Federal Reserve Bulletin, 1946-01
F E D E R AL R E S E R VE BULLETIN JANUARY 1946 M^* ^ifS /^/?\\n» v **zzzz** 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 WOODLIEF THOMAS 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—The United Kingdom and Postwar International Trade 1-13 Anglo-American Trade and Financial Negotiations 14-19 British White Paper Published in Connection with Anglo-American Financial Agreement. . 20-27 Law Department: License to Transact Banking Business 28 Purchase of Government Obligations by Federal Reserve Banks 28 Consumer Credit—Listed Articles Used in Realty Improvements 29 Foreign Funds Control—Treasury Department Releases 29-30 Current Events 31-32 Foreign Banking Laws and Reports: Transfer of Gold to French Stabilization Fund 33 Re-establishment of the Austrian National Bank 33-35 National Summary of Business Conditions 36-37 Financial, Industrial, Commercial Statistics, U.S. (See p. 38 for list of tables) 38-87 International Financial Statistics (See p. 88 for list of tables) 88-105 Board of Governors and StafT; Open Market Committee and Staff; Federal Advisory Council 106 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 107 Map of Federal Reserve Districts 108 Federal Reserve Publications (See inside of bac\ 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 32 January 1946 NUMBER 1 THE UNITED KINGDOM AND POSTWAR INTERNATIONAL TRADE THE RECENT AGREEMENTS policies in the broad sense, embracing the fields of trade barriers and discriminations, The recently-announced agreements bepolicies in respect to commodities in world tween the governments of the United States surplus, cartels, an international trade organiand the United Kingdom contain proposals zation, and international aspects of domestic for solving some of the most pressing ecomeasures to maintain employment." nomic and financial problems which face the The agreements between the two governpostwar world. The agreements have alments were presented in three parts: (1) a ready been approved by the British Parliament and will soon be submitted to Congress joint statement regarding the understanding for consideration. The most widely discussed reached on commercial policy; (2) a joint feature of the arrangements is the financial statement regarding settlement for lendagreement providing for a loan of 3,750 lease, reciprocal aid, surplus war property, million dollars from the United States to the and claims; and (3) a financial agreement. United Kingdom. The agreements as a The financial agreement, together with the whole go much further than this, however, joint statements on commercial policy and for, in addition to the loan agreement, agree- on lend-lease, reciprocal aid, etc., reprements have been made for the final settle- sents an integral part of a broad program for ment of lend-lease, reciprocal aid, surplus reviving postwar international trade, not only property and other war claims, and for steps between the two largest trading nations in looking toward the removal of barriers to the world, but also between those two nations trade and commerce. In the words of the and the rest of the world. joint statement made by the President of the United States and the Prime Minister of THE FINANCIAL AGREEMENT Great Britain, the discussions "have covered The loan of 3,750 million dollars proposed the questions of financial assistance from the in this agreement would be made in the United States to the United Kingdom, the form of a "line of credit" upon which the demobilization of wartime trade and mone- British might draw at any time between the tary restrictions, the settlement of lend-lease, effective date of the agreement and the end the disposal of surplus war property in the of 1951. The main purpose of the loan is to United Kingdom owned by the United assist the British in financing their neces- States, and, finally, long-range commercial sary imports during the transition from war JANUARY 1946 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVIEW OF THE MONTH to peace. In addition to the line of credit, exchange and the level of its gold and foreign a further credit of 650 million dollars has exchange reserves." While the decision with been agreed upon to cover the final settle- respect to the necessity for a waiver would ment of lend-lease and other claims arising be made at the discretion of the United Kingout of the war. The rate of interest and the dom alone, it is not believed that a determiterms of repayment are to be the same for nation that a waiver is necessary would be both loans. made lightly. The terms for the combined credits of In addition to the loan from the United 4.4 billion dollars were carefully drawn with States, it is anticipated that financial assista view to avoiding the strains which arose in ance will also be received from certain counconnection with financial arrangements fol- tries of the British Empire, notably Canada. lowing the first World War. No payment of In order to insure equal treatment of the either interest or principal will be required loan from the United States with other postduring the difficult transition years. Be- war loans, the agreement provides that loans ginning on December 31, 1951, payments which the British receive from governments will be made by the United Kingdom in of the Commonwealth between December 6, equal annual instalments over a period of 1945, and December 31, 1951, shall be on fifty years. Such payments will include in- terms which are no more favorable to the terest at the rate of two per cent on the out- lender than those contained in the Ameristanding obligation in any year, as well as can loan. Moreover, the agreement provides amortization of principal. If the entire credit specifically that if the interest payment is is used, the annual payment of principal and waived on the American loan a similar interest by the United Kingdom will amount waiver must also apply to interest on loans to approximately 140 million dollars. If the from Empire governments. United Kingdom has serious difficulties with its balance of payments, however, the interest STERLING BALANCES portion of this annual payment may be Closely related to the problem of interest waived. Thus, if in any year the average payments is the problem of payments on United Kingdom income from exports and accumulated sterling balances. It is well net invisible items in its balance of payments known that the United Kingdom has induring the preceding five years is less than curred large debts to other countries, parthe value of 1936-38 average imports, after ticularly to members of the Empire, in the correction for price changes, the United form of short-term balances. These balances Kingdom will be entitled to a waiver of arose largely through British military exinterest. This means, in general, that the penditure overseas, as well as through im- United Kingdom would not need to pay ports which were not matched by exports interest as long as receipts on current account from the United Kingdom. In prewar years were inadequate to purchase the prewar many of the present creditor countries norphysical volume of imports. In order to mally held balances in London, partly as a avail itself of the waiver, however, the United reserve against central bank liabilities and Kingdom would have to determine that a partly as working balances for settling inwaiver was "necessary in view of the present ternational transactions. Today, the sterling and prospective conditions of international balances have reached a level which is many FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVIEW OF THE MONTH times the size of normal requirements, and ances which are released immediately will if such balances were made freely convertible have to be made largely from British gold into nonsterling currencies there is no doubt and foreign resources. Payments on the balthat the demand for outside currencies would ances which are released in instalments, on be entirely beyond the capacity of the United the other hand, will presumably be made Kingdom to pay. This means that an under- mainly from the proceeds of current British standing must be reached with the holders exports. In order that such payments will of sterling balances for gradual repayment. not receive more favorable treatment than In the present financial agreement, the payments on the American loan, the finan- United Kingdom has committed itself to seek cial agreement contains two provisions with such an understanding at an early date. respect to released sterling. First, in decid- Agreements will be sought with all coun- ing whether the United Kingdom's income tries holding abnormal sterling balances, re- from exports and net invisible items in its gardless of whether they are members of current balance of payments is inadequate the sterling area or not. While the details to make an interest payment on the Ameriof such arrangements will be left to the can loan, not more than 43,750,000 pounds British, the present financial agreement sterling may be considered as a current paynevertheless establishes certain broad prin- ment in any one year on account of released ciples for the settlement of balances of mem- sterling balances. Beyond this point, any bers of the sterling area. Such balances are payments must be regarded as capital transto be divided into three categories, as follows: fers. Second, if the annual payment to the "(a) balances to be released at once, and United States is reduced by a waiver of inconvertible into anv currency for current terest in any year, a proportionate reduction transactions; (b) balances to be similarly re- must be made in the annual instalments of leased by instalments over a period of years, released sterling balances. beginning in 1951; and (c) balances to be adjusted as a contribution to the settlement EXCHANGE ARRANGEMENTS AND THE STERLING of war and postwar indebtedness. . . ." Anv AREA balances which do not become the subiect of During the war the United Kingdom a settlement within one year of the effecadopted a comprehensive system of exchange tive date of the agreement (or, by mutual controls. This system was emulated by the agreement of the two governments, within other countries in the sterling area, and an a longer period) can be left available to integrated currency system was developed their holders only if they are freely convertwith London at the center. Under this sysible. In practice, this probably means that tem every effort was made to substitute trade a large proportion of the balances which within the area for trade with the rest of are not made the subject of an agreement the world. The pound sterling remained will be unavailable either for the purchase freely convertible into currencies of the sterlof goods or for conversion into other curing area, but transactions between the sterlrencies. ing area and "outside" countries were sub- Since in the near future the British will jected to strict controls. In addition, all counnot have the resources with which to supply tries in the area turned over their receipts abnormally large exports, payments on bal- of dollars to London authorities, and dollar JANUARY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVIEW OF THE MONTH payments for imports were then made by Both countries agree not to invoke the application to London. The effect of the provisions of the Articles of Agreement of sterling area exchange arrangements and the International Monetary Fund which the so-called dollar pool was thus to make permit exchange restrictions during a trantransfers between members of the sterling sitional period. This means that if the presarea and outside countries subject to severe ent agreement is accepted, the International limitations administered by centralized con- Monetary Fund will begin operations withtrol. out a protracted period of exchange control In view of Britain's difficult financial posi- on the part of the United Kingdom. These tion, the question arose as to whether these arrangements will be operative until Deexchange controls would be continued or cember 31, 1951, by which time it is anticistrengthened in the postwar years. The pated that more comprehensive arrangepresent financial agreement, if accepted by ments will have been made under the Inter- Congress, will commit the United Kingdom national Monetary Fund. to a system of free exchanges on current ac- In addition to the general arrangements count. The sections of the agreement relat- concerning exchange restrictions, an undering to foreign exchange are somewhat com- standing has also been reached concerning plicated, but the effect of the exchange ar- the relations between the United Kingdom rangements is to establish a time schedule for and other countries of the sterling area. The making sterling convertible on current ac- United Kingdom has agreed to eliminate the count. The first part of this schedule re- so-called dollar pool within a period of one lates to sterling accruing to residents of the year of tl>e effective date of the agreement, United States from current transactions, and to give residents of the sterling area comwhich will be freely convertible as soon as plete freedom thereafter in the use of both the agreement becomes effective. Second, sterling and dollars which they acquire on within one year of this date, both countries current account. As a result of this undermust refrain from imposing restrictions upon standing, the centralized control of exchange payments and transfers for current transac- transactions between the sterling area and tions. Exceptions to this second commitment the rest of the world which developed during are made for balances accumulated by third the war will be brought to an end. No time countries before the currencies become con- limit applies to this part of the agreement. vertible, for restrictions imposed with the consent of the International Monetary Fund, COMMERCIAL POLICY and for restrictions imposed for the purpose The financial agreement contains a comof revealing and disposing of assets of Ger- mitment on the part of each country not to many and Japan. Apart from these excep- impose or maintain quantitative import retions, the effect of the exchange arrange- strictions which discriminate against the ments is to remove exchange restrictions other country's products during the transiupon current British transactions with all tion years between the effective date of the countries within one year of the effective agreement and the end of 1951. Exceptions date of the agreement, unless the govern- are made for various special circumstances, ments of the United States and the United the most important of which is the eventual- Kingdom agree to an extension of time. ity that the dollar may be declared a scarce FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVIEW OF THE MONTH currency by the International Monetary countries of the sterling area, including the Fund. British Dominions (except Canada), the In addition to the limitation on quanti- British Colonies, and countries such as India, tative import controls, significant develop- Egypt, Iraq, and Eire would increase trade ments in the field of commercial policy are among themselves at the expense of counalso contained in the joint statement regard- tries outside the area. On the other hand, ing commercial policy in which both govern- the countries in the dollar area, including ments agree to support a broad program for Canada, the United States, and the Latin relaxing trade barriers. Officials of the American countries would comprise another United States Government have issued a bloc, and in the course of subsequent developdocument containing "Proposals for Con- ments it would probably be necessary for sideration by an International Conference on most of the countries of Europe to choose Trade and Employment," and in the joint between these groups of countries. The statement the United Kingdom has expressed world would experience a substantial infull agreement with all important points in crease in preferential tariff rates, exchange these proposals. controls, and bilateral trade agreements, as The document recognizes the importance countries with balance-of-payments deficits of a high level of employment in all countries attempted to balance their accounts by purto the success of a liberal program in the chasing only from countries which promised fields of commercial policy, commodity to buy from them. In this way, foreign problems, cartel problems, monetary stabili- trade would be forced into uneconomic zation, and investment. In addition, it channels, and private traders would find makes numerous recommendations for the their activities subjected to increasing state relaxation of specific barriers to trade and supervision and control. commerce. Among others, proposals are It is still too early to foresee accurately the made for reduction of tariffs and tariff pref- postwar trend of international trade policies erences, general elimination of import in all countries, but the agreement between quotas, regulation of cartel practices, of com- the United Kingdom and the United States modity agreements, and state trading. Super- should do much to start the trend toward vision of these arrangements is to be carried less restricted multilateral trade. In proposout through an International Trade Organi- ing the agreement, both countries have purzation. sued a conscious policy of giving first im- The importance of this agreement to the portance to the long-run development of future development of foreign trade can trade. hardly be overestimated. Without such an understanding between the world's two LEND-LEASE, RECIPROCAL AID, AND SURPLUS greatest trading nations, the trade restrictions PROPERTY and exchange controls which developed in In the joint statement regarding lendthe 'thirties and during the war would be lease, reciprocal aid, surplus war property, intensified until the world was divided into and claims, the two governments have agreed trading blocs, with each bloc attempting to upon a final settlement for all of the financial isolate itself as much as possible from trade claims arising out of the war. This settleoutside its own area. On the one hand, the ment is to be effected by a total payment of JANUARY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVIEW OF THE MONTH 650 million dollars from the United King- It includes an estimate for the net value of dom to the United States, to be made on the goods and services to be delivered by the same terms as those on the loan provided bv lend-lease pipeline through December 31, the financial agreement. The items included 1945; thereafter, all such transactions will be in the settlement are: (1) lend-lease and on a cash basis. reciprocal aid goods consumed during the The final settlement of lend-lease, recipwar; (2) lend-lease goods of civilian character rocal aid, and other financial claims arising remaining in the hands of the British Gov- from the war should do much to remove the ernment (lend-lease inventory); (3) goods uncertainties which might otherwise have and services arranged for under lend-lease complicated the international trade picture and reciprocal aid before V-J day but not for a long time. delivered until after the termination of lend- THE TRANSITION FROM WAR TO PEACE IN THE lease (lend-lease pipeline); (4) surplus UNITED KINGDOM property belonging to the United States Gov- The war and its aftermath have left the ernment but located in the United Kingdom; United Kingdom with two distinct types of and (5) all other financial claims between international economic problems. One is a the two governments arising out of the conshort-run, transition problem of restoring the duct of the war. normal trade relations which were seriously By far the largest of these items is the value disrupted by the war itself. The other is a of lend-lease and reciprocal aid consumed more basic problem of adjustment to a loss during the war. Although figures for lendof overseas income and an increase in overlease assistance by countries have never been seas expenditure. published, it has been estimated that prior With respect to the transition problem, the to the end of the Japanese war the United present level of British exports is far below Kingdom had received lend-lease aid amountthe level which prevailed in prewar years, ing to between 21 and 22 billion dollars. In and Britain's productive resources do not return, they had provided the United States permit an immediate resumption of normal with four to five billion dollars of reciprocal export trade. During the transition period, aid. Net lend-lease assistance to the United when exports remain abnormally low, finan- Kingdom may thus be estimated at approxicial assistance will be needed in order to enmately 17 billion dollars. The bulk of these able the United Kingdom to pay for its imamounts represents goods and services con- port requirements. This problem is common sumed during the war, and this category of to almost all countries located in the active goods has been written off without compen- war theater, but it is particularly acute in the sation other than the common victory and the United Kingdom. It has been apparent for willingness of the partners to collaborate in some time that the United Kingdom would constructing the peace. be forced by its transitional balance-of-pay- The actual settlement, amounting to 650 ments deficit to choose between two fundamillion dollars, covers mainly payment for mentally different foreign trade policies. the lend-lease inventory in the hands of the First, if no financial assistance were received, British Government, plus various other it would be necessary for the United Kingclaims and counter-claims as listed above. dom to continue, and to strengthen, the trade FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVIEW OF THE MONTH and exchange controls which developed dur- of their overseas investments. In addition, ing the war. Among other things, this policy British assets in both Europe and Asia have would result in increased discrimination suffered a considerable amount of war damagainst imports from countries outside the age. The final effect of these war losses and sterling area. The second alternative open liquidations upon British income from overto the United Kingdom is to finance its tran- seas investment can not be accurately detersitional deficit by means of loans from other mined at the present time, but most estimates countries, particularly the United States and suggest that in the early postwar years in- Canada, and to return to a system of nondis- come from such assets will be between onecriminatory multilateral trade as quickly as half and two-thirds of its prewar normal possible. If the present financial agreement level. This would mean a reduction of 70 between the United States and the United to 100 million pounds sterling, compared Kingdom is approved by the legislative bodies with prewar income from such sources. of both countries, considerable progress will While the effects of the loss of overseas investhave been made toward the goal represented ments may be offset, to some extent, by prosby the second alternative. perous conditions in the postwar world, it In addition to the immediate reconversion seems probable that income from such investand restoration of its export industries, the ments will remain below its prewar level. United Kingdom is faced with a more basic Moreover, net income from overseas investproblem of adjustment to certain fundamen- ment will be considerably reduced, over a tal and more persistent changes in its balance long period of years, by the payments which of payments. During the interwar period, the United Kingdom will make on overseas the value of commodity imports into the liabilities accumulated during the war and United Kingdom was consistently greater during the postwar transition period. than the value of exports. In the fifteen- A reduction of British shipping income beyear period 1924 through 1938, for example, low the prewar level is also possible, although the average annual commodity import sur- this is much more difficut to estimate. As plus was 358 million pounds sterling. Pay- a result of war losses, which exceeded new ment for this import surplus was largely building, the British merchant fleet has demade in three ways: (1) from income clined from more than 21 million to less than which the British received on their overseas 16 million deadweight tons. During the iminvestments; (2) from income received for mediate postwar years, this decline in the shipping services performed for other coun- merchant fleet will probably have no serious tries; and (3) from income received for cer- effect upon British shipping income, since tain financial services, particularly insurance. the reduction in tonnage will be offset by The war has caused a serious reduction in higher freight rates and by a more complete at least one, and perhaps two, of those sources utilization of existing tonnage. In the more of overseas income. In the first place, it has distant future, however, the United Kingradically affected the United Kingdom's in- dom will be confronted by an important ternational investment position. To finance change in its competitive shipping position, their overseas war expenditures, the British owing largely to the wartime growth of found it necessary to sell a substantial part United States tonnage. During the years JANUARY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVIEW OF THE MONTH when the British tonnage was declining, the ing external debts. The significance of these merchant fleet of the United States was in- two types of problems is clearly shown in the creasing rapidly, until, today, it has reached data for the British balance of payments. the unprecedented size of 56 million dead- Figures for an average annual balance of payweight tons. Before the war the American ments covering the three years 1936-38, merchant fleet represented only one-fifth of presented in the table, show that, in the the world's total merchant tonnage, whereas immediate prewar period, the value of exthe present American fleet accounts for three- ports from the United Kingdom was only fifths of the world's total. If our merchant slightly larger than half the value of imfleet is kept well above its prewar size, some ports. The import surplus was financed decline in British shipping income, relative largely by the three types of income mento international trade as a whole, is to be tioned above, i.e., by income from overseas expected. investments, by income from shipping, and by short-term interest and commissions. THE PREWAR BALANCE OF TRADE AND CHANGES DURING THE WAR TABLE 1. AVERAGE ANNUAL BALANCE OF PAYMENTS OF THE These are the important international eco- UNITED KINGDOM ON CURRENT ACCOUNT, 1936-1938. [In millions of pounds sterling] nomic problems which the war has bequeathed to the United Kingdom. To re- Imports retained 866 capitulate briefly, they include a transitional Exports of United Kingdom produce 477 Excess of imports over exports 389 problem of financing imports while exports Net government payments overseas 7 are being restored to their normal level as Total: Overseas payments not covered by exports 396 well as a more basic problem of offsetting a Overseas income other than exports: loss of income from overseas investments Net shipping income 105 Net income from overseas investments 203 Short-term interest, commissions, insurance, etc 37 (and perhaps from shipping) and of servic- Other receipts, including net silver exports 8 Total 353 Leaving an annual deficit of 43 EXPORTS AND IMPORTS OF THE UNITED KINGDOM The war brought about an almost threefold increase in the excess imports of the United Kingdom. Between 1938 and 1944 the difference between imports and exports, excluding munitions, increased from 387 million pounds to 1,041 million pounds. The increase was attributable partly to an increase in the value of imports and partly to a sharp decline in the value of exports. While the value of retained imports increased from 858 million pounds to 1,299 million pounds during the years 1938 through 1944, the value of United Kingdom exports declined from 471 These figures include nonmunitions lend-lease but exclude million pounds to 258 million pounds. The all munitions. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVIEW OF THE MONTH trade figures for 1938 and for selected war prices increased somewhat more than exyears are shown in the Chart and in Table 2, port prices. The effects of both of these below. factors will have to be overcome in the re- The increase in the value of imports does establishment of Britain's foreign trade. To not represent an increase in their physical this end, the United Kingdom intends to volume. On the contrary, when allowance restore the physical volume of exports to is made for the average increase in import normal levels as rapidly as possible. prices, it appears that the physical volume of In the first two or three years after the imports in 1944 was more than 20 per cent war, adequate markets will be available for below the 1938 volume; average import almost any exports which the British proprices increased 91 per cent between 1938 duce. The backlog of demand for manuand 1944, whereas the increase in the value factured goods of all types will be large, of imports was only 51.4 per cent. and many countries may be expected to use part of their external reserves in the purchase of goods in the United Kingdom. The TABLE 2. FOREIGN TRADE OF THE UNITED KINGDOM restoration of British exports will therefore [In millions of pounds sterling] be primarily a problem of supply rather than Year • R im et p a o in r e ts d E o p f r x o p U d o u . r K c t e s . s Im ur p p o lu r s t a problem of markets; exports can be increased as rapidly as the United Kingdom 1938 S58 471 387 can increase production in the export trades. 1942 991 271 720 1943 1,227 233 994 The time required to establish a balanced 1944 1,299 258 1,041 position thus depends to a large extent upon the speed of reconversion in such fields The decline in the physical volume of ex- as machinery, iron and steel manufactures, ports was even more striking. The 1944electrical goods, motor vehicles, textiles, and volume of exports of United Kingdom mer- other export industries. The industrial charchandise was only 31 per cent of the 1938 acter of the export problem is shown by level. The effect of this decline upon the the fact that in 1938 three-fourths of the total value of exports was partly offset by a value of British-made exports was attribut- 78 per cent increase in average export prices. able to articles wholly or mainly manufac- As a result, the value of exports in 1944 was tured 55 per cent of the prewar level even though The restoration of exports is complicated the volume had declined to less than oneby the fact that most export industries prothird of the 1938 level. duce for home consumption as well as for sales abroad, and the domestic demand will THE NEED FOR MORE EXPORTS be large at a time when a large growth of From these figures it is apparent that the exports is urgently needed. Hence, governincrease in the British import surplus during ment controls of materials and consumption the war was a result of two factors. First, can not be removed until production is the decline in the physical volume of exports adequate for both exports and home demand. was much greater than the decline in the In the absence of such controls there is no volume of imports. And, second, import doubt that many products required to restore JANUARY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVIEW OF THE MONTH exports would be diverted to the home mar- merchant fleet are taken into account, it ket. And even with controls in force, it is seems clear that a considerable deficit will inevitable, and would appear to be desirable, remain in the British balance of payments that a part of the increased output of British even if exports and imports are restored to manufactures be used for home consumption. their prewar levels. This means that the The pressing nature of the home demand is United Kingdom can not achieve a balanced indicated to some extent by the low wartime international position, at prewar levels of levels of British consumption; in 1944, the imports, without a substantial increase in physical volume of civilian consumption was exports above the prewar volume. In other 20 per cent lower than the volume of con- words, the British are faced With the probsumption in 1938. In many individual types lem not only of re-establishing their former of consumption, the decline was even more export trade, but also of increasing it conpronounced. The volume of civilian clothing siderably. The exact size of the required purchased in 1944, for example, was only increase in exports, relative to prewar, can 60 per cent of the 1938 volume. In view of not be determined accurately, but the British have repeatedly said, in both official and the low level of living standards in the unofficial statements, that they must in- United Kingdom, it is to be expected that crease their exports 50 to 75 per cent above the re-establishment of the export trades prewar in order to enable the country to pay will require more time than would be needed for imports of the prewar volume. for reconversion alone. [The British must produce not only for export but also for RELAXING IMPORT CONTROLS the restoration of home consumption.] In the recent agreements, as noted above, Apart from the wartime decline in exports, both the United Kingdom and the United the problem of achieving a balanced inter- States have pledged themselves to a gradual national position is further complicated, as reduction of direct trade controls, such as noted above, by the large increase in export tariffs and import quotas. In view of Britand import prices; such prices are now more ain's difficult position, however, it is clear than 90 per cent above prewar levels. Even that the relaxation of such controls (as disif the physical volume of exports were re- tinct from the removal of discrimination) stored to the prewar level, the value, in will necessarily be a slow process. Even pounds, of the excess imports would be nearly after the United Kingdom achieves a baltwice the prewar import surplus as a result anced international position, it may be necesof the price rise. This would not be particu- sary to maintain certain import restrictions larly serious if the invisible items, such as for a considerable period of time, for otherincome from shipping and from overseas wise this balance would be destroyed. The investments increased proportionately, but balanced position described above is in terms some of these items, such as income from of the prewar volume of imports, and if overseas bonds, will be relatively insensitive all import controls were removed the present to price changes. large demand for imports would carry them When, in addition, the loss of overseas far above the prewar volume. assets, the accumulation of external debt This is true for several reasons. The counand the decline in the size of the British try has suffered a loss of domestic assets, 10 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVIEW OF THE MONTH roughly estimated at 4,000 million pounds, war, the value of postwar imports, at. present through war damage and depreciation. Re- prices, would be about 1,900 million pounds. placement of these assets will naturally create This suggests that it will not be possible to a large demand for imports, particularly abandon all import controls imposed during for building materials. Quite apart from the the war at any time in the immediate postwar demand for imports for reconstruction, how- period. It may be expected that when Great ever, the normal demand for imports in the Britain attains a balanced international posipostwar period will considerably exceed the tion it will be on the basis of a volume of prewar demand. There is little doubt that imports below the level corresponding by the postwar level of output in the United prewar standards, to the country's national Kingdom will be considerably greater than income. Consequently there will be a tendit was in the prewar period. In the absence ency for imports to rise and to upset the balof import controls, this higher level of out- ance unless some of the restrictions imposed put would normally lead to an increased during the war are maintained for some demand for imported raw materials while time. the associated increase in income would stim- LONG-RUN PROSPECTS ulate demand for imported consumer goods. The proposed American loan to the It has been estimated that the United King- United Kingdom, as noted above, is intended dom will be capable of producing a net primarily to meet the deficit in Britain's national income of 5.6 billion pounds, stated balance of payments during the period of in 1938 prices. This represents a 22 per transition from a war economy to a pea£e cent increase over the 1938 level of output. economy. Once this period of readjustment There are reasons for believing that the has passed, it is anticipated that the United normal increase in the demand for imports Kingdom will be able to pay for its neceswill be smaller than the relative growth of sary imports with the proceeds of exports income, even if a high standard of living is and with income from overseas investments, achieved. In the first place, more than 40 per shipping, insurance, etc. while at the same cent of prewar imports consisted of foodtime making payments of principal and stuffs, and it is unlikely that the demand for interest on both its foreign loans and its these products will increase in proportion to accumulated sterling obligations. With a the increase in real income. Second, import sound program for rebuilding and modernprices have increased considerably more than izing British industries, it should be possible domestic prices, and it is expected that this for them to expand exports sufficiently to will lead to an attempt, wherever possible, to realize this goal. And once a balanced posisubstitute home goods for imports. Even tion is achieved, gradual payment of its overafter making allowance for these facts, how- seas obligations will not place a serious strain ever, it is probable that a 22 per cent in- on the British economy. crease in domestic output in the United A balanced international position will not Kingdom would increase the normal deoccur automatically, however, but only as mand for imports by as much as 15 per the result of a well-planned policy of trade cent. If, therefore, no greater controls were expansion. A prerequisite to trade expanmaintained than those existing before the sion is modernization of British industry. JANUARY 1946 11 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVIEW OF THE MONTH Many British industries have not kept pace at a high level without a high and sustained with their American counterparts in the level of world income. A prolonged world adoption of technological improvements. depression, such as was experienced in the As a result, costs of production in the United early 'thirties, would seriously impair the Kingdom have tended to increase relative to ability of the United Kingdom to liquidate costs for similar products in the United its external debts, and might well lead to an States. Recent studies have shown that intensification of the trade controls and excapital per worker and output per worker in change restrictions which the present agreesuch important industries as coal and tex- ment between the United States and the tiles are considerably lower in the United United Kingdom is intended to reduce. Kingdom than in the United States. In the The establishment and maintenance of this British coal industry, the problem has been high level of world income will depend to a further aggravated by the depletion of coal large extent upon developments in the reserves, and the necessity of using higher- United States. The value of United States cost deposits. output is a large proportion of world output Since coal, textiles, and textile products —some estimates place the proportion as accounted for more than one-fourth of the high as one-third. Although imports into value of prewar exports, it would appear that the United States are small relative to modernization of these industries is essential domestic output, they nevertheless constito the establishment of postwar exports on tute a significant part of world trade as abound basis. The British are well aware of a whole. Fluctuations in the American this, and are making extensive plans for im- demand for foreign goods therefore play proving the efficiency not only of coal and an important part in the state of world markets as a whole. textile production but of many other industries as well. Factories which suffered war It is true, of course, that export trade of the damage will be rebuilt with up-to-date equip- United Kingdom in prewar years was more ment, and the replacement of depreciated dependent upon certain other countries than capital, long delayed by the war, will add upon the United States. In the three years further to Britain's modern industrial plant. preceding the war, British exports to the All of these developments suggest that the United States accounted for only five to seven productivity of the capital with which the per cent of her total exports. Nevertheless, United Kingdom emerges from her period the United States was the most important of reconversion and reconstruction will be customer of the United Kingdom in those considerably greater than that of her prewar years outside the British Empire. Moreover, capital. British exports as a whole are indirectly With modern and efficient plant and much more dependent upon economic acequipment and a conscious effort to adapt tivity in the United States than these figures production to the changing requirements of indicate. When a depression reduces the Britain's customers the competitive position American demand for foreign goods, the of the United Kingdom in world markets British suffer not only from a direct reshould be better than it was before the war. duction in their exports to the United States, But British exports obviously can not be kept but also from an indirect effect through 12 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVIEW OF THE MONTH other countries. South American countries, Trade and Employment," that the long-run for example, may be unable to buy from the success of the Anglo-American trade and United Kingdom because their sales to the financial program is dependent upon a high United States have been reduced. It has been and sustained level of world income. In the estimated that these indirect effects are about temporary period of reconstruction and retwice as important as the direct effects. If this conversion, the gap in the British balance of is true, a fifty per cent reduction in American trade will be offset by the financial assistance imports as a whole would involve a ten to fif- received from the United States and from teen per cent reduction in total exports to the other countries. But in the long run, after United Kingdom. In practice, the repercus- lending ceases and repayment begins, it is sion would probably be even greater, since a probable that a balanced position for the depression in the United States might easily United Kingdom will be maintained without start a downward spiral in other countries. restrictive controls only if the world demand These relationships confirm the fact, often for British goods is kept at a high level, and mentioned in recent discussions of foreign this means if the world—and particularly trade and repeated in the "Proposals for Con- the United States—succeeds in maintaining sideration by an International Conference on prosperity. JANUARY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANGLO-AMERICAN TRADE AND FINANCIAL The documents below, resulting from the trade ing a world trade and monetary system from which and financial discussions between officials of the the trade of all countries can benefit and within United States and United Kingdom Governments which the trade of all countries can be conducted meeting in Washington, were released on December on a multilateral, nondiscriminatory basis. The discussions have been successful. 6, 1945, by the two governments. The financial Agreement has been reached, subject to the apagreement was approved by the British House oj proval of the legislatures of both countries, for the Commons on December 13 and by the House oj extension by the United States to the United King- Lords on December 18 and will be submitted to dom of a line of credit of $3,750,000,000 on the Congress in the near future? terms stated in the financial agreement signed this day, for the following purposes: to facilitate pur- STATEMENT MADE IN WASHINGTON BY chases by the United Kingdom of goods and serv- THE PRESIDENT OF THE UNITED STATES ices from the United States, to assist the United AND IN LONDON BY THE PRIME MINISTER Kingdom to meet transitional postwar deficits in OF GREAT BRITAIN ON DECEMBER 6, 1945 its current balance of payments, to help the United Kingdom to maintain adequate reserves of gold and The economic and financial discussions between dollars, and to assist the United Kingdom to assume officials of the United States and United Kingdom the obligations of multilateral trade. This credit Governments meeting in Washington have now would make it possible for the United Kingdom to been completed. relax import and exchange controls, including ex- These discussions have been concerned with the change arrangements affecting the sterling area, and major problems affecting the basic economic and generally to move forward with the United States financial relations between the two countries, in the and other countries toward the common objective light of the provisions of Article VII of the Mutual- of expanded multilateral trade. Aid Agreement between their governments signed Agreement has been reached for the final settle- February 23, 1942. ment of lend-lease and reciprocal aid, the disposal They have covered the questions of financial asof surplus war property in the United Kingdom sistance from the United States to the United Kingowned by the United States, and the final settledom, the demobilization of wartime trade and ment of the claims of each government against the monetary restrictions, the settlement of lend-lease, other arising out of the conduct of the war. the disposal of surplus war property in the United Agreement has been reached on the broad prin- Kingdom owned by the United States, and, finally, ciples of commercial policy for which the two long-range commercial policies in the broad sense, governments will seek general international support. embracing the fields of trade barriers and discrimi- These arrangements, if carried out, will put an nations, policies in respect of commodities in world end to the fear of an economically divided world; surplus, cartels, an international trade organization, will make possible, throughout the world, the exand international aspects of domestic measures to pansion of employment and of the production, exmaintain employment. change and consumption of goods; and will bring The purpose of the discussions has been to arinto being, for the first time, a common code of rive at mutually advantageous solutions of these equitable rules for the conduct of international problems which the two governments would comtrade policies and relations. mend to the peoples and legislatures of the two The realization of these proposals will depend countries and to the world as a whole. upon the support given them by the peoples and Both sides have been fully conscious of the siglegislatures of the United States and the United nificance to other countries, as well as their own, Kingdom; and where they envisage measures reof the outcome of these discussions, and they have quiring broad international collaboration, the supfrom the beginning had continuously in view the port of other countries. common interest of their governments in establish- The following documents resulting from these 1 There is also given on pages 20-27 of this issue of the discussions are being issued by the two govern- BULLETIN the text of a British White Paper published in connection with the Anglo-American negotiations. ments: 14 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANGLO-AMERICAN TRADE AND FINANCIAL NEGOTIATIONS Financial agreement. claims of each government against the other arising Joint statement regarding the understanding out of the conduct of the war. Specific agreements reached on commercial policy. necessary to implement these understandings, set- Joint statement regarding settlement for lend- ting forth the terms in detail, and consistent herelease and reciprocal aid, surplus war property, with, are in the course of preparation and will and claims. shortly be completed. 2. This settlement for Lend-Lease and Reciprocal JOINT STATEMENT BY THE UNITED Aid will be complete and final. In arriving at this STATES AND THE UNITED KINGDOM settlement both Governments have taken full cog- REGARDING THE UNDERSTANDING nizance of the benefits already received by them in REACHED ON COMMERCIAL POLICY the defeat of their common enemies. They have also taken full cognizance of the general obligations The Secretary of State of the United States has assumed by them in Article VII of the Mutual Aid made public today a document setting forth certain Agreement of February 23, 1942, and the under- "Proposals for Consideration by an International standings agreed upon this day with regard to com- Conference on Trade and Employment". These mercial policy. Pursuant to this settlement, both proposals have the endorsement of the Executive Governments will continue to discuss arrangements branch of the Government of the United States and for agreed action for the attainment of the economic have been submitted to other governments as a basis objectives referred to in Article VII of the Mutual for discussion preliminary to the holding of such Aid Agreement. The Governments expect in these a conference. discussions to reach specific conclusions at an early Equally, the Government of the United Kingdom date with respect to urgent problems such as those is in full agreement on all important points in these in the field of telecommunications and civil aviaproposals and accepts them as a basis for interna- tion. In the light of all the foregoing, both Govtional discussion; and it will, in common with the ernments agree that no further benefits will be United States Government, use its best endeavors sought as consideration for Lend-Lease and Reto bring such discussions to a successful conclusion, ciprocal Aid. in the light of the views expressed by other countries. 3. The net sum due from the United Kingdom The two Governments have also agreed upon the to the United States for the settlement of Lendprocedures for the international negotiation and im- Lease and Reciprocal Aid, for the acquisition of plementation of these proposals. To this end they surplus property, and the United States interest in have undertaken to begin preliminary negotiations installations, located in the United Kingdom, and at an early date between themselves and with other for the settlement of claims shall be $650,000,000 countries for the purpose of developing concrete subject to the account adjustment referred to bearrangements to carry out these proposals, includ- low. This amount consists of (a) a net sum of ing definitive measures for the relaxation of trade $118,000,000 representing the difference between barriers of all kinds. the amount of the services and supplies furnished These negotiations will relate to tariffs and pref- or to be furnished by each Government to the other erences, quantitative restrictions, subsidies, State Government after V-J Day through Lend-Lease and trading, cartels, and other types of trade barriers Reciprocal Aid channels, less the net sum due to treated in the document published by the United the United Kingdom under the claims settlement, States and referred to above. The negotiations will and (b) a net sum of $532,000,000 for all other proceed in accordance with the principles laid down Lend-Lease and Reciprocal Aid items, and for surin that document. plus property and the United States interest in installations located in the United Kingdom and JOINT STATEMENT REGARDING SETTLE- owned by the United States Government. The MENT FOR LEND-LEASE, RECIPROCAL AID, actual amounts due to the respective Governments SURPLUS WAR PROPERTY AND CLAIMS for items included in (a) above other than claims 1. The Governments of the United States and will, however, be ascertained by accounting in due the United Kingdom have reached an understand- course, and the total sum of $650,000,000 will be ing for the settlement of Lend-Lease and Reciprocal adjusted for any difference between the sum of $118,000,000 mentioned above, and the actual sum Aid, for the acquisition of United States Army and found to be due. All new transactions between the Navy surplus property, and the United States intwo Governments after December 31, 1945, will be terest in installations, located in the United Kingsettled by cash payment. dom, and for the final settlement of the financial JANUARY 1946 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANGLO-AMERICAN TRADE AND FINANCIAL NEGOTIATIONS 4. The total liability found to be due to the Gov- agreements to be concluded between the two Government of the United States will be discharged ernments. on the same terms as those specified in the Financial 7. The arrangements set out in this statement are Agreement concluded this day for the discharge of without prejudice to any settlements concerning the credit provided therein. Lend-Lease and Reciprocal Aid which may be nego- 5. In addition to the financial payments referred tiated between the Government of the United States to above, the two Governments have agreed upon and the Governments of Australia, New Zealand, the following: the Union of South Africa, and India. (a) Appropriate non-discriminatory treatment FINANCIAL AGREEMENT BETWEEN THE will be extended to United States nationals in the GOVERNMENTS OF THE UNITED STATES use and disposition of installations in which there AND THE UNITED KINGDOM is a United States interest; (b) Appropriate settlements for the Lend-Lease It is hereby agreed between the Government of interest in installations other than in the United the United States of America and the Government Kingdom and the Colonial Dependencies will be of the United Kingdom, of Great Britain and made on disposal of the installations; Northern Ireland as follows: (c) The United States reserves its right of recapture of any Lend-Lease articles held by United 1. Effective date of the Agreement. The effective Kingdom Armed Forces, but the United States has date of this Agreement shall be the date on which indicated that it does not intend to exercise gen- the Government of the United States notifies the erally this right of recapture; Government of the United Kingdom that the Con- (d) Disposals for military use to forces other gress of the United States has made available the than the United Kingdom Armed Forces of Lend- funds necessary to extend to the Government of Lease articles held by the United Kingdom Armed the United Kingdom the line of credit in accord- Forces at V-J Day, and disposals for civilian use ance with the provisions of this Agreement. other than in the United Kingdom and the Colonial 2. Line of credit. The Government of the United Dependencies of such Lend-Lease articles, will be States will extend to the Government of the United made only with the consent of the United States Kingdom a line of credit of $3,750,000,000 which Government and any net proceeds will be paid to may be drawn upon at any time between the effecthe United States Government. The United Kingtive date of this Agreement and December 31, 1951, dom Government agrees that except to a very liminclusive. ited extent it will not release for civilian use in, or export from, the United Kingdom and the Co- 3. Purpose of the line of credit. The purpose of lonial Dependencies Lend-Lease articles held by the the line of credit is to facilitate purchases by the United Kingdom Armed Forces; United Kingdom of goods and services in the United (e) The Government of the United Kingdom States, to assist the United Kingdom to meet tranwill use its best endeavors to prevent the export to sitional postwar deficits in its current balance of the United States of any surplus property trans- payments, to help the United Kingdom to maintain ferred in accordance with this understanding. adequate reserves of gold and dollars, and to assist the Government of the United Kingdom to assume 6. The Government of the United Kingdom the obligations of multilateral trade, as' defined in agrees that, when requested by the Government of this and other agreements. the United States from time to time prior to December 31, 1951, it will transfer, in cash, pounds 4. Amortization and interest. sterling to an aggregate dollar value not in excess (i) The amount of the line of credit drawn by of $50,000,000, at the exchange rates prevailing at December 31, 1951, shall be repaid in 50 annual the times of transfer, to be credited against the installments beginning on December 31, 1951, with dollar payments due to the Government of the interest at the rate of 2 per cent per annum. In- United States as principal under this settlement. terest for the year 1951 shall be computed, on the The Government of the United States will use these amount outstanding on December 31, 1951, and for pounds sterling exclusively to acquire land or to each year thereafter, interest shall be computed on acquire or construct buildings in the United King- the amount outstanding on January 1 of each dom and the Colonial Dependencies for the use of such year. the Government of the United States, and for car- Forty-nine annual installments of principal rerying out educational programs in accordance with payments and interest shall be equal, calculated at 16 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANGIO-AMERICAN TRADE AND FINANCIAL NEGOTIATIONS the rate of $31,823,000 for each $1,000,000,000 of (ii) The Government of the United Kingdom the line of credit drawn by December 31, 1951, and will not arrange any long-term loans from govthe fiftieth annual installment shall be at the rate ernments within the British Commonwealth after of $31,840,736.65 for each such $1,000,000,000. Each December 6, 1945, and before the end of 1951 on installment shall consist of the full amount of the terms more favorable to the lender than the terms interest due and the remainder of the installment of this line of credit. shall be the. principal to be repaid in that year. (iii) Waiver of interest will not be requested or Payments required by this section are subject to allowed under section 5 in any year unless the the provisions of section 5. aggregate of the releases or payments in that year (ii) The Government of the United Kingdom of sterling balances accumulated to the credit of may accelerate repayment of the amount drawn overseas governments, monetary authorities and under this line of credit. banks (except in the case of colonial dependencies) before the effective date of this Agreement is re- 5. Waiver of interest payments. In any year in duced proportionately, and unless interest paywhich the Government of the United Kingdom rements due in that year on loans referred to in (ii) quests the Government of the United States to above are waived. The proportionate reduction of waive the amount of the interest due in the inthe releases or payments of sterling balances shall stallment of that year, the Government of the be calculated in relation to the aggregate released United States will grant the waiver if: and paid in the most recent year in which waiver (a) the Government of the United Kingdom of interest was not requested. finds that a waiver is necessary in view of the pres- (iv) The application of the principles set forth ent and prospective conditions of international exin this section shall be the subject of full consultachange and the level of its gold and foreign exchange tion between the two governments as occasion may reserves and arise. (b) the International Monetary Fund certifies 7. Sterling area exchange arrangements. that the income of the United Kingdom from home-produced exports plus its net income from The Government of the United Kingdom will invisible current transactions in its balance of pay- complete arrangements as early as practicable and ments was on the average over the five preceding in any case not later than one year after the effeccalendar years less than the average annual amount tive date of this Agreement, unless in exceptional of United Kingdom imports during 1936-8, fixed cases a later date is agreed upon after consultation, at ;£866 million, as such figure may be adjusted under which immediately after the completion of for changes in the price level of these imports. such arrangements the sterling receipts from cur- Any amount in excess of ^43,750,000 released or rent transactions of all sterling area countries (apart paid in any year on account of sterling balances from any receipts arising out of military expendiaccumulated to the credit of overseas governments, ture by the Government of the United Kingdom monetary authorities and banks before the effective prior to December 31, 1948, to the extent to which date of this Agreement shall be regarded as a they are treated by agreement with the countries capital transaction and therefore shall not be in- concerned on the same basis as the balances accucluded in the above calculation of the net income mulated during the war) will be freely available from invisible current transactions for that year. for current transactions in any currency area with- If waiver is requested for an interest payment prior out discrimination; with the result that any disto that due in 1955, the average income shall be crimination arising from the so-called sterling area computed for the calendar years from 1950 through dollar pool will be entirely removed and that each the year preceding that in which the request is member of the sterling area will have its current made. sterling and dollar receipts at its free disposition for current transactions anywhere. 6. Relation of this line of credit to other obligations. 8. Other exchange arrangements. (i) It is understood that any amounts required (i) The Government of the United Kingdom to discharge obligations of the United Kingdom to agrees that after the effective date of this Agreement third countries outstanding on the effective date of it will not apply exchange controls in such a manner this Agreement will be found from resources other as to restrict (a) payments or transfers in respect of than this line of credit. products of the United States permitted to be im- JANUARY 1946 17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANGLO-AMERICAN TRADE AND FINANCIAL NEGOTIATIONS ported into the United Kingdom or other current government imposes quantitative restrictions havtransactions between the two countries or (b) the ing equivalent effect to an exchange restriction use of sterling balances to the credit of residents of which that government is authorized to impose in the United States arising out of current transactions. conformity with Article VII of the Articles of Agree- Nothing in this paragraph (i) shall affect the pro- ment of the International Monetary Fund. The visions of Article VII of the Articles of Agreement provisions of this section shall become effective as of the International Monetary Fund when those soon as practicable but not later than December Articles have come into force. 31, 1946. (ii) The Governments of the United States and 10. Accumulated sterling balances. the United Kingdom agree that not later than one (i) The Government of the United Kingdom inyear after the effective date of this Agreement, untends to make agreements with the countries conless in exceptional cases a later date is agreed upon cerned, varying according to the circumstances of after consultation, they will impose no restrictions each case, for an early settlement covering the on payments and transfers for current transactions. sterling balances accumulated by sterling area and The obligations of this paragraph (ii) shall not other countries prior to such settlement (together apply: with any future receipts arising out of military ex- (a) to balances of third countries and their na- penditure by the Government of the United Kingtionals accumulated before this paragraph (ii) be- dom to the extent to which they are treated on the comes effective; or same basis by agreement with the countries concerned). The settlements with the sterling area (b) to restrictions imposed in conformity with countries will be on the basis of dividing these acthe Articles of Agreement of the International cumulated balances into three categories: (a) bal- Monetary Fund, provided that the Governments of ances to be released at once and convertible into the United Kingdom and the United States will any currency for current transactions, (b) balnot continue to invoke the provisions of Article ances to be similarly released by installments over XIV, Section 2 of those Articles after this paraa period of years beginning in 1951, and (c) balgraph (ii) becomes effective, unless in exceptional ances to be adjusted as a contribution to the settlecases after consultation they agree otherwise; or ment of war and postwar indebtedness and in recog- (c) to restrictions imposed in connection with nition of the benefits which the countries concerned measures designed to uncover and dispose of assets might be 'expected to gain from such a settlement. of Germany and Japan. The Government of the United Kingdom will make (iii) This section and section 9, which are in every endeavor to secure the early completion of anticipation of more comprehensive arrangements these arrangements. by multilateral agreement, shall operate until De- (ii) In consideration of the fact that an imporcember 31, 1951. tant purpose of the present line of credit is to pro- 9. Import arrangements. If either the Govern- mote the development of multilateral trade and ment of the United States or the Government of facilitate its early resumption on a non-discriminathe United Kingdom imposes or maintains quanti- tory basis, the Government of the United Kingdom tative import restrictions, such restrictions shall be agrees that any sterling balances released or otheradministered on a basis which does not discriminate wise available for current payments will, not later against imports from the other country in respect of than one year after the effective date of this Agreeany product; provided that this undertaking shall ment unless in special cases a later date is agreed not apply in cases in which (a) its application upon after consultation, be freely available for curwould have the effect of preventing the country rent transactions in any currency area without disimposing such restrictions from utilizing, for the crimination. purchase of needed imports, inconvertible cur- 11. Definitions. rencies accumulated up to December 31, 1946, or (b) there may be special necessity for the country For the purposes of this Agreement: imposing such restrictions to assist, by measures (i) The term "current transactions" shall have not involving a substantial departure from the gen- the meaning prescribed in Article XIX (i) of the eral rule of non-discrimination, a country whose Articles of Agreement of the International Moneeconomy has been disrupted by war, or (c) either tary Fund. 18 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANGLO-AMERICAN TRADE AND FINANCIAL NEGOTIATIONS (ii) The term "sterling area" means the United 12. Consultation on Agreement. Either govern- Kingdom and the other territories declared by the ment shall be entitled to approach the other for a Defence (Finance) (Definition of Sterling Area) reconsideration of any of the provisions of this (No. 2) Order, 1944, to be included in the sterling Agreement, if in its opinion the prevailing condiarea, namely "the following territories excluding tions of international exchange justify such recon- Canada and Newfoundland, that is to say— sideration, with a view to agreeing upon modifications for presentation to their respective legislatures. (a) any Dominion, (b) any other part of His Majesty's dominions, Signed in duplicate at Washington, District of Columbia, this 6th day of December, 1945. (c) any territory in respect of which a mandate on behalf of the League of Nations has been ac- For the GOVERNMENT OF THE UNITED STATES OF AMERICA cepted by His Majesty and is being exercised by His Majesty's Government in the United Kingdom (S.) FRED M. VINSON Secretary of the Treasury or in any Dominion, For the GOVERNMENT OF THE UNITED KINGDOM (d) any British protectorate or protected State, OF GREAT BRITAIN AND NORTHERN IRELAND (e) Egypt, the Anglo-Egyptian Sudan and Iraq, (S.) HALIFAX His Majesty's Ambassador (f) Iceland and the Faroe Islands." Extraordinary and Plenipotentiary at Washington JANUARY 1946 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BRITISH WHITE PAPER PUBLISHED IN CONNECTION WITH ANGLO-AMERICAN FINANCIAL AGREEMENT Given below is the text of a British Government and raw materials, and the maintenance of a volume White Paper (Cmd. 6707) setting forth statistical of export trade and of other sources of foreign exmaterial concerning the financial position of the change earnings adequate to pay for those imports. United Kingdom, which was published in Decem- Before the war the United Kingdom was dependent on imports for two-thirds of the food consumed by ber 1945 in connection with the Anglo-American its people and, apart from coal, for the bulk of the financial Agreement. The data included in the raw materials used by its industries. But the United White Paper had previously been presented for Kingdom paid for such requirements by the proconsideration at the Washington negotiations beceeds of its exports and by the earnings of its shiptween officials of the United States and the United ping and other services rendered to overseas coun- Kingdom Governments. tries and of its investments abroad. 5. The effect of the war was to bring about a I. THE NATURE OF THE PROBLEM severe dislocation of the United Kingdom position 1. In the Anglo-American discussions on com- in several respects, which will inevitably take some mercial and financial questions much study has years to remedy; namely, loss of exports, loss of been devoted to the factual material which is avail- shipping, loss of overseas investments, increase of able, in order to ascertain the magnitude of the overseas debt, and loss of reserves. problem and the best and fairest means of solving 6. Loss of Exports. The loss of United Kingdom it in the light of all the relevant circumstances. export trade during the war was to a large extent The data which have been furnished are set out the consequence of a deliberate act of policy. An in detail in the appendices which follow. The attempt to maintain United Kingdom export trade significance of these may be made clearer by some at a high level would have stood in the way of the preliminary observations. full degree mobilisation of manpower, production, 2. The problem facing the United Kingdom has and materials for the direct war effort which the two aspects, both of them directly arising out of situation of the United Kingdom required as being the role undertaken by the United Kingdom in the the base of operations nearest to Germany. But combined war effort. The first of these arises out food, munitions, and raw materials still had to be of the deficit in the external balance of payments imported. The operation of Lend-Lease from the of the United Kingdom which seems certain to United States, Mutual Aid and other contributions develop during the period of uncertain duration, from Canada, and sterling credits from other counbut provisionally estimated at from three to five tries, made this compatible with the deliberate abanyears, before internal and external adjustments can donment of the export trade. The decision, that be made in the British economy adequate to restore the United Kingdom should in effect disregard the equilibrium. maintenance of export trade in favour of the maxi- 3. The second arises out of the indebtedness of mum concentration of resources on the armed forces the United Kingdom to overseas countries in the and war industry, undoubtedly constituted a rashape of sterling balances and other liabilities ac- tional and proper allocation of effort between ^the cumulated during the war. The causes leading to Allies which was willingly accepted by the United the growth of these liabilities are set out in this Kingdom in the interests of winning the war. But paper, together with the statistics of their present the outcome has been that British export trade magnitude. shrank to less than one-third of its prewar volume, and, despite some recovery, may be expected to II. THE CAUSES OF THE PROSPECTIVE OVERSEAS DEFI- cover in 1946 not more than one-half of the essential CIT OF THE UNITED KINGDOM IN THE expenditure of the country on the purchase of a TRANSITIONAL PERIOD minimum volume of imports and on other necessary 4. The immediate problem is the direct legacy of payments overseas. Thus with the end of the war the United Kingdom effort in the war. The foun- and the termination of Lend-Lease and Mutual Aid dations of the United Kingdom's normal economic a period of acute difficulty must be faced until the life are a high degree of industrial specialisation, reconversion of industry, the release of manpower a substantial dependence upon imported foodstuffs and the recovery and expansion of export markets 20 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BRITISH WHITE PAPER ANGLO-AMERICAN FINANCIAL AGREEMENT have begun to result in a substantial flow of exports, commitments to be met overseas before all British (See Appendix I.) troops can be withdrawn from the distant fronts 7. Loss of Shipping. More than half of the pre- on which they have been engaged. Thus apart war tonnage of British merchant shipping was lost altogether from the repayment of the war debts a during the war. Allowing for new building in the further substantial, though temporary, burden of war, United Kingdom-owned tonnage is now less current expenditure abroad has to be sustained at than three-quarters of the prewar figure. Until the a time when British exports and other sources of fleet has been expanded and carrying trades aban- overseas income are quite insufficient to finance even doned in the war have been recovered, the net in- an import programme on the barest minimum level. come available from shipping service to supplement 10. Loss of Reserves. Nor has the United King- United Kingdom purchasing power abroad will be dom sufficient reserves from which to fill the gap. greatly below prewar level. (See Appendix II.) The gold and dollar holdings of the United King- 8. Loss of Overseas Investments. It is estimated dom and of the other countries in the Sterling Area that the net income from overseas investments in were mobilised and freely spent in the early critical 1945 will be less than half that received in 1938. days of 1939-1941 mainly for the purchase of vital This reflects the extensive liquidation of foreign war supplies from the United States of America. securities, the repatriation of loans by overseas During April 1941, soon after the passage of the debtors, and the increased interest payments to Lend-Lease Act but before its effects could be felt, holders of sterling debts caused by the heavy war the reserves fell to only 12 million dollars. They expenditure which the United Kingdom has had have now to some extent been built up again largely to incur overseas. Thus nearly all the marketable because the pay of United States forces in the United States dollar securities of United Kingdom Sterling Area brought considerable dollar sums into nationals were compulsorily acquired for sale or the country, a state of affairs which of course ceases pledging in order to finance the purchase of muni- with, or soon after, the end of hostilities. But tions and the construction of war plans in the they are still below the prewar level, and are mani- United States of America before the operation of festly inadequate in relation to the immediate needs the Lend-Lease Act. (See Appendix HI.) of the United Kingdom itself and to the problem 9. The Increase of Overseas Debt. The interval of releasing the accumulated sterling balances which of time which must inevitably elapse, before the is discussed below. (See Appendix V.) export trade can be recovered and the loss of income from investments and shipping can be made III. THE MAGNITUDE OF THE OVERSEAS DEFICIT good, would have brought about a position of seri- LIKELY TO ARISE BEFORE EQUILIBRIUM ous difficulty for the United Kingdom, even if over- Is RESTORED seas expenditure had remained at prewar levels. 11. It is estimated that the increase in the volume But the exigencies of the war involved the United of exports over the prewar level which will be Kingdom in enormous cash expenditure overseas. necessary to pay for the prewar volume of imports, Large military forces had to be maintained in the after allowing for the decline in other sources of Middle East to engage the Germans there: even external earnings, is of the order of 50 per cent. larger forces operated against the Japanese in Burma Something more than this will, however, be necesand the Far East. Supplies on an immense scale sary to reach and maintain full equilibrium. For had to be acquired in addition to those furnished the above calculation makes no allowance for the under Lend-Lease and Mutual Aid to sustain these following factors: forces. All these involved a great outpouring of (i) By the end of the transitional period more expenditure in local currencies, particularly in than 10 to 15 years will have elapsed since the India, Egypt and Palestine, whether on troop pay, dates taken as the prewar standard of reference. the building of aerodromes, railways or roads, or During this period the number of adults and sepathe payment of local labour, or on the acquisition rate families in the United Kingdom will have inof supplies. Such expenditure could be covered creased appreciably. Moreover, it is expected that only to a limited extent by exports or by the liqthe standard of output and efficiency which will uidation of investments: the result has been that have been reached should bring some improvement the United Kingdom has incurred huge debts in in the standard of life and some increase in the level the form of accumulated sterling balances. (See of industrial production, with a consequent increase Appendix IV.) Nor can this substantial burden of in the payment for imports of all kinds. Thus in overseas payments be brought to an end with the the absence of restrictive measures of the type which day of victory. There will inevitably remain heavy it is hoped to avoid, it is likely, and indeed ob- JANUARY 1946 21 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BRITISH WHITE PAPER ANGLO-AMERICAN FINANCIAL AGREEMENT viously desirable, that the volume of imports will 1946 would be so precarious, in view of the large tend to exceed the prewar level. uncertainties afTecting many of the factors discussed above, that it is useless to attempt to provide de- (ii) No provision has been included for the retailed estimates. But a study of the position indipayment of war and postwar debts. cates, on the assumption that the price level both (iii) No provision has been included for the of exports (f.o.b.) and imports (c.i.f.) will be apworking capital to allow credit to foreign purchas- proximately double the prewar level in terms of ers or for other expenditure overseas inevitably re- sterling, that the order of magnitude of the deficit, quired in the course of building up a great volume with a fairly large measure of uncertainty, may be of new trade. 3 billion dollars. This figure is accordingly adopted as the starting-point of any calculations as to the 12. It may be, therefore, that the full restoration future position. {Note: For convenience of referof a reliable equilibrium, which can persist without ence, estimates of the balance of payments in 1936measures of restriction or the other defensive 38 are given in Appendix VII.) mechanisms of the type with which it is hoped 16. It is even more difficult to foresee the rate to dispense, may require a volume of exports nearer of further expansion of exports in 1947 and 1948. 75 per cent than 50 per cent in excess of the On the basis, however, of a 3 billion dollar deficit prewar level. in 1946, it would not be safe to base policy on the 13. It is the aim of the United Kingdom Governassumption of a further deficit of less than 2 billion ment to attain this target at the earliest possible date dollars to provide for the two years 1947 and 1948 and to undertake, with the same energy as in time taken together and for some more modest deof war, whatever measure of industrial and marketficiency in 1949 and 1950 before the attainment of ing reorganisation and reconstruction may be necesstable equilibrium. sary. But it is impossible to guess with any precision the date at which sufficient success will have 17. This leaves us with a cumulative deficit which been achieved. It is hoped that work on export may well be 5 billion dollars or even higher. It orders will have attained the prewar level by the must be emphasised once again that these estisecond half of 1946, but the period of production mates are very precarious. They are fully as opand the time lag in payment mean that actual cash timistic as any prudent person would adopt as the receipts will not attain the corresponding level until basis of a decision, in view of the extreme uncerafter the end of the year. This moreover, represents tainty of the conditions which will prevail in Euso rapid a reconversion from the very low level of rope and elsewhere in the years immediately ahead export activity existing in 1945 that it must be re- of us; in view also of the international obligations garded as optimistic. and responsibilities which the Government of the 14. Other factors afTecting the future balance of United Kingdom may have to assume in the pacifipayments have been discussed above; in particular, cation and restoration of the shattered world. Adloss of investment income and loss of shipping earn- mittedly, if all goes extremely well, if no unforeings. A further factor of considerable importance seen contingencies arise, and if the uncertain factors in the immediate future is Government expenditure mostly turn out on the favourable side, the ultimate overseas. Before the war, such expenditure was figure might work out at less than the above. To only an insignificant figure. During the war, as meet this deficit, and at the same time to release explained above, it has risen to a very large figure; some part of the accumulated sterling balances, the and although it will fall rapidly with the end of the United Kingdom has to rely on its own reserves war, it can not be abruptly and completely termi- and, in the main, further external credits. nated. A period must elapse before troops, due for In face of the uncertain outlook of 1946 and the demobilisation, can be brought home; and some doubtful prospects of trade in Europe and the Far time will be needed for all commitments incurred East in the early postwar years, in addition to the during the war to be brought to account. More- uncertainties inevitably arising out of a reconversion over, the necessity to maintain occupation forces on so large a scale as is involved in increasing the abroad for the maintenance of world order will volume of a country's exports by more than 50 per constitute a continuing commitment, although not, cent (See Appendix VIII) any kind of exact estiof course, on a scale anywhere comparable with that mation covering three to five years ahead is obof war expenditure. But in any case a substantial viously impossible. But if difficult commitments outgoing on account of Government expenditure are to be undertaken and onerous responsibilities overseas must be foreseen in the immediate future. accepted, it is necessary to set out on a basis sufficient 15. Any estimate of the balance of payments in to give some measure of confidence, without which 22 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BRITISH WHITE PAPER ANGLO-AMERICAN FINANCIAL AGREEMENT all would fail, and to set at rest undue financial sources upon war needs, the extent to which normal preoccupation, which would be sure to interfere export trade has had to be sacrificed. The followwith any confident sharing of responsibilities. ing table shows the income derived from exports The appendices which follow provide the relevant and, since the later receipts reflect increases in world factual data without attempting any precarious fore- prices, the amount of exports by volume before and casts for the future. during the war. TABLE 2 APPENDIX I UNITED KINGDOM COMMERCIAL EXPORTS Loss of Exports (PRODUCE AND MANUFACTURES OF THE UNITED KINGDOM) 1. Diversion of Manpower to the Forces and War Production. During the war every effort was con- Millions Index of centrated upon building up the largest possible of pounds volume Armed Forces and war production consistent with maintenance of minimum civilian needs. This was 1 1 9 9 3 3 9 8 4 4 4 7 0 1 1 9 0 4 0 achieved in a number of ways—by conscripting 1940 411 73 1941 365 56 both men and women to increase the labour force 1942 270 36 including a substantial number of women who will 1943 233 29 1944 258 30 not remain in industry, by increasing substantially 1945 Jan. /Sept.1 272 42 average weekly working hours and by cutting to an absolute minimum production of every kind 1 Increase of exports in 1945 is partly due to exports for relief purposes. other than for direct war purposes or essential APPENDIX II minimum civilian needs. The export industries were stripped of manpower; civilian supplies and Shipping Losses services of all kinds were reduced to the greatest The United Kingdom entered the war with a possible extent. The following table (excluding merchant fleet of some 22 million deadweight tons. Northern Ireland—and excluding men over the age of 64 and women over the age of 59) shows changes TABLE 3 in the distribution of the British labour force be- UNITED KINGDOM AND COLONIES MERCHANT tween 1939 and 1944 and the extent to which export SHIPPING POSITION^ industries and the distributive trades were affected. [1600 gross tons and over] TABLE 1 Million deadweight tons DISTRIBUTION OF LABOUR FORCE IN Dry cargo Tankers Total GREAT BRITAIN Position at 3rd Sept. 1939. 17.7 4.4 22.1 Millions Add: Gains— New Building 70 1.7 8.7 Mid 1939 Mid 1944 Mid 1945 Captures 0 6 0.1 0.7 Acquisitions (not returnable) 1 1 0.2 1.3 A W r a m r e I d n F du o s rc tr e i s e s & 1 Civil Defence... . 0 1 . . 6 4 5 5 . . 2 0 4 5. . 2 0 Acquisitions (returnable) 4 4 0.2 4.6 C D t i h re e c r t I E nd xp u o st r r t y I 2 ndustries 1 1 2 . . 3 3 0 9. . 5 3 9 0 . . 8 4 Total Gains 13.1 2.2 15.3 Distributive Trades 2.9 1.9 2.0 30.8 6.6 37.4 Unemployed 1.3 0.1 0.1 Less: Losses— Total 19.8 22.0 21.5 Prewar tonnage 10 7 2.3 13.0 Tonnage acquired during war 4 5 0.5 5.0 1 Munitions and other military stores. Excluding Government Service and the contribution to the war effort of transport, food, Total Losses 15.2 2.8 18.0 public utilities, etc. 2 Includes all occupations (including Government Service and Position at 30th June 1945 . 15.6 3.8 19.4 Professions) not otherwise classified. Less: Returnable 3.4 0.1 3.5 Position after return of 2. Wartime Export Trade. The vital role of returnable tonnage2 12.2 3.7 15.9 exports in the United Kingdom Balance of Payments has been referred to in the Paper, and pre- 1 It is not possible to prepare an analysis on this basis of United Kingdom shipping alone (i. e. excluding vessels on Colonial regiswar figures appear in Appendix VII. However, ters) but the fact that the figures are not appreciably affected by the inclusion of vessels on Colonial registers is seen from the fact there should be noted here, in the context of the that at 3rd September 1939 these totalled 0.5 million tons and concentration of manpower and productive re- at 30th June 1945, 0.2 million tons. 2 Subject to losses and gains after 30th June 1945. JANUARY 1946 23 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BRITISH WHITE PAPER ANGLO-AMERICAN FINANCIAL AGREEMENT In the course of the war more than half this tonnage vestments overseas, less income payments arising has been lost as the result of enemy action. Part out of overseas holdings of sterling securities, repof the loss has been made good by new building and resent the contribution to the United Kingdom acquisition; but, excluding 3^2 million tons of balance of current payments on account of capital Dominion and foreign-owned vessels now operating assets and liabilities. The following figures show under charter, the United Kingdom merchant fleet dividends and interest payments on all types of inat 30th June 1945 amounted to less than three- vestment other than shipping and insurance. quarters of the prewar fleet. The following table summarizes the position. TABLE 5 APPENDIX III UNITED KINGDOM OVERSEAS RECEIPTS AND PAY- MENTS OF DIVIDENDS, INTEREST, ETC., IN 1945 Loss of Overseas Investments [Partly estimated] [Millions of dollars] i. Repatriations and Realisations during the War. The proceeds realised from the sale overseas of Gross Gross Net United Kingdom-owned investments requisitioned U. K. U. K. U. K. receipts1 payments1 receipts or otherwise repatriated during the war (i.e. September 1939 to June 1945, inclusive), so far as Sterling Area known, were as follows: Dominions (Australia, New Zealand, S. Africa & Eire).. 185 60 125 India, Burma & Middle East. . 45 90 -45 Colonies & Other Sterling TABLE 4 Area Countries 65 50 15 PROCEEDS OF SALE OR REPATRIATION OF OVERSEAS Unallocated Sterling Area.... 90 C2) 90 INVESTMENTS DURING THE WAR Total Sterling Area 385 200 185 North America Millions U. S. A 335 455 -20 of dollars Canada 60 10 50 Total North America 95 65 30 Sterling Area Dominions (Australia, New Zealand, South Africa South America 110 5 105 and Eire) 810 . India, Burma and Middle East 1,400 Europe H5 25 20 Colonies and other Sterling Area Countries 60 Rest of World & Unallocated. > 50 (2) 50 Total Sterling Area 2,270 Total All Countries 685 295 390 North America U. S. A..., l820 Canada 905 1 Gross receipts and payments include certain collections of interest on external securities remitted to holders overseas. This Total North America 1 725 does not, of course, affect the figures of net receipts.. 2 Less than 5 million dollars. South America » 385 3 Includes income on investments (other than insurance holdings) Europe 55 ple 4 d I g n e c d l u t d o e s R i . n F te . re C s . t charges on R. F. C. Loan. Rest of World 65 5 Includes non-recurring payments of arrears arising from the war years. Total All Countries 4,500 APPENDIX IV 1 Does not include collateral for Reconstruction Finance Corporation Loan. The Increase of Overseas Debt 2. Remaining Overseas Holdings. While in Sec- Apart from the immediate balance of payments tion (1) above it was possible to show receipts deficit referred to in paragraph 16 above, the from securities realised during the war it would United Kingdom is faced with problems arising not be possible to give an estimate in terms of out of the deterioration in her overseas financial capital value of the residue to which any real sig- position on capital account. This has taken the nificance could be attached, in view of the technical form partly of a reduction in overseas capital assets difficulties of arriving at any satisfactory basis of through sales and repatriations during the war, valuation. partly of a reduction in available reserves, but An approach can, however, be made in terms of mainly of the accumulation of very large external income, and this leads to results of significance for liabilities. the present purposes. For the figures of net income, The following table shows the growth of external that is of income receipts arising out of capital in- liabilities: 24 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BRITISH WHITE PAPER ANGLO-AMERICAN FINANCIAL AGREEMENT TABLE 6 into dollars on demand (these liabilities are not in- EXTERNAL LIABILITIES OF THE UNITED KINGDOM cluded in the figures in Table 6). Gold is valued throughout Table 8 at $35 an ounce; and liabilities [Millions of dollars] to convert sterling holdings into dollars, at £1 = Net quick Over- Total $4.03. external seas external liabilities1 loans liabilities TABLE 8 NET GOLD AND U. S. DOLLAR RESERVES OF THE 31st August 19382 3.685 3.685 UNITED KINGDOM do. 19392 1,920 1 ,920 31st December 19392 2,240 2,240 [Millions of dollars] do. 19402 2,950 io 2,960 do. 1941 4,800 435 5,235 do. 1942 6,105 1,220 7,325 31st August 1938 14,220 do. 1943 8,695 1,235 9,930 do. 1939 12,455 do. 1944 11,175 1,210 12,385 31st December 1939 12,225 30th June 1945 12,300 1,225 13,525 do. 1940 300 do. 1941 395 do. 1942 700 (Conversion of sterling into U. S. dollars from 31st December do. 1943 1,300 1939 to 30th June 1945 is at £1 =$4.03. For the sake of compara- do. 1944 1,710 bility a similar rate has been used for 31st August 1939 although 30th June 1945 1,840 the rate then operative was £l = $4.33. Conversion for August 31st October 1945 1,840 (provisional) 1938 is at £1 = $4.85, the rate then current.) 1 Comprising banking liabilities less assets, and funds held in the United Kingdom as cover for overseas currencies, etc. 1 Including an estimate of private holdings of gold and dollars 2 Figures for earlier years are subject to a greater degree of subsequently requisitioned. uncertainty in estimating than those for later years. The following table gives a geographical analysis APPENDIX VI of overseas liabilities: Overseas Disinvestment TABLE 7 Table g summarises, over the period from the EXTERNAL LIABILITIES OF THE UNITED KINGDOM outbreak of war in Europe to 30th June 1945, the BY AREAS effect of the war upon the United Kingdom in [Millions of dollars converted at £1 = $4.03] terms of capital loss in the overseas financial position. This loss has taken the form of: Outstanding on: (1) the realisation of investments (Appendix III); 31st 31st 31st 31st 30th (2) the incurring of debts in the form of sterling Dec. Dec. Dec. Dec. June 1941 1942 1943 1944 1945 balances, etc. (Appendix IV); and (3) the running down of gold and dollar reserves Sterling Area (Appendix V). Dominions 560 765 950 1,380 1,550 India, Burma & Middle East 1,605 2,800 4,595 6,195 6,980 TABLE 9 Other sterling area countries 1,285 1,560 1,910 2,235 2,445 UNITED KINGDOM EXTERNAL DISINVESTMENT 1 Total sterling area 3,450 5,125 7,455 9,810 10,975 [So iar as recorded; probably an underestimate] N. & S. America. . . . 965 1,030 1 1201 130 1 225 Europe1 725 975 1,130 1,205 1,075 [Millions of dollars] Rest of world 95 195 225 240 250 Total 5,235 7,325 9,930 12,385 13,525 Realisa- Increase Deer, or Sundry Total tion of of mcr. minor net Period external external (-) of ad- dis- 1 Including dependencies of European countries. capital liabili- re- just- investassets ties serves ments ment APPENDIX V Sept./Dec. 1939. . 235 320 230 70 855 Loss of Reserves Year 1940 660 720 1,925 -35 3,270 Year 1941 1,105 2,275 -95 20 3,305 The following table shows the movement of Year 1942 915 2,090 -305 15 2,715 Year 1943 760 2,605 — 600 10 2,775 United Kingdom reserves during the war. It will Year 1944 575 2,455 -410 50 2 ,670 Jan./June 1945.. 250 1,140 -130 65 1,325 be seen that they have been restored to some extent, largely due to the pay of United States Forces in 4,500 11,605 615 195 16,915 the United Kingdom, but they are still considerably 1 Sterling converted at £ = $4.03 and Gold Reserves valued at below prewar levels. The figures are shown after $35 per ounce fine. deduction of outstanding liabilities to provide gold against sterling liabilities and of liabilities to con- The sum of these represents the loss of overseas vert United States of America holdings of sterling wealth which Britain has suffered in order to meet JANUARY 1946 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BRITISH WHITE PAPER ANGLO-AMERICAN FINANCIAL AGREEMENT overseas military expenditure and the cost of essen- erty in the United Kingdom by bombing and rocket tial services and supplies from abroad. attacks has, of course, been extensive. Houses destroyed or damaged by enemy action in APPENDIX VII the United Kingdom totalled 4,000,000. Of these 210,000 were totally destroyed, and 250,000 were For convenience of reference Table 10 below so badly damaged as to be rendered uninhabitable. shows an estimated statement of the average United The amount already paid out for compensation Kingdom Balance of Payments for the years 1936 by the War Damage Commission is 1,084 million to 1938. And while in other chapters of this paper dollars. The total damage to property is estimated values have so far as possible been expressed in at 5,800 million dollars at current replacement costs: terms of dollars, Table 10 is expressed in sterling equal to 3,440 million dollars at 1938 replacement since changes in the dollar/sterling rate render a costs. comparison of converted figures taken at the cur- Much of the property destroyed has consisted of rent or past exchange rate misleading. industrial plants which were naturally one of the enemy's main objectives. But over and above such TABLE 10 losses, United Kingdom industrial capacity has been ESTIMATED AVERAGE UNITED KINGDOM BALANCE run down by the deliberate policy of deferring all OF PAYMENTS FIGURES IN THE YEARS 1936 TO 1938 * but the most vital repair and maintenance. Thus [Millions of pounds] during the war the United Kingdom has not merely lived on its external capital. It has also suffered Millions of pounds a very considerable measure of domestic disinvestment. The amount of this domestic disinvestment Imports is shown in Table 11. The figures shown represent Merchandise retained 866 Silver bullion and specie 18 simply the amount by which industrial and other Total 884 enterprises have been compelled, by shortage of materials and labour, to allow arrears of normal Exports U. K. produce and manufacture 477 depreciation and obsolescence to accumulate. They Silver bullion and specie 19 do not take account of destruction by the enemy. Total 496 Nor do they allow for the substantial running down Excess of imports over exports 388 of the stocks of clothing and household goods or Net Government payments overseas 7 of arrears of normal maintenance of private resi- Total 395 dential property. Estimated net income from shipping 105 Estimated net income from overseas investments 203 Estimated net receipts from commissions, insurances, TABLE 11 etc. 37 Estimated net receipts from other sources 7 DISINVESTMENT WITHIN THE UNITED KINGDOM Total 352 Millions Estimated debit balance -43 of dollars 1 Re-exports and imports for re-export excluded. 1940 391 1941 1,024 1942 653 APPENDIX VIII 1 19 9 4 4 4 3 . . . ... 7 7 8 1 2 7 General Conditions 3,567 The preceding Appendices have been concerned primarily with the financial problems confronting the United Kingdom at the end of the war, a major The above figures do not take account of possible element being the need to restore and increase the postwar values of capital formation in the form of export trade. This Appendix records some of the Government war expenditure. While these assets physical factors—losses of internal capital, both in- may have some peacetime use, their value for this dustrial and domestic, restoration of civilian sup- purpose is not likely to be large. plies and demands upon the labour force—which Summarising the foregoing and including shipcompete with or complicate the production of goods ping losses already referred to in Appendix II and for export. Overseas Disinvestment referred to in Appendix VI, total United Kingdom losses of national wealth 1. Destruction and Depreciation of Industrial Re- may be stated very approximately, to the extent that sources and Other Property. War damage to prop- they can be estimated, as follows: 26 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BRITISH WHITE PAPER ANGLO-AMERICAN FINANCIAL AGREEMENT TABLE 12 backlog of renovation and re-equipment to be tackled. Billions Stocks of clothing and household goods have of dollars been drastically cut and for most families must now Physical destruction: be approaching the point of exhaustion. Moreover, On land Shipping (including cargoes) so far as textiles at least are concerned, the imme- Internal disinvestment diate outlook is worse, not better. People have been External disinvestment 17 living on their capital of such goods and even without the reconstitution of that capital, the mere re- This omits any estimate of private (i.e. non-indus- placement of wear and tear must call for a great trial) disinvestment—deterioration of dwellings, re- expansion in output. Extensive studies of comparaduction of household inventories, etc.—for which tive consumption levels in the United States of no estimate can be given. On the other hand, it America, United Kingdom and Canada have been also fails to allow correction for any possible post- made by the Combined Production and Resources war value of wartime capital work undertaken by Board and published on 21st October 1945. It is the Government. But in any case, a figure of 30 not proposed here to go in detail over the ground billion dollars would appear to be of the right order. so fully covered by these studies. It will be suf- Prewar United Kingdom national wealth has been ficient to give the following table, showing purchases per capita of consumer goods and services in the very roughly estimated as of the order of 120 billion United Kingdom. dollars (at present prices), so that the loss of national wealth over the war period is about 25 per cent. TABLE 13 CONSUMER GOODS PURCHASED IN THE UNITED KING- 2. Demands on Production and the Labour Force. DOM AT 1938 PRICES PER HEAD OF POPULATION Appendix I has shown not only the diversion of manpower from the export industries but the man- 1938 £87.9 1941 74.4 ner in which the whole distribution of the labour 1942 74.1 1943 71.7 force as between civil production on the one hand 1944 73.9 and the Armed Forces and direct munitions pro- Change from prewar to 1941 -15% Change from 1941 to 1944 - 1% duction on the other has been radically changed to Change from prewar to 1944 —16% meet war needs. The delays and difficulties of demobilisation and redistribution are in themselves The following table shows also the proportions in formidable. They are rendered even more so by the which the United Kingdom national income was special demands which have accumulated during the spent in the years 1938, 1941 and 1944: war. The building trade will make substantial de- TABLE 14 mands for both direct building labour and produc- EXPENDITURE OF UNITED KINGDOM NATIONAL tion. Immediate housing needs, to make good de- INCOME struction and the cessation of building during the Per cent of national income war, are of the order of a million and the long-term housing programme calls for the building of 4,- 1938 1941 1944 000,000 houses in all in 10-12 years. The labour force in the building industry which amounted to War 8 53 53 Consumption 87 62 57 400,000 at the end of June 1945 is to be increased Net nonwar capital formation at to 905,000 by June 1946 and is likely to be around home and abroad. 5 -15 -10 an average of 1,250,000 over the subsequent 12 Total national income 100 100 100 years, or about one-twelfth of the prospective total male population aged 14-64. Thus the difficulties to be overcome in restoring Manpower has been depleted by military and external financial equilibrium and expanding excivilian casualties. ports which are formidable enough in themselves, The industrial population feels the inevitable have to be faced at a time when there are no less after-effects of the long period of overwork and pressing demands at home to make good war losses overstrain in all the difficulties—blackout, queues, and deprivations alike of industry and of a civilian food shortages, raids, etc. of wartime Britain. population whose needs, beyond the barest mini- Domestic capital in all but the war industries has mum, have for six years been subordinated to the been allowed to run down. There is an enormous demands of war. JANUARY 1946 27 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. License to Transact Banking Business EXTRACT FROM EXECUTIVE ORDER NO. 6073, AS Since the Banking Holiday in 1933 every national AMENDED bank and every State bank which is a member of Until further order, no individual, partnership, the Federal Reserve System has been required to association, or corporation, including any banking obtain individually a license from the Treasury institution, shall export or otherwise remove or per- Department before transacting normal banking business. In lieu of the issuance of these individual mit to be withdrawn from the United States or any licenses in the future, the Treasury Department by place subject to the jurisdiction thereof any gold general license issued under date of December 31, coin, gold bullion, or gold certificates, except in 1945, granted all national banks hereafter author- accordance with regulations prescribed by or under ized to begin business and all State banks hereafter license issued by the Secretary of the Treasury. admitted to membership in the Federal Reserve No permission to any banking institution to per- System the right to transact normal banking business. The text of the general license reads as form any banking functions shall authorize such follows: institution to pay out any gold coin, gold bullion or gold certificates except as authorized by the GENERAL LICENSE ISSUED UNDER EXECUTIVE ORDER Secretary of the Treasury, nor to allow withdrawal No. 6073, AS AMENDED, SECTION 5(B) OF THE ACT of any currency for hoarding. OF OCTOBER 6, 1917,,AS AMENDED, AND SECTION 4 OF THE ACT OF MARCH 9, 1933. A general license to transact normal banking busi- Purchase of Government Obligations ness is hereby granted to all banks hereafter au- by Federal Reserve Banks thorized to begin business by the Comptroller of Amendment to Section 14(b) Extended the Currency, effective upon the date of such authorization, and to all State banks hereafter admitted to Under the Second War Powers Act, enacted membership in the Federal Reserve System, effec- March 27, 1942, section 14(b) of the Federal Retive upon the date of such admission, except: serve Act was amended so as to authorize the pur- (1) to the extent prohibited in the Executive chase or sale by Federal Reserve Banks, directly Order of the President of the United States from or to the United States, of bonds, notes, or issued on March 10, 1933, as amended by other obligations which are direct obligations of the Proclamation of December 30, 1933, and the United States or which are fully guaranteed as by the Executive Order of January 15, 1934 to principal and interest, but limited the aggregate (see extract printed on the reverse of this amount acquired directly from the United States license); held at any one time by the twelve Federal Reserve Banks to not exceeding 5 billion dollars. Another (2) to the extent limited or prohibited by any provision of the Second War Powers Act, as executive order of the President or by reguamended, provided that such authority should terlations of the Secretary of the Treasury. minate on December 31, 1945, or at such earlier This license may be revoked in whole or in part time as Congress by concurrent resolution, or the by the Secretary of the Treasury at any time. President, might designate. By Act of Congress FRED M. VINSON, approved December 28, 1945, this time limit was Secretary of the Treasury extended until June 30, 1946. 28 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT Consumer Credit Foreign Funds Control Listed Articles Used in Realty Improvements Treasury Department Releases An inquiry has been received as to the applica- The following releases relating to transactions in tion of section 8 (a) of Regulation W, as amended foreign exchange, etc., in addition to those heretoby Amendment No. 18, when the repair, alteration fore published in the Federal Reserve BULLETIN, or improvement consists in whole or in part of an have been issued by the Office of the Secretary of article which is still on the list of articles in section the Treasury under authority of the Executive Order 13(«). of April 10, 1940, as amended, and the Regulations issued pursuant thereto: The question arises in those cases where items like attic ventilating fans, linoleum or floor furnaces Treasury Department are installed, and the question essentially is whether Foreign Funds Control the item has become an "improvement" upon the December 6, 1945 realty. If the item is affixed to the structure so as to be- GENERAL RULING NO. 19 come an "alteration or improvement" upon the Under Executive Order No. 8389, as Amended, Executive Order No. 9193, as Amended, Sections 3(a) and 5(b) of realty, it would come within the terms of the exthe Trading With the Enemy Act, as Amended by the ception and the credit would be exempt under sec- First War Powers Act, 1941, Relating to Foreign Funds tion 8 (a) even though the item is of a class still Control* included in the list of articles in section I3(a). RELEASE OF PROPERTY VESTED BY ALIEN PROPERTY CUSTODIAN. (This is so because the phrase "other than articles All control under Executive Order No. 8389, as amended, . . . elsewhere listed" which was in Group C is not and Executive Order No. 9193, as amended, of any property in section $(a) as amended.) or interest of Germany or Japan or any national thereof vested Whether or not the installation is of such a char- by the Alien Property Custodian is hereby released to the Alien Property Custodian. The release of any such property acter as to be an "improvement" would seem to or interest shall take effect on the effective date of the depend on whether the article becomes a part of vesting order of the Alien Property Custodian covering the the realty. This is a matter as to which the de-property or interest. cisions of the courts have not been uniform, and FRED M. VINSON, Secretary of the Treasury. the result in particular cases is often affected by an agreement of the parties, the purpose for which Treasury Department the installation was made, the nature of the article Foreign Funds Control (as distinguished from the manner in which it is December 7, 1945 attached or installed) and other extraneous factors. GENERAL LICENSE NO. 94 However, for the purposes of section 8(#)(2) of Under Executive Order No. 8389, as Amended, Executive Regulation W, the Board believes that a credit Order No. 9193, as Amended, Section 5(b) of the Trading should be considered to be exempt only when the With the Enemy Act, as Amended by the First War article is built into the structure in such a way that Powers Act, 1941, Relating to Foreign Funds Control.^ it can not be removed without substantial damage CERTAIN COUNTRIES GENERALLY LICENSED to the structure. Under this rule, anything which (1) Blocked countries generally licensed subject to certain can be taken out by the removal of a few screws, conditions. A general license is hereby granted licensing all leaving the structure as it was formerly, would not be an "improvement" upon the realty. On the * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2. 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, other hand, if a section of the wall, floor or ceiling April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941. had been removed in the process of installation and and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6. 1942. as amended by Ex. Order 9567. June 8, 1945; Regulathe article had been affixed in that space, removal tions, April 10, 1940, as amended June 14, 1941, and July 26, 1941. would require restoration of the wall, floor or ceil- t Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended ing, and the article would be regarded as having by Ex. Order 8785, Tune 14, 1941, Ex. Order 8832, July 26,. become a part of the realty and therefore an "im- 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998. Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended by Ex. provement" within the meaning of section 8(#) Order 9567, June 8, 1945; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. 29 JANUARY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT blocked countries and nationals thereof (excepting the fol- within any other territory while it was designated as lowing countries and nationals thereof: (i) Germany and "enemy territory" under General Ruling No. 11; Japan, (ii) Portugal, Spain, Sweden, Switzerland, Liechten- (b) Any partnership, association, corporation, or other stein and Tangier) to be regarded as if such countries were organization, organized under the laws of a country not foreign countries designated in the Order provided that licensed hereby, unless it is a national of Germany or (a) any property in which on the effective date hereof any Japan. of the following had an interest: (i) any blocked (5) Definition. As used in this license, the term "excepted country (including countries licensed hereby) or percountry" shall mean any country excepted in paragraph (1). son therein; or (ii) any other partnership, association, (6) Effective date. The effective date of this general license corporation, or other organization, which was a nashall be December 7, 1945, except that it shall be October 5, tional of a blocked country (including countries li- 1945 as to France and November 20, 1945 as to Belgium. censed hereby) by reason of the interest of any such country or person therein; or FRED M. VINSON, Secretary of the Treasury. (b) any income from such property accruing on or after the effective date hereof Treasury Department shall continue to be regarded as property in which a blocked Foreign Funds Control country or national thereof has an interest and no payment, transfer, or withdrawal or other dealing with respect to such December 7, 1945 property shall be effected under, or be deemed to be au- GENERAL RULING NO. 20 thorized by, this paragraph. Under Executive Order No. 8389, as Amended, Executive (2) Transactions under other licenses authorized without Order No. 9193, as Amended, Sections 3(a) and 5(b) oj regard to certain restrictions. With respect to property subthe Trading With the Enemy Act, as Amended by the ject to the proviso of paragraph (1), any transaction not in- First War Powers Act, 1941, Relating to Foreign Funds volving any excepted country or national thereof which is Control* authorized under any license (other than General Licenses Nos. 1, 1A, 4, 27, 30A, 58 and 75 or any other license to the REGULATIONS RELATING TO PAYMENTS UNDER CERTAIN LICENSES extent that it merely authorizes transfers between blocked (1) Certain payments not authorized. General Licenses accounts of the same person or changes in the form of prop- Nos. 1 and 1A and any other license to the extent that it erty held in a blocked account) may be effected without merely authorizes payments or transfers between blocked regard to any terms of such license relating to the method of accounts of the same person do not authorize any payment effecting such transaction. or transfer of property from an account regarded as blocked (3) Certain other transactions authorized. This license under the proviso of paragraph (1) of General License No. also authorizes any transaction which could be effected under 94 except to an account which is also regarded as blocked General License No. 53 if the countries licensed hereby were under the proviso. members of the generally licensed trade area, provided that (2) Responsibility for giving notice. Persons effecting any this paragraph shall not be deemed to authorize any payment, payment or transfer of property held in a blocked account transfer, or withdrawal, or other dealing, with respect to pursuant to General Licenses Nos. 1 or 1A or any other any property which is subject to the proviso of paragraph (1). license to the extent that it merely authorizes payments or (4) Application of license to nationals of countries licensed transfers between blocked accounts of the same person are hereby who are also nationals of excepted countries. Para- required to notify the recipient that the property transferred graphs (1) and (2) shall not apply with respect to any must be placed in a blocked account. national of a country licensed hereby who is also a national FRED M. VINSON, of any excepted country, provided, however, that for the pur- Secretary of the Treasury. pose only of this license the following shall be deemed not to be nationals of an excepted country: * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, (a) Any individual residing in a country licensed hereby, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, except any citizen or subject of Germany or Japan and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, who at any time on or since December 7, 1941 has 1942, as amended by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, been within the territory of either such country or 1941. 30 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CURRENT EVENTS Appointments of Chairmen, Deputy Chairmen, is Viet President of William E. Hooper and Sons, and Directors Company, Baltimore, Maryland. In January the Board made the customary an- Mr. R. Flake Shaw was appointed a director nouncements of appointments of directors and of the Charlotte Branch of the Federal Reserve designations of Chairmen and Deputy Chairmen Bank of Richmond for a three-year term beginning of the Federal Reserve Banks for the new terms. January 1, 1946. Mr. Shaw is engaged in farming A complete list of the Federal Reserve Bank and and is also Executive Secretary of the North Carobranch directors will appear in a later issue of the lina Farm Bureau Federation, Greensboro, North BULLETIN. Carolina. The new appointments and designations announced up to the time this issue went to press Federal Reserve Bank of Atlanta are listed below: Mr. H. G. Chalkley of Lake Charles, Louisiana, Federal Reserve Bank of Boston who was serving as a director of the New Orleans Branch of the Federal Reserve Bank of Atlanta in Mr. Henry I. Harriman of Newton, Massachu- 1941 when he was called to active duty as an officer setts, who has been a Class C Director of the Fedin the Navy, was appointed a director of the New eral Reserve Bank of Boston since March 12, 1938, Orleans Branch January 3, 1946, for the unexpired was appointed Deputy Chairman for the year 1946. portion of the term ending December 31, 1947, Mr. Harriman is Director and Vice Chairman of Mr. Chalkley is President of The Sweet Lake Land the New England Power Association, Boston, Masand Oil Company, Inc., Lake Charles, Louisiana. sachusetts. Mr. Donald K. David of Cambridge, Massa- Federal Reserve Bank of Chicago chusetts, was appointed a Class C Director of the Mr. Prentiss M. Brown of Detroit, Michigan, was Federal Reserve Bank of Boston for a three-year appointed a director of the Detroit Branch of the term beginning January 1, 1946. Mr. David is Federal Reserve Bank of Chicago for a two-year Dean of the Graduate School of Business Adminterm beginning January 1, 1946. Mr. Brown is istration of Harvard University, Cambridge, Massachusetts. Chairman of the Detroit Edison Company, Detroit, Michigan. Federal Reserve Bank of New York Mr. Carl G. Wooster of Union Hill, New York, Federal Reserve Bank of St. Louis was appointed a Director of the Buffalo Branch of Mr. Russell L. Dearmont, of St. Louis, Missouri, the Federal Reserve Bank of New York for a who was appointed a Class C Director of the Fedthree-year term beginning January 1, 1946. Mr. eral Reserve Bank of St. Louis on December 7, Wooster is engaged in farming. 1945, was designated Chairman and Federal Reserve Agent for the year 1946. Mr. Dearmont Federal Reserve Bank of Cleveland is General Counsel for Trustee, Missouri-Pacific Mr. Albert H. Burchfield, Jr., of Pittsburgh, Lines, St. Louis, Missouri. Pennsylvania, was appointed a director of the Mr. Cecil C. Cox, of Stuttgart, Arkansas, was Pittsburgh Branch of the Federal Reserve Bank of appointed a director of the Little Rock Branch of Cleveland for a three-year term beginning January the Federal Reserve Bank of St. Louis for a three- 1, 1946. Mr. Burchfield is Vice President of the year term beginning January 1, 1946. Mr. Cox Joseph Home Company, Pittsburgh, Pennsylvania. is engaged in farming. Federal Reserve Bank of Richmond Mr. Leslie M. Stratton, Jr., of Memphis, Ten- Mr. James E. Hooper of .Baltimore, Maryland, nessee, was appointed a director of the Memphis was appointed a director of the Baltimore Branch of Branch of the Federal Reserve Bank of St. Louis the Federal Reserve Bank of Richmond for a three- for a three-year term beginning January 1, 1946. year term beginning January 1, 1946. Mr. Hooper Mr. Stratton is Executive Vice President of the JANUARY 1946 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CURRENT EVENTS Stratton-Warren Hardware Company, Memphis, as President on December 31, 1945, having availed Tennessee. himself of the privilege of retiring under the provisions of the Retirement System of the Federal Re- Federal Reserve Bank of Minneapolis serve Banks. Mr. Roger B. Shepard of Newport, Minnesota, Mr. Day was succeeded as President, effective who has been a Class C Director of the Federal Re- January 1, 1946, by Mr. Ira Clerk, who had served serve Bank of . Minneapolis since December 28, as First Vice President since April 1936. Mr. Clerk 1939, and Deputy Chairman since March 11, 1940, has been an officer of the Bank since it was orwas designated Chairman and Federal Reserve ganized in November 1914. Mr. Clerk, in turn, was Agent for the year 1946. Mr. Shepard is President succeeded as First Vice President by Vice Presiof Finch, Van Slyck and McConville of St. Paul, dent C. E. Earhart, who has been with the Bank Minnesota. since 1917 and who has served as an officer Mr. W. D. Cochran of Iron Mountain, Michigan, since 1920. who has been a Class C Director of the Federal Appointment of Assistant Director of Research Reserve Bank of Minneapolis since January 28, 1939, was appointed Deputy Chairman for the year Chandler Morse has been appointed as Assistant 1946. Mr. Cochran is the owner of the W. D. Director of the Board's Division of Research and Cochran Freight Lines, Iron Mountain, Michigan. Statistics and assumed his new duties on January Mr. Paul E. Miller of St. Paul, Minnesota, was 2, 1946. Mr. Morse has been associated with the appointed a Class C Director of the Federal Reserve Office of Strategic Services for the past four years. Bank of Minneapolis for a three-year term be- Prior to that time he served for a number of years ginning January 1, 1946. Mr. Miller is Director of on the stafl of the Board's Division of Research Agricultural Extension, University of Minnesota. and Statistics and the staff of the Research Department of the Federal Reserve Bank of New York. Federal Reserve Bank of Dallas Admissions of State Banks to Membership in the Mr. J. R. Parten of Houston, Texas, who has Federal Reserve System been a Class C Director and Deputy Chairman of The following State banks were admitted to memthe Federal Reserve Bank of Dallas since January bership in the Federal Reserve System during the 1, 1944, was designated Chairman and Federal Reperiod November 16, 1945, to December 15, 1945: serve Agent for the year 1946. Mr. Parten is President of the Woodley Petroleum Company, Hou- California ston, Texas. San Diego—Security Trust & Savings Bank of San Mr. R. B. Anderson of Vernon, Texas, was ap- Diego pointed a Class C Director of the Federal Reserve Florida Bank of Dallas for a three-year term beginning Miami—Pan American Bank of Miami January 1, 1946, and Deputy Chairman for the year 1946. Mr. Anderson is General Manager of Iowa the Waggoner Estate, Vernon, Texas. Rock Rapids—Lyon County State Bank Mr. Dorrance D. Roderick of El Paso, Texas, was appointed a director of the El Paso Branch of the Missouri Federal Reserve Bank of Dallas for a three-year Pleasant Hill—The Pleasant Hill Bank term beginning January 1, 1946. Mr. Roderick is President of the Newspaper Printing Corporation, Oklahoma El Paso, Texas. Fairfax—The First State Bank Retirement of Mr. Day and appointments of Mr. Clerk as President and Mr. Earhart as First Vice Pennsylvania President of the Federal Reserve Bank of San Francisco New Bethlehem—New Bethlehem Bank Mr. William A. Day, who had been an officer of Texas the Federal Reserve Bank of San Francisco since July 1917 and President since April 1936, resigned McAllen—McAllen State Bank 32 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN BANKING LAWS AND REPORTS TRANSFER OF GOLD TO FRENCH STABILI- CONVENTION BETWEEN THE MINISTER OF FINANCE ZATION FUND AND THE BANK OF FRANCE On September 20, 1945, a convention was con- Between the undersigned, M. Rene Pleven, Mincluded between the Ban\ of France and the State ister of Finance, acting on behalf of the State, and authorizing the Ban\ to cede 10 billion francs in M. Emmanuel Monick, Governor of the Bank of gold to the Stabilization Fund in return for a li\e France, duly authorized by decision of the general amount of three-month Treasury bills. The last council of the Bank of France, under date of Septransaction of this nature too\ place in March 1940. tember 20, 1945, it has been agreed as follows: France is now making large purchases abroad and Art. 1. The Bank of France shall transfer to the the transfer of this gold from the Ban\ to the Fund State for account of the Exchange Stabilization was necessary in order to replenish foreign exchangeFund, gold from its reserve to an amount of 10,000 holdings reduced by these purchases. The texts of million francs, at the rate of 23.34 milligrams gold the convention and of the ordinance approving the 0.900 fine per franc. convention as given in the Journal Officiel of Octo- Art. 2. In return for the transfer provided for in ber 2, 1945, are translated below. article 1 of the present convention, the amount of negotiable Treasury bills delivered to the Bank of France in accordance with the provisions of the ORDINANCE APPROVING A CONVENTION ENTERED convention of February 29, 1940,1 shall be increased INTO BETWEEN THE STATE AND THE BANK from 30,000 million to 40,000 million francs. OF FRANCE Art. 3. The present convention is exempt from The provisional Government of the French stamp and registration taxes. Republic, Done at Paris, September 20, 1945. On the report of the Minister of Finance, By virtue of the ordinance of June 3, 1943, estab- Read and approved: Read and approved: lishing the French Committee of National Libera- E. MONICK. R. PLEVEN. tion, in conjunction with the ordinances of June 3 and September 4, 1944: RE-ESTABLISHMENT OF THE AUSTRIAN NATIONAL BANK In view of the urgency stated by the President of the Government; The Provisional Government of Austria has reestablished the Austrian National Ban\, which had The Council of State (permanent commission) concurring: been dissolved by the Germans immediately after the annexation of Austria in 193 8. The Govern- Decrees: ment adheres to its contention that the annexation, Art. 1. The convention entered into on Septem- and all German legislative acts connected with it, ber 20, 1945, between the Minister of Finance and was legally invalid, and that the Austrian National the Bank of France, is approved. Ban\ therefore has never ceased to exist. Accord- Art. 2. The present ordinance shall be published ingly it did not re-enact the BanJ(s statutes, but in the Official Journal of the French Republic and simply modified certain provisions of the old statexecuted as law. utes that had become inapplicable because of the changed conditions. It left the final reorganization, Done at Paris, September 29, 1945. and especially the question of public or private ownership, to future legislative action. The notes of the C. DE GAULLE. National Ban\ have again become the only legal By the provisional Government of the French tender paper money in Austria since the currency Republic: exchange that went into effect on December 21, The Minister of Finance, 1945. R. PLEVEN 1 See BULLETIN for May 1940, pp. 406-407. JANUARY 1946 33 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN BANKING LAWS AND REPORTS LAW OF JULY 3, 1945, CONCERNING THE PROVISIONAL of the demand liabilities of the German Reichsbank REORGANIZATION OF THE AUSTRIAN NATIONAL BANK which shall be declared by law to constitute circu- (STAATSGESETZBLATT 1945, No. 45—ISSUE OF JULY 4.) lating media for Austria. (ii) It shall take over all assets of the German The Provisional Government has decided: Reichsbank located in Austrian territory and it shall ARTICLE I further be authorized to pursue all claims arising from the removal of the cash reserves and other The Austrian National Bank, robbed of its gold assets of the Austrian National Bank and from the and foreign exchange reserves as a result of the fact that the liquidation of the Austrian National forcible annexation by the German Reich and sus- Bank was undertaken contrary to law. pended from activity during the period of annexa- (iii) The Austrian National Bank shall be retion because of the transfer of its assets to the sponsible for the liabilities of the branches of the German Reichsbank, has been re-established through German Reichsbank located in Austrian territory, the declaration of the independence of Austria. other than the liabilities mentioned in paragraph ARTICLE II (i), only in case and to the extent that the satis- Whereas due to the state of war the former stat- faction of its claims against the German Reich and utes of the Austrian National Bank can not remain the German Reichsbank results in a surplus over in force unaltered pending the restoration of peace- and above the liabilities mentioned in paragraph (i) ful conditions and also pending the revision of the or to the extent that such liability shall be imposed statutes by the future legislature, the Provisional by law. Government, in amendment of the former statutes (iv) Until further notice the Austrian National of the Bank, adopts the following temporary meas- Bank shall be authorized to enter in its assets, as ures concerning the legal status of the Austrian cover for the liabilities to be assumed according to National Bank. paragraph (i), a claim against the German Reichs- Sec. 1. The management of the Austrian National bank in the same amount. Bank is reorganized in such a manner that the Sec. 5. (i) The amount of bank notes and de- President and his deputy shall be appointed by the mand liabilities to be taken over according to Sec. 4, State Chancellor, the former upon nomination by paragraph (i), shall not be exceeded pending the the Provisional Government and* the latter upon issue of the definitive statutes of the Austrian nomination by the Department of Finance. National Bank. Sec. 2. The General Council shall consist of nine (ii) As soon as the amount of the liabilities to be voting members appointed by the State Chancellor assumed is established, the Bank shall begin pubupon nomination by the Provisional Government lication of weekly statements. These statements taking into consideration the representation of im- shall include on the liabilities side only the amount portant economic groups. The President, or in his of bank notes in circulation and demand liabilities absence the Vice-President, shall act as chairman. and on the assets side only the assets serving as Sec. 3. (i) The General Council shall determine cover for the note issue. the principles of the credit policy of the Austrian Sec. 6. The current fiscal year of the Austrian National Bank and supervise its execution. It shall National Bank shall run from May 1, 1945, to Dedraft new statutes for the Bank and submit them cember 31, 1946. As soon as possible, but not in the form of a bill to the Provisional Govern- later than October 1, 1945, the Austrian National ment. In this draft due consideration shall be Bank shall submit to the Department of Finance given to the increased influence of the National a budget estimate for this fiscal year and obtain Bank upon the supply and control of credit as re- approval of this estimate. To the extent that the quired by the demands of the postwar economy. approved expenditures of this estimate are not (ii) Resolutions of the General Council shall be covered by the business receipts of the Bank, the submitted immediately to the Provisional Govern- deficit shall be covered by advances from the State. ment. The status of these advances shall be settled at the Sec. 4 (i) The Austrian National Bank shall time of the legislative reorganization (Article II) take over that part of the bank note circulation and of the bank of issue. The profit and loss account 34 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN BANKING LAWS AND REPORTS to be set up at the end of the fiscal year shall be bank Law of June 15, 1939, German Reichsgesetzexamined by auditors appointed by the Department blatt I, p. 1015, the decree of March 17, 1938, for of Finance. Surpluses, if any, shall be carried for- the absorption of the Austrian National Bank by ward. the German Reichsbank, German Reichsgesetzblatt Sec. 7. (i) The transfer of assets of the German I, p. 254, together with the administrative order Reichsbank to the Austrian National Bank shall of April 23, 1938, concerning the introduction of be tax tree. The necessary land registration shall be the reichsmark currency in Austria and the abcarried out by the courts upon application by the sorption of the Austrian National Bank by the Austrian National Bank. Reichsbank, German Reichsgesetzblatt I, p. 405, (ii) The Austrian National Bank is authorized and the second administrative order of October 12, to reconvert into business offices the apartments 1938, for the absorption of the Austrian National constructed after March 12, 1938, in the buildings Bank by the German Reichsbank, German Reichstaken over by it and utilized for the conduct of gesetzblatt I, p. 1419. its business, and to give any necessary notice of cancellation of leases. ARTICLE IV The Provisional Government shall be responsible ARTICLE III for the execution of this law. All laws, decrees, and other measures affecting Renner central banking issued after March 12, 1938, by Scharf Figl Koplenig the German Reich Government for Austrian terri- Honner Fischer Gero Zimmermann tory are repealed, especially the German Reichs- Buchinger Heinl Korp Bohm Raab JANUARY 1946 35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled December 20, and released for publication December 22~\ Output at factories and mines increased consid- however, was curtailed sharply in the last week of erably in November and activity continued to ex- November and the first half of December by a pand in most other lines. Value of retail sales strike in the plants of a major producer. reached new record rates in November and the Lumber and glass production were at low levels early part of December reflecting in part further in November owing partly also to industrial disincreases in prices. putes. In the case of lumber, however, output in recent months before the West Coast strikes was INDUSTRIAL PRODUCTION below 1939 levels and one-third less than the rate Output in most industries showed important gains in 1941. in November and the Board's index of industrial Production of most nondurable manufactures and production advanced about 5 per cent. The index, of fuels increased from October to November reat a level of 171 per cent of the 1935-39 average, flecting increased supplies of materials and labor was about the same as in September and in the and the end of work stoppages in the-petroleum autumn of 1941. Output for civilian use in No- and coal industries as well as strong demand genvember, especially of fuels, industrial materials, and erally for these and most other goods for civilian producers' equipment, was larger than in those use. earlier periods. Production for civilians of many Incomes received by agriculture, business, and finished consumer products, however, like automo- consumers appear to have continued to rise in biles, radios, clothing, and shoes, while much higher November as a result of the widespread increases in November than in September, was still greatly in production and employment and further rises reduced from 1941 levels. in prices and wage rates. Payments to unemployed Steel production showed a large rise during No- industrial workers and veterans also increased somevember and in the first three weeks of December what in November. output was scheduled at an average rate of 83 Employment in nonagricultural establishments per cent of capacity, which was higher than the rose by over 300,000 workers in November, after November average. Activity at shipyards continued allowing for seasonal changes, reflecting increases to decline considerably in November but increases in all major lines except Federal war agencies. A occurred in most other metal fabricating industries. further decline of about 100,000 workers in muni- Further increases in output were indicated in plants tions industries was more than offset by gains in producing electrical products and machinery and employment in other manufacturing industries, in the railroad equipment and automobile parts mostly in reconverted metal-products plants. Emand assembly industries. Automobile production, ployment in the trades and services, construction, DEPARTMENT STORE SALES AND STOCKS INDUSTRIAL PRODUCTION PERCENT PHYSICAL VOLUME SEASONALLY ADJUSTED, 1935-39= 100 PERCENT PER CENT DOLLAR VOLUME SEASONALLY ADJUSTED, 1935-39-100 1937 1938 1939 1940 1941 1942 1943 1944 1945 1937 1938 1939 1940 1941 1942 1943 1944 1945 Federal Reserve index. Monthly figures, latest shown is Federal Reserve indexes. Monthly figures, latest shown are for November. for November. 36 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL SUMMARY OF BUSINESS CONDITIONS and various other lines showed relatively larger cities increased by over 7 billion dollars during the increases than in manufacturing. six weeks ended December 12; this period covered the major part of the Victory Loan Drive. Gov- DISTRIBUTION ernment security holdings increased by 3.7 billion Department store sales increased sharply in Nodollars—a somewhat smaller rise than had occurred vember and the Board's seasonally adjusted index in the three prior drives. Loans for purchasing or rose to a record level of 228 per cent of the 1935-39 carrying Government securities rose by 2.5 billion average as compared with 213 in October. Novemdollars, and at their mid-December levels loans both ber sales were 11 per cent larger than last year and to brokers and dealers and to other bank customers in the first half of December sales continued to slightly exceeded the high points of the previous show about the same increase. Sales at some other drives. Commercial and industrial loans, which types of retail stores, especially those selling autohad been expanding since early fall, rose by an admotive supplies, men's apparel, furniture, building ditional 800 million dollars during the six-week materials, and hardware, have recently shown much period. The increase in commercial credit extenlarger increases than department stores, while sales sion has been at a rate substantially greater than of foods and various other products have shown at any time in recent years. somewhat smaller increases. As payments for security purchases transferred Shipments of most classes of railroad revenue funds from deposits of businesses and individuals freight showed less decline than is usual in Noto reserve-exempt war loan accounts, the average vember and the early part of December and were level of required reserves at all member banks deonly 4 per cent below last year's high level. Carloadings of agricultural commodities and l.c.l. mer- clined by around 500 million dollars during the chandise were considerably above last year's level. first half of December. Early in the month, excess reserves rose to above 1.5 billion dollars on a weekly COMMODITY PRICES average basis. Subsequently, however, excess re- Wholesale prices of most groups of commodities serves declined somewhat, as the amount of War increased from the early part of November to the Loan deposits at many banks reached the maximum middle of December. With most farm products at limits and banks turned over to the Treasury curceiling levels, advances in prices of these products rent receipts from sales of Government securities. were smaller than in September and October. Ceil- Currency outflow has continued at a slackened ing prices were raised for newsprint, textile fabrics, rate compared with wartime years; money in cirbuilding materials, and various other industrial prod- culation increased by close to 350 million dollars ucts, but a general increase in steel prices was during the six weeks ended December 12 comturned down. pared with over 750 million in the 1944 period. BANK CREDIT On a seasonally adjusted basis, currency outflow Loans and investments at banks in 101 leading has recently been at the lowest rate since the early part of 1941. MEMBER BANKS IN LEADING CITIES BILLIONS OF DOLLARS MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS 1939 1940 1941 1942 1943 1944 1945 Demand deposits (adjusted) exclude U. S. Government and interbank deposits and collection items. Government securities 1939 1940 1941 1942 1943 1944 1945 include direct and guaranteed issues. Wednesday figures, Breakdown between required and excess reserves partly latest shown are for Dec. 19. estimated. Wednesday figures, latest shown are for Dec. 26. JANUARY 1946 37 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 40 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements 41-42 Federal Reserve Bank statistics 43-46 Guaranteed war production loans 46 Deposits and reserves of member banks 46-47 Money in circulation 48-49 Gold stock; bank debits and deposit turnover 49 Deposits and currency; Postal Savings System; bank suspensions 50 All banks in the United States, by classes 51-52 All insured commercial banks in the United States, by classes 53-54 Weekly reporting member banks 55-58 Commercial paper, bankers' acceptances, and brokers' balances 59 Money rates and bond yields 60 Security prices and new issues 61-62 Corporate earnings and dividends 63 Treasury finance 64-66 Government corporations and credit agencies 67 Business indexes 68-77 Department store statistics 78-80 Consumer credit statistics 81-82 Wholesale prices 83 Gross national product, national income, and income payments 84 December crop report, by Federal Reserve districts 85 Current statistics for Federal Reserve chart book 86-87 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 are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. 38 FEDERAL RESERVE BULLETIN 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 1938 1939 1940 1941 1942 1943 1944 (945 Wednesday figures, latest shown are for Dec 26. See p. 40. JANUARY 1946 39 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] Member Reserve Bank credit outstanding bank reserve balances Date c v o D a a a n u n i d s c n d - - e ts s To U ta . l S. s e T G c b u u r o i e r r l v a y i l t s e s i - r e n s me A nt ll ot A h l e l r1 Total s G to o c ld k s T r t c o e u i r a u n n u e r n g r a y c t d - - y s - - M i c n t u o io c l n a n i e r - y - T h c i u r n o a e r l g s a y d h s s - - u F T B p s w r e R e o r a y d e r i s n e t e v a i - d h k t r e s e s s a - - l b p m N e o r e o s m d n it e - s - - c O s F o e t R e a u e r c h e r n a d v - - e t - l e r s Total Excess2 and other certificates Monthly averages of daily figures: 1944—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 Nov 436 18,129 15,775 2,354 445 19,009 20,708 4,116 24,738 2.340 262 1,579 395 14.520 1,023 1945—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 Nov 636 23,333 20,390 2,943 420 24,389 20,033 4,290 28,151 2,268 419 1,347 485 16,043 1,167 End of month figures: 1944—Sept. 30. . 49 16,653 14,342 2,311 410 17,113 20,825 4,112 23,794 2,363 349 1,612 384 13,548 1,062 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 Nov. 30.. 473 18,388 16,031 2,357 496 19,357 20,688 4,122 25,019 2,327 138 1,561 395 14,728 1,124 1945—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 2,89S 272 23,987 20,036 4,278 28,049 2,244 429 1,373 483 15,723 904 Nov. 30. . 775 23,472 20,393 3,079 450 24,697 20,030 4,303 28,211 2,239 866 1,209 483 16,022 1,024 Wednesday figures: 1945—Feb. 7.. 200 19,062 16,340 2,722 442 19,703 20,548 4,126 25,411 2,372 593 1,643 409 13,950 922 Feb. 14.. 230 19,181 16,465 2,716 506 19,918 20,507 4,124 25,533 2,389 547 1,649 409 14,022 975 Feb. 21.. 294 19,231 16,534 2,698 478 20,003 20,506 4,124 25,652 2,384 517 1,672 410 13,999 851 Feb. 28.. 321 19,439 16,748 2,692 398 20,158 20,506 4,122 25,751 2,355 460 1,581 410 14,228 965 Mar. 7.. 304 19,350 17.152 2,198 495 20,150 20,454 4,121 25,864 2,365 288 1,586 415 14,208 899 Mar. 14.. 255 19,576 17,378 2,198 465 20,296 20,453 4,120 25,881 2,364 263 1,485 417 14,459 1,013 Mar, 21.. 192 19,493 17,294 2,198 488 20,173 20,451 4,120 25,836 2,360 96 1,447 427 14,579 1,067 Mar. 28.. 218 19,516 17,326 2,190 341 20,074 20,419 4,118 25,834 2,356 310 1,377 429 14,305 852 Apr. 4.. 220 19,580 17,414 2,167 455 20,255 20,418 4,117 25,865 2,379 335 1,420 438 14,353 934 Apr. 11.. 323 20,091 17,975 2,116 349 20,763 20,417 4,118 25,939 2,364 409 1,553 439 14,593 946 Apr. 18.. 341 20,153 18,037 2,116 478 20,973 20,396 4,117 26,068 2,374 430 1,594 437 14,582 806 Apr. 25.. 508 20,444 18,331 2,113 358 21,310 20,374 4,120 26,074 2,371 651 1,563 437 14,708 835 May 2.. 569 20,479 18,374 358 21,406 20,374 4,130 26,204 2,382 423 ,571 438 14,892 927 May 9.. 552 20,720 18,617 318 21,589 20,352 4,132 26,312 2,384 447 ,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 ,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 ,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 ,619 439 15,371 1,113 June 6.. 912 20,896 18,126 2,771 398 22,207 20,268 4,145 26,513 2,314 352 1,546 443 15,452 1,098 June 13.. 852 21,103 18,323 2,780 392 22,347 20,268 4,146 26,533 2,292 170 1,550 444 15,771 1,237 June 20.. 307 21,507 18,710 2,797 473 22,287 20,265 4,145 26,536 2,297 347 1,710 452 15,354 1,454 June 27.. 203 21,693 18,896 2,797 315 22,211 20,263 4,144 26,628 2,314 687 1,774 454 14,760 1,362 July 3.. 39 21,745 18,948 2,798 464 22,249 20,213 4,145 26,834 2,285 667 1 ,'647 450 14,722 1,408 July 11.. 73 21,544 18,747 2,798 411 22,028 20,214 4,145 26,932 2,230 585 1,617 453 14,570 1,136 July 18.. 126 21,613 18,816 2,798 430 22,170 20,213 4,144 26,901 2,274 690 1,553 450 14,660 1,048 July 25.. 229 21,570 18,871 2,799 33t 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 21,86" 19,058 2,811 601 22,782 20,130 4,198 27,351 2,257 398 1,643 458 15,004 1,132 Aug. 22.. 400 22,296 19,466 2,829 447 23,142 20,088 4,201 27,506 2,248 671 1,557 458 14,992 1,018 Aug. 29.. 442 22,358 19,516 2,841 263 23,063 20,088 4,215 27,600 2,262 397 1,577 458 15,070 986 Sept. 5.. 377 22,435 19,670 2,765 380 23,192 20,088 4,216 27,750 2,269 304 1,529 463 15,180 966 Sept. 12.. 457 22,808 20,014 795 412 23,677 20,096 4,216 27,793 2,267 598 1 ,538 465 15,329 964 Sept. 19.. 301 22,965 20,116 850 441 23,707 20,095 4,222 27,777 2,268 428 1,525 475 15,552 1,039 Sept. 26.. 422 23,186 20,306 285 23,892 20,093 4,222 27,729 2,263 961 1,506 475 15,274 893 Oct. 3.. 314 23,212 20,297 2,916 294 23,821 20,072 4,248 27,853 2,268 648 1,469 484 15,420 1,001 Oct. 10.. 313 23,272 20,357 2,916 338 23,923 20,040 4,257 27,962 2,282 535 1,419 485 15,537 1,027 Oct. 17.. 316 22,901 19,985 2,916 482 23,699 20,039 4,262 27,952 2,249 293 1,324 482 15,700 1,032 Oct. 24.. 389 23,089 20,192 2,898 312 23,790 20,038 4,270 27,974 2,248 295 1,349 482 15,751 1,002 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 Nov. 7.. 508 23,076 20,179 292 23,877 20,035 4,285 28,137 2,268 261 1,310 484 15,737 928 Nov. 14.. 596 23,448 20,510 938 455 24,498 20,034 4,284 28,178 2,265 580 1,313 486 15,994 1,163 Nov. 21.. 630 23,343 20,372 970 359 24,331 20,032 4,297 28,198 2,272 410 1,360 484 15,93 1,043 Nov. 28.. 792 23,646 20,627 019 326 24,764 20,031 4,297 28,169 2,269 557 1,351 485 16,261 1,293 Dec. 5.. 345 23-,525 20,474 052 359 24,229 20,029 4,303 28,279 2,242 1,304 487 16,242 1,596 Dec. 12.. 312 23,493 20,440 053 460 24,264 20,045 4,317 28,370 268 627 1,204 488 15,669 1,298 Dec. 19.. 360 23,668 20,602 067 829 24,859 20,066 4.326 28,557 288 718 1,284 496 15,906 P1,441 Dec. 26.. 492 24,03 20,970 3,067 643 25,172 20,065 4,334 28,649 2,283 1,199 1,282 500 15,658 Pl.352 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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANK DISCOUNT RATES [In effect December 31. Per cent per annum| Discounts for and advances to member banks Advances to individuals, partnerships, A G d o v v a e n r c n e m s e s n e t c u o r b e l d i g b a- y Go A m v d a e v t r a u n n r m i c n e e g s n t o se r o c b c u l a r i e l g l d a a t b i b l o e y ns o s r e c c u o r r e p d o r b a y t io d ( n i l r a s e s c t o t t p h o a e b r r . l i t S g h a e a t c i n . o n 1 m 3 s e ) o m f b t e h r e b U a . n k S s . Federal Reserve tions maturing or beyond one year and Other secured advances Bank callable in one year discounts of and [Sec. 10(b)J or less (Sec. 13) advances secured by (Se e e l s ig . i 1 b 3 le a n p d a p 1 er 3a)1 To nonmember banks To others Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective Boston V2 Oct. 27 1942 Sept. 1,1939 Oct. 27, 1942 Sept. 1,1939 2 Oct. 27, 1942 New York Y2 Oct. 30 1942 Aug. 25, 1939 Oct. 30, 1942 Aug. 25,1939 2H Oct. 30, 1942 C Ph le il v a e d la e n lp d hia V lA i O O c c t t . . 2 1 7 7 1 19 9 4 4 2 2 A M p a r r . . 2 11 1 , , 1 1 9 9 4 4 2 2 O Se c p t. t . 1 1 7 2 , , 1 1 9 9 4 4 2 2 A M p a r r . . 2 1 1 1 , ,1 1 9 9 4 4 2 2 2 2 O O c c t t . . 2 1 7 7 , , 1 1 9 9 4 4 2 2 Richmond Oct. 28 1942 Mar. 14, 1942 Oct. 28, 1942 Mar. 14,1942 2XA Oct. 28, 1942 Atlanta Oct. 15 1942 Mar. 21, 1942 Oct. 15, 1942 Sept. 16,1939 2 Oct. 15, 1942 Chicago Oct. 17 1942 Feb. 28, 1942 Aug. 29, 1942 Sept. 1,1939 2 Oct. 17, 1942 St. Louis Oct. 27 1942 Mar. 14, 1942 Mar. 14, 1942 Sept. 16,1939 2 Oct. 27, 1942 Minneapolis H Oct. 30 1942 Mar. 28, 1942 A Oct. 30, 1942 Mar. 28,1942 2^,4 Oct. 30, 1942 D K a a l n l s a a s s City y O O c c t t . . 2 1 7 7 1 1 9 9 4 4 2 2 A M p a r r . . 1 2 1 1, , 1 1 9 9 4 4 2 2 \y 2 O Oc c t t . . 2 1 7 7 , , 1 1 9 9 4 4 2 2 S vS e e p p t t . . 1 1 6 6 , , 1 1 9 9 3 3 9 9 2 2 O Oc c t t . . 2 1 7 7 , , 1 1 9 9 4 4 2 2 San Francisco. . . . Oct. 28 1942 Apr. 4, 1942 Oct. 28, 1942 Apr. 4,1942 2XA Oct. 28, 1942 shown also apply to advances secured by obligate ns of Federal intermediate credit banks 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 i Maturities not exceeding five years Rate on In effect be- Previous Maturity Dec. 31 ginning— rate [In effect December 31. Per cent per annum1 To industrial or T B r a e n a k s e u r r s y ' a b c il c ls e p l tances:2 Apr. 30, 1942 c b o u m si m ne e s rc se ia s l To financing institutions 1- 90 days XA Oct. 20, 1933 1 On discr>unts or 91-120 days Oct. 20, 1933 1 purchases 121-180 days Oct. 20, 1933 1H Reserve On On Bank On commit- Portion commit- 1 Established rate at which the Federal Reserve Banks stand ready loans2 ments for which Re- ments to buy all Treasury bills offered. Effective Aug. 3, 1942, purchases institu- maining of such bills, if desired by the seller, were made on condition that the tion IS portion Reserve Bank, upon request before maturity, would sell back bills cf obligated like amount and maturity at the same rate of discount. Since May 15, 2 M 19 i 4 n 3 im , a u l m l p b u u rc y h in a g se s r at h e a s v e o n b e p e r n im m e a b d a e n k s e u r b s j ' e c a t c c t e o p t r a e n p c u e r s c . hase option. N Bo ew st o Y n ork 23^-5 y-\ A (3 3 ) ) ( C -0 ) 3 y~ J \ -1M pp B . a 4 c 4 k 3 -4 fi 4 g 5 u . res.—See Banking and Monetary Statistics, Table' 117, P C h le i v la e d la e n lp d hia. . . 2 23 ^ ^ -5 -5 3 y> ^— — 1 \ 3 ]4 4 52 <*) I4) XA~\XA Richmond 23-3-5 1/2 -1 \A (4) yz.—\}/± GU M V A I N R T S O A M A I N O V N E N Y T N L E T O U E D A N R E N C D F P A S O E E A T E R N R E G S S T T U E R M A A C X A N E R H E C D N A A C T T N U R M , T G T S A E I E E A V E X A T N E D I T B D M L L O B U E E Y R M M M D U A W E E N I N R R A N D T I R T T E N I E R M A D O R C E . E E R T P S 9 E T A 1 C G 1 R 2 O U A T M L N M A A M D N E T I D N S I C O T - O N , M- A D S C S M K a t t h a a . i n l l n i n a l L c n s a n F a o a s e t r g s u a a a o i p n s C . o c . i i l t s i y s c . . o . . . . . . 2 2 2 2 3 > K ^ ^ | - - - - 5 5 5 5 A y H l 1 l/ / 2 / > ^ i - ~ — j - — V - U l 1 i A \ 1 } X i ^ 4 i A /£ 2 1- 3 ( ( 1 ( ( 3 ^ 3 3 ? ) X ) ) - A ) 5 ( ( C ( ( 4 0 4 ) 4 V ) ) 6 & 6 X 3 } x X A A / } ^ 2 ~ - / — - ~ 2 1 i i ~ X \ i X x \ A A \ & M }/ . i OF 1944 [Rates in effect December 31] 1 See table on maximum interest and commitment rates charge- FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS able under Regulation V for rates on guaranteed Section 13b loans. 2 Including loans made in participation with financing institutions. 3 Rate charged borrower less commitment rate. Guarantee fee 4 Rate charged borrower. (In terms of per- 5 May charge rate charged borrower by financing institution, if Percentage of loan guaranteed centage of amount lower. of interest payable 6 Charge of M per cent is made on undisbursed portion of loan. by borrower)1 Back figures.—See Banking and' Monetary Statistics, Table 118, pp. 446-447. 80 or less 10 MAXIMUM RATES ON TIME DEPOSITS 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 2XA [Per cent per annum] O Po th st e a r l d s e a p v o in s g it s s d p e a p y o a s b it l s e: 2y In 6 months or more In 90 days to 6 months. . . . M M a a x x i i m m u u m m c ra o t m e m of i tm in e te n r t e r s a t. t e . 2 . XA In less than 90 days NOTE.—Maximum rates that may be paid by insured nonmember 1 Guarantee fee is charged only on guaranteed portion of loan. banks 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 amount of the loan. The financing institution may, in the alterna- rate payable by a member bank may not in any event exceed the maxitive, charge a fiat fee of not to exceed $50, without regard to the mum rate payable by State banks or trust companies on like deposits amount or maturity of the commitment. under the laws of the State in which the member bank is located. JANUARY 1946 41 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK RESERVE REQUIREMENTS MARGIN REQUIREMENTS 3 [Per cent of deposits] [Per cent of market value] Net demand deposits1 . Time Nov. 1, Feb. 5, Effecdeposits Prescribed in accordance with Securities 1937- 1945- tive Period in effect Central (all Exchange Act of 1934 Feb. 4, July 4, July 5, reserve Reserve Country member 1945 1945 1945 city city banks banks) banks banks Regulation T: For extensions of credit by brokers and dealers June 21, 1917-Aug. 15, 1936 13 10 3 on listed securities 40 50 75 Aug. 16, 1936-Feb. 28, 1937 19^ 15 10^ 4^ For short sales 50 50 75 Mar. 1, 1937-Apr. 30, 1937 11% 17^ 12J4 Regulation U: A M p a r y . 16 1 , , 1 1 9 9 3 3 8 7 - - O A c p t r . . 3 1 1 5 , , 1 1 9 9 4 3 1 8 2 21 6 % 2 1 0 7H 1 1 4 2 S 6 H For loans by banks on stocks 40 50 75 Nov. 1, 1941-Aug. 19, 1942 26 20 14 5 Aug. 20, 1942-Sept. 13, 1942 24 20 14 6 Regulations T and U limit the amount of credit that may be extended on Sept. 14, 1942-Oct. 2, 1942 22 20 14 6 a security by prescribing a maximum loan value, which is a specified per- Oct. 3, 1942 and after 20 20 14 6 6 c m e e n n ta ts g " e s o h f o i w ts n m in a t r h k i e s t t v ab al l u e e a r a e t t t h h e e d t i i f m fe e r e o n f c e t h b e e e tw xt e e e n n s i t o h n e ; m th a e r k " e m t a v r a g l i u n e r ( e 1 q 0 u 0 i % re ) and the maximum loan value. 1 Demand deposits subject to reserve requirements, i. e., demand deposits Back figures.—See Banking and Monetary Statistics, Table 145, p. 504. 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 Dec. 26 Dec. 19 Dec. 12 Dec. 5 Nov. 28 Nov. 21 Nov. 14 Nov. 7 December November December Assets Gold certificates 17,062,56517,067,56517,115,06517,127,56517,110,56517,111,56017,112,06517,113,56517,062,56517,108,06417,850,365 Redemption fund for F. R. notes 800,371 795,386 776,022 764,708 760,725 759,726 760,936 759,705 800,359 762,380 594,126 Total gold certificate reserves 17,862,93617,862,95117,891,08717,892,27317,871,29017,871,28617,873,001 17,862,92417,870,444 Other cash 206,774 216,125 223,127 227,410 234,846 229,906 232,056 236,315 241,742 Discounts and advances: For member banks 445.000 312,855 264,650 297,446 744,416 583,408 548,448 460,382 201,865 727,816 79,825 For nonmember banks, 47,000 47,000 47,000 47,000 47,000 47,000 47,000 47,000 47,040 47,000 etc Total discounts and advances 492,027 359,855 311,650 344,446 791,416 630,408 595,448 507,882 248,905 774,816 79,825 Industrial loans 2,038 2,255 2,299 2,333 2,421 2,544 2,382 2,331 1,941 2.372 3,751 U.S.Government securities: Direct: Bills: Under repurchase option 4,845,110 4,564,012 4,451,644 4 168,034 4,836,729 4,624,637 4,993,328 4,680,262 4,851,923 4,538,612 3,983,771 Other 7,957,459 7,922,049 7,954,966 8,054,196 8,131,586 8,207,076 8,185,136 8,206,979 7,979,322 8,054,196 7,164,147 Certificates: Special 318,000 Other 8,167,461 8,115,461 8,033,461 7,933,461 7,658,961 7,540,461 7,331,661 7,291,661 8,364,461 7,799,761 4,886,640 Notes 2,119.650 2,119,650 2,105,650 2,097,650 2,041,550 1,993,050 1,960,150 1,920,150 2,119,650 2,101,550 1,565,721 Bonds 946,892 945,892 946,892 954,092 977,392 977,392 977,392 977,392 946,892 977,392 1,243,426 Guaranteed 2,500 Total U. S. Government securities, including guaranteed securities.... 24,036,57223,668,06423,492,61323.525,43323,646,21823,342,61623,447,66723,076,44424,262,248 23,471,51118,846,205 Other Reserve Bank credit outstanding 641,033 826,731 457,717 356,938 323,572 355,860 452,726 290,379 578,272 448,381 815,055 Total Reserve Bank credit outstanding.25,171,670 24,856,905 24,264,279 150 24,763,62724,331,428 24 23,877,03625,091,36624,697,08019,744,836 Liabilities Federal Reserve notes 24,736,39124,663,200 24,516,295 24,340,60024,363,494 24 24,295,81324,649,132 24,364,692 21,731,017 Deposits: Member bank—reserve account 15,657,67815,905,93415,668,69216,241,73116,260,96515,936,78515,994,43815,737,32815,914,95016,022,382 14,372,899 U. S. Treasurer—general account 1,198,710 718,240 626,956 7,857 557,336 409,880 579,532 261,470 976,668 865,971 440,487 Foreign 863,436 844,008 885,802 897,869 875,359 902,189 871,862 913,922 862,320 885,382 1,203,703 Other deposits 418,880 439,582 317,899 406,442 476,026 457,329 441,443 396,350 445,572 323,468 393,881 Total deposits. 18,138,70417,907,76417,499,34917,553,89918,169,68617,706,18317,887,27517,309,070 18,199,51018,097,203 16,410,970 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 42.0 42.6 42.6 42.0 42.. 42.3 43.0 42.1 48.4 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Within 16 to 30 31 to 60 61 to 90 91 days to 6 months 1 year to 2 years to Over December 26, 1945 Total 15 days days days days 6 months to 1 year 2 years 5 years 5 years Discounts and advances 492,027 437,777 4,600 47,900 1,750 Industrial loans 2,038 1,925 2 4 4 64 13 13 13 U. S. Government securities 24,036,572 3,406,738 2,032,552 5,413,206 4,985,894 2,142,750 4,857,090 507,652 690,690* 42 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 [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco Assets Gold certificates: Nov. 28 17,110,565 769,926 4,951,417 817,322 ,116,9261,059,334 924,5333,142,477 550,704 320,999 577,223 457,0952,422,609 Dec. 5 17,127,565 759,379 5,029,604 831,337 ,134,0051,067,202 964,5393,125,072 525,569 302,697 561,152 458,719 2,368,290 Dec. 12 7,115,065 744,904 4,719,240 817,694 ,108,4251,062,3861,007,1323,225,543 553,149 322,501 600,973 489,3632,463,755 Dec. 19 17,067,565 740,103 4,894,658 884,483 ,116,0451,040,8071,001,8623,116,223 584,454 333,546 567,610 466,9842,320,790 Dec. 26 17,062,565 780,234 4,660,960 876,112 ,137,6231,070,4231,002,0913,220,843 556,837 323,662 582,225 472,7422,378,813 Redemption fund for F. R. notes: Nov. 28 760,725 59,551 111,019 61,550 72,837 61,835 46,591 124,820 43,135 20,191 35,360 26,288 97,548 Dec. 5 764,708 59,481 110,743 61,418 75,235 61,286 46,494 127,719 43,102 20,181 35,339 26,267 97,443 Dec. 12 776,022 59,431 110,008 61,379 75,214 61,164 46,244 130,691 43,083 20,177 35,329 26,242 107,060 Dec. 19 795,386 59,189 124,299 61,134 78,031 60,083 45,950 130,320 42,997 20,145 35,246 26,155 111,837 Dec. 26 800,371 59,189 124,283 61,134 78,031 60,084 45,950 135,320 42,997 20,145 35,246 26,155 111,837 Total gold certificate reserves: Nov. 28 17,871,290 829,477 5,062,436 878,8721,189,7631,121,169 971,1243,267,297 593,839 341,190 612,583 483,3832,520,157 Dec. 5 17,892,273 818,860 5,140,347 892,7551,209,240 1,128,4881,011,0333,252,791 568,671 322,878 596,491 484,9862,465,733 Dec. 12 17,891,087 804,335 4,829,248 879,0731,183,639 1T,123,550 1,053,3763,356,234 596,232 342,678 636,302 515,6052,570,815 Dec. 19 17,862,951 799,292 5,018,957 945,6171,194,0761,100,890 1,047,8123,246,543 627,451 ,353,691 602,856 493,139 2,432,627 Dec. 26 17,862,936 839,423 4,785,243 937,2461,215,6541,130,5071,048,0413,356,163 599,834 343,807 617,471 498,8972,490,650 Other cash: .. Nov. 28 234,846 20,327 40,799 15,722 20,269 14,891 20,579 27,562 12,962 7,728 12,900 8,905 32,202 Dec. 5 227,410 19,705 36,463 15,446 17,725 15,459 23,025 26,587 12,670 8,155 13,013 9,020 30,142 Dec. 12 223,127 17,716 39,378 14,628 18,674 14,150 20,622 27,309 12,345 7,717 11,168 8,674 30,746 Dec. 19 216,125 18,128 33,062 15,131 15,986 15,265 23,141 26,586 12,263 7,884 11,029 8,182 29,468 Dec. 26 206,774 17,367 31,215 13,465 15,485 15,141 20,523 24,318 12,234 7,265 10,386 9,049 30,326 Discounts & advances: Secured by U. S. Govt. securities: Nov. 28 744,416 33,515 410,310 9,650 28,050 6,300 24,390 78,766 39,285 7,200 21,900 85,050 Dec. 5 297,446 10,490 130,780 5,380 6,950 2,150 6,700 29,666 30,380 4,200 21,900 48,850 Dec. 12 264,650 4,385 159,185 6,685 11,350 2,150 4,300 4,286 19,259 200 16,300 36,550 Dec. 19 312,855 12,985 238,635 7,810 3,900 4,050 600 3,925 15,450 14,300 11,200 Dec. 26 445,027 23,060 339,760 4,412 19,530 4,465 1,600 5,650 15,750 ' 5,666 15,800 10,000 Other: Nov. 28 47,000 3,149 17,014 4,136 4,089 1,974 1,645 6,110 1,410 1,081 1,410 1,410 3,572 Dec. 5 47,000 3,149 17,014 4,136 4,089 1,974 1,645 6,110 1,410 1,081 1,410 1,410 3,572 Dec. 12 47,000 3,149 17,014 4,136 4,089 1,974 1,645 6,110 1,410 1,081 1,410 1,410 3,572 Dec. 19 47,000 3,149 17,014 4,136 4,089 1,974 1,645 6,110 1,410 1,081 1,410 1,410 3,572 Dec. 26 47,000 3,149 17,014 4,136 4,089 1,974 1,645 6,110 1,410 1,081 1,410 1,410 3,572 Industrial loans: Nov 28 2,421 115 2,011 65 40 15 175 Dec. 5 2,333 115 1,923 65 40 15 175 Dec. 12 2,299 115 1,929 65 15 175 Dec. 19 2,255 115 1,889 61 15 175 Dec. 26 2,038 110 1,857 56 15 U. S. Govt. securities: Bills: Under repurchase option: Nov. 28 4,836,729 113,022 2,937,782 209,512 83,746 41,581 15,190 891,025 77,834 31,210 66,841 31,296 337,690 Dec. 5 4,168,034 38,349 2,667,272 152,331 67,021 29,570 18,490 692,705 76,374 22,135 44,460 32,018 327,309 Dec. 12 4,451,644 81,892 3,002,733 185,007 82,836 32,195 13,440 638,655 90,219 21,685 39,325 14,478 249,179 Dec. 19 4,564,01 113,082 2,885,035 220,910 101,861 51,581 8,690 688,735 111,069 28,348 43,094 15,328 296,279 Dec. 26 4,845,110 122,244 3,057,058 247,923 149,321 46,651 20,640 705,943 120,222 40,488 43,391 23,469 267,760 Other bills: Nov. 28 8,131,586 615,329 266,023 616,2291,073,386 661,129 614,9511,300,126 430,709 300,261 501,658 399,4751,352,310 Dec. 5 •8,054,196 584,329 35,005 611,4511,065,873 643,043 614,7011,453,817 400,772 278,229 497,239 376,5441,393,193 Dec. 12 7,954,966 622,241 35,005 587,5871,036,735 631,209 604,9331,453,917 399,754 285,045 498,685 403,7361.396,119 Dec. 19 7,922,049 572,219 35,005 516,949 972,862 627,283 610,5951,534,103 380,992 278,506 486,392 400,6441,506,499 Dec. 26 7,957,459 603,834 35,005 538,736 977,393 631,506 614,0811,490,539 388,347 277,268 483,409 415,330 1,502,011 Certificates: Nov. 28 7,658,961 517,700 1,874,295 570,689 737,410 471,080 426,314 997,890 392,770 205,449 383,490 339,345 742,534 Dec. 5 8,251,461 574,720 2,073,851 612,549 790,114 506,268 414,4191,082,110 422,964 228,781 412.336 360,156 773,193 Dec. 12 8,033,461 559,708 2,018,210 596,543 769,562 493,049 403,6301,053,237 411,536 222,780 401,349 350,596 753,261 Dec. 19 8,115,461 565,58 2,038,003 602,798 777,722 498,232 407,9011,063,724 415,498 225,095 405,360 354,131 761,415 Dec. 26 8,167,461 569,292 2,050,626 606,751 782,870 501,505 410,5971,070,394 418,032 226,562 407,910 356,376 766,546 Notes: Nov. 28 2,041,550 137,996 499,606 152,12: 196,56: 125,570 113,637 265,994 104,697 54,763 102,220 90,455 197,928 Dec. 5 2,097,650 146,103 527,20" 155,719 200,858 128,701 105,350 275,090 107,524 58,160 104,822 91,558 196,558 Dec. 12 2,105,650 146,705 528,992 156,359 201,709 129,234 105,794 276,066 107,868 58,394 105,198 91,895 197,436 Dec. 19 2,119,650 147,723 532,299 157,443 203,130 130,132 106,538 277,829 108,522 58,793 105,874 92,495 198,872 Dec. 26 2,119,65C 147,746 532,187 157,466 203,173 130,153 106,559 277,793 108,488 58,797 105,862 92,489 198,937 Bonds: Nov. 28 977,392 66,066 239,186 72,828 94,104 60,117 54,404 127,344 50,124 26,218 48,938 43,305 94,758 Dec. 5 954,092 66,454 239,794 70,82 91,358 58,538 47,917 125,122 48,906 26,453 47,677 41,644 89,402 Dec. 12 946,892 65,972 237,883 70,313 90,70 58,116 47,575 124,144 48,507 26,259 47,307 41,324 88,785 Dec. 19 946,892 65,991 237,789 70,333 90,743 58,133 47,593 124,11 48,479 26,264 47,296 41,319 88,840 Dec. 26 946,892 66,001 237,739 70,344 90,761 58,142 47,602 124,096 48,464 26,266 47,291 41,317 88,869 Total U. S. Govt. securities: Nov. 28 23,646,218 1,450,113 5,816,88'1,621,3802,185,2081,359,4771,224,4963,582,3791,056,134 617,9011,103,147 903,876 2,725,220 Dec. 5 23,525,433 1,509,955 5,543,1291,602,8772,215,2241,366,1201,200,8773,628,8441,056,540 613,758 1,106,534 901,920 2,779,655 Dec. 12 23,492,613 1,476,518 5,822,8231,595,809 2,181,5491,343,8031,175,3723,546,0191,057,884 614,1631,091,864 902,029 2,684.780 Dec. 19 23.668,06 l,464,5<r 5,728,1311,568,4332,146,3181,365,3611,181,3173,688,5031,064,560 617,0061,088,016 903,9172,851,905 Dec. 26 24,036,572 1,509,117 5,912,6151,621,2202,203,5181,367,95 1,199,479 3,668,7651,083,553 629,3811,087,863 928,981 2,824,123 JANUARY 1946 43 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 ou t. is M a i p n ol n i e s - K C an it s y as Dallas F c S r i a a sc n n o - Total loans and sec: Nov. 28 24,440,055 1,486,892 6,244,211 1,637,177 2,217,3471,367,816 ,250,5313,667,2951,096,829 626,18: 1,126,472 905,2862,814,017 Dec. 5 23,872,21 1,523,709 5,690,923 1,614,316 2,226,2631,370,309 ,209,22:3,664,6601,088,330 619,0391,129,859 903,3302,832,252 Dec. 12 23,806,562 1,484,167 5,999,02 1,608,559 2,196,9881,347,992 ,181,3173,556,4151,078,553 615,4441,109,589 903,4392,725,077 Dec. 19 24,030,174 1,480,846 5,983,780 1,582,268 2,154,3071,371,446 ,183,56:3,698,5381,081,420 618,0871,103,741 905,3272,866,852 Dec. 26 24,530,63 1,535,436 6,269,389 1,631,625 2,227,1371,374,452 ,202,7243,680,5251,100,713 635,4621,105,088 930,3912,837,695 Due from foreign banks: Nov. 28 110 7 140 5 4 14 3 3 3 3 8 Dec. 5 110 7 HO 5 4 14 3 3 3 3 8 Dec. 12 110 7 140 5 4 14 3 3 3 3 8 Dec. 19 110 7 140 5 4 14 3 3 3 3 8 Dec. 26 110 140 4 14 3 3 Federal Reserve notes of other banks: Nov. 28 124,729 4,181 18,638 4,751 7,419 17,797 9,906 13,825 8,912 5,986 7,385 4,714 21,215 Dec. 5 121,403 4,347 15,207 5,629 7,342 19,465 10,120 13,957 8,519 5,700 7,098 4,765 19,254 Dec. 12 125,515 3,245 15,888 4,793 8,746 20,694 10,043 12,440 8,870 5,107 8,933 4,734 22,022 Dec. 19 131,388 4,866 16,589 4,817 9,583 22,687 10,847 13,602 7,199 5,598 7,864 4,530 23,206 Dec. 26 133,595 2,985 13,054 5,446 10,033 25,274 9,107 17,998 8,224 6,134 8,703 4,345 22,292 Uncollected items: Nov. 28 1,890,150 123,300 374,942 116,400 176,155 145,980 122,447 298,555 82,247 49,730 110,288 83,189 206,917 Dec. 5 1,938,720 128,196 389,076 120,915 190,323 144,016 133,251 312,822 90,714 54,654 102,815 75,067 196,871 Dec. 12 2,140,176 147,223 489,430 133,623 188,102 165,411 149,536 323,488 102,729 49,069 107,858 81,580 202,127 Dec. 19 2,714,147 196,640 571,167 157,718 256,099 215,565 178,031 470,890 111,902 62,802 136,051 101,430 255,852' Dec. 26. 2,019,476 144,721 386,154 117,423 173,008 184,750 144,559 332,828 77,123 55,136 107,316 75,995 220,463 Bank premises: Nov. 28 33,683 1,559 8,711 3,325 3,998 2,776 1,572 3,117 2,064 1,255 2,603 834 1,869 Dec. 5 33,654 1,559 8,693 3,325 3,998 2,776 1,572 3,112 2,063 1,258 2,597 832 1,869 Dec. 12 33,654 1,559 8,693 3,325 3,998 2,776 1,572 3,112 2,063 1,258 2,597 832 1,869 Dec. 19 33,653 1,559 8,693 3,325 3,998 2,776 1,572 3,111 2,063 1,258 2,597 832 1,869 Dec. 26 33,615 1,559 8,693 3,313 3,989 2,769 1,569 3,111 2,062 1,258 2,597 832 1,863 Other assets: Nov. 28 67,959 4,439 15,167 4,459 6,886 4,151 4,010 9,332 3,955 1,845 3,342 3,239 7,134 Dec. 5 67,126 4,634 15,150 4,530 6,885 4,128 3,648 9,061 4,015 1,930 3,313 3,062 6,770 Dec. 12 68,884 4,903 16,100 4,696 7,026 4,187 3,770 9,370 4,155 1,952 3,176 3,006 6,543 Dec 19 63,115 5,451 14,194 4,180 6,340 3,791 3,486 8,558 3,674 1,796 2,844 2,896 5,905 Dec. 26 63,508 5,008 14,992 3,988 5,955 3,914 3,609 8,989 3,698 1,714 2,914 2,960 5,767 Total assets: Nov. 28 44,662,822 ,470,18211,764,944 2,660,7163,621,8472,674,5852,380,173 7,286,9971,800,8111,033,919 1,875,576 1,489,5535,603,519 Dec 5 44,152,908 ,501,01711,295,899 2,656,9263,661,7862,684,6462,391,875 7,283,0041,774,985 1,013,617 1,855,189 1,481,0655,552,899 Dec 12 44,289,115 ,463,15511,397,7992,648,7073,607,1832,678,7652,420,240 7,288,382 1,804,950 1,023,228 1,879,626 1,517,8735,559,207 Dec. 19 45,051,663 ,506,78911,646,4822,713,0663,640,3992,732,4252,448,455 7,467,8421,845,975 1,051,119 1,866,985 1,516,339 5,615;787 Dec. 26 44,850,651 ,546,50611,508,7802,712,5163,651,2712,736,812 2,430,136 7,423,9461,803,8911,050,779 1,854,478 1,522,4725,609,064 Liabilities Federal Reserve notes: Nov. 28 24,340,600 1,463,099 5,282,9341,610,443 ,076,116 ,727,010 ,.4 75.,788 4,413,3511,042,862 546,455 906,691 624,0853,171,766 Dec. 5 24,429,835 1,474,301 5,316,4171,617,896 ,083,653 ,732 590 1,481,425 4,421,3781,049,045 549,712 910,020 626,4383,166,960 Dec. 12 24,516,295 1,480,485 5,326,1681,627,375 ,091,477 ,741,351 1*,483,882 4,425,9791,054,760 551,074 910,328 627.0223,196,394 Dec 19 24,663,200 1,487,174 5,375,2461,636,938 ,107,008 ,749,6781,494,1364,437,3631,062,871 551,921 911,270 626,4103,223,185 Dec. 26 24,736,391 1,492,785 5,410,4621,644,309 ,111,992 ,748,0091,490,6724,458,2951,066,772 554,582 912,460 626,0783,219,975 Deposits: Member bank— reserve account: Nov. 28 16,260,965 736,954 5,151,119 806,6381,193,800 728,037 719,990 ,377,496 603,348 389,672 808,425 728,9952,016,491 Dec 5 16,241,731 789,454 4,972,961 821,0971,224,333 765,236 745,385 ,370,308 589,858 376,466 801,088 745,3822,040,163 Dec. 12 15,668,692 676,564 4,824,135 768,8971,180,701 702,514 733,198 ,276,662 592,519 376,421 800,804 747,7721,988,505 Dec. 19 15,905,934 698,302 4,880,776 778,0101,173,863 724,819 733,321 ,373,063 610,315 391,063 793,448 745,8042,003,150 Dec. 26 15,657,678 694,083 4,843,591 783,4751,140,313 707,300 726,386 ,272,678 595,309 388,187 770,474 745,1481,990,734 U. S. Treasurer— general account: Nov. 28 557,336 48,853 165,859 25,092 63,268 28,113 23,968 72,104 21,835 21,306 16,780 20,339 49,819 Dec. 5... 7,857 583 949 475 516 470 547 531 758 533 525 398 1,572 Dec. 12 626,956 71,904 228,580 21,968 28,953 30,840 18,788 98,041 16,938 22,998 29,342 25,421 33,183 Dec. 19 718,240 63,916 177,926 34,959 49,767 43,074 38,312 150,654 37,641 35,163 26,689 25,493 34,646 Dec. 26 1,198,710 149,999 211,429 82,643 139,311 77,143 39,695 293,933 30,082 28,094 41,981 38,406 65,994 Foreign: Nov. 28 875,359 56,385 2349,161 72,399 71,577 34,554 28,795 106,953 24,682 18,923 24,682 24,682 62,566 Dec. 5 897,869 57,297 2358,937 74,221 73,378 35,424 29,520 109,645 25,303 19,399 25 303 25,303 64,139 Dec. 12 885,802 57,036 2349,920 73,785 72,947 35,216 29,346 109,001 25,154 19,285 25,154 25,154 63,804 Dec. 19 844,008 53,799 2335,173 70,116 69,319 33,464 27,887 103,580 23,903 18,326 23,903 23,903 60,635 Dec. 26 863,436 55,674 2337,938 72,389 71,566 34,549 28,791 106,938 24,678 18,920 24,678 24,678 62,637 Other: Nov. 28 476,026 5,848 327,498 3,314 16,825 6,851 3,269 16,133 14,508 3,373 1,680 2,045 74,682 Dec. 5 406,442 15,037 151,166 4,866 72,053 4,314 5,007 65,915 12,335 13,088 4,881 2,340 55,440 Dec. 12 317,899 3,771 149,358 6,629 24,541 3,385 6,846 57,452 10,273 3,800 1,284 1,642 48,918 Dec. 19 439,582 3,646 319,880 3,733 7,171 4,658 3,914 33,179 10,046 2,350 481 1,363 49,161 Dec. 26 418,880 3,970 325,642 3,041 5,194 2,832 4,342 9,477 9,860 2,632 528 1,132 50,230 Total deposits: Nov. 28 18,169,686 848,040 5,993,637 907,4431,345,470 797,555 776,022 ,572,686 664,373 433,274 851,567 776,061 ,203,558 Dec. 5 17,553,899 862,371 5,484,013 900,6591,370,280 805,444 780,459 ,546,399 628,254 409,486 831,797 773,423 ,161,314 Dec. 12 17,499,349 809,275 5,551,993 871,2791,307,142 771,955 788,178 ,541,156 644,884 422,504 856,584 799,989 ,134,410 Dec. 19 17,907,764 819,663 5,713,755 886,8181,300,120 806,015 803,434 ,660,476 681,905 446,902 844,521 796,563 ,147,592 Dec. 26 18,138,704 903,726 5,718,600 941,5481,356,384 821,824 799,214 ,683,026 659,929 437,833 837,661 809,364 ,169,595 Deferred availability items: Nov. 28 1,566,688 120,780 299,583 94,273 145,690 121,951 104,842 222,889 72,959 38,722 96,863 69,632 178,504 Dec. 5 1,581,892 125,872 306,562 89,694 153,100 118,451 106,392 236,962 76,964 38,953 92,806 61,460 174,676 Dec. 12 1,682,569 134,604 329,654 101.163 153,526 137,132 124,474 242,629 84,445 33,926 91,985 70,994 178,037 Dec. 19 1,887,526 161,062 366,554 140,320 178,070 148,283 127,064 290,999 80,302 36,596 90,447 73,383 194,446 Dec. 26 1,378,553 110,902 187,494 77,461 127,357 138,345 116,254 203,106 56,101 42,407 83,507 66,883 168,736 1 After deducting $70,000 participations of other Federal Reserve Banks. 2 After deducting $524,894,000 participations of other Federal Reserve Banks on Nov. 28; $538,104,000 on Dec. 5; $534,943,000 on Dec. 12; $508,341,000 on Dec. 19; and $524,820,000 on Dec. 26. 44 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Other liabilities including accrued div.: Nov. 28 12,288 685 3,433 889 1,243 627 606 1,785 433 350 490 495 1,252 Dec. 5 11,457 700 2,968 840 1,201 578 526 1,794 410 302 462 394 1,282 Dec. 12 12,109 727 3,325 868 1,230 595 514 1,670 436 488 510 401 1,345 Dec. 19 11,906 713 3,140 824 1,185 548 520 1,846 413 419 459 443 1,396 Dec. 26 12,781 772 3,447 1,254 582 574 1,882 444 551 454 493 1,440 Total liabilities: Nov. 28 44,089,262 2,432,60411,579,587 2,613,0483,568,519 2,647,1432,357,258 7,210,7111,780,6271,018,801 1,855,6111,470,273 5[,555,080 Dec. 5 43,577,083 2,463,24411,109,960 2,609,0893,608,2342,657,0632,368,802 7,206,533 1,754,673 998,4531,835,0851,461,715 5I,504,232 Dec. 12 : 43,710,322 2,425,091 11,211,140 2,600,6853,553,375 2,651,0332,397,0487,211,434 1,784,525 1,007,9921,859,4071,498,406 5,510,186 Dec. 19 44,470,396 2,468,61211,458,6952,664,900 3,586,3832,704,5242,425,1547,390,684 1,825,491 1,035,8381,846,6971,496,799 5I,566,619 Dec. 26 44,266,429 2,508,185 11,320,0032,664,2063,596,987 2,708,7602,406,714 7,346,309 1,783,246 1,035,3731,834,0821,502,818 5=,559,746 Capital Accounts Capital paid in: Nov. 28 173,463 10,468 61,452 13,021 17,542 7,089 6,253 20,594 5,529 3,769 5,700 5,958 16,088 Dec. 5 173,616 10,468 61,470 13,028 17,538 7,098 6,304 20,619 5,530 3,769 5,700 5,958 16,134 Dec. 12 174,147 10,618 61,606 13,040 17,557 7,101 6,305 20,646 5,533 3,776 5,710 5,967 16,288 Dec. 19 174,993 10,622 62,247 13,058 17,580 7,151 6,326 20,684 5,549 3,787 5,728 5,970 16,291 Dec. 26 175,836 10,632 62,732 13,058 17,659 7,173 6,354 20,756 5,586 3,851 5,731 6,007 16,297 Surplus (section 7): Nov. 28 228,15.1 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 Dec. 5 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 Dec. 12 228,153 15,239 84,903 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 Dec. 19 228,15 15,239 84,903 19,872 19,071 7,813 7,936 33.201 7,048 4,950 6,196 6,025 15,899 Dec. 26 228,153 15,239 84,903 • 19,872 19,071 7,813 7,936 33,201 7,048 4,950 6,196 6,025 15,899 Surplus (section 13b): Nov. 28 27,165 2,1 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Dec. 5 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Dec. 12 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Dec. 19 27,165 2,1 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Dec. 26 27,165 2,880 7,143 4,468 1,007 3,290 762 1,429 527 1,073 1,137 1,307 2,142 Other capital accounts: Nov. 28 144,779 8,991 31,859 10,307 15,708 9,250 7,964 21,062 7,080 5,326 6,932 5,990 14,310 Dec. 5 146,891 9,186 32,423 10,469 15,936 9,382 8,071 21,222 7,207 5,372 7,071 6,060 14,492 Dec. 12 149,328 9,327 33,007 10,642 16,173 9,528 8,189 21,672 7,317 5,437 7,176 6,168 14,692 Dec. 19 150,956 9,436 33,494 10,768 16,358 9,647 8,277 21,844 7,360 5,471 7,227 6,238 14,836 Dec. 26 153,068 9,570 33,999 10,912 16,547 9,776 8,370 22,251 7,484 5,532 7,332 6,315 14,980 Total liabilities and capital accounts: Nov. 28 44,662,822 ,470,18211,764,9442,660,7163,621,8472,674,585 2,380,1737,286,9971,800,8111,033,9191,875,5761,489,553 5I,603,519 Dec. 5 44,152,908 ,501,01711,295,8992,656,9263,661,786 2,684,646 2,391,8757,283,0041,774,9851,013,6171,855,1891,481,065 5I,552,899 Dec. 12 44,289,115 ,463,15511,397,7992,648,7073,607,1832,678,7652,420,240 7,288,3821,804,9501,023,2281,879,6261,517,873 5i,559,207 Dec. 19 45,051,663 ,506,78911,646,4822,713,0663,640,3992,732,4252,448,4557,467,8421.845,9751,051,1191,866,9851,516,339 5,615,787 Dec. 26 44,850,651 ,546,50611,508,7 ,712,5163,651,2712,736,8122,430,1367,423,9461,803,8911,050,7791,854,4781,522,472 5,609,064 Commitments to make industrial loans: Nov. 28 3,257 164 2,066 300 300 185 242 Dec. 5 2,973 164 1,782 300 300 185 242 Dec. 12 2,965 164 1,774 300 300 185 242 Dec. 19 2,970 164 1,779 300 300 185 242 Dec. 26 2,850 164 1,809 300 300 185 92 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F c S i r s a a c n n o - Federal Reserve notes outstanding (issued to Bank): Nov. 28 25,138,466 1,501,726 5,414,1781,668,5072,143,4301,770,1241,545,770 4,508,304 ,095,020 560,589 938,767660,710 3,331,341 Dec. 5 25,217,849 1,508,3275,451,2001,676,330 2,143,4031,774,1471,5.46,389 4,523,928 ,101,861560,990 941,744 661,4413,328,089 Dec. 12 25,352,242 1,519,3515,473,6321,688,420 2,159,2631,785,662 1,557,0774,534,810 ,108.,0 94 556644,227 941,911660,9123,358,883 Dec. 19 25,528,778 1,523,720 5528,2031,693,0032,177,506 1,795,8371,565,3034,556,461 ,117,918 565,468 946,033662,6823,396,644 Dec. 26 25,608,777 1,534,4525,558,9721,699,838 2,180,5531,801,6771,565,940 4,564,226 119,276 569,605 952,110 664,4053,397,723 Collateral held against notes outstanding: Gold certificates: Nov. 28 10,778,000 410,0003,270,000 470,000 695,000 625,000 660,000 2,090,000 300,000165,000 280,000164,0001,649,000 Dec. 5 10,603,000 460,000 3,270,000 480,000 655,000 625,000 660,0001,990,000 300,000165,000 280,000169,0001,549,000 Dec. 12 10,688,000 460,000 3,320,000 490,000 660,000 645,000 660,0001,990,000 300,000165,000 280,000169,0001,549,000 Dec. 19 10,583,000 460,0003,120,000 490,000 630,000 645,000 680,0001,990,000 300,000170,000 280,000169,0001,649,000 Dec. 26 10,523,000 460,0003,120,000 500,000 635,000 670,000 680,0001,890,000 300,000 170,000 280,000169,0001,649,000 Eligible paper: Nov. 28 613,210 33,515 410,310 9,650 6,300 39,285 7,200 21,900 85,050 Dec. 5 254,130 10,490 130,780 5,380 2,150 30,380 4,200 21,900 48,850 Dec. 12 244,714 4,385 159,185 6,685 2,150 19,259 200 16,300 36,550 Dec. 19 303,930 12,985 238,635 7,810 3,550 15,450 14,300 11,200 Dec. 26 417,747 23,060 339,760 4,412 3,965 15,750 "5,000 15,800 10,000 U. S. Govt. securities: Nov. 28 14,627,834 1,100,000 2!., 100,0001,200,0001,450,0001,175,000 900,000 2,450,000 852,834 400,000 700,000 500,0001,800,000 Dec. 5 14,876,374 1,100,000 2!., 100,0001,200,0001,500,0001,175,000 900,000 2,550,000 851,374 400,000 700,000 500,0001,900,000 Dec. 12 14,940,219 1,100,000 21,100,0001,200,0001,500,0001,175,000 900,0002,600,000 865,219 400,000 700,000500,0001,900,000 Dec. 19 15,311,069 1,100,000 2,400,0001,200,0001,550,0001,175,000 900,0002,600,000 886,069 400,000 700,000 500,0001,900,000 Dec. 26 15,420,222 1,100,0002,400,0001,200,0001,550,0001,175,000 900,0002,700,000 895,222400,000 700,000 500,0001,900,000 Total collateral: Nov. 28 26,019,044 1,543,5155,780,3101,679,650 2.,145,0001,806,3001,560,000 4,540,0001,192,119 572,2001,001,900 664,000 3,534,050 Dec. 5 25,733,504 1,570,490 5,500,7801,685,380 2.,155,0001,802,1501,560,000 4,540,0001,181,754 569,2001,001,900 669,000 3,497,850 Dec. 12 25,872,933 1,564,385 5,579),,1851,696,6852,160,0001,822,1501,560,000 4,590,000 1,184,478 565,200 996,300 469,000 3,485,550 Dec. 19 26,197,999 1,572,985 5>,758,6351,697,810 2,180,0001,823,5501,580,000 4,590,0001,201,519 570,000 994,300 669,000 3,560,200 Dec. 26 26,360,969 1,583,060 5,859>,,7601,704,4122,185,0001,848,965 580,000 4,590,0001,210,972 575,000 995,800 669,000 3,559,000 JANUARY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WAR PRODUCTION LOANS GUARANTEED BY WAR DE- MEMBER BANK RESERVES AND BORROWINGS PARTMENT, NAVY DEPARTMENT, AND MARITIME [Averages of daily figures. In millions of dollars] COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V Central reserve [Amounts in thousands of dollars] All city bankvS Re- Coun- Month, or mem- serve try Gua a r u a t n h t o e r e i d z e l d oans Gua lo ra a n n t s eed A a d m di o ti u o n n t al week ending Friday ba b n e k r s1 New Chi- b c a i n ty ks banks1 to date outstanding available to York cago borrowers Date under guar- Portion antee agree- Total reserves held: N b u e m r - Amount am To o t u a n l t gu t a ee ra d n- out m st e a n n t d s ing 1944—O N c o t v 1 1 3 4 , , 8 5 0 2 7 0 4 3 , , 0 8 5 1 7 5 925 5 5 , , 5 7 0 7 1 3 3 3 , , 6 7 0 6 3 4 1945—Oct 15,675 4,183 926 6,244 4,323 Nov 16,043 4,262 950 6,381 4,450 1942 June 30 565 310,680 81,108 69,674 137,888 Nov. 2 15,840 4,253 940 6,303 4.344 Sept. 30 1,658 944,204 427,918 356,677 230,720 Nov. 9 15,912 4,239 947 6,323 4,404 Dec. 31 2,665 2,688,397 803,720 632,474 1,430,121 Nov. 16 16,038 4,231 948 6,389 4,470 Nov. 23 16,093 4,263 953 6,405 4,473 1943 Nov. 30 16,165 4,299 960 6,424 4,482 Mar. 31 3,534 3,725,241 1,245,711 999,394 1,865,618 Dec. 7 16,353 4,240 956 6,542 4,615 June 30 4,217 4,718,818 1,428,2531,153,756 2,216,053 Dec. 14 15,883 4,041 930 6,360 4,553 Sept. 30 4,787 5,452,498 1,708,0221,413,159 2,494,855 Dec. 21 15,985 4,107 941 6,354 4,583 Dec. 31 5,347 6,563,048 1,914,0401,601,518 3,146,286 Excess reserves: 1944—Oct 958 22 7 251 679 1944 Nov 1,023 22 5 286 710 Mar. 31 5,904 7,466,762 2,009,511 1,680,046 3,615,963 1945—Oct 1,057 14 5 261 111 June 30 6,433 8,046,672 2,064,3181,735,777 3,810,797 Nov 1,167 27 5 300 835 Sept. 30 6,882 8,685,753 1,960,7851,663,489 4,301,322 Dec. 30 7,434 9,310,582 1,735,9701,482,038 4,453,586 Nov. 2 1,030 26 247 750 Nov. 9 1,102 19 282 795 1945 Nov. 16 1,192 29 308 849 Jan. 31 7,581 9,407 1,700,632 ,448,995 3,911,058 Nov. 23 1,191 25 314 845 Feb. 28 7,720 9,517,272 1,646,160 1,402,646 3,964,830 Nov. 30 1,200 17 299 877 Mar. 31 7,886 9,645,378 599,120 ,365,959 3,963,961 Dec. 7 1,567 47 480 1,031 Apr. 30 8,048 9,872,916 558,270 ,332,050 4,002,772 Dec. 14 1,516 43 433 1,025 May 31 8,218 10,015,427 ,479,847 ,272,137 3,994,726 Dec. 21 PI,418 30 366 "1,011 June 30 8,422 10,149,315 ,386,851 ,190,944 3,694,618 Borrowings at Federal July 31 8,553 10,241,600 ,274,238 ,091,654 3,627,297 Reserve Banks: Aug. 31 8,651 10,292,225 ,242,688 ,061,601 3,460,272 1944—Oct 190 119 49 22 Sept. 30 8,695 10,313,868 ,073,892 916,851 3,043,674 Nov 436 261 124 52 Oct. 31 8,732 10,321,336 835,537 716,953 2,686,411 1945—Oct 358 93 179 86 Nov. 30 8,746 10,332,868 715,309 613,551 2,077,154 Nov 592 216 281 95 a t o e v f e a N l i o O l a a a g T n b r s E l e e . o e — b m u u t T e s t n h ta e n ts n o d d t i o f i c n f u e o g t r m s e a t n p a n c l n d e e d t a e b in m d e g , t o w a u e r n n e e d t p n s r a g e a u s u v t e a a h n i r o l a t a r s n i b z t l e a a e e m t i d t o o o n l u b o s n o a t e n r s x r s o p a r w i e u r e e p t r d h a s o i d o u r , r i n z d w e g e d i u r t a a h g n r d u a d r n a a s r t w e a u e n m n s - . N N N N N o o o o o v v v v v . . . . . 3 2 1 9 0 2 3 6 5 6 6 5 7 2 0 4 1 7 6 2 4 4 0 3 2 1 1 1 2 0 4 9 3 6 6 3 6 4 2 2 2 2 2 2 9 5 8 9 1 5 6 9 3 1 1 1 1 1 2 5 4 3 3 3 5 5 6 6 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS D D e e c c . . 14 7 4 2 2 4 7 8 14 7 8 0 1 9 4 5 7 1 8 3 3 2 [Amounts in thousands of dollars] Dec. 21 359 199 75 85 Applications Ap- P Preliminary. W D e a d te n e ( s l d a a s y t a t p o p r d o a v t e e d b p u ro t v n e o d t L o o u a t n - s C m om en m ts it- P pa a t r i t o ic n i s - co i u n W tr e y e k b l a y n k f s ig a u r r e e s e st o i f m a e t x e c s e . ss W re e s e e k r l v y e s f ig o u f r es a l o l f m bo e r m ro b w er i ng b s a n o k f s a ll a n m d e m o - f o o r f l p as e t r i d o a d y ) N b u e m r - Amount (a p m c le o o t m e u d - n 1 t) s [a ta m n o d u in n g t) 2 ( s a t m a o n o u d u t- i n n t g ) ( s a t m a o n u o d u t- i n n t g ) b R e e r s e b r a v n e k s B a a n n k d o d f i s c c o o u un n t t s r y a n b d a n a k d s v m an a c y e s i n f c o l r u d n e o n sm m a e l m l b a e m r o b u a n n ts k s o , f e F tc e . deral 1934... 984 49,634 20,966 13,589 8,225 1,296 1935. . . 1,993 124,493 11,548 32,493 27,649 8,778 1936. . . 2,280 139,829 8,226 25,526 20,959 7,208 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1937. . . 2,406 150,987 3,369 20,216 12,780 7,238 SMALL CENTERS i 1 19 9 3 3 9 8 . . . . . . 2 2 , , 6 7 5 8 3 1 1 1 7 8 5 8 , , 0 2 1 2 3 2 2 1 , ,9 6 4 5 6 9 1 1 7 3 , , 3 6 4 8 5 3 1 9 4 , , 2 1 2 61 0 1 1 2 0 , , 7 9 2 8 2 1 [Averages of daily figures. In millions of dollars] 1940. . . 2,908 212,510 13,954 9,152 5,226 6,386 1941. . . 3,202 279,860 8,294 10,337 14,597 19,600 In places of 15,000 In places of under and over population 15,000 population 1942 June 24 3,352 338,822 26,346 11,265 16,832 26,430 Dec. 31 3,423 408,737 4,248 14,126 10,661 17,305 Demand Demand June 1 9 3 4 0 3 3,452 475,468 3,203 13,044 12,132 19,070 d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s r p i - t ts de T p i o m s e its Dec. 31 3,471 491,342 926 10,532 9,270 17,930 bank2 banks 1944 June 30 3,483 510,857 45 11,366 4,048 11,063 November 1944 13,482 5,733 8,807 3,970 Dec. 30 3,489 525,532 1,295 3,894 4,165 2,706 October 1945 15,333 7,184 10,804 5,019 1945 November 1945 15,672 7,260 11,160 5,088 Jan. 31 3,491 526,659 560 4,066 3,461 2,405 Feb. 28 3,492 527,700 585 3,921 3,547 2,374 Boston 2,034 787 339 206 Mar. 31 3,493 528,936 85 4,214 3,321 2,365 New York 3,025 1,835 1,026 1,004 Apr. 30 3,500 533,037 1,370 4,553 3,285 2,361 Philadelphia 1,150 640 874 747 May 31 3,502 535,117 220 4,339 4,392 2,697 Cleveland 1,381 818 995 699 June 30 3,502 537,331 70 3,252 5,224 2,501 July 31 3,503 538,624 130 3,199 5,165 2,455 Richmond 1,110 345 840 389 Aug. 31 3,504 539,765 130 3,259 4,708 2,358 Atlanta 1,458 425 635 173 Sept. 30 3,505 540,241 130 3,166 4,291 2,018 Chicago 1,924 1,173 1,478 790 Oct. 31 3,508 543,090 1,055 2,460 3,679 1,876 St. Louis 593 289 922 230 Nov. 30 3,509 544,116 105 2,471 2,953 1,777 Minneapolis 531 244 646 356 ser 1 2 v I I e n n c c B l l u a u n d d k e e s s s i a a n n p d d p u l s u i t c n r a i d t a e i l o r l n o c s a o n n a s s p i p p d r a e o s r v t a e t d i d o u n e c o 3 b n y m d a i o t p i n o p t n l h i a s c l a l o y n r t. m by o re th , e w h F i e c d h e r a a r l e R no e t - K D Sa a a n l n l s a F a s r s a n C c i i t s y co. .. 1,1 4 8 2 9 4 0 8 8 4 1 9 9 0 9 8 6 1 1, , 3 4 5 8 3 8 6 4 6 2 1 6 5 7 2 5 7 included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 1 Includes any banks in outlying sections of reserve cities which have NOTE.—The difference between amount of applications approved and been given permission to carry the same reserves as country banks. the sum of the following four columns represents repayments of ad- All reserve cities have a population of more than 15,000. vances, and applications for loans and commitments withdrawn or 2 Includes war loan deposits, shown separately for all country banks expired. in the table on the following page, i 46 FEDERAL RESERVE BULLETIN 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 De- Reserves with Federal De- mand Reserve Banks mand Net bal- Class of bank U. S. de- de- Time ances Federal Re a s n e d rve district Total I b n a t n e k r- w G a m o r v e e l n o r t n a - n Other j p u o a s d t s e i - t d s 3 p m o d a s e- i n t d s4 po d s e i - ts5 f d r d o o u - m e Total de- mestic posits2 banks First half of November 1945 All member banks 93,822 12,816 10,561 70,445 66,317 73,077 23,935 6,312 15,955 14,821 1,134 538 Central reserve city banks: New York 25,312 4,259 3,416 17,638 16,450 20,691 1,266 54 4,237 4,214 23 170 Chicago 5,568 1,220 667 3,681 3,440 4,488 703 177 950 940 10 Reserve city banks 35,105 6,083 3,938 25,084 23,075 27,395 9,621 1,855 6,347 6,056 290 272 Boston 2,322 301 458 1,562 1,467 1,724 167 47 363 355 8 8 New York 565 32 63 470 442 456 268 19 109 107 2 3 Philadelphia 2,671 360 360 1,951 1,830 2,119 192 71 445 435 10 8 Cleveland 4,055 571 536 2,949 2,752 3.155 1,127 172 742 699 43 50 Richmond 2,284 424 301 1,559 1,433 1,756 414 112 400 376 24 9 Atlanta 2,130 583 173 1.374 1,237 1,698 360 130 380 361 18 17 Chicago . 153 518 502 3,132 2,934 3,163 1,738 297 774 737 37 81 St. Louis 2,029 624 201 1,204 1,073 1,604 287 98 345 338 6 23 Minneapolis 1,122 355 144 622 545 829 147 74 178 175 4 10 Kansas City 2.936 1,021 220 1,695 1,517 2,255 313 290 520 470 50 24 Dallas 2,369 621 212 1,536 1,415 1,795 283 247 413 376 37 San Francisco 8.470 672 768 7,030 6,430 6,841 4,324 298 1,678 1,628 51 38* Country banks 27,837 1,254 2,540 24,043 23,353 20,503 12,346 4,226 4,422 3,611 811 96 Boston 2.469 104 354 2,010 1,930 1,858 993 187 363 320 43 20 New York 4,103 90 551 3,462 3,332 3,122 2,845 315 696 608 89 52 Philadelphia 2.016 18 233 1. 766 1,718 1,510 1,388 231 357 295 62 3 Cleveland 385 29 252 2.104 2,055 1,766 1,516 324 445 338 107 5 Richmond 113 181 174 1,757 1,681 1,494 734 384 318 253 65 3 Atlanta 306 238 167 1,901 1,840 1,704 598 388 331 274 57 7 Chicago 461 86 313 3,062 2,999 2,520 1,959 577 589 470 119 1 St. Louis 652 152 98 1.402 1,361 1,229 517 291 246 203 43 1 Minneapolis 251 83 88 1,079 1,049 908 600 228 205 163 42 Kansas City 006 95 91 1,820 1,795 1,424 275 476 280 216 64 i' Dallas 2.353 146 109 2,098 2,055 1,660 160 556 323 242 81 San Francisco 1,722 31 110 1,580 1,536 1,309 761 268 268 229 39 2 Second half of November 1945 All member banks 95,787 13,154 11,577 71,055 66,656 73,618 23,978 6,448 16,130 14,929 1,201 646 Central reserve city banks: New York 25,749 4,319 3,520 17.909 16,604 20,900 1,264 60 4,288 4,256 32 261 Chicago 5,644 1,263 676 3,705 3,446 4,536 705 179 950 949 Reserve city banks 36,021 6,281 4,425 25,315 23,168 27,631 9,659 1,910 6,415 6,106 310 291 Boston 2,336 315 447 1,574 1,473 743 168 46 367 359 9 9 New York 576 28 67 480 452 461 270 20 110 108 2 3 Philadelphia 2,673 368 376 1,929 1,802 2,096 191 74 445 431 14 11 Cleveland 4,146 578 592 2.976 2,763 3,173 1,134 173 745 703 43 32 Richmond 2,340 428 320 1,591 1,459 781 412 118 410 381 29 4 Atlanta 2.214 606 222 1,386 1,240 1,717 362 136 382 365 17 20 Chicago 4,213 556 566 3,092 2,892 3,152 1,747 304 772 735 37 79 St. Louis 2,100 640 243 1,217 1,073 1,618 287 100 349 341 8 36 Minneapolis 1,150 364 155 631 553 838 148 79 179 176 3 7 Kansas City 3,022 1,039 259 1,724 1,536 2,287 314 296 527 476 51 24 Dallas 2,515 649 335 1,531 1,399 1, 798 285 257 409 377 32 San Francisco 8,737 710 843 7,184 6,526 6,967 4,341 307 1,719 1,654 65 "67* Country banks 28,373 1291 2,956 24,125 23,437 20,551 12,350 4,299 4,477 3,618 859 94 Boston 2,490 109 367 2,014 1,929 1,852 993 196 362 319 43 23 New York 4,181 92 614 3,474 3,346 3,142 2,833 312 702 610 92 38 Philadelphia 2,071 20 264 1,787 1,739 1 535 1,386 231 365 298 67 3 Cleveland 2,425 28 299 2.098 2,046 1 758 1,519 324 449 337 112 6 Richmond 156 187 209 1,760 1,685 1 497 734 389 320 254 66 4 Atlanta 360 243 197 1,919 1,858 1 720 600 397 339 277 62 14 Chicago 517 87 365 3,064 3,005 2,517 1,969 588 597 470 127 1 St. Louis 688 158 127 1,402 1,359 1,228 519 297 250 203 47 .. . . . Minneapolis 272 88 110 1 .075 1,046 901 601 236 209 162 46 Kansas City 049 97 118 1,834 1,810 1,425 275 491 286 216 70 1 Dallas 2,411 149 158 2,104 2,063 1,658 161 569 326 242 84 San Francisco 1.753 32 129 1 ,593 1,550 1,319 760 271 272 230 42 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. »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.f 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. JANUARY 1946 47 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of year and in cir- Unasmonth cula- sorted tion1 Total Coin $13 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 10 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 ,800 2,489 538 112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943—November. 19,918 14,598 1,006 886 68 1,950 127 561 ,323 1,416 2,761 388 729 10 19 2 December. 20,449 14,871 1,019 909 70 1,973 194 705 ,580 1,481 2,912 407 749 9 22 2 1944—January.. . 20,529 14,817 1,013 880 69 1,940 174 742 ,715 1,509 2,992 418 767 9 21 3 •February.. 20,824 15,004 1,018 877 70 1,952 255 832 ,823 1,534 054 426 777 9 22 3 March 21,115 15,100 029 881 70 1,951 265 905 ,017 1,576 152 444 814 9 22 1 April 21,552 15,342 1,039 885 70 1,964 344 040 ,212 ,618 270 456 836 9 23 1 May 22,160 15,731 1,055 903 72 2,003 498 198 ,431 1,668 371 473 887 9 23 2 June 22,504 15,925 1,065 906 72 2,010 544 326 ,581 1,699 458 481 912 9 22 2 July 22,699 16,034 1,077 910 73 2,016 569 388 ,667 1,722 516 487 911 9 22 2 August 23,292 16,410 1,092 921 75 2,053 706 562 ,884 1,780 642 502 929 9 22 2 September. 23,794 16,715 1,105 937 75 2,078 789 731 7,081 1,829 765 516 939 9 22 2 October. . . 24,425 17,089 1,125 948 76 2,103 877 960 7,339 1,893 918 532 963 10 23 2 November. 25,019 17,461 1,144 962 78 2,129 990 157 7,561 1,946 056 546 981 10 23 3 December. 25,307 17,580 156 987 81 150 983 224 7,730 1,996 153 555 990 10 24 3 1945—January... 25,290 17,456 150 950 77 102 936 242 7,837 2,022 4,228 566 990 10 21 3 February. . 25,751 17,778 158 953 75 135 076 381 7,974 2,059 4,317 571 994 10 24 1 March. . . . 25,899 18,000 170 954 73 132 132 539 7,900 2,088 4,266 550 965 9 23 1 April 26,189 18,353 180 957 73 151 238 754 837 126 4,210 527 932 9 33 1 May 26,528 18,715 196 972 73 186 6,377 911 814 159 4,192 513 909 33 1 June 26,746 19,183 205 981 73 215 515 193 565 132 4,044 483 868 31 2 July 27,108 19,599 223 995 73 2,250 659 400 511 139 4,013 472 847 32 2 A S O N e c o u p t v g o t e e u b m m s e t r b b . . . e e . . r r . . . . 2 2 2 2 7 8 8 7 , , , , 8 0 6 2 2 8 4 1 6 5 9 1 2 2 2 2 0 0 0 0 , , , , 2 5 1 3 3 0 4 8 5 0 1 1 1,2 2 2 2 6 4 3 5 3 3 6 2 1 1 1 1 , , , , 0 0 0 0 0 0 0 0 9 3 0 1 7 7 7 7 3 2 1 1 2 2 2 2 , , , , 2 2 2 3 7 8 7 0 9 8 4 1 6,7 8 8 7 8 1 2 7 3 5 6 9 8 9 9 , , , 8 0 0 7 9 1 0 0 0 5 6 4 7, 6 5 5 7 7 4 9 1 1 6 2 3 2, 2 2 2 1 4 0 8 6 3 4 0 4 4 4 4 4 , , , , 1 0 0 1 7 2 3 5 1 3 8 4 4 4 4 4 6 6 5 6 6 1 7 4 8 8 8 8 2 3 1 1 5 2 1 6 2 2 2 2 2 1 1 0 2 2 2 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp.'415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money Total out- For held by standing. As security Federal Federal No 1 v 9 . 4 5 30, g a o g ld a in a s n t d Tr c e a a s s h ury R B e a s n er k v s e B R an e k se s r a v n e d No 1 v 9 . 4 5 30, Oc 1 t 9 . 4 3 5 1, No 1 v 9 . 4 4 30, silver and agents certificates agents Gold... 20,030 17.921 2 2,109 Gold certificates 17,921 15.054 2,815 51 51 53 Federal Reserves notes 25,148 93 919 24,136 24,008 21,200 Treasury currency—total 4,303 32.014 38 242 4,024 3,990 3,766 Standard silver dollars 494 342 16 2 133 132 113 Silver bullion 1,672 1.672 Silver certificates and Treasury notes of 1890.. . 3 2,014 186 1,828 1,797 1,605 Subsidiary silver coin 852 12 " 15 825 818 751 Minor coin 314 5 4 305 303 280 United States notes 347 3 27 316 316 325 Federal Reserve Bank notes 506 1 6 499 506 569 National bank notes 119 1 1 118 118 124 Total—November 30, 1945 (0 19,935 2, 239 15,054 3,977 28,211 October 31, 1945 (4) 19,916 2,244 15,064 3,935 '28,649' ' November 30 1944 .... (4) 20,386 2,327 15,713 3,790 25,019 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. 40, and seasonally adjusted figures in table on p. 49. 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. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold buUion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. 48 FEDERAL RESERVE BULLETIN 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] fin millions of dollarsl Amount— Amount— Change in Ear- Dounadjusted adjusted for seasonally Gold marked mestic Date for seasonal seasonal adjusted stock Increase Net gold: de- gold variation variation series1 Period at end in gold gold crease proof stock import or in- ducperiod crease ( —) tion1 End of year figures: 1939 7,598 +742 1940 8,732 + 1,134 19342 8,238 4,202.5 1,133.9 82.6 92 9 1941. 11,160 +2,428 1935 10,125 1,887.2 1,739.0 .2 110.7 1942 15,410 +4,250 1936 HI,258 1 132 5 1 116 6 — 85.9 131.6 1943. 20,449 +5,039 1937 312,760 1,502.5 1,585.5 -200.4 143.9 1944 25 307 +4,858 1938 14,512 1,751.5 1,973.6 -333.5 148.6 1945. P28,507 P+3,200 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—Mav 21 822 21 976 +492 1944 20,619 — 1,319.0 — 845.4 —459.8 35.8 June 22,296 22,408 +432 July . . . 22,580 22 625 +217 1944—November. . 20,688 -38.3 -12.0 -34.7 3.0 August 22,988 23,104 +479 December. . 20,619 -69.6 -17.0 -46.3 2.8 September 23,525 23,572 +468 1945—January.. . . 20,550 -69.0 .7 -58.2 2.5 October 24,112 _ 24,112 +540 February... 20,506 -43.8 1.9 -37.4 2.3 November 24,738 24,664 +552 March 20,419 -87.3 -19.1 -46.9 2.4 December 25,207 24,957 +293 April....... 20,374 -45.1 2.4 -53.2 2.3 May 20,270 -103.3 -18.3 -66.9 2.6 1945--January 25,243 25,167 +210 June 20,213 -57.3 -83.8 96.0 2.5 February 25,527 25,527 +360 July 20,152 -60.6 -7.0 -100.3 2.1 March 25,850 25,928 +401 August 20,088 -64.6 -12.3 -63.0 3.2 April 26,009 26,219 +291 September. . 20,073 -15.0 13.5 -19.0 2.7 May 26,351 26,537 +318 October.... 20,036 -36.9 -4.3 34.6 3.6 June 26,561 26,694 + 157 November. . 20,030 -6.2 .8 -38.2 '3.6 July 26,918 26,972 +278 December. . P20.065 P35.2 (4) 5-4.3 /3.6 August 27,392 27,530 +558 Jan.-Dec... . P20.065 P-553.9 (4) s-356.7 P33.3 September 27,765 27,821 +291 October 27,943 27,943 + 122 P Preliminary. f Figure carried forward. November 28,151 28,067 + 124 1 Annual figures are estimates of the United States Mint. Monthly December 28,452 28,170 + 103 figures are those published in table on p. 90, adjusted to exclude Philippine Islands production received in United States. p Preliminary. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and 1 For end of year figures, represents change computed on absolute $35 a fine ounce thereafter. amounts in first column. 3 Includes gold in the Inactive Account amounting to 27 million NOTE.—For discussion of seasonal adjustment factors and for back dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. figures on comparable basis see September 1943 BULLETIN, pp. 822-826. 4 Not yet available. Because of an apparent recent change in the seasonal pattern around 5 Gold held under earmark at the Federal Reserve Banks amounted the year end, adjustment factors have been revised somewhat for dates to 4,293.8 million dollars on Dec. 31, 1945. All of this was earmarked affected, beginning with December 1942; seasonally adjusted figures directly for foreign account except 102.8 million dollars which was earfor money in circulation, as shown in Banking and Monetary Statistics, marked in the name of a domestic bank as security for a foreign loan. Table 111, p. 414, and described on p. 405, are based on an older series NOTE.—For back figures, see Banking and Monetary Statistics, Table of adjustment factors. 156, pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollarsl Annual rate of Debits to demand Annual rate of Debits to total deposit accounts except turnover of total deposit accounts turnover of demand interbank accounts deposits except except interbank deposits except interinterbank and Government bank and Government Year and month Total, all New 140 Other New 333 other New 100 other New 100 other reporting York other reporting York reporting York leading York leading centers City1 centers1 centers2 City centers City cities City cities 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'.'.'.'. 405,929 168,787 204,745 32,406 164,945 186,140 25.1 19^ 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 — — o n l e d w se se ri r e i s e * s3 6 6 4 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. i 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—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 November 79,401 32,246 39,255 7,900 18.1 9.9 28,423 34,616 23.5 16.5 ies; and subsequent figures include 193 centers, deposits and debits of new series for first four NOTE.—Debits to total deposit accounts, except interbank ace JANUARY 1946 49 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 b e T u r j a p a r u o t n n o e s s t d i n k s a t d e i s c l t e d y s c a d d o u d e e T u r j a p m r u o t n o s e s t a d i n s a t d n e i l c e t d d y s a d d e T j p u o o s t s a te i l t d s a D d d e e j p u m o s a t s e n it d d s 1 d G U e S m o p n t v a o e i e t t s n e e r i t s t d n s - 2 Total b m C a e n o T r k c m i s i m a - ' l e < depo M s b a s a i v u n t i s t k n u g s a 4 s l S S P y a o v s s t i e n ta m g l s 5 C o u b u r a t r n s e i k n d s c e y banks 1929—June 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 ,186 4,761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 ,208 4,782 1937—June 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 ,267 5,489 December 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 ,269 5,638 1938—June 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 ,251 5,417 December 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 ,251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 ,261 6,005 December 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 ,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10.631 ,292 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 ,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 ,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 ,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 ,315 10,936 1943— D Ju e n ce e m .. ber 1 9 1 9 0 , , 7 1 0 6 1 1 6 7 2 1 , , 8 85 6 3 8 9 8 4 5 , 17 3 5 4 5 7 4 5 8 6 , , 9 0 2 3 2 9 8 8 , , 4 0 0 4 2 8 3 2 0 8 , ,4 2 3 6 1 0 1 17 6 , , 5 3 4 5 3 2 1 1 1 0 , , 1 6 4 6 1 4 , , 4 5 1 7 5 6 1 1 3 5 , , 9 8 4 1 6 4 December 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 ,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—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 Julyp 163,500 97,600 138,000 72,100 20,800 45,100 27,800 14,600 2,700 25,500 August? 163,400 100,000 137,400 74,000 17,300 46,100 28,500 14,800 2,800 26,000 September P.. .. 162,800 101,600 136,600 75,400 14,300 46,900 29,100 15,000 2,800 26,200 October? 163,800 104,500 137,400 78,100 11,700 47,600 29,600 15,100 2,900 26,400 November? 168,100 107,000 141,600 80,500 13,100 48,000 29,800 15,300 2,900 26,500 P Preliminary. l 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. 8 Excludes interbank time deposits and postal savings redeposited in banks. Beginning June 1941, the commercial bank figures exclude and mutual sayings 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 l [In millions of dollars] Member Nonmember Assets Total, banks banks all End of month D i b t e o a p r l o s - s ' - i C n a d sh e- U. S. s G ec o u v r e it r i n es ment C r a e s - h banks ti N on a- al State su I r n e - d in N s o u n re - d ances1 Total posi- serve b t a o n r k y s Total r D e i c - t G t a e n u e - d ar- fu et n c d .2 s, Num 1 b 9 e 3 r 4 o - f 3 9 banks suspended: 291 15 6 189 81 1940. 22 1 18 3 1941 8 4 3 1 1 1 1 9 9 9 4 3 4 0 9 1 — — — D D D e e e c c c . . . . . . . . . 1 1 1 , , , 2 3 3 7 0 1 9 4 4 1 1 1 , , , 3 3 3 9 1 4 6 9 8 5 3 2 3 6 6 1 1 1 , , , 1 2 2 9 2 7 2 4 4 1 1 1 , , , 0 0 1 4 7 2 6 8 8 1 1 1 4 4 4 6 6 6 9 8 7 5 8 4 1 1 1 9 9 9 4 4 4 2 3 4. 9 4 1 2 6 2 1 3 1942—Dec.. . 1.417 1,464 16 1,345 1,220 126 102 1945. 0 1943—Dec.. . 1,788 1,843 10 1,716 1,716 118 Deposits of suspended banks 9144—Nov... 2,305 2,374 8 2,214 2,214 152 (in thousands of dollars) :2 Dec.. . 2,342 2,411 8 2,252 2,252 152 1934-39 125,991 14,616 26,548 44,348 40,479 1945—Jan. . . 2,404 2,477 8 2,308 2,308 162 1940 5,943 256 5,341 346 Feb.. . 2,458 2,536 8 2,363 2,363 164 1941 3,726 3,144 503 79 Mar... 2,513 2,590 8 2,426 2,426 156 1942 1,702 1,375 327 Apr.. . 2,563 2,646 8 2,463 2,463 175 1943 6,223 4,982 1,241 May. . 2,609 2,696 8 2,518 2,518 170 1944 405 405 June. . 2,659 2,751 8 2,574 2,574 169 1945 0 July.. 2,720 2,809 7 2,625 2,625 176 Aug.. . 2,785 2,867 8 2,674 2,674 185 1 Represents banks which, during the periods shown, closed tem- Sept... 2,836 2,921 8 2,737 2,737 176 porarily or permanently on account of financial difficulties; does not Oct. P2.874 include banks whose deposit liabilities were assumed by other banks Nov... P2,910 at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation loans). P Preliminary. 2 Deposits of member banks and insured nonmember banks sus- 1 Outstanding principal, represented by certificates of deposit. pended are as of dates of suspension, and deposits of noninsured non- 2 Includes working cash with postmasters, 5 per cent reserve fund member banks are based on the latest data available at the time the and miscellaneous working funds with Treasurer of United States, ac- suspensions were reported. crued interest on bond investments, and accounts due from late post- Back figures.—See Banking and ]Monetary Statistics, pp. 283-292; masters. for description, see pp. 281-282 in the same publication. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. 50 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS IN THE UNITED STATES, BY GLASSES* LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Number cal a l n d d ate Total Loans Total 3 o U m o b v . l e i e g n S r a t . n - - O s i e t t c i h e u e s r r - Total1 I b n a t n e k r * - m D a e n - d 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 j\l\ commercial banks: 1938—Dec. 31 38,669 16,364 22,305 15,071 7,234 51,041 7,484 28,695 14,862 14,652 . 1939—Dec. 30 40,667 17,243 23,424 16,300 7,124 57,702 9,883 32,492 15,327 14,484 1940—Dec. 31. 43,922 18,792 25,130 17,759 7,371 65,305 10,941 38,518 15,846 14,344 1941—Dec. 31. 50,722 21,711 29,011 21,788 7,223 71,248 10,989 44,316 15,944 14,277 1942—Dec. 31. 67,391 19,217 48,174 41,373 6,801 89,132 11,318 61,395 16,419 14,136 1943—June 30. 76,633 17,660 58,974 52,458 6,516 96,083 10,895 67,554 17,634 14,073 Dec. 31. 85,095 19,117 65,978 59,842 6,136 105,923 11,012 75,561 19,350 14,034 1944—June 30. 95,731 21,010 74,722 68,431 6,290 116,133 11,219 83,588 21,326 14,009 Dec. 30. 105,530 21,644 83,886 77,558 6,329 128,072 12,245 91,644 24,183 13,992 1945—June 30. 114,505 23,672 90,833 84,069 6,764 136,607 12,605 96,725 27,276 14,000 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 78,277 11,000 54,523 12,754 6,679 1943—June 30 67,155 14,823 52,332 46,980 84,016 10,552 59,670 13,794 6,703 Dec. 31 74,258 16,288 57,970 52,948 92,262 10,555 66,438 15,268 6,738 1944—June 30 83,587 18,084 65,503 60,339 101,276 10,903 73,488 16,884 6,773 Dec. 30 91,569 18,676 72,893 67,685 110,917 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 9,735 908 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 30 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 28,874 357 1,789 1945—June 30 36,249 8,219 28,030 26,188 1,842 41,844 3,980 30,702 7,163 1,825 * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller of the Currency and the Federal Deposit Insurance Corporation for national banks and insured banks, respectively. 1 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million 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." 8 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.—Sez^Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. 51 JANUARY 1946 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 Number and call date Total Loans Total G o m U o b v l . e i e g n S r a t n . - - O s r e i t t c h i u e e s - r TotaP I b n a t n e k r- 1 m D a e n - d Time of banks 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: 5,399 2,813 2,586 1,283 1,303 6,409 101 3 007 3,300 7 317 11993389——DDeecc . 3310 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* 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— D juence. 3 3 0 1 2 7 , , 7 5 0 2 4 5 3 1 , ,0 0 1 7 3 3 4 1 , , 4 69 5 1 2 3 1 , ,2 8 6 4 4 4 4 6 2 0 7 8 2 7 , , 7 5 3 3 9 4 2 7 , , 7 5 3 3 9 4 1 6 8 1 4 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 51. 52 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* LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Loans for U. S. Government obligations Com- purchasing Total m ci e a r l - , o s r e c cu ar r r it y i i e n s g Direct g O at b io li n - s Class of bank loans of cal a l n d d ate i m n a v e n e n d s t t s - Total o e i p l i n u n e g d - n - - A c tu g a u r l r l - - i- br T o o k- R l t o e a e a s t a 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 C ti e fi r - - G a u n a - r- S p a c o t n a a l d i t l t e i s - O s ri e t t c h ie u e s - r p m k a a p e r t e - r d a e e n r a d s l- ot T h o ers Bills o d c f a e t b i e n t s - - Notes Bonds teed s d s i u i o v b n i - s ers edness All insured commercial banks:1 1938—Dec. 31. . 37,470 16,021 5,636 L.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 L ,281 663 727 4,468 4,077 24,161 17,063 662 2,756 9,925 3,719 3,608 3,491 1941—Dec. 31. . 49,288 21,258 9,214 1,450 614 662 4,773 4,545 28,030 21,046 988 3,159 12,797 4,102 3,651 3,333 1942—Dec. 31. . 66,240 18,903 7,757 1,642 950 597 4,646 2,269 1,042 47,336 40,705 4,462 6,727 5,79920,999 2,718 3,533 3,098 1943—Dec. 31. . 83,507 18,841 7,777 L,505 1,414 922 4,437 1,868 918 64,666 58,683 4,636 13,218 7,67230,656 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 1,106 73,207 67,085 4,708 15,466 11,83434,114 963 3,393 2,730 Dec. 30. . 103,382 21,352 7,920 1,723 2,269 2,265 4,343 1,888 944 82,030 75,875 3,971 15,300 15,77839.848 978 3,422 2,733 1945—June 30. . 112,353 23,376 7,501 L.632 3,113 3,601 4,413 2,108 1,008 88,978 82,401 2,831 17,204 16,45445,870 43 3,684 2,892 Member banks,1 total: 1938—Dec. 31. . 32,070 13,208 5,179 712 973 775 2,716 2 853 18,863 13,222 286 3,389 7,208 2,340 2,448 3,192 1940—Dec. 31. . 37,126 15,321 6,660 865 642 652 3,228 3,273 21,805 15,823 652 2,594 9.091 3,486 3,013 2,970 1941—Dec. 31 .. 43,521 18,021 8,671 972 594 598 3,494 3,69? 25,500 19,539 971 3,007 11,729 3,832 3,090 2,871 1942—Dec. 31. . 59,263 16,088 7,387 1,089 934 538 3,423 1,847 870 43,175 37,546 4,363 6^285 5,409 18,948 2,540 2,965 2,664 1943—Dec. 31.. 74,258 16,288 7,421 1,023 1,398 839 3,274 1,484 848 57,970 52,948 4,360 12,071 6,906 27,265 2,345 2,729 2,294 1944—June 30. . 83,587 18,084 7,023 1,023 2,200 2,130 3,207 1,467 1,033 65,503 60,339 4,466 14,228 10.64030,118 887 2,834 2,331 Dec. 30. . 91,569 18,676 7,531 1,198 2,249 2,108 3,209 1,505 877 72,893 67,685 3,748 13,982 14,12734,927 902 2,857 2,350 1945—Mar. 20.. 90,524 17,219 73,305 67,915 2,989 2,400 June 30.. 99,426 20,588 '7\O95 1,125 3^089 '3,407 3^248 1,688 934 78,838 73,239 2,633 15,584 14,72340,266 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 21 787 193 117 303 148 13,841 12,547 1,855 2,144 2,056 5,420 1,071 593 701 1943—Dec. 31. . 19,994 4,428 2,515 24 1,054 323 107 252 153 15,566 14,563 1,328 3,409 1,829 7,014 984 444 558 1944—June 30. . 22,669 5,479 2,430 64 1,657 751 93 232 251 17,190 16,157 1,258 4,242 2,805 7,650 201 456 577 Dec. 30. . 24,003 5,760 2,610 30 1,742 859 86 253 179 18,243 17,179 913 3,740 3,745 8,592 189 468 596 1945—Mar. 20.. 22,734 5,054 17,681 16,568 515 598 June 30.. 25,756 7,069 2^380 53 2,528 1,539 76 "270 '223 18,687 17,492 *424 3,538 3,607 9,920 2 567 629 Chicago:2 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_june30. . 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 Re serve cilybanks: 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 1,486 808 312 14,813 13,038 1,441 2 \ 253 1,723 6,810 811 954 821 1943—Dec. 31. . 27,521 6,201 3,058 279 217 267 1,420 658 301 21,321 19,682 1,802 4,691 2,497 9,943 749 913 726 1944—June 30. . 30,943 6,761 2,787 277 409 903 1,385 650 350 24,183 22,484 1,914 5,586 3,893 10,689 402 963 735 Dec. 30. . 33,603 6,822 3,034 348 311 777 1,379 660 313 26,781 25,042 1,704 5,730 5,181 11,987 440 1,000 740 1945—Mar. 20.. 33,452 6,346 27,106 25,304 1,034 768 June 30. . 36,572 7,155 2,883 304 371 1,147 1,378 757 315 29,417 27,523 1^320 6,598 5^68913/306 ""io 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 1U00 5,517 3,269 45 433 2,081 710 1,146 1,102 1941—Dec. 31. . 12,518 5,890 1,676 659 20 183 1,823 1.530 6,628 4,377 110 481 2,926 861 1,222 1,028 1942—Dec. 31. . 16,419 5,038 1,226 772 17 161 1,797 674 393 11,380 9,172 671 * i,251 1,240 5,436 574 1,252 956 1943—Dec. 31.. 22,188 4,654 1,084 713 25 197 1,725 528 381 17,534 15,465 1,032 3,094 2,096 8,705 538 1,214 855 1944—June 30. . 24,850 4,780 1,096 671 33 345 1,708 536 392 20,071 18,009 926 3,362 3,355 10,114 252 1,212 849 Dec. 30. . 28,520 4,910 1,149 802 32 310 1,719 547 351 23,610 21,552 882 3,466 4,422 12,540 241 1,230 829 1945—Mar. 20.. 29,126 4,807 24,319 22,204 1,264 851 June 30. . 31,368 5,114 1,162 755 32 422 1,771 611 362 26,253 24,094 762 4,194 4,613 14,504 21 1,281 878 Insured nonmember commercial banks: 1938—Dec. 31. . 5,399 2,813 457 348 28 110 1,141 730 2,586 1,283 4 259 793 228 563 739 1940—Dec. 31. . 5 429 3,074 518 416 21 75 1,240 803 2,356 1,240 10 162 834 234 595 521 1941—Dec. 31. . 5,774 3,241 543 478 20 64 1,282 854 2,533 1,509 17 152 1,069 271 563 462 1942—Dec. 31. . 6,984 2,818 370 553 16 59 1,225 422 173 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 L.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 L.136 383 67 9,146 8,197 223 1,319 1,652 4,928 76 566 383 1945—June 30. . 12,940 2,790 406 506 24 193 1,167 420 74 10,150 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 in eluded in "member banks" but are not included in "all insured commercial banks." 2 Central reserve city banks. JANUARY 1946 53 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 Cla c s a s l a l o n d f d a b te ank F s B s w e e R R e a r d r i n v e e t e v h - k - e r e s s al v C a i a n u s l h t b m a w a B n d e n i a c o s t k l e t - h - i s s c 3 j p m u D o a d s a t d s e e e n i - - - t d d s 4 m D es o d t - i e c p 3 osi F e ts i o g r n - U m G er . o e n v n S - - t . p v s S o i u a t s l b a i n i t o t d d i e c n i s - a s c C h c o a f e e e e i f n t e c f r r c i d t s k d . - i ' s - , p a v n a s p i I t d h d r i n o o t i u d r n p c n a a i o e s s - l - , r r s - - I b n a t n e k r- P m U G S e a o r a n . o e s n v d n v t S - a - t - . l v S s p i u a i t s o c a b n i l a o t d d i e l t n i - s - s p a v n a s p i I t h d d i r n o o t i u d r n p c n a a i e s o s - l - , r r s - - r B i o n o w g r s - - c C o a t a u a c p n l - i t - s ings All insured commercial banks :l 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 11,217 1,119 23,478 4,698 1,240 65,494 66 105 482 26,346 65 8,340 Member banks,1 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. 31...12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1942—Dec. 31...13,072 1,019 6,147 42,570 10,101 811 7,923 3,318 1,142 42,139 87 56 332 12,366 5 6,101 1943—Dec. 31...12,835 1,132 5,450 52,642 9,603 891 9,444 3,602 1,573 51,820 62 120 327 14,822 39 6,475 1944—June 30... 12,813 1,143 5,799 51,829 9,904 937 17,634 3,638 1,460 50,756 63 104 333 16,448 75 6,696 Dec. 30... 14,261 1,271 6,354 57,308 10,881 945 18,509 3,744 1,251 56,270 58 105 347 18,807 111 6,968 1945—Mar. 20. . 14,605 1,365 5,772 61,175 10,250 1,016 12,409 4,030 1,305 59,409 65 101 378 20,004 285 7,138 June30... 14,807 1,150 6,486 59,133 11,064 1,106 21,967 3,877 1,138 57,417 61 102 392 21,254 52 7,276 New York City:* 1938—Dec. 31... 4,104 68 109 7,168 2,687 437 139 280 195 7,273 6 36 652 1,593 1940—Dec. 31... 7,057 102 122 11,062 4,032 641 48 370 471 11,357 5 51 768 1,615 1941—Dec. 31... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1942—Dec. 31. 4 388 72 82 11,899 3,209 733 4 186 263 448 12 501 3 23 711 1 727 1943—Dec. 31... 3,596 92 61 13,899 2,867 810 3,395 252 710 14!373 4 5' 26 816 29 1^862 1944—June 30... 3,455 85 60 13,254 3,105 852 6,150 213 722 13,740 11 7 17 861 64 1,907 Dec. 30... 3,766 102 76 14,042 3,179 851 6,722 199 361 14,448 11 7 17 977 96 1,966 1945—Mar. 20. . 3,949 104 62 15,309 2,996 914 4,296 293 494 15,614 11 8 18 1,065 164 1,995 June 30... 3,879 89 64 14,643 3,271 989 7,618 229 341 14,789 16 8 19 1,082 40 2,023 Chicago:2 1938—Dec. 31... 884 35 235 1,688 658 83 181 29 1,597 9 452 257 1940—Dec. 31... 1,051 42 319 1,941 997 Q 90 174 27 1,905 5 8 496 270 1941—Dec. 31... 1,021 43 298 2,215 1,027 g 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 i 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 1 1 1 9 9 9 4 4 4 1 2 0 — — — D D D e e e c c c . . . 3 3 3 1 1 1 . . . . . ' 4 4 4 , , , 0 0 9 2 6 4 7 0 0 3 3 4 6 2 9 5 5 6 2 2 2 ^ ^ ,2 5 7 0 9 4 2 0 1 1 1 9 1 4 , , , 5 1 8 8 1 4 1 7 9 3 4 4 , , 9 8 3 1 3 0 9 1 2 6 4 5 3 9 4 1,9 3 4 8 2 9 2 7 1 1 1, , 3 1 9 1 4 9 9 4 5 3 2 2 8 8 2 5 6 8 1 1 9 5 1 , , 4 0 [1 6 6 2 8 1 7 1 1 6 0 0 3 7 4 2 2 1 0 2 9 2 2 1 2 4 6 6 3 9 4 4 4 , , , 5 5 8 4 0 0 2 5 5 2 2 1 1 , , , 9 9 0 6 0 2 7 4 8 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 1 1 9 9 4 4 5 4 — — D J M u e n a c r e . . 3 3 2 0 0 0 . . ."5 5 5^ , , 1 8 6 0 3 8 9 6 7 3 4 4 9 4 7 9 1 0 2 1 1 ^ ^ ,9 8 0 2 7 0 2 4 5 2 2 1 0 1 8 ^ , , 7 4 2 3 0 6 5 5 7 5 4 5 ^ , , 7 0 4 5 9 2 7 4 1 6 7 7 5 0 8 6 6 4 ^ , ,2 4 1 6 5 5 0 3 7 1 1 l! , 6 4 5 1 6 0 5 4 9 3 4 41 8 8 6 8 4 2 2 1 0 1 8 * , , 4 3 3 5 6 7 6 7 1 3 3 3 3 3 7 3 4 4 8 0 5 1 1 1 7 5 5 9 4 8 6 8 7 , , 0 5 5 2 6 6 1 8 7 70 2 2 2 , , , 3 3 2 2 9 0 7 5 7 June30... 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 1 1 9 9 4 4 3 4 — — D ju e n c e # 3 3 0 i 3 32 1 2 3 2 2^ ,9 9 9 7 6 8 7 7 ^ ,2 3 7 6 9 8 1 12 4 6 1 3 2 1,1 5 2 0 4 6 7 7 5 6 0 4 9 9 6 0 6 6 , , 5 5 1 9 8 5 6 5 4 4 6 7 8 4 3 4, , 0 7 9 5 4 0 9 6 1,0 9 1 7 5 9 Dec. 30 352 3,434 8,652 182 3 1^245 775 103 7,863 6 4 76 4,553 10 1,022 1945—June 30 324 3,473 8,915 153 13 1,511 820 101 8,078 5 4 90 5,105 13 1,065 3 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. « Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection. For other footnotes, see opposite page. Back figures.—See Banking and Monetary Statistics, Table 18-45, pp. 72-103 and 108-113. 54 FEDERAL RESERVE BULLETIN; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars! Loans Investments For purchasing U. S. Government obligations or carrying securities Date or month i m T n lo a v o e n a e t n n d a s t s l t s - Total C i t m c n a r o i i d n e a a m u d r l l , - s , - - a T n o d b d r e o a k l e e r r s s To others e R lo s e t a a a n t l s e - b L a o t n a o k n s s O l t o h an e s r Total c C t a i e f t i e r - - s Guaragri- U. S. U. S. Total Bills of in- Notes Bonds ancul- Govt. Other Govt. Other debt- teed tural l o ig b a - - c s u e r - i- l o i b ga - - c t u ie n s - n e e d s - s tions ties tions Tot I—101 Cities 1944—November.. 54,168 11,397 6,287 1,069 759 494 336 1,060 1,320 42,77139,896 1,752 10,236 7,316 19,996 596 1945—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 August.... 63,014 13,021 5,944 ,400 863 1,797 403 1,056 84 1,474 49,993 46,674 1,551 10,380 9,50225,230 11 September . 61,765 12,761 6,096 ,396 850 1,390 398 1,060 98 1,473 49,004 45,655 1,259 10,258 9,301 24,826 11 October 60,988 12,438 6,267 ,263 858 1,004 402 1,062 82 1,500 48,550 45,264 1,284 9,853 9,159 24,959 9 November.. 61,646 13,034 6,659 ,382 843 1,044 401 1,068 69 1,568 48,612 45,373 1,070 9,798 9,049 25,444 12 Oct. 3 61,030 12,586 6,218 ,366 828 1,155 395 1,063 76 1,48548,444 45,143 1,310 9,803 9,180 24,840 10 Oct. 10 60,883 12,493 6,271 ,269 872 1,067 396 1,065 65 1,488 48,390 45,108 1,284 9,830 9,137 24,847 10 Oct. 17 61,075 12,321 6,251 ,190 852 985 405 1,063 76 1,499 48,754 45,471 1,553 9,864 9,139 24,906 9 Oct. 24. . . . 61,007 12,279 6,266 ,203 848 922 399 1,062 72 1,50748,728 45,458 1,303 -•9,906'9,172'25,068 9 Oct. 31. . . . 60,945 12,510 6,328 ,287 890 890 416 1,060 120 1,519 48,435 45,142 969 9,863 9,168 25M33 9 Nov. 7.... 61,034 12,531 6,480 ,229 870 878 391 1,060 81 1,54248,503 45,263 1,173 9,731 9,129 25,219 11 Nov. 14 61,112 12,702 6,628 ,251 855 911 387 1,067 49 1,554 48,410 45,176 1,016 9,741 9,07325,335 11 Nov. 21 62,057 13,270 6,751 ,375 838 167 410 1,070 78 1,58148,787 45,550 1,116 9,889 9,041 25,491 13 Nov. 28 ... 62,381 13,632 6,778 ,674 807 1,222 416 1,073 66 1,596 48,749 45,501 975 9,832 8,95325,729 12 Dec. 5.... 67,14015,253 6,964 1,717 819 2,458 427 1,079 129 1,660 51,887 48,654 2,16411,193 9,05226,233 12 Dec. 12 68,034 15,951 7,128 1,996 832 2,697 437 1,081 98 1,68252,083 48,817 2,03111,187 9,116 26,471 12 Dec. 19 68,102 15,952 7,241 1,893 901 2,589 442 1,091 96 1,69952,150 48,827 1,96211,218 9,07826,555 14 Dec. 26 67,733 15,829 7,268 1,917 865 2,495 432 1.091 71 1,690 51,904 48,541 1,67411,186 9,07326,598 10 New York City 1944—November.. 19,288 4,637 2,366 885 572 200 139 53 34814,651 13,695 310 3,356 2,696 7,185 148 1945—July 22,997 6,089 2,221 1,316 693 1,153 182 62 39716,908 15,798 443 3,019 3,233 9,102 1 August. . . . 22,253 5,560 2,191 1,125 656 859 191 67 40416,693 15,490 333 2,858 3,146 9,151 2 September . 21,591 5,397 2,295 1,135 628 597 183 83 40916,194 14,965 280 2,811 3,019 8,853 2 October 21,281 5.173 2,415 1,021 623 377 185 68 41716,108 14,967 395 2,779 2,986 8,805 2 November.. 21,342 5,415 2,597 1,134 628 325 179 54 43415,927 14,855 209 2,750 2,939 8,955 2 Oct. 3 21,382 5,322 2,372 1,134 615 474 182 63 41416,060 14,886 384 2,750 2,995 8,755 2 Oct. 10. . . . 21,261 5,248 2,420 1,043 649 422 181 52 41316,013 14,856 378 2,761 2,954 8,761 2 Oct. 17. . . . 21,331 5,054 2,411 946 607 356 186 63 41716,277 15,144 606 2,770 2,967 8,799 2 Oct. 24 21,216 5,019 2,419 939 611 324 182 56 42016,197 15,083 414 2,816 2,999 8,852 2 Oct. 31. . . . 21,216 5,224 2,453 1,041 635 309 196 104 42215,992 14,867 195 2,796 3,017 8,857 2 Nov. 7 21,158 5,168 2,531 975 640 298 168 66 42715,99014,913 264 3,012 8,886 2 Nov. 14.... 21,048 5,231 2,587 1,023 636 288 169 36 42815,817 14,746 159 2,725 2,959 8,901 2 Nov. 21 21,483 5,501 2,628 1,134 629 357 188 63 43815,982 14,914 249 2,921 8,954 2 Nov. 28..-.. 21,677 5,759 2,647 1,403 607 356 191 49 44215,918 14,848 164 2,864 9,082 2 Dec. 5 . . . . 23,817 6,611 2,701 1,369 614 1,107 198 101 45517,206 16,151 743 2,934 9,229 2 Dec. 12 23,914 6,997 2,797 1,644 622 1,153 198 64 45516,917 15,857 525 2,942 9,319 2 Dec. 19 23,952 6,902 2,841 1,541 657 1,072 195 66 46517,050 15,973 610 2,904 9,325 2 Dec. 26. .. . 23,817 6,838 2,838 1,562 635 1,033 186 54 16,979 15,851 441 3,176 2,886 9,346 2 Outside New York City 1944—November.. 34,880 6,760 3,921 184 187 294 197 986 19 972 28,120 26,201 1,442 6,880 4,620 12,811 448 1945—July 41,097 7,584. 3,704 302 197 1,081 215 986 13 1,086 33,51331,460 1,524 7,621 6,381 15,925 9 August.... 40,761 461| 3,753 275 207 938 212 989 17 ,07033,30031,184 1,218 7,522 6,356 16,079 9 September . 40,174 7,364 3,801 261 222 793 215 993 15 ,06432,81030,690 979 7,447 6,282 15,973 9 October 39,707 7,265 3,852 242 235 627 217 995 14 ,08332,44230,297 889 7,074 6,173 16,154 7 November.. 40,304 7,619 4,062 248 215 719 222 1,004 15 ,13432,68530,518 861 7,048 6,110 16,489 10 Oct. 3 . . . . 39,648 264 232 213 681 213 995 13 ,07132,38430,257 926 7,053 6,185 16,085 Oct. 10 39,622 245 3,851 226 223 645 215 997 13 ,07532,37730,252 906 7,069 6,183 16,086 Oct. 17. . . . 39,744 267 3,840 244 245 629 219 995 13 ,08232,47730,327 947 7,094 6,172 16,107 7 Oct. 24 39,791 260 3,847 264 237 598 217 994 16 ,08732,531 30,375 889 •7.090 6,173'16,216 7 Oct. 31. . . . 39,729 7,286 3,875 246 255 581 220 996 16 ,09732,443 30,275 774 7,067 6,151 16,276 7 Nov. 7.... 39,876 7,363 3,949 254 230 580 223 997 15 ,11532,513 30,350 909 6,982 6,117 16,333 9 Nov. 14... . 40,064 7,471 4,041 228 219 623 218 1,003 13 ,12632,593 30,430 857 7,016 6,114 16,434 9 Nov. 21 40,574 7,769 4,123 241 209 810 222 1,006 15 ,14332,805 30,636 867 7,101 6,120 16,537 11 Nov. 28.... 40,704 7,873 4,131 271 200 866 225 1,009 17 ,154 32,83130,653 811 7,096 6,08916,647 10 Dec. 5 43,323 8,642 4,263 348 205 1,351 229 1,013 28 ,20534,681 32,503 1,421 7,950 6,118 17,004 10 Dec. 12. . . . 44,120 8,954 4,331 352 210 1,544 239 1,017 34 ,22735,166 32,960 1,506 8,118 6,174 17,152 10 Dec. 19 44,150 9,050 4,400 352 244 1,517 247 1,026 30 1,234 35,10032,854 1.352 8,086 6,174 17,230 12 Dec. 26. . . . 43,916 8,991 4,430 355 230 1,462 246 1,026 17 1,225 34,925 32,690 1,233 8,010 6,187 17,252 '• Revised. Back figures.—See Banking and Monetary Statistics, pp. 127-227. JANUARY 1946 55 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month B s F w e R e a e r r i n e a d t v - h k l - e s v C a i a n u s l h t m b a w a n d e n i o c s t - e k h ti s s c j p m u o a d s a d t e s n e - i - t d d s s p p u v n c h a o a a o i e n i d r r p l r r d s a t - - - s - , - , S p s d s a i t i o u c i a o n v l b a t d n i i e - l t - s - s c C c h o a f e e e i f e t n e f r r c c d i d t s . - k i ' - s m U G e e . o rn n v - S t - . s p p u v n c h a o a a o i e n i r d r p l r r d s a t - - - s - , - , S p s d s a i i o t u i c o n a v l b a n d i t i - l t e - s - s P m U G S i e a o e o a . n r s n n v n v g t d - - s - t S al . m D a e n - b d ank T s ime b F e a i o n g r k n - s r B o o w r - - C it a a p l tions tions Total 101 Cities 1944—November... 9,861 590 2,170 |38,268 38,637 1,963 876 5,230 7,464 46 9,409 38 868 398 4,524 1945—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 August.... 9,900 553 2,243 37,553 37,651 ,874 876 12,818 8,751 109 44 9,632 32 1,072 343 4,834 September. . 10,129 570 2,175 [38,748 38,894 ,882 1,009 10,074 8,968 111 43 9,741 32 1,085 348 [4,862 October 10,307 569 2,210 39,331 39,458 ,983 1,135 8,571 9,087 108 43 9,921 32 1,105 312 4,905 November.., 10,491 603 2,266 39,751 [40,011 ,112 1,186 8,218 9,186 106 43 10,419 31 1,116 533 4,942 Oct. 3 10,191 539 2,172 38,690 38,577 .975 1,018 9,406 9,008 110 42 9,729 1,082 289 4,894 Oct. 10. . . . 10,250 588 187 39,082 39,229 ,928 1,230 8,793 9,052 111 42 9,860 32 1,C99 262 4,901 Oct. 17. . . . 10,345 572 288 [39,362 39,896 ,886 980 8,520 9,099 108 43 10,186 32 1,104 266 4,900 Oct. 24. . . . 10,413 576 193 [39,929 39,862 ,991 1,158 8,036 9,128 105 44 9,882 32 1,111 339 4,911 Oct. 31 10,336 568 209 39,592 39,726 2,137 1,287 8,098 9,148 104 44 9,945 1,131 405 4,920 Nov. 7 10,289 575 2,215 39,449 39,518 2,094 1,090 7,919 173 106 43 10,265 31 1,139 412 4,936 Nov. 14. . . . 10,474 620 334 39,501 40,265 2,092 1,093 7,884 9,181 104 43 10,581 31 1,096 515 4,938 Nov. 21. . . . 10,460 590 2,241 39,805 40,030 2,079 1.184 8,521 9,199 104 43 10,397 31 ,103 540 4,944 Nov. 28. . . . 10,741 627 2,273 40,247 40,230 2,181 1,376 8,547 9,194 110 43 10,432 31 ,126 663 4,949 Dec. 5 . . . . 10,485 598 2,518 37,452 37,726 1,984 1,492 15,958 9,188 102 42 10,871 29 ,131 354 4,967 Dec. 12 10,037 651 2,570 37,381 37,990 1,893 1,274 16,761 9,190 102 42 10,812 30 ,132 258 4,955 Dec. 19. . . . 10,237 654 2,525 37,974 38,160 1,969 1,418 16,149 195 97 43 10,833 30 ,154 328 4,958 Dec. 26 10,133 668 2,416 37,556 37,662 1,981 1.251 16,100 99 45 10,666 31 ,162 451 4,954 New York City 1944—November... 3,661 96 30 14,293 14,673 282 483 2,003 903 17 2,947 785 274 1,768 1945—July 3,528 28 13,381 13,741 184 677 6,200 1,001 19 9 3,102 938 72 1,847 August 3,590 84 23 13,676 14,046 169 530 5,180 1,076 20 10 2,939 958 160 1,863 September. 3,671 86 24 14,198 14,541 168 618 4,005 1,119 20 10 2,941 971 122 1,869 October 3,767 87 24 14,561 14,938 219 724 3,370 1,085 18 10 3,031 986 100 1,884 November . 3,809 98 25 14,711 15,127 261 726 3,077 1,100 19 10 3,138 992 227 1 ,894 Oct. 3 3,679 79 22 14,284 14,541 220 616 3,715 1,073 19 10 3,000 968 89 1,879 Oct. 10. . . . 3,730 98 21 14,497 14,962 203 853 3,458 1,074 19 10 2,983 980 96 1,882 Oct. 17 3,783 85 25 14,584 15,046 174 576 3,353 1,084 18 10 3,123 986 76 1,882 Oct. 24. . . . 3,853 87 26 14,810 15,094 206 739 3,159 1,097 18 10 3,011 989 83 1,883 Oct. 31 3,792 27 14,630 15,046 291 836 3,164 1,098 18 10 3,036 1,009 158 1,892 Nov. 7. . . . 3,702 95 20 14,551 14,967 238 668 3,061 ,100 19 10 3,092 1,011 129 1,894 Nov. 14. . . . 3,817 100 24 14,545 15,072 270 613 2,993 1,095 19 10 3,165 975 195 1,894 Nov. 21. . . . 3,795 100 30 14,790 15,190 254 713 3,161 1,102 18 10 3,120 980 224 1,895 Nov. 28 3,924 98 26 14,956 15,278 280 910 3,096 1,101 19 10 3,175 1,002 359 1,896 Dec. 5 . . . . 3,693 96 38 13,469 13,970 191 963 6,469 1,097 18 10 3,374 1,001 191 1,903 Dec. 12. . . . 3,557 107 25 13,425 13,928 189 808 6,576 1,094 17 10 3,312 1,003 165 1,901 Dec. 19. . . . 3,634 109 25 13,677 14,108 183 887 6,215 1,081 17 10 3,381 1,028 261 1,901 Dec. 26. . . . 3,659 112 26 13,625 13,999 213 791 6,183 1,089 18 10 3,272 1,031 344 1,893 Outside New York City 1944—November... 6,200 2,140 23,975 23,964 1,681 393 3,227 5,561 39 6,462 37 83 124 2,756 1945—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 August 6,310 469 220 23,877 23,605 1,705 346 7,638 7,675 89 34 6,693 31 114 183 2,971 September. 6,458 484 151 24,550 24,353 1,714 391 6,069 7,849 91 33 6,800 31 114 226 2,993 October 6,540 482 186 24,770 24,520 1,764 411 5,201 8,002 90 33 6,890 31 119 212 3,021 November.. 6,682 505 2,241 25,040 24,884 1,851 460 5,141 8,086 87 33 7,281 30 124 306 3,048 Oct. 3 . . . 6,512 460 150 24,406 24,036 1,755 402 5,691 7,935 91 32 6,729 32 114 200 3,015 Oct. 10. .. 6,520 490 166 24,585 24,267 1,725 377 5,335 7,978 92 32 6,877 31 119 166 3,019 Oct. 17. . . 6,562 487 263 24,778 24,850 1,712 404 5,167 8,015 90 33 7,063 31 118 190 3,018 Oct. 24. .. 6,560 489 167 25,119 24,768 1,785 419 4,877 8,031 87 34 6,871 31 122 256 3,028 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 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 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 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 Nov. 28. . . 6,817 529 2,247 25,291 24,952 1,901 466 5,451 8,093 91 33 7,257 30 124 304 3,053 Dec. 5 . . . 6,792 502 480 23,983 23,756 1,793 529 9,489 8,091 84 32 7,497 28 130 163 3,064 Dec. 12 . . . 6,480 544 2,545 23,956 24,062 1,704 466 10,185 ,096 85 32 7,500 29 129 93 3,054 Dec. 19. .. 6,603 545 2,500 24,297 24,052 1,786 531 9,934 ,114 80 33 7,452 29 126 67 3,057 Dec. 26. .. 6,474 556 2,390 23,931 23,663 1,768 460 9,917 8.139 81 35 7,394 30 131 107 3,061 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. 56 FEDERAL RESERVE BULLETIN 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 U. S. Government obligations or carrying securities Total Com- F di e s d t e ri r c a t l a R nd e s d er a v te e i m l n o a v e n a e n n d s t s t s - Total i t m t a c n a c r u g i i d u n e a r a r u d l r a l i l - , - - s l , - G U a T o o . n o b v d S - t b . . d r e o O a k c l s e u t e e h r r r - s s e i- r G U o T o . b v o S - t . . oth O c e s u t r h e s r - e i- r e l R s o e t a a a n l t s - e b L a o n t a k o n s s O l t o h an e- s Total Total Bills d c o C n t e a e f i e e f d t b i s e i r - - t n s - s - - Notes Bonds G t a e u n e a - d r- O s ri e t t c h ie u e s - r liga- ties liga- ties tions tions Boston Nov. 28 3,223 749 445 46 30 23 17 68 116 2,474 2,404 72 468 462 1,402 Dec. 5 3,51 788 458 53 30 36 17 68 7 119 2,725 2.660 182 575 476 1,427 Dec. 12 3,477 783 461 33 29 43 18 68 6 125 2,694 2,628 148 571 475 1,434 Dec. 19 3,418 799 462 33 40 44 18 68 6 128 2,619 2,555 116 571 432 1,436 Dec. 26 3,399 799 469 38 29 44 19 68 5 127 2,600 2,537 102 565 432 1,438 New York* Nov. 28 23,832 6,127 2,795 1,403 616 397 214 147 50 50517,705 16,550 188 3,062 3,164 10,134 Dec. 5 26,047 6,986 2,849 1,373 620 1,155 221 149 101 51819,061 17,920 791 3,577 3,227 10,323 Dec. 12 26,164 7,392 2,947 1,661 628 1,203 221 148 64 52018,772 17,626 568 3,392 3,232 10,432 Dec. 19 26,216 7,301 2,994 1,562 664 1,119 218 148 66 530 18,915 17,745 660 3,449 3,183 10,451 Dec. 26 26,059 7,227 2,991 1,578 643 1,073 209 148 54 53118,832 17,612 491 3,489 3,150 10,480 Philadelphia Nov. 28 2,610 471 236 8 33 22 9 33 1 129 2,139 1,944 114 287 352 1,191 Dec. 5 2,82: 539 241 8 34 76 10 33 1 136 2,283 2,087 180 337 355 1,215 Dec. 12 2,849 546 238 11 34 80 10 33 1 139 2,303 2,106 169 353 357 1,227 Dec. 19 2,840 552 245 9 34 80 10 33 1 140 2,288 2,087 156 317 383 1,231 Dec. 26 2,834 544 244 9 34 73 10 33 1 140 2,290 2,084 138 316 1,247 Cleveland Nov. 28 4,935 938 388 72 25 144 14 154 1 140 3,997 3,738 33 830 722 2,153 Dec. 5 5,233 1,064 404 87 25 221 16 155 9 147 4,169 3,913 93 930 718 2,172 Dec. 12 5,318 1,092 413 84 22 237 16 156 15 149 4,226 3,967 86 950 738 2,193 Dec. 19 5,33 1,111 426 84 28 245 16 156 11 145 4,221 3,960 80 945 2,200 Ric D h e m c o . n 2 d 6 5,299 1.106 428 87 27 251 16 156 1 140 4,193 3,927 40 944 735 2,208 Nov. 28 2,08' 350 157 4 6 52 10 49 2 70 1,737 1,673 60 314 280 1,019 Dec. 5 2,183 378 164 6 6 69 10 50 3 70 1,805 1,740 67 372 1,051 Dec. 12 2,213 395 169 6 6 79 10 50 4 71 1,818 1,753 71 380 249 1,053 Dec. 19 2,213 397 170 7 6 78 10 50 4 72 1,816 1,751 75 382 248 1,046 Dec. 26 2,213 400 171 79 10 49 3 73 1,813 1,748 78 361 266 1,043 Atlanta Nov. 28 2,104 438 228 1 7 81 23 3 87 1,666 1,517 43 379 296 798 Dec. 5 2,198 512 241 3 10 129 23 3 95 1,686 1,538 44 389 297 807 Dec. 12 2,276 552 244 4 11 159 24 3 100 1,724 1,575 49 415 294 816 Dec. 19 2,303 548 248 4 13 149 24 3 99 1,755 1,606 55 434 295 821 Dec. 26 2,307 54' 250 4 12 147 23 4 99 1,760 1,611 52 439 298 821 Chicago* Nov. 28 8,965 1.599 946 95 46 147 150 148 7,366 6,802 115 1,862 1,304 3,518 Dec. 5 9,86 1,800 967 133 45 284 151 151 8,067 7,496 396 2,240 1,317 3,540 Dec. 12 10,02 1,880 989 146 50 323 152 150 8,142 7,569 440 2,264 1,324 3,538 Dec. 19 9,998 1,915 1,014 142 61 308 162 151 8,083 7,496 372 2,260 1,330 3,531 Dec. 26 9,933 1,884 1,015 134 57 280 163 156 8,049 7,461 354 2,236 1,342 3,526 St. Louis Nov. 28 2,03: 530 302 2 5 44 68 93 ,502 1,364 45 222 315 782 Dec. 5 2,150 575 324 3 6 62 68 96 ,575 1,438 67 220 356 795 Dec. 12 2,210 595 332 4 6 70 68 98 ,615 1,476 68 247 366 795 Dec. 19 2,210 606 339 6 7 69 68 102 ,604 1,462 48 258 360 796 Dec. 26 2,183 604 343 6 7 68 68 97 ,579 1,446 26 258 361 801 Minneapolis Nov. 28 1,258 234 129 2 24 24 50 ,024 971 13 187 185 585 Dec. 5 1,371 268 129 2 3 53 24 51 ,103 1,050 24 207 195 623 Dec. 12 1,396 275 128 2 3 60 24 52 ,121 1,067 30 209 202 625 Dec. 19 1,390 273 127 2 4 57 24 53 1,117 1,063 29 201 203 629 Dec. 26 1,389 26' 124 2 4 56 24 52 1,122 1,067 18 206 206 636 Kansas City Nov. 28 2,347 403 240 2 4 41 39 68 1,944 1,807 77 449 460 820 Dec. 5 2,433 42' 247 2 4 59 39 69 2,004 1,867 98 477 454 837 Dec. 12 2,484 449 251 3 5 70 9 39 71 2,035 1,898 117 483 455 842 Dec. 19 2,504 449 253 3 5 68 9 39 71 2,055 1,918 117 490 462 848 Dec. 26 2,495 44 253 3 5 66 9 39 71 2,048 1,911 111 490 462 847 Dallas Nov. 28 2,069 616 339 1 5 148 25 28 69 1,453 1,396 72 405 292 626 Dec. 5 2,149 651 351 1 5 170 23 28 72 1,498 1,441 74 430 282 655 Dec. 12 2,198 666 358 2 4 175 25 28 73 1,532 1,475 96 442 282 655 Dec. 19 2,196 667 362 2 5 170 25 27 74 1,529 1,471 91 436 291 653 Dec. 26 2,186 671 368 2 6 166 25 28 75 1,515 1,457 82 435 292 648 5an Francisco Nov. 28 1,177 573 40 28 99 26 290 121 5,742 5,335 143 1,367 1,121 2,701 Dec. 5 1,263 589 46 31 144 26 291 136 5,911 5,504 148 1,439 1,125 2,788 Dec. 12 1,326 598 40 34 198 31 291 134 6,101 5,677 189 1,481 1,142 2,861 Dec. 19 1,334 601 39 34 202 32 292 134 6,148 5,713 163 1,475 1,156 2,913 Dec. 26 1,333 612 47 33 192 28 292 6,103 5,680 182 1,447 1,146 2,903 City of Chicago* Nov. 28 5,319 1,091 712 93 37 80 59 27 4,228 3,858 62 1,175 736 1,885 Dec. 5 6,089 1,257 729 131 35 188 60 28 4,832 4,459 308 1,504 750 1,897 Dec. 12 6,178 1,313 745 143 40 211 61 28 4,865 4,490 333 1,512 755 1,890 Dec. 19 6,135 1,345 766 138 51 200 68 37 4,790 4,399 254 1,504 750 1,891 Dec. 26 6,056 1,310 759 130 47 179 70 37 4,746 4,358 222 1,484 762 1,890 _____^__ i * Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 57 JANUARY 1946 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 nd e se d r a v t e e B s w F e R e a e r i r n e a d t v h - k l - e s v C a i a n u s l h t m b a w a n d e i o n c s t - e k h t s i s c j p m u o d a s a d t e s n e - - it d d s 1 s p p u v n c h a o a a i o e n i d r r l p r r d s - a - - t s - , - , S p s d s a t i i o u a c i o n v l a t b n d i e i l t - s - - s c C h c o a e f e e e i f n t c r e f r c i d t s k d - . i ' - s, U m G er . o e n n v S - t - . s p p u v c n h a o a a o i n e i r d r l p r r d a s t - - - s - , - , S p s d s a i i o t u c i o n a v l a b n d t i i l e t - - s - s P G U m S o e i a n r a s o n e . n g t v S v d n a - s - . - t l m D a e n b - d anks Time b F e a i o n g r k n - s r B i o n o w g r s - - c C o i a u t a c a n p - l t - s B d it e a s b n 2 - k tions tions Boston (6 Cities) Nov. 28 492 62 131 2,230 2,193 131 42 606 416 3 350 24 27 289 566 Dec. 5 495 67 148 2,093 2,050 120 51 1,075 418 2 352 23 6 295 1,154 Dec. 12 428 65 142 2,075 2,069 117 . 34 1,015 419 2 321 23 3 295 818 Dec. 19 460 67 135 2,132 2,115 109 42 912 419 3 318 23 10 293 727 Dec. 26 456 69 123 2,102 2,077 105 34 906 420 3 310 25 19 292 632 New York (8 Cities)* Nov. 28 4,186 133 105 16,352 16,510 505 940 3,349 1,744 22 12 3,248 3 1,005 395 2,051 6,186 Dec. 5 3,957 130 139 14,787 15,109 404 1,007 6,929 1,736 21 12 3,440 2 1,004 208 2,059 11,133 Dec. 12 3,793 144 125 14,733 15,090 391 836 7,049 1,734 20 12 3,382 2 1,005 170 2,057 8,302 Dec. 19 3,890 146 125 15,035 15,267 396 940 6,664 1,723 20 12 3,448 2 1,031 269 2,056 9,624 Dec. 26 3,898 148 123 14,941 15,138 426 819 6,625 1,732 21 14 3,340 3 1.034 354 2,048 6,069 Philadelphia (4 Cities) Nov. 28 455 36 90 1,936 1,987 60 19 417 215 4 376 11 6 254 489 Dec. 5 442 34 92 1,801 1,860 48 27 735 219 4 392 11 3 254 991 Dec. 12 416 38 93 1,788 1,871 50 21 750 217 4 397 11 5 254 655 Dec. 19 431 39 91 1,822 1,888 46 26 717 217 2 393 10 7 254 680 Cle D v e e c la . n 2 d 6 (10 Cities) 429 36 86 1,822 1,883 45 20 714 218 2 381 11 3 254 486 N De o c v . . 2 5 8 8 7 1 8 5 0 8 8 3 0 2 2 0 1 2 8 3 2, , 9 0 7 5 1 6 3 3 , , 0 0 1 7 2 5 1 1 4 2 6 4 6 4 0 7 1,0 6 8 6 9 1 1 1 , , 2 2 0 1 9 4 2 2 8 3 5 5 6 9 6 3 7 7 4 4 28 6 4 47 7 7 5 1,2 7 7 2 4 9 Dec. 12 783 87 232 2,979 3,059 128 46 1,156 1,213 24 587 7 4 13 476 978 Dec. 19 765 90 222 2,979 3 006 137 53 1,143 1,218 22 584 7 3 3 476 1,070 Ric D h e m c o . n 2 d 6 (12 Cities) 739 86 206 2,889 2,923 135 48 1,139 1,223 21 577 7 4 19 476 815 Nov. 28 360 42 154 1.368 1,364 97 27 302 341 2 7 459 5 3 4 133 350 Dec. 5 389 39 190 ,286 1,295 78 26 524 338 2 7 486 4 4 1 133 674 Dec. 12 345 43 196 1,298 1,325 77 30 524 338 2 7 470 5 3 2 133 429 Atl D D an e e t c c a . . 2 1 (8 6 9 Cities) 3 3 4 4 8 8 4 4 4 4 1 1 7 5 7 4 1 L , , 3 2 1 8 1 5 1 1 , , 3 2 1 9 1 2 8 7 4 8 3 3 3 0 5 5 0 1 7 1 3 3 3 3 8 9 2 2 7 7 4 4 5 5 7 1 5 5 3 3 1 1 1 3 3 4 4 4 3 4 4 5 0 Nov. 28 382 32 141 1,324 1,250 186 13 229 411 4 3 571 1 7 8 124 343 Dec. 5 386 29 157 L,240 1,191 169 12 409 410 3 3 595 1 8 125 527 Dec. 12 375 32 192 1,251 1,227 153 15 477 410 3 3 621 1 8 124 453 Dec. 19 373 32 171 L.261 1,221 162 16 473 411 3 3 614 1 9 123 446 Dec. 26 375 33 157 1,256 1,201 165 15 472 412 4 3 612 1 8 124 355 Chicago (12 Cities)* Nov. 28 1,579 98 394 5,720 5,576 445 92 1,109 1,809 5 4 1,728 5 24 71 586 1,594 Dec. 5 1,528 93 427 5,394 5,253 443 95 2,285 1,810 5 4 1,805 5 24 28 587 3,554 Dec. 12 1,454 101 415 5,382 5,331 418 83 2,404 1,811 5 4 1,803 5 25 1 586 2,337 Dec. 19 1,506 97 430 5,459 5,317 463 100 2,346 1,813 5 4 1,801 5 24 1 589 2,488 Dec. 26 1,453 103 405 5,325 5,181 466 81 2.392 1,816 5 4 1,793 5 25 3 590 1,781 St. Louis (5 Cities) Nov. 28 357 25 114 1,114 1,163 68 16 281 337 1 1 634 2 35 132 381 Dec. 5 340 23 119 1,056 1,118 68 18 434 334 1 1 655 2 30 132 558 Dec. 12 344 26 126 1,061 1,133 68 18 491 335 676 2 19 131 495 Dec. 19 347 25 123 1,063 1,120 63 16 485 335 1 1 680 2 15 133 444 Dec. 26 348 26 124 1 049 1 102 64 17 482 336 ] 673 2 15 133 336 Minneapolis (8 Cities) Nov. 28 209 11 116 731 709 88 15 196 204 376 3 7 85 236 Dec. 5 191 9 140 664 655 80 14 371 205 389 2 4 85 427 Dec. 12 192 •j -t 133 677 668 69 20 394 205 378 2 85 292 D D e e c c . . 1 2 9 6 2 2 0 0 1 2 1 1 1 0 1 1 1 0 7 9 6 6 8 7 7 4 6 6 7 5 1 7 8 84 1 1 1 3 4 3 3 7 7 7 6 2 2 0 0 6 6 3 3 6 6 8 7 2 2 5 8 8 5 6 2 2 7 4 1 2 KansasCity {12 Cities) Nov. 28 498 25 286 1,485 1,472 148 27 270 284 1 2 958 5 20 146 399 Dec. 5 484 22 304 1,375 1,387 136 28 451 284 1 2 974 5 20 146 570 Dec. 12 472 26 322 1,388 1,412 136 26 501 284 1 2 979 5 14 146 473 Dec. 19 471 25 319 1,399 1,402 142 27 502 286 1 2 977 5 12 147 511 Dec. 26 457 27 322 1,390 1,393 148 28 501 286 1 2 964 5 16 147 384 Dallas (9 Cities) Nov. 28 390 28 256 1,377 1,368 106 22 337 264 15 3 635 3 132 331 Dec. 5 403 25 246 1 S3 2 1 329 95 21 456 262 14 3 644 3 132 467 Dec. 12 402 27 261 1 346 1 368 86 21 494 263 14 3 657 3 131 389 Dec. 19 400 27 275 l!360 l!375 85 25 492 263 14 3 650 4 132 442 Dec. 26 394 29 275 1,365 1.353 93 29 491 264 14 3 644 3 133 343 SanFrancisco(7Cities) Nov. 28 1,053 52 284 3,554 3,563 201 116 790 1,960 28 7 531 5 40 62 542 1,111 Dec. 5 1,055 47 338 3,453 3,467 219 133 1,200 1,958 28 7 546 5 46 48 542 1,650 Dec. 12 1,033 51 333 3,403 3,437 200 124 1,506 1,961 28 7 541 5 46 31 537 1,313 Dec. 19 1,045 51 340 3,466 3,467 201 127 1,531 1,966 27 7 543 5 43 11 536 1,295 Dec. 26 1.034 57 332 3.458 3,462 172 116 1,541 1,976 28 7 554 5 45 16 537 1,018 City of Chicago* Nov. 28 1 010 38 180 3,526 3 518 208 49 670 731 1,227 21 374 1,001 Dec. 5 '953 38 201 3! 300 3^77 216 51 1,567 732 1,292 20 375 2,528 Dec. 12 897 38 194 3 273 3 309 204 42 1 615 734 1,296 21 375 1,542 Dec. 19 935 38 199 3'.336 3! 299 243 53 1,547 736 1,289 20 375 1,681 Dec. 26 917 42 198 3.251 3,226 243 38 1,544 737 1,279 21 377 1,170 * 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 interbank and U. S. Government accounts. 58 FEDERAL RESERVE BULLETIN" 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 Held by Based on Commercial End of month paper Accepting banks Goods stored in or sta o n u d t i - ng1 st T a o n o u d t t a - i l ng Total O bi w ll n s b B o i u ll g s ht Others2 I U S m i n t n p a i t o t t o e e r s d ts E U S f x n t r p a o i o m t t e e r s d ts ex D c o h l a l n ar ge U s n n i i t p e p p d o e i d n t b s F e i t n o w re e i e g n n States countries 1944—August 141 110 82 44 38 28 75 10 (3) 22 3 September 141 111 85 42 43 26 78 11 (3) 19 3 October 142 115 85 40 45 30 79 13 (3) 21 2 November 167 115 84 44 40 32 74 14 (3) 24 4 December 166 129 93 44 50 35 86 14 (') 25 3 1945—January 162 130 98 48 50 32 86 13 (3) 25 5 February 157 126 97 52 46 29 87 12 (3) 24 4 March 147 128 96 54 42 32 87 11 8 25 4 April 119 117 90 52 38 26 81 10 24 2 J A J M u u u l a n y g y e ust 1 1 1 1 0 0 1 0 7 3 0 1 1 1 1 1 0 1 2 0 7 7 8 4 1 9 8 8 0 0 2 0 1 5 5 4 4 0 1 4 5 3 3 4 5 2 6 5 0 2 2 2 2 2 2 7 8 7 9 8 7 7 1 1 2 4 1 1 9 9 0 0 8 ( ( ( 3 3 3 ) ) ) 2 2 2 2 2 0 2 5 3 4 2 2 September 111 135 104 52 52 31 98 11 23 3 O N c o t v o e b m er ber 1 1 2 5 7 6 1 1 3 4 5 5 1 1 0 0 0 7 5 5 3 8 4 4 6 9 3 3 5 8 1 9 0 5 0 1 1 2 5 ( 0 3 0 ) 2 2 2 3 6 6 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks except on July 31, 1945, when their holdings were $486,000. 3 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Debit Debit cre C d u it s t b o a m la e n rs c ' es1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )1 es a in n a d v c e c t s o r t a u m d n e i t n s n g t a in n a v d c e c t s o r t a u m d n e i ts n n g t a b n a d n k i s n borrowed2 Free O (n th et e ) r a i I n n n v d p e t a s r r t a m t d n e i e n n r g t s' a in n v I d n e t s r f t a i m r d m e in n g t I a n c ( c c n o a e u p t n ) it t a s l accounts accounts 1936—June 1,267 67 164 219 985 276 86 24 14 420 December... 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December... 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December... 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 1940— D D Ju e e n c c e e e m m b b e e r r . . . . . . 9 6 6 0 5 7 6 3 7 1 1 1 6 2 2 5 9 7 8 9 8 2 2 2 0 0 2 7 4 3 6 3 4 3 7 2 7 6 7 2 2 2 6 6 8 6 7 1 6 6 5 9 2 4 2 2 2 3 2 2 5 5 7 2 2 2 6 7 4 9 7 7 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 788 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945— F J e a b n r u u a a r r y y . . . . . . . * el l , , 1 0 0 7 0 0 e c 7 73 3 O 0 6 « 5 5 3 4 0 0 March »l,034 3722 3553 April 31.065 3701 3575 May 3L.094 3742 3583 June L.223 11 333 220 853 549 121 14 13 264 July 31,141 3824 3580 August 31,100 3758 3573 September. . 3L,084 3762 3594 October 3 ,063 3743 3632 November. . 3L.095 3711 3639 e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of large firms. 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 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 • September" 1936. The article describes the .. . . . „.. , , _—tinguishes 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. JANUARY 1946 59 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 annuml AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES u. s Government [Per cent per annum] Stock security yields m Y w o e e n a e t r k h , , or m m 4 p P - c o e a r o t r n p i o m m c t e h i r 6 - e a , s - l 1 a a P b d c n e a r c a 9 r i c n e y s m 0 e ' k p s s e 1 - t , - ch n l c a e o r a e x a e l a n w s - - l n 2 l g - e m b o i 3 l n - ls th ' 9 d c m - o c e e t f a o r o b t t n t i i e e f n t 1 s i h d - - 2 - - 3 t - n a y x o e to a t a e b r s 5 l - e 19 T o c t i a ti l es Y N C o i e t r w y k E e 7 N r c a n O o i s t r t i t a e t e h h n s r e - n d r 1 W e 1 r c n e S i t s o i t a e 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 1943 average .69 .44 1.00 .373 .75 1.34 1939 rerage. .78 2.07 2.87 3.51 1944 average .73 .44 1.00 .375 .79 1.33 1940 'erage. .63 2.04 2.56 3.38 1945 average .75 .44 1.00 .375 .81 1.18 1 1 9 94 4 1 2 a a -r e e r r a a g ge e . . . .6 5 1 4 2 1 . .9 0 7 7 2 2 . . 5 5 8 5 3 3 . . 2 1 6 9 1944—December.. .75 .44 1.00 .375 .80 1.35 1943 aerage. 2.72 2.30 2.80 3.13 1944 a erage. 2.59 2.11 3.02 1945—January... .75 .44 1.00 .375 .78 1.31 1945 erage. 1.99 February.. .75 .44 1.00 .375 .77 1.22 March .75 .44 1.00 .375 .78 1.18 1941—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 May .75 .44 1.00 .375 .80 1.16 December 2.41 1.88 2.45 2.99 S O J J A u u e c u l n p t y g e o te u b m e s r t b . . e . . . r . . . . . . . . 7 7 7 7 7 5 5 5 5 5 . . . . . 4 4 4 4 4 4 4 4 4 4 1 1 1 1 1 . . . . . 0 0 0 0 0 0 0 0 0 0 . . . . . 3 3 3 3 3 7 7 7 7 7 5 5 5 5 5 . . . . . 8 8 8 8 8 2 4 3 0 1 4 1 1 1 1 1 . . . . . 1 1 1 1 1 7 6 7 6 9 1942— J S D M u e e n a p c r e t e c e m h m b b e e r r. . . . 2 2 2 2 . . . . 6 6 4 7 3 2 8 0 2 2 2 1 . . . . 8 0 0 2 5 9 7 8 2 2 2 2 . . . . 6 4 5 6 3 8 6 6 3 3 3 3 . . . . 2 2 2 3 5 6 0 4 November. .75 .44 1.00 .375 .84 1.14 December.. .75 .44 1.00 .375 .84 1.15 1943—March 2.76 2.36 2.76 3.24 June .00 2.70 2.98 3.38 Week ending: September. . . . 48 2.05 2.71 2.73 Dec. 1.... ¥ 7/l6 1.00 .375 .85 1.14 December 65 2.10 2.76 3.17 Dec. 8.... Vie 1.00 .375 .84 1.13 Dec. 15.. .. 1.00 .375 5.83 1.13 1944—March 2.63 2.10 2.75 3.12 Dec. 22.. .. % 7Ae 1.00 .375 .83 H.18 June 2.63 2.23 2.55 3.18 Dec. 29.. .. Vie 1.00 .373 .84 1.18 S D e e p c t e e m m b b e e r r. . . 2 2 . . 6 3 9 9 2 1 . .9 1 3 8 2 2 . . 8 6 2 1 3 2 . . 1 6 4 5 1 Monthly figures are averages of weekly prevailing rates. 1945—March 2.53 1.99 2.73 2.91 2 The average rate on 90-day stock exchange time loans was 1.25 per June 2.50 2.20 2.55 2.80 cent during the entire period. September. . . . 2.45 2.05 2.53 2.81 3 Rate on new issues offered within period. December 1.71 4 From Sept. 15 to Dec. 15, 1945, included Treasury notes of Sept. I" 15, 1948 and Treasury bonds of Dec. 15, 1950; beginning Dec. 15. 1945, includes only Treasury bonds of Dec. 15, 1950. 1 Prior to March 1939 figures were reported monthly on a basis not 5 Number of issues increased from 2 to 3 on Dec. 10. strictly comparable with the current quarterly series. Back figures.—See Banking and Monetary Statistics, Tables 120-121 Back figures.—See Banking and Monetary Statistics, Tables 124-125, pp. 448-459, and the BULLETIN for May 1945, pp. 483-490. pp. 463-464; for description, see pp. 426-427. BOND YIELDS1 [Per cent per annum] U. S. Government Corporate (Moody's)4 Ye o ar r , w m e o ek nth, 7 y e t a o r s 9 15 y o e v a e rs r and M g ( r h i a u p i d g n a e h i l c ) - 2 - g C ( r h r o a a i r d g t p e e h o ) - - 3 Total By ratings By groups T ab a l x e - P e l x a y e r t m t i a a p x l t - T ab a l x e - Aaa Aa A Baa In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c Number of issues. 1-5 1-5 1-9 15 5 120 30 30 30 30 40 40 40 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 C2.97 1945 average. . . . 1.60 1.66 2.37 1.67 2.54 2.87 2.62 2.71 2.87 3.29 2.68 3.06 2.89 1944— December 1.93 1.87 2.48 1.87 2.59 2.98 2.70 2.76 2.98 3.49 2.74 3.25 2.96 1945—January.. . 1.89 1.81 2.44 1.81 2.58 2.97 2.69 2.76 2.98 3.46 2.73 3.23 2.97 February . 1.77 1.75 2.38 1.71 2.56 2.93 2.65 2.73 2.94 3.41 2.69 3.16 2.95 March. .. . 1.70 1.70 2.40 1.61 2.51 2.91 2.62 2.72 2.92 3.38 2.68 3.11 2.94 April 1.62 1.68 2.39 1.57 2.49 2.90 2.61 2.73 2.90 3.36 2.69 3.07 2.94 May 1.57 1.68 2.39 1.58 2.53 2.89 2.62 2.72 2.88 3.32 2.68 3.05 2.93 June 1.56 1.63 2.35 1.58 2.54 2.87 2.61 2.69 2.86 3.29 2.68 3.03 2.89 July 1.58 1.63 2.34 1.57 2.53 2.85 2.60 2.68 2.85 3.26 2.68 3.00 2.87 August. . . 1.59 1.68 2.36 1.70 2.56 2.86 2.61 2.85 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 '2.54 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 December. 1.38 1.51 2.33 1.64 2.54 2.80 2.61 2.68 2.79 3.10 2.64 2.96 2.79 Week ending: Dec. 1... 1.40 1.53 2.33 1.69 2.54 2.81 2.61 2.68 2.80 3.13 2.64 2.99 2.80 Dec. 8... 1.38 1.51 2.32 1.67 2.56 2.81 2.62 2.68 2.80 3.12 2.64 2.98 2.80 Dec. 15. .. H.38 1.51 62.34 1.64 2.54 2.80 2.62 2.68 2.80 3.11 2.64 2.97 2.80 Dec. 22. .. 1.40 2.34 1.63 2.53 2.79 2.61 2.68 2.80 3.09 2.64 2.96 2.79 Dec. 29. .. 1.37 2.32 1.63 2.52 2.79 2.60 2.67 2.79 3.07 2.63 2.95 2.78 c Corrected. r Revised. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, 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. 6 Beginning Dec. 15, 1945, includes Treasury bonds of June 1952-54, June 1952-55, December 1952-54, and March 1956-58. 8 Number of issues increased from 8 to 9 on Dec. 10. 7 No partially tax-exempt bonds due or callable in 15 years and over. Back figures.—-See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490. 60 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SECURITY MARKETS1 Bond prices Stock prices5 Corporate4 Common (index, 1935-39=100) V of o l t u ra m d e ing7 (in Year, month, or week U. S. Munic- thou- Gov- ipal Medium- and lower-grade Pre- sands of m e e rn n - t2 g ( r h a i d g e h ) - 3 H gr i a g d h e - Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c fa D ul e t - ed ferred e Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c shares) Number of issues 1-9 15 15 50 10 20 20 15 15 402 354 20 28 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 1945 average 102.04 139.6 122.1 117.9 122.2 115.1 116.3 75.4 189.1 122 123 137 106 1,443 1944—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 '•102.38 137.7 121.9 117.7 122.0 115.3 115.7 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 '•192.2 137 139 154 121 1,961 December 102.68 140.1 121.9 119.0 123.1 117.5 116.2 82.1 195.3 140 142 157 120 1,626 Week ending: Dec. 1 102.65 139.1 121.7 118.5 122.6 117.0 115.9 80.8 193.4 137 139 156 121 1.844 Dec. 8 102.77 139.5 121 6 118.6 122.9 117.0 115.9 81.3 193.9 140 143 158 121 2,292 Dec. 15 81O2.55 140.1 121.9 118.9 123.0 117.4 116.4 82.6 194.4 140 143 156 121 1,572 Dec. 22 102.57 140.3 122.0 119.2 123.3 117.7 116.6 82.2 196.1 138 141 156 119 1,235 Dec. 29 102.84 140.3 122.3 119.2 123.4 118.2 116.1 82.4 196.7 140 143 159 120 1,291 r Revised. 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 percent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. 8 Number of issues increased from 8 to 9 on Dec. 10. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and the BULLETIN for May 1945, pp. 483-490. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Total Year or month f i u a r n n n e g d d - ) - m e ( a e i f d g n o s o n d t r i - - ) c Total S n m a p t i n a a c u d t l i - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a p o o n o t n d e r d s a s te Stocks e F i o g r n - 2 m e ( a e f i d g n o s o n t d r i - - ) c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a p o o n o n t d e d r s a s te Stocks e F i o g r n - 2 1935 4,699 1,457 1 409 855 150 404 334 69 48 3 242 3 216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,'949 735 22 1,192 839 352 23 4! 242 4^123 382 353 3,'387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2 325 971 481 873 807 67 35 2,089 2,061 129 665 1.267 1,236 31 28 1939 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 1940 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2 026 1 834 193 1941 5,546 2,854 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2 114 1,075 1075 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—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 is March.. . . 557 86 86 24 62 27 35 471 471 150 25 296 265 31 April 758 128 126 19 "" Y 101 50 51 ""2" 630 630 30 46 554 529 25 May 583 185 185 28 157 102 55 1 397 395 9 19 367 272 95 ' "2 June 164 52 52 43 "" Y 1 1 112 112 8 30 74 74 July 1,229 249 249 35 2 212 ' " "34* 178 981 981 31 200 750 623 ' 127 August. . . 507 144 144 37 107 64 43 363 363 7 20 335 295 41 September. 870 140 140 37 103 35 68 730 725 9 17 698 638 60 ' ' 5 October.. . 1,338 242 237 29 209 103 106 5 1,096 1,070 38 42 989 820 169 26 November. 223 95 95 35 60 28 31 129 129 7 44 78 60 18 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. 61 JANUARY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW CORPORATE SECURITY ISSUES 1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month E p s r t o g i c r m o e s e a s d te s d 2 E p s r t o i n c m e et e a d te s d 3 New money Retirement of securities Repa o y f ment pu O r t p h o e s r es Total P eq la u n ip t m an e d nt W ca o p rk it i a n l g Total B ' o n n o ds te a s nd Pr s e t f o e c r k red other debt 1934 . 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1944—May 169 166 37 20 17 122 115 7 7 June 180 177 27 14 13 127 113 14 18 5 July 210 206 63 37 26 131 107 24 5 7 August 219 215 61 27 34 151 149 2 3 September 463 453 29 18 11 415 375 40 2 7 October 742 729 125 10 115 594 570 24 2 7 November 380 373 33 17 17 338 224 115 1 December 182 178 66 9 57 109 106 3 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 November 121 117 20 7 13 70 51 19 4 22 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses4 ceeds ties poses4 ceeds ties . poses4 1934 172 21 120 31 130 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 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 4 4 1944 602 102 500 1,400 40 1,343 17 1,033 454 504 76 107 61 42 3 1944—May 2 2 59 1 58 103 33 63 2 1 1 June . . 45 4 41 28 2 25 2 71 19 30 3 34 3 31 July 21 21 62 5 56 1 121 37 74 6 1 1 August 134 19 115 31 3 26 2 47 36 10 1 3 3 1 September.. 189 10 179 167 5 155 6 91 12 77 1 6 2 4 October 36 2 35 499 9 485 5 191 115 74 3 November.. 52 4 48 272 7 265 47 22 23 2 1 1 December 82 82 21 20 34 24 7 3 42 42 1945— F J e a b n r u u a a r r y y .. . . . . . 1 1 1 0 9 8 12 1 9 1 6 9 6 6 5 0 6 6 5 0 8 2 2 7 28 9 5 1 4 6 j' 1 1 0 8 8 7 6 2 March 124 2 122 93 41 50 2 4 4 April 360 14 346 139 12 127 1 118 64 38 15 15 12 1 May ... . 75 18 57 184 1 183 223 117 89 17 2 2 June 30 30 59 3 49 7 2 1 July 105 12 93 301 4 297 480 163 301 16 40 11 29 August 84 10 74 115 1 110 •••"4" 221 63 111 47 13 6 2 S O N e c o p t v o t e e b m m er b be e r r . . . . 2 24 7 6 0 2 4 7 2 2 6 1 6 9 3 56 7 4 5 1 2 2 3 52 6 3 3 4 5 2 6 6 5 2 1 1 3 4 8 0 9 8 8 1 7 9 7 1 3 0 2 8 7 6 2 6 3 6 2 1 2 7 0 7 1 8 9 1 1 5 0 ' • -ot 5 1 1 5* 1 4 15 1 Estimates of new issues sold for cash in the United States. Current figures subject to revision. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. 62 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Profits and Net profits,1 by industrial groups dividends Year or quarter Total s I a t r n e o d e n l c M e h r i a y n - - t b o A i m l u e o - s - e p t O m r q t o a i t u e r o h n t i n n e a s p t r - - - f m e p N u a r r e r n c o o t o t a n d d u s l - - s s O g d o u b t o h l r e a d e - r s t F b o a o e a b g v o n a e e d d c s r s c , - , o p r r a e o i i O n n f n d i i g g d n l u - c- c In h t c r e d a i m u a ls l s i - - O g d n o b u t o o h l r n e a d e - - r s n c s M i e e e c l o r i e l v s u a s - - - s pr N of e i t ts1 fe P D r r r e i e v - d ide C n m o d o m s n - Number of companies.. 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,163 325 193 274 227 153 113 159 174 207 187 152 1,137 92 705 1942 1,769 226 159 209 182 138 90 151 152 164 136 161 888 88 552 1943 . 1,800 204 165 201 180 128 83 162 186 170 149 171 902 86 556 1944 1,896 194 174 222 190 115 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 2 46 36 19 32 35 39* 39 31 205 21 134 2 358 52 35 25 2 43 32 18 32 27 35 27 32 174 23 135 3 445 51 36 46 2 43 34 22 42 42 41 35 52 213 20 125 4 553 72 49 92 2 50 36 30 44 49 48 35 46 296 23 158 1943—i 430 52 39 47 2 48 34 19 39 36 41 36 39 209 21 127 2 433 47 41 50 2 46 32 22 37 42 41 36 38 221 22 132 3 461 51 41 52 2 46 31 20 43 49 40 39 50 226 21 127 4 477 53 45 53 2 41 31 23 43 58 47 38 44 246 22 170 1944—i 444 47 40 52 2 52 29 20 38 49 42 36 39 224 21 142 2 459 46 40 55 2 47 30 22 43 52 43 37 43 230 22 149 3 475 47 38 55 2 47 28 21 45 56 49 37 52 244 20 137 4 . . 518 55 55 59 2 43 28 25 49 64 53 37 50 272 23 184 1945—i 3 492 49 38 3 63 2 50 31 21 45 62 48 39 45 3 250 20 142 2 3 508 53 42 3 77 2 47 27 21 46 64 45 38 47 3 269 22 145 3 427 38 35 45 2 34 23 19 46 61 43 36 49 223 21 143 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad* Electric power5 Telephone6 Year or quarter r O e p v in e e r g n a u t e - I i b n n t e c c a f o o x o m m i re e e inc N o e m t e7 d D e i n v d i- s r O e p v in e e r g n a u t e - I i b n n e t c c a f o o o x m m r i e e e inc N o e m t e7 d D e i n v d i- s r O e p v in e e r g n a u t e - I i b n n e t c c a f o o o x m m r 7 e e e inc N o 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—i 1,152 96 69 28 751 209 154 (8) 295 67 43 44 2 1,272 145 103 36 723 182 126 (8) 308 69 44 45 3 1,468 267 189 34 750 183 107 (8) 311 66 45 44 4 1,454 166 138 87 805 200 139 (8) 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—i 2,091 515 214 29 864 254 136 99 366 88 42 40 2 2,255 608 244 52 835 221 118 100 382 96 44 42 3 2,368 653 250 36 859 210 114 99 391 94 45 43 4 2,340 435 166 100 906 228 133 113 398 96 48 43 1944—i 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—i 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 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 General Motors Corp., have been allocated by quarters as follows: 1st, 49 million dollars; 2nd, 62 million. * Class I line-haul railroads, covering about 95 percent of all railroad operations. 6 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 6 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. JANUARY 1946 63 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public issues1 Nonmarketable public issues Fully Total Total Non- guaran- End of month d g d i r e r o e b s c t s t b i d n e d i t a e r e r e r b i c e n t t s g t- Total2 Tr b ea il s ls ury c i C n a e t d e r e t s i b f o t i - - f Tr n e o a t s e u s ry T b re o a n s d u s ry Total* s b a U o v . n in S d g s . s T t s a r a x e v a i a s n n u g d r s y S i p ss e u c e ia s l i b n e d t a e e r r b i e n t s g t- s t b e t e c e e e u a r d e r r i i s i t n t n i - g e - s edness notes 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 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 33,071 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 42,378 541 Nov 265,342 262,849 185,112 17,026 35,021 23,498 109,371 57,028 47,473 9,058 20,710 52,492 536 Dec 278,115 275,694 198,778 17,037 38,155 22,967 120,423 56,915 48,183 8,235 20,000 2,421 553 1 Including amounts held by Government agencies and trust funds, which aggregated 6,098 million dollars on Nov. 30, 1945. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and depositary bonds not shown separately. 3 Including prepayments amounting to 947 million dollars on securities dated June 1, 1945, sold in the Seventh War Loan, beginning on May 14, 1945. 4 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. 5 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, DECEMBER 31, 1945 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sale3 during t R io e n d s e m an p d - Issue and coupon rate Amount Issue and couponrate Amount Month out- maturities standing at end of Treasury bills1 Treasury bonds—Cont. month All Series Series Series All Jan. 3, 1946 1,310 June 15, 1949-51. 2 1,014 series E F G series Jan. 10, 1946.... 1,311 Sept. 15, 1949-51. 2 1,292 Jan. 17, 1946.... 1,310 Dec. 15, 1949-51.....2 2,098 Jan. 24, 1946.... 1,310 Dec 15, 1949-52. 3 y% 491 1944—May. . . 32,987 751 624 15 111 279 J F a e n b . . 31 7 , , 1 1 9 94 4 6 6.... 1 1, , 3 3 1 1 7 8 D M e a c r . . 1 1 5 5 , , 1 1 9 9 4 5 9 0 - - 5 5 3 2 . . ' . . . ' .2 . y .2 2 1 1 , , 9 7 6 8 3 6 J J u u l n y e . . . . . . 3 3 4 6 , , 6 5 0 3 6 8 2 1 , ,8 1 4 2 2 5 1 1, , 6 3 8 5 7 0 1 1 0 1 1 5 3 3 3 7 8 7 2 2 2 4 7 8 Feb. 14, 1946.... ^317 Sept. 15, 1950-52..'.' i k 11186 Aug... . 36,883 602 499 18 85 279 Feb. 21, 1946. ,302 Sept. 15, 1950-52... .'. 2 4^939 Sept.... 37,323 692 591 16 85 283 Feb. 28, 1946.... Dec. 15, 1950....' 2 \ 635 Oct.. . . 37,645 695 599 14 83 401 Mar. 7, 1946... 303 June 15, 1951-54. 23/ 1 627 Nov.... 38,308 1,023 807 43 174 382 Mar. 14, 1946.... t]302 Sept. 15, 1951-53..... 2 7,'986 Dec.. . 40,361 2,386 1,855 125 406 365 Mar. 21, 1946 1,317 Sept. 15, 1951-55. 3 755 Mar. 28, 1946 Dec. 15, 1951-53. 2 l/ 1 118 1945—Jan.. . . 41,140 1,074 804 42 228 341 '"" * Dec 15, 1951-55.'.'... 2 '510 Feb.. . . 41,698 848 653 31 164 323 Cert. of indebtedness Mar. 15, 1952-54...2K 1,024 Mar.... 42,159 889 712 27 151 464 Feb. 1, 1946 5,043 June 15, 1952-54. 2 5,825 Apr.. . . 42,626 838 684 23 130 404 Mar. 1, 1946 .. • v% 4,147 June 15, 1952-55...2% 1,501 May. . . 43,767 1,540 1,195 63 282 426 A M p a r y . 1 1 , , 1 1 9 9 4 4 6 6 . . . . . . . ....y8 4 1 , ,5 8 7 1 9 1 J D u e n c e . 1 1 5 5 , , 1 1 9 9 5 5 3 2 - - 5 5 5 4 . . 2 2 8,6 7 6 2 2 5 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 , , 0 4 3 6 2 8 1 4 7 7 8 5 2 3 1 2 5 4 4 0 2 3 8 June 1, 1946.... 4,799 June 15, 1954-56. • 2 y$ 681 Aug.. . . 46,715 700 571 22 107 531 Aug. 1, 1946 2,470 Mar. 15, 1955-60. 2 ,611 Sept.... 46,741 514 420 18 76 528 Sept. 1, 1946.... • y% 4',336 Mar. 15, 1956-58.'.'.2% 1', 449 Oct.. . . 46,786 625 510 8 107 616 Oct. 1, 1946.... y% 3,440 Sept. 15, 1956-59. 982 Nov.... 47,473 1,184 865 54 265 533 Nov. 1, 1946 3, 777 Sept. 15, 1956-59. 3,823 Dec.. . 48.183 1,254 908 83 262 559 Dec. 1, 1946....• • • y% 3',753 June 15, 1958-63! 919 June 15, 1959-62.'.'.2YA 5,284 Treasury notes Dec. 15, 1959-62...2% 3,298 Maturities and amounts outstanding, December 31, 1945 Jan. 1, 1946 . . .90 3,416 Dec. 15, 1960-65...2H 1,485 J M ul a y r.15 1 , , 1 1 9 9 4 4 6 6 . . . . . . . .. . .9 i 0 4 1 , ,2 9 9 1 1 0 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 2 3 - - 6 6 7 8 . . . . .2 . % 2H 2 2, , 8 1 3 1 1 8 Year of All Series Series Series Series S D M e e a p c r t . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 4 4 4 7 7 6 . . . . . . . . . . . .. ' . . 1 1 \\ K l V A \ 3 2 1 , , , 2 9 7 4 6 0 8 1 7 J M D u e n a c r e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 4 4 5 - - - 6 6 7 9 9 0 . . . . . . . 2 2 Y V 2 2 3 5 3 , , , 1 7 8 9 6 3 7 1 8 maturity series B-D E F G S S e e p p t t . . 1 1 5 5 , , 1 19 9 4 4 8 7.... '.'.iy2 3 1, , 6 7 8 4 7 8 J S M u e n a p r e t . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 7 7 6 - - - 7 7 7 2 2 1 . . . ' . . ' . .2 2 2 % K y2 3 2 7 , , , 4 7 9 8 1 6 1 6 7 1 1 1 9 9 9 4 4 4 6 7 8 3 4 4 3 2 9 1 0 4 3 4 4 3 9 2 1 4 0 Treasury bonds Dec 15, 1967-72. • 2l/2 10,617 1949 803 803 Mar.15, 1946-56. . 3X 2489 Postal Savings 1950 989 989 June 15,1946-48..... 3 1 036 bonds . .2% 117 1951 1,648 441 1,207 June 15, 1946-49. 819 Conversion bonds 29 1952 4,908 4,908 Oct. 15, 1947-52. 759 Panama Canal loan. . 3 50 1953 9 029 7,636 214 1,179 Dec. 15 1947 7 701 1954 12,172 9,278 588 2,306 Mar. 15,' 1948-50.. '.'. '. 2 1,115 Total direct iss,ues... 198,778 1955 10,844 7,745 667 2,432 Mar. 15, 1948-51.• -2H 1,223 1956 3,536 743 2,793 June 15, 1948......IX 3,062 Guaranteed securities 1957 3,056 580 2,476 Sept. 15, 1948 451 Federal Housing Admin. Unclassified. . -47 Dec. 15, 1948-50.'.'./. 2 571 Various 41 Total 48,183 3,477 i30,774 2,793 11,186 1 Sold on discount basis. See table on Open-Market Money Rates, p. 60. 1 Total for October revised to 29,882 million dollars. 2 Called for redemption on Mar. 15, 1946. 64 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by U. S. Gov- Privately held1 ernment agencies Held Total and trust funds by Other Investors End of month s i b e n c e t u e a r r r e i i t n s i g e t- s S i p ss e u c e ia s l P is u s b u l e i s c R F B e e a d s n e e r k r v a s e l Total m b C e a o r n m c k ia s - l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie e r - - s M is a a s b r u k l e e e s t- m i N s a a s b r o u k l n e 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 35r200 49,200 1945—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 22,700 40,100 55,000 August 261,261 20,033 6,121 22,530 212,577 84,500 10,000 22,500 40,300 55,300 September 260 156 20 519 6 123 23 328 210 186 83 500 10 000 22,500 40,000 54,200 October 259,980 20,577 6,175 23,276 209,952 84,200 10,000 22,600 39,200 54,000 1 Figurreess ffoorr iinnssuurraannccee companies and other investors have been rounded to nearest 100 million dollars for all dates, and figures for commerciiaal banks and mutual sav'•iirngs banks have been rounded to nearest 100 million for all dates except June and December for which call report data are available. Back fifgigures.—See Banking and Monetary Statistics, Table 149, p. 512. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Public marketable securities. Par values in millions of dollars] U.S. U.S. Gov- Gov- End of month s T t o i a o n u n t g t a d - l - a m e c a g r i n e e e n d n n s - t - B s F e R e a e r r e a n d v - l k - e s b C m c a o 0 i n e a m ) r k l - s - b M s i t a n u a n g v a u k s l - - s p I c a n a o n s n m c u i e e - r s - Other End of month s T t o i a o n u n t g t a d - l - a m e a c g r i n e e e n d n n s - t - B s F e R e a e r r e a n d v - l k - e s b C m c a o i n e a m r k l - s - b M s t i a n u a n g v a u k s l - - s I p c a n a o n s n m c u i e r e - - s Other trust trust funds funds Total:2 Treasury bonds: Treas 1 1 u 9 9 r 4 4 y 5 4 — — bi J A J S O D l M J l u u u e s u c e l n p a n : t g c y y e t e 1 1 1 1 1 1 1 1 8 4 6 8 8 8 8 6 3 1 3 1 2 2 3 2 , , , , , , , , 3 5 4 3 8 8 8 1 6 9 4 5 2 4 7 1 9 1 1 3 9 3 0 4 6 6 6 6 6 4 , , , , , ,6 1 0 0 1 0 0 4 8 9 1 9 6 4 3 2 2 4 2 2 2 1 1 2 2 2 3 1 0 4 8 3 2 1 , , , , , ,5 3 2 9 7 9 7 8 2 7 3 0 1 9 4 5 8 6 0 1 7 2 6 4 6 7 7 7 7 7 7 7 3 2 8 6 7 7 1 7 , , , , , , , , 5 0 6 9 8 8 5 4 2 4 0 3 6 9 4 8 3 5 9 9 2 6 7 4 9 9 9 9 8 8 9 7 , , , , , , , , 6 7 3 1 8 4 8 1 2 8 7 8 4 9 4 5 1 3 5 2 8 5 7 7 2 2 2 2 2 1 1 1 1 1 0 1 1 8 9 6 , , , , , , , , 2 1 7 5 4 9 3 4 7 6 4 0 3 2 7 3 3 1 6 1 7 5 1 0 4 4 4 4 3 3 3 4 5 5 5 5 4 7 9 4 , , , , , , , , 8 9 2 6 9 5 5 6 3 3 2 5 3 6 1 7 9 7 7 2 5 7 2 0 To 1 1 t 9 9 a 4 4 l: 5 4 — — J A J S O D M J u u u e u c e l n a p n t g y c y e t e 1 1 1 1 1 9 9 0 0 0 0 7 0 2 1 7 7 8 7 6 9 , , , , , , , , 5 3 0 0 1 4 8 2 4 4 8 7 7 4 9 4 9 9 5 2 7 8 0 4 5 5 5 5 4 5 5 4 , , , , , , , , 9 9 9 9 1 9 9 4 2 3 2 3 7 6 6 3 6 3 6 6 7 1 7 8 1, , , , . 4 9 9 1 1 1 2 1 6 7 7 1 1 1 4 1 4 7 7 4 3 3 3 3 3 4 4 4 4 3 4 3 2 1 2 9 3 6 3 0 , , , , , , , , 8 7 8 4 2 5 1 9 2 9 3 7 7 0 7 1 2 5 4 7 5 8 0 0 9 9 9 9 9 6 7 7 , , , , , , , , 3 3 2 0 7 7 7 3 6 6 7 4 3 5 0 6 5 8 5 0 3 6 4 0 2 2 2 2 1 1 1 1 0 0 0 0 7 7 9 5 , , , , , , , , 3 2 0 8 3 6 8 7 4 7 5 9 4 4 5 6 9 1 8 2 3 6 9 8 2 2 2 2 2 2 2 1 8 7 8 8 6 1 3 9 , , , , , , , , 6 6 3 6 0 9 6 9 6 3 3 0 9 2 6 2 1 6 4 4 8 8 4 9 Certi 1 1 fi 9 9 c 4 4 a 5 4 te — — s: A J J D S O M J u u u e u c e l n a n p t c g y y e e t 1 1 1 1 1 1 1 1 7 7 7 7 6 7 7 4 , , , , , , , , 0 0 0 0 4 0 0 7 4 2 4 2 2 3 1 3 1 5 9 6 8 8 8 4 4 2 1 1 6 6 3 9 4 1 5 8 1 1 1 1 1 1 1 8 2 3 1 2 2 3 3 , , , , , , , , 8 9 1 1 8 9 2 2 7 6 7 4 1 5 5 3 2 2 8 2 0 4 4 4 4 4 2 2 2 2 2 1 , , , , , , , , 7 2 0 8 1 1 7 97 4 3 3 9 9 1 9 8 2 7 5 3 8 3 4 1 1 2 2 2 6 1 7 1 0 1 1 1 1 1 1 1 , , , , , , , 7 1 7 9 2 4 5 8 2 5 7 0 6 6 7 5 1 9 3 6 6 0 4 0 Matur 1 1 in 9 9 g 4 4 5 4 w — — it A J J D S O M J h u u u e i u e c l n n n a p c t g y y e e t 5 years: 8 7 8 8 8 7 7 7 , , , , , , , , 9 9 9 8 9 8 7 7 2 3 3 3 3 2 2 2 4 9 9 9 4 9 5 5 5 5 3 5 5 5 5 3 3 8 1 4 3 3 6 7 6 1 8 7 2 0 4 9 4 4 5 5 5 5 5 5 , , , , , , , , 6 8 1 8 7 5 1 8 9 2 1 3 7 7 4 0 7 6 4 4 7 0 8 3 2 1 1 1 1 1 1 1 5 8 3 7 8 7 8 8 8 9 7 5 3 2 1 4 6 5 3 5 3 3 3 3 6 5 7 5 2 5 2 0 3 6 5 2 0 0 0 4 2 2 2 1 1 , , , , , 7 0 0 6 0 0 7 7 1 6 8 6 7 5 4 7 4 9 1 8 4 0 0 7 Treas 1 1 u 9 9 r 4 4 y 4 5 — — no J J A S D O M J t u u u e e u c e l n a n p s t c g y y e e : t 3 3 3 3 3 3 2 3 5 0 4 4 5 4 8 4 , , , , , , , , 0 4 8 4 4 0 1 4 2 0 2 3 4 7 7 3 1 1 2 6 2 2 2 0 1 6 6 5 4 4 4 7 0 7 2 5 7 5 6 7 3 3 4 5 6 6 6 7 7 , , , , , , , , 3 8 0 0 8 4 1 2 8 8 3 9 8 7 0 0 7 2 4 2 6 0 6 0 1 1 1 1 1 1 1 1 5 6 6 6 5 7 6 6 , , , , , , , , 4 0 7 2 0 2 8 2 1 8 0 3 3 0 1 3 3 9 9 7 2 2 2 0 3 2 2 1 1 1 9 9 1 9 2 2 3 5 2 6 1 4 1 6 6 8 3 3 4 4 8 4 4 5 3 2 1 2 9 8 5 5 9 3 0 0 4 4 4 3 1 1 1 1 1 9 9 9 0 0 0 0 0 , , , , , , , , 8 9 9 9 7 9 9 7 7 8 7 9 5 3 6 1 1 1 9 6 4 5 8 8 Matur 1 1 in 9 9 g 4 4 5 4 i — — n J A D J S O M J 5 u u u e - u e c n l 1 a n p c t g y y e 0 e t years: 3 4 4 4 4 4 4 4 4 8 4 3 8 8 9 9 , , , , , , , , 3 4 1 4 0 1 1 5 9 2 5 2 8 8 8 6 9 5 5 3 7 0 0 4 1 1 1 1 1 1 1 1 , , , , , , , , 5 2 3 3 3 3 5 3 1 3 6 9 2 7 0 9 9 3 2 8 2 0 4 6 2 3 3 2 2 2 3 1 4 0 0 9 5 1 9 8 , , , , , , , , 4 2 1 2 7 9 7 9 4 0 3 4 4 9 9 5 5 9 7 7 1 8 0 4 3 3 3 3 3 3 2 2 , , , , , , , , 1 7 4 5 0 2 4 9 0 1 2 5 5 2 0 7 1 2 7 6 6 8 0 0 3 4 4 4 4 4 4 4 , , , , , , , , 1 1 1 6 1 2 2 0 9 7 6 9 7 6 3 6 6 9 3 4 3 7 0 6 1 1 9 9 9 7 8 9 0 0 , , , , , , , , 6 8 7 7 5 5 0 3 9 3 4 2 0 0 5 0 1 1 9 5 5 9 7 6 Guar 1 1 a 9 9 n 4 4 te 4 5 e — — d J A S O D J M J u u s u e u c e e l n p a n t c g y c y e t e urities: 2 2 2 2 2 2 1 1 3 3 3 3 3 3 7 8 , , , , , , , , 4 0 4 4 4 4 4 5 9 3 9 9 0 9 9 8 8 9 8 7 5 8 8 8 6 5 5 5 5 5 5 8 0 3 8 3 2 2 2 0 1 1 1 1 1 1 1 1 , , , , , , , , 9 6 1 7 5 0 9 6 6 2 1 8 8 6 3 9 2 0 7 5 0 6 3 8 1 1 1 1 1 1 1 1 6 5 5 6 1 2 6 5 , , , , , , , , 2 4 0 7 5 8 0 8 1 1 7 1 8 5 3 3 1 1 6 8 8 8 0 4 2 3 3 2 2 2 2 2 8 3 2 4 4 6 4 5 6 6 7 2 7 0 4 8 3 5 6 6 5 5 5 5 8 0 9 3 6 9 8 9 1 1 2 7 8 1 7 8 3 5 3 4 4 4 4 4 , , , , , , , , 9 8 8 0 6 7 8 8 1 4 2 9 9 9 4 1 2 1 5 6 3 1 5 8 Matur 1 1 in 9 9 g 4 4 5 4 i — — n 1 J A J S O D M J u u 0 u e u c e n - l a n p t c g y 2 y e e t 0 years: 1 1 1 1 1 1 1 1 7 6 5 4 4 7 6 6 , , , , , , , , 3 4 4 7 4 4 7 7 0 4 4 4 2 8 4 4 ' 5 5 6 7 2 8 8 1 1 1 1 1 , , , , , 9 9 9 0 0 0 0 0 8 5 2 9 5 5 8 6 5 7 8 7 8 4 2 0 5 4 5 5 4 4 4 4 , , , , , , , , 5 5 6 6 3 7 3 4 6 6 8 8 0 4 5 5 2 7 7 8 9 5 1 4 2 2 2 2 2 1 1 1 , , , , , , , , 8 8 8 8 6 4 8 9 2 5 8 1 7 5 6 2 8 7 7 4 3 8 8 8 2 2 2 2 2 2 2 2 , , , , , , , , 4 3 6 7 4 4 5 5 7 1 1 9 9 0 7 3 1 9 2 3 2 6 5 4 6 4 3 3 6 6 6 5 , , , , , , , , 1 2 5 3 4 0 5 8 7 2 9 5 3 6 2 8 9 8 1 2 3 0 3 0 1 1 9 9 4 4 4 5— — A S O J J D M J u u u e u c e l n p a n t c g y e y t e 6 6 6 7 7 7 1 1 3 3 9 9 57 4 6 1 1 1 1 1 5 9 0 1 2 0 0 2 6 2 6 4 2 2 2 2 2 2 1 1 1 1 1 1 6 2 3 3 3 3 6 3 2 2 1 0 0 8 3 3 4 2 4 5 3 7 Matur 1 1 in 9 9 g 4 4 5 4 a — — ft A J J S e D O M J u u r u e u c e l n a n p t c g y 2 y e e t 0 years: 3 3 3 3 3 2 2 2 2 3 3 3 3 1 5 5 , , , , , , , , 6 3 2 3 3 5 4 2 2 1 9 6 3 9 2 2 6 9 4 0 9 4 7 7 4 3 4 3 4 4 4 2 , , , , , , , , 1 1 1 1 1 3 6 2 4 4 4 4 4 6 9 9 0 1 1 6 0 6 6 0 2 2 2 2 2 2 1 1 , , , , , , , , 5 3 3 4 7 8 1 6 6 7 2 1 8 7 9 0 6 3 1 7 5 0 4 9 3 3 3 3 2 3 1 , , , , , , , , 9 0 2 2 2 2 2 1 8 1 6 5 0 7 4 2 1 0 6 7 0 7 0 5 1 1 1 1 3 3 3 3 , , , , , 6 6 4 0 3 1 4 7 0 6 6 4 9 5 6 7 9 1 2 0 9 7 6 91 1 1 1 6 9 7 7 0 0 0 0 , , , , , , , , 4 4 0 3 4 9 1 2 0 5 7 3 9 2 0 8 1 5 5 6 5 0 4 0 * 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 sayings banks. On Oct. 31, 1945, commercial banks reporting to the Treasury held 26,204 million dollars of U. S. Government securities due or callable within one year out of a total of 65,212 million outstanding. 2 Including 196 million dollars of Postal Savings and prewar bonds not shown separately below. JANUARY 1946 65 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS |On basis of daily statements of United States Treasury. In millions of dollars] Mis- Chang Period W I h n e c i l t o d h m 2 - e t O ax t e h s e r l n i c n n e e n u t l o a e e l u l a r x - - s S S ta r o e i x c c tv e i u a s - l O r t e h - er T r o e t - al ce N i r p e e - t t s 3 I d n e o e t s n e b t r t - a W c t t ie i a v s r i- c T f o e t e r r a r u a u t s c n c n s - . t t t s s o - , p O t e u e t n r x h e d - e s i r - e b i x T u t p u o d e r t g n e a e s l d t - D c e i f t i- c T o e a u r tc c u n - . s t - t s, f a g b e u n e i r a n n c a n l d e - - c g d r r I e e i o n n a b s - s t s e Fiscal year ending: June 1943 16,094 4,553 1,508 1,230 23.385 22,282 1,808 72,109 435 3,827 78,179 55,897 -1,861 +6,515 64,274 June 1944. . . . 8,393 26,262 5,291 1,751 3,711 45,408 44,149 2,609 87,039 556 3,540 93,744 49,595 -4,051 + 10,66264,307 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—December. . 741 3,606 539 63 470 5,418 5,416 560 7,503 22 332 8,416 2,999 -193 + 12.43315,626 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 3.9S7 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 S.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 + 15,07319,850 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 December. . 707 2,659 516 69 170 4,122 4.118 817 4,244 384 5,445 1,327 + 113+ 11 ,55812,773 Detai s of trust accounts, etc. General fund of the Treasury (end of period) Social Security accounts Net ex- Other Assets penditures Period ce N r i e e p - t ts I m nv e e n s ts t- p t e u E n r x e d - s i- c i G n o i n m o u c g v n h e e t a n e s r c c t n o - k - f - ce R i e p - ts I m nv e e n s ts t- p t e u E n r x e d - s i- Total R F p e e D o d s i s e n e e i r - r t v a s e l d s p p e D o p e i s n c o e i i - s t a s i l - a O s t s h e e ts r l T ia t o i b e t i s a li l - B ge f a u n l i a n n e n d ra c l e agencies Banks taries Fiscal year ending: June 1943 2,810 2,350 456 2,194 1,117 655 133 10,149 1,038 7,667 1,444 643 9,507 June 1944 3,202 2,816 380 4,403 1,851 1,313 192 20,775 1,442 18,007 1,327 607 20,169 June 1945 3,239 2,757 453 1,178 3,820 2,444 -571 25,119 1,500 22,622 997 421 24,698 1944—December.. . 43 312 36 164 182 119 -213 22,717 ,335 20,261 1,120 481 22,236 1945—January 169 84 39 -21 251 117 -37 20,077 ,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 ,547 13,055 1,120 445 15,277 April 122 48 40 71 412 228 137 11,809 ,224 9,492 1,093 443 11,366 May 592 271 42 -154 530 296 -21 10,055 ,140 7,941 974 430 9,625 June 217 482 ' 42 778 701 663 3 25.119 ,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 ,300 16,874 844 387 18,631 September . . 52 241 91 51 407 163 9 16,582 ,755 13,989 839 447 16,134 October 132 -66 146 -274 284 80 228 13,307 ,124 11,389 794 494 12,813 November... 419 38 143 -79 295 65 158 14,849 ,372 12,694 784 404 14,445 December.. . 54 198 149 -395 260 2418 26,520 1,674 24,044 802 517 26,003 I Details on collection basis given in table below. « 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. II Excess of receipts (+) or expenditures (—). Back figures.—See Bankirig and Monetary Statistics. Tables 150-151, pp. 513-516. INTERNAL REVENUE COLLECTIONS [On basis of reports of collections. In millions of dollarsl Income taxes Miscellaneous internal revenue Period Total v i C r i n d e u d n u r i t a - - l W he i l t d h - i V t t o a i r c x y - c r C o a re t r u i p n o r t o - n - t B a a x c e k s E p t r x a o x c f e e i s s ts s p O ta r t o x h f e e i s t r s Total C st t t a o a a p x c l i k - E ta a g s x n i t f a d e t t s e b A t h e a a o l v x g c l e e e i o c r s - - b ta T a x c o e c - s o S t t a a x m es p M re t e u t a x a a r n c n i e u l i d r s e f s e r a ' s c ' - n c t M a e e x l o i l e s u a - s - s taxes Fiscal year ending: June 1943 16,299 5,771 686 4,137 557 5,064 84 4,571 329 447 1,423 924 45 670 732 June 1944 33,028 10,254 ' '7^038 785 4,763 705 9,345 137 5,353 381 511 1,618 988 51 729 1,075 June 1945 35,062 8,567 10,263 1 4,422 661 11,004 144 6,960 372 643 2,310 932 66 1,207 1,430 1944—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 55 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 "l05 49 198 84 6 121 228 August 1,916 87 1,461 -l 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 November. . . 1,856 41 1,405 105 50 248 6 605 44 230 98 8 112 113 * Withheld by employers (Current Tax Payment Act of 1943). 66 FEDERAL RESERVE BULLETIN 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 or dollars! PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items l Lia i b n i t l e it r i n e g s, e n o c t y h er i te t m ha s n Corporation or agency Total Cash r L e a o c b e a l i n e v s - m m C p s t r a u l i o i o a n i e a p e m d t s d - l e s s , i - , - - G u se . o c v I u m n s t - . v e . e n s O t s r s t i e - t t c h i u e e s - r e s L t m u q t a a r r u n e u n e d i n c d p s t - , , - c U h u t n a r t i r d e b g d i - s e - s | Other 3 | i a F g t n B u a u u t o r e n a l e n l e d r y s d - d s d p , e a n b y O o e t a t n b h e - e l s e , r O li i a t t i b h e i e s l r - G in m U o te v . e r e n S e r t . s n t - o v in w P a e t r t s e n i e - t r e l - y d rities I by U.S. All agencies: Dec. 31, 1944. . . 756 6,387 2,942 1,632 424 16,£37 1,692 1 ,419 1.537 1,395 4. 196 23,857 504 Mar. 31. 1945. . . 768 5, 789 2 .960 1,756 388 16,734 1,001 1,913 1,124 1,263 4,962 23,510 451 June 30, 1945 . . . 700 5,544 2,507 1,679 375 20,164 772 1,811 502 1,163 4.162 27,266 459 Sept. 30, 1945. . . 815 5,409 2,487 1,756 368 20,816 442 2,154 551 1,135 4,486 27,610 465 Classification bv agency, Sept. JO, 1945 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 234 29 127 43 227 Federal intermediate credit banks 346 27 279 37 269 00 9 75 Federal land banks 1,27' 59 .036 157 834 42 176 Production credit corporations. . . 123 1 66 56 (') 123 O R t e h g e i r o 3 nal Agricultural Credit Corp 2 1 1 5 2 7 16 C2) ( 3 2 1 1 19 4 Federal Farm Mortgage Corp 244 13 222 o 6 232 Rural Electrification Administration 39S 4 388 5 09 398 War Food Administration Commodity Credit Corp 1,545 16 104 1,209 200 503 538 505 Farm Security Administration 469 45 341 49 5 465 Federal Crop Insurance Corp. . . . 36 12 24 5 31 Federal Surplus Commodities Corp 3 3 3 National Housing Agency:4 Federal Home Loan Bank Administration: Federal home loan banks 30C 100 181 1 125 92 Federal Savings and Loan Insurance Corp 162 157 -I 62 100 Home Owners' Loan Corp 985 ' 895' 15 6 28 945 Federal Public Housing Authority and affiliate: Federal Public Housing Authority 550 25 288 222 6 10 540 Defense Homes Corp 68 1 C') 66 1 67 Federal Housing Administration 163 25 19 () 1 19 10 122 I'Vderal National Mortgage Association 9 9 C-) (2) 9 K.K.C. Mortgage Company 59 47 7 5 4 55 econstruction Finance Corp.5 9,980 18 1,049 942 75 6,868 325 455 1,505 8,475 Ml'ice of Emergency Management: Smaller War Plants Corp 176 126 33 15 1 175 War Shipping Administration 8,844 123 40 7,810 64 807 1,017 7,827 Oilier6 489 22 1 232 10 23 197 269 219 \port-Import Bank 230 227 2 89 141 < • l e l < n S t . n l l . . t c ( e r h r a s M a e l s l r e a D e W r i e V t p o im a o r l k s e l i s e t y C A I o n A g m s e u u n m t r c h a i y o s n s r c i i e o ty n Corp 3 2 , , 5 0 9 2 7 8 0 2 5 5 5 6 3 4 0 1 2 4 1 1 1 1 3 6 1 6 3 8 3 4 7 4 1 5 0 88 2 9 9 3 1 , , 2 6 7 1 7 4 1 4 1 3 9 5 26 4 1 1 2 4 1 3 6 ( 6 1 6 3 2 3 ) 3 9 2 4 3 1, , 2 7 1 9 4 4 5 4 5 5 2 4 4 2 0 I CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Sept. 30. 1945 Recon- 'urpose of loan b l F a a e n n d k d . s M F C F a o e o r r d m r p . t . . c b m i F n r a a e e e t n t e d d e d k r i i . - s - t f o B o t p i r a v e n c e r k a o s s - - m C C C o r o o e d m r d i p t i - . y t t R A r E t i i f u l d o i e r m c n c a a - l . - A S F r e a d i c t r m y m u- . H O C L e o o w o rs m r a ' n p n - e . P H A F u i o u n e b u t g d l h s i . c . - b h F l a o o e n m a d k n . e s s n C t t a a F i o r n n o u i r - d n c p c e - . B p p E I o r a o x n r n r t - - t k - o A th l e l r a c g A i e e l n l s - 3 a 0 g . J e u a n 1 l n c l 9 e i 4 e 5 s , affiliates To aid agriculture 1,108 291 279 128 108 388 486 159 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 738 227 112 1,365 1,343 Less: Reserve for losses. 72 (r) 145 13 1 151 457 451 (•) 'f'otal loans receivable (net) 1,036 222 279 127 104 388 341 895 100 1, 105 296 5,409 5,544 1 Assets are shown on a net basis, i.e., after reserves for losses. - 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. 6 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 Petroleum Reserves Corp., Rubber Development Corp., U. S. Commercial Co., and Coordinator oi Inr.er-American Affairs. i !n's iable is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly figures •! .(I»lt« with monthly figures previously published. Monthly figures on the old reporting basis for the months prior to Sept. 30, 1944, may be :i- i su.-s of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and in Banking and Monetary Statistics, Table 152, p. 517. JANUARY 1946 67 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation! Construction Industrial production contracts Employment4 Y m ea o r n a th nd 1 ( I m v 9 n = p a 3 c e a l 1 5 o n y u 0 - m t - e 3 0 s ) 9 e 1 Tota ( l phy 1 s 9 i 3 c 5 a D l - 3 u v f 9 M a r o - = c l a u t 1 u n m 0 r u N 0 e e - s ) o * n 2 - M era in ls - To a t w a 1 l a 9 r 2 d 3 e R d - d t e 2 i e a n s 5 ( l i - = v - a 1 l 0 u o 0 e A t ) h 3 l e l r N t a c u g u o r r l a n - i- l - 1939= F 1 a 0 c 0 tory 19 r F t p o 1 3 o a l 9 a 0 c r l y s 0 y - * = c 1 F a 9 i r r n 3 = e l g o 5 i s g 1 - a * 3 0 d h 9 0 - t 1 D 9 m u s s ( e 1 v 3 t a e p o e a 0 l 5 ) e l a r n 0 * - - e s r 3 t s t 9 - W p m c = 1 r s h o i o 9 a c o 1 m d 2 l e 0 l e i 6 e s - 0 t * - y able durable Ad- Ad- Unad- Ad- Ad- Ad-1 Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unadjusted 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 1920 75 93 60 83 63 30 90 104.2 123.5 129 99 154.4 1921 58 53 57 66 56 44 65 79.8 79.7 110 92 97.6 1922 73 81 67 71 79 68 88 88.2 85.5 121 94 96.7 1923 88 103 72 98 84 81 86 101.0 108.4 142 105 100.6 1924 82 95 69 89 94 95 94 93.8 101.2 139 105 98.1 1925 90 107 76 92 122 124 120 97.1 106.6 146 110 103.5 1926 96 114 79 100 129 121 135 98.9 109.9 152 113 100.0 1927 95 107 83 100 129 117 139 96.8 107.9 147 114 95.4 1928 99 117 85 99 135 126 142 96.9 109.1 148 115 96.7 1929 122.9 110 132 93 107 117 87 142 102.6 103.1 116.4 152 117 95.3 1930 109.1 91 98 84 93 92 50 125 95.5 89.8 94.1 131 108 86.4 1931 92.3 75 67 79 80 63 37 84 86.1 75.8 71.2 105 97 73.0 1932 70.6 58 41 70 67 28 13 40 75.5 64.4 49.2 78 75 64.8 1933 68.9 69 54 79 76 25 11 37 76.0 71.3 52.8 82 73 65.9 1934 78 75 65 81 80 32 12 48 83.8 83.1 67.8 89 83 74.9 1935 87 87 83 90 86 37 21 50 87.6 88.7 78.0 92 88 80.0 1936 101 103 108 100 99 55 37 70 94.9 96.4 90.5 107 100 80.8 1937 107 113 122 106 112 59 41 74 100.9 105.8 108.2 111 107 86.3 1938 98 89 78 95 97 64 45 80 94.4 90.0 84.2 89 99 78.6 1939 105 109 100 109 106 72 60 81 100.0 100.0 100.0 101 106 77.1 1940 113.5 125 139 115 117 81 72 89 104.7 107.5 114.5 109 114 78.6 1941 138.0 162 201 142 125 122 89 149 117.5 132.1 167.5 130 133 87.3 1942 174.6 199 279 158 129 166 82 235 126.7 154.0 245.2 138 150 98.8 1943 213.0 239 360 176 132 68 40 92 130.9 177.7 334.4 137 168 103.1 1944 '233.4 P353 P171 41 16 61 127.5 169.1 339.1 140 186 104.0 1942 November.. 192.8 220 220 319 168 130 198 90 286 130.5 165.1 165.6 287.0 136 158 100.3 December. . 196.1 223 221 328 169 127 175 91 243 131.4 168.3 168.7 295.4 135 159 101.0 1943 January. . . . 199.6 227 224 337 171 125 145 79 198 131.6 170.7 170.1 300.7 135 163 101.9 February... 203.5 232 229 344 174 131 102 56 140 131.6 173.1 172.5 308.9 139 192 102.5 March 206.9 235 232 351 174 133 85 42 119 132.0 175.1 174.6 318.0 138 161 103.4 April 208.8 237 236 356 175 131 63 33 87 131.4 176.2 175.4 324.9 136 159 103.7 May 209.4 239 239 359 176 129 52 31 68 130.9 176.9 1 75.8 330.4 135 159 104.1 June 212.8 237 238 358 177 117 45 32 55 131.0 179.0 178.3 336.1 127 168 103.8 July 214.8 240 241 360 177 134 60 36 80 131.4 180.1 180.2 335.8 141 169 103.2 August 216.7 242 245 365 178 135 59 35 79 130.9 180.2 181.4 343.1 140 166 103.1 September.. 216.8 244 248 368 179 138 65 35 89 130.1 179.6 180.8 349.5 140 165 103.1 October.... 219.3 247 249 374 179 136 49 34 61 130.1 180.6 181.4 354.9 137 172 103.0 November. . 222.9 ?47 247 376 180 133 60 37 78 130.2 181.5 181.9 359.7 139 177 102.9 December. . 224.7 241 239 365 174 137 61 35 81 130.1 179.9 180.3 350.7 143 167 103.2 1944 January. . . . 227.2 243 240 369 176 139 55 76 130.0 178.1 177.5 350.0 145 174 103.3 February... 232.4 244 240 367 177 142 45 64 129.6 177.1 176.5 349.7 142 175 103.6 March 231.9 241 238 364 175 139 40 59 128.9 174.6 174.1 346.3 140 183 103.8 April 231.1 239 237 361 172 140 36 52 128.0 171.8 171.0 339.8 138 173 103.9 May 232.1 236 236 356 169 143 33 46 127.7 170.1 169.1 339.2 138 183 104.0 June 233.9 235 236 354 169 142 34 50 127.7 169.2 168.6 339.5 139 176 104.3 July 233.2 230 232 347 165 139 38 57 127.5 167.6 167.7 331.7 142 189 104.1 August 234.0 232 235 348 168 142 41 63 127.3 166.8 167.9 335.0 142 187 103.9 September.. 232.5 230 234 342 168 143 39 61 126.5 164.9 166.0 333.8 139 187 104.0 October.... 235.5 232 234 344 169 143 42 65 125.7 163.3 164.1 335.1 137 193 104.1 November.. 237.5 232 232 341 173 143 46 73 125.3 162.6 163.0 331.8 141 205 104.4 December. . 239.0 232 230 343 173 137 51 81 125.7 163.0 163.3 336.8 137 196 104.7 1945 January.. . . 241.9 234 230 345 175 140 48 75 126.6 162.9 162.4 335.2 143 197 104.9 February... 245.2 236 232 346 176 141 59 96 126.7 162.5 162.0 333.7 139 211 105.2 March 244.1 235 232 345 176 142 72 118 126.7 160.6 160.2 330.2 145 220 105.3 April 242.3 230 229 336 174 140 70 112 125.1 157.6 156.9 321.5 141 181 105.7 May 241.9 225 225 323 173 138 58 89 124.4 154.5 153.6 307.0 140 188 106.0 June 244.6 220 220 308 173 144 50 73 123.4 151.0 150.5 302.5 140 202 106.1 July 243.4 210 '211 '292 165 143 54 79 122.7 145.5 145.6 286.7 139 218 105.9 August 236.0 186 188 239 157 140 61 91 121.5 '141.1 142.1 '256.2 128 200 105.7 September.. 229.0 168 171 196 156 134 69 104 115.9 '121.5 122.6 214.5 127 199 105.2 October.... 231.4 163 165 189 124 83 121 115.3 120.9 121.5 213.5 118 213 105.9 November. . '234.9 P170 P197 P\37 P140 "116.4 P121.9 P122.3 133 227 106.8 * Average per working day. P Preliminary. r Revised. 1 Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 69-72. For points in total index, by major groups, see p. 87. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 76 of this BULLETIN. 4 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 5 For indexes by Federal Reserve districts and other department store data, see pp. 78-80. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory employment, January and December 1943, pp. 14 and 1187, respectively, and October 1945, pp. 1054-1055; for department store sales, June 1944, pp. 549-561. 68 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 1001 Industry Oct. Nov. Dec.Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov, Industrial Production—Total 232 232 232 234 236 235 230 225 220 210 186 168 163 Manufactures—Total 248 248 249 251 252 252 247 240 233 222 194 114 170 P176 Durable Manufactures 344 341 343 345 346 345 336 323 308 292 239 196 189 P197 Iron and Steel 206 201 198 197 202 210 206 204 192 187 155 163 •146 Pig iron 197 192 190 188 192 198 188 190 181 182 161 166 129 158 Steel 225 218 215 219 226 234 232 229 214 203 164 171 159 178 Open hearth 187 186 181 176 180 189 184 182 173 172 142 154 139 161 Electric 492 453 456 526 552 561 573 567 505 421 319 296 307 297 Machinery 428 422 431 431 431 419 405 393 371 310 »234 P237 P241 Manufacturing Arsenals and Depots1.. . . Transportation Equipment 704 699 709 706 695 676 651 572 535 405 278 P264 P260 Automobiles 229 230 235 235 236 231 218 188 124 P136 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products. 233 234 229 253 257 267 263 248 219 196 165 141 147 Smelting and refining 200 191 186 187 193 194 188 184 183 171 150 148 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 246 252 247 280 284 296 234 •202 162 137 146 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products. 120 122 122 126 123 121 118 110 107 98 v97 Lumber. . . 109 112 111 118 112 110 109 108 104 98 98 89 76 Furniture.. 143 141 142 142 146 144 140 138 138 134 124 115 120 P126 Stone, Clay, and Glass Products. 161 160 163 162 163 166 167 162 166 169 160 161 159 Glass products 174 169 174 164 168 175 183 179 176 193 177 200 186 175 Plate glass 64 56 51 60 56 61 62 61 43 62 61 79 50 4 Glass containers 212 208 218 200 207 216 225 221 223 239 217 243 235 235 Cement 88 88 90 87 87 86 85 85 95 93 97 97 106 Clay products 115 116 116 125 122 124 122 115 121 117 110 110 113 Gypsum and plaster products. . 179 175 171 182 185 183 180 168 172 179 162 172 177 Abrasive and asbestos products. 292 295 307 302 305 306 300 295 298 287 260 217 210 Other stone and clay products1. Nondurable Manufactures. 169 173 173 175 176 176 174 173 173 165 157 156 154 P159 Textiles and Products 146 149 152 150 155 153 149 150 150 134 144 P141 P150 Textile fabrics 136 139 141 139 144 142 137 138 138 121 123 134 Cotton consumption 140 149 146 145 152 150 143 142 144 123 123 138 128 133 Rayon deliveries 199 209 215 215 215 215 218 221 220 220 213 215 215 Nylon and silk consumption1 Wool textiles 150 143 152 146 151 149 142 146 144 117 127 142 Carpet wool consumption 50 56 57 49 44 43 36 42 40 33 58 82 Apparel wool consumption 213 206 215 225 238 249 233 243 234 185 172 '186 Woolen and worsted yarn 164 156 165 156 160 156 147 151 152 124 136 '154 WWoooolleenn yyaarrnn 170 161 170 162 170 166 153 161 162 129 145 158 WWoorrsstteedd yyaarrrn 156 148 157 148 146 142 139 137 137 117 125 '149 Woolen and worsted cloth 164 151 166 159 169 166 161 165 161 129 136 144 Leather and Products 115 116 114 113 121 122 122 121 127 109 108 112 P113 Leather tanning 111 112 115 113 119 117 118 115 119 109 98 112 107 Cattle hide leathers 119 122 127 12 S 137 132 134 132 137 128 112 125 121 Calf and kip leathers.. . . 88 84 86 85 89 88 95 91 97 79 75 97 89 Goat and kid leathers. . . 80 81 72 68 63 69 61 62 56 50 47 52 46 Sheep and lamb leathers. 149 144 154 155 148 144 146 132 137 133 130 '151 145 Shoes 114 123 125 126 132 114 123 117 119 113 126 109 115 Manufactured Food Products.. 155 158 160 153 151 P152 149 154 155 160 147 144 Wheat flour 130 131 138 140 138 130 127 P133 Cane sugar meltings1 118 125 123 125 135 129 Manu B f u a t c t t e u r red dairy products , P1 8 52 2 •1 8 6 2 5 P14 7 5 8 P1 8 3 3 2 81 P1 8 3 4 8 P1 8 4 7 3 P1 8 33 7 P1 9 43 0 P148 85 H4 7 8 5 14 7 5 2 66 Cheese 149 156 154 163 162 168 181 175 179 89 171 160 155 151 Canned and dried milk. ., 179 181 179 172 175 189 204 196 206 181 208 201 156 146 Ice cream 222 Meat packing 154 158 158' 146 146 146 134 132 141 140 133 141 129 155 Pork and lard 159 167 164 149 135 139 137 135 144 146 126 120 99 153 Beef 140 141 149 147 169 165 139 134 142 136 144 165 159 158 Veal 218 213 175 123 101 104 95 103 116 151 179 197 189 Lamb and mutton , 145 142 149 143 129 129 128 142 133 110 125 134 135 r Revised. P Preliminary. i Series included in total and group indexes but not available for publication separately. 69 JANUARY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1944 1945 Industry 1 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Manufactured Food Products-—Continued Other manufactured foods 150 155 159 162 165 169 168 161 155 150 139 146 149 P155 Processed fruits and vegetables 139 145 146 162 163 180 170 149 139 134 101 109 127 "133 Confectionery 118 128 138 137 143 151 156 151 129 108 107 108 108 Other food products 158 162 165 167 170 169 169 165 163 161 155 162 162 "169 Alcoholic Beverages 166 184 169 213 170 148 144 136 139 193 173 192 201 Malt liquor 177 197 174 167 167 153 152 139 139 147 149 181 182 W Ot h h i e s r k e d y istilled spirits 10 0 4 7 0 6 7 0 4 4 1 5 9 2 8 25 1 0 1 15 0 6 67 0 61 0 5 0 7 4 1 4 9 8 9 39 5 9 5 23 5 6 2 21 7 8 0 199 Rectified liquors 305 353 355 346 312 265 283 291 318 293 306 365 420 Industrial Alcohol from Beverage Plants1 Tobacco Products 120 135 131 121 123 123 120 128 139 128 150 160 167 154 Cigars 93 105 95 85 95 93 91 92 93 83 91 106 111 110 Cigarettes 142 157 155 147 145 147 143 156 177 162 195 206 216 194 Other tobacco products 93 107 108 95 97 91 90 94 90 88 98 99 96 94 Paper and Paper Products 143 143 135 136 137 141 140 141 142 135 131 143 143 P142 Paper and pulp 139 138 132 132 134 137 136 136 137 131 129 13S 139 P138 Pulp 165 158 150 152 156 157 160 160 160 149 146 152 154 Groundwood pulp 126 111 115 111 113 113 114 108 116 120 118 124 124 Soda pulp 96 97 97 95 98 101 103 103 103 93 92 100 101 Sulphate pulp 245 238 212 214 227 227 234 236 236 227 219 223 227 Sulphite pulp 142 136 133 137 139 139 141 140 138 122 120 126 129 Paper .... 135 135 129 129 130 134 132 133 134 128 126 136 137 136 Paperboard 158 160 145 153 152 157 158 161 160 149 141 165 157 158 Fine paper 111 106 93 85 87 84 79 78 75 73 74 77 80 79 Printing paper 116 120 125 119 125 127 126 125 126 122 126 125 133 132 Tissue and absorbent paper 149 150 156 147 143 148 144 141 139 146 142 142 147 145 Wrapping paper 132 130 125 128 127 133 129 132 139 133 135 141 147 140 Newsprint 81 81 85 76 83 82 80 80 79 80 72 81 79 81 Paperboard containers (same as Paperboard) Printing and Publishing 103 103 104 102 105 105 105 105 106 105 HI 109 115 114 Newsprint consumption 89 86 84 85 84 83 85 85 85 88 96 93 96 96 Printing paper (same as shown under Paper) Petroleum and Coal Products 266 268 268 273 276 272 268 273 269 v267 P240 184 ''156 Petroleum refining Gasoline 140 144 141 143 150 145' 145 149 148 156 155 132 129 "152 Fuel oil 167 165 165 171 174 166 167 174 177 175 173 151 152 Lubricating oil 135 136 133 133 126 134 136 138 136 136 138 119 120 Kerosene 124 124 119 123 126 131 120 121 132 133 140 116 122 Other petroleum products1 Coke 170 no' 167 167 168 171 161 168 163 165 153 152 116 147 By-product coke 164 164 163 162 163 164 157 161 155 158 148 150 115 144 Beehive coke 384 367 296 334 367 3S7 284 406 421 400 332 -224 '145 267 Chemical Products 307 307 312 317 318 319 318 319 318 307 265 239 232 "234 Paints 139 141 141 142 140 139 135 131 134 139 133 137 142 >>\ 46 Soap 129 133 137 136 136 135 134 134 132 130 122 126 127 /'134 Ravon 239 242 242 244 241 244 241 240 243 243 222 237 242 "242 Industrial chemicals 395 394 396 396 400 402 405 407 412 409 368 383 377 "386 Explosives and ammunition1 Other chemical products1 Rubber Products 231 2>1 239 247 247 236 233 224 222 218 193 172 187 P199 Minerals—Total 143 U3 131 140 141 142 140 138 144 143 140 134 124 P137 Fuels 148 148 141 145 146 147 145 143 150 148 146 139 126 "142 Coal 149 149 132 140 143 142 136 125 148 140 135 142 112 f'149 Bituminous coal 152 155 138 151 150 149 138 145 153 146 144 148 110 M59 Anthracite 133 126 109 96 112 115 131 47 129 117 102 114 120 "112 Crude petroleum 148 148 146 148 148 150 150 152 151 153 152 138 133 '•139 Metals 111 112 111 111 111 111 HI 110 109 108 105 105 vl07 Metals other than gold and silver 171 170 168 170 170 170 169 167 168 168 162 161 M64 Iron ore (Copper; Lead; Zinc)1- Gold 22 22 "23" ' 24' ' 24' 24 23 24 °2 " 23' 21 ' ">3 Silver 58 64 62 56 52 54 61 54 49 42 47 51 r Revised. p Preliminary. 1 Series included in total and group indexes but not available for publication separately. NOTE.—Series on petroleum refining, usually published in this table, is in process of revision. 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. 70 FEDERAL RESERVE BULLETIN 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. 1035-39 average = 100] 1944 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Industrial Production—Total 234 232 230 230 232 232 229 225 220 211 188 171 165 P170 Manufactures—Total 250 248 248 248 249 249 245 240 234 223 196 178 172 P/76 Durable Manufactures 346 341 342 343 345 344 335 323 308 292 241 197 190 P197 Iron and steel 206 201 198 197 202 210 206 204 192 187 155 163 r146 168 Pig iron 197 192 190 188 192 198 188 190 181 182 161 166 129 158 Steel 225 218 215 219 226 234 232 229 214 203 164 171 159 178 Open hearth 187 186 181 176 180 189 184 182 173 172 142 154 139 161 Electric 492 453 456 526 552 561 573 567 505 421 319 296 -•307 297 Machinery 428 422 431 431 436 431 405 393 371 310 P234 P237 P241 Manufacturing Arsenals and Depots1 Transportation equipment 704 706 695 676 651 610 572 535 405 264 Automobiles 229 235 235 242 236 207 188 109 P136 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products 233 234 229 253 257 267 263 219 196 165 141 147 Smelting and refining 200 186 187 191 194 194 183 182 171 150 148 (Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 246 252 247 280 272 234 162 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products. . . . 125 114 115 119 120 121 113 94 P96- Lumber. . 117 109 97 99 97 101 108 112 113 107 108 98 P81 Furniture. 143 141 142 142 146 144 140 138 138 134 124 115 120 P126 Stone, Clay, and Glass Products 167 163 159 156 156 161 165 167 166 168 165 166 166 P16O Glass products 178 170 163 161 163 175 183 190 175 186 183 204 192 176 Plate glass 64 56 51 60 56 61 62 61 43 62 61 79 50 4 Glass containers 218 210 202 196 201 216 225 236 221 230 226 248 '242 237 Cement 102 95 82 71 66 71 81 89 102 102 110 112 123 Clay products 122 121 120 116 118 119 119 115 120 115 113 114 119 Gypsum and plaster products 182 177 175 176 177 177 177 169 175 179 162 176 182 P188 Abrasive and asbestos products 292 295 307 302 305 306 300 295 298 287 260 217 210 P2O7 Other stone and clay products1 Nondurable Manufactures 173 173 171 172 172 171 172 173 167 159 162 158 P160 Textiles and Products 152 155 153 150 132 134 P150 Textile fabrics 136 139 141 139 144 142 137 138 138 121 123 134 P131 Cotton consumption 140 149 146 145 152 150 143 142 144 123 123 138 128 133 Rayon deliveries 199 209 215 215 215 215 218 221 220 220 213 215 215 P225 Nylon and silk consumption1 Wool textiles 150 143 152 146 151 149 i-42 146 144 117 127 142 Carpet wool consumption 50 56 57 49 44 43 36 42 40 33 58 82 Apparel wool consumption 213 206 215 225 238 249 233 243 234 185 172 '186 Woolen and worsted yarn 164 156 165 156 160 156 147 151 152 124 136 '154 Woolen yarn 170 161 170 162 170 166 153 161 162 129 145 158 Worsted yarn 156 148 157 148 146 142 139 137 137 117 125 '149 Woolen and worsted cloth 164 151 166 159 169 166 161 165 161 129 136 144 Leather and products. 115 118 113 114 125 122 126 107 112 P115 Leather tanning 112 116 114 113 128 116 117 115 116 103 97 '110 108 Cattle hide leathers 121 127 127 128 148 132 134 132 132 120 109 123 122 Calf and kip leathers... . 90 86 84 83 93 87 91 87 99 78 79 95 91 Goat and kid leathers. . . 80 79 73 68 66 68 63 61 57 49 46 52 46 Sheep and lamb leathers. 149 153 146 -•144 162 140 143 142 135 123 134 '148 145 Shoes 117 119 113 114 123 126 125 126 132 109 114 123 115 Manufactured Food Products. 159 155 141 142 145 150 157 166 154 P153 Wheat flour 125 126 132 122 133 134 132 133 128 139 136 P134 Cane sugar meltings1 Manufactured dairy products. P125 P108 P94 P116 Pi 49 P178 >209 '212 P185 P155 P120 Butter 70 62 61 69 71 77 89 112 124 109 93 '72 62 50 Cheese 134 117 111 120 133 151 189 234 254 223 191 164 139 114 Canned and dried milk... 145 130 138 140 157 186 231 272 284 257 214 185 127 105 Ice cream Meat packing 156 175 184 171 139 135 125 132 139 131 119 134 133 171 Pork and lard 150 195 217 195 132 129 125 135 144 129 97 95 93 179 Beef 153 146 149 150 156 150 131 134 139 137 146 179 173 164 Veal 248 228 165 114 89 98 86 98 103 116 148 197 224 202 Lamb and mutton 151 142 146 152 131 126 118 130 132 127 108 134 140 135 " Revised. " Preliminary. J Series included in total and group indexes but not available for publication separately. JANUARY 1946 71 6 Include^ Petroleum Reserves Corp., 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] 1945 Industry Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov, Manufactured Food Products—Continued Other manufactured foods 167 161 155 148 149 148 148 145 146 157 154 176 166 Processed fruits and vegetables. 180 133 114 105 103 99 104 97 107 174 165 242 163 P122 Confectionery 154 151 139 141 144 140 130 117 96 88 115 139 142 Other food products 166 171 169 160 161 162 162 162 165 165 158 165 170 P177' Alcoholic Beverages. 168 159 146 191 158 139 148 147 162 214 175 199 214 Malt liquor 164 151 140 137 150 142 160 158 175 184 170 183 169 154 Whiskey 0 0 0 198 11 0 0 0 0 199 55 52 70 Other distilled spirits. 270 159 81 414 228 136 44 36 35 400 216 324 566 Rectified liquors 305 353 355 346 312 265 283 291 318 293 306 365 420 Industrial Alcohol from Beverage Plants1. Tobacco Products 125 137 121 121 118 117 115 128 145 133 155 169 173 Cigars 93 105 95 85 95 93 91 92 93 83 91 106 111 110 Cigarettes 148 160 142 147 136 137 133 156 186 170 204 220 225 198 Other tobacco products. 99 110 95 93 94 91 90 95 92 88 95 106 103 97 Paper and Paper Products. 143 143 134 136 138 141 141 142 142 134 131 144 143 >142 Paper and pulp 139 138 132 132 134 137 136 137 137 130 129 138 139 •138 Pulp v 164 159 150 152 157 158 162 161 160 147 144 150 153 Groundwood pulp 117 117 117 115 118 121 125 117 117 107 104 110 115 Soda pulp 96 97 97 95 98 101 103 103 103 93 92 100 101 Sulphate pulp 245 238 212 214 227 227 234 236 236 227 219 223 227 Sulphite pulp 142 136 133 137 139 139 141 140 138 122 120 126 129 Paper 135 135 129 129 131 134 132 133 134 128 126 136 137 136 Paperboard 158 160 145 153 152 157 158 161 160 149 141 165 157 158 Fine paper 111 106 93 85 87 84 79 78 75 73 74 77 80 79 Printing paper 116 120 125 119 125 127 126 125 126 122 126 125 133 132 Tissue and absorbent paper 151 150 151 145 148 148 145 141 142 140 142 142 148 145 Wrapping paper 132 130 125 128 127 133 129 132 139 133 135 141 147 140 Newsprint 81 •82 84 76 83 82 82 81 80 78 71 81 79 82 Paperboard containers (same as Paperboard). Printing and Publishing. 107 106 107 118 Newsprint consumption 93 94 104 Printing paper (same as shown under Paper). Petroleum and Coal Products... 268 268 273 276 268 273 °266 184 P156 Petroleum refining Gasoline 155 132 Fuel oil 173 151 Lubricating oil , 137 119 Kerosene 135 115 Other petroleum products1. Coke 170 170 167 167 168 171 161 168 163 165 153 i52 147 By-product coke 164 164 163 162 163 164 157 161 155 158 148 150 115 144 Beehive coke 384 367 296 334 367 387 284 406 421 400 332 224 145 267 Chemical Products. 309 308 313 316 319 321 320 318 315 303 261 239 234 >235 Paints 139 139 141 139 139 139 137 135 138 137 132 136 142 145 Soap 135 134 137 133 135 135 131 130 130 129 124 131 133 135 Rayon 239 242 242 244 241 244 241 240 243 243 222 237 242 242 Industrial chemicals 395 394 396 396 400 402 405 407 412 409 368 383 377 386 Explosives and ammunition1 Other chemical products1. . . Rubber Products 231 231 239 247 247 236 233 224 222 218 193 172 187 Minerals—Total 144 140 131 134 135 136 140 141 147 145 143 136 125 134 Fuels 148 148 141 145 146 147 145 143 150 148 146 139 126 142 Coal 149 149 132 140 143 142 136 125 148 140 135 142 112 149 Bituminous coal. . . 152 155 138 151 150 149 138 145 153 146 144 148 110 159 Anthracite 133 126 109 96 112 115 131 47 129 117 102 114 120 112 Crude petroleum 148 148 146 148 148 150 150 152 151 153 152 138 133 139 Metals.. 123 89 68 68 68 72 109 131 129 124 123 122 115 Metals other than gold and silver. 188 130 94 95 98 104 166 207 204 196 192 188 175 Iron ore 259 133 61 63 68 80 216 304 301 289 289 281 245 (Copper; Lead; Zinc)1 Gold Silver P Preliminary. 1 Series included in total and group indexes but not available for publication separately. NOTE.—Series on petroleum refining, usually published in this table, is in process of revision. 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. 72 FEDERAL RESERVE BULLETIN 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 = 1001 Factory employment Factory pay rolls 1944 1945 1944 Oct. Nov. July Aug. Sept. Oct. Nov. Sept. Oct. Nov. July Aug. Sept. Total 164.1 163.0 145.6 '142.1 '122.6 121.5 122.3 333.8 335.1 331.8 286.7 '256.2 '214.5 Durable goods... . 221. C 219.1 187.8 180.3 138.V 136.8 137.6 460.6 462.9 457.2 373.1 '322.9 '236.8 Nondurable goods. 119.2 118.6 112.3 112.0 109.6 109.5 110.2 209.8 210.0 209.2 202.2 191.0 192.6 Iron and Steel and Products 168.6 167.7 151. '145 . 1 120.5 120.1 121.9 319.3 318.0 313.2 280.1 247.0 200.9 Blast furnaces, steel works, etc. 122 122 119 118 109 109 227 225 222 217 199 175 Steel castings 238 238 201 193 178 177 452 453 449 349 311 281 Tin cans and other tinware.. . . 129 122 133 127 118 113 225 217 205 234 209 201 Hardware 128 129 119 116 95 98 261 267 266 238 209 174 Stoves and heating equipment. 135 136 124 121 '95 101 261 262 261 232 196 161 Steam, hot-water heating apparatus 181 181 156 146 133 133 341 347 351 289 254 '234 Stamped and enameled ware. . 155 145 137 108 109 327 327 313 243 190 Structural and ornamental 158 282 metal work 155 116 116 407 401 397 240 179 207 279 Electrical Machinery 277.6 245.6 238.2 '166.1 174.1 178.0 520.7 512.5 507.2 385.3 '260.6 Electrical equipment 281.0 240 213 208 150 161 458 450 444 445.0 330 '230 Radios and phonographs 243 279 242 227 139 136 547 542 542 387 389 239 Mach M in a e c r h y, i n e e x ry ce p a t n E d le m ct a r c ic h a in l e shop 284 221.2 202.2 196.7 166.6 166.2 168.7 421.4 424.7 416.1 4 3 6 7 3 1.6 '326.8 '275.5 products 222 220 203 197 165 163 410 416 408 366 324 266 Engines and turbines 364 362 320 309 '240 229 773 787 766 641 511 '369 Tractors 182 181 171 165 156 158 291 292 290 272 '248 '238 Agricultural, excluding tractors 158 158 147 142 129 129 333 316 311 298 259 '247 Machine tools 204 202 188 182 165 162 367 373 363 329 304 266 Machine-tool accessories 259 256 233 230 188 182 450 447 441 388 336 277 Pumps 309 304 265 258 217 213 666 659 627 543 512 390 Refrigerators 149 147 130 124 95 103 263 277 266 229 169 156 Transportation Equipment, except Autos 1370.3 1349.4 961.1 '893.7 '479.0 406.2 349.7 2931.8 2964.8 2948.7 1999.9 1682.9 '803.2 Aircraft, except aircraft engines 1633 1595 1192 1084 '402 324 3175 3186 3136 2310 1855 '623 Aircraft engines 2546 2466 1870 1733 '364 341 4628 4460 4278 3043 2376 '451 Shipbuilding and boatbuilding 1523 1510 998 '935 '641 530 3399 3469 3498 2193 1920 1107 Automobiles 170.2 169.1 144.4 135.2 105.2 112.8 124.3 311.1 313.1 312.8 244.7 178.8 150.5 Nonferrous Metals and Products 176.3 175.2 162.0 '159 4 '127.1 129.7 136.5 336.9 337.3 332.8 302.7 '282.1 '216.2 Primary smelting and refining. 150 146 138 138 133 128 298 281 267 268 259 239 Alloying and rolling, except aluminum 178 178 163 159 133 129 330 336 334 294 '289 '223 Aluminum manufactures 273 273 260 '250 153 156 506 502 497 450 '412 220 Lumber and Timber Basic Products. 113.4 112.9 107.9 107.5 103.4 97.3 97.1 215.9 219.2 205.3 192.9 189.0 184.8 Sawmills and logging camps... 79 79 75 75 72 67 154 157 144 134 134 131 Planing and plywood mills. . . . 96 96 92 91 87 84 165 168 166 159 147 145 Furniture and Lumber Products.... 102. 103.1 98.0 96.6 89.8 93.9 189.3 193.0 190.8 181.3 165.0 157.5 Furniture 96 96 90 89 81 82 175 179 177 166 150 141 Stone, Clay and Glass Products 110.9 111.5 109.3 109 3 106.5 109.5 109.6 188.2 192.1 189. 187.7 181.7 176.8 Glass and glassware 125 125 123 125 121 124 201 205 201 194 193 189 Cement 72 72 73 77 81 85 116 120 116 128 128 131 Brick, tile, and terra cotta. .. 73 73 73 73 75 79 119 123 120 127 118 126 Pottery and related products.. 120 121 113 114 113 117 189 192 191 176 173 173 Textile-Mill and Fiber Products.... 95. 95.8 90.4 90.2 90., 90.6 91.8 171., 172.8 174.6 169.9 159. 166. Cotton goods except small wares. 107 108 103 103 103 102 204 204 207 210 193 201 Silk and rayon goods 74 74 71 71 71 71 133 139 139 138 134 138 Woolen and worsted manufactures 98 98 91 90 91 94 185 188 189 177 167 175 Hosiery 64 64 60 60 61 62 104 104 105 94 89 101 Dyeing and finishing textiles. . 89 84 84 84 81 148 150 151 145 140 142 Apparel and Other Finished Textiles 110.9 110.0 96. 98.9 99.8 101.0 100. 199.1 200.4 195. 167.5 157.3 180. Men's clothing, n.e.c 95 94 86 85 83 82 166 170 169 152 135 141 Shirts, collars, and nightwear. 73 73 68 68 69 70 128 131 129 124 111 126 Women's clothing, n.e.c , 81 80 65 70 74 76 148 147 141 109 108 138 Millinery 79 76 67 72 75 75 137 127 105 108 113 131 Leather and Leather Products 89. 90.6 88.5 88.6 86.3 87.9 90. 160.6 160.1 159.5 165. 157. 157. Leather 83 83 81 81 82 84 146 144 143 147 141 146 Boots and shoes , 79 79 78 78 76 77 143 143 142 149 141 140 Food and Kindred Products 131.8 127.1 123.3 124.6 133.4 126. 123.8 215.5 209.8 206.0 205. 198.6 218. Slaughtering and meat packing 123 124 106 103 105 105 200 200 211 175 158 178 Flour 115 117 121 124 124 126 197 192 195 218 '211 '218 Baking 113 115 108 108 109 110 169 171 175 175 171 174 Confectionery 119 122 99 101 102 108 192 200 205 164 166 175 Malt liquors 144 142 147 149 153 151 216 210 204 231 224 243 Canning and preserving.... 134 100 124 134 176 124 336 262 189 250 249 '352 Tobacco Manufactures. . 89.2 90.1 83.2 84. 89. 92. 91.8 163.0 165.7 172. 151. 148.8 '175. Cigarettes 129 131 124 123 127 131 202 209 216 201 194 '214 Cigars 68 68 60 62 68 71 138 137 144 115 115 148 ' Revised. NOTE.—Indexes for major groups and totals have been adjusted to final 1943 data made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover wage earners only. Figures for November 1945 are preliminary. JANUARY 1946 73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Con tinned {Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls 1944 1945 1944 1945 Oct. Nov. July Aug. Sept. Oct. Nov. Sept. Oct. Nov. July Aug. Sept. Oct. Paper and Allied Products 117.2 118.1 113.7 114.2 '114.4 117.5 119.2 193.1 196.3 197.5 193.5 184.6 195.5 201.2 Paper and pulp 105 106 103 104 103 106 180 183 182 181 172 181 187 Paper goods, n.e.c 118 119 111 112 '111 115 182 192 195 182 180 '183 185 Paper boxes 113 114 109 110 111 115 180 180 183 181 171 186 193 Printing and Publishing 98.7 99.3 96.8 '98.3 98.8 102.5 106.2 136.0 136.7 139.3 137.8 140.0 147.7 150.7 Newspaper periodicals 93 93 91 93 95 97 120 119 121 120 129 130 132 Book and job 106 106 104 105 105 110 152 154 157 155 152 167 169 Chemical and Allied Products 208.6 203.7 190.0 '156.9 152.7 152.0 361.0 364.4 366.5 363.0 325.7 '266.4 256.9 Drugs, medicines, and insecti cides 181 181 183 181 171 174 265 268 270 273 271 265 269 Rayon and allied products. .. 110 111 111 110 111 113 176 177 179 184 182 177 184 Chemicals, n.e.c 167 166 162 161 161 157 293 289 289 292 288 '274 261 Explosives and safety fuses.. 1210 1244 1207 1105 ''541 404 1782 1847 1865 1880 1607 '739 571 Ammunition, small-arms 1179 1183 1346 889 ••316 243 2332 2402 2371 2636 1470 '593 498 Cottonseed oil 128 139 76 76 95 117 221 276 300 151 144 200 258 Fertilizers 102 107 104 106 111 108 232 227 234 247 242 '261 250 Products of Petroleum an_d Coal. . . 124.9 125.0 127.4 127.3 122.6 123.5 126.4 220.7 224.2 219.0 228.6 '210.8 198.4 Petroleum refining 124 124 128 128 ••120 123 213 220 214 228 224 '204 192 Coke and by-products 103 102 101 '101 ••102 99 190 183 179 195 '189 '182 164 Rubber Products 160.2 161.7 151.1 148.4 '127.3 143.8 151.6 294.5 293.3 293.6 281.3 249.5 '216.1 236.7 Rubber tires and inner tubes 171 171 162 159 '133 163 301 298 298 287 250 '211 240 Rubber goods, other 135 136 128 124 110 113 248 251 251 238 213 192 202 Miscellaneous Industries 168.4 168.4 158.5 155.8 129.2 130.8 134.0 324.0 327.5 326.2 300.9 279.2 227.7 231.4 Instruments, scientific 549 535 473 449 "237 216 1039 1032 1014 835 798 '373 346 Photographic apparatus 161 162 155 155 121 120 268 269 271 260 250 191 189 For footnotes see opposite page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) Index numbers of the Board of Governors, 1939 = 100) 1944 1945 Group Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total . . . 163.3 162.6 163.0 162.9 162.5 160.6 157.6 154.5 151.0 145.5 '141.1 '121.5 120.9 P121.9 Durable 220.8 219.0 219.7 219.8 219.1 215.9 210.3 204.1 196.7 187.6 '180.0 '138.7 136.7 P137.4 Nondurable 118.0 118.1 118.3 118.0 117.8 117.1 116.1 115.4 115.0 112.3 110.3 '108.0 108.4 P1O9.7 r Revised. 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 1945 1944 1945 Sept. Oct June July Aug. Sept. Oct Sept. Oct June July Aug. Sept Oct. All Manufacturing 44.8 45.5 44.6 44.0 40.7 41.4 41.6 103.2 103.1 103.8 103.3 102.4 '98.7 98.5 Durable Goods 47.1 45.8 44.9 41.1 r41.0 41.8 113.2 112.9 113.0 112.7 111.3 '107.2 106.3 Iron and Steel and Products 46.6 47.2 46.0 45.2 41.7 '41.8 42.7 110.1 109.1 111.2 111.4 '110.9 '108.9 107.7 Electrical Machinery 46.2 46.3 45.7 45.3 41.2 r40.9 41.2 105.1 104.6 106.1 105.7 '103.8 '101.3 103.2 Machinery Except Electrical 47.9 48.8 47.7 46.7 42.7 '43.0 43.4 113.6 113.7 115.0 114.8 113.4 111.9 111.8 Transportation Equipment Except Autos 46.9 48.1 46.2 45.8 '41.7 -•38.3 38.8 129.7 130.1 130.0 130.1 '129.7 '126.0 124.6 Automobiles 43.5 45.6 43.8 42.3 33.5 36.5 38.7 128.7 127.0 126.8 126.0 124.5 122.8 122.1 Nonferrous Metals and Products 46.3 47.2 46.2 45.7 43.3 '42.5 43.0 105.8 105.9 107.2 106.8 '106.7 104.5 104.9 Lumber and Timber Basic Products. 43.3 44.7 44.0 41.4 40.5 40.9 42.2 80.3 80.7 82.2 81.0 81.3 81.9 78.3 Furniture and Finished Lumber Products 44.0 45.0 44.1 43.3 40.6 '42.3 42.7 82.9 83.3 85.2 85.2 '83.5 '83.2 84.1 Stone, Clay, and Glass Products 43.4 44.7 43.8 43.4 41.6 41.8 42.5 91.0 91.2 92.9 93.1 93.9 93.4 93.2 Nondurable Goods 43.0 43.3 43.1 42.8 40.3 '41.8 41.5 87.6 87.8 90.4 90.2 90.9 '90.3 90.9 Textiles—Mill and Fiber Products. . 41.8 42.2 41.8 41.3 38.4 40.6 40.4 72.1 72.3 75.9 76.3 77.0 76.3 77.0 Apparel and other Finished Products 38.1 38.2 37.2 36.7 '33.2 '36.2 36.8 83.2 83.2 83.9 82.9 84.6 '87.8 87.5 Leather and Manufactures 41.5 41.6 42.1 41.7 39.3 40.6 40.9 82.0 81.9 85.7 85.1 85.7 85.2 85.5 Food and Kindred Products 44.5 44.8 45.6 45.8 43.3 44.7 44.1 84.7 85.7 87.7 87.4 88.2 88.0 89.5 Tobacco Manufactures 43.4 43.3 42.8 41.0 39.0 '42.3 42.0 72.4 72.8 75.7 74.9 76.5 '78.6 79.3 Paper and Allied Products 46.2 46.7 46.4 46.3 44.0 '45.8 45.8 85.8 86.2 87.9 88.1 '88.0 '89.0 89.5 Printing, Publishing and Allied Indus tries 41.4 40.9 41.6 41.5 40.7 '42.2 41.6 110.1 110.2 112.8 112.3 '114.4 '116.0 115.7 Chemicals and Allied Products 45.6 45.9 45.4 45.1 43.4 '43.3 43.1 96.6 95.7 99.7 99.9 100.3 '99.6 99.3 Products of Petroleum and Coal.... 46.4 47.9 47.8 47.7 '46.9 '44.9 43.0 120.2 119.0 120.7 121.7 '122.2 '121.7 121.0 Rubber Products 45.7 45.9 45.2 45.5 41.8 42.3 40.7 111.7 110.8 114.0 113.8 111.9 '108.9 109.2 Miscellaneous Industries 45.2 46.0 45.2 44.0 41.8 42.2 42.0 97.3 96.8 99.2 98.3 '97.5 '95.3 95.9 r Revised. NOTE.—Back figures are available from the Bureau of Labor Statistics. 74 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons] Transporta- Finance, Federal, Year and month Total Ma tu n r u i f n a g c- .ining Co t n io s n tr * uc- ti p o u n b l a i n c d Trade an s d e r m vi i c s e c , el- Sta l t o e c , a l and utilities laneous government 1939 30,353 10,078 845 1,753 2,912 6,618 4,160 3,988 1940 31,784 10,780 916 1,722 3,013 6,906 4,310 4,136 1941 35,668 12,974 947 2,236 3,248 7.378 4,438 4,446 1942 38,447 15,051 970 2,078 3,433 7,263 4,447 5,203 1943 39,728 16,924 891 1,259 3,619 7,030 4,115 5,890 1944 38,698 16,121 835 679 3,761 7,044 4,348 5,911 SEASONALLY ADJUSTED 1941—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 37,231 14,130 784 868 3,801 7,117 4,558 5,973 August '36,888 '13,762 780 858 3,803 7,121 4,597 5,967 September '"35,164 ••12,037 780 '883 '3,777 •"7,210 ••4,603 r5,874 October 35,005 11,914 714 925 3,773 7,261 4,745 5,673 November 35,320 11,955 790 964 3,828 7,304 4,912 5,567 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 37,273 14,130 784 911 3,858 6,975 4,672 5,943 A Se u p g t u e s m t ber • • \ • 3 3 5 6 . , 3 9 3 8 4 4 ' r1 1 2 3 , , O 83 9 1 7 7 7 8 8 4 4 •• 9 9 2 4 7 5 •• 3 3 , , 8 8 6 3 0 4 •• 6 7 , , 9 1 7 3 9 8 •• 4 4 , , 6 6 6 0 6 3 '5 5 , , 9 9 3 3 3 7 October 35,207 11,974 718 990 3,792 7,334 4,698 5,701 November 35,620 12,015 794 993 3,828 ,7,560 4,863 5,567 * 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 ISth of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. November 1945 figures are preliminary. For back seasonally adjusted estimates see BULLETIN for June 1944, p. 600. Back unajusted data are available from the Bureau of Labor Statistics. JANUARY 1946 75 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Residential 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 !-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 ]VIay 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 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 Federal Reserve district 1945 1944 Month Nov. Oct. Nov. 1943 1944 1945 1943 1944 1945 1943 1944 1945 J F M A A J S O M J N u a u e e u p o c a a n l n p b r g y v t y r e i t u o r c u l e e u h a s m b m t a r e b b y r r e e y . . r r . . . . . . . . . . . . . 3 3 3 4 2 2 2 3 1 1 1 1 5 4 9 3 1 3 0 8 7 8 4 1 0 4 4 4 0 3 4 5 4 1 1 1 1 1 1 1 1 1 1 1 4 6 3 7 5 6 6 7 4 7 9 5 9 7 6 9 5 4 9 4 6 1 3 3 2 3 3 2 2 2 2 1 1 1 2 2 6 7 5 9 7 4 4 4 7 9 7 4 0 8 6 8 3 1 7 3 3 3 3 1 1 2 1 1 1 1 1 5 0 2 5 6 3 9 5 2 8 6 1 4 2 7 4 5 2 3 0 3 1 1 1 1 1 1 1 1 1 1 9 2 2 0 2 2 0 0 3 4 3 8 2 5 2 2 7 3 9 3 8 3 2 3 1 1 8 4 2 6 6 0 6 0 4 7 7 2 3 1 7 1 9 1 8 8 5 4 6 5 5 5 3 3 3 5 4 4 6 1 6 6 0 5 0 6 0 2 6 2 4 4 4 4 4 4 6 3 4 2 4 2 9 3 2 4 3 2 7 6 8 6 2 2 3 1 1 1 1 9 3 5 6 0 0 4 8 4 9 7 5 5 6 6 9 7 9 7 6 6 3 A S D N P C C M R K B t h h l i o t a e a . i e c l i w i n l s n a l v h c L l t a n s a n o a e m o a d e Y s g n l t u s a e a a o o o i p l n n s C p r o d d k h i l t i i y s a 3 8 3 2 3 4 3 2 1 2 1 0 8 1 7 7 4 9 2 5 3 0 , , , , , , , , , , , 2 5 4 3 8 2 5 2 2 2 0 6 3 6 1 6 4 8 1 2 9 8 6 5 9 5 7 9 0 0 3 3 0 4 4 6 1 2 3 2 1 1 9 3 7 7 8 4 9 3 8 9 5 , , , , , , , , , , , 3 2 1 1 9 2 3 3 8 2 7 3 1 8 3 0 7 1 5 6 1 8 2 7 2 2 7 1 2 2 7 3 6 3 2 1 1 1 1 1 8 9 2 4 7 3 9 3 7 4 3 , , , , , , , , , , , 5 3 0 9 6 6 7 8 0 7 2 0 6 5 6 4 4 1 4 3 9 9 1 7 6 0 5 4 7 5 2 0 3 December. . 252 188 198 114 54 74 Total (11 districts) 370,087 316,571 164,850 Year 3,274 1,994 2,695 1,435 579 559 NOTE.—Data for most recent month preliminary. INSURED FHA HOME MORTGAGES (TITLE II) HELD IN LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] [In millions of dollars] Title I Loans Mortgages on Com- M tu u al - S in a g v s - Insur- Fed- End of month Total mer- sav- and ance eral Other2 Year or month Total P e r r o ty p- S h m om al e l 1 fa - m to i ly 4- R g a r e o n n u d ta p l ho W us a i r ng b c a i n a k l s banks a a l s t o i s o o a n n c s i- p c a o n m ie - s a c g ie e s n 1 p m r i o m e v n - e t - s c t t i r o o u n n c - - h ( o T I u I i ) t s l e e s h ( o T I u I i s ) t i l n e g (T V i I t ) le 1 1 9 9 3 3 7 6 — — D D e e c c 3 7 6 7 5 1 4 2 3 2 0 8 27 8 11 5 0 6 1 4 1 1 8 32 5 5 2 3 7 1938—Dec 1,199 634 38 149 212 77 90 1 1 1 9 9 9 3 3 3 5 7 6 5 3 4 5 9 2 7 5 0 2 2 4 2 6 6 4 0 3 4 0 2 9 9 4 4 11 2 2 1939— D Ju e n c e 1 1 , , 7 4 9 7 3 8 9 7 0 5 2 9 5 7 0 1 1 1 9 6 2 7 3 2 4 7 2 1 1 1 5 3 3 7 1 9 3 4 3 1 1 1 1 1 9 9 9 9 9 4 4 3 4 3 2 1 9 0 8 1 1 1 , , , 1 1 0 9 6 3 8 2 5 9 7 6 4 6 4 2 2 2 1 1 4 0 6 6 5 1 8 0 2 1 2 2 2 1 1 5 5 3 1 6 8 6 4 6 7 9 7 7 6 3 1 3 9 7 6 5 4 1 1 1 8 6 3 3 28 1 4 3 1940— J S D M u e e n a p c r e t 2 2 2 1 , , , , 4 0 2 94 0 7 3 9 9 5 2 1 1 1 , , , 1 0 0 9 6 2 9 7 2 6 3 1 1 1 1 9 3 0 1 0 0 0 1 2 2 2 2 2 0 0 1 4 1 8 6 5 3 4 4 4 3 9 8 2 2 2 0 2 1 1 1 0 8 7 9 1 2 1 0 1 1 1 1 5 2 2 4 0 7 4 1 1 1 9 9 4 4 3 4 9 8 4 8 2 6 12 9 5 6 1 2 2 1 4 6 3 * 7 6 5 0 3 1 7 1941— J M un ar e 2 2 , , 7 5 5 9 5 8 1 1 , , 3 2 1 4 8 6 1 1 5 4 7 6 2 2 3 3 7 0 6 6 6 0 8 6 2 2 2 1 0 0 1 1 5 6 4 0 1944— D N e o c v 8 6 2 6 1 1 1 7 2 1 2 8 4 3 3 7 S D e e p c t 3 2 , , 1 9 0 4 7 2 1 1, , 4 4 6 0 5 0 1 1 8 7 6 1 2 2 4 5 6 4 7 7 2 8 2 9 2 2 2 3 5 4 1 1 7 7 9 8 1945— M F Ja e a n b r. 6 6 6 8 7 0 1 1 8 9 3 * * 1 1 1 9 4 7 * 3 3 3 9 4 0 1942— J D M u e n a c r e 3 3 3 , , , 3 6 4 0 2 9 7 0 1 1 1 1 , , , 6 5 6 6 4 2 9 9 3 2 2 2 3 0 1 6 1 9 2 2 2 7 7 6 6 2 4 1,0 8 9 3 5 4 2 6 0 2 2 2 4 3 4 5 7 3 2 1 1 0 6 9 0 3 5 J A M u p a n r y e 6 5 5 2 6 3 1 1 1 3 4 0 * 1 2 1 5 2 9 2 2 2 8 6 4 1943— D Ju e n c e 3 3 , , 6 7 2 0 6 0 1 1 , , 7 7 0 0 0 5 2 2 5 5 2 6 2 2 9 8 2 4 1 1 , , 1 0 3 7 4 1 23 7 5 9 1 1 5 5 9 8 A S Ju e u l p g y t 5 4 4 2 4 5 1 1 1 1 2 2 * 1 1 1 9 8 6 2 * * 2 1 1 1 5 4 1944— D Ju e n c e 3 3 , ,3 5 9 5 9 4 1 1, , 5 6 9 6 0 9 2 2 6 5 0 8 2 2 6 8 9 4 1 1 , , 0 1 7 1 2 9 6 7 8 3 1 1 5 4 0 0 O N c o t v 6 6 2 0 2 2 8 6 * * 2 1 1 9 * 1 1 7 1 1945—June 3,324 1,570 265 264 1,047 43 134 !The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States Housing Corporation. ^Including mortgage companies, finance companies, industrial banks, loans, figures mciuue some remsureu mortgages, WHICH are snown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. 76 FEDERAL RESERVE BULLETIN 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 '301 P334 96 228 520 -823 P569 February 303 483 728 1,107 P887 234 254 234 '314 P325 69 230 494 r793 P561 March 357 637 988 1,197 P1,030 268 272 249 359 P365 89 365 739 838 P665 April 387 717 989 1,231 Pl,005 287 235 258 -361 P366 100 482 731 -869 P639 May 385 542 1,092 1,455 P1,135 297 191 281 386 P372 88 351 811 1,069 P763 June 330 650 1,003 1,297 P870 280 215 295 '332 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 ?515 262 196 286 282 P335 162 536 983 912 P181 October 666 803 1,238 1,144 304 200 329 329 362 603 909 815 N De o c v e e m m b b e e r r. . . . 4 6 9 5 2 3 8 7 8 8 3 8 1 1 , , 0 2 7 8 3 8 Pl. P 1 9 8 3 7 9 P455 2 3 8 4 1 4 3 1 5 6 8 8 3 2 1 8 1 1 P P 3 3 3 2 6 3 P344 2 3 1 0 1 9 6 5 2 2 0 5 1,0 7 0 6 6 2 P P 6 8 0 6 3 3 P112 Jan.-October.. . 4,003 6,409 10,603 12,136 2,721 2,216 2,780 3,261 1,282 4,193 7,823 8,875 P8,432 P3,516 P4.916 r Revised. P Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumptiont i: and that entered for storage in bonded warehouses, Source.—Department of Commeerrccee.. Back figures.—-See BULLETIN forr AApprriill 11994400,, pp.. 334477;; FFeebbrruuaarryy 11993377,, pp.. 115522;; JJuuly 1933, p. 431; and January 1931, p. 18. REVENUES, EXPENSES, AND INCOME OF CLASS I FREIGHT CARLOADINGS, BY CLASSES RAILROADS [Index numbers: 1935-39 average=100] [In millions of dollars] For- Mis- Mer- Total Net Total Coal CokeGrain s L t i o v c e k - p e ro st d- Ore l c a e n l e - - c d h i a s n e - o r p a e i r l a w t a in y g e r x a T p i o l e w t n a a s l e y s o r p a e i r l a w t a in y g in N co et me ucts ous l.c.l. revenues income Annual Annual 1939 101 98 102 107 96 100 110 101 97 1939 3.995 3,406 589 93 1940 . 109 111 137 101 96 114 147 110 96 1940 4.297 3.614 682 189 1941 130 123 168 112 91 139 183 136 100 1941 5,347 4.348 998 500 1942 138 135 181 120 104 155 206 146 69 1942 7,466 5.982 1,485 902 1943 137 138 186 146 117 141 192 145 63 1943 9.055 7,693 1,362 874 1944 140 144 186 139 124 144 181 147 67 1944 9,437 8,343 1.093 668 SEASONALLY SEASONALLY ADJUSTED ADJUSTED 1944—September.. . 139 147 183 126 114 137 184 146 67 1944—August.... 781 710 71 32 October 137 143 182 147 120 133 153 143 66 September. 790 710 80 42 November. . . 141 '142 181 150 135 138 153 149 68 October... . 791 709 82 46 December. . . 137 127 166 134 128 135 133 151 68 November.. 788 697 91 57 December.. 780 711 69 33 1945—January 143 141 176 128 120 142 161 157 66 February.... 139 139 178 119 121 133 168 152 66 1945—January.. . . 766 673 93 , 60 March 145 137 190 134 129 134 218 159 67 February.. . 781 678 103 68 April 141 126 180 160 124 133 204 153 71 March 796 698 98 63 May . 140 126 193 167 120 137 204 151 69 April 799 704 96 62 June 140 143 181 155 121 144 170 146 68 May 796 704 92 57 July 139 136 193 157 121 140 171 146 67 June 831 725 106 71 August 128 128 167 163 115 133 166 132 64 July 791 696 95 61 September. . . 127 143 155 146 114 125 174 126 66 August.... 705 648 57 22 October 118 109 113 158 123 109 '134 125 69 September. 691 655 36 4 November. . . 133 148 167 167 145 110 134 133 74 October 657 620 37 P5 UNADJUSTED UNADJUSTED 1944—September.. . 150 147 181 142 151 148 276 158 70 1944—August. . . . 836 735 101 60 October 148 142 178 147 184 140 237 156 69 September. 799 709 90 -57 November. . . 144 143 181 147 170 135 138 155 70 October... . -•818 -720 -98 60 December. . . 128 127 175 126 124 120 41 142 65 November.. 781 689 92 64 December. . 757 687 70 41 1945—January 132 141 185 128 115 128 40 143 63 February.... 130 139 188 117 97 128 42 142 64 1945—January.. . . 751 678 73 39 March 136 137 192 124 102 134 63 151 68 February.. . 713 640 73 37 April 139 126 176 141 111 133 203 151 71 March 813 713 100 63 May. . 142 126 191 147 108 143 268 152 69 April 779 687 92 56 June 145 143 178 158 99 149 263 150 68 May 823 723 100 65 July 143 136 187 188 97 140 273 148 67 June 820 724 96 66 August 132 128 160 176 109 140 249 133 65 July 796 699 97 63 September.. . 137 143 154 163 150 135 261 136 69 August.... 755 669 87 51 October 128 109 111 158 189 115 215 136 72 September. 679 635 44 9 November. . . 136 148 167 164 183 108 114 139 75 October.. . . 697 643 54 P21 'Revised. P Preliminary. - Revised. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for NOTE.—Descriptive material and back figures may be ob- June 1941. Based on daily average loadings. Basic data compiled by Associa- tained from the Division of Research and Statistics. Basic tion of American Railroads. Totai index compiled by combining indexes for data compiled by the Interstate Commerce Commission. classes with weights derived from revenue data of the Interstate Commerce Annual figures include revisions not available monthly. Commission. 77 JANUARY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DEPARTMENT STORE STATISTICS [Based on value figures] MONTHLY INDEXES OF SALES [1935-39 average = 100] Federal Reserve district Year and month United States San Y N o e r w k le 'h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is M ap i o n l n is e- K C a i n ty sas Dallas F c r is a c n o - 1919 83 95 84 106 84 73 88 113 93 67 1920 99 110 100 126 106 81 105 126 112 80 1921 92 108 96 120 94 78 90 80 105 117 92 75 1922 94 112 99 122 95 75 85 83 103 112 86 78 1923 105 119 106 135 108 85 94 98 115 120 91 91 1924 105 121 110 134 106 87 91 96 114 119 119 94 93 1925 110 123 116 135 109 92 95 102 120 124 124 98 99 1926 113 127 120 138 110 96 99 106 121 119 123 103 106 1927 114 128 123 133 110 95 100 108 119 117 125 101 107 1928 115 126 124 127 110 95 100 114 120 110 119 103 110 1929 117 128 129 128 116 96 98 116 122 110 117 104 112 1930 108 123 126 118 105 92 91 101 110 105 111 96 104 1931 97 114 116 105 93 86 79 88 97 98 96 81 94 1932 75 90 91 83 68 68 60 67 76 79 74 61 71 1933 73 84 86 80 69 68 62 68 72 76 73 62 68 1934 83 90 91 88 81 81 78 79 83 85 85 76 77 1935 88 92 93 91 86 87 84 86 85 90 89 80 86 1936 100 100 101 102 101 98 97 100 97 99 99 97 100 1937 107 104 106 107 111 105 105 109 106 104 107 105 106 1938 99 100 99 96 96 101 103 98 102 101 100 106 100 1939 106 104 101 104 106 109 113 107 111 106 105 112 109 1940 114 108 106 111 114 120 123 116 119 109 110 117 117 1941 133 126 119 129 138 144 145 135 143 122 127 138 139 1942 150 140 128 143 153 170 162 149 158 133 149 157 169 1943 168 148 135 151 167 194 204 161 179 149 184 212 200 1944 186 162 150 168 182 214 244 176 200 165 205 246 221 SEASONALLY ADJUSTED 1943—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 193 165 152 167 190 228 260 185 215 158 214 250 229 November 205 168 161 '•182 '204 231 271 189 235 189 244 258 253 December 196 174 158 171 190 220 258 190 207 175 208 259 233 1945—January 197 167 149 173 186 231 268 184 211 181 241 261 247 February 211 166 165 189 204 238 274 202 236 208 246 271 257 March 220 193 189 204 222 250 274 207 235 205 240 269 249 April 181 157 150 162 174 210 234 168 188 157 199 256 219 May 188 160 156 170 179 210 243 170 209 162 203 264 234 June 202 177 169 185 197 235 277 184 220 172 218 268 233 July 218 183 176 198 220 252 300 197 250 187 243 300 255 August 200 166 165 175 189 235 274 189 225 186 214 272 231 September 199 167 161 175 187 225 268 193 213 185 217 278 232 October 213 177 172 184 209 248 292 199 248 180 241 289 '245 November 227 183 183 203 220 258 298 208 266 219 265 288 273 UNADJUSTED 1943—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 October 209 184 173 189 204 249 273 197 221 179 225 275 239 November 248 207 206 '229 244 '293 317 231 268 218 ••263 314 '297 December 320 300 270 305 303 369 417 295 333 269 339 421 373 1945—January 156 132 124 133 145 174 214 147 173 136 178 211 197 February 171 130 137 149 163 191 236 162 187 144 194 239 217 March 212 187 176 200 214 250 282 200 233 186 233 269 232 April 174 156 143 152 171 193 227 165 192 156 195 228 205 May 183 158 148 163 177 209 238 170 209 164 205 248 219 June 186 165 156 167 187 207 233 178 198 171 200 228 215 July 163 127 118 137 161 181 225 154 185 147 192 228 211 August 168 125 120 136 165 194 244 158 194 165 201 237 210 September 209 176 171 178 199 239 279 197 234 210 239 292 243 October 230 196 197 208 224 271 307 213 255 ••204 253 318 '254 November 274 225 235 255 264 329 348 254 303 252 287 352 320 r Revised. NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944. 78 FEDERAL RESERVE BULLETIN 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 [Weeks ending on dates shown. 1935-39 average = 1001 [As reported by 296 department stores in various Federal Reserve districts] Without seasonal adjustment Index of stocks Amount (1935-39 average 1942 1943 1944 1945 (In millions of dollars) = 100) May 16... . .127 May 15 . . 149 May 13... . .197 May 19.... .178 23... . .125 22.... .153 20... . .177 26 .182 30... ..104 29.... .151 27 168 June 2.... .169 Out- June 6... . .147 June 5 .151 June 3... . . 163 9.... .196 m ( S t o f a o o n l t e r t a h s l ) m ( S e t o n o n d c t k h o s ) f ( s o e t r i n a d n d n e g d r o s - f a S d e j a a u l s l s o y te n d - j U u n st a e d d - July 2 2 1 0 4 3 7 . . . . . . . . . . 1 . 1 1 9 0 2 2 5 9 9 8 July 2 1 1 3 2 9 6 ... . . . . . . 1 1 1 1 6 3 6 3 8 2 8 4 July 2 1 1 4 7 0 1 . . . . . . . . . . . . . 1 1 1 1 4 7 5 7 9 1 2 3 July 3 2 1 0 3 7 6 . . . . . . . . . . . . . . 2 1 1 1 0 8 5 7 6 3 3 3 month) 11... . .112 10 113 8 116 14.... .167 18.. 105 17 .126 15 .. .145 21 .. . .157 25 103 24 124 22... . .138 28 153 1939 average 128 344 99 Aug. 1. 105 31 . .118 29... . .132 Aug. 4 . ..167 1940 average 136 353 108 101 8... . .122 Aug. 7 131 Aug. 5... ..137 11 .176 1941 average 156 419 194 120 15. . 125 14 .131 12 ... . 148 18 .. . .124 1942 average 179 599 263 172 22... . .126 21.... .146 19... ..149 25 182 1943 average 204 508 530 146 29. . .142 28 .145 26 .. . .171 Sept. 1 .. ..194 1944 average 227 533 560 153 Sept. 5... . .165 Sept. 4 169 Sept. 2 194 8 177 12. .. .140 11 . .156 9. .. .177 15 .213 1944—Feb 170 514 527 154 147 19... . .152 18.... .179 16 196 22 220 Mar 226 531 484 150 153 26. .. .172 25 .176 23 .. . 193 29 .209 Apr 206 526 476 145 151 Oct. 3 183 Oct. 2 175 30 196 Oct. 6 242 May 220 525 534 147 151 10... . .171 9... .188 Oct. 7... . .218 13 .. ..245 June 198 523 592 157 150 17 166 16 189 14 221 20.... .237 July 162 517 631 165 148 24... . .172 23.. .194 21 .. .209 27 .233 Aug 198 574 579 172 165 31... . .168 30 187 28... ..207 Nov. 3.... .236 Sept 234 583 561 161 167 Nov. 7... . .182 Nov. 6 .202 Nov. 4... . .215 10 .261 Oct 257 P607 ••577 ••156 174 14... ..182 13 ,211 11 231 17 275 Nov 299 580 '611 144 166 21... . .182 20.... .223 18... ..252 24 258 Dec 385 444 621 136 127 28... . .176 27.... .201 25... . .236 Dec. 1 . 326 Dec. 5... . .250 Dec. 4 .269 Dec. 2... . .304 8 .401 1945—Jan 198 463 768 148 133 12... . .295 11 297 9 365 15 . 433 Feb 198 494 819 148 142 19... . .333 18.... .321 16... ..377 22... .421 Mar........ 284 524 772 148 151 26... . .222 25.... .274 23... . .369 29... .156 Apr 209 566 725 156 162 30... . .123 May 231 591 671 165 170 June 236 601 697 181 ••172 1943 1944 1945 1946 July 191 592 722 189 170 Jan. 2... . .117 Jan. 1.... .110 Jan. 6... ..145 Jan. 5 . Aug 213 625 671 187 179 9... ..146 8.... .143 13... ..166 12 Sept 243 620 652 171 178 16. .139 15 .146 20 .. .160 19 . Oct 298 624 700 161 179 23... ..125 22.... .144 27... . .161 26 Nov P334 P602 P776 P150 P173 30... ..126 29 .137 Feb. 3. .. .163 Feb. 2 .. P Preliminary, »• Revised. NOTE.—Revised series. For description and back figures see pp. 874- Back figures.—Division of Research and Statistics. 875 of BULLETIN for September 1944. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] 1 N 9 o 4 v 5 . 1 O 9 c 4 t 5 . 19 1 4 1 5 1 N 9 o 4 v 5 . Oct. m 19 1 o 4 1 s 5 . 1 N 9 o 4 v 5 . 1 O 9 c 4 t 5 . 19 1 4 1 5 1 N 9 o 4 v 5 . 1 O 9 c 4 t 5 . 1 n 9 1 o 4 1 s 5 . United States... +11 +14 +11 Cleveland-Con t. Chicago +11 +12 +10 Dallas +12 +20 Youngstown. . . +8 + 15 + 15 Chicago +13 +14 + 11 Shreveport.... 0 +8 Boston +9 +11 +9 Erie +7 +5 Peoria + 15 + 16 + 13 Dallas + 17 +24 +16 New Haven -1 +4 +3 Pittsburgh +~14 +19 + 12 Fort Wayne. . . +9 +17 + 15 Fort Worth +11 + 19 + 12 Portland +1 + 12 +6 Wheeling + 7 + 13 + 14 Indianapolis. . . + 11 +16 +13 Houston +9 +10 +6 Boston + 10 + 14 + 11 Terre Haute. . . +23 +31 +34 San Antonio. . . +18 +35 +23 W S P p r o o ri r v n c i g e d f s e i t e n e l c r d e + + + 1 9 2 0 + + + 1 1 8 4 6 + + + 1 1 6 5 0 Ric W B h a m a l s t o i h n m i d n o g re ton.... + + + 10 6 8 + + + 1 1 1 2 2 0 + + + 1 9 9 0 D D Fl e e i s n t r t o M it oines + + + 1 3 2 1 + + + 2 5 3 1 + + + 1 8 4 7 San C o F rp r u a s n c C isc h o r ist . i . . + + 4 8 + +1 1 0 7 + + 1 1 1 4 Raleigh, N. C.. +2 + 13 +6 Grand Rapids.. + 14 + 13 +19 Phoenix + 16'+16 + 16 New York +14 +1S -{-13 Winston-Salem. +2 +21 + 10 Lansing -2 +4 +8 Tucson +5 +35 + 10 Bridgeport +4 +4 +3 Charleston^. C. -14 -6 Milwaukee.... + 19 + 15 + 15 Bakersfield.... +13 +15 +13 Newark + 11 +20 + 14 Greenville, S. C. +5 + 18 + 15 Green Bay +23 + 18 + 19 Fresno + 12 + 14 +13 Albany +27 +37 +24 Lynchburg. . . . +21 + 18 + 17 Madison + 10 + 14 + 12 Long Beach +6 +9 + 12 Binghamton. . . + 12 +15 + 15 Norfolk -10 Los Angeles + 14 + 15 +13 Buffalo +9 + 17 +8 Richmond + 19 + 18 + 14St. Louis +13 +20 +13 Oakland and Elmira + 7 + 12 +9 Charleston, Fort Smith.... +11 +30 + 12 Berkeley.... +2 +8 +9 Niagara Falls.. +5 +13 +8 W. Va + 15 + 17 +19 Little Rock.... + 7 + 17 +14 Riverside and New York City + 17 + 19 + 14 Clarksburg.... + 15 +25 + 13 Quincy + 14 +27 + 14 San Bernardino -1 +7 + 10 Poughkeepsie. . + 18 + 14 + 15 Huntington.. . . +13 + 14 +17 Evansville + 1 +4 +2 Sacramento.... +7 r+10 +8 Rochester + 7 +15 + 11 Louisville +7 + 15 + 12 San Diego -6 r-4 +3 Schenectady. . . + 1 +9 +8 Atlanta +10 +17 +13 East St. Louis.. + 7 + 11 +6 San Francisco.. + 7 r+s +13 Syracuse + 16 +17 .+14 Birmingham. . . +9 + 14 +9 St. Louis +15 +22 + 15 San Jose + 11 r+16 +9 Utica +4 +9 +4 Mobile -9 +8 St. Louis Area.. + 15 +22 +14 Santa Rosa.... + 16 +19 + 15 Montgomery... + 19 +23 +20 Springfield + 15 +27 +19 Stockton +17 +4 + 14 Philadelphia..., +11 +14 +11 Jacksonville. . . +6 + 11 +11 Memphis + 14 + 16 +12 Vallejo and Trenton +23 +20 + 16 Miami +21 +29 + 17 Napa +1 -26 +9 Lancaster + 10 +13 +7 Orlando + 12 + 18 +10 Minneapolis +18 r+18 +13 Boise and Philadelphia. . +9 +14 +9 Tampa + 16 + 16 + 10 Nampa +9 +24 + 15 Reading +5 + 10 +5 Atlanta + 16 +25 +19 Kansas City.... +9 +17 +12 Portland -2 +7 +6. Wilkes-Barre.. + 18r+22 + 18 Augusta + 18 +33 +21 Denver + 16 +22 +16 Salt Lake City. + 10 +13 +9 York +7 +12 + 11 Columbus +6 +8 + 7 Pueblo +5 +8 + 10 Bellingham.... + 10 + 10 Macon + 17 + 15 +8 Hutchinson +4 + 13 + 15 Everett +6 +7 + 19 Cleveland , +* +14 +10 Baton Rouge... + 15 +25 + 17 Topeka +3 + 15 + 14 Seattle +9 + 7 +11 Akron +4 +6 +9 New Orleans... +3 +8 +7 Wichita -3 +3 +3 Spokane +4 +8 +9 Canton -8 0 +3 Bristol, Tenn... + 14 +21 + 13 Joplin + 11 +30 + 11 Tacoma +4 +4 + 15 Cincinnati + 12 +19 + 14 Jackson +6 + 15 + 15 Kansas City. . . +9 + 16 + 12 Yakima Cleveland. +6 + 14 +8 Chattanooga... + 13 +20 + 15 St. Joseph + 14 +27 + 12 Columbus +9 +17 + 15 Knoxville +7 +9 Omaha +8 +19 + 11 Springfield -6 +3 +4 Nashville + 18 +27 + 17 Oklahoma City. + 7 + 16 + 12 Toledo + 1 +6 +8 Tulsa +7 + 17 + 15 *• Revised. JANUARY 1946 79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS, BY MAJOR DEPARTMENTS Per cent change from a year ago (value) Ratio of stocks to sales Department N of u m sto b r e e r s Sales during period S o to f c m ks o n ( t e h n ) d October reporting Oct. 1945 Ten 19 m 45 os. Oct. 1945 1945 1944 GRAND TOTAL—entire store 348 +15 +12 +3 2.2 2.4 MAIN STORE—total 348 +16 +13 +3 2.2 2.5 Women's apparel and accessories 345 + 16 +16 +1 1.8 2.1 J C D A U C H B In u o l o r p n o f n o e a r r s d a i u s s o i t n o e s e s s e n r t r e e r t s w s s s y a s s ' , ' , , n e h a w d ( b s a w n o k r r e , a d s u i o a r u s s r s m t s g e i l s i t i d i , e s e p r r n r l s s e e s ' p , s s ' s o s n w a e r e n t s e g s , d a l w i r u g c e n e h a i e i r f s l , o d r e r m e tc n s 's) 3 3 3 3 3 3 3 2 2 3 2 0 0 8 2 7 2 2 6 1 8 5 3 9 6 8 4 + + + + + + + + + 2 2 1 1 1 1 3 9 8 3 2 9 7 3 9 + + + + + + + + + 2 2 2 2 1 1 1 1 8 2 0 1 1 2 5 1 7 + + + + - - + 2 1 - 2 2 1 1 9 0 4 3 0 5 3 3 0 2 2 1 1 1 1 1 1 . . . . . . . . . 9 2 8 8 8 1 7 0 1 2 2 1 1 1 1 1 1 1 . . . . . . . . . 9 7 8 9 8 2 4 4 4 Gloves (women's and children's) 320 + 17 + 16 -35 3.1 3.7 Shoes (women's and children's) 237 +26 + 18 -3 2.4 3.2 F N H M u e a i r c n l s l k d in w k e e e r r a y c r h a ie n f d s scarfs 2 2 2 1 6 4 7 6 3 0 4 2 + + + - 2 2 1 1 7 4 6 + + + + 1 1 6 8 1 3 + + + - 3 2 2 5 2 3 0 3 0 5 2 . . . . 5 7 7 7 3 0 4 2 . . . . 6 9 7 4 Handbags and small leather goods 299 + 13 + 10 +9 2.6 2.7 Men's and boys' wear 316 +28 +14 -16 2.4 3.6 Men's clothing 226 +52 + 17 -46 1.1 3.2 Men's furnishings, hats, caps 299 +22 + 13 -8 3.0 3.9 Boys' clothing and furnishings 273 + 12 + 10 + 1 2.8 3.1 Men's and boys' shoes and slippers 171 +32 +20 -11 3.8 5.7 Home furnishings 309 +24 + 10 +6 2.4 2.9 Furniture, beds, mattresses, springs 230 +35 + 17 + 12 2.4 2.9 Domestic floor coverings 231 +4 -6 2.1 2.3 Draperies, curtains, upholstery 287 +9 +6 +5 2.1 2.2 M Do a m jo e r st h i o cs u , s e b h la o n ld k e a t p s, p l l i i a n n e c n e s s , etc 2 1 8 6 6 4 + + 1 3 1 7 5 +59 -1 -3 7 0 2 . . 6 0 2 1. . 5 7 L C H a h o m i u n s p a e s w a a n a n r d d e s g s l h as a s d w es are 2 2 2 1 1 1 7 8 7 + + + 2 4 3 3 9 1 + + + - 2 2 1 1 2 8 3 + + + 2 2 1 2 3 8 3 3 2 . . . 2 9 9 3 3 4 . . . 4 4 1 Piece goods 282 +11 +9 -29 1.3 2.1 Cotton wash goods 115 +5 -2 -22 1.3 1.8 Small wares 330 +8 +10 +18 3.8 3.4 Lace, trimmings, embroideries, ribbons 120 + 13 +5 +8 3.4 3.6 Notions 220 + 17 + 16 + 19 3.2 3.1 Toilet articles, drug sundries, and prescriptions 311 +3 +5 +16 4.6 4.1 Jewelry and silverware 296 + 17 + 15 + 11 3.6 3.7 Art needlework 236 + 11 + 12 + 13 3.0 3.0 Stationery, books, and magazines 231 + 12 +35 3.9 2.9 Miscellaneous 296 -2 +7 +23 3.2 2.5 Luggage 221 + 12 +6 + 10 2.9 3.0 BASEMENT STORE— total 210 +9 +9 +1 2.1 2.3 Women's apparel and accessories 197 +5 + 10 +3 1.9 1.9 Men's and boys' clothing and furnishings 160 +21 + 11 -9 2.4 3.2 Home furnishings 121 + 13 +4 +5 2.0 2.2 S P h ie o c e e s goods 1 5 2 2 9 + + 1 1 5 4 + + 1 1 2 2 - + 12 9 4 1 . . 2 5 4 2 . . 4 0 NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average — 100 Percentage of total sales Year and month Sales during month Ac a c t o e u n n d t s o f r ec m e o iv n a th ble Colle m c o ti n o t n h s during Cash I m ns e t n a t l- C ac h c a o r u g n e t - Total Cash Instal- Charge Instal- Charge Instal- Charge sales sales sales ment account ment account ment account 1944—October 164 211 81 127 36 90 70 115 63 4 33 November 191 245 95 149 40 102 '77 130 62 4 34 December 245 326 105 181 46 128 78 135 64 4 32 1945—January 126 164 57 96 43 97 78 168 63 4 33 February 126 163 57 98 40 84 69 128 63 4 33 March 178 230 73 141 40 96 77 120 63 3 34 April 133 171 52 107 37 88 65 128 62 3 35 May 147 190 55 117 35 88 64 122 63 3 34 June 149 194 52 117 34 88 61 121 63 3 34 July 121 163 48 88 32 76 57 117 66 3 31 August 135 181 58 99 32 76 57 104 65 4 31 September 155 203 63 118 33 85 59 103 63 4 33 October 190 245 90 147 36 99 71 122 63 4 33 November 212 272 101 165 41 113 77 143 62 4 34 r Revised. NOTE.—Data based on reports from a smaller group of stores than included in the monthly index ot sales shown on page 78. 80 FEDERAL RESERVE BULLETIN 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 dollarsl Instalment credit End o r o f y e m ar onth co c T n r s o e u t d a m i l t er ns T ta o l t m al ent Sale credit Loans1 p S a lo i y n a m g n l e s e 2 n - t a C cc h o a u rg n e ts Service credit credit Total Automobile Other 1929 7,637 3,167 2,515 1,318 1,197 652 2,125 1,749 596 1930 6,839 2,706 2,032 928 1,104 674 1,949 1,611 573 1931 5,528 2,214 1,595 637 958 619 1,402 1,381 531 1932 4,082 1,515 999 322 677 516 962 1,114 491 1933 3,905 1,581 1,122 459 663 459 776 1,081 467 1934 4,378 1,849 1,317 576 741 532 875 203 451 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 1,065 331 1,419 520 1937 7,467 3,947 2,752 1,384 1,368 1,195 1,504 1,459 557 1938 7,036 3,584 2,313 970 1,343 1,271 1,442 1,487 523 1939 8,008 4,463 2,792 1,267 1,525 1,671 1,468 1,544 533 1940 9,205 5,507 3,450 1,729 1,721 2,057 1,488 1,650 560 1941 9,956 5,981 3,744 1,942 1,802 2,237 1,601 1,764 610 1942 6,526 2,996 1,491 482 1,009 1,505 1,369 1,513 648 1943 5,377 2,000 814 175 639 1,186 1,192 1,498 687 1944 5,790 2,083 835 200 635 1,248 1,220 1,758 729 1944 Oct 5,412 1,937 743 210 533 1,194 1,231 1,516 728 Nov 5,595 1,973 772 208 564 ,201 1,231 1,664 727 Dec 5,790 2,083 835 200 635 ,248 1,220 1,758 729 1945 Jan 5,487 2,013 777 192 585 ,236 1,206 1,534 734 Feb 5,330 1,966 741 186 555 ,225 188 1,438 738 Mar 5,581 1,990 731 184 547 ,259 181 1,669 741 Apr 5,448 1,988 723 184 539 ,265 212 1,506 742 May 5,494 2,004 718 184 534 ,286 258 ,488 744 June '•5,641 '2,031 719 188 531 ,312 320 1,544 746 July 5,594 2,038 712 192 520 ,326 ,346 1,459 751 Aug 5,588 2,034 706 196 510 ,328 1,359 1,441 754 Sept 5,637 2,053 717 202 515 ,336 1,358 1,470 756 Oct P5.932 *2,129 P754 P210 P544 ,375 l380 PI,666 P757 Nov P6,228 P2.234 PS02 P219 P583 ,432 Pl.408 Pl.828 P758 P Preliminary. r Revised. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOBILE CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] Insured m E o y n n e d t a h r o f or ex m T a c o u o lu t b t d a o i l i l - , e ng D s o m m e t a r o p a n e d r a i d n e e l r t r - s t- F s t t u u o r r r n e e i s - H a s a h t p o o n o p u r c l l s d e e i e s - - J s e t w o e re lr s y s r o t e A t o t h r a l e l e i r l s m E o y n n e d th a r o o f r Total m b C a e o n r m k ci s - a 1 l p S c l a m o o n a m a i n e l - l s r p I a c n a t n o r n d i k m i u a e i l s - n s - g 2 u C n r i e o d n i s t l l M e a n n i d s e c o e e r u s l s - m i r l z o o e a a d p a n t n i e a d o r s ir n n 3 houses 1929 652 43 263 219 32 95 1930. . . . 674 45 287 218 31 93 1929 1,197 160 583 265 56 133 1931 619 39 289 184 29 78 1930 1,104 155 539 222 47 141 1932. . . . 516 31 257 143 27 58 1931 958 138 454 185 45 136 1933 459 29 232 121 27 50 1932 677 103 313 121 30 110 1934.. . . 532 44 246 125 32 60 '25 1933 663 119 299 119 29 97 1935 802 88 267 156 44 79 168 1934 741 146 314 131 35 115 1936.... 1,065 161 301 191 66 102 244 1935 865 186 336 171 40 132 1937. . . . 1,195 258 350 221 93 125 148 1936 ,147 256 406 255 56 174 1938 1,271 312 346 230 112 117 154 1937 L,368 314 469 307 68 210 1939 1,671 523 435 257 147 96 213 1938 1,343 302 485 266 70 220 1940.... 2,057 692 505 288 189 99 284 1939 1,525 377 536 273 93 246 1941.... 2,237 784 535 298 217 102 301 1940 1,721 439 599 302 110 271 1942 1,505 426 424 202 147 91 215 1941 L,802 466 619 313 120 284 1943 .... 1,186 312 372 165 123 86 128 1942 L.009 252 391 130 77 159 1944. . . . 1,248 358 388 175 119 88 120 1943 639 172 271 29 66 101 1944 635 183 269 13 70 100 1944 Oct 1,194 344 361 172 117 85 115 1944 Nov 1,201 346 365 172 116 85 117 Oct 533 148 244 13 44 84 Dec 1,248 358 388 175 119 88 120 Nov 564 161 253 13 48 89 Dec 635 183 269 13 70 100 1945 Jan 1,236 359 378 172 116 87 124 1945 Feb 1,225 357 372 168 114 86 128 Jan 585 171 249 12 61 92 Mar 1,259 374 381 171 116 87 130 Feb 555 162 240 12 54 87 Apr 1,265 377 381 172 116 87 132 Mar 547 162 238 11 50 86 May. . . . 1,286 388 384 177 116 87 134 Apr 539 158 237 11 48 85 June.... r1,312 400 389 181 118 88 '136 May 534 154 238 10 48 84 July 1,326 406 391 182 119 88 140 June 531 150 237 11 49 84 Aug 1,328 406 389 182 118 88 145 July . . . 520 145 235 11 47 82 Sept 1,336 413 387 182 116 87 151 Aug 510 142 232 11 45 80 Oct V1,375 •P428 P395 P186 P117 P88 P161 Sept 515 144 235 11 44 81 Nov PI,432 P449 P409 P193 P120 P90 P171 Oct P544 P156 P247 Pll P44 P86 Nov P583 P171 P261 P12 P47 P92 p Preliminary. r Revised. 1 These figures include only personal instalment cash loans and retail P Preliminary. automobile direct loans, shown on the following page, and a small amount of other retail direct loans (22 million dollars at the end of November 1945), not shown separately. 2 This series is in process of revision. 3 Includes only loans insured by Federal Housing Administration. JANUARY 1946 81 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 dollarsl Month or year Total Aut r o e m ta o il bile r O e 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 a m nk er s c 1 ial S c m o a m l pa l n l i o e a s n c I o n b m a d n u p k s a t i n r n i i g e a s l 1 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 1931. 498 340 38 Outstanding at end of 1932. 376 250 34 period: 1933. 304 202 33 1939 1,093 218 164 155 209 347 1934. 384 234 42 1940 1,450 311 253 217 247 422 1935. 423 288 67 1941 1,694 411 310 288 234 451 1936. 563 354 105 1942 845 136 123 143 154 289 1937. 619 409 148 1943 514 55 81 68 89 221 1938. 604 417 179 1944 559 57 99 75 83 245 1939. 763 489 257 1940. 927 536 320 1944—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 April 56 61 30 16 April 579 55 109 77 86 252 May 65 72 35 20 May 592 55 112 78 89 258 June 69 75 38 22 June 609 56 116 79 93 265 July 63 73 33 19 July 619 56 118 79 96 270 August 64 70 35 20 August 622 57 119 79 100 267 September 60 67 33 19 September., 632 58 122 79 103 270 October 61 68 34 18 October P . . . 659 59 128 84 109 279 November.. ., 61 77 34 18 November, 695 63 135 89 116 292 December 72 106 37 23 Volume extended dur- 1945 ing month: January 66 58 33 16 1944—October. .. . 92 18 15 40 February.... 62 56 30 16 November. . 92 18 15 41 March 82 94 42 23 December. . 103 19 18 50 April 69 70 34 18 May 75 78 39 20 1945—January.. . . 96 20 17 7 43 June 81 82 40 21 February.. . 86 19 12 7 39 July 75 76 37 19 March 114 24 15 9 54 August 72 71 36 18 April 101 21 16 10 45 September 72 74 36 16 May 110 22 18 10 50 October? 88 89 44 20 June 116 24 15 12 53 November? . . 94 97 46 22 July 107 22 13 11 50 August 108 23 15 12 47 September.. 106 23 13 12 46 P Preliminary. October P . . . 131 28 19 15 56 1 These figures for loans made include only personal instalment cash November?. 140 29 21 16 60 loans and retail automobile direct loans, which are shown elsewhere on this page, and a small amount of other retail direct loans (5 million dollars in November 1945) not shown separately. P Preliminary. 2 This series is in process of revision. 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE i Item N 1 P 9 o e f 4 v r r 5 o c . m en m t 1 O p a o 9 g r c n 4 e e t c 5 t . h e c d h i a S n 1 n g e 9 g p 4 e t 5 . N m f 1 P r 9 o o e o 4 m v r n 5 c . t e h c n o o t 1 y O a r f 9 r e g c e 4 a p e t s r 5 . r p e c o c h n e a S 1 d d n e 9 i i g n n p 4 e g g t 5 . Month D s m e to p e r a n e r t s t- In F s s t t t u u o a r l r r n m e e i s - ent h H p a s o l c t o l i o c d a u r o n s e a u c e s p e n - - ts Je st w o e re lr s y a D C s c m e t h c o p o e a r a n r u e g r t n s t e - ts Net sales: 1944 Total +4 '+33 +5 +20 '+19 + 2 October 40 26 36 34 66 Cash sales .... + 10 '+37 +8 +37 '+40 +19 November... '40 24 37 34 67 Credit sales: December... 36 23 39 49 '62 Instalment +3 -+34 +5 + 14 +14 - 3 Charge account '+29 +2 +28 '+18 + 3 January 1945 31 21 35 29 61 Accounts receivable, at February 30 21 32 28 61 end of month: March 36 24 36 32 66 Total +6 0 +4 0 -3 April 30 22 36 30 61 I nstalment +5 +1 +2 +1 -1 May 32 23 40 33 64 June 32 23 43 33 64 Collections during July 31 24 42 31 62 month: August 33 23 48 31 63 Total +4 ••+16 0 + 13 ••+8 +2 September. . 35 23 49 30 63 I nstalment +4 +19 -1 +14 '+9 +1 October 40 27 '52 '31 66 November... 39 27 52 33 67 Inventories, end of month, at retail value. -3 -1 +1 +6 +7 +8 r Revised. 1 Ratio of collections during month to accounts receivable at beginr Revised. ning of month. 82 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 = 100] Other commodities All Farm Year, month, or week m c t o i o e m 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 h u e c a r t n 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 i a i n a n g l d s a p n M r d o e d m t u a c e ls t t s al m B a u t i e ld ri i a n l g s c C a a l h s l e l i m a e n d i- d i f n H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s products 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88. 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 :1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.4 94.3 82.0 -1942T 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 95.5 102.4 89.7 1943 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 94.9 102.7 92.2 1944 104.0 123.3 104.9 98.5 116.7 98.4 83.0 103.8 115.5 95.2 104.3 93.6 1944—October... 104.1 123.4 104.2 98.7 116.2 99.4 82.9 103.7 116.3 95.0 104.4 93.6 November 104.4 124.4 105.1 98.8 116.2 99.4 83.1 103.7 116.4 94.8 104.4 94.0 December. 104.7 125.5 105.5 98.9 117.4 99.5 83.1 103.8 116.4 94.8 104.4 94.2 1945—January.. 104.9 126.2 104.7 99.1 117.5 99.6 83.3 104.0 116.8 94.9 104.5 94.2 February. 105.2 127.0 104.7 99.2 117.6 99.7 83.3 104.2 117.0 94.9 104.5 94.6 March 105.3 127.2 104.6 99.2 117.8 99.7 83.4 104.2 117.1 94.9 104.5 94.6 April 105.7 129.0 105.8 99.3 117.9 99.6 83.5 104.2 117.1 94.9 104.5 94.8 May 106.0 129.9 107.0 99.4 117.9 99.6 83.7 104.3 117.3 94.9 104.5 94.8 June 106.1 130.4 107.5 99.6 118.0 99.6 83.9 104.7 117.4 95.0 104.5 94.8 July 105.9 129.0 106.9 99.7 118.0 99.6 84.3 104.7 117.5 95.3 104.5 94.8 August. . . 105.7 126.9 106.4 99.9 118.0 99.6 84.8 104.7 117.8 95.3 104.5 94.8 September 105.2 124.3 104.9 99.8 118.7 100.1 84.1 104.9 118.0 95.3 104.6 94.8 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 November 106.8 131.1 107.9 100.2 118.8 101.1 84.6 105.2 118.7 95.7 104.7 94.8 Week ending: 1945—Aug. 18. . 105.5 127.0 106.3 100.1 118.5 99.1 85.3 104.8 117.8 95.3 106.2 94.6 Aug. 25. . 105.5 126.7 106.6 100.1 118.5 99.1 85.3 104.8 117.8 95.3 106.2 94.6 Sept. 1. . 105.2 125.1 105.5 100.1 118.6 99.1 85.5 104.8 117.6 95.3 106.2 94.6 Sept. 8. . 105.0 124.3 105.1 100.1 118.6 99.4 85.3 104.8 117.6 95.3 106.3 94.6 Sept. 15.. 104.7 123.6 104.6 99.8 118.6 99.4 84.4 104.8 117.7 95.3 106.3 94.6 Sept. 22. . 104.9 124.5 105.1 99.9 118.6 99.6 84.5 104.8 117.7 95.3 106.3 94.6 Sept. 29. . 105.0 124.7 104.7 99.9 118.6 99.9 84.4 104.8 117.8 95.3 106.3 94.6 Oct. 6. . 105.2 125.7 105.3 100.0 118.4 99.9 84.5 104.8 117.9 95.3 106.3 94.6 Oct. 13. . 105.3 126.3 105.2 100.0 118.4 99.9 84.5 104.8 118.0 95.3 106.3 94.6 Oct. 20. . 105.5 126.9 105.8 100.1 119.1 99.9 84.5 105.1 118.1 95.5 106.3 94.6 Oct. 27. . 105.7 127.7 106.0 100.1 119.1 99.9 84.7 105 118.1 95.5 106.3 94.6 Nov. 3. . 105.9 129.1 106.6 100.1 119.1 100.0 84.5 105 118.2 95. 106.4 94.6 Nov. 10. . 106.1 129.5 107.0 100.2 119.1 100.5 84.5 105 118.6 95. 106.4 94.6 Nov. 17. . 106.3 130.3 107.2 100.3 119.1 100.5 84.6 105 118.6 95.6 106.4 94.6 Nov. 24. . 106.7 132.1 108.7 100.3 119.1 100.5 84.6 105 118.7 95.6 106.4 94.6 Dec. 1. . 106.8 132.0 108.5 100.4 119.4 100.6 85.1 105 118.7 96.1 106.4 94.6 Dec. 8.. 106.5 130.3 108.1 100.5 119.4 100.6 85.2 105.3 118.7 96.1 106.4 94.6 Dec. 15. . 106.7 131.3 108.3 100.5 119.4 100.6 85.2 105.3 118.8 96.1 106.4 95.0 Dec. 22. . 106.8 131.5 108.6 100.5 119.4 100.6 85.2 105.3 118.8 96.1 106.4 95.0 Dec. 29. . 107.0 132.7 109.5 100.6 100.6 85.3 105.3 118.9 96.1 106.4 95.0 1944 1945 1945 Subgroups Subgroups Nov. Aug. Sept. Oct. Nov. Nov. Aug. Sept. Oct. Nov. .Farm Products: Metals and Metal Products: Grains 124, 126.4 126.6 130.2 132.9 Agricultural implements... 97.5 97.8 97.9 97.9 98.1 Livestock and poultry 127, 130.7 128.5 130.5 131.8 Farm machinery 98.7 98.8 98.9 98.9 99.1 Other farm products 121, 123.7 120.3 123.6 129.3 Iron and steel 97.1 99.1 99.6 99.8 100.2 , Foods: Motor vehicles 112.8 112.8 112.8 112.8 112.8 Dairy products 110, 110.6 110.3 110.4 113.2 Nonferrous metals 85.8 85.8 85.7 85.7 8S.8 Cereal products 94, 95.1 95.1 95.3 95.5 Plumbing and heating 92.4 93.4 95.0 95.0 95.0 Fruits and vegetables 113, 124.3 117.5 116.3 123.8 Building Materials: Meats 106, 107.9 107.9 107.9 107.9 Brick and tile 105.0 111.6 112.4 115.2 116.7 Other foods 99. 96.8 94.9 98.5 100.7 Cement 97.7 99.4 99.6 99.9 100.1 Hides and Leather Products: Lumber1 154.2 155.3 155.0 155.2 155.5 Shoes 126, 126.3 126.3 126.3 126.7 Paint and paint materials.. 106.3 107.3 107.6 107.6 107.7 Hides and skins 107, 117.8 118.1 117.6 117.6 Plumbing and heating 92.4 93.4 95.0 95.0 95.0 Leather 101, 101.3 103.8 103.8 103.8 Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products 115, 115.2 115.2 115.2 115.2 Other building materials... 103.3 104.3 104.5 104.6 105.4 - Textile Products: Chemicals and Allied Products: Clothing 107. 107.4 107.4 107.4 107.4 Chemicals 95.5 96.1 96.1 96.4 96.7 Cotton goods 118. 119.7 121.3 125.0 125.1 Drugs and Pharmaceuticals 106.9 110.2 110.2 110.3 110.7 Hosiery and underwear 71. 71.5 71.5 71.5 71.5 Fertilizer materials 81.8 81.1 81.1 81.9 81.9 Silk Mixed fertilizers 86.6 86.6 86.6 86.6 86.6 Rayon 30 30.2 30.2 30.2 30.2 Oils and fats 102.0 102.0 102.0 102.0 102.0 Woolen and worsted goods.. . 112, 112.7 112.7 112.7 112.7 Housefurnishing Goods: Other textile products 100, 100.9 101.3 101.4 101.9 Furnishings 107.4 107.5 107.7 107.9 107.9 . Fuel and Lighting Materials: Furniture 101.5 101.5 101.5 101.6 101.6 Anthracite 95, 101.8 102.2 102.2 102.2 Miscellaneous: Bituminous coal 120, 124.7 124.7 124.8 124.8 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 130. 134.0 134.9 134.9 134.9 Cattle feed 159.6 159.6 159.6 159.6 159.6 Electricity 60. 61.5 65.5 Paper and pulp 107.2 109.3 109.3 109.3 109.3 Gas 77. 78.0 80.2 79.8 Rubber, crude 46.2 46.2 46.2 46.2 46.2 Petroleum products 63. 64.2 62.6 62.1 61.7 Other miscellaneous 97.8 98.9 98.9 98.9 98.9 1 Lumber series revised from September 1943. Back figures.—Bureau of Labor Statistics, Department of Labor. JANUARY 1946 83 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] Annual totals Half-year periods Unadjusted Seasonally adjusted annual rates 1937 1938 1939 1940 1941 1942 1943 1944 1943 1944 1943 1944 19451 1 2 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 5.5 6.3 State and local govern- 7.5 7.6 8.1 7.9 7.9 7.4 7.4 7.4 3.8 3.6 3.8 3.6 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 3.4 3.8 4.2 4.4 Net change in business inventories 1.1 -1.3 0.9 1.8 3.5 -0.5 -0.6 -1.7 -0.6 -0.5 -1.3 -1.2 -1.6 -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 t2) -0.1 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 S N e o r n v d ic u e r s able goods | 54.9}5,5 3 2 2 2 . . 6 7 3 2 4 3 . . 4 9 4 2 0 5 . . 1 4 4 2 7 7 . . 9 6 5 2 5 9 . . 1 3 6 3 0 0. . 9 0 2 1 5 4 . . 9 5 2 1 9 4 . . 2 7 2 1 8 5 . . 1 4 3 1 1 5 . . 9 6 5 2 3 8 . . 9 9 5 2 6 9 . . 3 7 5 3 8 0 . . 6 6 6 3 1 1. . 3 4 6 3 2 1. . 7 0 Gross national product... 87.7 80.6 88.6 97.1 120.5 151.5 187.8 198.7 90.5 97.3 97.8 100.9 183.2 192.3 197.4 200.1 206.0 Deductions: 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 Other business reserves. 1.0 0.5 0.8 0.7 0.8 0.7 0.7 0.7 0.3 0.3 0.3 0.3 Capital outlay charged to current expense 0.8 0.5 0.7 0.9 1.3 1.1 0.8 0.9 0.4 0.4 0.4 0.4 Adjustments: For inventory revaluation -0.7 +0.9 -0.4 -0.4 -3.2 -2.1 -0.2 -0.1 -0.1 -0.1 -0.1 0 Nati F o o n r a l d i i s n c c re o p m an e cies 7 0 1.5 6 0 4.2 7 0 0.8 - 7 0 7 . . 4 6 - 9 0 6 . . 8 9 1 - 2 1 2 .1 .2 1 + 4 1 9 . . 6 4 1 - 6 1 0 .1 .7 + 7 1 1 . . 5 0 + 7 0 7 . . 6 9 + 7 0 8 . .5 1 - 8 1 2 . . 2 1 145.1 153.6 i59.5 iei.7 166.5 Additions: Transfer payments 1.7 2.4 2.4 2.6 2.5 2.7 3.2 5.3 1.5 1.7 2.5 2.8 6.3 Deductions: Corporate savings —0 8 — 1 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 0.9 1.1 0.9 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 "li.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. 84 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of December 1, 1945] (In thousands of units) Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1944 Dec. 1, 1945 1944 Dec. 1, 1945 1944 Dec. 1, 1945 1944 Dec. 1, 1945 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,731 7,412 40 36 New York . 29,302 27,253 9,799 10,194 58 57 Philadelphia 47,208 52,911 18,022 17,974 146 126 Cleveland 181,230 220,734 52,928 66,402 34 30 Richmond 1,603 1,122 136,296 148,381 33,841 25,775 Atlanta 2,551 2,185 166,231 186,519 9,222 7,649 Chicago 1,194,923 1,156,790 54,467 66,754 783 786 St. Louis 13,741 22,867 368,067 349,257 46,911 48,392 16 20 Minneapolis. . 452,692 383,549 31,304 37,541 265,502 257,127 Kansas City 526 245 530,114 397,723 336,920 403,707 4,145 5,039 Dallas 3,360 2,294 82,016 80,483 72,587 42,546 133 100 San Francisco 449 482 7,500 7,398 92,929 96,243 42,390 36,645 Total 12,230 9,195 3,203,310 3,018,410 758,930 823,177 313,247 299,966 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1944 Dec. 1, 1945 1944 Dec. 1, 1945 1944 Dec. 1, 1945 1944 Dec. 1, 1945 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 5,461 4,791 2,779 3,539 32,515 31,219 62,095 61,939 New York 26,116 21,666 5,938 6,639 1,404 1,230 31,143 35,386 Philadelphia 15,062 15,458 2,325 2,515 52,893 52,724 19,765 19,996 Cleveland 47,135 63,506 5,010 5,605 158,414 152,705 11,813 13,504 Richmond 29,201 31,291 4,160 5,030 1,075,665 1,138,782 18,070 24,988 Atlanta 28,256 30,913 3,341 4,468 212,416 239,382 14,342 18,589 Chicago 388,123 593,313 18,196 19,618 31,677 36,525 32,675 34,683 St. Louis 53,497 58,711 7,717 8,946 383,053 381,371 8,945 10,311 Minneapolis 377,205 522,589 10,344 10,776 2,526 3,017 45,887 52,596 Kansas City 106,568 129,155 8,965 8,986 5,459 4,856 34,471 37,315 Dallas 44,158 47,001 2,070 1,937 6,010 5,433 San Francisco 33,884 29,269 13,231 13,514 97,918 110,391 Total •. . . . 1,154,666 1,547,663 84,076 91,573 1,956,022 2,041,811 383,134 425,131 1 Includes 15,000 bales grown in miscellaneous territory. 2 Includes 8,000 bales grown in miscellaneous territory. NOTE.—1944 figures for all crops except cotton are as revised in December 1945. JANUARY 1946 85 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* OS BANK CREDIT, MONEY RATES, AND BUSINESS 1945 1945 Chart Chan book book page N 2 o 8 v. Dec. D 1 e 2 c. D 1 e 9 c. D 2 e 6 c. page Sept. Oct. Nov.4- WEEKLY FIGURES i In billions of dollars MONTHLY FIGURES In billions oj dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit, total 2 24.76 24.23 24.26 24.86 25.17JReserve Bank credit 6 23.71 23.89 24.39- U. S. Govt. securities, total 3 23.65 23.53 23.49 23.67 24.04JGold stock 6 20.09 20.05 20.03 Bills 3 12.97 12.2: 12.41 12.49 12.80 Money in circulation 6 27.77 27.94 28.15 Certificates 3 7.66 28.25 8.03 8.12 8.17 Treasury cash 6 2.26 2.26 2.27 Notes 3 2.04 2.10 2.11 2.12 2.12 Treasury deposits 6 .61 .45 .42 T M G T R E E M x x r r e o e N o C D e R C e c c q l m n a a d e e h u e e o i s s e s B s s s w i b i u u u s s c s y c r e e o n e t a r r o r r o r r n y y Y d t g v i e u e r c n d o e s b y n s o k d c r s e e a c t r e a c e r s r k b n i s s v i p v r e t k a h a e c o e y C r n n u s s s v r k i d e l i b e e t ( a t s y w s s a s t e a e i n e o d r k e v n v s k e a l s n y c a e v s erage), totale. 2, 5 5 2 5 2 5 5 4 2 4 2 4 2 3 1 2 1 2 2 1 6 1 4 8 0 . . . . . . . . . . . . . 2 2 2 0 2 3 0 9 1 5 0 7 9 0 9 7 2 6 0 1 9 7 6 3 9 8 | 2 2 1 1 2 1 8 1 6 0 1 4 . . . . . . . . . . . . . . 0 5 6 2 4 0 0 2 2 0 6 0 9 3 3 7 0 4 8 1 5 8 4 1 5 3 5 4 2 2 1 1 2 1 8 0 5 1 1 4 . . . . . . . . . . . . . . 0 2 5 3 3 0 6 6 9 4 3 0 0 3 2 3 7 0 5 : 3 4 5 3 1 , | P 2 2 P 1 J P 1 > 2 8 0 5 4 l l 1 . . . . . . . . . . . . . 0 2 5 4 3 9 9 7 3 0 4 0 0 .4 9 1 6 2 2 5 1 6 7 7 1 3 4 | | P 2 2 1 P P 1 8 2 0 P 1 5 4 i i . . . . . . . . . . . . . 2 . 6 9 2 0 6 4 9 3 0 0 3 3 3 C 7 < : 8 7 6 9 5 5 1 3 5 5 [ M R E B M x e a e C C R C C C R B R o c q l m a n e i o e e e o e u o e n l e s s s s n b n l u i u u c y s s r e e e e t t n n n e e r r r r r r r o t d t t i v v v s a a e r r n r f l l e e e b y y y s d r e a $ c r r e u c c c r e e b b b n 5 i s i e i i v r s s a a a t k t e 0 t c e e e y y y n n n r f u r r s r v a r k k k v v o l , b b b e n e a s s s e e m s t a a a s d t o e i n , n n c c o r t k o k k t i i a b v n o t t s v s s l e a y y , t e s n a t r , b b l k o a a t s t o a n n : l t k k a s s l 6 1 1 1 , 1 1 1 1 1 7 7 8 7 3 3 3 3 3 3 3 3 8 2 1 1 4 7 5 3 7 1 5 5 6 4 4 1 5 . . . . . . . . . . . . . 0 9 8 5 4 1 8 3 0 2 4 0 0 3 3 1 9 5 5 1 7 4 6 2 3 0 2 1 1 4 8 5 3 7 1 5 6 4 5 1 4 5 . . . . . . . . . . . . . 6 0 0 8 5 9 0 0 2 3 1 6 6 V 5 5 5 5 8 6 2 9 4 2 1 8 2 1 1 8 3 7 5 6 4 5 4 4 6 1 1 6 . . . . . . . . . . . . . 2 7 3 6 1 8 0 2 1 4 2 0 8 1 8 1 1 8 7 8 1 8 5 4 6 8 . $10 and $20 bills 8 15.63 15.78 15.88 MEMBER BANKS IN LEADING CITIES Coins, $1, 2, and $5 bills 8 4.60 4.60 4.62 Total—101 cities: Loans and investments 14 62.38 67.14 68.03 68.10 67.73 ALL BANKS IN U. S. Ne L L U D U w o o e . . a a m Y S S n n . . a o s s n G G r a k d o o n v d v C d t t e i . . i t p n y o d o v : b e s e p l i s i t o g s tm s a i a t t e i d s o n j n u ts s s ted 1 1 1 1 1 5 4 4 4 4 2 4 4 1 8 1 0 5 3 . . . . . 5 2 6 5 6 9 5 0 3 8| 4 3 2 1 1 8 7 3 5 6 . . . . . 6 4 8 2 0 5 5 2 5 0 4 3 2 1 1 8 7 3 5 6 . . . . . 8 3 9 9 8 2 8 5 1 0| 4 3 2 1 1 7 8 3 5 6 . . . . . 9 8 9 9 1 7 3 5 5 9| 4 3 2 1 1 8 7 3 5 6 . . . . . 8 5 5 8 1 2 6 4 3 U T D T ~! i o . e m u t m S r a r e . l a e n n G d d c d e e o y p p v d o o o t e s . s u p i i t d t t o s s s e s i p d i a t o e n s s d b i t a s c n u k rr s e ncy 9 9 9 9 9 P P 1 P P 2 1 6 7 4 6 4 2 5 6 . . . . . 2 3 8 4 9 0 0 0 0 0 P P P P P 1 l 2 7 4 6 l 6 8 3 7 . . . . . 7 8 1 4 6 0 0 0 0 0 P P P P 1 P 1 8 2 6 4 3 0 8 6 8 . . . . . 1 1 5 5 0 O 0 0 O 0 U. B S o . n G ds o vt. obligations, total 1 1 5 6 1 9 4 . . 0 3 8 5 1 9 6 . . 2 1 3 5 1 9 5 . . 3 86 2 1 1 9 5 . . 3 9 3 7 1 9 5 . . 3 8 5 5 CONSUMER CREDIT U L D T In o i . e m t C C N F B a m e S o n o e i r o e . l a r b r s m l t t s n G , e d a i p m f d s e n t o i u o p c k e a v r d t o a r c n a t e t c s d . h d l e p i i e a a s t d o s p s g l e s i o u p n i s t a o g s i r s t . s i a s t s d e s e c ju c u u s r t i r e t i i t d e i e s s : 1 1 1 1 1 1 1 1 1 6 6 5 5 7 6 5 5 5 1 3 2 2 4 5 2 1 4 . . . . . . . . . 8 1 7 1 7 1 6 1 9 7 2 6 8 1 4 5 6 6 | , | 1 3 6 6 2 4 2 1 3 . . . . . . . . . 9 1 2 4 6 3 7 4 7 4 2 4 1 8 7 0 8 4 J | 1 6 6 3 4 2 2 1 3 . . . . . . . . . 9 5 1 9 0 3 8 4 5 4 1 8 7 9 0 2 3 3 J 1 6 6 4 2 3 2 1 3 . . . . . . . . . 1 2 9 4 8 9 1 6 6 0 3 0 1 4 1 3 8 1 1 6 2 4 6 3 2 1 3 . . . . . . . . . 1 1 8 8 3 8 1 6 4 9 1 4 4 0 9 8 3 4 Co S S I C n n e i h s n s I I r u a g v t n n a m r l i s s A O g e c l t t m e e e a a u t p r h l l t e a c m m o a e c n c r y m r r e e e t c m e d n n o o d c i t t b e u r t i n i t e n l s l , o d t a t e s t a l i l o e t n o , t s a c a t n o r l e s t d al i t, total.... 18, 1 1 1 1 1 1 1 1 1 9 9 9 9 8 8 9 8 8 2 5 1 1 1 . . . . . . . . . 0 4 3 3 6 5 7 2 7 5 7 6 4 4 2 2 0 6 P P P P P 2 P l l P P l 5 P . . . . . . . . . 2 7 5 1 6 3 3 9 7 1 5 4 3 7 8 6 8 3 P P P P P P 2 l P P P l l 6 . . . . . . . . . 8 5 4 2 8 2 7 4 2 0 8 1 2 6 3 3 3 3 > . Brokers'—on U. S. Govts 17 1.40| 1.37 1.64 1.54 1.56 Brokers'—on other securities.... 17 .61 .61 .62 .66 .64 TREASURY FINANCE 100 c A it l i T l e o o s t o h o u e th r ts e i r d s e New York: 1 1 7 7 . . 5 5 6 5 1. . 3 6 1 2 1. . 3 5 5 8 , 1. . 2 6 7 0 1. . 2 5 2 8 U. S t . o G ta o l v i t n . te o r b e l s ig t- a b ti e o a n ri s n g o utstanding, 20 260.16 259.98 263.39 L U o . C B a S n e o . r s n t G d i a f s o n ic v d a t t . i e n s o v b e li s g tm at e io n n ts s , total 1 1 1 1 5 6 5 6 3 4 1 0 7 0 6 . . . . 1 6 6 7 0 5 5 0| 3 4 1 2 3 7 7 . . . . 3 9 5 0 2 5 0 0 3 4 1 8 2 4 7 . . . . 1 1 9 1 2 2 6 5 4 3 1 8 4 2 7 . . . . 0 1 8 2 9 5 5 3 4 3 1 8 3 2 7 . . . . 0 9 6 2 1 2 9 5 By S N B a c o o v l n t a i e d s n s s s g , e s s c ( m e b o r o a f t n . r , s k d e a e s c n t u a a d b r n i l d b t e i i e l t i l s a s s : x s u n es o ) t es... 2 2 2 0 0 0 1 5 7 0 6 5 7 . . . 2 0 5 8 5 9 1 5 7 0 6 5 7 . . . 0 5 0 7 5 5 1 5 7 0 7 5 9 . . . 3 0 5 7 3 5 Notes and guar. securities 16 6.10 6.13 6.18 6.19 6.20 Special issues 20 20.52 20.58 20.71 Bills 16 .81 1.42 1.51 1.35 1.23 By maturities: Demand deposits adjusted 15 25.29 23.98 23.96 24.30| 23.93 5 years and over 20 99.48 99.48 101.32 U. S. Govt. deposits 15 5.48 9.52 10.22 9.97 9.95 5-20 years 20 66.09 66.09 66.22 L T In o im t a e n r e b s , d a e n to p k t o a s d l i e ts p osits 1 1 1 5 5 5 8 7 7 . . . 1 8 4 8 7 1 8 8 7 . . . 1 6 6 8 4 6 | | 8 8 7 . . . 1 9 6 8 5 6 1 9 8 7 . . . 0 1 6 5 1 9| 8 8 7 . . . 9 2 5 2 6 9 W 5 W -1 i i t t 0 h h i i y n n e a 5 1 r s y y e e a a r r s 2 2 2 0 0 0 4 6 8 9 2 3 . . . 2 3 7 9 5 9 4 6 83 2 9 . . . 3 7 2 1 5 9 4 8 6 3 9 3 . . . 8 2 2 0 9 4 . Commercial 17 4.13 4.26 4.33 4.40i 4.43 Certificates 20 35.07 35.02 35.02 For purchasing securities 17 1.56 2.13 2.35 2.36| 2.29 Bills 20 17.02 17.03 17.03 All other 17 2.18 2.25 2.28 2.29 2.27 Holdings of U. S. Govt. obligations: Commercial banks 21 83.50 84.20 Fed. agencies and trust funds.... 21 26.64 26.75 26.84 Per cent per annum Federal Reserve Banks 21 23.33 23.28 23.47 MONEY RATES, ETC. M Ins u u tu ra a n l c s e a v c i o n m gs p a b n a i n es k s 2 2 1 1 •• 1 2 0 2 . . 0 5 0 0 2 1 2 0. . 0 6 0 0 Treasury bills (new issues) 24 .375 .375 .375 .375 Other investors, total 21 r94.20 93.20 Treasury notes (taxable) 24 1.14 1.13 1.13 1.18 Marketable issues 21 '40.00 39.20 U. S. Govt. bonds: Partially tax-exempt 24, 26 1.53 1.51 1.51 () () Taxable 24, 26 2.33 2.32 2.34 2.33 2.32 Per cent per annum High-grade corporate bonds (5 issues). . 26 2.54 2.56| 2.54] 2.55 2.52 Corporate Aaa bonds 26 2.61 2.62 2.62 2.61 2.60 Corporate Baa bonds 26 3.13 3.12 3.11 3.091 3.07 MONEY RATES, ETC. Corporate Aaa bonds 23 2.62, 2.62 2.62 In unit indicated F. R. Bank discount rate (N. Y.). 23 .50| .50| .50* Treasury bills (new issues) 23 .375 .375 .375 Stock prices (1935-39 = 100), total 27 137 140 140 138 140| Industrial 27 139 143 143 141 143 In unit indicated Railroad 27 156 158 156 156 159 Public utility 27 121 121 121 119 120 Volume of trading (mill, shares) 27 1.84 2.29 1.57 1.23 1.29 Stock prices (1935-39= 100): BUSINESS CONDITIONS Total 27 126 132 137 Industrial 27 128 135 139 Steel production (% of capacity) 37 83.5 82.8 82.9 83.0 62.8 Railroad 27 138 145 154 Electric power prod. (mill. kw. hrs.) 37 4,043 4,097 4,154 4,239 3,759 Public utility 27 111 114 121 Freight carloadings (thous. cars) 45 804 776 772 688 506Volume of trading (mill, shares).... 27 1.22 1.56 1.96 Department store sales (1935-39 = 100). 45 326 401 433 421 156Brokers' balances (mill, dollars): Wholesale prices (1926 = 100), total 49 106.8 106.5 106.7 106.8 107.0 Credit extended customers 29 1,084 1,063 1,095 Farm products 49 132.0 130.3 131.3 131.5 132.7 Money borrowed 29 762 743 711 Other than farm and food 49 100.4 100.5 100.5 100.5 100.6 Customers' free credit balances... 29 594 632 639- For footnotes see following page. 86 FEDERAL RESERVE BULLETIN; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK— Continued Chart 1945 Chart 1945 book book page Sept. Oct. Nov. page Sept. Oct. Nov. In unit indicated MONTHLY FIGURES—Cont. In unit indicated MONTHLY FIGURES—Cont. BUSINESS CONDITIONS BUSINESS CONDITIONS—Cont. Wholesale prices (1926=100): Income payments (mill, dollars) :5 Total 49 105.2 105.9 106.8 Total 30 12,820 12,956P13.150 Farm products 49 124.3 127.3 131.1 Salaries and wages 30 8,663 8,523P8.46: Other than farm and food 49 99.8 100.1 100.2 Other 30 4,157 4,433P4.688 Cash farm income (mill, dollars): 1945 Total 31 1,977 2,533P2,258 Livestock and products 31 909 1,030 P1,062 Crops 31 1,052 1,388 P1,153 Apr.- July- Oct.- Govt. payments 31 16 115 43 QUARTERLY FIGURES June Sept. Dec. Armed forces (mill, persons) 32 11.9 10.6 9.2 Civilian labor force (mill, persons): MONEY RATES Per cent per annum Total 32 52.9 '53.1 53.4 Male 33 34.3 '34.6 35.3 Bank rates on customer loans: Female 33 18.7 18.5 18 Total, 19 cities 23 2.50 245 Unemployment 32 1.7 1.6 1.7 New York City 25 2.20 2.05 1.71 Employment 32 51.3 '51.6 51.7 Other Northern and Eastern cities 25 7.55 253 Nonagricultural 33 42.5 '42.8 43.3 Southern and Western cities 25 2.80 281 Agricultural 33 8.8 '8.8 8.4 Ind T u o s t t a r l i a ( l 1 9 p 3 r 5 o - d 3 u 9 c t = io n 1 : 0 5 0) 35 168 163 P170 Corporate secu S ri E t C y U i R ss IT ue Y s : MARKETS In millions of dollars Groups (points in total index): Net proceeds: Durable manufactures 35 74.5 71.7 P74.5 All issues 28 1,208 2,139 Nondurable manufactures 35 73.0 72.3 P74.6 Industrial 28 400 831 Minerals 35 20.4 18.8 P20.9 Railroad 28 435 459 New orders, shipments, and inventories (1939 = 100): Public utility 28 354 786 New orders: New money: Total 36 166 P179 All issues 28 244 369 Durable 36 122 P165 Industrial 28 184 313 Shipments: Railroad 28 32 26 Total 36 211 P204 Public utility 28 13 5 Durable 36 216 P205 Inv N e o n n to d r u i r e a s b : le 36 208 P204 1944 1945 Total 36 165 P167 Durable 36 185 P183 Dec. Mar. June Nondurable 36 148 P153 30 20 30 Factory employment and pay rolls (1939 = 100): Pay rolls 38 214.5 213.5 CALL DATE FIGURES In billions of dollars Employment 38 122.6 121.5 P122.3 Hours and earnings at factories: ALL MEMBER BANKS Weekly earnings (dollars) 39 '40.84 41.02 Loans and investments, total 10 91.57 90.52 99.43 Hourly earnings (cents) 39 '98.7 98.5 U. S. Govt. obligations, total 10 67.69 67.92 73.24 Hours worked (per week) 39 41.4 41.6 Bonds 11 34.93 6) 40.27 Nonagricultural employment (mill, persons):5 Certificates 11 13.98 i) 15.58 Total 40 35.2 35.0 P35.3 Notes 11 14.13 3) 14.72 Manufacturing and mining 40 12.8 12.6 P12.7 Bills 11 3.75 3) 2.63 Trade 40 7.2 7.3 P7.3 Guaranteed obligations 11 .90 6) .03 Government 40 5.9 5.7 P5.6 Other securities, total . . . . 10 5.21 5.39 5.60 Transportation and utilities 40 3.8 3.8 P3.8 State and local government obligations 11 2.86 2.99 3.10 Construction 40 0.9 0.9 Pl.O 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) :* Commercial 11 7.53 (6) 7.10 Total 41 284 340 P395 Real estate 11 3.21 (6) 3.25 Residential 48 48 66 P78 Brokers' 11 1.74 (6) 2.53 Resid O e t n h t e i r a l contracts (mi . l l, dollars) :5 41 235 274 P317 Dem A an g d r ic d u e l p tu os ra it l s adjusted 1 1 0 1 57 1 . . 3 2 1 0 6 ( 1 6 . ) 17 59 1. . 1 1 3 3 Total 42 43 55 95 Public 42 1 1 CLASSES OF BANKS Private, total 42 43 54 94 1- and 2-family dwellings 42 37 42 68 Central reserve city banks: Other 42 6 12 26 Loans and investments, total 12 29.45 27.95 31.49 Freight carloadings:5 U. S. Govt. obligations 12 21.09 20.41 21.62 Total (1935-39 = 100) 43 127 118 133 Other securities 12 1.41 1.47 1.55 Groups (points in total index): Loans 12 6.94 6.07 8.32 Miscellaneous 43 68.9 68.3 73.0 Demand deposits adjusted 12 17.08 18.60 17.80 Coal 43 30.3 23.2 31.4 Time deposits 12 1.63 1.73 1.79 All other 43 27.7 26.7 28.3 Reserve city banks: Department stores (1935-39 = 100) :6 Loans and investments, total 12 33.60 33.45 36.57 Sales 44 199 213 227 U. S. Govt. obligations 12 25.04 25.30 27.52 Stocks 44 171 161 150 Other securities 12 1.74 1.80 1.89 Exports and imports (mill, dollars): Loans 12 6.82 6.35 7.15 Exports 46 P515 P455 Demand deposits adjusted 12 20.27 21.74 20.68 Excluding Lend-Lease exports 46 P357 P380 Time deposits 12 7.79 8.28 8.76 Imports 46 P335 P344 Country banks: Excess of exports excluding Lend-Lease exports 46 P22 P37 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 47 128.9 128.9 129.2 Other securities 13 2.06 2.12 2.16 Food 47 139.4 139.3 140.1 Loans 13 4.91 4.81 5.11 Clothing 47 148.2 148.3 148.4 Demand deposits adjusted 13 19.96 20.84 20.66 Rent 47 108.3 Time deposits 13 9.90 10.54 11.26 0 Estimated. P Preliminary. r Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Includes a 318 million dollar special series certificate of indebtedness. 3 No partially tax-exempt bonds due or callable in 15 years and over. * For charts on pages 20, 23, and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series. 6 Adjusted for seasonal variation. 6 Figures available for June and December dates only. * Copies of the Chart Book may be obtained'at a price of 50 cents each. 87 JANUARY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 89 Gold production 90 Gold movements 90 Net capital movements to United States since January 2, 1935 91-96 Central banks 97-100 Money rates in foreign countries 101 Commercial banks 102 Foreign exchange rates 103 Price movements: Wholesale prices 104 Retail food prices and cost of living 105 Security prices 105 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with 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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta i t t e e s d t g A i e n r n a - - 1 g B iu e m l- Brazil B I r n i d ti i s a h Canada Chile lo C m o b - ia Cuba C v z s a e lo k c - h ia o- m De a n rk - Egypt France m G a e n r- y Greece 1938—Dec. ... 14,512 431 581 32 274 192 30 24 83 53 55 2,430 29 27 1939—Dec 17,644 466 609 40 274 214 30 21 1 56 53 55 2,709 29 28 1940—Dec 21,995 353 734 51 274 27 30 17 1 58 52 52 2,000 29 28 1941—Dec 22,737 354 734 70 274 5 31 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 1939 734 254 274 5 54 59 46 61 44 52 2,000 29 28 1944—Dec 20,619 il.lll 329 274 6 79 92 111 61 44 52 1,777 29 28 1945__jan 20 550 409 732 330 274 7 80 94 121 61 44 52 1 777 28 Feb 20,506 409 732 340 274 6 80 95 126 61 44 52 1,777 28 Mar.... 20,419 409 715 341 274 5 80 97 131 61 44 52 1,777 28 Apr 20,374 409 715 341 274 6 80 99 141 61 44 52 1,777 28 May.... 20,270 409 714 342 274 4 81 100 151 61 44 52 1,777 June.... 20,213 409 713 342 274 6 80 102 166 61 44 52 July 20 152 409 712 342 274 7 82 103 171 61 44 52 Aug 20 088 409 712 352 274 6 82 104 176 61 44 52 1 777 Sept.. . .20,073 409 694 352 274 7 82 106 61 44 52 1,777 Oct 20,036 407 698 274 5 82 114 61 44 1,540 Nov.. . .20,030 711 5 115 44 End of month H ga u r n y - (P I e r r a s n ia) Italy Japan Java Mexico N la e n th d e s r- Ze N a e la w nd N w o a r y - Peru Poland Po g rt a u l - Ru n m ia a- A So fr u ic th a Spain 1938—Dec 37 26 193 164 80 29 998 23 94 20 85 69 133 220 3525 1939—Dec 24 26 144 164 90 32 692 23 94 20 484 69 152 249 1940—Dec. ... 24 26 120 164 140 47 617 23 484 20 59 158 367 1941—Dec 24 26 5164 235 47 575 23 21 59 182 366 42 1942—Dec 24 34 4216 39 506 23 25 59 241 634 42 1943—Dec 24 92 203 500 23 31 60 316 706 91 1944—Dec. .. 24 P128 222 500 23 32 60 814 105 1945—Jen P128 222 500 23 30 60 829 106 Feb. 221 500 23 30 60 834 106 Mar.. . . P128 220 500 23 30 60 848 108 Apr. P128 219 500 23 30 60 851 109 May.... 219 500 23 30 60 865 109 June P131 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 23 28 60 938 108 Oct. 250 270 28 954 Nov.. . . 296 270 28 Governmeni gold reserves1 not included n previous figures End of month S d w e e n - S l w a e n r i - t d z- T k u ey r- U K d n i o i n m t g ed - g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. O c tr o t i u h e n s e 6 - r End of month U S n ta i t t e e s d U K d n i o i n m t g ed - 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 17 1944—Dec 463 1,052 221 1 157 130 37 245 1940—June... 86 17 Dec... 48 292 17 1945— F jaenb 4 4 7 7 7 5 1 1 ,0 0 6 5 1 8 2 2 2 2 1 1 1 1 1 1 5 6 9 4 1 14 3 7 0 3 3 7 7 2 2 4 4 5 6 1941— D Ju e n c e 8 2 9 5 4151 1 1 7 7 Mar 474 1,072 225 1 166 147 37 246 1942—June..'.. 8 17 Apr 472 1 103 225 1 168 161 39 246 Dec. 12 17 May. . . 470 1,105 225 1 173 161 39 247 1943—June.. . 11 17 June.... 478 1,069 234 1 175 176 39 247 Dec... 43 17 July 478 1 073 234 1 179 176 39 r248 I944—Mar 14 Aug 479 1 084 234 1 189 186 39 r248 June 21 17 Sept 479 1 085 236 1 195 191 39 248 Sept 25 Oct. 475 1 111 236 1 191 39 r249 Dec. 12 17 Nov 474 1,109 1 202 249 1945—Mar 32 June.... 81 17 r Revised. P Preliminary. 1 Figures through March 1940 iind for December 1942, December 1943, and December 1944 1 Reported at infrequent intervals or on deinclude, in addition to gold of the CentraI Bank held at home, gold of the Central Bank held layed basis: U. S.—Exchange Stabilization Fund abroad and gold belonging to the Argentine Stabilization Fund. (Special A/c No. 1); U. K.—Exchange Equali- 2 On May 1, 1940, golcI belonging to Bank of Canada transferred to Foreign Exchange Con- zation Account; France—Exchange Stabilization trol Board. Gold reported since that time is gold held by Ministei- of Finance. Fund and Rentes Fund; Belgium—Treasury. 3 Figure for December 1938 is that officially reported on Apr. 30, 1938. 2 Figure for end of September. 4 Figures relate to last official report dates for the respective countries, as follows: Java— 3 Reported figure for total British gold reserves Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941. on Aug. 31, 1939, less reported holdings of Bank 5 Figure for February L941; beginning Mar. 29, 1941, gold reserves no longer reported sepa- of England on that date. rately. 4 Figure for Sept. 1, 1941. 6 These countries are: Albania, Algeria Austra ia, Austria through Mar. 7, 1938, Belgian NOTE.—For available back figures and for de- Congo, Bolivia, BulgariEi, China, Costa Rica beginning July 1943, Danzig through Aug. 31, tails regarding special internal gold transfers 1939, Ecuador, El Salvador, Estonia, Finland, Guatemala, Iceland, Ireland beginning February affecting the British and French institutions, see 1943, Latvia, Lithuania, Viorocco and Thailand (Siam). Figures for certain of these countries Banking and Monetary Statistics, p. 526. and have been carried forward from ast previous offical report BULLETIN for Februarv 1945. D.190. 7 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British Exchange Equalization Account during 1939. NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of figures, including details regjarding s]Decialinternal gold transfers affecting the reported data, see pp. 524-535 in the same puolication. JANUARY 1946 89 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly Year or month production Total Africa North and South America Other U o . u S t . s S i . d R e .i m re o p n or th te l d y A So fr u ic th a d R e h s o i - a A W fr e ic s a t 2 B C e o l n g g ia o n 3 U St n a i t t e e s d * Canada5 Mexico6 Co b l i o a m- Chile N g ic u a a r 7 a- A l u ia s 8 tra- B In r d it i i a s 9 h $1 = 155/21 grainsof gold* 110 fine; i. e., an ounce of fine g(Hd = $35 1934 823,003 708,453 366,795 24,264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 1,166 30,559 11,223 1935 882,533 752,847 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251 868 31,240 11,468 1936 971,514 833,895 396,768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40,118 11,663 1937 1,041,576 893,384 410,710 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__Oct... . 54 521 35 821 1 714 2 922 8 051 J 370 560 653 1.295 560 Nov 53,734 35,270 1 680 L 575 3,033 7,809 1,380 555 613 1,260 560 Dec. 53 446 34 836 L 733 2 828 8 012 L 162 506 765 1,470 525 1945—Jan 55,199 36,216 1,674 L 610 2 463 8 166 1,882 486 672 1,470 560 Feb.. 50 782 33 698 I 610 L 575 2 342 7 432 I 379 372 590 1,260 525 Mar 54,703 36 458 1,686 L 610 2 446 8,004 1,382 542 615 L,365 595 Apr.. 54,096 35,937 1,718 1,610 2,328 7,831 1,836 526 560 L,225 525 May 53,934 36 073 1,673 575 2,563 7,614 1,736 528 631 L,190 350 June 53,213 35,800 1,645 ,575 2,516 7,426 1,460 574 574 1,295 350 July 53,373 36 311 1,679 610 2,078 7,357 1,518 538 393 L.400 490 Aug.. . 53,309 34,199 L 668 ,610 3,277 7,411 L.459 464 595 2,065 560 Sept. P52.794 35,313 /]1,668 ,610 2,684 7,404 4.00 /464 570 1,190 490 Oct PSS,145 36,809 /I ,668 610 3,552 /7.404 /I,400 /464 559 /1,190 490 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. 5 Figures for Canada beginning 1944 are subject to official revision. 6 Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three months of year. 7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 1943 they represent total Australia; beginning January 1944, Western Australia only. 9 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: Y m e o a n r th or im T n p o e o t t a r l ts U K d n i o i n m t g ed - France 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- Canada Mexico c A p a O L u n m a t b h t e l R i e i r n c r i e s - - P Is p h l i i a n l n i e p d - s t A ra u l s i - a A So fr u ic th a Japan I B n is r d h i i t a - c o t o A r th i u l e e l n s r - 19341 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 28,153 12,038 1,029 12 476,820 21,095 1935 1,739,019 315,727 934,243 3227,185 968 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 6,461 654,452 111,480 38,482 39,485 25,427 34,713 181246,46450,762 8,910 1938 1,973,569 1,208,728 81,135 15,488 163,049 60,146 1,363 76,315 36,472 65.231 27,880 39,162 401168,740 16,159 13,301 1939 3,574,151 1,826,403 3,798 165,122341,618 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 63,260 161,48990,320 2,622,330 29,880 128,259 38,627 103,777 184,756 111,73949,989 3284,208 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 61,862 42,678 67,492 292,893 9,444 9,665 4 63,071 1942 315,678 1,955 5 208,917 40,016 39,680 321 528 4,119 129 20,008 1943 68,938 88 66,920 -3,287 13,489 152 307 -8,731 1944 -845,392 -695,483 46,210 -109,695 -108,560 199 3,572 18,365 1945 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 Tuly —6 979 481 11,524 1,583 22 -20,589 Aug — 12,339 848 517 1,192 100 2 16 -15,014 Sept 13,496 41 11,796 272 951 19 11 407 Oct —4,317 463 329 1,115 12 -6,236 NOV.P. . .. 789 272 355 1,698 11 15 -1,562 Jan.-Nov.p -125,503 96 16,017 14,847 -23,249 100 106 348 5-133,768. P 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. * Includes $44,920,000 from U. S. S. R., and $18,151,000 from other countries. 6 Includes $133,980,000 to China and $211,000 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. 90 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 Official 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 ,307.7 1,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,575.4 3,193.3 ,375.1 1,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1) 5,510.3 3,139.5 ,321.7 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,230.7 2,856.2 ,053.7 1,802.6 791.3 855.5 626.7 100.9 1942—Mar. (Apr. 1) 5,082.4 2,684.0 932.0 1,752.0 819.7 849.6 624.9 104.3 June 302 .,495.3 3,075.9 ,211.7 1,864.2 842.3 838.8 632.0 106.2 Sept. 30 5 5 , , 6 8 5 3 4 5 . . 9 0 3 3 , , 2 3 1 2 2 0 . . 6 3 , , 3 4 3 1 9 2 . . 1 0 1 1 , , 8 9 7 0 3 8 . . 5 3 8 8 5 8 8 8 . . 2 8 8 8 4 3 8 0 . . 2 5 6 67 4 3 6 . . 3 1 1 1 0 0 7 4 . . 5 4 Dec. 31 1943—Mar. 31 6,147.1 3,643.4 1,723.1 1,920.3 898.7 810.5 685.9 108.6 June 30 6,506.4 4,002.6 2,071.4 1,931.2 896.9 806.8 687.9 112.1 Sept. 30 6,771.3 4,130.6 2,190.9 1,939.7 888.6 929.3 708.1 114.8 Dec. 31 7,118.6 4,496.3 2,461.5 2,034.8 877.6 925.9 701.1 117.8 1944—Jan. 31....; 7,272.9 4,658.2 2,649.3 2,009.0 870.8 931.7 695.1 117.0 Feb. 29 7,418.6 4,833.2 2,815.7 2,017.5 843.5 924.2 698.8 118.9 Mar. 31 7,462.9 4,885.4 2,856.0 2,029.4 868.0 904.1 685.8 119.6 Apr. 30 7,464.3 4,881.0 2,780.5 2,100.6 873.4 905.4 686.2 118.3 May 31 7,458.9 4,882.7 2,726.8 2,155.9 872.9 903.2 680.1 119.9 June 30 7,459.6 4,851.7 2,661.4 2,190.3 856.6 929.8 702.4 119.1 July 31 .,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 5,442.6 3,078.8 2,363.9 810.2 1,073.7 843.2 127.1 Aug. 31 8,363.2 35,505.0 33,096.2 32,408.8 3839.0 1,058.4 831.6 3129.1 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 Aug. 31, in millions of dollars: total foreign banking funds in United States, 6,170.8, including official funds, 3,733.8,. and other funds, 2,437.0; United States banking funds abroad, 296.5; and brokerage balances (net due "foreigners"), 52.3. 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. 91 JANUARY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENTS 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 i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- 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 C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 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 () 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 ,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 ,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 4,192.8 760.3 951.01,013.1 201.4 1944—Sept. 30 7,430.9 ,127.0 633.5 498.5 653.2 178.6 56.2 966.8 4,113.6 951.9 159.6 ,049.5 156.3 Oct. 31 7,460.2 ,053.6 635.4 504.0 652.8 178.9 58.5 973.5 4,056.8 ,014.4 166.6 ,062.9 159.5 Nov. 30 7,530.5 ,078.8 635.2 502 654.4 179.0 61.5 982.7 4,094.2 ,015.6» 194.7 ,062.7 163.3 Dec. 31 7,475.7 ,090.0 585.7 506.2 664.3 179.1 63.1 993.3 4,081.8 976.4 193.7 ,020.9 203.0 1945—Jan. 31 7,633.1 ,008.6 566.6 503.3 659.6 179.0 66.7 965.2 3,949.0 ,030.8 ,250.2 ,199.2 204.1 Feb. 28 7,755.4 ,053.6 558.3 506.3 666.4 179.0 69.8 970.5 4,003.9 ,081.3 ,262.4 1,200.1 207.7 Mar. 31 7,739.1 ,048.9 506.5 505.7 673.0 179.2 72.0 967.6 3,952.9 ,135.4 ,234.2 ,205.3 211.4 Apr. 30 7,797.3 ,026.0 477.6 506.3 670.7 179.2 75.5 990.5 3,925.8 ,194.9 ,263.0 1,202.9 210.7 May 31 7,857.7 ,029.3 453.0 506.8 677.1 179.0 77.5 ,003.6 3,926.4 ,204.7 ,324.3 ,193.8 208.5 June 30 8,071.9 ,066.2 521.7 513.0 679.7 179.0 80.0 ,017.9 4,057.5 ,276.7 ,353.8 ,175.5 208.4 July 31 8,296.8 ,075.0 542.4 516.1 689.9 179.0 85.2 ,053.0 4,140.6 ,361.4 ,411.7 ,175.5 207.6 Aug. 31 8,363.2 ,018.8 499.8 518.1 695.6 179.2 89.6 ,059.2 4,060.2 ,441.8 ,238.7 220.3 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- 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 C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 1935—Dec. (Jan. 1, 1936). . . 603.3 128.6 129.6 55.7 72.4 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec. 30 930.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—Dec. 29 1,168.5 189.3 111.8 76.3 288.4 9.6 6.9 109.4 791.7 76.3 166.3 126.2 8.0 1938—Dec. (Jan. 4, 1939). . . 1,425.4 364.0 155.3 87.9 205.1 -11.8 1.7 208.6 1,010.7 101.6 127.6 163.3 22.2 1939—Dec. (Jan. 3, 1940). . . 2,430.8 376.1 256.1 190.9 362.7 -20.1 19.7 470.0 1,655.4 174.5 215.1 325.4 60.5 1940—Dec. (Jan. 1, 1941). . . 3,159.0 293.3 458.0 160.3 494.7 -22.9 -.9 603.7 1,986.3 334.1 326.4 450.9 61.3 1941—Dec. 31 2,856.2 328.6 416.5 161.0 326.2 -23.1 -3.4 561.1 1,766.9 273.1 296.7 418.0 101.6 1942—Dec. 31 3,320.3 493.3 394.5 170.0 166.3 -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—Sept. 30 4,661.2 834.2 415.6 186.0 212.6 -23.7 574.8 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 3.0 581.9 139.6 839.8 746.9 827.0 126.9 Nov. 30 4,775.1 789.7 413.8 190.1 214.4 -23.6 5.7 591.0 181 848.7 784.8 828.9 131.5 Dec. 31 4,612.5 804.4 356.6 193.1 221.4 -23.4 7.0 634.7 193 818.6 794.7 635.9 169. 1945—Jan. 31 4,723.9 726.4 338.9 190.0 219.8 -23.4 10.7 570.5 032.9 868.1 848.7 804.5 169. 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 ,021.2 842.5 809.3 175.7 Apr. 30 4,958.2 758.5 258.3 192.2 234.1 -23. 19.1 606.8 2,045.9 ,056.8 872.0 808.3 175.2 May 31 5,004.5 770.7 235.0 192.7 240.1 -23 22.5 619.7 2,057.3 ,053.4 913.5 807.7 172.7 June 30 5,261.4 800.5 292.2 196.7 243.2 -23, 23.6 670.0 2,202.7 ,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 ,241.8 979.2 757.6 172.3 Aug. 31 5,505.0 762.6 276.6 201.4 255.8 -23.4 33.6 672.4 2,179.0 1,341.9 965.8 834.7 183.6 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935,through— Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- 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 C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 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 SO4 -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 ? 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—Sept 30 883 5 267 6 77 8 18 3 6.8 196.9 26.2 70.4 664.0 62.3 64.3 9S ? -.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 9 77 6 18 3 6 ? 196 9 26 2 70.7 662.0 61.8 36.1 87 6 18 Feb. 28. .. 859 8 264 6 77 6 18.3 7.1 196.9 26.2 70.3 661.2 68.1 40.7 88 ? 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.? 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 Aug. 31 839.0 260 4 77.8 18.2 6.1 196.9 26.2 69.4 655.0 51.4 61.4 68.4 2.9 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 2 Inflow less than $50,000. 92 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, ( —). In millions of dollars] TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) From Jan. 2, 1935, through— Total U K n i i n t g ed - France N e e r t - h- Sw er i - tz- 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 C a a d n a - A L m a e t r i i n ca Asia1 ot A h l e l r1 dom lands land 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—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 Aug. 31 1,058.4 119.0 51.2 33.5 45.0 36.5 27.6 210.1 522.9 135.7 316.5 61.7 21.7 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 o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- 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 C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 1935—Dec. (Jan. 1, 1936) 316.7 149.8 23.4 50.5 55.1 -5.4 -.1 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7.1 1937—Dec. 29 1,162.0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 ,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 ,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—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 76.9 239 363.3 -30.8 2.1 102.4 621.4 -84.2 55.4 241.9 10.6 Mar. 31 820.6 -135.4 68.0 239 362.2 -30.8 2.1 598.9 -85.7 55.2 241.7 10.5 Apr. 30 802.5 -139.2 67.1 239 360.1 -30.8 2.2 591.2 -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 Aug. 31 831.6 -141.5 71.1 240.7 362.0 -30.7 1.8 96.5 600.0 -105.4 56.1 270.9 10.0 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 o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- 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 C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 1935—Dec. (Jan. 1, 1936) 6.0 () 2.4 1.3 2.5 1.4 7.6 -4.5 1.0 2.9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 .4 22.6 -7.6 -4.2 2.1 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 5.0 44.0 3.5 -.5 .5 1938—Dec. (Jan. 4, 1939) 47.6 13.4 12.9 6.8 9.6 5.2 47.9 1.8 -.9 -1.5 .3 1939—Dec. (Jan. 3, 1940) 80.6 19.4 20.1 9.3 17.8 5.0 71.6 8.7 1.6 -3.4 2.1 1940—Dec. (Jan. 1, 1941) 100.9 17.0 19.9 13.4 16.2 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—Sept. 30 122.2 18.9 22.4 20.9 21.5 10.3 94.0 16.0 5.5 5.0 8 Oct. 31 127.1 19.0 21 22.5 10.5 95.9 18.2 6.3 5.0 8 Nov. 30 125.0 18.2 21.3 21.6 10.0 94.1 16.7 6.4 6.0 8 Dec. 31 126.3 18.5 22.3 23.0 10.5 97.7 16.2 5.1 5.6 8 1945—Jan. 31 126.1 18.5 22.4 22.9 10.6 96.6 16.7 6.3 4.7 8 Feb. 28 129.9 18.6 22.9 22.7 23.9 10.8 99.0 17.0 7.2 4.8 9 Mar. 31 130.5 18.6 23, 22.6 24.5 10.5 99.4 17.0 7.5 4.7 1.9 Apr. 30 130.4 23. 23.0 24.7 10.5 100.0 17.0 7.0 4.4 1.9 May 31 133.6 22.6 23.1 25.8 10.3 101.1 19.3 7.5 3.9 1.9 June 30 131.8 22.8 23.5 26.0 10.6 104.8 17.9 4.1 3.0 1.9 July 31 127.1 22.8 24.2 26.4 10.6 102.7 17.3 2.3 2.7 1.9 Aug. 31 129.1 18.2 23.1 24.4 26.6 10.8 103.4 18.2 2.3 3.2 2.0 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 2 Inflow less than $50,000. 3 Outflow less then $50,000. JANUARY 1946 93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [In millions of dollars] LIABILITIES Date Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- 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 C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 1934—Dec. (Jan. 2, 1935) 597.0 76.9 33.9 12.9 13.7 29.9 18.8 46.8 232.9 99.3 122.8 130.1 12.0 1935—Dec. (Jan. 1, 1936) 1,200.2 205.5 163.5 68.6 86.1 29.0 26.1 107.5 686.3 145.3 156.3 188.9 23.4 1936—Dec. 30 1,491.6 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263.9 200.2 27.1 1937—Dec. 29 1,729.6 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 236.0 20.0 1938—Dec. (Jan. 4, 1939) 1,996.6 436.1 187.4 101.8 218.8 17.8 20.4 255.5 1,237.8 201.8 248.5 274.3 34.1 1939—Dec. (Jan. 3, 1940) 3,057.0 448.2 288.2 204.9 376.3 9.5 38.5 516.9 882.6 274.6 336.0 491.4 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—Sept. 30 5,318.1 895.6 451.4 202.6 230.5 6.5 19.1 707.8 2,513.5 884.2 857.6 926.0 136.7 Oct. 31 5,337.2 822.1 449.9 207.9 230.0 6.7 21.3 714.9 2,452.9 947.7 861.5 934.9 140.1 Nov. 30 5,432.0 851.0 449.6 206.7 232.3 6.7 24.0 724.0 2,494.4 956.6 899.4 936.8 144.7 Dec. 31 5,269.4 865.7 392.3 209.7 239.3 6.8 25.3 767.7 2,506.9 926.5 909.3 743.8 182.9 Dec. 312 5,271.4 865.7 401.2 209.7 239.3 6.8 27.3 767.7 2,517.8 926.5 909.3 743.8 174.0 1945—Jan. 31 5,382.8 787.8 383.6 206.6 237.8 6.8 31.0 703.6 2,357.1 976.0 963.3 912.4 174.1 Jan. 312 5,389.7 787.8 419.0 206.6 237.8 6.8 31.0 703.6 2,392.5 976.0 970.2 912.4 138.6 Feb. 28 5,553.1 838.3 409.8 209.3 245.0 6.8 33.8 709.8 2,452.81,070.3 976.9 911.7 141.4 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 ,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 ,161.31,035.0 915.6 141.6 June 30 5,927.3 861.8 372.3 213.3 261.2 6.7 43.9 803.0 2,562.3 ,267.31,076.9 878. 142.4 July 31 6,108.5 872.0 399.0 215.8 268.5 6.8 49.5 839.8 2,651.3 ,349.81,100.7 865. 141.2 Aug. 31 6,170.8 824.0 356.7 218.0 273.8 6.9 53.9 805.4 2,538.6 ,449.9 1,087.4 942.6 152.5 LIABILITIES—SUPPLEMENTARY DATA Other Europe3 Date E O u t r h o e p r e g B iu e m l- m De a n rk - l F a i n n d - Greece4 L b u o x u e rg m 4 - N w o a r y - P g o a rt l u 4 - m R an u i - a4 Spain4 SwedenUSSR4 s Y la u v g i o a4 - o A th 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—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# 3i 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 Aug. 31 805.4 149.9 14.4 6.7 63.2 22.9 187.1 39.0 9.7 40.4 194.3 25.7 5.1 46.9 Latin America5 Neth- French er- 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 * - - ! C R o ic s a ta * Cuba I W G a n n d u e d i s i e - t s M ic e o x- l I W a a n n n d e d d i s e s t s P m an a a 7 - Peru6 z V u e e n l e a - 6 O A L i a m t c h t a i e e n r r ana6 Surinam6 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# 3i 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—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 Aug. 31 1,087.4 75.1 18.0 163.0 64.5 90.2 7.0 156.9 7.3 158.7 31.7 87.8 38.8 43.0 145.3 For footnotes see p. 95. 94 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES. BY COUNTRIES— Continued [In millions of dollars] LIABILITIES SUPPLEMENTARY DATA—Continued Asia and All Other1 Japan Date Asia China F C I r n h e d i n n o c a - h 2 H K o o n n g g I C B l m a n o n e u d n a y d r i , 2 - - a, M l t B a is r y a i h a - - 2 M ( r a K i e n n a o a c d n - ) l - . I N l n E a d e e n a r i t d s e h - t s s - 2 i l P p a I n p h s d i i - n l s - e T ke u y r- 2 O A t s h i e a r ot A h l e l r3 t A ra u l s i - a N l Z a e e n a w d - A S E E t a u n i g g n a g d y y d n l a p p o n t - - F r r M o e c n o c c - o hU A .S n f o o r i u i o f c t n a h Other churia 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 1 1 9 9 4 4 1 2 — — D D e e c c . . 3 3 1 1 5 7 8 1 3 2 . . 9 1 3 1 6 5 0 6 . . 9 8 4 6 1 1 . . 6 6 13.1 r.o 6 4 9 . . 8 9 160.4 3 3 0 6 . . 7 8 29'. 9 2 3 6 6 4 . . 2 9 1 1 1 4 3 9 . . 6 6 23.1 4^8' 6^8 12.1 11.0 91^8 1943—Dec. 31 887.6 574.2 27.4 23.9 18.2 4.1 110.1 37.9 35.4 55.5 175.3 25.3 5.1 6.1 10.3 4.5 124.1 .9 1944—Sept. 30 926.0 615.6 27.4 23.7 26.7 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 1.2 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 1.1 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 1.2 4.0 110.5 40.4 23.7 64.2 182.9 52.9 3.5 7.3 4.3 8.3 106.5 1.3 Dec. 31-i 743.8 427.3 27.4 22.9 22.1 1.3 4.0 110.5 40.4 23.7 64.2 174.0 52.9 3.5 7.3 4.3 8.3 97.6 1945—Jan. 31 912.4 573.9 27.4 22.6 20.8 1.3 4.0 111.1 40.2 37.1 74.0 174.1 34.2 5.6 8.4 4.2 8.9 112.8 Jan. 31' 912.4 573.9 27.4 22.6 20.8 1.3 4.0 111.1 40.2 37.1 74.0 138.6 34.2 5.6 8.4 4.2 8.9 77.4 Feb. 28 911.7 556.9 27.4 22.8 21.1 .9 3.9 113.5 42.8 46.0 76.4 141.4 34.9 4.8 8.8 4.1 8.0 80.8 Mar. 31 917.2 554.4 27.4 21.9 21.3 .9 4.0 116.5 40.4 50.4 80.1 144.5 34.6 4.1 9.0 3.9 7.4 85.5 Apr. 30 916.2 546.9 27.5 21.6 23.5 .9 4 0 115 4 43 8 51 6 80 9144 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 Aug. 31 942.6 578.7 27.6 21.7 25.3 .9 3.9 108.8 50.4 51.2 74.2 152.5 27.6 4.6 13.6 4.7 5.8 96.2 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. 94. 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "AH other." 2 Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to the United States" have been adjusted to exclude the unreal movements introduced by these changes. Figures shown above are adjusted to compare with those of previous months. 3 The figures in this table represent a breakdown of the column headed "Other Europe" in the main table and cover five countrievS from Jan. 3, 1940, and seven additional countries since June 30, 1942. 4 Prior to June 30, 1942, included under "All other." •'» 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. H Prior to June 30, 1942, included under "Other Latin America." ' 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 i U K d n o in i m t g e - d France N l e a t n h d e s r- Sw 1 i t t 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 i m a c t a e in r- Asia1 ot A he ll r1 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 s 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 70 8 52.9 326.5 118.0 114.4 78.9 17.2 1938—Dec. (Jan.4, 1939). . 594.0 86.0 10.3 24.2 5 5 89.4 13.5 45.9 274.9 60.4 99.1 144.1 15.5 1939—Dec. (Jan.3, 1940). . 508.7 39.9 4.9 5.7 5 2 53.4 11.8 51.4 172.2 39. 7 113.3 174.1 9.3 1940—Dec. (Jan 1,1941).. 384.0 23.0 4.2 .9 1 5 39.6 2.0 29.9 101.0 36.0 122.7 117.8 6.4 1941—Dec. 31 . . 367.8 20.9 1 .8 1 .1 2 6 34.4 1.5 26.2 88.4 33.6 148.3 87.9 9.7 1942—Dec. 31. . 246.7 12.6 1.3 .5 1 5 34.0 4 22.3 72.6 34.3 99.7 35.3 4.8 1943—Dec. 31. . 257.9 19.9 1. 1 .4 3 0 33.9 4 19.0 77.6 37.8 112.2 26.3 3.9 1Q44—sept 30 252 0 24 4 1 3 1 ^ 33.9 8.6 70.2 30.6 103.7 35.8 11.7 Oct 31 244 2 23 4 1 3 1 s 33 9 8 8 69 5 28.5 103.1 30.9 12.2 Nov. 30. . 262.8 24.6 1.4 .3 3 3 33.9 3 8.2 71.9 28.0 116.8 33.0 13.0 Dec. 31. . 329.7 25.9 1.4 .3 1 3 33.9 3 44.4 107.5 28.1 131.0 51.4 11.7 1945—Jan. 31. . 287.3 25.8 1.5 .3 1 9 33.9 4 8.4 72.1 31.1 131.9 41.5 10.6 Feb. 28. . 275.6 27.4 1.5 .3 8 33.9 3 8.7 72.9 24.8 127.3 40.9 9.7 Mar. 31. . 286.9 23.2 1.5 .3 9 33.9 3 8.7 68.8 23.9 144.1 41.0 9.2 Apr. 30. . 290.8 25.4 1.4 .5 9 33.9 3 8.4 70.8 23.0 145.0 42.6 9.3 May 31. . 289.8 30.5 1.3 .4 8 33.9 3 8.9 76.2 25.6 127.9 51.1 9.0 June 30. . 375.0 27.9 1.3 .7 5 4 33.9 3 48.2 117.6 53.8 144.5 49.2 9.9 July 31. . 325.2 24.8 1.2 .3 3 6 33.9 3 48.7 113.0 45.2 109.8 47.7 9.5 Aug. 31. . 296.5 31.6 1.2 .4 2 0 33.9 3 9.7 79.1 41.5 106.6 60.7 S.5 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." NOTE.—The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice of reporting banks on Aug. 12, 1936, and Oct. 18, 1939. (See hanking and Monetary Statistics, Table 161, pp. 589 and 591). On June 30, 1942, reporting practice was changed from a weekly to a monthly basis. For further information see BULLETIN for September 1945, pp. 971-974. 95 JANUARY 1946 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 iu e m l- m De a n rk - l F a i n n d - Greece2 L b u o x u e rg m 2 - N w o a r y - t P ug o a r- l2 m R an u i - a2 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 i (3) 1 9 5 6 22.1 1942—Dec. 31 22.3 .8 5.6 1.1 .1 .2 2.4 3.2 .4 8.4 1943—Dec. 31 19 0 .7 7.6 .6 .1 .2 1.4 3.2 .2 (3) (3) 5.0 1944—vSept. 30 8.6 .7 .6 .1 .1 .7 1.1 .2 5.0 Oct 31 8 8 7 (3) (3) .6 .1 .1 .6 11.6 .2 (3) (3) 4.8 Nov. 30 8.2 .7 .6 .1 .1 .6 .8 .3 5.0 Dec. 31 44 4 7 (3) .6 .1 35.1 .8 1.8 .2 (3) 5.1 1945—Jan. 31 8.4 .7 .6 .1 .1 .7 .9 .2 5.0 F M e a b r . . 2 3 8 1 8 8 .7 7 . . 8 8 (3) . . 6 6 . . 1 1 . . 1 1 . . 6 5 1 1 . . 2 3 . . 2 2 (») 5 5 . . 1 0 A M p a r y . 3 3 0 1 8 8 . . 4 9 . . 8 8 m . . 6 6 . . 1 1 . . 1 1 . . 6 6 1. . 5 9 . . 2 3 (3) m • 5 4 . . 1 9 June 30 48.2 .8 i i .6 .1 40.1 .5 .9 .3 i i 4.8 July 31 48.7 .8 .6 .1 40.5 .2 .9 .7 4.9 Aug. 31 9.7 .7 .6 .1 .1 .3 1.4 1.5 4.9 Latin America4 Neth- French er- Date A L m i a c t a e in r- A t r i g n e a n- li B v o ia - 5 Brazil Chile l b C o i m o a - 5 - C R o ic s a ta 5 Cuba I W G n a d n u e i d i s e - t s Mexico I l W n a a d n n e i d d s e s t s P m an a a 6 - Peru5 z V u e e n l e a - 5 A O L m a th t e i e n r r ana5 Suri- ica nam5 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. 3i ' ' 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—Sept. 30 103.7 5.8 1.9 25.8 7.8 12.6 1.2 23.3 (3) 7.6 .4 .9 1.4 4.9 10.1 Oct. 31 103.1 3.9 1.6 23.5 8.7 12.2 1.2 25.1 (3) 8.3 .4 .8 1.5 4.3 11.6 N D o ec v . . 3 3 0 1 1 1 1 3 6 1 .0 8 3 3 .1 9 1 1. . 8 4 2 2 5 4 . . 3 4 9 8 . . 0 7 1 15 4 . . 5 8 1 1. . 2 3 3 4 3 7 . . 9 4 ( ( 3 3 ) ) 8 8. . 6 0 . . 3 4 . . 9 8 1 1. . 2 5 5 5 . . 6 1 1 11 2 . . 7 1 1945— F Ja e n b . . 2 3 8 1 1 1 3 2 1 7 . . 9 3 2 2. . 9 8 1 1. . 2 7 2 2 4 3 . . 8 8 8 8 . . 5 5 1 1 5 3 . . 5 5 1 1 . . 1 0 4 5 9 0 . . 2 1 (3 . ) 1 9 8 . . 3 4 . . 5 3 1. . 0 9 1 1 . . 7 4 3 4 . . 7 1 1 1 1 1 . . 8 4 Mar. 31 144.1 5.5 1.3 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 1.4 24.1 8.7 14.7 1.0 57.1 (3) 8.8 .4 1.0 1.4 4.9 13.0 May 31 127.9 7.7 1.3 25.5 8.4 15.1 1.1 39.1 (3) 8.7 .4 .9 1.4 5.8 12.6 June 30 144.5 8.3 1 2 30.6 7.0 16.8 1.1 49.7 .1 8.9 .4 1.0 1 4 5.6 12.3 July 31 109 8 14 1 1.2 26.9 8.4 16.3 1.2 10.3 . 1 10.2 .3 1.1 1.7 5.5 12.4 Aug. 31 106.6 11.0 1.3 24.4 6.3 17.1 1.2 14.5 .1 8.7 .3 .8 1.9 5.2 13.7 Asia and All Other? Japan India, (incl. Neth- Egypt Date "Asia China F C I r n h e d i n n o c a - h 8 H K o o n n g g C B l m a o n e u n a y d r , 8 - - B M l i a r s y i a h t a - - 8 c M h r a K e u n a a o r d n ) i - a - I l n E a e d n a r i d s - e t s s8 i l P p a I h p n s i i d - l n s - e T ke u y r- 8 O A t s h i e a r ot A he ll r9 t A ra u l s i - a N l Z a e e n a w d - A S E t a u n i g n a g d y d n l a p o n - - F r r M o e c n o c c - o hU S A n o f o i u r f o i t c n h a Oth€ 1939—Dec. (Jan. 3, 1940). 174.1 22.0 1.9 102.1 26.4 21.6 9.3 1940—Dec. (Jan. 1, 1941). 117.8 23.7 1.7 55.8 22.6 14.0 6.4 1941—Dec. 31 87.9 23.5 3 1 18.9 23 0 19 5 9 7 1942—Dec. 31 35.3 11.1 (3) .9 2.2 .7 .5 1.6 14.4 1.8 2.0 4.8 1.0 .7 .1 (3) 1.7 1.2 1943—Dec. 31 26.3 1.7 (3) 1.0 2.0 .5 .5 1.7 13.9 3.2 1.8 3.9 .5 .2 .1 (3) 2.4 .7 1944—Sept. 30 35.8 1.7 (») .9 6.3 .2 .5 1.4 13.9 1.8 9.1 11.7 .5 .3 .2 (3) 9.9 .9 Oct. 31 30.9 1.4 (3) .9 1.9 .2 .5 1.4 14.0 1.9 8.8 12.2 .4 .2 .1 (3) 10.4 1.0 Nov. 30 33.0 1.6 (3) .9 4.2 .1 .5 1.5 13.8 1.4 8.9 13.0 .7 .3 .1 (3) 11.0 1.0 Dec. 31 51.4 1.5 (3) .9 22.3 .1 .5 1.5 13.8 1.8 8.8 11.7 .6 .2 .2 (3) 9.7 1.0 1945—Jan. 31 41.5 1.7 (3) .9 12.4 .1 .5 1.4 13.9 2.0 8.6 10.6 .8 .2 .2 (3) 8.3 1.1 Feb. 28 40.9 1.2 (3) .9 12.1 .1 .5 1.4 13.9 1.8 9.0 9.7 .7 .2 .3 (3) 7.2 1.2 Mar. 31 41.0 1.3 (3) .9 11.8 .1 .5 1.4 13.9 1.8 9.1 9.2 .8 .4 .3 (3) 6.7 1.1 Apr. 30 42.6 1.3 (3) .9 12.1 .1 .5 1.4 13.9 1.9 10.5 9.3 .8 .4 .4 (3) 6.7 1.2 May 31 51.1 1.1 (3) .9 19.4 .1 .5 1.4 13.9 2.0 11.8 9.0 1.0 .3 .4 (3) 6.1 1.2 June 30 49.2 1.2 (3) .8 16.8 .1 .5 1.4 13.6 2.0 12.5 9.9 .9 .4 .2 (3) 6.0 2.4 .July 31 47.7 1.0 (3) .8 14.5 .1 .5 1.4 13.9 2.2 13.1 9.5 2.1 .4 .3 (3) 5.2 1.6 Aug. 31 60.7 1.1 (3) .8 15.0 .1 .5 1.4 26.0 2.1 13.6 8.5 1.0 .4 .3 (3) 5.0 1.8 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, 194C 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, 194C 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 fou 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. 96 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 (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of Gold^ a O ss th et e s r 2 C C o a i s n h rese N rv o e te s s a v c n o a D d n u i c n s a e - t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' De P p u o b s l i ic ts Other l O ia t t i b h e i s e li r - 1929—Dec. 25 . 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31. 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30. 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28 . 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 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 18.0 1934—Dec. 26. 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 18.0 1935—Dec. 25 . 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 18.0 1936—Dec. 30. 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 18.0 1937—Dec. 29. 326.4 220.0 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28. 326.4 230.0 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 . < .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 5 780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30. .2 5 950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29. .2 5 1,100.0 .9 11.6 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27. .2 6 1,250.0 1.9 11.6 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Jan. 31 . .2 1,250.0 1.5 30.6 6.6 263.6 1,219.6 215.1 11.6 57.8 17.9 Feb. 28. .2 1,250.0 1.7 33. 1 8.5 261.1 1,217.1 207.8 18.1 60.5 18.0 Mar. 28. .2 1,250.0 1.5 14.5 18.6 268.4 1,235.8 218.9 8.9 57.0 18.1 Apr. 25. .2 1,250.0 1.3 15.0 20.1 269.9 1,235.2 229.6 8.5 50.5 17.7 May 30. .2 s 1,300.0 1.2 30.6 9.6 254.3 1,269.6 212.4 14.8 50.7 17.8 June 27. .2 1,300.0 1.3 15.1 3.8 324.2 1,285.2 262.3 12.7 51.6 17.9 July 25. .2 » 1,350.0 .9 44.5 1.8 263.6 1,305.7 229.1 10.3 53.6 17.9 Aug. 29. .2 1,350.0 .4 24.3 7.2 295.3 1,325.9 238.2 16.0 55.0 18.0 Sept. 26. .2 1,350.0 .2 20.3 3.6 331.7 1,329.9 279.1 5.5 53.1 18.1 Oct. 31. .2 1,350.0 .4 28.1 11.2 288.9 1,322.2 244.2 9.2 57.4 17.7 Nov. 28. .2 1,350.0 .5 22.6 11.3 301.6 1,327.6 250.2 10.5 57.7 17.8 Assets Liabilities Dominion and provin- Bank of Canada cial 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 ar n s s ) of Gold an S d S t e t U a rl t i n e n s i g ted securities O as t s h e e t r s irc N ul o a t t e ion lia O bi t l h it e i r es8 dollars S te h r o m rt 6 - Other Ch b a a r n te k r s ed D g o o m ve in rn io - n Other ment 1935—Dec. 31 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 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—Dec. 30 172.3 906.9 573.9 34.3 1,036.0 401.7 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. Feb. 28 170.4 891.6 595. 29.0 ,028.6 397.6 27.9 37.2 195, Mar. 31 177.1 926.5 608.7 33.2 ,048.7 422.0 18.7 52.7 203 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. June 30 174.4 1,073.8 559.5 34.4 ,063.2 492.0 43.9 35.9 207. 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 ,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 Nov. 30 159.0 1,168.1 629.4 69.5 1,113.8 495.2 159.1 27.4 230.5 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939. when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 6 Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by 70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, and on May 8 and July 3, 1945. c 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. JANUARY 1946 97 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS—Continued Assets Liabilities Bank of France Advances to Domestic bills Government. Deposits mill ( i F on ig s u o r f e s f r i a n ncs) Gold* F c o h e r a x e n - i g g e n m O a p rk e e n t2 Special2 Other c F u c o p o r a s t t o s i c 3 o - n Other2 a O s t s h e e ts r ci N r ti c o o u n t l e a- G m ov e e n r t n- Other l O ia t t i b h e i s e li r - 1929—Dec. 27. 41,668 25,942 5,612 8,624 8,124 68,571 737 7,850 1,812 1930—Dec. 26. 53,578 26,179 ,304 8,429 9,510 76,436 624 11,698 2,241 1931—Dec. 30. 68,863 21,111 7,157 7,389 11,275 85,725 898 22,183 1,989 1932—Dec. 30. 83,017 4,484 6,802 3,438 11,712 85,028 311 20,072 2,041 1933—Dec. 29 . 77,098 1,158 6,122 4,739 11,173 82,613 322 13,414 1,940 1934—Dec. 28. 82,124 963 5,837 3,971 11,500 83,412 718 15,359 1.907 1935—Dec. 27. 66,296 1,328 5,800 9,712 11,705 81,150 862 8,716 2,113 1936—Dec. 30. 60,359 1,460 5,640 1,379 8,465 17,698 12,642 89,342 089 13,655 2,557 1937—Dec. 30. 58,933 911 5,580 652 10,066 31,909 11,733 93,837 461 19,326 3,160 1938—Dec. 29. 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 061 25,595 2,718 1939—Dec. 28. 697,267 112 11,273 2,345 5.149 34,673 20,094 151,322 914 14,751 2,925 1940—Dec. 26. •84,616 42 43,194 661 3,646 72,317 63,900 23,179 218,383 984 41,400 27,202 3,586 1941—Dec. 31. 84,598 38 42.115 12 4,517 142,507 69,500 22,121 270,144 ,517 64,580 25,272 3,894 1942—Dec. 31. 84,598 37 43,661 169 5,368 210,965 68,250 21,749 382,774 770 16,857 29,935 4,461 1943—Dec. 30. 84,598 37 44,699 29 7,543 326,973 64,400 21,420 500,386 578 10,724 33,137 4,872 1944—June 29. 84,598 37 46,241 1 6,045 409,200 71,500 21,160 576,909 750 12,309 43,343 5,472 July 13. 84,598 37 45,851 4,856 409,200 70,850 23,799 584,820 729 1,853 46,899 890 Dec. 286 75,151 42 47,288 48 18,592 426,000 15,850 735,221 572,510 748 37,855 078 1945—Jan. 25. 75,151 42 47,842 16 26,360 426,000 745,435 562,416 3,196 50,382 ,852 Feb. 22. 75,151 42 47,894 9 23,473 426,000 7,700 737,903 568,900 778 43,697 797 Mar. 29. 75,151 44 48,483 2 16,601 426,000 17,550 742,093 580,123 775 39,951 5,075 Apr. 26. 75,151 44 48,257 14,967 426,000 20,900 743,634 580,944 756 42,302 950 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 Oct. 31. 565,152 47 60,087 20,442 426,000 746,152 528,945 30,793 52,552 5,617 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities foreign exchange checks), Note Other (Figu re re ic s h i s n m m ar il k l s io ) ns of re T s o er t v al es Gold i T n r c e b l a u i s l d l u s i r n y g - Se lo c a u n ri s ty E a c s li o g v n i e b o r l t e e Other a O s t s h e e ts r cir ti c o u n la- Deposits lia ti b e i s li- 1929—Dec. 31. 687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31. 685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31. 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 6,754 004 July 31 77 43,222 38 1 21 2,396 36,888 6,813 054 Aug. 31 77 45,829 42 1 20 2,275 38,579 7,480 185 vSept. 30 77 50,821 47 67 25 2,510 42,301 9,088 160 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. & 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 and in week ending Oct. 11, 1945, 10,000 million francs of gjld 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, 1944. 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 Central Bank 1945 1944- (Figures as of last report (Figures as of last report date of month) date of month) Nov. Oct. Sept. Nov Nov. Oct. Sept. Nov. Central Bank of the Argentine National Bank of Denmark Republic (millions of pesos): (millions of kroner): Gold reported separately. 1 ,235. 1 .242 1 .242 Gold 97 97 97 97 Other gold and foreign exchange. 3,280 3,188 2,439 Foreign exchange 110 71 30 22 Government securities 871 877 878 Clearing accounts (net) 2,946 2,935 2,934 2, 720 Rediscounted paper Loans and discounts 41 46 33 29 O N t o h t e e r c a ir s c s u e l ts ation 2,6 1 8 6 : 4 2,622 2,2 1 6 59 4 S G e o c v u t r . it c ie o s mpensation account7. . 6 7 5 3 6 6 5 8 69 9 8 4 5 Deposits—Member bank 1 , 743 1,631 1,339 Other assets 4,979 5,001 5,088 4.199 Government 536 616 620 Note circulation: 1,421 1,350 1,242 1,621 Other 213 174 Deposits—Government 2.829 2.903 3,001 2,160 Certificates of participation in Other 3,618 3,5 3,662 3,012 Government securities 182 175 127 Other liabilities 443 452 453 Other liabilities 221 214 196 Central Bank of Ecuador Commonwealth Bank of Aus- (thousands of sucres): (Aug.)' tralia1 (thousands of pounds): Gold 288,829283,780 Gold and foreign exchange 172,780 Foreign exchange (net) 111,402174,043 ("hecks and bills of other banks. . 1,925 1,752 Loans and discounts 122,47 83,361 Securities (incl. Government and Other assets 87,016109,756 Treasury bills) 415,38 418,0 Note circulation 327,737305.183 Other assets 12,755 11.808 Demand deposits 249,57 288,254 N D o ep te o s c i i t r s c u o l f a t T io ra n ding Banks: 188,714 185.964 Nati O on th a e l r B lia a b n i k li ti o es f Egypt9 (thou- 32,410 57,503 Special 227,876 222,003 sands of pounds): Other 27,086 29.629 Gold 6.241 6,241 Other liabilities 159,172 154,313 Foreign exchange 17.137 14,684 National Bank of Belgium Loans and discounts 3,681 5,416 (millions of francs): British, Egyptian, and other Gold-' 31 ,166 30,604 30.426 Government securities 291,047256,940 Foreign exchange 4,820 5,309 3,944 Other assets 26,116 19,862 Loans to Government 44,686 46,342 47,370 Note circulation 128,143115,288 Other loans and discounts 1 ,095 451 634 Deposits- -Government 72,539 64,868 Claim against Rank of Issue. . . . 64.59 64.597 64.597 Other 129,107109,355 Other assets 1,283 1 ,218 > 1.211 Other liabilities 14,432 13,633 Note circulation 66.761 65,924 64,301 Central Reserve Bank of El Salva- D Bl e o m ck a e n d d T d r e e p a o s s u i r ts y account2 •H 3 4 , . 2 4 3 9 7 3 :'1 4 4 , , 0 4 6 9 5 331 4 4, . 4 9 9 7 3 8 do G r o ( l t d housands of colones): 33.04 33,066 33.167 Notes and blocked accounts. . . . 62,029 62.921 63.301 Foreign exchange 36,415 36,430 28.614 Other liabilities 1,127 1.119 1.110 Loans and discounts 2,126 2.304 1.075 Central Bank of Bolivia (millions Government debt and securities. 6,485 6.444 6,067 of bolivianos): I Other assets 1,905 1,855 1.360 Gold at home and abroad 768 726 600 Note circulation 43,769 43,639 44.494 Foreign exchange 550 531 423 Deposits 29,210 29,494 19,001 Loans and discounts 372 363 287 Other liabilities 7,000 6,966 6,789 Securities- G O o th v e e r rnment 6 4 3 2 0 63 4 1 2 64 4 1 1 B B a a n n k k o o f f G Fi r n e l e a c n e d 5 * Other assets 234 232 87 National Bank of Hungary Note circulation 1 ,459 1-.419 1,198 (millions of pengd): Deposits 1,008 1,007 770 Gold * 100 Other liabilities 129 99 111 Foreign exchange reserve 3 National Bank of Bulgaria- Discounts 11.977 Central Bank of Chile (millions Loans—To Treasury 511 of pesos): To foreign countries. . . . 1 ,074 Gold 287 28 273 Other... Discounts for member banks. . . . 385 214 316 Other assets 1,082 Loans to Government 706 706 715 Note circulation 10,672 Other loans and discounts 549 ,010 923 Demand deposits 2,713 ' Other assets 1 .686 ,392 1,157 Consolidated foreign credits of Note circulation 2,616 , 729 2,393 1931 10 Deposits- Bank 475 353 436 Other liabilities 1,352 Other 195 186 190 Reserve Bank of India (millions of Other liabilities 326 341 365 rupees): Bank of the Republic of Colombia Issue department: (thousands of pesos): Gold at home and abroad. . 444 444 444 Gold 99,388 84,952 59,920 Sterling securities 10,493 10,423 8,663 Foreign exchange 97,706 108,401 18,022 Indian Govt. securities 578 578 578 Loans and discounts 16,315 16,542 17,581 Rupee coin 182 182 126 Government loans and securities. 67.870 66,696 67,169 Note circulation 11,561 11.418 9,731 Other assets 32,363 33,463 25,824 Banking department: Note circulation 73,612 172,765 59,469 Notes of issue department. . 136 209 81 Deposits 86,198 84,538 46,269 Balances abroad 5,330 4,985 3,392 Other liabilities 53,833 52,750 82,778 Treasury bills discounted.. 1 36 National Bank of Czechoslovakia Loans to Government 5 in Prague6 (millions of koruny): Other assets 283 264 158 Gold ' 1.517 1,517 1,517 Deposits 5.532 5 .290 3,431 Foreign exchange 793 787 800 Other liabilities 217 203 205 Loans and discounts 3. 794 Central Bank of Ireland (thousands Other assets 27,840 02,483 55,027 of pounds): Note circulation—Old 16.723 38,021 32,705 Gold... 2 ,646 2.646 2.646 2 .646 New 15.827 Sterling funds 34.809 33.288 31,895 29.165 O D t e h p e o r s i l t i s abilities 7 1 8 9 . , 5 05 4 2 8 4 1 8 8 . , 4 3 3 3 0 6 1 1 3 4 , , 9 4 4 9 2 1 Bank N o o t f e J c a ir p c a u n la 6 tion 37,455 35,934 34,541 31,811 Bank of Java' 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. - 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. 1 Includes current accounts transferred and to be transferred to blocked accounts and old notes not declared. 5 For last available report from the central bank of Bulgaria (January 1943), see BULLETIN tor July 1943, p. 697; of Finland (August 1943), see BULLETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; and of Java (January 1942). see BULLETIN for March 1943, p. 278. e First statement available since 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 Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942. 8 Latest month available. 9 Items for issue and banking departments consolidated. JANUARY 1946 99 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS—Continued Central Bank 1944 Central Bank 1945 (Figures as of last report (Figures as of last report date of month) Nov. Oct. Sept. Nov. date of month) Nov. Oct. Sept. Nov. Bank of Mexico (millions of pesos): Bank of Spain Continued Metallic reserve1 740 72: 580 Note circulation 17,647 16,928 "Authorized" holdings of securi- Deposits—Government 1,389 1,335 ties, etc 1,975 1,930 1,428 Other 3,728 3,941 Bills and discounts 377 361 421 Other liabilities 486 588 Other assets 45 64 74 Bank of Sweden (millions of kroner) • Note circulation 1,604 1,549 1,298 Gold 1,046 1,046 1,057 1,017 Demand liabilities 1,356 1,359 1,023 Foreign assets (net) 817 783 814 563 Other liabilities 177 174 182 Swedish Govt. securities and ad- Netherlands Bank (millions of vances to National Debt Office9 1,432 1,203 1,289 1,263 guilders): Other domestic bills andadvance^ 42 22 20 76 713 713 713 931 Other assets 1.127 1.096 1,024 1,049 Silver (including subsidiary coin) 1 1 Note circulation 2,546 2.567 2,576 2,286 Foreign bills 4,535 4,509 4,491 4,458 Demand deposits—Government 1.048 69'/ 801 772 Discounts 1 1 Other 82 183 233 228 Loans 147 136 130 147 Other liabilities 787 704 595 682 Other assets 117 123 126 147 Swiss National Bank (millions of Note circulation—O N l e d w3 1,0 4 1 4 1 0 5 7 6 4 3 8 1,683 5,007 fra G nc o s ld ): 4,798 806 4,697 4,502 Deposits—Government 2,596 2,560 1', 330 ''"105 Foreign exchange 125 111 129 94 Blocked 519 834 1,303 Loans and discounts 104 294 191 91 Other 465 294 664 "'341 Other assets 89 89 93 124 Other liabilities 482 482 481 232 Note circulation 3,725 704 3,640 3,337 Reserve Bank of New Zealand Other sight liabilities 1,093 ,298 1.169 1,186 (thousands of pounds): Other liabilities 298 298 301 288 Gold 2,802 2,802 Central Bank of the Republic of Sterling exchange reserve 70,804 36,701 Turkey (thousands of pounds): Advances to State or State un- Gold 294,692294,692276,379 dertakings 22,365 26,072 Foreign exchange and foreign Investments 10,997 11,73 clearings 53,834 54,087 56,308 Other assets 1,071 2,195 Loans and discounts 794,839804.199831,654 Note circulation 41,015 38,212 Securities 168,531 169,752176,216 Demand deposits 63,051 37,554 Other assets 21,654 21,650 25,029 . Other liabilities 3.972 3,741 Note circi#ation 918,075929,535964,081 Bank of Norway4 Deposits- -Gold 85.586 85,586 85.583 Bank of Paraguay—Monetary Other 150.341 142,002 47,133 Dept.5 (thousands of guaranies): Other liabilities 179,549187,258168,789 Gold 3,323 3,323 Bank of the Republic of Uruguay Foreign exchange 27,50= 23,983 (thousands of pesos): Loans and discounts 6,04: 7,434 Issue department: Government loans and securities. 10,526 10,551 Gold and silver 122,751 122,674 Other assets 361 360 Note circulation 154,644143,908 Note circulation 27,564 27,626 Banking department: Demand deposits 18,085 15,992 Gold and silver 186,829119,141 Other liabilities 2,111 2,033 Notes and coin 26,912 32,001 Central Reserve Bank of Peru Advances to State and to (thousands of soles): (July)" government bodies 8,012 18,239 Gold and foreign exchange 142,340137,395 Other loans and discounts. . 94,625 93,792 Discounts 25,278 18,83? Other assets 317,194295,103 Government loans 572,322437.423 Deposits 295,082248,933 Other assets 28,198 23,844 Other liabilities 338,489309,342 Note circulation 474,040406,084 Central Bank of Venezuela (thou- Deposits 264,27 181,967 sands of bolivares): Other 1 abilities 29,825 29,451 Gold10 516,903484,013484,011313,547 Bank of Portugal (millions of es- Foreign exchange (net) 37,672 72,849 68,683 45.202 cudos): (Aug.) Credits to national banks 14,310 14,31( 14,310 26,370 Gold* 1,41< 1,412 Other assets 15,409 13,338 13,551 25.053 Other reserves (net) 6,383 5,515 Note circulation—Central Bank. 340,338327,658332,609278,832 Nonreserve exchange 9,620 9,089 National banks- 10,365 10,869 11,089 18,984 Loans and discounts 282 260 Deposits 225,77 236,533229.396105,105 Government debt 1,020 1,02.' Other liabilities 7,821 9,451 7,461 7,250 Other assets 762 778 National Bank of the Kingdom Note circulation 7,717 7,374 of Yugoslavia1 Other sight liabilities 10,884 9,867 Bank for International Settle- Other liabilities 885 835 ments11 (thousands of Swiss gold National Bank of Rumania4 francs): South African Reserve Bank8 Gold in bars 118,285 118,285111,257 (thousands of pounds): Cash on hand and on current Gold 115,807113,7 98,447 account with banks 42,924 42,258 45,620 Foreign bills 31,404 28,760 20,033 Sight funds at interest 9,439 8,338 13,184 Other bills and loans 3,909 3,825 5,637 Rediscountable bills and accept- Other assets 108,226105,88- 94.758 ances (at cost) 81,936 84,411 72,293 Note circulation 65,61 65,846 54,294 Time funds at interest 2,750 2,750 14,968 Deposits 188,332180.514159,263 Sundry bills and investments. . 198.879197,701200,571 Other liabilities 5,401 5, 5,319 Other assets 118 113 244 Bank of Spain (millions of pesetas): Demand deposits (gold) 16,962 16,978 20,121 Gold 1,188 1,135 Short-term deposits (various Silver 597 609 currencies): Government loans and securities, 15,779 16,207 Central banks for own ac- Other loans and discounts 3,424 3,043 count 3.671 3,671 6,633 Other assets 2,262 1,797 Other 2,021 2,032 2,985 Long-term deposits: Special accounts 229,001229,00 229,001 Other liabilities 202,675202,174199,397 1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. - 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. 6 Latest month available. 7 Valued at average cost beginning October 1940 s Beginning July 1945, end-of-month statements have been available. 9 Includes small amount of non-Government bonds. 10 Beginning October 1944, a certain amount of gold, formerly reported in the Bank's account, shown separately for account of the Government. u See BULLETIN for December 1936, p. 1025. 100 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective U K d n i o i n m t g ed - France m G a e n r- y g B iu e m l- N la e e n r t d - h s - S d w e e n - S l w a e n r i - t d z- b C an e k n tr o a f— l R D 3 a e 1 c te . ef D fe a ct t i e ve ba C n e k n t o ra f— l R D 3 e a 1 c te . * ef D fe a c t t e ive In effect Dec. 31, Albania Mar. 21, 1940 Italy 4 Sept. 11, 1944 Jan 1 . 9 3 2 6 8, 1937... 2 4 2 4 2 2 2Y2 ..!*.. A Be rg lg e i n u t m ina J M an a . r . 16 1 , , 1 1 9 9 4 3 5 6 J J a a v pa a n 3 3.29 A Ja p n r . . 14 7 , , 1 1 9 9 3 3 7 6 June 15 6 Bolivia 6 Nov. 8, 1940 Latvia 5 Feb. 17, 1940 July 7 5 Lithuania.. . . 6 July 15, 1939 Aug. 4 4 Sept. 3 3XA Nov. 13 3 May 10, 1938. . . British India. . 3 Nov. 28, 1935 Mexico June 4, 1942 M M a a y y 3 1 0 3 2V2 "3 " " C B a u n lg a a d r a ia 5 1V2 D Fe e b c . . 8 1 , , 1 1 9 9 4 4 4 0 N N e e w th e Z rl e a a n la d n s d . . J Ju u l n y e 2 2 6 7 , , 1 1 9 9 4 4 1 1 Sept. 28 3 Chile Dec. 16, 1936 Norway 3 May 13, 1940 Oct. 27 Colombia 4 2 July 18, 1933 Peru 5 Aug. 1, 1940 J N a o n v . . 2 4 5 , 1939... 2 Czechoslovakia Oct. 28, 1945 Portugal 2V2 Jan. 12, 1944 Apr 17 4 Mav 11 3 July 6 2>2 Denmark 4 Oct. 16, 1940 Rumania. . . . 4 May 8, 1944 Aug. 24 4 Ecuador 7 May 26, 1938 South Africa. 3 June 2, 1941 Aug 29 3 El Salvador. . . 3 Mar. 30, 1939 Spain 4 Dec. 1, 1938 Sept. 28 3 Estonia Oct. 1, 1935 Sweden Feb. 9, 1945 Oct. 26 2 Finland 4 Dec. 3, 1934 Switzerland. . VA Nov. 26, 1936 Dec. 15 3 Jan. 25, 1940... 2 Apr. 9 M Ma ay r. 1 1 7 7, 1941. . . 3Y2 G Fr e a r n m c a e ny J A a p n r . . 2 9 0 , , 1 1 9 9 4 4 0 5 U Tu n r it k e e d y King- 4 July 1, 1938 May 29 3 Greece 10 2 Apr. 10, 1945 dom 2 Oct. 26, 1939 June 27 "2)4" Hungary 3 Oct. 22, 1940 U. S. S. R.... 4 July 1, 1936 J J a a n n . . 2 1 0 6, 1945... "\y 2 " z Ireland 2V2 Nov. 23, 1943 Yugoslavia. . 5 Feb. 1, 1935 Feb. 9 ••P In effect Dec. 31, NOTE.—Changes since Nov. 30: none. 1945 2 2V2 OPEN-MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands Sweden Sw la it n z d er- Month ac 3 B c a e m n p k o t e a n r n t s h c ' s es 3 T r m b e i a o l s l n s u t r h y s Da m y- o t n o e - y day o a n B l l a o d n w e k p a e o n r s c s i e ' ts d P is r r i c a v o t a e u t n e t da D y a m y- o to n - ey d P is r r i c a v o t a e 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 t a o t n h s 3 s d P is r r i c a v o t a e u t n e t 1929—Oct.. 6.13 6.19 5.45 7.28 8.06 5.15 4.52 3.38 1930—Oct.. 09 2.13 1.65 4.66 5.15 1.59 1.48 1.29 1931—Oct. 68 5.46 4.36 8.00 9.21 2.76 3.07 1.90 1932—Oct.. .82 .71 .71 3.88 4.94 .37 1.00 1.50 1933—Oct.. .79 .73 .75 3.88 5.11 .50 1.00 1.50 1934—Oct.. .77 .68 .75 3.81 4.63 .59 1.00 1.50 1935—Oct.. .63 .62 .75 3.04 3.13 4.70 5.00 2.37 1936—Oct.. .56 .54 .75 2.94 2.82 1.87 2.51 1.69 1937—Oct.. .55 .53 .75 .88 2.81 .13 .50 1.00 1938—Oct.. .70 .68 .75 .88 2.70 .21 .50 1.00 1939—Oct.. 1.88 77 1.71 4-1 2.75 2.23 1.90 2.24 1.25 1940—Oct.. 1.03 .02 1.00 2.25 1.87 2.25 2.75 1.31 1941—Oct.. 1.03 .00 1.00 2.13 1.76 1.88 2.25 1.25 1942—Oct.. 1.03 .00 1.04 2.13 1.80 1.25 1943—Oct.. 1.03 .00 1.00 2.13 1.84 1.25 1944—Oct.. 1.03 .00 1.10 2.13 1.25 1944—Nov. 1.03 1.00 1.00 2.13 1.25 Dec. 1.03 1.00 1.02 2.13 1.25 1945—Jan.. 1.03 1.01 1.00 2.13 1.25 Feb.. 1.03 1.00 1.00 2.13 1.25 Mar. 1.03 1.00 1.00 2.13 1.25 Apr.. 1.03 1.01 1.00 1.25 May 1.03 1.00 1.03 1.25 June 1.03 1.00 1.13 1.25 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 Oct.. .83 .75 .96 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. 101 JANUARY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMERCIAL BANKS United Kingdom * Assets Liabilities b ( m 1 a 1 i n l l k L i s o s o . n t n e s d r F l o o i i f n n g g p u c ) o r l e e u s a n r i d i n n s g re C se a r s v h es M c o n a s l n o h l e t o a i y r c n t e d at B co il u ls n d te is d - r T e d r c e e e p a i o s p u s t i s r t y 2 Securities c L u o st a o n m s e t r o s 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 2,254 1,256 997 269 1939—December. 274 174 334 609 1,015 2,441 1,398 1,043 256 1940—December. 324 159 265 314 771 924 2,800 1,770 1,030 250 1941—December. 366 141 171 758 999 823 3,329 2,168 1,161 253 1942—December. 390 142 198 896 1,120 794 3,629 2,429 1,200 236 1943—December. 422 151 133 1,307 1,154 761 4,032 2,712 1,319 245 1944—November. 460 205 198 ,548 1,192 748 4,398 2,922 1,475 245 December. 500 199 147 ,667 1,165 772 4,545 3,045 1,500 250 1945—January. . . 460 198 159 ,663 1,165 765 4,462 2,968 1,495 248 February.. 455 188 140 , 639 1,160 769 4,405 2,904 1,501 250 March.... 464 180 149 ,681 1,153 780 4,459 2,944 1,516 246 April 472 180 109 " 1,821 1,140 749 4,525 2,994 1,530 245 May 482 196 120 1,882 126 757 4,617 3,064 1,553 243 June 494 195 135 1,939 128 774 4,752 31,14477 1,605 243 July 500 198 181 1,994 123 767 4,819 3,205 1,613 244 August.. . . 511 233 195 1,993 126 769 4,875 3,236 1,638 244 September. 518 226 215 1,971 146 771 4,898 3,266 1 ,632 247 October. . . 513 201 189 1,925 1,178 799 4,859 3,277 1,582 254 Liabilities Canada Security Deposits payable in Canada (10 chartered banks. Entirely in Canada loans excluding interbank deposits End of month figures abroad Other Other in millions of and net Securities circula- liabilities Canadian dollars) re C se a r s v h es Se lo c a u n ri s ty d lo i O s a c n t o h s u e a n r n ts d d f u b o e a r e n f i k r g o s n m assets tion Total Demand Time 1938—December. 263 65 940 166 1,463 535 88 2,500 840 1,660 843 J939—December. 292 53 1,088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December. 323 40 1,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—December. 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December. 387 31 1,168 231 2,293 657 60 3,657 1,984 1 ,673 1,049 1943—December. 471 48 1,156 250 2,940 744 42 4,395 2,447 1; 948 1,172 1944—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 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 2,390 631 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 October. . . 640 130 1,00<> 242 4,159 812 27 5,573 2,582 2,992 1,392 Assets Liabilities France (4 large banks. End Deposits of month figures in Cash Due from Bills dis- Other Own Other millions of francs) reserves banks counted Loans assets accept- liabilities Total Demand Time ances 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. . 133 3,877 88,289 14,215 2,448 108,368 107,100 1,268 411 7,182' November 203 3,960 86,754 14,361 2,653 107,200 105,811 1,390 404 7,326 December 8,548 4,095 90,897 14,191 2,935 112,732 111,191 1,541 428 7,506 1944—January. . 7,510 4,125 90*024 13,737 1,676 110,485 108,883 1,601 419 6,168 February. 7,776 4,116 91,847 13,936 1,618 112,846 111,164 1,682 412 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 1% per cent, through Oct. 20, 1945, and at ^ per cent thereafter. 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. 102 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 caAc transfers. In rents p(jr unit 0 foreign currene> Argentina Australia Brazil Canada Chile (PCso) (pound) Bel- (cruzeiro1) British Bul- (dollar) (peso) China Year or month gium India garia S(hyaunagn- Official S E p x e p c o ia rt l Official Free (franc) Official Free (rupee) (lev) Official Free Official Export hai) 1937 32.959 393.94 3.3752 8.6437 6.1983 37.326 1.2846 100.004 5.1697 24.0000 29.606 1938 32.597 389 55 3.3788 5 8438 36 592 1 2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 3.3704 6.0027 5.1248 33.279 21.2111 96.018 5.1727 4.0000 11.879 1940 29.773 2322.80 305.16 23.3760 6.0562 5.0214 30.155 290.909 85.141 5.1668 4.0000 6.000 1941 29 773 223 704 T?? 80 321 27 6 0575 5 0705 30 137 90 909 87.345 25.1664 24.0000 25.313 1942 29 773 2 3 704 3?2 80 321 50 6 0584 5 1427 30 1 77 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 ? 5 1 ? 5 3?2 80 6 0594 5 1469 30 1?2 90 909 89 853 1944--Dec 29.773 25.125 322.80 6.0602 5.1803 30.122 90.909 89.747 !945— F jaenb . 2 2 9 9. " "7 r 3 3 2 ? 5 5 .1 1 2 5 ? 5 3 3 2 ?2 2 . 8 80 0 6 6 .0 0 6 6 0 0 2 ? 5 5 .1 1 8 8 0 0 3 3 3 3 0 0 . 1 12 2 2 ? 9 9 0 0 .9 9 0 0 9 9 8 9 9 0 .5 9 5 6 3 8 Mar. 29 "73 ~> 5 125 32? 80 6 0607 5 180^ 30 12? 90 909 90 295 Apr 29. "73 25 125 322.80 6.0602 5.1802 30.122 90.909 90.506 Mav 29. T73 25.125 322.80 6.0602 5.1802 30.122 90.909 90.753 June ?9 "73 24 1 ?5 32? 80 6 060 ? 5 1802 30 1 ?2 90 909 90 828 July 29. "73 25.125 321.35 6.0602 5.1802 30.122 90.909 90.736 Aug 29. "73 25.125 320.87 6.0602 5.1802 30.122 90.909 90.475 Sept "73 25 1 ? 5 3?0 70 6 0602 5 180? 30 1 >2 90 909 89 908 Oct 29. "73 25.125 321.31 2.2879 6.0602 5.1802 30J22 90.909 90.358 Nov 29. "73 25.125 321.41 2.2857 6.0602 5.1802 30.122 90.909 90.736 Year or month C ( o p b e l i o s a o m ) - s C ( l k o z o v e r a c u h k n o i a a ) - ( m D kr a e o n r n k - e) ( l m F a k i a n a n r d ) - k- F (f r ra a n n c c ) e ( m m G re a a e i r c 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 ( t li a ra ly ) J ( a y p en a ) n M (p i e c e s o x o - ) e N ( r g l e e u a r t i n ) l h d d - - s (p Z l N 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 A667 2.8781 40.164 . 8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 "3.4252 20.346 1.9948 2.5103 40.061 .8153 2 7.454 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 . .0. . . .239.968 224.592 219. 7 7(125.0703 223.439 20.538 322.54 1942 : 57.052 20.569 322.78 1943 57.265 20.577 324.20 1944 57 ?72 20 581 324 4? 1944-Dec 57.220 20.58? 324.42 1945--Jan.. 57.180 20.582 324.42 Feb 57.140 20.582 324.42 Alar. 57 036 20 582 324 42 56.980 20.582 324.42 May. ........ 56.980 20.582 324.42 June 56.980 20.582 324.42 Julv 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 Nov 56.980 2.0186 20.578 •37.933 322.70 United Uruj Year or month N (k o r r o w ne a ) y P (z o l l o a t n y) d ( P es o g c a r u t d l u o) -R ( u n le m i u a ) a- ( S A p o o fr u u i n c th d a ) ( S pe p s a e i t n a) S m S (d t e o e r t l n a t l l a i t e t r s ) s - ( S k d r w e o n e n - a) ( e S f r r w a la n it n c z ) c - K ( i p n o g ii d n o d m ) (peso N ) on- ( Y s d l u a in v g a i o r a - ) Official Free trolled controlled 1937 24 840 18 923 4 4792 7294 489 62 6 053 57 97325 487 ?? 938 494 40 79.072 2.3060 1938 ?4 S66 18 860 4 4267 73?5 484 16 5 6()(1 56 917 ?5 197 22 871 488 94 64 370 2 3115 1939 23.226 -'18.835 4.0375 .7111 440.17 10.630 51.736 23.991 22 525 443.54 62.011 236.789 2.2716 1940 222.709 3.7110 2.6896 397.99 9 322 46.979 23.802 22.676 2403.50 383.00 65.830 37.601 2.2463 1941 24.0023 398.00 29.130 47.133 223.829 223.210 403.50 403.18 65.830 43.380 22.2397 1942 398.00 246. 919 403.50 403.50 65.830 52.723 1943 398.00 403.50 2403.50 65.830 52.855 1944 398 00 403 50 65.830 53 506 1944—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 30 402.96 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 Nov 400.50 403.38 65.830 56.290 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. 1 Based on quotations beginning Nov. 2. 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. JANUARY 1946 103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S 1 n t 1 9 i a 0 2 t t 0 6 e e ) d = s C ( a 1 1 9 n 0 2 a 0 6 ) d = a K U i (1 n n 1 9 i 0 g 3 t 0 0 d e ) o d = m F (1 r 1 9 a 0 1 n 0 3 c ) = e Ge (1 r 1 9 0 1 m 0 3 a ) n = y (1 I 1 9 t 0 2 a 0 8 l ) y = ( J 1 O 9 a c 1 0 t 0 p 0 o 0 a b ) n = er N (1 e l = 9 t a 2 1 h n 6 0 e d - 0 s r 3 ) - 0 S ( w 1 1 9 e 0 3 d 0 5 ) e = n ( S J w u = l i l a t y 1 n z 0 d e 1 0 r 9 ) - 14 1926 .... 100 100 1 124 695 134 237 106 i 126 144 1932 65 67 86 427 97 70 161 65 i 92 96 1933 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 707 107 99 278 74 115 111 1940 79 83 137 2 901 110 116 311 3 88 146 143 1941 87 90 153 112 132 329 172 184 1942 99 96 159 114 189 210 1943 103 100 163 116 196 218 1944 104 103 166 196 223 1944—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 105 103 168 196 221 April 106 103 168 196 221 May 106 103 168 196 221 June 106 103 170 197 222 July 106 104 171 196 222 August 106 103 171 194 223 September 105 103 170 191 222 October 106 103 169 191 220 November 107 P169 P Preliminary. 1 Approximate figure, derived from old index (1913=100). 2 Average based on figures for 5 months; no data available since May 1940, wnen figure was 919. »Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Germany (1926 = 100) 1926 = 100 (1930=100) (1913 =100^ Year or month pr F o a d r u m cts Foods co O i m t t m h ie e o s r d- pr F o a d r u m cts R fa m p a g c a a w o t r n o u t a u d r l n - s e y d d F f u c a m l g h c l a o i t y n e o u f d u r a l s - e n y d d Foods pr I o t n r d d i u u a s c l - ts p A r g t o r u i d r c u a u c l l t - s a t p n f r r I i d i o n n a d i d l s s u u e h s c r e m - t i a d s - w p tr r I i i o n a s d d l h u u e s c d f - t i s n- 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—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 Julv 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 127 106 100 104 105 94 158 175 November 131 108 100 Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 104 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 1 S = 9 n t a 3 1 i 0 5 t t e e 0 - d 3 s ) 9 (1 = C 9 a a 3 1 d n 5 0 a - 0 -3 ) 9 U K = d ( 1 n J i 9 o 1 u i n 1 m t 0 l g e y 4 0 - d ) (1 m = G 9 a 1 1 e 0 3 n r 0 - - v 1 ) 4 ( N 1 l = e 9 a 1 t n 1 h 1 0 d e 0 - s 1 ) r- 3 e S = ( r w 1 J l 9 1 u a i 1 0 n t n 0 4 z e d ) - Year or month ( U S 1 = 9 n t a 3 1 i 0 5 t t e e 0 - d 3 s ) 9 (1 = C 9 a a 3 1 d n 0 5 a - 0 -3 ) 9 U K = d ( 1 n J i o 9 1 u i n 1 m t 0 l g e y 4 0 d - ) (1 m = G 9 a 1 1 e 0 3 n r 0 - - y 1 ) 4 ( N 1 l = e a 9 t 1 n 1 h 0 1 d e 0 - s 1 r ) 3 - e S = ( r 1 w J l 9 1 u a i 1 0 n t n 0 4 z e d ) - 1934 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 101 98 130 122 120 120 1936 99 98 147 125 1 132 130 1937 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 98 104 141 122 130 130 1938 101 102 156 126 139 137 1939 95 101 141 123 130 132 1939 99 102 158 126 140 138 1940 97 106 164 128 2 140 146 1940 100 106 184 130 3 148 151 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—November. 137 132 168 136 215 1944—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 139 133 169 213 October 129 120 203 208 November. 140 Pi 34 169 November. 129 »120 203 P Preliminary. 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 2 Average based on figures for 3 months; no data available since March 1940, when figure was 141. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S n ta it t e e d s K U in n g it d e o d m France Germany Nether- U S n ta it t e e d s (1926 = 100) France Nether- ( p de ri 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 ri e c r e a ) g 3 e lands4 (1 = 9 3 1 5 00 -3 ) 9 K U in n g it d e o d m Germany (1938 = 100)2 (19 l 3 a 0 n = d 1 s 00) Number of issues 15 87 50 3 139 8 402 278 (5) 300 100 1938 111.1 121.3 100.0 99.9 105.9 88.2 80.8 100.1 100 95.8 1939 113.8 112.3 114.2 99.0 90.9 94.2 75.9 94.1 112 89.7 1940 115.9 118.3 « 114.2 100.7 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 • 308 129.0 1942 118.3 127.3 146.4 e 103.3 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—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 P421 September 121.6 128.2 P150.9 126.1 92.0 P477 October 121.9 128.5 P15O.2 132.0 93.2 P467 November 122.0 127.8 P150.3 136.9 94.5 P441 v 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 Generale" for October-December 1944, pp. 274-276. 3 Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4K per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 4 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 =100; average yield in base year was 4.57 per cent. For new index beginning January 1937, Jan.-Mar. 1937 =100; average yield in base period was 3.39 per cent. 5 This number, originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941 it was down to 287. 6 Average based on figures for 5 months; no data available June-Dec. 7 Average based on figures for 7 months; no data available May-Sept. 8 Average based on figures for 9 months; no data available May-July. • 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. JANUARY 1946 105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM VIARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK ERNEST G. DRAPER JOHN K. MCKEE R. M. EVANS ELLIOTT THURSTON, Assistant to the Chairman CHESTER MORRILL, Special Adviser to the Board of Governors OFFICE OF THE SECRETARY DIVISION OF BANK OPERATION! S. R. CARPENTER, Secretary EDWARD L. SMEAD, Director BRAY HAMMOND, Assistant Secretary J. R. VAN FOSSEN, Assistant Director J. E. HORBETT, Assistant Director LEGAL DIVISION DIVISION OF SECURITY LOANS WALTER WYATT, General Counsel CARL E. PARRY, Director GEORGE B. VEST, General Attorney BONNAR BROWN, Assistant Director J. LEONARD TOWNSEND, Assistant General Attorney DIVISION OF PERSONNEL ADMIN] DIVISION OF RESEARCH AND STATISTICS RoBERT R LE™ARD, Director WOODLIEF THOMAS, Director HOWARD S. ELLIS, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES CHANDLER MORSE, Assistant Director LISTON P. BETHEA, Director FRED A. NELSON, Assistant Director DIVISION OF EXAMINATIONS OFFICE OF ADMINISTRATOR FOR WAR LOANS LEO H. PA ULCER, Director EDWARD L. SMEAD, Administrator C. E. CAGLE, Assistant Director GARDNER L. BOOTHE, II, Assistant Administrator FEDERAL FEDERAL OPEN MARKET COI1MITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman [December 31, 1945] ALLAN SPROUL, Vice Chairman CI-IAS. E. SPENCER, JR., BOSTON DISTRICT ERNEST G. DRAPER R. M. EVANS Vice President RAY M. GIDNEY JOHN C. TRAPHAGEN, NEW YORK DISTRICT R. R. GILBERT H. G. LEEDY WILLIAM F. KURTZ, PHILADELPHIA DISTRICT JOHN K. MCKEE JOHN H. MCCOY, CLEVELAND DISTRICT RONALD RANSOM ROBERT V. FLEMING, RICHMOND DISTRICT M. S. SZYMCZAK ALFRED H. WILLIAMS KEEI-IN W. BERRY, ATLANTA DISTRICT EDWARD E. BROWN, CHICAGO DISTRICT CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary President WALTER WYATT, General Counsel RALPH C. GIFFORD, ST. LOUIS DISTRICT GEORGE B. VEST, Assistant General Counsel C. O. HARDY, Associate Economist JULIAN B. BAIRD, MINNEAPOLIS DISTRICT L. MERLE HOSTETLER, Associate Economist A. E. BRADS HAW, KANSAS CITY DISTRICT W. H. IRONS, Associate Economist C. A. SIENKIEWICZ, Associate Economist ED. H. WINTON, DALLAS DISTRICT WOODLIEF THOMAS, Associate Economist SAN FRANCISCO DISTRICT GEORGE M. WALLACE, JOHN H. WILLIAMS, Associate Economist WALTER LICHTENSTEIN, Secretary ROBERT G. ROUSE, Manager of System Open Market Account BERT V. PROCHNOW, Acting Secretary !06 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 I. Harriman William Willett J. C. Hunter2 O. A. Schlaikjer New York Beardsley Ruml Allan Sproul J. W. Jones H. Y. Roelse 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. Mcllhenny Warren F. Whittier Frank J. Drinnen E. C. Hill Philp M. Poor man- C. A. Sienkiewicz Cleveland George C. Brainard Ray M. Gidney J. W. Kossin B. J. Lazar Reynold E. Klages Win. H. Fletcher A. H. Laning3 W. F. Tavlor Richmond Robert Lassiter Hugh Leach Claude L. Guthrie3 C. B. Strathy W. G. Wysor J. S. Walden, Jr. E. A. Kincaid Edw. A. Wayne R. W. Mercer Atlanta Frank H. Neely W. S. McLarin, Jr. Y. K. Bowman H. F. Conniff J. F. Porter Malcolm H. Bryan L. M. Clark S. P. Schuesslcr Chicago Simeon E. Leland C. S. Young Allan M. Black2 John K. Langum W. W. Wavmack Charles B. Dunn Neil B. Dawes (). J. Netterstrom j. H. Dillard A. L. Olson E. C. Harris Alfred T. Sihler St. Louis...... Russell L. Dearmont Chester C. Davis O. M. Attebery Win. E. Peterson Douglas W. Brooks F. Guy Hitt A. F. Bailey " William B. Pollard Henry H. Edmiston C. A. Schacht C. M. Stewart Minneapolis. . . Roger B. Shepard J. N. Peyton H. G. McConnell E. W. Swanson W. D. Cochran 0. S. Powell A. W. Mills2 Sigurd Ueland Otis R. Preston Harrv I. Ziemer Kansas City. . . Robert B. Caldwell H. G. Leedy (). P. Cordill John Phillips, Jr. Robert L. Mehornav Henry O. Koppang L. H. Earhart G. H. Pipkin C. O. Hardy D. W. Woolley3 Dallas J. R. Parten R. R. Gilbert E. B. Austin3 W. O. Ford R. B. Anderson W. D. Gentry R. B. Col em an W. H. Holloway W. E. Eagle L. G. Pondroni San Francisco. Henry F. Grady Ira Clerk J. M. Leisner3 H. F. Slade Harry R. Wellman C. E. Earhart H. N. Mangels W. F. Volberg OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Bank of Branch Chief Officer Bank of Branch Chief Officer New York. Buffalo I. B. Smith4 Minneapolis.... Helena R. E. Towle4 Cleveland. Cincinnati B. J. Lazar5 Pittsburgh J. W. Kossin5 Kansas City. . . . Denver G. II. Pipkin5 Oklahoma City O. P. Cordill5 Richmond. Baltimore W7. R. Milford4 Omaha L. H. Earhart5 Charlotte W. T. Clements4 Atlanta. . . Birmingham P. L. T. Beavers4 Jacksonville Geo. S. Vardeman, Jr.4 Dallas El Paso W. E. Eagle5 Nashville Joel B. Fort, Jr.4 Houston . L. G. Pondrom5 New Orleans E. P. Paris4 San Antonio W. H. Hollowav' Chicago... Detroit E. C. Harris5 San Francisco.. . Los Angeles W. N. Ambrose4 St. Louis. . Little Rock A. F. Bailey5 Portland D. L. Davis4 Louisville C. A. Schacht5 Salt Lake City W7. L. Partner4 Memphis William B. Pollard5 Seattle C. R. Shaw4 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 Managing Director. 5 Yice President. JANUARY 1946 107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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 OCTOBER I. 194S 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1945, December 31). Federal Reserve Bulletin, 1946-01. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_194601
@misc{wtfs_bulletin_194601,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1946-01},
year = {1945},
month = {Dec},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_194601},
note = {Retrieved via When the Fed Speaks corpus}
}