firms of the New York and Poor's index of 402. stocks, and at the Stock Exchange, totaled 1,060 million dolend of November were generally 3 5 per cent lars at the end of October, about 160 milhigher than in November of last year. lion below the end-of-June figure which was The general level of all stock prices, as the high point of recent years. The recent well as of industrial stocks, at the end of decline during a period of rising prices is in November was almost 40 per cent above the contrast with previous periods of general 1935-39 average and close to the peak in the advances in stock prices during the past DECEMBER 1945 1189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH decade, which have usually been accom- may be used for future stock purchases or, if panied by expansion in the volume of credit withdrawn, for other spending. The free for purchasing and carrying securities. credit balances of customers, as reported by Indicative of the large supply of funds member firms of the New York Stock Exavailable for investment are the substantial change, now exceed 630 million dollars, idle credit balances carried with brokers by an increase of almost 50 per cent since Notheir customers, supplementing large bal- vember 1944. At their high point in 1937 ances on deposit at banks. These funds these balances totaled 370 million dollars. 1190 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS IN MANUFACTURING AND TRADE IN 1944 by DORIS P. WARNER Division of Research and Statistics Financial developments in manufacturing and Robert Morris Associates and the Federal trade in 1944 showed some of the trends of 1940- Reserve System. Data for the large manufactur- 43 combined with a shift toward a peacetime ing concerns were obtained from Moody's basis. As in the earlier period, sales continued investment manuals. to expand for businesses of all sizes, and smaller SCOPE OF 1943-44 SURVEY concerns showed the larger increases in sales The 1943-44 Survey includes data for about and profits. Growth of liquid assets continued, three-fourths of the concerns included in the especially among small concerns. Asset earlier survey of the years 1940-43, and for expansion was financed to a greater extent from many additional concerns. The scope of the retained earnings than in previous years. sample has been improved in several respects. Small manufacturers, particularly producers of In manufacturing and retail trade, as shown in war materials, continued to finance asset expan- Table 1, the sample of small and very small sion about equally from retained earnings and concerns has been increased several fold. The increased tax accruals. Among other concerns, sample of large manufacturing companies has however, accrued tax liabilities, which had prealso been increased, improving especially the viously increased substantially and thus procoverage in the so-called war industries. In vided about as much funds as retained earnings, general the variations in financial experience by showed little change or declined in 1944. Meindustry and size of concern in the present dium and larger-size war producers used considersample confirm the general trends apparent in able funds in 1944 to reduce tax liabilities and the earlier less adequate number. Briefly, the to retire Government advances and bank loans. wartime increases in sales and earnings and in Among the trade concerns and the larger nonliquid assets were shared by small as well as war producers, some funds for asset expansion large companies. In manufacturing, especially were provided by further increases in tax and in war industries, the most marked increases other current liabilities. There was also a conwere among the small companies. siderable increase in capital expenditures and a small expansion of retail credit. As in the preceding survey, reports for very small concerns, especially in trade, are so limited These are the principal trends indicated by a compilation of financial data for more than TABLE I. COMPARISON OF NUMBER OF MANUFACTURING AND 1,500 concerns—1,705 in manufacturing and TRADE CONCERNS IN THE 1940-43 SURVEY AND THE 1943-44 SURVEY 864 in trade—covering establishments with total assets ranging from $10,000 to over $1,000, Manufacturing Trade Asset size (end of 1941, 000,000. The data provide a basis for continu- in dollars) 1940-43 1943-44 1940-43 1943-44 survey survey survey survey ing the analysis of wartime developments in business finance which was presented in the Under 50,000 14 48 22 66 50,000 to 100,000 33 83 51 94 BULLETINS for January and April of this year.1 100,000 to 250,000 100 183 140 201 As was the case for the earlier study, statements Under \i million 147 314 213 361 \i to 1 million 296 406 260 303 for small and medium-size concerns were secured 1 to 5 million 389 478 161 165 5 to 10 million 95 89 24 23 under a cooperative arrangement between the 10 million and over 1345 418 23 12 All sizes il,272 1,705 681 864 1 "Wartime Earnings of Small Business," BULLETIN for January l Represents number for which data were published in April BULLE- 1945, pp. 16-26, and "Wartime Financing of Manufacturing and Trade TIN; this included 12 more companies than were in the analysis pub- Concerns," BULLETIN for April 1945, pp. 313-30. lished in the January BULLETIN. DECEMBER 1945 1191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS IN MANUFACTURING AND TRADE IN 1944 in number as not to offer a significant indication TABLE 2.. PERCENTAGE INCREASE IN SALES AND NET PROFIT, of general trends.2 To be sure, the sample for 1943 TO 1944, FOR SAMPLE OF MANUFACTURING AND TRADE CONCERNS very small concerns, those with assets under $50,000, has been increased threefold, but the Manufacturing1 Trade larger number is still only a fraction of one per Asset size (in millions of dollars) War Other Wholecent of the small concerns which account for in tr d i u e s s - in tr d ie u s s- sale Retail about two-thirds of all retail sales, one-third Sales: of all wholesale sales, and about 7 per cent of all Under \i 33 14 6 10 3 6 6 manufacturing output. 1 to 5 8 3 12 7 Composite income and balance sheet data for 5 1 0 t o a n 1 d 0 over 5 6 -3 6 12 Earnings before taxes: 1943 and 1944 for the 2., 5 69 manufacturing and Under M 33 23 2 6 trade concerns classified by broad industry 1 to 5 - - 6 9 -2 6 5 1 1 8 2 groups and by asset size of business are presented 5 1 0 t o a n 1 d 0 over -1 -4 5 -3 9 14 in Table 6. Similar data for 1940 and 1943 were Net profit (after taxes): shown in the April 1945 BULLETIN for 1,953 Under Y± 1 2 4 -2 15 -10 0 6 7 concerns. 1 to 5 -17 2 1 1 5 1 0 t o a n 1 d 0 over -10 8 — 5 2 4 SALES AND NET PROFIT Sales of manufacturing concerns in both war electrical equipment, machinery, and transportation equipment and other lines continued to expand in 1944. (autos, aircraft, rail equipment, shipbuilding). Other manufacturing industries include food, beverages, tobacco, textile mill products, ap- For most size groups shown in Table x the in- parel, leather and products, lumber products and furniture, paper and products, printing and publishing, and stone, clay, and glass products. crease was moderate, with somewhat larger increases in war than in non-war industries. In the paper, printing and publishing, and lum- The small concerns, those with assets of less ber industries there was general improvement than a quarter of a million dollars, showed in earnings while in the leather, textile, and the largest increases in both sales and earnings stone, clay and glass industries, earnings debefore taxes. Even after income taxes, the small clined . concerns had a net profit 15 per cent larger than Sales of the sample concerns in many lines in 1943. of trade showed moderate increases from 1943 For the medium-size and larger war manu- to 1944 with larger increases among department facturers, costs and charges appear to have stores. The net effect of taxes and other busiincreased more than sales, and earnings before ness costs was that net profit for the wholesale taxes were below the 1943 level. An exception sample declined generally from the 1943 level was the petroleum industry, where an increase while for the retail sample there was a small of Z3 per cent in sales was accompanied by a zo increase. per cent increase in earnings before taxes. In many instances the decline in earnings before EXPANSION OF ASSETS taxes was accompanied by a reduction in Fed- Further growth in the volume of business in eral tax liabilities sufficient to result in net 1944 was accompanied by expansion in total profits for 1944 slightly above those for the assets which, as shown in Table 5, varied among preceding year. industries and size groups in a manner similar Sales of the medium-size and larger concerns to the variation in volume of sales. Except in non-war lines were only slightly above 1943 among medium-size and large war manufacturers and earnings were not consistently different. there was a tendency for asset expansion to con- 2 A general discussion of the representativeness of the sample tinue at about the same rate as in earlier war statistics appears in an appendix of the article in the January BULLE- years; in the case of large metal and metal work- TIN, pp. 23-26, and in the article in the April BULLETIN, p. 313. 1192. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS IN MANUFACTURING AND TRADE IN 1944 ing industries total assets declined somewhat. taxes, and cash dividends. In many of the Most of the increase that did occur, as shown broad industry and size groups shown in Table 3 in Table 3, was in the form of liquid assets, that retained earnings accounted for 70 per cent or is, cash and marketable securities. In a number more of the increase in total assets. Small of groups the dollar increase in liquid assets manufacturing concerns, however, financed a exceeded that in total assets. substantial proportion of their funds from rising tax liabilities and to some extent from external TABLE 3. RETAINED PROFIT AND INCREASE IN LIQUID ASSETS sources including banks and trade creditors. IN 1944 COMPARED WITH INCREASE IN TOTAL ASSETS, For some of the larger concerns in war indus- FOR SAMPLE OF MANUFACTURING AND TRADE CONCERNS tries the previous wartime trend in financing was beginning to be reversed. This reversal is Asset size (in millions of dollars) reflected in the changes in liabilities from 1943 Basis of comparison and industry U de n r - tfto 1 5 to 5 1 t 0 o o a v 1 n e 0 d r to 1944 summarized in Table 4. Funds from internal sources were being used to reduce tax Increase in liquid assets as percent- liabilities, to repay bank loans, and in some age of increase in total assets: Manufacturing—war industries.. 45 49 100 C1) 95 cases to retire Government advances. This Manufacturing—other industries. 71 55 90 116 94 Wholesale trade 58 113 76 46 explains in part the small increase in liquid Retail trade 71 125 106 1?8 assets which occurred for the larger war in- Retained profits as percentage of increase in total assets: dustries. To the extent that such adjustments Manufacturing—war industries.. 34 82 115 C1) 814 Manufacturing—other industries. 58 78 60 ^61 48 occurred in 1944, these concerns were probably Wholesale trade 110 71 74 * 96 in a stronger financial position when war busi- Retail trade 86 79 57 43 ness was sharply reduced in 1945. Bank loans 1 Both total assets and liquid assets declined in this group. were being reduced in war industries generally Among the smaller manufacturers where sales except for petroleum and some large machinery increased considerably, liquid assets increased companies. Government advances declined about 50 per cent from 1943 to 1944 and inven- among large companies in all industries except tories and receivables also expanded. The chemicals and non-ferrous metals, but consmaller rise in sales of the larger manufacturers tinued to expand in some medium-size groups. was accompanied by smaller increases in liquid Generally reduced earnings resulted in smaller assets, averaging about 10 per cent for the war accruals for Federal taxes in all war industries. producers and Z5 per cent for the non-war manufacturers, while inventories and receivables TABLE 4. PERCENTAGE INCREASE IN SELECTED LIABILITIES, 1943 TO 1944, FOR SAMPLE OF MANUFACTURERS tended to decline. Variations in the rate of IN WAR INDUSTRIES sales and of asset expansion, by size of business, Asset size (in millions of dollars) were less marked among trade concerns. Retailers' holdings of liquid assets increased some- Account Un- 10 der M to 1 1 to 5 5 to 10 and what more than wholesalers'. Among depart- H over ment stores, which in most size groups account Bank loans 44 -1 -5 -30 2 Government advances 9 39 198 -81 -19 for at least half of the assets in the retail trade Federal income taxes 45 -10 -5 -17 -10 Funded debt -10 7 30 4 -7 sample, there were generally small declines in Stock 2 2 -1 0 0 inventories and increases in receivables. Developments among the larger concerns in FINANCING ASSET EXPANSION the non-war lines were mixed. Bank loans were Funds to expand assets in 1944 were derived increased among the medium-size concerns while largely from retained profit, that is, earnings among the very large concerns, except in the after deduction of charges for current costs, beverage industry, there was a tendency to re- DECEMBER 1945 1193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS IN MANUFACTURING AND TRADE IN 1944 duce bank loans. Some of the increased bor- trade financing in 1944 was much the same as for rowing from banks was offset by repayments of previous years. Funds were derived mainly long-term debt. In about half of the non-war from retained earnings and to some extent from groups some funds for current operations were increased tax and other accruals. Repayment provided by deferring payment for rising tax of bank loans continued in some lines as inliabilities, in other groups tax liabilities were ventories were further reduced, while increases reduced as profits declined. in accounts payable more or less offset increased The general character of retail and wholesale extensions of customer credit. TABLE 5. PERCENTAGE INCREASES IN SALES AND IN ASSETS AND LIABILITIES, 1943 TO 1944, FOR SAMPLE OF MANUFACTURING AND TRADE CONCERNS, BY SIZE OF BUSINESS Asset size (in millions of dollars) Account Under M M to 1 1 to 5 10 and Under 5 o v a e n r d Manufacturing—war industries Wholesale trade Annual sales 33 10 8 5 6 12 Total assets (end of year) 23 6 3 -6 6 5 5 2 Cash, marketable securities 49 12 10 -16 20 34 16 4 Inventory 27 8 1 -3 -3 -2 1 2 Receivables 12 5 4 -4 12 2 2 -2 Net property 0 -1 -7 -3 -1 4 2 -1 9 Total liabilities and equity (end of year): To banks, security holders, Govt 9 2 1 -9 -3 2 2 -1 -9 Current accruals 33 4 -4 -8 -6 0 2 6 6 Surplus and reserves 31 17 15 2 13 15 13 12 12 Manufacturing—other industries Retail trade Annual sales 3 3 -3 6 7 Total assets (end of year) 15 5 6 5 5 10 6 7 5 Cash, marketable securities 50 23 25 26 21 36 30 28 36 Inventory 4 1 2 — 1 -1 -1 -1 -4 -11 Receivables 6 0 2 -7 4 3 1 5 10 Net property 2 1 -3 -1 -1 -6 -2 -6 Total liabilities and equity (end of year): To banks, security holders, Govt 0 2 0 2 0 2 -4 1 -5 Current accruals 16 2 10 2 14 10 9 1 16 Surplus and reserves 27 13 13 13 11 21 15 20 9 NOTE.—The increases in total liabilities and equity are equal to the increases in total assets. Change in net property does not measure additions to plant and equipment owing to accumulations of unspent depreciation charges, which are a deduction in arriving at net property. Liabilities to security holders include net increase in stocks as well as bonds. Liability to Government represents only advances in connection with supply contracts. Accruals include net increase in accounts payable, in amounts due Government for renegotiation and taxes, and in all other current liabilities except bank loans and Government advances. Increase in surplus and reserves reflects retained profit and earnings allocated to contingency reserves. It does not include depreciation reserves; such reserves are classified on the asset side of the balance sheet as a deduction in arriving at net property. 1194 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS IN MANUFACTURING AND TRADE IN I944 TABLE 6. COMPOSITE BALANCE SHEET AND INCOME STATEMENTS, 1943 AND 1944, FOR 2.,569 MANUFACTURING AND TRADE CONCERNS BY GROUPED INDUSTRIES AND ASSET SIZE OF BUSINESS [Financial data in thousands of dollars] Asset size (end of 1941, in thousands of dollars) Account Under 250 250 to 1,000 1,000 to 5,000 5,000 to 10,000 10,000 and over 1943 1944 1943 1944 1943 1944 1943 1944 1943 M anu f ac tur in g—w ar ^indus tr i es Number of concerns 106 174 206 32 282 Total assets (end of year)1 23,098 28,328 148322 157,794 679,414 699,261 265,192 249,329 37,81507137,912,473 Cash 3,090 3,913 23,501 23,196 98,026 104,370 43,547 30,630 5,244,375 5,256,754 Marketable securities 1,628 3,137 14,453 19,417 97,911 111,475 46,421 44,738 4,760,889 5,672,530 Inventories 5,916 7,507 39,913 42,923 184,648 186,737 64,998 63,051 7,214,138 6,670,307 Receivables 5,252 5,905 32,482 33,987 130,663 126,641 41,017 42,744 5,885,189 5,684,229 Net property 6,166 6,463 31,783 31,923 141,803 140,172 59,699 57,953 12,848,516 12,752,081 Other assets1 1,046 1,403 6,190 6,348 26,363 29,866 9,510 10,213 1,861,964 1,876,572 Liabilities and equity (end of year): Notes payable to banks 2,046 2,944 14,987 14,883 65,947 62,938 32,436 22,834 1,040,561 1,022,847 Trade notes and accounts payable. 2,419 3,026 12,728 14,777 55,567 53,766 15,232 18,351 2,836,201 2,885,280 Government advances 292 318 533 740 2,270 6,755 2,997 579 1,928,203 1,571,495 Accrued income taxes 3,373 4,883 27,909 25,159 123,820 117,124 36,994 30,908 4,001,789 3,600,144 Other current liabilities 2,320' 2,897 12,746 5,415 67,263 66,188 18,629 15,895 3,176,549 2,902,698 Funded debt 1,146 1,031 3,260 3,479 12,991 16,926 6,989 7,301 2,096,643 1,952,640 Capital stock 6,499 6,610 39,298 40,138 179,429 177,484 79,004 79,323 13,687,901 13,734,997 Reserves (contingency)... 453 301 3,850 2,084 21,621 24,240 17,739 12,152 2,509,129 2,892,346 Earned surplus1 4,550 6,318 33,011 41,119 150,506 173,840 55,172 61,986 6,538,095 7,350,026 Income statement (during year): Sales 55,130 73,339 324,212 356,666 1,246,571 1,342,989 400,632 421,112 48,530,503 51,404,717 Profit before income taxes 5,533 7,356 39,642 37,141 172,091 157,383 52,731 45,031 5,911,385 5,664,650 Net profit 2,160 2,473 11,733 11,982 48,271 40,259 15,737 14,123 1,909,596 2,064,506 Cash dividends and withdrawals... 911 702 3,751 4,228 16,130 17,348 6,962 7,251 1,153,182 1,271,171 Derived items: Net working capital 5,436 6,394 41,446 48,549 196,381 222,452 89,695 92,596 10,121,288 11,301,356 Net worth 11,049 12,928 72,309 81,257 329,935 351,324 134,176 141,309 20,225,996 21,085,023 Capital expenditures 1,117 5.093 20,844 5,618 1,471,374 Manufacturin, —other industries Number of concerns. 208 232 272 57 136 Total assets (end of year)1 32,233 36,987 149,935 158,082 644,359 684,151 409,414 429,977 7,124,148 7,502,587 Cash 4,706 6,079 18,243 19,681 81,016 90,484 46,862 51,577 808,955 931,941 Marketable securities 2,016 4,002 12,019 17,667 64,226 90,569 45,123 64,241 900,839 1,133,341 Inventories 10,438 10,811 50,653 51,300 196,627 200,853 94,951 94,069 1,885,070 1,864,760 Receivables 7,530 8,016 27,851 27,749 104,680 106,905 50,273 46,769 833,996 865,157 Net property 6,008 6,107 32,873 33,110 166,094 160,698 152,629 150,537 2,492,910 2,460,810 Other assets1 1,535 1,972 8,296 8,575 31,716 34,642 19,576 22,784 202,378 246,578 Liabilities and equity (end of year): Notes payable to banks 1,906 2,238 10,144 11,102 45,070 48,879 13,743 15,900 148,116 174,835 Trade notes and accounts payable. 3,539 3,457 12,222 12,110 36,014 36,282 17,483 20,013 312,319 347,631 A O F G u c t o h n c v e r d e u r e r e d n c d m u d r i e n e r n e b c t n o t t m a d l e i v a t a b a n i x l c e i e t s s ies 3 2 , , 0 2 7 7 5 4 1 3 4 4 2 , , 1 5 6 5 5 6 7 9 6 9 1 4 9 7 , , , 8 4 5 9 8 3 9 3 1 9 5 8 1 1 5 7 0 , , , 0 6 6 5 4 6 8 1 9 7 0 0 3 2 7 5 0 7 , , , 9 1 7 1 9 2 0 4 5 7 2 8 8 4 1 4 4 6 , , , 2 3 2 5 1 9 5 3 1 5 9 2 4 3 2 6 2 1 , , , 1 6 6 5 5 1 7 8 2 4 3 2 4 4 2 , , , 6 4 3 1 0 9 9 9 9 3 6 7 2 3 3 0 0 9 6 2 , , , , 4 9 0 1 6 9 7 4 5 6 0 0 3 5 7 8 4 5 8 9 1 6 2 , , , , 7 4 8 0 6 7 4 5 5 8 3 8 Capital stock 8,565 8,450 47,063 47,104 235,324 234,245 167,097 167,841 3,144,643 3,189,426 Reserves (contingency) 164 605 1,139 1,061 10,845 12,213 6,494 7,193 339,456 370,006 Earned surplus1 11,991 14,846 46,514 52,799 183,134 207,135 104,170 117,603 1,480,943 1,650,545 Income statement (during year): Sales....' 101,292 115,219 414,447 428,076 1,533,013 1,585,189 777,556 753,046 13,224,711 14,053,507 Profit before income taxes 7,881 9,680 29,278 28,767 120,556 127,818 70^69 68,800 1,133,184 1,234,856 Net profit 4,810 5,523 11,340 11,087 42,829 43,607 24,711 24,191 430,988 452,813 Cash dividends and withdrawals... 2,142 2,742 4,346 4,768 18,830 19,691 11,090 11,558 271,181 272,607 Derived items: Net working capital 13,921 16,391 58,428 64,328 251,595 274,785 138,213 153,735 2,905,794 3,059,067 Net worth 20,556 23,296 93,577 99,903 418,458 441,380 271,267 285,444 4,625,586 4,839,971 Capital expenditures 765 3,557 8,342 10,353 159,860 DECEMBER 1945 1195 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS IN MANUFACTURING AND TRADE IN 1944 TABLE 6. COMPOSITE BALANCE SHEET AND INCOME STATEMENTS, 1943 AND 1944—Continued [Financial data in thousands of dollars] Asset size (end of 1941, in thousands of dollars) Account Under 250 250 to 1,000 1,000 to 5,000 5, 000 to and over 1943 1944 1943 1944 1943 1944 1943 1944 Wholesale'trade Number of concerns 155 168 86 10 Total assets (end of year)1. 23,558 24,948 90,779 95,575 224,171 235,009 131,893 134,722 Cash 3,174 3,565 10,056 12,191 30,049 31,497 16,114 12,862 Marketable securities 961 1,377 5,960 9,232 20,148 26,898 17,862 22,402 Inventories 9,514 9,225 36,496 35,910 89,972 91,239 40,325 41,119 Receivables 6,345 7,102 23,226 22,825 41,475 42,352 40,299 39,525 Net property 2,783 2,881 10,564 10,761 31,178 30,935 11,751 12,804 Other assets1 781 798 4,477 4,656 11,349 12,088 5,542 6,010 Liabilities and equity {end of year): Notes payable to banks 2,302 2,225 6,617 7,285 21,028 20,469 8,500 2,400 Trade notes and accounts payable 3,600 3,660 13,247 11,850 26,030 25,551 17,841 18,648 Government advances 42 20 376 173 Accrued income taxes 1,140 1,223 "7,898 8^650 25,080 27,097 18,109 19,480 Other current liabilities 868 738 4,183 5,329 It, 585 13,849 12,182 12,721 Funded debt 708 606 3,069 • 3,149 5,674 6,040 856 665 Capital stock 4,860 4,887 29,608 29,675 71,169 70,798 38,180 40,414 Reserves (contingency).. 32 68 375 478 4,744 5,097 5,975 7,419 Earned surplus1 10,006 11,521 25,782 29,159 58,485 65,935 30,250 32,975 Income statement {during year): Sales.... 129,183 137,299 369,829 392,191 753,793 846,873 413,855 442,328 Profit before income taxes 4,488 4,565 14,755 14,835 38,126 40,219 25,213 26,431 Net profit 3,348 3,342 6,857 6,185 13,046 13,122 7,104 6,951 Cash dividends and withdrawals.. 1,495 1,808 3,080 2,763 5,438 5,119 3,249 4,237 Derived items: Net working capital 12,042 13,403 43,793 47,044 97,545 104,847 57,968 53,249 Net worth 14,866 16,408 55,390 58,834 129,654 136,733 68,430 73,389 Capital expenditures 410 1,207 2,986 2,139 Retail trade Number of concerns 206 135 79 25 Total assets (end of year)1. 26,146 28,681 80,706 85,314 197,580 211,157 504,822 532,528 Cash 3,634 4,596 11,369 13,510 26,616 29,760 97,118 122,925 Marketable securities 1,344 2,184 7,802 11,409 25,137 36,447 45,645 71,852 Inventories 10,741 10,652 28,539 28,159 55,154 53,237 209,223 186,135 Receivables 5,220 5,388 12,995 13,126 31,070 32,709 29,975 33,094 Net property 3,949 4,261 14,631 13,793 46,451 45,403 103,487 97,415 Other assets1 1,258 1,600 5,370 5,317 13,152 13,601 19,374 21,107 Liabilities and equity {end of year): Notes payable to banks 1,863 1,485 2,309 1,986 7,197 7,762 23,404 12,007 Trade notes and accounts payable. . 3,254 3,468 8,612 8,671 17,711 18,223 70,288 78,919 Government advances 4 7 9 Accrued income taxes 1,839 1,908 8,388 9,721 26,570 29,750 66,589 79,887 Other current liabilities 1,419 1,774 4,828 5,445 12,901 14,392 20,768 24,509 Funded debt 787 973 4,733 3,928 8,247 7,441 24,622 29,185 Capital stock 7,152 7,202 26,382 26,356 77,331 76,602 165,752 162,074 Reserves (contingency). 168 147 545 714 2,545 3,021 3,864 4,123 Earned surplus1 9,660 11,717 24,900 28,493 45,078 53,966 129,535 141,824 Income statement {during year): Sales 75,955 81,646 201,367 213,370 480,759 514,266 1,578,064 1,764,513 Profit before income taxes 5,379 5,713 14,825 16,534 40,071 43,412 102,968 117,596 Net profit 3,540 3,805 6,437 6,813 13,501 13,662 36,379 37,709 Cash dividends and withdrawals . 1,648 1,636 2,762 3,157 5,737 5,862 26,035 25,684 Derived items: Net working capital.. 12,560 14,178 36,559 40,381 73,598 82,026 200,912 218,684 Net worth 16,812 18,919 51,282 54,849 122,409 130,568 295,287 303,898 Capital expenditures. 741 1,107 2,528 3,697 1 Total assets, other assets, and earned surplus are net of intangibles (patents, good will, etc.). NOTE.—Concerns are classified by industry on basis of prewar product. Manufacturing industries classified as "war" include chemicals, petroleum, rubber, steel and products, nonferrous metals and products, electrical equipment, machinery, and transportation equipment (autos, aircraft, rail equipment, shipbuilding). Other manufacturing industries include food, beverages, tobacco, textile mill products, apparel, leather and products, lumber products and furniture, paper and products, printing and publishing, and stone, clay, and glass products. The sample includes 269 unincorporated firms with assets under $250,000, distributed as follows: 23 in war industries, 69 in other manufacturing, 79 in wholesale trade, and 98 in retail trade. 1196 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Consumer Credit listed article having a cash price of $15.00 or Amendment to Regulation W more. The Board of Governors of the Federal Re- Regulations T and U serve System, effective December i, 1945, issued Withdrawal of Stock upon Deposit of Cash the following amendment to its Regulation W, entitled "Consumer Credit": The Board has been asked whether under Regulation T a customer having a general account in which the adjusted debit balance AMENDMENT NO. 19 TO REGULATION W exceeds the maximum loan value of the secur- Regulation W is hereby amended in the fol- ities in the account may have delivered to him lowing respects, effective December 1, 1945: from the account a registered security (other 1. Section 8 entitled "EXCEPTIONS" is than an exempted security) if he pays the broker amended by adding thereto a new subsection an amount of cash equal to the current market reading as follows: value of the security delivered. Qp) Demonstrators.—Any extension of The Board has ruled that such a transaction credit which is to be repaid within not would be equivalent to a sale of the security more than 11. months and is made to a bona and the receipt by the broker of the proceeds fide salesman of automobiles in order to and that consequently the transaction is perfinance the purchase of a new automobile mitted by the regulation. to be used by him principally as a demonstrator. Substitution on Stock Certificates z. Section 10 entitled "RENEWALS, REVI- A client has two certificates representing an SIONS, AND ADDITIONS OF INSTALMENT identical number of shares of the same stock. CREDIT" is amended in two respects, as One certificate is held by his broker as colfollows: lateral. The other is in the client's safety (a) By adding the following sentence to deposit box. The client desires to sell the Footnote 7 attached to section io(V): Whenever shares represented by the certificate held by the the regulation is amended to increase the maxi- broker. The question is whether he can replace mum maturity for any class of transactions, the the certificate held by the broker with the terms of repayment "permitted in the first certificate from his safety deposit box without instance'' in so far as they relate to the maximum violating the second paragraph of section 3(b) maturity for such class of transactions shall be of Regulation T which provides that no ' 'withdeemed to be the terms applicable under the drawal" of listed securities shall be permissible provisions of the amendment. if the account, after such withdrawal, would (b) By adding at the end of Opion 2 of sec- be undermargined. tion io(Jf), after the words "12. months," a In speaking of a ''withdrawal" of securities, comma and the following: or within 18 months the regulation has reference to a withdrawal in case the consolidated obligation is an instal- of securities which were held as collateral. The ment loan and no part of the proceeds of the mere substitution of certificates representing an additional credit is to be used to purchase any identical number of shares of the same stock is DECEMBER 1945 1197 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT not a transaction of a kind contemplated by the regulation. It is accordingly of no conseregulation. In the circumstances, the Board quence that a portion of the indebtedness is is of the opinion that the substitution of one technically unsecured if there is a portion certificate for another in the circumstances which is secured by stocks. Furthermore, the described need not be regarded as subject in any results do not depend upon the existence of a way to the provisions of Regulation T. "general pledge agreement" by which all collateral and property of the borrower in the Addition to Outstanding Loan possession of the bank is subject to the lien of Inquiries have been received as to the effect every loan to the borrower. Consequently, the of Regulation U in two situations: (i) an un- rules are applicable even where there is no such secured loan for the purpose of purchasing agreement. registered stock is outstanding and the customer It will be noted that in these cases both of the wishes to obtain an additional loan for the same loans are for the purpose of purchasing or carrypurpose which is to be secured by stocks; (x) a ing registered stocks and neither is excepted by loan for the purpose of purchasing registered section z. If the situation involves a loan for stocks and secured by stocks is outstanding and another purpose or a loan excepted by section the customer wishes to obtain an additional z, the existence of a general pledge agreement loan for the same purpose which is not to be may become relevant as may also the question of secured by stocks. None of the loans are ex- whether or not there has been an identification ceptions as described in section 2.. of collateral pursuant to section 3(11). In the first case, the bank must obtain, at the " Foreign Funds Control time the additional loan is made, collateral having loan value at least equal to the amount Treasury Department Release of the additional loan. No collateral is re- TKe following releases relating to transacquired to be provided at that time for the untions in foreign exchange, etc., in addition to secured loan, but thereafter withdrawals and those heretofore published in the Federal Resubstitutions of collateral will be governed by serve BULLETIN, have been issued by the the status of the entire indebtedness, both Office of the Secretary of the Treasury under secured and unsecured, as related to the colauthority of the Executive Order of April 10, lateral for the secured loan. 1940, as amended, and the Regulations issued In the second case, the bank may not make the pursuant thereto: unsecured loan, but, unless excess collateral is held for the outstanding loan, must obtain, at Treasury Department the time the additional loan is made, collateral Foreign Funds Control having loan value at least equal to the amount November 14, 1945 of the additional loan. Thereafter, withdraw- PUBLIC CIRCULAR NO. 15, AS AMENDED als and substitutions of collateral will be governed by the status of the entire indebtedness, Under Executive Order No. 8389, as Amended, Executive Order No. including both the new and the old loan, as 9193, As Amended, Sections 3(0) and /(&) of the Trading with the Enemy Act, as Amended by the First War Powers related to the collateral for both loans. Act, 1941, Relating to Foreign Funds Control.* These results follow from the language of the second paragraph of section 1 which provides Public Circular No. 15 is hereby amended to read as folthat the entire indebtedness for the purpose of lows: purchasing or carrying registered stocks shall * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966f Sec. 2, 48 be considered a single loan and all collateral Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, securing such indebtedness shall be considered 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended by Ex. Order 9567, June 8, together in determining compliance with the 1945; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. II98 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Waiver of Certain Reporting Requirements blocked country by reason of the interest therein of a person within Belgium or any other blocked (i) Reports under licenses. All requirements for reports country; or under general or other licenses are hereby waived, except (ii) any income from such property accruing on or as to General Licenses Nos. &p-, 49, 50, 52., 58, 59, 60, 61, 68A, after the date hereof 70, and 75. shall be effected under, or be deemed to be authorized (2.) Reports under Public Circular No. 14. The reporting by, this license unless a designated agent of the Govrequirements of Public Circular No. 14 are also waived. ernment of Belgium has certified in writing that the FRED M. VINSON, Government of Belgium has determined that no Secretary of the Treasury. blocked country or national thereof, other than Belgium or any national of Belgium, has at any time be- Treasury Department tween the effective date of the Order and the date of Foreign Funds Control the certification, had any interest in such property. November 10, 1945 (2.) Certain other transactions authorised. This general license also authorizes any transaction which could be ef- GENERAL LICENSE NO. 93 fected under General License No. 53 if Belgium were a mem- Under Executive Order No. 8389, as Amended, Executive Order No. ber of the generally licensed trade area, provided that this 9193, as Amended, Section f(F) of the Trading with the Enemy paragraph shall not be deemed to authorize any payment, Act, as Amended by the First War Powers Act, 1941, Relating transfer, or withdrawal, or other dealing, with respect to to Foreign Funds Control* any property which is subject to proviso (b) of paragraph (1) hereof, unless certification has been made thereunder. Transactions on Behalf of, or Involving Property of, Belgium (3) Application of license to nationals of Belgium who are also and Its Nationals nationals of other blocked countries. The provisions of para- (1) Certain transactions involving Belgium or nationals thereof graph (1) hereof shall not apply with respect to any national or relating to Belgian property authorized. A general license is of Belgium who is also a national of any other blocked counhereby granted licensing any transaction referred to in Section try, provided, however, that for the purpose only of this gen- 1 of the Order if (i) such transaction is by, on behalf of, or eral license the following shall be deemed not to be nationals pursuant to the direction of Belgium or any national thereof, of any blocked country other than Belgium: or (ii) such transaction involves property in which Belgium (a) Any individual residing in Belgium, except any citizen or any national thereof has at any time on or since the effec- or subject of Germany or Japan who at any time on or tive date of the Order had any interest, provided that: since December 7, 1941 has been within the territory (a) Such transaction (i) is not by, on behalf of, or pur- of either such country or within any other territory suant to the direction of any blocked country or any while it was designated as "enemy territory" under national thereof, other than Belgium or any national General Ruling No. 11; of Belgium, and (ii) does not involve property in (b) Any partnership, association, corporation, or other which any blocked country or any national thereof, organization organized under the laws of Belgium, other than Belgium or any national of Belgium, has unless it is a national of Germany, Japan, Bulgaria, at any time on or since the effective date of the Order Hungary or Rumania. had any interest; and (4) Waiver of Section 2A of the Order, General Rulings Nos. 5, (b) No payment, transfer, or withdrawal, or other deal- / and IJ, and Public Circular No. 14. The provisions of Gening with respect to eral Rulings Nos. 3 and 17 and Public Circular No. 14 are (i) any property in which on the date hereof any of waived with respect to any transaction effected under this the following has an interest: (A) Any person license. The provisions of Section 2.A of the Order and of within Belgium or any other blocked country; or General Ruling No. 5 are waived with respect to any secur- (B) any partnership, corporation, association, or ity to which is attached a certification under proviso (b) of other organization which is a national of a paragraph (1) hereof. (5) Definition. As used in this general license, the term * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 "Belgium" shall include Belgium and any colony or other Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941. Ex. Order 8963, territory subject to the jurisdiction of Belgium. Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July FRED M. VINSON, 6, 1942, as amended by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. Secretary of the Treasury. DECEMBER 1945 1199 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Federal Reserve Meetings Mr. Richard Shore Smith, President, The First The Federal Advisory Council met in Wash- National Bank of Eugene, Eugene, Oregon, as a ington on November 18 and 19, 1945, and met Class A director of the Bank. Mr. Smith had with the Board of Governors of the Federal served as a Class A director since January 1, Reserve System on November 19, 1945. 1945. Resignation of Mr. Hays and Appointment of Mr. Deaths of Directors Fletcher as First Vice President of the Federal Reserve Bank of Cleveland Mr. Elmer H. Cox, President, Columbia Tim- Mr. Wm. H. Fletcher, Vice President of the ber Company, San Francisco, California, who Federal Reserve Bank of Cleveland, was ap- had served as a Class B Director of the Federal pointed First Vice President effective December Reserve Bank of San Francisco since October 13, 1, 1945, to succeed Mr. Reuben B. Hays who 1914, died on December 4, 1945. resigned effective November 30, to become Executive Vice President of the First National Mr. John K. Hicks, President and Manager, Bank of Cincinnati. Hicks-Hay ward Company, El Paso, Texas, who Mr. Fletcher has been a member of the staff had served as a director of the El Paso Branch of of the Federal Reserve Bank of Cleveland since the Federal Reserve Bank of Dallas since April 8, February 1918, and an officer of the Bank since 1943, died on November X2., 1945. July 19x3. Changes in the Board's Staff Appointment of Class C Director Dr. E. A. Goldenweiser, Economic Adviser, The Board of Governors of the Federal Reserve will retire as a member of the Board's staff under System on December 10, 1945, announced the, the provisions of the Federal Reserve Retirement appointment of Mr. Russell L. Dearmont, Gen- System January 1, 1946, after almost TJ years of eral Counsel for Trustee, Missouri-Pacific Lines, service with the Board. He joined the Board's St. Louis, Missouri, as a Class C Director of the staff in March 1919, was made Assistant Director Federal Reserve Bank of St. Louis for the unexof the Division of Research and Statistics in pired portion of the term ending December 31, January 192.5, and Director of the Division two 1946. years later. He was made Economic Adviser Appointment of Branch Director February 1, 1945. On January 1, 1946, Dr. The Board of Governors of the Federal Reserve Goldenweiser will become a member of the In- System on November 30, 1945, announced the stitute for Advanced Study at Princeton, New appointment of Mr. James M. Shriver, President, Jersey. B. F. Shriver Company, Westminster, Mary- Mr. O. E. Foulk, who will retire as Fiscal land, as a director of the Baltimore Branch of Agent also on January 1, 1946, under the prothe Federal Reserve Bank of Richmond for the visions of the Federal Reserve Retirement Sysunexpired portion of the term ending December tem, has had more than 31 years' service with the Board. Mr. Foulk is one of the original Resignation of Class A Director members of the Board's staff; his service began The Federal Reserve Bank of San Francisco, on August 10, 1914, the date the Board was es- December 6, 1945, accepted the resignation of tablished. IXOO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Mr. William B. Pollard has resigned as As- Florida sistant Director of the Division of Examina- Sarasota—Sarasota State Bank tions, effective December 31, 1945, in order to accept appointment as Managing Director of Indiana the Memphis Branch of the Federal Reserve Knox—Farmers Bank and Trust Company Bank of St. Louis, effective January 1, 1946. Louisiana Mr. Pollard had been an examiner with the Mississippi State Banking Department for a Gueydan—Bank" of Gueydan number of years when he joined the Board's Ohio Division of Examinations in July, 1933. He was made Assistant Chief of the Division July 1, Port Clinton—The American Bank, of Port 1941. Clinton, Ohio Oklahoma Admissions of State Banks to Membership in the Federal Reserve System Wetumka—The* Bank of Commerce, Wetumka, Oklahoma The following State banks were admitted to Pennsylvania membership in the Federal Reserve System during the period October 16, 1945 to November Charleroi—Charleroi Savings and Trust Com- 15, 1945, inclusive: pany DECEMBER 1945 IZOI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled November 24, and released for publication November 2 6. Figures shown on charts may differ from preliminary figures used in text. Industrial output declined somewhat further war production in these lines had been termiin October but in the early part of November nated. Activity at automobile factories rose production in important basic industries in- substantially in October and there were also creased. Value of retail sales continued to important increases in output of civilian prodadvance considerably in October and early ucts in other reconverted factories. November reflecting in part small increases in Steel production was reduced in October as a prices. result of a temporary curtailment in coal supplies but since the end of October steel mill opera- INDUSTRIAL PRODUCTION tions have increased considerably. Wage-rate disputes in the West Coast lumber region re- Output at factories and mines continued to sulted in a reduction of 18 per cent in total decline in October reflecting a further curtaillumber output in October. ment in munitions activity and reduced produc- Output of nondurable goods as a group was tion as a result of industrial disputes in some maintained in October. Further reductions in industries. The Board's seasonally adjusted output of explosives and aviation gasoline and index decreased 4 per cent in October and at 164 other products used for war purposes were per cent of the 1935^39 average the index was offset by increases in output of many peacetime at the same level as in the middle of 1941. In products. the first half of November output in such basic Output of coal and crude petroleum decreased industries as coal, coke, petroleum, iron and sharply in the early part of October as a result steel, and automobiles was above the October of industrial disputes. Since the last week of level. October production of these minerals has in- Activity in the machinery and transportation creased considerably; in the early part of Noequipment industries showed only small devember bituminous coal production was at the clines in October in contrast to the sharp rehighest rate since the spring of 1944. ductions in recent months when most of the EMPLOYMENT INDUSTRIAL PRODUCTION Employment in munitions industries and in PHYSICAL VOLUME SEASONALLY ADJUSTED, 1935-39-100 FOR TOTAL POINTS IN TOTAL Federal war agencies declined further in October, while in most establishments engaged in civilian activities employment increased. Employment at automobile factories gained about 10 per cent in October, and there were important increases in some other manufacturing lines, in construction, and in the trade and service industries. Employment at coal mines dropped temporarily as a result of work stoppages. DISTRIBUTION Distribution of commodities to consumers Groups are expressed in terms of points in the total index. Monthly continued to increase in October and the first figures, latest shown are for October. IZOZ FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS half of November. Sales at retail stores selling tinued in October; the subsidy on flour was both durable and nondurable goods were about increased for the month of November. 15 per cent higher than a year ago. .At depart- Maximum prices for cotton goods, building ment stores sales advanced 8 per cent from materials, and various other industrial products September to October, according to the Board's were raised somewhat further, while in certain seasonally adjusted index, and, on the basis of other cases, like nylon hosiery, reductions in the rate of sales during the first half of No- maximum prices were announced. The prices vember a new peak is indicated this month. announced for new passenger cars were close Railroad shipments of revenue freight have to 1942. levels, which were substantially above increased since the early part of October, 1939 prices. although they usually decline during this BANK CREDIT season, and in the middle of November they were almost as large as in the same period a year Since the end of hostilities the rate of moneago. The increased number of carloadings has tary expansion has slackened, reflecting reduced reflected a sharp rise in coal shipments since Government expenditures. Government war the miners have gone back to work as well as a loan accounts at member banks in leading cities steady expansion in shipments of merchandise were reduced 5.1 billion dollars between August for civilian use. 15 and November 14, compared with a decline of 7.8 billion in the same period last year. COMMODITY PRICES Adjusted demand deposits at these banks increased x.i billion in the three months, com- Wholesale prices of farm products and foods pared with 4.5 billion last year. The growth continued to advance from the middle of Octoin time deposits was only slightly less than in ber to the middle of November and reached the the same period a year ago. Currency in circuprevious peak levels prevailing in June. Prices lation has also grown at a much slower rate; of cotton, grains, and various other products during the past three months the increase was were above the June levels, while prices of less than half that of the same period last year. fresh fruits and vegetables were below the earlier With reduced expansion in member bank seasonal peaks. Butter prices rose to the new required reserves and in currency, Reserve Bank maximum level after the subsidy was disconcredit has increased more slowly than in previous interdrive periods. A part of the increase WHOLESALE PRICES MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS BILLIONS OF DOLLARS Bureau of Labor Statistics' indexes. Weekly figures, latest shown 1939 1940 1941 1942 1943 1944 are for week ending Oct. 24. Wednesday figures, latest shown are for Nov. 21. DECEMBER 1945 1103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS has been in advances to member banks. Mem- compared with 340 million during the same ber bank excess reserves have increased some- period of 1944. Loans for purchasing and what and at 1.1 billion dollars are larger than carrying United States Government securities, usual at this stage of war loan drives. though contracting as usual in periods between Commercial loans at reporting banks, both war loan drives, continued well above previous those in New York City and outside, have in- interdrive levels. By mid-November such loans creased somewhat more than the usual seasonal both to brokers and dealers and to other cusamount. Since the beginning of September tomers were already starting to expand in these loans have grown 650 million dollars connection with the current drive. 12.04 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES Member bank reserves, Reserve Bank credit, and related items .... 1x07 Federal Reserve Bank discount rates; rates on industrial loans; guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements . 1x08-1x09 Federal Reserve Bank statistics 1x09-1213 Guaranteed war production loans 1213 Deposits and reserves of member banks 1113-1214 Money in circulation 1x15-1x16 Gold stock; bank debits and deposit turnover 1x16 Deposits and currency; Postal Savings System; bank suspensions . 1x17 All banks in the United States, by classes 1x18-1x19 All insured commercial banks in the United States, by classes. . IXXO-IXXI Weekly reporting member banks 1XXX-1XX5 Commercial paper, bankers' acceptances, and brokers' balances . ixx6 Money rates and bond yields 1XX7 Security prices and new issues 1XX8-1XX9 Corporate earnings and dividends 1x30 Treasury finance 1x31-1x33 Government corporations and credit agencies. . . 1x34 Business indexes . 1x35-1x44 Department store statistics 1x45-1x47 Consumer credit statistics 1x48-1x49 Wholesale prices 1x50 Gross national product, national income, and income payments.. 1x51 November crop report, by Federal Reserve districts. IX5X Current statistics for Federal Reserve chart book .... 1x53-1x54 Changes in number of banking offices in the United States. 1x55 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 arc obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other scries on business activity arc obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. DECEMBER 1945 12.05 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 30 30 10 1938 1939 1940 1941 1942 1943 1944 1945 Wednesday figures, latest shown are for Nov. 21. See p. 1207. I2.O6 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 resprve Date co D a a u n d is n d - - t U. S s . e T G c b r u o u e i r v l r a i l y e t s s i r - e n s me A nt ll o A th l e l r Total s G to o c l k d T s r r t u c e o e i a u n n r u a n y g r c s t d - - y - - M i c n t o u i c n o la i n e r - y - T i c h r n u a o e g r s l a y s h d s - - F u T p r e s w y o r d e R e i s r e d e t a v i r h - t e a s e s - - 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 c h v e a d n - e - e l - t r s To b ta a l lan E ce x s cess2 vances Total and other Banks certificates Monthly averages of daily figures 1944—Aug. 71 15,367 12,963 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 14,054 2,330 453 16,945 20,872 4,114 23,525 2,383 495 1,674 379 13,476 983 Oct. 190 17,079 14,757 2,322 419 17,689 20,753 4,114 24,112 2,362 290 1,593 391 13,808 958 1945—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 Oct 369 23,123 20,216 2,908 395 23,888 20,048 4,261 27,943 2,259 448 1,388 483 15,675 1,057 End of month figures: 1944—Aug.31 95 15,806 13,456 2,350 299 16,201 20,926 4,114 23,292 2,374 381 1,753 369 13,072 801 Sept 30 j... 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 Oct.31 345 17,647 15,301 2,346 333 18,325 20,727 4,115 24,425 2,332 255 1,614 392 14,148 960 1945—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 Oct.31 439 23,276 20,379 2,898 272 23,987 20,036 4,278 28,049 2,244 429 1,373 483 15,723 904 Wednesday figures: 1945—Jan. 3. ... 30 18,734 15,927 2,808 706 19,470 20,619 4 130 25,326 2,368 592 1,609 402 13,921 1,158 Jan. 10.... 130 18,907 16,120 2,787 449 19,486 20,593 4,130 25,257 2,372 528 1,590 405 14057 1,197 Jan. 17.... 129 18651 15,880 2,771 529 19,310 20,572 4 129 25,209 2,370 334 1,538 404 14 156 1,161 Jan. 24.... 141 18,620 15,880 2,739 459 19,220 20,571 4 129 25,175 2,380 479 1,397 404 14 085 1,049 Jan. 31.... 176 19,006 16,272 2,734 370 19,552 20,550 4 127 25,290 2,371 648 1,634 402 13,884 869 Feb. 1.... 200 19.062 16,340 2,722 442 19 703 20,548 4 126 25 411 2,372 593 1,643 409 13,950 922 Feb. 14.... 230 19,181 16,465 2,716 506 19 918 20,507 4 124 25,533 2,389 547 1,649 409 14022 975 Feb. 21.... 294 19 231 16,534 2,698 478 20 003 20,506 4 124 25,652 2,384 517 1,672 410 13 999 851 Feb. 28.... 321 19,439 16,748 2,692 398 20 158 20,506 4 122 25 751 2,355 460 1,581 410 14 228 965 Mar. 7.... 304 19350 17,152 2,198 495 20 150 20,454 4 121 25 864 2,365 288 1,586 415 14 208 899 Mar. 14.... 255 19576 17,378 2,193 465 20 296 20,453 4 120 25 881 2,364 263 1,485 417 14459 1,013 Mar. 21.... 192 19493 17,294 2,198 488. 20 173 20,451 4 120 25 S36 2,360 96 1,447 427 14 579 1,067 Mar. 28.... 218 19516 17,326 2,190 341 20 074 20,419 4 118 25 834 2,356 310 1,377 429 14305 852 Apr. 4.... 220 19580 17,414 2,167 455 20 255 20,418 4 117 25 865 2,379 335 1,420 438 14353 934 Apr. 11... 323 20 091 17,975 2,116 349 20 763 20,417 4 118 25 939 2,364 409 1,553 439 14 593 946 Apr. 18.... 341 20 153 18,037 2,116 478 20973 20,396 4 117 26 068 2,374 430 1,594 437 14 582 806 Apr. 25.... 508 20 444 18,331 2,113 358 21 310 20,374' 4 120 26 074 2,371 651 1,563 437 14 708 835 May 2.... 569 20 479 18,374 2,104 358 21 406 20,374 4 130 26 204 2,382 423 1,571 438 14892 927 May 9.... 552 20 720 18,617 2,103 318 21 589 20,352 4 132 26 312 2,384 447 1,463 439 15 029 961 May 16.... 487 20 668 18,555 2,113 432 21 587 20,351 4 137 26 372 2,376 102 1,541 438 15 246 1,045 May 23.... 724 20,929 18,809 2,120 327 21 980 20,271 4 142 26 399 2,319 526 1,592 440 15 117 866 May 30.... 886 21 023 18,891 2,132 349 22 258 20,270 4 141 26 500 2,315 426 1,619 439 15371 1,113 June 6 912 20 896 18,126 2,771 398 22 207 20,268 4 145 26 513 2,314 352 1,546 443 15452 1,098 June 13 852 21 103 18,323 2,780 392 22 347 20,268 4 146 26 533 2,292 170 1,550 444 15 771 1,237 June 20 307 21 507 18,710 2,797 473 22 287 20,265 4 145 26 536 2,297 347 1,710 452 15 354 1,454 June 27 203 21,693 18,896 2,797 315 22,211 20,263 4,144 26 628 2,314 687 1,774 454 14,760 1,362 July 3 39 21,745 18,948 2,798 464 22,249 20,213 4,145 26 834 2,285 667 1,647 450 14,722 1,408 July 11 73 21,544 18,747 2,798 411 22'028 20,214 4,145 26,932 2,230 585 1,617 453 14,570 1,136 July 18 126 21,613 18,816 2,798 430 22,170 20,213 4,144 26 901 2,274 690 1,553 450 14,660 1,048 July 25 229 21,570 18,871 2,799 331 22,129 20,212 4,144 26,926 •2,279 594 1,539 450 14,699 994 Aug. 1 399 21,877 19,066 2,811 288 22,564 20,152 4,198 27 130 2,260 678 1,532 454 14,861 1,063 Aug. 8 353 21,910 19,099 2,811 342 22,606 20,151 4,197 27 269 2,269 538 1,588 457 14,833 1,066 Aug. 15 312 21,869 19,058 2,811 601 22,782 20,130 4,198 27,351 2,257 398 1,643 458 15,004 1,132 Aug. 22 400 22,296 19,466 2,829 447 23,142 20,088 4,201 27,506 2,248 671 1,557 458 14,992 1,018 Aug. 29 442 22,358 9,516 2,841 263 23,063 20,088 4,215 27,600 2,262 397 1,577 458 15,070 986 Sept. 5 377 22,435 9,670 2,765 380 23,192 20,088 4,216 27,750 2,269 304 1,529 463 15,180 966 Sept. 12 457 22,808 0,014 2,795 412 23,677 20,096 4,216 27,793 2,267 598 1,538 465 15,329 964 Sept. 19 301 22,965 0,116 2,850 441 23,707 20,095 4,222 27,777 2,268 428 1,525 475 15,552 1,039 Sept.26 422 23,186 0,306 2,880 285 23,892 20,093 4,222 27,729 2,263 961 1,506 475 15,274 893 Oct. 3 314 23,212 0,297 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 0,357 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 9,985 2,916 482 23,699 20,039 4,262 27,952 2,249 293 1,324 482 15,700 1,032 Oct. 24 389 23,089 0,192 2,898 312 23,790 20,038 4,270 27,974 2,248 295 1,349 482 15,751 1,002 Oct. 31 439 23,276 0,379 2,898 272 23,987 20,036 4,278 28,049 2,244 429 1,373 483 15,723 904 Nov. 7 508 23,076 0,179 2,898 292 23,877 20,035 4,285 28,137 2,268 261 1,310 484 15,737 928 Nov. 14 596 23,448 0,510 2,938 455 24,498 20,034 4,284 28,178 2,265 580 1,313 486 15,994 1,163 Nov. 21 630 23", 343 0,372 2,970 359 24,331 20,032 4,297 28,198 2,272 410 1,360 484 15,937 ^1,212 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. DECEMBER 1945 IXO7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect November 30. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by , or corporations other than member banks Government obligations secured by direct obligations of the U. S. Advances secured by maturing or callable (last par. Sec. 13) Federal Reserve Bank G ca t o i o l o l v r a n e b l s r e l n e s m m s i a n ( e t S n u o ^ t r e n i c o n e . b g 1 y l 3 e i o g ) a r a r - a b d e d v y i a o s n n c c d o e u o s n n s t e s e c y o u e f r a e a r d n a d b n y d Other s [S ec ec u . r e 1 d 0 ( a b d )] vances (Se e e li s g . i 1 b 3 le a p n a d p 1 e 3 r a)1 To nonmember banks To others Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective Boston Oct. 27, 1942 Sept. 1, 1939 Oct. 27, 1942 1 Sept. 1, 1939 2 Oct. 27, 1942 New York Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 1 Aug. 25, 1939 Oct. 30, 1942 Philadelphia Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 1 Mar. 21, 1942 2 Oct. 17,1942 Cleveland Oct. 27, 1942 Apr. 11, 1942 Sept. 12, 1942 1 Apr. 11, 1942 2 Oct. 27, 1942 A Ri t c la h n m ta ond O O c c t t . . 2 1 8 5 , , 1 1 9 9 4 4 2 2 M M a a r r . . 2 1 1 4 , , 1 1 9 9 4 4 2 2 O Oc c t t . . 2 1 8 5 , , 1 1 9 9 4 4 2 2 1 1 M Se a p r t . . 1 1 4 6 , , 1 19 9 4 3 2 9 2 2 y2 O O c c t t . . 2 1 8 5 , , 1 1 9 9 4 4 2 2 Chicago Oct. 17, 1942 Feb. 28, 1942 Aug. 29, 1942 1 Sept. 1, 1939 2 Oct. 17, 1942 St. Louis Oct. 27, 1942 Mar. 14, 1942 Mar. 14, 1942 1 Sept. 16, 1939 2 Oct. 27, 1942 Minneapolis Oct. 30, 1942 Mar. 28, 1942 O" ct. 30, 1942 1 Mar. 28, 1942 2Y% Oct. 30, 1942 Kansas City Oct. 27, 1942 Apr. 11, 1942 Oct. 27, 1942 1 Sept. 16, 1939 2 Oct. 27, 1942 Dallas Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 1 Sept. 16, 1939 2 Oct. 17, 1942 San Francisco Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 1 Apr. 4, 1942 2H 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. 439-443. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS [Per cent per annum] AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT* Maturity N Ra o t v e . o 3 n 0 In g i e n ff n ec in t g b - e- Pre r v at i e ous '[In ef M fec a t t u N r o it v ie e s m n be o r t 3 e 0 x . c e P ed er i n c g e n f t i v p e e r y e a a n r n s um 1 Treasury bills1 H Apr. 30, 1942 To industrial or Bankers' acceptances:2 commercial To financing institutions 1- 90 days Vi Oct. 20, 1933 1 businesses 91-120 days ZA Oct. 20, 1933 1 121-180 days Oct. 20, 1933 On discounts or Federal Reserve purchases 1 Established rate at which Federal Reserve Banks stand ready to buy Bank all Treasury bills offered. Effective Aug. 3, 1942, purchases of such bills, On On. Portion On comu if p o d n e si r r e e q d u e b s y t t b h e e f o s r e e l l m er a , t w ur e i r t e y , m w ad o e u ld o n s e c l o l n b d a it c i k o n bi t l h ls a t o t f h e l ik R e e s a e m rv o e u n B t a a n n k d , loans^ co m m e m nt i s t- fo i r n s w ti h tu ic - h ma R in e- ing mitments maturity at the same rate of discount. Since May 15, 1943, all purchases tion is portion ha 2 v e M b in ee im n u m m a d b e u s y u i b n j g e c r t a t t e o s r o ep n u p rc ri h m as e e b o a p n t k io e n r . s' acceptances. obligated Back figures—See Banking and Monetary Statistics, Table 117, pp. 443-445. Boston V New York Philadelphia Cleveland 2H-5 i32 Richmond GUARANTEE FEES AND MAXIMUM INTEREST AND COM- Atlanta M V I T N O M A N E V L N Y O T D A R E N A S P T A G E R U S T A C M R H E A A N N R T T G , E E A E A D N B D L B E Y M A W U R N A I D R T E I D R M E E R P A E C G R O T U M M L M A E I T N S I - T O , N M C St h . i n ic L n a o e g a u o p is olis 2J45 /Y 6v -V*•A/* 2 1- ^ 1 - / 5 ^ SION UNDER EXECUTIVE ORDER NO. 9112 Kansas City 2H-5 Y2-VA AND CONTRACT SETTLEMENT ACT Dallas 2H-5 o OF 1944 San Francisco 23^-5 [Rates in effect November 30] 1 See table on maximum interest and commitment rates chargeable FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS under Regulation V for rates on guaranteed Section 13b loans. 2 Including loans made in participation with financing institutions. Guarantee fee 3 Rate charged borrower less commitment rate. (In terms of per- 4 Rate charged borrower. Percentage of loan guaranteed centage of amount 6 May charge rate charged borrower by financing institution, if lower. of interest payable 6 Charge of H per cent is made on undisbursed portion of loan. by borrower)1 Back figures.—See Banking and Monetary Statistics,Table 118, pp. 446-447. MAXIMUM RATES ON TIME DEPOSITS 80 or less... 10 85 15 Maximum rates that may be paid by member banks as established by 90 20 the Board of Governors under provisions of Regulation Q 95 30 [ Per cent per annum ] Over 95 50 Nov. 1,1933- Feb. 1,1935- Effective Jan.31,1935 Dec. 31,1935 Jan.1,1936 MAXIMUM RATES THAT MAY BE CHARGED BORROWERS BY FINANCING INSTITUTIONS Savings deposits [Per cent per annum ] Postal savings deposits... Other deposits payable: In 6 months or more Maximum rate of interest In 90 days to 6 months. Maximum commitment rate2. In less than 90 days NOTE.—Maximum rates that may be paid by insured nonmember banks 1 Guarantee fee is charged only on guaranteed portion of loan. as established by the F. D. I. C, effective Feb. 1, 1936, are the 2 Based on average daily unused balance of the maximum principal same as those in effect for member banks. Under Regulation Q the rate amount of the loan. The financing institution may, in the alternative, payable by a member bank may not in any event exceed the maximum charge a flat fee of not to exceed $50, without regard to the amount or rate payable by State banks or trust companies on like deposits under maturity of the commitment. the laws of the State in which the member bank is located. izo8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVE REQUIREMENTS MARGIN REQUIREMENTS1 [Per cent of deposits] [Per cent of market value J Period in effect C r b e e c s a n i e N n t t r y k r v e a s t e l de R m b e c a a s i n n t e d y k r v s d e ep C os o b i a u t n s n 1 k tr s y d m b e T a e ( p i a n m o m l k l s b s e i e ) t r s Reg P u r l e a s t c i r o i n b e T d E : x in c h a a c n c g o e r d A an c c t e o f w i 1 t 9 h 3 4 Securities N F 1 e 1 o 9 b 9 v 3 4 . . 7 5 - 4 1 , , J F 1 u e 1 9 l 9 b 4 y 4 . 5 5 4 5 - , , J E u t 1 f i l f 9 y v e 4 e c 5 5 - , For extensions of credit by brokers and June 21, 1917-Aug. 15, 1936 13 10 k dealers on listed securities 40 50 75 M Au a g r. . 1 1 6 , , 1 1 9 9 3 3 7 6 - - A Fe p b r. . 3 2 0 8 , , 1 1 9 9 3 3 7 7 mi9y2i 1 1 5 7H 10^ Re F g o u r l a s t h io o n rt U sa : les 50 50 75 N A A M S O e u p o c a p g t r v y . t . . . . 1 2 1 1 1 3 0 6 4 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 4 4 3 4 3 4 2 1 8 7 2 2 - - - - - a A O A O S n u e c p c d g t p r t . . . . a t . f 1 3 1 l t 3 9 5 2 1 e , , r , , , 1 1 1 1 1 9 9 9 9 9 4 4 4 3 4 2 2 2 8 1 ... .. 2 2 2 2 2 2 0 6 4 6 2 2^ 2 2 2 2 2 1 0 0 0 0 0 7^ 1 1 1 1 1 1 4 2 4 4 4 4 6 5 6 6 6 a p re e q 1 F s r c e u o R e c i r e r u n e g l r t o m a i u t a g y l e n a e n s t i b t o o b s y " f n y s i p s b t T s r h a e o m n s a w k c n a s r n r d i k b o U i i e n n n t g l s i t v t m h o a a i i c s l t u k m t e s t h a a b e a x l t i a e m m t h u a o e m r u e t n i t t l m h o o e e a f n d o c i r f f v e f t e a d h r l i e u e t n e t e c , h 4 x e a 0 t w t e b n h m e s i t c a i w o h y e n b e ; i n e 5 s t 0 e h t a x h e t e e " s n m m p d e a e a c r d r 7 i g f k 5 o i i e e n n t d 6 value (100%) and the maximum loan value. 1 Demand deposits subject to reserve requirements, i.e., demand de- Back figures.—See Banking and Monetary Statistics, Table 145, p. 504. posits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS (In thousands of dollars] Wednesday figures End of month Item 1945 1945 1944 Nov. 28 Nov. 21 Nov. 14 Nov. 7 Oct. 31 Oct. 24 Oct. 17 Oct. 10 November October November Assets Gold certificates 17,110,56517,111,56017,112,065 17,113,565 17,118,56517,128,565 17,129,065 17,116,565 17,108,064 17,118,56517,958,865 Redemption fund for F .R. notes 760,725 759,726 760,936 759,705 760,850 750,850 751,755 750,321 762,380 760,850 569,207 Total gold certificate reserves 17,871,29017,871,28617,873,001 17,873,27017,879,41517,879,41517,880,82017,866,88617,870,44417,879,415 18,528,072 Other cash 234,846 229,906 232,056 231,066 243,574 243,942 232,493 226,669 241,742 243,574 242,388 Discounts and advances: For member banks 744,416 583,408 548,448 460, 427,056 379,706 306,734 303,094 727,816 427,056 473,073 For nonmember banks, etc 47,000 47,000 47,000 47,000 12,000 10,000 10,000 10,000 47,000 12,000 140 Total discounts and advances 791,416 630,408 595,448 507,882 439,056 389,706 316,734 774,816 439,056 473,213 Industrial loans 2,421 2,544 2,382 2,331 2,361 2,700 2,551 2,372 2,361 6,790 U. S. Government securities: Direct: Bills: Under repurchase option 4,836,729 4,624,637 4,993,328 4,680,262 4,844,316 4,670,973 4,395,812 4,772,985 4,538,612 4,844,316 4,583,876 Other 8,131,586 8,207,076 8,185,136 8,206,979 8,328,149 8,349,489 8,349,990 8,329,550 8,054,196 8,328,149 7,284,487 Certificates: Special Other 7,658,961 7,540,461 7,331,661 7,291,661 7,206,161 7,171,161 7,239,161 7,254,161 7,799,761 7,206,161 4,162,990 Notes 2,041,550 1,993,050 1,960,150 1,920,150 1,920,150 1,920,150 1,938,150 1,938,150 2,101,550 1,920,150 1,110,871 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 r e a n B te a e n d k c s r e e c d u i r t i o ti u e t s - . 23,646,21823,342,616 23;,447,667 23,076,444 23,276,168 23,089,165 22,,900,505 233,,227722,,238 23,471,51123,276,16818,388,150 standing 323,572 355,860 452,726 290,379 269,527 308,543 479,454 335,391 448,381 269,527 488,892 Total Reserve Bank credit outstanding 24,331,42824,498,223 23,877,036 23,987,112 23,790,11423,699,244 23,923,423 24,697,080 23,987,11219,357,045 Liabilities Federal Reserve notes... 24,363,49424,335,26224,295,813 24,215,012 24,155,26724,124,925 24,136,75524,364,692 24,215,012 21,390,966 Deposits: Member bank—reserve account 16,260,96515,936,78515,994,438 15,737,328 15,723,41215,751,223 15,700,468 15,536,70516,022,382 15,723,412 14,727,735 U. S. Treasurer—general account 557,336 409,880 579,532 261,470 428,929 294,887 293,240 535,448 865,971 428,929 138,394 Foreign 875,359 902,189 871,862 913,922 937,522 964,807 960,117 980,998 885,382 937,522 1,228,096 Other deposits 476,026 457,329 441,443 396,350 435,318 384,055 363,850 438,280 323,468 435,318 332,570 Total deposits 18,169,68617,706,18317,887,275 17,309,070 17,525,18117,394,972 17,317,67517,491,43118,097,203 17,525,18116,426,795 Ratio of gold certificate reserves to deposit and F.R. note liabilities combined (per cent). 42.0 42.5 42.3 43.0 42.8 43.0 43.1 42.9 42.1 49.0 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] November 28, 1945 Total 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y 9 s 0 9 m 1 t o o d n a 6 t y h s s 6 m 1 t y o o e n a th r s 2 l y y t e e o a a r rs 5 2 y y t e e o a ar r s s 5 O y v e e a r rs Discounts and advances 171,416 705,215 24,511 6,240 55,450 Industrial loans 2,421 2,110 117 178 2 "6 "8. U. S. Government securities 23,646,218 3,280,871 2,026,718 4,603,188 5,369,588 2,808,121 4,072,890 273,800 507,652 " 703,'390 " DECEMBER 1945 1209 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars) Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificates: Oct. 24 17,128,565 712,99 5,186,16 829,41 1,110,35 886,500 89C,5793,214,09 533,749 312,872 568,996 452,2362,430,614 Oct. 31 17,118,565 738,17 5,073,18 799,85 1,095,78 893,60 889,57 3,303,20 535,009 317,35 562,312 446,2552,464,259 Nov. 7 17,113,565 741,90 4,923,144 843,02 1,100,58 1,036,38 910,3543,159,40 551,80 319,806 582,15 459,13 2,485,869 Nov. 14 17,112,065 734,08 4,925,814 797,71 1,091,21 1,055,46 928,84 3,176,71 547,313 318,070 584,94 473,3802,478,511 Nov. 21 17,111,560 735,86 5,069,609 811,25 1,113,6701,032,655 897,34 3,131,692 550,89 321,080 571,500 453,7032,422,306 Redemption fund for F. R. notes: Oct. 24 750,850 59,84 111,965 60,36 72,578 63,265 45,91 120,126 43,218 20,218 35,447 26,375 91,545 Oct. 31 760,850 59,84 111,965 60,36 72,578 63,265 45,91 120,126 43,218 20,218 35,447 26,375 101,545 Nov. 7 759,705 59,638 111,421 60,190 72,460 62,451 45,713 125,02 43,178 20,205 35,393 26,354 97,675 Nov. 14 760,936 59,628 111,396 61,684 72,445 62,437 45,699 124,942 43,169 20,202 35,384 26,311 97,639 Nov. 21 759,726 59,551 111,019 61,550 72,837 61,836 45,591 124,820 43,135 20,191 35,360 26,288 97,548 Total gold certificate res O e c rv t. e s 2 : 4 17,879,415 in,834 5,298,128 889,7781,182,929 949,765 936,4903,334,221 576,967 333,090 604,443 478,6112,522,159 Oct 31 17,879,415 798,014 5,185,147 860,2201,168,362 956,872 935,4813,423,330 578,227 337,569 597,759 472,6302,565,804 Nov. 7 17,873,270 801,544 5,034,565 903,214 ,173,0431,098,832 956,0673,284,436 594 979 340,011 617,544 485,4912,583,544 Nov. 14 17,873,001 793,716 5,037,210 859,4021,163,6621,117,898 974,5413,301,652 590482 338 272 620,325 499,6912,576,150 Nov. 21 17,871/286 795,412 5,180,628 872 8021,186,5071,094,491 942,9323,256,512 594 026 341 271 606,860 479,9912,519,854 Other cash: Oct. 24 243,942 22883 46 068 17824 18960 16,137 21,198 27986 10504 7368 13,639 9,438 31,937 Oct. 31 243,574 22 644 46,444 17544 20924 14825 20,198 28642 10841 6 998 13,487 9,183 31 844 Nov. 7 231,066 22474 42 294 17 168 18582 14837 20,273 28 500 9 835 7121 12,650 8,606 28 726 Nov. 14. 232,056 20595 44 915 17614 21 585 13831 18,363 28 036 10522 6,915 12964 7,512 29204 Nov. 21 229,906 21054 40 812 15434 18765 14989 20,653 27489 11986 7537 13 121 8,422 29 644 Discounts & advances: Secured by U. S. Go vt. securities: Oct. 24 '. 379,706 33 000 119255 8 232 18050 14550 22590 71024 17205 18500 27400 200 29 700 Oct. 31 427,056 40,335 175382 8 152 16450 13 130 34 240 71 174 22 643 11000 7450 200 26 900 Nov. 7 460,882 21 735 163657 4 842 52 850 11 100 22 140 76984 28 249 7500 26025 200 45 600 Nov. 14 548,448 26 785 237432 20,580 45 400 16 750 25340 93 916 25,600 7,000 21 575 200 27 870 Nov. 21 583,408 29010 232082 12500 35 850 7200 40 340 83 966 40,635 9,500 25 575 200 66 550 Other: Oct. 24 10,000 670 3 620 880 870 420 350 1300 300 230 300 300 760 Oct. 31 12,000 804 4,344 1,056 1,044 504 420 1560 360 276 360 36p 912 Nov. 7.. . 47,000 804 39 344 1,056 1,044 504 420 1560 360 276 360 360 912 Nov 14 47,000 3 149 17014 4,136 4,089 1974 1645 6 110 1,410 1081 1410 1410 3 572 Nov. 21.. . 47,000 3 149 17014 4,136 4,089 1974 1645 6 110 1,410 1,081 1410 1410 3 572 Industrial loans: Oct. 24 2,700 118 2,161 65 141 15 200 Oct. 31 2,361 118 1,822 65 141 15 200 Nov 7 2,331 118 1,792 65 141 15 200 Nov. 14 2,382 118 1,843 65 141 15 200 Nov. 21 2,544 115 2,008 65 141 15 200 U. S. Govt. securities: Bills: Under repurchase option: Oct. 24 4,670,973 99,021 2,804,806 204,760 102,030 70421 8 200 824938 96,270 43 680 62 566 33 566 320 715 Oct. 31 4,844,316 112,760 2,900,534 224,010 85,186 79261 15 150 853 258 101,630 45,225 72256 44 571 310 475 Nov. 7 4,680,262 138,490 2,898,482 195,385 77,011 65,791 25 090 815 078 72 226 36 370 75 355 43 959 237 025 Nov. 14 . 4,993,328 130,076 3,110,849 227,680 90,287 62,891 21 790 813,415 83,710 28 295 60,501 31 419 332 415 Nov. 21 4,624,637 92,565 2,804,996 231,210 87,827 57,121 18690 820,075 83,802 34,700 62 826 30 775 300050 Other bills: Oct. 24 .. 8,349,489 651,762 380,189 630,832 114,736 745,722 644 9501,201,647 450,224 281,792 507 708 391 1251,348 802 Oct. 31 8,328,149 620,080 380,189 647,946 146,383 743,584 643 1991,136,919 465,281 299,065 515 766 384 3211,345 416 Nov. 7 8,206,979 599,151 266,023 640,788 055,842 670,120 622 3381,316,466 452,715 296,987 504 494 405 3171,376 738 Nov. 14 8,185,136 615,404 266,023 610,290 069,683 667,515 620 198 ,301,391 450,872 314,382 516 350 424 2881,328 740 Nov. 21 8,207,076 640,121 266,023 621,589 050,054 670,131 622,348 ,300,126 432,612 299,019 517 963 408 7361,378 354 Certificates: Oct. 24 7,171,161 489,158 1,738,669 530,108 679,305 454,427 396,013 960,505 353,944 184,841 355 039 327 509 701 643 Oct. 31 7,206,161 491,648 1,747,103 532,774 682,767 456,646 397,866 965,010 355,624 185,809 356 749 329 034 705 131 Nov. 7 7,291,661 491,278 1,786,080 542,519 700,630 447,789 407,085 951,172 375,220 195,048 365,596 323 550 705 694 Nov. 14 7,331,661 494,246 1,795,592 545,632 704,716 450,367 409,112 956,193 377,056 196,213 367,516 325 243 709,775 Nov. 21 7,540,461 509,141 1,845,864 561,587 725,518 463,553 420,136 982,839 387,134 202,081 377,725 334,259 730,624 Notes: Oct. 24 1,920,150 130,977 465,546 141,943 181,892 121,678 106,037 257 185 94,771 49,492 95,065 87 693 187,871 Oct. 31 1,920,150 131,004 465,533 141,963 181,930 121,678 106,013 257,137 94,759 49,511 95,059 87,674 187,889 Nov. 7 1,920,150 129,370 470,337 142,865 184,502 117,918 107,200 250476 98,807 51,364 96,274 85,?.ftt 185,834 Nov. 14 1,960,150 132,138 480,058 145,878 188,410 120,406 109,376 255,643 100,809 52,458 98,256 86,956 189,762 Nov. 21 1,993,050 134,575 487,889 148,434 191,763 122,523 111,047 259,778 102,325 53,414 99,838 88,350 193,114 Bonds: Oct. 24 977,392 66,670 236,972 72,252 92,586 61,936 53,975 130,912 48,240 25,192 48,390 44,637 95,630 Oct. 31 977,392 66,684 236,965 72,261 92,606 61,936 53,963 130,887 48,234 25,202 48,387 44,628 95 639 Nov. 7 977,392 65,852 239,410 72,721 93,915 60,022 54,567 127,497 50,295 26,145 49,005 43,370 94 '5,93 Nov. 14. . 977,392 65,888 239,372 72,740 93,947 60,038 54,539 127,471 50,266 26,157 48 994 43 359 94,621 Nov. 21 977,392 65,996 239,261 72,792 94,041 60,085 54,457 127,395 50,180 26,194 48 \961 43,'327 94,'703 Total U. S. Govt. securities: Oct. 24 23,089,165 ,437,588 5,626,182 ,579,895 170,549 ,454,184 ,209,175 ,375,187 ,043,449 584,997 ,068,768 884,530 ,654,661 Oct. 31.... 23,276,168 ,422,176 5 730324 ,618 954 188,872 ,463,105 ,216,191 ,343,211 ,065 528 604 812 ,088,217 890,228 ,644,550 Nov. 7 23,076,444 ,424,141 5,660,332 ,594,278 111,900 ,361,640 ,216,280 ,460,689 ,049'263 605 \914 *090i724 901 \399 ,599,'884 Nov. 14 23,447,667 ,437,752 5,891,894 ,602,220 147,043 ,361,217 ,215,015 ,454,113 ,062,713 617,505 ,091,617 911,265 ,655,313 Nov. 21 23,342,616 ,442,398 5,644,033 ,635,612 149,203 ,373,413 ,226,678 ,490,213 ,056,053 615,408 ,107,313 905,447 ,696,845 IXIO 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 dolhirs] San Total Boston N Y C o T rl d P el h p i h la ia - C a l n e d ve- m Ri o c n h d - Atlanta Chicago Lo St u .# is M ap in o n li e s - K C an it s y as Dallas F ci r s a c n o - Total loans and sec: Oct. 24 23,481,571 ,471,376 5,749,057 1,591,168 189,469 ,469,219 ,232,115 447,652 060,954 603,727 ,096,483 885,030 ,685,321 Oct. 31 23,717,585 ,463,433 5,910,0501,629,984 206,366 ,476,804 ,250,851 \J416,086 088,531 616,088 ,096,042 890,788 ,672,562 Nov. 7 23,586,657 ,446,798 5,863,3331,601,968 165,794 ,373,309 ,238,840 \f539,374 077,872 613,690 ,117,124 901,959 ,646,596 Nov. 14 24,045,497 ,467,804 6,146,340 ,628,779 196,532 ,380,006 ,242,000 ;f554,280 089,723 625,586 ,114,617 912,8752,686,955 Nov. 21 23,975.568 ,474,672 5,893,1291,654,256 189,142 ,382,652 1,268,663 l(580,430 098,098 625,989 ,134,313 907,0572,767,167 Due from foreign banks: Oct. 24 110 7 140 10 10 5 4 14 3 3 3 3 8 Oct. 31 110 7 140 10 10 5 4 14 3 3 3 3 8 Nov. 7 110 7 140 10 10 5 4 14 3 3 3 3 8 Nov. 14 110 7 *40 10 10 5 4 14 3 3 3 3 8 Nov. 21 110 7 140 10 10 5 4 14 3 3 3 3 8 Federal Reserve notes of othei banks: 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 Oct. 31 112,831 4,277 15,672 5,473 7,199 11,307 10,643 13,182 9,464 5,601 5,782 4 538 19,693 Nov. 7 106,891 4,744 12,508 4,349 6,736 11,665 8,636 12,125 8,801 6,406 6,590 4,197 20,134 Nov. 14 104,696 4,628 14,981 4,434 5,899 11,794 8,535 11,575 8,395 5,677 5,806 4 016 18,956 Nov. 21 121,365 5,090 19,144 9,510 6,240 14,117 9,362 13,718 9,040 5,432 5,807 5,079 18,826 Uncollected items: 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 Oct. 31 1,841,006 126,130 400,027 103,402 169,442 135,849 120,933 299,128 81,980 50,815 111,105 68 374 173,821 Nov. 7 1 737,707 114,289 305,039 115,776 156,890 150,658 126,294 279,423 83,132 50,005 104,274 73 707 178,220 Nov. 14 2,327,549 159,476 507,229 139,516 221,159 183,823 146,300 399,340 102,639 61 267 120,188 98 295 188,317 Nov. 21 2,046,511 145,226 429,735 117,110 188,145 172,834 139,875 311,073 88,633 53,121 122,644 87 662 190,453 Bank premises: Oct. 24 33,787 1,568 8,729 3,349 4,007 2,783 1,578 3 123 2,073 1246 2,609 840 1,882 Oct. 31 33,724 1,563 8,711 3,337 4,007 2,783 1,575 3 118 2,069 1243 2 609 834 1,875 Nov. 7 33,718 1,563 8,711 3,337 4 007 2,783 1,575 3 118 2 069 1243 2 603 834 1,875 Nov. 14 33,733 1,563 8,711 3,337 4 008 2,783 1,575 3 118 2 069 1257 2 603 834 1,875 Nov. 21 33,716 1,563 8,711 3,337 3 998 2,776 1,575 3 118 2 069 1 257 2 603 834 1,875 Other assets: Oct. 24 58,728 3,515 13,119 3,779 5 530 3,703 3 511 8 451 3 273 1686 2 956 3 143 6,062 Oct. 31 60,805 3,961 13,436 4,032 5 854 3,686 3 629 8 911 3 467 1566 2 903 2836 6,524 Nov. 7 61,400 4,103 13,682 4 092 5 979 3,653 3 620 8 839 3 567 1614 2 940 2 828 6,483 Nov. 14 62,193 4,194 13,894 4 236 6 275 3 906 3 670 8 287 3 637 1639 3 068 2 823 6,564 Nov. 21 64,952 4,295 14,154 4 473 6 619 3 968 3 865 8 817 3 801 1 778 3 206 3 016 6,960 Total assets: Oct. 24 43,636 401 2,401,11111 503,9892,610 767 576 5712,595,8272,321 5257130 964 1,741 6301,003 2291,837 7771,452 9655,460,046 Oct. 31 43 889 050 2,420,029 11 579,5272,624 0023 582 1642,602,1312,343 3147192 411 ,774 582 1,019 8831,829 6901,449 1865,472,131 Nov. 7 43,630 819 2,395,522 11 280,1722,649,9143 531 0412,655,7422,355 3097155 829 L,780 2581,020 0931,863 7281,477 6255,465 ,'586 Nov. 14 44 678 835 2,451 983 11 773,3202,657 328 619 1302,714 0462,394,9887306 3021,807 470 1,040 6161,879 5741,526 0495,508,029 Nov. 21 44 343 414 2,447,319 11586,3532,676 932 3 599 4262,685,832 2,386 9297201 1711,807 6561,036 388 1,888 557 1,492 0645,534,787 Liabilities Federal Reserve notes: Oct. 24 24 155 267 1,453 411 5 228 435 1,590 4502 078 372 1,695 8901,460 8744 401 5141,024 582 545 040 900 970 614 4253,161,304 Oct. 31 24 215 012 1,448 637 5 242 3181,590 6S?? 073 8211,706 445 1,466 1814 400 6801,028 858 546 118 906 076 619 6633,185,563 Nov. 7 24 295 813 1,452 235 5 263 0661,598 9252 076 901 1,715 0311,475 0114 412 232 1,036 516 548 525 908 280 622 3213,186,770 Nov. 14 24 335 262 1,456 738 5 266 360 1,603 7932 079 8091,721 349 1,477 4924 417 011 1,041 410 548 351 907 677 623 2463,192,026 Nov. 21 24 363 494 1,462 068 5 287 613 1,610 8502076 3681,725 1491,475 5384 421 567 1,041 873 548 236 .906 370 623 2993,184,563 Deposits Member bank— reserve account: Oct. 24 15 751 223 713 423 5 062 341 786 6081 188 624 689 292 682 6882 245 398 577 940 371 480 778 023 716 539 1,938,867 Oct. 31 15 723 412 718 163 5 020 323 786 077 1 184 086 690 162 685 1982 290,215 583 263 376,662 759 350 708,3551,921,558 Nov. 7 15 737 328 724 828 4 895 066 795 6911 165 747 717 089 705 5492 297 755 600 602 383,034 803 556 733,8151,914,596 Nov 14 15994 438 721 505 5 047 542 800 6081 177 693 736,221 720 8012 309 251 598 793 381,621 800 256 750,8571 949,290 Nov. 21 15936 785 709 852 4 989 926 816 1711 188 282 718 669 715 7552,283,293 605 670 388 074 817 982 732,2581,970,853 U. S. Treasurer— general account: Oct. 24 294 887 16203 64 148 16 103 32,972 13 113 13 196 62,186 11 643 8,434 15961 12,507 28,421 Oct. 31 428 929 31 647 107 027 33 247 38,405 13,466 25 622 64,613 33 275 17,327 15 561 13,743 34,996 Nov. 7 261 470 14 785 40 420 30 670 16 655 8401 14 430 47,983 14 146 11,224 12 072 11,844 38,840 Nov. 14 579 532 36 148 205 209 26 409 47,577 27 091 18 520 90,589 23 866 23,470 19,593 22,513 38,547 Nov. 21 409 880 34 510 112 355 24 902 36,455 23 962 20 084 58 954 21 337 22,382 15,907 14,107 24,925 Foreign. Oct. 24 964 807 61 599 2382444 80 252 79,339 38 302 31 918 118,554 27 359 20,975 27,359 27,359 69,347 Oct. 31 937 522 58 879 2379220 76 789 77,045 36 649 30 541 113,438 26,178 20,070 26,178 26,178 66,357 Nov. 7 913 922 57 480 2372209 74 622 73,774 35 615 29,679 110,237 25,439 19,504 25,439 25,439 64,485 Nov. 14 871 862 54 195 2359 779 70 562 69,760 33 677 28,064 104,239 24,055 18,442 24,055 24,055 60,979 Nov. 21 902 189 59,042 2356,669 74 968 74,116 35 780 29 817 110,748 25,557 19,594 25,557 25,557 64,784 Other* Oct.' 24 384 055 2 223 288 959 2,653 5,784 7,988 2,775 4,237 9,952 1,52 2,002 1,40 54,560 Oct. 31 435 318 2 923 324 915 3,600 6,879 8924 3,588 7,227 12,194 4,03 2,816 4,198 54,017 Nov. 7 396 350 2 472 293 134 2,814 8,205 7,928 2,922 7,109 10,437 3,07 2,516 1,093 54,649 Nov. 14 . 441 443 3 195 329 023 3,069 11,290 7,623 2,974 9,914 10,44: 3,482 2,133 1,978 56,321 Nov. 21... 457 329 3 295 324 377 4,024 19,520 8,674 3,581 15,153 11,506 3,45 1,364 2,73 59,647 Total deposits: Oct. 24 17 394 972 793 448 5,797 892 885,616 1,306,719 748,695 730,577 2,430,375 626,894 402,410 823,345 757,8062,091,195 Oct. 31 17 525 181 811,612 5,831 485 899,713 1,306,415 749,201 744,949 2,475,493 654,910 418,096 803,905 752,4742,076,928 Nov 7 17,309,070 799,565 5,600,829 903,797 1,264,381 769,033 752,580 2,463,084 650,624 416,833 843,583 772,19 2,072,570 Nov 14 17,887,275 815,043 5,941,553 900,648 1,306,320 804,612 770,359 2,513,993 657,155 427,015 846,037 799,40 2,105,137 Nov 21 17,706,183 806,699 5,783,327 920,065 1,318,373 787,085 769,237 2,468,148 664,070 433,50 860,810 774,6532,120,209 Deferred availability items: 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 61,38 159,209 Oct. 31 1,571,589 121,338 319,668 85,674 148,230 119 049 109 19' 239,474 70 i7n 40, 179 99 650 57 688 160,978 Nov 7 1,447,438 105,817 229,327 99,131 135,884 144! 111 104^638 203',631 72,726 39*425 91[720 63,'67 157,351 Nov 14 1,874,933 142,181 377,589 104,631 178,848 160,381 123,911 298,032 88,383 49,845 105,582 83,855 161,695 Nov 21 1,690,761 140,397 327,291 97,638 150,386 145,678 118,797 233,974 81,237 39,282 101,065 74,44 180,569 1 After deducting |70,000 participations of other Federal Reserve Banks. 2 After deducting $581,826,000 participations of other Federal Reserve Banks on Oct. 24; $556,720,000 on Oct. 31; $541,011,000 on Nov 7; $511,573,000 on Nov. 14, and $543,515,000 on Nov. 21. DECEMBER 1945 IZII 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 i o n l n i e s - K C an it s y as Dallas F S r a a n ncisco Other liabilities including accrued div.: Oct. 24 11,338 872 2,931 817 1,072 573 557 1,503 433 557 431 413 1,179 Oct. 31 11,541 1,382 2,716 793 1,065 532 500 1,540 453 599 454 351 1,156 Nov 7 11,088 761 2,956 795 1,093 572 502 1,600 444 369 453 371 1,172 Nov. 14 11,943 767 3,382 862 1,193 596 547 1,630 491 412 491 403 Nov. 21. 11,587 670 3,218 842 1,144 591 564 1,696 403 314 469 452 1,' 224 Total liabilities: Oct. 24 43,073,360 2,364,256 11,321,1782 563,7833 524,1832,569,0232,299,2087,056,2701 721,877 988,3771,818,292 1,434,0265,412,887 Oct. 31 43,323,323 2,382,969 11,396,1872 576,8323 529,5312,575,2272,320,8217,117,1871 754,6911,004,9921,810,0851,430,1765,424,625 Nov. 7 43,063,409 2,358,378 11,096,1782 602,6483 478,2592,628,7472,332,7317,080,5471760,3101,005,152 1,844,0361,458,5605,417,863 Nov. 14 44,109,413 2,414,729 11,588,8842,609,9343 566,1702,686,9382,372,3097f230,6661 787,4391,025,6231,859,787 1,506,9075,460,027 Nov. 21 43,772,025 2,409,834 11,401,4492 629,3953 546,2712,658,5032,364,1367*125,3851787,5831,021,3391,868,714 1,472,8515,486,565 Capital Accounts Capital paid in: 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 Oct. 31 172,725 10,447 61,123 12,997 17,506 6,945 6,219 20,557 5,526 3,740 5,676 5,965 16,024 Nov. 7 173,097 10,456 61,443 12,999 17,522 6,952 6,226 20,562 5,527 3,745 5,676 5,965 16,024 Nov. 14 173,192 10,460 61,437 13,000 17,528 6,955 6,227 20,565 5,527 3,746 5,696 5,965 16,086 Nov. 21 173,406 10,462 61,449 13,016 17,540 7,089 6,235 20,583 5,528 3,753 5,698 5,965 16,088 Surplus (section 7): 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 Oct. 31 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 Nov. 7 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 Nov. 14 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 Nov. 21 228,153 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): Oct. 24 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. 31 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Nov. 7 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Nov. 14 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Nov. 21 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: 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 Oct. 31 137,684 8,494 30,171 9,833 15,049 8,856 7,576 20,037 6,790 5,128 6,596 5,713 13,441 Nov 7 138,995 8,569 30,505 9,927 15,182 8,940 7,654 20,090 6,846 5,173 6,683 5,768 13,658 Nov. 14 140,912 8,675 30,953 10,054 15,354 9,050 7,754 20,441 6,929 5,224 6,758 5,845 13,875 Nov 21 142,665 8,904 31,409 10,181 15,537 9,137 7,860 20,573 6,970 5,273 6,812 5,916 14,093 Total liabilities and capital accounts: 'Oct. 24 43,636,401 2,401,11111,503,9892 610,7673,576,5712,595,8272,321,5257,130,9641,741,6301,003,2291,837,777 1,452,9655,460,046 Oct 31 43,889,050 2,420,029 11,579,5272 624,0023,582,1642,602,1312,343,3147,192,4111,774,5821,019,8831,829,6901,449,1865,472,131 Nov. 7 43,630,819 2,395,522 11,280,1722 649,9143,531,0412 655,7422,355,3097 155,8291,780,2581,020,0931,863,7281,477,6255*465,586 Nov. 14 44,678,835 2,451,98311,773,3202657,3283,619,1302 714,0462,394,9887306,3021,807,470],040,6161,879,5741,526,0495,508,029 Nov. 21 44,343,414 2,447,319 11,586,3532 676,9323,599,4262,685,8322,386,9297 201,1711,807,6561,036,388 1,888,557 1,492,0645,534,787 Commitments to make industrial loans: Oct. 24 3,551 164 2,176 20 300 376 193 322 Oct. 31 3,679 164 2,304 20 300 376 193 322 Nov 7 3,320 164 2,329 20 300 185 322 Nov 14 3,337 164 2,346 20 300 185 322 Nov. 21 2,960 164 2,074 20 300 185 217 FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y Ne o w rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - l A an t- ta Chicago L S o t u .. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Federal Reserve notes outstanding (issued to Bank): Oct. 24 24,910,9991,496,2355,376,423 1,646, 136,949 ,739,022 1,522, ,483,948 1,071,765 556, 933,368 648,6963,298,675 Oct. 31 24,977,8701,491,755 5,378,^ ,642,822 2134,629 ,749,6331,532, ,492,783 1,078,955 560, 933,477654,9393,327,564 Nov. 7 24,995,6401,491, ,379, ,641,469 2134,8521,758,2641,535,482 4,493,989 1,085,179 560, 941,170 654,0343,319,502 Nov. 14 25,090,4461,492,7075,412,718 1,660,4712,140,7521,764,7451,538,188 4,503,1741,091,913 560, 940,281658,7943,325,781 Nov. 21 25,099,5171,498,1615,411,830 1,653,8"•4"0 2,,142,4731,769,6751,542, ,509,6251,094,358 560, 936,395659,1193,321,351 Collateral held against notes outstanding: Gold certificates: Oct. 24 10,763,000 410,000 3,270,000 450,000 695,000 550,000 635,,000 2,200,000 300,000 160, 280, ,0001,649,000 Oct. 31 10,768,000 4101,,000 3,,270,000 450,000 695,000 550,000 640,0002,200,000 300,000 160, 280,000164,0001,649,000 Nov. 7 10,718,000 410i,,000 3,270,000 450,000 695,000 625,000 640, ,070,000 300,000 165, 280,000164,0001,649,000 Nov. 14 10,728,000 4101,,000 3!,270,000 450,000 695,000 625,000 650,000 2,070,000 300,000 165, 280,000 164,0001,649,000 Nov. 21 10,748,000 410,0003,270,000 450,000 695,000 625,000 6501,,000 2,090,000 300,000 165, 280,000164,0001,649,000 Eligible paper: Oct. 24 267,842 33,000 119,255 8,232 14,550 17,205 18,500 27,400 29,700 Oct. 31 304,992 40,335 175,382 8,152 13,130 22,643 11,000 7,450 26,900 Nov. 7 308,708 21,735 163,657 4,842 11,100 28,249 7,500 26,025 45,600 Nov. 14 383,592 26,785 237,432 20,580 16,750 25,600 7,000 21,575 27,870 Nov. 21 423,052 29,010 232,082 12,500 7,200 40,635 9,500 25,575 66,550 U. S. Govt. securities: Oct. 24 14,396,2701,100,000 2100,000 200,000 1,450,0001,225,000 900,000 2,300,000 871,270 400i,000 650,000 500,,10001,700,000 Oct. 31 14,501,6301,1001,,000 2 100,000 200,0001,450,0001,225,000 900,000 2,300,000 876,630 4001,000 650,000 500,<,0001,800,000 Nov. 7 14,622,2261,100, 100,000 200,0001,450,0001,175,000 900,000 2,450,000 847,226 400^000 700,000 500,0001,800,000 Nov. 14 14,633,7101,100, 100,000 200,0001,450,0001,175,000 900,000 2,450,000 858,710 400,000 700,,0000 500,0001,800,000 Nov. 21 14,633,8021,100,000 2,100,000 200,0001,450,0001,175,000 900,000 2,450,000 858,802 400,000 700,,0000 500,0001,800,000 Total collateral: Oct. 24 25,427,1121,543,000 5,489,255 1,658,,232 21,145,000 1,789',,550 1,535, ,500,000 1,188,475 578, 957,400 664 3,378,700 Oct. 31 25,574,6221,550,335 5,545,382 ,658, !, 145,0001,788,1301,540,000 4,500,000 1,199,273 571 937,450 664,000 3,475,900 Nov. 7 25,648,9341,531,7355,533,657 ,654,,,842 2 1,000 1,811,100 1,540,000 4,520,000 1,175,475 572! 1,006,025 3,494,600 Nov. 14 25,745,3021,536,785 5,607,432 ,670),, 580 2, 1.,000 1,816,, 750 1550, ,520,000 1,184,310 572, 1,001,575 664,000 3,476,870 Nov. 21 25,804,8541,539, ,602,0821,662,500 2,145,000 1,807,,200 1,550, ,540,000 1,199,437 574, 1,005,575 3,515,550 11.11. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WA PA R R P T R M O E D N U T C , T N I A O V N Y L D O E A P N A S R G TM UA E R N A T N , T A E N E D D M B A Y R W IT A IM R E DE- ( MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V [Amounts in thousands of dollars] Central reserve Month, All city banks Re- Counor mem- serve * try 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 N Y e o w rk Chicago b c a i n t k y s banks1 borrowers Date under guar- Number Amount am To o t u a n l t g P u o te a r e t r i d a o n n - a o n u t t m e s e t e a n a n g t d s r i e n e g - To 1 t 9 a 4 l 4 — re O S s c e e p t r t ves held: 1 13 3 , , 8 4 0 7 7 6 3 3, , 8 7 1 2 5 8 8 88 6 8 3 5 5, , 5 3 0 6 1 5 3 3 , , 5 6 2 0 0 3 1945—Sept 15,414 4,094 931 6,166 4,224 Oct 15,675 4,183 926 6,244 4,323 J D S u e e n c p . e t . 3 3 3 1 0 1 0 942 2 1 , , 6 6 5 6 5 6 5 8 5 2,6 3 9 8 4 1 8 4 0 , , , 3 2 6 9 0 8 7 4 0 8 4 0 8 2 3 1 7 , , , 7 1 9 2 0 1 0 8 8 6 3 6 3 5 9 2 6 , . , 6 6 4 7 7 7 4 7 4 1,4 2 1 3 3 3 0 0 7 . , , 1 7 8 2 2 8 0 1 8 O O O O c c c c t t t t . . . . 2 1 1 5 6 2 9 1 1 1 1 5 5 5 5 , , , , 6 7 4 7 1 4 5 4 0 2 9 8 4 4 4 4 , , , , 1 1 2 1 2 9 3 4 5 4 0 3 9 9 9 92 2 2 1 9 4 8 8 6 6 6 6 , , , , 2 1 2 2 4 6 2 7 0 6 9 3 4 4 4 4 , , , , 3 3 3 2 1 5 1 7 7 6 0 5 1943 Nov. 2 15,840 4,253 940 6,303 4,344 Mar. 31.... 3,534 3,725,241 1,245,711 999,394 1,865,618 Nov. 9 15,912 4,239 947 6,323 4,404 June 30 4,217 4,718,818 1,428,253 1,153,756 2,216,053 Nov. 16 16,038 4,231 948 6,389 4,470 Sept.30 4,787 5,452,498 1,708,022 1,413,159 2,494,855 Nov. 23 16,093 4,263 953 6,405 4,473 Dec. 31 5,347 6,563,048 1,914,040 L,601,518 3.146,286 Excess reserves: 1944—Sept 983 21 7 256 698 1944 Oct 958 22 7 251 679 Mar. 31 5,904 7,466,762 2,009,511 ,680,046 3,615,963 1945—Sept 1,063 19 10 258 776 June 30 6,433 8,046,672 2,064,318 ,735,777 3,810,797 Oct 1,057 14 5 261 777 Sept.30 6,882 8,685,753 1,960,785 1,663,489 4,301,322 Dec. 30 7,434 9,310,582 1,735,970 1,482,038 4,453,586 Oct. 5 ,067 14 5 262 786 J M M F A J a u e p a a n b n r y . . r e . . 3 3 2 3 3 3 1 1 8 0 0 1 1945 7 8 8 7 8 7 , , , , , , 5 2 7 0 8 4 8 1 2 8 4 2 1 8 0 6 8 2 1 1 9 9 9 9 0 0 , , , , , , 4 5 6 8 0 1 0 1 4 7 1 4 7 7 5 2 5 9 , , , , , , 8 2 3 9 4 3 7 5 7 1 2 1 2 3 8 6 7 5 1 1 1 1 1 1 , , , , , , 7 6 5 5 4 3 0 4 5 9 7 8 0 6 8 9 9 6 , , , , , , 6 1 2 1 8 8 3 6 7 4 2 5 2 0 0 7 0 1 1 1 1 1 1 1 , , , , , , 3 2 4 1 4 3 3 7 4 9 0 6 2 2 8 0 2 5 , , , , , , 0 1 9 9 6 9 5 3 9 4 4 5 0 7 5 4 6 9 4 3 3 3 3 3 , , , , , , 0 9 9 9 6 9 0 6 1 9 9 6 2 4 1 4 4 3 , , , , , , 7 8 0 7 6 9 7 3 5 2 1 6 2 0 8 6 8 1 Borrow N N N N O O O in o o o o c c c t t t g v v v v . . . . . . . s 2 1 1 2 1 6 9 2 2 9 3 6 at Federal V PI, , , , , , . 2 0 0 1 1 1 2 3 3 0 0 1 1 1 7 0 2 2 7 5 3 3 2 2 2 1 1 1 0 6 9 5 4 8 9 9 6 6 7 7 7 7 2 2 2 2 2 3 3 7 3 8 4 1 8 0 9 6 2 7 4 8 8 ^8 8 7 7 7 7 7 0 9 4 5 9 2 9 5 5 0 0 July 31 8,553 10,241,600 1,274,238 1,091,654 3,627,297 Reserve Banks: O A Se u c p t g . t . . 3 3 3 1 1 0 8 8 8 , , , 6 7 6 5 3 9 1 2 5 1 1 1 0 0 0 , , , 2 3 3 9 2 1 2 3 1 , , , 2 8 3 2 6 3 5 8 6 rl 1 ,0 ,2 8 7 4 3 3 2 5 , , , 8 6 5 9 8 3 2 7 8 1 r , 9 0 7 1 6 1 6 1 6 , , , 8 6 9 5 0 5 1 3 1 r3 3 2 , , , 0 4 6 4 6 8 3 0 6 , , , 6 2 4 7 7 1 2 4 1 1 1 9 9 4 4 4 5 — — O S S e c e p t p t t 3 1 1 8 9 0 8 0 8 1 1 5 1 1 5 9 1 1 4 9 2 9 2 8 8 2 2 5 5 2 Oct 358 93 1 179 86 r Revised NOTE.—The difference between guaranteed loans authorized and sum Oct. 5 341 87 1 178 75 of loans outstanding and amounts available to borrowers under guarantee Oct. 12 333 108 132 93 agreements outstanding represents amounts repaid, guarantees available Oct. 19 339 86 154 99 but not completed, and authorizations expired or withdrawn. Oct. 26 386 73 i" 214 98 Nov. 2 502 143 2 221 136 Nov. 9 526 134 256 136 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Nov. 16 644 206 293 145 [Amounts in thousands of dollars] Nov. 23 614 196 295 123 We D d a n te e sd (l a a y s t or Ap a t p p o l p i r c d o a a v t t i e e o d ns b p u r A o t p v n - e o d t L o o u a t n - s C m om en m ts it- p P a a t r i t o i n c s i- p 1 W Pr e e e li k m ly i n f a ig ry u . res of excess reserves of all member banks and of country last day of com- standing2 out- out- banks are estimates. Weekly figures of borrowings of all member banks period) pleted1 (amount) standing standing and of country banks may include small amounts of Federal Reserve Bank Number Amount (amount) (amount) (amount] discounts and advances for nonmember banks, etc. 1934 984 49,634 20,966 13,589 8,225 1,296 1 1 9 9 3 3 5 6 2 1 , , 2 9 8 9 0 3 1 1 2 3 4 9 , ,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 7 0 , , 6 9 4 5 9 9 8 7 , , 7 20 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 1939 2,781 188,222 2,659 13,683 9,220 10,981 In places of 15,000 In places of under 1940 2,908 212,510 13,954 9,152 5,226 6,386 and over population 15,000 population 1941 3,202 279,860 8,294 10,337 14,597 19,600 1942 Demand Demand J D u e n c e . 2 3 4 1 3 3 , , 3 4 5 2 2 3 3 40 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 o te e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s 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 October 1944 13,414 5,601 8,598 3,880 1944 September 1945 15,363 7,027 10,665 4,911 J D u e n c. e 3 3 0 0 3 3 , , 4 4 8 8 3 9 5 5 1 2 0 5 , , 8 5 5 3 7 2 1,29 45 5 1 3 1 , , 8 3 9 66 4 4 4 , , 0 1 4 6 8 5 1 2 1 , , 7 0 0 6 5 3 October 1945 15,333 7,184 10,804 5,019 J F a e n b. . 1 3 2 9 1 8 45 3 3 , , 4 4 9 9 1 2 5 5 2 2 6 7 , , 6 7 5 0 9 0 5 5 6 8 0 5 4 3 , , 0 9 6 2 6 1 3 3 , , 4 5 6 4 1 7 2 2 , , 4 3 0 7 5 4 B N P C h o e le i w s l v t a o e d Y n l e a o n l r p d k hia 2 1 1 1 , , , , 0 1 3 9 3 0 6 7 7 6 3 6 1,8 6 8 7 2 0 3 8 3 9 5 1 1,0 9 3 8 2 8 3 6 1 3 9 7 1,0 6 2 7 0 8 0 4 2 9 4 1 Mar. 31 3,493 528,936 85 4,214 3,321 2,365 Apr. 30 3,500 533,037 1,370 4,553 3,285 2,361 Richmond 1,075 341 811 383 May 31 3,502 535,117 220 4,339 4,392 2,697 Atlanta 1,420 418 590 168 June 30 3,502 537,331 70 3,252 5,224 2,501 Chicago 1,876 1,155 1,418 777 July 31 3,503 538,624 130 3,199 5,165 2,455 St. Louis 576 284 893 226 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 510 239 619 346 Oct. 31........ 3,508 543,090 1,055 2,460 3,679 1,876 Kansas City 482 98 1,390 175 Dallas. .. ._ 820 106 1,316 53 1 Includes applications approved conditionally by the Federal Reserve San Francisco 1,093 495 557 256 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. DECEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Gross demand deposits Reserves with Federal Demand Reserve Banks Federa C l l R a e s a s s n e o d rv f e b a d n is k trict Total I b n a te n r k - w G m a o U r v e .S e l n o . r t n an - Other a D d d e e j p u m o s a t s e n it d d s 3 p N m o e d s a t e i n - t d d s e 4 - p T o d i s e m i - t e s5 d b o a b m l f d a r a o u n n e m e k s c t s e ^ i s c Total qu R i e r - ed Excess B F R i B n o e e g d r a s r s e e n o r r k w a v a s t e l po d s < i r t - s9- First half of October 1945 All member banks 92,989 12,300 11,963 68,727 64,848 71,297 23,557 6,107 15,600 14,479 1,121 334 Central reserve city banks New York 25,375 4138 3981 17,256 16,115 20,237 1,236 53 4,146 4122 24 Chicago 5,546 1134 784 3,628 3,405 4,372 695 172 926 916 9 Reserve city banks 34,796 5,857 4,390 24,549 22,674 26,792 9,476 1,831 6,213 5,927 285 153 Boston 2,365 294 548 1,523 1,432 1,681 165 48 354 346 8 4 New York 577 32 68 477 451 465 261 20 111 109 3 1 Philadelphia 2,648 353 419 1,875 1,768 2,050 191 71 431 421 10 3 Cleveland 4,095 556 567 2,973 2,789 3,178 1,114 170 734 702 31 21 Richmond 2,279 408 349 1,522 1,402 1,708 410 114 392 366 26 17 Atlanta 2,104 562 192 1,350 1,225 1,657 355 137 373 353 20 2 Chicago 4,143 479 546 3,118 2,939 3,143 1,709 282 771 731 39 61 St. Louis 1,989 582 223 1,184 1,067 1,556 282 98 336 328 8 8 Minneapolis 1,103 338 165 600 526 795 145 70 171 168 3 9 Kansas City 2,904 1016 232 1,656 1,487 2,222 309 288 509 463 46 24 Dallas..... 2,274 587 225 1,462 1,354 1,708 111 241 403 358 45 San Francisco 8,315 651 854 6,810 6,235 6,631 4,261 293 1,628 1582 46 Country banks 27,272 1,171 2,808 23,294 22,654 19,895 12,149 4,051 4,316 3514 802 80 Boston 2,476 96 411 1,969 1,890 1,801 981 193 360 311 349 16 New York 4,097 83 631 3,382 3,261 3,048 2,814 312 690 596 94 50 Philadelphia 1,993 16 243 1,734 1,691 1,482 1,370 230 357 290 67 2 Cleveland 2,377 27 269 2,080 2,032 1,743 1,491 323 439 333 105 4 Richmond 2,053 175 192 1,687 1,617 1,433 719 373 305 244 61 1 Atlanta 2,230 228 186 1,815 1,759 1,628 583 374 317 263 54 1 Chicago 3,347 66 337 2,944 2,890 2,460 1,922 509 567 460 108 2 St. Louis 1,613 145 108 1,359 1,323 1,205 509 270 243 199 44 1 Minneapolis 1,202 80 94 1,028 1,000 865 584 218 197 156 41 Kansas City 1,953 91 97 1,765 1,740 1,371 271 470 273 208 65 "i" Dallas 2,260 132 115 2,013 1,974 1,596 157 526 310 233 77 San Francisco 1,672 30 124 1,518 1,477 1,264 747 252 259 222 37 2 Second half of October 1945 All member banks 93,438 12,521 10,794 70,123 66,063 72,693 23,773 6,146 15,746 14,748 998 382 Central reserve city banks New York 25,526 4,226 3,579 17,721 16,485 20,688 1,255 59 4,218 4,213 5 85 Chicago 5,540 1,173 705 3,661 3,418 4,417 702 179 927 926 1 2 Reserve city banks 35,010 5,930 3,975 25,104 23,152 27,309 9563 1,866 6,273 6,036 237 203 Boston 2,360 292 493 1,575 1,484 1,734 166 44 359 357 2 12 New York 571 32 62 477 452 467 262 18 111 109 2 2 Philadelphia 2,651 350 377 1,924 1,805 2,085 191 71 437 428 8 4 Cleveland 4,124 558 513 3,052 2,856 3,245 1,122 174 753 716 37 14 Richmond 2,272 410 315 1,547 1,428 1,734 412 116 392 371 20 13 Atlanta 2,122 567 174 1,381 1,252 1,694 358 132 •374 360 13 19 Chicago 4,138 494 499 3,145 2,962 3,166 1,729 297 770 737 33 69 St. Louis 2,004 593 202 1,209 1,085 1,586 285 97 339 334 5 15 Minneapolis 1,111 347 149 615 536 814 146 71 174 172 2 14 Kansas City 2,941 1,025 212 1,703 1,526 2,263 311 296 508 471 37 22 Dallas 2,306 591 204 1,511 1,396 1,745 281 249 398 366 32 San Francisco 8,410 669 776 6,965 6,370 6,775 4,299 302 1,659 1,613 46 Country banks 27,362 1,191 2,535 23,636 23,007 20,279 12,253 4,042 4,329 3,574 755 92 Boston 2,469 97 371 2,001 1,922 1,843 988 186 357 317 40 19 New York 4,068 84 567 3,417 3,303 3,102 2,836 300 687 604 83 47 Philadelphia 1,986 17 232 1,737 1,695 1,497 1,381 221 353 292 61 3 Cleveland 2,367 28 242 2,097 2,051 1,772 1,504 313 443 338 104 5 Richmond 2,071 178 172 1,721 1,652 1,471 727 373 307 250 57 1 Atlanta 2,249 231 168 1,850 1,795 1,665 589 375 318 268 50 8 Chicago 3,382 76 305 3,001 2,944 2,501 1,941 532 569 467 102 3 St. Louis 1,615 145 95 1,375 1,341 1,222 512 270 244 202 42 1 Minneapolis 1,212 76 83 1,052 1,024 885 586 219 200 159 41 1 Kansas City 1,975 92 86 1,797 1,773 1,405 274 470 275 213 62 1 Dallas...^ 2,281 137 102 2,043 2,002 1,630 161 524 314 238 76 San Francisco 1,688 30 111 1,547 1,507 1,288 754 257 262 226 36 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. 5 Includes some interbank and U. S. Government time deposits,; the amounts on call report dates are shown in the Member Bank Call Report. 12.14 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 denominationcurrency2 End of year and in cir- Unasmonth c ti u o l n a * - Total Coin $1 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 sorted 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 11,576 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 194.3—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 October... 28,049 20,381 1,252 1,000 71 2,274 6,779 9,004 7,671 2,243 4,123 461 816 7 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 Tneasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money T s o ta ta n l d o in u g t- , As security Fe F d o e r ral h F e e l d d e r b a y l Oc 19 t. 4 5 31, g a o s g l i d a lv in a er n st d Tr c e a a s s h ury R B e a a s n e n d r k v s e B R a a n e g k s e e s n r t a v s n e d O 1 c 9 t. 4 5 31, Se 1 p 9 t 4 . 5 30, Oc 1 t 9 . 4 3 4 1, certificates agents Gold 20,036 17,931 22,105 Gold certificates 17,931 15,064 2,815 51 52 53 Federal Reserve notes 24,978 94 876 24,008 23,818 20,631 Treasury currency—total 4,278 ' H,986 45 244 3,990 3,956 3,741 Standard silver dollars. 494 340 20 2 132 130 111 Silver bullion 1 646 1,646 Silver certificates and Treasury notes of 1890 H,986 188 1,797 1,763 1,593 Subsidiary silver coin 848 15 15 818 812 738 Minor coin 312 4 5 303 301 276 United States notes 347 4 27 316 318 324 Federal Reserve Bank notes 513 2 5 506 513 574 National bank notes s119 1 118 119 124 Total—October 31, 1945 19,916 2,244 15,064 3,935 28,049 September 30, 1945 . .. 19,910 2,246 15,082 3,864 27^826 October 31 1944 20,405 2,332 15,737 3,749 24,425 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. 1207, and seasonally adjusted figures in table on p. 1216. 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. 5 Less than $500,000. 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 Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. DECEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES [Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars] Ear- Amount— Amount— Change in Gold marked Domes- Date f u o n r a s d e j a u s s o te n d al ad s ju ea s s te o d n a f l or s a e d as ju o s n t a e l d ly Period a s t t o e c n k d I i n n c r g e o a l s d e N im et p g o o r l t d go c l r d e : a s d e e- p ti r c o d g u o c ld variation variation series1 of period stock or in- tion1 crease (—) End of year figures: 1939 7,598 +742 19342 8,238 4,202.5 1,133.9 82.6 92.9 1940 8,732 +1,134 1935 10,125 1,887.2 1,739.0 .2 110.7 1941 11,160 +2,428 1936 3 11,258 1,132.5 1,116.6 -85.9 131.6 1942 15,410 +4,250 1937 312,760 1,502.5 1,585.5 -200.4 143.9 1943 20,449 +5,039 1938 . 14,512 1,751.5 1,973.6 —333.5 148.6 1944 25,307 +4,858 1939 17,644 3,132.0 3,574.2 -534.4 161.7 1940 21,995 4,351.2 4,744.5 —644.7 170.2 Monthly averages of daily 1941 22,737 741.8 982.4 -407.7 169.1 figures: 1942 22,726 — 10.3 315.7 -458.4 125.4 1943 21,938 -788.5 68.9 -803.6 48.3 1944—March 20,964 21,027 +392 1944 20,619 -1,319.0 -845.4 -459.8 35.8 April 21,312 21.484 +457 May 21,822 21,976 +492 1944—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 J A u u ly gust 2 2 2 2 , , 5 9 8 8 0 8 2 2 3 2 , , 1 6 0 2 4 5 + + 2 4 1 7 7 9 1945— D Ja e n c u e a m ry ber.... 2 2 0 0 , , 5 6 5 1 0 9 - - 6 6 9 9 . . 6 0 -17. . 0 7 - - 4 5 6 8 . . 3 2 2 2 . . 8 5 N O Se o c p v to t e e b m m e b r b e e r r 2 2 2 3 4 4 , , , 5 7 1 2 3 1 5 8 2 2 2 2 3 4 4 , , , 5 6 1 7 6 1 2 4 2 + + + 5 4 5 5 4 6 2 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 — -4 3 6 7 . . 9 4 2 2 . . 3 4 December 25,207 24,957 +293 A M p a r y il 2 2 0 0 , , 3 27 7 0 4 -1 -4 0 5 3 . . 1 3 -18 2 . . 3 4 - - 6 5 6 3 . . 9 2 2 2 . . 6 3 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 April 26,009 26,219 +291 October 20,036 -36.9 P-4.3 34.6 ,3.6 J M J u u a l n y y e 2 2 26 6 6 , , , 9 3 5 1 5 6 8 1 1 2 2 26 6 6 , , , 9 5 6 7 3 9 2 7 4 + + + 3 2 1 1 7 5 8 8 7 N Ja o n v . e -N m o b e v r p p 2 2 0 0 , , 0 0 3 3 0 0 P- P 5 - 8 6 9 . . 1 1 ( ( 4 4 ) ) 5 5 -3 -3 5 8 2 . . 2 4 2* '3 29 .6 .7 August 27,392 27,530 +558 p Preliminary. f Figure carried forward. September 27,765 27,821 +291 1 Annual figures are estimates of the United States Mint. Monthly October 27,943 27,943 +122 figures are those published in table on p. 1258, adjusted to exclude Philippine November 28,151 28,067 +124 Islands production received in United States. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a 1 For end of year figures, represents change computed on absolute fine 3 o I u n n c c l e u d t e h s e g re o a ld f te in r . the Inactive Account amounting to 27 million dollars amounts in first column. on Dec. 31. 1936, and 1,228 million on Dec. 31, 1937. NOTE.—For discussion of seasonal adjustment factors and for back 4 Not yet available. figures on comparable basis see September 1943 BULLETIN, pp. 822-826. 5 Gold held under earmark at the Federal Reserve Banks amounted to Because of an apparent recent change in the^seasonal pattern around the 4,289.6 million dollars on Nov. 30, 1945. All of this was earmarked directly year end, adjustment factors have been revised somewhat for dates af- for foreign account except 102.8 million dollars which was earmarked in fected, beginning with December 1942; seasonally adjusted figures for the name of a domestic bank as security for a foreign loan. money in circulation, as shown in Banking and Monetary Statistics, Table NOTE.—For back figures, see Banking and Monetary Statistics, Table 156, 111, p. 414, and described on p. 405, are based on an older series of adjust- pp. 536-538, and for description of statistics see pp. 522-523 in the same ment factors. publication. BANK DEBITS AND* DEPOSIT TURNOVER [Debits in millions of dollars] 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 n o v u s te e i a t r r l s b r o a e a n f x t k e c t e o o p t f a t l D e a d e x n e b d c p e i o t p G s s t i o t 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 u r v s r b i a e t a l r s o n n r f m k e a x d t e a e c e n n e m o t p d f a t nd T re o c p t e a o n l r t , t e i a r n s l g l Y N C o e it r w y k 1 1 c 4 e 0 n o te th rs e 1 r r c e e O p n o t t h r e t e r i r s n 2 g Y N C o i e t r w y k r 3 e c 3 p e 3 o n o r t t e t i h r n s e g r Y N C o e it w r y k 1 l 0 e c 0 a i t d o ie i t n s h g er Y N C o i e t r w y k 10 le c 0 a i t d o ie i t n h s g er 1936 461,889 208,936 219,670 33,283 204,831 202,267 31.4 22.4 1937 469,463 197,836 235,206 36,421 193,143 215,090 29.5 22.4 1938 405,929 168,778 204,745 32,406 164,945 186,140 25.1 19.9 1939 423,932 171,382 218,298 34,252 167,939 200,636 21.0 19.4 1940 445,863 171,582 236,952 37,329 167,373 217,744 17.1 18.6 1941 537,343 197,724 293,925 45,694 193,729 270,439 17.3 19.4- 1 1 9 9 4 4 2 2 — — n ol e d w s s e e r r ie ie s s 3 3 6 64 0 1 7 , , 7 0 7 7 8 1 2 22 1 6 0 , , 8 9 6 6 5 1 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—October 73,891 28,558 38,336 6,997 16.9 10.3 24,672 33,498 20.9 16.0 November 77,775 30,016 40,381 7,378 18.7 11.5 25,464 34,676 21.6 17.2 December 91,281 37,678 45,490 8,114 21.4 11.9 33,064 40,559 30.0 20.4 1945—January 82,756 34,990 40,305 7,461 18.6 9.9 30,826 34,801 27.0 16.9 February 70,249 29,065 34,724 6,461 17.7 9.7 25,416 30,024 24.3 16.0 March.. 81,077 31,884 41,722 7,471 17.0 10.0 28,924 36,008 • 22.9 16.1 April 74,139 29,413 37,846 6,881 17.2 9.9 25,115 32,430 20.8 15.5 May 81,724 33,678 40,643 7,403 18.8 10.1 28,384 34,418 21.4 15.3 June 98,024 41,725 47,716 8,583 22.0 11.3 36,951 41,870 28.9 18.9 July 79,163 33,590 38,286 7,287 17.5 9.2 29,190 32,662 25.6 16.1 August 73,208 29,388 36,767 7,054 14.4 8.2 24,803 30,796 19.7 13.7 September 71,169 28,545 35,718 6,906 16.5 9.1 26,534 30,631 22.9 14.9 October 81,616 34,984 39,006 7,626 18.1 8.8 29,990 33,474 22.4 14.4 r Revised. x 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. IXI6 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! End of month c a d o u d T e u r j a p o t u r n o s e t s d i s a n t d i l e c e t d s y a c d d u d T e e r j p a m o u r o n e t s a d s a n t n i l e c t d d s y a d d T e j p o u o s ta s te i l t d s a D d d e e j p m u o s a s t n i e t d s d1 d G U e S m o p n t v a o e i t t e s n e e r i t d s t n s - 2 Total m C e T r o c m i i m a - l e dep M s o a s u v i t i t u n s g al s S P a o v s in ta g l s C o u b u r a t r n s e i k n d s c e y banks o b u a ts n i k d s e banks3 4 banks4 System5 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 9,488 1,208 4,782 1937—June 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 1,267 5,489 December 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 1,269 5,638 1938—June... 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 1,251 5,417 December 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 1.251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 1,261 6,005 December 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 1,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 1,292 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 1,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 1,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 1,315 10,936 December 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 1,415 13,946 1943—June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 1,576 15,814 December 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 1,786 18,837 1944—June 136,172 80,946 115,291 60,065 19,506 35,720 21,217 12,471 2,032 20,881 1944—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 August21 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 October?7 163,800 104,500 137,400 78,100 11,700 47,600 29,600 15,000 2,900 26,400 P Preliminary. * 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 a p l r o - s s ' - i C n a d s e h - U. S. s e G cu o r v i e ti r e n s ment C r a e s - h banks ti N o a n - al State su I r n e - d in N s o u n re - d ances Total b p t a o o n r s k y i- s Total r D ec i- t G t a u e n e a - d r- s f e u e t n r c v d .2 e s, Num 1 1 b 9 9 e 4 3 r 0 4 - o 39 f banks suspended: 29 2 1 2 1 1 5 6 18 1 9 8 8 3 1 1941 g 4 3 1 1 1 1 1 9 9 9 9 3 o 3 3 4 5 6 7 — — — — D D D D e e e e c c c c 1 1 1 1 , , , , 2 2 2 2 0 0 6 7 7 1 0 0 1 1 1 1 , , , , 2 2 2 3 3 3 9 0 7 7 6 8 5 2 1 1 4 8 4 3 0 7 5 1 1 1, , 0 0 8 5 9 5 5 9 7 8 3 7 4 8 7 9 6 9 0 3 7 2 6 1 1 1 1 1 3 6 4 6 0 7 7 7 1 9 9 8 0 8 3 0 0 1 1 1 1 9 9 9 9 4 4 4 4 2 3 4 5 — .. Jan.-Nov 9 4 0 1 2 6 2 1 3 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). 1 1 9 9 4 4 0 1 - - D D e e c c 1 1 , , 3 3 0 1 4 4 1 1 , , 3 3 4 9 8 6 2 3 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 1 1 9 9 4 4 3 2 — — D D e e c c 1 1 , ,4 7 1 8 7 8 1 1 , , 4 8 6 4 4 3 1 1 0 6 1 1 , , 7 3 1 4 6 5 1 1 , , 2 7 2 1 0 6 126 1 1 0 1 2 8 1 1 9 94 4 0 1 . 3 5 , , 7 9 2 4 6 3 3,1 2 4 5 4 6 5,3 5 4 0 1 3 34 7 6 9 1944— N D O o e c c v t 2 2 2 , , , 2 3 3 5 0 4 7 5 2 2 2 2, , , 4 3 3 1 7 2 1 4 3 8 8 8 2 2 2 , , , 1 2 2 6 1 5 5 4 2 2 2 2 , , , 2 1 2 1 6 5 4 5 2 1 1 1 5 5 5 0 2 2 1 1 1 1 9 9 9 9 4 4 4 4 4 3 2 5 — . Jan.-Nov 6 1 , ,7 2 4 0 2 0 2 3 0 5 4,982 1 1 , ,3 2 4 7 4 0 5 1 5 327 1945—Jan 2,404 2,477 8 2,308 2,308 162 Feb 2,458 2,536 8 2,363 2,363 164 1 Represents banks which, during the periods shown, closed temporarily Mar 2,513 2,590 8 2,426 2,426 156 or permanently on account of financial difficulties; does not include banks Apr 2,563 2,646 8 2,463 2,463 175 whose deposit liabilities were assumed by other banks at the time of closing May 2,609 2,696 8 2,518 2,518 170 (in some instances with the aid of Federal Deposit Insurance Corporation June 2,659 2,751 8 2,574 2,574 169 loans). July 2,720 2,809 7 2,625 2,625 176 2 Deposits of member banks and insured nonmember banks suspended are Aug 2,785 2,867 8 2,674 2,674 185 as of dates of suspension, and deposits of noninsured nonmember banks Sept *>2,833 are based on the latest data available at the time the suspensions were Oct P2/874 reported. Back figures.—See Banking and Monetary Statistics, pp. 283-292; for description, see pp. 281-282 in the same publication. p Preliminary. 1 Outstanding principal, represented by certificates of deposit. 2 Includes working cash with postmasters, 5 per cent reserve fund and miissocellaneous working funds with Treasurer of United States, accrued inte:nrest on bond investments, and accounts due from late postmasters. Baacckk ffiigguurreess..——SSeeee BBaannkkiningg and Monetary Statistics, p. 519; for descrip tion, see p. 508 in the same publication. DECEMBER 1945 1117 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 a n o d f bank 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 r e it r ies 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 50,885 22,169 28,716 19,402 9,314 68,225 9,883 32,492 25,850 15,035 1940—Dec. 31 54,170 23,751 30,419 20,983 9,436 75,963 10,941 38,518 26,504 14,895 1941—Dec. 31 61,101 26,616 34,485 25,488 8,997 81,780 10,989 44,316 26,476 14,825 1942—Dec. 31 78,137 23,915 54,222 45,932 8,290 99,796 11,318 61,395 27,083 14,682 1943—June 30 87,881 22,241 65,640 57,748 7,892 107,224 10,895 67,554 28,775 14,618 Dec. 31 96,966 23,601 73,365 65,932 7,433 117,661 11,012 75,561 31,088 14,579 1944—June 30 108,707 25,424 83,284 75,737 7,547 128,605 11,219 83,588 33,797 14,553 Dec. 30 119,461 26,015 93,446 85,885 7,561 141,449 12,245 91,644 37,559 14,535 1945—June 30 129,639 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 1945— D J e u c n . e 3 3 0 0 1 11 0 4 5 ,r5 5 3 0 0 5 2 23 1 , , 6 6 7 4 2 4 8 9 3 0 , , 8 8 8 3 6 3 8 7 4 7 , , 0 5 6 5 9 8 6 6 , ,7 3 6 2 4 9 1 1 2 3 8 6 , , 0 6 7 0 2 7 1 1 2 2 , , 2 60 4 5 5 9 9 6 1 , , 7 6 2 4 5 4 2 2 4 7 , ,2 1 7 8 6 3 1 14 3 , , 0 9 0 9 0 2 All insured commercial banks 1938—Dec. 31 37,470 16,021 21,449 14,506 6,943 49,772 7,254 27,849 14,669 13,655 1939—Dec. 30 39,289 16,863 22,426 15,566 6,859 56,069 9,523 31,483 15,063 13,531 1940—Dec. 31 42,556 18,394 24,161 17,063 7,098 63,461 10,539 37,333 15,589 13,438 1941—Dec. 31 49,288 21,258 28,030 21,046 6,984 69,411 10,654 43,061 15,697 13,426 1942—Dec. 31 66,240 18,903 47,336 40,705 6,631 87,803 11,144 60,504 16,154 13,343 1943—June 30 75,270 17,390 57,880 51,534 6,347 94,563 10,681 66,509 17,374 13,298 Dec. 31 83,507 18,841 64,666 58,683 5,983 104,094 10,705 74,309 19,081 13,270 1944—June 30 93,936 20,729 73,207 67,085 6,122 114,145 11,038 82,061 21,045 13,264 Dec. 30 103,382 21,352 82,030 75,875 6,155 125,714 12,074 89,761 23,879 13,263 1945—June 30 112,353 23,376 88,978 82,401 6,577 134,245 12,401 94,910 26,934 13,277 All member banks: 1938—Dec. 31 32,070 13,208 18,863 13,223 5,640 43,363 7,153 24,842 11,369 6,338 1939—Dec. 30 33,941 13,962 19,979 14,328 5,651 49,340 9,410 28,231 11,699 6,362 1940—Dec. 31 37,126 15.321 21,805 15,823 5,982 56,430 10,423 33,829 12,178 6,486 1941—Dec. 312 43,521 18,021 25,500 19,539 5,961 61,717 10,525 38,846 12,347 6,619 1942—Dec. 31 59,263 16,088 43,175 37,546 5,629 78,277 11,000 54,523 12,754 6,679 1943—June 30 67,155 14,823 52,332 46,980 5,352 84,016 10,552 59,670 13,794 6,703 Dec. 31 74,258 16,288 57,970 52,948 5,022 92,262 10,555 66,438 15,268 6,738 1944—June 30 83,587 18,084 65,503 60,339 5,164 101,276 10,903 73,488 16,884 6,773 Dec. 30 91,569 18,676 72,893 67,685 5,208 110,917 11,884 79,774 19,259 6,814 1945—June 30 99,426 20,588 78,838 73,239 5,599 118,378 12,230 84,400 21,748 6,840 All national banks: 1938—Dec. 31 20,903 8,469 12,434 8,691 3,743 27,996 4,499 15,587 7,910 5,224 1939—Dec. 30 21,810 9,022 12,789 9,058 3,731 31,559 5,898 17,579 8,081 5,187 1940—Dec. 31 23,648 10,004 13,644 9,735 3,908 35.787 6,574 20,885 8,329 5,144 1941—Dec. 31 27,571 11,725 15,845 12,039 3,806 39,458 6,786 24,350 8,322 5,117 1942—Dec. 31 37,576 10,183 27,393 23,744 3,648 50,468 7,400 34,499 8,570 5,081 1943—June 30 42,805 9,173 33,632 30,102 3,529 54,589 7,155 38,205 9,229 5,060 Dec. 31 47,499 10,116 37,382 34,065 3,318 59,961 7,159 42,605 10,196 5,040 1944—June 30 53,343 11,213 42,129 38,640 3,490 65,585 7,402 46,879 11,304 5,036 Dec. 30 58,308 11,480 46,828 43,292 3,536 71,858 8,056 50,900 12,901 5,025 1945—June JO 63,177 12,369 50,808 47,051 3,757 76,533 8,251 53,698 14,585 5,015 State member banks: 1938—Dec. 31 11,168 4,738 6,429 4,532 1,897 15,367 2,653 9,255 3,459 1,114 1939—Dec. 30 12,130 4,940 7,190 5,271 1,920 17,781 3,512 10,652 3,617 1,175 1940—Dec. 31 13,478 5,316 8,162 6,088 2,074 20,642 3,849 12,944 3,849 1,342 1941—Dec. 312 15,950 6,295 9,654 7,500 2,155 22,259 3,739 14,495 4,025 1,502 1942—Dec. 31 21,687 5,905 15,783 13,802 1,980 27,808 3,600 20,024 4,184 1,598 1943—June 30 24,350 5,649 18,701 16,878 1,823 29,427 3,396 21,465 4,566 1,643 Dec. 31 26,759 6,171 20,588 18,883 1,705 32,302 3,397 23,833 5,072 1,698 1944—June 30 30,244 6,870 23,373 21,699 1,674 35,690 3,501 26,609 5,580 1,737 Dec, 30 33,261 7,196 26,065 24,393 1,672 39,059 3,827 28,874 6,357 1,789 1945—June 30 36,249 8,219 28,030 26,188 1,842 41,844 3,980 30,702 7,163 1,825 * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller of the Curr 1 e n B c e y g i a n n n d i n t g h e J u F n e e d e 3 r 0 a , l 1 D 94 e 2 p , o e s x it c l I u n d s e u s r a r n e c c e ip r C o o c r a p l o b r a a n ti k o n b a fo la r n n c a e t s i , o w na h l i c b h a n o k n s D a e n c d . 3 in 1 s , u 1 r 9 e 42 d , b a a g n g k r s e g r a e t s e p d e c 5 t 1 i 3 v e m ly i . l m lion dollars at all member banks and 525 million at all insured commercial banks. 2 During 1941 three mutual savings banks, with total deposits of 8 million dollars, became members of the Federal Reserve System. These banks are included in both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included only once in "all banks." 3 Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942. 4 Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, its deposits, excluding interbank deposits, were 33 million dollars and its loans and investments 26 million. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. 12.18 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 o m bl e i n g t a- securitie: Demand Time tions 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 30 . 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. 313 4 1,151 314 837 667 170 1,329 173 891 265 793 1943—June 30 1,363 270 1,094 925 169 1,519 214 1,045 260 775 Dec. 31 1,588 276 1,312 1,160 153 1,829 307 1,253 269 764 1944—June 30 1,795 281 1,514 1,347 168 1,989 181 1,527 281 745 Dec. 30 2,148 292 1,856 1,682 174 2,358 171 1,883 304 729 1945—June 30 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 3,220 633 4,754 4,754 350 For footnotes see page 1218. DECEMBER 1945 I2-I9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES* LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Loans for U. 3. Government obligations Com- purchasing Obli- Total mer- or carrying gations Cl c a a ss l a l n o d d f a b te ank i m # n lo a e v n a n e d n t s s s t- Total p o c m c k a p i i l i n n u p e e a a - g d t e n l r , - - r - A t c u g a u r l r l - - i- b d a r T e s e o n e a r o d k s c l - - urit o i e T e t r h o s s - R l t o e a e a s a t - n e l s - s l C u o m o a n n e - s r O lo t a h n e s r Total Total Bills o d c C f t e e a i d e f b t i i r e - n t - D - - s - ir N ec o t tes Bonds G t a u e n e a - d r- p S s o d s a t i c i l o u o a n v a i f t l n t d « l e i s - - s > O r s i e t t h c i u e e s r ers ness All insured commercial banks: 1938—Dec. 31.... 37,470 16,021 5,636 ,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 ,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 ,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 L,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 ,505 1,414 922 4,437 1,868 91864,666 58,683 4,63613,218 7,672 30,656 2,501 3 287 2,696 1944—June 30.... 93,936 20,729 7,406 1,474 2,221 2,296 4,364 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 2448 3,192 1940—Dec. 31.... 37,126 15,321 6,660 865 642 652 3,228 3,273 21,805 15,823 652 2,594 9,091 3,486 3013 2,970 1941—Dec. 311... 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,007 11,729 3,832 3090 2,871 1942—Dec. 31.... 59,263 16,088 7,387 1,089 934 538 3,423 1,847 87043,175 37,546 4,363 6^285 5,409 18,948 2,540 2965 2,664 1943—Dec. 31.... 74,258 16,288 7,421 1,023 1,398 839 3,274 1,484 84857,970 52,948 4,36012,071 6,906 27,265 2,345 2 729 2,294 1944—June 30.... 83,587 18,084 7,023 1,023 2,200 2,130 3,207 1,467 1,03365,503 60,339 4,46614,22810,640 30,118 887 2834 2,331 Dec. 30.... 91,569 18,676 7,531 1,198 2,249 2,108 3,209 1,505 87772,893 67,685 3,74813,98214,127 34,927 902 2857 2,350 1945—Mar.20.... 90,524 17,219 73,305 67,915 2989 2,400 June 30 99,426 20,588 '7,095 1,125 3,089 '3,407 3,'248 1,688 93478,838 73,239 2,63315,58414,723 40,266 33 3 102 2,497 New York City:'2' 1938—Dec. 31.... 8,335 3,262 1,594 5 787 220 121 535 5,072 3,857 158 1,142 1,663 894 517 698 1940—Dec. 31.... 10,910 3,384 2,125 6 465 190 130 468 7,527 6,044 207 1,245 2,977 1,615 695 788 1941—Dec. 31.. .. 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1942—Dec. 31.... 17,957 4,116 2,546 21 787 193 117 303 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 22318,687 17,492 '424 3,538 3,607 9,920 "2 567 629 Chicago:* 1938—Dec. 31... 1,969 539 335 17 43 70 12 63 1,430 1,114 59 291 655 109 141 176 1940—Dec. 31.... 2,377 696 492 5 42 54 19 84 1,681 1,307 297 145 752 112 188 186 1941—Dec. 31.... 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1942—Dec. 31... 3,973 832 658 6 34 32 23 62 18 3,141 2,789 397 637 391 1,282 83 166 186 1943—Dec. 31... 4,554 1,004 763 6 102 52 22 45 14 3,550 3,238 199 877 484 1,602 74 158 155 1944—June 30.... 5,124 1,064 710 11 102 130 21 49 40 4,060 3,688 367 1,038 587 1,665 31 204 169 Dec. 30.... 5,443 1,184 738 17 163 163 24 45 34 4,258 3,913 250 1,045 779 1,809 31 160 185 1945—Mar. 20... 5,212 1,012 4,199 3,840 177 183 June 30.... 5,730 1,250 671 13 "159 299 23 50 34 4,480 4,130 127 1,253 814 1,936 154 196 Reserve city banks: 1938—Dec. 31.... 11,654 4,963 2,063 207 119 242 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 1,486 808 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 1000 740 1945—Mar. 20.. .. 33,452 6,346 27,106 25,304 1034 768 June 30.... 36,572 7,155 "2 ,883 304 371 1,147 1,378 '757 31529,417 27,523 1,320 6,598 5,689 13,906 10 1 100 794 Country banks: 1938—Dec. 31.... 10,113 4,444 1,186 483 25 243 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 1222 1,028 1942—Dec. 31.... 16,419 5,038 1,226 772 17 161 1,797 674 39311,380 9,172 671 i, 251 1,240 5,436 574 1252 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 1214 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 1240 803 2,356 1,240 10 162 834 234 595 521 1941—Dec. 31.... 5,774 3,241 543 478 20 64 1282 854 2,533 1,509 17 152 1,069 271 563 462 1942—Dec. 31.... 6,984 2,818 370 553 16 59 1225 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 67i 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 74ilO,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. IZXO 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 Re- Bal- De- deposits U.S. Cl c a a s l s l a n o d d f a t b e ank f s B s e e w e d R a r r e i n v e v t r h e k - e a s s l v C a a in u sh lt m b a w a d n e n i o c s t k - e t h i s s c 3 j p m u a o s d a d t s e e n - i - d t d s * m D es o t - ic3 F ei o g r n - m U G er e . o n n v S - t - . p v s S o i u a s l t b n i a i t o d d t i e c n i s - a s l c C h c e f o a e e e t i f n c e c r f r i d d . s t k - i ' s - a v p n a i p s I t d i d n h r o o t u i d r n n c p a a i e s o s - l - , r s r - - , I b n a t n e k r- P m G i S o e a n r a s o e n g n v t v n d - s a - - t l S v p s i t a i u s o a c n i b t l a o d e i d l t n s - i s - a v p s n a i p I t h d d r i o n i t u o r p d n c a n a s i e o l s - - , r r s - - , B r in o o g w r s - - c C o t a a a u c l p n - i t - s All insured commercial banks: 1938—Dec. 31.... 8,694 950 5,663 25,198 6,595 503 838 2,942 595 23,475 157 86 575 14,009 18 6,434 1940—Dec. 31.... 13,992 1,234 8,202 33,820 9,677 702 666 3,298 971 32,398 160 69 522 14,998 11 6,673 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,841 1942—Dec. 31.... 13,072 1,305 9,080 48,221 10,234 813 8,167 3,996 1,219 47,122 97 61 397 15.697 10 7,055 1943—Dec. 31.... 12,834 1,445 8,445 59,921 9,743 893 9,950 4,352 1,669 58,338 68 124 395 18,561 46 7,453 1944—June 30.... 12,812 1,464 8,776 59,197 10,030 940 18,757 4,402 1,550 57,351 68 108 407 20,530 84 7,709 Dec. 30.... 14,260 1,622 9,787 65,960 11,063 948 19,754 4,518 1,354 64,133 64 109 423 23,347 122 7,989 1945—June 30.... 14,806 1,474 9,959 68,048 11,2171,119 23,478 4,698 1,240 65,494 66 105 482 26,346 65 8,340 Member banks, total: 1938—Dec. 31.... 8,694 746 4,240 22,293 6,510 501 790 2,386 547 21,119 142 61 462 10,846 6 5,424 1940—Dec. 31. ... 13,992 991 6,185 30,429 9,581 700 616 2,724 913 29,576 141 56 435 11,687 3 5,698 1941—Dec. 31i. .. 12,396 L,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1942—Dec. 31.... 13,072 1,019 6,147 42,570 10,101 811 7,923 3,318 1,142 42,139 87 56 332 12,366 5 6,101 1943—Dec. 31.... 12,835 1,132 5,450 52,642 9,603 891 9,444 3,602 1,573 51,820 62 120 327 14,822 39 6,475 1944—June 30.... 12,813 1,143 5,799 51,829 9,904 937 17,634 3,638 1,460 50,756 63 104 333 16,448 75 6,696 Dec. 30.... 14,261 1,271 6,354 57,308 10,881 945 18,509 3,744 1,251 56,270 58 105 347 18,807 111 6,968 1945—Mar. 20.... 14,605 1,365 5,772 61,175 10,2501,016 12,409 4,030 L.305 59,409 65 101 378 20,004 285 7,138 June 30.... 14,807 1,150 6,486 59,133 11,0641,106 21,967 3,877 1,138 57,417 61 102 392 21,254 52 7,276 New York City:2 1938—Dec. 31.... 4,104 68 109 7,168 2,687 437 139 280 195 7,273 6 36 652 1,593 1940—Dec. 31.... 7,057 102 122 11,062 4,032 641 48 370 471 11,357 5 51 768 1,615 1941—Dec. 31.... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1942—Dec. 31.... 4,388 72 82 11,899 3,209 733 4,186 263 448 12,501 3 23 711 1,727 1943—Dec. 31.... 3,596 92 61 13,899 2,867 810 3,395 252 710 14,373 4 5 26 816 "'29' 1,862 1944—June 30.... 3,455 85 60 13,254 3,105 852 6,150 213 722 13,740 11 7 17 861 64 1,907 Dec. 30.... 3,766 102 76 14,042 3,179 851 6,722 199 361 14,448 11 7 17 977 96 1,966 1945—Mar. 20.... 3,949 104 62 15,309 2,996 914 4,296 293 494 15,614 11 8 18 1,065 164 1,995 June 30 3,879 89 64 14,643 3,271 989 7,618 229 341 14,789 16 8 19 1,082 40 2,023 Chicago:2 1938—Dec. 31.... 884 35 235 1,688 658 9 83 181 29 1,597 9 452 257 1940—Dec. 31.... 1,051 42 319 1,941 997 8 90 174 27 1,905 5 8 496 270 1941—Dec. 31.... 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1942—Dec. 31.... 902 39 164 2,557 1,105 12 665 178 38 2,588 2 453 304 1943—Dec. 31.... 821 38 158 3,050 972 14 713 174 44 3,097 2 505 326 1944—June 30.... 811 41 179 3,070 1,090 15 1,105 218 41 3,040 1 543 343 Dec. 30.... 899 43 177 3,041 1,132 16 1,400 167 33 3,100 1 619 354 1945—Mar. 20.... 892 45 144 3,289 1,092 16 900 162 34 3,324 1 631 353 June 30.... 929 33 180 3,152 1,174 19 1,499 193 29 3,124 1 663 362 Reserve city banks: 1938—Dec. 31.... 2,354 321 1,940 7,214 2,719 53 424 796 170 7,034 113 17 269 4,233 1,777 1940—Dec. 31.... 4,027 396 2,741 9,581 3,919 49 327 995 228 9,468 107 19 226 4,506 1,904 1941—Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1942—Dec. 31.... 4,940 365 2,202 14,849 4,831 63 1,982 1,319 385 15,061 63 22 169 4,805 ""2 2,028 1943—Dec. 31.... 5,116 391 1,758 18,654 4,770 63 3,373 1,448 475 18,790 41 56 151 5,902 2,135 1944—June 30.... 5,109 399 1,922 18,405 4,757 65 6,453 1,464 384 18,367 37 45 158 6,567 2,207 Dec. 30.... 5,687 441 2,005 20,267 5,421 70 6,157 1,509 488 20,371 33 40 154 7,561 2,327 1945—Mar. 20.... 5,836 470 1,874 21,735 5,094 78 4,260 1,615 416 21,456 33 38 179 8,028 "70' 2,395 June 30 5,882 396 2,029 20,682 5,510 90 7,655 1,516 422 20,559 31 39 166 8,529 3 2,450 Country banks: 1938—Dec. 31.... 1,353 322 1,956 6,224 446 2 143 1,128 154 5,215 23 44 147 5,509 6 1,798 1940—Dec. 31.... 1,857 452 3,002 7,845 633 2 151 1,184 187 6,846 29 33 150 5,917 3 1,909 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1942—Dec. 31.... 2,842 542 3,699 13,265 957 4 1,090 1,558 272 11,989 20 32 140 6,397 3 2,042 1943—Dec. 31.... 3,303 611 3,474 17,039 994 5 1,962 1,727 344 15,561 17 56 149 7,599 10 2,153 1944—June 30 3,438 618 3,638 17,099 951 5 3,926 1,743 314 15,609 15 52 157 8,477 11 2,239 Dec. 30.... 3,909 684 4,097 19,958 1,149 8 4,230 1,868 369 18,350 14 57 175 9,650 16 2,321 1945—Mar. 20... 3,927 745 3,693 20,842 1,068 8 2,952 1,959 361 19,014 21 56 181 10,279 51 2,395 June 30.... 4,117 632 4,213 20,656 1,108 8 5,195 1,939 346 18,945 14 54 207 10,981 9 2,440 Insured nonmember commercial banks: 1938—Dec. 31.... 204 1,423 2,904 85 2 48 555 48 2,356 15 25 113 3,163 11 1,010 1940—Dec. 31 243 2,017 3,391 95 3 50 574 58 2,822 18 13 87 3,311 8 975 1941—Dec. 31.... 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 956 1942—Dec. 31 287 2,934 5,651 133 2 243 678 76 4,983 10 5 65 3,339 5 955 1943—Dec. 31.... 313 2,996 7,279 141 2 506 750 96 6,518 6 4 68 3,750 6 979 1944—June 30.... 322 2,978 7,368 126 3 1,124 764 90 6,595 5 4 74 4,094 9 1,015 Dec. 30. ... 352 3,434 8,652 182 3 1,245 775 103 7,863 6 4 76 4,553 10 1,022 1945—June 30. ... 324 3,473 8,915 153 13 1,511 820 101 8,078 5 4 90 5,105 13 1,065 :ludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 millionn aatt aallll iinnssuureedd ccoommmmercial banks, 4 Demand ddie posits ohth er hth ani 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. DECEMBER 1945 12.11 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 U. S. Government obligations For purchasing Com- or carrying securities Total mer- Date or month i m n l a o v e n a e n d n s t s t s - Total in t c a r d i n i a u a d l s l , , - a T n o d b d r e o a k l e e r r s s To others e R l s o e t a a a n l t - e s L ba o t n a o k n s s O lo t a h n e s r Total Total Bills o c C t a f i e f t i i e r n - - s - Notes Bonds G a u n a - r- O s ri e t t c i h e u e s - r t a u c g u r r a l- i l - G U t l o i i o o g b . v S n a - t . s - . O c t t s u i h e e r - e s i- r G U t l o i i o o g . b v S n a - t s - . . O c t s u t i h e e r - s e i- r d n e e e d b s - t s - teed Total~101 Cities 1944—October.... 54,172 11,033 6,130 837 734 559 331 1,062 56 1,324 43,139 40,231 2,242 10,495 7,325 19,572 597 2,908 1945—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 October 60,988 12,438 6,267 1,263 858 1,004 402 1,062 82 1,500 48,550 45,264 1,284 9,853 9,159 24,959 9 3,286 Aug. 29.. 62,546 12,841 5,982 1,443 820 1,599 394 1,058 77 1,468 49,705 46,371 1,463 10,196 9,448 25,253 11 3,334 Sept. 5 62,382 12,867 6,055 1,418 818 1,507 397 1,059 134 1,479 49,515 46,182 1,451 10,502 9,373 24,845 11 3,333 Sept. 12 61,842 12, 683 6,095 1,328 802 1,437 396 1,058 93 1,474 49,159 45,823 1,229 10,347 9,327 24,909 11 3,336 Sept. 19 61,584 12, 764 6,124 1,386 877 1,335 399 1,061 114 1,468 48,820 45,473 1,213 10,220 9,273 24,756 11 3,347 Sept. 26 61,251* 12,731 6,113 1,451 905 1,283 398 1,060 51 1,470 48,520 45,140 1,144 9,964 9,232 24,789 11 3,380 Oct. 3 61,030 12,586 6,218 1,366 828 1,155 395 1,063 76 1,485 48,444 45,143 1,310 9,803 9,180 24,840 10 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 10 3,282 Oct. 17 61,075 12,321 6,251 1,190 852 985 405 1,063 76 1,499 48,754 45,471 1,553 9,864 9,139 24,906 9 3,283 Oct. 24 61,007 12,279 6,266 1,203 848 922 399 1,062 72 1,507 48,728 45,458 1,303 9,904 9,164 25,078 9 3,270 Oct. 31.... 60,945 12,510 6,328 1,287 890 890 416 1,060 120 1,519 48,435 45,142 969 9,863 9,168 25,133 9 3,293 Nov. 7.. .. 61,034 12,531 6,480 1,229 870 878 391 1,060 81 1,542 48,503 45,263 1,173 9,731 9,129 25,219 11 3,240 Nov. 14. ... 61,112 12,702 6,628 1,251 855 911 387 1,067 49 1,554 48,410 45,176 1,016 9,741 9,073 25,335 11 3,234 Nov. 21.. .. 62,057 13,270 6,751 1,375 838 1,167 410 1,070 78 1,581 48,787 45,550 1,116 9,889 9,041 25,491 13 3,237 New York City 1944—October.... 19,227 4,376 2,310 678 547 233 132 75 47 354 14,851 13,853 542 3,571 2,683 6,906 151 998 1945—June 21,891 5,643 2,229 1,365 691 686 174 65 71 362 16,248 15,180 281 2,988 3,233 8,677 1 1,068 July 22,997 6,089 2,221 1,316 693 1,153 182 65 62 397 16,908 15,798 443 3,019 3,233 9,102 1 1,110 August 22,253 5,560 2,191 1,125 656 859 191 67 67 404 16,693 15,490 333 2,858 3,146 9,151 2 1,203 September.. 21,591 5,397 2,295 1,135 628 597 183 67 83 409 16,194 14,965 280 2,811 3,019 8,853 2 1,229 October.... 21,281 5,173 2,415 1,021 623 377 185 67 68 417 16,108 14,967 395 2,779 2,986 8,805 2 1,141 Aug. 29 21,927 5,444 2,205 1,178 624 726 182 68 58 403 16,483 15,274 304 2,753 3,102 9,113 2 1,209 Sept. 5 21,924 5,501 2,276 1,161 621 667 183 67 117 409 16,423 15,203 337 2,900 3,039 8,925 2 1,220 Sept. 12 21,490 5,337 2,294 1,076 605 624 183 67 78 410 16,153 14,929 138 2,825 3,034 8,930 2 1,224 Sept. 19 21,516 5,389 2,306 1,121 646 559 183 67 100 407 16,127 14,901 305 2,801 3,010 8,783 2 1,226 Sept. 26 21,434 5,361 2,301 1,183 641 539 183 67 37 410 16,073 14,826 339 2,719 2,993 8,773 2 L,247 Oct. 3 21,382 5,322 2,372 1,134 615 474 182 68 63 414 16,060 14,886 384 2,750 2,995 8,755 2 1,174 Oct. 10 21,261 5,248 2,420 1,043 649 422 181 68 52 413 16,013 14,856 378 2,761 2,954 8,761 2 1,157 Oct. 17 21,331 5,054 2,411 946 607 356 186 68 63 417 16,277 15,144 606 2,770 2,967 8,799 2 1,133 Oct. 24 21,216 5,019 2,419 939 611 324 182 68 56 420 16,197 15,083 414 2,816 2,999 8,852 2 1,114 Oct. 31. ... 21,216 5,224 2,453 1,041 635 309 196 64 104 422 15,992 14,867 195 2,796 3,017 8,857 2 1,125 Nov. 7. ... 21,158 5,168 2,531 975 640 298 168 63 66 427 15,990 14,913 264 2,749 3,012 8,886 2 1,077 Nov. 14. ... 21,048 5,231 2,587 1,023 636 288 169 64 36 428 15,817 14,746 159 2,725 2,959 8,901 2 1,071 Nov. 21. ... 21,483 5,501 2,628 1,134 629 357 188 64 63 438 15,982 14,914 249 2,788 2,921 8,954 2 1,068 Outside New York City 1944—October.... 34,945 6,657 3,820 159 187 326 199 987 9 970 28,288 26,378 1,700 6,924 4,642 12,666 446 1,910 1945—June 39,032 7,205 3,647 287 191 795 214 982 24 1,065 31,827 29,782 1,374 6,968 6,083 15,336 21 2,045 July 41,097 7,584 3,704 302 197 1,081 215 986 13 1,086 33,513 31,460 1,524 7,621 6,381 15,925 9 2,053 August 40,761 7,461 3,753 275 207 938 212 989 17 1,070 33,300 31,184 1,218 7,522 6,356 16,079 9 2,116 September.. 40,174 7,364 3,801 261 222 793 215 993 15 1,064 32,810 30,690 979 7,447 6,282 15,973 9 2,120 October.... 39,707 7,265 3,852 242 235 627 217 995 14 1,083 32,442 30,297 889 7,074 6,173 16,154 7 2,145 Aug. 29 40,619 7,397 3,777 265 196 873 212 990 19 1,065 33,222 31,097 1,159 7,443 6,346 16,140 9 2,125 Sept. 5 40,458 7,366 3,779 257 197 840 214 992 17 1,070 33,092 30,979 1,114 7,602 6,334 15,920 9 2,113 Sept. 12 40,352 7,346 3,801 252 197 813 213 991 15 1,064 33,006 30,894 1,091 7,522 6,293 15,979 9 2,112 Sept. 19 40,068 7,375 3,818 265 231 776 216 994 14 1,061 32,693 30,572 908 7,419 6,263 15,973 9 2,121 Sept. 26 39,817 7,370 3,812 268 264 744 215 993 14 1,060 32,447 30,314 805 7,245 6,239 16,016 9 2,133 Oct. 3.... 39,648 7,264 3,846 232 213 681 213 995 13 1,071 32,384 30,257 926 7,053 6,185 16,085 8 2,127 Oct. 10.... 39,622 7,245 3,851 226 223 645 215 997 13 1,075 32,377 30,252 906 7,069 6,183 16,086 8 2.125 Oct. 17.... 39,744 7,267 3,840 244 245 629 219 995 13 1,082 32,477 30,327 947 7,094 6,172 16,107 7 2,150 Oct. 24... 39,791 7,260 3,847 264 237 598 217 994 16 1,087 32,531 30,375 889 7,088 6,165 16,226 7 2,156 Oct. 31.... 39,729 7,286 3,875 246 255 581 220 996 16 1,097 32,443 30,275 774 7,067 6,151 16,276 7 2,168 Nov. 7.... 39,876 7,363 3,949 254 230 580 223 997 15 1,115 32,513 30,350 909 6,982 6,117 16,333 9 2,163 Nov. 14. ... 40,064 7,471 4,041 228 219 623 218 1,003 13 1,126 32,593 30,430 857 7,016 6,114 16,434 9 2,163 Nov. 21.... 40,574 7,769 4,123 241 209 810 222 1,006 15 1,143 32,805 30,636 867 7,101 6,120 16,537 11 2,169 Back figures.—See Banking and Monetary Statistics, pp. 127-227. ITJLX FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OVTS1DE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month B s w F e e a R e r r i n e a t d v h k - l - e s v C a i a n u sh lt m b a w a n d e n i c o s t k e t - h i s s c j m p u a o d s a d e s t n e - i - t d d s 1 s u p v n h a a a e i n i d l r p r d s - - t s , - , S p d s a i t o u c i a n v l a b t d i e i l t - - - s c C h c o a f e e e f i n c e f r r d i d t k s - i ' s - , m U G e e r . o n n S v t - . - s p u h a v n a a n i e i r p d l d r t s - - s - , , S p d s a t i o u i c a n v l b a t d i i e - l t - s - P m U G o a e s . o n e r S n t n d v a . - t - l De b - ank T s ime b F e a i o n g r k n - s B i r n o o g w r s - - co C i a u t c a a n - p l t - s B d i e a t b n s2 - k cor- sions etc. cor- sions Sav- mand pora- pora- ings tions tions Total 101 Cities 1944—October 9,359 571 2,123 36,331 36,571 1,780 732 7,446 7,344 120 46 8,983 35 869 163 4,501 58,170 1945—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 October 10,307 569 2,210 39,331 39,458 1,983 1,135 8,571 9,087 108 43 9,921 32 1,105 312 4,905 63,464 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 1,087 399 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 1,085 360 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 Oct. 31 10,336 568 2,209 39,592 39,726 2,137 1,287 8,098 9,148 104 44 9,945 32 1,131 405 4,920 15,332 Nov. 7 10,289 575 2,215 39,449 39,518 2,0941,090 7,919 9,173 106 43 10,265 31 1,139 412 4,936 13,401 Nov. 14 10,474 620 2,334 39,501 40,265 2,092 1,093 7,884 9,181 104 43 10,581 31 1,096 515 4,938 12,993 Nov. 21 10,460 590 2,241 39,805 40,030 2,079 1,184 8,521 9,199 104 43 10,397 31 1,103 540 4,944 16,270 New York City 1944—October 3,423 94 26 13,272 13,630 216 379 2,969 913 17 7 2,830 1 787 123 1,759 24,672 1945—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 October 3,767 87 24 14,561 14,938 219 724 3,370 1,085 18 10 3,031 1 986 100 1,884 29,990 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 1,869 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 1,867 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 1,870 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 1,870 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 1,879 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 1,882 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 1,882 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 1,883 6,801 Oct. 31 3,792 88 27 14,630 15,046 291 836 3,164 1,098 18 10 3,036 1 1,009 158 1,892 7,332 Nov. 7 3,702 95 20 14,551 14,967 238 668 3,061 1,100 19 10 3,092 1 1,011 129 1,894 5,771 Nov. 14 3,817 100 24 14,545 15,072 270 613 2,993 1,095 19 10 3,165 1 975 195 1,894 5,817 Nov. 21 3,795 100 30 14,790 15,190 254 713 3,161 1,102 18 10 3,120 1 980 224 1,895 7,409 Outside New York City 1944—October 5,936 477 2,097 23,059 22,941 1,564 353 4,477 6,431 103 39 6,153 34 82 40 2,742 33,498 1945—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 October 6,540 482 2,186 24,770 24,520 1,764 411 5,201 8,002 90 33 6,890 31 119 212 3,021 33,474 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 1,733 367 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 1,755 402 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 1,725 377 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 1,712 404 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 1,785 419 4,877 8,031 87 34 6,871 31 122 256 3,028 7,461 Oct. 31 6,544 480 2,182 24,962 24,680 1,846 451 4,934 8,050 86 34 6,909 31 122 247 3,028 8,000 Nov. 7 6,587 480 2,195 24,898 24,551 1,856 422 4,858 8,073 87 33 7,173 30 128 283 3,042 7,630 Nov. 14 6,657 520 2,310 24,956 25,193 1,822 480 4,891 8,086 85 33 7,416 30 121 320 3,044 7,176 Nov. 21 6,665 490 2,211 25,015 24,840 1,825 471 5,360 8,097 86 33 7,277 30 123 316 3,049 8,861 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. DECEMBER 1945 I2.X3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments For purchasing or carry- 1U. S. Government obligations Total Com- ing securities loans merd F i e s d tr e i r c a t l a R 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 c a r i i u n i n a a s d - l l - , , U a T . n o d S b . d r e o a k l e e r r s s U T . o S . others e R l s o t e a a a n t l e s - L > o a t a n o n k s s O lo t a h n e s r Total Total Bills C c e i a o n r t f t - e if s i Notes Bonds G a u n a - r- O r s i e t t c h ie u e s - r agri- Govt. Other Govt.Other debt- teed cul- obli- secu- obli- secu- edtural ga- rities ga- rities ness tions tions Boston Oct. 24 3,281 708 417 49 21 21 16 66 5 113 2,573 2,488 82 577 470 1,359 85 Oct. 31 3,273 720 417 44 39 20 16 67 4 113 2,553 2,469 72 556 469 1,372 84 Nov. 7 3,214 718 427 37 34 20 16 67 4 113 2,496 2,418 50 525 462 1,381 78 Nov. 14 3,216 733 436 43 33 20 16 67 4 114 2,483 2,408 56 506 458 1,388 75 Nov. 21 3,224 743 440 42 31 24 17 68 4 117 2,481 2,410 83 476 465 1,386 71 New York* Oct. 24 23,320 5,373 2,558 943 619 361 205 150 56 481 17,947 16,753 426 3,159 3,300 9,866 2 1,194 Oct. 31 23,323 5,581 2,596 1,041 646 345 219 146 104 484 17,742 16,536 211 3,141 3,314 9,868 2 1,206 Nov. 7 23,273 5,522 2,673 976 648 333 191 146 66 489 17,751 16,590 275 3,092 3,309 9,912 2 1,161 Nov. 14. 23,177 5,589 2,733 1,024 644 324 192 146 36 490 17,588 16,434 174 3,073 3,257 9,928 2 1,154 Nov. 21 23,616 5,868 2,776 1,134 638 398 211 147 63 501 17,748 16,596 263 3,128 3,220 9,983 2 1,152 Philadelphia Oct. 24 2,592 459 225 3 41 23 9 32 1 125 2,133 1,944 119 278 390 1,157 189 Oct 31 2,584 457 225 4 43 18 9 32 1 125 2,127 1,936 105 275 380 1,176 191 Nov. 7 2,620 453 226 4 37 17 9 32 3 125 2,167 1,975 141 275 378 1,181 192 Nov. 14 2,603 455 231 3 36 16 9 33 1 126 2,148 1,955 115 281 375 1,184 193 Nov. 21 2,596 460 234 3 34 19 9 32 1 128 2,136 1,943 101 282 565 1,195 193 Cleveland Oct. 24 4,868 898 375 70 34 121 14 150 1 133 3,970 3,720 43 814 728 2,135 250 Oct. 31 4,857 888 369 68 33 116 14 151 1 136 3,969 3,713 35 804 738 2,136 256 Nov. 7 4,849 875 370 64 26 116 14 151 134 3,974 3,716 37 812 731 2,136 258 Nov. 14 4,875 909 380 71 30 125 14 152 137 3,966 3,711 26 820 726 2,139 255 Nov. 21 4,922 931 386 68 27 144 14 154 "i 137 3,991 3,733 27 836 727 2,143 258 Richmond Oct. 24 2,043 319 141 4 7 40 9 50 2 66 1,724 1,659 42 315 290 1,012 65 Oct. 31 2,037 324 145 5 7 40 10 49 3 65 1,713 1,648 36 313 288 1,011 65 Nov 7 2,048 329 148 5 7 40 10 50 2 67 1,719 1,655 47 311 280 1,017 64 Nov. 14 2,057 333 151 4 7 41 10 50 2 68 1,724 1,660 53 311 280 1,016 64 Nov. 21 2,072 344 154 4 6 50 10 49 2 69 1,728 1,664 54 313 280 1,017 64 Atlanta Oct 24 2,021 345 193 1 8 39 7 22 2 73 1,676 1,528 50 368 308 801 1 148 Oct. 31 2,024 350 198 1 8 38 7 22 2 74 1,674 1,526 44 366 308 807 1 148 Nov 7 2 017 358 205 1 8 39 7 22 1 75 1,659 1,512 40 368 302 801 1 147 Nov. 14 2,038 368 210 1 7 41 7 22 2 78 1,670 1,523 41 370 298 813 1 147 Nov 21 2,076 404 221 1 8 59 7 23 2 83 1,672 1,525 36 375 298 815 1 147 Chicago* Oct 24 8,874 1 553 913 89 70 126 62 147 146 7,321 6,764 172 1,809 1,316 3,464 3 557 Oct. 31 8,853 1,540 911 81 69 123 63 147 146 7,313 6,754 130 1,827 1,309 3,485 3 559 Nov. 7 8,926 1,580 938 110 55 118 65 147 147 7,346 6,786 186 1,795 1,312 3,490 3 560 Nov. 14 8,906 1,559 950 79 51 118 66 148 147 7,347 6,786 185 1,797 1,309 3,492 3 561 Nov. 21 9,027 1,606 960 89 49 143 67 149 149 7,421 6,860 174 1,865 1,311 3,507 3 561 St. Louis Oct 24 1,928 469 258 2 6 29 13 68 3 90 1,459 1,324 34 224 312 754 135 Oct. 31 1,929 480 265 2 8 31 13 68 3 90 1,449 1,314 21 224 312 757 135 Nov. 7 1,961 487 273 2 6 31 14 68 3 90 1,474 1,337 48 214 310 765 137 Nov 14 1 981 503 288 2 6 32 13 69 2 91 1,478 1,341 46 218 311 766 137 Nov. 21 2,022 524 297 4 5 41 14 69 2 92 1,498 1,361 50 217 314 780 137 Minneapolis Oct. 24 1,224 234 127 1 7 18 4 24 1 52 990 940 7 173 185 575 50 Oct. 31 1,223 232 128 1 3 18 4 24 1 53 991 939 7 173 185 574 52 Nov. 7 1,225 231 128 1 2 18 4 23 1 54 994 942 9 174 185 573 ' 1 52 Nov. 14 1,236 230 132 1 2 15 4 24 1 51 1,006 954 16 174 185 578 1 52 Nov. 21 1,241 236 131 1 2 22 4 24 1 51 1,005 952 10 174 185 582 1 53 Kansas City Oct. 24 2,285 360 221 2 4 23 8 38 1 63 1,925 1,788 85 434 468 801 137 Oct. 31 2,271 365 224 2 5 23 8 38 1 64 1,906 1,769 69 431 463 806 137 Nov. 7 2,267 366 226 2 4 23 8 38 1 64 1,901 1,764 61 430 464 808 " 1 137 Nov. 14 2,299 377 233 1 4 25 8 39 1 66 1,922 1,786 75 436 462 812 1 136 Nov. 21 2,334 394 236 2 4 37 8 39 1 67 1,940 1,804 75 446 463 819 1 136 Dallas Oct. 24 1,891 452 291 4 47 24 26 60 1,439 1,382 68 402 293 618 1 57 Oct. 31 1,897 461 297 4 46 25 26 63 1,436 1,379 67 399 293 619 1 57 Nov. 7 1,922 487 309 6 54 25 27 66 1,435 1,378 69 397 293 618 1 57 Nov. 14 1,977 327 324 6 79 24 27 67 1,450 1,393 76 403 293 620 1 57 Nov. 21. 2,066 606 342 6 138 24 27 " i 68 1,460 l,40'2 76 412 291 622 1 58 San Francisco Oct 24 6,680 1,109 547 39 27 74 28 289 105 5,571 5,168 175 1,353 1,112 2,526 2 403 Oct. 31 6,674 1,112 553 38 25 72 28 290 106 5,562 5,159 172 1,354 1,109 2,522 2 403 Nov. 7 6,712 1,125 557 27 37 69 28 289 118 5,587 5,190 210 1,338 1,103 2,537 2 397 Nov. 14 6,747 1,119 560 22 29 75 24 290 119 5,628 5,225 153 1,352 1,119 2,599 2 403 Nov. 21 6,861 1,154 574 27 28 92 25 289 119 5,707 5,300 167 1,365 1,122 2,642 4 407 City of Chicago* Oct. 24 5,293 1,075 689 85 59 77 55 26 84 4,218 3,855 128 1,128 746 1,853 363 Oct 31 5,267 1,061 690 77 54 74 56 26 84 4,206 3,841 89 1,148 741 1,863 365 Nov. 7 5,332 1,106 714 107 45 71 58 26 85 4,226 3,860 132 1,117 744 1,867 366 Nov. 14 5,304 1,077 722 76 41 70 58 27 83 4,227 3,861 134 1,118 741 1,868 366 Nov. 21 5,383 1,104 727 86 40 80 59 27 85 4,279 3,913 119 1,179 742 1,873 366 * 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 ana Chicago Districts, as shown in this table, include New York City and Chicago, respectively. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic d F i e s d tr e i r c a t l a R n e d s e d r a v t e e B s w F e R e a e r i r n e a t d v h - k l - e s C va i a n u sh lt m b a w n a d e i n c o s t e - k t h , i s s c p m u o a d s a d s e t n e - i - t d d s 1 s u p p v h n c a o a a i i e o n d p l r r r r d s a t - s - - , - - , S p d s s a t i o i i u a c n o v l b t a i d n i e t l - - s - s c C h c o a e f e e e i f t n e f r c r c i d t d s k . - i ' - s, U m G er . o e n S v n - . - t s p u p h v n c a a a o i i o e n r l d p r r r s d t a - s - - - , - , S p d s s a t i o i i u a c n o v l b t a d n i i e l - t - s s - P U m G S i e o a n a r o . e s n g n S v v n t d s a - . - - t l m D a e n b - d ank T s ime b e F a i o n g r n k - s B r i o n o w g r s - - o C i a t u a c a n p - l t - s d B i e t a s b n 2 - k tions tions Boston (6 cities) Oct. 24 476 60 109 2,228 2,158 155 34. 665 412 3 312 20 28 287 645 Oct. 31 483 57 113 2,234 2,157 170 36 651 412 3 313 21 36 287 666 Nov. 7 483 57 112 2,208 2,132 157 33 627 414 2 321 22 18 288 686 Nov 14 473 60 121 2 204 2 174 146 41 610 415 2 337 22 22 288 582 Nov. 21 474 56 117 2,199 2^157 136 39 621 415 3 333 22 23 289 708 New York (8 cities)* Oct. 24 4,110 118 103 16,172 16,278 416 767 3,404 1,731 22 12 3,079 3 992 111 2,037 7,135 Oct. 31 4,036 118 111 15,977 16,225 500 866 3,409 1,738 22 12 3,107 3 1,011 190 2,047 7,698 Nov. 7 3,931 129 104 15,910 16,156 463 698 3,299 1,742 23 12 3,164 3 1,013 149 2,049 6,096 Nov. 14 4,062 133 117 15,920 16,308 469 646 3,231 1,738 22 12 3,243 3 978 230 2,049 6,173 Nov. 21 4,043 131 108 16,165 16,397 464 747 3,419 1,745 22 12 3,192 3 982 235 2,050 7,827 Philadelphia (4 cities) Oct. 24 445 31 82 1,933 1 984 55 22 398 214 5 1 360 9 5 251 550 Oct. 31 447 29 82 1,912 1,982 62 23 407 214 5 1 368 10 4 251 628 Nov. 7 . .. 449 32 89 1,953 2 013 62 20 397 215 5 1 382 10 1 254 594 Nov. 14 452 34 89 1,911 1,983 64 27 396 216 5 1 392 10 18 254 546 Nov. 21 457 32 82 1,909 1,965 63 19 420 215 4 1 375 10 8 254 684 Cleveland (10 cities) Oct 24 790 73 198 3 136 3 122 149 43 552 1 200 24 545 7 3 20 473 787 Oct. 31 780 75 202 3^074 3^082 154 64 589 l,'201 25 557 7 4 18 474 909 Nov. 7 756 74 203 2,998 3,008 144 47 585 1,205 25 564 7 4 53 475 784 Nov. 14 762 82 214 3,017 3,106 145 61 596 1,206 24 592 7 4 47 475 749 Nov. 21......'. 780 75 203 3,036 3',064 148 50 653 1,213 24 566 7 4 39 475 957 Richmond (12 cities) Oct. 24 342 40 152 1,319 1,319 84 23 285 342 2 7 449 5 3 12 130 366 Oct. 31 336 38 154 1,315 1,315 86 27 282 343 2 7 445 5 3 11 128 381 Nov. 7 352 38 143 1,316 1,329 87 25 276 344 2 7 467 5 3 8 132 382 Nov. 14 365 41 154 1,330 1,367 86 30 276 344 2 7 482 5 4 11 133 360 Nov 21 357 39 148 1,331 1,346 86 31 301 342 2 7 466 5 3 6 133 452 Atlanta (8 cities) Oct 24 362 31 139 1,315 1,247 173 11 168 407 3 3 532 1 9 16 123 374 Oct. 31 367 30 129 1,301 1,237 174 12 171 408 3 3 529 1 9 24 123 360 Nov. 7 375 29 136 1,291 1,232 176 12 167 409 3 3 559 1 9 14 124 358 Nov. 14 382 31 149 1,308 1,278 173 13 168 410 4 3 578 1 7 21 124 343 Nov. 21 378 31 137 1,299 1,247 178 11 201 411 4 3 571 1 7 24 124 441 Chicago (12 cities)* Oct. 24 1,477 91 390 5,666 5,515 455 68 1,082 1,790 6 4 1,625 5 25 64 580 1,802 Oct. 31 1,511 91 395 5,660 5 534 467 81 1,089 1 794 5 4 1,644 5 24 64 582 2,100 Nov. 7 1,499 90 417 5,660 5,487 460 81 1,067 1,798 5 4 1,735 5 24 71 583 1,928 Nov. 14 1,514 101 425 5 617 5 602 454 87 1,053 1 801 5 4 1,784 5 25 88 583 1,848 Nov. 21 1,486 95 392 5,648 5,520 450 95 1,127 1,804 5 4 1,737 5 25 81 584 2,190 St. Louis (5 cities) Oct. 24 341 22 113 1,130 1,186 56 14 208 334 1 1 592 2 15 131 376 Oct. 31 343 22 118 1,117 1 170 57 16 211 335 1 606 2 20 131 408 Nov. 7 357 22 111 1,125 1,173 60 17 210 336 "i" 1 629 2 26 131 376 Nov. 14 357 24 120 1,124 1,215 64 18 219 337 1 654 2 25 131 353 Nov. 21 354 22 113 1,115 1,181 63 16 255 337 l 1 640 2 39 132 464 Minneapolis (8 cities) Oct. 24 201 11 94 698 689 79 14 169 202 364 2 18 84 313 Oct. 31 204 11 101 711 692 84 15 170 203 365 2 11 84 284 Nov. 7 204 10 97 705 683 88 12 167 204 374 2 7 84 290 Nov. 14 207 11 108 724 723 85 12 166 204 382 2 6 85 260 Nov. 21 207 10 109 712 698 83 14 182 205 379 2 10 85 323 Kansas City (12 cities) Oct 24 475 24 294 1,477 1,479 140 23 202 282 i 3 951 5 25 145 440 Oct 31 456 24 283 1^45 1460 140 22 215 282 i 3 940 5 5 145 450 Nov. 7 496 23 283 1,450 1,460 134 23 214 283 I 3 956 5 24 145 429 Nov. 14 486 26 305 1,476 1,513 134 26 219 284 I 3 976 5 19 145 398 Nov. 21 502. 24 291 1,488 1,500 137 25 249 284 I 3 965 5 23 146 524 Dallas (9 cities) Oct. 24 384 26 245 1,377 1,376 82 22 198 261 13 2 584 4 . 131 363 Oct. 31 381 25 244 1,378 1,375 92 25 199 261 13 2 584 3 131 334 Nov. 7 397 25 249 1,384 1,373 105 23 203 262 13 2 616 3 132 345 Nov. 14 406 27 257 1,390 1,406 109 27 244 263 13 3 644 2 132 351 Nov. 21 382 26 258 1,377 1,379 101 24 323 264 13 2 641 3 132 478 San Francisco (7 cities) Oct. 24 1,010 49 274 3,478 3,509 147 117 705 1,953 28 8 489 6 42 25 539 ,111 Oct. 31 992 48 277 3,462 3,497 151 100 705 1,957 28 8 487 6 42 22 537 ,114 Nov. 7 990 46 271 3,449 3,472 158 99 707 1,961 28 8 498 5 47 41 539 ,133 Nov. 14 1,008 50 275 3,480 3,590 163 105 706 1,963 28 7 517 5 40 28 539 ,030 Nov 21 1,040 49 283 3,526 3,576 170 113 770 1,964 28 7 532 5 43 52 540 ,222 City of Chicago* Oct. 24 926 36 183 3,475 3,469 217 29 696 726 1,147 21 369 ,177 Oct 31 966 35 180 3,48 3,474 224 42 68 727 1,161 20 1 371 ,379 Nov 7 950 36 210 3,513 3 480 220 43 670 726 1,227 20 372 ,273 Nov. 14 946 38 200 3,45 3,522 215 42 65 727 1,263 20 372 1,218 Nov. 21 933 37 181 3,49 3,500 211 55 68 728 1,234 22 372 1,427 * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Debits to demand deposit accounts except in interbank and U. S. Government accounts. 1x2.5 DECEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars! Dollar acceptances outstanding Commer- Held by Based on cial End of month sta p o n a u d p t i e - n r g1 sta T o n o u d t t i a - n l g Accept O in w g n banks Bills Others2 I U m i n n p i t o t o e r d ts E U x f n r p o i o t m e r d ts ex D c o h l a l n ar ge G s o h o i d p s p p o e s d i t n o t r b s e e d i t n w i e n e n or Total bills bought States States United Foreign States countries 1944—July 143 110 46 41 23 72 12 8 24 August 141 110 82 44 38 28 75 10 22 September 141 111 85 42 43 26 78 11 8 19 October 142 115 85 40 45 30 79 13 21 November 167 115 84 44 40 32 74 14 8 24 December 166 129 93 44 50 35 86 14 3 25 ( ) 1945—January 162 130 48 50 32 86 13 25 February 157 126 97 52 46 29 87 12 (f) 24 M Ap a r r i c l h 1 1 1 4 9 7 1 1 2 1 8 7 9 9 0 6 5 5 2 4 3 4 8 2 3 2 2 6 8 8 7 1 1 1 1 0 (3) 2 2 5 4 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 (3) 25 September 111 135 104 52 52 31 98 11 (3) 23 October 127 135 100 53 46 35 95 12 22 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] Debitt"balances Credit balances End of month Debit Debit cre C d u it s t b o a m la e n r c s e ' s1 Other credit balances Customers' balances in balances in Cash on debit partners' firm hand Money b ( a n la e n t) c 1 es a in n a d v c e c t s o r t a u m d n e i t n s n g t a in n a d v 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 in s borrowed2 Free O (n th e e t) r i a I n n n v d p e t a s r t r a m t d n e i e n n r g t s' i a n n v d I e n s t f t r i m a r d m e i n n t g accounts accounts 1936—June 1,267 67 164 219 985 276 86 24 14 December 1,395 64 164 249 1,048 342 103 30 12 1937—June 1,489 55 161 214 1,217 266 92 25 13 December 985 34 108 232 688 278 85 26 10 1938—June 774 27 88 215 495 258 89 22 11 December 991 32 106 190 754 247 60 22 5 1939—June 834 25 73 178 570 230 70 21 6 December 906 16 78 207 637 266 69 23 7 1940—June 653 12 58 223 376 267 62 22 5 December 677 12 99 204 427 281 54 22 5 1941—June 616 11 89 186 395 255 65 17 7 December 600 8 86 211 368 289 63 17 5 1942—June 496 9 86 180 309 240 56 16 4 December 543 7 154 160 378 270 54 15 4 1943—June 761 9 190 167 529 334 66 15 7 December 788 11 188 181 557 354 65 14 5 1944—June 887 5 253 196 619 424 95 15 11 1944—November e940 e640 December 1,041 7 260 209 726 472 96 18 1945—January el,070 e73O e53O February el,100 e730 e540 March 31,034 3722 3553 April 31,065 3701 3575 May 31,094 3742 3583 June 1,223 11 333 "" 220"" 853 549 ""ill" 14 July 31,141 3824 3580 August 31,100 3758 3573 September 31,084 3762 3594 October 31,063 3743 3632 OO In capital accounts (net) 420 424 397 355 298 305 280 277 269 247 222 213 189 182 212 198 216 227 13 264" 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 firms7 own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): August, 148; September, 153; October, 158. 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. 11.2.6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES U. S. Government [Per cent per annum] mo Y w n e e t a e h k r , , or m m 4 p P c - o e a r o r n t p i o m c m t e i h r 6 - e a , s - l i a a b P d c n a e r a c 9 c i n r y e m 0 e s k s p ' s - e l t , - c S h l n c a o e t r a e o l a x e a s n w c l - - n 2 l g k - e m b o i 3 l n - ls t s 3 h ecu d 9 c m r e o - c e i b f t r a o t y o t t t n i i e e f n t d 1 y s i h - - 2 - i - eld 3 ta n s - y x o t e o a t a e b r 5 s 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 r w 2 y k 7 e E N r c a 3 n O o i s . t 0 r i t t a e t e h 4 h n s r e n - d r 1 W e 1 r c 3 n e S i . t s 4 o i a t e 0 e u 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 . . . 6 6 7 6 9 3 . . . 4 4 4 4 4 4 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 2 7 7 6 3 5 . . 7 7 5 9 1 1 1 . . . 4 3 3 6 4 3 1 1 1 9 9 9 3 4 4 9 0 1 a a a v v v e e e r r r a a a g g g e e e . . . . . . . 2 2 2 . . . 7 6 5 8 3 4 2 2 1 . . . 9 0 0 7 7 4 2 2 2 . . . 8 5 5 7 6 5 3 3 3 . . . 5 3 1 1 8 9 1944—November .75 .44 1.00 .375 .81 1.34 1942 average 2.61 2.07 2.58 3.26 December .75 .44 1.00 .375 .80 1.35 1943 average ... 2.72 2.30 2.80 3.13 1944 average 2.59 2.11 2.68 3.02 1945—January .75 .44 1.00 .375 .78 1.31 February .75 .44 1.00 .375 .77 1.22 1941—March 2.58 2.06 2.53 3.25 March .75 .44 1.00 .375 .78 1.18 June 2.55 1.95 2.58 3.23 April .75 .44 1.00 .375 .77 1.14 September.. 2.60 1.98 2.62 3.29 J M u a n y e . . 7 7 5 5 . . 4 4 4 4 1 l. 'o 0 o 0 .'3 37 7 5 5 . .' 8 8 0 1 1.16 December.. 2 2 . . 4 4 8 1 1 1 . . 8 8 8 5 2 2 . . 4 4 5 8 2 3 . . 9 2 9 0 J A O S u e c u l p t y g o t u e b s m e t r ber . . . . 7 7 7 7 5 5 5 5 . . . . 4 4 4 4 4 4 4 4 1 1 1 1 . . . . 0 0 0 0 0 0 0 0 . . . . 3 3 3 3 7 7 7 7 5 5 5 5 . . . . 8 8 8 8 4 3 2 0 4 1 1 1 1 . , . . 1 1 1 1 7 7 6 9 1942— D J S M u e e n p a c e r t e c e m h m b b e e r r 2 2 2 . . . 7 6 6 0 2 3 2 2 2 . . . 0 0 2 9 7 8 2 2 2 . . . 5 6 6 6 6 3 3 3 3 . . . 2 3 2 5 4 6 November .75 .44 1.00 .375 .84 1.14 1943—March 2.76 2.36 2.76 3.24 Week ending: J S u e n p e tember.. 3 2 . . 0 4 0 8 2 2 . . 0 7 5 0 2 2 . . 9 7 8 1 3 2 . . 3 7 8 3 N O o ct v . . 2 3 7 3^ % 1 1 . . 0 0 0 0 . . 3 3 7 7 5 5 . .8 8 4 1 1 1 . . 1 1 6 7 December... 2.65 2.10 2.76 3.17 N N N o o o v v v . . . 2 1 1 4 7 0 H % 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 7 7 7 5 6 5 . . . 8 8 8 4 4 4 1 1 1 . . . 1 1 1 5 3 3 1944— J S M u e n p a e r t c e h mber.., 2 2 2 . . . 6 6 6 3 9 3 2 2 2 . . . 1 1 2 0 8 3 2 2 2 . . . 5 7 8 5 5 2 3 3 3 . . . 1 1 1 2 8 4 December... 2.39 1.93 2.61 2.65 1 Monthly figures are averages of weekly prevailing rates. 2 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.. C2.45 2.05 2.53 2.81 4 Beginning on Sept. 15, 1945, includes Treasury notes of Sept. 15, 1948, c Corrected. 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 i i p n g a i h l c - - C (h r o a i r g t p e h o - - By ratings By groups T a a b x le - a e P l x ly a e r m t t a i p - x t T ab ax le - grade)2 grade)3 Total Aaa Aa A Baa In tr d 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 1-8 15 5 120 30 30 30 30 40 40 40 1942 average 1.93 2.09 2.46 2.36 2.75 3.34 2.83 2.98 3.28 4.28 2.96 3.96 3.11 1943 average 1.96 1.98 2.47 2.06 2.64 3.16 2.73 2.86 3.13 3.91 2.85 3.64 2.99 1944 average 1.94 1.92 2.48 1.86 2.60 3.05 2.72 2.81 3.06 3.61 2.80 3.39 2.96 1944—November 1.92 1.90 2.48 1.88 2.61 3.02 2.72 2.80 3.01 3.53 2.77 3.29 2.98 December 1.93 1.87 2.48 1.87 2.59 2.98 2.70 2.76 2.98 3.49 2.74 3.25 2.96 1945—January 1.89 1.81 2.44 1.81 2.58 2.97 2.69 2.76 2.98 3.46 2.73 3.23 2.97 February 1.77 1.75 2.38 1.71 2.56 2.93 2.65 2.73 2.94 3.41 2.69 3.16 2.95 March 1.70 1.70 2.40 1.61 2.51 2.91 2.62 2.72 2.92 3.38 2.68 3.11 2.94 April 1.62 1.68 2.39 1.57 2.49 2.90 2.61 2.73 2.90 3.36 2.69 3.07 2.94 May 1.57 1.68 2.39 1.58 2.53 2.89 2.62 2.72 2.88 3.32 2.68 3.05 2.93 Tune 1.56 1.63 2.35 1.58 2.54 2.87 2.61 2.69 2.86 3.29 2.68 3.03 2.89 July.... 1.58 1.63 2.34 1.57 2.53 2.85 2.60 2.68 2.85 3.26 2.68 3.00 2.87 August 1.59 1.68 2.36 1.70 2.56 2.86 2.61 2.70 2.85 3.26 2.68 3.02 2.86 September 1.56 1.68 2.37 1.79 2.56 2.85 2.62 2.70 2.85 3.24 2.67 3.05 2.85 October 1.50 1.62 2.35 1.76 2.55 2.84 2.62 2.70 2.84 3.20 2.65 3.03 2.84 November 1.42 1.56 2.33 1.70 2.54 2.82 2.62 2.68 2.81 3.15 2.64 2.99 2.81 Week ending: Oct. 27 1.48 1.60 2.34 1.73 2.55 2.84 2.62 2.69 2.84 3.20 2.66 3.02 2.83 Nov. 3 1.48 1.60 2.35 1.72 2.54 2.83 2.61 2.69 2.84 3.17 2.65 3.01 2.82 Nov. 10 1.43 1.58 2.33 1.71 2.55 2.82 2.62 2.68 2.82 3.16 2.65 3.00 2.82 Nov. 17 1.40 1.56 2.33 1.70 2.55 2.82 2.62 2.68 2.81 3.15 2.65 2.99 2.81 Nov. 24 1.40 1.55 2.33 1.69 2.54 2.81 2.61 2.67 2.81 3.14 2.64 2.98 2.80 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. s U. S. Treasury Department. . , . , . , ». , » 11 •• 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. DECEMBER 1945 I2.Z7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices* Volume Corporate4 Common (index, 1935-39= 100) of trading? Year, month, or week U G . o v S - . M i u p n a i l c- Medium- and lower-grade Pre- (in thoum er e n n - t4 g ( r h a i d g e h )3 H gr i a g d h e - rri j. 1 Indus- Rail- Public fau D lt e e - d ferred6 Total In tr d i u a s l - R ro a a il d - P ut u i b li l t i y c shares) lotai 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—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 November. 102.60 139.0 122.0 118.3 122.5 116.6 116.0 78.9 191.8 137 139 154 121 1,961 Week ending: 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 Nov. 3... 102.34 138.5 122.0 118.1 122.4 115.9 115.9 76.7 189.7 133 135 147 117 1,753 Nov. 10.... 102.58 138.7 122.1 118.2 122.5 116.2 116.0 77.6 190.2 137 139 154 121 2,034 Nov. 17.... 102.65 138.9 122.0 118.3 122,4 116.6 115.9 79.1 191.8 136 138 151 121 2,168 Nov. 24.... 102.67 139.1 122.1 118.5 122.4 117.2 115.9 79.4 192.3 137 139 156 120 1,865 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years and over. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 6 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 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. 483-190. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic 4 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 i t l - - e a F c e g i e r e e a d n s l - 1 - Total Co B n r a o o p n n t o d e d r s a s te Stocks F ei o g r n - 2 m e a f e i o g n s r d t n - i ) c Total S n a m p t i n c a a u d l i t - - e a c F e g i e r e e a d s n l - 1 - Total Co B n r a o o p n n t o d e d r s s ate Stocks e F ig o n r- * 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937.... 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,842 2,289 2 239 931 924 383 287 97 50 3 553 3,465 195 1,537 1,733 1,596 137 88 1940 . 4 803 1 951 1 948 751 461 736 601 135 2 2 852 2 852 482 344 2,026 1 834 193 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 . 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,174 642 640 176 90 374 282 92 2 1,532 1,442 259 497 685 603 82 90 1944 .. 4,153 923 906 235 45 627 404 223 17 3,230 3,215 404 388 2,423 2,135 288 15 1944—October 892 178 178 47 131 109 22 714 714 61 42 611 586 25 November... 480 39 39 6 10 23 9 14 440 440 65 39 336 304 32 December... 193 38 38 20 19 13 6 155 155 14 27 114 114 1945—January 633 143 143 99 2 43 18 25 490 490 23 195 272 240 33 February.... 220 42 42 6 9 27 22 5 178 163 8 18 136 136 15 March 557 86 86 24 62 27 35 471 471 150 25 296 265 31 April 758 128 126 19 101 50 51 2 630 630 30 46 554 529 25 May 583 185 185 28 "6 157 102 55 1 397 395 9 19 367 272 95 June 164 52 52 43 1 1 112 112 8 30 74 74 A Ju u l g y ust ... 1,2 5 2 0 9 7 2 1 4 44 9 2 1 4 4 9 4 3 37 5 2 2 1 1 0 2 7 '"'3 6 4 4 ' 1 4 7 3 8 9 3 8 63 1 9 3 8 63 1 31 7 2 2 0 0 0 3 7 3 5 5 0 6 29 2 5 3 1 4 2 1 7 September.. 870 140 140 37 103 35 68 730 725 9 17 698 638 60 5 October 1,338 242 237 29 209 103 106 '""5" 1,096 1,070 38 42 989 820 169 26 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. 1x18 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month Estimated 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 1944 r3,202 r3,142 r657 r252 r405 r2,389 r2,O38 r351 r49 r27 1944—April r170 165 r61 I27 r34 100 r62 38 1 3 M J A J S u u e u a l n p g y y e t u e s m t ber 1 1 r r r 2 2 4 6 8 1 1 6 9 0 0 9 3 1 r r r 2 2 4 7 1 0 5 7 5 6 3 r r r r r 3 6 2 6 2 7 1 7 3 9 1 ' r 3 2 4 7 7 1 1 lr2U 7 3 6 1 1 1 1 r4 2 2 3 5 l5 2 7 1 1 1 1 1 r3 1 4 0 1 7 1 9 7 3 5 5 r2 r n 1 2 4 4 r 1 r2 7 8 ' r r • 7 7 3 5'" O No ct v o e b m er ber r r 7 3 4 8 2 0 r r 7 3 2 7 9 3 1 r 2 3 5 3 17 1 1 1 7 5 r r 5 3 9 3 4 8 r r 5 2 7 2 O 4 r r 4 2 0 4 rl 2 7 December 182 178 rg r57 109 106 11 r 5 3 r'3" 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 October 1,077 1,057 150 97 53 854 798 56 19 34 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 poses* ceeds ties poses* ceeds ties poses* ceeds ties poses* 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 is 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1 1 9 94 4 4 3 r6 1 0 6 2 0 10 4 2 6 5 1 0 1 0 4 1,4 4 0 6 0 9 r4 2 0 2 1,3 4 4 2 3 3 1 2 7 5 "1, 4 0 9 3 7 3 r4 2 5 28 4 r5 1 0 9 4 9 r7 7 6 1 10 2 7 1 r6 1 1 3 • r • 4 4" 2 •4" 3 1944— M J A u p a n y r e il 4 2 5 4 2 r r r 5 2 2 9 9 8 r r 2 2 5 9 5 8 1 1 H 0 2 I 3 7 r ' 5 3 6 3 r r r 6 6 3 3 8 0 r3 r r2 4 g r r 5 3 1 3 r 1 2 1 J A u u ly gust 1 2 3 1 4 2 1 1 9 115 r r6 3 2 1 r r 2 5 6 6 1 r 2 4 1 7 r r3 3 7 6 1 r7 0 4 1 r3 "r3 1 1 September. 189 10 179 167 155 r91 12 I77 6 2 4 October.... 36 2 35 r499 r485 191 115 r3 N D o ec v e e m m b b e e r r . . . 5 8 2 2 4 4 8 8 2 r2 r2 7 1 2 r2 r2 6 0 5 r r3 4 4 7 r r 2 2 2 4 r2 H 3 4 r2 2 42 1945—January 119 119 65 65 82 28 54 10 8 February... 108 96 60 60 27 9 16 18 7 March. ... 124 2 122 93 41 50 2 4 4 April 360' 346' 139 12 127 118 64 38 15 15 12 May 75 57 184 1 183 223 117 89 17 2 J J u u l n y e 105 12 "93' 30 3 1 0 "4 2 3 9 0 7 48 5 0 9 16 3 3 3 4 0 9 1 1 7 6 4 2 0 1 1 1 29 August 84 10 74 115 1 110 4 221 63 111 47 13 6 2 September. 270 4 266 371 364 6 130 87 38 6 10 October.... 246 27 219 565 523 26 218 89 107 23 27 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. DECEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Profits and Net profits,1 by industrial groups dividends Year or quarter Total s I a t r e n o e d n l c M e h r i a y n - - t b o A i m l u e o - s - e p O t m r t q o i t a e u o r h n t n i n e a s p t r - - - m f p e N u a r r e c n o r o t o t a d n d s u l - - s s O g d o b u t l o h r e a d e - r s t F o b a a o b e g n o a v d e d c e s s c , r , - o pr r a e o i i O n n n f d i g g i d u n l - c- c I h n c tr e a d i m l u a s l s i- - g O d n o u b t o o h l r n e a d e - - s r s n c M e i e e c r l i o e v l s u a s - - s - pr N of e i t ts1 fe P D r r r e e i - v d ide C n m d o o s m n - Number of companies... 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,163 325 193 274 227 153 113 159 174 207 187 152 1,137 92 705 1942 rl,769 226 159 209 r182 138 90 151 152 164 136 161 888 88 552 1943 rl,800 204 165 201 r180 128 83 162 186 170 149 171 902 86 556 1944 rl,896 194 174 222 r190 115 88 175 220 187 147 184 970 86 611 Quarterly 1941—1 . .. 509 86 44 79 53 39 23 36 29 49 44 28 285 22 150 2 547 84 48 73 56 36 28 43 42 53 48 33 295 23 165 3 558 81 46 60 56 38 30 44 56 52 49 44 282 23 170 4 549 72 55 61 62 40 32 37 46 52 46 47 275 24 221 1942—1 413 52 38 46 246 36 19 32 35 39 39 31 r205 21 134 2 358 52 35 25 H3 32 18 32 27 35 27 32 174 23 135 3 445 51 36 46 34 22 42 42 41 35 52 213 20 125 4 r553 72 49 92 36 30 44 49 48 35 46 296 23 158 1943—1 r430 52 39 47 248 34 19 39 36 41 36 39 209 21 127 2 433 47 41 r50 246 32 22 37 42 41 36 38 221 22 132 3 461 51 41 52 246 31 20 43 49 40 39 50 226 21 127 4 477 53 45 53 241 31 23 43 58 47 38 44 r 22 170 1944—1 444 47 40 52 252 29 20 38 49 42 36 39 224 21 142 2 459 46 40 55 r247 30 22 43 52 43 37 43 230 22 149 3 475 47 38 55 28 21 45 56 49 37 52 244 20 137 4 518 55 55 59 28 25 49 64 53 37 50 272 23 184 1945—1 rs492 49 38 r363 31 21 45 62 48 39 20 142 2 r53 r42 r247 r27 21 r46 64 45 r3& r45 22 r145 3 427 38 35 45 234 23 19 46 61 43 36 49 223 21 143 PUBLIC UTILITY CORPORATIONS [ In millions of dollars] Railroad* Electric power5 Telephones Year or quarter Operat- i I b n n e t c c a f o o x o m ? m re e e inc N o e m t e1 d D e i n v d i- s Operat- I i b n n t e c c a f o o x o m m ? re e e i . n c N o e m t e1 d D e i n v d i- s O re p v i e n e r n g a u t e - I i b n n t e c c a f o o x o m m ? re e e in N co e m t e1 d D e i n v d i- s 1939.... 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942.... 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 914 502 410 1,537 374 180 168 1944.... 9,437 1,971 668 246 3,618 915 499 390 1,641 399 174 168 Quarterly 1941—1 1,152 96 69 28 751 209 154 295 67 43 44 2 1,272 145 103 36 723 182 126 308 69 44 45 3...- 1,468 267 189 34 750 183 107 311 66 45 44 4 1,454 166 138 87 805 200 139 321 68 46 40 1942—1 1,483 178 90 24 816 234 131 98 324 72 41 44 2 1,797 390 198 46 770 196 104 96 337 75 41 42 3 2,047 556 286 30 792 195 105 84 342 72 39 39 4 2,139 534 327 101 839 222 150 131 359 83 43 38 1943-1... 2,091 515 214 29 864 254 136 99 366 42 40 2... 2,255 608 244 52 835 221 118 100 382 96 44 42 3... 2,368 653 250 36 859 210 114 99 391 94 45 43 4... 2,340 435 166 100 906 228 133 113 398 96 43 1944—1 2,273 458 148 31 925 262 135 94 400 97 42 42 2 2,363 511 174 55 886 241 123 102 406 101 43 42 3 2,445 550 180 30 878 207 111 94 409 98 43 42 4 2,356 452 165 130 929 205 130 101 426 104 46 43 1945—1... 2,277 425 139 30 971 292 139 102 436 115 46 41 2... 2,422 504 187 72 909 233 123 96 444 109 45 44 3... 2,231 229 125 29 887 211 116 92 449 103 44 43 r Revised. 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 Partly estimated. 3 Revised net profits figures for the first six months of 1945, published by GeneralMotors Corp., have been allocated by quarters as follows: 1st, 49 million dollars; 2nd, 62 million. 4 Class I line-haul railroads, covering about 95 per cent of all railroad operations. 5 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. e 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. 7 After all charges and taxes except Federal income and excess profits taxes. 8 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. 1x30 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 End of month T d g d i o r e r o t e b s a c t s l t i b n d e d t i a e e r r r e b i e c t n s t g t- Totals Tre b a il s ls ury in c C d a e n t e r e e b t s s i t s f e o i d - f - Tr n e o a t s e u s ry Tr b e o a n s d u s ry Total2 sa b U v o . i n S n d . g s s T t s r a n a e x v o a i t s a n e u n s g r d s y S i p ss e u c e ia s l in be N t d e a e o r r b n e in - t s g t- s t g b e e t u e e c e r a a u d e r r r s i a i i n n t t n - g i - - es 1942-June.. 72,422 71,968 50,573 2,508 3,096 6,689 38,085 13,510 10,188 3,015 7,885 454 4,548 Dec... 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1943—June.. 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,092 Dec... 165,877 164,508 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,225 1944—June.. 201,003 199,543 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,516 1944—Nov.. 215,005 210,774 145,183 16,405 29,545 17,936 81,102 49,008 38,308 9,990 16,583 34,230 1,470 Dec... 230,630 228,891 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 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 Nov... 265,342 262,849 185,112 17,026 35,021 23,498 109,371 57,028 47,473 9,058 20,710 62,492 536 1 Including amounts held by Go rnment agencies and trust funds, which aggregated 6,087 million dollars on Sept. 30, 1945, and 6,139 million on Oct.. 361i,, 1iy9<4K5>.. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and depoositary bonds not shown separately. 33 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 and Dec. 3,1945, sold in the Victory Loan, beginning on Oct. 29,1945. 6 Including prepayments amounting to 192 million dollars on securities dated Dec. 3,1945, 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, NOVEMBER 30, 1945 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Redemp- Amount Funds received from sales during tions and Issue and coupon rate Amount Issue and coupon rate Amount Month sta o n u d t i - ng month maturities at end of All Series Series Series All Treasury bills* Treasury bonds—Cont. month series E F G series Dec. 6, 1945 1,306 Dec. 15, 1948-50 2 571 Dec. 13, 1945 1,302 June 15, 1949-51 ...2 1,014 Dec. 20, 1945 1,307 Sept 15 1949-51 2 1,292 1944—Apr 32,497 739 606 19 114 237 Dec. 27, 1945 1,301 Dec. 15, 1949-51 ...2 2,098 May 32,987 751 624 15 111 279 Jan. 3, 1946 1,310 Dec 15 1949-52 491 June 34,606 1,842 1,350 115 377 248 Jan. 10, 1946 1,311 Dec. 15, 1949-53 • 2XA 1,786 July 36,538 2,125 1,687 101 338 227 Jan. 17, 1946 1,310 Mar. 15, 1950-52 2 1,963 Aug 36,883 602 499 18 85 279 Jan. 24, 1946 1,310 Sept. 15, 1950-52 1,186 Sept 37,323 692 591 16 85 283 Jan. v31, 1946 1,318 Sept. 15, 1950-52 . ..2 4 939 Oct 37,645 695 599 14 83 401 Feb. 7, 1946 1,317 Dec. 15, 1950 2,635 Nov 38,308 1,023 807 43 174 382 Feb. 14, 1946 1,317 June 15, 1951-54 • 2% 1 627 Dec 40,361 2,386 1,855 125 406 365 Feb. 21, 1946 1,302 Sept. 15, 1951-53 ...2 7,986 Feb. 28, 1946 1,316 Sept 15, 1951-55 3 755 1945—Jan 41,140 1,074 804 42 228 341 Dec. 15, 1951-53 • 2H 1,118 Feb 41,698 848 653 31 164 323 Cert, of indebtedness Dec. 15, 1951-55 .. .2 510 Mar 42,159 889 712 27 151 464 Dec. 1, 1945 ..14 4,395 Mar. 15, 1952-54 • 2M 1,024 Apr 42,626 838 684 23 130 404 Feb. 1, 1946 ..7A 5,043 June 15, 1952-54 .... ...2 5,825 May 43,767 1,540 1,195 63 282 426 M Ap a r r . . 1 1 , , 1 1 9 9 4 4 6 6 4 J4 4 4 , , 1 8 4 1 7 1 J D u e n c e . 1 1 5 5 , , 1 1 9 9 5 5 2 2 - - 5 5 5 4 . • . .2 2K 8 1, , 5 6 0 6 1 2 J J u u n ly e 4 4 5 6 , , 5 5 8 0 6 8 2 1 , ,2 1 9 7 5 8 1 1 , , 4 0 6 3 8 2 1 4 7 7 8 5 2 3 1 2 5 4 4 0 2 3 8 May 1, 1946 H 1,579 June 15, 1953-55 .. .2 725 Aug 46,715 700 571 22 107 531 June 1, 1946 4,799 June 15, 1954-56 • 2H 681 Sept 46,741 514 420 18 76 528 Aug. 1, 1946 /£ 2,470 Mar. 15, 1955-60 .214 2,611 Oct 46,786 625 510 8 107 616 Sept. 1,1946 Vs 4,336 Mar. 15, 1956-58 1,449 Nov 47,473 1,184 865 54 265 533 Oct.1, 1946 14 3,440 Sept. 15, 1956-59 ."iH 982 Sept. 15, 1956-59 .2% 3,823 Treasury notes June 15, 1958-63 • 2% 919 Dec. 15, 1945 531 June 15, 1959-62 2K 5,284 Jan. 1, 1946 .... .90 3,416 Dec. 15, 1959-62 621 Mar. 15, 1946 .. 1 1,291 Dec. 15, 1960-65 :| 1,485 Maturities and amounts outstanding, November 30, 1945 July 1, 1946 ..90 4,910 June 15, 1962-67 2,118 Dec. 15, 1946 1M 3,261 Dec. 15, 1963-68 2^/2 2,831 Mar. 15, 1947 1,948 June 15, 1964-69 '.2H 3,761 Year of maturity All Series Series Series Series Sept. 15, 1947 • IV2 2,707 Dec. 15, 1964-69 .... 3,838 series A-D E F G Sept. 15, 1947 1,687 Mar. 15, 1965-70 .... .2^/n 5,197 Sept. 15, 1948 • V/2 3,748 Mar. 15, 1966-71 2}/i 3,481 June 15, 1967-72 2^/i 7,967 1945 58 58 Treasury bonds Sept 15, 1967-72 ..2V2 2,716 1946 330 330 Dec. 15, 1945 2/^ 541 Dec. 15, 1967-72 ..2V2 1.701 1947 419 419 Mar. 15, 1946-56.. 3/4 2489 Postal Savings bonds.23^ 117 1948 493 493 June 15, 1946-48. .. .3 1,036 Conversion bonds.....3 29 1949 802 802 June 15, 1946-49. .• 3% 819 Panama Canal loan....3 50 1950 990 990 Oct. 15, 1947-52. 759 Total direct issues.. 185,112 1951..... 1,647 442 1^205 Dec. 15, 1947 .. .2 701 1952 4,934 4,934 Mar. 15* 1948-50. .. ..2 1,115 1953 9,107 7,711 214" 1^182 Mar. 15, 1948-51..•2% 1,223 Guaranteed securities 1954 12,297 9,393 591 2,313 June 15, 1948 3,062 Federal Housing Admin. 1955 10,152 7,041 670 2,440 Sept 15, 1948 '•2V2 451 Various 39 1 1 9 9 5 5 6 7 3 2 , , 5 7 4 1 8 6 4 7 9 4 8 6 2 2 , , 8 2 0 1 2 8 1 Sold on discount basis. See table on Open-Market Money Rates, Unclassified -21 p. 12 2 2 C 7. alled for redemption on Mar. 15, 1946. Total 47,473 3,534 30,284 2,720 10,955 DECEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by 1tJ. S. Gov- * Privately held1 End of month s i . e b n c e t T u e a r o r r i e i t t n a i s e t l g - s S i e s p a r s e n u n c m e d i s a e t l n ru t s a t g f e P i u s n u s n c u b d i e l e s i s s c R F B H e e a b d s e n y e e l k d r r v s a e l Total m b C e a o r n c m k ia s - l M s b a a u v n i t n u k g a s l s p I c n a a o n s n m u c ie e r - - s M i a a s O b r s k u t l h e e e e s t- r inv m es i N s a t a s o r o b u k r n l e s e e - s t- 1942—June 76,517 7,885 2,738 2,645 63,249 26,410 3,891 9,200 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 December 230,361 16,326 5,348 18,846 189,841 77,558 8,328 19,600 35,200 49,200 1945—January 232,168 16,688 5,270 19,006 191,204 78,500 8,600 19,900 34,200 50,000 February 232,968 17,130 5,267 19,439 191,132 78,100 8,700 20,100 33,600 50,600 March 233,145 17,567 5,303 19,669 190,606 77,400 8,700 20,400 34,000 50,100 April 234,194 17,923 5,262 20,455 190,554 77,400 8,700 20,500 33,300 50,700 May 236,912 18,592 5,217 20,954 192,149 77,500 8,700 20,100 33,100 52,700 June 256,766 18,812 6,128 21,792 210,034 84,069 9,588 22,700 39,500 54,200 July 260,265 19,558 6,105 21,717 212,885 85,300 9,800 r22,7OO r40,100 55,000 August 261,261 20,033 6,121 22,530 212,577 84,500 10,000 r22,500 r40,3Q0 55,300 September 260,156 20,519 6,123 23,328 210,186 83,500 10,000 22,500 40,000 54,200 r Revised i Figures for insurance companies and other investors have been rounded to nearest 100 million dollars for all dates, and figures for commercial banks and mutual savings banks have been rounded to nearest 100 million for all dates except June and December for which call report data are available. Back figures.—See Banking and Monetary Statistics, Table 149, p. 512. 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 - m a e c a g r i n e e e n n d n s - t - B s F e R e a r e r n e a v d - k l e - s m b C e a o r n c m k i s a - 1 l b M s i t a n u a n g u v 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 i r n e e e n d n n s - t - B s F e R e a r e r n e a v d - k l e - sb C m a c o n i e a m k r l - s - M s t in u a g u v a s l - - I p c a n a o n s n m c u i e e r - - s !Other trust trust funds funds Total:2 Treasury bonds: 1944—June 141,591 4,60414,901 63,523 7,158 16,471 34,935 Total: Dec 162,843 5,33818,846 72,045 8,18318,761 39,670 1944—June 79,244 4,437 ,46430,910 6,736 15,76819,929 1945—Apr 163,468 5,24620,455 71,799 8,50219,640 37,826 Dec 91,585 5,173 ,243 36,508 7,70417,859 23,098 May 163,441 5,202 20,954 71,896 8,49719,325 37,567 1945—Apr 92,377 4,991 ,12338,499 7,817 18,07321,873 June 181,353 6,11221,792 77,484 9,38220,930 45,652 May 92,377 4,961 ,113 39,275 7,75317,646 21,628 July 183,114 6,08321,717 78,609 9,62121,146 45,939 June 106,448 5,968 ,113 41,795 9,04519,89228,636 Aug 183,369 6,09222,530 77,862 9,77521,273 45,837 July 107,890 5,936 ,113 42,822 9,27820,079 28,661 Sept 182,870 6,09423,328 76,939 9,84521,437 45,227 Aug 108,172 5,937 ,11443,170 9,36520,25128,334 Treasury bills: Sept 107,049 5,926 977 42,834 9,360 20,34827,604 1944—June 14,734 8,872 4,894 2 960 Maturing within 5 years: Dec 16,428 6 11.148 4.113 1 1,159 1944—June 7,824 536 4,697 189 663 1,740 1945—Apr 17,041 13,010 2,565 11 1,397 Dec 7,824 518 4,834 137 556 1,777 May 17,049 12,954 2,242 17 1,706 1945—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 17,02. 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 Sept 17,018 18 13,234 2,035 10 1,721 Aug 8,939 532 5,803 183 352 2,068 Certificates: Sept 7,725 381 5,126 181 320 1,714 1944—June 28,822 67 3,382 15,037 126 339 9,871 Maturing in 5-10 years: Dec 30,401 62 4,887 15,032 136 310 9,974 1944—June 34,399 ,570 18,937 2,712 3,673 7,505 1945— M Ap a r y 3 34 4 , , 4 4 4 7 2 8 1 1 0 2 3 9 5 5 , , 8 3 7 3 0 3 1 17 7 , , 2 5 0 5 2 0 3 3 4 9 5 4 8 8 3 8 0 4 1 9 0 , , 9 2 8 9 9 0 1945— D Ap ec r 4 4 4 3 , , 0 5 8 6 7 4 , , 5 2 0 8 4 0 2 2 4 5 , , 4 3 4 5 5 0 3 3 , , 5 5 0 5 3 6 4 4 , ,2 3 3 3 0 5 ;o 9 . , , 0 3 9 5 9 7 June 34,136 47 6,032 16,789 92 420 10,756 May 43,564 ,262 25,790 3,427 4,196 8,891 July 34,47 45 6,096 16,812 96 454 10,968 June 48,155 ,333 29,147 3,400 4,26710,009 Aug 34,430 46 6,400 16,413 158 423 10,991 July 48,423 ,322 29,954 3,228 4,194 9,725 Sept 35,072 55 7,184 16,209 211 494 10,918 Aug 48,425 ,319 30,209 3,101 4,163 9,631 Treasury notes: Sept 49,180 ,398 30,798 3,056 4,179 9,749 1944—June 17,405 58 1,180 11,718 286 337 3,826 Maturing in 10-20 years: 1945— D A e pr c....r 2 1 3 8 , , 0 5 3 8 9 8 6 5 0 2 1,5 9 6 8 6 8 1 1 5 2 , , 4 6 1 1 1 1 3 3 3 2 6 4 6 5 9 6 3 8 5 3, , 9 0 1 9 9 8 1944— D Ju e n c e 1 1 5 4 , , 4 4 8 4 2 5 , ,0 0 2 9 8 7 5 5 , , 5 3 0 5 9 4 1 1 , , 8 8 5 8 7 7 2 2 , , 7 6 9 12 2 4 3 , , 2 5 2 6 8 3 May 18,588 53 1,017 12,588 327 692 3,912 1945—Apr 14,445 963 5,590 1,830 2,530 3,531 June 23,49' 52 1,685 16,076 242 601 4,841 May 14,445 960 5,745 1,828 2,319 3,591 July 23,498 52 1,698 16,211 244 598 4,695 June 16,727 1,054 4,562 2,458 2,471 6,179 Aug 23,498 52 1,762 16,058 247 587 4,793 July 17,30' 1,058 4,667 2,673 2,476 6,433 Sept 23,498 53 1,933 15,830 260 581 4,841 Aug 17,446 1,057 4,687 2,814 2,534 6,352 Guaranteed securities: Sept 16,748 982 4,388 2,868 2,493 6,020 1944—June 1,190 1 949 26 205 Maturing after 20 years: Dec 1,194 1 960 22 203 1944—June 21,539 2,696 1,766 1,981 8,640 6,456 1945—Apr 788 6 560 17 202 Dec 25,227 3,366 1,873 2,125 10; 7,401 May 789 6 575 16 187 1945—Apr 25,42 3,308 2,072 2,218 10, 7,168 June 34 6 10 13 May 25,427 3,290 2,194 2,240 7,095 July 34 6 10 1 June 32,626 4,146 2,317 3,010 12,77910,375 Aug 35 7 11 13 July 33,219 4,140 2,385 3,20013,06110,435 Sept 37 7 12 13 Aug 33,360 4,141 2,470 3,26613,19910,284 Sept 33,394 4,141 2,521 3,257jl3,357 10,120 * 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 Sept. 30, 1945, commercial banks reporting to the Treasury held 26,252 million dollars of U. S. Government securities due or callable within one year out of a total of 65,255 million outstanding. 2 Including 196 million dollars of Postal Savings and prewar bonds not shown separately below. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars! Period Income taxes1 c n i M n n e e t i l a o e s l l u a - r - - s S S t r a o e i x c t c y e i u a s - l c O e r t i e h p - e ts r c T e r o i e p t - a t l s ce N r ip e e - t t s^ I d n e o e t s n e b t r t - ac W t t i i e a v s r i- c T f o e t r a r r u a u s c n n - s t t s t o s - , p O t e u e t n h r x d e e - s i r - e b T i x u t p o u d e t r g n a e e l s d t - D c e i f t i- c T o e a r u t c u c n - . s t 4 t s, Ch f g e u a i r e n n n a n d g l - e c g r I r e n o a - s s s e Other r n e u v e e 1 - etc. a b n a c l- e debt Fiscal year ending: June 1943 16,094 4,553 1,508 1,230 23,385 22,282 1,808 72,109 435 3,827 78,179 55,897 -1,861 +6,515 64,274 June 1944 8,393 26,262 5,291 1,751 3,711 45,408 44,149 2,609 87,039 556 3,540 93,744 49,595 -4,051 +10,662 64,307 June 1945 10,289 24,884 6,949 1,793 3,824 47,740 46,457 3,617 90,029 1,646 5,113 100,405 53,948 +798 +4,529 57,679 1944—November... 1,035 466 507 293 205 2,506 2,240 56 7,401 18 353 7,828 5,587 +639 -188 4,761 December... 741 3,606 539 63 470 5,418 5,416 560 7,503 22 332 8,416 2,999 -193 +12,433 15,626 1945—January 619 1,803 573 48 545 3,587 3,556 191 7,551 69 390 8,202 4,645 +238 -2,630 1,778 February 1,295 1,627 552 341 172 3,987 3,767 91 6,948 48 373 7,460 3,693 +101 -2,292 1,300 March 883 4,935 520 96 473 6,908 6,892 628 8,246 45 513 9,433 2,540 +262 -2,036 242 April 600 1,567 534 46 221 2,967 2,929 139 7,139 236 455 7,968 5,040 '+9 -3,911 1,120 May 1,282 745 557 337 477 3,398 3,085 66 8,156 296 757 9,275 6,190 +686 -1,741 3,763 June 826 3,930 561 69 529 5,916 5,914 1,009 7,837 335 460 9,641 3,727 —1,050+15,073 19,850 July 669 1,073 718 66 228 2,754 2,695 156 7,324 530 547 8,557 5,862 -116 -2,615 3,362 August 1,200 466 877 306 432 3,281 2,997 99 6,398 162 695 7,354 4,357 —50 -3,451 956 September.. 768 3,440 573 69 342 5,192 5,189 647 5,365 34 564 6,611 1,422 -95 -2,497 -980 October 572 1,021 689 58 241 2,581 2,530 172 5,124 38 617 5,950 3,420 +302 -3,321 -203 November... 1,076 449 602 257 225 2,609 2,374 84 4,224 348 4,656 2,282 +390 +1,632 3,524 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security accounts 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 u E n r x e d - s i- c a G o g m o u e v n n e e t n c s r i t n e o - s f ce R i e p - ts I m nv e e n s ts t- p t E e u n x r d - 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 e p 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 1,444 643 9,507 J J u u n n e e 1 1 9 9 4 4 4 5 . . . . . . . . 3 3 , , 2 2 0 3 2 9 2 2 , , 7 8 5 1 7 6 4 3 5 8 3 0 4 1 , , 4 1 0 7 3 8 3 1 , ,8 8 5 2 1 0 2 1 , , 4 31 4 3 4 -5 1 7 9 1 2 2 2 5 0 , , 1 77 1 5 9 1 1 , , 4 5 4 0 2 0 2 1 2 8 , , 6 0 2 0 2 7 1, 9 3 9 2 7 7 4 6 2 0 1 7 2 2 4 0 , , 6 1 9 6 8 9 1944—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 80 228 13,307 1,124 11,389 794 494 12,813 November 419 38 143 -79 295 223 14,849 1,372 12,694 784 404 14,445 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 ic r 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 x g c l e e e o i r c s - - b t T a ac x o c - e o s S t t a a x m e p s M re t e a t u a x a n r n c i u e l d i f e r s a s e r ' c s' - n c t M a e e x l o i l e s u a - s - s taxes Fiscal year ending: June 1943 16,299 5,771 686 4,137 557 5,064 84 4,571 329 447 1,423 924 45 670 732 June 1944 33,028 10,254 "l\ 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—October 1,810 82 1,233 110 26 350 9 544 19 39 196 78 5 95 113 November 1,633 37 1,203 70 31 285 7 520 32 204 81 5 95 103 December 3,670 294 18 980 40 2,312 27 559 50 201 71 5 120 112 1945—January 3,024 1,889 690 43 126 270 5 547 49 206 78 6 117 90 February 3,158 759 1,892 57 143 301 6 510 37 195 66 6 116 90 March 4,996 1,737 61 956 59 2,170 13 560 89 171 74 6 104 117 April 2,408 907 915 160 —26 443 9 517 75 171 68 5 97 100 May 2,406 201 1,751 70 79 295 10 571 64 180 83 6 116 121 June 4,025 1 127 46 858 79 1,895 21 572 62 191 93 6 104 116 July 2,242 318 1,249 i 161 75 429 8 791 105 49 198 84 6 121 228 August 1,916 87 1,461 —1 74 62 228 5 824 209 69 199 108 5 102 132 September.... 3,553 1,112 32 768 46 1,584 11 531 7 34 198 101 6 93 93 October 2,031 271 1,094 191 47 421 6 706 30 44 243 120 7 122 140 1 Withheld by employers (Current Tax Payment Act of 1943). DECEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items1 Lia i b n i t l e i r t a ie g s e , n o c t y h e i r t e t m h s an Com- Invest- Bonds, notes, Pri- Corporation or agency Total Cash r L e a o c b a e l i n e v s - m p s t a l i o u i n e e p d d s s - i , , - G U o .S v m . t. en O s t e t s h c e u r - e L s t q u a t a r u r n n u e i d p d c s - - , , c U h t u r n a t i r d e b g d i - s e - s O as t s h e e t r s t F g u a u u r n a l e l d r s y - p d a e y be a n b - le 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 e t t e s n e t l e y r d mate- secu- rities ment anteed Other rials rities by U.S. All agencies: Dec. 31, 1944 31,488 6,387 2,942 1,632 424 16,237 1,692 1,419 1,537 1,395 4,196 23,857 504 Mar. 31, 1945 31,309 5,789 2,960 1,756 388 16,734 1,001 1,913 1,124 1,263 4,962 23,510 451 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 Sept. 30, 1945 34,247 5,409 2,487 1,756 368 20,816 442 2,154 551 1,135 4,486 27,610 465 Classification by agency, Sept. 30, 1945 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 234 127 43 34 227 Federal intermediate credit banks 346 279 37 269 75 Federal land banks 1,279 1,036 157 834 176 227 Production credit corporations 123 66 56 123 Regional Agricultural Credit Corp 15 14 Others 21 16 19 Federal Farm Mortgage Corp 244 222 232 Rural Electrification Administration 398 388 398 War Food Administration Commodity Credit Corp 1,545 104 13 200 503 538 505 Farm Security Administration 469 341 49 5 465 Federal Crop Insurance Corp 36 24 5 31 Federal Surplus Commodities Corp 3 3 National Housing Agency:4 Federal Home Loan Bank Administration: Federal home loan banks 100 181 32 51 125 92 Federal Savings and Loan Insurance Corp 157 100 Home Owners' Loan Corp 45 895 15 945 United States Housing Corp Federal Public Housing Authority and affiliate: Federal Public Housing Authority 550 222 540 Defense Homes Corp 68 1 66 67 Federal Housing Administration. 163 19 99 1 30 122 Federal National Mortgage Association 9 9 9 R.F.C. Mortgage Company 59 47 55 Reconstruction Finance Corp.5 9,980 1,049 942 75 249 6,868 325 455 1,505 8,475 Office of Emergency Management: Smaller War Plants Corp. .^ 176 33 15 2 () 1 175 War Shipping Administration 8,844 40 7,810 64 807 1,017 7,827 Other6 489 1 232 10 23 197 269 219 Export-Import Bank 230 227 2 89 141 Federal Deposit Insurance Corp 923 7 13 634 150 Federal Works Agency 254 68 145 41 (2) 254 Tennessee Valley Authority 750 3 719 4 9 742 U. S. Maritime Commission 3,586 7 3,243 262 132 3,454 All other 2,00." 134 1,671 16 63 1,942 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Sept. 30, 1945 Recon- Fed. struc- June Purpose of loan b F l a a e n n d k d . s M C F F a o e o r r d r m p . t. . m i b c n r a a e t e n t e d e d k r i i - s - t o f B o p t r a i e v n c r e a k o s - s - m C C C r o o o e d m r d i p i t - t . y t R r A E i t f u l i d i e o r c m c n a a - l . - A S F r e a d i c r m t u m y - . H O C L e o o w r o m s r a ' n p n e - . P H A u F o i u b e n u t l d g h i s . c - . b h l F a o o e n a m d n k e . s n C t a a F o i n n o i r - d c n p e . p B p I E o a m o x r n r - t - t k - ot A he ll r a A c g i e l e l n s - a 3 g 0, e a n 1 l c 9 l i 4 e 5 s , affiliates To aid agriculture 1,108 291 279 128 108 388 486 (2) 159 2,948 2,971 To aid home owners "908 52 1 961 1,027 To aid industry: Railroads 210 21 232 243 Other 44 141 185 201 To aid financial institutions: Banks 29 13 43 46 Other 100 32 132 163 Other 288 738""'227 112 1,365 1,343 Less: Reserve for losses 72 69 (2) 1 5 (2) 145 13 1 (2) 151 457 451 Total loans receivable (net) 1,036 222 279 127 104 388 341 895 288 100 1,105 227 296 5,409 5,544 1 Assets are shown on a net basis, i.e., after reserves for losses. 2 Less than $500,000. 3 Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans. 4 All assets and liabilities of the United States Housing Corp. have been liquidated. 5 Includes Defense Plant Corp., Defense Supplies Corp., Metals Reserve Co., Rubber Reserve Co., and Disaster Loan Corp., which previously were affiliates but which as of July 1, 1945, pursuant to Public Law 109, approved June 30, 1945, were dissolved and merged with the Reconstruction Finance Corp.; also includes War Damage Corp. ,which continues as affiliate. 6 Includes Cargoes, Inc., Petroleum Reserves Corp., Rubber Development Corp., U. S. Commercial Co., and Coordinator of Inter-American Affairs. NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly figures are not comparable with monthly figures previously published. 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. iz 3 4 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 1 I m v n = 9 p a c 3 e l a o 5 n u 1 y m - 0 t e - 3 s 0 ) e 9 1 Tota I l n (p d h u y 1 s 9 s tr i 3 c i 5 a a - D a l l 3 b 9 u v p f l M a r e o r - = o c l a u t d n u 1 m u u 0 r N c e d e - 0 t ) s u o i * o r n * - n - M era in ls - To a t w a 1 C l a 9 o r c 2 d n 3 o e R s - n d t 2 d t i e e t r 5 a r u n s ( a l 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 n a l i - - l E - 1 m 9 p 39 lo y = F m a 1 c e 0 t n o 0 t r 4 y 1 r 9 F t p o 3 o 1 a a l 0 9 r c y l y 0 s - 4 = F c 1 a r = i 9 r e n l 3 i g 1 o g 5 s 0 a - h * 3 0 d t 9 - D 19 m s ( = s u e 3 v t a e p o e 5 a l ) 1 a n r - e * l e 0 3 - r s t * 0 t 9 - W p m r = c i 1 h s o o c 9 a o e d m 1 2 l l s e i 0 e 6 t - 4 - 0 y C 1 l = i 9 o v 3 s i 1 5 n t 0 - g o 3 0 4 9 f able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 103.8 103.2 120 83 138.6 124.5 1920 75 93 60 83 63 30 90 104^2 123 .'5 129 99 154.4 143.2 1921 58 53 57 66 56 44 65 79.8 79.7 110 92 97.6 127.7 1922 73 81 67 71 79 68 88 88 .*2 85 .'5 121 94 96.7 119.7 1923 88 103 72 98 84 81 86 101.0 108.4 142 105 100.6 121.9 1924 82 95 69 89 94 95 94 93.8 101.2 139 105 98.1 122.2 1925 90 107 76 92 122 124 120 97.1 106.6 146 110 103.5 125.4 1926 96 114 79 100 129 121 135 98.9 109.9 152 113 100.0 126.4 1927 95 107 83 100 129 117 139 96.8 107.9 147 114 95.4 124.0 1928 99 117 85. 99 135 126 142 96.9 109.1 148 115 96.7 122.6 1929 122.9 110 132 93 107 117 87 142 102 6 103.1 116.4 152 117 95.3 122.5 1930 109.1 91 98 84 93 92 50 125 95^5 89.8 94.1 131 108 86.4 119.4 1931 92.3 75 67 79 80 63 37 84 86.1 75.8 71.2 105 97 73.0 108.7 1932 70.6 58 41 70 67 28 13 40 75.5 64.4 49.2 78 75 64.8 97.6 1933 68.9 69 54 79 76 25 11 37 76.0 71.3 52.8 82 73 65.9 92.4 1934 78 7 75 65 81 80 32 12 48 83.8 83.1 67.8 89 83 74.9 95.7 1935 87 1 87 83 90 86 37 21 50 87.6 88.7 78 0 92 88 80.0 98.1 1936 101.3 103 108 100 99 55 37 70 94.9 96.4 90.5 107 100 80.8 99.1 1937 107.7 113 122 106 112 59 41 74 100.9 105.8 108.2 111 107 86.3 102.7 1938 98.5 89 78 95 97 64 45 80 94.4 90.0 84.2 89 99 78.6 100.8 1939 105.4 109 109 109 106 72 60 81 100.0 100.0 100.0 101 106 77.1 99.4 1940 113.5 125 139 115 117 81 72 89 104.7 107.5 114.5 109 114 78.6 100.2 1941 138.0 162 201 142 125 122 89 149 117.5 132.1 167.5 130 133 87.3 105.2 1942 174.6 199 279 158 129 166 82 235 126.7 154.0 245.2 138 150 98.8 116.5 1943 213.0 239 360 176 132 68 40 92 130.9 177.7 334.4 137 168 103.1 123.6 1944 p233A p353 ^140 41 16 61 127.5 169.1 339.1 140 186 104.0 125.5 1942 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.£ 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 January 227.2 243 240 369 176 139 55 29 76 130.0 178.1 177.5 350.0 145 174 103.3 124.2 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 June 233.9 235 236 354 169 142 34 15 50 127.7 169.2 168.6 339.5 139 176 104.3 125.4 July 233.2 230 232 347 165 139 38 14 57 127.5 167.6 167.7 331.7 142 189 104.1 126.1 August 234.0 232 235 348 168 142 41 13 63 127.3 166.8 167.9 335.0 142 187 103.9 126.4 September .... 232.5 230 234 342 168 143 39 13 61 126.5 164.9 166.0 333.8 139 187 104.0 126.5 October 235.5 232 234 344 169 143 42 13 65 125.7 163.3 164.1 335.1 137 193 104.1 126.5 November 237.5 232 232 341 173 143 46 13 73 125.3 162.6 163.0 331.8 141 205 104.4 126.6 December 239.0 232 230 343 173 137 51 14 81 125.7 163.0 163.3 336.8 137 196 104.7 127.0 1945 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 IMay 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 73 123.4 151.0 150.5 302.5 140 202 106.1 129.0 July 243.4 210 212 293 165 143 54 23 79 r122.7 145.5 145.6 r286.7 139 218 105.9 129 A August 236.0 ^186 ^188 140 61 24 91 r121.6 141.4 142.5 r257.1 128 200 105.7 129.3 September 229.0 mo 3^173 ^200 ^157 134 69 26 104 115.9 122.2 123.2 215.7 C127 199 105.2 128.9 October *>232.3 ^166 ^189 ^157 PI 19 P79 p3\ P120.9 ^121.6 118 213 105.9 128.9 * Average per working day. p Preliminary. r Revised. c Corrected. 1 Deepaprtmet ent ofC Comommmeeer ce serieso no nv avuael uoef ofp pyayenments to individuals. 22 FFo r iidnd exes bb y groups or iinddutis tries, see pp1. 213263162-132939. 3 Based on F. W. Doodggee CCroproporaratitoionn ddaattaa;; f foorr ddeessccrrippotionn, ,sseeee pp. .3 35588 o off BUULLLLEETNI N ofor rJ Juuyl y1 ;1 931y; bgy pg,r oups, pse. e p4. 1243 oi f BthUiLs LBEUTLINL.ETIN. 4 The unadjjjtu tsdte diindd exes off empltl oymendt and palyl rolls, whholelsl ale commoddiitt y prii ces, andd costt off lliiiv ing are compiillde db b y orb bda sed odnt data of the Bureau of LLa 5 a bb F oo o rr r SS in tta d at e tii x ss e tti s ic c b ss. y . F N ed o e n r a a „ l g r R ic e u se lt r u v r e a l d i e s m tri ,p. c _l_ t o s ., y a m n e d n o t th co er v e d r e s p e a m rt rp. m l.o„ e y n e t e s s t o o r n e „l y d a a t n a, d s e e x e c p lu p d . e 1 s 2 4 p 5 e r 1 s 2 o 4 n 7 n . el in the armed forces. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factor] 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. DECEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1944 1945 Industry Sept. Oct. Nov Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct Industrial Production—Total. 230 232 232 232 234 236 235 230 225 220 210 P186 170 PI 63 Manufactures—Total 246 248 248 249 251 252 252 247 240 233 222 V195 P171 Durable Manufactures 342 344 341 343 345 346 345 336 323 308 293 P241 P1S9 Iron and Steel. 202 206 201 198 197 202 210 206 204 192 187 155 r163 147 Pig iron 196 197 192 190 188 192 198 188 190 181 182 161 166 129 Stee O E l l p e e c n t ri h c earth. 2 5 1 2 0 8 2 2 3 4 2 1 9 2 8 2 5 7 4 2 1 5 1 8 3 8 6 4 2 1 1 5 8 5 6 1 2 5 1 1 2 7 9 6 6 5 2 1 5 2 8 2 6 0 1 2 5 8 6 3 9 1 4 2 5 1 3 7 8 2 3 4 2 5 1 2 6 8 9 7 2 2 5 1 0 1 7 5 4 3 4 2 1 2 0 7 1 3 2 3 1 1 1 6 4 9 4 2 r r1 2 7 9 1 6 3 1 1 0 5 3 2 9 9 Machinery , 427 428 422 431 431 436 431 419 405 393 371 p310 P237 P233 Manufacturing Arsenals and Depots1 Transportation Equipment 695 704 699 709 706 695 676 651 610 572 535 P411 p289 P269 Automobiles 226 229 230 235 235 242 236 231 218 207 188 p120 P131 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)x Nonferrous Metals and Products .: 238 233 234 229 253 257 267 263 248 219 210 P177 P156 P159 Smelting and refining 205 200 191 186 187 191 193 188 184 183 171 p150 P148 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 252 246 252 247 280 284 296 291 272 234 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products. 120 120 122 122 126 123 121 119 118 116 110 P107 p98 Lumber... 111 109 112 111 118 112 110 109 108 104 89 P73 Furniture. 139 143 141 142 142 146 144 140 138 138 p124 PI 18 Stone, Clay, and Glass Products.. 159 161 160 163 162 163 167 162 166 169 p160 P158 Glass products 165 174 169 174 164 168 175 183 179 176 193 177 200 Plate glass 66 64 56 51 60 56 61 62 61 43 62 61 79 50 Glass containers 200 212 208 218 200 207 216 225 221 223 239 217 243 Cement 86 88 88 90 87 87 86 85 85 95 93 97 97 Clay products 116 115 116 116 125 122 124 122 115 121 117 ?110 P110 P110 Gypsum and plaster products 175 179 175 171 182 185 183 180 168 172 179 p162 p172 P179 Abrasive and asbestos products 302 292 295 307 302 305 306 300 295 298 287 P206 Other stone and clay products1 Nondurable Manufactures 168 169 173 173 175 176 176 174 173 173 165 P157 P157 P157 Textiles and Products. 147 146 149 152 150 155 153 149 150 150 132 134 144 P140 Textile fabrics 137 136 139 141 139 144 142 137 138 138 121 123 134 R C a o y tt o o n n d c e o l n iv s e u r m ie p s tion 1 1 9 4 6 8 1 19 4 9 0 2 1 0 4 9 9 2 1 1 4 5 6 2 1 1 4 5 5 2 1 1 5 5 2 2 1 1 5 5 0 2 1 1 4 8 3 2 1 2 4 1 2 2 1 2 4 0 4 2 1 2 2 0 3 2 1 1 2 3 3 138 2 1 1 2 5 8 Nylon and silk consumption1... Wool textiles 144 150 143 152 146 151 149 142 146 144 117 r127 142 Carpet wool consumption... 42 50 56 57 49 44 43 36 42 40 33 58 82 Apparel wool consumption. 197 213 206 215 225 238 249 233 243 234 185 172 187 Woolen and worsted yarn... 158 164 156 165 156 160 156 147 151 152 124 136 155 Woolen yarn 162 170 161 170 162 170 166 153 161 162 129 r145 158 Worsted yarn 153 156 148 157 148 146 142 139 137 137 117 r125 150 Woolen and worsted cloth.. 160 164 151 166 159 169 166 161 165 161 129 136 144 Leather and Products 121 115 116 114 113 121 122 122 127 r109 r108 118 Leather tanning 120 111 112 115 113 119 117 118 115 119 98 111 Cattle hide leathers 132 119 122 127 125 137 132 134 132 137 128 r112 125 Calf and kip leathers 92 84 86 85 89 88 95 91 97 r79 r75 97 Goat and kid leathers.... 80 81 72 68 63 69 61 62 56 50 47 52 Sheep and lamb leathers. 157 149 144 154 154 148 144 146 132 137 133 130 134 Shoes 122 117 119 113 114 123 126 125 126 132 109 114 123 Manufactured Food Products. 146 149 154 155 155 158 160 153 151 147 P138 PJ44 P146 Wheat flour . 113 118 125 123 130 131 125 138 140 138 135 130 127 Cane sugar meltings1 Manufactured dairy products.. P147 ^65 P145 ^132 ^138 P143 p143 p148 P148 PU5 Butter 85 82 82 78 83 81 84 87 87 90 89 85 r75 72 Cheese 146 149 156 154 163 162 168 181 175 179 181 171 r160 155 Canned and drifed milk 184 179 181 179 172 175 189 204 196 206 222 208 201 156 Ice cream Meat packing 161 154 158 158 146 146 146 134 132 141 140 133 141 129 Pork and lard 176 159 167 164 149 135 139 137 135 144 146 126 120 99 Beef 140 140 141 149 147 169 165 139 134 142 136 144 165 159 Veal 196 218 213 175 123 101 104 88 95 103 116 151 179 197 Lamb and mutton 135 145 142 149 143 129 129 121 128 142 133 110 125 134 r Revised. p Preliminary. * Series included in total and group indexes but not available for publication separately. 1X36 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Manufactured Food Products—Continued Other manufactured foods 147 150 155 159 162 165 169 168 161 155 150 P139 6 Processed fruits and vegetables 121 139 145 146 162 163 180 170 149 139 134 ^109 Confectionery 115 118 128 138 137 143 151 156 151 129 108 108 Other food products 159 158 162 165 167 170 169 169 165 163 161 P155 p162 P162 Alcoholic Beverages. 156 166 184 169 213 170 148 144 136 193 173 192 Malt liquor 172 177 197 174 167 167 153 152 139 139 147 149 181 182 Whiskey 6 0 0 0 198 11 0 0 0 0 199 55 52 Other distilled spirits 68 104 76 74 452 250 156 67 61 57 448 399 236 Rectified liquors 270 305 353 355 346 312 265 283 291 318 293 306 365 Industrial Alcohol from Beverage Plants1 Tobacco Products 120 135 131 123 123 120 128 139 128 150 160 167 Cigars 95 93 105 95 85 95 93 91 92 93 83 91 106 111 Cigarettes 149 142 157 155 147 145 147 143 156 177 162 195 206 216 Other tobacco products.. 87 93 107 108 95 97 91 90 94 90 99 96 Paper and Paper Products... 142 143 143 135 136 137 141 140 141 142 135 131 143 P143 Paper and pulp 137 139 138 132 132 134 137 136 136 137 131 129 138 Pulp 156 165 158 150 152 156 157 160 160 160 149 146 152 Groundwood pulp 118 126 111 115 111 113 113 114 108 116 120 118 124 Soda pulp 92 96 97 97 95 98 101 103 103 103 93 92 100 Sulphate pulp 231 245 238 212 214 227 227 234 236 236 227 219 223 Sulphite pulp 135 142 136 133 137 139 139 141 140 138 122 120 126 Paper 134 135 135 129 129 130 134 132 133 134 128 126 136 137 Paperboard 159 158 160 145 153 152 157 158 161 160 149 141 165 157 Fine paper 113 111 106 93 85 87 84 79 78 75 73 74 77 80 Printing paper 116 116 120 125 119 125 127 126 125 126 122 126 125 133 Tissue and absorbent paper 149 149 150 156 147 143 148 144 141 139 146 142 142 147 Wrapping paper 127 132 130 125 128 127 133 129 132 139 133 135 141 147 Newsprint 84 81 81 85 76 83 82 80 80 79 72 81 79 Paperboard containers (same as Paperboard). Printing and Publishing 99 103 103 104 102 105 105 105 105 106 105 111 109 115 Newsprint consumption 83 86 84 85 83 85 85 85 93 Printing paper (same as shown under Paper) Petroleum and Coal Products 258 266 268 268 273 272 268 273 269 P267 P240 noi Petroleum refining 272 281 283 283 289 292 287 284 289 285 Gasoline 141 140 144 141 143 150 145 145 149 148 156 155 132 Fuel oil ; 162 167 165 165 171 174 166 167 174 177 175 173 151 Lubricating oil 132 135 136 133 133 126 134 136 138 136 136 138 119 Kerosene 126 124 124 119 123 126 131 120 121 132 133 140 116 Other petroleum products1 Coke 168 170 170 167 167 168 171 161 168 163 165 153 152' By-product coke 162 164 164 163 162 163 164 157 161 155 158 148 150 Beehive coke 389 384 367 296 334 367 387 284 406 421 400 332 226 126 Chemical Products., 307 307 307 312 317 318 319 318 319 318 307 P265 P238 P234 Paints 139 139 141 141 142 140 139 135 131 134 139 Soap 131 129 133 137 136 136 135 134 134 132 130 mi P\26 P127 Rayon 237 239 242 242 244 241 244 241 240 243 243 P237 P245 Industrial chemicals 400 395 394 396 396 400 402 405 407 412 P222 P3S3 ^383 Explosives and ammunition1. p368 Other chemical products1 Rubber Products 230 231 231 239 247 247 233 224 222 218 P193 P188 P194 Minerals—Total. 143 143 137 140 141 142 140 138 144 143 140 P134 P119 Fuels. 148 148 148 141 145 146 147 145 143 150 148 P121 Coal 147 149 149 132 140 143 142 136 125 148 140 135 142 112 Bituminous coal. 151 152 155 138 151 150 149 138 145 153 146 144 148 p110 Anthracite 129 133 126 109 96 112 115 131 47 129 117 102 114 P\2Q Crude petroleum 149 148 148 146 148 148 150 150 152 151 153 152 138 p126 Metals. 113 111 112 111 111 111 111 111 110 109 108 105 P104 Metals other than gold and silver. 175 171 170 168 170 170 170 169 167 168 168 162 161 Iron ore (Copper; Lead; Zinc)1 Gold... Silver v Preliminary. iSeries 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. DECEMBER 1945 12.37 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct Industrial Production—Total. 234 234 232 230 230 232 232 229 225 220 212 P188 p173 p166 Manufactures—Total .. 249 250 248 248 •248 249 249 245 240 234 224 p196 P180 p174 Durable Manufactures — 343 346 341 M2 343 345 344 335 323 308 293 P242 p20l Iron and Steel 202 206 201 198 197 202 210 206 204 192 187 155 r163 Pig iron 196 197 192 190 188 192 198 188 190 181 182 161 166 129 Steel 222 225 218 215 219 226 234 232 229 214 203 164 r171 159 Open hearth 183 187 186 181 176 180 189 184 182 173 172 142 r154 139 Electric 502 492 453 456 526 552 561 573 567 505 421 319 r296 302 Machinery ...,.«.«..= 427 428 422 431 431 436 431 419 371 P310 P237 P233 Manufacturing Arsenals and Depots* . Transportation Equipment 695 704 699 709 706 695 676 651 610 535 P289 P269 Automobiles 226 229 230 235 235 242 236 231 207 188 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government)1 Nonferrous Metals and Products 238 233 234 229 253 257 267 263 248 219 210 P177 P156 Smelting and refining 205 200 191 186 187 194 189 183 182 171 (Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating . ^ 252 246 252 247 280 284 296 291 272 234 PI79 P163 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products;Tin consumption)1 Lumber and Products . 128 125 120 113 113 114 115 119 120 P104 P91 Lumber . . 123 117 109 97 99 97 101 108 112 113 107 108 98 P77 Furniture . 139 143 141 142 146 144 140 138 138 134 PUS 142 Stone, Clay, and Glass Products. 164 167 163 159 156 161 165 167 166 168 P165 P166 P164 156 Glass products 169 178 170 163 163 175 183 190 175 186 183 204 Plate glass 66 64 56 51 161 56 61 62 61 43 62 61 79 50 Glass cont ainers 204 218 210 202 60 201 216 225 236 221 230 226 248 O A C GG CC e l t y b y a h m p r y e a s e p r s u p n i m v s r t t o e o d a n a u n n e d c d d t a s p n a l d s a b s c e te l s a r to y s p p r p r o o r d o d u d u c u c t c t s s t . 1 s . . . . 3 1 1 1 0 0 7 2 2 0 9 0 2 1 1 1 9 0 2 8 2 2 2 2 2 1 1 9 9 2 7 5 5 1 7 3 1 1 8 0 7 2 2 7 5 0 1 1 1 7 7 1 9 1 6 6 6 3 1 1 0 6 7 1 5 6 7 8 3 1 1 0 1 7 7 6 9 7 1 3 1 1 8 0 7 1 1 0 7 9 2 1 1 9 8 1 6 5 9 5 9 2 1 1 1 9 7 2 0 8 5 0 2 2 1 1 1 8 1 7 0 7 5 9 2 P ^ ^2 1 U 1 6 6 1 3 0 2 0 P2 1 1 1 7 2 302 Nondurable Manufactures .. 173 173 173 171 170 172 172 171 172 173 167 p159 P160 Textiles and Products 147 146 149 152 150 155 153 149 150 150 132 134 144 P140 Textile fabrics 137 136 139 141 139 144 142 137 138 138 121 123 134 Cotton consumption 148 140 149 146 145 152 150 143 142 144 123 123 138 128 N Ra y y lo o n n a d n e d li v s e il r k ie s consumption1 ... 196 199 209 215 215 215 215 218 221 220 220 213 r215 215 Wool textiles 144 150 "l43' 152 146 "U9 142 i46 144 117' r127 142' Carpet wool consumption .. 42 50 56 57 49 44 43 36 42 40 33 58 82 Apparel wool consumption . 197 213 206 215 225 238 249 233 243 234 185 172 187 Woolen and worsted yarn .. 158 164 156 165 156 160 156 147 151 152 124 136 155 Woolen yarn 162 170 161 170 .162 170 166 153 161 162 129 rU5 158 Worsted yarn 153 156 148 157 148 146 142 139 137 137 117 r125 150 Woolen and worsted cloth . 160 164 151 166 159 169 166 161 165 161 129 136 144 Leather and Products . 121 115 118 113 114 125 122 121 126 107 107 117 Leather tanning 118 112 116 114 113 128 116 117 115 116 r97 109 Cattle hide leathers 129 121 127 127 128 148 132 134 132 132 120 r109 123 Calf and kip leathers 90 90 86 84 83 93 87 91 87 99 r78 r?9 95 Goat and kid leathers 81 80 79 73 68 66 68 63 61 57 49 46 52 Sheep and lamb leathers 153 149 153 146 143 162 140 143 142 135 123 134 131 Shoes 122 117 119 113 114 123 126 125 126 132 109 114 123 Manufactured Food Products .. 159 155 143 141 142 145 146 150 157 V151 P166 P157 W Ca h n e e a t s u fl g o a u r r meltings1 125 126 122 130 132 122 133 134 132 133 128 Manufactured dairy products . P125 P10S Dil6 ^178' ^212' 2*120 Butter 82 70 62 61 69 71 77 112 124 109 93 73 62 C C h an ee n s e e d and dried m#ilk ... 1 1 4 7 9 0 1 14 3 5 4 1 1 1 3 7 0 1 1 1 3 1 8 1 1 2 4 0 0 1 1 5 3 7 3 1 1 5 8 1 6 2 1 3 8 1 9 2 2 7 3 2 4 2 2 8 5 4 4 2 2 2 5 3 7 2 1 1 9 4 1 r1 1 6 8 4 5 1 12 4 7 0 Ice cream Meat packing 148 156 175 '184' 135' 125' 132' 139' 119 134' 133' Pork and lard 139 150 195 217 195 132 129 125 135 144 129 97 95 93 Beef 151 153 146 149 150 156 150 131 134 139 137 146 179 173 Veal 215 248 228 165 114 89 98 86 98 103 116 148 197 224 Lamb and mutton 144 151 142 146 152 131 126 118 130 132 127 108 134 140 r Revised. P Preliminary. 1 Series included in total and group indexes but not available for publication separately. 1x38 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct Manufactured Food Products—Continued Other manufactured foods 174 167 161 155 148 149 148 148 145 146 157 Processed fruits and vegetables 236 180 133 114 105 103 99 104 97 107 174 Confectionery 148 154 151 139 141 144 140 130 117 96 88 115 139 Other food products 162 166 171 169 160 161 162 162 162 165 165 ^170 Alcoholic Beverages 159 168 159 146 191 158 139 148 147 162 214 175 199 Malt liquor 174 164 151 140 137 150 142 160 158 175 184 170 183 Whiskey 6 0 0 0 198 11 0 0 0 0 199 55 52 Other distilled spirits . 94 270 159 81 414 228 136 44 36 35 400 216 324 Rectified liquors 270 305 353 355 346 312 265 283 291 318 293 306 365 Industrial Alcohol from Beverage Plants1 . Tobacco Products 131 125 137 121 121 118 117 115 145 133 155 173 Cigars 95 93 105 95 85 95 93 91 92 93 83 91 106 111 Cigarettes 160 148 160 142 147 136 137 133 156 186 170 204 220 225 Other tobacco products . 93 99 110 95 93 94 91 90 95 92 95 106 103 Paper and Paper Products ... 141 143 143 134 136 138 141 142 142 134 131 144 P143 Paper and pulp 137 139 138 132 132 134 137 136 137 137 130 129 138 P139 Pulp 154 164 159 150 152 157 158 162 161 160 147 144 150 Groundwood pulp 105 117 117 117 115 118 121 125 117 117 107 104 110 Soda pulp 92 96 97 97 95 98 101 103 103 103 93 92 100 Sulphate pulp 231 245 238 212 214 227 227 234 236 236 227 219 223 Sulphite pulp 135 142 136 133 137 139 139 141 140 138 122 120 126 Paper 134 135 135 129 129 131 134 132 133 134 128 126 136 137 Paperboard 159 158 160 145 153 152 157 158 161 160 149 141 165 157 Fine paper 113 111 106 93 85 87 84 79 78 75 73 74 77 80 Printing paper 116 116 120 125 119 125 127 126 125 126 122 126 125 133 Tissue and absorbent paper 149 151 150 151 145 148 148 145 141 142 140 142 142 148 Wrapping paper 127 132 130 125 128 127 133 129 132 139 133 135 141 147 Newsprint 81 82 84 76 83 82 82 81 78 71 81 79 Paperboard containers (same as Paperboard) Printing and Publishing 100 105 107 106 104 107 108 106 105 99 107 117 Newsprint consumption 84 93 93 83 87 90 84 76 87 Printing paper (same as shown under Paper) Petroleum and Coal Products 258 266 268 268 27 3 276 272 268 273 269 P266 P240 P201 Petroleum refining 272 281 283 283 289 292 287 284 289 285 Gasoline 141 140 144 141 143 150 145 145 149 148 156 155 132 P129 Fuel oil 162 167 165 165 171 174 166- 167 174 177 175 173 151 Lubricating oil 132 135 136 132 129 125 132 141 143 136 134 137 119 Kerosene 124 124 128 123 126 132 134 123 122 124 124 135 115 Other petroleum products1 . Coke 168 170 170 167 167 168 171 161 168 163 165 153 152 By-product coke 162 164 164 163 162 163 164 157 161 155 158 148 150 Beehive coke 389 384 367 296 334 367 387 284 406 421 400 332 226 Chemical Products . 307 309 308 313 316 319 321 320 318 303 P261 P238 P237 Paints , ,.. 138 139 139 141 139 139 139 137 135 138 137 pU2 Soap 136 135 134 137 133 135 135 131 130 130 129 ^124 P133 Rayon 237 239 242 242 244 241 244 241 240 243 243 ^222 P237 4 Industrial chemicals 400 395 394 396 396 400 402 405 407 412 409 P368 P383 ^383 Explosives and ammunition1 ... Other chemical products1 Rubber Products 230 231 231 239 247 247 236 233 224 218 P193 •P188 p194 Minerals—Total . 147 144 140 131 134 135 136 140 141 147 145 143 P136 PI 20 Fuels 148 148 148 141 145 146 147 145 143 150 148 146 139 P121 Coal 147 149 149 132 140 143 142 136 125 148 140 135 142 PU2 Bituminous coal 151 152 155 138 151 150 149 138 145 153 146 144 148 Anthracite 129 133 126 109 96 112 115 131 47 129 117 102 114 Crude petroleum 149 148 148 146 148 148 150 150 152 151 153 152 138 p126 Metals .. 138 123 89 72 109 131 129 124 123 P121 Metals other than gold and silver . 215 130 166 207 204 196 192 188 P175 Iron ore 311 133 216 304 301 289 289 281 245 (Copper; Lead; Zinc)1 Gold "25 25 "li "21 "20' '22 "23 Silver 57 64 61 54 47 42 46 v 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. DECEMBER 1945 12-39 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 Sept Oct. June July Aug. Sept. Oct. Aug. Sept. Oct. June July Aug. Sept. Total 166. 164. 150. 145. 142. 123. 121. 335.0 333. 335. 302.5 r286.7 7257.1 215.7 Durable goods 224. 221. 196. 187. 181. 140. 136. 465. 460. 462. 399. r373. r324.7 238.7 Nondurable goods... 120. 119. 113. 112. 112. 109. 109. 207. 2©9. 210. 207.3 202. 191.0 193.2 Iron and Steel and Products 170. 168. 159. 151. 145. 120. 120. 316. 319. 318. 298. r280. 247. C 200.9 Blast furnaces, steel works, etc 123 122 121 119 118 109 223 227 225 223 r217 r199 175 Steel castings 240 238 213 201 193 178 456 452 453 387 349 311 281 Tin cans and other tinware 132 129 133 133 127 118 222 225 217 230 r234 r209 201 H S S t t a o e r a v d m e w s , a a h re n o d t- w he a a te ti r n g h e e a q ti u n i g p m a e p n p t aratus, 1 1 1 8 3 2 2 7 8 1 1 1 8 3 2 1 5 8 1 1 1 6 2 2 5 7 5 r1 1 1 5 2 1 6 4 9 r r 1 1 1 4 1 2 6 6 1 1 9 9 3 5 6 2 3 2 2 4 5 6 5 6 2 3 2 2 4 6 6 1 1 1 2 3 2 4 6 6 7 2 7 3 2 2 2 6 4 1 2 0 r r 2 2 2 8 3 3 9 8 2 r r 2 2 2 5 0 0 4 9 2 2 1 1 3 6 7 1 7 4 Stamped and enameled ware 159 158 150 145 r137 108 324 327 327 304 282 r243 190 Structural and ornamental metal wor] 208 207 168 155 141 116 411 407 401 318 279 240 179 Electrical Machinery 285.1 281.0 257.9 245.6 r238.2 175.3 171.2 515.3 520. 512.. 474.0 445.0 r385.3 273.4 Electrical equipment 246 243 223 213 208 162 456 458 450 415 387 r330 246 Radios and phonographs 287 284 254 242 r227 139 534 547 542 486 463 r389 239 Machinery, except Electrical 225.0 222.9 209.3 202.2 196.7 166.6 167.9 424.5 421.4 424.7 393.9 371.6 327.7 274.6 Machinery and machine shop product! 224 222 210 203 197 165 415 410 416 386 366 324 266 Engines and turbines 371 364 332 320 r309 242 786 773 787 680 641 r511 366 Tractors 184 182 173 171 164 154 291 291 292 278 272 250 237 Agricultural, excluding tractors 159 158 150 147 142 127 319 333 316 306 298 259 236 Machine tools 207 204 195 188 182 165 369 367 373 353 329 304 266 Machine-tool accessories 260 259 244 233 230 188 450 450 447 422 388 336 277 Pumps 310 309 274 265 258 217 669 666 659 585 543 512 390 Refrigerators 148 149 135 130 124 95 277 263 277 243 229 169 156 Transportation Equipment, except Autos. 1396.1 1370.3 1025.4 961.1 906.6 486.9 404.2 2982.1 2931.8 2964.8 2152.8 1999.9 1713.8 818.4 Aircraft, except aircraft engines 1663 1633 1284 1192 1121 415 3334 3175 3186 2546 2310 1917 643 Aircraft engines 2626 2546 1950 1870 1686 354 4820 4628 4460 3232 3043 2360 448 Shipbuilding and boatbuilding 1551 1523 1067 998 948 650 3379 3399 3469 2328 2193 1952 1125 Automobiles 174.7 170.2 154.3 r144.4 r135.2 105.2 114.7' 319.0 311.1 313.1 272.6 r244.7 r178.8 150.5 Nonferrous Metals and Products 179.5 176.3 172.7 162.0 160.1 129.2 134.0 342.9 336.9 337.3 327.0 ?• ?.7 282.7 220.2 Primary smelting and refining 160 150 141 138 r138 133 315 298 281 262 268* r259 239 Alloying and rolling, except aluminum 178 178 176 163 162 143 337 330 336 328 294 292 239 Aluminum manufactures 282 273 284 260 251 152 522 506 502 497 450 417 220 Lumber and Timber Basic Products 115.8 113.4 108.9 107.9 107.5 103.4 91.8 227.1 215.9 219.2 209.6 192.9 189.0 184.8 Sawmills and logging camps 81 79 75 75 75 72 165 154 157 148 134 134 131 Planing and plywood mills 96 96 93 r92 91 87 165 165 168 167 r159 r147 145 Furniture and Lumber Products 103.4 102.7 100.2 98.0 96.6 88.8 90.1 194.7 189.3 193.0 189.1 181.3 r165.0 157.5 Furniture 96 96 93 90 89 81 181 175 179 173 166 150 141 Stone, Clay and Glass Products 112.1 110.9 111.0 109.3 109.3 106.5 107.1 191.1 188.2 192.1 192.0 187.7 181.7 176.8 Glass and glassware 127 125 127 r123 125 121 204 201 205 201 194 r193 189 Cement 73 72 71. 73 77 81 118 116 120 121 128 128 131 Brick, tile, and terra cotta 74 73 73 73 73 75 124 119 123 126 127 118 126 Pottery and related products 122 120 117 113 114 113 193 189 192 186 176 173 173 Textile-Mill and Fiber Products 95.4 95.0 92.2 90.4 90.2 90.2 90.3 170.4 171.3 172.8 174.6 169.9 159.4 166.7 Cotton goods except small wares. .. 108 107 105 103 103 103 204 204 204 210 210 r193 201 Silk and rayon goods 74 74 72 71 71 71 134 133 139 142 138 134 138 Woolen and worsted manufactures.. 98 98 94 91 90 91 181 185 188 187 177 167 175 Hosiery 65 64 61 60 60 61 106 104 104 100 94 89 101 Dyeing and finishing textiles 89 88 86 84 84 84 146 148 150 147 145 140 142 Apparel and Other Finished Textiles 110.3 110.9 102.2 96.4 98.9 99.8 100.5 190.9 199.1 200.4 183.1 167.5 157.3 180.3 Men's clothing, n.e.c 95 95 90 86 85 83 161 166 170 164 152 135 142 Shirts, collars, and nightwear 73 73 69 68 68 69 128 128 131 126 124 111 126 Women's clothing, n.e.c 80 81 71 65 70 74 140 148 147 125 109 108 138 Millinery 79 79 66 67 72 75 129 137 127 r93 r108 r113 131 Leather and Leather Products 90.1 89.9 89.8 88.5 88.6 86.3 87.8 158.2 160.6 160.1 170.3 165.0 157.0 157.2 Leather 84 83 83 81 81 82 146 146 144 149 147 141 146 Boots and shoes 79 79 79 78 78 76 140 143 143 154 149 141 140 Food and Kindred Products 138.5 131.8 116.7 123.3 124.6 133.4 127.4 215.5 215.5 209.8 196.4 205.8 198.6 218.5 Slaughtering and meat packing. 125 123 106 106 103 105 211 200 200 178 175 158 178 Flour 113 115 119 121 124 124 190 197 192 211 218 210 217 Baking 111 113 110 108 108 109 168 169 171 174 175 171 174 Confectionery 114 119 108 99 101 102 188 192 200 187 164 166 176 Malt liquors 147 144 143 147 149 153 224 216 210 220 231 224 243 Canning and preserving 182 134 79 124 r134 177 306 336 262 157 250 r249 350 Tobacco Manufactures 88.0 89.2 85.9 83.2 r84.0 89.1 93.4 157.5 163.0 165.7 164.1 151.4 r148.8 174.8 Cigarettes 126 129 124 124 r123 127 196 202 209 204 201 r194 211 Cigars 68 68 65 60 62 68 133 138 137 137 115 115 150 r Revised. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls 1944 1945 1944 1945 Sept. Oct. June July Aug. Sept. Oct. Aug. Sept. Oct. June July Aug. Sept Paper and Allied Products. 116.7 117.2 116.0 113.7 114.2 114.7 118.6 194.0 193.1 196.3 197.7 193.5 184. 195.5 Paper and pulp 106 105 105 103 104 103 181 180 183 184 181 172 181 Paper goods, n.e.c 113 118 115 111 112 112 187 182 192 193 182 180 184 Paper boxes 112 113 111 109 110 111 179 180 180 183 181 171 186 Printing and Publishing 97.1 98: 97.5 96.8 98.0 98.8 101.1 135.0 136.0 136.7 139.6 137.8 140.0 147.7 Newspaper periodicals., 92 93 92 91 93 95 118 120 119 122 120 128 130 Book and job 103 106 104 104 105 105 149 152 154 156 155 152 167 Chemical and Allied Products 205.7 208.6 2/2.5 203.7 190.0 155. 154.0 356.6 361.0 364.4 381.3 363.0 325.7 267.6 Drugs, medicines, and insecticides. 179 181 183 183 181 171 265 265 268 284 273 271 265 Rayon and allied products 109 110 111 111 110 111 176 176 177 186 184 182 177 Chemicals, n.e.c 168 167 165 162 161 161 295 293 289 299 292 288 275 Explosives and safety fuses 1152 1210 1304 1207 1105 506 1725 1782 1847 1984 1880 1607 759 Ammunition, small-arms 1169 1179 1508 1346 r889 297 2225 2332 2402 3037 2636 1470 570 Cottonseed oil 108 128 79 76 76 95 154 •221 276 164 151 r144 200 Fertilizers 102 102 112 104 106 111 227 232 227 259 247 242 262 Products of Petroleum and Coal 126.0 124 A 126.8 127.4 127.3 122.6 127.8 220.9 220.7 224.2 229.5 233.4 r228.6 209.4 Petroleum refining 125 124 127 128 128 119 214 213 220 224 228 224 201 Coke and by-products 106 103 100 101 102 105 187 190 183 r182 r195 r190 186 Rubber Products 160.7 160.2 155.2 151.1 148.4 138.9 143.2 291.0 294.5 293.3 287.3 281.3 249.5 232.4 Rubber tires and inner tubes.. 171 171 167 162 159 157 294 301 298 294 287 250 239 Rubber goods, other 136 135 131 128 124 110 247 248 251 243 238 213 192 Miscellaneous Industries^ 168.5 168. 165.0 158.5 155. 129.2 131.8 319.9 324.0 327.5 323.8 300.9 r279.2 227.7 Instruments, scientific. 557 549 512 473 449 235 1032 1039 1032 988 835 798 371 Photographic apparatus 162 161 157 155 155 121 271 268 269 263 260 250 191 For footnotes see opposite page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1944 1945 Group Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total 164.9 163.3 162.6 163.0 162.9 162.5 160.6 157.6 154.5 151.0 145.5 141.4 122.2 p120 9 Durable 224.0 220.8 219.0 219.7 219.8 219.1 215.9 210.3 204.1 196.7 187.6 180.8 139.9 ^136.4 Nondurable 118.3 118.0 118.1 118.3 118.0 117.8 117.1 116.1 115.4 115.0 112.3 110.3 108.3 p108.6 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 Aug. Sept. May June July Aug. Sept. Aug. Sept. May June July Aug. Sept. All Manufacturing. 45.2 44.8 44.1 44.6 44.0 r40.7 101.6 103.2 104.2 103.8 r103.3 102.5 98.8 Durable Goods 46.6 46.1 45.5 45. < 44.9 r41.1 111.2 113.2 113.4 113.0 r112.7 107.3 Iron and Steel and Products 46.7 46.6 46.0 46.0 45.2 r41.7 107.5 110.1 111.2 •111.2 109.3 Electrical Machinery 46.3 46.2 45.6 45.7 r45.3 r41.2 103.2 105.1 106.8 106.1 105.7 103.6 102.3 Machinery Except Electrical 48.3 47.9 46.6 47.7 r46.7 42.7 112.1 113.6 115.2 115.0 114.8 r113.4 111.9 Transportation Equipment Except Autos 47.4 46.9 45.9 46.2 45.8 41.9 127.2 129.7 129.7 '130.0 r130.1 129.4 125.8 Automobiles 45.1 4*. 5 43.9 43.8 r42.3 33.5 126.1 128.7 126.9 126. r126.0 r124.5 122.8 Nonferrous Metals and Products 46.5 46.3 46.0 46.2 45.7 r43.3 104.7 105.8 107.7 107.2 106.8 106.5 104.4 Lumber and Timber Basic Products 44.7 43.3 42.9 44.0 r41.4 40.5 80.1 80.3 81.4 82.2 81.0. r81.3 81.9 Furniture and Finished Lumber Products 44.8 44.0 43.6 44.1 43.3 40.6 81.6 82.9 85.9 85.2 85.2 r83.6 83.3 Stone, Clay, and Glass Products 44.0 43.4 43.6 43.8 r43.4 41.6 89.5 91.0 92.8 92.9 93.1 r93.9 93.4 Nondurable Goods. 43.0 43.0 42.3 43.1 42.8 40.3 41.9 86.4 87.6 90.3 90.4 90. z\ r90.9 90.4 Textiles—Mill and Fiber Products 41.8 41.8 40.7 41.8 41.3 38.4 40.6 71.1 72.1 74.5 75.9 76.3 77.1 76.3 Apparel and other Finished Products . 37.7 38.1 36.4 37.2 36.7 33.1 36.4 80.7 83.2 84.7 83.9 82.9 r84.6 87.5 Leather and Manufactures 41.2 41.5 40.4 42.1 41.7 39.3 40.6 80.6 82.0 85.9 85.7 85.1 85.7 85.2 Food and Kindred Products 45.0 44.5 44.5 45.6 *45.8 43.3 44.7 84.4 84.7 87.4 87.7 87.4i 88.2 88.0 Tobacco Manufactures 42.3 43.4 41.6 42.8 41.0 r39.0 41.9 71.5 72.4 74.7 75.7 74.9 r76.5 78.7 Paper and Allied Products 46.2 46.2 45.4 46.4 46.3 44.0 45.9 84.7 85.8 87.6 87.9 88. l! 87.9 89.1 Printing, Publishing and Allied Industries 41.1 41.4 41.2 41.6 41.5 r40.7 42.3 108.0 110.1 113.3 112.8 r112.3 114.2 115.9 Chemicals and Allied Products 45.6 45.6 45.7 45.4 45.1 r43.4 43.6 96.1 96.6 99.0 99.7 99.9 100.3 100.2 Products of Petroleum and Coal 46.9 46.4 47.5 47. 47.7 46.8 45.2 117.9 120.2 120.4 120.7 121.7r122.4 121.6 Rubber Products 45.6 45.7 44.2 45.2 45.5 41.8 42.3 110.2 111.7 113.2 114.0 113.8 111.9 110.1 Miscellaneous Industries 45.1 45.2 44.8 45.2 44.0 r41.8 42.2 95.7 97.3 99.2 99.2 98.3 r97.5 95.1 r Revised. NOTE.—Back figures are available from the Bureau of Labor Statistics. DECEMBER 1945 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 M t a u n r u in fa g c- fining Construction* ti p o u n b l a i n c d Lrade an s d e r m v i i s c c e e , l Sta l t o e c , a l and utilities laneous government 1939 30,353 10,078 845 1,753 2,912 6,618 4,160 3,988 1940 31,784 10,780 916 1,722 3,013 6,906 4,310 4,136 1941 35,668 12,974 947 2,236 3,248 7,378 4,438 4,446 1942 38,447 15,051 970 2,078 3,433 7,263 4,447 5,203 1943 39,728 16,924 891 1,259 3,619 7,030 4,115 5,890 1944 38,698 16,121 835 679 3,761 7,044 4,348 5,911 SEASONALLY ADJUSTED 1941—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 37,465 14,534 798 828 3,792 7,039 4,521 5,953 July r37,231 14,130 784 868 r3,801 7,117 4,558 r5,973 August r36,919 r13,793 780 r858 r3,803 7,121 r4,597 r5,967 September. 35,174 12,072 780 886 3,774 7,208 4,578 5,876 October.... 34,707 11,900 684 911 3,805 7,245 4,489 5,673 UNADJUSTED 1944—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 37,549 14,534 794 845 3,830 7,004 4,589 5,953 July r37,273 14,130 784 911 r3,858 6,975 4,672 r5,943 August r37,O15 r13,862 784 r927 r3,860 6,979 r4,666 r5,937 September 35,344 12,132 784 948 3,831 7,136 4,578 5,935 October 34,908 11,960 687 975 3,824 7,317 4,444 5,701 * 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. October 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. 12-42. 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 23.9 50.3 39.8 February 137.2 147.0 24.9 19.3 29.9 66.6 4.5 8.5 l-0.2 3.0 23.1 17.6 55.1 32.0 March 176.4 328.9 35.2 26.9 48.7 160.4 7.4 10.0 4.4 4.6 19.5 36.3 61.3 90.6 April 179.3 395.8 37.8 42.7 33.0 174.5 6.1 12.3 5.4 4.3 25.0 49.9 72.0 111.9 May 144.2 242.5 34.5 47.2 27.1 43.4 5.8 9.5 3.8 5.1 17.1 29.4 55.8 107.9 June 163.9 227.3 30.6 41.8 24.4 25.5 8.7 18.8 10.5 10.5 18.9 35.6 70.7 95.0 July • 190.5 257.7 25.8 46.3 38.3 51.5 5.6 19.8 10.1 13.4 30.2 36.9 80.5 89.9 August 169.3 263.6 23.3 42.7 40.0 75.5 7.9 25.5 6.4 10.4 22.4 32.0 69.4 77.5 September 175.7 278.3 24.5 42.6 49.0 98.3 6.4 45.5 7.6 10.2 24.2 27.0 64.1 54.6 October 144.8 316.6 23.8 59.9 37.7 85.4 7.7 60.8 3.5 18.6 20.0 30.8 52.2 61.1 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 Oct. Sept. Oct. January 351 159 141 316 122 75 35 37 66 Boston 17,617 18,682 8,664 February.... 394 137 147 364 109 74 30 28 73 New York 46,376 43,218 19,885 March 340 176 329 304 133 221 36 43 107 Philadelphia 19,980 20,552 12,413 April 303 179 396 253 133 309 50 46 87 Cleveland 38,556 34,276 8,946 May 234 144 243 192 98 148 42 46 95 Richmond 47,087 25,651 16,539 June '".. 230 164 227 183 122 82 46 42 146 Atlanta 23,354 22,192 14,675 July 184 191 258 122 148 108 61 42 149 Chicago 62,935 56,860 23,365 August 414 169 264 351 125 67 62 44 196 St. Louis .. 18,671 16,876 12,308 September... 175 176 278 120 127 43 56 49 235 Minneapolis 9,893 11,933 4,590 Dctober 214 145 157 102 56 43 Kansas City 7,916 11,570 12,962 November... 184 165 135 103 50 62 Dallas 24,186 16,452 10,498 December ... 252 188 198 114 54 74 Total (11 districts) 316,571 278,262 144,845 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 ILoans Mortgages on Sav- Year or month Total p P m e r i r o m r o e t v n y p - e t - - S h s c t t o m i o r o m u n a n c - l e l - f h 1 ( a o - T m I u i t I t o s i ) l l e e y 4 s - h R o ( g T e u a r I o n s i n I t ) i u t d l n a e p g l h ( W o T V u i a s t I l i r ) e ng 1936 E — nd D e o c f month To 3 t 6 a 5 l b C m c a o i n e 2 a m 2 r k l - 8 s - b s i M t a n a u n v u g a k - - s l s a a s l t i a s o n i n o o a g d c 5 n n s i 6 s - p I a c n a o n s n m c u i 4 e e r - 1 - s a c F e g i e r e e a d n s l 5 - 1 - Othe 2 r 7 2 1937—Dec 771 430 27 110 118 32 53 1935 320 224 94 2 1938—Dec 1,199 634 38 149 212 77 90 1936 557 246 309 2 1939—June 1,478 759 50 167 271 137 94 1 1 9 93 3 7 8 . 4 6 9 9 5 4 1 6 6 0 0 13 4 4 7 2 3 4 4 1 8 1 Dec 1,793 902 71 192 342 153 133 1 1 1 1 1 9 9 9 9 9 4 4 3 4 4 2 0 9 3 1 1 1 1 , , , 1 0 1 9 9 3 2 8 4 5 7 6 6 2 4 2 2 2 1 9 6 0 5 4 6 2 8 1 1 2 2 2 1 5 6 1 1 5 8 2 6 7 6 7 4 6 3 9 7 3 9 6 1 5 1 1 1 6 3 3 * 6 2 0 8 1 1 4 3 1940— J D S M u e e n a c p r e t 2 2 2 1 , , , , 2 9 4 0 4 3 0 7 9 2 9 5 1 1 1 , , , 1 0 0 9 6 9 2 7 2 3 6 1 1 1 1 3 9 0 1 0 0 0 1 2 2 2 2 2 1 0 0 4 6 8 1 4 4 5 3 8 4 3 9 0 2 2 2 2 1 1 1 9 0 8 7 0 1 2 1 1 1 1 1 5 2 4 2 0 7 1 4 1944 886 125 216 7 537 1941—Mar 2,598 1,246 146 230 606 210 160 1944— N D O o e c v c t 8 8 6 4 2 6 1 1 1 1 2 7 * 2 2 1 2 2 8 1 4 4 3 9 3 7 J D S u e e n p c e t 3 2 2 , , , 1 9 7 0 4 5 7 2 5 1 1 1 , , , 4 4 3 0 6 1 0 5 8 1 1 1 8 5 7 6 7 1 2 2 2 5 3 4 4 7 6 6 7 7 6 2 8 8 2 9 2 2 2 3 2 2 4 5 0 1 1 1 7 7 5 9 8 4 1945— F M j e a a b n r 6 6 6 8 0 7 1 1 8 9 3 * * 1 1 1 9 4 7 * 3 3 3 0 9 4 1942— J M un ar e 3 3 3 , , , 3 6 4 0 2 9 7 0 1 1 1 1 , , , 5 6 6 4 6 2 9 9 3 2 2 2 3 1 0 6 9 1 2 2 2 7 7 6 6 2 4 1,0 9 8 3 4 5 2 0 6 2 2 2 3 4 4 7 5 3 2 1 1 0 9 6 0 5 3 M J A u p a n r y e 6 5 5 2 6 3 1 1 1 4 3 0 * 2 1 1 2 9 5 2 2 2 8 6 4 1943— D Ju ec ne 3 3 , , 6 70 2 0 6 1 1, , 7 7 0 0 5 0 2 2 5 5 6 2 2 2 9 8 2 4 1 1, , 1 0 3 7 4 1 23 7 5 9 1 1 5 5 9 8 j A S u e u i p g y t .v.w;;; 4 4 5 4 5 2 1 1 1 2 1 2 * * * 1 1 1 9 6 8 2 * * 2 1 1 1 4 5 1944— D J e u c ne 3 3, , 3 5 9 5 9 4 1 1 , , 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 Oct 62 26 * 19 * 17 1945—June 3,324 1,570 265 264 1,047 43 134 N * O L T es E s . — th F a i n g u $ r 5 e 0 s 0 r , e 0 p 00 re . sent gross insurance written during the period and H t'o o 1 n u , T s i h t n h e g e R C F F o e C d r p e M o ra r o a l r t t i D g o a e n g p . e o s C it o m In p s a u n ra y n , c t e h e C F o e r d p e o r r a a l t i N on at , io a n n a d l M the o rt U g n ag it e e d Ais S s t o a c t i e a s d F o ig n u o re t s t a in k c e l u ac d c e o s u o n m t e o f r e p i r n i s n u c r i e p d a l m r o e r p t a g y a m ge e s n , t w s h o i n ch p a r r e e v i s o h u o s w ly n i i n n s u t r h e e d m lo o a n n t s h . 2 Including mortgage companies, finance companies, industrial banks, in which they were reported by FHA. Reinsured mortgages on rental and endowed institutions, private and State benefit funds, etc. group housing (Title II) are not necessarily shown in the month in which NOTE.—Figures represent gross amount of mortgages held, excluding reinsurance took place. terminated mortgages and cases in transit to or being audited at the Federal Housing Administration. 1x43 DECEMBER 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 P903 229 254 229 300 P324 96 228 520 824 P579 February 303 483 728 1,107 ?887 234 254 234 313 P325 69 230 494 794 p561 March 357 637 988 1,197 PI,030 268 272 249 359 P365 89 365 739 838 P665 April 387 717 989 1,231 PI,005 287 235 258 360 P366 100 482 731 871 P639 May 385 542 1,092 1,455 PI,135 297 191 281 386 P372 88 351 811 1,069 P763 June 330 650 1,003 1,297 P87O 280 215 295 331 P360 50 435 708 965 P511 July 365 659 1,265 1,197 P893 278 213 302 294 P356 87 446 963 903 P537 August 460 705 1,280 1,191 P737 282 186 316 304 P360 178 518 964 887 P378 September 425 732 1,269 1,194 P515 262 196 286 282 P334 162 536 983 912 p181 October 666 803 1,238 PI,144 304 200 329 P329 362 603 909 P815 November 492 788 1,073 ^1,187 281 168 311 P323 211 620 762 P864 December 653 883 1,288 P939 344 358 281 P336 309 525 1,006 P603 January-September 3,336 5,606 9,364 10,992 ^7,976 2,417 2,016 2,450 2,929 P3,162 919 3,590 6,914 8,063 P4.815 P Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADlNGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS i [Index numbers; 1935-39 average=100 ] RAILROADS [In millions of dollars] Total Coal Coke Grain L st i o v c e k - Ore l M e o a i e u n l s s e - - - 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 i r p n a e c N i r l o w a e m t t a in e y g i m n N co e m t e Annual Annual 1939 101 98 102 107 96 110 101 97 1939.. 3,995 3,406 589 93 1940 109 111 137 101 96 147 110 96 1940.. 4,297 3,614 682 189 1941 130 123 168 112 91 183 136 100 1941.. 5,347 4,348 998 500 1942 138 135 181 120 104 206 146 69 1942.. 7,466 5,982 1,485 902 1943 137 138 186 146 117 192 145 63 1943.. 9,055 7,693 1,362 874 1944 140 144 186 139 124 181 147 67 1944.. 9,437 8,343 1,093 668 SEASONALLY SEASONALLY ADJUSTED ADJUSTED 1944—August 142 145 185 131 121 155 188 150 1944—July 804 706 98 61 September 139 147 183 126 114 137 184 146 August 781 710 71 32 October... 137 143 182 147 120 133 153 143 September.. 790 710 42 November. 141 143 181 150 135 138 153 149 October... 791 709 82 46 December.. 137 127 166 134 128 135 133 151 November.. 788 697 91 57 December... 780 711 33 1945—January.... 143 141 176 128 120 142 161 157 February.. 139 139 178 119 121 133 168 152 1945—January 766 673 93 60 March 145 137 190 134 129 134 218 159 February... 781 678 103 68 April 141 126 180 160 124 133 204 153 March 796 698 98 63 May 140 126 193 167 120 137 204 151 April 799 704 96 62 June 140 143 181 155 121 144 170 146 May 796 704 92 57 J A O S u e u c l p y t g o te u b m s e t b r . . . e . . . . r. C1 1 1 1 2 1 3 2 7 8 9 8 1 1 1 1 4 3 0 2 3 6 9 8 1 1 1 1 1 9 5 6 3 3 5 7 1 1 1 1 5 4 5 6 7 6 8 3 1 1 1 1 2 2 1 1 1 3 4 5 1 1 1 1 4 2 0 3 0 5 9 3 C1 1 1 1 7 7 6 4 1 4 6 4 1 1 1 1 4 2 2 3 6 5 6 2 J J A S u u e u n l p y g e t u e s m t ber. 8 6 7 7 3 9 9 0 1 1 1 5 7 6 6 6 2 9 5 4 5 6 5 8 1 9 3 0 5 5 6 6 7 r p 2 6 7 2 2 1 1 UNADJUSTED UNADJUSTED 1944— O S N D A e e o c u p c t v g t o e e e u m b m m s e t b b b r e . e e . r r r . . . 1 1 1 1 1 2 4 4 5 4 8 6 8 0 4 1 1 1 1 1 4 4 2 4 4 3 5 7 3 7 1 1 1 1 1 8 8 7 7 7 1 1 5 8 8 1 1 1 1 1 2 4 4 4 4 6 1 7 2 7 1 1 1 1 1 5 1 2 8 7 1 5 4 4 0 1 1 1 1 1 4 2 4 3 6 0 0 8 5 2 2 2 2 1 4 3 8 7 3 1 7 1 6 8 1 1 1 1 1 5 4 5 5 5 6 2 5 1 8 1944— N A D O S Ju e u o c e l p t c g v y o t e u e e b m s m m e t r b b b e e e r r r . . . . . . . . . 8 8 8 7 7 7 0 1 3 9 5 8 9 9 6 9 7 1 r7 6 7 6 7 7 8 0 8 2 0 3 7 9 9 1 9 5 1 1 r9 9 9 7 0 0 0 2 7 0 1 0 4 6 5 6 5 6 1 0 8 4 6 0 1945— J A O F M A M J S J u u e e p a c u a a n l b p n y r t g y r e o i t r u c l e u u b a h m s r a e y t r r b . y . . e . . . . r . . . 1 1 1 1 1 1 1 1 1 1 2 3 3 3 3 3 4 3 4 4 8 6 7 2 2 9 5 0 3 2 1 1 1 1 1 1 1 1 1 1 0 4 3 2 4 4 3 2 3 2 9 3 7 8 1 3 9 6 6 6 1 1 1 1 1 1 1 1 1 1 1 5 8 8 6 7 9 9 7 8 1 4 5 7 0 8 2 1 6 8 1 1 1 1 1 1 1 1 1 1 6 5 4 7 2 1 2 4 5 8 3 8 1 6 4 7 8 7 8 8 1 1 1 1 1 1 1 9 9 9 8 5 1 0 0 1 0 7 9 7 9 0 5 2 9 1 8 1 1 1 1 1 1 1 1 1 1 3 1 3 2 3 4 2 4 4 4 5 5 4 8 3 0 8 3 9 0 2 2 2 2 2 2 2 4 4 6 6 1 4 0 6 6 7 0 2 3 1 5 9 3 3 8 3 1 1 1 1 1 1 1 1 1 1 5 3 5 4 4 5 3 4 3 5 1 6 1 3 2 2 6 8 3 0 1945— A M J F J S A M J u u e e u a p a a l n p b n g y r r y e i t u c u r l e u a h s m r t a y r b y e . r . . . . . . 6 8 8 8 7 7 7 7 7 7 1 2 5 1 9 2 5 7 9 3 3 5 3 6 0 1 9 6 6 6 6 6 6 7 7 7 3 9 6 4 2 8 1 7 2 5 9 9 0 3 7 3 8 4 1 1 4 9 9 8 7 7 9 0 0 4 6 7 7 3 3 2 0 0 P1 3 6 3 6 6 6 5 5 0 9 3 7 3 5 6 6 1 c CCoorrrreeccttedd.. N p O P T r E e . l — im D in es a c r r y i . p tiv r e R m ev a i t s e e r d i . al and back figures may be obtained NOTE.—For description and back data, see pp. 529-533 of the BULLETIN forfrom the Division of Research and Statistics. Basic data compiled June 1941. Based on daily average loadings. Basic data compiled by Associa-by the Interstate Commerce Commission. Annual figures include retion of American Railroads. Total index compiled by combining indexes for classesvisions not available monthly. with weights derived from revenue data of the Interstate Commerce Commission. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on value figures] MONTHLY INDEXES OF SALES [1935-39 average = 100] Federal Reserve district Year and month U S n t i a t t e e d s 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 R o i n c d h- AtlantaChicago Lo S u t i . s M a i p n ol n i e s - Ka C n i s ty as Dallas F c S r is a a c 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 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 xyoo 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—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 187 162 149 170 180 219 247 181 193 162 200 252 216 October 193 165 152 r167 190 r228 260 185 215 158 r214 r25O r229 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 3 74 210 234 168 188 157 199 256 219 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 200 166 165 175 189 235 274 189 225 186 214 272 231 September 199 167 161 r175 187 225 268 193 213 r185 217 278 r232 October . . 213 177 172 184 209 248 292 199 248 180 241 289 244 UNADJUSTED 1943—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 196 170 158 173 191 232 257 185 212 184 220 265 225 Octob°r r209 184 173 r189 204 249 273 197 221 179 r225 r275 r239 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 Tune 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 168 125 120 136 165 194 244 158 194 165 201 237 210 September 209 176 171 r178 199 239 279 197 234 r210 239 292 243 October 230 196 197 208 224 271 307 213 255 205 253 318 255 r Revised. NOTE.—For description ind monthly indexes for back years; see pp. 542-561 of BULLETIN for June 1944. DECEMBER 1945 12-45 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 Mar. 28... ..157 Mar. 27 .155 Mar. 25......182 Mar. 31.... .230 Out- Apr. 4. ... ..170 Apr. 3 .161 Apr. 1 .....212 Apr. 7.... ..181 m ( S o t f o a n o l t r e t a h s l ) m ( S e o t n o n d c t k o h s f ) m ( o s o e r t i n n d a n d e n t g r d h o s - ) f a S d e j a a u l s l s o y t n e - d j U u n st a e d d - May 2 1 1 2 5 9 8 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 4 4 4 2 4 7 0 6 9 9 May 2 1 1 8 1 4 7 0 . . . 1 1 1 1 1 8 6 6 4 7 2 2 9 8 0 May 2 2 1 6 8 5 9 2 . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 2 1 8 5 6 0 6 4 2 3 8 8 May 2 2 1 1 5 1 2 8 4 . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 9 5 9 8 9 2 6 6 4 3 16... .. 127 15 .149 13 .... .197 19 178 23 .... . 125 22 .153 20... ..177 26.... ..182 1939 average 128 344 99 30.... . 104 29 .151 27.. ...168 June 2.... .169 1940 average 136 353 108 101 June 6 . ... .147 June 5 .151 June 3.... ..163 9... .196 1941 average 156 419 194 120 13 ... . 128 12 .168 10... ..172 16.... ..206 1942 average 179 599 263 172 20 ... . 129 19 .168 17.... ..173 23.... ..183 1943 average 204 508 530 146 27 ... . 109 26 .132 24.... ..151 30.... ..173 1944 average 227 533 560 153 July 4. ... .. 95 July 3 134 July 1.. . ..149 July 7.... ..153 11. .... .112 10 .113 8.... ..116 14.... ..167 1944—Jan 167 479 530 154 137 18.... . .105 17 .126 15.... ..145 21.. .. ..157 Feb 170 514 527 154 147 25.... .103 24 .124 22.... ..138 28.... ..153 Mar 226 531 484 150 153 Aug. 1.... . .105 31 .118 29... ..132 Aug. 4. ... ..167 Apr 206 526 476 145 151 8.... ..122 Aug. 7 .131 Aug. 5.... ..137 11.... ..176 May 220 525 534 147 151 15.... ..125 14 .131 12.... ..148 18.... ..124 June 198 523 592 157 150 22.... ..126 21 .146 19... ..149 25.... . .182 J A u u l g y 1 1 6 9 2 8 r5 5 7 1 4 7 6 5 3 7 1 9 r1 1 7 6 2 5 1 1 4 6 8 5 Sept. 29 5. . . . . . . . . . . 1 1 4 6 2 5 Sept. 2 4 8 .1 1 4 6 5 9 Sept. 26 2 . .. . . .. . . . 1 1 7 9 1 4 Sept. 8 1 . . . . . . . . . . . 1 1 7 9 7 4 Sept 234 583 561 161 167 12... . 140 11... 156 9 .....177 15.... ..213 Oct 257 600 r576 154 172 19... . 152 18.... 179 16 .....196 22.... ..220 N D o ec v 3 2 8 9 5 9 4 5 4 8 4 0 r6 6 2 1 1 0 1 1 4 3 4 6 1 1 6 2 6 7 Oct. 2 3 6 . . . . . . . . . . 1 1 7 8 2 3 Oct. 2 2 5 . . . . . . . . 1 1 7 7 5 6 3 2 0 3 . . . . . .. . . . 1 19 9 6 3 Oct. 2 6 9 . . . . . .. . .. . 2 2 4 0 2 9 10.... ..171 9 .188 Oct. 7.... .218 13... ..245 1945—Jan 198 463 768 148 133 17.... ..166 16 .189 14.... ..221 20.... .r237 Feb 198 494 819 149 142 24 .. ....172 23 .194 21.... .209 27.... . r233 Mar 284 524 772 r148 151 31.... ..168 30 .187 28.... ..207 Nov. 3. . .236 Apr 209 r566 725 156 162 Nov. 7.... ..182 Nov. 6.... 202 Nov. 4... .215 10.... .. 261 May 231 591 671 165 170 14.... ..182 13.... 211 11... .231 17... . .275 J J u ul n y e 2 1 3 9 6 1 r5 6 9 0 2 1 6 7 9 2 7 2 1 1 8 8 9 1 1 1 7 7 0 3 2 28 1 . . . . . . . . . . . 1 1 8 7 2 6 2 2 7 0 . . . . . . . . 2 2 0 2 1 3 2 1 5 8 . . . . . . . . 2 25 3 2 6 Dec. 2 1 4... . .258 Aug 213 r625 r671 187 179 Dec.5.... ..250 Dec. 4.... .269 Dec. 2... ..304 8.. . Sept 243 620 652 171 178 12... ..295 11.. .. .297 9... .365 15 Oct p1 P177 19... ..333 18.... 321 16.. . .377 22. . I 26.... ..222 25 .... 274 23... .369 29.... p B a P c r k e li f m ig i u n r a e r s y .— . Div # is i r o n R e o v f i s R ed e . search and Statistics. of N B O R U T L ev L E i E . s — T e I d R N e f v o is r e S d e s p e t r e i m es b . er F 19 o 4 r 4 d . escription and back figures see pp. 874-875 SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] O 19 c 4 t 5 . S 1 e 9 p 4 t 5 . m T 19 e o 4 n s 5 . O 19 c 4 t 5 . S 1 e 9 p 4 t 5 . m T 19 e o 4 n s 5 . O 19 c 4 t 5 . S 1 e 9 p 4 t 5 . m T 19 e o 4 n s 5 . O 19 c 4 t 5 . S 1 e 9 p 4 t 5 . T m 19 e o 4 n s 5 . United States. +14 +3 +11 Chicago +12 +2 +10 Chicago +14 +5 +11 Bo W N B P S P st p r o o e o o o r w r s n i r v t t n c l o i g a e d n H s f n e i t d a e n e l r v c d e en— + + + + + + + 1 1 1 1 1 4 8 2 4 4 6 1 + + - - - 5 4 3 2 3 + + + + + + + 1 1 1 4 6 6 2 5 0 9 R C ic W E P Y l h e i r o v m h t i e t u e e o s l n e a n b g l n d u i s d n r t — g g o h w C n ont. + + +1 1 1 9 3 3 + + + + + 1 1 1 1 6 6 6 1 0 T D F I D F P n o e e l e e i d o r s r t n t r i r r t e a i o M a W n i H t a o a p a i y n o u n l e t i e e s s . — . . . . . . . . . + + + + + + + 1 2 3 1 1 1 5 7 3 1 6 6 + + + + + - 2 7 9 7 9 6 0 0 + + + + + + + 1 3 1 1 1 8 4 8 5 2 6 3 Da H F D S S ll a o h o a a n r r l u s t e l s a A v W t s e o n p n o to o r n r th t io ;. + + + + + + 1 3 2 1 2 8 9 5 4 0 0 + + + + - 1 1 7 9 5 6 0 + + + + + + 1 2 1 1 5 6 2 3 6 3 Ne N N B E B A B N P R S w o l u r e e c i i l o m a b n i f w u w h c Y d f g a g g h e i a o g a n a r h h l n e Y r a r e o y r k k s a k e a p o t e m c e o r e F t k r r t a p t a o d s C l n i y l e i . s . t . . . . . y . : . . + + + + + + + + + + + + 3 1 1 2 1 1 1 1 1 1 4 9 7 7 2 0 3 9 5 5 4 8 + + + + + + - - - - 2 6 1 2 4 3 5 4 2 4 4 0 0 + + + + + + + + + + + + 1 1 1 1 1 2 1 1 3 8 9 9 2 4 5 4 4 3 0 3 W R W N H B C G L R C C y a h a h i o r l u i a c a e l l n a a r n n e s t h r e f r r c s i t h i k o l n m l m g i t h e e i s l n o v h n b k s o b s o i n g , t g t u l n u o r o - t l N t e r d r o S e n o n g g , n , a . n , W C l S S e . . m . . V . . . C C . a . . . + + + + + + + + + + -1 - 1 2 1 1 1 1 1 1 1 2 6 0 7 5 0 8 8 4 2 8 3 1 + - - + 1 - 1 1 2 2 3 3 1 + + + + + + + + 1 1 1 1 1 1 1 9 4 6 7 2 7 0 5/ M L M G F . L Q E L E G o a L o v i a r u r a i t e n u r a s a l o i t d t w e t s n n l n i u i e n s i d s c s S a S n v i o v y u s B m g R i t n i . R l k . . l l a i o e . e l L t a y e . h e c ' p o . k i u . d i . s s . . . - + + + + + + + + + + + + 2 1 1 1 1 3 1 1 1 2 4 4 7 7 5 1 5 0 3 8 4 0 r- + 1 + + + + + + + - + - 1 8 1 3 2 6 6 4 5 9 8 4 6 + + + + + + + + + + + + 1 1 1 1 1 1 1 1 1 1 6 2 4 4 8 0 2 5 3 6 3 4 Sa R P T B L n O F S L h o u i r a a o a B S v F e o k c n c s k a e s r e r e g s e l n a n A r a o n r r a s n o s k m n B i n n i B f x c e d d i g e e i l e e e s e a n e a l c r l c y d t o n a n e o h s a n d r d d i _ no + + + + + + + + + + 1 1 1 3 1 1 8 9 7 9 5 4 7 5 5 0 r r r r + + + + + + + + + 4 2 4 2 3 8 5 3 4 + + + + + + + + + + 1 1 1 1 1 1 1 1 1 8 0 2 3 3 3 1 6 1 1 Ph U T S L il y r a a ti e r n d c a n e c a c t l a p o u s h n s t i e e a r + + + + + 1 2 1 1 9 7 0 3 4 r - - - - 1 2 2 7 2 + + + + + 1 1 1 4 6 4 5 1 Atl M B M M J a a i n o i o c r t a m b k n a m i s t i l g o e i n o n g m v h i a e l m l r e y + + + + + + 1 2 2 1 1 8 4 3 9 1 7 + - + + + + 1 1 0 4 6 4 4 1 + + ++ + - 1 2 1 1 2 9 6 1 1 3 Mi M S S S n p t t n . . e r e m i L L n a o p o g p u h u f o i i i i e l s s s i l s d Area. + + + + + 2 2 2 1 2 2 2 7 6 0 + + + + + 1 8 4 3 8 0 + + + + + 1 1 1 1 1 2 5 4 9 2 V S S S S S a a a a t a o n n n n l c l t e a k D F J j t o o r o i R a s e n a e n g o n c o s d i a s c N o apa + + — + + — 1 1 2 9 4 9 5 6 2 r+ r- - + + - 2 1 7 1 8 4 5 + + + + + + 1 1 1 1 4 9 3 5 4 0 Cl P Y R W e A T C C C C S v h p o e o l o i k a e i e n r i a l r n r l l l i l e v a k u k c o d n t a d e n i n m o e i g d n o n l d n s f a e b n g - i n l e B u a p d l s t d a i h r i r . a e . . . . . . . . + + + + + + + + 1 + + 1 1 2 1 1 1 0 4 2 3 6 9 6 0 4 + r — 1 - _ + + 1 1 9 1 4 6 2 + + + + + + + + 1 + 1 4 1 1 1 1 9 5 9 2 9 0 4 1 1 O T A A M C B N B J C K N a a r u o r a t e h n a a c l l i m w t l g s a a o c s a k o u h u t n t o x n p s n m o t v O n s d a v o t a l a t i o b n , i n R a r l l u l l o l o e e T e s o u a e g n g n a s e n . .... + + + + + + + + + + + 2 1 1 3 1 2 2 1 2 8 8 5 6 8 3 5 5 5 1 7 + + + + - + + - + 1 1 — 1 1 1 1 4 1 7 1 4 7 0 2 2 + + + + + + + + + + t + 2 2 1 1 1 1 1 1 1 ? 9 8 0 2 0 7 5 4 6 7 1 Ka W D T P H J n K O T S O o s u o t e u m u a k a i p . e p n c t n l s l l c b a J a e h v i s s o h n h h l k e i a a o C t s a i o a r s a n . e i m . t p s . y C o h a n i t C y . i . . t . . y . + + + + + + + + + + + + 2 1 1 1 3 1 2 1 1 1 8 2 3 7 3 5 0 6 7 9 6 7 + + + + + + + + - + + 1 - 1 6 3 7 0 5 4 9 4 4 5 1 2 + + + + + + + + + + + + 1 1 1 1 1 1 1 1 1 1 1 0 6 4 3 6 6 3 1 2 3 1 6 B P S B E T S S Y o a o p e a e v N a l i r l a c o e t k s l t a t o k e r i l i t n m L e m a m a l a e g t n n a n p t a a h d e k a d a e m City.. + + + + + + + + + 2 1 1 1 7 7 7 8 4 3 4 4 0 r+ + + + 1 + + + + + 1 2 7 8 9 5 7 8 7 4 + + + + + + + + + 1 1 1 1 1 7 9 9 8 6 0 6 1 1 r Revised. 1X46 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS, BY MAJOR DEPARTMENTS 'ercent change from a year ago (value) Ratio of stocks to sales Number Department of stores Sales during period September reporting Sept. Nine mos. Sept. 1945 1945 1945 1945 1944 GRAND TOTAL—entire store.. 353 +3 +12 +5 2.7 2.6 MAIN STORE—total 353 +4 +12 +5 2.7 2.7 Women's apparel and accessories 350 +7 +16 2.0 2.1 Coats and suits 329 +4 +16 1.7 1.7 Dresses 333 +15 +21 0.9 1.0 Blouses, skirts, sportswear, etc 313 +10 +22 +18 1.8 1.7 Juniors' and girls' wear 304 +10 +21 +20 1.8 1.6 A In p f r a o n n ts s ' , h w o e u a s r edresses, un ; iforms 3 2 0 8 6 4 0 + +1 1 2 1 + - 2 1 4 2 2 . . 3 0 2 1 . . 2 9 Underw ear, slips, negligees 323 ii +17 -28 1.8 2.7 Corsets, brassieres _ 330 +22 +30 2.0 1.7 Hosiery (women's and children's) 341 +9 +8 -36 1.2 1.9 Gloves (women's and children's) 326 -4 +16 -5 4.4 4.9 Shoes (women's and children's) 242 +6 +17 -4 2.4 3.0 Furs 263 +17 +2 +19 5.8 5.2 Neckwear and scarfs 240 +8 +6 +43 2.9 2.1 Handkerchiefs 280 +3 +13 +21 6.9 5.3 Millinery 169 —7 +11 0.7 0.8 Handbags and small leather goods 303 +12 +10 +9 2.6 2.4 +6 Men's and boys' wear 320 +5 +11 -11 3.4 4.1 Men's clothing 231 +18 +11 -33 2.4 4.3 Men's furnishings, hats, caps 304 +2 +12 -6 4.1 4.4 Boys' clothing and furnishings 279 +10 +7 3.3 3.0 Men's and boys' shoes and slippers... 175 +14 +18 -14 4.3 5.7 Home furnishings 313 +4 +8 3.4 3.3 Furniture, beds, mattresses, springs.. 230 +11 +15 +20 3.5 3.3 Domestic floor coverings 236 -16 -9 — 11 3.1 3.0 Draperies, curtains, upholstery 289 >-i +5 +9 3.2 2.8 Major household appliances 179 +83 +46 -6 1.0 1.9 Domestics, blankets, linens, etc 293 -6 -3 -18 2.6 3.0 Lamps and shades 220 +11 +21 +24 4.9 4.4 China and glassware 218 +11 +12 +20 4.9 4.6 Housewares. 220 +27 +25 +21 3.5 3.7 Piece goods 284 2 +9 -23 1.6 2.1 Cotton wash goods 114 -4 —21 1.4 1.7 Small wares — 334 0 +11 +18 4.3 3.6 Lace, trimmings, embroideries, ribbons 121 +1 +4 +8 4.0 3.8 Notions 223 +5 +15 +20 3.6 3.1 Toilet articles, drug sundries, and prescriptions 318 —2 +5 +17 4.7 3.9 Jewelry and silverware 294 +8 +14 +12 4.2 4.0 Art needlework 239 +12 +15 4.2 3.6 Stationery, books, and magazines 232 +14 +32 4.6 3.2 Miscellaneous 298 -12 +8 +26 4.4 3.0 Luggage 225 -1 +6 +7 3.1 2.9 BASEMENT STORE-total . 212 -1 +9 $1 2.6 2.4 Women's apparel and accessories 200 -2 +11 2.1 2.0 M H P S i h o e e o m c n e e ' e s s g f a o u n o r d n d i s b sh o i y n s g ' s clothing and furnishings 1 1 1 6 5 3 2 4 2 4 1 + + + - 1 8 2 3 3 + + + + 1 1 1 2 0 2 2 - + - + 1 5 2 9 7 3 3 3 1 . . . . 4 1 8 9 3 4 2 2 . . . . 8 2 0 6 bydi o in terms of sales for that month. SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Year and month Sales during month Ac at c o e u n n d t s o f r e m ce o iv n a tl b i le Collec m ti o on n s th during Cash Instal- Chargement account Instal- Charge Instal- Charge Instal- Charge sales sales sales Total Cash ment account ment account ment account 1944—September 150 194 66 117 33 81 63 96 63 33 October 164 211 81 127 36 90 r70 115 63 33 November 191 245 95 149 40 102 75 130 62 34 December 245 326 105 181 46 128 78 135 64 32 1945—January 126 164 57 96 43 97 78 168 63 33 February 126 163 57 98 40 84 69 128 63 33 March 178 230 73 141 40 96 77 120 63 34 April 133 171 52 107 37 88 65 128 62 35 May 147 190 55 117 35 88 64 122 63 34 Tune 149 194 52 117 34 88 61 121 63 34 July 121 163 48 88 32 76 57 117 66 31 August 135 181 58 99 32 76 57 104 65 31 September 155 203 63 118 33 85 59 103 63 33 October 190 245 90 147 36 99 71 122 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. DECEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit End o r o y f e m ar onth co T c n r o s e u t d a m i l t er Total Sale credit 1 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 Iinlicof c iLi i r Tdn e ^l?l d "lifl*C it Lll, Total Automobile Other 1929 7,637 3,167 2,515 1,318 1,197 652 2,125 1,749 596 1930 6,839 2,706 2,032 928 1,104 674 1,949 1,611 573 1931 5,528 2,214 1,595 637 958 619 1,402 1,381 531 1932 4,082 1,515 999 322 677 516 962 1,114 491 1933 3,905 1,581 1,122 459 663 459 776 1,081 467 1934 4,378 1,849 1,317 576 741 532 875 1,203 451 1935 5,419 2,607 1,805 940 865 802 1,048 1,292 472 1936 6,771 3,501 2,436 1,289 1,147 1,065 1,331 1,419 520 1937 7,467 3,947 2,752 1,384 1,368 ,195 1,504 1,459 557 1938 7,036 3,584 2,313 970 1,343 ,271 1,442 1,487 523 1939 8,008 4,463 2,792 1,267 1,525 ,671 1,468 1,544 533 1940 9,205 5,507 3,450 1,729 1,721 >,O57 1,488 1,650 560 1941 r9,956 r5,981 r3,744 1,942 rl,802 5,237 1,601 1,764 610 1942 r6,526 r2,996 rl,491 482 rl,009 1,505 1,369 1,513 648 1943 r5,377 r2,000 r814 175 r639 1,186 1,192 1,498 687 1944 r5,79O r2,083 r835 200 r635 1,248 1,220 1,758 729 1944 Sept r5,271 rl,911 r719 210 r509 1,192 1,231 1,402 727 Oct 5,412 1,937 743 210 533 1,194 1,231 1,516 728 Nov r5,595 rl,973 r772 208 r564 1,201 1,231 1,664 727 Dec r5,79O r2,083 r835 200 r635 1,248 L,220 1,758 729 1945 Jan r5,487 r2,013 r777 192 r585 L 236 L,206 1,534 734 Feb r5,330 rl,966 r741 186 r555 1,225 1,188 1,438 738 Mar r5,581 r"l,990 r731 184 r547 1,259 1,181 1,669 741 Apr r5,448 rl,988 r723 184 r539 1,265 1,212 1,506 742 May r5,494 r2,004 r718 184 r534 1,286 1.258 1,488 744 June 5,642 2,032 r719 188 r531 rl,313 I', 320 1,544 746 July r5,594 r2,038 r712 192 r52O rl,326 1,346 1,459 751 Aug.. 5,588 2,034 706 196 510 1,328 1,359 1,441 754 Sept p5,634 p2,O51 P717 ?202 p515 pl,334 pl,358 pl,470 *>755 Oct ^5,904 ^2,125 P753 ?210 P5A3 ^1,372 ^1,357 pl,666 P756 p Preliminary. T Revised 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOBILE CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] Indus- Insured End o r o f y e m a o r nth ex m T a c u o l o u t b t d o a i i - l l n e , g D s m m e t a p o a e n r a i d n e l r t - s t- F s t u t u o r r r n e e i s - H a a h p o n o p u c l l s d e i e - - J s e t w or e e lr s y s o re t t A o h ta r l e e l i r l s m E o y n n e d t a h o r f or Total m b C a e o n r m c k i s - a 1 l p S c l a m o o n a m i a n e l - l s b p a c a t n o n r k i m i a e in l - s g 2 C un re io d n it s M l l a e n n is e d c o e e u r l s - s m i r l z o o e a a p a d t n n a e i d o i s r r n n 3 order stores 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 rl,802 r466 619 313 120 284 1944 1,248 358 388 175 119 88 120 1942 rl 009 r252 391 130 77 r159 1943 r639 r172 271 29 66 101 1944 1944 r635 r183 269 13 70 100 Sept 1,192 342 364 172 118 85 111 Oct 1,194 344 361 172 117 85 115 1944 Nov 1,201 346 365 172 116 85 117 Sept r509 r137 236 13 43 80 Dec 1,248 358 388 175 119 88 120 Oct 533 148 244 13 44 84 Nov r564 r161 253 13 48 89 1945 Dec r635 r183 269 13 70 100 Jan 1,236 359 378 172 116 87 124 Feb 1,225 357 372 168 114 86 128 1945 Mar 1,259 374 381 171 116 87 130 Jan r585 r171 249 12 61 92 Apr 1,265 377 381 172 116 87 132 Feb r555 r162 240 12 54 r87 May 1,286 388 384 177 116 87 134 Mar r547 r162 238 11 50 86 June rl,313 400 389 181 118 88 r137 Apr r539 r158 237 11 48 85 July rl,326 406 391 182 119 88 r140 May r534 r154 238 10 48 r84 Aug. 1,328 406 389 182 118 88 145 June r531 r150 237 11 49 84 Sept pl,334 ^413 ^387 ^182 PU6 July r52O r145 235 11 47 82 Oct ,. PI,372 P395 nn p8S ^158 Aug 510 142 232 11 45 80 O Se c p t t * ^ > 5 5 1 4 5 3 ^ PI 1 U 56 p ? 2 2 3 4 5 6 p p n n P P U U ^ P8 8 1 6 p 1 P T r h e e li s m e i f n ig a u ry re . s inc ^ lu R d e e v i o s n e l d y . personal instalment cash loans and retail automobile direct loans, shown on the following page, and a small amount p Preliminary. r Revised. of other retail direct loans (21 million dollars at the end of October 1945), not shown separately. 2 This series is in process of revision. 3 Includes only loans insured by Federal Housing Administration. 1248 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 O re p t t u h a r e i - l r , R m a e n o p d d a - ir i s n P o s e n t r a a - l l Month or year Co b m an m k e s r 1 cial c S o m m a p ll a n lo ie a s n c I o n b m d an u p k s a t i n r n i i g e a s l 2 u C n r i e o d n i s t chased erniza ment Pur- Direct and tion cash chased loans direct loans1 loans 1929 463 413 42 1930 503 380 41 Outstanding at end of 1931 498 340 38 period: 1932 376 250 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—September. . .. 534 62 96 62 80 234 1940 927 536 320 October.. 538 60 97 67 80 234 1941 983 558 372 November 544 59 97 70 82 236 1942 792 798 408 247 December.. 559 57 99 75 83 245 1943 636 809 364 228 1944. .. 744 876 403 234 1945—January 562 56 100 80 82 244 February 556 55 101 76 83 241 1944 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 August 622 57 119 79 100 267 August 64 70 35 20 September1'. . 633 58 122 79 103 271 September 60 67 33 19 October^ 659 59 128 84 109 279 October 61 68 34 18 November 61 77 34 18 Volume extended during December 72 106 37 23 month: 1944—September 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 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 February 86 9 19 12 7 39 June 81 82 40 21 March 114 12 24 15 9 54 July 75 76 37 19 April 101 9 21 16 10 45 August 72 71 36 18 May 110 10 22 18 10 50 September^ 72 74 36 16 June 116 12 24 15 12 53 October^. 88 92 45 20 July 107 11 22 13 11 50 August 108 11 23 15 12 47 v Preliminary. September19. 106 12 23 14 11 46 1 These figures for loans made include only personal instalment cash loans October?'. 131 13 28 19 15 56 ~nd retail automobile direct loans, which are shown elsewhere on this page, and a small amount of other retail direct loans (4 million dollars in Octo- P 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 ro g m e Instalment accounts a C cc h o a u rg n e ts Item Ocf p m r S e o c e n e p d t t h . ing Aug. Oc p c t r . o e m r c r e o e S d s n e p i t p n h o t g n . o d y f i A e n a g u r g. Month D s m e to p e r a n e t r s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n s e a 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 T C C o a re s ta h d C I l i n t h s s a a s t r l a a e g l l s e m e s e : a n c t c . ount + + + + 3 3 3 3 5 8 4 1 r+ + + + 5 8 2 5 + + + 4 2 6 0 + + + + 1 2 4 1 9 0 1 4 + r+ + - 1 3 3 2 9 + + + 1 3 2 3 0 N D O Se e c o p c t v o t e e e b m m m e b r b b e e e r r r.... r4 3 3 3 0 6 9 6 2 2 2 2 4 6 4 3 3 3 3 3 3 6 7 9 3 3 3 4 2 4 4 9 r6 6 6 6 6 4 7 1 1945 Accounts receivable, at end of January 31 21 35 29 61 month: February 30 21 32 28 61 Total +6 0 -1 0 r-3 -1 March 36 24 36 32 66 Instalment +5 +1 -1 +1 -1 0 April 30 22 36 30 61 May 32 23 40 33 64 Collections during month: June 32 23 43 33 64 Total +17 0 0 +10 +2 +4 July 31 24 42 31 62 Instalment ' +19 0 +10 + 1 +5 August 33 23 48 31 63 September. 35 23 rm r30 63 Inventories, end of month, at -1 October. 40 27 53 33 66 retail value +2 +7 +8 +7 +1 r Revised. r Revised. 1 Ratio of collections during month to accounts receivable at beginning of month. DECEMBER 1945 I249 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 e d o a e d t s u h a c e n t r s d p T ro e d x u ti c le ts m F li u a g e t h e l t r a i i n n a g l d s a p n M r d o e d m t u a e c ls t t s al m B a u t i e ld ri i a n l g s p c C r a a o l h 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 [00.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79^3 84^9 69^8 1932 .. 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72^9 73.3 86.9 86.2 75.3 59*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 *g 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 LOO.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 .08.3 84.8 76.2 99.4 103.2 84.4 94^3 82^0 1942 98.8 105.9 99.6 95.5 17.7 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—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 L17.8 99.7 83.4 104.2 117.1 94.9 104.5 94.6 April 105.7 129.0 105.8 99.3 17.9 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 L18.7 100.1 84.1 104.9 118.0 95.3 104.6 94.8 October 105.9 127.3 105.7 100.1 118.6 101.0 84.2 105.0 118.3 95.5 104.7 94.8 Week ending: 1945—July 7 105.8 129.4 107.2 99.8 L18.5 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 99.1 84.8 104.8 117.3 95.2 106.2 94.6 July 21 105.6 128.5 106.5 99.8 L18.5 99.1 84.8 104.8 117.3 95.2 100.2 94.6 July 28 105.8 129.7 107.4 99.8 L18.5 99.1 84.8 104.8 117.3 95.2 106.2 94.6 Aug. 4 105.7 129.1 107.0 99.9 118.5 99.1 84.8 104.8 117.3 95.2 106.2 94'.6 Aug. 11 105.7 128.3 106.9 99.9 118.5 99.1 85.2 104.8 117.3 95.2 106.2 94.6 Aug. 18 105.5 127.0 106.3 100.1 L18.5 99.1 85.3 104.8 r117.8 95.3 166.2 94.6 Aug. 25 105.5 126.7 106.6 100.1 L18.5 99.1 85.3 104.8 r117.8 95.3 106.2 94.6 Sept. 1 105.2 125.1 105.5 100.1 L18.6 99.1 85.5 104.8 117.6 95.3 106.2 94.6 Sept. 8 105.0 124.3 105.1 100.1 L18.6 99.4 85.3 104.8 117.6 95.3 106.3 94.6 Sept. 15 104.7 123.6 104.6 99.8 L18.6 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 L18.4 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 99.9 84.7 105.2 118.1 95.5 106.3 94.6 Nov. 3 105.9 129.1 106.6 100.1 119.1 100.0 84.5 105.2 118.2 95.5 106.4 94.6 Nov. 10 106.1 129.5 107.0 100.2 119.1 100.5 84.5 105.3 118.6 95.5 106.4 94.6 Nov. 17 106.3 130.3 107.2 100.3 119.1 100.5 84.6 105.3 118.6 95.6 106.4 94.6 Nov. 24 106.7 132.1 108.7 100.3 119.1 100.5 84.6 105.3 118.7 95.6 106.4 94.6 1944 1945 1944 1945 Subgroups Subgroups Oct. July Aug. Sept. Oct. Oct. July Aug. Sept. Oct. Farm Products: Metals and Metal Products: Grains 125.1 128.6 126.4 1266 130.2 Agricultural implements... 97.5 97.7 97.8 97 9 97.9 Livestock and poultry.... 127.1 133.3 130.7 1285 130.5. Farm machinery 98.6 98.7 98.8 989 98.9 Other farm products.... 119.9 125.5 12.5.7 1203 123.6 Iron and steel. 97.1 99 1 99.1 99 6 99 8 Foods: Motor vehicles.. 112.8 112.8 112.8 1128 112.*8 Dairy products 110.7 110.5 11C.6 1103 110.4 Nonferrous metals 85.8 85.9 85.8 85 7 85.7 Cereal products 94.7 95.3 9 =.1 95 1 95.3 Plumbing and heatiner 92.4 92.6. 93.4 95 0 95.0 Fruits and vegetables 112.7 130.3 124.3 1175 116.3 Building Materials: Meats 106.0 108.0 107.9 1079 107.9 Brick and tile 104.8 111.7 111.6 1124 115.2 Other foods 96.8 95.6 9C.8 949 98.5 Cement 97.5 99.4 99.4 99 99.9 Hides and Leather Products: Lumber1 154.2 155.1 155.3 1550 155.2 Shoes 126.3 126.3 126.3 1263 126.3 Paint and paint materials.. 106.0 106.1 107.3 1076 107.6 Hides and skins 107.3 117.6 117« 118 1 117 6 Plumbing and htatinff 92.4 92.6 93.4 950 95 0 Leather. 10l!3 101.3 101.3 103.8 103! 8 Structural steel. 107.3 107.3 107.3 1073 107!3 Other leather products... 115.2 115.2 115.2 1152 115.2 Other building materials 103.3 104.3 104.3 1045 104.6 Textile Products: Chemicals and Allied Products: Clothing 107.4 107.4 107.4 107.4. 107.4 Chemicals 96.0 96.1 96.1 96 1 96.4 Cotton goods 118.8 119.7 119.7 121.3 125.0 Drugsand pharmaceuticals 106.9 110.2 110.2 1102 110.3 Hosiery and underwear 71 !5 71.5 V..5 715 71 !s Fertilzer materials 81.8 81.1 81.1 81 1 81.9 Silk Mixed fertilizers 86.6 86.6 86.6 866 86.6 Rayon 30.0 30.2 3C.2 30.2" 30.2 Oils and fats. .. 102.0 102.0 102.0 1020 102.0 Woolen and worsted goods 112.9 112.7 112.7 112.7 112.7 Housefurnishing Goods: Other textile products.... 100.9 100.9 10C.9 101.3 101.4 Furnishings 107.4 107.5 107.5 107 7 107.9 Fuel and Lighting Materials: Furniture 101.4 101.5 101.5 1015 101.6 Anthracite 95.2 101.6 101.8 102.7. 102.2 Miscellaneous: Bituminous coal 120.5 123.9 12^.7 124.7 124.8 Auto tires and tubes 73.0 73.0 73.0 730 73.0 Coke 130.7 131.0 .0 134.9 134.9 Cattle feed 159 6 159 6 159 6 1596 159 6 Electricity.....'......!!.!! 60'.3 61.5 Paper and pulp. 107.2 109.0 109.3 1093 109! 4 Gas 76.0 77 8 780 80 7 Rubbar crude 46.2 46.2 46.2 46.2 46.2 Petroleum products 63.8 64 .'2 64.'2 62.6 "oi!i' Other miscellaneous 97.0 98.9 98.9 98 9 98.9 1 Lumber series revised from September 1943. r Revised. Back figures.—Bureau of Labor Statistics, Department of Labor. IX5O 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 1943 1944 1943 1944 19451 1937 1938 1939 1940 1941 1942 1943 1944 1 12 1 2 1 2 1 2 1 Gross national product . 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 goods and services 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 Federal Government 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 War 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 Nonwar 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 State and local governments.... '"i'.s 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 Private gross capital formation.... 11.6 7.7 10.9 14.8 19.4 7.7 2.1 1.8 0.7 1.3 0.9 0.9 1.6 2.6 1.2 2.3 4.7 Construction 3.7 3.3 3.6 4.3 5.2 2.8 1.5 1.6 0.7 0.8 0.8 0.8 1.5 1.5 1.6 1.6 2.0 Residential 2.0 2.4 2.8 1.3 0.6 0.5 0.3 0.3 0.3 0.2 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 1.7 1.9 2.1 "2.8 ""3 A"*3'.8 "*4'.2 "AA Net change in business inventories 1.1 -1.3 0.9 1.8 3.5 -0.5 -0.6 -1.7 -0.6 (2) -0.5 -1.3 — 1.2 (2) -1.6 -1.9 -0.8 Net exports of goods and services 0.1 1.1 0.8 1.5 1.5 0.2 -1.8 -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 (2) (2) (2) (2) (2) (2) -0.1 (2) (2) (2) Consumer goods and services 62.5 58.5 61.7 65.7 74.6 81.9 90.9 97.6 43.4 47.5 46.5 51.1 89.3 92.5 95.7 99.6 100.7 Durable goods 7.6 6.0 6.4 7.4 9.1 6.3 6.6 6.7 3.0 3.6 3.0 3.7 6.5 6.6 6.5 6.9 6.9 Nondurable goods } 54.9| 52.5 32.6 34.4 40.1 47.9 55.1 60.0 25.9 29.2 28.1 31.9 53.9 56.3 58.6 61.4 62.0 Services 22.7 23.9 25.4 27.6 29.3 30.9 14.5 14.7 15.4 15.6 28.9 29.7 30.6 31.3 31.7 Gross national product... 87.7 80.6 88.6 97.1 120.5 151.5 187.8 198.7 90.5 97.3 97.8 100.9 Business tax and nontax 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 1 0 0 5 0 £ 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 0.9 0.4 0.4 0.4 0.4 Adjustments: For inventory revaluation —0 7 +0 9 —0.4 —0.4 2 2 —2 1 —0 2 —0 1 i — l — 1 0 For discrepancies 0 0 0 -0.4 -0.8 -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 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 Deductt ons * Corporate savings —0.8 — 1.5 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 92.7 117.3 143.1 156.8 68.2 74.9 76.3 80.5 138.9 147.2 155^5 158.0 163.4 Income payments to individuals 72.3 66.2 70.8 76.2 92.7 117.3 143.1 156.8 68.2 74.9 76.3 80.5 138.9 147.2 155.5 158.0 163.4 Personal taxes and nontax payments 3.1 3.3 3.1 3.3 4.0 6.7 18.5 19.3 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 17.2 6.7 9.8 10.3 6.9 State and local 1 7 1 7 1 9 1.9 2.0 2 0 2 0 2 0 1.1 .9 1.1 9 Disposable income of individuals . .. 69.2 62.9 67.7 72.9 88.7 110.6 124.6 137.5 60.4 64.2 64.8 72.7 139.9 Consumer expenditures 62.5 58.5 61.7 65.7 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 14.2 28 8 33.7 39.9 17.0 16.7 18.3 21.6 39.2 National income 71.5 64.2 70.8 77.6 96.9 122.2 149.4 160.7 71.5 77.9 78.5 82.1 145.1 153.6 159.5 161.7 166.5 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 3.7 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 1 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 6.8 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 12.5 Interest and net rents 7.4 7.3 7.4 7.5 8.0 8.8 9.7 10.6 4.8 4.9 5.3 5.3 9.5 10.0 10.5 10.8 "11.7 Net corporate profit 3.9 1.7 4.2 5.8 8.5 8.7 9.8 9.9 4.8 5.0 5.0 4.9 9.7 10.0 10.0 9.8 10.0 Dividends 4.7 3.2 3.8 4.0 4.5 4.3 4.3 4.5 1.9 2.4 2.0 2.5 4.6 Savings -0.8 — 1.5 0.4 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. DECEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of November 1, 1945] (In thousands of units) Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1944 Nov. 1, 1945 1944 Nov. 1, 1945 1944 Nov. 1, 1945 1944 Nov. 1, 1945 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,694 8,064 40 36 New York 29,302 28,259 9^ 799" 10^523 58 57 Philadelphia 47,208 53,210 18,022 18,425 146 146 Cleveland 181,230 221,549 52,928 68,145 34 34 Richmond 1,603 1,102 136,802 146,326 34,274 27 192 Atlanta 2 551 2 171 166 230 184 812 9 222 8 211 Chicago 1,220,245 1,195,148 54,269 67,234 859 798 St. Louis "i3,74l" 22,990 " 367,312 363,985 48,546 52,089 16 19 Minneapolis 453,060 383,947 30,411 35,989 265,502 262,748 Kansas City 526 '"245" 529,603 400,961 337,847 412,790 4,640 5,830 Dallas 3,360 2,366 82,016 80,147 75,775 38,617 133 93 San Francisco 449 494 7,659 7,558 92,980 97,754 43,146 43,095 Total 12,230 9,368 3,228,361 3,073,966 764,073 836,969 314,574 312,856 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1944 Nov. 1, 1945 1944 Nov. 1,1945 1944 Nov. 1, 1945 1944 Nov. 1, 1945 Bushtls Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 5,461 4,842 2,779 3,643 32,515 32,761 63,703 66,808 New York 26,116 22,352 5,938 6,330 1,404 1,235 31,143 36,422 Philadelphia 15,062 16,085 2,325 2,516 52,893 52,447 19,765 20,883 Cleveland 47,135 63,607 4,987 5,598 158,913 153,504 11,813 13,927 Richmond 29,201 31,004 4,131 5,075 1,068,295 1,149,350 18,070 24 536 Atlanta 28,256 31,176 3,342 4,455 212,329 235,598 14,342 18,870 Chicago 399,906 612,273 18,021 18,927 31,642 37,349 31,558 35,449 St. Louis. 53,674 61,584 7,735 8,852 384,237 379,581 8,945 10,368 Minneapolis 377,205 526,310 10,408 10,600 2,526 2,985 45,816 51 572 Kansas City 106,365 134,749 8,788 8,618 5,459 5,652 33,122 60,521 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 85,585 Total 1,166,392 1,583,650 83,845 90,477 1,950,213 2,050,462 379,436 430,773 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 Aug. 1; for spring wheat, oats, and tame hay for Oct. 1. No estimates made for Nov. 1. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* On Bank Credit, Money Rates, and Business 1945 1945 Chart Chart book book page Oct. Oct. Nov. Nov Nov. page Aug. Sept. Oct.2 24 31 7 14 21 WEEKLY FIGURES* In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit, total 2 23.79 23.99 23.88 24.50 24.33 U. S. Govt. securities, total 3 23.09 23.28 23.08 23.45 23.34 Reserve Bank credit 6 22.87 23.71 23.89 Bills 3 13.02 13.17 12.89 13.18 12.83 Gold stock 6 20.12 20.09 20.05 Certificates 3 7.17 7.21 7.29 7.33 7.54 Money in circulation 6 27.39 27.77 27.94 Notes 3 1.92 1.92 1.92 1.96 1.99 Treasury cash 6 2.26 2.26 2.26 Disc B o o u n n d ts s and advances 2 3 . . 3 9 9 8 . .4 9 4 8 . . 5 9 1 8 . . 6 9 0 8 . . 6 9 3 8 M Tr e e m as b u e r r y b d a e n p k o s r i e t s s e rves, total 6,7 6 14. . 9 55 8 15. . 4 61 1 15 . . 4 6 5 8 M Go o l n d e y s to in ck c irculation 2 2 2 27 0 . . 9 0 7 4 2 2 8 0 . . 0 0 5 4 2 2 0 8 . . 0 1 4 4 2 2 8 0 . . 1 0 8 3 2 2 0 8 . . 0 2 3 0 R C e e s n e t r r v a e l r c e i s ty e rv b e a n c k i s ty banks 1 1 3 3 4 6. . 0 8 0 6 6 5 . . 1 0 7 3 5 6. . 2 1 4 1 T T r r e e a a s s u u r r y y c d a e s p h o sits 2 2 2. . 2 3 5 0 2. . 2 4 4 3 2. . 2 2 7 6 2. . 2 5 7 8 2. . 2 4 ' 1 Requ C i o re u d n t r r e y s e b r a v n e k s, s t otal 1 7 3 1 4 3 . . 1 8 1 9 1 4 4 . . 2 3 2 5 1 4 4 . . 3 6 2 2 M Re e q m u b ir e e r d b r a e n s k e rv re e s s e rves 2, 4 4 1 1 5 4 . . 7 7 5 5 1 1 5 4 . . 7 8 2 2 1 1 5 4 . . 7 8 4 1 1 1 5 4 . . 9 8 9 3 1 u 5 . .9 n 4 R C e e s n e t r r v al e r c e i s ty e rv b e a n c k i s ty banks 1 1 3 3 4 5 . . 8 7 5 3 5 5 . . 0 9 0 1 5 5 . . 0 9 9 8 E E x x c c e es s s s r re e s s e e r r v v e e s s e (weekly average), total" .. 5 4 1 1 . . 0 0 0 0 1. . 0 9 3 0 1. . 1 9 0 3 P 1 i. . 2 1 2 6 n Pi . . i 2 \ 4 Exce C ss o u re n s t e ry r v b es a , n k t s o tal 1 7 3 3 1 . . 3 0 2 8 3 1. . 0 4 6 5 3 1 . .0 5 6 5 N R C C e e h o w s i u c e n a r Y t v g r e o y o r c k b i a t C y n i k b ty s a e nks 5 5 5 5 . . . . 2 0 0 7 4 1 1 5 . . . . 2 0 0 7 5 1 3 5 . . . . 2 0 0 8 8 2 1 0 P. . . . 8 3 0 0 7 1 1 3 v . . . 8 3 0 0 9 1 1 3 M Ba o l R n C 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 n i . o n d b n k a , o s n v t k e o s r t : al : 1 1 8 3 8 3 2 4 1 7 7 . . . . 9 0 5 6 4 4 5 9 2 4 7 1 7 . . . . 8 0 5 8 4 3 9 3 2 4 1 7 8 . . . . 8 0 6 0 5 5 7 5 MEMBER BANKS IN LEADING CITIES $10 and $20 bills 8 15.53 15.63 15.78 Total—101 cities: Coins, $1, $2, and $5 bills .8 4.61 4.60 4.60 Loans and investments 14 61.01 60.95 61.03 61.11 62.06 ALL BANKS IN U. S. New D L L U U Y o o e . . a a m o S S n n r . . a k s s n G G a d C o o n i v v d d t t t e y . . i p : n d o o v b e s e p l i s i t o g s t s m a a i t t e d i s o n j u n ts s s t ed 1 1 1 1 1 4 5 4 4 4 4 3 2 1 8 5 1 9 2 . . . . . 0 4 2 2 9 8 6 2 8 3 4 3 2 1 8 5 1 9 2 . . . . . 1 1 2 5 5 4 4 2 9 1 4 3 2 1 5 9 7 1 2 . . . . . 2 4 9 1 5 6 5 6 6 3 4 3 2 1 5 9 7 1 2 . . . . . 1 9 0 5 7 8 3 5 0 0 4 3 2 1 5 8 9 1 3 . . . . . 5 5 8 4 2 i 5 1 8 T D T U C o i . u e m t m r S a r e . l e a n n G d d d c e e o y p p v d o o t o e . s s u p i i d t t o t s s s e s i p i d a t o e s n s d i b t s a c n u k rr s e ncy 9 9 9 9 9 P ^ P P p 1 l 4 2 7 6 7 6 6 4 3 .3 . . O . . 1 4 0 O O 0 0 0 p1 P ^ p P 2 6 7 4 1 6 2 5 6 4 . . . . . 2 8 4 9 3 0 0 0 0 0 P P P P 7 4 2 l i 8 7 6 l 6 . . . . 3 1 6 . 7 4 8 O 0 0 0 0 U. S. Govt. obligations, total 15 15.08 14.87 14.91 14.75 14.91 CONSUMER CREDIT D I T U n i e . m t m e S e N r B B C . a b i o n e o G d a l r n d t l e n t s o e d p i k s v f d s o i t e c a s d . p a i n e t d t o d s p e e s o s p i g t s o s u i s t a s a i r t d s . j s u e s c te u d ri ties 1 1 1 1 1 1 1 1 6 5 5 6 6 6 5 5 1 8 4 2 3 3 1 4 . . . . . . . . 8 1 0 8 1 0 8 4 5 7 0 2 2 0 1 1 1 8 3 2 3 4 4 1 . . . . . . . . 0 8 1 1 8 0 6 2 2 6 7 2 0 5 0 3 1 3 8 3 4 2 4 1 . . . . . . . . 8 0 0 7 1 1 5 2 9 1 7 5 2 0 5 6 1 2 4 8 2 3 1 4 . . . . . . . . 9 0 9 1 7 5 1 1 0 0 6 4 3 5 6 1 1 3 4 8 2 2 1 4 . . . . . . . . 1 9 9 1 1 7 7 2 7 5 2 2 0 9 9 5 Cons I S S C u n i e h n m s r a g t v e a r I I l i g r e n n l c m e e s s p c t t e a c a a r a n e c r l l y t e m m d c m d o i c e e t i e u , r t n n n n e t t t t d t s o s l i l o a t t o , a l a e a l n t n o s c s t r a e l d it, total 18, 1 1 1 1 1 1 1 9 9 8 8 9 8 8 5 2 1 1 1 . . . . . . . 3 4 5 3 0 7 7 6 4 9 3 3 5 1 P P p P 3 1 1 * P P 2 5 . 1 . . . . . 4 3 6 . 7 7 0 3 7 6 6 2 3 5 3 P P P P P P I P 2 I I 5 . . . . . . . 7 1 7 9 3 3 6 5 3 6 0 6 7 7 Loans, total 15 5.02 5.22 5.17 5.23 5.50 Automobile 19 .20 P.20 P.21 Commercial 17 2.42 2.45 2.53 2.59 2.63 Other 19 .51 P.52 P.54 For purchasing securities: TREASURY FINANCE Brokers'—on U. S. Govts. . ... 17 .94 1.04 .98 1.02 1.13 B T r o o o k t e h r e s' r — s on other securities.. 1 1 7 7 . . 6 5 1 1 . . 5 6 1 4 . . 6 4 4 7 . . 6 4 4 6 . .5 6 5 3 U. t S ot . a G l o i v n t t . e r o e b s l t i - g b a e t a io ri n n s g outstanding, 20 261.26 260.16 259.98 100 citie A s l o l u o t t s h id e e r New York: 17 .54 .59 .56 .53 .57 By c B la o s n s d e s s o (m f a se rk c e u t r a it b i l e e s : issues). 20 108.17 107.05 107.05 L U o . a S n B . s o G a n o n d v d s t . i n 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 . . . 7 3 2 9 8 2 3 3 1 0 9 6 . . . 2 7 2 8 3 8 3 3 1 0 9 6 . . . 3 8 3 5 8 3 4 3 1 0 0 6 . . . 0 4 4 6 3 3 4 3 1 0 0 6 . . . 5 6 5' 7 4 N S S a p o v e t i c 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 4 5 2 7 7 0 . . . 9 3 0 7 8 3 5 2 7 6 0 5 . . . 2 5 5 8 2 9 5 2 7 6 0 5 . . . 0 5 5 7 5 8 L T D U In o i e . m t a m e S n e N r B C . a s b n i e , o G d a l r d l t e n t t o s e o p i k s v f d t o i a t e c a s . d l p a i n e d t t o d s p e e s s o p i g t s o s u i s t a s i a t r d s . ju se s c te u d r ities 1 1 1 1 1 1 1 1 5 6 5 5 6 5 5 6 2 4 8 6 7 7 5 7 . . . . . . . . 1 1 0 9 0 2 1 8 2 8 9 1 2 6 2 9 2 4 8 7 6 7 4 7 . . . . . . . . 1 9 0 1 2 0 9 7 4 7 7 6 9 6 7 6 2 4 6 8 6 4 7 7 . . . . . . . . 1 8 9 1 3 3 9 9 6 9 8 3 6 3 0 1 2 4 8 6 7 4 7 7 . . . . . . . . 1 1 0 9 5 4 9 8 7 2 2 2 7 7 6 6 2 6 7 8 5 5 7 7 . . . . . . . . 1 1 3 1 7 0 4 8 8 0 9 3 7 2 3 7 By m W W B 5 5 5 C - - a i e 1 2 y i i l t r t t l 0 0 e u h s h t i a r i i f y y n n r i i s e e t c i a a a 5 1 e a r r t s s s n e 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 9 4 8 3 6 6 1 9 8 3 4 3 6 7 . . . . . . . 9 3 3 4 5 0 0 4 9 9 3 3 4 3 9 8 6 4 6 3 1 9 3 5 9 6 2 7 . . . . . . . 4 0 3 2 0 7 0 8 7 5 9 9 9 2 9 3 4 8 6 6 1 5 3 9 9 2 6 7 . . . . . . . 3 0 0 7 2 4 0 1 3 2 5 9 8 9 A F C o l o l r m o p t m u h r e e c r r h c a i s a i l n .. g . securities 1 1 1 7 7 7 2 3 1 . . .3 1 8 2 0 5 3 2 1 . . . 3 8 1 0 8 1 3 2 1 . . .2 9 1 9 5 3 4 2 1 . . .2 0 1 9 4 4 4 2 1 . . . 4 1 1 8 2 Hold F F C in e e o d d g m . s e m r a o a g e l f e r c R U n 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 8 2 2 4 6 2 . . . 1 5 5 5 0 3 2 8 2 6 3 3 . . . 6 5 3 4 0 3 2 2 3 6. . 7 2 5 8 Mutual savings banks 21 10.00 10.00 MONEY RATES, ETC. Per cent per annum O In t s h u e r r a n in c v e e c s o to m rs p , a n to ie t s a l 2 2 1 1 r r 2 9 2 5 . . 5 6 0 0 2 9 3 3 . . 2 5 0 0 Treasury bills (new issues) 24 .375 .375 .375 .376 Marketable issues 21 r40.30 39.30 Treasury notes (taxable) 24 1.16 1.17 1.15 1.13 U. S. Govt. bonds: Partially tax-exempt 24, 26 1.60 1.60 1.58 1.56 Taxable 24, 26 2.34 2.35 2.33 2.33 2.32 Per c-ent per annum High-grade corporate bonds (5 issues) 26 2.55 2.54 2.55 2.55 2.54 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 3 2 . . 2 6 0 2 3 2 . . 1 6 7 1 3 2 . . 1 6 6 2 2 3 . . 6 1 2 5 2 3. . 1 6 - F C . o R rp . o B ra a t n e k A d a is a c b o o u n n d t s rate (N. Y.).. 2 2 3 3 2. . 6 5 1 0 2. . 6 5 2 0 2. . 6 5 2 0 In unit indicated Treasury bills (new issues) 23 .375 .375 .375 Stock prices (1935-39 = 100), total 27 131 133 137 136 Industrial 27 134 135 139 138 In unit indicated Railroad 27 144 147 154 151 Public utility.; 27 114 117 121 121 12C Volume of trading (mill, shares) 27 1.28 1.75 2.03 2.17 1. Stock prices (1935-39 = 100): Total 27 118 126 132 BUSINESS CONDITIONS Industrial 27 119 128 135 Steel production (% of capacity) 37 65.1 72.9 77.0 80.4 Railroad 27 131 138 145 Electric power prod. (mill. kw. hrs.) 37 3,937 3,899 3,948 3,985 3,84 Public utility 27 107 111 114 Freight carloadings (thous. cars) 45 855 852 838 800 7 Volume of trading (mill, shares) 27 1.03 1.22 1.56 Department store sales (1935-39 = 100)... 45 233 236 261 275 Brokers' balances (mill, dollars): Wholesale prices (1926 = 100), total 49 105.7 105.9 106.1 106.3 106. Credit extended customers 29 1,100 1,084 1,063 Farm products 49 127.7 129.1 129.5 130.3 132. Money borrowed 29 758 762 743 Other than farm and food 49 100.1 100.1 100.2 100.3 100. Customers' free credit balances 29 573 594 632 For footnotes see following page. DECEMBER 1945 1x53 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart Chart book book Aug. Sept. Oct. page Aug. Sept. Oct. 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) :3 Total 49 105.7 105.2105.9 Total 13,211 12,820 ^13,005 Farm products 49 126.9 124.3127.3 Salaries and wages 9,074 8,663 P8.544 Other than farm and food , 49 99.9 99.8100.1 Other 4,137 4,157 ^4,461 Cash farm income (mill, dollars): Total 1,870 1,977 ^2,534 1945 Livestock and products 917 909 PI ,036 G Cr o o v p t s . payments 90 5 3 0 1,05 1 2 6 Pi, p 3 1 8 1 4 4 QUARTERLY FIGURES J M an a . r - . A Ju p n r e .-J S u e l p y t - . Armed forces (mill, persons) 12.3 12.1 11.5 Civilian labor force (mill, persons): MONEY RATES Per cent perannum Total 54.4 52.9 53.4 Bank rates on customer loans: Male 35.0 34.3 34.8 Total, 19 cities 23 253 250 2.45 Female 19.3 18.7 18.5 New York City 25 1.99 220 2.05 Unemployment 0.8 1.7 1. Other Northern and Eastern cities 25 2.73 255 2.53 Employment 53.5 51.3 51.9 Southern and Western cities 25 2.91 280 2.81 Nonagricultural 44.5 42.5 43.0 Industrial pr A o g d r u i c c t u i l o t n u : r 3 al • 9.1 8.8 8.9 SECURITY MARKETS In millions of dollars Total (1935-39 = 100) ^186 ^170 pl63 Corporate security issues: Groups (points in total index): Net proceeds: Durable manufactures P91.S ^75.9 All issues 28 708 2,139 Nondurable manufactures p73.6 P73.5 P73A Industrial 28 201 400 831 Minerals 21.3 20.4 p18A Railroad 28 227 435 459 New orders, shipments, and inventories (1939 = 100): Public utility 28 248 354 786 New orders: New money: Total 136 ?17O All issues 28 111 244 369 Durable 60 P118 Industrial 28 78 184 313 Shipments: Railroad 28 12 32 26 Total 221 *>215 Public utility 28 2 13 5 Durable 261 P227 Nondurable 193 P206 1945 Inventories: Total 165 ^166 Durable 186 ^188 Dec. Mar. June Nondurable 146 ?147 30 20 30 Fact P o a ry y e ro m l p ls loyment and pay rolls (1939 = 100): 257.1 215.7 CALL DATE FIGURES In billions of dollars Employment 142.5 123.2 Hours and earnings at factories: ALL MEMBER BANKS Weekly earnings (dollars) r41.75 40.88 Loans and investments, total 10 91.57 90.52 99.43 Hourly earnings (cents) 102.5 98.8 U. S. Govt. obligations, total 10 67.69 67.92 73.24 Hours worked (per week) r40.7 41.4 Bonds 11 34.93 (4) 40.27 Nonagricultural employment (mill, persons):3 Certificates 11 13.98 (4) 15.58 Total ... 36.9 35.2 P34.7 Notes 11 14.13 (4) 14.72 Manufacturing and mining 14.6 12.9 P12.6 Bills 11 3.75 (4) 2.63 Trade 7.1 7.2 Guaranteed obligations 11 .90(4) .03 Government 6.0 5.9 Other securities, total 10 5.21 5.39 5.60 Transportation and utilities 3.8 3.8 p3.S State and local government obligations 11 2.86 2.99 3.10 Construction 0.9 0.9 2*0.9 Other securities 11 2.35 2.40 2.50 Construction contracts (3 mo. moving average, mill, Loans, total 10 18.68 17.22 20.59 dollars) :3 Commercial 11 7.53 (4) 7.10 Total 250 284 p326 Real estate 11 3.21 (4) 3.25 Residential 44 48 P58 Brokers' 11 1.74 (4) 2.53 Other 206 235 Agricultural 11 1.20 (4) 1.13 Residential contracts (mill, dollars):3 Demand deposits adjusted 10 57.31 61.17 59.13 Total 42 43 Public 3 Private, total 39 "43 CLASSES OF BANKS 1- and 2-family dwellings 30 37 Central reserve city banks: Other 9 6 Loans and investments, total 12 29.45 27.95 31.49 Freight carloadings:3 U. S. Govt. obligations 12 21.09 20.41 21.62 Total (1935-39 = 100) 128 127 Other securities 12 1.41 1.47 1.55 Groups (points in total index): Loans 12 6.94 6.07 8.32 Miscellaneous 72.2 68.9 [68.3 Demand deposits adjusted 12 17.08 18.60 17.80 Coal 27.2 30.3 23.2 Time deposits 12 1.63 1.73 1.79 All other 29.0 27.7 26.9 Reserve city banks: Department stores (1935-39 = 100) :3 Loans and investments, total 12 33.60 33.45 36.57 Sales. 200 199 213 U. S. Govt. obligations 12 25.04 25.30 27.52 Stocks 187 172 159 Other securities 12 1.74 1.80 1.89 Exports and imports (mill, dollars): Loans 12 6.82 6.35 7.15 Exports p737 ?515 Demand deposits adjusted 12 20.27 21.74 20.68 Excluding Lend-Lease exports P324 P357 Time deposits 12 7.79 8.28 8.76 Imports p360 P334 Country banks: Excess of exports excluding Lend-Lease exports.... P-36 P22 Loans and investments, total 13 28.52 29.13 31.37 Cost of living (1935-39 = 100) : U. S. Govt. obligations 13 21.55 22.20 24.09 All items 129.3 128.9 128.9 Other securities 13 2.06 2.12 2.16 Food 140.9 139.4 139.3 Loans , 13 4.91 4.81 5.11 Clothing 146.4 148.2 148.3 Demand deposits adjusted 13 19.96 20.84 20.66 Rent 108 3 Time deposits 13 9.90 10.54 11.26 e E.3sLtiimmaa.Lttevdj... •p xP r1e tili.iimJLJi.inAa.icrny.y. . xxCVlSCQ., 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. - 2 F 1 o ig r u c ic h a a r i t u s i o u n u i p ic a i g e u s i i 2~ai 0"i , Y 2"V 3~ c , u a u n c d s'u 2~a 7 ,~y , f"u ig a u ic re s ss for a more recent period are available in the regular BULLETIN tables that showthose series. 3 Adjusted for seasonal variation. 4 Figures available for June and December dates only. * Copies of the Chart Book may be obtained at a price of 50 cents each. 12-54 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures for last date shown are preliminary] Commercial banks Mutual savings banks All Member banks Nonmember banks1 banks Total Total National m S e t m at b e er Total Insured2 in N su o r n e - d2 Insured in N su o r n e - d Banks (Head Offices) December 31, 1933 15,029 14,450 6,011 5,154 857 8,439 8,439 579 December 31, 1934 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 December 31, 1941 14,825 14,277 36,619 5,117 31,502 7,661 6,810 851 352 496 December 31, 1942 14,680 14,134 36,679 5,081 31,598 7,458 6,667 791 356 490 December 31, 1943 14,579 14,034 36,738 5,040 31,698 7,299 6,535 764 3184 361 December 31, 1944 14,535 13,992 36,814 5,025 31,789 7,181 6,452 729 3192 351 September 30, 1945 14,545 14,003 36,861 5,014 31,847 7,145 6,426 719 3192 350 Branches and Additional Offices4 December 31, 1933 2,911 2,786 2,081 1,121 960 705 7C5 125 December 31, 1934 3,133 3,007 2,224 1,243 981 783 5783 5126 December 31, 1941 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 December 31, 1942 3,739 3,602 2,615 1,592 1,023 987 935 52 35 102 December 31, 1943 3,933 3,797 2,793 1,741 1,052 1,004 952 52 95 41 December 31, 1944 4,064 3,924 2,892 1,813 1,079 1,032 978 54 99 41 September 30, 1945 4,152 4,009 2,970 1,873 1,097 1,039 984 55 101 42 Bank Changes Jan. 1-Sept. 30, 1945 Increases in number of banks: Primary organizations (new banks)6.... +83 +83 +15 +10 +5 +68 +60 +8 Decreases in number of banks: Consolidations and absorptions -58 -57 -31 -25 —6 -26 -24 -2 Voluntary liquidation7 -15 -15 -2 -2 -13 -6 -7 Inter-class bank changes: Conversions— National into State _4 -4 +4 +4 State into national +6 +10 -4 -6 Federal Reserve membership8 -6 Admissions of State banks +65 +65 -65 -64 i Withdrawals of State banks —2 -2 +2 +2 Federal deposit insurance9 Admissions of State banks +9 -9 Withdrawals of State banks -1 +1 Net increase or decrease in number of banks +10 +11 +47 -14 +58 -36 -26 -10 -1 Branch Changes Jan. 1-Sept. 30, 1945 Increases in number of branches: De novo branches +41 +39 +24 +20 V, +15 +13 +2 +2 Banks converted into branches +29 +28 +24 +17 +4 +4 "•+1 Decreases in number of branches: Branches discontinued -14 -14 •7 -3 -11 —10 -1 Inter-class branch changes: From national to State member . -1 +1 From nonmember to State member +4 +4 —4 —4 Banking offices at military reservations: Established +53 +53 +48 +39 +9 +5 +5 R D e is o c p o e n n t e i d nued - + 23 2 - + 23 2 - + 20 1 - + 16 1 —4" + -3 1 + -3 1 Net increase or decrease in number of branches and additional offices.. +88 +85 +78 +60 +18 +7 +6 +1 +2 +1 1 Includes unincorporated (private) banks. 2 Federal deposit insurance did not become operative until Jan. 1, 1934. 3 The State member bank figures and the insured mutual savings bank figures both include'three member mutual savings banks which became members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only once in "all banks." 4 Covers all branches and other additional offices at which deposits are received, checks paid, or money lent. Offices at military reservations (shown separately) consist mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government. Four of these banking facilities are in each case operated by two national banks, each bank having separate tellers windows; each of these facilities is counted as one banking office only. 5 Separate figures not available for branches of insured and noninsured banks. 6 Exclusive of new banks organized to succeed operating banks. 7 Exclusive of liquidations incident to the succession, conversion, and absorption of banks. 8 Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership; they are included under "conversions." 9 Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Siich changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "inter-class bank changes." Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. DECEMBER 1945 12.55 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments... 1257 Gold production 1258 Gold movements 1258 Net capital movements to United States since January 2, 1935 1259-1264 Central banks .. .. 12.65-12.68 Money rates in foreign countries... 1169 Commercial banks 1270 Foreign exchange rates 1271 Price movements: Wholesale prices 1272 Retail food prices and cost of living... 1273 Security prices 1273 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data arc compiled for tne most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance witn the Treasury Regulation of November 12., 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. 12.56 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U St n a i t t e e s d g t A e in n r - - a1 g B iu el m - Brazil B I r n i d ti i s a h Canada Chile lo C m o b - ia Cuba C v z s a e l k o ch i - a o- m De a n r - k Egypt France m G a e n r- y Greece 1938—Dec 14,512 431 581 32 274 192 30 24 83 53 55 2,430 29 27 1939—Dec 17,644 466 609 40 274 214 30 21 56 53 55 2,709 29 28 1940—Dec 21,995 353 734 51 274 27 30 17 1 58 52 52 2,000 29 28 1941—Dec 22,737 354 734 70 274 5 r31 16 1 61 44 52 2,000 29 28 1942—Dec 22,726 1658 735 115 274 6 36 25 16 61 44 52 2,000 29 28 1943—Dec 21,938 l939 734 254 274 5 r54 59 46 61 44 52 2,000 29 28 1944—Nov 20,688 409 314 274 5 r81 91 101 61 44 52 28 Dec 20,619 11,111 329 274 6 r79 92 111 61 44 52 1,777 "•29"' 28 1945—Jan 20,550 409 '"732" 330 274 7 r80 94 121 61 44 52 1,777 28 Feb 20,506 409 732 340 274 6 r80 95 126 61 44 52 1,777 28 Mar 20,419 409 715 341 274 5 r80 97 131 44 52 1,777 28 Apr 20,374 409 715 341 274 6 r80 99 141 44 52 1,777 28 May 20,270 409 714 342 274 4 r81 100 151 44 52 1,777 June 20,213 409 713 342 274 6 80 102 166 "*6i"' 44 52 J A u u l g y 2 2 0 0 , , 0 15 8 2 8 4 4 0 0 9 9 7 7 1 1 2 2 3 3 4 5 2 2 2 2 7 7 4 4 6 7 8 8 2 2 1 10 0 4 3 1 1 7 7 6 1 61 4 4 4 4 5 5 2 2 1,777 Sept 20,073 409 694 352 274 7 82 106 44 1.777 Oct 20,036 698 5 114 44 End of month H g u a n ry - (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 a e la w nd N w o a r y - Peru Poland Po g r a t l u- Ru ni m a a- A So fr u ic th a Spain 1938—Dec 37 26 193 164 80 29 998 23 94 20 85 69 133 220 3525 1939—Dec 24 26 144 164 90 32 692 23 94 20 484 69 152 249 1940—Dec 24 26 120 164 140 47 617 23 484 20 59 158 367 1 19 9 4 4 2 1 — — D D e e c c 2 2 4 4 3 2 4 6 B164 42 2 1 3 6 5 4 3 7 9 5 5 7 0 5 6 2 2 3 3 2 2 5 1 5 5 9 9 2 1 4 8 1 2 6 3 3 6 4 6 •"•4 42 2" 1943—Dec 24 92 203 500 23 31 60 316 706 91 1944—Nov.. 24 P127 222 500 23 32 60 811 104 Dec 24 P128 222 500 23 32 60 814 105 1945—Jan. *>128 222 500 23 30 60 829 106 Feb p128 221 500 23 30 60 834 106 Mar *>128 220 500 23 30 60 848 108 Apr. ^128 219 500 23 30 60 851 109 M!ay 2*128 219 500' 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 60 909 109 Sept 255 270 28 60 938 Oct 250 270 28 ^963 Government gold reservesi not included in previous figures End of month Swe- Switzer- Tur- U K n in it g e - d Uru- Vene- Yugo- B.I.S. c O o t u h n e - r den land key dom guay zuela slavia tries6 End of month U St n a i t t e e s d U K d n o in i m t g e - d France g B iu e m l- 1938—Dec 321 701 29 2,690 69 52 57 14 166 1938—Dec. ... 80 2759 331 44 1939—Dec 308 549 29 71 68 52 59 7 178 1939—Mar. ... 154 1,732 559 1940—Dec 160 502 88 1 90 29 82 12 170 May.... 477 1941—Dec 223 665 92 1 100 41 483 12 166 June... ""85 17 1942—Dec 335 824 114 1 89 68 21 185 Sept.... 164 "3876' 1943—Dec 387 964 161 1 121 89 45 229 Dec 156 1940—June... 86 17 1944—Nov 462 1,040 221 1 151 125 36 244 Dec. ... 48 292 17 Dec 463 1,052 221 1 157 130 37 245 1941—June... 89 17 1945-Jan 477 1,058 221 1 159 130 37 245 Dec 25 "4151 17 Feb 475 1,061 221 1 164 147 37 246 1942—June. .. 8 17 Mar 474 1,072 225 1 166 147 37 246 Dec 12 17 Apr 472 1,103 225 1 168 161 39 246 1943—June.... 11 17 May 470 1,105 225 1 173 161 39 247 Dec 43 17 June 478 1,069 234 1 175 176 39 247 1944—Mar.... 14 July 478 1,073 234 1 179 176 39 247 June... 21 ••17- Aug 479 1,084 234 1 189 186 39 247 Sept.. .. 25 O Se c p t t 4 4 7 7 9 5 1 1 , , 0 1 8 1 5 1 236 1 1 1 1 9 9 1 1 39 2 2 4 4 8 8 1945— D M e a c r. . . .. 3 1 2 2 •17' r Revised to show total gold holdings as reported in the balaiice sheet of the Central Bank of June... 81 Chile. p Preliminary, i Figures through March 1940 and for December 1942, December 1943, and Deceniber 1944 include, 1 Reported at infrequent intervals or on dein addition to gold of the Central Bank held at home, gold of theCentral Bank heli 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 tranfserred to Foreign Exchange Con- zation Account; France—Exchange Stabilization trol 4 3 B F F o i i a g g r u u d r r . e e s f G o r r o e l l d D a t e r e e c p e to m o r b t l e a e d s r t s 1 i o n 9 f 3 c fi 8 e c ia t is h l a t r t h e a t p i t m o o r e t f f i i d c s i a a g t l e o ly s ld f r h o e e r p l o d t r h t b e e y d r M e o s i n p n e i A c st p t e i r r v . e o 3 f c 0 o , F m i 1 r < l ) 1 3 a t 8 n r . i c e e s . , as2 f 8 o , ll 1 o 9 w 41 s . : Java— Fun 2 3 d F R i e g a p u n o r d r e t e R f d o e r n f i e t g e n u s d r e F o f u f o n r S d t e ; o p t t B a e l e m B lg b r i e i u t r i m . sh — g T ol r d e a r s e u s r e y r . ves on Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; 1fugoslavia—Feb. or ted separately. Aug. 31,1939, less reported holdings of Bank of Eng- M B f S ro a o o l m l r v i o 6 v 5 a c i T l F d a c a o i h , o s g r e t B , u , s E p u r e a e r s l n e g c t d o v f o a o n i r u o r i T i n a u a F h , t , s r a e i F C i b e o l i s f h r a n f u n i i a l c n a d a r i a r a n e y , l : d ( C S , r 1 A i o e G 9 a p s l 4 m u b t 1 o a a a ; ) r . n t t R b e . i m e a i F c g , i a a i A g l n a b u n l , g e r i e g n I e s c r i g n i e a f n l M o , a i r n n A a d g c r u , . e s J I r 2 t u r r t 9 e l a a y , l i l 1 a n i 9 a n 1 4 9 , d o 4 1 A f 3 , b , u t e g h s D g o t e i l r a n s d i n e a n z i r c t n i e h g o se * u r t r o n F h v u t r e e r g o s b i h u e r n s g u o M h a h r i D i A y a r v 1 . n u e g 9 g 7 e . 4 , b r 3 3 1 e r 9 , 1 e e L 3 , n p 8L i , t c 9 v B 3 a i 9 e r a r , l , i g E e L i c d a i u n t a f h C o d u r o o a w n r n , a g i r E o a d , , l l r t a h e n g e N 4 d a O F r B o d T i n r i g E i n u t t . g i — h r s e h a s F t p f o o d a e r r n c a a i d t S a e v l . e a F p i i l r n t a e . t b n e 1 l c r e , h n 1 a b 9 l a i 4 n c 1 g k s . o t i f l t i d u g t u i t r o r e a n s n s s a , f n e s d r e s e f o r a B f a d fe n e c k t t a i i n n il g g s Exch 7 a G ng ol e d E h q o u ld a i l n iz g a s t i o o f n B A a c n c k o u o n f t E d n u g r l i a n n g d 1 9 re 3 d 9 u . ced to nominal antiount bygold transfers to British a F n e d b r M ua o r n y e ta 1 r 9 y 4 5, S t p a . ti 1 s 9 ti 0 c . s, p. 526, and BULLETIN for NOTE.—For back figures, see Banking and Monetary StatLtics, Tables 156-160, pp. 536-555, and for a description of figures, including details regarding specalinternil gold transfers affecting the reported data, see pp. 524-535 in the same publication. DECEMBER 1945 12-57 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month production Total Africa North and South America Other U o . u S t . s S i . d R e .1 m re o p n o t r h te ly d A So fr u ic th a d R e h s o ia - A W fri e c s a t * B C e o l n g g i o an S U St n a i t t e e s d * Canada5 Mexico6 Co b l i o a m- Chile Ni g c u a a r 7 a- Au li s a t 8 ra- B I r n i d ti i s a h 9 $1 = l'H\ grains of gold f0 fine; i.e.,an ounce of fine gold = $35 1934 823,003 708 453 366 795 24 264 12 153 6-.540 108,191 104,023 23,135 12.045 8,350 1,166 30,559 11,223 1935 882,533 752,847 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251 868 31,240 11,468 1936. . . 971 514 833 895 396,768 28 053 16 295 7,386 152,509 131,181 26,465 13,632 9,018 807 40,118 11,663 1937 1,041,576 893,384 410,710 28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544 848 46,982 11,607 1938 1,136 360 958 770 425 649 28 532 24 670 8 470 178,143 165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939 1,208,705 1,020,297 448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940 1,297,349 1,094,264 491,628 29,155 32,163 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 968,112 494,439 26,641 29,225 130,963 169,446 630,000 20,882 6,409 8,623 42,525 8,960 1943 738,471 448,153 23,009 19,740 48,808 127,796 19,789 6,081 7,715 28,560 8,820 1944 663 960 429,787 20,746 18,445 35,778 101,980 19,374 7,131 7,865 16,310 6,545 1944—Sept 54,885 35,810 1,724 1,540 3,087 8,274 1,421 523 615 1,365 525 Oct 54,521 35,821 1,714 1,575 2,922 8,051 1,370 560 653 1,295 560 Nov 53,734 35,270 1,680 1,575 3,033 7,809 1,380 555 613 1,260 560 Dec. . 53 446 34 836 1,733 1,610 2,828 8,012 1,162 506 765 1,470 525 1945—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 1 575 2,342 7,432 1,379 372 590 1,260 525 Mar 54,703 36,458 1,686 1,610 2,446 8,004 1,382 542 615 1,365 595 Apr 54 096 35 937 1 718 1 610 2,328 7,831 1,836 526 560 1,225 525 May 53,934 36,073 1,673 1,575 2,563 7,614 1,736 528 631 1,190 350 June 53 213 35 800 1 645 1 575 2,516 7,426 1,460 574 574 1,295 350 July ^53,373 36,311 1,679 1,610 2,078 7,357 1,518 538 393 1,400 490 Aug ^53,383 34,199 1,668 1,610 3,277 7,411 1,459 •^538 595 p2,065 560 Sept ^53,801 35,313 •^1,668 1,610 2,684 7,404 A, 459 '538 570 /p2,065 490 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 i T m o n p e t o a t r l ts U K d n o i i n m t g e - d France g B iu e m l- N l e a t n h d e s r- S d w en e- S er w la i n tz d - Canada Mexico c A O a L n m t a h t e R i e r n r e i- - I P s p h la i i n l n i e d p s - t A ra u l s i - a A So fr u ic th a Japan B In i r s d i h t i - a ; o c o t A h u e H n r publics tries 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 22,862 165,60550,956 268,623 1940 4,744,472 633,083 241,778 977 63,260 161,489 90,3202,622,330 29,880 128,259 38,627 103,777184,756111,73949,989 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 9,665 463,071 1942 315,678 1,955 5 208,917 40,016 39,680 321 528 4,119 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 Mar — 19,149 353 202 -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 -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 Oct.P -4,317 463 329 1,115 12 -6,236 Jan.-Oct.P -126,291 96 15,745 14,492 -24,946 ' "100 95 333 5-132,207 v Preliminary. 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. 3 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 $133,980,000 to China and $1,773,000 from other countries. NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication. 1258 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 1,069.5 18.3 Sept.29 3,911.9 1,743.6 364.6 1,379.0 518.1 493.3 1,125.1 31.9 Dec. 29 ,. 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,207.2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939). 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940). 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 1,112.3 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,727.6 3,159.0 1,200.8 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,526.5 3,148.8 1,307.7 1,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,575.4 3,193.3 1,375.1 1,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1) 5,510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,230.7 2,856.2 1,053.7 1,802.6 791.3 855.5 626.7 100.9 1942—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 Tune 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 5,261.4 2,903.6 2,357.9 760.4 1,069.9 848.4 131.8 July 31 8,296.8 35,442.6 33,078.8 32,363.9 3810.2 1,073.7 843.2 3127.1 1 This category made up as follows: through Sept. 21,1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98. 3 Amounts outstanding July 31, in millions of dollars: total foreign banking funds in United States 6,108.5, including official funds, 3,716.4, and other funds, 2,392.1; United States banking funds abroad 325.2; and brokerage balances (net due "foreigners"), 50.2. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see BULLETIN for September 1945, pp. 960-974. DECEMBER 1945 1159 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 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 in ica Asia1 ot A h l e l r* 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—Aug. 31 7,440.9 1,226.3 633.3 494.6 651.7 178.6 54.3 962.3 4,201.1 875.4 1,152.6 ,056.9 154.9 Sept. 30 7,430.9 1,127.0 633.5 498.5 653.2 178.6 56.2 966.8 4,113.6 951.9 1,159.6 ,049.5 156.3 Oct. 31 7,460.2 1,053.6 635.4 504.0 652.8 178.9 58.5 973.5 4,056.8 1,014.4 1,166.6 ,062.9 159.5 Nov. 30 7,530.5 1,078.8 635.2 502.7 654.4 179.0 61.5 982.7 4,094.2 1,015.6 1,194.7 ,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 1,193.7 ,020.9 203.0 1945—Jan. 31 7,633.1 1,008.6 566.6 503.3 659.6 179.0 66.7 965.2 3,949.0 1,030.8 1,250.2 [,199.2 204.1 Feb. 28 7,755.4 1,053.6 558.3 506.3 666.4 179.0 69.8 970.5 4,003.9 1,081.3 1,262.4 1,200.1 207.7 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 1,234.2 L,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 1,263.0 L,202.9 210.7 May 31 7,857.7 1,029.3 453.0 506.8 677.1 179.0 77.5 1,003.6 3,926.4 1,204.7 1,324.3 1,193.8 208.5 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 July 31 8,296.8 1,075.0 542.4 516.1 689.9 179.0 85.2 1,053.0 4,140.6 1,361.4 1,411.7 L,175.5 207.6 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 Asia1 ot A h l e l r* 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—Aug. 31 4,732.3 937.6 405.4 182.5 210.3 -23.8 -1.1 570.2 2,281.1 759.8 745.7 822.3 123.4 Sept. 30 4,661.2 834.2 415.6 186.0 212.6 -23.7 .8 574.8 2,200.3 776.2 743.0 818.1 123.5 Oct. 31 4,680.3 760.8 414.1 191.3 212.1 -23.5 3.0 581.9 2,139.6 839.8 746.9 827.0 126.9 Nov. 30 4,775.1 789.7 413.8 190.1 214.4 -23.6 5.7 591.0 2,181.2 848.7 784.8 828.9 131.5 Dec 31 4,612.5 804.4 356.6 193.1 221.4 -23.4 7.0 634.7 2,193.7 818.6 794.7 635 9 169 7 1945—Jan. 31 4,723.9 726.4 338.9 190.0 219.8 -23.4 10.7 570.5 2,032.9 868.1 848.7 804.5 169.7 Feb 28 4,887.3 777.0 329.6 192.6 227.1 -23.4 13.5 576.7 2,093.2 962.3 855.4 803 8 172 5 Mar. 31 4,909.9 772.9 286.4 192.2 234.5 -23.3 15.7 582.8 2,061.3 1,021.2 842.5 809.3 175..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 9 807 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 July 31 . . 5,442.6 810.6 318.8 199.2 250.6 -23.5 29.2 706.8 2,291.7 1,241.8 979.2 757.6 172.3 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 Asia! ot A h l e l ri 1935—Dec. (Jan. 1, 1936) 361.4 208.8 48.1 -.4 1.6 29.7 13.7 8.8 310.2 —4.6 20.1 37.3 -1.6 1936—Dec. 30 431.5 178.0 62.0 -3.3 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30.4 -4.4 1937—Dec. 29 449.1 207.4 65.3 -4.4 2.6 105.1 6.5 26.9 409.3 -21.7 51.6- 18.7 -8.7 1938—Dec. (Jan. 4, 1939) 510.1 206.2 68.4 -5.6 2.6 141.7 13.7 33.8 460.9 35.9 66.8 -46.5 -7.0 1939—Dec. (Jan. 3, 1940) 650.4 252.2 73.8 12.9 2.9 177.8 15.5 28.4 563.5 56.5 52.6 -21.5 -.8 1940—Dec. (Jan. 1, 1941) 775.1 269.2 74.6 17.7 6.5 191.6 25.3 49.8 634.7 60.3 43.2 34.8 2.1 1941—Dec. 31 791.3 271.2 76.9 17.6 5.4 196.8 25.8 53.6 647.4 62.7 17.7 64.7 -1.2 1942—Dec. 31 888.8 279.4 77.8 18.1 6.6 196.7 26.2 56.8 661.5 58.6 68.3 93.8 6.6 1943—Dec. 31 877.6 272.1 77.9 18.3 5.1 196.9 26.2 60.0 656.5 55.1 55.7 102.7 7.5 1944—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 July 31 810.2 267.2 77.8 18.3 4.5 196.9 26.2 30.3 621.2 47.7 58.2 81.4 1.8 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. 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 o i i n m t g ed - France N l e a t n h d e s r- Sw la i n tz d er- m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r in ica Asia* ot A h l e l r i 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 35.4 221.1 61.2 16.6 1942—Dec. 31 848.2 125.4 52.4 31.6 44.9 36.5 28.0 207.6 526.3 -3.0 245.4 61.5 18.0 1943—Dec. 31 925.9 127.6 50.6 33.0 44.7 36.5 27.9 210.1 530.3 41.2 272.3 62.2 19.9 1944—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 27.7 210.4 530.4 113.5 299.0 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 61.3 21.1 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 July 31 1,073.7 119.0 51.2 33.5 45.0 36.5 27.6 210.1 522.8 153.1 314.7 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 t m 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 he ll r* 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—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 July 31 843.2 -140.3 71.7 240.9 363.5 -30.7 1.9 95.3 602.1 -98.5 57.2 272.2 10.2 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 e g d - France N l e a t n h d e s r- Sw la i n tz d er- Ger- Italy E O u t r h o e p r e E T u o 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 1.4 7.6 -4.5 1.0 2.9 -.9 1 1 1 1 9 9 9 9 3 3 3 3 9 6 7 8 — — — — D D D D e e e e c c c c . . . . 3 2 ( ( J J 0 9 a a n n . . 3 4 , , 1 1 9 9 3 4 9 0 ) ) 4 4 8 1 7 7 0 2 . . . . 5 6 6 9 1 1 1 4 3 1 9 . . . . 0 4 4 5 2 1 1 1 0 2 1 0 . . . . 9 5 4 1 - 9 5 6 .9 . . . 0 3 8 1 1 9 9 0 7 . . . . 1 6 8 8 () 5 5 5 . . . . 2 0 0 4 4 4 2 7 4 7 2 1 . . . . 0 9 6 6 -7 3 8 1 . . . 6 . 5 7 8 — — 4. 2 Q .5 - - 1 3 2 . . . 5 . 4 1 5 ( ( 2 3 3 ) ) . . 1 3 1940—Dec. (Jan. 1, 1941) 100.9 17.0 19.9 13.4 16.2 7.9 74.3 10.7 9.2 6.0 .7 1941—Dec. 31 100.9 16.8 19.9 17.6 13.5 8.0 75.7 14.1 3.9 6.3 .8 1942—Dec. 31 104.4 17.4 20.7 17.5 13.7 8.7 78.1 15.2 4.2 6.0 .9 1943—Dec. 31 117.8 18.8 21.5 19.9 19.3 9.4 89.1 17.6 3.8 6.0 1.3 1944—Aug. 31 119.9 18.4 22.2 20.8 10.2 .92.5 16.3 4.8 4.9 1.4 Sept. 30 122.2 18.9 22.4 20.9 21.5 10.3 94.0 16.0 5.5 5.0 1.8 Oct. 31 127.1 19.0 22.6 21.2 22.5 10.5 95.9 18.2 6.3 5.0 1.8 Nov. 30 125.0 18.2 22.7 21.3 21.6 10.0 94.1 16.7 6.4 6.0 1.8 Dec. 31 126.3 18.5 23.1 22.3 23.0 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 10.6 96.6 16.7 6.3 4.7 1.8 Feb. 28 129.9 18.6 22.9 22.7 23.9 10.8 99.0 17.0 7.2 4.8 1.9 Mar. 31 130.5 18.6 23.1 22.6 24.5 10.5 99.4 17.0 7.5 4.7 1.9 Apr. 30 130.4 18.4 23.1 23.0 24.7 10.5 100.0 17.0 7.0 4.4 1.9 May 31 133.6 19.1 22.6 23.1 25.8 10.3 101.1 19.3 7.5 3.9 1.9 June 30 131.8 21.7 22.8 23.5 26.0 10.6 104.8 17.9 4.1 3.0 1.9 July 31 127.1 18.5 22.8 24.2 26.4 10.6 102.7 17.3 2.3 2.7 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.3 2 Inflow less than $50,000. 3 Outflow less than $50,000. DECEMBER 1945 12.61 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 United Date Total K d i o n m g- 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. 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—Aug. 31 5,389.2 998.9 441.2 199.1 228.2 6.5 17.2 703.2 2,594.3 867. 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 5,271.4 865 7 401.2 209.7 239.3 6.8 27.3 767.7 2,517.8 926.5 909.3 743.8 174.0 1945—Jan. 31 5,382.8 7878 383.6 206.6 237.8 6.8 31.0 703.6 2,357.1 976.0 963.3 912.4 174.1 Jan. 312 5,389.7 787 8 419.0 206.6 237.8 6.8 31.0 703.6 2,392.5 976.0 970.2 912.4 138.6 Feb. 28 5,553.1 838.3 409.8 209.3 245.0 6.8 33.8 709.8 2,452.8 1,070.3 976.9 911.7 141.4 Mar. 31 5,575.7 834 2 366.6 208.8 252.5 6.9 36.0 715.8 2,420.8 1,129.1 964.0 917.2 144.5 Apr. 30 5,624.0 819 9 338.5 208.8 252.0 7.0 39.4 739.9 2,405.5 1,164.8 993.5 916.2 144.1 May 31 5,670.4 832.1 315.1 209.3 258.0 6.7 42.9 752.7 2,416.9 1,161.3 ,035.0 915.6 141.6 June 30 5,927.3 8618 372.3 213.3 261.2 6.7 43.9 803.0 2,562.3 1,267.3 ,076.9 878.4 142.4 July 31 6,108.5 872 0 399.0 215.8 268.5 6.8 49.5 839.8 2,651.3 1,349.8 ,100.7 865.5 141.2 LIABILITIES-SUPPLEMENTARY DATA Other Europe3 Date E O u t r h o e p r e g B iu e m l- m De a n rk - 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—Dec. 31 722.1 122.9 13.9 7.7 43.5 18.4 158.9 53.4 9.3 31.8 163.2 12.3 9.9 76.9 1944—Aug. 31 703.2 123.0 13.5 7.5 46.3 18.5 178.4 40.6 9.2 50.6 144.6 7.5 6.9 56.7 Sept. 30 707.8 124.7 14.0 7.2 46.4 18.5 178.6 45.9 9.2 45.2 147.5 7.9 6.9 55.9 Oct. 31 714.9 124.1 13.6 7.1 48.8 18.6 186.6 45.6 9.2 41.4 149.0 8.2 6.9 55.7 Nov. 30 724.0 124.3 13.4 7.1 48.7 18.5 186.6 49.8 9.4 43.3 148.0 12.9 5.8 56.2 Dec. 31 767.7 124.3 14.8 7.1 48.7 18.6 220.8 54.5 9.5 43.4 152.1 16.1 5.7 52.1 1945—Jan. 31 703.6 121.8 14.4 7.0 48.7 18.5 185.4 42.0 9.4 38.2 148.6 12.7 5.7 51.0 Feb. 28 709.8 123.5 14.2 6.6 48.6 18.6 187.2 41.3 9.1 41.1 152.3 12.9 5.7 48.7 Mar. 31 715.8 133.7 14.4 7.1 50.6 18.6 194.7 35.4 9.3 27.3 157.7 8.6 5.8 52.8 Apr. 30 739.9 139.7 13.7 7.0 52.5 18.5 199.9 39.4 9.3 31.5 158.0 12.8 5.8 51.8 May 31 752.7 147.3 13.4 6.8 53.7 19.1 194.0 36.6 9.3 37.6 160.2 17.5 5.6 51.7 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 July 31 839.8 150.5 13.7 6.6 60.5 22.9 236.6 46.4 9.3 36.9 183.7 22.3 5.2 45.2 Latin America5 Nether- French lands Date A L i m a 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 a o 6 - - C R o ic s a ta 6 Cuba I W n G a a n d n u e a i d i s e 6 - t s M i e c x o - I n W S n a a d u n e m r i d s e i- 6 t s P m an a a 7 - Peru6 V zu e e n l e a - 6 A O L m i a t c h t a e i e n r r - 1939—Dec. (Jan. 3, 1940) 336.0 57.7 36 4 26.8 37.0 58 8 34 0 85.3 1940—Dec (Jan 1, 1941) 447 3 115 4 36 2 28 5 47 9 55 0 58 7 105 6 1941—Dec. 31 417.7 75.7 50 5 27.3 62.5 37.7 42.1 121 8 1942—Dec. 31 597.7 67.6 10.8 67.7 34.5 43.4 12.4 100.3 4.9 95.7 20 7 36.9 17 7 20.9 64.2 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—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 312 970.2 89 3 19.9 160 2 54.4 85.0 7.0 139.1 4.6 99.3 35 3 76.3 29.2 49 0 121 5 Feb. 28 976.9 89.9 18.9 156.9 53.2 82.8 6.9 136.6 5.1 114.2 35.5 78.7 29.7 43.9 124.6 Mar 31 964 0 73 4 17 1 128 2 52 1 81 5 7.4 141.2 5 4 129 0 34 3 82 5 32 7 49 4 129 9 Apr. 30 993.5 73.1 18.5 133.3 51.3 77.2 8.1 160.2 5.2 140.1 33.7 81.8 33.9 43.2 133.8 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 July 31 1,100.7 82.5 17.2 164.4 64.6 82.3 8.0 153.9 8.6 177.2 31.5 89.6 35.8 50.2 134.9 For footnotes see p. 1263. 1161 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES-Co»//«*^ [In millions of dollars] LIABILITIES—SUPPLEMENTARY DAT'A—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 a l m o d n e u n a d y i r 2 a , - - , l M B t a i r s y a i h - a - 2 c J M ( K h r a a i e p u n n o a a r c - a n d ) i l n - a . N I l n E a e d n a t i h 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 r3 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 n g 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 Oth- 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 13.1 1.0 4.8 160.4 36.8 29.9 36.2 149.6 23.1 4.8 6.8 12.1 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. 25.3 5.1 6.1 10.3 4.5 124.1 1944—Aug. 31 930.2 619.5 27.4 23.7 27.2 1.2 4.1 109.5 21. 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. 31* 743.811 427.31 27.4 22.9 22.1 1.3 4.0 110.5 40.4 23.71 64.21 174.01152.9 | 3.5 7.3 4.3 8.3 I 97.6 1945—Jan. 31 912.4 573.91 27.4 22.6 20.8 1.3 4.0 111.1 40.2 37.ll 74.01 174.1 34.2 5.6 8.4 4.2 8.9 1112.8 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 July 31 865.5 501.1 27.5 21.9 24.1 .9 4.3 112.6 52.5 50.8 69.6 141.2 27.8 3.3 10.8 4.0 4.7 90.5 1 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. 2 Prior to June 30, 1942, included under "Other Asia." 3 Country breakdown not available until June 30, 1942. <» See footnote 2 for main table. Footnotes to table on p. 1262. ments 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. 6 Prior to June 30,1942, included under "Other Latin America." 7 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 m t g ed - France N la e n th d e s r- Sw la i n tz d er- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia* ot A he ll r* 1934—Dec. (Jan. 2, 1935) 1,139.9 296.9 80.5 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 1935—Dec. (Jan. 1, 1936) 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—Dec. 30 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937—Dec. 29 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938—Dec. (Jan. 4, 1939) 594.0 86.0 10.3 24.2 5.5 89.4 13.5 45.9 274.9 60.4 99.1 144.1 15.5 1939—Dec. (Jan. 3, 1940) 508.7 39.9 4.9 5.7 5.2 53.4 11.8 51.4 172.2 39.7 113.3 174.1 9.3 1940—Dec. (Jan. 1, 1941) 384.0 23.0 4.2 .9 1.5 39.6 2.0 29.9 101.0 36.0 122.7 117.8 6.4 1941—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 si 257.9 19.9 1.1 .4 3.0 33.9 A 19.0 77.6 37.8 112.2 26.3 3.9 1944—Aug. 31 265.8 29.6 1.3 .6 1.3 33.9 .3 8.4 75.4 40.4 104.9 32.4 12.7 Sept 30 252.0 24.4 1.3 .3 1.3 33.9 .3 8.6 70.2 30.6 103.7 35.8 11.7 Oct. 31 244.2 23.4 1.3 .3 1.5 33.9 .3 8.8 69.5 28.5 103.1 30.9 12.2 Nov. 30 262.8 24.6 .4 .3 3.3 33.9 .3 8.2 71.9 28.0 116.8 33.0 13.0 Dec. 31 329.7 25.9 4 .3 1.3 33.9 .3 44.4 107.5 28.1 131.0 51.4 11.7 1945—Jan. 31 287.3 25.8 .5 .3 1.9 33.9 .4 8.4 72.1 31.1 131.9 41.5 10.6 Feb 28 275 6 27.4 S .3 .8 33.9 .3 8.7 72.9 24.8 127.3 40.9 9.7 Mar. 31 286.9 23.2 ,5 .3 .9 33.9 .3 8.7 68.8 23.9 144.1 41.0 9.2 Apr. 30 290.8 25.4 1.4 .5 .9 33.9 .3 8.4 70.8 23.0 145.0 42.6 9.3 May 31 289.8 30.5 L.3 .4 .8 33.9 .3 8.9 76.2 25.6 127.9 51.1 9.0 June 30 375.0 27.9 .3 .7 5.4 33.9 .3 48.2 117.6 53.8 144.5 49.2 9.9 July 31 325.2 24.8 L.2 .3 3.6 33.9 .3 48.7 113.0 45.2 109.8 47.7 9.5 tice waschanged from a'weekly to a monthly basis. For further information see BULLETIN for September 1945, pp. 971-974. DECEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [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 r m g2 - N w o a r y - t P u o g r a - l2 m R an u- ia2 Spain2 S d w en e- USSR2 s Y la u v g i o a - 2 o A th 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 1.9 .5 .6 22.1 1942—Dec. 31 22.3 .8 (3) 5.6 1.1 .1 .2 2.4 (3) 3.2 .4 (3) (3) 8.4 1943—Dec. 31 19.0 .7 (3) 7.6 .6 .1 .2 1.4 (3) 3.2 .2 (3) (3) 5.0 1944—Aug. 31 8.4 .7 (3) (3 .6 .1 .2 .6 (3) 1.2 .2 (3 (3 4.9 N D O Se o e c p c t v . t . . . 3 3 3 3 0 1 1 0 4 8 8 8 4 . . . . 2 8 6 4 . . . . 7 7 7 7 ( ( ( ( 3 3 3 3) ( ( ( ( 3 3 3 3 . . . . 6 6 6 6 . . . . 1 1 1 1 35!l . . . . 6 6 8 7 ( ( ( ( 3 3 3 3 ) ) ) ) 1 1 1 . . . . 8 6 1 8 . . . . 2 2 3 2 ( ( ( 3 3 3 ( ( ( ( 3 3 3 3 4 5 5 5 . . . . 0 1 8 0 1945— M M J J F A J u u e a p a a l n b n y r y r e . . . . 3 3 3 2 3 3 3 0 1 1 8 0 1 1 4 4 8 8 8 8 8 8 8 . . . . . . . 9 7 7 4 4 7 2 . . . . . . . 8 8 8 8 8 8 7 ( ( ( ( ( ( ( 3 3 3 3 3 3 ) 3 ) ) ) ) ) ( ( ( ( ( ( 3 3 3 3 ) 3 3 ) ) . . . . . . . 6 6 6 6 6 6 6 . . . . . . . 1 1 1 1 1 1 1 4 40 0 . . . m ! 1 1 5 l \ \ . . . . . . . 5 6 6 6 5 2 7 ( ( ( ( ( ( 3 3 3 3 3 (3 3) } 1 1 1 . . . . . . . 2 3 5 9 9 9 9 . . . . . . . 2 2 2 2 3 3 7 ( ( ( ( ( ( ( 3 3 3 3 3 3 3 ) ) ) ) ) ) ) ( ( ( ( ( ( 3 3 3 3 3 ) 3 ) ) ) ) 5 5 5 5 4 4 4 . . . . . . . 0 0 1 1 9 9 8 Latin America* Neth- French er- West lands Other Date A L m i a c t a e in r- A t r i g n e a n- li B v o ia - 5 Brazil Chile l b o C i m o a5 - - C R o ic s a ta 5 Cuba In G a d n u i d i e - s Mexico I W n a d n e i d e st s P m an a6 a- Peru5 z V u e e n l e a - 5 A L i m a c t a e i r n ana5 Surinam5 1939—Dec. (Jan. 3, 1940) 113.3 16.8 32.2 9.7 10.5 5.9 1.0 37.2 1940—Dec. (Jan. 1, 1941) 122.7 11.9 33.1 13.4 11.7 6.1 2.1 44.4 1941—Dec 31 148 3 16.8 38 0 14.9 11.3 7.6 2.4 57.3 1942—Dec 31 99.7 6.9 3.0 16.7 15.3 20.7 .6 8.3 .2 4.8 .3 2.1 2.8 3.9 14.2 1943—Dec. 31 112.2 15.3 1.8 18.9 16.6 12.2 .7 20.1 (3) 11.2 .5 1.1 1.4 3.8 8.7 1944—Aug. 31 104.9 6.3 2.0 25.5 8.0 13.2 1.0 23.3 8.9 .5 .8 1.4 4.4 9.6 Sept 30 103.7 5.8 9 25.8 7.8 12.6 .2 23.3 7.6 .4 .9 1.4 4.9 10 1 Oct. 31 103.1 3.9 L.6 23.5 8.7 12.2 L.2 25.1 8.3 .4 .8 1.5 4.3 11.6 Nov 30 116.8 3.9 L.4 24.4 8.7 14.8 L.3 33.9 8.0 .4 .9 1.5 5.6 12.1 Dec 31 131.0 3.1 L.8 25.3 9.0 15.5 L.2 47.4 8.6 .3 .8 1.2 5.1 11.7 1945— F j e an b . 3 2 i 8 1 1 3 2 1 7 . . 9 3 2 2. . 9 8 L. 7 2 . 2 24 3 . . 8 8 8 8 . . 5 5 1 1 5 3 . . 5 5 L L. . O I 4 5 9 0 . . 2 1 (i3) 9 8 . . 3 4 . . 5 3 1 . . 9 0 1 1 . . 7 4 4 3 . . 1 7 1 1 1 1. . 4 8 Mar 31 144.1 5.5 3 22.7 7.8 16.0 .9 60.9 9.1 .4 1.0 1.4 4.0 13.1 Apr. 30 145.0 8.7 ..4 24.1 8.7 14.7 L.O 57.1 8.8 .4 1.0 1.4 4.9 13.0 May 31 127.9 7.7 25.5 8.4 15.1 L.I 39.1 8.7 .4 .9 1.4 5.8 12.6 June 30 144.5 8.3 1.2 30.6 7.0 16.8 L.I 49.7 8.9 .4 1.0 1.4 5.6 12.3 July 31 109.8 14.1 L.2 26.9 8.4 16.3 L.2 10.3 A 10.2 .3 1.1 1.7 5.5 12.4 Asia andAll Other7 Date Asia China F C I r n h e d i n n o c a - h 8 H K o on n g g I B C n l m a o d e u n n a y i r d , a 8 - - , l M B t a i y s r a h i a - - 8 J c ( M a i r h a K n e p u n a c a o d a r 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 8 - P p la i I h i p s n n i - - l e d - s T ke u y r- 8 O A t s h i e a r o A th l e l r9 A tra u l s i - a Z N la e e n a w d - A E E S a t u g g n i n d y y g a d n a p l p o n - t - F r r M o 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). 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 '".7" .5 L.6 14.4 1.8 2.0 4.8 A "8" ij "i.2 1943—Dec. 31 26.3 1.7 1.0 2.0 .5 .5 ;L.7 13.9 3.2 1.8 3.9 '.5 '.2 A 2.4 .7 1944—Aug. 31 32.4 1.9 I .9 3.1 .2 .5 •L.4 13.9 1.8 8.7 12.7 A .3 .5 ( 3 3) 10.5 1.1 O N Se c o p t v t . . 3 3 3 0 0 1 .... 3 3 3 5 0 3 . . . 8 9 0 1 1 1 . . . 7 4 6 ( 3 ) . . . 9 9 9 4 6 1 . . . 2 3 9 . . 2 2 . . . 5 5 5 1 L L . . . 5 4 4 1 1 1 3 4 3 . . . 9 0 8 1 1 1 . . . 9 8 4 9 8 . . 1 8 1 1 1 2 1 3 . . . 2 7 0 . . . 5 7 4 . . . 3 3 2 . . . 2 1 1 () 1 1 9 0 1 . . . 9 4 0 1 1 . . . 0 9 0 Dec. 31 51.4 1.5 .9 22.3 .5 1.5 13.8 1.8 8i8 11.7 .6 .2 .2 3 9.7 1.0 1945—Jan. 31 41.5 1.7 .9 12.4 .5 1.4 13.9 2.0 8.6 10.6 .8 .2 .2 () 8.3 1.1 Feb. 28 40.9 1.2 .9 12.1 .5 1.4 13.9 1.8 9.0 9.7 .7 .2 .3 7.2 1.2 Mar. 31 41.0 1.3 .9 11.8 .5 1.4 13.9 1.8 9.1 9.2 .8 .4 .3 6.7 1.1 Apr. 30 42.6 1.3 .9 12.1 . .5 1.4 13.9 1.9 10.5 9.3 .8 .4 .4 6.7 1.2 May 31 51.1 1.1 .9 19.4 L .5 1.4 13.9 2.0 11.8 9.0 1.0 .3 .4 6.1 1.2 June 30 49.2 1.2 .8 16.8 I .5 1.4 13.6 2.0 12.5 9.9 .9 .4 .2 6.0 2.4 July 31 47.7 1.0 .8 14.5 L .5 1.4 13.9 2.2 13.1 9.5 2.1 .4 .3 5.2 1.6 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 breakdown not available until June 30, 1942. 1X64 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue department Assets of banking department Liabilities of banking department Bank of England Note (Fi p g o u u re n s d s i n st m e i r l l l i i n o g n ) s of Goldi a O ss th e e ts r 2 Cash reserves a c n o D d u i s n a - t d s - Se t c ie u s ri- ci t r i c o u n l 3 a- Deposits O lia t t i h b e e i s l r i- Coin Notes vances Bankers' Public Other 1929—Dec. 25. 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 35.8 17.9 1930—Dec. 31. 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30. 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25. 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30. 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29. 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27. 4.2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25. .2 5630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31. .2 5780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30. .2 5950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29. .2 51,100.0 .9 11.6 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Nov. 29 .2 1,200.0 2.3 10.7 5.1 273.5 ,189.5 207.0 11.6 55.3 17.8 Dec. 27 .2 51,250.0 1.9 11.6 5.1 317.4 ,238.6 260.7 5.2. 52.3 17.8 945—Jan. 31 .2 1,250.0 1.5 30.6 6.6 263.6 ,219.6 215.1 11.6 57.8 17.9 Feb. 28. .2 1,250.0 1.7 33.1 8.5 261.1 ,217.1 207.8 18.1 60.5 18.0 Mar. 28. .2 1,250.0 1.5 14.5 18.6 268.4 ,235.8 218.9 8.9 57.0 18.1 Apr. 25. .2 1,250.0 1.3 15.0 20.1 269.9 ,235.2 229.6 8.5 50.5 17.7 May 30. .2 51,300.0 1.2 30.6 9.6 264.3 ,269.6 212.4 14.8 50.7 17.8 June 27. .2 1,300.0 1.3 15.1 3.8 324.2 ,285.2 262.3 12.7 51.6 17.9 July 25. .2 51,350.0 .9 44.5 1.8 263.6 ,305.7 229.1 10.3 53.6 17.9 Aug. 29. .2 1,350.0 .4 24.3 7.2 295.3 ,325.9 238.2 16.0 55.0 18.0 Sept. 26 .2 1,350.0 .2 20.3 3.6 331.7 ,329.9 279.1 5.5 53.1 18.1 Oct. 31 .2 1,350.0 .4 28.1 11.2 288.9 ,322.2 244.2 9.2 57.4 17.7 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (F C ig a u n r a es d i i a n n m d i o ll l i l o a n rs s ) of Gold an S d d S t o e t U l a r l l t a n i e n r i s s t g ed Short s - ecurities a O s t s h e e ts r :irc N u o la t t e ion7 Chartered Dominion liab O i t l h it e i r es8 term8 Other banks g m ov e e n r t n- Other 1935—Dec. 31.. 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 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—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 Oct. 31. 176.1 1,109.4 590.6 39.5 1,136.6 474.2 51.0 32.4 221.3 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, s Notes issued less amounts held in banking department. * On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942;1 by 70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, and on May 8 and July 3, 1945. 6 Securities maturing in two years or less. 7 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. 9 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640 and pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication. DECEMBER 1945 12.65 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills G A o d v v e a r n n c m es e n to t Deposits (Figu o re f s f i r n a n m c i s l ) lions Gold1 Fo e r x ei - gn a O s t s h e e ts r ci N rc o u t l e a- l O ia t b h i e l r ichange m O a p rk en et2 Special2 Other c F u c o p o r a s t t o i s c o 3 - n Other2 tion Go m v 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 2322 13,414 1,940 1934—Dec. 28.. 82,124 963 5,837 3,971 11,500 83,412 3718 15,359 1,907 1935—Dec. 27.. 66,296 1,328 5,800 9,712 11,705 81,150 2862 8,716 2,113 1936—Dec. 30.. 60,359 1,460 5,640 1,379 8,465 17,698 12,642 89,342 2089 13,655 2,557 1937—Dec. 30.. 58,933 911 5,580 652 10,066 31,909 11,733 93,837 3461 193?.fi 3,160 1938—Dec. 29.. 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5061 25,595 2,718 1939—Dec. 28.. ^97,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1914 14751 2,925 1940—Dec. 26.. 5 84,616 42 43,194 661 3,646 72,317 63,900 23,179 218,383 984 41,400 27202 3,586 1941—Dec. 31.. 84,598 38 42,115 12 4,517 142,507 69,500 22,121 270,144 1517 64,580 25272 3,894 1942—Dec. 31.. 84,598 37 43,661 169 5,368 210,965 68,250 21,749 382,774 770 16857 29935 4,461 1943—Dec. 30.. 84,598 37 44,699 29 7,543 326,973 64,400 21,420 500,386 578 10724 33137 4,872 1944—May 25.. 84,598 37 44,232 6,611 383,600 67,600 21,143 551,969 795 9652 37876 7,528 June 29. 84,598 37 46,241 6,045 409,200 71,500 21,160 576,909 750 12309 43,343 5,472 July 13. . 84,598 37 45,851 4,856 409,200 70,850 23,799 584,820 729 1853 46,899 4,890 Dec. 286. 75,151 42 47,288 18,592 426,000 15,850 735,221 572,510 748 37,855 7,078 1945—Jan. 25.. 75,151 42 47,842 26,360 426,000 745,435 562,416 3,196 50,382 4,852 Feb. 22 .. 75,151 42 47,894 23,473 426,000 7,700 737,903 568,900 778 43697 4,797 Mar. 29.. 75,151 44 48,483 16,601 426,000 17,550 742,093 580,123 775 39,951 5,075 Apr. 26.. 75,151 44 48,257 14,967 426,000 20,900 743,634 580,944 756 42,302 4,950 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 Sept. 27. 75,151 46 49,363 14,242 426,000 742,717 496,258 53,598 53,156 4,506 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 Tre b a il s l u s ry 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 r 251 92 656 5,044 755 736 1930—Dec. 31.... 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31.... 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31.... 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30.... 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31.... 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31.... 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31.... 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31.... 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31.... 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Dec. 30.... 78 71 11,392 30 804 393 2,498 11,798 2,018 1,378 1940—Dec. 31.... 78 71 15,419 38 32 357 2,066 14,033 2,561 1,396 1941—Dec. 31... 77 71 21,656 32 107 283 2,311 19,325 3,649 1,493 1942—Dec. 31.... 76 71 29,283 25 87 210 1,664 24,375 5,292 1,680 1943-Dec. 31 ... 77 71 41,342 27 1 65 2,337 33,683 8,186 1,980 1944—Mar. 31..., 77 40,379 46 1 33 2,281 33,792 7,237 1,788 Apr. 29... 77 40,909 38 1 31 2,525 34,569 7,179 1,833 May 31 ... 77 42,159 28 1 23 2,096 35,229 7,240 1,915 June 30.... 77 42,150 26 1 27 2,397 35,920 6,754 2,004 July 31... 77 43,222 38 1 21 2,396 36,888 6,813 2,054 Aug. 31 .. 77 45,829 42 1 20 2,275 38,579 7,480 2,185 Sept. 30... 77 50,821 47 67 25 2,510 42,301 9,088 2,160 Oct. 31. . . 77 53,954 46 70 24 2,351 44,704 9,603 2,216 Nov. 30... 77 56,939 62 69 21 2,795 46,870 10,829 2,264 Dec. 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. 4 Central Administration of the Reichskreditkassen. 6 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. 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 BANKS—Continued Central Bank 1945 1944 Central Bank 1945 1944 (Figures as of last report (Figures as of last report date of month) Oct. Sept. Aug. Oct. date of month) Oct. .Sept. Aug. Oct. 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 97 Other gold and foreign exchange... 3,188 3,103 2,433 Foreign exchange 71 30 33 22 Government securities 877 877 878 Clearing accounts (net) 2,935 2,934 2,952 2,679 Rediscounted paper Loans and discounts 46 33 33 30 Other assets 163 148 162 Securities 68 69 64 74 Note circulation 2 622 2 581 2 197 Govt. compensation account7 65 65 65 85 Deposits—Member bank 1,631 1,585 1,321 Other assets 5,001 5,088 5,071 4,049 Government 616 626 Note circulation 1,242 1,102 1,644 Other 213 207 223 Deposits—Government 2,903 3,001 2,962 2,011 Certificates of participation in Other 3,579 3,662 3,770 2,922 Government securities 175 168 Other liabilities 413 481 459 Other liabilities 214 202 195 Central Bank of Ecuador (thousands Commonwealth Bank of Australia1 of sucres): (thousands of pounds): Gold 288,829289,959 Gold and foreign exchange 160 269 161 507 Foreign exchange (net) 111,402 .67,736 Checks and bills of other banks 1 752 1705 Loans and discounts 122,477 84,602 Securities (incl. Government and Other assets... . 87,016106,782 Treasury bills) 418,079 406 588 Note circulation 327,737300,290 Other assets 11,808 11,921 Demand deposits 249,577282,644 Note circulation 185,964 185,464 Other liabilities 32,410 55,627 Deposits of Trading Banks: National Bank of Egypt® (thou- Special 222,003 222,738 sands of pounds): Other 29,629 24 762 Gold 6,241 6,241 Other liabilities 154,313 148,757 Foreign exchange 16,405 14,684 National Bank of Belgium (millions Loans and discounts 2,643 4,120 of francs): British, Egyptian, and other Gov- Gold2 30,604 30,426 31,218 ernment securities 293,268252,587 Foreign exchange 5,309 3,944 3,768 Other assets 21,856 19,290 Loans to Government 46,342 47,370 45,732 Note circulation 123,718111,946 Other loans and discounts 451 634 544 Deposits—Government 72,764 66,954 Claim against Bank of Issue 64,597 64,597 64,597 Other 129,756103,631 Other assets 1,218 1,211 1,283 Other liabilities 14,175 14,391 Note circulation 65,924 64,301 62,459 Central Reserve Bank of El Salva- Demand deposits. 4,065 4,978 5,450 dor (thousands of colones): Blocked Treasury account2 314,493 314,493 10,493 Gold 33,066 33,083 33,080 Notes and blocked accounts4 62,921 63,301 67,636 Foreign exchange 36,430 36,883 34,229 Other liabilities 1,119 1,110 1,105 Loans and discounts 2,304 2,025 1,117 Central Bank of Bolivia (millions Government debt and securities... 6,444 5,855 6,074 of bolivianos): Other assets.. 1,855 1,819 1,007 Gold at home and abroad 726 726 600 Note circulation 43,639 43,956 43,457 Foreign exchange 531 618 396 Deposits 29,494 28,54^ 25,254 Loans and discounts 363 361 288 Other liabilities ... 6,966 7,164 6,796 Securities—Government 631 629 644 Bank of Finland* Other 42 42 41 Bank of Greece^ Other assets 232 151 81 National Bank of Hungary (millions (Nov. Note circulation 1,419 1,395 1,201 of pengo): 1944)9 Deposits 1,007 983 746 Gold 100 10(T Other liabilities 99 148 102 Foreign exchange reserve 4 National Bank of Bulgaria^ Discounts 11,977 9,678 Central Bank of Chile (millions Loans—To Treasury 511 520 of pesos): To foreign countries 1,074 1,022 Gold 287 287 369 Other 2 Discounts for member banks. 214 218 277 Other assets 1,082 1,236 Loans to Government 706 736 715 Note circulation 10,672 9,378 O O t t h h e e r r a lo s a s n et s s and discounts 1 1, , 3 0 9 1 2 0 1,3 9 7 2 1 4 1,0 9 3 2 9 5 D Co e n m s a o n l d id a d t e ed p os f i o t r s e . i ; gn credits of 2,713 1,742 Note circulation 2,729 2,589 2,389 1931 10 10 Deposits—Bank 353 496 410 Other liabilities 1,352 1,432 Other 186 134 180 Reserve Bank of India (millions of OtfaeT liabilities 341 317 348 rupees): Bank of the Republic of Colombia Issue department: (thousands of pesos): Gold at home and abroad 444 444 444 Gold 184,952 182,582 157,686 Sterling securities 10,423 10 343 8 563' Foreign exchange 108,401 112,034 120,417 Indian Govt. securities 578 578 578 Loans and discounts 16,542 14,570 14,464 Rupee coin 182 174 136 Government loans and securities... 66,695 66,728 63,888 Note circulation 11,418 11,394 9,565 Other assets 33,4^3 31,385 27,117 Banking department: Note circulation 172,765 173,279 156,285 Notes of issue department 209 146 156 Deposits 184,538 180,368 145,390 Balances abroad 4,985 4,728 3,129 Other liabilities 52,750 53,653 81,897 Treasury bills discounted 36 39 National Bank of Czechoslovakia Loans to Government 16 in Prague6 (thousands of koruny): Other assets 264 313 154 Gold 1,517 1,515 Deposits 5,290 5,014 3,251 Foreign exchange 788 788 Other liabilities 203 212 203 Loans and discounts 3,659 Central Bank of Ireland (thousands Other assets 101,941 52,364 of pounds): Note circulation 40,401 31,073 Gold 2 646 2 646 2 646 2 646 Deposits 43,081 15,079 Sterling funds 33,288 31 895 30,726 28,225 Other liabilities 20,765 12,174 Note circulation 35,934 34,541 33,372 30,871 Bank of Japan8* Bank of Java5 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. s For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943), see BUL- LETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; and of Java (January 1942), see BULL 6 E F T ir IN st f s o t r a t M em ar e c n h t 1 a 9 v 4 a 3 i;l a p b . le 2 7 s 8 i . nce liberation is that for July 31. Until May 1945, known as the National Bank of Bohemia and Moravia. 7 Represents Bank's claim on the Government for the Bask's foreign exchange losses resulting from the revaluation of the krone on Jan. 23,1942. * Items for issue and banking depaituoests consolidated* 9 Latest month available. DECEMBER 1945 12.67 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) Oct. Sept. Aug. Oct. date of month) Oct. Sept. Auj Oct. Bank of Mexico (millions of pesos): Bank of Spain—Continued Metallic reserve1 740 727 709 566 Note circulation ., 17,183 16,962 "Authorized" holdings of securi- Deposits—Government 1,698 1,772 ties, etc.. 1,975 1,930 1, 1,339 Other 3,878 3,747 Bills and discounts 377 361 349 402 Other liabilities 542 545 Other assets 45 64 84 136 Bank of Sweden (millions of kronor): Note circulation 1,604 1,549 1,494 1,267 Gold ,046 1,057 1,056 1,006 Demand liabilities 1,356 1,359 1,342 997 Foreign assets (net) 783 814 774 588 Neth O e t r h l e a r n l d ia s b ili B ti a e n s k (millions of 177 174 174 179 Sw v e a d n i c sh es G to o N vt a . ti s o e n cu al r it D ie e s b t a n O d f fi a c d e - 8. ,203 1,289 1,255 1,197 guilders): Other domestic bills and advances. 22 20 24 83 G0W2 713 713 713 931 Other assets ,096 1,024 944 1,041 Silver (including subsidiary coin). 1 Note circulation ,567 2,576 2,488 2,329 Foreign bills 4,509 4,491 4,488 4,404 Demand deposits—Government 697 801 753 530 Discounts 3 Other 183 233 223 437 Loans 136 130 "*133 136 Other liabilities 704 595 588 619 Other assets 123 126 110 96 Swiss National Bank (millions of Note circulation—Old 563 1,683 2,573 4,879 francs): New* 748 Gold. ,..,.„.„... 4,697 4,690 4,451 Deposits—Government 2,560 '11330 "475 "l49 Foreign exchange ., 129 141 121 Blocked 834 1,303 1,338 Loans and discounts , 191 73 184 Other 294 664 577 '•'320 Other assets 93 84 131 Other liabilities 482 481 481 223 Note circulation 3,640 3,558 3,267 Reserve Bank of New Zealand (thou- Other sight liabilities 1,169 1,139 1,337 sands of pounds): Other liabilities 301 292 284 Gold 2,802 2,802 2,802 Central Bank of the Republic of Sterling exchange reserve 70,804 67,871 34,735 Turkey (thousands of pounds): Advances to State or State under- Gold 294,692 292,107 276,372 takings 22,365 19,539 25,885 Foreign exchange and foreign Investments 10,997 14,346 11,737 clearings 54,087 56,276 58,613 Other assets 1,071 1,245 2,208 Loans and discounts 804,199 795,229 841,239 Note circulation 41,015 41,118 37,923 Securities 169,752 170,562 178,344 Demand deposits.. 63,051 61,062 35,888 Other assets ., 21,650 19,293 24,991 Other liabilities... 3,973 3,623 3,556 Note circulation 929,535 923,808 973,528 Bank of Norway4 Deposits—Gold 85,586 85,586 85,576 Bank of Paraguay—Monetary Dept. Other 142,002 147,935 153,094 (thousands of guaranies):5 Other liabilities 187,258 176,137 167,360 Gold 3,323 Bank of the Republic of Uruguay Foreign exchange 23,983 (thousands of pesos): Loans and discounts 7,434 Issue department: Government loans and securities... 10,551 Gold and silver 122,751 120,614 Other assets 360 Note circulation 155,176 137,644 Note circulation 27,626 Banking department: Demand deposits 15,992 Gold and silver 177,802 115,397 Other liabilities 2,033 Notes and coin 26,695 37,329 Central Reserve Bank of Peru (thou- Advances to State and to gov sands of soles): (July)1 eminent bodies 8,793 15,833 Gold and foreign exchange 124,985 142,577 Other loans and discounts.... 92,549 94,492 Discounts 16,936 7,280 Other assets 316,651 291,621 Government loans 581,398 432,987 Deposits 292,364 242,258 Other assets 30,076 24,155 Other liabilities 330,126 312,414 Note circulation 462,783 403,902 Central Bank of Venezuela (thou- Deposits 261,162 175,437 sands of bolivares): Other liabilities 29,450 27,660 Goldf 484,011 468,863 268,108 Bank of Portugal (millions of es- Foreign exchange (net) 68,683 69,490 86,791 cudos): Credits to national banks 14,310 14,310 26,370 Gold? 1,419 1,412 Other assets 13,551 14,055 28,010 Other reserves (net) 6,383 5,426 Note circulation—Central Bank 332,609 328,393 271,526 Nonreserve exchange 9,620 8,999 National banks.. 11,089 11,776 20,661 Loans and discounts 282 250 Deposits 229,396 217,457 110,337 Government debt 1,020 1,023 Other liabilities 7,461 9,092 6,755 Other assets. 762 769 National Bank of the Kingdom of Note circulation 7,717 7,247 Yugoslavia4 Other sight liabilities 10,884 9,785 Bank for International Settlements Other liabilities 885 (thousands of Swiss gold francs):10 National Bank of Rumania4 Gold in bars 118,285 119,342 119,726 South African Reserve Bank (thou- Cash on hand and on current acsands of pounds): count with banks 42,258 42,786 44,355 Gold 116,873 113,779 110,279 96,605 Sight funds at interest 8,338 8,215 12,939 Foreign bills 29,554 28,760 27,866 20,008 Rediscountable bills and accept- Other bills and loans 3,939 3,825 3,965 5,104 ances (at cost) 84,411 86,589 73,508 Other assets. 108,810 105,884 100,183 92,706 Time funds at interest 2,750 2,750 14,968 Note circulation 63,123 65,846 65,167 54,909 Sundry bills and investments 197,701 196,153 200,328 Deposits 190,723 180,514 172,455 154,609 Other assets 113 114 239 Other liabilities 5,329 5,887 4,670 4,906 Demand deposits (gold) 16,978 16,978 29,446 Bank of Spain (millions of pesetas): Short-term deposits (various cur- Gold 1,189 1,135 rencies): Silver 597 612 Central banks for own account 3,671 6,240 6,640 Government loans and securities . 15,814 16,288 Other 2,032 2,018 2,097 Other loans and discounts 3,307 3,110 Long-term deposits: Special Other assets 2,395 1,882 counts 229,001 229,001 229,001 Other liabilities 202,174 201,712 198,879 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 Notes issued before October 1945 were gradually withdrawn from circulation and deposited in "blocked" accounts in accordance with the currency reform decrees effected between June and October 1945. 4 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. 5 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. e Latest month available. 7 Valued at average cost beginning October 1940. 8 Includes small amount of non-Government bonds. 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. 1168 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [ Per cent per annum ] Central bank of— Date effective U K d n i o n i m t g e - d France 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 i - d tz- b C an e k n tr of a — l N R 3 o a 0 t v e . ef D fe a ct t i e ve ba C n e k n tr o a f— l N R 3 a o 0 t v e . ef D fe a ct t i e ve In effect Dec. 31, 1936 2 Albania Mar. 21, 1940 Italy 4 Sept. 11, 1944 Jan. 28, 1937 4 Argentina Mar. 1, 1936 Japan 3.29 Apr. 7, 1936 June 15 6 Belgium Jan. 16, 1945 Java 3 Jan. 14, 1937 July 7 5 Bolivia Nov. 8, 1940 Latvia 5 Feb. 17, 1940 Aug. 4 4 Lithuania. 6 July 15, 1939 Sept. 3 5* Nov. 13 May 10, 1938... May 13 British India.. Nov. 28, 1935 Mexico y June 4, 1942 May 30 3 Bulgaria...... Dec. 1, 1940 Netherlands. 2 June 27, 1941 Sept. 28 Canada Feb. 8, 1944 New Zealand 13J July 26, 1941 Oct. 27 Chile... Dec. 16, 1936 Norway May 13, 1940 Nov. 25 Colombia July 18, 1933 Peru Aug. 1, 1940 Jan. 4,1939... Czechoslovakia Oct. 1, 1940 Portugal.... 5 Jan. 12, 1944 Apr. 17 May 11 July 6 Aug. 24 Denmark 4 Oct. 16, 1940 Rumania May 8, 1944 Aug. 29 Ecuador 7 May 26, 1938 South Africa June 2, 1941 Sept. 28 El Salvador. 3 Mar. 30, 1939 Spain Dec. 1, 1938 Oct. 26 Estonia 43^ Oct. 1, 1935 Sweden Feb. 9,1945 Dec. 15 Finland Dec. 3, 1934 Switzerland. Nov. 26,1936 Jan. 25, 1940 Apr. 9 sy 2 May 17 sy Mar. 17, 1941 .... 2 France Jan. 20, 1945 Turkey July 1, 1938 May 29 's " Germany Apr. 9, 1940 United King- June 27 V/ Greece Apr. 10, 1945 dom Oct. 26, 1939 Tan. 16, 1945 .... 2 Hungary Oct. 22, 1940 U. S. S. R... July 1, 1936 Jan. 20 Ireland Nov. 23, 1943 Yugoslavia.. Feb. 1, 1935 Feb. 9 In effect Nov. 30, 1945 \y NOTE.—Changes since Oct. 31: none. 2 OPEN-MARKET RATES [Per cent per annum ] United Kingdom Germany Netherlands Sweden Sw la it n z d er- Month ac 3 B c e a m p n o t k a 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 w n 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 is r r i c a 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 c a v o te a u t n e t 1929—Sept 5.59 5.63 4.39 7.18 7.86 5.36 5.32 3.38 1930—Sept 2.07 2.05 1.68 3.30 3.78 1.96 1.84 1.50 1931—Sept 4.74 4.57 4.04 7.99 9.15 1.30 1.21 .80 1932—Sept .67 .55 .67 4.25 5.55 .37 1.00 .50 1933—Sept .44 .31 .63 3.88 5.00 .77 1.00 .50 1934—Sept .73 .61 .78 3.81 4.71 .61 1.00 .50 1935—Sept .58 .55 .75 3.02 3.21 5.48 5.65 .40 1936—Sept .55 .53 .75 3.00 3.01 1.23 1.29 .98 1937—Sept .55 .50 .75 2.88 3.07 .14 .50 .00 1938—Sept .91 .86 .75 2.88 2.59 .32 .70 .00 1939—Sept 3.51 3.23 2.72 2.75 2.51 2.94 3.66 .25 1940—Sept 1.03 1.03 1.00 2.25 2.03 2.25 2.68 .50 1941—Sept 1.03 1.01 1.00 2.13 1.94 1.88 2.25 .25 1942—Sept 1.03 1.00 1.05 2.13 1.83 .25 1943—Sept 1.03 1.00 1.07 2.13 1.93 .25 1944—Sept 1.03 1.01 1.13 2.13 1.93 .25 1944—Oct 1.03 1.00 1.10 2.13 .25 Nov 1.03 1.00 1.00 2.13 .25 Dec 1.03 1.00 1.02 2.13 .25 1945—Jan 1.03 1.01 1.00 2.13 .25 Feb 1.03 1.00 1.00 2.13 .25 Mar 1.03 1.00 1.00 2.13 .25 Apr 1.03 1.01 1.00 .25 May 1.03 1.00 1.03 .25 June 1.03 1.00 1.13 .25 July 1.03 1.00 1.13 1.25 Aug 1.03 1.00 1.13 1.25 Sept 1.03 1.00 1.13 1.25 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. 12.69 DECEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (11 F L i o g p n u o d r u e o n s n d i s c n l s e m t a e i r l r i l l n i i o g n n g b s ) a o n f ks. re C se a r s v h es M c n a o s l o n h l t e o a i 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 u s 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 4,032 2,712 1,319 245 1944—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 September 518 226 215 1,971 1,146 771 299 4,898 3,266 1,632 247 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty Deposits payable in Canada (10 m c o o h f n a t C r h t a e f n r i e g a d u d r i e b a s n a n in d k o s m . l l m a il r l E s i ) o n n d s of Cash Security O lo t a h n e s r d a a u n b e d r o f n r a o e d m t Securities O as t s h e e t r s ci N r ti c o o u t n e la- excluding interbank deposits li O ab th il e it r ies reserves loans and dis- foreign Total Demand Time counts banks 1938—December.. 263 65 940 166 1,463 535 2,500 840 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 J 942—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—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 September. 582 109 1,002 237 3,960 750 27 5,269 2,331 2,935 1,344 France Assets Liabilities (4 larg f e i g b u a r o e n f s k s i f . n r a m n E c i n s l ) l d io o n f s month re C se a r s v h es Du b e a n f k ro s m B c i o l u ls n d te i d s- Loans a O s t s h e e ts r Total D D e e p m o a si n t d 's Time a a c O n c w c e e p n s t- lia O b t i h li e ti r es 1938—December 3,756 4,060 21,435 7,592 1,940 33,578 33,042 537 721 4,484 1939—December 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—December 6,418 3,863 46,546 8,346 2,229 62,032 61,270 762 558 4,813 1941—December 6,589 3,476 61,897 8,280 2,033 76,675 75,764 912 413 5,187 1942—December 7,810 3,458 73,917 10,625 2,622 91,549 91,225 324 462 6,422 1943—October 7,133 3,877 88,289 14,215 2,448 108,368 107,100 ,268 411 7,182 November 7,203 3,960 86,754 14,561 2,653 107,200 105,811 ,390 404 7,326 December 8,548 4,095 90,897 14,191 2,935 112,732 111,191 ,541 428 7,506 1944—January 7,510 4,125 90,024 13,737 1,676 110,485 108,883 ,601 419 6,168 February 7,776 4,116 91,847 13,936 1,618 112,846 111,164 ,682 412 6,035 March 7,414- 4,010 92,648 16,481 1,775 115,558 113,696 1,862 404 6,366 April 7,499 4,000 95,337 16,568 1,853 118,370 116,449 1,922 382 6,505 May 8,092 4,056 96,443 16,666 2,014 120,312 118,307 2,005 413 6,546 June 10,377 4,039 96,245 16,584 2,087 122,149 120,102 2,048 403 6,780 July 10,555 3,970 101,529 16,758 2,261 127,704 125,493 2,212 368 7,000 August 10,175 3,933 100,287 17,731 2,522 127,160 124,627 2,533 435 7,054 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. 2 Represent six-month loans to the Treasury at l}4 per cent, callable by the banks in emergency at a discount equal to the Bank of England rate. 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. I17O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Year or month Ar ( g p e e n so t ) ina A ( u p s o t u r n a d li ) a g B iu e m l- (c B ru r z a e z ir il o1) B I r n i d ti i s a h g B a u r l i - a Canada (dollar) Chile (peso) C (y h u i a n n a Official E Sp x e p c o i r a t l Official Free (franc) Official Free (rupee) (lev) Official Free Official Export S h h a an i) g- 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 '5il248' 33.279 21.2111 96.018 5.1727 4.0000 11.879 1940 29.773 2322!s6' 305.16 23.3760 6.0562 5.0214 30.155 296!909' 85.141 5.1668 4.0000 6.000 1941 29.773 223.704 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 25.1664 24.0000 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1943 29.773 24.732 322.80 2321.50 6.0586 5.1280 30.122 90.909 89.978 1944 29.773 25.125 322.80 6.0594 5.1469 30.122 90.909 89.853 1944—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 Oct 29.773 25.125 321.31 2.2879 6.0602 5.1802 30.122 90.909 90.358 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 n rk - 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 r k h y - ) s- G (d r m r e a a e c ) c h e - ( H K do o o l n n la g g r) ( H p g e a u n r n g y - o) I (l t i a ra ly ) J ( a y p en a ) n M (p e e x s i o c ) o e N ( r g l e e u a r i t n ) l h d d - - s (p N Z l o a e e u n a w 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—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 Oct.... 56.980 2.0189 20.578 322.60 United Kingdom Uruguay Year or month Norway Poland Po g r a t l u- Ru n m ia a- S A o fr u ic th a Spain S S m t e r t e a t n l i e t t s - s Sweden S er w la it n z d - (pound) (peso) Y s u la g v o i - a (krone) (zloty) (escudo) (leu) (pound)(peseta) (dollar) (krona) (franc) Con- Non- (dinar) Official Free trolled controlled 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!56' 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—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 Oct 400.50 403.24 65.830 56.282 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." 2 Average of daily rates for that part of the year during which quotations were certified. 3 Based on quotations beginning Sept. 24. .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. DECEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United United Nether - Switzer- States Canada Kingdom France Germany Italy Japan lands Sweden land Year or month (October (1926-30 (July 1914 (1926=100) (1926=100) (1930=100) (1913 = 100) (1913=100) (1928=100) 1900 = 100) = 100) (1935 = 100) = 100) 1926 100 100 1124 695 134 237 106 U26 144 1932 65 67 86 427 97 70 161 65 i 92 96 1933 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 707 107 99 278 74 115 111 1940 79 83 137 2 901 110 116 311 3 88 146 143 1941 87 90 153 112 132 329 172 184 1942 99 96 159 114 189 210 1943 103 100 163 116 196 218 1944 104 103 166 196 223 1944—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 r196 221 April 106 103 168 196 221 May 106 103 168 196 221 June 106 103 170 197 222 July 106 104 171 r196 222 August 106 103 171 194 223 September. 105 103 170 191 222 October 106 169 PIS9 i v Preliminary. r Revised. 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) r1926=100) (1930= 100) (1913 = 100) Year or month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts R f m a p a c a w a t r n u t a r u ly e n - d d F f u m c a l h c l a i t y e n u f u r l a e y - n d d Foods p I ro n tr d d i u u al c s- ts p A r t g o u r d r i u c a c u l t l s - a t f n r I i i d n n a i d l s s u e h ra m s e w - d i- p tr r I i i o s n a h d d l e u u f d c i s n - ts goods goods products 1926 100 100 100 100 100 100 129 130 ~ 150 1932 48 61 70 48 55 70 88 85 91 89 118 1933 51 61 71 51 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 79 84 78 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 112 100 133 1942 106 100 96 83 90 92 158 160 115 102 134 1943 123 107 97 96 99 93 160 164 119 102 135 1944 123 105 99 103 104 94 158 170 1944—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... 124 105 100 104 105 94 158 175 October 127 106 100 ^106 p105 158 175 p Preliminary. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Year or month U ( S 1 = 9 n t a 3 1 i 5 t 0 t e - e 0 3 d ) s 9 (1 C = a 9 a 3 d 1 n 5 0 a - 0 - 3 ) 9 U K = d ( n 1 J i o 9 1 i n u 1 m t 0 l g 4 e 0 y d ) - m 1 = G 9 e a 1 1 r n 3 0 - - 0 y 1 ) 4 N ( l e 1 t 9 a 1 1 h n 1 0 e d - 0 r s 1 ) - 3 S e = r ( w 1 J l 9 1 a u i 1 0 t n n 4 0 z e d ) - Year or month ( U S 1 = 9 t n 1 a 3 i 0 5 t t 0 e - e 3 ) d s 9 (1 = C a 9 a 1 3 d 0 5 n a 0 - - 3 ) 9 U K = d ( n 1 J i o 9 1 i n u 1 m t 0 l g 4 e 0 y - d ) (1 m = G 9 a 1 1 e 3 0 n r - 0 y - 1 ) 4 N (1 l = e a 9 t 1 n 1 h 1 0 d e 0 -1 s r ) 3 -S e = ( r w 1J l 9u 1 a i 1 0 n t n 4 0 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 98 147 125 130 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—October . 136 131 168 136 215 1944—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 139 132 168 216 May 128 119 203 210 June 141 133 170 217 June 129 120 204 210 July 142 136 176 217 July 129 120 207 211 August.... 141 136 172 216 August 129 121 205 210 September. 139 134 169 216 September . 129 120 203 210 October. . 139 P133 169 October . 129 203 v 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 1 d ( 1 D 92 e 1 c 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 = 100)2 (19 l 3 a 0 n = d 1 s 00) Number of issues 15 87 50 s 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 "77.9 88.1 70.8 114.6 ?140 8 95.0 1941 117.8 123.8 •143.4 103.0 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—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 122.1 127.8 151.9 120.7 92.8 386 July 122.3 128.3 151.1 118.4 93.7 360 August 121.7 128.3 P150.6 117.9 91.4 ^421 September 121.6 128.2 p150.9 126.1 92.0 P477 October 121.9 128.5 ^150.2 132.0 93.2 ^467 p Preliminary. 1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. 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 Generale" 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 4^ per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 4 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 = 100; average yield in base year was 4.57 per cent. For new index beginning Janu 5 a T ry h i 1 s 9 3 n 7 u , m Ja b n er . , - M or a i r g . i n 1 a 93 ll 7 y 3 = 2 9 1 , 0 h 0; a a s v d e e r c a l g i e n e y d i e a ld s i t n h e b a n s u e m p b e e r r i o o d f w s a e s c u 3. r 3 it 9 i e p s e r e l c ig en ib t. l e for the index has dimini . s h , ed , . I T n M ™ a y 1 « 9 n 41 « it • was d J o wn to O 28 Q 7. * 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. 1173 DECEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK ERNEST G. DRAPER JOHN K. MCKEE R. M. EVANS ELLIOTT THUKSTON, Assistant to the Chairman CHESTER MORRILL, Special Adviser to the Board of Governors OFFICE OF THE SECRETARY DIVISION OF SECURITY LOANS S. R. CARPENTER, Secretary CARL E. PARRY, Director BRAY HAMMOND, Assistant Secretary BONNAR BROWN, Assistant Director LEGAL DIVISION DIVISION OF PERSONNEL ADMINISTRATION WALTER WYATT, General Counsel ROBERT F. LEONARD, Director GEORGE B. VEST, General Attorney J. LEONARD TOWNSEND, Assistant General Attorney DIVISION OF RESEARCH AND STATISTICS DIVISION OF ADMINISTRATIVE SERVICES E. A. GOLDENWEISER, Economic Adviser LISTON P. BETHEA, Director WOODLIEF THOMAS, Director FRED A. NELSON, Assistant Director HOWARD S. ELLIS, Assistant Director DIVISION OF EXAMINATIONS OFFICE OF ADMINISTRATOR FOR WAR LOANS LEO H. PAULGER, Director EDWARD L. SMEAD, Administrator C. E. CAGLE, Assistant Director GARDNER L. BOOTHE, II, Assistant Administrator WILLIAM B. POLLARD, Assistant Director DIVISION OF BANK OPERATIONS EDWARD L. SMEAD, Director FISCAL AGENT J. R. VAN FOSSEN, Assistant Director O. E. FOULK, Fiscal Agent J. E. HORBETT, Assistant Director JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman Vice President ERNEST G. DRAPER R. M. EVANS JOHN C. TRAPHAGEN, NEW YORK DISTRICT RAY M. GIDNEY WILLIAM F. KURTZ, PHILADELPHIA DISTRICT R. R. GILBERT H. G. LEEDY JOHN H. MCCOY, CLEVELAND DISTRICT JOHN K. MCKEE RONALD RANSOM ROBERT V. FLEMING, RICHMOND DISTRICT M. S. SZYMCZAK KEEHN W. BERRY, ATLANTA DISTRICT ALFRED H. WILLIAMS EDWARD E. BROWN, CHICAGO DISTRICT President CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary RALPH C. GIFFORD, ST. LOUIS DISTRICT WALTER WYATT, General Counsel GEORGE B. VEST, Assistant General Counsel JULIAN B. BAIRD, MINNEAPOLIS DISTRICT E. A. GOLDENWEISER, Economist C. O. HARDY, Associate Economist A. E. BRADSHAW, KANSAS CITY DISTRICT L. MERLE HOSTETLER, Associate Economist W. H. IRONS, Associate Economist C. A. SIENKIEWICZ, Associate Economist ED. H. WINTON, DALLAS DISTRICT WOODLIEF THOMAS, Associate Economist JOHN H. WILLIAMS, Associate Economist GEORGE M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 1Z74 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Vice Presidents Bank of Deputy Chairman First Vice President Boston Albert M. Creighton Ralph E. Flanders E. G. Hult Carl B. Pitman Henry S. Dennison William Willctt J. C. Hunter1 O. A. Schlaikjcr New York. Beardsley 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. Wiltse Philadelphia ... Thomas B. McCabe Alfred H. Williams W. J. Davis C. A. Mcllhcnny8 Warren F. Whittier Frank J. Drinncn E. C. Hill C. A. Sienkicwicz Cleveland George C. Brainard Ray M. Gidncy J. W. Kossin B. J. Lazar Reynold E. Klagcs Wm. H. Fletcher A. H. Laning« W. F. Taylor Richmond Robert Lassiter Hugh Leach Claude L. Guthric R. W. Mercer W. G. Wysor J. S. Waldcn, Jr. Gco. H. Kcesct* 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. Clark S. P. Schuessler Allan M. Black" John K. Langum Chicago Simeon E. Leland C. S. Young Neil B. Dawes O. J. Nctterstrom W. W. Waymack Charles B. Dunn J. H. Dillard A. L. Olson E. C. Harris Alfred T. Sihlcr St. Louis Wm. T. Nardin Chester C. Davis O. M. Attebcry Wm. E. Peterson Douglas W. Brooks F. Guy Hitt Henry H. Ed mis ton C. M. Stewart H. G. McConncll E. W. Swanson Minneapolis W. C. Coffey J. N. Peyton A. W. Mills' Sigurd Ueland Roger B. Shcpard O. S. Powell Otis R. Preston Harry I. Zicmer Kansas City.... Robert B. Caldwell H. G. Lccdy O. P. Cordill John Phillips, Jr. Robert L. Mehornay Henry O. Koppang L. H. Earhart G. H. Pipkin C. O. Hardy D. W. Woollcy8 Dallas Jay Taylor R. R. Gilbert E. B. Austin1 W. O. Ford J. R. Partcn W. D. Gentry R. B. Colcman 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 Ira Clerk J. M. Lcisner1 H. F. Slade OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith* Minneapolis Helena R. E. Towle* Cleveland Cincinnati B. J. Lazars Pittsburgh J. W. Kossin* Kansas City Denver G. H. Pipkin* Oklahoma City O. P. Cordill* Richmond Baltimore W. R. Milford* Omaha L. H. Earhart* Charlotte W. T. Clements* Atlanta Birmingham P. L. T. Beavers* Jacksonville Geo. S. Vardeman, Jr.* Dallas El Paso W. E. Eagle5 Nashville Joel B. Fort, Jr.* Houston L. G. Pondrom8 New Orleans E. P. Paris4 San Antonio W. H. Holloway* Chicago Detroit E. C. Harris* San Francisco... Los Angeles W. N. Ambrose* St. Louis Little Rock A. F. Bailey* Portland D. L. Davis* Louisville C. A. Schacht* Salt Lake City W. L. Partner* Memphis W. H. Glasgow* Seattle C. R. Shaw* 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. * Managing Director. * Vice President. DECEMBER 1945 1x75 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

INDEX TO VOLUME Pages Pages Ab sorption of exchange charges, letter to member banks Assets and liabilities—Continued. of the Federal Reserve System 564 Commercial banks in United Kingdom, Canada, and Acceptances, bankers': France 94, 198, 288, 404, 512, Buying rates 38, 140, 234, 346, 438, 628, 714, 842, 980, 1084, 1176, 1270 570, 656, 786, 910, 1022, 1114, 1208 Federal Reserve Banks: Open-market rates on 57, 159, 253, 365, 457, All banks 39, 141, 235, 347, 439, 589, 675, 805, 929, 1041, 1133, 1227 571, 657, 787, 911,1023, 1115, 1209 Outstanding 56, 158, 252, 364, 456, Each bank 40, 142, 236, 348, 440, 588, 674, 804, 928, 1040, 1132, 1226 572, 658, 788, 912, 1024, 1116, 1210 Addresses: Foreign central banks 89, 193, 283, 399, 507, Goldenweiser, E. A., on postwar problems and poli- 623, 709, 837, 975, 1079, 1171, 1265 cies, before Annual Agricultural Outlook Confer- Government corporations and credit agencies. . .64, 166, ence 112 260, 372, 464, 596, 682, 812, 936, 1048, 1140, 1234 Szymczak, M. S., on monetary and credit agree- Insured commercial banks in the United States and ments entered into at Bretton Woods 306 possessions 393, 1069 Admission of State banks to membership in Federal Australia: Reserve System 32, 123, 228, 340, 432, Commonwealth Bank of: 535, 650, 763, 904, 1015, 1108, 1201 Condition 91, 195, 285, 401, 509, Agencies of Federal Reserve Banks: 625,711, 839, 977, 1081, 1173, 1267 Savannah, discontinuance of 123 Foreign exchange rates 95, 199, 289, 405, 513, Agnew, John, suit filed against Board of Governors for 629, 715, 843, 981, 1085, 1177, 1271 review of order removing plaintiff as director of Gold movements 87, 191, 281, 397, 505, national bank 645 621, 707, 835, 959, 1072, 1164, 1258 Agricultural adjustment and income, pamphlet ready for Gold production. . 87, 191, 281, 397, 505, distribution 1005 621, 707, 835, 959, 1072,1164, 1258 Agricultural loans: Bank credit: Insured commercial banks 50, 152, 246, 358, 450, Current statistics for Federal Reserve chart book. . . .82, 582, 668, 798, 922, 1034, 11.26, 1220 183, 277, 389, 481, 613, 699, 830, 954, 1066, 1159, 1253 Agriculture: Discussion in Review of the Month .... 721 Crop reports 81, 829, 953, 1065, 1158, 1252 Expansion during war loan drive 4 National summary of business conditions National summary of business conditions. . . .34, 136, 230 652, 781, 906, 1017 342, 434, 566, 652, 781, 906, 1017, 1110, 1203 Albania: Transition period, discussion in Review of the Month. . 1095 Discount rate of central bank 93, 197, 287, 403, 511, Bank debits: (See debits to deposit accounts) 627, 713, 841, 979, 1083, 1175, 1269 Alien Property Custodian: Bank deposits: (See Deposits) Functions and duties, Executive Order denning. . . . 646 Bank for International Settlements: American Bankers Association: Annual report. . 874 Check routing symbols, new plan announced. . . . 730 Condition. . 92, 196, 286, 402, 510, Annual reports: 626, 712, 840, 978, 1082, 1174, 1628 Bank for International Settlements 874 Gold reserves 86, 190, 280, 396, 504, Bank of Canada ... .334 620, 706, 834, 958, 1071, 1163, 1257 Bank of France ... 550 Bank loans: (See Loans; Loans and investments) Argentina: Bank premises: Central Bank of: Federal Reserve Banks 41, 143, 237, 349, 441, Condition 91, 195, 285, 401, 509, 573, 659, 789, 913, 1025, 1117, 1211 625, 711, 839, 977, 1081, 1173, 1267 Member banks 392, 618, 1068 Discount rate 93, 197, 287, 403, 511, Bank suspensions: 627, 713, 841, 979, 1083, 1175, 1269 Analysis of changes. . . 185, 615, 956, 1255 Gold reserves 86, 190, 280, 396, 504, 620, 706, 834, 958, 1071, 1163, 1257, Number and deposits 47, 149, 243, 355, 447, Foreign exchange rates 95, 199, 289, 405, 513 579, 665, 795, 919, 1031, 1123, 1217 629, 715, 843, 981, 1085, 1177, 1271 Bankers' acceptances: (See Acceptances, bankers') Articles: Bankers' balances: The Federal Reserve in World War II, article by M. Insured commercial banks 51, 153, 247, 359, 451, S. Szymczak reprinted from Burroughs Clearing 582, 669, 799, 923, 1035, 1127, 1221 House 904 Weekly reporting member banks: (See also Special articles) By Federal Reserve districts. . . .55, 157, 251, 363, Assets: 455,587, 673,803, 927,1039,1131,1225 Liquid holdings: New York City and outside. .53, 155, 249, 361, 453, Individuals and businesses 532 585, 671, 801, 925, 1037, 1129, 1223 Large accumulations of, discussion in Review of Banking funds: theMonth 858 Foreign, increase in United States. .88, 192, 282, 398, 506, Surveys of 865 622, 708, 836, 960,1073, 1165, 1259 Assets and liabilities: All member banks, classes of banks: Banks: December 30, 1944 392 Consolidations 185, 615, 956, 1255 March 20, 1945 618 Government securities held by. .62, 164, 258, 370, 462, June 30, 1945 1068 594, 680, 810, 934,1046, 1138, 1232 DECEMBER 1945 1x77 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 31 Pages Page Banks—Continued. Bonds: Number of: New security issues 58, 160, 254, 366, 458, By States . 616, 590, 676, 806, 930, 1042, 1134,1228 ,Call dates 48, 150, 244, 356, 448 Prices in principal countries 97, 201, 291, 407, 515, 580, 666, 796, 920, 1032, 1124, 1218 631, 717, 845,983,1087, 1179,1273 Changes 185, 615, 956, 1255 Prices in United States 58, 160, 254, 366, 458, Suspensions 47, 149, 243, 355, 447, 590, 676, 806, 930, 1042, 1134, 1228 579, 665, 795, 919, 1031, 1123, 1217 United States savings, sales and redemptions. . . .61, 163, Banks for cooperatives: 257, 369, 461, 593, 679, 809, 933, 1045, 1137, 1231 Loans by 64, 166, 260, 372, 464, {See also Government securities) 596, 682, 812, 936, 1048, 1140, 1234 Borrowings: Belgian Congo: Insured commercial banks 51, 153, 247, 359, 451, Gold production 87, 191, 281, 397, 505, 582, 669, 799, 923, 1035, 1127, 1221 621, 707, 835, 959, 1072, 1164, 1258 Member banks at Federal Reserve Banks 791, 915, Belgium: 1027, 1119, 1213 Economic problems of, article by M. S. Szymczak. ... 10 Weekly reporting member banks: Foreign exchange rates 95, 199, 289, 405, 513, By Federal Reserve districts. .55, 157, 251, 363, 455, 629, 715, 843, 981, 1085,1177, 1271 587, 673, 803, 927, 1039, 1131, 1225 Gold movements 87, 191, 281, 397, 505, New York City and outside. .53, 155, 249, 361, 453, 621, 707, 835, 959, 1072, 1164, 1258 585, 671, 801, 925, 1037,1129,1223 National Bank of: Branch banks: Condition 91, 195, 285, 401, 509, Changes, analysis 185, 615, 956, 1255 625, 711, 839, 977,1081, 1173,1267 Federal Reserve System: Discount rate 93, 197, 287, 403, 511, Directors: {See Directors) 627, 713, 841, 979, 1083,1175,1269 Managing officers 99, 203, 293, 409, 517, Gold reserves 86, 190, 280, 396, 504, 633, 719, 847, 985, 1089, 1181,1275 620, 706, 834, 958, 1071, 1163, 1257 Number in operation, by States 616 Bills discounted by Federal Reserve Banks: Brazil: All banks combined 37, 139, 233, 345, 437, Foreign exchange rates 95, 199, 289, 405, 513, 569, 655, 785, 909,1021,1113,1207 629, 715, 843, 981, 1085,1177, 1271 Each bank .40, 142, 236, 348, 440, Gold reserves 86, 190, 280, 396, 504, 572, 658, 788, 912, 1024,1116, 1210 620, 706, 834, 958, 1071, 1163, 1257 Maturity distribution 39, 141, 235, 347, 439, Bretton Woods agreements: 571, 657, 787, 911,1023,1115,1209 Act, text of 764 Member and nonmember banks. .39, 141, 235, 347, 439, Monetary and credit agreements entered into, 571, 657, 787, 911, 1023, 1115, 1209 address by M. S. Szymczak 306 Blazer, Paul G., appointed director of Cincinnati Branch. . .32 Statement by Board on ratification of 304 Board of Governors: Briscoe, Dolph, resignation as Class C director at Dallas. . .31 Members: British India: {See India, British) Draper, Ernest G., statement on supplying the British white paper on war finance ..... 732 credit needs of business in the transition and Brokers and dealers in securities, loans to: early postwar period 419 Insured commercial banks 50, 152, 246, 358, 450, Eccles, Marriner S., statement on capital gains 582, 668, 798, 922, 1034, 1126, 1220 tax to curb rising prices of capital values 222 Weekly reporting member banks: Szymczak, M. S.: By Federal Reserve districts. .54, 156, 250, 362, 454, Address on monetary and credit agree- 586, 672, 802, 926, 1038, 1130, 1224 ments entered into at Bretton Woods 306 New York City and outside. .52, 154, 248, 360, 452, Article on economic problems of liberated Belgium 10 584, 670, 800, 924, 1036, 1128, 1222 Reprint of article on the Federal Reserve Brokers' balances: in World War II, from Burroughs Clear- Movement to United States from abroad. . 88, 192, 282, ing House 904, 398, 506, 622, 708, 836, 960, 1073, 1165, 1259 Members and officers, list 98, 202, 292, 408, 516 Brown, Edward E., elected President of the Federal 632, 718, 846, 984, 1088, 1180, 1274 Advisory Council. . . 228 Staff: {See Staff of Board) Bulgaria: Bogle, Hal, appointed director at El Paso Branch. . . . 340 Foreign exchange rates 95, 199, 289, 405, 513, Bohemia and Moravia: 629, 715, 843, 981, 1085, 1177, 1271 National Bank of: National Bank of : Condition. .91, 195, 285, 401, 509, 625, 711, 839, 977 Discount rate 93, 197, 287, 403, 511, Discount rate 93, 197, 287, 403, 511, 627, 713, 841, 979,1083, 1175, 1269 627, 713, 841, 979, 1083, 1175, 1269 Gold reserves. . . ..86, 190, 280, 396 Bolivia: Business: Central Bank of: Liquid asset holdings of 532 Condition 91, 195, 285, 401, 509, Supplying the credit needs in the transition and 625, 711, 839, 977, 1081, 1173, 1267 early postwar period, statement by Mr. Draper. . . .419 Discount rate 93, 197, 287, 403, 511, Business conditions: 627, 713, 841, 979, 1083, 1175, 1269 Current statistics for Federal Reserve chart book. . 82,183, Bond yields: 277, 389, 481, 613, 699, 830, 954, 1066, 1159, 1253 Government, municipal, and corporate. . .57, 159, 253, National summary of 33, 135, 229, 341, 433, 365, 457, 589,675, 805, 929,1041, 1133, 1227 565, 651, 780, 905, 1016, 1109, 1202 1x78 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 31 Pages Pages Business finance in the transition, discussion in Review of Central reserve city banks—Continued. the Month 987 Condition of insured commercial banks. . 50, 152, 246, 358, Business indexes: 450, 582, 668, 798, 922, 1034, 1126, 1220 Monthly and yearly figures, 1919-1945. .65,167, 261, 373, Deposits 44, 146, 240, 350, 444, 465, 597, 683, 813, 937,1049,1141,1235 576, 662, 792, 916, 1028, 1120, 1214 Canada: Earnings and expenses 491 Bank of: Reserve balances 43, 145, 239, 351, 443, 575, 661 Annual report for 1944 334 Reserves 44, 146, 240, 350, 444, Condition 94, 198, 288, 404, 512, 576, 662, 792, 916, 1028, 1120, 1214 628, 714, 842, 980, 1084,1176, 1270 Reserves and borrowings. .. .791, 915, 1027, 1119, 1213, Discount rate 93, 197, 287, 403, 511, Chairmen of Federal Reserve Banks: 627, 713, 841, 979,1083,1175, 1269 List of 99, 203, 293, 409, 517 Gold reserves 86, 190, 280, 396, 504, 633, 719, 847,985,1089,1181,1275 620, 706, 834,958, 1071, 1163, 1257 Meeting on October 29 and 30 1108 Commercial banks, assets and liabilities.. .94, 198, 288, Reappointments for year 32 404, 512, 628, 714, 842, 980, 1084, 1176, 1270 Chart books: Cost of living, index numbers. .. .97, 201, 291, 407, 515, Current figures on bank credit, money rates, and 631, 717, 845, 983,1087, 1179,1273 business 82, 183, 277, 389, 481, Foreign exchange rates 95, 199, 289, 405, 513, 613,699,830,954, 1066,1159, 1253 629, 715, 843, 981,1085,1177, 1271 Charts: Gold movements 87, 191, 281, 397, 505, Assets of 1953 manufacturing and trade concerns, 621, 707, 835, 959,1072, 1164, 1258 1940-1943 317 Gold production 87, 191, 281, 397, 505, Bank deposits and currency 1098 621, 707, 835, 959, 1072, 1164, 1258 Cash sales of selected retail trades 427 Retail food prices 97, 201, 291, 407, 515, Charge account sales of selected retail trades 425 631, 717, 845, 983, 1087, 1179, 1273 Commercial and industrial loans of banks 996 White Paper on employment and income 536 Consumer credit 411 Wholesale prices in 96, 200, 290, 406, 514, Corporate security issues for new money 997 630, 716, 844, 982, 1086, 1178, 1272 Cost of living .213, 566, 1109 Capital: Department store sales and stocks..33, 229, 341, 433, Movement to United States 88, 192, 282, 398, 506 651, 780, 1016, 1187 622, 708, 836, 960,1073, 1165, 1259 Deposit growth, 1940-1944 103 Capital accounts: Deposits, loans and Government securities 107 Federal Reserve Banks 42, 144, 238, 350, 442, Dispersion of liquid assets among holders within 574, 660,790, 914, 1026, 1118, 1212 different income groups in Birmingham 867 Insured commercial banks 51, 153, 247, 359, 451, Employment in nonagricultural establishments. . 207, 856 582, 669, 799, 923, 1035, 1127, 1221 Foreign trade of Latin America 519 Insured commercial banks in United States and Gold indices of wholesale prices 892, 893 possessions .393, 1069 Government security holdings of banks in leading Member banks: cities 34, 230, 342, 652 December 30, 1944 , ...392 Gross national product and individual and corpo- March 20, 1945 618 rate holdings of cash and Government securities. . . 1091 June 30, 1945 1068 Holdings of United States Government securities 4 Weekly reporting member banks: Holdings of United States Government securities by By Federal Reserve districts. .55, 157, 251, 363, 455, kinds 727 587, 673, 803, 927, 1039, 1131, 1225 Income payments and sales of food and apparel 212 New York City and outside. .53, 155, 249, 361, 453, Income payments to individuals 565, 857, 1110, 1186 585, 671, 801, 925, 1037, 1129, 1223 Indexes of industrial production 876 Capital expenditures, discussion in Review of the Month. . 992 Individual incomes, expenditures, and taxes 642 Capital gains tax to curb rising prices of capital values, Industrial production 33, 135, 229, 341, 433, statement by Marriner S. Eccles on 222 565, 636, 651, 780, 905, 1016, 1109, 1184, 1202 Carpenter, S. R., appointment as Secretary of the Board. . 650 Instalment sales of selected retail trades 426 Cash in vaults: Liabilities and equity of 1953 manufacturing and Insured commercial banks 51, 153, 247, 359, 451, trade concerns, 1940-43 321 582, 669, 799, 923, 1035, 1127, 1221 Member banks in leading cities 34, 136, Weekly reporting member banks: 230,434,781,1110 By Federal Reserve districts. .55, 157, 251, 363, 455, Member bank reserves and related items. . .36, 136, 138, 587, 673, 803, 927, 1039, 1131, 1225 232, 344, 436, 568, 654, 784, 906, 908, 1020, 1112, 1203 New York City and outside. .53, 155, 249, 361, 453, Munitions production and war construction 638 585, 671, 801, 925, 1037, 1129, 1223 Ownership of United States Government securities 8 Central banks: Prices 861 Assets and liabilities 89, 193, 283, 399, 507, Reserve position, Federal Reserve Banks 1939-1945. . 219 623, 709, 837, 975, 1079, 1171, 1265 Reserve ratios 216 Discount rates 93, 197, 287, 403, 511, Retail sales 423 627, 713, 841, 979, 1083, 1175, 1269 Sales and inventories in manufacturing and trade.... 992 Gold reserves 86, 190, 280, 396, 504, Sources of money supply of Colombia 526 620, 706, 834, 958, 1071, 1163, 1257 Sterling resources of the British Empire 897 Central reserve city banks: Stock market 1189 Assets and liabilities: Treasury war financing 721 December 30, 1944 . .392 Wartime deposit expansion by States 104 March 20, 1945 .. .618 WTartime growth in bank deposits 101 June 30, 1945 .1068 Weekly reporting member banks. .726, 1094 DECEMBER 1945 IZ79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 31 Pages Pages Charts—Continued. Commercial paper—Continued. Wholesale prices..... 135, 342, 434, 906, 1017, 1203 Outstanding 56, 158, 252, 364, 456, Yields on United States Government securities. .301, 728 588, 674, 804, 928, 1040, 1132, 1226 Check routing symbols, new plan announced 730 Commitment rates under Regulation V 38, 140, 234, Chile: 346, 438, 570, 656, 786, 910, 1022, 1114, 1208 Central Bank of: Committees: Condition 91, 195, 285, 401, 509, Executive of Federal Open Market Committee, 625, 711, 839, 977, 1081, 1173, 1267 members of 228 Discount rate 93, 197, 287, 403, 511, Commodity Credit Corporation: 627, 713, 841, 979, 1083, 1175, 1269 Assetitems 64,166, 260, 372 Gold reserves 86, 190, 280, 396, 504, Assets and liabilities 464, 596, 682, 812, 936, 620, 706, 834, 958, 1071, 1163, 1257 1048, 1140, 1234 Foreign exchange rates 95, 199, 289, 405, 513 Loans by 64, 166, 260, 372, 464, 629, 715, 843, 981, 1085, 1177, 1271 596, 682, 812, 936, 1048, 1140, 1234 Gold production 87, 191, 281, 397, 505, Commodity prices: 621, 707, 835, 959, 1072, 1164, 1258 National summary of business conditions 34, 136, China: 230,434, 566, 652, 781, 905,1017,1110,1203 Foreign exchange rates 95, 199, 289, 405, 513, Review of the Month 1188 629, 715, 843, 981, 1085, 1177, 1271 Compilation of State laws relating to bank reserves 432 Circulars: Comptroller of the Currency: Absorption of exchange charges, letter to member Farm and business loans to veterans by national banks of the Federal Reserve System 564 banks, instructions 226 Civilian supplies and prices, discussion in Review of the Partially guaranteed home loans to veterans, in- Month 205 structions on 29 Clayton, Lawrence, resignation as Assistant to the Condition statements: Chairman of the Board of Governors . . 123 All member banks, by classes of banks. . .392, 618, 1068 Clearing and collection: Commercial banks in United Kingdom, Canada, and Absorption of exchange charges, letter to member France 94, 198, 288, banks of the Federal Reserve System 564 404, 512, 628, 714, 842,980,1084,1176,1270 Check routing symbols, new plan announced 730 Federal Reserve Banks: Coins: All banks combined 39, 141, 235, 347, 439, Circulation of 45, 147, 241, 353, 445, 571, 657, 787, 911, 1023, 1115, 1209 577, 663, 793, 917, 1029, 1121, 1215 Each bank 40, 142, 236, 348, 440, Colombia: 572, 658, 788, 912, 1024, 1116, 1210 Bank of the Republic of: Foreign central banks 89, 193, 283, 399, 507, Condition 91, 195, 285, 401, 509, 623, 709, 837, 975, 1079, 1171, 1265 625, 711, 839, 977, 1081, 1173, 1267 Government corporations and credit agencies. . .64, 166, Discount rate 93, 197, 287, 403, 511, 260, 372, 464, 596, 682, 812, 936, 1048, 1140, 1234 627, 713, 841, 979, 1083, 1175, 1269 Insured commercial banks: Gold reserves 86, 190, 280, 396, 504, Classes of banks 50, 152, 246, 358, 450, 620, 706, 834, 958, 1071, 1163, 1257 582, 668, 798, 922, 1034, 1126, 1220 Foreign exchange rates 95, 199, 289, 405, 513, United States and possessions 393, 1069 629, 715, 843, 981, 1085, 1177, 1271 Weekly reporting member banks: Gold movements 87 By Federal Reserve districts... 54,156, 250,362,454, Gold production 87, 191, 281, 397, 505, 586, 672, 802, 926, 1038, 1130, 1224 621, 707, 835, 959, 1072, 1164, 1258 New York City and outside. . .52, 154, 248, 360, 452, Commercial banks: 584, 670, 800, 924, 1036, 1128, 1222 Assets and liabilities in United Kingdom, Canada, Conferences: {See Meetings) and France 94, 198, 288, 404, 512, Conkling, Gerald M., article on loans for war purposes. . . 1102 628, 714, 842, 980, 1084, 1176, 1270 Consolidations of banks 185, 615, 956, 1255 Changes in number of offices 185, 615, 956, 1255 Construction contracts awarded: Condition of insured in United States by classes. ,50, 152, By districts 73, 175, 269, 381, 473, 246, 358, 450, 582, 668, 798, 922, 1034, 1126, 1220 605, 691, 821, 945, 1057, 1149, 1243 Condition of insured in United States and posses- By public and private ownership... 73,175, 269, 381, 473, sions 393,1069 605, 691, 821, 945, 1057, 1149, 1243 Consumer instalment loans 79, 181, 275, 387, 479, By type of construction 73, 175, 269, 381, 473 611, 697, 827, 951, 1063, 1155, 1249 605, 691, 821, 945, 1057, 1149, 1243 Insured home mortgages held 73, 175, 269, 381, 473, Index of value of 65, 167, 261, 373, 465, 605, 691, 821, 945, 1057, 1149, 1243 597, 683, 813, 937, 1049, 1141, 1235 Commercial, industrial, and agricultural loans: Consumer credit: Weekly reporting member banks: Amendment No. 15 to Regulation W 225 By Federal Reserve districts. .54, 156, 250, 362, 454, Amendment No. 16 to Regulation W 557 586, 672, 802, 926, 1038, 1130, 1224 Amendment No. 17 to Regulation W 774 New York City and outside. . .52, 154, 248, 360, 452, Amendment No. 18 to Regulation W 1011 584, 670, 800, 924, 1036, 1128, 1222 Amendment No. 19 to Regulation W 1197 Commercial loans: Course of, discussion in Review of the Month 411 Insured, by classes 50, 152, 246, 358, 450, Disaster credits, effect of Amendment No. 16 to 582, 668, 798, 922, 1034, 1126, 1220 Regulation W on those occurring before effective Commercial paper: date of amendment 646 Open-market rates on 57, 159, 253, 365, 457, Furniture store statistics 79, 181, 275, 387, 479, 589, 675, 805, 929, 1041, 1133, 1227 611, 697, 827, 951, 1063, 1155, 1249 I2.8O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 31 Pages Pages Consumer credit—Continued. Court cases: Instalment credits of commercial banks, by type of Agnew, John, and Fayerweather, F. O., suit filed credit 79,181, 275, 387,479, against Board of Governors for review of order 611, 697, 827, 951, 1063, 1155, 1249 removing as directors of national bank 645 Instalment loans 78, 180, 274, 386, 478, Peoples Bank, Lakewood Village, Calif., suit against 610, 696, 826, 950, 1062, 1154, 1248 Federal Reserve Bank of San Francisco, appeal Instalment loans made by principal lending institu- dismissed 775 tions 79, 181, 275, 387, 479, Cox, Elmer H., Class B director at San Francisco, death 611, 697, 827, 951, 1063, 1155, 1249 of 1200 Instalment sale credit, excluding automobile credit. . 78, Credit: 180, 274, 386,478, 610, 696, 826,950,1062,1154,1248 Bank: {See Bank credit) Order suspending license of Safeway Finance Plan, Consumer: (See Consumer credit) Incorporated 336 Federal Reserve: Ratio of collections to accounts receivable. . .79, 181, 275, Chart 36, 138, 232, 344, 436, 387, 479, 611, 697, 827, 951, 1063, 1155, 1249 568, 654, 784, 908, 1020, 1112, 1206 Repair or installation of coal stoker 122 End-of-month and Wednesday figures. .37, 139, 233, Revised estimates of single payment loans out- 345,437, 569, 655, 785, 909, 1021,1113,1207 standing 27 National summary of business conditions. .34, 136, 230, Rural Electrification Administration, credit ex- 342, 434, 566, 652, 781, 906, 1017, 1110, 1203 tended by cooperatives to finance wiring of farm Retail, survey for 1944 423 homes, etc 122 Supplying the credit needs of business in the transi- Total credit, by major parts 78, 180, 274, 386, 478, tion and early postwar period, article by Ernest G. 610, 696, 826, 950, 1062, 1154, 1248 Draper 419 Consumer expenditures, increase, discussion in Review Credit expansion, possibilities during 1946 1099 of the Month 211 Credit survey, retail for 1944 423 Consumer goods, production of 640 Crop reports, by Federal Reserve districts 81, 829, 953, Consumers Home Equipment Company, consent in- 1065, 1158, 1252 junction under Regulation W 774 Currency: Contract terminations and settlements. . . .989 Circulation, by denominations 45, 147, 241, 353, 445, Corporate bonds: 577, 663, 793, 917, 1029, 1121, 1215 Yields on 57, 159, 253, 365, 457, Ethiopia, proclamation as to new 1006 589, 675, 805, 929, 1041, 1133, 1227 Expansion during war loan drive 5 Corporate security issues: Kinds of money in circulation. . . .45, 147, 241, 353, 445, 577, 663, 793, 917, 1029, 1121, 1215 Proposed use of proceeds: All issuers 59, 161, 255, 367, 459, Outside banks 47, 149, 243, 355, 447, 579, 665, 795, 919, 1031, 1123, 1217 591, 677, 807, 931, 1043, 1135, 1229 Treasury, outstanding 37, 139, 233, 345, 437, Major groups of issuers 59, 161, 255, 367, 459, 569, 655, 785, 909, 1021, 1113, 1207 591, 677, 807, 931, 1043, 1135, 1229 Customers' debit balances 56, 158, 252, 364, 456, Corporate stocks: 588, 674, 804, 928, 1040, 1132, 1226 Holdings of all member banks 392, 618, 1068 Czechoslovakia: Prices in United States 58, 160, 254, 366, 458, Foreign exchange rates 95, 199, 289, 405, 513, 590, 676, 806, 930, 1042, 1134, 1228 629, 715, 843, 981, 1085, 1177, 1271 Correspondence: Gold reserves 86, 190, 280, 396, 504, Absorption of exchange charges, letter to all mem- 620, 706, 834, 958, 1071, 1163, 1257 ber banks of the Federal Reserve System 564 Dearmont, Russell L., appointed Class C director at Seventh War Loan Drive, letter from Secretary St. Louis .1200 Morgenthau to banking institutions on 302 Deaths: Victory Loan Drive, letter from Secretary Vinson Cox, Elmer H., Class B director at San Francisco. . . 1200 to banking institutions on. .999 Dick, Paul S., director of Portland Branch 535 Cost of living: Ford, S. S., Class A director at Minneapolis 650 Chart 213, 566, 1109 Gutting, J. G., director of Cincinnati Branch. . .432 Index for principal countries 97, 201, 291, 407, 515, Hicks, John K., director of El Paso Branch 1200 631, 717, 845, 983, 1087, 1179, 1273 Thomas, W. Frank, director of Baltimore Branch.... 763 Index, United States 65, 167, 261, 373, 465, Debit and credit balances of stock exchange firms. .56, 158, 597, 683, 813, 937, 1049, 1141, 1235 252, 364,.456, 588, 674, 804, 928, 1040, 1132, 1226 Country member banks: Debits to deposit accounts: Assets and liabilities: Reporting centers, year and month 46, 148, 242, December 30, 1944 392 354, 446, 578, 664, 794, 918, 1030, 1122, 1216 March 20, 1945 618 Weekly reporting member banks: June 30, 1945 1068 By Federal Reserve districts. .55, 157, 251, 363, 455, Condition, call dates 50, 152, 246, 358, 450, 587, 673, 803, 927, 1039, 1131, 1225 582, 668, 798, 922, 1034, 1126, 1220 New York City and outside. . .53, 155, 249, 361, 453, Deposits and reserves 44, 146, 240, 350, 444, 585, 671, 801, 925, 1037, 1129, 1223 576, 662, 792, 916, 1028, 1120, 1214 Debt: Deposits in large and small centers 43, 145, 239, Corporate, refunding and reduction of long term. . .997 351, 443, 575, 661, 791, 915, 1027, 1119, 1213 United States Government: Earnings and expenses, 1944 491, 494 Ownership of 8, 1096 Reserve balances 43, 145, 239, 351, 443, 575, 661 Volume and kind of securities. .61,163, 257, 369, 461, Reserves and borrowings 791, 915, 1027, 1119, 1213 593, 679, 809, 933, 1045, 1137, 1231 DECEMBER 1945 IZ8I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 31 Pages Pages Denmark: Deposits—Continued. Foreign exchange rates 95, 199, 289, 405, 513, Nonmember banks—Continued. 629, 715, 843, 981, 1085, 1177, 1271 In Federal Reserve Banks 37, 139, 233, 345, 437, National Bank of: 569, 655, 785, 909, 1021, 1113, 1207 Condition 91, 195, 285, 401, 509, Ownership of: 625, 711, 839, 977, 1081, 1173, 1267 Changes in, discussed in Review of the Month. . 105, Discount rate 93, 197, 287, 403, 511, 1092 627, 713, 841, 979, 1083, 1175, 1269 Survey of... 331, 1100 Gold reserves 86, 190, 280, 396, 504, Postal savings: 620, 706, 834, 958, 1071, 1163, 1257 Call dates 51, 153, 247, 359, 451, Department stores: 582, 669, 799, 923, 1035, 1127, 1221 Accounts receivable and collections 77, 179, 273, Depositors' balances and assets. .47,149,243,355,447, 385,477, 609, 695, 825,949,1061,1153,1247 579, 665, 795, 919, 1031, 1123, 1217 Sales: Rates on 38, 140, 234, 346, 438, By Federal Reserve districts and by cities. .76, 178, 570, 656, 786, 910, 1022, 1114, 1208 272, 384,476, 608, 694, 824, 948,1060, 1152,1246 Ratios of time to total, by size of bank 703 Index of value of 65, 167, 261, 373, 465, Savings: 597, 683, 813, 937, 1049, 1141, 1235 Interest rate on 38, 140, 234, 346, 438, Weekly index of 76, 178, 272, 384, 476, 570, 656, 786, 910, 1022, 1114, 1208 608, 694, 824, 948, 1060, 1152, 1246 States and political subdivisions: Sales and stocks: Insured commercial banks 51, 153, 247, 359, 451, By major departments 77, 179, 273, 385, 477, 582, 669, 799, 923, 1035, 1127, 1221 609, 695, 825, 949, 1061, 1153, 1247 Suspended banks 47, 149, 243, 355, 447, Chart 33,229,341, 579, 665, 795, 919, 1031, 1123, 1217 433, 651, 780, 1016 Time, maximum rates on 38, 140, 234, 346, 438, Monthly index of 76, 178, 272, 384, 476, 570, 656, 786, 910, 1022, 1114, 1208 608, 694, 824, 948, 1060, 1152, 1246 Treasury: Sales, stocks, and orders, discussion in Review of Chart 36, 138, 232, 344, 436, the Month 860 568, 654, 784, 908, 1020, 1112, 1206 Deposits: With Federal Reserve Banks... 37,139, 233, 345,437, Adjusted, of all banks and currency outside 569, 655, 785, 909, 1021, 1113,1207 banks 47, 149, 243, 355, 447, Turnover 46, 148, 242, 354, 446, 579, 665, 795, 919, 1031, 1123, 1217 578, 664, 794, 918, 1030, 1122, 1216 All banks in the United States, call dates. . .48, 150, 244, Weekly reporting member banks: 356,448, 580, 666, 796,920,1032,1124, 1218 By Federal Reserve districts. .55, 157, 251, 363, 455, Changes during war loan drive 5 587, 673, 803, 927, 1039, 1131, 1225 Distribution of wartime expansion 101 New York City and outside. .53, 155, 249, 361, 453, Federal Reserve Banks: 585, 671, 801, 925, 1037, 1129, 1223 All banks combined 39, 141, 235, 347, 439, Deputy Chairmen of Federal Reserve Banks: 571, 657, 787, 911, 1023, 1115, 1209 List of 99, 203, 293, 409, 517, Each bank 41, 143, 237, 349, 441, 633, 719, 847, 985, 1089, 1181, 1275 573, 659, 789, 913; 1025, 1117, 1211 Reappointments for year 32 Foreign banks, held by banks on call dates. . .51, 153, 247, Dick, Paul S., director of Portland Branch, death of 535 359,451, 582, 669, 799, 923,1035, 1127,1221 Directors, Federal Reserve Banks: Government: Briscoe, Dolph, Class C at Dallas, resignation of 31 Federal Reserve Banks, each bank 41, 143, 237, Cox, Elmer H., Class B at San Francisco, death of. . 1200 349,441, 573, 659, 789, 913,1025,1117,1211 Dearmont, Russell L., appointed Class C at St. Insured commercial banks. . .51, 153, 247, 359, 451, Louis 1200 582, 669, 799, 923, 1035, 1127, 1221 Ford, S. S., Class A at Minneapolis, death of 650 Weekly reporting member banks: Frierson, George A., appointed Class C at Dallas. .. .340 By Federal Reserve districts 55, 157, 251, Glenn, Thomas K., Class A at Atlanta, resignation of. .31 363, 455, 587, 673, 803, 927, 1039, Higgins, Charles A., elected Class B at Philadelphia. .228 1131, 1225 Hill, Clarence E., elected Class A at Minneapolis 904 New York City and outside 53, 155, 249, List of 124 361,453, 585, 671, 801, 925,1037,1129,1223 Smith, Richard Shore, Class A at San Francisco, Insured commercial banks 51, 153, 247, 359, 451, resignation of 1200 582, 669, 799, 923, 1035, 1127, 1221 Stead, William H., Class C at St. Louis, resignation Member banks: of 228 Classes of banks. 44, 146, 240, 350, 444, Strickland, Robert, elected Class C at Atlanta 228 576, 662, 792, 916, 1028, 1120, 1214 Directors, Federal Reserve Branch Banks: Country, in large and small centers 43, 145, 239, Blazer, Paul G., appointed at Cincinnati Branch. . . .32 351, 443, 575, 661, 791, 915, 1027, 1119, 1213 Bogle, Hal, appointed at El Paso Branch 340 Mutual savings banks 49, 151, 245, 357, 449, Dick, Paul S., Portland Branch, death of 535 Fairchild, J. S., appointed at Jacksonville Branch. . . .228 581, 667, 797, 921, 1033, 1125, 1219 Gilbert, Ernest, appointed at Detroit Branch 32 National banks 48, 150, 244, 356, 448, Gutting, J. G., Cincinnati Branch, death of 432 580, 666, 796, 920, 1032, 1124, 1218 Hicks, John K., El Paso Branch, death of 1200 Nonmember banks: Jordan, Howard W., appointed at Pittsburgh Branch. .32 Chart 36, 138, 232, 344, 436, List of 125 568, 654, 784, 908, 1020, 1112, 1206 McGregor, John M., appointed at Seattle Branch. . . .32 Commercial banks 49, 151, 245, 357, 449, Pierson, Waldo E., appointed at Cincinnati Branch. .432 581, 667, 797, 921, 1033, 1125, 1219 Shouse, S. Headley, appointed at Cincinnati Branch. .32 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 31 Pages Pages Directors, Federal Reserve Branch Banks—Continued. Earnings and expenses—Continued. Shriver, James M., appointed at Baltimore Branch. . 1200 National banks: Stewart, Charles H., appointed at Portland Branch. .535 1944 491,496 Thomas, W. Frank, Baltimore Branch, death of.... 763 First half of 1945 1161 Wheat, J. E., appointed at Houston Branch 32 Eccles, Marriner S., statement on capital gains tax to Directors, national banks: curb rising prices of capital values 222 Suit filed against Board by John Agnew and F. O. Economic activity and demand at high levels 1183 Fayerweather for review of order of removal 645 Economic effects of changing war program 635 Directory: Economic problems of liberated Belgium, article by Board of Governors 98, 202, 292, 408, 516, M. S. Szymczak 10 632, 718, 846, 984, 1088, 1180, 1274 Ecuador: Federal Advisory Council 98, 202, 292, 408, 516, Central Bank of: 632, 718, 846, 984, 1088, 1180, 1274 Condition 91, 195, 285, 401, 509, Federal Open Market Committee. .98, 202, 292, 408, 516, 625, 711, 839, 977, 1081, 1173, 1267 632, 718, 846, 984, 1088, 1180, 1274 Discount rate 93, 197, 287, 403, 511, Federal Reserve Banks and Branches 99, 203, 293, 627, 713, 841, 979, 1083, 1175, 1269 409, 517, 633, 719, 847, 985, 1089, 1181, 1275 Egypt: Dirks, F. C: National Bank of: Article on wartime earnings of small business 16 Condition 91, 195, 285, 401, 509, Article on wartime financing of manufacturing and 625, 711, 839, 977, 1081, 1173, 1267 trade concerns .313 Gold reserves 86, 190, 280, 396, 504, Disaster credits, amendment to Regulation W 557 620, 706, 834, 958, 1071, 1163, 1257 Effect of amendment on those occurring before El Salvador: effective date . 646 Central Reserve Bank of: Discount rates: Condition 91, 195, 285, 401, 509, Federal Reserve Banks 38, 140, 234, 346, 438, 625, 711, 839, 977, 1081, 1173, 1267 570, 656, 786, 910, 1022, 1114, 1208 Discount rate 93, 197, 287, 403, 511, Foreign central banks 93, 197, 287, 403, 511, 627, 713, 841, 979, 1083, 1175, 1269 627, 713, 841, 979, 1083, 1175, 1269 Ellis, Howard S., appointed Assistant Director of the Distribution of wartime deposit expansion, discussion Division of Research and Statistics . . 123 in Review of the Month. ... . 101 Employment: Dividends: Canadian white paper on 536 Federal Reserve Banks: Changes in, needs discussed in Review of the Month. . 207 1944 ..186 Factory employment: Six months ended June 30, 1945 832 Adjusted for seasonal variation 71, 173, 267, Industrial corporations 60, 162, 256, 368, 460, 379, 471, 603, 689, 819, 943, 1055, 1147, 1241 592, 678, 808, 932, 1044, 1136, 1230 Business index 65, 167, 261, 373, 465, Member banks: 597, 683, 813, 937, 1049, 1141, 1235 1944 ...431, 491 Factory employment and pay rolls by industries.... 70, First half of 1945 1106, 1161 172, 266, 378,470, 602, 688, 818,942,1054,1146,1240 Public utility corporations 60, 162, 256, 368, 460, Gains during October, discussion in Review of the 592, 678, 808, 932, 1044, 1136, 1230 Month 1185 Draper, Ernest G., statement on supplying the credit National summary of business conditions 1109, 1202 needs of business in the transition and early postwar Nonagricultural: period 419 Business index 65, 167, 261, 373, 465, Dreibelbis, J. P., resignation as General Attorney of 597, 683, 813, 937, 1049, 1141, 1235 Board 340 Total in each classification. . .72, 174, 268, 380, 472, Dunn, Charles B., appointed First Vice President at 604, 690, 820, 944, 1056, 1148, 1242 Federal Reserve Bank of Chicago 1108 Situation at end of war 855 Earnings: England: (See United Kingdom) Corporations 60, 162, 256, 368, 460, Estonia: 592, 678, 808, 932, 1044, 1136, 1230 Member banks: Discount rate of central bank 93, 197, 287, 403, 511, 1944 429, 491 627, 713, 841, 979, 1083, 1175, 1269 First half of 1945 1106, 1161 Ethiopia: Wage earners in manufacturing industries. .71, 173, 267, New currency in, proclamation. . . . 1006 379, 471, 603, 689, 819, 943, 1055, 1147, 1241 Expenditures: Earnings and dividends: Federal Budget for fiscal year 724 Industrial corporations, 1939-1945 60, 162, 256, Treasury " 63, 165, 259, 371, 463, 368, 460, 592, 678, 808, 932, 1044, 1136, 1230 595, 681, 811, 935, 1047, 1139, 1233 Public utility corporations, 1939-1945 60, 162, 256, Expenses: (See Earnings and expenses) 368, 460, 592, 678, 808, 932, 1044, 1136, 1230 Export-Import Bank: Earnings and expenses: General policy, statement of 1000 Federal Reserve Banks: Loans by 64, 166, 260, 372, 464, 1944 186 596, 682, 812, 936, 1048, 1140, 1234 Six months period ended June 30, 1945. . . . 832 Export-Import Bank Act of 1945, text of 767 Member banks: Exports: 1944 429, 491 Latin American countries . . 524 First half of 1945. .. .... 1106, 1161 Exports and imports: (See Imports and exports) 1x83 DECEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 31 Pages Pages Executive orders: Federal Public Housing Authority: 9567, defining duties and functions of Alien Property Loans by 64, 166, 260, 372, 464, Custodian 646 596, 682, 812, 936, 1048, 1140, 1234 9599, to stabilize national economy during transi- Federal register, announcement concerning 1108 tion from war to peace 902 Federal Reserve Act: Factory employment: {See Employment) Amendment to section 14(b) as to purchase of Fairchild, J. S., appointed director of Jacksonville Branch. . 228 Government obligations by Federal Reserve Farm credit administration: Banks extended 29 Loans by 64, 166, 260, 372, 464, Amendments to sections ll(c) and 16 644 596, 682, 812, 936, 1048, 1140, 1234 Federal Reserve bank notes: Farm products: Authority to issue terminated 563, 644 Wholesale price indexes: Circulation and outstanding 45, 147, 241, 353, 445, Principal countries 96, 200, 290, 406, 514, 577, 663, 793, 917, 1029, 1121, 1215 630, 716, 844, 982, 1086, 1178, 1272 Federal Reserve Bank of Atlanta: United States 80, 182, 276, 388, 480, Savannah Agency, discontinuance of. . .123 612, 698, 828, 952, 1064, 1156, 1250 Federal Reserve Bank of Chicago: Farm Security Administration: Staff: Loans by 64, 166, 260, 372, 464, Dunn, Charles B., appointed First Vice Presi- 596, 682, 812, 936, 1048, 1140, 1234 dent 1108 Fayerweather, F. O., suit filed against Board of Gover- Preston, H. P., resignation as First Vice Presinors for review of order removing plaintiff as director dent 904, 1108 of national bank 645 Federal Reserve Bank of Cleveland: Federal Advisory Council: Staff: Meetings: Fletcher, Wm. H., appointed First Vice Presi- December 3-4, 1944 31 dent 1200 February 18-19 228 Hays, Reuben B., resignation as First Vice- May 13-14 535 President 1200 September 16-17 1015 Federal Reserve Bank of San Francisco: November 18-19 1200 Suit brought by Peoples Bank, Lakewood Village, Members: California, appeal dismissed 775 Brown, Edward E., re-elected president 228 Federal Reserve Banks: List of 98, 202, 292, 408, 516, Assets and liabilities of 39, 141, 235, 347, 439, 632, 718, 846, 984, 1088, 1180, 1274 571, 657, 787, 911, 1023, 1115, 1209 Spencer, C. E., Jr., re-elected vice president 228 Branches: Officers, election of 228 Directors: {See Directors, Federal Reserve Staff: Branch Banks) Lichtenstein, Walter, reappointed Secretary.... 228 Managing officers 99, 203, 293, 409, 517, Federal Farm Mortgage Corporation: 633, 719, 847, 985, 1089, 1181, 1275 Accounts and other receivables 64, 166, 260, 372 Capital and surplus of each bank. .42, 144, 238, 350, 442, Loans by 64, 166, 260, 372, 464, 574, 660, 790, 914, 1026, 1118, 1212 596, 682, 812, 936, 1048, 1140, 1234 Chairmen: Federal home loan banks: List of 99, 203, 293, 409, 517, Loans by 64, 166, 260, 372, 464, 633, 719, 847, 985, 1089, 1181, 1275 596, 682, 812, 936, 1048, 1140,1234 Meeting 1108 Federal Housing Administration: Reappointments for year 32 Insured home mortgages held by banks and others. .73, Condition statement, each bank. . .40, 142, 236, 348, 440, 175, 269, 381, 473, 605, 691, 821, 945, 1057, 1149, 1243 572, 658, 788, 912, 1024, 1116, 1210 Loans insured by 73, 175, 269, 381, 473, Deputy Chairmen, reappointments for year 32 605, 691, 821, 945, 1057, 1149, 1243 Directors: {See Directors) Federal intermediate credit banks: Earnings and expenses: Loans by 64, 166, 260, 372, 464, 1944 186 596, 682, 812, 936, 1048, 1140, 1234 Six months period ended June 30, 1945 832 Federal land banks: Government securities held by 62, 164, 258, 370, 462, Loans by 64, 166, 260, 372, 464, 594, 680, 810, 934, 1046, 1138, 1232 596, 682, 812, 936, 1048, 1140, 1234 Officers 99, 203, 293, 409, 517, Federal National Mortgage Association: 633, 719, 847, 985, 1089, 1181, 1275 Loans by 64, 166, 260, 372, 464, Reserve position of, article by Roland I. Robinson. . .215 596, 682, 812, 936, 1048, 1140, 1234 Reserves, amendments to Federal Reserve Act 644 Federal Open Market Committee: Federal Reserve Chart Book: Executive Committee members... .. 228 Current statistics on bank credit, money rates, and Meetings: business 82, 183, 277, 389, 481, December 11, 1944 31 613, 699, 830, 954, 1066, 1159, 1253 February 28 and March 1 228 Number 1, revised edition of 340 June 20 650 Federal Resente districts, map of 100, 204, 294, 410, 518, October 17 1108 634, 720, 848, 986, 1090, 1182, 1276 Members 228 Federal Reserve notes: Members and officers, list 98, 202, 292, 408, 516, Circulation: 632, 718, 846, 984, 1088, 1180, 1274 All banks combined 39, 141, 235, 347, 439, Officers, election of 228 571, 657, 787, 911, 1023, 1115, 1209 ixb FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 31 Pages Pages Federal Reserve notes—Continued. Foreign exchange: (See Foreign funds control) Circulation—Continued Foreign exchange rates 95, 199, 289, 405, 513, Each bank, condition statement 41, 143, 237, 629, 715, 843, 981, 1085, 1177, 1271 349, 441, 573, 659, 789, 913, 1025, 1117,1211 Foreign funds control: Each bank, Federal Reserve Agents' accounts. .42, Treasury Department releases 29, 226, 337, 144, 238, 350, 442, 574, 660, 790, 558, 646, 777, 1011, 1198 914, 1026, 1118, 1212 Foreign trade of Latin America 519 Collateral security for 42, 144, 238, 350, 442, Foulk, O. E., Fiscal Agent of Board, retirement of 1200 574, 660, 790, 914, 1026, 1118, 1212 France: Direct obligations of United States as collateral Annual report of Bank of 550 security for, authority extended 563, 644 Bank of: Federal Reserve Agents' accounts. .42, 144, 238, 350, 442, Condition 90, 194, 284, 400, 508, 574, 660, 790, 914, 1026, 1118, 1212 624, 710, 838, 976, 1080, 1172,1266 Outstanding and in circulation. . . .45, 147, 241, 353, 445, Discount rate 93, 197, 287, 403, 511, 577, 663, 793, 917, 1029, 1121, 1215 627, 713, 841, 979, 1083, 1175, 1269 Redemption fund: Gold reserves 86, 190, 280, 396, 504, All banks combined 39, 141, 235, 347, 439, 620, 706, 834, 958, 1071, 1163, 1257 571, 657, 787, 911, 1023, 1115, 1209 Commercial banks, assets and liabilities.... 94, 198, 288, Each bank 40, 142, 236, 348, 440, 404, 512, 628, 714, 842, 980, 1084, 1176, 1270 572, 658, 788, 912, 1024, 1116,1210 Foreign exchange rates 95, 199, 289, 405, 513, Federal Reserve System: 629, 715, 843, 981, 1085, 1177, 1271 Admissions of State banks to membership: (See Gold movements 87, 191, 281, 397, 505, Membership) 621, 707, 835, 959, 1072, 1164, 1258 Map 100, 204, 294, 410, 518, Security prices, index numbers 97, 20f, 291, 407, 515, 634, 720, 848, 986, 1090, 1182,1276 631, 717, 845, 983, 1087, 1179, 1273 Fees, guarantee and commitment 38, 140, 234, 346, 438, Wholesale prices in 96, 200, 290, 406, 514, 570, 656, 786, 910, 1022, 1114, 1208 630, 716, 844, 982, 1086, 1178, 1272 Financial developments in manufacturing and trade in Freight car loadings: 1944, article by Doris Warner 1191 Classes 74, 176, 270, 382, 474, Finland: 606, 692, 822, 946, 1058, 1150, 1244 Bank of: Index of 65, 167, 261, 373, 465, Discount 93, 197, 287, 403, 511, 597, 683, 813, 937, 1049, 1141, 1235 627, 713, 841, 979, 1083, 1175, 1269 Frierson, George A., appointed Class C director at Dallas. .340 Foreign exchange rates 95, 199, 289, 405, 513, Furniture store statistics 79, 181, 275, 387, 479, 629, 715, 843, 981, 1085, 1177, 1271 611, 697, 827, 951, 1063, 1155, 1249 Fletcher, Wm. H., appointed First Vice President at Germany: Federal Reserve Bank of Cleveland 1200 Cost of living, index numbers 97, 201, 291, 407, 515, Food: 631, 717, 845, 983, 1087, 1179, 1273 Retail prices, principal countries. .97, 201, 291, 407, 515, Foreign exchange rates 95, 199, 289, 405, 513, 631, 717, 845, 983, 1087, 1179, 1273 629, 715, 843, 981, 1085, 1177, 1271 Wholesale prices: Open market rates 93, 197, 287, 403, 511, Principal countries 96, 200, 290, 406, 514, 627, 713, 841, 979, 1083, 1175, 1269 630, 716, 844, 982, 1086, 1178, 1272 Property of nationals, Executive Order denning United States 80, 182, 276, 388, 480, duties of Alien Property Custodian with respect 612, 698, 828, 952, 1064, 1156, 1250 to 646 Ford, S. S., Class A director at Minneapolis, death of. .. .650 Reichsbank: Foreign banking corporations: Condition 90, 194, 284, 400, 508, Amendment to Regulation K as to aggregate lia- 624, 710, 838, 976, 1080, 1172, 1266 bilities of corporation 225 Discount rate 93, 197, 287, 403, 511, Foreign banks: 627, 713, 841, 979, 1083, 1175, 1269 Bank of Canada, annual report of 334 Gold reserves 86, 190, 280, 396, 504, Bank of France, annual report of 550 620, 706, 834, 958, 1071, 1163, 1257 Commercial banks, condition of. . .94, 198, 288, 404, 512, Retail food prices 97, 201, 291, 407, 515, 628, 714, 842, 980, 1084, 1176, 1270 631, 717, 845, 983, 1087, 1179, 1273 Condition of central banks 89, 193, 283, 399, 507, Security prices, index numbers 97, 201, 291, 407, 515, 623, 709, 837, 975, 1079, 1171, 1265 631, 717, 845, 983, 1087, 1179, 1273 Deposits held by member banks on call dates. .51, 153, Wholesale prices in 96, 200, 290, 406, 514, 247, 359, 451, 582, 669, 799, 923, 1035, 1127, 1221 630, 716, 844, 982, 1086, 1178, 1272 Deposits of weekly reporting member banks: Gilbert, Ernest, appointed director at Detroit Branch. .. .32 By Federal Reserve districts. .55, 157, 251, 363, 455, Glenn, Thomas K., Class A director at Atlanta, resigna- 587, 673, 803, 927, 1039, 1131, 1225 tion of 31 New York City and outside. .53, 155, 249, 361, 453, Gold: 585, 671, 801, 925, 1037, 1129, 1223 Earmarked 46, 148, 242, 354, 446, Discount rates of central banks. . .93, 197, 287, 403, 511, 578, 664, 794, 918, 1030, 1122, 1216 627, 713, 841, 979, 1083, 1175, 1269 Movements, United States 87, 191, 281, 397, 505, Gold reserves of central banks 86, 190, 280, 396, 504, 621, 707, 835, 959, 1072, 1164,1258 620, 706, 834, 958, 1071, 1163, 1257 Foreign deposits held by Federal Reserve Banks: Production: All banks combined 39, 141, 235, 347, 439, United States 46, 148, 242, 354, 446, 571, 657, 787, 911, 1023, 1115, 1209 578, 664, 794, 918, 1030, 1122, 1216 Each bank 41, 143, 237, 349, 441, World 87, 191, 281, 397, 505, 573, 659, 789, 913, 1025, 1117, 1211 621, 707, 835, 959, 1072, 1164, 1258 DECEMBER 1945 1x85 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 31 Pages Pages Gold—Continued. Government securities—Continued. Reserves of central banks and Governments. . 86,190, 280, Purchase by Federal Reserve Banks, amendment to 396, 504, 620, 706, 834, 958, 1071, 1163, 1257 section 14(b) of Federal Reserve Act extended 29 Reserves of Latin American countries 529 Savings bonds 61, 163, 257, 369, 461, Stock: 593, 679, 809, 933, 1045, 1137, 1231 Chart 36, 138, 232, 344, 436, Treasury bills: (See Treasury bills) 568, 654, 784, 908, 1020, 1112, 1206 Victory loan drive, letter from Secretary Vinson to End-of-month and Wednesday figures. .37, 139, 233, banking institutions 999 345, 437, 569, 655, 785, 909, 1021, 1113, 1207 Yields on 57, 159, 253, 365, 457, United States, analysis of changes 46, 148, 242, 589, 675, 805, 929, 1041, 1133, 1227 354, 446, 578, 664, 794, 918, 1030, 1122,1216 Discussion in Review of the Month 301 Gold certificates: National summary of business conditions 230 Federal Reserve Bank holdings: Yields and prices, 1919-1944 483 All banks combined 39, 141, 235, 347, 439, Great Britain: (See United Kingdom) 571, 657, 787, 911, 1023, 1115, 1209 Greece : Each bank 40, 142, 236, 348, 440, Bank of: 572, 658, 788, 912, 1024, 1116, 1210 Discount rate 93, 197, 287, 403, 511, Outstanding and in circulation. .. .45, 147, 241, 353, 445, 627, 713, 841, 979, 1083, 1175, 1269 577, 663, 793, 917, 1029, 1121, 1215 Gold reserves 86, 190, 280, 396, 504, Goldenweiser, E. A.: 620, 706, 834, 958, 1071, 1163, 1257 Address before Annual Agricultural Outlook Con- Foreign exchange rate 95, 199, 289, 405, 513, ference on post war problems and policies 112 629, 715, 843, 981, 1085, 1177, 1271 Appointment as Economic Adviser 123 Gross national product: Retirement of 1200 Estimates of, 1919-1928 872 Government bonds: (See Government securities) National income and income payments 1157, 1251 Government corporations and credit agencies: Gutting, J. G., director of Cincinnati Branch, death of. ..432 Assets and liabilities 64, 166, 260, 372, 464, Hays, Reuben B., resignation as First Vice President at 596, 682, 812, 936, 1048, 1140, 1234 Federal Reserve Bank of Cleveland 1200 Loans by 64, 166, 260, 372, 464, Hicks, John K., director of El Paso Branch, death of 1200 596, 682, 812, 936, 1048, 1140, 1234 Higgins, Charles A., elected Class B director at Phila- Government debt: delphia 228 Ownership of . . .8, 1096 Hill, Clarence E., elected Class A director at Minneap- Volume and kind of securities 61, 163, 257, 369, 461, olis 904 593, 679, 809, 933, 1045, 1137, 1231 Home Owners Loan Corporation: Government employees, number of Federal, State, and Loans by 64, 166, 260, 372, 464, local. 72, 174, 268, 380, 472, 596, 682, 812, 936, 1048, 1140, 1234 604, 690, 820, 944, 1056, 1148, 1242 Hongkong: Government securities: Foreign exchange rate 95, 199, 289, 405, 513, Bond prices 58, 160, 254, 366, 458, 629, 715, 843, 981, 1085, 1177, 1271 590, 676, 806, 930, 1042, 1134, 1228 Hours and earnings of wage earners in manufacturing Direct obligations of United States as collateral industries 71, 173, 267, 379, 471, security for Federal Reserve notes, authority 603, 689, 819, 943, 1055, 1147, 1241 extended 563, 644, Hungary: Direct obligations, volume and kind 61, 163, 257, Foreign exchange rate 95, 199, 289, 405, 513, 369, 461, 593, 679, 809, 933, 1045, 1137, 1231 629, 715, 843, 981, 1085, 1177, 1271 Federal Reserve Bank holdings: National Bank of: All banks combined 39, 141, 235, 439, 571, Condition 91, 195, 285, 401, 509, 657, 787, 911, 1023, 1115, 1209 625, 711, 839, 977, 1081, 1173, 1267 Discussion in Review of the Month 1 Discount rate 93, 197, 287, 403, 511, Each bank 40, 142, 236, 348, 440, 627, 713, 841, 979, 1083, 1175, 1269 572, 658, 788, 912, 1024, 1116, 1210 Gold reserves 86, 190, 280, 396, 504, End-of-month and Wednesday figures. .37, 139, 233, 620, 706, 834, 958, 1071, 1163, 1257 345, 437, 569, 655, 785, 909, 1021, 1113, 1207 Illinois Manufacturers Association, address by M. S. Maturity distribution 39, 141, 235, 347, 439, Szymczak on monetary and credit agreements en- 571, 657, 787, 911, 1023, 1115, 1209 tered into at Bretton Woods 306 Insured commercial banks 50, 152, 246, 358, 450, Imports and exports: 582, 668, 798, 922, 1034, 1126, 1220 Gold movements to and from United States. . 87,191, 281, Investments by weekly reporting member banks: 397, 505, 621, 707, 835, 959, 1072, 1164, 1258 By Federal Reserve districts. .54, 156, 250, 362, 454, Merchandise 74, 176, 270, 382, 474, 586, 672, 802, 926, 1038, 1130, 1224 606, 692, 822, 946, 1058, 1150, 1244 New York City and outside. .52, 154, 248, 360, 452, Income: Canadian white paper on 536 584, 670, 800, 924, 1036, 1128, 1222 Individuals, discussion in Review of the Month 641 Issues to be included in Seventh War loan 296 National 1157, 1251 Market for 728 Payments: Marketable public securities outstanding. . .61, 163, 257, Chart...... 212, 565, 857, 1110 369, 461, 593, 679, 809, 933, 1045, 1137, 1231 Discussion in Review of the Month 1186 Ownership of 8, 1096 Index of value of 65, 167, 261, 373, 465, Ownership of direct and guaranteed 62, 164, 258, 597, 683, 813, 937, 1049, 1141, 1235 370, 462, 594, 680, 810, 934, 1046, 1138, 1232 Use of 1157, 1251 12.86 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 31 Pages Pages Income—Continued. Industrial advances by Federal Reserve Banks: Railroads 74, 176, 270, 382, 474, All banks combined 39, 141, 235, 347, 439, 606, 692, 822, 946, 1058, 1150, 1244 571, 657, 787,911,1023,1115,1209 Taxes, Internal Revenue collections 63, 165, 259, Commitments 42, 144, 238, 350, 442, 371, 463, 595, 681, 811, 935, 1047, 1139, 1233 574, 660, 790, 914, 1026, 1118,1212 Transition adjustments in, discussion in Review of Each bank 40, 142, 236, 348, 440, the Month 857 572, 658, 788, 912, 1024, 1116,1210 Index numbers: Maturity distribution 39, 141, 235, 347, 439, Bond-prices 58, 160, 254, 366, 458, 571, 657, 787, 911, 1023, 1115, 1209 590, 676, 806, 930, 1042, 1134, 1228 Number and amount 43, 145, 239, 351, 443, Business indexes 65, 167, 261, 373, 465, 575, 661, 791, 915,1027,1119,1213 597, 683, 813, 937, 1049, 1141, 1235 Rates 38, 140, 234, 346, 438, Construction contracts awarded. .65, 167, 261, 373, 465, 570, 656, 786, 910,1022,1114, 1208 597, 683, 813, 937, 1049, 1141, 1235 Industrial corporations: Cost of living: Earnings and dividends 60, 162, 256, 368, 460, Principal countries 97, 201, 291, 407, 515, 592, 678, 808, 932,1044, 1136, 1230 631, 717, 845, 983, 1087, 1179, 1273 Industrial production: United States 65, 167, 261, 373, 465, Activity following end of war, discussion in Review 597, 683, 813, 937, 1049, 1141, 1235 of the Month 1184 Department stores: Business index 65, 167, 261, 373, 465, Sales, adjusted 65, 167, 261, 373, 465, 597, 683, 813, 937,1049,1141, 1235 597, 683, 813, 937, 1049, 1141, 1235 By industries: Sales, weekly 76, 178, 272, 384, 476, Adjusted for seasonal variation.. .66, 168, 262, 374, 608, 694, 824, 948, 1060, 1152, 1246 466, 598, 684, 814, 938, 1050, 1142, 1236 Sales and stocks, monthly 76, 178, 272, 384, 476, Without seasonal adjustment. . .68, 170, 264, 376, 608, 694, 824, 948, 1060, 1152, 1246 468, 600, 686, 816, 940, 1052, 1144, 1238 Factory employment, business index 65, 167, 261, Charts 33, 135, 229, 341, 433, 565, 636, 373, 465, 597, 683, 813, 937, 1049, 1141, 1235 651, 780, 905, 1016, 1109, 1184, 1202 Factory employment and pay rolls, by industries. . 70,172, Decline, discussion in Review of the Month 852 266, 378, 470, 602, 688, 818, 942, 1054, 1.146, 1240 National summary of business conditions. . .33, 135, 229, Freight carloadings: 341, 433, 565, 651, 780, 905, 1016,1109,1202 Adjusted 65, 167, 261, 373, 465, Wholesale price index 96, 200, 290, 406, 514, 597, 683, 813, 937, 1049, 1141, 1235 630, 716, 844, 982, 1086, 1178, 1272 Classes 74, 176, 270, 382, 474, Instalment loans: (See Consumer credit) 606, 692, 822, 946, 1058, 1150, 1244 Insurance companies Income payments 65, 167, 261, 373, 465, Government securities held by.. .62, 164, 258, 370, 462, 597, 683, 813, 937, 1049, 1141, 1235 594, 680, 810, 934, 1046, 1138,1232 Industrial production: Insured home loans held 73, 175, 269, 381, 473, Adjusted for seasonal variation 66, 168, 262, 605, 691, 821, 945, 1057,1149, 1243 374, 466, 598, 684, 814, 938, 1050, 1142, 1236 Insured commercial banks: Physical volume 65, 167, 261, 373, 465, Assets and liabilities in United States and posses- 597, 683, 813, 937, 1049, 1141, 1235 sions 393, 1069 Without seasonal adjustment. .68, 170,264,376,468, Loans and investments 50, 152, 246, 358, 450, 600, 686, 816, 940, 1052, 1144, 1238 582, 668, 798, 922, 1034, 1126, 1220 Retail food prices 97, 201, 291, 407, 515, Interest: 631, 717, 845, 983, 1087, 1179, 1273 Commercial loan rates in principal cities. . .57, 159, 253, Security prices in principal countries 97, 201, 291, 365, 457, 589, 675, 805, 929, 1041, 1133, 1227 407, 515, 631, 717, 845, 983, 1087, 1179, 1273 Open-market rates in New York City. . .57, 159, 253, Stock prices 58, 160, 254, 366, 458, 365, 457, 589, 675, 805, 929, 1041, 1133,1227 590, 676, 806,930,1042,1134,1228 Regulation V, table 38, 140, 234, 346, 438, Wholesale prices: 570, 656, 786, 910, 1022,1114, 1208 Commodities 65, 167, 261, 373, 465, Time deposits, maximum rates on. . 38, 140, 234, 346, 438, 597, 683, 813, 937,1049, 1141,1235 570, 656, 786, 910, 1022, 1114, 1208 Groups of commodities 80, 182, 276, 388, 480, Internal revenue collections .63, 165, 259, 371, 463, 612, 698, 828, 952, 1064, 1156, 1250 595, 681, 811, 935, 1047, 1139, 1233 Principal countries 96, 200, 290, 406, 514, International Bank for Reconstruction and Development, 630, 716, 844, 982, 1086, 1178, 1272 Bretton Woods Agreements Act approved 764 India, British: International capital transactions of the United States.. .88, Foreign exchange rates 95, 199, 289, 405, 513, 192, 282, 398, 506, 622, 708, 836, 960, 1073, 1165, 1259 629, 715, 843,981,1085,1177,1271 International monetary fund: Gold movements 87, 191, 281, 397, 505, Bretton Woods Agreements Act approved 764 621,707,835,959,1072,1164,1258 Statement by Board released to press 304 Investments: Gold production 87, 191, 281, 397, 505, All banks in the United States, call dates.. .49, 151, 245, 621, 707, 835,959,1072,1164,1258 357,449, 581, 667, 797,921, 1033,1125,1219 Reserve Bank of: Insured commercial banks 50, 152, 246, 358, 450, Condition 91, 195, 285, 401, 509, 582, 668, 798, 922, 1034, 1126, 1220 625, 711, 839, 977,1081,1173,1267 Weekly reporting member banks: Discount rate 93, 197, 287, 403, 511, By Federal Reserve districts. .54, 156, 250, 362, 454, 627, 713, 841,979,1083,1175,1269 586, 672, 802, 926, 1038, 1130, 1224 Gold reserves 86 fc 190, 280, 396, 504, New York City and outside. .52, 154, 248, 360, 452, 620, 706, 834, 958, 1071, 1163,1257 584, 670, 800,924, 1036,1128, 1222 DECEMBER 1945 12.87 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 31 Pages Pages Iran: List of directors of Federal Reserve Banks and branches.. 124 Gold reserves 86, 190, 280, 396, 504, Lithuania: 620, 706, 834,958,1071, 1163, 1257 Discount rate of central bank. .. .93, 197, 287, 403, 511, Ireland: 627, 713, 841,979,1083,1175,1269 Central Bank of: Loans: Condition 91, 195, 285, 401, 509, Agricultural, insured commercial banks. . .50, 152, 246, 625, 711, 839,977,1081,1173,1267 358, 450, 582, 668, 798, 922, 1034, 1126, 1220 Discount rate 93, 197, 287, 403, 511, Brokers and dealers in securities, by weekly report- 627, 713, 841,979,1083,1175,1269 ing member banks: Italy: By Federal Reserve districts. .54,156, 250, 362, 454, Discount rate 93, 197, 287, 403, 511, 586,672, 802,926,1038,1130,1224 627, 713, 841,979,1083,1175,1269 New York City and outside. .52, 154, 248, 360, 452, Foreign exchange rate 95, 199, 289, 405, 513, 584, 670, 800,924,1036,1128,1222 629, 715, 843, 981, 1085, 1177, 1271 Commercial, industrial, and agricultural by weekly Gold reserves 86, 190, 280, 396, 504, reporting member banks: 620, 706, 834,958,1071,1163,1257 By Federal Reserve districts. .54, 156, 250, 362, 454, Wholesale prices in 96, 200, 290, 406, 514, 586, 672, 802, 926,1038,1130,1224 630, 716, 844, 982,1086,1178,1272 New York City and outside. .52, 154, 248, 360, 452, Japan: 584, 670, 800, 924,1036, 1128, 1222 Bank of: Consumer credit, single payment outstanding, re- Discount rate 93, 197, 287, 403, 511, vised estimates of 27 627, 713, 841, 979, 1083, 1175,1269 Consumer instalment, made by principal lending Gold reserves 86, 190, 280, 396, 504, institutions 79, 181, 275, 387, 479, 620, 706, 834, 958,1071,1163,1257 611, 697, 827, 951, 1063,1155,1249 Foreign exchange rates 95, 199, 289, 405, 513, Federal Housing Administration, insured by. . .73, 175, 629, 715, 843, 981,1085, 1177,1271 269, 381, 473, 605, 691, 821, 945, 1057, 1149, 1243 Gold movements 87, 191, 281, 397, 505, Government corporations and credit agencies. . .64, 166, 621, 707,835,959,1072,1164,1258 260, 372, 464, 596, 682, 812, 936, 1048, 1140, 1234 Property of nationals, Executive Order defining Home loans to veterans, partially guaranteed, induties of Alien Property Custodian with respect structions of Comptroller of the Currency on 29 to 646 Industrial: (See Industrial advances) Wholesale prices in 96, 200, 290, 406, 514, Instalment 78, 180, 274, 386, 478, 630, 716, 844,982,1086,1178,1272 610, 696, 826,950, 1062,1154,1248 Java: Real estate: Bank of : Instructions of the Comptroller of the Currency Discount rate 93, 197, 287, 403, 511, on farm and business loans to veterans 226 627, 713, 841,979,1083,1175,1269 Weekly reporting member banks: Gold reserves 86, 190, 280, 396, 504, 620, 706, 834, 958, 1071, 1163, 1257 By Federal Reserve districts. .54, 156, 250, 362, Jeeps, classification under Regulation W 1011 454, 586, 672, 802, 926, 1038, 1130, 1224 Jobs, production and living standards, pamphlet soon to New York City and outside. .52, 154, 248, 360, be ready for distribution 731 452, 584, 670, 800, 924, 1036, 1128, 1222 Jordan, Howard W., appointed director at Pittsburgh Real estate and home improvement, amendment to Branch 32 Regulation W on 1011 Latin American Republics: WTar production, guaranteed by War Department, Gold movements 191, 281, 397, 505, 621, Navy Department, and Maritime Commission... 43, 707, 835, 959, 1072, 1164, 1258 145, 239, 351, 443, 575, 661,791,915,1027,1119,1213 Monetary developments in 519 W^ar purposes, article by Gerald M. Conkling 1102 Latvia: Loan and investments: Bank of: All banks in the United States, call dates. . .48, 150, 244, Discount rate 93, 197, 287, 403, 511, 356, 448, 580, 666, 796, 920, 1032, 1124, 1218 627,713,841,979,1083,1175,1269 Legislation: Insured commercial banks 50, 152, 246, 358, 450, Amendment to section 14(b) of Federal Reserve Act 582, 668, 798, 922,1034,1126,1220 on purchase of Government obligations by Federal Member banks, call dates 48, 150, 244, 356, 448, Reserve Banks extended 29 580, 666, 796, 920, 1032, 1124,1218 Amendments to Federal Reserve Act reducing re- Mutual savings banks, call dates. .49, 151, 245, 357, 449, serve requirements 644 581, 667, 797, 921, 1033, 1125,1219 Bretton Woods Agreements Act, text of 764 National banks 48, 150, 244, 356, 448, Export-Import Bank Act of 1945, text of 767 580, 666, 796, 920, 1032,1124,1218 Reserve ratio bill, passage of 563 Nonmember banks 49, 151, 245, 357, 449, State laws relating to bank reserves, compilation of... 432 581, 667, 797, 921, 1033,1125,1219 Licenses relating to transactions in foreign exchange. . 29, 226, Weekly reporting member banks: 337, 558, 646, 777, 1011, 1198 Lichtenstein, WTalter, reappointed Secretary of the By Federal Reserve districts. .54, 156, 250, 362, 454, 586, 672, 802, 926, 1038, 1130, 1224 Federal Advisory Council 228 Liquid asset holdings: New York City and outside. .52, 154, 248, 360, 452, Individuals and businesses 532 584, 670, 800, 924,1036,1128,1222 Large accumulations of, discussion in Review of the Manufactures: Month 858 Industrial production, index of. . .65, 167, 261, 373, 465, Surveys of 865 597, 683, 813, 937, 1049, 1141,1235 1X88 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 31 Pages Pages Manufacturing concerns, wartime financing of, article by Mexico: F. C. Dirks... 313 Bank of: Manufacturing industries: Condition 92, 196, 286, 402, 510, Hours and earnings of wage earners. .71, 173, 267, 379, 626, 712,840, 978,1082,1174,1268 471, 603, 689, 819, 943, 1055, 1147, 1241 Discount rate 93, 197, 287, 403, 511, Maps: 627, 713, 841, 979, 1083,1175,1269 Federal Reserve System 100, 204, 394, 410, 518, Gold reserves 86, 190, 280, 396, 504, 634, 720, 848,986,1090,1182,1276 620, 706, 834,958,1071,1163,1257 Margin accounts: Foreign exchange rates 95, 199, 289, 405, 513, Statistics of stock exchange firms. .56, 158, 252, 364, 456, 629, 715, 843, 981, 1085, 1177, 1271 588, 674, 804, 928, 1040, 1132,1226 Gold movements 87, 191, 281, 397, 505, Margin requirements under Regulations T and U: 621, 707, 835, 959, 1072, 1164, 1258 Amendments to Regulations 225, 769 Gold production 87, 191, 281, 397, 505, Table 39, 141, 235, 347, 439, 621, 707, 835, 959,1072,1164,1258 571,657,787,911,1023,1115,1209 Military reservations, banking offices at 617 Maritime Commission: Minerals: War production loans guaranteed by. . .43, 145, 239, 351, Industrial production, index of.. .65, 167, 261, 373, 465, 443, 575, 661, 791, 915, 1027, 1119, 1213 597, 683, 813, 937,1049,1141,1235 Maturity distribution of loans and Government Monetary and credit agreements entered into at Bretton securities 39, 141, 235, 347, 439, Woods, address by M. S. Szymczak 306 571, 657, 787,911,1023,1115,1209 Monetary developments in Latin America 519 McGregor, John M., appointed director at Seattle Branch. .32 Monetary expansion, discussion in Review of the Month. . 1091 Meetings: Money in circulation: Chairman of Federal Reserve Banks on October 29 Adjustment for seasonal variation... 46, 148, 242, 354, and 30 1108 446, 578, 664, 794, 918, 1030, 1122, 1216 Federal Advisory Council: Chart 36, 138, 232, 344, 436, December 3-4, 1944 31 568, 654, 784, 908, 1020, 1112, 1206 February 18-19 228 Stock of. . 45, 147, 241, 353, 445, May 13-14 535 577, 663, 793, 917,1029,1121,1215, September 16-17 1015 Total.. 37, 139, 233, 345, 437, November 18-19 ... 1200 569, 655, 785, 909,1021,1113,1207 Federal Open Market Committee: Money rates: December 11, 1944 31 Commercial loan rates 57, 159, 253, 365, 457, February 28 and March 1. 228 589, 675, 805, 929, 1041, 1133, 1227 June 20 ....650 Current statistics for Federal Reserve Chart Book 82 October 17 ...1108 183, 277, 389, 481, 613, 699, 830, 954, 1066, 1159, 1253 Presidents' Conference: Foreign countries 93, 197, 287, 403, 511, December 8-9, 1944 31 627, 713, 841, 979, 1083, 1175, 1269 February 26-28, March 1-2 228 Open-market, New York City 57, 159, 253, 365, 457, June 18-19 650 589, 675, 805, 929, 1041, 1133, 1227 October 18 ...1108 Morgenthau, Henry, Jr., letter to banking institutions Member banks: on Seventh War Loan Drive 302 Assets and liabilities: Morrill, Chester, appointed Special Adviser to the Board. . 650 December 30, 1944. . 392 Mortgages: March 20, 1945.. ..: 618 Insured Federal Housing Administration mortgages June 30, 1945 1068 held 73, 175, 269, 381, 473, Changes in number of banking offices. . 185, 615, 956, 1255 605, 691,821,945,1057,1149,1243 Deposits and reserves of 44, 146, 240, 350, 444, Munitions schedules, revision of 637 576, 662, 792, 916, 1028,1120, 1214 Mutual savings banks: Earnings: Changes in number of banks and branches 1944 429, 491 185, 615, 956, 1255 First half of 1945 1106, 1161 Deposits, call dates 49, 151, 245, 357, 449, Loans and investments, call dates. .48, 150, 244, 356, 448, 581, 667, 797, 921,1033,1125,1219 580, 666, 796, 920, 1032, 1124, 1218 Government securities held by.. .62, 164, 258, 370, 462, Number of: 594, 680, 810,934,1046, 1138,1232 By States 616 Insured home mortgages held 73, 175, 269, 381, 473, Call dates 48, 150, 244, 356, 448, 605, 691, 821, 945, 1057, 1149,1243 580, 666, 796, 920, 1032, 1124, 1218 Loans and investments, call dates. .49, 151, 245, 357, 449, Operating ratios, 1944 701 581, 667, 797, 921,1033,1125, 1219 Ratios of earnings 498, 1161 Number of, by States 616 Reserve requirements 39,* 141, 235, 347, 439, National bank notes, stock of 45, 147, 241, 353, 445, 571, 657, 787, 911, 1023, 1115, 1209 577, 663, 793,917,1029,1121,1215 Reserves, Reserve Bank credit and related items. . 37,139, National banks: 233, 345, 437, 569, 655, 785, 909, 1021, 1113, 1207 Membership in Federal Reserve System: Assets and liabilities: Admission of State banks 32, 123, 228, 340, 432, December 30, 1944 392 535, 650, 763, 904,1015,1108,1201 March 20, 1945 618 Merchandise: June 30, 1945 1068 Exports and imports 74, 176, 270, 382, 474, Changes in number of banks and branches 606, 692, 822, 946, 1058, 1150, 1244 185, 615, 956, 1255 DECEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME Pages Pages National banks—Continued. Nonmember banks—Continued. Deposits, call dates 48, 150, 244, 356, 448, Loans and investments 49, 151, 245, 357, 449, 580, 666, 796, 920, 1032, 1124, 1218 581, 667, 797, 921, 1033, 1125, 1219 Earnings and expenses: Number of: 1944 . .491, 496 By States. . 616 First half of year. . 1161 Call dates 49, 151, 245, 357, 449, Number of: 581, 667, 797, 921, 1033, 1125, 1219 By States. . . 616 Suspensions. . 47, 149, 243, 355, 447, Call dates 48, 150, 244, 356, 448, 579, 665, 795, 919, 1031, 1123, 1217 580, 666, 796, 920, 1032, 1124, 1218 Norway: Suspensions. . 47, 149, 243, 355, 447, Bank of: 579, 665, 795, 919, 1031,1123, 1217 Discount rate 93, 197, 287, 403, 511, National economy: 627, 713, 841, 979, 1083, 1175, 1269 Executive order to stabilize during transition from Gold reserves 86, 190, 280, 396, 504, war to peace 902 620, 706, 834,958, 1071, 1163, 1257 National summary of business conditions. . .33, 135, 229, 341, Foreign exchange rates 95, 199, 289, 405, 513, 433, 565, 651, 780, 905, 1016, 1109, 1202 629, 715, 843, 981, 1085, 1177, 1271 Navy Department: Obligations of Government, direct and guaranteed: War production loans guaranteed by. . .43, 145, 239, 351, Maturities 61, 163, 257, 369, 461, 443, 575, 661, 791, 915, 1027, 1119, 1213 593, 679, 809, 933, 1045, 1137, 1231 Nebraska: Open-market paper, insured commercial banks. . . 50, 152, 246, Par clearance law. . . . 731 358,450, 582, 668, 798,922, 1034,1126,1220 Netherlands: Open-market rates: Bank: Foreign countries 93, 197, 287, 403, 511, Condition 92, 196, 286, 402, 510, 627, 713, 841, 979, 1083, 1175,1269 626, 712, 840, 978, 1082, 1174, 1268 New York City 57, 159, 253, 365, 457, Discount rate 93, 197, 287, 403, 511, 589, 675, 805, 929, 1041, 1133,1227 627, 713, 841, 979, 1083, 1175, 1269 Operating ratios of member banks 701 Gold reserves 86, 190, 280, 396, 504, Ownership of demand deposits 105, 331, 1092, 1100 620, 706, 834, 958, 1071, 1163,1257 Painter, Mary S., article on estimates of gross national Cost of living, index numbers 97, 201, 291, 407, 515, product, 1919-1928 872 631, 717, 845, 983,1087, 1179, 1273 Pamphlets: (See Publications) Foreign exchange rates 95, 199, 289, 405, 513, Paper currency, circulation 45, 147, 24J, 353, 445, 629, 715, 843,981,1085, 1177, 1271 577, 663, 793, 917, 1029, 1121, 1215 Gold movements 87, 191, 281, 397, 505, Par clearance: 621,707, 835, 959, 1072, 1164,1258 Nebraska law providing for clearing of checks at par. . 731 Open-market rates 93, 197, 287, 403, 511, Paraguay: 627,713,841,979,1083,1175,1269 Bank of: Retail food prices 97, 201, 291, 407, 515, Condition 92, 196, 286, 402, 510, 631, 717, 845, 983,1087, 1179, 1273 626, 712, 840/978, 1082, 1174, 1268 Security prices, index numbers. . .97, 201, 291, 407, 515, Pay rolls, factory: 631,717, 845,983, 1087,1179,1273 Business index of 65, 167, 261, 373, 465, Wholesale prices 96, 200, 290, 406, 514, 597, 683, 813, 937, 1049, 1141, 1235 630, 716, 844, 982, 1086, 1178, 1272 By industry. 70, 172, 266, 378, 470, New York Stock Exchange: 602, 688, 818, 942, 1054, 1146, 1240 Volume of trading on 58, 160, 254, 366, 458, Peace, effects of, discussion in Review of the Month 849 590, 676, 806, 930, 1042, 1134, 1228 Peoples Bank of Lakewood Village, California, suit New Zealand: against Federal Reserve Bank of San Francisco, appeal Foreign exchange rates 95, 199, 289, 405, 513, dismissed 775 629, 715, 843, 981, 1085, 1177, 1271 Peru: Reserve Bank of: Central Reserve Bank of: Condition 92, 196, 286, 402, 510, Condition 92, 196, 286, 402, 510, 626, 712, 840, 978, 1082, 1174,1268 626, 712, 840, 978, 1082, 1174, 1268 Discount rate 93, 197, 287, 403, 511, Discount rate 93, 197, 287, 403, 511, 627,713, 841, 979, 1083, 1175, 1269 627, 713, 841, 979, 1083, 1175, 1269 Gold reserves 86, 190, 280, 396, 504, Gold reserve 86, 190, 280, 396, 504, 620, 706, 834, 958, 1071, 1163, 1257 620, 706, 834, 958, 1071, 1163, 1257 Nicaragua: Philippine Islands: Gold production 87, 191, 281, 397, 505, Gold movements 87, 191, 281, 397, 505, 621, 707, 835, 959, 1072, 1164, 1258 621, 707, 835, 959,1072, 1164, 1258 Nonmember banks: Pierson, Waldo E., appointed director of Cincinnati Assets and liabilities of insured commercial banks in Branch.. ..432 United States and possessions 393, 1069 Poland: Changes in number of banks and branches Foreign exchange rates 95, 199, 289, 405, 513, 185, 615, 956, 1255 629,715,843, 981,1085, 1177, 1271 Deposits: Call dates 49, 151, 245, 357, 449, Gold reserves 86, 190, 280, 396, 504, 620, 706, 834, 958, 1071, 1163, 1257 581, 667, 797, 921, 1033, 1125, 1219 Held by Federal Reserve Banks. .37, 139, 233, 345, Pollard, W. B., resignation as Assistant Director of 437, 569, 655, 785, 909, 1021, 1113, 1207 Division of Examinations. . . . 1201 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 31 Pages Pages Portugal: Publications: Bank of: Agricultural adjustment and income, second of Condition. . 92, 196, 286, 402, 510, series of post war studies ready for distribution.... 1005 626, 712, 840, 978, 1082, 1174, 1268 Burroughs Clearing House, article on The Federal Discount rate 93, 197, 287, 403, 511, Reserve in World War II by M. S. Szymczak 904 627, 713, 841, 979,1083,1175,1269 Compilation of State laws relating to bank reserves.. .432 Gold reserves 86, 190, 280, 396, 504, Federal register, announcement concerning 1108 620, 706, 834, 958,1071, 1163,1257 Federal Reserve Chart Book No. One, revision of.... 340 Foreign exchange rates 95, 199, 289, 405, 513, Postwar economic studies, No. 1 731 629, 715, 843, 981, 1085,1177,1271 Postwar economic studies, No. 2 1005 Postal savings deposits: Postwar economic studies, No. 3 1107 Depositors' balances and assets. . .47, 149, 243, 355, 447, Railroads: 579, 665, 795, 919,1031, 1123,1217 Revenues, expenses, and incomes of Class I. . .74, 176, Insured commercial banks 51, 153, 247, 359, 451, 270,382, 474, 606, 692, 822, 946,1058,1150,1244 582, 669, 799, 923, 1035, 1127,1221Rates: Interest rate on 38, 140, 234, 346, 438, Acceptances, bankers', buying. . .38, 140, 234, 346, 438 570, 656, 786, 910, 1022, 1114,1208 570, 656, 786, 910, 1022, 1114,1208 Weekly reporting member banks: Bills, buying 38, 140, 234, 346, 438, By Federal Reserve districts. .55, 157, 251, 363, 455, 570, 656, 786, 910, 1022,1114,1208 587, 673, 803, 927, 1039,1131,1225 Commercial loan rates in principal cities. . .57, 159, 253, New York City and outside. .53, 155, 249, 361, 453, 365,457, 589, 675, 805,929,1041,1133,1227 585, 671, 801, 925, 1037, 1129, 1223 Discount: Postwar Economic Studies: Central banks 93, 197, 287, 403, 511, No. 1, ready for publication 731 627, 713, 841, 979,1083, 1175, 1269 No. 2, ready for distribution 1005 Federal Reserve Banks 38, 140, 234, 346, 438, No. 3, papers included 1107 570, 656, 786, 910, 1022, 1114,1208 Postwar problems and policies, address by E. A. Golden- Foreign exchange 95, 199, 289, 405, 513, weiser before Annual Agricultural Outlook Conference. . 112 629, 715, 843, 981,1085,1177,1271 Presidents of Federal Reserve Banks: Industrial loans and commitments. . 38,140, 234, 346,438, List of 99, 203, 293, 409, 517, 570, 656, 786, 910, 1022, 1114,1208 633, 719, 847, 985, 1089, 1181,1275 Money : Meetings: Current statistics for Federal Reserve Chart December 8-9, 1944 . . .31 Book 82, 183, 277, 389, 481, February 26-28 and March 1-2 228 613, 699, 830, 954,1066, 1159,1253 June 18-19 650 Open-market in certain foreign countries. .93, 197, October 18 1108 287,403,511,627, 713,841,979,1083,1175,1269 Press statements: Open-market in New York City. .57, 159, 253, 365, 457, Capital gains tax to curb rising prices of capital 589, 675, 805,929,1041,1133,1227 values, by Marriner S. Eccles 222 Postal savings deposits 38, 140, 234, 346, 438, International fund and bank, released by Board 304 570, 656, 786, 910,1022,1114,1208 Preston, H. P., resignation as First Vice President of the Time deposits, maximum interest on. . 38, 140, 234, 346, Federal Reserve Bank of Chicago 904, 1108 438, 570, 656, 786, 910, 1022, 1114, 1208 Price controls after V-E Day, discussion in Review of the Ratios: month 642 Member bank earnings, 1944 498, 1161 Prices: Member bank operating, 1944 701 Government securities, 1919-1944 483 Real estate : Movements, discussion in Review of the Month 1188 Farm and business loans to veterans, instructions of Retail food 97, 201, 291, 407, 515, Comptroller of the Currency on 226 631, 717, 845, 983, 1087, 1179, 1273 Loans on: Rise in, discussion in Review of the Month 212 Insured commercial banks. . .50, 152, 246, 358, 450, Securities in principal countries. . .97, 201, 291, 407, 515, 582, 668, 798, 922, 1034, 1126,1220 631, 717, 845, 983, 1087, 1179,1273 Weekly reporting member banks: Stability in, discussion in Review of the Month 860 By Federal Reserve districts... 54,156, 250,362, Wholesale commodity: 454, 586, 672, 802, 926, 1038, 1130, 1224 Business index 65, 167, 261, 373, 465, New York City and outside. . .52, 154, 248, 360, 452, 584, 670, 800, 924, 1036, 1128, 1222 597, 683, 813, 937, 1049, 1141, 1235 Receipts of Treasury: By groups of commodities. . .80, 182, 276, 388, 480, Summary of operations 63, 165, 259, 371, 463, 612, 698, 828, 952, 1064, 1156, 1250 595, 681, 811, 935, 1047, 1139, 1233 Wholesale in principal countries, index of. . .96, 200, 290, Reconstruction Finance Corporation: 406, 514, 630, 716, 844, 982,1086,1178,1272 Loans by 64,166,260,372,464, Production, industrial: (See Industrial production) 596, 682, 812, 936,1048, 1140, 1234 Public debt: Preferred stock held by 64, 166, 260, 372 Changes during 1944 7 Reconstruction Finance Corporation Mortgage Company: Ownership of 8, 1096 Loans by 64, 166, 260, 372, 464, Volume and kind of securities 61, 163, 257, 369, 461, 596, 682, 812, 936, 1048, 1140, 1234 593, 679, 809, 933, 1045, 1137, 1231 Reconversion: Public utility corporations: Supplying the credit needs of business in the transi- Earnings and dividends of 60, 162, 256, 368, 460, tion and early postwar period, article by Ernest 592, 678, 808, 932, 1044, 1136, 1230 G. Draper 419 DECEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 31 Pages Pages Refunding operations of corporations.... 997 Reserve requirements of member banks: Regulations, Board of Governors: Per cent of deposits 39, 141, 235, 347, 439, D, Reserves of Member Banks: 571, 657, 787,911,1023, 1115,1209 Amendment covering banks with head office or Reduction approved by action of Congress 563 branch office in central reserve city 645 Reserves: F, Trust Powers of National Banks: Changes during war loan drive 6 Amendment increasing amount which may be Compilation of State laws relating to 432 invested in a common trust fund 772 Effect of Treasury financing on 727 K, Banking Corporations Authorized to do Foreign Federal Reserve Banks: Banking Business: All banks combined 39, 141, 235, 347, 439, Amendment as to aggregate liabilities of 571, 657, 787,911,1023,1115,1209 corporation 225 Amendments to Federal Reserve Act 644 T, Extension and Maintenance of Credit by Brokers, Each bank 40, 142, 236, 348, 440, Dealers, and Members of National Securities 572, 658, 788,912,1024,1116,1210 Exchanges: Gold, of central banks and Governments. . .86, 190, 280, Amendment to Supplement 225 396,504,620, 706,834,958,1071,1163,1257 Amendment increasing margin requirements to Insured commercial banks with Federal Reserve 75 per cent 769 Banks 51, 153, 247, 359, 451, Withdrawal of stock upon deposit of cash, effect 582, 669, 799, 923,1035, 1127,1221 of 1197 Member banks: U, Loans by Banks for the Purpose of Purchasing or Account with Federal Reserve Banks. . .41, 143, 237, Carrying Stocks Registered on a National Securi- 349, 441, 573, 659, 789, 913, 1025,1117, 1211 ties Exchange: Amendment to Regulation D covering banks Addition to outstanding loan, interpretation as with head office or branch office in central to effect of 1198 reserve city 645 Amendment to Supplement 226 By classes of banks 44, 146, 240, 350, 444, Amendment increasing margin requirements to 576, 662, 792,916,1028,1120,1214 75 per cent and making technical changes 771 Chart.. 36, 138, 232, 344, 436, W, Consumer Credit: 568, 654, 784, 908,1020, 1112, 1206 Amendment No. 15 225 Excess: Amendment No. 16 557 End-of-month and Wednesday figures. . .37,139, Amendment No. 16, effect as to disaster occur- 233,345,437,569,655,785,909,1021,1113,1207 ring before effective date of amendment 646 In classes of banks 43, 145, 239, 351, 443, Amendment No. 17 774 575, 661, 791, 915,1027,1119, 1213 Amendment No. 18 1011 Amendment No. 19 1197 Total held: Coal stoker, applicability to credit for repair or All banks, end-of-month and Wednesday installation of 122 figures 37, 139, 233, 345, 437, Discussion in Review of the Month 412 569, 655, 785, 909, 1021,1113,1207 Order suspending license of Safeway Finance Classes of banks 43, 145, 239, 351, 443, Plan, Incorporated, for violation of : 336 575, 661, 791, 915,1027,1119,1213 Rural Electrification Administration Coopera- Weekly reporting member banks: tives, applicability to credit extended by 122 By Federal Reserve districts. .55, 157, 251, 363, 455, Violation by Consumers Home Equipment 587, 673, 803, 927, 1039, 1131,1225 Company 774 New York City and outside. .53, 155, 249, 361, 453, Relations with dealers in securities: 585, 671, 801, 925, 1037, 1129, 1223 Suit filed against Board by John Agnew and F. O. Resignations: Fayerweather for review of order removing as di- Briscoe, Dolph, as Class C director at Dallas 31 rectors of national bank 645 Clayton, Lawrence, as Assistant to the Chairman Repair or improvements of residential property, amendof the Board of Governors 123 ment to Regulation W 557 Reserve balances of member banks. . .43, 145, 239, 351, 443, Dreibelbis, J. P., as General Attorney of Board of 575, 661, 791,915,1027,1119,1213 Governors 340 Reserve cities: Glenn, Thomas K., as Class A director at Atlanta 31 Savannah, Georgia, termination of designation as... .1015 Hays, Reuben B., as First Vice President at the Reserve city member banks: Federal Reserve Bank of Cleveland 1200 Assets and liabilities: Pollard, W. B., as Assistant Director of Division of December 30,1944 392 Examinations 120 1 March 20, 1945 618 Preston, H. P., as First Vice President of the Federal June 30, 1945 1068 Reserve Bank of Chicago 904 Condition, call dates 50, 152, 246, 358, 450, Smith, Richard Shore, as Class A director at San 582, 668, 798,922,1034,1126,1220 Francisco 1200 Deposits and reserves 44, 146, 240, 350, 444, Stead, William H., as Class C director at St. Louis 228 576, 662, 792,916,1028,1120,1214 Retail credit survey—1944 423 Earnings and expenses, 1944 491, 494 Retail food prices 97, 201, 291, 407, 515, Reserves 44, 146, 240, 350, 444, 631, 717, 845,983,1087,1179,1273 576, 662, 792,916,1028,1120,1214 Retail sales, discussion in Review of the Month 1187 Reserve position of the Federal Reserve Banks, article Revenues, expenses, and income of Class I railroads. .. 74, 176, by Roland I. Robinson 215 270, 382, 474, 606, 692, 822, 946, 1058, 1150, 1244 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 31 Pages Pages Review of the Month: Securities exchange administration: Business finance in the transition 987 Addition to outstanding loan, effect of Regulation Civilian supplies and prices 205 Uon 1198 Course of consumer credit 411 Margin requirements under Regulations T and U... 39, Distribution of wartime deposit expansion 101 141, 235, 347, 439, 571, 657, 787, 911, 1023, 1115, 1209 Economic activity and demand at high levels 1183 Withdrawal of stock upon deposit of cash, interpre- Economic effects of changing war program 635 tation of Regulation T 1197 Monetary developments in Latin America 519 Security issues: New plans for war financing 295 Corporate, proposed use of proceeds.. .59, 161, 255, 367, Transition to peacetime economy 849 459, 591, 677, 807, 931, 1043, 1135, 1229 Treasury financing 1 New and refunding 58, 160, 254, 366, 458, Treasury financing and bank credit 721 590, 676, 806, 930,1042,1134, 1228 Wartime monetary expansion and postwar needs. . . .1091 Security markets: Rhodesia: Bond and stock prices 58, 160, 254, 366, 458, Gold production 87, 191, 281, 397, 505, 590, 676, 806, 930,1042,1134,1228 621, 707, 835, 959,1072,1164,1258 Security prices 97, 201, 291, 407, 515, Robinson, Roland I., article on reserve position of the 631,717,845, 983,1087,1179,1273 Federal Reserve Banks 215 Servicemen's guaranteed loans, amendment to Regula- Rumania: tion W on 225 Foreign exchange rates 95, 199, 289, 405, 513, Servicemen's Readjustment Act, partially guaranteed 629, 715, 843, 981,1085,1177,1271 home loans to veterans, instructions of Comptroller National Bank of: of the Currency 29 Condition 92, 196, 286 Seventh War Loan, plans for 295 Discount rate 93, 197, 287, 403, 511, Review of drive 722 627, 713, 841, 979,1082,1175,1269 Shouse, S. Headley, appointed director at Cincinnati Gold reserves 86, 190, 280, 396, 504, Branch for two-year term 32 620, 706, 834, 958, 1071,1163,1257 Shriver, James M., appointed director at Baltimore Rural Electrification Administration: Branch 1200 Credit extended by cooperatives to finance wiring of Silver and silver certificates, stock 45, 147, 241, 353, 445, farm homes, etc 122 577, 663, 793, 917, 1029, 1121, 1215 Loans by 64, 166, 260, 372, 464, Sixth War Loan, amount of sales 2 596, 682, 812, 936,1048, 1140,1234 Small business: Safeway Finance Plan, Incorporated, order suspending Wartime earnings of, article by F. C. Dirks 16 license for violations of Regulation W 336 Smith, Richard Shore, resignation as Class A director Salaries: at San Francisco 1200 Federal Reserve Banks 186, 832 South Africa: Member banks 429, 491, 1106, 1161 Foreign exchange rates 95, 199, 289, 405, 513, Savannah Agency, discontinuance of 123 629, 715, 843, 981, 1085, 1177, 1271 Savannah, Georgia, termination of designation as reserve Gold movements 87,191, 281, 397, 505, city 1015 621, 707, 835, 959, 1072, 1164, 1258 Savings and loan associations: Gold production 87, 191, 281, 397, 505, Insured home mortgages held 73, 175, 269, 381, 473, 621, 707, 835, 959, 1072, 1164, 1258 605, 691, 821, 945,1057,1149,1243 Reserve Bank: Savings bonds: Condition 92, 196, 286, 402, 510, Sales and redemptions .61, 163, 257, 369, 461, 626, 712, 840, 978, 1082, 1174, 1268 593, 679, 809, 933,1045, 1137,1231 Discount rate 93, 197, 287, 403, 511, Savings deposits: 627, 713, 841, 979, 1083, 1175, 1269 Interest rates on 38, 140, 234, 346, 438, Gold reserves 86, 190, 280, 396, 504, 570, 656, 786, 910,1022,1114,1208 620, 706, 834, 958, 1071, 1163, 1257 Secretary of the Treasury: Spain: Letter from Secretary Morgenthau to banking Discount rate of central bank 93, 197, 287, 403, 511, institutions on Seventh War Loan Drive 302 627, 713, 841, 979, 1083, 1175, 1269 Letter from Secretary Vinson to banking institutions Foreign exchange rates 95, 199, 289, 405, 513, on Victory Loan Drive 999 629, 715, 843, 981, 1085, 1177, 1271 Securities: Gold reserves 86, 190, 280, 396, 504, 620, 706, 834, 958, 1071, 1163, 1257 Domestic, inflow of foreign funds. .88, 192, 282, 398, 506, Special articles: 622, 708, 836, 960,1073, 1165,1259 Annual report of the Bank for International Settle- Foreign, return of United States funds. .88, 192, 282, 398, ments 874 506, 622, 708, 836, 960, 1073, 1165, 1259 Annual report of the Bank of Canada for 1944 334 Loans for purchasing or carrying: Annual report of the Bank of France 550 Insured commercial banks. . .50, 152, 246, 358, 450, British White Paper on War Finance 732 582, 668, 798, 922,1034, 1126,1220 Canadian White Paper on employment and income.. 536 Weekly reporting member banks: Capital gains tax to curb rising prices of capital By Federal Reserve districts. .54, 156, 250, 362, values, statement by Marriner S. Eccles on 222 454, 586, 672, 802, 926, 1038, 1130, 1224 Check routing symbols 730 New York City and outside. .52, 154, 248, 360, Economic problems of liberated Belgium, by M. S. 452, 584, 670, 800, 924, 1036, 1128, 1222 Szymczak 10 (See also Government securities) Estimates of gross national product, 1919-1928 872 DECEMBER 1945 I2-93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 31 Pages Pages Special articles—Continued. Staff of Board of Governors—Continued. Financial developments in manufacturing and trade Warner, Doris P., article on financial developments in 1944, by Doris Warner 1191 in manufacturing and trade in 1944 1191 General policy statement of the Export-Import Bank Weiler, Emanuel T., article on surveys of liquid of Washington 1000 asset holdings 865 International fund and bank statement by Board State laws relating to bank reserves, compilation of 432 released to press 304 State member banks: Liquid asset holdings of individuals and businesses. . 532 Admission to membership 32, 123, 228, 340, 432, Loans for war purposes, by Gerald M. Conkling 1102 535, 650, 763, 904, 1015, 1108, 1201 Member bank earnings in 1944 429 Assets and liabilities: Member bank earnings for first half of 1945 1106 December 30, 1944 392 Monetary and credit agreements entered into at March 20, 1945 618 Bretton Woods, address by M. S. Szymczak 306 June 30,1945... 1068 Nebraska par clearance law 731 Changes in number of banks and branches...... 185, 615, New currency in Ethiopia 1006 956, 1255 Ownership of demand deposits 331, 1100 Deposits, call dates 48, 150, 244, 356, 448, Postwar problems and policies, address by E. A. 580, 666, 796, 920, 1032, 1124, 1218 Goldenweiser before Annual Agricultural Outlook Earnings and expenses: Conference 112 1944 ..491,497 Reserve position of the Federal Reserve Banks, by First half of year 1161 Roland I. Robinson 215 Number of: Retail credit survey, 1944 423 By States • 616 Revised estimates of consumers' single-payment Call dates 48, 150, 244, 356, 448, loans outstanding 27 580, 666, 796, 920, 1032, 1124, 1218 Supplying the credit needs of business in the transi- Suspensions 47,149, 243, 355, 447, tion and early postwar period, statement by Er- 579, 665, 795, 919, 1031, 1123, 1217 nest G. Draper 419 States and political subdivisions: Surveys of liquid asset holdings 865 Deposits: Wartime earnings of small business, by F. C. Dirks... 16 Member banks on call dates. .51, 153, 247, 359, 451, Wartime financing of manufacturing and trade 582, 669, 799, 923, 1035, 1127, 1221 concerns, article by F. C. Dirks 313 Weekly reporting member banks: Spencer, C. E., Jr., elected Vice President of the Federal By Federal Reserve districts 55, 157, 251, Advisory Council 228 363, 455, 587, 673, 803, 927, 1039, 1131,1225 Stabilization: New York City and outside 53, 155, 249, Executive order to stabilize national economy during 361, 453, 585, 671, 801, 925, 1037, 1129, 1223 transition from war to peace 902 Investments of member banks in obligations of. .50, 152, Staff of Board of Governors: 246, 358, 450, 582, 668, 798, 922, 1034, 1126, 1220 Carpenter, S. R., appointment as Secretary 650 Stead, William H., resignation as Class C director at St. Clayton, Lawrence, resignation as Assistant to the Louis 228 Chairman 123 Stewart, Charles H., appointed director of Portland Conkling, Gerald M., article on loans for war pur- Branch 535 poses 1102 Stock exchange: Dirks, F. C: Call loan renewals, open-market rates in New York Article on wartime earnings of small business. ... 16 City 57, 159, 253, 365, 457, Article on wartime financing of manufacturing 589, 675, 805, 929, 1041, 1133, 1227 and trade concerns 313 Customers debit balances, money borrowed and Dreibelbis, J. P., resignation as General Attorney. . . .340 principal related items of firms carrying margin Ellis, Howard S., appointed Assistant Director of the accounts 56, 158, 252, 364, 456, Division of Research and Statistics 123 588, 674, 804, 928, 1040, 1132, 1226 Foulk, O. E., Fiscal Agent, retirement of 1200 Volume of trading on New York market. . . .58, 160, 254, Goldenweiser, E. A.: 366, 458, 590, 676, 806, 930, 1042, 1134, 1228 Appointed Economic Adviser 123 Stocks: Postwar problems and policies, address before New security issues 58, 160, 254, 366, 458 Annual Agricultural Outlook Conference 112 590, 676, 806, 930, 1042, 1134, 1228 Retirement of 1200, Price advances, discussion in Review of the Month. . 1189 Morrill, Chester, appointed Special Adviser to the Prices in principal countries 97, 201, 291, 407, 515, Board 650 631, 717, 845, 983, 1087, 1179, 1273 Painter, Mary S., article on estimates of gross na- Prices in United States 58, 160, 254, 366, 458, tional product, 1919-1928 872; 590, 676, 806, 930, 1042, 1134, 1228 Pollard, W. B., resignation as Assistant Director of Straits Settlements: Division of Examinations 1201 Foreign exchange rates .95, 199, 289, 405, 513, Robins3n, Roland I., article on reserve position of 629, 715, 843, 981, 1085, 1177, 1271 the Federal Reserve Banks 215 Strickland, Robert, elected Class A director at Federal Thomas, Woodlief, appointed Director of Division of Reserve Bank of Atlanta 228 Research and Statistics 123 Studies: Thurston, Elliott, appointed as Assistant to the Postwar Economic Studies No. 1, publication of 731 Chairman 123 Postwar Economic Studies No. 2, ready for dis- Townsend, J. Leonard, appointed Assistant General tribution 1005 Attorney 340 Postwar Economic Studies No. 3, papers in- Vest, George B., appointed General Attorney 340 cluded 1107 1X94 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 31 Pages Pages Suit against Federal Reserve Bank, appeal dismissed. .. .775 Transition from war to peace, Executive order to sta- Suit against Federal Reserve System filed by John Agnew bilize national economy 902 and F. O. Fayerweather for review of order removing as Transition to peacetime economy, discussion in Review directors of national bank 645 of the Month 849 Surplus: Transportation needs, discussion in Review of the Month. . 638 Federal Reserve Banks 42, 144, 186, 238, 350, Treasury bills: 442, 574, 660, 790, 832, 914, 1026, 1118, 1212 Average rate on 57, 159, 253, 365, 457, Member banks: 589, 675, 805, 929, 1041, 1133, 1227 December 30, 1944 392 Buying rates on 38, 140, 234, 346, 438, March 20, 1945 618 570, 656, 786, 910, 1022, 1114, 1208 June 30, 1945 1068 Federal Reserve Bank holdings. . . .37,139, 233, 345, 437, Surveys: 569, 655, 785, 909, 1021, 1113, 1207 Liquid asset holdings 865 Investments in, by weekly reporting member banks: Retail credit—1944 423 By Federal Reserve districts. .54, 156, 250, 362, 454, Ownership of demand deposits 331, 1100 586, 672, 802, 926, .1038, 1130, 1224 Suspension of banks: New York City and outside... 52, 154, 248, 360, 452, Analysis of changes 185, 615, 956, 1255 584, 670, 800, 924, 1036, 1128, 1222 Number and of deposits of 47, 149, 243, 355, 447, Maturities of 61, 163, 257, 369, 461, 579, 665, 795, 919, 1031, 1123, 1217 593, 679, 809, 933, 1045, 1137, 1231 Sweden: Member bank holdings 50, 152, 246, 358, 450, Bank of: 582, 668, 798, 922, 1034, 1126, 1220 Condition 92, 196, 286, 402, 510, Yields on 483 626, 712, 840, 978, 1082, 1174, 1268 Treasury currency outstanding: Discount rate 93, 197, 287, 403, 511, End-of-month and Wednesday figures 37, 139, 233, 627, 713, 841, 979, 1083, 1175, 1269 345, 437, 569, 655, 785, 909, 1021, 1113, 1207 Gold reserves 86, 190, 280, 396, 504, Treasury Department: 620, 706, 834, 958, 1071, 1163, 1257 Foreign Funds Control releases 29, 226, 337, Foreign exchange rates 95, 199, 289, 405, 513, 558, 646, 777, 1011, 1198 629, 715, 843, 981, 1085, 1177, 1271 Treasury financing, discussion in Review of the Month.... 1 Gold movements 87, 191, 281, 397, 505, Treasury financing and bank credit, discussion in Review 621, 707, 835, 959, 1072, 1164, 1258 of the Month 721 Open market rates 93, 197, 287, 403, 511, Treasury financing requirements in transition period. . . . 1095 627, 713, 841, 979, 1083, 1175, 1269 Treasury receipts and expenditures: Wholesale prices in 96, 200, 290,406,514, Discussion in Review of the Month 8, 724 630, 716, 844, 982, 1086, 1178, 1272 Summary of 63, 165, 259, 371, 463, Switzerland: 595, 681, 811, 935, 1047, 1139, 1233 Cost of living, index numbers 97, 201, 291, 407, 515, Trust funds, common, amendment to Regulation F 631, 717, 845, 983, 1087, 1179, 1273 increasing amount which may be invested in 772 Foreign exchange rates 95, 199, 289, 405, 513, Turkey: 629, 715, 843, 981, 1085, 1177, 1271 Central Bank of the Republic of: Gold movements 87, 191, 281, 397, 505, Condition 92, 196, 286, 402, 510, 621, 707, 835, 959, 1072, 1164, 1258 626, 712, 840, 978, 1082, 1174, 1268 Open-market rates 93, 197, 287, 403, 511, Discount rate. . 93, 197, 287, 403, 511, 627, 713, 841, 979, 1083, 1175, 1269 627, 713, 841, 979, 1083, 1175, 1269 Retail food prices 97, 201, 291, 407, 515, Gold reserves 86, 190, 280, 396, 504, 631, 717, 845, 983, 1087, 1179, 1273 620, 706, 834, 958, 1071, 1163, 1257 Swiss National Bank: Union of the Soviet Socialist Republics: Condition 92, 196, 286, 402, 626, Discount rate 93, 197, 287, 403, 511, 712, 840, 978, 1082, 1174, 1268 627, 713, 841, 979, 1083, 1175, 1269 Discount rate 93, 197, 287, 403, 511, United Kingdom: 627, 713, 841, 979, 1083, 1175, 1269 Bank of England: Gold reserves 86, 190, 280, 396, 504, Condition 89, 193, 283, 399, 507, 620, 706, 834, 958, 1071, 1163, 1257 Wholesale prices in 96, 200, 290, 406, 514 623, 709, 837, 975, 1079, 1171, 1265 630, 716, 844, 982, 1086, 1178, 1272 Discount rate 93, 197, 287, 403, 511, Taxes: 627, 713, 841, 979, 1083, 1175, 1269 Capital gains to curb rising prices of capital values, Gold reserves 86, 190, 280, 396, 504, statement by Marriner S. Eccles 222 620, 706, 834, 958, 1071, 1163, 1257 Internal revenue collections 63, 165, 259, 371, 463, Commercial banks, assets and liabilities. . . .94, 198, 288, 404, 512, 628, 714, 842, 980, 1084, 1176, 1270 595, 681, 811, 935, 1047, 1139, 1233 Thomas, W. Frank, director of Baltimore Branch, death Cost of living, index numbers 97, 201, 291, 407, 515, of 763 631, 717, 845, 983, 1087, 1179, 1273 Thomas, Woodlief, appointed Director of Division of Foreign exchange rates 95, 199, 289, 405, 513, Research and Statistics 123 629, 715, 843, 981, 1085, 1177, 1271 Thurston, Elliott, appointment as Assistant to the Chair- Gold movements 87, 191, 281, 397, 505, man of the Board of Governors 123 621, 707, 835, 959, 1072, 1164, 1258 Townsend, J. Leonard, appointed Assistant General Open-market rates 93, 197, 287, 403, 511, Attorney of the Board of Governors 340 627, 713, 841, 979, 1083, 1175, 1269 Trade concerns, wartime financing of, article by F. C. Retail food prices 97, 201, 291, 407, 515, Dirks 313 631, 717, 845, 983, 1087, 1179, 1273 DECEMBER 1945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 31 Pages Pages United Kingdom—Continued. War contracts: Security prices, index numbers 97, 201, 291, 407, 515, Settlement of, discussion in Review of the Month... .989 631, 717, 845, 983, 1087, 1179, 1273 War Department: Wholesale prices in 96, 200, 290, 406, 514, War production loans guaranteed by 43, 145, 239, 630, 716, 844, 982, 1086, 1178, 1272 351, 443, 575, 661, 791, 915, 1027, 1119, 1213 United States: War finance: Cost of living, index numbers 97, 201, 291, 407, 515, -British white paper on 732 631, 717, 845, 983, 1087, 1179, 1273 War financing, new plans for 295 Gold movements 87, 191, 281, 397, 505, War loans: 621, 707, 835, 959, 1072, 1164, 1258 Guarantee fees and maximum interest and commit- Gold production 87, 191, 281, 397, 505, ment rates 38, 140, 234, 346, 438, 621, 707, 835, 959, 1072, 1164, 1258 570, 656, 786, 910, 1022, 1114, 1208 Gold reserves 86, 190, 280, 396, 504, Guaranteed by War Department, Navy Depart- 620, 706, 834, 958, 1071, 1163, 1257 ment, and Maritime Commission, number and Government securities: (See Government securities) amount 43, 145, 239, 351, 443, Retail food prices 97, 201, 291, 407, 515, 575, 661, 791, 915, 1027, 1119, 1213 631, 717, 845, 983, 1087, 1179, 1273 Seventh, plans for 295 Security prices, index of 97, 201, 291, 407, 515, Letter from Secretary Morgenthau to banking 631, 717, 845, 983, 1087, 1179, 1273 institutions 302 Wholesale prices in 96, 200, 290, 406, 514, Review of subscriptions 722 630, 716, 844, 982, 1086, 1178, 1272 Sixth, amount of sales 2 United States notes: War production, discussed in Review of the Month 206 Authority to issue under Thomas amendment ter- War program: minated 563, 644 Economic effects of changing, discussion in Review Stock 45, 147, 241, 353, 445, of the Month 635 577, 663, 793, 917, 1029, 1121, 1215 Warner, Doris, article on financial developments in Uruguay: manufacturing and trade in 1944 1191 Bank of the Republic of: Wartime earnings of small business, article by F. C. Condition 92, 196, 286, 402, 510, Dirks 16 626, 712, 840, 978, 1082, 1174, 1268 Wartime financing of manufacturing and trade concerns, Foreign exchange rates 95, 199, 289, 405, 513, article by F. C. Dirks 313 629, 715, 843, 981, 1085, 1177, 1271 Wartime monetary expansion and postwar needs, dis- Gold reserves 86, 190, 280, 396, 504, cussion in Review of the Month 1091 620, 706, 834, 958, 1071, 1163, 1257 Weiler, Emanuel T., article on surveys of liquid asset Venezuela: holdings 865 Central Bank of: West Africa: Condition 92, 196, 286, 402, 510, Gold production 87, 191, 281, 397, 505, 626, 712, 840, 978, 1082, 1174, 1268 621, 707, 835, 959, 1072, 1164, 1258 Gold reserves 86,190, 280,396,504, Wheat, J. E., appointed director of Houston Branch 32 620, 706, 834, 958, 1071, 1163, 1257 Wholesale prices: Vest, George B., appointed General Attorney of Board. . . .340 Group of commodities 80, 182, 276, 388, 480, Veterans: 612, 698, 828, 952, 1064, 1156, 1250 Farm and business loans to, instructions of Comp- Principal countries 96, 200, 290, 406, 514, troller of the Currency : 226 630, 716, 844, 982, 1086, 1178, 1272 Partially guaranteed home loans to, instructions of Yields on Government securities: the Comptroller of the Currency 29 1919-1944 483 Victory Loan Drive, letter from Secretary Vinson to Discussion in Review of the Month 301 banking institutions 999 National summary of business conditions 230 Violations of Regulation W: Yugoslavia: Consumers Home Equipment Company, consent Foreign exchange rates 95, 199, 289, 405, 513, injunction decree 774 629, 715, 843, 981, 1085, 1177, 1271 Safeway Finance Plan, Incorporated, order suspend- National Bank of the Kingdom of: ing license 336 Discount rate 93, 197, 287, 403, 511, Wage earners in manufacturing industries, hours and 627, 713, 841, 979, 1083, 1175, 1269 earnings of 71, 173, 267, 379, 471, Gold reserves 86, 190, 280, 396, 504, 603, 689, 819, 943, 1055, 1147, 1241 620, 706, 834, 958, 1071, 1163, 1257 12.96 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis