Federal Reserve Bulletin, 1946-02

F E D E R AL E S E R VE BULLETIN FEBRUARY 1946 .«*****»« BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 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 Federal Budget in the Transition Economy. 109-118 Victory Loan 119-120 Sources of Inflationary Pressures, by Marriner S. Eccles. ... 121 Estimated Liquid Asset Holdings of Individuals and Businesses.. 122-123 Banks on Federal Reserve Par List 124-125 Law Department: Veterans' Guaranteed Loans. . . .. 126 Margin Requirements for Purchasing Securities: Amendments to Regulations T and U 126-127 Amendments to Supplements to Regulations T and U 127 Foreign Funds Control—Treasury Department Releases 127-128 Current Events 129 Directors of Federal Reserve Banks and Branches. . 130-141 National Summary of Business Conditions 142-143 Financial, Industrial, Commercial Statistics, U. S. (See p. 145 for list of tables). 145-196 International Financial Statistics (See p. 197 for list of tables). 197-215 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 216 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 217 Map of Federal Reserve Districts.. 218 Federal Reserve Publications (See inside of bac\ cover) Subscription Price of Bulletin Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 32 February 1946 NUMBER 2 THE FEDERAL BUDGET IN THE TRANSITION ECONOMY The President's Message on the State of The economic picture for the next 18 the Union and the Budget outlines the months is one of further large shifts in re- Government's role in the economy's transi- sources and production from war to peacetion from war to peace. Because public time uses. The major problems, the Mesfinances are a major factor in the operation sage points out, will be those of overcoming of the economy, the budget must be formu- scarcities and of preventing inflation. Aclated as a part of general economic policy. cordingly, no further tax reductions are pro- This is of particular importance in the period posed at this time, only limited public works of transition from war to peace, when the expenditures are recommended, and the conmagnitude and composition of the budget tinuation of price, inventory and some other are drastically changed. controls is urged. The Message also warns, The budget picture for the fiscal years however, that the outlook is uncertain and 1946 and 1947 is one of sharp curtailment. the Government must prepare to meet ex- Expenditures for 1946-47 are estimated to cessively deflationary developments that may fall by two-thirds from their 1944-45 level, occur at a later date. For this purpose the and receipts are estimated to decline by one- Message makes legislative recommendations third. The deficit, which had reached 54 including revisions in unemployment combillion dollars during the fiscal year 1944-45, pensation provisions and speedy enactment is expected to shrink to 4 billion in 1946-47 of a Full Employment bill which would and the estimates indicate that expenditures authorize the Government to make adequate and receipts will reach balance in the early plans and preparations to meet such conpart of 1947. If national income continues at tingencies. the present high level the balance may be DECLINE IN EXPENDITURES reached by an earlier date. Some reduction in the interest-bearing public debt is ex- The greater part of the decline in budget pected during the second half of the current expenditures has already been effected by fiscal year and in 1946-47, since the Treasury's the drastic rate of cutbacks in the Governlarge general fund balance accumulated dur- ment's munitions program and of demobiliing the Victory Loan and the preceding war zation during the past eight months. Total loan drives is sufficient to meet the expected expenditures, which had reached a peak deficit and also to retire some of the debt. annual rate of 108 billion dollars in the sec- FEBRUARY 1946 109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH ond quarter of 1945, are now running at a 30 of this year are estimated at an annual rate of approximately 60 billion a year. On rate of 32 billion dollars as against 65 bilthe basis of estimates in the Message, they lion in the preceding half year period. These may be expected to decline below a 30 bil- figures include outlays for war liquidation lion dollar rate by the summer of 1947. and occupation, as well as for national de- The decline in war expenditures henceforth fense. Expenditures by the War and Navy will proceed at a slower rate and will be Departments account for 13 billion dollars offset in part by an increase in nonwar of the 15 billion allocated to these purposes expenditures. for 1946-47, while outlays of other agencies, including payments to the United Nations FEDERAL BUDGET EXPENDITURES 1 Relief and Rehabilitation Administration, [In millions of dollars] will account for the remainder. To bring Budget estimates the very large appropriations for war ex- Actual Item 1940-41 penditures provided prior to the cessation 1945-46 1946-47 of hostilities in line with present require- Defense, war, and war liquidation. . . 6,301 49,000 15,000 ments, recommendations for additional re- Veterans 553 3,347 4,208 Interest 1,111 4,750 5,000 scissions in appropriations are made. It is International finance 2 2,614 2,754 Other activities ' 4^538' 4,552 5,813 estimated, accordingly, that cumulative au- Proposed legislation . . 250 1,500 Refunds 2,716 1,585 thorized expenditures under the war and Total expenditures 12,503 67,229 35,860 national defense program during the period 1 Net outlays of Government corporations and credit agencies July 1, 1940-June 30, 1947 will amount to are included. 2 Includes proposed legislation. 376 billion dollars and cumulative expendi- Expenditures for war and the aftermath tures to 354 billion, leaving an unexpended of war will, nevertheless, dominate the tran- balance of 22 billion. sition budgets. This is shown in the break- Expenditures for veterans during the fiscal down of estimated expenditures given in year 1946-47 are estimated at 4.2 billion dolthe table above. Direct expenditures for lars, including approximately 0.7 billion of war and war liquidation will account for pension payments to veterans of past wars. 73 per cent of total expenditures in the fiscal Interest payments are estimated to rise year 1945-46 and for 42 per cent in 1946-47. slightly above the 1945-46 figure. This in- The war items, including the cost of veterans' crease reflects the higher average level of programs, will be 78 and 53 per cent of the public debt during 1946-47 and the payment totals, and, if interest charges on the debt are of a full year's interest on part of the securiincluded, the ratio will be as high as 85 per ties sold during the preceding fiscal year. cent this year and 67 per cent in the next The international finance programs include fiscal year. Estimates for war expenditures net expenditures by the Export-Import Bank, and expenditures by Government corpora- expected withdrawals by Great Britain untions for 1946-47 are provided in broad cate- der the recent loan agreement now being gories only. As has been the practice during considered by the Congress, and United recent years, more detailed recommendations States contributions under the Bretton are postponed until the spring. Woods Agreements. Expenditures under War expenditures from January 1 to June "other activities" include outlays for general 110 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH government of 1.6 billion dollars, which is capital stock and declared value excess profits about double the prewar level. The remain- taxes, as well as rate reductions in the corder is accounted for by expenditures for such poration income tax, account for over oneprograms as general public works, social half of this total. A small loss resulted from security, and aid to agriculture. Slightly over the repeal of the automobile use tax, while one-half of the tax refunds will be the result the remainder resulted from reductions in of over-withholding and over-declaration un- personal income tax rates. These included der the personal income tax, while the rest adjustments in exemptions and surtax rates will be refunds under various provisions of amounting in effect to a repeal of the 3 per the excess profits tax. Proposed expendi- cent wartime normal rate, and in addition a tures of 1.5 billion dollars under new legis- flat 5 per cent cut in remaining income tax lation make provision for increased Federal liabilities. The yield effects of these tax repay rates, a 100 million dollar public works ductions—particularly those applicable to program, liberalized unemployment insur- corporations—will not be felt fully until the ance for veterans and unemployment emer- second half of the fiscal year 1946-47. For gency benefits, as well as grants in aid for that period, the annual yield from present education and hospital construction. tax rates (excluding surplus property receipts) is estimated at 27 billion dollars. It ESTIMATED RECEIPTS is also pointed out in the Message, however, Receipts for the fiscal year 1945-46 are that with a higher level of national income estimated at 39 billion dollars, as against in future years, the same rates might well 46 billion in the preceding year. The esti- provide an annual yield of over 30 billion. mate for 1946-47 is 31 billion and includes 2 No additional lowering of taxes is recombillion of net receipts from the sale of surplus mended in the Message, which states that the property. These estimates make no allow- inflationary dangers in the current situation ance for any further reductions in excise or render the present an inappropriate time for other tax rates. They are based on the as- tax reduction. sumption of generally favorable business DEFICIT AND PUBLIC DEBT conditions but not on an income reflecting full employment. Should incomes be higher The anticipated deficit, as well as changes than those on which the estimates are based, in the debt and the Treasury's general fund and particularly if there should be an infla- balance during the fiscal years 1946 and 1947, tionary price rise, receipts would be larger. are shown in the table on page 112. While Should large-scale unemployment develop the deficit for the six months January-June during the period, receipts would fall appre- 1946 will still exceed 10 billion dollars, the ciably below those estimated. public debt is expected to decline in this The tax reductions granted under the period by 3 billion. The deficit and the Revenue Act of 1945 had been estimated to debt reduction will be met by a decrease of reduce liabilities for the calendar year 1946 14 billion in the Treasury balance. For the by nearly 6 billion dollars. Reduced liabili- fiscal year 1946-47 the deficit is expected to ties of corporations, reflecting the repeal of shrink to about 4 billion dollars and the pubthe wartime excess profits tax and of the lic debt is estimated to decline by 4 billion, FEBRUARY 1946 111 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH resulting in an 8 billion decline in the Treas- than under the procedure followed in the ury's balance. On December 31, 1945, fol- past when more than one-half of the new lowing large sales of securities in the Victory debt was absorbed by nonbank buyers. Loan, this balance was at the high level of A much more important factor, however, 26 billion dollars; it is estimated to drop to TREASURY RECEIPTS AND EXPENDITURES 3 billion by June 1947. The decline in the QUARTERLY BASIS BILLIONS OF DOLLARS public debt during both periods reflects the 30 amount by which securities reaching matu- - > A - EXPENDITUREJ rity and savings bonds and notes being cashed exceed the combined total of refunding issues - - I absorbed and of savings bonds and notes sold. - - \ DEFICIT AND THE PUBLIC DEBT 1 A ^ [In billions of dollars] \ i 1 V i Outstanding 1 f Period pe E n x d - i- Net Deficit at end of period J R V EC EIPTS y tures receipts Public Cash / debt balance KJ 1940 Fiscal year. . . . 9.3 5.4 3.9 43.0 1.9 - / - 1945 Fiscal year. . . . 100.0 46.5 53.6 258.7 24.7 1946 Fiscal year2... 67.2 38.6 28.6 275.0 11.9 July-Dec. 1945. . . 38.0 19.9 18.1 278.1 26.0 Jan.-June 1946 2. . 29.2 18.7 10.5 275.0 11.9 1947 Fiscal year2. . . 35.8 31.5 4.3 271.0 3.2 Budget expenditures and net receipts. 1946-47 figures are estimated on the basis of the Budget Message. 1 The figures for expenditures include net outlays by Government corporations excluding redemption of obligations in the will be the sharp decline in the size of the market. The debt figure includes total gross direct debt. Changes in other trust accounts and in guaranteed debt, which deficit, which will greatly reduce the over are not shown in the table, account for the difference between the deficit and changes in the public debt and the cash balance. all rate of increase in the volume of bank Figures do not necessarily add because of rounding. 2 Estimated. credit growing out of Government financing. While the Message furnishes estimates For the first time since 1930 the new budfor expenditures and receipts for the full fisget thus requires no increase in the public cal year only, these estimates indicate that debt but inflationary effects of the budget the deficit will shrink rapidly from an anhave not been as completely eliminated as nual rate of 30 billion dollars in January this might suggest. Some deficit will con- 1946 to 10 billion by mid-summer and that tinue. It will be financed, moreover, by a current balance between expenditures and drawing on the Treasury's cash balance. receipts will be reached early next year. This is equivalent in many ways to meeting This is shown in the chart. the deficit through the sale of additional securities to the banking system. Either source increases the cash and deposits avail- THE GOVERNMENT'S BUDGET AND THE able to the public, and is more inflationary in NATION'S BUDGET its effect than increasing the public debt To understand the economic impact of the through the sale of additional securities to Government budget, the changes in public nonbank buyers. The expansionary force finances must be related to income and exper dollar of current deficit will thus tend penditures in the economy at large. The to be greater under this method of financing Message points up this relationship in a table 112 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH THE GOVERNMENT'S AND THE NATION'S BUDGET [Annual rates—in billions of dollars] Preliminary 1940 estimates Hypothetical Year 1947 1945 1945 1st half 2nd qr. 4th qr. Federal Government Income: Tax receipts net of transfers * 6.6 40 25 19 Expenditures: Purchases of goods and services 8.8 90 50 20 Excess of income (+) or expenditures (—) -2.2 -50 -25 -1 Consumers Income: Receipts after personal taxes 72.5 140 140 132 Expenditures: Including residential construction 68.1 100 112 124 Excess of income (+) or expenditures ( —) +4.4 +40 +28 +8 Business Income: Retained earnings and reserves 9.4 15 11 14 Expenditures: Gross capital outlays 12.1 6 15 16 Excess of income (+) or expenditures (—) -2.7 +9 -4 -2 State and local governments Income: Tax receipts net of transfers 8.6 10 Expenditures: Purchases of goods and services 7.9 10 Excess of income (+) or expenditures ( —) + .7 + 1 +2 0 Foreign Income: Net imports 0 0 0 Expenditures: Net exports 0.3 1 5 Excess of income (+) or expenditures ( —) -0.3 -1 -5 All groups Income 97.1 204 185 175 Expenditures: Gross national product 97.1 204 185 175 Excess of income (+) or expenditures ( —) 0 0 0 0 1 Detail may not add to totals because of rounding. 2 Less than 1 billion. Notes to Table: The table is patterned after that entitled "The Government's Budget and the Nation's Budget," appearing on page LI of the President's Budget Message without, however, making certain adjustments in the receipts and expenditures of the Federal Government made in the Budget table. Expenditures for residential construction, included with business capital outlays in the Budget Message, have been shifted to consumers in the present table. The balance of foreign transactions is also shown outside the business group. Income and expenditures for 1940 are from Department of Commerce estimates; figures for the second and fourth quarters of 1945 are rough estimates based on only partially complete information while the first half of 1947 represents a hypothetical situation assuming price stability, a gross national product of around 175 billions, and the adoption of the proposed budget program. Government: Income includes personal, business and pay-roll tax receipts, minus the amount of Federal transfer payments. Expenditures include those for goods and services only. Transfer expenditures are treated as an offset against income rather than as an expenditure since they do not represent purchases of goods or services. Consumers: Income equals income received after payment of personal taxes, that is, disposable income. Expenditures coyer amounts spent by consumers for all types of durable and nondurable goods and services, including expenditures for residential construction which in the Department of Commerce series are included under gross capital formation and not among consumer expenditures. Business: The income figures shown do not represent the gross receipts of business or net profits, but equal retained earnings, depreciation allowances, and additions to reserves minus adjustment for inventory revaluation. This is the part of receipts which business may either retain in liquid form or expend on gross capital formation. Expenditure figures in turn do not include all outlays of business; they equal gross capital outlays by business, that is, the Department of Commerce item of capital formation, excluding residential construction and net exports. An excess of expenditures thus reflects the use of accumulated funds or of new credit for expenditures on plant and equipment, inventory increase, etc. Foreign: Includes net exports of goods and services, plus exports or monetary use of gold and silver. State and local governments: Items are defined as under Federal Government. containing both the Government's and the and an early stage in the transition to peace Nation's budgets. A similar view for some- in the fourth quarter of 1945. Hypothetical what different time periods is given in the figures for the first half of 1947 are also inabove table, where the budgets of five cluded to indicate the nature of the further major economic categories—consumers, busi- adjustments that remain to be accomplished. nesses, the Federal Government, State and They are not forecasts but picture a hypolocal governments, and foreign transactions thetical situation based on the conditions of —are presented. Annual rates of income and a fairly high level of employment and sucexpenditures for each group are shown for cessful prevention of price inflation. the prewar year of 1940, the culmination of The composition of the various income the war effort in the second quarter of 1945, and expenditure items is given in the table 113 FEBRUARY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH and explanatory note. Aggregate expendi- setting this increased rate of saving in the tures for all groups equal the total value of private budgets, the Government's budget goods and services produced, that is, the showed a huge deficit, reaching a peak level gross national product. The aggregate in- of over 50 billion dollars. come in turn equals aggregate expenditures, In the financing of war expenditures, exsince funds spent by any individual, busi- tensive reliance was thus placed on borrowness, or government are receipts to others. ing. Total funds raised by the Federal Gov- The table also shows the excess of income ernment from January 1940 through June or expenditures—net savings or deficits— 1945 amounted to approximately 350 billion for each group. Since total income equals dollars, and only 40 per cent of this was detotal expenditures for consumption and in- rived from taxes. The remaining funds were vestment, the economy as a whole spends obtained by borrowing, about 40 per cent of or invests all it receives. Savings and deficits which took the form of newly created bank for all groups combined, therefore, offset credit. Consequently, the income of coneach other. sumers and retained earnings of businesses, as well as their cash balances, expanded ECONOMIC IMPACT IN WAR PERIOD rapidly. At the same time, however, the The story of transition to a war economy record shows that price increases were held is summarized in the first two columns of the in moderate limits, particularly during the table on page 113. From 1940 to the spring later part of the war period when Governof 1945 the annual rate of Federal purchases ment expenditures and the deficit were at of goods and services increased by over 80 their peaks. This is explained by a number billion dollars, an amount equal to four- of factors. fifths of the prewar level of total public and First of all, a vast increase in physical outprivate expenditures. At the same time put was achieved by the war economy. private expenditures also increased, as a 32 While the increase in the dollar value of billion dollar growth in consumer purchases total expenditures shown in the table inmore than offset a 6 billion decline in capi- cludes some rise in prices, the annual rate of tal outlays by business. In dollar terms the total output in physical terms is estimated enormous increase in Government expendi- to have expanded by 50 per cent or more tures for war thus was not substituted for from 1940 to summer of 1945. In constant private buying, but was in addition to an prices, consumers' expenditures remained expansion in such buying. about unchanged during this period, while Looking at the income side of the picture capital expenditures of business declined by we find that income of all groups increased. 5 billion or more. Perhaps two-thirds of the Federal Government income tripled; dis- additional goods and services purchased by posable income of consumers nearly doubled Government were reflected in an increased and so did retained earnings of business. output of the economy. As this increased Less than one-half of the addition to con- volume of output was produced and sold, a sumers' income went into increased expendi- sharp rise in the total of public and private tures, however, the rest being reflected in an expenditures was indeed required; it became increased rate of savings. For business the inflationary only where it outran the inincrease in savings was even larger. Off- creased supplies. To facilitate the necessary 114 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH degree of monetary expansion, some deficit link between inflationary finance and actual financing was needed, including the activa- price increases was indeed broken. Where tion of idle balances through borrowing from civilian supplies were limited and their the public and some increase in the money prices controlled, civilian expenditures could supply through the sale of securities to the not expand. An increase of almost 100 per banking system. In order to induce a maxi- cent in the disposable income of consumers, mum increase in total output and accelerate while the quantity of available consumer supthe necessary shifts in the structure of pro- plies remained about unchanged in the aggreduction, moreover, some degree of price rise gate, necessarily resulted in a higher rate of was helpful. Yet the actual increase in the savings. The increase in retained earnings debt and money supply exceeded these re- and reserves of businesses with vigorous requirements. The eventual rise in tax receipts strictions on capital expenditures likewise fell far short of adjusting disposable incomes resulted in a sharp rise in corporate balances. to available civilian goods without building Direct controls, to be sure, did not cover the up inflation pressures and the Government's entire economy and were not always fully resort to bank borrowing outran the econ- effective. Voluntary cooperation in restrainomy's current need for additions to the ing private buying, therefore, remained an money supply. important factor and contributed to the Under these circumstances, the voluntary effectiveness of direct controls; yet, more cooperation of consumers and business with largely, it was direct controls that held presthe Government's appeal for increased sure upon prices in check. saving and the purchase of savings bonds The vast shifts in the structure of producwas an important stabilizing factor; together tion and consumption characterizing the with the unavailability of goods it helps to war period inevitably called for an extenexplain the sharp increase in the portion of sive system of direct controls. Even if the disposable income saved. Consumers' sav- rise in the disposable income of consumers ings, which had been 6 per cent of dis- and businesses had been checked through posable income in 1940, rose to nearly 30 higher taxation and a smaller deficit, most per cent during the war. Private capital of the direct controls would have remained expenditures of business fell to low levels essential. Within this inevitable framework while retained earnings and reserves were of direct controls, the choice of financing accumulated at a record rate. By refraining techniques proved of limited importance for from trying to spend a larger share of their preventing inflation in the wartime economy. income, consumers and businesses aided the ECONOMIC IMPACT IN TRANSITION PERIOD Government in securing necessary command over war production and at the same time in With the transition to peace this picture avoiding greater pressure upon civilian prices. is changing sharply. As expenditure habits By far the most effective element in the are freed from wartime restraints and direct Government's stabilization program, how- controls are discontinued or relaxed, moneever, was the use of direct controls, including tary and fiscal measures come to have reprice ceilings, rationing, and various pro- newed importance. Current budget policy duction controls. Over the area to which again bears directly on the current level of these controls applied and were effective, the private demand, and wartime borrowing FEBRUARY 1946 115 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH gains delayed significance through the in- duction and supplies which will gradually flation potential inherent in large holdings overcome wartime scarcities. As shown in of liquid assets. The significance of war table on page 113, a substantial increase in the finance has indeed become most acute now level of civilian production and with it in that the war is over. While the increase in consumers' and business expenditures will be civilian supplies and the drastic decline in needed to provide an offset against the de- Government expenditures and in the deficit cline in Federal purchases. Yet, increased desince V-J Day have tended to reduce total mand for consumption and capital formation demand and to relax price pressures, other for some time may outrun supplies. Supdevelopments including the weakening of ported by a sharp increase in net exports, the direct controls have been such that on balance pressure of demand relative to available supthe threat of inflation has been increased. plies may increase rather than diminish. Considering the first six months after the During the war, when direct controls were end of the war, this increased threat was evi- applied and consumers and businesses were dent even though total expenditures declined willing to refrain from spending, the insubstantially. Government purchases of crease in available incomes did not bring goods and services decreased by 40 billion about a corresponding rise in private exdollars on an annual basis from the second to penditures. Under current conditions, howthe last quarter of 1945, but private expendi- ever, the opposite holds; although disposable tures increased by over 17 billion. This in- income is at a lower level, private expendicrease occurred, even though private income tures are considerably larger. Consumers are available for purchases declined. Consumers' eager to make up for postponed purchases, savings as a proportion of disposable income and businesses are anxious to replenish redropped from 30 to less than 20 per cent, and duced inventories and catch up with delayed capital expenditures by business increased so expenditures on plant and equipment. They as to exceed current additions to retained are in a position to do so, within wide limits, earnings and reserves. While the Govern- independently of their current level of inment's deficit was cut by one-half, private come by drawing upon the large volume of budgets moved in the opposite direction as liquid assets accumulated during the war private expenditures relative to income period. Consumer net savings—that is savshowed a sharp rise. ings out of current income less dissaving The same trends are likely to prevail in through the expenditure of previously acthe months ahead. The estimated level of cumulated balances—are likely to decline Government expenditures for the fiscal year further, relative to disposable income. Busi- 1946-47 suggests that Federal Government nesses similarly may draw upon large balpurchases of goods and services on an annual ances so that capital expenditures will not be basis will show a further decline of approxi- limited by the current volumes of retained mately 30 billion dollars from the fourth earnings and additions to reserves, nor even quarter of 1945 to the first half of 1947. The by additional borrowings. Reductions in the deficit is expected to disappear in early 1947. balances of individual consumers or busi- These factors will continue to point in the nesses, moreover, do not result in a reduction direction of reduced inflation pressures, and of balances for the community as a whole so will the increasing flow of civilian pro- since the amounts withdrawn and spent will 116 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH be passed on to other holders, thus becoming inflation, dangers. This means that no furavailable for renewed disbursement. The ther tax reductions should be undertaken delayed effects of war financing will thus for the time being and that budget expendiaccentuate current market pressures, and the tures should be held to as low a level as posweakening of direct controls magnifies the sible. But important as these budgetary threat of resulting price increases. measures are, other phases of the stabiliza- The degree of active inflation pressures tion program which are more powerful and cannot be measured adequately in terms of better adapted to deal with the points of aggregate expenditures and supplies. The greatest inflation pressure must also be reeagerness of buyers to obtain goods and their tained for some time. The Message, acwillingness to pay higher prices will be a cordingly, urges the continuation of direct vital factor. The timing of expenditures, price controls until the scarcity of civilian as for instance the rate of inventory accumu- supplies has been met. lation, will be of importance and so will be Checking further credit expansion and rethe direction of demand, e. g., whether a straining the disbursement of accumulated large volume of purchasing power will press liquid assets will strengthen the anti-inflation against scarce supplies or whether purchases program during the transition. If price stabilwill be increasingly directed into areas where ity is assured during this period, the wartime goods become available in large quantities. accumulation of liquid assets—far from be- Inflation pressures, moreover, arise not ing a destructive factor—can help to sustain only from expenditures made in the purchase a high level of employment in future years of newly produced goods and services—and when the problem may again become one only these are included in the table on page of preventing a deficiency in the level of 113—but are particularly acute in the field private demand. The level of national inof existing assets, such as urban and residen- come in a prosperous postwar economy will tial real estate or securities. Through these greatly exceed prewar standards, in both dolchannels the pressure may pass into increased lar and physical terms, and with it a larger consumption and capital expenditures. volume of liquid assets will be required. If The eventual solution to the danger of in- a sharp rise in prices is permitted now, as flation must be found in increased produc- has been the case in the aftermaths of other tion, but the crucial question at this stage wars, the latent purchasing power of these is whether an excessive increase in private liquid assets will be diminished and the buying efforts will occur while many lines basis for a stable peacetime economy be of civilian goods are still in scarce supply. undermined. With a weakening or abandonment of price OUTLOOK FOR POST-TRANSITION BUDGET ceilings and other remaining controls, this would lead to general price inflation. Ag- Some indication of the level and composigregate income and expenditures in dollar tion of the budget following the immediate terms would then increase until the sources transition years is given in the Message. At of speculative purchases became exhausted one point it is stated that expenditures can and a collapse ensued. hardly be expected to fall below 25 billion The Message on the Budget warns that dollars in the years subsequent to 1947, while budget policy must be adjusted to meet these in another context it is said that tax receipts FEBRUARY 1946 117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH of 30 billion would be substantially above all levels of government—Federal, State, and the anticipated peacetime level of expendi- local—total public expenditures after the war tures. The expected level of expenditures, may equal 20 per cent of total output. This it follows, might be close to or somewhat is about the same ratio as applied during the above 25 billion. late 1930's or twice that of the late 1920's. A peacetime budget of this magnitude Expenditures for defense and the afterwould be over three times the prewar level, math of war have always been a major item thus repeating the experience following past in the Federal peacetime budget and will wars. The budget after World War I, for become of even greater importance. Of a instance, remained four times above the pre- possible post-transition budget total of 25 bilwar level while the expansion after the Civil lion dollars or more, almost one-half might War was sevenfold. A comparison of the be taken up by expenditures for defense and expenditure increase during the two world veterans. In addition interest payments on wars is shown in the chart. the public debt—most of which reflect a delayed cost of war financing—will amount to WARTIME GROWTH IN FEDERAL EXPENDITURES 5 billion dollars. Combining the two items, WORLD WAR I WORLD WAR H expenditures reflecting cost of war and de- 1 BI 0 L 0 LK .0 )N 3 ( * 7 VEDOLLAR3 ~ """' ~~ "' " "" ^ _ ^ \ BILLIONs"*? j DO1L0L0A - R ° S fense may well account for two-thirds of the budget total. Expenditures for the general operation of the Government will continue to be but a small fraction of the total. Given these fixed expenditure items, the scope of the eventual postwar budget will depend upon the scale of other programs such as aid to agriculture, Government participation in international finance, public works, or an expansion of the social security program. If a budget of 25 billion dollars or more is to be balanced at a high level of income and Total budget expenditures are included. The figures for the fiscal years 1946 and 1947 are as estimated in the Budget Mes- employment with little or no allowance for sage. reduction in the public debt, the estimates In evaluating the higher level of budget in the Message indicate that future tax reexpenditures, however, it is also necessary to ductions will be limited to a loss of yield allow for the concurrent increase in the econ- of not more than 5 billion. This would imomy's total income and output. The ex- ply possible reduction at some later date pansion in these terms appears to be less of the same order of magnitude as was prostriking. Thus, Federal Government ex- vided in the Revenue Act of 1945. Whether penditures prior to the war about equaled a balanced Federal budget of 25 billion dol- 10 per cent of total output in the economy. lars will fit the requirements of the national With a high employment income in the post- budget picture in the late 1940's or whether war period, a budget of 25 billion dollars a budget surplus or deficit will develop, rewould approximate 15 per cent. Including mains to be seen. 118 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VICTORY LOAN Total subscriptions in the Victory Loan amounted that interest rates might decline further. The large to 21.1 billion dollars—nearly double the 11 billion sales of 2l/ per cent bonds in the final drive also 2 goal set for the drive. Sales were 5 billion dollars reflected large purchases on a deferred payment less than in the Seventh War Loan, which had basis in anticipation of future investment needs. As a goal of 14 billion, and approximately the same a result of the increased sales of the 2/4 per cent as sales in the Fifth and Sixth Loans. issue, the average interest cost to the Treasury of all Subscriptions by individuals, partnerships, and securities sold in the Victory Loan increased somepersonal trust accounts, for which the goal was what over that of the previous drive. 4 billion dollars, totaled 6.8 billion, compared with Banking institutions were requested not to make 8.7 billion in the Seventh Loan, 5.9 billion in the speculative loans for the purchase of Government Sixth, and 6.4 billion in the Fifth. Sales of 2.2 securities and to decline to accept subscriptions billion dollars of Series E savings bonds exceeded from customers that appeared to be entered for the goal slightly. In the Seventh Loan, which ex- speculative purposes. The Treasury regarded as an tended over a longer period of time, sales of Series improper practice the acquisition of outstanding E savings bonds amounted to 4 billion dollars securities by banks on the understanding that a like and in the Fourth, Fifth, and Sixth Loans to 3 amount of new securities would be subscribed for billion. The table on the next page shows by through such banks, thus enabling them to expand classes of investors and by issues total subscriptions their war loan balances. Similarly nonbank inin the Victory Loan, compared with those in vestors were requested to refrain from selling securiprevious drives. ties previously acquired in order to subscribe for Subscriptions by insurance companies amounted securities offered in the Victory Loan. This request to 3.1 billion dollars and by savings banks to 1.8 was not intended to preclude normal portfolio adbillion. These subscriptions were limited by a justments. War loan accounts were restricted to 30 formula established by the Treasury and were per cent of all deposits other than war loan deposits considerably less than such subscriptions in the held by commercial banks. Seventh Loan.1 Subscriptions by corporations and It appears that the expansion of bank credit durassociations amounted to 7.2 billion dollars, com- ing the period of the Victory Loan was of about pared with 8.3 billion in the Seventh Loan. the same order of magnitude as during the most Subscriptions for 2l/ 2 per cent bonds increased recent previous drives. Total loans and investsubstantially over previous drives, while subscrip- ments by reporting member banks in leading cities tions for savings notes, certificates, and 2lA per increased by 7.2 billion dollars, compared with an cent bonds were substantially smaller than in the increase of 7.3 billion during the Fifth and Seventh Seventh Loan. The tendency to lengthen ma- Loans and 6.3 billion during the Sixth. turities in order to obtain the highest yield avail- Outside of the drive commercial banks subable reflected a growing confidence that interest scribed for 1.4 billion dollars of securities, prinrates would be maintained at present levels and per- cipally 2% and 2}4 per cent bonds, under a formula haps also a feeling on the part of some subscribers that limited subscriptions to $500,000 or 10 per 1 Insurance companies were permitted to subscribe for the cent of the subscribing bank's time deposits. Govmarketable securities offered in the drive in aggregate amounts ernment agencies and trust funds were allotted a not in excess of an amount equal to 15 per cent of the total amount of U. S. Government securities held by the subscribing billion dollars of 2l/ per cent bonds. Total funds company on Dec. 31, 1944, or 6 per cent of that company's total 2 admitted assets as of that date, whichever figure was larger. raised by the Treasury in the drive and sales out- Savings institutions were permitted to subscribe in aggregate amounts not in excess of an amount equal to twice the side of the drive to commercial banks and Governamount of the net increase in assets (total assets less borrowed funds) of the subscriber during the period from July 1, 1945, ment agencies and trust funds totaled 23.6 billion through Sept. 30, 1945, plus 7 per cent of the amount of U. S. dollars. •Government securities held by the subscriber on June 30, 1945. FEBRUARY 1946 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMPARISON OF SALES OF SECURITIES IN THE EIGHT WAR LOANS, BY CLASSES OF INVESTORS AND BY ISSUES [In millions of dollars] Salesto nonbank investors Corporations and other investors Sales Indi- Security and loan i t s n o t a o v l r e e a s s s ll - b c m c a o t i n e o m a r k l - - s Total a p p v c e a s i t c d h r a r r s o t u n u i o n p u d a s n s e t n l , s a r t - , s l Total p I c a n a o n s n m c u i e e r - - s b S i a n a n g v k s - s r C t a a i a c o t s o i i n r s a n o p d o - s n o - 1 s - a a B a s n n s t u a d i d a s v o i o n l n i d l l c d n o o s i i g * n a a a s n n - g D b a e r e e n o r r a s d s k l - - m S l g a o e t e o n r c a n v n d a t - t e l s i T c n m o r u a v e u e c r e a y n n - s s t t t - - s3 Total—All securities: 1st War Loan 12,947 5,087 7,860 1,593 6,267 1,699 620 2,625 886 200 239 2nd War Loan 18 555 5 079 13,476 3 290 10,186 2,408 1,195 5,187 544 503 350 3 4 5 r t t h h d W W W a a a r r r L L L o o o a a a n n n 2 1 1 0 6 8 , , , 6 7 9 3 3 4 9 0 4 ( ( 4 * ) ) 2 1 1 0 6 8 , , , 6 7 9 3 3 4 9 0 4 5 6 5 , , 3 3 3 0 7 5 9 7 1 1 1 1 1 3 4 , , , 5 4 2 6 2 8 7 1 8 2 2 2 , , , 7 1 6 6 4 2 9 1 0 1 1 1 , , , 2 5 5 6 2 0 2 5 8 6 8 7 , , , 7 2 1 9 0 2 6 1 1 4 5 8 3 3 9 3 3 4 1,2 7 7 6 8 9 0 9 5 6 (4 3 ) 0 6th War Loan 21,621 21,621 5,882 15,739 3,196 2,314 8,049 564 317 1,299 \x 7 th War Loan 26,313 26,313 8,681 17,632 4,179 2,241 8,304 811 286 1,811 Sa V vi i n c g to s r b y o L n o d a s: n 21,144 (') 21,144 6,776 14,368 3,109 1,770 7,179 493 310 1,507 0) (at issue price) Series E: 1st War Loan 726 726 726 2nd War Loan 1 473 1 473 1 473 3rd War Loan 2 472 2,472 2 472 4th War Loan 3 187 3,187 3 187 5th War Loan 3 036 3,036 3 036 6th War Loan 2 868 2,868 2 868 7th War Loan 3 976 3 976 3 976 Victory Loan 2 204 2,204 2 204 Series F and G: 1st War Loan 288 288 216 72 72 2nd War Loan 667 667 425 242 242 3rd War Loan 831 831 565 266 4 i 231 30 4th War Loan 1 024 1,024 573 451 35 35 341 39 5th War Loan 818 818 574 244 7 2 207 28 6th War Loan 719 719 522 197 6 1 162 10 18 7th War Loan 991 991 683 308 14 5 234 23 32 Victory Loan 657 657 503 154 6 1 125 7 15 Savings notes: 1st War Loan 1 335 1,335 188 1,147 1,147 2nd War Loan 1 652 1,652 132 1,520 1,520 3rd War Loan 2,483 2,483 193 2,290 1 * 2,262 * 26 4th War Loan 2,232 2,232 183 2,049 3 2 1,997 * 47 5th War Loan 2,575 2,575 181 2,394 2 2,271 1 120 6th War Loan 2,429 2,429 146 2,283 1 * 2,239 3 * 40 7th War Loan 2,707 2,707 148 2,559 1 2 2,333 4 * 219 Victory Loan 1 682 1,682 115 1,567 1 1 1,452 1 * 112 Treasury bills: 1st War Loan 906 906 2nd War Loan 810 810 V% per cent certificates: 1st War Loan 3,800 2,121 1,679 121 1,558 76 51 899 450 82 2nd War Loan 5 251 2 147 3,104 246 2,858 123 105 2,033 355 241 1 3rd War Loan 4 122 4,122 366 3,756 136 119 2,803 322 376 4th War Loan 5,036 5,036 496 4,540 207 136 3,479 266 452 5th War Loan 4 770 4,770 468 4,302 170 84 3,318 148 582 6th War Loan 4 405 4,405 339 4,066 150 46 3,255 27 64 524 7th War Loan 4,784 4,784 301 4,483 99 43 3,671 25 645 \x/i p V e i r c t c o e r n y t L n o o a te n s: 3,737 3,737 305 3,432 19 8 2,845 7 * 553 5th War Loan 1 948 1,948 353 1,595 309 121 913 133 119 6th War Loan 1,550 1,550 210 1,340 98 133 811 46 54 198 \}/2 per cent bonds: 7th War Loan 1 690 1,690 1 690 \% per cent bonds: 1st War Loan 3,062 2,061 1,001 85 916 240 86 242 318 30 2 per cent bonds: 2nd War Loan 4 939 2 122 2,817 472 2,345 703 539 832 189 82 * 3rd War Loan 5 257 5,257 1 220 4,037 894 1,032 1,357 480 123 151 5th War Loan 5,229 5,229 1,322 3,907 924 1,250 1,242 242 249 6th War Loan 6,939 6,939 1,295 5,644 1,339 2,018 1,350 423 181 333 2\i per cent bonds: 4th War Loan 3,331 3,331 517 2,814 801 1,028 722 158 104 7th War Loan 5,077 5,077 766 4,311 774 1,241 1,259 565 150 322 Victory Loan 3,045 3,045 836 2,209 440 410 947 172 78 162 2}/2 per cent bonds: 1st War Loan 2,831 2,831 257 2,574 1,382 483 265 117 88 239 2nd War Loan 3 762 3,762 540 3,222 1 582 550 560 181 349 3rd War Loan 3,779 3,779 561 3,218 1,585 354 473 92 235 479 4th War Loan 1,920 1,920 352 1,568 1,095 61 256 8 147 5th War Loan 2,263 2,263 417 1,846 1,357 68 249 9 163 6th War Loan 2,711 2,711 502 2,209 1,603 116 230 56 18 186 7th War Loan 7,088 7,088 1,117 5,971 3,291 950 807 194 136 593 Victory Loan 9,819 9,819 2,813 7,006 2,643 1,350 1,810 306 232 665 * Less than $500,000. 1 Including Federal agencies and Federal trust funds whose purchases were not handled through the facilities of the Treasury Department; also including building and loan and savings and loan associations for the first five drives. 2 Separate sales tabulations for these investors were made for the first time in the Sixth War Loan. Included in corporations and associations prior to that time. 3 Treasury investment accounts represent those Federal agencies and Federal trust funds whose investments are handled through the facilities of the Treasury Department. 4 Sales to commercial banks and to Treasury investment accounts during drive periods were not included in sales reported as part of the drives. 120 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SOURCES OF INFLATIONARY PRESSURES by MARRINER S. ECCLES * My personal view of the Board's decision to in- The most effective way that I know of to curb crease margin requirements to 100 per cent may be speculation in capital assets would be to increase summed up as follows: substantially the rate of the capital gains tax, or the By this action, the Board has used its authority holding period, or a combination of both. For a to prevent the further flow of borrowed money into long time I have advocated enactment of legislation stock market operations. There is no further re- to this end as a temporary protective measure applicourse left to the Board, so far as restraining specu- cable to all future purchases. This would not deter lative activities in listed stocks is concerned, except the selling of assets held at the time the measure possibly to order that all existing margin accounts was introduced in Congress, but it would greatly be put on a cash basis and to make some of the deter buying for the speculative rise after that date. administrative provisions applying to banks more It would not affect the purchase of capital assets of rigid. To whatever extent the Board's action will any kind which have been or are being bought for tend to dampen speculative activity, it is desirable, personal use or long-term investment rather than as a preventive step, at this time of strong infla- for the speculative rise. tionary pressures and until such time as inflationary In addition, it is important to point out that so dangers are passed. long as the public debt continues to be monetized As I have frequently sought to emphasize in the through the purchase of Government securities by past, the primary source of the inflation danger the banking system, the supply of money will conwhich overhangs the domestic economy on all tinue to increase, thus tending further to reduce the fronts is the vast accumulation of currency and interest rate on savings and investment funds. The bank deposits at the disposal of the public as a result resultant pressure of an increasing money supply of the fact that far too much of the cost of the war and of lower interest rates is bound to have a further was financed through the creation of commercial inflationary effect upon all capital assets and to inbank credit and not enough was financed out of crease the difficulty of holding down the cost of taxes and the savings of the public. Credit for living. stock market as well as other purposes has been It is, therefore, imperative that the process of curbed all along, but it is a minor and not a major further monetizing of the public debt through the factor in the inflation picture. While credit curbs banking system be ended so that the rate of return are justified for such restraint as they may impose on investments would be stabilized and would on speculative activities in a time of inflationary reflect the supply of savings and investment funds danger, they can not reach the real source of danger, in relation to the demand instead of reflecting an which is the huge amount of money already created increasing amount of bank credit. This process through bank credit. Price controls, rationing, allo- needs to be stopped not only by bringing about a cations, etc., are vitally necessary for holding the balanced budget, but also through measures to line until the danger is past, but they are not check further unnecessary expansion of commercial designed to prevent the excessive money supply bank holdings of Government securities. from flowing into speculation in capital assets, such Only by a vigorous, comprehensive attack along as homes, farms, business properties and securities. the entire economic front can the battle be successfully waged against inflationary pressures. Credit * This statement was issued by Chairman Eccles on Jan. 17, 1946, when the Board of Governors of the Federal Reserve curbs are at best supplementary and not basic System increased margin requirements to 100 per cent in order to dampen speculative activity in the stock market. The measures for reaching the underlying causes of changes, made in the. Board's Regulations T and U are given on these pressures. pp. 126-27 of this BULLETIN. FEBRUARY 1946 121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES Estimates of holdings by individuals and busi- and to reduce those estimated as held by individuals. nesses of liquid assets—i.e., cash, bank deposits, and Originally only such assets as were absolutely neces- United States Government securities—together with sary for carrying on business were attributed to an explanation of the method of derivation, were business units, and the remainder was assigned to published in the June 1945 Federal Reserve BUL- individuals as owners of the businesses involved. LETIN. These estimates have now been extended When strictly applied this approach attributed to to include a final estimate for June 1945 and a individuals some liquid assets, particularly currency, preliminary estimate for December 1945 and which probably were being held in connection with have also been revised in some regards throughout. business operations. Hence the amounts attributed The new figures are shown in the accompanying to unincorporated businesses have been increased. table. The information regarding holdings of unincor- Total holdings of liquid assets by individuals porated businesses remains scanty, however, and and businesses are estimated to have reached 225 the distinction between such holdings and those of billion dollars in December 1945, an increase of 35 individuals is inevitably difficult to make both conbillions from December 1944. The increase during ceptually and in practice. the second half of the year was almost as large as These asset holdings are of significant imporduring the first half, indicating that the end of the tance to the development of the economy during war has thus far brought about only a small re- reconversion and afterwards. In an effort to production in the rate of increase. Holdings of liquid vide more information concerning them, the Board assets are now about three and a half times what of Governors of the Federal Reserve System arthey were at the end of 1939. ranged for a sample survey in Birmingham, Ala- The classifications used and the general methods bama, and Douglas County, Illinois, to determine of estimation are the same as those described in the the distribution of liquid asset holdings and to June article, so that the estimates are subject to the learn about people's attitudes toward such holdsame qualifications and limitations.1 The revisions ings. The survey was conducted by the Division have been largely of a technical character in the of Program Surveys of the Bureau of Agricultural interest of clarity and simplification, but certain Economics, United States Department of Agriculchanges in assumptions have also been made. The ture, and results were published in the September main change has been to increase the amount of 1945 Federal Reserve BULLETIN. The Board is liquid assets attributed to unincorporated businesses now having a further survey made to provide additional more comprehensive results on the dis- 1A revised detailed description of the methods by which tribution and probable use of liquid assets and these estimates were made, together with the basic worksheets, may be secured from the Division of Research and Statistics, expects to make this information available by the Board of Governors of the Federal Reserve System, Washington 25, D. C. middle of this year. 122 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES [In billions of dollars] 1939 1940 1941 1942 1943 1944 1945 Type of holder Dec. June Dec. June Dec. June Dec. June Dec. June Dec. June Dec? Total 65.1 67.6 70.4 74.2 81.2 90.3 Ill 6 130.9 151.2 169.7 190.4 208.1 225.3 Currency . .... 5.8 6.1 6.6 7.5 8.9 10.2 13.1 15.0 18.0 20.0 22.6 24.2 26.0 Demand deposits 20.9 22.8 24.4 26.4 27.9 30.9 36.7 42.6 47.1 47.8 53.2 56.3 61.4 Time deposits 26.3 26.7 26.9 27.1 26.9 26.5 27.7 29.6 32.0 35.0 39.1 43.4 48.2 U. S. Govt. securities 12.1 12.0 12.5 13.2 17.5 22.7 34.1 43.7 54.1 66.9 75.5 84.2 89.7 Business holdings—Total. 19.7 20.7 22.3 23.1 26.2 29.0 39.2 50.0 56.6 63.4 68.3 74.2 79.8 Currency 1.6 1.6 1.7 1.9 2.1 2.3 2.8 3.1 3.6 3.9 4.3 4.5 4.9 Demand deposits ... 12.9 14.0 15.7 16.2 17.0 18.2 21.6 28.1 29.7 30.3 32.1 34.7 37.8 Time deposits .... 2.0 2.0 2.0 2.1 2.0 2.0 2.1 2.2 2.3 2.5 2.7 2.9 3.1 U. S. Govt. securities. 3.2 3.1 2.9 2.9 5.1 6.5 12.7 16.6 21.0 26.7 29.2 32.1 34.0 Corporations—Total l. . 13.3 14.1 15.1 15.5 17.7 19.4 27.1 35.0 39.6 44.0 45.9 49.0 52.0 Currency 0.7 0.7 0.7 0.8 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 1.0 Demand deposits. . . 9.8 10.7 11.9 12.2 12.7 13.6 16.0 20.8 21.9 22.5 23.2 25.2 27.3 Time deposits 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 U. S. Govt. securities 2.1 2.0 1.8 1.8 3.5 4.3 9.6 12.7 16.1 19.9 21.1 22.2 23.0 Financial Corps.—Total. . 1.7 1.8 1.9 1.9 2.2 2.4 2.6 3.1 3.5 3.9 4.2 4.5 4.9 Demand deposits 1.1 1.2 1.3 1.3 1.3 1.3 1.3 1.6 1.7 1.8 1.9 2.0 2.2 Time deposits 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 U. S. Govt. securities... 0.5 0.5 0.5 0.5 0.8 1.0 1.2 1.4 1.7 2.0 2.2 2.4 2.6 Nonfinancial Corps.—Total. . 11.6 12.3 13.2 13.6 15.5 17.0 24.5 31.9 36.1 40.1 41.7 44.5 47.1 Currency 0.7 0.7 0.7 0.8 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 1.0 Demand deposits 8.7 9.5 10.6 10.9 11.4 12.3 14.7 19.2 20.2 20.7 21.3 23.2 25.1 Time deposits . 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 U. S. Govt. securities 1.6 1.5 1.3 1.3 2.7 3.3 8.4 11.3 14.4 17.9 18.9 19.8 20.4 Unincorporated business—Total. 6.4 6.6 7.2 7.6 8.5 9.6 12.1 15.0 17.0 19.4 22.4 25.2 27.8 Currency 0.9 0.9 1.0 1.1 1.3 1.5 2.0 2.3 2.7 3.0 3.4 3.6 3.9 Demand deposits... 3 1 3 3 3 8 4.0 4 3 4 6 5.6 7 3 7 8 7.8 8.9 9.5 10.5 Time deposits 1.3 1.3 1.3 1.4 1.3 1.3 1.4 1.5 1.6 1.8 2.0 2.2 2.4 U. S. Govt. securities.... 1.1 1.1 1.1 1.1 1.6 2.2 3.1 3.9 4.9 6.8 8.1 9.9 11.0 Personal holdings—Total. 45.4 46.9 48.1 51.1 55.0 61.3 72.4 80.9 94.6 106.3 122.1 133.9 145.5 Currency 4.2 4.5 4.9 5.6 6.8 7.9 10.3 11.9 14.4 16.1 18.3 19.7 21.1 Demand deposits 8.0 8.8 8.7 10.2 10.9 12.7 15.1 14.5 17.4 17.5 21.1 21.6 23.6 Time deposits 24.3 24.7 24.9 25.0 24.9 24.5 25.6 27.4 29.7 32.5 36.4 40.5 45.1 U. S. Govt. securities. . 8.9 8.9 9.6 10.3 12.4 16.2 21.4 27.1 33.1 40.2 46.3 52.1 55.7 Trust funds—Total2. . 4.5 4.6 4.6 4.7 5.5 6.1 6.8 8.3 9.9 11.5 13.3 15.0 16.5 Demand deposits. . . 1.2 1.3 1.3 1.4 1.4 1.3 1.2 1.2 1.3 1.3 1.4 1.5 1.6 Time deposits 0.2 0.2 0.2 0.2 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 U. S. Govt. securities. . 3.1 3.1 3.1 3.1 3.8 4.6 5.4 6.9 8.4 10.0 11.7 13.3 14.7 Other personal—Total3. . 40.9 42.3 43.5 46.4 49.5 55.2 65.6 72.6 84.7 94.8 108.8 118.9 129.0 Currency 4.2 4.5 4.9 5.6 6.8 7.9 10.3 11.9 14.4 16.1 18.3 19.7 21.1 Demand deposits 6.8 7.5 7.4 8.8 9.5 11.4 13.9 13.3 16.1 16.2 19.7 20.1 22.0 Time deposits 24.1 24.5 24.7 24.8 24.6 24.3 25.4 27.2 29.5 32.3 36.2 40.3 44.9 U. S. Govt. securities. . . 5.8 5.8 6.5 7.2 8.6 11.6 16.0 20.2 24.7 30.2 34.6 38.8 41.0 P Preliminary. 1 Excludes nonprofit associations. 2 Includes only amounts administered by corporate trustees. 3 Includes holdings of farmers and professional persons. FEBRUARY 1946 123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PAR LIST During 1945 there was a net increase of 326 in as follows: Nebraska 2 151, Tennessee 55, Texas 23, the number of banks on the Federal Reserve par Illinois 3 18, Florida 16, Virginia 15, and Wisconlist and a net decrease of 312 in the number of sin 15. nonpar banks. The gross increase in the number During the year 5 banks withdrew from the par of par banks was 421; this was offset in part by the list, one each in the following States: Arkansas, withdrawal of 5 banks from the par list and the Georgia, Missouri, South Dakota, and Texas. There termination of existence of 90 par banks.1 The folwere 27 new nonpar banks organized, distributed lowing table shows the changes during 1945 and by States as follows: Georgia 12, Minnesota 6, the number of par and nonpar banks at year ends, Nebraska 4, Arkansas 2, and Louisiana, North 1942-45: Dakota, and South Dakota, one each. On par list At the end of 1945 there were 24 States and the (member and Not on District of Columbia in which all banks were on the nonmember par list banks) Federal Reserve par list, and 8 States in which the Changes during 1945: number of nonpar banks was quite small, as fol- Existing banks: lows: Michigan 1, Kansas 2, Illinois 2, Nebraska 3, Added to par list +331 -331 Withdrawn from par list - 5 + 5 West Virginia 3, Montana 4, Washington 10, and Newly organized banks + 90 + 27 Banks terminating existence - 90 - 13 Oklahoma 11. In 16 other States the number of Net change +326 -312 nonpar banks ranged from 21 to 418 (Virginia and Ntimber on selected dates: Minnesota, respectively). Dec. 31, 1942 11,422 2,710 Dec 31 1943 11,501 2,529 The accompanying table shows the number of Dec. 31, 1944. 11,552 2,445 Dec. 31, 19451 11,878 2,133 par and nonpar banks, by class of bank and by Federal Reserve districts and States, at the end of 1 Preliminary figures. 1945; also the number not on par list at the end* There was a net increase of 10 or more par banks of 1942. (member and nonmember) in each of seven States, 2 Increase resulted from the enactment of the State par 1 Of the 90 member and par nonmember banks that went out clearance law. of existence in 1945, 73 were absorbed by other member and 3 Increase due entirely to organization of new banks (mempar nonmember banks, and 38 of the banks thus absorbed were ber and par nonmember); the number of nonpar banks reconverted into branches. mained unchanged at two. 124 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF COMMERCIAL BANKS CLASSIFIED ACCORDING TO FEDERAL RESERVE PAR LIST STATUS, BY DISTRICTS AND STATES Dec. 31, 1945 (preliminary figures) De 1 c 9 . 42 31, Dec. 31, 1945 (preliminary figures) De 1 c 9 . 42 31, Federal Reserve On par list Federal Reserve On par list dist S ri t c a t t s e s and b c m a c A o n i e m a l k r l l - - s1 Total b M a b n e e k r m s* - b m N a b e o n e m n k r - s - N l p o i a s o n t r t N p l o i a s o n r t t dist S ri t c a t t s e s and b c m a c A o i n e m a l k r l l - - s1 Total b M a b n e e k r m s - 2 b m N a b e o n e m n k r - s - N p l o i a s o n r t t N p l o i a s o n r t t FEDERAL RESERVE STATE—Cont. DISTRICT Nebraska 410 407 146 261 3 159 Boston 495 495 340 155 Nevada 8 8 6 2 New York 956 956 815 141 New Hampshire. . 65 65 53 12 Philadelphia 852 852 647 205 New Jersey 346 346 294 52 Cleveland 1,177 1,177 721 456 2 New Mexico 41 41 27 14 4 Richmond 1,005 756 472 284 249 288 New York 683 683 591 92 Atlanta 1,115 489 325 164 626 693 North Carolina. . . 202 80 54 26 122 127 Chicago 2,458 2,396 995 1,401 62 215 North Dakota.. . . 150 45 42 3 105 113 St. Louis 1,459 1,093 490 603 366 446 Ohio 677 677 424 253 Oklahoma 380 369 217 152 11 12 Minneapolis 1,273 588 472 116 685 718 Kansas City 1,747 1,732 751 981 15 173 Oregon 70 70 33 37 3 Dallas 969 849 585 264 120 149 Pennsylvania 1,021 1,021 770 251 San Francisco.... 505 495 272 223 10 26 Rhode Island 22 22 12 10 South Carolina. . . 144 41 28 13' " 103 116 Total 14,011 11,878 6,885 4,993 2,133 2,710 South Dakota 166 66 60 6 100 96 STATE Tennessee 293 185 82 103 108 167 Texas 859 791 543 248 68 95 Alabama 216 99 83 16 117 129 Utah 57 57 34 23 Arizona 11 11 6 5 Vermont 71 71 40 31 Arkansas 225 96 66 30 129 129 Virginia 314 293 197 96 21 39 California 194 194 113 81 Colorado 138 138 92 46 Washington 122 112 55 57 10 23 West Virginia.... 179 176 108 68 3 6 Connecticut 116 116 64 52 Wisconsin 557 438 168 270 119 159 Delaware 40 40 17 23 Wyoming 56 56 38 18 • •# • • 1 Dist. of Columbia. 21 21 18 3 Florida 165 99 66 33 66 89 Total.. 14,011 11,878 6,885 4,993 2,133 2,710 Georgia 357 83 59 24 274 260 Idaho 46 46 26 20 1 Includes private banks that do not report to State banking Illinois 851 849 491 358 2 32 departments (in Georgia, Iowa, Michigan, and Texas), and Indiana 491 491 234 257 3 "cooperative" banks (in Arkansas). Excludes nonmember Iowa 656 656 162 494 111 mutual savings banks, on a few of which some checks are Kansas 614 612 213 399 2 2 drawn, and nonmember industrial banks and nondeposit trust companies on which no checks are drawn. Kentucky 386 386 113 273 10 2 Comprises all member banks, including 3 mutual savings Louisiana 151 51 43 8 100 103 banks and 4 nondeposit trust companies. Maine . . . 63 63 38 25 Maryland 170 170 80 90 Massachusetts.... 186 186 150 36 Michigan 443 442 231 211 1 1 Minnesota 676 258 210 48 418 421 Mississippi 202 31 28 3 171 171 Missouri 589 513 182 331 76 111 Montana 111 107 78 29 4 22 125 FEBRUARY 1946 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. Veterans' Guaranteed Loans of Columbia; without regard to the limitations and restrictions of any other statute with re- Limitations contained in section 24 of the Federal spect to— Reserve Act upon real estate loans by national (1) ratio of amount of loan to the value banks were set aside in effect by the Act of Deof the property; cember 28, 1945, in so far as guaranteed real estate (2) maturity of loan; loans to veterans are concerned. That Act amended (3) requirement for mortgage or other certain provisions of the Servicemen's Readjustsecurity; ment Act of 1944 to read as follows: (4) dignity of lien; or (5) percentage of assets which may be in- SEC. 500. * * * vested in real estate loans. (b) . . . That loans guaranteed under this title shall bear interest at a rate not exceeding Margin Requirements for Purchasing 4 per centum per annum and shall be payable Securities in full in not more than twenty-five years, or in the case of loans on farm realty in not more Amendments to Regulations T and U than forty years: And provided further, That (1) the maturity on a non-real-estate loan shall The Board of Governors of the Federal Reserve not exceed ten years; (2) any loan for a term System, effective January 21, 1946, amended Reguin excess of five years shall be amortized in lation T entitled "Extension and Maintenance of accordance with established procedure; (3) Credit by Brokers, Dealers, and Members of Naexcept as provided in section 505 any real-estate tional Securities Exchanges" and Regulation U loan, other than for repairs, alterations or im- entitled 'Loans by Banks for the Purpose of Purprovements, shall be secured by a first lien on chasing or Carrying Stocks Registered on a Nathe realty, and a non-real-estate loan, except as tional Securities Exchange", to raise margin reto working or other capital, merchandise, good- quirements to 100 per cent. will and other intangible assets, shall be se- These requirements relate only to future purcured by personalty to the extent legal and prac- chases and sales of registered securities. They do ticable. not apply to the use of credit for any purpose except ^ # ^ # # to finance transactions in securities. Rules incorporated in both regulations in July (d) Loans guaranteed hereunder may be of 1945 will now require that whenever securities made by any Federal land bank, national bank, held as collateral are sold, the proceeds must be State bank, private bank, building and loan used to reduce or retire the customer's indebtedness. association, insurance company, credit union, or Except to this extent, the regulations do not require mortgage and loan company, that is subject to reduction or liquidation of. existing accounts or examination and supervision by an agency of loans. the United States or of any State or Territory, The text of the amendments is as follows: including the District of Columbia. Any loan at least 20 per centum of which is guaranteed AMENDMENT NO. 5 TO REGULATION T under this title may be made by any national bank, or Federal savings and loan association; Regulation T is hereby amended in the followor by any bank, trust company, building and ing respects, effective January 21, 1946: loan association or insurance company organ- 1. By adding the following sentence to secized or authorized to do business in the District tion 3(a): 126 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT During any period when the Supple- SUPPLEMENT TO REGULATION U ment to this regulation specifies that reg- Issued by the Board of Governors of the Federal istered securities (other than exempted Reserve System securities) shall have no loan value in a general account, any transaction consist- Effective January 21, 1946 ing of a purchase of a security other than a purchase of an exempted security or a For the purpose of section 1 of Regulation U, purchase of a security to reduce or close no stock, whether or not registered on a national out a short position shall be effected in the securities exchange, shall have any loan value. special cash account provided for by sec- Loans to Specialists.—Notwithstanding the tion 4(<r) or in some other appropriate foregoing, a stock, if registered on a national sespecial account provided for by section 4. curities exchange, shall have a maximum loan 2. By changing the Supplement to read as value of 50 per cent of its current market value, as follows: determined by any reasonable method, in the case of a loan to a member of a national securities ex- SUPPLEMENT TO REGULATION T change who is registered and acts as a specialist in securities on the exchange for the purpose of financ- Issued by the Board of Governors of the Federal ing such member's transactions as a specialist in Reserve System securities. Effective January 21, 1946 Foreign Funds Control Maximum Loan Value for General Ac- Treasury Department Releases counts.—In a general account subject to section 3 The following releases relating to transactions in of Regulation T, a registered security (other than foreign exchange, etc., in addition to those heretoan exempted security) shall have no loan value. fore published in the Federal Reserve BULLETIN, Maximum Loan Value for Specialists' have been issued by the Office of the Secretary of Accounts.—In a specialist's account subject to the Treasury under authority of the Executive section 4(g-) of Regulation T, the maximum loan Order of April 10, 1940, as amended, and the value of a registered security (other than an ex- Regulations issued pursuant thereto: empted security) shall be 50 per cent of its current Treasury Department market value. Foreign Funds Control Margin Required for Short Sales in Gen- December 29, 1945 eral Accounts.—The amount to be included in GENERAL LICENSE NO. 95 the adjusted debit balance of a general account, Under Executive Order No. 83 89, as Amended, Executive pursuant to section 3(d)(3) of Regulation T, as Order No. 9193, as Amended, Section 5(b) of the Trading margin required for short sales of securities (other With the Enemy Act, as Amended by the First War Powers than exempted securities) shall be 100 per cent of Act, 1941, Relating to Foreign Funds Control* the current market value of each such security. PROPERTY CERTIFIED BY GOVERNMENTS OF SPECIFIED Margin Required for Short Sales in Spe- COUNTRIES cialists' Accounts.—The amount to be included (1) Certification by governments of countries specified in the adjusted debit balance of a specialist's acherein. Whenever a designated agent of the government count, subject to section 4( < §r) of Regulation T, asof any country specified herein has certified in writing that margin required for short sales of securities (other no foreign country designated in the Order or national than exempted securities) shall be 50 per cent of thereof, other than a country specified herein or national the current market value of each such security. thereof, has at any time between the effective date of the Order and the date of certification had any interest in any * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. AMENDMENT NO. 6 TO REGULATION U 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. The Supplement to Regulation U is hereby 26, 1941; Ex. Order 9193, July 6, 1942, as amended by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, as amended to read as follows: amended June 14, 1941, and July 26, 1941. 127 FEBRUARY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT property subject to the proviso of paragraph (1) of General (iii) Norway, effective December 29, 1945; License No. 94, the property so certified is hereby licensed (iv) Finland, effective December 29, 1945; to be regarded as property in which no blocked country or and each country specified herein shall be deemed to national thereof has or has had any interest. include any colony or other territory subject to its (2) Waiver of Section 2A of the Order and General jurisdiction, Ruling No. 5. The provisions of Section 2A of the Order (b) the term "foreign country designated in the Order" and of General Ruling No. 5 are waived with respect to any shall be deemed to include countries licensed by; security to which a certification under the preceding para- General License No. 94. graph is attached. FRED M. VINSON, (3) Application of license to certain nationals of coun- Secretary of the Treasury.. tries specified herein. This license shall not apply with respect to any national of a country specified herein who is Treasury Department a national of another foreign country designated in the Foreign Funds Control Order and not specified herein, provided, however, that for December 29, 1945 the purpose only of this license the following shall be deemed nationals only of a country specified herein: Revocation of General Licenses Nos. 90, 91, 92 and 93, Under Executive Order No. 83 89, as Amended, Executive Order (a) Any individual residing in a country specified herein, No. 9193, as Amended, Section 5(b) of the Trading with except any citizen or subject of Germany or Japan the Enemy Act, as Amended by the First War Powers Act, who at any time on or since December 7, 1941 has 1941, Relating to Foreign Funds Control* been within the territory of either such country or within any other territory while it was designated as General License No. 90, issued April 14, 1945, General "enemy territory" under General Ruling No. 11; License No. 9, issued May 15, 1945, General License No. (b) Any partnership, association, corporation, or other 92, issued October 5, 1945, and General License No. 93, organization, organized under the laws of a country issued November 20, 1945, are hereby revoked. specified herein, unless it is a national of Germany, FRED M. VINSON, Japan, Bulgaria, Hungary, or Rumania. Secretary of the Treasury. (4) Definitions. As used in this license, * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. (a) the term "country specified herein" means the fol- 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended lowing: by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941 Ex. Order 8963, Dec. 9, 1941 and Ex. Order 8998, Dec. (i) France, effective October 5, 1945; 26, 1941; Ex. Order 9193. July 6, 1942, as amended by Ex~ Order 9567, June 8, 1945; Regulations, April 10, 1940, as (ii) Belgium, effective November 20, 1945; amended June 14, 1941, and July 26, 1941. 128 FEDERAL RESERVE BULLETIN- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Announcement of Changes at the Little Rock pointed Assistant Director of the Division, effective Louisville and Memphis Branches February 1, 1945. The Federal Reserve Bank of St. Louis has an- Admissions of State Banks to Membership in the nounced that the by-laws of the Little Rock, Louis- Federal Reserve System ville, and Memphis Branches were amended, effective January 1, 1946, to provide for the designation The following State banks were admitted to of a Vice President of the Bank as Manager of the membership in the Federal Reserve System during Branch instead of a Managing Director. Messrs. the period December 16, 1945, to January 15, 1946: A. F. Bailey and C. A. Schacht, who had been Managing Directors of the Little Rock and Louis- Indiana ville Branches, and Mr. William B. Pollard, who Indianapolis—Fidelity Trust Company had previously been appointed Managing Director of the Memphis Branch, effective January 1, 1946, Iowa were appointed Vice Presidents and designated as Managers of the respective branches. Galva—First Trust and Savings Bank Mount Ayr—Security State Bank Appointments of Branch Directors Montana On January 10, 1946, the Federal Reserve Bank of Minneapolis appointed Mr. B. M. Harris, Presi- Stevensville—First State Bank of Stevensville dent, Yellowstone Bank, Columbus, Montana, a Montana director of the Helena Branch for the term ending Ohio December 31, 1947. Sabina—The Sabina Bank The Board of Governors of the Federal Reserve Williamsburg—The Farmers and Merchants Bank System on January 30, 1946, announced the appointment of Mr. Ross Stewart, General Manager, Tennessee C Jim Stewart and Stevenson, Houston, Texas, as a director of the Houston Branch of the Federal Paris—First Trust and Savings Bank Reserve Bank of Dallas for the unexpired portion St. Joseph—American Bank of the term ending December 31, 1948. Texas Change in the Board's Staff Lufkin—The First State Bank & Trust Company Mr. Howard S. Ellis resigned as Assistant Direcof Lufkin, Texas tor of the Division of Research and Statistics, effective January 21, 1946. Mr. Ellis is returning to his Virginia position as Professor of Economics at the Univer- Cleveland—The Bank of Russell County sity of California, from which he has been on leave of absence since he joined the Board's staff in Sep- Washington tember 1943 as an Economic Specialist in the Division of Research and Statistics. He was ap- Sedro Woolley—Skagit Valley State Bank FEBRUARY 1946 129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES "FOLLOWING is a list of the directorates of the Federal Reserve Banks and Branches as at present -*- constituted. The list shows, in addition to the name of each director, his business connection, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors: three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A Directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. Federal Reserve Bank Branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. Term District No. 1—Boston Expires Class A: Dec. 31 Allen W. Holmes President, The Middletown National Bank, Middletown, Conn 1946 Allan Forbes President, State Street Trust Company, Boston, Mass 1947 Leon A. Dodge President, The First National Bank of Damariscotta, Damariscotta, Me 1948 Class B.- Roy L. Patrick President and Director, Rock of Ages Corporation, Burlington, Vt 1946 Philip R. Allen Director, Bird & Son, inc., E. Walpole, Mass 1947 Laurence F. Whittemore. . . Assistant to President, Boston and Maine Railroad, Boston, Mass 1948 Class C: Henry I. Harriman2 Director and Vice Chairman, New England Power Association, Boston, Mass 1946 Albert M. Creighton1 Chairman of the Board 1947 Donald K. David Dean, Graduate School of Business Administration, Harvard University, Boston, Mass 1948 Q £. District No. 2—New York ass S. Sloan Colt President, Bankers Trust Company, New York, N. Y 1946 Harry H. Pond Chairman of the Board, The Plainfield Trust Company, Plainfield, N. J . 1947 Howard A. Wilson President, Citizens National Bank and Trust Company of Fulton, Fulton, N. Y ' .. . 1948 1 Chairman. 2 Deputy Chairman. 130 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class B: Dec. 31 Donaldson Brown Vice Chairman of the Board, General Motors Corporation, New York, N. Y 1946 Charles E. Adams Chairman, Air Reduction Company, Inc., New York, N. Y 1947 Carle C. Conway Chairman of the Board and President, Continental Can Company, Inc., New York, N. Y 1948 Class C: Robert D. Calkins Dean, School of Business, Columbia University, New York, N. Y " 1946 Beardsley Ruml1 Chairman, R. H. Macy & Company, Inc., New York, N. Y * 1947 William I. Myers2 Dean, New York State College of Agriculture, Cornell University, Ithaca, N. Y 1948 Appointed by Federal Reserve Bank: Buffalo Branch Insley B. Smith Managing Director, Buffalo, N. Y 1946 Elmer B. Milliman President, Central Trust Company Rochester N. Y., Rochester, N. Y 1946 Charles H. Norton President, Erie County Trust Company, East Aurora, N. Y. 1947 Charles H. Diefendorf President, The Marine Trust Company of Buffalo, Buffalo, N. Y 1948 Appointed by Board of Governors: Thomas Robins, Jr President, Hewitt Rubber Corporation, Buffalo, N. Y... 1946 Marion B. Folsom Treasurer, Eastman Kodak Company, Rochester, N. Y.. . . 1947 Carl G. Wooster Farmer, Union Hill, N. Y ' 1948 Class A: District No. 3—Philadelphia John B. Henning President, Wyoming National Bank, Tunkhannock, Pa... 1946 Howard A. Loeb. Chairman, Tradesmens National Bank & Trust Company, Philadelphia, Pa 1947 George W. Reily President, Harrisburg National Bank, Harrisburg, Pa 1948 Class B: James T. Buckley Chairman, Executive Committee, Philco Corporation, Philadelphia, Pa 1946 Charles A. Higgins Chairman & President, Hercules Powder Company, Inc., Wilmington, Del ' 1947 Albert G. Frost President, Esterbrook Steel Pen Manufacturing Company, Camden, N. J 1948 Class C: Warren F. Whittier2 Farmer, dairyman, and cattle breeder, Chester Springs, Pa. 1946 C. Canby Balderston Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa 1947 Thomas B. McCabe1 President, Scott Paper Company, Chester, Pa 1948 1 Chairman. 2 Deputy Chairman. FEBRUARY 1946 131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class A: District No. 4—Cleveland Dec. 31 H. B. McDowell. . . .President, The McDowell National Bank of Sharon, Sharon, Pa 1946 F. F. Brooks. . . . President, First National Bank at Pittsburgh, Pittsburgh, Pa 1947 Ben R. Conner. . . .. .President, The First National Bank of Ada, Ada, Ohio. .. 1948 Class B.- Ross Pier Wright... ... Secretary-Treasurer, Reed Manufacturing Company, Erie, Pa 1946 George D. Crabbs Industrialist, Cincinnati, Ohio 1947 Thomas E. Millsop President, Weirton Steel Company, Weirton, W. Va.. 1948 Class C: Geo. C. Brainard1. . ..President and General Manager, Addressograph-Multigraph Corporation, Cleveland, Ohio 1946 A. Z. Baker... ..President and General Manager, The Cleveland Union Stock Yards Company, Cleveland, Ohio 1947 Reynold E. Klages2. . .. President, Columbus Auto Parts Company, Columbus, Ohio. 1948 Appointed by Federal Reserve Bank: Cincinnati Branch Waldo E. Pierson President, The First National Bank of Cincinnati, Cincinnati, Ohio 1946 Walter H. J. Behm. . . .President, The Winters National Bank and Trust Company of Dayton, Dayton, Ohio 1947 Frederick V. Geier President, The Cincinnati Milling Machine Company, Cincinnati, Ohio 1948 Spears Turley... ...Vice President and Trust Officer, State Bank and Trust Company of Richmond, Kentucky, Richmond, Ky.. . 1948 Appointed by Board of Governors: S. Headley Shouse. . Tobacco and Livestock Raiser, Lexington, Ky 1946 Paul G. Blazer Chairman of the Board, Ashland Oil and Refining Company, Ashland, Ky. 1947 Francis H. Bird. . . .Professor of Commerce, College of Engineering and Commerce, University of Cincinnati, Cincinnati, Ohio. . 1948 Appointed by Federal Reserve Bank: Pittsburgh Branch R. E. Bowie President, Security Trust Company, Wheeling, W. Va.. . 1946 T. C. Swarts. . . Executive Vice President, Woodlawn Trust Company, Aliquippa, Pa 1947 Archie J. McFarland President, Wheeling Steel Corporation, Wheeling, W. Va. 1948 Laurence S. Bell Executive Vice President, The Union National Bank of Pittsburgh, Pittsburgh, Pa 1948 Appointed by Board of Governors: Howard W. Jordan President, Pennsylvania Rubber Company, Jeannette, Pa. 1946 Vacancy 1947 A. H. Burchfield, Jr Vice President, Joseph Home Company, Pittsburgh, Pa.. 1948 1 Chairman. 2 Deputy Chairman. 132 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class A: District No. 5—Richmond Dec. 31 James C. Bras well. ..Chairman of Board, Planters National Bank and Trust Company, Rocky Mount, N. C 1946 John A. Sydenstricker.. ..Cashier, First National Bank in Marlinton, Marlinton, W. Va 1947 James D. Harrison. .President, First National Bank of Baltimore, Baltimore, Md 1948 Class B: H. L. Rust, Jr.. . .President, H. L. Rust Company, Washington, D. C 1946 Edwin Malloy.. .President and Treasurer, Cheraw Cotton Mills, Inc., Cheraw, S. C 1947 Charles C. Reed. . .President, Williams & Reed, Inc., Richmond, Va.. . . 1948 t Class C: Robert Lassiter1.. ..Chairman of Board, Mooresville Cotton Mills, Mooresville, N. C 1946 Charles P. McCormick President, McCormick & Company, Inc., Baltimore, Md.. . 1947 W. G. Wysor2 General Manager, Southern States Cooperative, Inc., Richmond, Va 1948 Appointed by Federal Reserve Bank: Baltimore Branch W. R. Milford .Managing Director, Baltimore, Md 1946 George M. Moore. .Vice President, The Union National Bank, Clarksburg, W. Va 1946 W. Bladen Lowndes. . . .President, The Fidelity Trust Company, Baltimore, Md.. . 1947 Holmes D. Baker.. . .President, The Citizens National Bank of Frederick, Frederick, Md.. . 1948 Appointed by Board of Governors: W. Frank Roberts . . . . President, Standard Gas Equipment Corporation, Baltimore, Md 1946 James M. Shriver.. . . .President, B. F. Shriver Company, Westminster, Md 1947 James E. Hooper. . .Vice President, William E. Hooper and Sons Company, Baltimore, Md 1948 Appointed by Federal Reserve Bank: Charlotte Branch W. T. Clements. . .Managing Director, Charlotte, N. C 1946 Allen H. Sims... .Executive Vice President and Trust Officer, Citizens National Bank in Gastonia, Gastonia, N. C 1946 N. S. Calhoun.... . .President, Security National Bank, Greensboro, N. C 1947 Angus E. Bird.... ..Chairman of Board, The Citizens & Southern National Bank of S. C, Charleston, S. C 1948 Appointed by Board of Governors: George M. Wright. . .President, Republic Cotton Mills, Great Falls, S. C 1946 Charles L. Creech. ... . .Chairman of Board, B. F. Huntley Furniture Company, Winston-Salem, N. C 1947 R. Flake Shaw. . .Executive Secretary, North Carolina Farm Bureau Federation, Greensboro, N. C.. . 1948 1 Chairman. a Deputy Chairman. FEBRUARY 1946 133 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class A: District No. 6—Atlanta Dec. 31 W. D. Cook. . . .President, First National Bank in Meridian, Meridian, Miss 1946 George J. White... . .President, The First National Bank of Mount Dora, Mount Dora, Fla 1947 R. C. Williams.. . .President, The First National Bank of Atlanta, Atlanta, Ga 1948 Class B: Fitzgerald Hall... ..President, Nashville, Chattanooga & St. Louis Railway, Nashville, Tenn 1946 Ernest T. George. . . .President, Seaboard Refining Company, Ltd., New Orleans, La 1947 J. A. McCrary.. .. *. .Vice President and Treasurer, J. B. McCrary Company, Inc., Atlanta, Ga 1948 Class C: Rufus C. Harris.. ..President, The Tulane University of Louisiana, New Orleans, La 1946 Frank H. Neely1.. ..Executive Vice President and Secretary, Rich's, Inc., Atlanta, Ga 1947 J. F. Porter2... ..President and General Manager, Tennessee Farm Bureau Federation, Columbia, Tenn 1948 Appointed by Federal Reserve Bank: Birmingham Branch P. L. T. Beavers Managing Director, Birmingham, Ala 1946 James G. Hall Executive Vice President, The First National Bank of Birmingham, Birmingham Ala 1946 Gordon D. Palmer President, The First National Bank of Tuskaloosa, Tuscaloosa, Ala 1947 M. B. Spragins.. . .President, The First National Bank of Huntsville, Huntsville, Ala 1948 Appointed by Board of Governors: Edward L. Norton... . .Chairman, Voice of Alabama, Inc., Radio Station WAPI, Birmingham, Ala 1946 Donald Comer Chairman, Avondale Mills, Birmingham, Ala 1947 Wm. Howard Smith President, McQueen-Smith Farms, Prattville, Ala 1948 Appointed by Federal Reserve Bank: Jacksonville Branch Geo. S. Vardeman, Jr Managing Director, Jacksonville, Fla 1946 J. C. McCrocklin President, First National Bank in Tarpon Springs, Tarpon Springs, Fla 1946 J. L. Dart... ...President, The Florida National Bank of Jacksonville, Jacksonville, Fla 1947 J. S. Fairchild... . . .Cashier, The First National Bank of Winter Garden, Winter Garden, Fla 1948 Appointed by Board of Governors: Frank D. Jackson President and General Manager, Jackson Grain Company, Tampa, Fla 1946 1 Chairman. 2 Deputy Chairman. 134 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Walter J. Matherly. . . .Dean, College of Business Administration, University of Florida, Gainesville, Fla 1947 Charles S. Lee... . .Planter and cattle raiser, Oviedo, Fla 1948 Appointed by Federal Reserve Bank: Nashville Branch Joel B. Fort, Jr Managing Director, Nashville, Tenn 1946 L. R. Driver President, The First National Bank in Bristol, Bristol, Tenn 1946 B.L.Sadler... ..President, First National Bank in Harriman, Harriman, Tenn 1947 Edward Potter, Jr... . .President, Commerce Union Bank, Nashville, Tenn.. 1948 Appointed by Board of Governors: W. Bratten Evans.. ..President, Tennessee Enamel Manufacturing Company, Nashville, Tenn 1946 Clyde B. Austin. ... .. .President, The Austin Company, Inc., Greeneville, Tenn.. 1947 Vacancy 1948 Appointed by Federal Reserve Bank: New Orleans Branch E. P. Paris Managing Director, New Orleans, La 1946 John Legier President, National American Bank of New Orleans, New Orleans, La 1946 J. F. McRae. . . . President, The Merchants National Bank of Mobile, Mobile, Ala 1947 T. G. Nicholson. . . .President, The First National Bank of Jefferson Parish at Gretna, Gretna, La 1948 Appointed by Board of Governors: E. F. Billington Vice President, Soule Steam Feed Works, Meridian, Miss. 1946 H. G. Chalkley, Jr President, Sweet Lake Land and Oil Company, Inc., Lake Charles, La 1947 John J. Shaffer, Jr Planter, Ellendale, La.. . 1948 Class A: District No. 7—Chicago Horace S. French. . . .President, The Milwaukee Avenue National Bank of Chicago, Chicago, 111 1946 Vivian W. Johnson. . . .President, First National Bank in Cedar Falls, Cedar Falls, Iowa 1947 Walter J. Cummings. . . .Chairman, Continental Illinois National Bank and Trust Company of Chicago, Chicago, 111 1948 Class B: Clarence W. Avery. . . . President and Chairman, The Murray Corporation of America, Detroit, Mich 1946 Nicholas H. Noyes. . . .Vice President in Charge of Finances, Eli Lilly and Company, Indianapolis, Ind 1947 William C. Heath. . . .President, A. O. Smith Corporation, Milwaukee, Wis... 1948 FEBRUARY 1946 135 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class C: Dec. 11 Paul G. Hoffman President, The Studebaker Corporation, South Bend, Ind. 1946 Simeon E. Leland1 Chairman, Department of Economics, and Professor of Government Finance, University of Chicago, Chicago, 111 1947 W. W. Waymack2. . . .Editor and Vice President, The Register and Tribune, Des Moines, Iowa 1948 Appointed by Federal Reserve Bank: Detroit Branch Rudolph E. Reichert President, Ann Arbor Bank, Ann Arbor, Mich 1946 Charles A. Kanter President, The Manufacturers National Bank of Detroit, Detroit, Mich 1946 Charles T. Fisher, Jr President, The National Bank of Detroit, Detroit, Mich.. . 1947 Appointed by Board of Governors: Ernest Gilbert Farmer, Waldron, Mich 1946 Prentiss M. Brown Chairman, The Detroit Edison Company, Detroit, Mich.. . 1947 Class A: District No. 8—St. Louis G. R. Corlis President, Anna National Bank, Anna, 111 1946 Tom K. Smith President, Boatmen's National Bank, St. Louis, Mo 1947 Phil E. Chappell President, Planters Bank & Trust Co., Hopkinsville, Ky.. 1948 Class B: K. August Engel President, Arkansas Democrat Company, Little Rock, Ark. 1946 Louis Ruthenburg. . President and General Manager, Servel, Inc., Evansville, Ind 1947 A. Wessel Shapleigh President, Shapleigh Hardware Company, St. Louis, Mo.. 1948 Class C: Russell L. Dearmont1. . . . Chief Counsel for Trustee, Missouri-Pacific Lines, St. Louis, Mo 1946 Douglas W. Brooks2 President, The Newburger Company, Memphis, Tenn.. . 1947 Vacancy 1948 Appointed by Federal Reserve Bank: Li*tle Rock Branch Emmet Morris. . .,. .Chairman, W. B. Worthen Company, Bankers, Little Rock, Ark 1946 Geo. S. Neal President, Bank of Russellville, Russellville, Ark 1947 Chas. A, Gordon Vice President, Simmons National Bank, Pine Bluff, Ark. 1948 Lloyd Spencer President, First National Bank, Hope, Ark 1948 Appointed by Board of Governors: I. N. Barnett . .Manager, Barnett Bros. Mercantile Company, Batesville, Ark 1946 S. M. Brooks. . ... .President, Brooks Advertising Agency, Little Rock, Ark.. 1947 Cecil C. Cox Farmer, Stuttgart, Ark 1948 1 Chairman. 2 Deputy Chairman. 136 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Appointed by Federal Reserve Bank: Louisville Branch Dec. 31 A. C. Voris President/Citizens National Bank, Bedford, Ind 1946 Wallace M. Davis Vice President, Citizens Fidelity Bank & Trust Company, Louisville, Ky 1947 Lee L. Persise ... President, The State Bank of Salem, Salem, Ind 1948 H. Lee Cooper President, Ohio Valley National Bank, Henderson, Ky.. 1948 Appointed by Board of Governors: Rosco Stone Farmer, Hickman, Ky 1946 E. J. O'Brien, Jr President, E. J. O'Brien & Company, Louisville, Ky.. . 1947 Geo. O. Boomer President, The Girdler Corporation, Louisville, Ky.. . 1948 Appointed by Federal Reserve Bank: Memphis Branch W.W.Campbell.. ..President, National Bank of Eastern Arkansas, Forrest City, Ark 1946 W. P. Kretschmar President, Commercial National Bank, Greenville, Miss. 1947 Norfleet Turner President, First National Bank, Memphis, Tenn 1948 H. W. Hicks President, First National Bank, Jackson, Tenn 1948 Appointed by Board of Governors: Rufus C. Branch Cotton planter and ginner, Pecan Point, Ark 1946 J. Holmes Sherard. President, Jno. H. Sherard & Son, Sherard, Miss 1947 Leslie M. Stratton, Jr... ..Executive Vice President, Stratton-Warren Hardware Company, Memphis, Tenn.. . 1948 Class A: District No. 9—Minneapolis Clarence E. Hill... ...Chairman of the Board, Northwestern National Bank, Minneapolis, Minn 1946 J. R. McKnight President, Pierre National Bank, Pierre, S. D 1947 F. D. McCartney Vice President, First National Bank, Oakes, N. D.. . . 1948 Class B: Homer P. Clark.. ..Chairman of the Board, West Publishing Company, St. Paul, Minn 1946 J. E. O'Connell... .. .President, Eddy's Bakeries, Helena, Mont 1947 Ray C. Lange. . . .President, Chippewa Canning Company, Chippewa Falls, Wis 1948 Class C: W. D. Cochran2 Cochran Freight Lines, Iron Mountain, Mich 1946 Roger B. Shepard1 President, Finch, Van Slyck and McConville, St. Paul, Minn 1947 Paul E. Miller. . ..Director, Agricultural Extension Division, University of Minnesota, Minneapolis, Minn.. . ., 1948 Appointed by Federal Reserve Bank: Helena Branch R. E. Towle Managing Director, Helena, Mont 1946 P. B. McClintock Cashier, Farmers National Bank, Chinook, Mont 1946 B. M. Harris President, Yellowstone Bank, Columbus, Mont 1947 1 Chairman. 2 Deputy Chairman. FEBRUARY 1946 137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Appointed by Board of Governors: Dec. 31 R. B. Richardson President, Western Life Insurance Company, Helena, Mont. 1946 Malcolm E. Holtz Agriculturalist, Great Falls, Mont 1947 Class A: District No. 10—Kansas City M. A. Limbocker.. . .Chairman of the Board and President, Citizens National Bank, Emporia, Kan 1946 W. L. Bunten. . .Executive Vice President, Goodland State Bank, Goodland, Kan 1947 T. A. Dines . . .Chairman of the Board and President, United States National Bank, Denver, Colo 1948 Class B: J. M. Bernardin. . . .Lumberman, Kansas City, Mo 1946 L. C. Hutson.. .President and General Manager, Chickasha Cotton Oil Company, Chickasha, Okla 1947 Willard D. Hosford Vice President and General Manager, John Deere Plow Company, Omaha, Neb.. - 1948 Class C: Robert B. Caldwell1 Caldwell, Downing, Noble and Garrity, Kansas City, Mo. 1946 Robert L. Mehornay2 President, North-Mehornay Furniture Company, Kansas City, Mo 1947 Lyle L. Hague. . , .Farmer and stockman, Cherokee, Okla.. . 1948 Appointed by Federal Reserve Bank: Denver Branch W. C. Kurtz. . . .President and General Manager, Independent Lumber Company, Grand Junction, Colo 1946 Harold Kountze. . . . .President, Colorado National Bank, Denver, Colo 1946 P. K. Alexander.. . . . .Vice President, The First National Bank of Denver, Denver, Colo 1947 Appointed by Board of Governors: M. E. Noonen.... . .Sheep rancher, Kremmling, Colo 1946 W. A. Alexander. . . .Vice President and Assistant General Manager, The Denver Tramway Corporation, Denver, Colo 1947 Appointed by Federal Reserve Bank: Oklahoma City Branch D. M. Tyler. . . .First Vice President, Dewey Portland Cement Company, Dewey, Okla 1946 Hugh L. Harrell.. . . Vice President, First National Bank and Trust Company, Oklahoma City, Okla 1946 S. A. Bryant . .President, The Farmers National Bank, Cushing, Okla.. 1947 Appointed by Board of Governors: Neil R. Johnson Rancher and farmer, Norman, Okla 1946 Lloyd Noble. ... ..President, Noble Drilling Corporation, Tulsa, Okla.. 1947 Appointed by Federal Reserve Bank: Omaha Branch George A. Bible President, First National Bank, Rawlins, Wyo.. 1946 George W. Holmes President, First National Bank, Lincoln, Neb.. 1947 1 Chairman. 2 Deputy Chairman. 138 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Walter S. Byrne... ...General Manager, Metropolitan Utilities District of Omaha, Omaha, Neb 1947 Appointed by Board of Governors: John D. Clark Dean, College of Business Administration, University of Nebraska, Lincoln, Neb 1946 L. E. Hurtz.. . .President, Fairmont Creamery Company, Omaha, Neb.. 1947 Class A: District No. 11—Dallas Frank Turner President, First National Bank in Decatur, Decatur, Texas. 1946 J. E. Woods Chairman of Board, Temple National Bank, Temple Texas. 1947 Walter P. Napier President, Alamo National Bank, San Antonio, Texas. . 1948 Class B: Geo. A. Hill, Jr President, Houston Oil Company of Texas, Houston, Texas. 1946 E. L. Kurth President and General Manager, Angelina County Lumber Company, Keltys, Texas 1947 J. R. Milam. . , . .President, The Cooper Company, Inc., Waco, Texas 1948 Class C: J. R. Parten1 President, Woodley Petroleum Company, Houston, Texas. 1946 G. A. Frierson .G. A. Frierson & Son, Planters & Merchants, Shreveport, La 1947 R. B. Anderson2 General Manager, W. T. Waggoner Estate, Vernon, Texas. 1948 Appointed by Federal Reserve Bank: El Paso Branch R. W. McAfee President, State National Bank, El Paso, Texas....... 1946 J. E. Moore Vice President, First National Bank, Roswell, N. M.. . 1947 W. S. Warnock Vice President, El Paso National Bank, El Paso, Texas, . 1948 W. Henry Wooldridge President, Lone Star Motor Company, El Paso, Texas. . 1948 Appointed by Board of Governors: Jack B. Martin President, Arizona Ice and Cold Storage Company, Tucson, Ariz .' 1946 Hal Bogle Owner, Pecos Valley Alfalfa Mill Company, Dexter, N. M. 1947 Dorrance D. Roderick President, Newspaper Printing Corporation, El Paso, Texas. 1948 Appointed by Federal Reserve Bank: Houston Branch W. N. Greer President, Citizens State Bank, Houston, Texas 1946 John W. McCullough President, Hutchings-Sealy National Bank, Galveston, Texas 1947 James A. Elkins President, City National Bank, Houston, Texas 1948 B. C. Roberts President, Wharton Bank & Trust Company, Wharton, Texas 1948 Appointed by Board of Governors: George A. Slaughter Farming, Wharton, Texas 1946 J. E. Wheat Attorney at Law, Woodville, Texas 1947 Ross Stewart General Manager, C.Jim Stewart and Stevenson, Houston, Texas 1948 1 Chairman. 2 Deputy Chairman. FEBRUARY 1946 139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Appointed by Federal Reserve Bank: San Antonio Branch J) 37 eCt J. A. Walker.. . .. .Executive Vice President, Del Rio National Bank, Del Rio, Texas 1946 T. C. Frost Vice President, Frost National Bank, San Antonio, Texas. . 1947 R. D. Barclay President, National Bank of Commerce, San Antonio, Texas 1948 C. L. Skaggs.. . .President, The First National Bank of Weslaco, Weslaco, Texas 1948 Appointed by Board of Governors: Holman M. Cartwright. .. .Livestock and farming, Twin Oaks Ranch, Dinero, Texas. . 1946 J. M. Odom General Contractor, Austin, Texas 1947 George W. Stocking Professor of Economics, University of Texas, Austin, Texas 1948 Class A: District No. 12—San Francisco C. K. Mclntosh. . ,. .Chairman of the Board, The Bank of California, N. A., San Francisco, Calif 1946 Vacancy 1947 Carroll F. Byrd Chairman of the Board and Executive Vice President, The First National Bank of Willows, Willows, Calif 1948 Class B: Vacancy 1946 St. George Holden St. George Holden Realty Company, San Francisco, Calif. 1947 Reese H. Taylor President, Union Oil Company of California, Los Angeles, Calif 1948 Class C: Brayton Wilbur President, Wilbur-Ellis Company, San Francisco, Calif.. . 1946 Henry F. Grady1 President, American President Lines, Ltd., San Francisco, Calif 1947 Harry R. Wellman2. . . .Director, Giannini Foundation of Agricultural Economics, University of California, Berkeley, Calif 1948 Appointed by Federal Reserve Bank: L<>s Angeles Branch W. N. Ambrose Managing Director, Los Angeles, Calif 1946 Herbert D. Ivey President, Citizens National Trust & Savings Bank of Los Angeles, Los Angeles, Calif 1946 F. E. Snedecor. . ..President, The First National Bank of Corona, Corona, Calif 1947 Appointed by Board of Governors: C. E. Myers Agriculturist, Covina, Calif 1946 Y. Frank Freeman Vice President, Paramount Pictures, Inc., Hollywood, Calif 1947 Appointed by Federal Reserve Bank: Portland Branch D. L. Davis Managing Director, Portland, Ore 1946 William C. Christensen.... President, The Commercial National Bank of Hillsboro, Hillsboro, Ore 1946 Chas. H. Stewart President, Portland Trust & Savings Bank, Portland, Ore. 1947 1 Chairman. 2 Deputy Chairman. 140 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Appointed by Board of Governors: Dec. 31 William H. Steen.. . .Livestock and farming, Milton, Ore.... 1946 Vacancy.. . 1947 Appointed by Federal Reserve Bank: Salt Lake City Branch W. L. Partner . .Managing Director, Salt Lake City, Utah 1946 Orval W. Adams. . .Executive Vice President, The Utah State National Bank of Salt Lake City, Salt Lake City, Utah 1946 D. F. Richards. . President, American National Bank, Idaho Falls, Idaho. . 1947 Appointed by Board of Governors: R. C. Rich Livestock and farming, Burley, Idaho.. .. 1946 Henry Aldous Dixon.. .President, Weber College, Ogden, Utah. . 1947 Appointed by Federal Reserve Bank: Seattle Branch C. R. Shaw .Managing Director, Seattle, Wash 1946 Fred L. Stanton....... . President, The Washington Trust Company, Spokane, Wash 1946 Lawrence M. Arnold... ..Chairman of the Board, Seattle-First National Bank, Seattle, Wash 1947 Appointed by Board of Governors: John M. McGregor. . . .Manager, McGregor Land & Livestock Company, Hooper, Wash 1946 Vacancy.. , 1947 FEBRUARY 1946 HI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled January 24, and released for publication January 26] Industrial output declined slightly in December above the November rate and output was resumed and, with new strikes occurring within the past at a high level during the first three weeks of Jantwo weeks, a large decrease is indicated in January. uary. In the following week, however, steel output The value of retail trade in December and the early dropped to five per cent of capacity as negotiations part of January was maintained at record levels, for a new wage contract collapsed. after allowing for seasonal changes. Output of nondurable goods in December was maintained at about the level of the preceding INDUSTRIAL PRODUCTION month. Meat production continued at a high level in December and the early part of January. Activ- The Board's seasonally adjusted index of indusity at most meat-packing plants was suspended in trial production decreased from 168 per cent of the the latter part of January due to an industrial dis- 1935-39 average in November to 164 in December. pute. Production of cigarettes declined consider- The decline was due mainly to the stoppage of work ably, reflecting an accumulation of stocks resulting at leading automobile plants and to holiday influfrom increased output for civilian use since the end ences on activity in the steel, textile, paper, and of the war. Output of tires for civilians increased mining industries. substantially in November and December and ra- Output of most types of producers equipment tioning was eliminated on January 1. Cotton conand of many consumer durable goods showed fursumption declined in December, reflecting holiday ther gains in December and increases also occurred influences. in output of construction materials. These gains, Coal production in December was about 10 per however, were more than ofTset by suspension of cent below the November level because of reduced operations at certain automobile plants and total operations at mines around the Christmas holiday. durable goods output declined by three per cent, A high rate of output was maintained in both reflecting decreases not only in output of automobituminous and anthracite coal mines in the early biles and parts but also of such other metal prodpart of January. Output of crude petroleum and ucts as diesel locomotives and refrigerators. of metals was generally maintained in December. Steel production declined slightly in December Awards for private construction, especially conowing to most plants being shut down for two days tracts for manufacturing and commercial buildings in observance of the Christmas holiday. In the and those for residential building for sale or rent, first three weeks of the month steel production was INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS PER CENT PHYSICAL VOLUME SEASONALLY ADJUSTED, 1935-39- 100 PE - R CENT DOLLAR VOLUME SEASONALLY ADJUSTED, 1935-39-100 260 - r 240 f\ ^240 220 220 - 1 V 220 200 - / 200 200 I 180 180 - / • 180 160 - / 160 - J - 140 J - 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 for Federal Reserve indexes. Monthly figures, latest shown are December 1945. for December. 142 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS continued to advance sharply in November and the furnaces, and various other manufactured products ^arly part of December. were advanced and there were indications that the general level of steel prices would be raised. EMPLOYMENT Employment in most lines of activity continued SECURITY MARKETS to rise in December, after allowing for seasonal Prices of Treasury bonds have risen sharply in changes. Gains in employment in trade, transporta- recent weeks with the result that yields are now at tion, construction, and most durable and non- the lowest levels on record. Stock market prices durable goods industries were offset in part by the rose sharply in January to the highest levels for a loss in employment due to the automobile strike. number of stocks since 1930. Effective January 21, the Board of Governors of the Federal Reserve DISTRIBUTION System raised margin requirements for listed stocks Sales at department stores were about 10 per cent to 100 per cent. larger in December than a year ago, and in the first BANK CREDIT three weeks of January sales continued to show about the same increase above the relatively high Return flow of currency of almost 700 million level in the corresponding period of 1945. Most dollars, following the Christmas rise, together with other types of stores in recent months have shown a reduction of Treasury deposits at Federal Reserve even larger increases in sales than department Banks early in January, provided member banks stores, and the total value of retail trade has been with substantial amounts of reserve funds. At the running 12 to 15 per cent above year-ago levels. same time, bank loans made for purchasing and carrying Government securities during the Victory COMMODITY PRICES Loan Drive were reduced. Member banks con- Prices of most farm products and foods were tinued to increase their holdings of Government maintained at advanced levels in December and securities, while the Federal Reserve Banks reduced the early part of January. Ceiling prices were re- their portfolio. Bank deposits have shown little established for citrus fruits; egg prices also declined, change since the sharp decline in demand deposits reflecting seasonal increases in supplies. adjusted and the increase in U. S. Government de- Price ceilings for furniture, printing machinery, posits during the Victory Loan Drive. COST OF LIVING MEMBER BANK RESERVES AND RELATED ITEMS PER CENT 1935-39-100 PER BILLIONS OF DOLLARS BILLIONS OF DOLLARS bU 32 1'32 50 40 _ A F00D5/ \^ 30 130 CLOTHING/V***!*"/^^-^^'' 20 1 // • >T Al I ITFMR 120 As 1 10 r^-—^ BPMT 110 00 100 90 90 80 80 1937 1938 1939 1940 1941 1942 1943 1944 1945 1939 1940 1941 1942 1943 1944 1945 Bureau of Labor Statistics' indexes. Last month in each calendar quarter through September 1940, monthly thereafter. Wednesday figures, latest shown are for January 30. Mid-month figures, latest shown are for November. FEBRUARY 1946 143 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES Member bank reserves, Reserve Bank credit, and related items. 147 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements. 148-149 Federal Reserve Bank statistics. 149-153 Guaranteed war production loans. 153 Deposits and reserves of member banks 153-154 Money in circulation 155-156 Gold stock; bank debits and deposit turnover. . . . . 156 Deposits and currency; Postal Savings System; bank suspensions. 157 All banks in the United States, by classes 158-159 All insured commercial banks in the United States, by classes. 160-161 Weekly reporting member banks. ... 162-165 Commercial paper, bankers' acceptances, and brokers' balances. . 166 Money rates and bond yields. . . 167 Security prices and new issues. . . 168-169 Corporate earnings and dividends 170 Treasury finance .... 171-173 Government corporations and credit agencies. 174 Business indexes .... 175-184 Department store statistics. 185-187 Consumer credit statistics. 188-189 Wholesale prices 190 Gross national product, national income, and income payments. . 191 Current statistics for Federal Reserve chart book. . . .... 192-193 Earnings and expenses of Federal Reserve Banks during 1945. 194-195 Changes in number of banking offices in the United States. 196 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. FEBRUARY 1946 145 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 1939 1940 1941 1942 1943 1944 1945 1946 1939 1940 1941 1942 1943 1944 1945 1946 Wednesday figures, latest shown are for Jan. 23. See p. 147 146 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS fin millions of dollars] Reserve Bank credit outstanding Member bank reserve U. S.Government Treas- u T r r y e a d s e - - Other balances securities ury Money Treas- posits Non- Fed- Date v co a D a a n u n i d s c n d - - e ts s Total T b a u r i e n r l a y d ls s- o A th l e l r ot A h l e l r1 Total s G to o c ld k s r t c o e i a u n u n n g r t c d - - y - in c t u io c la n ir - - h c i u o n a r l g s y d h s - f B e s w R e d a i r e n e t v - r h k e a s l > p m e o r e s m i d t e - s - c s o e R e a u r r c e a n v - - l e ts Total c E e x s - s2 certificates Monthly averages of daily figures: 1944—Oct. 190 17,079 14,757 2,322 419 17,68920,753 4,114 24,112 2,362 290 1,593 391 L3,808 958 Nov. 436 18,129 15,775 2,354 445 19^00920*708 4] 116 24,738 2*.340 262 1*579 395 [4^520 Dec 265 18,693 15,895 2,798 654 19*61220*657 4*125 25,207 2*, 355 666 1,595 403 14,168 1*284 1945_Oct. 369 23,123 20,216 2,908 395 !3*88820'048 4*. 261 27,943 2^259 448 1,388 483 15,675 1,057 Nov. 636 23,333 20,390 2,943 420 24,38920'033 4 290 28,151 2^268 419 1347 485 16,043 1,167 Dec 381 23,708 20,649 3,059 654 24*74420[047 4*322 28,452 2*269 625 1,247 493 16,027 1,498 End of month figures: 1944—Oct. 31. ... 345 17,647 15,301 2,346 333 18,32520,727 4,115 24,425 2,332 255 1,614 392 14,148 960 Nov. 30 ... 473 18,388 16,031 2,357 496 19,35720,688 4,122 25,019 2,327 138 1,561 395 14,728 1,124 Dec. 31 80 18,846 16,035 2,812 819 19,74520,619 4,131 25,307 2,375 440 1,598 402 14,373 1,625 1945—Oct. 31. ... 439 23,276 20,379 2,898 272 23,98720,036 4,278 28,049 2,244 429 1,373 483 15,723 904 Nov. 30 . . 775 23,472 20,393 3,079 450 24,69720,030 4,303 28,211 2 239 866 1,209 483 16,022 1,024 Dec. 31.... 249 24,262 21,196 3,067 580 25,09120,065 4,339 28,515 2,287 977 1,308 495 15,915 1,471 Wednesday figures: 1945—Mar. 7.... 304 19,350 17,152 2,198 495 20,15020,454 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 20,17320,451 4,120 25,836 2 360 96 1,447 427 14,579 1,067 Mar. 28.... 218 19,516 17,326 2,190 341 20,07420,419 4,118 25,834 2,356 310 1,377 429 14,305 852 Apr. 4.... 220 19,580 17,414 2,167 455 20,25520,418 4,117 25,865 2,379 335 1,420 438 14,353 934 Apr. 11... . 323 20,091 17,975 2,116 349 20,76320,417 4,118 25,939 2 364 409 1,553 439 14,593 946 Apr. 18. ... 341 20,153 18,037 2,116 478 20,97320,396 4,117 26,068 2 374 430 1,594 437 14,582 806 Apr. 25.... 508 20,444 18,331 2,113 358 21,31020,374 4,120 26,074 2,371 651 1,563 437 14,708 835 May 2.... 569 20,479 18,374 2,104 358 21,40620,374 4,130 26,204 2,382 423 1,571 438 14,892 927 May 9.... 552 20,720 18,617 2,103 318 21,58920,352 4,132 26,312 2*384 447 1,463 439 15,029 961 May 16.... 487 20,668 18,555 2,113 432 21,58720,351 4,137 26,372 2,376 102 1,541 438 15,246 1,045 May 23.... 724 20,929 18,809 2,120 327 21,98020,271 4,142 26,399 2 319 526 1,592 440 15,117 866 May 30.... 886 21,023 18,891 2,132 349 22,25820,270 4,141 26,500 2,315 426 1,619 439 15,371 1,113 June 6.... 912 20,896 18,126 2,771 398 22,20720,268 4,145 26,513 2,314 352 1,546 443 15,452 1,098 June 13.... 852 21,103 18,323 2,780 392 22,34720,268 4,146 26,533 2,292 170 1,550 444 15,771 1,237 June 20 307 21,507 18,710 2,797 473 22,28720,265 4,145 26,536 2 297 347 1,710 452 15,354 1,454 June 27.... 203 21,693 18,896 2,797 315 22,21120,263 4,144 26,628 2*314 687 1,774 454 14,760 1,362 July 3.... 39 21,745 18,948 2,798 464 22,24920,213 4,145 26,834 2,285 667 1,647 450 14,722 1,408 July 11.... 73 21,544 18,747 2,798 411 22,02820,214 4,145 26,932 2,230 585 1,617 453 14,570 1,136 July 18.... 126 21,613 18,816 2,798 430 22,17020,213 4,144 26,901 2 274 690 1,553 450 14,660 1,048 July 25.... 229 21,570 C18,771 2,799 331 22,12920,212 4,144 26,926 2,279 594 1,539 450 14,699 994 Aug. 1.... 399 21,877 19,066 2,811 288 22,56420,152 4,198 27,130 2,260 678 1,532 454 14,861 1,063 Aug. 8.... 353 21.91G 19,099 2,811 342 22,606 20,151 4,197 27,269 2,269 538 1,588 457 14,833 1,066 Aug. 15... . 312 21,869 19,058 2,811 601 22,782 20,130 4,198 27,351 2,257 398 1,643 458 15,004 1,132 Aug. 22.... 400 22,296 19,466 2,829 447 23,142 20,088 4,201 27,506 2,248 671 1,557 458 14,992 1,018 Aug. 29 442 22,358 19,516 2,841 263 23,06320,088 4,215 27,600 2,262 397 1,577 458 15,070 986 Sept. 5 377 22,435 19,670 2,765 380 23,192 20,088 4,216 27,750 2,269 304 1,529 463 15,180 966 Sept. 12 457 22,808 20,014 2,795 412 23,67720,096 4,216 27,793 2,267 598 1,538 465 15,329 964 Sept. 19. ... 301 22,965 20,116 2,850 441 23,70720,095 4,222 27,777 2,268 428 1,525 475 15,552 1,039 Sept. 26.... 422 23,186 20,306 2,880 285 23,89220,093 4,222 27,729 2,263 961 1,506 475 15,274 893 Oct. 3 314 23,212 20,297 2,916 294 23,82120,072 4,248 27,853 2,268 648 1,469 484 15,420 1,001 Oct. 10.... 313 23,272 20,357 2,916 338 23,92320,040 4,257 27,962 2,282 535 1,419 485 15,537 1,027 Oct. 17.... 316 22,901 19,985 2,916 482 23,69920,039 4,262 27,952 2,249 293 1,324 482 15,700 1,032 Oct. 24 389 23,089 20,192 2,898 312 23,79020,038 4,270 27,974 2,248 295 1,349 482 15,751 1,002 Oct. 31.... 439 23,276 20,379 2,898 272 23,98720,036 4,278 28,049 2,244 429 1,373 483 15,723 904 Nov. 7.... 508 23,076 20,179 2,898 292 23,877 20,035 4,285 28,137 2,268 261 1,310 484 15,737 928 Nov. 14.... 596 23,448 20,510 2,938 455 24,49820,034 4,284 28,178 2,265 580 1,313 486 15,994 1,163 Nov. 21 630 23,343 20,372 2,970 359 24,33120,032 4,297 28,198 2,272 410 1,360 484 15,937 1,043 Nov. 28->.. . 792 23,646 20,627 3,019 326 24,76420,031 4,297 28,169 2,269 557 1,351 485 16,261 1,293 Dec. 5.... 345 23,525 20,474 3,052 359 24,22920,029 4,303 28,279 2,242 8 1,304 487 16,242 '1,594 Dec. 12. .. . 312 23,493 20,440 3,053 460 24,26420,045 4,317 28,370 2,268 627 1,204 488 15,669 '•1,296 Dec. 19.... 360 23,668 20,602 3,067 829 24,85920,066 4,326 28,557 2,288 718 1,284 496 15,906 1,332 Dec. 26.... 492 24,037 20,970 3,067 643 25,172 20,065 4,334 28,649 2,283 1,199 1,282 500 15,658 1,213 1946—Jan. 2.... 222 24,092 21,602 2,490 533 24,847 20,065 4,352 28,491 2,306 771 1,299 498 15,900 PI.478 Jan. 9.... 215 23,859 21,377 2,482 463 24,536 20,046 4,362 28,297 2,256 758 1,307 505 15,822 PI.327 Jan. 16.... 210 23,437 21,030 2,407 426 24,072 20,111 4,377 28,119 2,262 272 1,257 505 16,145 P1,597 Jan. 23 207 23,341 20,968 2,373 373 23,922 20,135 4,385 27,977 2,282 578 1,239 506 15,859 1,339 P Preliminary. r Revised. c Corrected. 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. 147 FEBRUARY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect January 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, Advances secured by or corporations other than member banks Feder B al a n R k eserve A G c d t a o i o v l o v l r a a n e n b l s r e c l n s e m e m s s i a e ( n s t S n u e o e t c r c n i u o n . e r b g e 1 l y d 3 i o e g ) b r a a r y - G b o a m e v d y d a e v o t r i a e u s n n n l c r i m d c g i o n e i u e b o g s n n l n t e t s o e s e o r p c o y b a u c e l f p r a i a e g l e a r l d a r n a t a d b b i n o l y e d ns Other [ s S e e c c u . re 1 d 0 (b ad )J vances To s n e o c n u m re e d m b b y e r d ( l i a b re s a t c n t k p o s a b r. l i S g e a c ti . o 1 n 3 s T ) o o f o t t h h e e r U s . S. (Sees. 13 and 13a)* Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective Boston Oct. 27,1942 Sept. 11,939 Oct. 27,1942 Sept. 1,1939 Oct. 27,1942 New York Oct. 30,1942 Aug. 25,1939 Oct. 30,1942 Aug. 25,1939 Oct. 30,1942 Philadelphia Oct. 17,1942 Mar. 21,1942 Oct. 17,1942 Mar. 21,1942 Oct. 17,1942 Cleveland Oct. 27,1942 Apr. 11,1942 vSept. 12,1942 Apr. 11,1942 Oct. 27,1942 Richmond Oct. 28,1942 Mar. 14,1942 Oct. 28,1942 Mar. 14,1942 Oct. 28,1942 Atlanta Oct. 15,1942 Mar. 21,1942 Oct. 15,1942 Sept. 16,1939 Oct. 15,1942 Chicago Oct. 17,1942 Feb. 28,1942 Aug. 29,1942 Sept. 1,1939 Oct. 17,1942 St. Louis Oct. 27,1942 Mar. 14,1942 Mar. 14,1942 Sept. 16,1939 Oct. 27,1942 Minneapolis Oct. 30,1942 Mar. 28,1942 Oct. 30,1942 Mar. 28,1942 Oct. 30,1942 Kansas City Oct. 27,1942 Apr. 11,1942 Oct. 27,1942 Sept. 16,1939 Oct. 27,1942 Dallas Oct. 17,1942 Mar. 21,1942 Oct. 17,1942 Sept. 16,1939 Oct. 17,1942 San Francisco. . . . Oct. 28,1942 Apr. 4,1942 Oct. 28,1942 Apr. 4,1942 Oct. 28,1942 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116. pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13b [Per cent per annum] OF THE FEDERAL RESERVE ACT * Maturities not exceeding five years Rate on In effect be- Previous Maturity Jan. 31 ginning— rate [In effect January 31. Per cent per annum] To industrial or commercial Treasury bills l % Apr. 30, 1942 businesses To financing institutions Bankers' acceptances:2 1- 90 days y* Oct. 20, 1933 1 On discounts or 1 9 2 1 1 - - 1 1 2 8 0 0 d d a a y y s s O O c c t t . . 2 2 0 0 , , 1 1 9 9 3 3 3 3 1 Federal purchases to 1 b E u s y t a a b l li l s T he re d a s r u at r e y a b t i l w ls h i o c f h fe r t e h d e . Fe E d f e fe ra c l t iv R e e s A er u v g e . B 3 a , n 1 k 9 s 4 2 s , t a p n u d r c r h e a a s d e y s R B es a e n r k ve lo O an n s2 co m m O e m n n t i s t- fo P in r o s w r t t i i h t o u i n c - h ma R i e n - ing co m m O e m n n t i s tof 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 of obligated like amount and maturity at the same rate of discount. Since May 15, 2 M 19 i 4 n 3 im , a u i m l p b u u rc y h in a g se r s a t h e a s v e o n b e p e ri n m m e a b d a e n k s e u r b s j ' e c ac t c t e o p t r a e n p c u e r s c . hase option. N Bo ew sto Y n ork (3) (4) Back figures.—See Banking and Monetary Statistics, Table 117, Philadelphia. . . 5 2 pp. 443-445. Cleveland 2^-5 Richmond Atlanta GUARANTEE FEES AND MAXIMUM INTEREST AND COM- Chicago 2^-5 2^-5 M V I T O M N E N LO T A R N A S T E G S U A C R H A A N R T G E E E A D B L B E Y U W N A D R E R D E R P E A G R U T L M A E T N IO T N , S M t. i n L n o e u a i p s olis. . . 2 2 3 ^ ^ - - 5 5 i-iy2 NAVY DEPARTMENT, AND MARITIME COMMIS- Kansas City. . . 23^-5 SION UNDER EXECUTIVE ORDER NO. 9112 AND Dallas 23^-5 CONTRACT SETTLEMENT ACT San Francisco.. 2^-5 OF 1944 [Rates in effect January 31] 1 See table on maximum interest and commitment rates charge- FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS ab 2 l e I n u c n l d u e d r i n R g e l g o u a l n a s t i m on a d V e f i o n r p r a a r t t e i s c ip o a n t i g o u n a r w an it t h e e f d in a S n e c c i t n io g n i n 1 s 3 t b it u lo ti a o n n s s . . 3 Rate charged borrower less commitment rate. Guarantee fee 4 Rate charged borrower. (In terms of per- 6 May charge rate charged borrower by financing institution, if Percentage of loan guaranteed centage of amount lower. of interest payable • Charge of \i per cent is made on undisbursed portion of loan. by borrower)1 Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. MAXIMUM RATES ON TIME DEPOSITS 80 or less 10 85 15 Maximum rates that may be paid by member banks as established by 90 20 the Board of Governors under provisions of Regulation Q 95 30 [Per cent per annum] Over 95 50 Nov. 1,1933-Feb. 1, 1935- Effective Jan.31,1935Dec.31,1935 Jan. 1, 1936 MAXIMUM RATES THAT MAY BE CHARGED BORROWERS BY FINANCING INSTITUTION? Savings deposits Postal savings deposits [Per cent per annum] Other deposits payable: In 6 months or more In 90 days to 6 months.... Maximum rate of interest.... In less than 90 days Maximum commitment rate 2. 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. 148 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVE REQUIREMENTS MARGIN REQUIREMENTS3 [Per cent of deposits] [Per cent of market value] Net demand deposits1 July 5, Effec- Effec- Time Prescribed in accordance with 1945- tive tive deposits Securities Exchange Act of 1934 Jan. 20, July 5, Jan. 21, Period in effect Central Reserve (all 1946 1945 1946 reserve Country member city city banks banks) banks banks Regulation T: For extensions of credit by brokers and dealers on listed securities 50 75 100 June 21, 1917-Aug. 15, 1936.. 13 10 7 3 For short sales 50 75 100 Aug. 16, 1936-Feb. 28, 1937.. 19/^ 15 10J^ Regulation U: Mar. 1, 1937-Apr. 30, 1937.. 22M \7}/2 5M For loans by banks on stocks 50 75 100 May 1, 1937-Apr. 15, 1938.. 26 20 14 6 Apr. 16, 1938-Oct. 31, 1941.. 22^ 173^ 12 5 1 Regulations T and U limit the amount of credit that may be ex- Nov. 1, 1941-Aug. 19, 1942.. 26 20 14 6 tended on a security by prescribing a maximum loan value, which is a Aug. 20, 1942-Sept.13, 1942.. 24 20 14 6 specified percentage of its market value at the time of the extension; the Sept. 14, 1942-Oct. 2, 1942.. 22 20 14 6 "margin requirements" shown in this table are the difference between Oct. 3, 1942 and after 20 20 14 6 the market value (100%) and the maximum loan value. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504. 1 Demand deposits subject to reserve requirements, i. e., demand deposits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1946 1946 1945 Jan. 30 Jan. 23 Jan.16 Jan. 9 Jan. 2 Dec. 26 Dec. 19 January. December January Assets Gold certificates 17,188,565 17,163,565 17,163,565 17,088,560 17,062,565 17,062,565 17,067,565 17,188,565 17,062,565 17,768,865 Redemption fund for F. R. notes 794,424 794,424 796,381 802,323 800,359 800,371 795,386 794,423 800,359 604,388 Total gold certificate reserves.... 17,982,989 17,957,989 17,959,946 17,890,883 17,862,924 17,862,936 17,862,951 17,982,988 17,862,924 18,373,253 Other cash 356,110 339,219 313,990 277,548 232,448 206,77"4 216,125 358,700 236,315 292,544 Discounts and advances: For member banks. .. 264,990 160,105 162,900 167,800 175,442 445,027 312,855 249,215 201,865 175,850 For nonmember banks, etc 45,040 47,040 47,040 47,040 47,040 47,000 47,000 45,040 47,040 Total discounts and advances 310,030 207,145 209,940 214,840 222,482 492,027 359,855 294,255 248,905 175,850 Industrial loans 1,783 1,843 1,826 1,882 1,939 2,038 2,255 1,799 1,941 3,924 U. S. Gov't securities: Direct: Bills: Under repurchase option 5,244,960 5,172,169 4,912,161 4,946,742 4,681,357 4,845,110 4,564,012 5,144,726 4,851,923 4,628,675 Other 7,643,274 7,609,864 7,588,025 7,619,447 7,979,322 7,957,459 7,922,049 7,721,064 7,979,322 6,747,130 Certificates: Special Other 8,056,711 8,186,211 8,529,911 8,810,511 8,941,011 8,167,461 8,115,461 8,046,711 8,364,461 4,896,640 Notes 1,404,700 1,426,200 1,459,700 1,535,100 1,543,100 2,119,650 2,119,650 1,404,700 2,119,650 1,565,721 Bonds 946,892 946,892 946,892 946,892 946,892 946,892 946,892 946,892 946,892 1,165,672 Guaranteed 2,500 Total U. S. Govt. securities, including guaranteed securities 23,296,53723,341,33623,436,689 23,858,69224,091,682 24036,57223,668,064 23 264,093 24,262,24819,006,338 Other Reserve Bank credit outstanding.... 289,160 371,443 423,616 461,059 531,076 641,033 826,731 415,960 578,272 366,107 Total Reserve Bank credit outstanding 23,897,51023,921,76724,072,07124,536,47324,847,17925,171,67024,856,90523,976,10725,091,36619,552,219 Liabilities Federal Reserve notes. . 24,147,89924,208,912 24,342,95024,484,89924,634,86824,736,39124,663,20024,153,38324,649,13221,748,046 Deposits: Member bank — reserve account 15,681,18715,859,41216,145,17915,821,63515,900,13615,657,67815,905,93415,681,69115,914,95013,883,718 U. S. Treasurer—general account 762,397 577,706 272,196 757,818 771,153 1,198,710 718,240 845,456 976,668 647,581 Foreign 872,265 837,273 835,651 906,232 853,531 863,436 844,008 888,398 862,320 1,246,754 Other deposits 425,407 401,953 421,398 400,407 445,657 418,880 439,582 406,127 445,572 387,032 Total deposits 17,741,256 17,676,344 17,674,424 17,886,092 17,970,477 18,138,704 17,907,764 17,821,672 18,199,510 16,165,085 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent). . 42.9 42.9 42.7 42.2 41.9 42.0 42.8 41. 48.5 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] January 30, 1946 Total 1 W 5 it d h a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 9 6 1 m da o y n s t h t s o 6 to m 1 o y n e t a h r s 1 2 y y e e a a r rs to 2 5 y e y a e r a s r s to 5 O y v e e a r rs Discounts and advances 310,030 238,135 24,590 1,435 45,870 Industrial loans 1,783 1,689 3 43 3 12 12 U. S. Government securities.. . . 23,296,537 4,262,383 2,917,921 4,207,440 5 332,611 1,432,500 3,945,340 507,652 690,690 149 FEBRUARY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n ol n i e s - Ka Ci n t s y as Dallas F c S r is a a c n n o - Assets Gold certificates: Dec. 26 17,062,565 780,234 4,660,960) 876,112|1,137,6231,070,423 ,002,0913,220,843 556,837 323,662 582,225 472,742 ,378,813 Jan. 2 17,062,565 739,087 4,874,011 834,0411,126,649 889,911 967,7493,193,380 567,746) 327,586 581,676) 477,737 ,482,992 Jan. 9 17,088,560] 765,344 5,390,682 841,115 1,100,597 906,3891 950,7352,684,658 558,544 332,913 586,319 469,459 ,501,805 Jan. 16 17,163,565 730,417 5,290,004 815,8941,115,795 915,570 982,546|2 79,710 564,683 317,702 579,244 471,035 ,600,965 Jan. 23 17,163,565 729,738 5,340,766 822,1521,112,8641 895,766 951,7352,781,907 556,293 327,154 575,980 460,836 ,608,374 Redemption fund for F. R. notes: Dec. 26 800,371 59,189 124,283 61,134 78,031 60,0841 45,950 135,320 42,997 20,145 35,246 26,155 111,837 Jan. 2 800,359 59,189 124,283 61,134] 78,031 60,083 45,950 135,309 42,997 20,145 35,246 26,155 111,837 Jan. 9 802,323 59,090 108,912 60,969 77,886 63,342 45,825, 150,167 42,954 20,132 35,216 26,123 111,707 Jan. 16..... 796,381 59,077 108,540 60,959 77,879 63,2741 45,404 145,154 42,950 20,131 35,211 26,118 111,684 Jan. 23 794,4241 58,979] 108,129 60,826 77,768 62,665 45,129 145,042 42,921 20,119 35,178 26,086 111,582 Total gold certificate reserves: Dec. 26 17,862,936 839,423 4,785,243 937,246 1,215,6541,130,5071,048,041,3,356,163 599,834 343,807 617,471 498,897 ,490,650 Jan. 2 17,862,924 798,276 4,998,294 895,1751,204,680 949,994l,013,699|33,,332288,,668899 610,743 347,731 616,922 503,892 ,594,829 Jan. 9 17,890,883 824,434 5,499,594 902,0841,178,483 969,731 996,5602,834,825 601,498 353,045 621,535 495,582 613,512 Jan. 16 17,959,946 789,494 5,398,544 876,8531,193,674 978,8441 027,950 2,924,864 607,633 337,833 614,455 497,153 ,712,649 Jan. 23 17,957,989 788,717 5,448,895 882,9781,190,632 958,431 996,864 2,926,949 599,214 347,273 611,158 486,922 719,956 Other cash: 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 Jan. 2 232,448 18,125 36,179 15,777 15,542 17,608 23,941 26,703 14,726 7,048| 14,287 11,360 31,152 Jan. 9 277,548 22,618 49,339 18,648 23,523 20,292 25,326 32,400 15,731 7,103 13,624 11,698 37,246 Jan. 16 313,990 26,254 56,662 21,319 23,758 24,479 31,765 38,620 17,003 7,426| 15,156 12,880 38,668 Jan. 23 339,219 28,966 63,811 23,771 29,209 23,769 32,705 42,982 18,947 6,704 16,321 13,239 38,795 Discounts & advances: Secured by U. S. Govt. securities: Dec. 26... 445,027 23,060 339,7601 4,412 19,530 4,465 1,600 5,650 15,750 5,000 15,800 10,000 Jan. 2... 175,482 1,060 115,880 4,250 14,450 1,575 6,000 7,017 10,000 15,250 Jan. 9... 167,8401 9,775 110,725 5,250 4,650 2,500 2,300 6,100 3,540 10,800 12,200 Jan. 16... 162,940 7,040] 99,975 5,700 4,800 2,700 10,400| 11,950 2,525 5,700 12,150 Jan. 23... 160,145 6,405 91,275 1,250 4,500 500 5,500 12,650 7,540 12,100 18,425 Other: 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 Jan. 2... 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 Jan. 9... 47,000 3,149 17,0141 4,136 4,089 1,974 1,645 6,110 1,410 1,081 1,410 1,410 3,572 Jan. 16... 47,000 3,008 15,651 3,901 4,371 2,209 1,786 6,298 1,598 1,175 1,551 1,504 3,948 Jan. 23... 47,000 3,008 15,651 3,901 4,371 2,209 1,786 6,298 1,598 1,175 1,551 1,504] 3,948 Industrial loans: Dec. 26 2,038 110] 1,857 56 15 Jan. 2 1,939 110 1,761 53 15 Jan. 9 1,882 110 1,723, 49 Jan. 16 1,826| 110 l,670| 46 Jan. 23 1,843 106 1,695 42 U. S. Govt. securities: Bills: Under repurchase option: 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 Jan. 2... 4,681,357 101,987 2,922,853 202,173 139,1401 41,281 22,140 790,385 88,221 38,115 43,739 21,323 270,000 Jan. 9... 4,946,742 99,707 2,668,553 201,432 135,025 24,441 20,7401,424,770 80,102 25,785 33,539 21,748) 210,900 Jan. 16... 4,912,161 89,580 2,633,236 240,586 147,950 30,157 9,7401,410,905 74,630) 30,060| 17,960] 19,117 208,240 Jan. 23... 5,172,169 89,415 2,714,252 232,266 134,690 37,571 16,7401,498,036 106,631 34,290 49,410 27,303 231,565 Other bills: 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| ,502,011 Jan. 2... 7,979,322 602,856 58,066 573,782 939,405 773,234 654,8721,359,921 438,179 290,355 494,134 404,9921,389,526 Jan. 9... 7,619,447 584,288 558,594 973,151 748,021 634,0521,148,642 450,524 287,903 498,485 392,7991,342,988 Jan. 16. .. 7,588,025 608,556 550,235 946,213 745,396 631,88411,082,7761 471,1301 294,899| 533,975 416,7131,306,248 Jan. 23... 7,609,864 629,961 571,627 993,194 747,220 633,3911,051,593 449,747 296,992 537,414 429,6821,269,043 Certificates: 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 Jan. 2 8,941,011 615,225 2,238,391 676,658 8S4.982 560,7361 463,6131,147,538 438,623 244,101 435,283 390,911 874,950 Jan. 9 8,810,511 605,913 2,206,874 666,693 842,032 552,464 456,7811,130,876 432,339 240,428 428,924 385,276 861,911 Jan. 16.. 8,529,911 585,748 2,139,591 645,227 813.984| 534,643 442,0661,095,091 418,877 232,489 415,242 373,186 833,767 Jan. 23.. 8,186,211 561,202 2,056,643 618,977 779,847 512,855 424,0701,051,215 402,334 222,818 398,490j 358,347 799,413 Notes: Dec. 26 2,119,650 147,746 532,187 157,466 203,173 130,153 106,559 277,793 108,488 58,797 105,862 92,489 198,937 Jan. 2 1,543,100 106,181 386,317 116,782 147,5591 96,775 80,013 198,049 75,701 42,128 75,124 67,466] 151,005 Jan. 9 1,535,100 105,572 384,515 116,161 146,711 96,259! 79,587 197,038 75,329) 41,891 74,733 67,128 150,176 Jan. 16 1,459,700 100,238 366,142 110,416 139,295 91,492 75,649 187,399 71,681 39,786 71,O6O| 63,862 142,680 Jan. 23 1,426,200 97,773 358,309 107,838 135,866 89,350| 73,881 183,143 70,093 38,818 69,425 62,430) 139,274 Bonds: 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 Jan. 2 946,892 65,156 237,055 71,661 90,547 59,3841 49,098 121,529 46,453 25,851 46,098) 41,399 92,661 Jan. 9 946,892 65,1201 237,179 71,651 90,495 59,3 751 49,092 121,538 46,465 25,840| 46,097 41,407 92,633 Jan. 16 946,892 65,023 237,513 71,6261 90,359 59,350 49,073 121,564 46,499 25,808 46,096 41,426 92,555 Jan. 23 946,892 64,914 237,891 71,596 90,205 59,322 49,052 121,593 46,537 25,772 46,093 41,449 92,468 Total U. S. Govt. securities: Dec. 26 24,036,572 1,509,117 5,912,6151,621,220 2,203,518)1,367,9571,199,479 3,668,7651,083,553 629,3811,087,863 928,9812,824,123 Jan. 2 24,091,682 1,491,405 5,842,6821,641,056 ,171,6331,531,4101,269,736|3,617,4221,087,177 640,550),094,378 926,0912,778,142 Jan. 9 23,858,692 1,460,60015,497,1211,614,5312,187,414 ,480,5601,240,2524,022,8641,084,759 621,8471,081,778 908,3582,658,608 Jan. 16 23,436,689 1,449,145 5,376,482l,618,090|2,137,8011,461,0381,208,4123,897,7351,082,817 623,0421,084,333 914,304 2,583^490 Jan. 23 23,341,336 1,443,265 5,367,0951,602,3042,133,8021,446,3181,197,1343,905,580|l,075,342 618,6901,100,832 919,2112,531,763 Total loans and securities: Dec. 26 24,530,637 1,535,436 6,269,3891,631,6252,227,137 1,374,452l,202,724|3,680,5251,100,713 635,4621,105,088 930,3912,837,695 Jan. 2 24,316,103 1,495,724 5,975,5761,651,2032,190,172 1,535,0121,271,381 1,095,604 651,6311,111,053 927,501,2,781,714 Jan. 9 24,075,414 1,473,634 5,624,8601,625,640 2,196,1531,485,0831,244,197 4,035,0741,089.709 633,728)1,095,388 909,768 2,662,180 Jan. 16.......23,648,455 1,459,303 5,492,1081,629,361 2,146,972 1,465,9931,220,598 3,915,983l,086,940| 629,9171,098,034) 915,808 2,587,438 Jan. 23 23,550,324jl, 452,7845,474,0211,609,150 2,142,6731,449,0691,204,420 3,924,5281,084,480! 631,9651,120,808 920,7152,535,711 150 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 L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Due from foreign banks: Dec. 26 110 7 1 40 10 10 5 4 14 3 3 3 3 8 Jan. 2 110 7 140 10 10 5 4 14 3 3 3 3 8 Jan. 9 110 7 140 10 10 5 4 14 3 3 3 3 8 Jan. 16 110 7 137 10 10 5 4 15 3 3 4 3 9 Jan. 23 110 7 1 37 10 10 5 4 15 3 3 4 3 9 Federal Reserve notes of other banks: 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 Jan. 2 160,370 5,138 18,089 6,454 12,638 30,242 14,719 17,571 9,557 7,087 9,881 6,429 22,565 Jan. 9 170,950 5,611 21,921 6,986 12,924 34,588 14,309 17,077 9,611 5,984 9,962 5,847 26,130 Jan. 16 176,386 7,026 24,896 6,586 13,211 36,638 14,466 17,150 8,603 6,154 8,595 4,982 28,079 Jan. 23 172,325 6,376 22,195 6,170 12,906 40,585 13,618 16,623 7,812 6,797 7,844 4,702 26,697 Uncollected items: 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 Jan. 2 2,345,152 172,276 490,170 141,801 225,840 207,837 159,255 350,441 86,593 55,474 122,541 100,324 232,600 Jan. 9 1,981,365 132,951 389,324 130,332 180,481 137,772 143,541 319,719 96,312 56,166 112,524 79,153 203,090 Jan. 16 2,314,686 163,820 511,392 125,394 208,675 164,450 165,317 370,480 117,150 60,234 123,011 82,549 222,214 Jan. 23 2,208,323 137,551 413,441 116,039 199,017 171,823 213,977 346,013 112,940 56,937 118,897 110,021 211,667 Bank premises: 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 Jan. 2 33,376 1,352 8,674 3,313 3,989 2,769 1,568 3,106 2,059 1,263 2,591 829 1,863 Jan. 9 33,376 1,352 8,674 3,313 3,989 2,769 1,568 3,106 2,059 1,263 2,591 829 1,863 Jan. 16 33,378 1,352 8,674 3,313 3,989 2,769 1,568 3,108 2,059 1,263 2,591 829 1,863 Jan 23 33,360 1,352 8,674 3,313 3,979 2,762 1,568 3,108 2,058 1,263 2,591 829 1,863 Other assets: 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 Jan. 2 63,950 9,350 13,214 3,933 5,734 3,543 3,420 8,111 3,517 1,585 2,770 2,908 5,865 Jan. 9 59,675 4,107 13,839 4,100 5,763 3,504 3,219 8,401 3,468 1,585 2,853 2,559 6,277 Jan. 16 62,395 3,876 14,354 4,546 6,077 3,831 3,332 9,177 3,513 1,732 2,963 2,783 6,211 Jan. 23 65,023 3,975 14,648 4,698 6,319 4,145 3,541 9,413 3,760 1,818 3,083 3,086 6,537 Total assets: Dec. 26 44,850,651 2 546,50611,508,7802,712,5163,651.2712,736,8122,430,1367,423,9461,803 8911,050,7791,854,4781 522,4725,609,064 Jan. 2 45,014,433 2,500,24811,540,2362,717,6663,658,6052,747,0102,487,9877,364,1671,822,8021,071,8221,880,0481,553,2465,670,596 Jan. 9 44,489,321 2,464,71411,607,5912,691,1133,601,3262,653,7442,428,7247,250,6161,818,3911,058,8771,858,4801,505,4395,550,306 Jan. 16 44,509,346 2,451,13211,506,6672,667,3823,596,3662,677,0092,465,0007,279,3971,842,9041,044,5621,864,8091,516,9875,597,131 Jan. 23 44,326,673 2,419,72811,445,7222,646,1293,584,7452,650,5892,466,6977,269,6311,829,2141,052,7601,880,7061,539,5.175,541,235 Liabilities Federal Reserve De n c o . t 2 e 6 s: 24,736,391 1,492,785 5,410,4621,644,3092,111,9921,748,0091,490,6724,458,2951,066,772 554,582 912,460 626,0783,219,975 Jan. 2 24,634,868 1,479,639 5,390,2331,634,3412,097,1641,738,3261,483,0354,446,5981,063,526 552,003 912,330 619,9043,217,769 Jan. 9 24,484,899 1,466,198 5,345,9321,625,5422,085,4131,723,9211,473,8914,432,7001,057,260 551,464 911,088 615,7153,195,775 Jan. 16 24,342,950 1,454,356 5,316,7401,619,7392,071,6211,713,1961,466,0354,409,4671,053,056 549,375 906,910 610,8523,171,603 Jan. 23 24,208,912 1,446,315 5,290,4021,614,0712,059,9951,700,6921,456,9684,393,8611,047,850 546,494 902,149 607,1123,143,003 Deposits: Member bank —reserve account: Dec. 26.. 15,657,678 694,083 4,843,591 783,4751,140,313 707,300 726,3862,272,678 595,309 388,187 770,474 745,1481,990,734 Jan. 2.. 15,900,136 694,325 4,909,765 794,7911,167,007 706,190 757,2992,342,291 589,165 386,733 778,485 750,4802,023,605 Jan. 9.. 15,821,635 724,198 4,842,121 792,1541,194,486 716,009 751,3542,300,966 606,214 392,488 775,776 748,5961,977,273 Jan. 16.. 16,145,179 729,101 4,917,258 811,4551,206,393 737,419 786,8192,346,862 613,484 396,633 785,395 782,0392,032,321 Jan. 23.. 15,859,412 712,394 4,920,723 789,6961,192,375 703,208 743,0962,280,018 595,013 385,721 775,908 755,7282,005,532 U. S. Treasurer-general acc D o e u c n . t 2 : 6.. 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 Jan. 2.. 771,453 94,202 95,700 37,246 80,646 44,427 52,143 125,823 45,794 50,402 32,502 39,703 72,565 Jan. 9.. 757,818 49,253 286,131 39,557 49,555 31,090 27,672 102,248 24,342 35,026 29,110 33,194 50,640 Jan. 16.. 272,196 14,673 73,693 9,375 10,294 15,673 10,512 54,926 12,810 12,134 13,090 5,653 39,363 Jan. 23.. 577,706 27,706 103,099 28,696 46,894 32,842 28,019 125,128 39,944 34,044 44,472 32,033 34,829 Fo D re e i c g . n 2 : 6... . 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 Jan. 2.... 853,531 55,653 2334,579 71,383 70,572 34,069 28,391 105,453 24,335 18,657 24,335 24,335 61,769 Jan. 9 906,232 58,401 2354,471 76,031 75,167 36,288 30,240 112,319 25,920 19,872 25,920 25,920 65,683 Jan. 16.... 835,651 51,422 2304,269 66,056 74,014 37,405 30,242 106,644 27,059 19,896 26,263 25,467 66,914 Jan. 23.... 837,273 51,197 2307,019 65,931 73,875 37,335 30,185 106,443 27,008 19,859 26,214 25,419 66,788 Other: 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 Jan. 2.... 445,657 4,017 336,609 8,518 7,758 11,087 5,196 3,860 9,750 2,498 3,122 2,938 50,304 Jan. 9.... 400,407 3,232 305,341 3,238 8,147 4,237 3,445 5,711 9,813 2,510 2,127 1,210 51.396 Jan. 16.... 421,398 5,859 322,319 4,585 7,837 3,103 3,068 9,438 10,871 2,746 2,161 1,817 47,594 Jan. 23.... 401,953 4,697 307,999 3,266 8,019 3,547 3,399 7,172 10,794 2,858 582 1,497 48,123 Total deposits: Dec. 26 18,138,704 903,726 5,718,600 941,5481,356,384 821,824 799,2142,683,026 659,929 437,833 837,661 809,3642,169,595 Jan. 2 17,970,477 848,197 5,676,653 911,9381,325,983 795,773 843,0292,577,427 669,044 458,290 838,444 817,4562,208,243 Jan. 9 17,886,092 835,084 5,788,064 910,9801,327,355 787,624 812,7112,521,244 666,289 449,896 832,933 808,9202,144,992 Jan. 16 17,674,424 801,055 5,617,539 891,4711,298,538 793,600 830,6412,517,870 664,224 431,409 826,909 814,9762,186,192 Jan. 23 . ... 17 676,344 795,994 5,638,840 887,5891,321,163 776,932 804,6992,518,761 672,759 442,482 847,176 814,6772,155,272 Deferred availability items: 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 Jan. 2.... 1,814,186 133,862 281,750 122,351 180,260 184,339 137,980 260,482 69,144 45,677 108,416 95,886 194,039 Jan. 9.... 1,520,416 124,761 281,388 105,328 132,931 113,466 118,031 216,357 73,649 41,682 93,441 60,658 158,724 Jan. 16.... 1,891,180 156,876 379,381 106,722 170,141 141,303 144,087 271,316 104,388 47,944 109,890 70,866 188,266 Jan. 23.... 1,836,990 138,445 322,113 94,852 147,439 143,811 180,630 275,927 87,174 47,447 110,112 97,293 191,747 1 After deducting $70,000 participations of other Federal Reserve Banks on Dec. 26; Jan. 2; Jan. 9; $73,000 on Jan. 16;i; Jan. 23. 2 After deducting $524,820,000 participations of other Federal Reserve Banks on Dec. 26; $517,528,000 on Jan. 2; $551,2227,000 on Jan. 9; $530,- 832,000 on Jan. 16; and $529,833,000 on Jan. 23. FEBRUARY 1946 151 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 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.: Dec. 26 12,781 772 3,447 888 1,254 582 57- 1,882 44 551 45 493 1,440 Jan. 2 7,733 41 1,368 511 783 430 362 1,792 296 37 310 246 844 Jan. 9 8,013 393 1,458 501 81 431 350 2,161 272 294 297 23 803 Jan. 16 8,458 452 1,703 489 979 386 346 2,106 27 236 311 288 885 Jan. 23 9,841 425 2,548 439 841 47: 391 2,169 296 675 337 34: 906 Total liabilities: Dec. 26 44,266,429 ,508,18511,320,0032,664,2063,596,9872,708,760 ,406,7147,346,3091,783,2461,035,3731,834,0821,502,8185,559,746 Jan. 2 44,427,264 ,462,11511,350.0042,669,1413,604,1902,718,868 ,464,4067,286,2991,802,0101,056,3441,859,5001,533,4925,620,895 Jan. 9 43,899,420 ,426,436 11,416,84 2,642.3513,546,5182,625,442 ,404,9837,172,4621,797,4701,043,3361,837,759 ,485,5275,500,294 Jan. 16 43,917,012 ,412,739 11,315,3632,618,4213,541,2792,648,485 441,1097,200,7591,821,9451,028,9641,844,0201,496,9825,546,946 Jan. 23 43,732,087 ,381,17911,253,9032,596,9513,529,4382,621,907 442,6887,190,7181,808,0791,037,0981,859,7741,519,424 ,490,928 Capital Acc'ts: Capital paid in: Dec. 26 175,836 10,63? 62,73: 13,058 17,659 7,173 6,354 20,756 5,586 3,851 5,731 6,007 16,297 Jan. 2 177,337 10,639 63,636 13,064 17,693 7,179 6,398 21,125 5,613 3,896 5,770 6,027 16,297 Jan. 9 178,250 10,671 63,707 13,161 17,902 7,221 6,458 21,201 5,641 3,903 5,848 6,107 16,430 Jan. 16 178,837 10,682 63,797 13,247 17,983 7,305 6,508 21,271 5,667 3,910 5,881 6,120 16,466 Jan. 23 179,146 10,703 63,848 13,280 18,002 7,321 6,520 21,384 5,704 3,914 5,897 6,126 16,447 Surplus (section 7): 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 Jan. 2 358,355 22,439 116,860 28,946 33,745 15,593 14,450 53,029 12,939 8,869 11,891 10,670 28,924 Jan. 9 358,355 22,439 116,860 28,946 33,745 15,593 14,450 53,029 12,939 8,869 11,891 10,670 28,924 Jan. 16 358,355 22,439 116,860 28,946 33,745 15,593 14,450 53,029 12,939 8,869 11,891 10,670 28,924 Jan. 23 358,355 22,439 116,860 28,946 33,745 15,593 14,450 53,029 12,939 8,869 11,891 10,670 28,924 Surplus (section 13b): 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 Jan. 2 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Jan. 9 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Jan. 16 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Jan. 23 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Other capital accounts: 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 Jan. 2 24,049 2,043 2,531 2,014 1,970 2,044 1,971 2,285 1,713 1,640 1,750 1,750 2,338 Jan. 9 25,868 2,156 2,977 2,154 2,154 2,162 2,071 2,495 1,814 1,696 1,845 1,828 2,516 Jan. 16 27,714 2,260 3,442 2,267 2,352 2,300 2,171 2,909 1,826 1,746 1,880 1,908 2,653 Jan. 23 29,657 2,395 3,906 2,451 2,553 2,442 2,277 3,071 1,965 1,806 2,007 1,990 2,794 Total liabilities and capital accounts: Dec. 26 44,850,651 ,546,506 1,508,780 ,712,516 ;,651,271 ,736,812 !,430,136 ',423,946 ,803,891 ,050,779 ,854,478 ,522,472 1,609,064 Jan. 2 45,014,433 ,500,248 1,540,236 ,717,666 5,658,605 ,747,010 1.487,987 ,364,167 ,822,802 ,071,822 ,880,048 ,553,246 1,670,596 Jan. 9 44,489,321 ,464,714 1,607,591 ,691,113 ,601,326 ,653,744 1,428,724 ,250,616 ,818,391 ,058,877 ,858,480 ,505,439 1,550,306 Jan. 16 44,509,346 ,451,132 1,506,667 ,667,382 3,596,366 ,677,009 ,465,000 ,279,397 ,842,904 ,044,562 ,864,809 ,516,987 ,597,131 Jan. 23 44,326,673 ,419,728 1,445,722 ,646,129 ,584,745 ,650,589 ,466,697 ,269,631 ,829,214 ,052,760 ,880,706 ,539,517 ,541,235 Commitments to make industrial loans: Dec. 26 2,850 164 1,809 300 300 185 92 Jan. 2 1,646 164] 705 300 200 185 92 Jan. 9 1,666 164! 725 300 200 185 92 Jan. 16 1,894 164 953 300 200 185 92 Jan. 23 1,587 164 648 300 200 185 90 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 r i a a sc n n o - Federal Reserve notes outstanding (issued to bank): Dec 26 25,608,777 1.534,452 5,558,9721,699,8382,180,553 1,801,6771,565,940 4,564.2261,119,276569,605952,110664,4053,397,723 Jan. 2 25,617,619 1,538,8835,555,1371,698,3062,180,1811,799,460 ,565,142 4,570,,154 ,117,499569,504947,002663,4643,412,887 Jan. 9 25,525,033 1,533,2655,524,0431,691,8312,174,713 1,793,6441,559,9724,559,516 1,112,987569,535946,182 657,4963,401,849 Jan. 16 25,441,288 ,529,8505,523,5641,688,7902,168,902 1,787,4721,549,7394,547,253 1,110,463567,238942,859 654,5633,370,595 Jan. 23 25,374,577 1,523,0955,525,1341,683,1372,155,365 1,782,2931,546,0084,544,3681,106,860564,453942,845646,7213,354,298 Collateral held against notes outstanding: Gold certificates: Dec. 26 10,523,000 460,0003,120,000 500,000 635,000 670,000 680,000 1,890,000 300,000 170,000280,000 169,0001,649,000 Jan. 2 10,523,000 460,0003,120,000 500,000 635,000 670,000 680,000 1,890,000 300,000 170,000280,000 169,0001,649,000 Jan. 9 10,558,000 460,0003,520,000 500,000 635,000 600,000 680,0001,590,000 300,000 175,000280,000 169,0001,649,000 Jan 16 10,658,000 460,0003.520,000 500,000 635,000 600,000 680,000 1,690,000 300,000 175,000280,000 169,0001,649,000 Jan. 23 10,628,000 460,0003,520,000 500,000 635,000 600,000 680,000 1,660,000 300,000 175,000280,000 169,0001,649,000 Eligible paper: Dec. 26 417,747 23,060 339,760 4,412 3,965 15,750 5,000 15,800 10,000 Jan. 2 155,032 1,060 115,880 4,250 1,575 7,017 10,000 15,250 Jan. 9 154,790 9,775 110,725 5,250 2,500 3,540 10,800 12,200 Jan. 16 135,790 7,040 99,975 5,700 2,700 2,525 5,700 12,150 Jan. 23 137,495 6,405 91,275 1,250 500 7,540 12,100 18,425 U. S. Govt. securities: Dec. 26 15,420,222 ,100,0002,400,0001,200,0001,550,0001,175,000 900,0002,700,000 895,222400,000700,000 500,0001,900,000 Jan. 2 15,388,221 1,100,0002,400,0001,200,000 1,550,0001,175,000 900,0002,700,000 863,221400,000700,000 500,0001,900,000 Jan. 9 15,380,102 ,100,0002,000,000 ,200,0001,550,0001,225,000 900,0003,000,000 905,102400,000700,000 500,0001,900,000 Jan. 16 15,274,630 1,100,0002,000,000 ,200,0001,550,0001,225,000 900,0002,900,000 899,630400,000700,000 500,0001,900,000 Jan. 23 15,306,631 1,100,0002,000,000 ,200,0001,550,0001,225,000 900,0002,900,000 931,631400,000700,000500,0001,900,000 Total collateral: Dec. 26 26,360,969 1,583,0605,859,760 ,704,4122,185,000 1,848,9651,580,000 4,590,0001,210,972575,000995,800 669,0003,559,000 Jan. 2 26,066,253 1,561,0605,635,880 ,704,2502,185,0001,846,5751,580,000 4,590,0001,170,238580,000995,250 669,0003,549,000 Jan. 9 26,092,892 1,569,7755,630,725 ,705, 25-"0 2,185,0001,827,5001,580,000 4,590.0001,208,642585,800992.200 669,0003,549,000 Jan. 16 26,068,420 1,567,0405,619,975 ,705,7002,185,000 1,827,7001,580,000 1,202,155580,700992.150 669,0003,549,000 Jan. 23 26,072,126 1,566,4055,611,275 ,701,2502,185,000 1,825,5001,580,000 4,560,0001,239,171S87.1OOQQ8.425 669,0003,549,000 152 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WAR PRODUCTION LOANS GUARANTEED BY WAR DE- MEMBER BANK RESERVES AND BORROWINGS PARTMENT, NAVY DEPARTMENT, AND MARITIME [Averages of daily figures. In millions of dollars] COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V Central reserve [Amounts in thousands of dollars] All city banks Re- Coun- Gua a r u a t t o n h t o e d r e a i d z te ed loans o G u u t a s lo r ta a a n n n d t s e i e n d g a A b v a o d a m r d il r i a o o t b i w u o l n e e n t r a s t l o week M en o d n i t n h g , o F r riday b m a b e n e m k r s - 1 Y N o e r w k C c h a i g - o b s c a e i n r t v y k e s b tr a y nksi Date under guar- N b u e m r - Amount am To o t u a n l t g P u o t a e r e r ti a d o n n - a o n u te t m s e t e a n a n t g d s r i e n e g - To 1 t 9 a 4 l 4 r — es D N er e o v c v es held: 1 1 4 4 , , 5 1 2 6 0 8 4 3 , , 0 7 5 5 7 6 9 8 2 7 5 6 5 5 , , 7 6 7 5 3 4 3 3 , ,8 7 8 6 2 4 June 1 3 9 0 42 565 310,680 81,108 69,674 137,888 1945—N D o ec v 1 16 6 ,0 ,0 2 4 7 3 4 4 , , 2 1 6 1 2 8 9 93 5 9 0 6 6, , 3 3 9 8 4 1 4 4, , 5 4 7 5 6 0 S D e e p c. t . 3 3 0 1 2 1 , ,6 6 5 6 8 5 2,6 9 8 4 8 4 , , 3 2 9 0 7 4 8 4 0 2 3 7 , , 7 9 2 1 0 8 3 6 5 3 6 2 , , 6 4 7 7 7 4 1,4 2 3 3 0 0 , , 1 72 2 0 1 N De o c v . . 30 7 1 1 6 6 , , 3 1 5 6 3 5 4 4 , , 2 2 9 4 9 0 9 95 6 6 0 6 6, , 5 4 4 2 2 4 4 4 , , 6 4 1 8 5 2 J M S D u e e a n p c r e . t . . 1 3 3 3 3 9 0 1 0 1 43 3 4 4 5 , , , , 5 2 3 7 3 1 4 8 4 7 7 7 3 5 6 4 , , , , 7 4 5 7 2 5 6 1 5 2 3 8 , , , , 2 4 0 8 4 9 4 1 1 8 8 8 1 1 1 1 , , , , 7 4 2 9 0 2 4 1 8 8 5 4 , , , , 0 2 7 0 2 5 1 4 2 3 1 0 1 1 1 , , , 1 4 6 9 5 1 0 9 3 3 1 9 , , , , 7 1 3 5 5 5 9 1 4 6 9 8 3 2 2 1 , , , , 1 2 4 8 4 1 9 6 6 6 4 5 , , , , 2 8 0 6 8 5 5 1 6 5 3 8 1946— J J D D D J a a a e e e n n n c c c . . . . . . 2 1 2 1 1 8 1 1 8 4 4 1 1 1 1 1 1 5 5 5 5 5 6 , , , , , , 1 9 9 9 8 8 1 8 2 1 5 8 0 5 8 4 4 3 4 4 4 4 4 4 , , , , , , 1 0 0 0 0 0 3 0 6 4 5 7 7 7 5 1 4 8 9 9 9 9 9 9 4 1 1 2 3 3 1 9 9 3 3 0 6 6 6 6 6 6 , , , , , , 3 3 3 3 3 4 0 4 5 6 6 4 7 9 4 0 8 3 4 4 4 4 4 4 , , , , , , 5 5 6 6 5 6 8 5 5 1 3 0 3 3 5 0 7 8 J S D M u e e a n p c r e . t . . 1 3 3 3 3 9 0 1 0 0 4 4 . . . 5 6 6 7 , , , , 8 9 4 4 8 0 3 3 2 4 3 4 8 9 8 7 , , , , 0 3 6 4 4 1 8 6 6 0 6 5 , , , , 6 5 7 7 7 8 6 5 2 2 2 3 2 2 1 1 , , , , 0 0 9 7 6 0 6 3 4 9 0 5 , , , , 3 5 7 9 1 1 8 7 8 1 5 0 1 1 1 1 , , , , 6 6 4 7 8 6 8 3 0 3 2 5 , , , , 0 4 7 0 4 8 7 3 6 9 7 8 3 3 4 4 , , , , 8 6 3 4 1 1 0 5 0 5 1 3 , , , , 7 3 9 5 9 2 8 6 7 2 6 3 Ex 1 1 c 9 9 e 4 4 ss 4 5 — — re D D N N s e e o o e c c v v rves: 1 1 1 1 , , , , 1 4 2 0 6 9 8 2 7 8 4 3 4 2 2 2 8 2 8 7 1 5 5 2 4 4 3 2 3 1 0 5 8 8 0 9 6 1 , 8 8 7 0 9 3 1 1 5 5 0 8 Jan. 1 3 9 1 45 7,581 9,407,853 1,700,632 1,448,995 3,911,058 N De o c v . . 30 7 1 1 , , 5 2 6 0 5 0 4 1 7 7 9 7 4 2 8 9 0 9 rl , 8 0 7 2 7 9 Feb. 28 7,720 9,517,272 1,646,160 1,402,646 3,964,830 Dec. 14 '1 ,514 43 16 433 '1 ,023 Mar. 31 7,886 9,645,378 1,599,120 1,365,959 3,963,961 Dec. 21 1 ,425 30 11 366 1 ,018 Apr. 30 8,048 9,872,916 1,558,270 1,332,050 4,002,772 Dec. 28 1 ,364 26 9 346 983 May 31 8,218 10,015,427 1,479,847 1,272,137 3,994,726 1946—Jan. 4 Pi ,492 25 14 407 n ,046 June 30 8,422 10,149,315 1,386,8511,190,944 3,694,618 Jan. 11 Pl ,445 18 11 369 Pi ,047 July 31 8,553 10,241,600 1,274,238 1,091,654 3,627,297 Jan. 18 Pi,492 22 9 385 P1,076 Aug. 31 8,651 10,292,225 1,242,688 1,061,601 3,460,272 Borrowings at Federal Sept. 30 8,695 10,313,868 1,073,892 916,851 3,043,674 Reserve Banks: Oct. 31 8,732 10,321,336 835,537 716,953 2,686,411 1944—Nov 436 261 124 52 Nov. 30 8,746 10,332,868 715,309 613,551 2,077,154 Dec 265 186 43 36 Dec. 31 8,757 10,339,400 511,270 436,095 965,595 1945—Nov 592 216 281 95 Dec 334 192 96 46 NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and amounts available to borrowers under guaran- Nov. 30 770 326 289 155 tee agreements outstanding represents amounts repaid, guarantees Dec. 7 427 148 147 132 available but not completed, and authorizations expired or withdrawn. Dec. 14 248 70 95 83 Dec. 21 359 199 75 85 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Dec. 28 482 307 74 101 1946—Jan. 4 291 191 43 57 [Amounts in thousands of dollars Jan. 11 234 102 57 75 Jan. 18 231 103 53 75 Applications Ap- W o D o r e f a d l t a p e n s e e t r ( s i l d d o a a d a s y y ) t Num a - t p o p r d o a v t e e d b p p u c r le o o t t m v e n e d - o d 1 t s (a t L a m o n o u o d a u t i n - n n s g t) 2 C st m o a o m n e u n d t m - t i s n it g - s P p t a a a o t n r u i t d o t i - c i n n i s - g b co er u 1 P n W b P t a r r e n y e e k l k i b s m l a y a n i n n k d f a s i r g y a o u r f r e e c s e o s u t o r i n f m t R r a y e e t x v e b c i s s e a . e s n s d k . W s r e e m s e e a k r y l v y e i s n f i c g l o u u f r d e e s a l s o l m f m a b l o e l r m a ro m b w e o r i u n n g b t s a s n o o k f f s a l F l a e n m d d e e r m a o l - f ber Amount (amount) (amount) (amount) Reserve Bank discounts and advances for nonmember banks, etc. 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 1937 2,406 150,987 3,369 20,216 12,780 7,238 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1938 2,653 175,013 1,946 17,345 14,161 12,722 SMALL CENTERS * 1939 2,781 188,222 2,659 13,683 9,220 10,981 [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 1942 and over population 15,000 population 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 43 0... 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 bank* bank2 1944 June 30. .. 3,483 510,857 45 11,366 4,048 11,063 December 1944 14 ,844 5,775 9,293 4,006 Dec. 30. .. 3,489 525,532 1,295 3,894 4,165 2,706 November 1945 15,672 7,260 11 ,160 5 ,088 1945 December 1945 17,167 7,275 11 ,805 5,106 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 ,238 789 369 206 Mar. 31... 3,493 528,936 85 4,214 3,321 2,365 New York 3 ,377 1 ,831 1 ,124 1 ,002 Apr. 30. .. 3,500 533,037 1,370 4,553 3,285 2,361 Philadelphia 1 ,259 637 951 742 May 31. .. 3,502 535,117 220 4,339 4,392 2,697 Cleveland 1 ,532 816 1 ,066 700 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 ,203 343 881 390 Aug. 31. .. 3,504 539,765 130 3,259 4,708 2,358 Atlanta 1 ,617 430 690 176 Sept. 30. .. 3,505 540,241 130 3,166 4,291 2,018 Chicago 2,116 1 ,175 1 ,562 796 Oct. 31. .. 3,508 543,090 1,055 2,460 3,679 1,876 St. Louis 621 286 998 237 Nov. 30. .. 3,509 544,116 105 2,471 2,953 1,777 Dec. 31. .. 3,511 544,961 320 1,995 1,644 1,086 Minneapolis 572 246 687 359 Kansas City 525 98 1 ,483 178 1 Includes applications approved conditionally by the Federal Re- Dallas 894 109 1 ,378 58 serve Banks and under consideration by applicant. San Francisco. . . 1 ,213 516 617 263 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of con- 1 Includes any banks in outlying sections of reserve cities which have dition of Federal Reserve Banks. been given permission to carry the same reserves as country banks. NOTE.—The difference between amount of applications approved and All reserve cities have a population of more than 15,000. the sum of the following four columns represents repayments of ad- 2 Includes war loan deposits, shown separately for all country banks vances, and applications for loans and commitments withdrawn or in the table on the following page. expired. 153 FEBRUARY 1946 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 Bor- De- mand Reserve Banks row- Feder C al l a R ss e a s o n e d f r v b e a n d k istrict Total I b n a t n e k r- w G a U m o r d v . e e e S l n - o r . t n a - n Other j p u m a o s d a t d s e e n i - - d t d s * p m o N d d a s e e e i n - - t t d s4 p T o d i s e i m - t e s5 m a f e b d n d r s a u c o o l t e - e m i - s c Total qu R i e r - ed c E e x s - s s i F e e R n a e r r g e d t a v s - - l e posits2 banks Banks First half of December 1945 All member banks 03,114 13,559 20,080 69,475 64,730 71,693 23,964 6,851 16,131 14,569 1,562 288 Central reserve city banks: New York.. .• 28,295 4,520 6,603 17,172 15,589 20,079 1,251 67 4,148 4.091 57 Chicago 6,304 1,297 1,423 3,584 3,326 4,439 709 188 947 930 17 Reserve city banks 38,504 6,473 7,295 24,736 22,555 27,048 9,658 2,072 6,449 5,989 460 127 Boston 2,560 337 706 1,517 1,404 1,684 169 58 371 347 24 2 New York 614 27 114 472 443 448 269 24 110 106 4 1 Philadelphia 2,857 401 631 1,825 1,684 2,008 192 77 427 413 14 8 Cleveland 4,484 587 952 2,945 2,731 3.133 1,135 189 766 695 71 11 Richmond 2,495 437 506 1,552 1,420 1,732 409 136 419 371 48 1 Atlanta 2,399 662 432 1,305 1,159 1,666 362 163 384 355 29 3 Chicago 4.523 526 896 3,100 2,892 3,108 1,751 317 791 727 64 18 St. Louis 2,259 661 422 1,176 1,028 1,585 .285 109 348 334 14 25 Minneapolis 1,268 360 313 595 515 787 148 90 173 166 7 2 Kansas City 3,147 1,049 455 1,643 1,457 2,197 314 315 509 458 51 18 Dallas.... 2,602 655 465 1.483 1,359 1,773 285 247 414 372 43 San Francisco 9,296 772 1,402 7,122 6462 6,927 4,339 346 1737 1646 91 "38* Country banks. .. 30,011 1,269 4,759 23,983 23,260 20,128 12,346 4,523 4,587 3,559 1,028 51 Boston 2,691 95 612 1,984 1,894 1,770 992 228 381 307 74 8 New York 4,549 85 1,043 3,421 3286 3,033 2,824 353 723 594 129 20 Philadelphia... 2,206 16 429 1,761 1711 1,493 1,375 240 372 292 81 3 Cleveland 2,594 28 482 2,084 2029 1,720 1,512 344 452 332 120 5 Richmond 2,260 190 335 1,736 1657 1,462 732 400 325 249 76 3 Atlanta 2,513 249 331 1,934 1868 1,686 601 446 355 272 83 5 Chicago 3,714 84 581 3,049 2989 2,484 1,966 599 611 466 145 2 St. Louis 1,770 156 193 1,422 1379 1,232 521 309 252 204 49 Minneapolis. . . 1,334 89 175 1,070 1041 894 605 239 215 161 53 Kansas City... 2,094 97 168 1,828 1803 1,416 275 494 289 215 74 Dallas 2,445 153 209 2,083 2038 1,626 165 580 332 238 94 San Francisco. 1,841 29 200 1,611 1565 1,312 778 291 280 230 50 Second half of December 1945 All member banks 103,812 13,555 21,662 68595 64323 71262 24077 6,871 15930 14491 1,439 377 Central reserve city banks: New York 28,019 4,544 6,833 16643 15371 19,879 1,243 72 4090 4050 40 268 Chicago 6,366 1,306 1,548 3512 3258 4,379 712 190 930 918 12 Reserve city banks. 38,989 6,456 8,029 24,504 22,435 26,906 9,707 2,076 6 343 5964 379 68 N B e o w st o Y n ork 2,4 6 4 3 8 9 30 2 1 7 6 1 5 3 6 6 1 4 49 7 1 6 1, 4 3 5 92 0 1, 4 6 5 49 4 2 1 7 7 1 0 4 2 6 3 3 1 4 1 7 3 3 1 4 0 0 7 6 7 5 Philadelphia 2,840 369 665 1806 1,683 1,975 190 78 415 406 8 ' 5* Cleveland 4,505 584 1,046 2,875 2,665 3.081 1,140 173 724 685 40 11 Richmond 2,481 417 516 1,548 1,418 1,715 409 132 404 367 36 1 Atlanta 2,483 686 493 1,303 1,161 1,690 363 164 383 360 23 Chicago 4,580 531 993 3,056 2,850 3,073 1,756 316 791 720 71 "5* St. Louis 2,309 695 472 1,142 1,004 1,594 286 110 348 336 12 13 Minneapolis. . .. 1,272 347 330 595 525 795 149 78 171 168 3 1 Kansas City... . 3,204 1,050 519 1,635 1,449 2,182 316 325 497 455 42 15 Dallas 2,665 659 507 1,499 1,373 1,760 286 279 416 369 47 San Francisco.... 9,563 788 1,696 7,080 6,467 6,939 4,371 353 1,733 1650 82 Country banks... 30,437 1,250 5,252 23,936 23,259 20,098 12,414 4,533 4,566 3,559 1,008 41 Boston 2,702 85 633 1,983 1,899 1,777 997 217 361 309 53 11 New York 4,617 83 1,141 3,394 3,266 3,015 2,840 348 721 593 128 17 Philadelphia. . 2,241 13 450 1,778 1,730 1,507 1,383 242 372 294 78 5 Cleveland 2,657 29 534 2,095 ,044 1,732 1,520 347 446 334 113 2 Richmond 2,280 184 377 1,719 \,648 1,454 734 393 317 248 69 3 Atlanta 2,604 257 383 1,964 1,901 1,700 611 473 356 275 82 1 Chicago 3,805 82 664 3,060 3,002 2,495 1,976 600 618 468 150 2 St.. Louis 1,776 153 215 1,407 1,370 1,227 523 303 255 203 52 Minneapolis. . . 1,356 84 203 1,068 1,041 892 606 237 216 161 55 Kansas City... 2,116 96 187 1,832 1,807 1,425 276 489 287 216 71 Dallas 2,406 154 231 2,022 1,980 1,559 168 590 335 228 107 San Francisco. 1,876 30 234 1,612 1,569 1,314 780 294 281 231 50 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. 8 Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (other than war loan and Series E bond accounts) on the latest available call report date. 4 Demand deposits subject to reserve requirements, i. e., demand deposits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. 6 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. 154 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of year and in cir- Unasmonth cula- sorted tion1 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 ,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 ,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 ,019 1,772 ,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 ,129 2,021 ,800 2,489 538 112 227 523 30 60 4 1941 11,160 8,120 751 695 44 ,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 ,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943—December. .. 20,449 14,871 .019 909 70 ,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944—January 20,529 14,817 ,013 880 69 ,940 5,174 5,742 5,715 1,509 2,992 418 767 9 21 3 February.. . . 20,824 15,004 .018 877 70 ,952 5,255 5,832 5,823 1,534 3,054 426 777 9 22 3 March 21,115 15,100 .029 881 70 1,951 5,265 5,905 6,017 1,576 3,152 444 814 9 22 1 April 21,552 15,342 .039 885 70 1,964 5,344 6,040 6,212 1,618 3,270 456 836 9 23 1 May 22,160 15,731 ,055 903 72 2,003 5,498 6,198 6,431 1,668 3,371 473 887 9 23 2 June 22,504 15,925 ,065 906 72 2,010 5,544 6,326 6,581 1,699 3,458 481 912 9 22 2 July 22,699 16,034 ,077 910 73 2,016 5,569 6,388 6,667 1,722 3,516 487 911 9 22 2 August 23,292 16,410 ,092 921 75 2,053 5,706 6,562 6,884 1,780 3,642 502 929 9 22 2 September... 23,794 16,715 ,105 937 75 2,078 5,789 6,731 7,081 1.829 3,765 516 939 9 22 2 October 24,425 17,089 ,125 948 76 103 5,877 6,960 7,339 1,893 3,918 532 963 10 23 2 November... 25,019 17,461 ,144 962 78 129 5,990 7,157 7,561 1,946 4,056 546 981 10 23 3 December. .. 25,307 17,580 ,156 987 81 150 5,983 224 7,730 1,996 4,153 555 990 10 24 3 1945—January 25,290 17,456 ,150 950 77 102 5,936 242 7,837 2,022 4,228 566 990 10 21 3 February.... 25,751 17.778 ,158 953 75 2,135 6,076 381 7,974 ,059 4,317 571 994 10 24 1 March 25,899 18,000 ,170 954 73 2,132 6,132 7,539 7,900 ,088 4,266 550 965 9 23 1 April 26,189 18,353 ,180 957 73 2,151 6,238 7,754 7,837 ,126 4,210 527 932 9 33 1 May 26,528 18,715 ,196 972 73 2,186 6,377 7,911 7,814 ,159 4,192 513 909 33 1 June 26,746 19,183 ,205 981 73 2,215 6,515 8,193 7,565 ,132 4,044 483 868 31 2 July 27,108 19,599 ,223 995 73 2,250 6,659 8,400 7,511 .139 4,013 472 847 32 2 August 27,685 20,141 ,236 1,003 73 2,301 6,826 8,700 7,546 ,180 4,038 466 832 22 2 September... 27,826 20,235 ,243 1,001 72 2,288 6,815 8,816 7,592 ,204 4,071 464 825 21 2 October 28,049 20,381 ,252 1,000 71 2,274 6,779 9,004 7,671 ,243 4,123 461 816 21 2 November... 28,211 20,500 ,263 1,009 71 2,279 6,783 9,095 7,713 2,264 4,154 457 811 20 2 December. . . 28,515 20,683 ,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 24 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money T s D t o a e t 1 n a c 9 d l . 4 i 3 o 5 n 1 u g , t , - A g s a o s g l s i d a e l v i c n a e u s r n r t d ity Tr c e a a s s h ury R F B e e a F a d s n o e n e d r r k r v a s e l B h R F e a a l n e e g d d s k e e e s n b r r t y v a a s n e l d Dec 1 . 9 3 4 1 5 , No 1 v 9 . 4 3 5 0, D 1 ec 9 . 4 4 31 certificates agents Gold 20,065 17,914 2 2,151 Gold certificates 17,914 ' 15^047" 2,815 51 51 53 Federal Reserves notes 25.633 107 1,137 24,388 24,136 21,482 Treasury currency—total 4,339 * 2 .053 28 236 4,075 4,024 3,773 Standard silver dollars 494 349 8 2 136 133 116 Silver bullion 1 ,704 1,704 Silver certificates and Treasury notes of 1890... ^2.053 179 1,873 1,828 1,612 Subsidiary silver coin 857 10 15 832 825 758 Minor coin . . . 317 6 4 307 305 282 United States notes 347 3 28 316 316 321 Federal Reserve Bank notes 502 1 7 494 499 560 National bank notes 118 (5) 1 117 118 123 Total—December 31, 1945 (4) 19,967 2.287 15,047 4,189 28,515 November 30, 1945 (4) 19,935 2,239 15,054 3.977 . 28,211 December 3J, 1944 . . (4) 20,300 2,375 15,629 3,947 25,307 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. 147, and seasonally adjusted figures in table on p. 156. 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. 5 Less than $500,000. 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 bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. FEBRUARY 1946 155 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES [Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars] Amount— Amount— Change in Ear- Dounadjusted adjusted for seasonally Gold marked mestic Date for seasonal seasonal adj usted 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 311,258 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 28,515 +3,208 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.? 1944—August 22,988 23,104 +479 1944 20,619 -1,319.0 -845.4 -459.8 35.8 September 23,525 23,572 +468 1945 20,065 -553.9 -106.3 -356.7 P35.0 October 24,112 24,112 +540 November 24,738 24,664 +552 1945—January.... 20,550 -69.0 .7 -58.2 2.5 December 25,207 24,957 +293 February... 20,506 -43.8 1.9 -37.4 2.3 March 20,419 -87.3 -19.1 -46.9 2.4 1945—January 25,243 25,167 +210 April 20,374 -45.1 2.4 -53.2 2.3 February 25,527 25,527 +360 May 20,270 -103.3 -18.3 -66.9 2.6 March 25,850 25,928 +401 June 20,213 -57.3 -83.8 96.0 2.5 April 26 009 26 219 +291 July 20,152 -60.6 -7.0 -100.3 2.1 May 26,351 26,537 +318 August 20,088 -64.6 -12.3 -63.0 r3.4 June 26,561 26,694 +157 September.. 20,073 -15.0 13.5 -19.0 '"2.9 July 26,918 26,972 +278 October 20,036 -36.9 -4.3 34.6 '3.8 August 27,392 27,530 +558 November.. 20,030 -6.2 .8 -38.2 4.0 September 27,765 27,821 +291 December. . 20,065 35.2 19.3 -4.3 /4.0 October 27,943 27,943 + 122 1946—January.. . .P20.156 P91.6 (4) 5 -22.5 /4.0 November 28,151 28,067 + 124 December 28,452 28,170 + 103 P Preliminary. / Figure carried forward. r Revised. 1946—January 28,158 28,074 -96 1 Annual figures are estimates of the United States Mint. Monthly figures are those published in table on p. 200, adjusted to exclude 1 For end of year figures, represents change computed on absolute Philippine Islands production received in United States. amounts in first column. 3 Figures based on rate of $20.67 a fine ounce in January 1934 and NOTE.—For discussion of seasonal adjustment factors and for back $35 a fine ounce thereafter. figures on comparable basis see September 1943 BULLETIN, pp. 822-826. 3 Includes gold in the Inactive Account amounting to 27 million Because of an apparent recent change in the seasonal pattern around dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. the year end, adjustment factors have been revised somewhat for dates * Not yet available. affected, beginning with December 1942; seasonally adjusted figures 6 Gold held under earmark at the Federal Reserve Banks amounted for money in circulation, as shown in Banking and Monetary Statistics, to 4,316.4 million dollars on Jan. 31, 1946. All of this was earmarked Table 111, p. 414, and described on p. 405, are based on an older series directly for foreign account except 102.8 million dollars which was earof adjustment factors. marked in the name of a domestic bank as security for a foreign loan. NOTE.—For back figures, see Banking and Monetary Statistics, Table 156, pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] 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 1937 469,463 197,836 235,206 36,421 193,143 215,090 29.5 22.4 1938 405,929 168,778 204,745 32,406 164,945 186,140 25.1 19.9 1939 423,932 171,382 218,298 34,252 167,939 200,636 21.0 19.4 1940 445,863 171,582 236,952 37,329 167,373 217,744 17.1 18.6 1941 537,343 197,724 293,925 45,694 193,729 270,439 17.3 19.4 1 1 9 9 4 4 2 2 — —o n l e d w s s e e ri r e i s e a s3 6 6 4 0 1 7 , , 7 0 7 7 8 1 2 2 2 1 6 0 , , 8 9 6 6 5 1 3 34 4 7 2 , , 8 4 3 3 7 0 5 6 3 7 , , 6 0 7 7 9 4 16.1 13.1 200,337 308,913 18.0 18.4 1943 792,937 296,368 419,413 77,155 16.5 11.7 258,398 369,396 20.5 17.4 1944 891.910 345,585 462,354 83,970 17.1 10.8 298,902 403,400 22.4 17.3 1945 974,087 404,546 479,760 89,783 18.3 9.7 351,602 412,800 24.2 16.1 1944—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 December. 101,561 45,035 47,774 8,751 23.1 10.9 37,046 41,070 31.8 19.5 1 National series for which bank debit figures are available beginning with 1919. 2 Annual figures for 1936-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers. 3 See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of 1942 partly estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S, Government, and the deposits from which rates of turnover have been computed have been reported by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation. 156 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] Total de T m ot a a n l d Time deposits deposits deposits United adjusted adjusted Totai Demand States Currency End of month c o u b u r a a r t n n e s d i n k d s c e y c o u b u r a a r t n n e s d i k n d s c e y a d d e j p u o s s t i e t d s a d d e j p u o s s te it d s 1 d G e m o p v o e e s n r i t n ts - 2 Total b m C a e n o r k m c s i 3 - a l * M s b a a v u n i t n k u g s a 4 s l S S P y a o s v t s i e n ta m g l s 5 o b u a t n si k d s e 1929—June 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 1,186 4,761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 1,208 4,782 1937—June 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 1,267 5,489 December 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 1,269 5,638 1938—June 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 1,251 5,417 December 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 1,251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 1,261 6,005 December 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 1,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 1,292 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 1,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 1,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 1,315 10,936 December 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 1,415 13,946 1943—June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 1,576 15,814 December 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 1,786 18,837 1944—June 136,172 80,946 115,291 60,065 19,506 35,720 21,217 12,471 2,032 20,881 December.... 150,988 90,435 127,483 66,930 20,763 39,790 24,074 13,376 2,340 23,505 1945—January 151,200 92,300 127,500 68,600 18,300 40,600 24,600 13,600 2,400 23,700 February 150,800 93,800 126,700 69,700 15,600 41,400 25,200 13,700 2,500 24,100 March 150,600 95,100 126,400 70,900 13,400 42,100 25,700 13,900 2,500 24,200 April 150,900 98,100 126,400 73,600 9,800 43,000 26,300 14,100 2,600 24,500 May 152,600 100,800 127,800 76,000 8,200 43,600 26,700 14,300 2,600 24,800 June 162,785 94,150 137,688 69,053 24,381 44,254 27,171 14,426 2,657 25,097 July? 163,500 97,600 138,000 72,100 20,800 45,100 27,800 14,600 2,700 25,500 August? 163,400 100,000 137,400 74,000 17,300 46,100 28,500 14,800 2,800 26,000 September?... 162,800 101,600 136,600 75,400 14,300 46,900 29,100 15,000 2,800 26,200 October ? 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 December? ., . 175,700 102,700 148,900 75,900 24,600 48,400 30,100 15,400 2,900 26,800 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. 3 Excludes interbank time deposits and postal savings redeposited in banks. 4 Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks. 5 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONSl [In millions of dollars] Member Nonmember Assets Total, banks banks all D it e o p r o s s ' - Cash U. S. s G ec o u v r e it r i n es ment Cash banks ti N on a- al State su In re - d in N s o u n r - ed End of month bal- in de- reances1 Total posi- serve b t a o n ry ks 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 er 3 4 o - f 3 b 9 a .. nks suspended: 291 15 6 189 81 1940.. . 22 1 18 3 1941.. . 8 4 3 1 1939—Dec.. . 1,279 1,319 53 1,192 1,046 146 74 1942 9 6 3 1940—Dec.. . 1,304 1,348 36 1,224 1,078 146 88 1943... 4 2 2 1941—Dec... 1,314 1,396 26 1,274 1,128 146 95 1944 1 1 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 1946—Jan 0 1944—Dec.. . 2,342 2,411 8 2,252 2,252 152 Deposits of suspended banks (in thousands of dollars):2 1945—Jan. .. 2,404 2,477 8 2,308 2,308 162 1934-39 125,991 14,61626,548 44,348 40,479 Feb.. . 2,458 2,536 8 2,363 2,363 164 Mar... 2,513 2,590 8 2,426 2,426 156 1940 5,943 256 5,341 346 Apr.. . 2,563 2,646 8 2,463 2,463 175 1941 3,726 3,144 503 79 May. . 2,609 2,696 8 2,518 2,518 170 1942 1,702 1,375 327 June. . 2,659 2,751 8 2,574 2,574 169 1943 6,223 4,982 1,241 July.. 2,720 2,809 7 2,625 2,625 176 1944 405 405 Aug.. . 2,785 2,867 8 2,674 2,674 185 1945 0 Sept... 2,836 2,921 8 2,737 2,737 176 1946—jan 0 Oct ?2 874 D N e o c v. ? ? 2 2 ,9 9 1 3 0 0 porar 1 i l R y ep or r e p se e n rm ts a b n a e n n k tl s y w o h n i c a h c , c d o u u r n i t n g o f t h f e i n p an er c i i o a d l s d i s f h f o ic w u n lt , i e c s l ; os d e o d e s t e n m o - t include banks whose deposit liabilities were assumed by other banks ? Preliminary. at the time of closing (in some instances with the aid of Federal Deposit 1 Outstanding principal, represented by certificates of deposit. Insurance Corporation loans). 2 Includes working cash with postmasters, 5 per cent reserve fund 2 Deposits of member banks and insured nonmember banks susand miscellaneous working funds with Treasurer of United States, ac- pended are as of dates of suspension, and deposits of noninsured noncrued interest on bond investments, and accounts due from late post- member banks are based on the latest data available at the time the masters. suspensions were reported. Back figures.—See Banking and Monetary Statistics, p. 519; for Back figures.—See Banking and Monetary Statistics, pp. 283-292; description, see p. 508 in the same publication. for description, see pp. 281-282 in the same publication. 157 FEBRUARY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES* LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Number and of banks call date Total Loans Total G 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 b In a t n e k r ^ - m D a e n - d Time tions All banks: 1938—Dec. 31 48,831 21.261 27 570 17,953 9,617 61,319 7 484 28.695 25 140 15,207 1939—Dec. 30 50,885 22,169 28,716 19,402 9,314 68,225 9,883 32,492 25,850 15.035 1940—Dec. 31 54,170 23,751 30 419 20,983 9,436 75.963 10 941 38,518 26 504 14,895 1941—Dec. 31 61.101 26.616 34,485 25,488 8,997 81,780 10,989 44,316 26,476 14,825 1942—Dec. 31 78,137 23.915 54 222 45,932 8,290 99,796 11 318 61,395 27 083 14.682 1943—Tune 30 87,881 22,241 65.640 57,748 7,892 107,224 10,895 67,554 28,775 14.618 Dec. 31 96,966 23.601 73 365 65,932 7,433 117,661 11 012 75,561 31,088 14,579 1944—June 30 108,707 25,424 83,284 75,737 7,547 128,605 11,219 83,588 33,797 14.553 Dec. 30 119,461 26,015 93 446 85,885 7,561 141,449 12 245 91,644 37 559 14,535 1945—June 30 129,639 27,979 101,661 93,657 8,004 151,033 12,605 96,725 41,702 14,542 All commercial banks: 1938—Dec. 31 38.669 16,364 22 305 15,071 7,234 51,041 7 484 28,695 14 862 14,652 1939—Dec. 30 .. 40,667 17,243 23,424 16,300 7,124 57,702 9.883 32,492 15,327 14,484 1940—Dec. 31 43.922 18,792 25 130 17,759 7,371 65,305 10 941 38 518 15 846 14,344 1941—Dec. 31 . 50,722 21,711 29,011 21,788 7,223 71,248 10,989 44,316 15.944 14,277 1942—Dec. 31 67,391 19,217 48 174 41,373 6,801 89,132 11 318 61 395 16 419 14,136 1943—June 30 76,633 17,660 58,974 52,458 6,516 96,083 10,895 67,554 17,634 14 073 Dec. 31 85,095 19.117 65 978 59,842 6,136 105,923 11 012 75,561 19 350 14,034 1944—June 30 95,731- 21.010 74,722 68,431 6,290 116,133 11,219 83.588 21,326 14,009 Dec. 30 105,530 21,644 83,886 77,558 6,329 128,072 12,245 91,644 24,183 13.992 1945—June 30 114,505 23,672 90,833 84,069 6,764 136,607 12,605 96,725 27,276 14,000 All insured commercial banks: 1938_Dec. 31 37,470 16,021 21 449 14,506 6,943 49,772 7 254 27 849 14 669 13.655 1939—Dec. 30 39,289 16.863 22 426 15,566 6,859 56.069 9,523 31,483 15,063 13.531 1940—Dec. 31 42,556 18 394 24 161 17,063 7,098 63.461 10 539 37,333 15 589 13,438 1941—Dec. 31 ... 49,288 21,258 28 030 21,046 6.984 69,411 10,654 43.061 15,697 13,426 1942—Dec. 31 66.240 18 903 47 336 40.705 6,631 87.803 11 144 60 504 16 154 13.343 1943—June 30 75.270 17.390 57 880 51.534 6,347 94.563 10,681 66,509 17,374 13,298 Dec. 31 83,507 18 841 64 666 58,683 5,983 104,094 10 705 74 309 19 081 13.270 1944—June 30 . . 93,936 20,729 73.207 67,085 6,122 114.145 11,038 82.061 21 045 13,264 Dec. 30 103,382 21 352 82 030 75,875 6,155 125.714 12 074 89 761 23 879 13,263 1945—June 30 112,353 23,376 88,978 82,401 6,577 134,245 12,401 94,910 26,934 13,277 All member banks: 1938—Dec. 31 32,070 13.208 18 863 13,223 5,640 43,363 7,153 24 842 11,369 6,338 1939—Dec. 30 33,941 13,962 19.979 14,328 5.651 49.340 9,410 28.231 11.699 6,362 1940—Dec. 31 37,126 15,321 21.805 15.823 5,982 56,430 10,423 33,829 12,178 6,486 1941—Dec. 312 43.521 18,021 25.500 19,539 5,961 61,717 10,525 38.846 12,347 6,619 1942—Dec. 31 . . . • 59,263 16.088 43 175 37,546 5,629 78.277 11.000 54,523 12,754 6,679 1943— D ju e n c e . 3 3 0 1 ... 6 7 7 4 , , 1 2 5 5 5 8 1 1 6 4 . , 2 8 8 2 8 3 5 5 2 7 . , 3 9 3 7 2 0 4 5 6 2 . , 9 9 8 4 0 8 5 5 , , 3 0 5 2 2 2 9 8 2 4 . . 2 0 6 1 2 6 1 1 0 0 . , 5 5 5 5 2 5 5 6 9 6 . , 6 4 7 3 0 8 1 1 3 5 . , 7 2 9 6 4 8 6 6 , , 7 7 0 3 3 8 1944—June 30 83 587 18 084 65.503 60,339 5,164 101.276 10.903 73.488 16,884 6,773 Dec. 30 91,569 18.676 72 893 67,685 5,208 110,917 11 884 79 774 19 259 6,814 1945—June 30 99,426 20,588 78,838 73,239 5,599 118,378 12,230 84,400 21,748 6,840 All national banks: 1938—Dec. 31 20,903 8 469 12 434 8,691 3,743 27,996 4 499 15 587 7 910 5.224 1939—Dec. 30 21,810 9.022 12,789 9,058 3,731 31.559 5.898 17.579 8,081 5,187 1940—Dec. 31 23,648 10,004 13 644 9,735 3,908 35.787 6.574 20.885 8,329 5,144 1941—Dec. 31 27,571 11 725 15 845 12.039 3.806 39.458 6,786 24 350 8 322 5,117 1942—Dec. 31 37,576 10.183 27,393 23,744 3,648 50.468 7.400 34,499 8.570 5,081 1943—June 30 ... 42,805 9.173 33 632 30.102 3,529 54.589 7,155 38.205 9,229 5,060 Dec. 31 47,499 10 116 37 38^ 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 6 357 1,789 1945—june 30 36,249 8,219 28,030 26,188 1,842 41,844 3,980 30.702 7,163 1,825 * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller of the Currency and the Federal Deposit Insurance Corporation for national banks and insured banks, respectively. 1 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million 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.—See^Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. 158 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla c s a s l a l o n d f d a b te ank Total Loans Total G o U m o b v l . e i S e g n r . a t n - - O s ri e t t c h ie u e s - r Total* I b n a t n e k r ^ - m D a e n - d Time o N f u b m a b n e k r s tions All nonmember commercial banks: 1938—Dec. 31 6,598 3,156 3,442 1,848 1,594 7,678 331 3,853 3,493 8,314 1939—Dec. 30 6,726 3,281 3,445 1,971 1,474 8,362 473 4,260 3,629 8,122 1940—Dec. 31 6,796 3,471 3,325 1,936 1,389 8,875 518 4,689 3,668 7,858 1941—Dec. 31 7,208 3,693 3,515 2,251 1,264 9,539 464 5,470 3,605 7,661 1942—Dec. 31 8,135 3,132 5,003 3,829 1,174 10,864 318 6,872 3,674 7,460 1943—June 30 9,486 2,840 6,647 5,482 1,165 12,076 343 7,884 3,849 7,373 Dec. 31 10,847 2,832 8,014 6,899 1,115 13,671 457 9,123 4,091 7,299 1944—June 30 12,155 2,929 9,226 8,099 1,128 14,869 315 10,100 4,453 7,239 Dec. 30 13,972 2,971 11,002 9,880 1,122 17,168 362 11,870 4,936 7,181 1945—June 30 15,091 3,087 12,005 10,839 1,166 18,242 375 12,326 5,541 7,163 Insured nonmember commercial banks: 1938—Dec. 31 5,399 2,813 2,586 1,283 1,303 6,409 101 3,007 300 7,317 1939—Dec. 30 5,348 2,901 2,447 1,238 1,209 6,729 113 3,252 365 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 4,215 358 6,810 1942—Dec. 31 6.984 2,818 4,166 3,162 1,004 9,535 145 5,981 409 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. 3P 4 1,151 314 837 667 170 1,329 173 891 265 793 1943—June 30 1,363 270 1,094 925 169 1,519 214 1,045 260 775 Dec. 31 1,588 276 1,312 1,160 153 1,829 307 1,253 269 764 1944—June 30 1,795 281 1,514 1,347 168 1,989 181 1,527 281 745 Dec. 30 2,148 292 1,856 1,682 174 2,358 171 1,883 304 729 1945—June 30 2,152 297 1,855 1,668 187 2,362 204 1,815 343 723 All mutual savings banks: 1938—Dec. 31 10,162 4,897 5,265 2,883 2,382 10,278 10,278 555 1939—Dec. 30 10,218 4,926 5,292 3,102 2,190 10,523 10,523 551 1940—Dec. 31 10,248 4,959 5,289 3,224 2,065 10,658 10,658 551 1941—Dec. 312 10,379 4,905 5,474 3,700 774 10,532 10,532 548 1942—Dec. 31 10,746 4,698 6,048 4,559 489 10,664 10,664 546 1943—June 30 11,248 4,581 6,666 5,290 376 11,141 11,141 545 Dec. 31 11,871 4,484 7,387 6,090 297 11,738 11,738 545 1944—June 30 12,976 4,414 8,562 7,306 257 12,471 12,471 544 Dec. 30 13,931 4,370 9,560 8,328 1,232 13,376 13,376 543 1945—June 30 15,134 4,307 10,827 9,588 1,240 14,426 14,426 542 Insured mutual savings banks: 1938—Dec. 31 972 461 511 280 232 1,012 1,012 48 1939—Dec. 30 1,329 605 724 422 303 1,409, 1,409 51 1940—Dec. 31 1,655 637 1,018 548 470 1,818 1,818 53 1941—Dec. 312 1,693 642 1,050 629 421 1,789 1,789 52 1942—Dec. 31 2,007 740 1,267 861 405 2,048 2,048 56 1943—June 30 2,704 1,013 1,691 1,264 427 2,739 2,739 61 Dec. 31 7,525 3,073 4,452 3,844 608 7,534 7,534 184 1944—June 30 8,489 3,111 5,378 4,752 626 8,235 8,235 192 Dec. 30 9,223 3,110 6,113 5,509 604 8,910 8,910 192 1945—June 30 10,063 3,089 6,974 6,368 607 9,671 9,671 192 Noninsured mutual savings banks: 1938—Dec. 31 9,190 4,436 4,754 2,603 2,150 9,266 9,266 507 1939—Dec. 30 8,889 4,321 4,568 2,680 1,887 9,114 9,114 500 1940— Dec. 31 8,593 4,322 4,271 2,676 1,595 8,840 8,840 498 1941—Dec. 31 8,686 4,263 4,424 3,071 1,353 8,743 8,743 496 1942—Dec. 31 8,739 3,958 4,781 3,698 1,084 8,616 8,616 490 1943—June 30 8,544 3,568 4,975 4,026 949 8,402 8,402 484 Dec. 31 4,345 1,411 2,935 2,246 689 4,204 4,204 361 1944—June 30 4,487 1,302 3,185 2,554 631 4,236 4,236 352 Dec. 30 4,708 1,260 3,448 2,819 629 4,466 4,466 351 1945—June 30 5,071 1,218 3,853 3,220 633 4,754 4,754 350 For footnotes see page 158. 159 FEBRUARY 1946 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 Oblimer- or carrying ga- Total cial, securities Direct tions Class of bank loans in- Agri- Real- of and and clud- cul- es- Con-Other Cer- StatesOther call date invest- ing tur- To tate umer loans Total tifi- Guar- and secu- Total open- al brok- loans loans Total an- politi- rities ments mar- ers To Bills cates Notes teed cal ket and oth- of in- Bonds subpaper deal- ers aJpeUutt- diviers ed- sions ness All insured commercial banks:1 1938—Dec. 31. .. 37,470 16,021 5,636 1,060 1,002 885 3,857 3,583 21,449 14,506 290 3,648 8,000 ,568 ,011 ,932 1940—Dec. 31. .. 42,556 18,394 7,178 ,281 663 727 4,468 4,077 24,161 17,063 662 2,756 9,925 ,719 ,608 ,491 1941—Dec. 31. . . 49,288 21,258 9,214 ,450 614 662 4,773 4,545 28,030 21,046 988 3,159 2,797 ,102 ,651 ,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 6,121 5,799 0,999 ,718 ,533 ,098 1943—Dec. 31. .. 83,507 18,841 7,777 1,505 1,414 922 4,437 1,868 918 64,666 58,683 4,636 3,218 7,672 0,656 ,501 ,287 ,696 1944—June 30. . . 93,936 20,729 7,406 1,474 2,221 2,296 4,364 1,862 1,106 73,207 67,085 4,708 5,466 1,834 4,114 963 ,393 ,730 Dec. 30. .. 103,382 21,352 7,920 1,723 2,269 2,265 4,343 1,888 944 82,030 75,875 3,971 5,300 5,778 9,848 978 ,422 ,733 1945—June 30. .. 112,353 23,376 7,501 1,632 3,113 3,601 4,413 2,108 1,008 88,978 82,401 2,831 7,204 6,45447,870 43 ,684 ,892 Member banks,1 total: 1938—Dec. 31. . . 32,070 13,208 5,179 712 973 775 2,716 2,853 8,863 13,222 286 3,389 7,208 ,340 ,448 ,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 ,486 ,013 ,970 1941—Dec. 31. .. 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,007 1,729 ,832 ,090 ,871 1942—Dec. 31. .. 59,263 16,088 7,387 1,089 934 538 3,423 ,847 870 43,175 37,546 ,363 6,285 5,409 8,948 ,540 ,965 ,664 1943—Dec. 31. .. 74,258 16,288 7,421 1,023 1,398 839 3,274 ,484 848 57,970 52,948 ,360 2,071 6,906 7,265 ,345 ,729 ,294 1944—June 30. . . 83,587 18,084 7,023 1,023 2,2002,130 3,207 ,467 1,033 65,503 50,339 4,466 4,228 0^640 0,118 887 ,834 ,331 Dec. 30. .. 91,569 18,676 7,531 1,198 2,249 2,1083,209 ,505 877 72,893 67,685 3,748 3,982 4,127 4,927 902 ,857 ,350 1945—June 30. .. 99,426 20,588 7,095 1,125 3,0893,4073,248 1,688 934 78,838 73,239 2,633 5,584 4,723 40,266 33 ,102 ,497 Dec. 31P. . 107,143 22,786 84,357 78,308 ,253 ,797 New York City:2 1938—Dec. 31. .. 8,335 3,262 1,594 5 787 220 121 535 5,702 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 ,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 ,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 ,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—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 Dec. 31P. . 26,143 7,333 18,810 17,575 606 629 Chicago:2 1938—Dec. 31. .. 1,996 539 335 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. .. 4,544 1,004 763 6 102 52 22 45 14 3,550 3,238 199 877 484 1,602 74 158 155 1944—June 30. . . 5,124 1,064 710 11 102 130 21 49 40 4,060 3,688 367 1,038 587 1,665 31 204 169 Dec. 30. .. 5,443 1,184 738 17 163 163 24 45 34 4,258 3,913 250 1,045 779 1,809 31 160 185 1945—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 Dec. 31P. . 5,931 1,332 4,598 4,213 181 204 Reserve city banks: 1938—Dec. 31. .. 11,654 4,963 2,063 207 119 242 1,230 1,101 6,691 5,018 57 1,224 2,997 740 808 866 1940—Dec. 31. .. 13,013 5,931 2,589 263 115 207 1,436 1,322 7,081 5,204 103 771 3,281 ,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—June 30. . . 36,572 7,155 2,883 304 371 1,147 1,378 757 315 29,417 27,523 1,320 6,598 5,689 13,906 10 1,100 794 Dec. 31?. . 40,104 8,508 31,596 29,559 1 126 911 Country banks: 1938—Dec. 31. .. 10,113 4,444 1,186 483 25 243 1,353 1,154 5,669 3,233 11 732 1,893 597 982 1,453 1940—Dec. 31. .. 10,826 5,309 1,453 590 21 201 1,644 1 400 5,517 3,269 45 433 2 081 710 1,14 1,102 1941—Dec. 31. .. 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 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—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 Dec, 31P. . 34,966 5,612 29,354 26 961 1,340 1,053 Insured nonmember commercial banks: 1938—Dec. 31. .. 5,399 2,813 457 348 28 110 1,141 730 2,586 1,283 i 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 27 563 462 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 1,159 395 73 7,712 5,762 242 1,238 1,194 4,002 76 560 400 Dec. 30. .. 11,824 2,678 389 525 21 156 1,136 383 67 9,146 8,197 223 1,319 1,652 4,928 76 566 3*3 1945—June 30. . . 12,940 2,790 406 506 24 193 1,167 420 74 10,150 9,170 198 1,620 1,73 5,61 10 584 396 Preliminary. * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal Deposit Insurance Corporation. 1 During 1941 three mutual savings banks with total deposits of 8 million dollars became members of the Federal Reserve System. These banks are included in "member banks" but are not included in "all insured commercial banks." 2 Central reserve city banks. 160 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d d f a b te ank F s B s w e e R R e a r d r i v e n e t e v - h e - k r e s a s l v C a i a n u s l h t b m a w B a d n e n i o a c s t k l e t - h - i s s c 3 j m p u D o a d s a t d s e e n e i - - - t d d s 4 m D e I s d n o t e t - ic e p 3 r o b s a i F e n t i s o g k r n - U m G er . o e n v n S - - t . p v S s o i u a t l s a b i n i t o t d i d e c n i s a - s l 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 t i h r d i n o d o t i d n r p u c n a i e o s a s - - , r l r - s - I b n a t n e k r- P m G U S e i a o n r a n o . e g s n v v d n S t s - - a - t . l v s p S i a u i s o t c n i b a l a o i d t d l t n e - i s s - p a v n a s i p t I d h i r d n o o t i u d n r p n c a a i e s o s - l - , r s r - - , r B i o n o w g r s - - c C o a t a u a c p l n - i- ts All insured Commercial banks:1 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 48,22110,234 813 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 59,19710,030 940 18,757 4,402 1,550 57,351 68 108 407 20,530 84 7,709 Dec. 30. . 14,260 1,622 9,787 65,96011,063 948 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 68,04811,217 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 42,57010,101 811 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 57,30810,881 945 18,509 3,744 1,251 56,270 58 105 347 18,807 111 6,968 1945—June 30. . 14,807 1,150 6,486 59,13311,064 1,10621,967 3,877 1,138 57,417 61 102 392 21,254 52 7,276 Dec. 31P. 62,912 New York Cityfl 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 L.966 1945—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 Dec. 31P. 15,712 Chicago:2 1938—Dec. 31.. 884 35 235 1,688 658 9 83 181 29 1,597 9 452 257 1940—Dec. 31. . 1,051 42 319 1 941 997 g 90 174 27 1,905 5 8 496 270 1941—Dec. 31.. . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1942—Dec. 31.. 902 39 164 2,557 1,105 12 665 178 38 2,588 2 453 304 1943—Dec. 31. . 821 38 158 3,050 972 14 713 174 44 3,097 2 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—June 30. . 929 33 180 3,152 1,174 19 1,499 193 29 3,124 1 663 362 Dec. 31P. 3 160 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 1,177 1940—Dec. 31. . 4,027 396 2,741 9,581 3,919 49 327 995 228 9,468 107 19 226 4,505 1,904 1941—Dec. 31. . 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1942—Dec. 31. . 4,940 365 2,202 14,849 4,831 63 1,982 1,319 385 15,061 63 22 169 4,805 ""2 2,028 1943—Dec. 31. . 5,116 391 1,758 18,654 4,770 63 3,373 1,448 475 18,790 41 56 151 5,902 2,135 1944—June 30. . 5,109 399 1,922 18,405 4,757 65 6,453 1,464 384 18,467 37 45 158 6,567 2,207 Dec. 30. . 5,687 441 2,005 20 267 5 421 70 6 157 1,509 488 20 371 33 40 154 7,561 2,327 1945—June 30. . 5,882 396 2,029 20,682 5,510 90 7,655 1,516 422 20,559 31 39 166 8,529 3 2,450 Dec. 31P. 22,281 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—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 Dec. 31P. 21 759 Insured nonmember commercial banks: 1938—Dec. 31.. 204 1,423 2,904 85 2 48 555 48 2,356 15 25 113 3,163 11 1,010 1940—Dec. 31. . 243 2,017 3,391 95 3 50 574 58 2,822 18 13 87 3,311 8 975 1941—Dec. 31. . 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 956 1942—Dec. 31 287 2,934 5,651 133 2 243 678 76 4,983 10 5 65 3,339 5 955 1943—Dec. 31 313 2,996 7,279 141 2 506 750 96 6,518 6 4 68 3,750 6 979 1944—June 30. . 322 2,978 7,368 126 3 1,124 764 90 6,595 5 4 74 4,094 9 1,015 Dec. 30. . 352 3,434 8,652 182 3 1,245 775 103 7,863 6 4 76 4,553 10 1,022 1945—June 30. . 324 3,473 8,915 153 13 1,511 820 101 8,078 5 4 90 5,105 13 1,065 P Preliminary. 3 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 4 Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection. For other footnotes see opposite page. Back figures.—See Banking and Monetary Statistics, Table 18-45, pp. 72-103 and 108-113. 161 FEBRUARY 1946 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! Loan Investments For purchasing U. S. Government obligations or carrying securities Com- Total mer- Date or month : l m n o a v n a e e n d n s s t t s - Total i t t a c n a c r u g i i d u n a r a r l u d a l i l - , - l s , - G U a t T l i o i n o o g . o b d v n a - S b - t s . . d ro e O a k c t l s u e t i e e h e r r r - s s i e s - r G l U t T o o i i . b g o v o a S - t n o . - . s th O c e t t u s i r h r e e s i e - s - r e R l s o t e a a a n t l e s - b L a o t n a o k n s sO l t o h a e n r sTotal Total Bills o d c C n t e f a e i e e f d t b s i i e r - n - t s - s - - Notes Bonds teed O r s i e t t h c ie e u s r - Total—101 Cities 1944—December. . 59,436 12,941 6,454 1,448 7131,519 3411,058 791,32946,495 43,594 2,27710,2729,16421,267 614 2,901 1945—August 63,01413,021 5,944 1,400 8631,797 403 ,056 841,474 49,993 16,674 ,55110,3809,50225,230 11 3,319 September.. 61,765 12,761 6,096 1,396 8501,390 ,060 981,47349,004 15,655 ,25910,2589,30124,826 11 3,349 O N c o t v o e b m er ber.. 6 61 0 , , 6 9 4 8 6 81 1 2 3 , , 4 0 3 3 8 4 6 6 , , 2 6 6 5 7 9 1 1, , 3 2 8 6 2 3 8 84 5 3 81 1 , , 0 0 0 4 4 4 4 4 0 0 2 1 , , 0 0 6 6 2 8 8 6 2 9 1,5 56 0 8 0 4 4 8 8, , 6 5 1 5 2 0 1 15 5 , , 3 2 7 6 3 4 , ,0 2 7 8 0 4 9 9 , , 8 7 5 9 3 8 9 9 , , 1 0 5 4 9 9 2 2 4 5 , , 9 4 5 4 9 4 12 3 3 , , 2 2 8 3 6 9 December. . 67,752 15,746 7,148 1,881 8542,560 434 ,086 9911,,68452,006 18,710 ,95811,1969,08026,464 12 3,296 Oct. 31 60,945 12,510 6,328 1,287 890 890 ,060 1201,51948,435 15,142 969 9,8639,16825,133 9 3,293 Nov. 7 61,03412,531 6,480 1,229 870 878 ,060 811,54248,503 15,263 ,173 9,7319,129 !5,219 3,240 Nov. 14 61,112 12,702 6,628 1,251 855 911 387 ,067 491,554 48,41015,176 ,016 9,7419,07325,335 3,234 Nov. 21.... 62,05713,270 6,751 1,375 8381,167 410 ,070 78 48,787 15,550 ,116 9,8899,04125,491 13 3,237 Nov. 28.... 62,381 13,632 6,778 1,674 8071,222 ,073 661,596 48,74915,501 975 9,8328,95325,729 12:3,248 Dec. 5.... 67,14015,253 6,964 1,717 819 ,458 ,079 1,660 51,88718,654 ,16411,1939,05226,233 123,233 Dec. 12 68,03415,951 7,128 1,996 832 ,697 437 ,081 1,682 52,083 18,817 ,03111,1879,116 26,471 123,266 Dec. 19.... 68,10215,952 7,241 1,893 901 ,589 442 ,091 1,699 52,15018,827 ,96211,218 9,07826,555 143,323 Dec. 26.... 67,73. 15,829 '7,259 1,917 865 ,495 432 ,091 1,699 51,90418,541 ,67411,1869,07326,598 10 3,363 1946—Jan. 2.... 67,948 15,890 1,910 881 ,531 427 ,095 1,714 52,05818,674 ,76112,130 8,03626,737 10 3,384 Jan. 9 67,838 15,310 1,636 763 ,418 420 ,098 1,684 52,52819,133 ,95812,3717,96826,825 11 3,395 Jan. 16 68,22015,224 1,586 765 ,303 421 ,101 1,708 52,996 19,629 ,03012,5937,99427,003 3,367 Jan. 23 68,112 15,221 7,275 1,636 7322,252 429 ,106 831,70852,891 19,531 ,75612,7167,96127,089 9 3,360 New York City 1944—December. . 21,601 5,454 2,430 1,145 537 736 53 343 16,14715,174 439 3,4813,310 7,780 164 973 1945—August.... 22,25 5,560 2,191 1,125 656 859 191 67 40416,69315,490 333 2 858 3,146 9,151 1,203 September.. 21,591 5,397 2,295 1,135 628 597 183 83 40916,194 4,965 280 2,8113,019 8,853 1,229 October 21,281 5,173 2,415 1,021 623 377 185 68 41716,10814,967 395 2,7792,986 8,805 1,141 November.. 21,342 5,415 2,597 1,134 628 325 179 54 43415,927 4,855 209 2,7502,939 8,955 1,072 December. . 23,875 6,837 2,792 1,529 6321,091 194 72 46217,03815,958 580 3,155 2,916 9,305 1,080 Oct. 31.... 21,216 5,224 2,453 1,041 635 309 104 422 15,99214,867 195 2,7963,017 S.857 1,125 Nov. 7.... 21,158 5,168 2,531 975 640 298 168 63 66 42715,99014,913 264 2,7493,012 8,886 ,077 Nov. 14 21,048 5,231 2,587 1,023 636 288 169 64 36 42815,817 4,746 159 2,7252,959 8,901 ,071 Nov. 21 21,483 5,501 2,628 1,134 629 357 188 64 63 43815,98214,914 249 2,7882,921 8,954 ,068 Nov. 28 21,677 5,759 2,647 1,403 607 356 191 64 49 44215,91814,848 164 2,7362,864 9,082 ,070 Dec. 5.... 23,817 6,611 2,701 1,369 614 198 66 101 45517,20616,151 743 3,2432,934 9,229 ,055 Dec. 12 23,914 6,997 2,797 1,644 622 198 64 64 45516,91715,857 525 3,0692,942 9,319 ,060 Dec. 19.... 23,952 6,902 2,841 1,541 6571,072 195 65 66 46517,05015,973 610 3,132 2,904 9,325 ,077 Dec. 26.... 23,81 6,838 '2,829 1,562 6351,033 186 65 54 r47416,97915,851 441 3,176 2,886 9,346 ,128 1946—Jan. 2.... 23,904 6,798 2,821 1,513 6311,048 176 64 67 47817,10615,987 523 3,3842,665 9,413 .119 Jan. 9.... 23,641 6,328 2,815 1,251 565 960 173 63 30 47117,31316,200 626 3,4702,673 9,429 ,113 Jan. 16.... 23,770 6,283 2,853 1,240 567 877 178 64 25 47917,48716,400 587 3,5532,723 9,535 ,087 Jan. 23 23,698 6,335 2,842 1,303 547 859 183 63 60 47817,36316,275 470 3,5252,720 9,558 ,088 Outside New York City 1944—December.. 37,835 7,487 4,024 303 176 783 203 986 98630,34828,420 1,838 6,7915,85413,487 450 1,928 1945—August 40,761 7,461 3,753 275 207 938 212 989 17 ,07033,30031,1841,218 7,5226,35616,079 9 2,116 September.. 40,17 7,364 3,801 261 22: 793 215 993 064 32,81030,690 979 7, ,28215,973 2,120 October 39,707 7,265 3,852 242 235 627 217 995 ,08332,44230,297 889 7,074 6,17316,154 2,145 November.. 40,304 7,619 4,062 248 215 719 2221,004 ,13432,68530,518 861 7,0486,110 16,489 2,167 December.. 43,877 8,909 4,356 352 22: 1,469 2401,021 ,22" 34,96832,7521,378 8,0416,164 17,159 2,216 Oct. 31.... 39,729 7,286 3,875 246 255 581 220 161,09732,44330,275 774 7,0676,151 16,276 2,168 Nov. 7.... 39,876 7,363 3,949 254 230 580 223 997 1,11532,51330,350 909 6,9826,117 16,333 2,163 Nov. 14.... 40,064 7,471 4,041 228 219 623 2181,003 ,12632,59330,430 85' 7,016 6,11416,434 2,163 Nov. 21 40,57 7,769 4,12. 241 209 810 22: 1,006 ,14332,80530,636 86 7,1016,120 16,537 2,169 Nov. 28 40,704 7,873 4,131 271 200 866 2251,009 154 32,83130,653 811 7,0966,08916,647 2,178 Dec. 5.... 43,323 8,642 4,263 348 2051,351 2291,01 ,205 34,68132,503 1,421 7,9506,118 17,004 ,178 Dec. 12.... 44,120 8,954 4,331 352 2101,544 2391,017 ,227 35,16632,9601,506 8,1186,174 17,152 10 ,206 Dec. 19.... 44,15C 9,050 4,400 35 244 1,51 24 1,026 ,234 35,10032,85 1,352 8,0866,174 17,230 2,246 Dec. 26... . 43,916 8,991 4,430 355 2301,462 1,026 ,225 34,92532,6901,233 8,0106,18^"17,252 2,235 1946—Jan. 2.... 44,04 9,092 4,428 397 2501,483 2511,031 ,23634,95232,6871,238 8,7465,371 17,324 265 Jan. 9.... 44,197 8,982 4,427 385 1981,458 2471,035 ,21335,21532,933 1,332 8,9015,29517,396 ,282 Jan. 16 44,45C 8,941 4,443 346 1981,426 1,037 1,229 35,50933,22" 1,443 9,0405,271 17,468 ,280 Jan. 23. . . . 44.41 8.886 4,433 333 1,393 1,043 1,23C35,528 33,256 1.286 9.1915.241 17.531 2,272 r Revised. Back figures.—See Banking and Monetary Statistics, pp. 127-227. 162 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month B s w F e R e a e r i r e n a t d v - h l k - e ; v : a a i u n s l h t m b a w n d a e o i n c s t - t e k h i s c s m p u o d a s a e d s t n e - i - t d d s 1 s p p u v n c a h o a a o i e n i d r r l p r r d s a t - - - s - , - , S p s d s a i o i t u i c o n a v l b a n d i t i - l t e - s - s c C c h a o f e e e i e f t n e r f c r c d i d t s . - k i ' - s U m G e . r o e n v n S - - t . s u p p v n c h a a o o a i n e i d l p r r r r d s a - - - t s , - - , S p s d t s a i i o a u c i o n v t l b a n d i e i - l t - s s - P U G m S e i a o n . r a o n e g s n v v d n S t s - - a - t . l m D a e n b - d ank T s ime b F e a i o n g r k n - s r B i o n o w g r s - - C it a a p l - B d i e a ts b n * - k tions tions Total 101 Cities 1944—December... 9,394 647 2,28935,45935,922 1,742 92512,992 7,473 9,550 883 242 4,532 73,623 1945—August 9,900 553 2,24337,55337,651 1,874 876 12,8188,751 109 9,632 1,072 343 4,83455,599 September. . 10,129 570 38,74838,894 1,882 1,00910,0748,968 111 9,741 1,085 348 4,862 57,165 October 10,307 569 39,33139,458 1,983 1,135 8,5719,087 108 9,921 1,105 312 4,90563,464 November.., 10,491 603 39,75140,011 2,112 1,186 8,2189,186 106 10,419 1,116 533 4,942 63,039 December.., 10,223 643 2,50737,59137,884 1,957 1,35916,2429,200 100 10,795 1,145 348 4,959 78,116 Oct. 31 10,336 568 2,20939,59239,726 2,137 1,287 8,0989,148 104 9,945 1,131 405 4,92015,332 Nov. 7.... 10,289 575 2,21539,44939,518 2,094 1,090 7,9199,173 106 10,265 1,139 412 4,936 13,401 Nov. 14.... 10,474 620 2,33439,50140,265 2,092 1,093 7,"8"84 9,181 104 10,581 1,096 515 4,938 12,993 Nov. 21 10,460 590 2,24139,80540,030 2,079 1,184 8,521 9,199 104 10,397 1,103 540 4,944 16,270 Nov. 28.... 10,741 627 2,273 40,247 40,230 2,181 1,376 8,5479,194 110 10.432 1,126 663 4,949 12,715 Dec. 5.... 10,481 598 2,518 37,45237,726 1,984 1,492 15,9589,188 102 10,871 131 354 4,967 22,979 Dec. 12.... 10,037 651 2,570 37,38137,990 1,893 1,274 16,7619,190 102 10,812 132 258 4,955 16,934 Dec. 19 10,237 654 2,52537,97438,160 1,969 1,418 16,1499,195 97 10,833 154 328 4,958 18,443 Dec. 26.... 10,133 668 2,416 37,55637,662 1,981 1,251 16,1009,228 99 10,666 162 451 4,954 12,801 1946—Jan. 2.... 10,217 610 2,595 37,06637,674 1,949 1,631 16,6609.304 99 11,061 ,183 232 4,993 18,273 Jan. 9.... 10,175 613 2,44837,38437,491 1,934 1,151 16,1009,360 101 10,986 ,198 161 4,996 16,258 Jan. 16.... 10,375 58, 2,526 37,72838,257 1,956 1,220 16,1659,376 101 11,213 ,177 162 4,995 16,578 Jan. 23.... 10,236 568 2,35238,03738,084 2,024 1,195 16,0329,403 104 10,562 1,181 187 4,997 15,664 New York City 1944—December.. 3,34: 10' 2812,80913,240 202 530 5,578 884 2,963 798 182 1,768 33,064 1945—August. . . . 3,590 84 13,67614,046 169 530 5,180 1,076 2,939 958 160 1,863 24,803 September. 3,671 86 14,19814,541 168 618 4,005 1,119 2,941 971 122 1,869 26,534 October 3,76 8 14,561 14,938 219 724 3,370 1,085 3,031 986 100 1,884 29,990 November.. 3,809 98 14,711 15,127 261 726 3,077 1,100 3,138 992 227 1,894 28,423 December.. 3,636 106 13,54814,001 194 86: 6,361 1,090 3; 335 1,016 240 1,900 37,046 f Oct. 31.... 3,792 88 14,63015,046 291 836 3,164 1,098 3,036 1,009 158 1,892 7,332 Nov. 7.... 3,702 95 14,551 14,967 238 668 3,061 1,100 3,092 1,011 129 1,894 5,771 Nov. 14.... 3,81 100 14,54515,072 270 61 2,993 1,095 3,165 975 195 1,894 5,817 Nov. 21. ... 3,795 100 14.79C 15,190 254 713 3,161 1,102 3.12C 980 224 1,895 7,409 Nov. 28.... 3,924 98 14,95615,278 280 91C 3,096 1,101 3,175 1,002 359 1,896 5,888 Dec. 5.... 3.693 96 13.469 13,970 191 963 6,469 1,097 3,374 1,001 191 1,903 10,614 Dec. 12.... 3,557 10 13,425 13,928 189 808 6,576 1,094 3,312 ,00.3 165 1,901 7,915 Dec. 19.... 3,63 109 13,677 14,108 183 88 6,215 1,081 3,381 ,028 261 1,901 9,147 Dec. 26.... 3,659 112 13,62i 13,999 213 791 6,183 1,089 3,272 ,031 344 1,893 5,742 1946—Jan. 2.... 3,69C 95 13,387 13,965 203 998 6,478 1.104 10 3,433 ,054 166 1,922 8,957 Jan. 9.... 3,612 97 13,420 13,739 191 661 6,226 1,121 3,374 ,068 90 1,924 7,942 Jan. 16.... 3,647 87 13,403 13,897 188 726 6,23: 1,119 3,555 1,046 98 1,925 8,350 Jan. 23.... 3,69C 86 13,734 14,036 221 721 6,154 1,121 3,261 1,050 113 1,925 7,758 Outside New York City 1944—December.. 6,05: 54C 2,261 22,650 22,682 1,540 39. 7,4146,589 6,587 60 2,764 40,559 1945—August.... 6,31C 469 2,220 23,87723,605 1,705 346 7,638 7,675 6,693 114 183 2,971 30,796 September. 6,458 48. 2,151 24,55024,353 1,714 391 6,06^ 7,849 6.80C 114 226 2,993 30,631 October... . 6,54C 482 2,186 24,77C 24,520 1,764 411 5,201 3,002 6.89C 119 212 3,021 33,474 November.. 6,682 505 2,241 25,04f 24,884 1,851 46C 5,141 8,086 7,281 124 306 3,048 34,616 December.. 6,58 537 2,478 24,04323,883 1,763 49 9,881 8,11C 7,46Ci 129 108 3,059 41,070 Oct. 31.... 6,544 480 2,18224,96224,680 1,846 451 4,934 8,050 6,909 122 3,028 8,000 Nov. 7.... 6,587 48C 2,195 24,89824,551 1,856 422 4,858 8,073 7,173 128 28 3,042 7,630 Nov. 14.... 6,657 52C 2,3H 24,95625, 1,822 48C 4,891 3,086 7,416 121 320 3,044 7,176 Nov. 21.... 6,665 49C 2,21125,01 4.84C 1,825 471 5.36C5,09 7,277 123 316 3,049 8,861 Nov. 28.... 6,817 529 2,24725,291 24,952 1,901 466 5,451 3,093 7,257 124 304 3,053 6,827 Dec. 5.... 6,792 502 2.48C23,983 13.756 1,793 529 9,48? 8,091 130 163 3,064 12,365 Dec. 12.... 6,48t 544 2,545 23,956 24,062 1,704 466 10,1858,096 129 93 3,054 9,019 Dec. 19.... 6,603 545 2.50C 24,29 24,05 1,786 531 9,934 3,114 126 6\ 3,057 9,296 Dec. 26.... 6,474 556 2.39C23,93123,663 1,768 46C 9,917 8,139 131 10 3,061 7,059 1946—Jan. 2. 6,527 515 2,565 23,67<:13,709 1,746 633 10,1828,20C 7,628 129 66 3,071 9,316 Jan. 9. 6,56.; 516 2,423 23,964 23,75 1,743 491 9,8743,239 7,612 130 71 3,072 8,316 Jan. 16. 6,728 496 2.50C 24,325 24.36C 1,768 494 9,9338,25 7,658 131 64 3,070 8,228 Jan. 23. 6,546 482 2,315 24.30324,048 1.803 474 9,8788,282 7,301 131 74 3,072 7,906 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. FEBRUARY 1946 163 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 Com- Total mer- Federal Reserve loans cial, To brokers district and date in m a v n e e d n s t t s - Total i t t a n c a u r g u i d n r a r l d u a - i l - l , s- G U a t l i o i n o o . g b d v n a - S - s t . . de O a c s t l u t e i e h e c r r s i - e s - r G l U t o i T i o g b o . o v a - n S - t s o . . t O h c t e s u t i e h e r r - s s i e - r e R l s o t e a a a n t l e s - b L a o t n a o k n s sO lo th an e s r Total Total Bills o d c C n t f e a e i e e f d t b i s i e r - n - t s - s - - Notes Bonds G t a e u n e a - d r- O s ri e t t h c i e u e r s - Boston Dec. 26 ,399 799 469 38 29 44 19 68 127 2,600 2,537 102 565 432 1,438 63 Jan. 2 ,408 811 469 48 24 51 20 69 127 2,597 2,528 99 599 397 1,433 69 Jan. 9 ,408 817 466 59 25 54 18 69 123 2,591 2,522 93 591 392 1,446 69 Jan. 16 ,429 807 468 42 29 54 18 69 124 2,622 2,550 99 602 394 1,455 72 Jan. 23 ,419 805 472 46 23 51 18 70 123 2,614 2,542 100 589 389 1,464 72 New York* Dec. 26 ,059 7,227 r2,982 1,578 6431,073 209 148 '54018,832 17,612 491 3,4893,150 10,480 1,220 Jan. 2 ,170 7,193 2,971 1,531 6401,093 199 148 54418,977 17,760 573 3,713 2,918 10,554 ,217 Jan. 9 ,909 6,716 2,965 1,266 5711,003 197 147 53719,193 17,981 677 3,8052,924 10,573 1,212 Jan. 16 ,063 6,666 3,001 1,256 571 919 201 148 54519,397 18,210 647 3,918 2,967 10,676 1,187 Jan. 23 ,003 6,719 2,990 1,319 552 900 206 148 54419,284 18,099 525 3,9232,958 10,691 1,185 Philadelphia Dec. 26 ,834 544 244 9 34 73 10 33 140 2,290 2,084 138 316 383 1,247 206 Jan. 2 ,880 543 238 10 41 72 10 34 137 2,337 2,131 188 361 337 1,245 206 Jan. 9 ,853 545 238 10 35 79 10 34 138 2,308 2,100 164 362 332 1,242 208 Jan. 16 ,827 550 242 12 34 77 10 33 141 2,277 2,071 131 399 299 1,242 206 Jan. 23 ,836 549 244 11 33 74 11 33 142 2,287 2,082 141 404 292 1,245 205 Cleveland Dec. 26 ,299 1,106 428 87 27 251 16 156 140 4,193 3,927 40 944 735 2,208 266 Jan. 2 ,333 1,118 432 86 34 242 15 156 152 4,215 3,943 67 1,014 647 2,215 272 Jan. 9 ,340 1,108 431 73 25 256 15 156 147 4,232 3,957 62 1,042 636 2,217 275 Jan. 16 ,347 1,115 437 72 23 260 14 156 149 4,232 3,957 49 1,033 646 2,229 275 Jan. 23 ,375 1,111 435 71 21 260 14 157 148 4,264 3,988 49 1,049 648 2,242 276 Richmond Dec. 26 ,213 400 171 7 79 10 49 73 1,813 1,748 78 361 266 1,043 65 Jan. 2 ,194 396 167 7 78 10 49 72 1,798 1,727 68 408 221 1,030 71 Jan. 9 ,221 395 169 6 79 10 51 71 1,826 1,755 77 416 213 1,049 71 Jan. 16 ,227 397 170 10 78 9 50 70 1,830 1,759 74 422 213 1,050 71 Jan. 23 ,232 396 173 5 78 10 50 68 1,836 1,764 71 417 211 1,065 72 Atlanta Dec. 26 ,307 547 .250 4 147 23 99 1,760 1,611 52 439 298 821 149 Jan. 2 ,290 542 248 4 144 23 100 1,748 1,597 48 479 249 820 151 Jan. 9 ,277 529 250 3 144 24 87 1,748 1,597 50 481 246 819 151 Jan. 16 ,296 519 249 3 136 24 86 1,777 1,627 57 484 254 831 150 Jan. 23 ,311 516 245 3 132 24 91 1,795 1,644 57 508 244 834 151 Chicago* Dec. 26. ,933 1,884 1,015 134 280 163 156 8,049 7,461 354 2,236 1,342 3,526 588 Jan. 2 ,878 1,949 1,013 170 303 163 154 7,929 7,350 254 2,403 1,172 3,518 572 Jan. 9 ,968 1,911 1,013 162 297 163 150 8,057 7,484 332 2,463 1,145 3,541 573 Jan. 16 ,058 1,886 1,017 135 292 163 153 8,172 7,600 423 2,479 1,157 3,539 579 Jan. 23 ,006 1,856 1,002 126 285 165 154 8.150 7,578 351 2,509 1,154 3,562 572 St. Louis Dec. 26 ,183 604 343 6 68 68 97 1,579 1,446 26 258 361 801 133 Jan. 2 ,201 606 340 4 75 69 96 1,595 1,457 52 288 314 803 138 Jan. 9 ,225 599 341 4 70 69 94 1,626 1,486 61 290 331 804 140 Jan. 16 ,239 606 344 5 69 70 96 1,633 1,496 68 293 326 807 137 Jan. 23 ,227 608 344 5 68 70 99 1,619 1,484 40 302 325 815 135 Minneapolis Dec. 26 ,389 267 124 2 56 24 52 1,122 1,067 18 206 206 636 55 Jan. 2 ,394 271 126 2 53 25 54 1,123 1,066 22 227 173 643 57 Jan. 9 ,405 266 124 2 51 26 53 1,139 1,083 32 233 170 648 56 Jan. 16 ,403 262 125 1 49 26 51 1,141 1,086 37 236 169 644 55 Jan. 23 ,396 260 125 2 47 26 51 1,136 1,081 31 237 168 645 55 Kansas City Dec. 26 ,495 447 253 3 66 39 71 2,048 1,911 111 490 462 847 137 Jan. 2 ,472 441 250 3 63 39 71 2,031 1,887 95 530 406 855 144 Jan. 9 ,496 433 248 3 58 40 70 2,063 1,915 93 558 391 872 148 Jan. 16 ,521 434 251 2 56 40 71 2,087 1,941 110 562 392 877 146 Jan. 23 ,503 434 252 2 55 40 71 2,069 1,923 82 568 397 876 146 Dallas Dec. 26 ,186 671 368 2 166 28 75 1,515 1,457 82 435 292 648 58 Jan. 2 ,179 683 381 2 162 29 75 1,496 1,434 79 478 232 645 62 Jan. 9 ,174 667 383 1 149 29 74 1,507 1,445 91 495 217 642 62 Jan. 16 ,180 665 386 1 141 30 77 1,515 1,453 94 507 210 642 62 Jan. 23 ,186 666 387 1 139 31 78 1,520 1,458 72 528 212 646 62 San Francisco Dec. 26 ,436 1,333 612 47 192 292 6,103 5,680 182 ,447 1,146 2,903 423 Jan. 2 ,549 ,337 614 43 195 291 132 6,212 5,794 216 ,630 970 2,976 418 Jan. 9 ,562 ,324 614 47 178 290 140 6,238 5,808 226 ,635 971 2,972 430 Jan. 16 ,630 ,317 606 47 172 292 145 6,313 5,879 241 ,658 967 3,011 434 Jan. 23 ,618 ,301 606 45 163 292 130 6,317 5,888 237 ,682 963 3,004 429 City of Chicago* Dec. 26 ,056 ,310 759 130 179 37 88 4,746 4,358 222 ,484 762 1,890 388 Jan. 2 ,014 ,370 760 165 198 37 86 4,644 4,270 173 ,553 663 1,881 374 Jan. 9 ,042 ,342 765 156 191 37 83 4,700 4,332 234 ,553 665 1,880 368 Jan. 16 ,116 ,316 767 129 190 37 84 4,800 4,434 331 1,560 663 1,880 366 Jan. 23 ,087 ,288 753 121 184 37 85 4,799 4,432 280 1,592 659 1,901 367 r Revised. . .. * 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. 164 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES fin 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 e a n t d v - h l - k e s a D w l n d e a i o c s n t - e t h k i s c s p m u o a d s a d s e t n e - i - d t d s 1 3 p p u v n c h a o a a o i e i n d r r l p r r d s a t - - - s - , - , S p s d s a i o i t u c i o n a v l a b d i n t i l - t e - s - s c C c h o a f e e e i f e n t e r f r c c d i d t s . - k i ' - s, U m e r . r O e n V S n - - t . u s p p v n c a h a o o a i e n i d l r p r r r d s a - - - t s , - - , p i s d s a i t o i u c a i o n v l a b t n i d e i l - t - s s - P m G S e i a o n " r a o n e . s n g v v d n t S - s - - a t . l m D a e n b - d anks b F e a o i n r g k - n s B o n o w g r s - - : C o i a t a u c a p - n l - ts B d i e a ts b n 2 - k tions tions Boston (6 Cities) Dec. 26 456 69 123 2,102 2,077 105 34 906 420 310 25 19 292 632 Jan. 2 44 63 132 2,079 2,066 116 48 926 423 332 25 1 291 736 Jan. 9 470 63 118 2,115 2,081 116 45 901 426 324 26 9 287 699 Jan. 16 474 60 128 2,149 2,144 116 37 909 427 320 27 5 288 734 Jan. 23 472 57 125 2,133 2,109 113 39 90 432 317 27 5 287 687 New York (8 Cities}* Dec. 26 3,898 148 4,941 5,138 426 819 6,625 ,732 3,340 1,034 354 2,048 6,069 Jan. 2 3,928 129 126 4,695 5,119 403 1,032 6.939 ,755 3,506 1,057 172 2,078 9,398 Jan. 9 3,870 131 110 4,740 4,883 407 691 6,670 ,776 3,450 1,070 107 2,080 8,302 Jan. 16 3,897 119 121 4,750 5,064 41 762 6,677 ,776 3,633 1,049 108 2.080 8,744 Jan. 23 3,948 11 11 508^ .5,183 458 758 6,595 ,779 3,331 1,053 131 2,081 8,131 Philadelphia (4 Cities] Dec. 26 429 36 86 1,822 1,883 45 20 71 218 381 11 3 254 486 Jan. 2 425 32 98 1,828 1,935 45 30 734 22: 402 11 4 254 743 Jan. 9 430 3. 91 1,823 1,889 5 30 711 224 398 12 255 748 Jan. 16 44: 31 89 1,796 1,888 45 2; 715 224 404 1 254 668 Jan. 23 43 2 90 1,814 1,875 4. 2: 719 224 384 11 255 579 Cleveland (10 Cities) Dec. 26 735 86 206 2, 2,923 135 48 1,139 ,223 577 4 476 815 Jan. 2 75C 8: 22' 2,893 2,971 135 56 1,17 ,233 604 4 477 1,073 Jan. 9 765 8 213 2,948 2,959 132 49 1,135 ,238 598 4 478 847 Jan. 16 78 7* 222 2,965 3,029 133 54 1,138 ,240 610 478 866 Jan. 23 77. 7< 21 2,984 3,005 13' 47 1,135 1,242 588 479 836 Richmond (12 Cities) Dec. 26 348 44 15 1,28* 1,292 78 30 51 339 451 134 340 Jan. 2 32? 40 166 1,279 81 41 51 340 453 133 420 Jan. 9 34 4C 17 l[3O2 1,31 70 28 503 344 45 133 414 Jan. 16 35' 3 18. 1,323 1,331 88 29 506 345 457 133 403 Jan. 23. . 34: 35 1,314 1,321 79 31 503 346 453 134 410 Atlantiata (8 Cities) Dec. 26 37. 3. 1,256 1,201 165 15 47 412 612 124 355 Jan. 2 39 3 1,238 1,185 182 2- 47' 41 636 122 449 Jan. 9 38? 3 1,24' 1,187 18 V 46 414 636 123 420 Jan. 16 405 3C 1,286 1,23' 190 15 466 41 627 10 123 399 Jan. 23 38: 1,271 1,206 195 16 46 418 60' 123 386 Chicago (12 Cities)* Dec. 26 1,45, 5,321 5,181 466 2,34: 1,816 1,793 590 1,781 Jan. 2 1,49; 45- 5,24 5,21 42i 122 2,41. 1,826 1,826 59. 2,432 Jan. 9 1,46« 42 5,34C 5,244 405 2,32. 1,836 1,833 59 2,066 Jan. 16 1,49- 42. 5,41 5,359 41' 2,34! 1,840 1,860 590 2,101 Jan. 23 1,45 40 5,40: 5,280 43. 2,32 1,845 1,764 59 1,926 St. Louis (5 Cities) Dec. 26 34? 12 1,04' 1,102 64 1 48: 336 673 133 336 Jan. 2 338 13i 1,03 1,09' 6 2C 49? 33' 69 132 415 Jan. 9 S5t 12 1,07. 1,11' 64 IS 483 34C 696 132 380 Jan. 16 35! 11 1,07' 1,156 64 1 48 34 702 132 378 Jan. 23 34: 11 1,07 1,13 6 li 48 34: 67 133 390 Minneapolis (8 Cities Dec. 26 202 105 67' 65 1' 37< 206 36 86 242 Jan. 2 204 11 67 67^ I- 37; 208 8 254 Jan. 9 204 10 67 65< I- 36 205 38' 86 286 Jan. 16 205 11 67i 66< 1. 371 211 38. 8 276 Jan. 23 195 9i 66' 651 1. 36« 21 35' 254 KansasCity (12Cities\ Dec. 26 45 32 1,391 1,39. 2, 50 28« 96 14 384 Jan. 2 45- 32' 1,34. 1,35;; 3' 50 28, 98. 146 540 Jan. 9 45. 31 1,35' 1,36- 2, 49<: 291 98, 146 491 Jan. 16 46. 32. 1,398 1,41C 2' 49 29 99i 14 461 Jan. 23 45. 28' 1,39C 1,37 2 49. 29: 94C 14 465 Dallas (9 Cities) Dec. 26 39- 27. 1.36J 1,35. 25 49 26- 644 13. 343 Jan. 2 39 31. 1,33: 1,34 5 49 26 69i 13 525 Jan. 9 39 31 1,35^ 1,35. 2' 48 26! 67 13 388 Jan. 16 43 31' 1,3% 1,407 2J 48 26' 67: 13 376 Jan. 23 40 29. 1,37<: l,39t 3 48 27 13: 4C6 SanFrancisco(7Cities Dec. 26 1,03- 33 3,45? 3,46: 11 1,54 1,97< 53 ,018 Jan. 2 1,06 33 3.46C 3,44 14; 1,591 1,98< 54' ,288 Jan. 9 1,02' 28. 3,402 3,44- 11 1,56 1,99: 55' ,217 Jan. 16 l,05< 30< 3,49' 3,56< 12. 1,57 1,99< 55 ,172 Jan. 23 1,03 28 3,52i 3,55 1,56 2,00 54i ,194 City of Chicago* Dec. 26 917 19 3,25 3,22( 1,54 73' 37 ,170 Jan. 2 94C 21; 3,17 3,26 1,59 74; 1,304 37« ,664 Jan. 9 918 19J 3,235 3,27 1,51( 74' 1,29 37i ,364 Jan. 16 94 19' 3,295 3,37 1.52- 751 1,32. 37. 1,352 Jan. 23 89 18 3,29( 3,32 1,50 75 1,25 37. 1,249 * 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. 165 FEBRUARY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollarsi Dollar acceptances outstanding Held by Based on Commercial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a - i l ng Total Accept O b in i w l g l n s banks 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 x f n t r p a o i o m t t e e r d s ts ex D c o h l a l n ar ge G U o s n h o i i d t p e s p p d o e s i d t n o t r s b e e F d i t n o w r i e e n i e g n o n r States countries 1944—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 (3) 25 3 1945—January 162 130 98 48 50 32 86 13 (3) 25 5 F M e a b r r c u h ary 1 1 5 4 7 7 1 1 2 2 6 8 9 9 7 6 5 5 2 4 4 4 6 2 3 2 2 9 8 8 7 7 1 1 2 1 8 2 2 4 5 4 4 April 119 117 90 52 38 26 81 10 24 2 May 103 104 82 51 32 22 72 9 CO 22 2 June 101 107 80 44 36 27 74 10 (3) 20 3 July 107 117 90 45 45 226 81 9 (3) 22 4 August 110 128 101 50 50 28 91 10 (3) 25 2 September 111 135 104 52 52 31 98 11 (3> 23 3 October 127 135 100 53 46 35 95 12 (3) 22 6 November 156 145 107 58 49 38 100 15 (3) 23 6 December 159 154 112 64 48 42 103 18 (») 26 7 (3) 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. " 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, A ND 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 Customers' Debit Debit credit balances1 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 )i es a in n a v d 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 t n s n g t a b n a d n k in s borrowed2 Free O (n th et e ) r a I in n n a v d c p e c t a s o r t r u a m t d n n e i t e s n n r g t s' a in n a v I d c n e c t s o r f t u i a m r d n m e i ts n n t g I a n c ( c c n o a e u p t n ) it t a s l 1936—June 1.267 67 164 219 985 276 86 24 14 420 December... 1.395 64 164 249 1,048 342 103 30 12 424 1937—June 1.489 55 161 214 1,217 266 92 25 13 397 December... 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December... 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December... 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December... 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 788 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—January.... 1,070 •730 *530 February. . . 1.100 «730 «540 March . . , 1.034 3722 3553 April 1.065 3701 3575 May 1,094 3742 3583 June 1,223 11 333 220 853 549 121 14 13 264 July 1.141 3824 3580 August 1,100 3758 8573 September. . 1.084 3762 3594 October 1,063 3743 3632 November. . i no* 3711 3639 December. . • 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). 8 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): October, 158; November, 181; December, 196. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. 166 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES u. s.Government [Per cent per annum] Stock security yields mo Y w n e e t a e h r k , , 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 P a b d c n e a r c a 9 i r 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 a x l e a n w s - l - n l 2 g - e m b o i 3 l n - ls t " h 9 d m c - o c e e t f o a r o b t t n i t i e n e 1 f t s i h d 2 - - - - 3 t - n a y x o t e o a t a e b r s 5 l - e 1937 average1. . . . 19 T 2 o . c 5 t i a 9 ti l es Y N C 1 o . i e 7 t r w y 3 k E e 7 N r c a 2 n o O i s . t r t 8 i a t t e e h 8 n h s r e d - n r 1 W e 1 r c 3 n e S i . s t 2 o a i t e 5 e u n s r t d n hness 1938 average1 2.53 1.69 2.75 3.26 1943 average .69 .44 1.00 .373 .75 1.34 1939 average.... 2.78 2.07 3.51 1944 average .73 .44 1.00 .375 .79 1.33 1940 average. . . . 2.63 2.04 3.38 1945 average .... .75 .44 1.00 .375 .81 1.18 1941 average.... 2.54 1.97 3.19 1942 average.... 2.61 2.07 2.58 3.26 1945—January. .. .75 .44 1.00 .375 .78 L .31 1943 average.... 2.72 2.30 .80 3.13 February. . .75 .44 1.00 .375 .77 L.22 1944 average.... 2.59 2.11 ,68 3.02 March .75 .44 1.00 .375 .78 L.18 1945 average. . . . 2.39 1.99 2.51 2.73 April .75 .44 1.00 .375 .77 L.14 May .... .75 .44 1.00 .375 .80 L. 16 1941—June 2.55 1.95 2.58 3.23 June .75 .44 1.00 .375 .81 1.16 September 2.60 1.98 2.62 3.29 July. .. . .75 .44 1.00 .375 .80 1.16 December. 2.41 1.88 2.45 2.99 August.... .75 .44 1.00 .375 • .82 1.17 September. .75 .44 1.00 .375 .84 *1.19 1942—March 2.48 1.85 2.48 3.20 O N c o t v o e b m er b . e . r . . . . 7 7 5 5 . .4 4 4 4 1 1 . . 0 0 0 0 . . 3 3 7 7 5 5 . . 8 8 3 4 1 1 . . 1 1 7 4 J S u e n p e tember 2 2 . . 6 7 2 0 2 2 . . 0 2 7 8 2 2 . . 5 6 6 6 3 3. . 2 3 5 4 December.. .75 .44 1.00 .375 .84 <1.15 December. 2.63 2.09 2.63 3.26 1946—January.. . .75 .44 1.00 .375 .79 1.10 1943—March 2.76 2.36 2.76 3.24 June 3.00 2.70 2.98 3.38 Week ending: September 2.48 2.05 2.71 2.73 Dec. 29 Via 1.00 .373 .84 1.18 December. 2.65 2.10 2.76 3.17 Jan. 5.... Vie 1.00 .375 .84 1.17 J J a an n . . 1 1 2 9.. .. % 7 V w ie 1 1. . 0 0 0 0 . . 3 3 7 7 5 5 . . 8 7 2 8 1 1 . . 0 1 9 2 1944— J M un ar e ch 2 2 . . 6 6 3 3 2 2 . . 1 2 0 3 2 2 . . 7 5 5 5 3 3 . . 1 1 2 8 Jan. 26 % Vie 1.00 .375 .77 1.06 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 . . 1 9 8 3 2 2 . . 8 6 2 1 3 2 . . 1 6 4 5 1 Monthly figures are averages of weekly prevailing rates. 2 The average rate on 90-day stock exchange time loans was 1.25 per 1945—March 2.53 1.99 2.73 2.91 cent during the entire period. June 2.50 2.20 2.55 2.80 3 Rate on new issues offered within period. September 2.45 2.05 2.53 2.81 4 From Sept. 15 to Dec. 15, 1945, included Treasury notes of Sept. December. 2.09 1.71 2.23 2.38 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 Back figures.—See Banking and Monetary Statistics, Tables 120-121, strictly comparable with the current quarterly series. pp. 448-459, and the BULLETIN for May 1945, pp. 483-490. Back figures.—See Banking and Monetary Statistics. Tables 124-125 pp. 463-464; for description, see pp. 426-427. BOND YIELDS x [Per cent per annum] U. S. Government Corporate Moody's)4 7 to 9 15 years and Munic- Corpo- Ye o a r r , w m e o ek nth, years over g ( r h i a p i d g a e h l ) - 2 g ( r h r a a i d g te e h ) - 3 Total By ratings By groups Tax- Partial- Tax- Indus- Rail- Public able ly tax able Aaa Aa A Baa trial road utility exempt 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 2.97 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 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. .. . L.70 1.70 2.40 .61 2.51 2.91 2.62 2.72 2.92 3.38 2.68 3.11 2.94 April L .62 1.68 2.39 .57 2.49 2.90 2.61 2.73 2.90 3.36 2.69 3.07 2.94 May L .57 1.68 2.39 .58 2.53 2.89 2.62 2.72 2.88 3.32 2.68 3.05 2.93 June L.56 1.63 2.35 .58 2.54 2.87 2.61 2.69 2.86 3.29 2.68 3.03 2.89 July L.58 1.63 2.34 .57 2 53 2 85 2.60 2.68 2.85 3.26 2.68 3 00 2 87 August. . . L.59 1.68 2.36 L.70 2.56 2.86 2.61 2.70 2.85 3.26 2.68 3.02 2.86 September. L.56 1.68 2.37 L.79 2.56 2.85 2.62 2.70 2.85 3.24 2.67 3.05 2.85 October.. . L.50 1.62 2.35 L.76 2.54 2.84 2.62 2.70 2.84 3.20 2.65 3.03 2.84 November. L.42 1.56 2.33 L.70 2.54 2.82 2.62 2.68 2.81 3.15 2.64 2.99 2.81 December. 6L.38 1.51 2.33 L.64 2.54 2.80 2.61 2.68 2.79 3.10 2.64 2.96 2.79 1946—January.. L.31 (6) 2.21 L.57 2.43 2.73 2.54 2.62 2.73 3.01 2.57 2.89 2.71 Week ending: Dec. 29... 1.37 (fl) 2.32 1.63 2.52 2.79 2.60 2.67 2.79 3.07 2.63 2.95 2.78 Jan. 5... 1.35 (6) 2.29 L.62 2.49 2.77 2.58 2.66 2.78 3.05 2.62 2.93 2.76 Jan. 12... L.31 (6) 2.23 L.61 2.46 2.75 2.57 2.64 2.76 3.03 2.60 2.91 2.74 Jan. 19... L.32 (6) 2 19 1.56 2.44 2.73 2.54 2.61 2.73 3.02 2.57 2.89 2.72 Jan. 26... L.30 (6) 2.H 1.53 2.39 2.71 2.52 2.60 2.71 3.00 2.56 2.88 2.69 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 u. S. Treasury Department. * Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, 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. 6 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. FEBRUARY 1946 167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock prices5 Corporate4 Common (index, 1935-39=100) V of o l t u ra m d e - Year, month, or week U Go .S v . - M ip u a n l ic- Medium- and lower-grade Pre- s i a n th n g o d 7 s u ( i - o n f 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 te - d erred* Total In tr d i u al s- R ro a a i d l- u P t u i b li l t i y c shares) Number of issues.... 1-9 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 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 1946— D J e a c n e u m a b r e y r . . . . . . . 1 1 0 0 4 2 . . 5 6 9 8 1 14 4 1 0 . . 6 1 1 1 2 2 1 3 . . 9 8 1 11 1 9 9 . . 7 0 1 1 2 23 3 . . 9 1 1 1 1 1 8 7 . . 9 5 1 1 1 1 6 6 . . 2 3 8 8 4 2 . . 9 1 1 19 9 7 5 . . 9 3 1 14 4 5 0 1 14 4 8 2 1 15 6 7 4 1 1 2 2 0 4 2 1 . ,6 1 2 8 6 3 Week ending: 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 Jan. 5 103.32 140.5 123.0 119.2 123.4 118.4 115.9 81.9 196.7 139 142 155 120 1,149 Jan. 12 104.30 140.7 123.6 119.5 123.7 118.7 116.0 83.9 197.2 144 147 163 123 2,276 Jan. 19..... 104.86 141.8 123.8 119.6 123.9 118.9 116.2 86.0 197.3 147 150 169 125 2,716 Jan. 26 105.01 142.4 124.3 120.0 124.2 119.1 116.6 85.4 198.9 145 148 166 125 1.878 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years and over. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 6 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and the BULLETIN for May 1945, pp. 483-490. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Total Year or month fu i 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 t i n a c u d t i - e - a F c e g i e r e e a d s n l - 1 - Total Co B r a p o n o n d r d a s te Stocks e F i o g r n - 2 m e ( a e i f d g n o s o n d r ti - - ) 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 r a p o n n o d d ra s te Stocks e F i o g r n - 2 pal notes notes 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 .4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 1940 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,174 642 640 176 90 374 282 92 "" 2 1,532 1,442 259 497 685 603 82 ' 90 1944 4,153 923 906 235 45 627 404 223 17 3,230 3,215 404 388 2,423 2,135 288 15 1945 2,917 1,746 1,739 471 26 1,242 590 651 7 6,171 6,123 324 912 4,888 4,234 654 48 1944—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 6 101 50 51 "l 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 8 1 1 112 112 8 30 74 74 July 1,229 249 249 35 2 212 "34* 178 981 981 31 200 750 623 "127' August. 507 144 144 37 107 64 43 363 363 7 20 335 295 41 September. 870 140 140 37 103 35 68 730 725 9 17 698 638 60 "5 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 December. 835 241 241 80 161 107 54 594 594 3 255 337 282 55 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. 168 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month Est g i r m os a s ted Esti n m et ated New money Retirement of securities proceeds2 proceeds3 Repayment Other of 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 Bo n n o d t s e a s nd Pr s e t f o e c r k red other debt purposes 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 1945 1944—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 '3 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 December 470 462 103 75 27 327 286 41 121 19 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 c p e r e o d - s money se ti c e u s ri- p p o u se r- s4 c p e r e o d - s money se t c ie u s ri- p p o u se r- s4 c p e r e o d - s money se t c ie u s ri- p p o u se r- s4 c p e r e o d - s money se t c ie u s ri- p p o u s r e - s4 1935 . . . 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 . . 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 . . 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 4 4 1944 602 102 500 1,400 40 1,343 17 1,033 454 504 76 107 61 42 3 1945 1944 June 45 4 41 28 2 25 2 71 19 30 C21 34 3 31 J A S u e u l p y g t u e s m t ber.. 1 1 2 3 8 1 4 9 2 1 1 1 9 0 i 1 i 7 5 9 1 6 3 6 2 1 7 5 3 5 1 5 2 5 6 6 5 2 6 1 1 9 4 2 1 7 1 3 3 1 7 6 2 7 7 1 4 7 0 c1 C 0 3 1 3 6 1 '"'3' 2 4 1 1 October 36 2 35 499 9 485 5 191 115 74 C3 3 2 November.. 52 4 48 272 7 265 47 22 23 cl 2 1 1 December. . 82 82 21 20 34 24 7 3 42 42 1945—January 119 119 65 65 82 28 54 10 8 2 February... 108 12 96 60 60 27 9 16 1 18 7 6 5 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 1 May 75 18 57 184 1 183 223 117 89 17 2 2 June 30 30 59 3 49 7 2 1 1 July 105 12 93 301 4 297 480 163 301 16 40 11 29 August 84 10 74 115 1 110 4 221 63 111 47 13 6 2 5 September.. 270 4 266 371 364 6 130 87 38 6 10 8 1 October 246 27 219 565 15 523 26 218 89 107 23 27 19 5 4 November . 42 2 35 5 49 17 26 6 27 1 10 15 December. . 68 19 50 200 23 169 8 166 51 106 9 27 9 3 15 c Corrected. 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. s 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. FEBRUARY 1946 169 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 dollarsl Net profits,1 by industrial groups P d r i o v f i i d ts e n a d n s d Year or quarter Total s I a t r n e o d e n l c M e h r i a y n - - to b A m il u e o - s - e p O t m r q t o a i t u e r o h n t i n n e s p a t r - - - f m e p N u a r r e r o c n o t o t d n a d s u 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 e a o O i i n n f n d i i g g d n l u - c- c In h t c r d e a i m u a ls l s i - - O g d n o u b 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—i 509 86 44 79 53 39 23 36 29 49 44 28 285 22 150 2 547 84 48 73 56 36 28 43 42 53 48 33 295 23 165 3 558 81 46 60 56 38 30 44 56 52 49 44 282 23 170 4 549 72 55 61 62 40 32 37 46 52 46 47 275 24 221 1942— 1 413 52 38 46 246 36 19 32 35 39 39 31 205 21 134 3 2 3 44 5 5 8 5 5 1 2 3 36 5 4 2 6 5 2 2 4 4 3 3 3 34 2 2 1 2 8 3 42 2 4 2 2 7 3 41 5 3 2 5 7 3 52 2 2 1 1 7 3 4 2 20 3 1 12 3 5 5 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 52 246 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 »492 49 38 3 63 2 50 31 21 45 62 48 39 45 » 250 20 142 2 »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 O re 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 * re e e inc N o e m t e1 d D e i n v d i- s r O e p v in e e g r n a u t e - I i b n n e t c c a f o o x o m m 7 re e e inc N o e m t e1 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 t e 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 36 723 182 126 308 69 44 45 3 1,468 267 189 34 750 183 107 8 311 66 45 44 4 1,454 166 138 87 805 200 139 321 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. 8 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. 4 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. • Thirty large companies, covering about 85 p?r 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 fo * 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. 170 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] End of month d T g d i r o e r o e t b s a c t s l t b in d T e d t i a o e e r r e t r b i a e c n t l t s g t- Total2 T M re b a a il r s l k s u e ry tab c l i C e e n a d e d t n e r p e t s e i u b f s o b t i s - - f lic T i r s n e s o a u t s e e u s s r 1 y Tr b e o a n s d u s ry N T o o n t m al a 2 rket s a b a U b o v . l n i e n S d g p s . s ubl T i t s c a r a n e x v i o a s i t s a s n e u u n g s e r d s y s S is p s e u c e ia s l i b n e N d t a e e o r r b i n e n t - s g t- s g t e b t e F c u e e e u a a r u d e r r r l i i a l s i t n y t n n i - g e - - s 1942—Dec. . . 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 1,283 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 1,092 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 1,225 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 L.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 L.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 1946—Jan 278,887 277,456 199,633 17,042 41,502 19,551 121,358 57,168 48,588 8,107 20,655 1,431 545 1 Including amounts held by Government agencies and trust funds, which aggregated 7,002 million dollars on Dec. 31, 1945. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and depositary bonds not shown separately. 3 Including prepayments amounting to 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. * 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, JANUARY 31, 1946 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales during t R io e n d s e m an p d - Issue and coupon rate Amount Issue and coupon rate Amount Month out- maturities standing at end of Treasury bills1 Treasury bonds—Cont. month All Series Series Series All Feb. 7,1946 1,317 Sept. 15. 1949-51 2 1,292 series E F G series Feb. 14, 1946 1.317 Dec. 15, 1949-51 2 2,098 Feb. 21, 1946 1,302 Dec 15. 1949-52... 3Ys 491 Feb. 28, 1946 1.316 Dec 15. 1949-53... 2K 1,786 1944—July. . . 36,538 2,125 1,687 101 338 227 Mar. 7, 1946 1.303 Mar. 15. 1950-52 2 1.963 Aug 36,883 602 499 18 85 279 Mar. 14, 1946 1.302 Sept. 15. 1950-52... 2K 1.186 Sept.... 37,323 692 591 16 85 283 Mar. 21, 1946 1,317 Sept. 15, 1950-52 2 4,939 Oct 37,645 695 599 14 83 401 Mar. 28, 1946 304 Dec. 15, 1950 IK 2,635 Nov.... 38,308 1,023 807 43 174 382 Apr. 4,1946 303 June 15, 1951-54... 2K 1,627 Dec. .. 40,361 2,386 1,855 125 406 365 Apr. 11, 1946 1,316 Sept. 15. 1951-53 2 7,986 Apr. 18, 1946 1.312 Sept. 15, 1951-55 3 755 1945—Jan 41,140 1,074 804 42 228 341 Apr. 25, 1946 1,317 Dec 15, 1951-53. ..2J4 1,118 Feb.. . . 41,698 848 653 31 164 323 May 2. 1946 1,316 Dec. 15, 1951-55 2 510 Mar.... 42,159 889 712 27 151 464 C F e e r b t, . of 1 . i 1 n 9 d 4 e 6 b tedness % 5.043 J J M u u a n n r e e . 1 1 1 5 5 5 . . , 1 1 1 9 9 9 5 5 5 2 2 2 - - - 5 5 5 4 5 4 .. . . . .2 2 K K 2 5 1 1 . , . 8 5 0 0 2 2 1 4 5 A J M u p a n r y e .. . . . . . . . . 4 4 4 2 3 5 , , , 6 7 5 6 2 8 7 6 6 2 1 , ,5 1 8 4 7 3 0 8 8 1 1 , . 1 4 6 9 6 8 5 8 4 1 2 6 7 3 3 8 5 2 1 3 8 3 2 2 0 4 4 4 2 0 0 6 3 4 Mar. 1, 1946 V% 4.147 Dec. 15, 1952-54 2 8,662 July... 46,508 1,295 1,032 47 215 428 Apr. 1, 1946 K 4.811 June 15, 1953-55 2 725 Aug 46,715 700 571 22 107 531 May 1,1946 14 1.579 June 15, 1954-56... 2 M" 681 Sept.... 46,741 514 420 18 76 528 June 1, 1946 li 4.799 Mar. 15, 1955-60...2 % 2,611 Oct 46,786 625 510 8 107 616 Aug. 1, 1946 Vz 2.470 Mar. 15, 1956-58... 2K 1,449 Nov 47,473 1.184 865 54 265 533 S O N e c o p t v . t . . 1 1 1 , , . 1 1 1 9 9 9 4 4 4 6 6 6 V % % % 4 3 3 . . . 4 3 7 4 3 7 6 0 8 S J S u e e n p p e t t . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 8 6 6 - - - 6 5 5 3 9 9 . . . . . . . . . 2 2 2 H H X 3. 9 9 8 8 1 2 2 9 3 1946— D Ja e n c. .. 4 4 8 8 , , 5 1 8 8 8 3 1,2 9 5 6 4 0 6 9 4 0 1 8 4 8 0 3 2 2 7 6 8 2 6 5 2 5 9 9 Dec. 1,1946 % 3.768 June 15, 1959-62.. .2K 5.284 Jan. 1, 1947 % 3,330 Dec 15, 1959-62... 2 K 3,409 Maturities and amounts outstanding, January 31, 1946 Treasury notes Dec 15, 1960-65... 2K 1.485 Mar. 15, 1946 1 1.291 June 15, 1962-67.. .2K 2.118 July 1,1946 90 4.910 Dec 15, 1963-68.. .2K 2.831 Year of All Series Series Series Series S S S D M e e e e a p p p c r t t t . . . . . 1 1 1 1 1 5 5 5 5 5 , , . , , 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 7 6 7 7 8 I I I \ \ K K % K yi 3 3 2 1 1 . , . , . 2 6 9 7 7 6 8 4 0 4 1 7 8 7 8 J J D M S M u u e e n a a n p c r e r e t . . . 1 1 1 1 1 1 5 5 5 5 5 5 , , , . , . 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 4 4 5 7 6 7 - - - - - 6 - 7 6 7 7 7 9 2 9 0 1 2 . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 V Y Y K K Y 2 2 i 2 3 5 3 3 2 7 . . . , , , 7 1 4 8 7 9 6 9 8 3 1 6 1 7 1 6 8 7 1 1 1 9 9 9 4 4 4 m 6 7 8 aturity ser 3 4 i 4 e 1 2 9 s 0 2 5 B- 3 4 4 D 2 1 9 2 0 5 E F G Treasury bonds Dec. 15, 1967-72... 2K 11,441 1949 803 803 Mar. 15, 1946-56... 3K 2489 1950 990 990 June 15, 1946-48 3 1,036 Postal Savings 1951 1,644 441 1.202 June 15, 1946-49... 3 % 819 bonds 2K 117 1952 4,875 4 875 Oct. 15, 1947-52.. AlA 759 Conversion bonds.... 3 13 1953 8,940 7,549 214 1 177 Dec. 15, 1947 2 701 Panama Canal loan. . 3 50 1954 12,023 9,137 587 2.299 Mar. 15, 1948-50 2 1,115 1955 11,005 7,917 664 2,424 Mar. 15, 1948-51.. .2K 1.223 Total direct issues.. 199,633 1956 3,785 260 741 2,784 June 15, 1948 IK 3,062 1957 3 110 588 2 521 Sept. 15, 1948 2K 451 Guaranteed securities 1958 257 30 227 Dec. 15, 1948-50 2 5 71 Federal Housing Adn'in. Unclassified. . -70 June 15, 1949-51 2 1,014 Various 39 Total 48,588 3,462 30,940 2,823 11,432 1 Sold on discount basis. See table on Open-Market Money Rates, p. 167. 2 Called for redemption on Mar. 15, 1946. FEBRUARY 1946 171 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by U. S. Gov- Privately held1 End of month s i b e n T c e te u a o r r r t e i i a t n s l i g t e - s S i e p s a r s e n n u c d m e i a s e l tr n u t s a t g f e P u i n s u n s c b d u ie s l e i s s c R F B e H e a d b s e n e y e l r k r d 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 c u i e e r - - s M is a a O s b r u k t l h e e e s e t r - inve m s i N s t a a o s b r o u r k l n s 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 35,200 49,200 1945—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 ••22,400 '39,400 54,000 November 263,386 20,710 6,134 23,472 213,070 85,600 9,800 22,500 40,200 55,000 1 Figures for insurance companies and other investors have been rounded to nearest 100 million dollars for all dates, and figures for commercial banks and mutual savings banks have been rounded to nearest 100 million for all dates except June and December for which call report data are available. Back figures.—See Banking and Monetary Statistics, Table 149, p. 512. r Revised. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Public marketable securities. Par values in millions of dollars] U. S. U. S. Gov. Gov. Total m er e n n - t F e e ra d l - C m o e m r- - M tua u l - Insur- Total m er e n n - t ]F pr e a d i - C m o e m r- - M tua u l - Insur- End of month out- agen- Re- cial sav- ance Other End of month out- agen- Re- cial sav- ance Other stand- cies serve banks ings com- stand- cies serve banks ings coming and Banks C1) banks panies ing and Banks 0) banks panies trust trust funds funds Total:2 Treasury bonds: 1944—Dec.. . 162 843 5,338 18,84672,045 8,183 18,76139,670 Total: 1945—May.. 163 441 5,20220,95471,896 8,497 19,32537,567 1944—Dec.. . 91,585 5,173 , 24336,508 7,704 17,85923.098 June.. 181 353 6,112 21,792 77,484 9,38220,93045,652 1945—May.. 92,377 4,961 . ] H339,275 7,753 17,64621,628 July. . 183,114 6,08321,71778,609 9,621 21,14645,939 June.. 106,448 5,968 , 113 41,795 9,045 19,89228,636 Aug... 183,369 6,092 22,53077,862 9,77521,27345,837 July.. 107,890 5,936 \ 113 42,822 9,27820,07928,661 Sept.. 182,870 6,09423,32876,939 9,84521,43745,227 Aug... 108,172 5,937 .', 114 43,170 9,36520,25128,334 Oct... 182,829 6,146 23,27677,547 9,84721,50144,512 Sept.. 107,049 5,926 977 42,834 9,36020,34827,604 Nov. . 185T151 6,104 23,472 78,935 9,58721,37545,679 Oct... 107,049 5,926 977 43,477 9,36020,34326,964 Nov. . 109,371 5,911 977 44,564 9,17620,19228,551 Treasury bills: Maturing within 1944—Dec.. . 16,428 6 11,148 4,113 1 1 1,159 5 years: 1945—May.. 17,049 44 12,954 2,242 17 86 1,706 1944—Dec.. . 7,824 518 4,834 137 556 1,777 June.. 17,041 3 12,962 2,798 1 4 1,273 1945—May.. 8,939 564 5,548 258 520 2,050 July.. 17,025 9 12,810 2,737 2 1 1,466 June.. 8,939 547 5,770 172 375 2,074 Aug... 17,038 15 13,254 2,193 2 1,574 July.. 8,939 530 5,814 175 350 2,069 Sept 17,018 18 13,234 2,035 10 1,721 Aug... 8,939 532 5 803 183 352 2,068 Oct 17 026 21 13,172 1,978 6 L. 850 Sept 7,725 381 5 126 181 32C 1,714 Nov. . 17,026 18 12,593 2,306 14 1 2,094 Oct... 7 725 379 5 177 184 304 1,681 Nov. . 8 214 456 5 387 173 277 1.917 Certificates: Maturing in 5-10 1944—Dec.. . 30,401 62 4,887 15,032 136 310 9,974 years: 1945—May.. 34,442 103 5,870 17,202 394 884 9,989 1944—Dec.. . 44 087 1,504 24 445 3 556 4 230 10 357 June.. 34, 136 47 6,032 16,789 92 420 10,756 1945—May.. 43 564 1,262 25 790 3 427 4 196 8 891 July.. 34,472 45 6,096 16,812 96 454 10,968 June.. 48 155 1,333 29 147 3 400 4 267 10 009 Aug... 34,430 46 6,400 16,413 158 423 10,991 July. . 48 423 1,322 29 954 3 228 4 194 9 725 Sept.. 35,072 55 7,184 16,209 211 494 10,918 Aug... 48 425 1,319 30 209 3 101 4 163 9 631 Oct.. . 35,021 77 7,206 16,230 221 553 10,735 Sept.. 49 180 1,398 30 798 3 056 4 179 9 749 Nov. . 35,021 62 7,800 16,358 171 561 10,070 Oct... 49 180 1,396 31 241 2 970 4 066 9 506 Nov. . 49 180 L. 386 32 125 2 705 3 945 9 021 Treasury notes: Maturing in 10-20 1944—Dec.. . 23,039 60 ,566 15,411 336 568 i>,098 years: 1945—May.. 18,588 53 ,017 12,588 327 692 5,912 1944—Dec. . 14 445 1,028 5 354 1 887 2 612 3 563 June.. 23,497 52 ,685 16,076 242 601 4,841 1945—May.. 14 445 960 5 745 1 828 2 319 3 591 July.. 23,498 52 ,698 16,211 244 598 4,695 June.. 16 727 1,054 4 562 2 458 2 471 6 179 Aug... 23,498 52 ,762 16,058 247 587 4,793 July.. 17 307 1,058 4 667 r2 673 2 476 6 433 Sept.. 23,498 53 ,93315,830 260 581 4,841 Aug... 17 446 1,057 4 687 2 814 2 534 6 352 Oct... 23,498 80 ,92015,834 258 591 4,815 Sept.. 16 748 982 4 388 2 868 2,493 6 020 Nov. . 23,498 71 2,102 15,678 223 607 4,817 Oct... 16 748 985 4 451 2,928 2,505 5 880 Nov. . 16 880 907 4 371 2 966 2,458 6 178 Guaranteed Maturing after 20 securities: years: 1944—Dec. . 1,194 1 3 960 6 22 203 1944—Dec. . 25 227 3,366 1,873 2, 125 10,462 7 401 1945—May.. 789 6 575 4 16 187 1945—May.. 25 427 3,290 2, 194 2,240 10,609 7 095 June . 34 6 10 2 13 3 June.. 32 626 4,146 2 317 3 010 12 779 10 375 July.. 34 6 10 2 13 3 July.. 33, 219 4,140 2,385 3,200 13!061 10,435 Aug... 35 7 11 2 13 2 Aug... 33, 360 4,141 2,470 3, 266 13,199 10 284 Sept.. 37 7 12 2 13 4 Sept.. 33,394 4,141 2,521 3, 257 13,357 10,120 Oct... 39 7 12 2 13 4 Oct... 33, 394 4,140 2,609 3, 277 13,466 9,900 Nov. . 39 7 13 3 14 3 Nov. . 35,095 4,139 2,679 3,333 13,511 11 432 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, and the residual "other" are not entirely comparable from month to month. Since June 1943 the coverage by the survey of commercial banks has been expanded. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Including stock savings banks. On Nov. 30, 1945, commercial banks reporting to the Treasury held 26,528 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. 172 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollarsl Period W I h n e c i l t o d h m 2 - e O ta t x h e e s r 1 n i c r M n n e e e n u t l v o a i e l e s e u a l r - 1 - - - s S S ta r o e i x c c ty e i u a s - l c O e r t i e h p - e ts r c T e r o i e t p - a t l s c N e r i e p e - t ts3 I d n e e t s e b t r t - a W c ti t e i a v s r i- c T f o t e e r r a u r a u t c s n c n s - . t t t s s o - , O p tu e e t n x r h e d - e s r i- e b i T x t u u p o d r e t g e n a s e l d t - D c e i f t i- c T o e a u r t c c u n - . s 4 t t s C f a g h b e u n i e a r a n n a c n n l d - l e - ge g c d r r I i e e o n n b a s - t s se Fiscal year ending June 1943... 16,094 4,553 1,508 1,230 23,385 22,282 1,808 72,109 435 3,827 78,17955,897 -1,861 +6, ,274 June 1944... 8,39326,262 5,291 1,751 3,711 45,408 44 49 2,609 87,039 556 3,540 93,74449,595 +4,051 + 10,662 64,307 June 1945... 10,28924,884 6,949 1,793 3,824 47,740 46,457 3,617 90,029 1,646 5,113 100,40553,948 +798 +4,52957,679 1945—January. . 619 1,803 573 48 545 3,587 3,556 191 7,551 69 390 8,202 4,645 +238 -2,630 1,778 February. , 1,295 1,627 552 341 172 3,987 3,767 91 6,948 48 373 7,460 3,693 + 101 -2,292 1,300 March.... 883 4,935 520 96 473 6,908 6,892 628 8,246 45 513 9,433 2,540 +262 -2,036 242 April 600 1,567 534 46 . 221 2,967 2,929 139 7,139 236 455 7,968 5,040 +9 -3,911 1,120 May 1,282 745 557 337 477 3,398 3,085 66 8,156 296 757 9,275 6,190 +686 -1,741 3,763 June..... 826 3,930 561 69 529 5,916 5,914 1,009 7,837 335 460 9,641 3,727 -1,050 + 15,07319,850 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+11,558 12,773 1946—January.. 554 2,201 645 51 397 3,848 3,819 309 3,417 684 482 4,891 1,073 -276 -577 772 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security accounts Net ex- Other Assets penditures Period c N e r i e e p - t ts I m n e v n e t s s t- p t e u E n r x d e - s i- c i G n i o n m o u c g v n h e e t a e n s r c c t n o k - - f - ce R i e p - ts I m nv e e n s t t s - p t e u E n r x e d - s i- Total F p e D o d i s n e e i - r ts al s p p D o e i s n c e i i - t a s l O as t s h e e t r s 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 Reserve deposi- Banks taries Fiscal year ending June 1943 2,810 2,350 456 2,194 1,117 655 133 10,149 1,038 7,667 1,444 643 9,507 J J u u n n e e 1 1 9 9 4 4 5 4.... 3 3 , , 2 2 3 0 9 2 2 2 , , 7 81 5 6 7 3 45 8 3 0 4 1 , , 4 17 03 8 3 1 , , 8 8 2 5 0 1 2 1 , , 4 31 4 3 4 -5 1 7 9 1 2 2 2 5 0 , , 1 7 1 7 9 5 1 1 , ,4 5 4 0 2 0 2 1 2 8 , , 6 0 2 0 2 7 1, 9 3 9 2 7 7 6 42 0 1 7 2 2 4 0 , , 6 1 9 6 8 9 1945—January... 169 84 39 -21 251 117 -37 20,077 1,048 17,866 1,164 471 19,606 February.. 432 208 37 313 250 122 -98 17,734 1,384 15,265 1,085 420 17,313 March 66 227 43 -407 270 128 84 15,722 1,547 13,055 1,120 445 15,277 April 122 48 40 71 412 228 137 11,809 1,224 9,492 1,093 443 11,366 May. 592 271 42 -154 530 296 -21 10,055 1,140 7,941 974 430 9,625 June 217 482 42 778 701 663 3 25,119 1,500 22,622 997 421 24,698 July 312 203 51 222 579 441 89 22,469 1,252 20,303 914 386 22,082 August.... 543 239 56 -26 336 172 487 19,018 1,300 16,874 844 387 18,631 September. 52 241 91 51 407 163 9 16,582 1,755 13,989 839 447 16,134 October 132 -66 146 -274 284 80 228 13,307 1,124 11,389 794 494 12,813 November. 419 38 143 -79 295 65 158 14,849 1,372 12,694 784 404 14,445 December.. 54 198 149 -395 260 54 195 26,520 1,674 24,044 802 517 26,003 1946—January.. . 178 -36 178 -9 810 1,132 25,851 1,011 24,030 810 424 25,427 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). s Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. * Excess of receipts (+) or expenditures (—). Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516. INTERNAL REVENUE COLLECTIONS [On basis of reports of collections. In millions of dollars] Income taxes Miscellaneous interna[ revenue Period Total v i C r n i e d u d n u r i t - - al W he i l t d h 1 - V t t o a i r c x y - r c C a r o e t u r i n p r o t - o n - t B a a x c e k s E p t x r a o x c f e e i s s ts s O p ta r t o x h f e e i s t r s Total C st t t a o a a p c x l i k - E ta a g s x n i t f a d e t t s e b A t h a a e o l x g v c li e e o e c s r - - b t T a a x c o c e - o s S ta ta x m es p M re t e t u a t a x a a n r x c n i e u i l e d r s e f s s e a r ' s c ' - n t c M a e e x o l i l e s u a - s s - Fiscal year ending: June 1943.... 16,299 5,771 686 4,137 557 5,064 84 4,571 329 447 1,423 924 45 670 732 June 1944.... 33,028 10,254 '7^038 785 4,763 705 9,345 137 5,353 381 511 1,618 988 51 729 1,075 June 1945.... 35,062 8,567 10,263 1 4,422 661 11,004 144 6,960 372 643 2,310 932 66 1,207 1,430 1944—December.... 3,670 294 18 980 40 2,312 27 559 50 201 71 5 120 112 1945—January ...... 3,024 1,889 690 43 126 270 5 547 49 206 78 6 117 90 February.... 3,158 759 1,892 57 143 301 6 510 37 195 66 6 116 90 March 4,996 1,737 61 956 59 2,170 13 560 89 171 74 6 104 117 April 2 408 907 915 160 — 26 443 9 517 75 171 68 5 97 100 May 2,406 201 1,751 70 79 295 10 571 64 180 83 6 116 121 June ,4,025 1,127 46 858 79 1,895 21 572 62 191 93 6 104 116 July 2,242 318 1,249 i 161 75 429 8 791 105 49 198 84 6 121 228 August 1,916 87 1,461 -1 74 62 228 5 824 209 69 199 108 5 102 132 September. .. 3,553 1,112 32 768 46 1,584 11 531 7 34 198 101 6 93 93 October 2,031 271 1,094 191 47 421 6 706 30 44 243 120 7 122 140 November. . . 1,856 41 1,405 105 50 248 6 605 44 230 98 8 112 113 December 2,742 539 27 660 105 1,398 13 512 45 188 62 7 107 102 1 Withheld by employers (Current Tax Payment Act of 1943). 173 FEBRUARY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets,other than interagency items i Li i a n b t i e l r it a i g e e s, n c o y th e it r e m th s an Com- Invest- Bonds, notes, U Go .S v . - Primodi- ments Land, and deben- ern- vately Corporation or agency Loans ties, struc- Undis- Other tures payable Other ment owned Total Cash c a e r b e i - l v e - m p s r a l u i n a i a p e t d l - s e s , - G U s ri e o t . c i v e u S t s - . . O r s i e t t c h ie u e s - r e t m u a q r n e u e d n i s p t , - ch t u r a t i r e b g d - es s a e s- ts b a F g y n u u te a l U l e r y - . d S. Other li i a ti b e i s l- in e t s e t r- in e t s e t r- All agencies: Dec. 31, 1944 31,488 756 6,387 2,942 1,632 42416,237 1,692 1,419 1,537 1,395 4,196 23,857 504 Mar. 31, 1945 31,309 768 5,789 2,960 1,756 388 16,734 1,001 1,913 C1,15C cl,237 4,962 23,510 451 June 30, 1945 . 33,552 700 5,544 2,507 1,679 37520,154 7721,811 502 1,163 4,162 27,266 459 Sept. 30, 1945 34,247 815 5,409 2,487 1,756 36820,816 4422,154 551 1,135 4,486 27,610 465 Classification by agency Sept. 30, 1945 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 234 29 127 43 34 1 227 7 Federal intermediate credit banks. . 346 27 279 37 3 269 2 75 Federal land banks 1,279 59 1,036 157 6 21 834 42 176 227 Production credit corporations.... 123 1 66 56 123 Regional Agricultural Credit Corp.. 15 7 8 (2) 1 14 Other3 21 2 16 3 2 19 Federal Farm Mortgage Corp 13 222 9 6 6 Rural Electrification Administration. 329484 4 388 5 329382 War Food Administration: Commodity Credit Corp ' 1,545 16 104 1,209 4 13 200 503 538 505 Farm Security Administration..... 469 45 341 28 8 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 . 300 18 100 181 1 32 51 125 92 Federal Savings and Loan Insurance Corp. 162 1 157 4 62 100 Home Owners' Loan Corp 985 45 895 15 21 2 6 12 CO 28 945 Federal Public Housing Authority and affiliate: Federal Public Housing Authority. 550 25 288 8 222 2 6 10 540 Defense Homes Corp 68 1 1 66 1 67 Federal Housing Administration 163 25 19 (2) 99 (2) 1 19 30 10 122 Federal National Mortgage Association. 9 9 9 R.F.C. Mortgage Company 59 47 7 5 4 55 Reconstruction Finance Corp.6 9,980 18 1,049 942 75 249 6,868 325 455 1,505 8,475 Office of Emergency Management: Smaller War Plants Corp. 176 126 33 15 2 1 175 War Shipping Administration 8,844 123 40 7,810 64 807 1,017 7,827 Other6 489 22 i 232 3 10 23 197 269 219 Export-Import Bank 230 1 227 2 89 141 Federal Deposit Insurance Corp 923 13 7 (2) 889 13 634 150 139 Federal Works Agency 254 1 68 145 41 254 Tennessee Valley Authority 750 16 3 8 719 4 9 742 U. S. Maritime Commission 3,586 21 7 45 3 3,243 4 262 132 3,454 All other 2,005 141 134 10 29 2 1,671 1 16 63 1,942 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Sept. 30, 1945 Purpose of loan b F l a a e n n d k d . s M C F F a o e o r r d m r p . t . . c b m i F n r a a e e t e n t e d d e d k r i i . - s - t f o B t o i p a r v e n e r c k s a o s - - C m C C r o o o e d m r d p i i - t . t y t A R r E t i i f u d l o i e r m c n c a a - . l - A F S r e a d i c t r m y m u- . H C O L e o o o w 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 R a a a f . t f F n e il d . s i C - . B p p I E o a m o x 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 . To aid agriculture 1,108 291 279 128 108 388 486 (2) 159 2,948 2,971 To aid home owners ' "908' 52 1 961 1,027 To aid industry: Railroads 210 21 232 243 Other 44 141 185 201 To aid financial institutions: Banks 29 13 43 46 Other ioo 32 132 163 Other 288 738 227 112 1,365 1,343 Less: Reserve for losses. 72 69 (2) 1 5 (2) 145 13 1 (2) 151 457 451 'f'otal loans receivable (net) 1,036 222 279 127 104 388 341 895 288 100 1,105 227 296 5,409 5,544 c Corrected. l Assets are shown on a net basis, i.e., after reserves for losses. 2 Less than $500,000. 3 Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans. 4 All assets and liabilities of the United States Housing Corp. have been liquidated. 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 of Inter-American Affairs. NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly figures are not comparable with monthly figures previously published. Monthly figures on the old reporting basis for the months prior to Sept, 30, 1944, may be found in earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and in Banking amd Monetary Statistics, Table 152, p. 517. 174 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction m Y a o e n n a d t r h 1 ( I m v 9 n p a 3 c e a l 1 5 o n u y 0 - m - t e 3 0 s ) 9 e Tot I a ( n l p d h u 1 y s s 9 t i r 3 c i a 5 a D l - l 3 u v p f 9 M r o a r - = l c o u a t 1 d u m n 0 u r u N 0 e c e - ) t s o * i n o 2 - n M era in ls - To a t w a 1 a l 9 r c 2 d o 3 n e R d - d t t 2 e i e r a n s 5 a ( l i - = v c - t a 1 s l 0 u o 0 e t A ) h 3 l e l r N t a c u g u o r r l n a - i - l - E 1 m 93 p 9 lo F = y a 1 m c 0 t 0 e o n r t y 4 1 r F 9 t p o o 3 a 1 a l r 9 c l 0 y s y - 0 * = c 1 F a 9 i r r n 3 e l g 5 1 o i s - 0 g a * 3 0 h d 9 t - ) D 19 m s u s e ( t 3 a v p e o e 1 5 a l a ) n r e 0 - l * r e s - t 3 0 t 9 , | W p m c = 1 r s h o o 9 i a o c m 1 d 2 l l e e 0 6 i e - s t 0 - 4 y] C 1 l 9 i o v 3 s i 1 5 t n 0 - g 3 0 o * 9 f able durable Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad-| Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justedi justed justed justed justed justed justed justed 1919 72 84 62! 71 63 44 79 103.8 103.2 120 83 138.6 124.5 1920 75 93 60 83 63 30 90 104.2 123.5 129 99 154.4 143.2 1921 58 53 57 «i 56 44 6* 79.8 79.7] 110 92 97.6 127.7 1922 73 81 67 79 68 88] 88.2 85.5 121 94 96.7 119.7 1923 88 103 72 98 84 81 86 101.0 108.4 142 105 100.6 121.9 1924 82 95 69| 89 94 9C 94 93.8 101.21 139 105 98.1 122.2 1925 90 107 76 92 12? 124 170] 97.1 106.61 146 110 103.5 125.4 1926 96 114 79 100 129 1?1 135 98.9 109.0' 15? 113 100.0| 126.4 1927 95 107 83 100 129 117 l.?o 96.8 107.91 147 114 95.4 124.0 1928 99 117 85 99 13* 12* 14? 96.9 109.1 148 115 96.7 122.6 1929 122.9 110 132 93 107 117 fo| 14? 102 103.1 116.4 152 117 95.3 122.5 1930 109.1 91 98| 84| 931 92 125 95 89.8 94.1 131 108 86.4 119. 1931 92 75 67 79 63 86. 75.8 71.2 105 97 73.0 108. 1932 70.6 58 41 70| 80! 28 37 75 64.4 49.2 78] 75 64.8 97.6 1 1 9 9 3 3 3 4 6 7 8 8 . . 9 7 6 7 9 5 6 5 5 4 8 7 1 9 6 7 7 6 3 2 2 5 1 1 1 ? 8 7 3 6 7 8 1 3 . . 3 1 5 67 2 . . 8 8 8 8 2 9 , | 8 7 3 3 6 7 5 4 . . 9 9 9 9 2 5 . . 1935 87.1 87 83 90 80 37 1? 87 88.7 78.0| 92 88 80.0 98.1 1936 101.3 103 108| 100 86 55 21 70 94 96.4 90.5 107 100 80.8 99.1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 4 4 3 3 4 4 3 4 4 1 5 9 7 2 3 8 0 4 P 2 1 1 1 1 1 2 9 1 0 0 1 7 3 3 8 7 3 3 5 4 8 3 . . . . . . . . 5 7 5 4 0 6 0 4 P 2 2 2 1 1 1 1 1 O 3 3 8 1 2 0 9 6 5 9 9 3 5 9 9 2 3 P 3 3 2 2 1 1 1 2 5 6 7 0 2 0 3 7 7 3 0 9 1 2 9 9 8 4 P 1 1 1 1 1 1 1 1 9 0 6 1 7 5 4 7 0 5 6 6 5 1 8 2 6 9| P1 1 1 1 1 1 1 1 1 9 9 3 2 0 2 1 3 4 7 2 9 7 9 6 5 7 2 0 1 j 1 1 5 6 6 4 8 6 7 2 9 4 8 1 1 6 2 2 3 4 7 1 2 1 9 6 3 8 8 7 8 4 ? 1 ^ 1 4 9 O P1 1 1 1 1 1 1 1 9 2 2 0 0 3 0 1 2 4 1 6 0 0 0 4 7 7 P 1 1 1 1 1 1 1 1 9 0 0 6 0 7 3 5 4 0 0 9 5 2 7 7 4 3 . . . . . . . . 1 1 0 8 5 7 0 3 0 3 3 2 1 1 1 1 8 3 3 4 1 0 6 0 4 9 5 4 4 8 7 0 . . . . . . . . 2 1 2 5 2 4 5 0 i 1 1 1 1 1 1 1 n 0 8 4 0 3 3 3 3 , 0 9 1 9 5 8 0 7 | P2 1 1 1 1 1 1 1 O 9 0 0 3 8 1 6 5 7 9 7 6 3 6 4 8 0 1 1 1 9 8 8 7 7 7 0 0 0 8 4 6 7 8 7 8 5 3 . . . . . . . . . 0 8 3 6 1 3 8 6 1 1 1 1 1 1 1 1 1 9 0 1 0 0 0 2 2 9 2 6 0 0 5 5 3 . . . . . . . . 4 7 5 2 8 2 5 6 1943 January.., 199.6 227 224 337] 171 125 145 198 131.6 170.7 170.1 300.7 135 163 101.9! 120.7 February.. 203.5 232 229 344 174 131 102 140 131. 173.1 172.5| 308.9 139 192j 102.51 121.0 March..., 206.9 235 232 351 174| 133 85 11O 132.0] 175.1 174.6 318.0 138 161 103.4 122.8 April 208.8 237 236 356 175 131 63 87 131.4 176.2 175.4 324.9 136 159, 103.7] 124.1 May 209.4 239 239 359 176 129 52 6* 130.9] 176.9 175.8 330.4 135 159 104.1 125.1 June 212.8 237 238 358 177 117 45 55 131. C 179.C 178.3 336.1 127 168 103.8] 124.8 July 214.8 240| 241 360 177 134 60 80 131.4 180.1 180.2 335.8] 141 169 103.1 123.9 August... 216.7 242| 245 365 178| 135 59 7° 130.91 180.2 181.4 343.1 140| 166 103.2 123.4 September 216.8 244 248 368| 179 138 65 8o 130.1 179.6) 180.8 349.5 140 165 103.1 123.9 October. . 219.3 247 249 374, 179 136 49 61 130.1 180.6 181.4 354.9 137 172 103.0 124.4 N De o c v e e m m b b e e r r 2 2 2 22 4 . .7 9| 2 2 4 4 7 1 2 2 4 3 7 9 1 3 36 7 5 6| 1 17 8 4 0 1 1 1 3 3 3 7 6 6 0 1 8 7 1 8 1 1 3 30 0 . . 2 1 ] 1 1 8 7 1 9 . . 5 9 1 1 8 8 1 0 . . 9 3 3 3 5 5 9 0 . . 7 7 1 1 3 4 9 3 | 1 1 7 6 7 7 1 10 0 3 2 . . 2 9 1 1 2 2 4 4 . . 2 4 1944 January... 227.2 243 240 369 176 139 130.0] 178.1 177.5 350.0 145 174 103.3 124.2 February.. 232.4 244 240^ 367 177 142 129.6 177.1, 176.5 349.7 142 175 103.6 123.8 March 231.9 241 238 364] 175 139 128. 174.6 174.1 346.3 140 183 103.8 123.8 April 231.1 239 237 361 172 140 128. C 171.8 171.0| 339.8 138 173 103.9 124.6 May 232.1 236 236 356 169 143 127 170.1 169. , 339.2 138 183 104.0 125.1 June , 233.9 235 236 354 169 142 127 169.2 168 6| 339.5 139 176 104.3 125.4 July 233.2| 230] 232 347 165 139 127.5 167.6 167.7 331.7 142 189| 104.1 126.1 August... , 234.0 232 235 348| 168 142 127 166.8 167.9 335.0 142 187 103.9 126.4 September 232.5 230 234 342 168 143 126.5 164.9 166.0 333.8 139 187 104.0 126.5 October. . 235.51 232 234 344 169 143 125.7 163.3 164.1 335.1 137 193 104.1 126.5 November 237.5 232 232 341 173 143 125.3 162.6 t63.0 331.8 141 205 104.4j 126.6 December 239.0 232 230 343] 173 137 125.7 163. C 163.3 336.8 137 196] 104.7 127.0 1945 January.. . 241.9| 234 230 345 175 140 75 126.6 162. 162.4 335.2 143 197 104.9 127.1 February.. 245.2 236 232 346 176, 141 96 126.71162 162.0 333.7 139 211 105.2 126.9 March.... 244.1 235 232 345 176| 142 118 126 7 160 160.2 330.2 145 220 105.3 126.8 April 242.3 230 229 336 174 140 11? 125 1 157 156.9 321.5 141 181 105.7 127.1 May 241.9 225 225 323, 173 138 124 4 154 153.6 307.0 140 188 106.0 128.1 June 244.6 220 220 308| 173 144 123.4 151 150.5 302.5 140 202 106.1 129.0 July 243.4 210 211 292 165 143 79 122.7 145 145.6 286.7 139 218 105.9 129.4 August 236. C 186 188 239 157 140 91 121.5 141 142.1 256.2 128 200 105.7 129.3 September 229.0 •"167 171 •"194 156 134 104-•115. '121 r122.4 r214.2 127 199 105.2 128.9 October... 231.4 •"162 rl64| ••186 154| 124 121••115. ••120 '121.2 ••213.0 118 213 105.9 128.9 November. 235.7 168 167 192 P158 138] 134 116. 121 121.6] 212.8 133 ••226 106.8 129.2 December. P233.8 P164 P162 P187 P156 P134 P116, P!20 P121.1 127 P215 * Average per working day. P Preliminary. »• Revised. 1 Department of Commerce series on value of payments to individuals. * For indexes by groups or industries, see pp. 176-179. For points in total index, by major groups, see p. 193. a Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 183 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. 6 For indexes by Federal Reserve districts and other department store data, see pp. 185-187. 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 salee, June 1944, pp. 549-561. FEBRUARY 1946 175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) i Index numbers of the Board of Governors. 1935-39 average = 100] 1944 1945 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.. Oct. Nov. Dec, Industrial Production—Total. 232 232 234 236 235 230 225 220 210 186 '167 '162 168 P164 Manufactures—Total 248 249 251 252 252 247 240 233 222 194 '173 '168 173 P169 Durable Manufactures. 341 343 345 346 345 336 323 308 292 239 '194 '186 192 P187 Iron and Steel. . . 201 198 197 202 210 206 204 192 187 155 163 146 167 P165 Pig iron 192 190 188 192 198 188 190 181 182 161 166 129 158 164 , Steel 218 215 219 226 234 232 229 214 203 164 171 159 178 173 Open hearth. . 186 181 176 180 189 184 182 173 172 142 154 139 '160 156 Electric 453 456 526 552 561 573 567 505 421 319 296 307 '306 294 Machinery 422 431 431 436 431 419 405 393 371 310 230 232 231 P234 Manufacturing Arsenals and Depots1. Transportation Equipment 699 709 706 695 676 651 610 572 535 405 '273 258 250 P215 Automobiles 230 235 235 242 236 231 218 207 188 142 105 '120 135 P92 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products.... 234 229 253 257 267 263 248 219 196 165 141 147 P157 P153 Smelting and refining 191 186 187 191 193 194 184 183 171 150 148 147 P141 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 252 247 280 284 296 291 272 234 202 162 137 '147 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products. . . 122 122 126 118 116 110 107 98 96 P100 Lumber. . 112 111 118 112 110 109 108 104 98 98 89 76 83 Furniture. 141 142 142 146 140 138 138 134 124 115 120 123 P131 144 Stone, Clay, and Glass Products. . 160 163 162 163 167 162 166 169 160 161 160 158 161 166 Glass products 169 174 164 168 183 179 176 193 177 200 186 175 Plate glass 56 51 60 56 175 62 61 43 62 61 79 50 4 Glass containers 208 218 200 207 61 225 221 223 239 217 243 235 235 Cement 88 90 87 87 216 85 85 95 93 97 97 106 113 Clay products 116 116 125 122 86 122 115 121 117 110 110 114 118 P125 Gypsum and plaster products. . . 175 171 182 185 124 180 168 172 179 162 172 177 181 185 A O b th r e a r s iv st e o n a e n d a n a d s b c e l s a t y o s p p ro r d o u d c u t c s t 1 s . . . . 295 307 302 305 3 1 0 8 6 3 300 295 298 287 260 '220 •218 215 P215 Nondurable Manufactures. 173 173 175 176 176 174 173 173 165 157 156 154 P158 Textiles and Products 149 152 150 155 153 149 150 150 132 134 144 141 P146 P144 Textile fabrics 139 141 139 144 142 137 138 138 121 123 134 131 135 Cotton consumption. 149 146 145 152 150 143 142 144 123 123 138 128 133 125 Rayon deliveries. 209 215 215 215 "214 218 221 220 220 213 215 215 226 228 Nylon and silk consumption1 WVoool textiles. 143 152 146 151 149 142 146 144 117 127 142 147 150 Carpet wool consumption.. 56 57 49 44 43 36 42 40 33 58 82 93 90 Apparel wool consumption. 206 215 225 238 249 233 243 234 185 172 186 191 193 Woolen and worsted yarn.. 156 165 156 160 156 147 151 152 124 136 154 156 160 Woolen yarn 161 170 162 170 166 153 161 162 129 145 158 156 163 Worsted yarn 148 157 148 146 142 139 137 137 117 125 149 156 156 Woolen and worsted cloth. . 151 166 159 169 166 161 165 161 129 136 144 149 154 Leather and Products. . 116 114 113 121 122 122 121 127 109 108 119 112 116 108 Leather tanning 112 115 113 119 117 118 115 119 109 98 112 107 108 Cattle hide leathers 122 127 125 137 132 134 132 137 128 112 125 121 124 Calf and kip leathers.... 84 86 85 89 88 95 91 97 79 75 97 89 83 Goat and kid leathers. . . 81 72 68 63 69 61 62 56 50 47 52 46 51 Sheep and lamb leathers. 144 154 155 148 144 146 132 137 133 130 151 145 140 Shoes 113 123 126 125 126 132 114 123 116 120 108 119 114 109 Manufactured Food Products. 155 158 160 160 151 138 144 143 150 149 154 155 147 Wheat flour 123 131 125 138 140 138 130 127 129 133 134 Cane sugar meltings1 125 130 135 Manufactured dairy products 165 145 132 •132 138 143 133 143 148 146 148 P154 132 Butter 82 78 83 81 84 87 87 90 89 85 75 72 '65 60 Cheese 156 154 163 162 168 181 175 179 181 171 160 155 149 144 Canned and dried milk 181 179 172 175 189 204 196 206 222 208 201 156 146 136 Ice cream Meat ppacking 158 158 146 146 146 134 132 141 140 133 141 129 155 155 PPko rka nand lard 167 164 149 135 139 137 135 144 146 126 120 99 153 171 Beef 141 149 147 169 165 139 134 142 136 144 165 159 158 138 Veal 213 175 123 101 104 88 95 103 116 151 179 197 189 138 Lamb and mutton 142 149 143 129 129 121 128 142 133 110 125 134 135 148 r Revised. P Preliminary. 1 Series included in total and group indexes but not available for publication separately. 176 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 1944 1945 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactured Food Products—Continued Other manufactured foods 155 159 162 165 169 168 161 155 150 139 146 ••148 P1S3 Processed fruits and vegetables 145 146 162 163 180 170 149 139 134 101 109 127 127 P123 Confectionery 128 138 137 143 151 156 151 129 108 107 108 108 Other food products 162 165 167 170 169 169 165 163 161 155 162 '160 165 P168 Alcoholic Beverages. 184 169 213 170 148 144 136 139 193 173 192 201 216 212 Malt liquor 197 174 167 167 153 152 139 139 147 149 181 182 199 197 Whiskey 0 0 198 11 0 0 0 0 199 55 52 70 83 130 Other distilled spirits.. 76 74 452 250 156 67 61 57 448 399 236 218 223 274 Rectified liquors 353 355 346 312 265 283 291 318 293 306 365 420 427 343 Industrial Alcohol from Beverage Plants1. Tobacco Products 135 131 121 123 123 120 128 139 128 150 160 167 154 Cigars 105 95 85 95 93 91 92 93 83 91 106 111 110 87 Cigarettes 157 155 147 145 147 143 156 177 162 195 206 216 194 139 Other tobacco products. 107 108 95 97 91 90 94 90 98 99 96 94 64 Paper and Paper Products. 143 135 136 137 141 140 141 142 135 131 143 143 142 P136 Paper and pulp 138 132 132 134 137 136 136 137 131 129 138 139 138 P134 Pulp 158 150 152 156 157 160 160 160 149 146 152 154 153 Groundwood pulp 111 115 111 113 113 114 108 116 120 118 124 124 114 Soda pulp 97 97 95 98 101 103 103 103 93 92 100 101 103 Sulphate pulp 238 212 214 227 227 234 236 236 227 219 223 227 223 Sulphite pulp 136 133 137 139 139 141 140 138 122 120 126 129 131 Paper 135 129 129 130 134 132 133 134 128 126 136 137 136 131 Paperboard 160 145 153 152 157 158 161 160 149 141 165 157 158 143 Fine paper 106 93 85 87 84 79 78 75 73 74 77 80 79 78 Printing paper 120 125 119 125 127 126 125 126 122 126 125 133 132 132 Tissue and absorbent paper 150 156 147 143 148 144 141 139 146 142 142 147 145 149 Wrapping paper 130 125 128 127 133 129 132 139 133 135 141 147 140 140 Newsprint 81 85 76 83 82 80 80 79 80 72 81 79 81 86 Paperboard containers (same as Paperboard). Printing and Publishing. 103 104 102 105 105 105 105 106 105 111 109 115 114 112 Newsprint consumption 86 84 85 84 83 85 85 85 88 96 93 96 92 Printing paper (same as shown under Paper). Petroleum and Coal Products. 273 276 272 269 v240 vl56 Petroleum refining Gasoline 144 141 143 ISO 145 145 149 148 156 155 132 129 147 P144 Fuel oil 165 165 171 174 166 167 174 177 175 173 151 152 164 Lubricating oil 136 133 133 126 134 136 138 136 136 138 119 120 133 Kerosene 124 119 123 126 131 120 121 132 133 140 116 122 144 Other petroleum products1 Coke 170 167 167 168 171 161 168 163 165 153 152 116 147 By-product coke 164 163 162 163 164 157 161 155 158 148 150 115 144 Beehive coke 367 296 334 367 387 284 406 421 400 332 224 145 267 P269 Chemical Products.. 307 312 317 318 319 318 319 318 307 265 239 '229 229 P232 Paints 141 141 142 140 139 135 131 134 139 133 136 139 142 145 Soap 133 137 136 136 135 134 134 132 130 122 126 124 124 Rayon 242 242 244 241 244 241 240 243 243 222 237 •235 241 •244 E In x d p u lo st s r i i v a e l s c a h n e d m i a c m al m s unition1. . . 394 396 396 400 402 405 407 412 409 368 386 '371 369 '373 Other chemical products1 Rubber Products. . . 231 239 247 247 236 233 224 222 218 172 197 Minerals—Total . 143 137 140 141 142 140 138 144 143 140 134 124 138 134 Fuels 148 141 145 146 147 145 143 150 148 146 139 126 143 P137 Coal. 149 132 140 143 142 136 125 148 140 135 142 112 149 132 Bituminous coal. . 155 138 151 150 149 138 145 153 146 144 110 159 P142 Anthracite 126 109 96 112 115 131 47 129 117 102 114 120 112 P94 Crude petroleum 148 146 148 148 150 150 152 151 153 152 138 133 141 P140 Metals. 112 111 111 111 HI 111 110 109 109 105 106 '108 '108 Metals other than gold and silver. 170 168 170 170 170 169 167 168 168 162 161 164 •162 Iron ore (Copper; Lead; Zinc)1 Gold Silver 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. FEBRUARY 1946 177 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1944 1945 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Dec Industrial Production—Total... 232 230 230 232 232 229 225 220 211 188 171 164 167 P162 Manufactures—Total 248 248 248 249 249 245 240 234 223 196 177 171 173 P168 Durable Manufactures 341 342 343 345 344 335 323 308 292 241 196 187 192 P186 Iron and steel. 201 198 197 202 210 206 204 192 187 155 163 146 165 Pig iron 192 188 192 198 188 190 181 182 166 129 158 164 Steel 218 215 219 226 234 232 229 214 203 164 171 159 178 173 Open hearth. 186 181 176 180 189 184 182 173 172 142 154 139 160 156 Electric 453 456 526 552 561 573 567 505 421 319 296 307 '306 294 Machinery 422 431 431 436 431 419 405 393 371 310 230 232 231 P234 Manufacturing Arsenals and Depots1.. . Transportation equipment 699 709 695 676 651 610 572 535 405 '273 '258 250 P215 Automobiles 230 235 235 242 236 231 218 207 188 142 '105 '120 135 P92 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products. 234 229 253 257 267 263 248 219 196 165 147 Smelting and refining _ 191 186 187 191 194 194 189 183 182 171 150 148 P141 (Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin)1. Fabricating 247 284 291 272 234 202 162 137 147 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products. 120 113 113 114 115 119 120 121 113 104 95 P94 Lumber. . 109 97 99 97 101 108 112 113 107 108 98 82 81 P74 Furniture. 141 142 142 146 144 140 138 138 134 124 115 120 123 P131 Stone, Clay, and Glass Products. . 163 159 156 156 161 165 167 166 168 165 166 '167 161 Glass products 170 163 161 163 175 183 190 175 186 183 204 192 176 Plate glass 56 51 60 56 61 62 61 43 62 61 79 50 4 Glass containers 210 202 196 201 216 225 236 221 230 226 248 242 237 Cement 95 82 71 66 71 81 89 102 102 110 112 123 122 Clay products 121 120 116 118 119 119 115 120 115 113 114 '120 122 P128 Gypsum and plaster products 177 175 176 177 177 177 169 175 179 162 176 182 183 P190 Abrasive and asbestos products 295 307 302 305 306 300 295 298 287 260 -•220 '218 P215 Other stone and clay products1 Nondurable Manufactures. 173 171 170 172 172 171 172 173 167 159 '161 158 158 P154 Textiles and Products 149 152 150 155 153 149 150 132 144 141 Textile fabrics 139 141 139 144 142 137 138 138 121 123 134 131 135 Cotton consumption 149 146 145 152 150 143 142 144 123 123 138 128 133 125 Rayon deliveries 209 215 215 215 •214 218 221 220 220 213 215 215 226 228 Nylon and silk consumption1 Wool textiles 143 152 146 151 149 142 146 144 117 127 142 147 150 Carpet wool consumption 56 57 49 44 43 36 42 40 33 58 82 93 90 Apparel wool consumption 206 215 225 238 249 233 243 234 185 172 186 191 193 Woolen and worsted yarn 156 165 156 160 156 147 151 152 124 136 154 156 160 Woolen yarn 161 170 162 170 166 153 161 162 129 145 158 156 163 Worsted yarn 148 157 148 146 142 139 137 137 117 125 149 156 156 Woolen and worsted cloth. 151 166 159 169 166 161 165 161 129 136 144 149 154 Leather and products. 118 113 114 125 122 122 121 126 107 107 118 113 117 P108 Leather tanning 116 114 113 128 116 117 115 116 103 97 110 108 112 Cattle hide leathers 127 127 128 148 132 134 132 132 120 109 123 122 129 Calf and kip leathers.. . . 86 84 83 93 87 91 87 99 78 79 95 91 86 Goat and kid leathers. . . 79 73 68 66 68 63 61 57 49 46 52 46 50 Sheep and lamb leathers. 153 146 144 162 140 143 142 135 123 134 148 145 148 Shoes 119 113 114 123 126 125 126 132 109 114 123 116 120 P108 Manufactured Food Products. 155 150 143 141 142 145 146 150 157 151 166 '153 151 P145 Wheat flour 126 122 130 132 122 133 134 132 133 128 139 136 134 P133 Cane sugar meltings1 Manufactured dairy products. P108 P94 P98 P116 P149 "178 P209 P212 P185 P155 P120 P100 P84 Butter *. 62 61 69 71 77 89 112 124 109 93 72 62 50 47 Cheese 117 111 120 133 151 189 234 254 223 191 164 139 112 104 Canned and dried milk. . . 130 138 140 157 186 231 272 284 257 214 185 127 105 105 Ice cream Meat packing 175 184 171 139 135 125 132 139 131 119 134 133 171 182 Pork and lard 195 217 195 132 129 125 135 144 129 97 95 93 179 225 Beef 146 149 150 156 150 131 134 139 137 146 179 173 164 138 Veal 228 165 114 89 98 86 98 103 116 148 197 224 202 130 Lamb and mutton 142 146 152 131 126 118 130 132 127 108 134 140 135 145 " Revised, P Preliminary. l Series included in total and group indexes but not available for publication separately. 178 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1944 1945 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Dec. Manufactured Food Products—Continued Other manufactured foods 161 155 148 149 148 148 145 146 157 154 176 '164 P158 P150 Processed fruits and vegetables 133 114 105 103 99 104 97 107 174 165 242 ••164 117 P96 Confectionery ... 151 139 141 144 140 130 117 96 88 115 139 142 Other food products 171 169 160 161 162 162 162 165 165 158 165 ••168 173 P171 Alcoholic Beverages ... 159 146 191 158 139 148 147 162 214 175 199 214 201 188 151 140 137 150 142 160 158 175 184 170 183 169 154 157 Whiskey 0 0 198 11 0 0 0 0 199 55 52 70 83 130 Other distilled spirits 159 81 414 228 136 44 36 35 400 216 324 566 467 301 Rectified liquors 353 355 346 312 265 283 291 318 293 306 365 420 427 343 Industrial Alcohol from Beverage Plants1.. . ... Tobacco Products 137 121 121 118 117 115 128 145 133 155 169 173 157 104 Cigars 105 95 85 95 93 91 92 93 83 91 106 111 110 87 Cigarettes 160 142 147 136 137 133 156 186 170 204 220 225 198 128 Other tobacco products 110 95 93 94 91 90 95 92 88 95 106 103 97 57 Paper and Paper Products ... 143 134 136 138 141 141 142 142 134 131 144 143 142 P135 Paper and pulp 138 132 132 134 137 136 137 137 130 129 138 139 138 P133 Pulp 159 150 152 157 158 162 161 160 147 144 150 153 153 Groundwood pulp 117 117 115 118 121 125 117 117 107 104 110 115 121 Soda pulp 97 97 95 98 101 103 103 103 93 92 100 101 103 Sulphate pulp 238 212 214 227 227 234 236 236 227 219 223 227 223 Sulphite pulp . . 136 133 137 139 139 141 140 138 122 120 126 129 131 Paper 135 129 129 131 134 132 133 134 128 126 136 137 131 Paperboard 160 145 153 152 157 158 161 160 149 141 165 157 158 143 Fine paper 106 93 85 87 84 79 78 75 73 74 77 80 79 78 Printing paper 120 125 119 125 127 126 125 126 122 126 125 133 132 132 Tissue and absorbent paper 150 151 145 148 148, 145 141 142 140 142 142 148 145 145 Wrapping paper ... ... . 130 125 128 127 133 129 132 139 133 135 141 147 140 140 Newsprint 82 84 76 83 82 82 81 80 78 71 81 79 82 84 Printing and Publishing 107 106 99 104 107 108 106 105 99 107 110 117 118 114 Newsorint consumption 93 88 79 83 87 90 88 84 76 87 94 101 104 96 Printing paper (same as shown under Paper). . Petroleum and Coal Products ... 268 268 273 276 272 268 273 269 P267 P240 P184 P156 P173 Petroleum refining Gasoline 144 141 143 150 145 145 149 148 156 155 132 129 147 P144 Fuel oil 165 165 171 174 166 167 174 177 175 173 151 152 164 Lubricating oil 136 132 129 125 132 141 143 136 134 137 119 120 133 Kerosene .... 128 123 126 132 134 123 122 124 124 135 115 122 148 Other petroleum products1 Coke . 170 167 167 168 171 161 168 163 165 153 152 116 147 By-product coke 164 163 162 163 164 157 161 155 158 148 150 115 144 Beehive coke ... . . . . 367 296 334 367 387 284 406 421 400 332 224 145 267 P269 Chemical Products . ... 308 313 316 319 321 320 318 315 303 261 239 230 P233 Paints 139 141 139 139 139 137 135 138 137 132 '135 140 P145 Soap 134 137 133 135 135 131 130 130 129 124 131 '130 125 P126 Rayon ..... .... 242 242 244 241 244 241 240 243 243 222 237 '235 241 P244 Industrial chemicals 394 396 396 400 402 405 407 412 409 368 '386 r371 369 P373 Other chemical products1 Rubber Products 231 239 247 247 236 233 224 222 218 193 172 rl90 190 P197 Minerals—Total. 140 131 134 135 136 140 141 147 145 143 '137 125 134 P127 Fuels 148 141 145 146 147 145 143 150 148 146 139 126 143 P137 Coal 149 132 140 143 142 136 125 148 140 135 142 112 149 P132 Bituminous coal 155 138 151 150 149 138 145 153 146 144 148 110 159 P142 Anthracite 126 109 96 112 115 131 47 129 117 102 114 120 112 P94 Crude petroleum 148 146 148 148 150 150 152 151 153 152 138 133 141 P140 Metals . . 89 68 68 68 72 109 131 12? r125 116 P79 Metals other than gold and silver 130 94 95 98 104 166 207 204 196 192 188 175 P110 Iron ore 133 61' 63 68 80 216 304 301 289 289 281 245 108 (Copper* Lead* Zinc)1 Gold 25 24 23 2\ 21 21 21 20 '25 '29 32 Silver 64 62 56 53 56 61 54 47 42 46 51 54 id back figures, see BULLETIN FEBRUARY 1946 179 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls Industry and Group 1944 1945 1944 1945 Nov. Dec Aug. Sept. Oct. Nov. Dec Oct. Nov. Dec, Aug. Sept. Oct. Nov. Total 163.0 163.3 142.1 rl22.4'121.2 121.6 121.1 335. 331.8 336.8 256.2 '214.2 '213.0 212.& Durable goods 219.2 219.7 180.3'138 5'136.2 136 133.8 462.9 457.2 463.6 322.9 '236.4 '234.5 232.4 Nondurable goods 118.6 118.9 112.0 ••109.7'109.4 109.8 111.2 210.0 209. 212.8 191.0 192.6 '191.9 193.6 Iron and Steel and Products 167.7 169.2 145.1 120.5 120.1 121.5 125.1 318.0 313., 321.4 247.0 '200.2 201.9 203.7 Blast furnaces, steel works, etc.... 122 122 118 109 109 110 225 222 226 199 175 173 176 Steel castings 238 238 193 178 177 170 453 449 455 311 281 292 284 Tin cans and other tinware 122 124 127 118 113 111 217 205 216 209 201 186 186 Hardware 129 130 116 95 98 104 267 266 276 209 174 184 191 Stoves and heating equipment.... 136 139 121 95 101 105 262 261 269 196 161 180 182 Steam, hot-water heating apparatus 181 183 146 133 133 139 347 351 354 254 234 230 238 Stamped and enameled ware 155 157 137 108 109 114 327 313 332 243 190 199 207 Structural and ornamental metal work 204 205 116 116 120 401 397 402 240 179 187 188 Electrical Machinery 277.6 275.6 238.2 '165.3 '173.4 177.8 178.1 512.5 507.2 512.8 385.3 '258.8 '278.3 290.3 Electrical equipment 240 239 208 150 161 166 450 444 452 330 230 255 265 Radios and phonographs 279 274 227 132 '129 132 542 542 537 389 '228 '218 238 Machinery, except Electrical 221.2 223.1 196.7 166.6 '165.7 165.9 168.4 424.7 416.1 429.8 326.8 275.5 '275.7 274.7 Machinery and machine-shop products 220 222 197 165 163 161 416 408 419 324 266 272 267 Engines and turbines... . 362 363 309 240 '230 229 787 766 808 511 369 '380 367 Tractors 181 183 165 156 158 161 292 290 294 248 238 220 229 Agricultural, excluding tractors... 158 160 142 129 129 135 316 311 322 259 247 230 231 Machine tools 202 203 182 165 '160 144 373 363 381 304 266 '261 239 Machine-tool accessories 256 258 230 188 182 181 447 441 452 '340 '280 '271 270 Pumps 304 305 258 217 213 215 659 627 650 512 390 386 385 Refrigerators 147 150 124 '99 112 277 266 287 178 '147 '159 176 Transportation Equipment, except Autos. 1349.4 1344.5 893.7 479.0 '405.. 349.2 330.5 2964.8 2948.7 2952.4 1682.9 r814.4 '687.5 565.7 Aircraft, except aircraft engines. . 1595 1604 LQ84 '395 -•318 307 3186 3136 3198 1855 '625 '535 510 Aircraft engines 2466 2422 1733 '372 '331 301 4460 4278 4295 2376 '470 '444 393 Shipbuilding and boatbuilding. .. . 1510 1498 935 '643 -\532 413 3469 3498 3446 1920 '1116 '893 642 Automobiles 169.1 171.2 135.2 '102.1r109.5 122.8 82.4 313.1 312.8 317.9 178.8 '145.8 '164.4 184.5 Nonferrous Metals and Products 175.2 175.5 159.4 127.1 r129.0 135.3 137.4 337.3 332.8 341.3 282.1 216.2 '223.1 235.9 Primary smelting and refining. . . . 146 144 138 133 128 129 281 267 264 259 239 '227 227 Alloying and rolling, except aluminum 178 179 159 133 129 137 336 334 348 289 223 223 239 Aluminum manufactures 273 274 250 153 156 166 502 497 512 412 220 237 257 Lumber and Timber Basic Products. . . . 112.9 111.3 107.5 103.4 '96.3 96.8 100.3 219.2 205.3 200.1 189.0 '184.2 '169.1 164.3 Sawmills and logging camps 79 77 75 72 67 67 157 144 139 134 '130 '117 114 Planing and plywood mills 96 97 91 87 '83 84 168 166 167 147 145 '140 137 Furniture and Lumber Products 103.1 103.7 96.6 88.8 89.8 93.6 97.3 193.0 190.8 193.9 165.0 157.5 161.9 166.5 Furniture ... 96 97 89 81 82 85 179 177 180 150 141 147 151 Stone, Clay and Glass Products 111.5 112.2 109.3 r106.7 '109.8 107.4 111.7 192.1 189.7 192.1 181.7 r177.4 '184.9 177.4 Glass and glassware 125 126 125 121 124 110 205 201 204 193 189 196 171 Cement 72 72 77 81 85 85 120 116 114 128 131 139 135 Brick, tile, and terra cotta 73 73 73 75 79 83 123 120 118 118 126 '133 139 Pottery and related products 121 121 114 113 117 120 192 191 194 173 173 187 188 Textile-Mill and Fiber Products 95.8 96.8 90.2 90.2 90.6 91.1 94.9 172.8 174.6 179.0 159.4 166.7 168.1 171.3 Cotton goods except small wares. . 108 110 103 103 102 101 204 207 212 193 201 199 200 Silk and rayon goods 74 75 71 71 71 71 139 139 142 134 138 143 142 Woolen and worsted manufactures 98 99 90 91 94 96 188 189 195 167 175 178 184 Hosiery 64 64 60 61 62 64 104 105 106 89 101 105 109 Dyeing and finishing textiles 89 90 84 84 81 82 150 151 157 140 142 135 140 Apparel and Other Finished Textiles. . . 110.0 109.6 98.9 99.8 101.0 100.6 200.4 195.5 195.0 157.3 180.3 183.6 177.7 Men's clothing, n.e.c 94 94 85 83 82 81 170 169 165 135 141 142 138 Shirts, collars, and nightwear 73 72 68 69 70 72 131 129 128 111 126 131 132 Women's clothing, n.e.c 80 80 70 74 76 75 147 141 144 108 138 142 136 Millinery 76 78 72 75 75 74 127 105 113 113 131 135 110 Leather and Leather Products 90.6 91.0 88.6 86.3 r88.5 90.6 93.1 160.1 159.5 163.2 157.0 157.2 r161.7 161.9 Leather 83 84 81 82 84 86 144 143 146 141 146 151 146 Boots and shoes 79 80 78 76 '78 80 143 142 146 141 140 '144 146 Food and Kindred Products 127.1 124.6 124.6 133.4 '125.7 121.9 120.6 209.8 206.0 207.1 198.6 218.5 '207.7 206.4 Slaughtering and meat packing. . . 124 129 103 105 105 110 200 211 228 158 178 173 185 Flour 117 118 124 124 126 125 192 195 199 211 218 225 213 Baking 115 115 108 109 110 110 171 175 177 171 174 177 181 Confectionery 122 126 101 102 108 111 200 205 211 166 175 188 198 Malt liquors 142 142 149 153 151 150 210 204 205 224 243 226 225 Canning and preserving 100 85 134 176 124 92 262 189 163 249 352 '252 179 Tobacco Manufactures 90.1 90.7 84.0 89.1 92.2 89.2 86.2 165.7 172.7 177.8 148.8 175.3 181.4 171.8 Cigarettes 131 133 123 127 131 127 209 216 223 194 214 218 208 Cigars 68 68 62 68 71 68 137 144 147 115 148 159 149 r 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 December 1945 are preliminary. 180 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 =1001 Factory employment Factory pay rolls Industry and Group 1944 Nov. Dec. Aug. Sept. Oct. Nov. Dec. Oct. Nov. Dec. Aug. Sept. Oct. Nov. Paper and Allied Products 118.1119.4114.2 114.4 117.5 119.3 122.2 196.3 197.5 200.5184.6 195.5 201.2 204.9 Paper and pulp 106 107 104 103 106 108 183 182 185 172 181 187 190 Paper goods, n.e.c 119 121 112 111 115 115 192 195 198 180 183 185 187 Paper boxes 114 114 110 111 115 116 180 183 185 171 186 193 197 Printing and Publishing 99.3 100.1 98.3 98.8 102.5 105.9 108.3 136.7 139.3 141.1140.0 147.7 150.7 158.5 Newspaper periodicals 93 94 93 95 97 101 119 121 122 129 130 133 138 Book and job 106 107 105 105 110 113 154 157 160 152 167 169 178 Chemical and Allied Products 210.9 215.4 190.0 156.9 '153.2 154.3 151.5 364.4 366.5 377.9 325.7 266.4 '258.6 256.6 Drugs, medicines, and insecticides 181 182 181 171 174 175 268 270 272 271 265 269 269 Rayon and allied products 111 112 110 111 113 116 177 179 180 182 177 184 187 Chemicals, n. e. c 166 166 161 161 157 159 289 289 291 288 274 261 261 Explosives and safety fuses 1244 1289 1105 541 '417 355 1847 1865 1970 1607 739 ••623 535 Ammunition, small-arms 1183 1292 889 316 243 264 2402 2371 2633 1470 '562 ••472 488 Cottonseed oil 139 134 76 '97 119 136 276 300 289 -•146 '205 '265 306 Fertilizers 107 114 106 111 108 111 227 234 250 242 261 250 240 Products of Petroleum and Coal 125.0 125.1 127.3 122.6 122.3 129.9 132.4 224.2 219.0 221.9 228.6 210.8 ' 196.0 221.9 Petroleum refining 124 125 128 120 122 131 220 214 215 224 204 '189 217 Coke and by-products 102 101 101 102 99 102 183 179 182 189 182 164 185 Rubber Products 161.7163.3 148.4 '127.9 143.2 148.2 153.6 293.3 293.6308.5 249.5 '216.7 238.0 Rubber tires and inner tubes. . .. 171 174 159 133 163 169 298 298 319 250 211 240 240 Rubber goods, other 136 138 124 '112 115 119 251 251 256 213 '193 202 207 Miscellaneous Industries 168.4168.4 155.8 129.2 130.3 133.1 136.1 327.5 326.2332.2 279.2 '226.4'229.1 234.6 Instruments, scientific 535 534 449 237 216 202 1032 1014 1058 798 373 346 322 Photographic apparatus 162 162 155 121 120 125 269 271 259 250 191 189 198 For footnotes see page 180. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 =100] 1944 1945 Group Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total 162.6 163.0 162.9 162.5 160.6 157.6 154.5 151.0 145.5 141.1 '•121.4 120.5 121.2 P120.8 Durable 219.0 219.7 219.8 219.1 215.9 210.3 204.1 196.7 187.6 180.0 138.3 136.0 136.4 P133.8 Nondurable. . . . 118.1 118.3 118.0 117.8 117.1 116.1 115.4 115.0 112.3 110.3 108.1 108.3 109.2 PIIO.6 r Revised. P Preliminary. NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry Group Oct. Nov. July Aug. Sept. Oct. Nov. Oct. Nov. July Aug. Sept. Oct. Nov. All Manufacturing.. 45.5 45.3 44.0 40.7 41.4 41.7 41.3 103.1 103.5 103.3 102.4 98.7 98.5 99.0 Durable Goods 47.1 46.7 44.9 41.1 41.0 41.8 41.4 112.9 113.6 112.7 111.3 107.2 106.3 106.3 Iron and Steel and Products 47.2 46.8 45.2 41.7 41.8 '42.6 42.6 109.1 108.9 111.4 110.9 108.9 '107.6 107.6 Electrical Machinery 46.3 46.3 45.3 41.2 '40.8 '41.1 41.5 104.6 104.9 105.7 103.8 '101.4 103.1 104.1 Machinery Except Electrical 48.8 48.2 46.7 42.7 43.0 43.4 42.9 113.7 113.4 114.8 113.4 111.9 111.8 112.6 Transportation Equipment Except Autos. 48.1 47.8 45.8 41.7 '38.8 '39.0 37.4 130.1 131.8 130.1 129.7 126.4 124.9 124.6 Automobiles 45.6 45.5 42.3 33.5 36.5 38.7 38.6 127.0 128.0 126.0 124.5 122.4 121.7 121.8 L N S F t u u o o m r n n n f e b i e , t e r u r r C r o e a l u a n s a y d n , M d T a e n i F m t d a i n b l G s i e s l r h a a n e s B d d s a P s L P i r u c r o o m d P d u b u ro c e c t r d t s s u P c r t o s ducts. 4 4 4 4 7 4 4 5 . . . . 2 7 7 0 4 4 4 4 6 3 4 4 . . . . 9 0 4 1 4 4 4 4 1 3 5 3 . . . . 4 7 4 3 4 4 4 4 0 0 1 3 . . . . 5 6 6 3 -• 4 4 4 4 2 2 1 0 . . . . 5 3 8 8 4 4 4 4 2 2 2 3 . . 2 0 4 4 4 4 0 3 2 2 . . . . 6 0 0 1 1 9 8 8 0 1 0 3 5 . . . . 2 7 3 9 1 9 8 7 0 1 3 9 5 . . . . 0 3 1 8 1 9 8 8 0 3 1 5 6 . . . . 1 2 0 8 1 9 8 8 06 3 1 3 . , , .9 1 ' • 9 • 8 0 8 3 4 1 3 . . . 7 9 3 1 ' ' 7 8 9 0 8 3 3 4 . . . . 9 2 4 9 1 9 8 7 0 2 4 8 5 . . . . 7 2 9 8 Nondurable Goods. 43.3 43.2 42.8 40.3 41.8 '41.6 41,3 87.8 87.7 90.2 90.9 90.3 90.9 91.7 Textiles—Mill and Fiber Products 42.2 42.3 41.3 38.4 40.6 40.4 40.3 72.3 72.2 76.3 77.0 76.3 77.0 78.3 Apparel and Other Finished Products.... 38.2 38.0 36.7 33.2 36.2 36.8 36.1 83 82.4 82.9 84.6 87.8 87.5 86.4 Leather and Manufactures 41.6 41.2 41.7 39.3 40.6 40.9 39.6 81.9 81.9 85.1 85.7 ••85.3 '85.2 85.7 Food and Kindred Products 44.8 45.2 45.8 43.3 44.7 '44.2 44.4 85.7 85.9 87.4 88.2 88.0 89.5 90.7 Tobacco Manufactures 43.3 44.2 41.0 39.0 42.3 42.0 40.4 72.8 73.5 74.9 76.5 78.6 79.3 80.7 Paper and Allied Products 46.7 46.5 46.3 44.0 -•45.9 45.8 45.7 86.2 86.3 88.1 88.0 ••89.3 89.8 90.3 Printing, Publishing and Allied Industries. 40.9 41.3 41.5 40.7 42.2 41.6 41.7 110.2 110.4 112.3 114.4 115.8 115.5 117.2 Chemicals and Allied Products 45.9 45.7 45.1 43.4 ••43.4 '43.3 42.5 95.7 95.6 99.9 100.3 '99.2 '99.0 99.1 Products of Petroleum and Coal 47.9 46.9 47.7 46.9 44.9 43.0 44.5 119.0 118.6 121.7 122.2 121.7 120.9 122.5 Rubber Products 45.9 45.7 45.5 41.8 '43.0 '41.4 40.1 110.8 110.7 113.8 111.9 109.8 110.2 111.2 Miscellaneous Industries 46.0 45.5 44.0 41.8 42.2 42.0 41.8 96.8 97.5 98.3 97.5 '95.1 '95.7 96.4 r Revised. NOTE.—Back figures are available from the Bureau of Labor Statistics. FEBRUARY 1946 181 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- fining Co t n io st n r * uc- ti p o u n bl 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 a l nd 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 1945 P36.961 P13.891 vin P837 P3.821 P7.175 P4.571 P5.887 SEASONALLY ADJUSTED 1941—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 L.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 •"35,151 ••12.022 780 883 ••3.774 ••7,215 4.603 5,874 October ••35.014 "11.882 714 »-940 ?3.805 •7,255 4,745 5,673 November 35.350 11.888 788 1,019 3,869 7,317 , 4,894 5.575 December 35,374 11,814 798 1,085 3,912 7,359 4,722 5,684 UNADJUSTED 1944—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 August 36,984 13,831 784 927 3,860 6,979 4,666 5,937 September r35,321 12,082 784 945 r3,831 •7,143 4,603 5,933 October ••35,216 ••11,941 718 '1,006 -3,824 •7,328 4,698 5,701 November 35,651 11,947 792 1,050 3,869 7,573 4,845 5,575 December 36,084 11,873 802 1,042 3,892 7,984 4,722 5,769 * Includes Contract Construction and Federal Force Account Construction. •• Revised. P Preliminary NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. December 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. 182 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Public work6 Total R b es u i i d ld e i n n t g ial an u d t il p it u i b es lic Month Factories Commercial Educational Other 1944 1945 1945 1944 1945 1944 1945 January 159.2 140.9 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 19.3 29.9 66.6 4.5 8.5 1-0.2 3.0 23.1 17.6 55.1 32.0 March 176.4 328.9 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 42.7 33.0 174.5 6.1 12.3 5.4 4.3 25.0 49.9 72.0 111.9 May 144.2 242.5 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 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 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 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 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 59.9 37.7 85.4 7.7 60.8 3.5 18.6 20.0 30.8 52.2 61.1 November 164.9 370.1 88.4 52.9 107.9 7.1 62.8 5.3 7.0 28.3 30.0 48.0 74.0 December 188.5 330.7 86.1 57.6 92.6 9.5 65.5 3.8 8.2 27.1 27.3 66.6 51.0 Year 1,994.0 3,299.3 348.4 563.5 472.7 1,027.0 80..8 346.4 69.2 100.2 276.7 376.8 746.1 885.4 Negative because of revision of a prior month's entry. CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership 1945 1944 Federal Reserve district Month 1943 1944 1945 1943 1944 1945 1943 1944 1945 Dec. Nov. Dec. J A S O A J J M N F M u u a e e u p o c a a l n n p b r g y v t y r e i t u o u c r e l e u h a s m b m t a r e b b y r r e e y . . r r . . . . . . . . . . . . . 3 4 3 3 2 2 3 2 1 1 1 5 1 3 1 0 9 4 3 8 7 8 1 4 4 4 3 4 0 0 4 5 4 1 1 1 1 1 1 1 1 1 1 1 5 4 7 6 6 4 6 7 3 9 7 9 5 6 5 9 4 4 9 7 1 6 3 3 2 3 3 2 2 2 2 1 1 1 2 2 6 7 4 9 5 7 4 4 7 9 7 4 0 3 6 8 8 1 7 3 3 3 2 3 1 1 1 1 1 1 5 1 0 5 3 2 5 9 6 2 8 1 6 4 7 5 2 3 2 4 0 3 1 1 1 1 1 1 1 1 1 1 9 2 2 0 2 2 0 3 3 0 4 8 2 2 2 5 7 3 3 3 9 8 2 3 1 1 2 4 0 8 6 6 6 4 0 7 7 1 3 9 2 7 1 1 8 8 5 4 5 4 6 6 5 5 3 3 4 5 3 0 2 1 2 6 0 5 6 6 6 0 4 4 4 6 3 4 4 4 4 4 2 6 4 3 2 7 3 2 2 9 6 8 2 3 2 1 1 1 1 9 5 0 6 8 0 3 4 4 9 7 5 6 9 6 7 7 5 9 6 6 3 S A N C C M D P R K B t h h l i o e t a 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 s u 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 3 5 6 4 2 2 1 1 1 1 0 3 4 0 3 2 9 3 4 2 5 , , , , , . , , , , , 1 6 9 0 0 9 6 6 7 5 1 6 9 0 4 9 2 6 0 9 9 8 7 8 5 5 2 8 6 9 2 8 5 3 3 2 4 4 3 8 3 1 1 1 7 1 3 4 1 0 6 0 9 2 2 , , , , , , , , , , , 4 9 4 9 5 1 6 2 1 1 3 2 2 2 9 5 8 5 7 4 9 2 7 3 2 0 3 4 1 1 8 4 4 2 2 2 1 1 1 1 2 8 9 2 2 9 4 7 5 6 5 6 , , , , , , , , , , , 3 8 0 4 5 8 3 9 1 0 9 5 8 9 1 2 6 1 0 9 4 0 7 4 2 2 5 0 9 0 1 1 0 December. . 252 188 198 114 54 74 Total (11 districts). 330.685 370,087 188,481 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] Year or month Total p P m T e r i r o m r i e o t t v n y l - p e e t - - I L s S h c o t t m o i r o a o u m n n a n c - s l e - l 1 f h ( a - o T m I u t D i o s t i l l e 4 e y M s - or h R g t ( o g a T r e I u a o n n D i s g t u d t i l a e n p e l s g o h n ( o W T V u i I s a t ) i l r n e g 1 19 9 E 3 3 n 7 6 d — — o D ] f } e e c m c> onth To 3 7 6 t 7 a 5 1 l b C m c a 4 o 2 i n e a 2 3 m r k 8 l 0 - s - b M s i t a n u a n g v u a 2 k s - l - 7 8 s a a S l i s t a o n i s 1 a n o a o g 1 5 v d n n c s 6 0 - s i- I p c a n a o n 1 s n m u c 4 1 i 1 e r 8 e - - s a F c e g i e r e e a 3 d s n l 2 5 - 1 - Oth 5 2 e 7 3 r2 1938—Dec. .... 1,199 634 38 149 212 77 90 1 1 1 9 9 9 3 3 3 5 6 7 . .. 3 5 4 5 2 9 7 0 5 2 24 2 6 6 4 0 4 3 2 0 9 4 9 4 1 2 2 1 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 3 4 3 4 4 9 2 8 1 0 . . ... 1 1 1 , , , 1 1 0 6 9 3 8 2 5 9 7 6 6 4 4 2 2 2 1 1 6 0 5 6 4 2 8 1 0 1 "13 2 2 2 1 " 1 5 6 5 4 6 6 8 7 7 9 7 6 3 3 1 7 9 6 4 5 1 1 8 1 6 3 3 28 1 4 3 1940— S J D M u e e a n p c r e t 2 2 2 1, , , , 9 0 2 4 4 7 3 0 9 5 2 9 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 4 3 4 4 3 9 8 2 2 2 0 2 1 1 1 0 7 8 9 1 1 2 0 1 1 1 1 5 2 2 4 0 4 7 1 1 1 9 9 4 4 3 4 . 9 8 4 8 2 6 1 9 2 6 5 1 2 2 1 4 6 3 * 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 15 6 4 0 1944—Dec... 66 11 18 7 37 S D e e p c t . 2 3 ,9 1 4 0 2 7 1 1 , 4 4 0 6 0 5 1 1 7 8 1 6 2 2 4 5 6 4 7 7 2 8 2 9 2 2 2 3 5 4 1 17 7 9 8 1945— J M J A F M J u u a e p a l n a n b y r r y e 5 5 6 6 5 6 6 2 6 8 0 3 2 7 1 1 1 1 1 1 8 2 3 9 3 4 0 * * * * 2 1 1 1 1 1 1 2 4 5 9 9 9 7 * * 3 3 3 2 2 2 2 4 9 0 8 6 4 1 1 19 9 4 4 3 2 — — J D D J M u u e e n n a c c e r e . 3 3 3 3 3 , , , , , 4 3 6 7 6 9 0 2 0 2 1 7 0 0 6 1 1 1 1 1 , , , , , 6 7 7 5 6 6 0 0 4 2 9 0 5 9 3 2 2 2 2 2 5 3 1 5 0 2 6 9 6 1 2 2 2 2 2 9 7 7 8 6 2 6 2 4 4 1 1 1 , , , 1 0 0 9 8 3 3 7 4 5 2 4 1 0 6 2 2 2 2 3 3 4 4 7 7 5 5 3 9 2 1 1 1 1 0 5 6 9 5 0 9 3 5 8 A S O e u ct g pt....... 4 6 4 4 2 5 2 1 1 6 1 2 * * * 1 1 1 8 6 9 * 1 1 1 5 4 7 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 Nov 60 28 * 21 11 Dec 55 23 * 20 1 11 1945—June 3,324 1,570 265 264 1,047 43 134 xThe RFC Mortgage Company, the Federal National Mortgage *Less than $500,000. Association, the Federal Deposit Insurance Corporation, and the NOTE.—Figures represent gross insurance written during the period United States Housing Corporation. and do not take account of principal repayments on previously insured including mortgage companies, finance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown 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. FEBRUARY 1946 183 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] 1 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 69 230 494 793 P561 March 357 637 988 1,197 Pl.030 268 272 249 359 P365 89 365 739 838 P665 April 387 717 989 1,231 Pi,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 P514 262 196 286 282 P335 162 536 983 912 P180 October 666 803 1,238 1,144 P455 304 200 329 329 P344 362 603 909 815 Pill November. . . . 492 788 1,073 1,187 P638 281 168 311 323 P322 211 620 762 863 P317 December 653 883 1,288 P939 344 358 281 P336 309 525 1,006 P603 Jan.-November 4,494 7,196 11,676 13,323 P9,069 3.001 2.384 3,091 P3,585 P3,838 1,493 4,813 8,585 9,738 P5,231 P Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I RAILROADS [Index numbers: 1935-39 average=100] [In millions of dollars] For- Mis- Mer- Total Coal Coke L s i t v o e c - kp u e r c o s t t d s - Ore l c a e n l e - - c l d h .c i a s .1 n e . - o r p a T e i r o lw a t t a a i l n y g ra T i o lw ta a l y o r p a e N i r lw a e t t a in y g in N co e m t e revenues expenses income Annual 1939 101 98 102 107 96 100 110 101 97 Annual 1940 109 111 137 101 96 114 147 110 96 1939 3,995 3,406 589 93 1941 130 123 168 112 91 139 183 136 100 1940 4,297 3,614 682 189 1942 138 135 181 120 104 155 206 146 69 1941 5,347 4,348 998 500 1943 137 138 186 146 117 141 192 145 63 1942 7 466 5,982 1,485 902 1944 140 143 •185 139 124 143 180 147 67 1943 9,055 7,693 1,362 874 1945 135 134 172 151 124 129 169 142 68 1944 9,437 8,343 1,093 668 SEASONALLY SEASONALLY ADJUSTED ADJUSTED 1944—October. . . , 137 143 182 147 120 133 153 143 66 1944—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 D N e o c v e e m m b b e e r r . . . . 1 1 3 2 3 7 1 1 4 3 8 3 1 1 6 6 7 4 1 1 6 5 7 3 1 1 4 4 5 0 1 1 1 0 0 6 1 11 3 7 4 1 1 3 3 3 0 7 7 4 4 O No ct v o e b m e b r e .. r . . . . 6 6 5 6 7 8 6 6 0 2 8 0 6 3 1 7 P P 2 5 8 UNADJUSTED UNADJUSTED 1944—October. . .. 148 143 178 147 184 140 237 156 69 1944—September. 799 709 90 57 November.. 144 142 181 147 170 135 138 155 70 October 818 720 98 60 December. . 128 127 175 126 124 120 41 142 65 November.. '780 689 -"191 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 December.. 119 133 172 144 135 94 36 123 71 November.. 661 600 61 P34 rRevised. P Preliminary. r 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. Total 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. 184 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on value figures] MONTHLY INDEXES OF SALES [1935-39 average = 100] Federal Reserve district Year and month United States San Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n ve d - m Ri o c n h d - l A a t n - ta c Ch a i g - o Lo St ui . s M a i po n l n i e s - K C a i n t s y as Dallas F c r i a sc 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 1945 P2O7 P175 P169 P184 P201 P235 P275 P193 P227 P186 P230 P277 P244 SEASONALLY ADJUSTED 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 ••150 169 191 212 262 178 208 165 212 256 222 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 '151 167 190 228 260 185 215 158 214 250 229 November 205 168 161 182 204 231 271 189 235 189 244 258 253 December 196 174 '157 '170 190 '221 258 190 207 175 208 '256 '234 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 '177 198 220 252 300 197 250 187 243 300 255 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............ '226 183 '182 '202 220 '250 298 208 266 219 265 288 273 December. . P215 P187 P181 P184 P211 P236 P288 P206 P227 P193 P225 P288 P254 UNADJUSTED 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. ••319 300 '269 '303 '304 '372 417 295 333 269 '338 '417 373 1945—January 156 132 '123 133 145 174 214 147 173 136 178 211 197 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 '142 152 171 193 227 165 192 156 195 228 205 May 183 158 148 163 177 209 238 170 209 164 205 248 219 June. 186 165 '155 167 187 207 233 178 198 171 200 228 215 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 '196 208 224 271 307 213 255 204 253 318 254 November 274 225 235 255 264 '318 348 254 303 252 '286 352 '321 December. P351 P322 P3O7 P327 P338 P397 P466 P320 P365 P297 P367 P470 P407 r Revised. P Preliminary. NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944. 185 FEBRUARY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES [As reported by 296 department stores in various Federal Reserve [Weeks ending on dates shown. 1935-39 average = 100] districts] W thoutseasonal adjustment Index of stocks Amount (1935-3C average 1942 1943 1944 1945 (In millions of dollars) = 100) June 13. ...128 June 12. ...168 June 10....172 June 16. ...206 20. . ..129 19. ...168 17. ...173 23. .. .183 27. . ..109 26. ...132 24. .. .151 30. ...173 Out- July 4 95 July 3 . .134July 1. .. .149July 7. ...153 Sales Stocks stand- Season- 11. . ..112 10. .. .113 8. .. .116 14. ...167 (total (end of ing ally Unad- 18. . ..105 17. ...126 15. ...145 21. ...157 for month) orders adjusted justed 25. ...103 24. .. .124 22. ...138 28. ...153 month) (end of Aug. 1. . ..105 31. ...118 29. ...132 Aug. 4. ...167 month) 8. . ..122 Aug. 7. ...131 Aug. 5. ...137 11. ...176 15. ...125 14. ...131 12. ...148 18. ...124 22. ...126 21. ...146 19. ...149 25. ...182 1939 average. 128 344 99 29. ...142 28. ...145 26. ...171 Sept. 1. ...194 1940 average. 136 353 108 101 Sept. 5. . ..165 Sept. 4. ...169 Sept. 2. ...194 8. ...177 1941 average... 156 419 194 120 12. . ..140 11. ...156 9. ...177 15. ...213 1942 average. 179 599 263 172 19. ...152 18. .. .179 16. .. .196 22. ...220 1943 average... 204 508 530 146 26. ...172 25. ...176 23. ...193 29. .. .209 1944 average... 227 r534 560 153 Oct. 3. . ..183 Oct. 2. ...175 30. .. .196Oct. 6. ...242 1945 average... P255 P564 P728 P162 10. ...171 9. ...188 Oct. 7. ...218 13. .. .245 17. . ..166 16. .. .189 14. .. .221 20. ...237 1944—Apr. .. 206 526 476 145 151 24. . ..172 23. ...194 21. ...209 27. ...233 May... . 220 525 534 147 151 31. . ..168 30. .. .187 28. ...207 Nov. 3. .. .236 June... . 198 523 592 157 150 Nov. 7. . ..182Nov. 6. ...202 Nov. 4. .. .215 10. .. .261 July.... 162 517 631 165 148 14. . ..182 13. ...211 11. ...231 17. ...275 Aug 198 574 579 172 165 21. ...182 20. .. .223 18. .. .252 24. ...258 Sept 234 583 561 161 167 28. ...176 27. ...201 25. ...236 Dec. 1. ...326 Oct 257 607 577 156 174 Dec. 5. . ..250Dec. 4. .. .269Dec. 2. ...304 8. ...401 Nov '300 580 '613 144 '167 12. ...295 11. ...297 9. ...365 15. ...433 Dec 385 '451 '617 ••138 '130 19. ...333 18. .. .321 16. ...377 22. ...421 26. ...222 25. ...274 23. .. .369 29. ..rl58 1945—Jan 198 463 768 148 133 30. ...123 Feb 198 494 819 '149 142 Mar 284 524 772 148 151 1943 1944 1945 1946 Apr 209 566 725 156 162 Jan. 2. . ..117Jan. 1. .. .110Jan. 6. ...145 Jan. 5. ...135 May.... 231 591 671 165 170 9. . ..146 8. ...143 13. .. .166 12. ...188 June 236 601 697 181 172 16. . ..139 15. .. .146 20. ...160 19. ...191 Jaly.... 191 592 722 189 170 23. ...125 22. ...144 27. .. .161 26. ...187 AUg 213 625 671 187 179 30. ...126 29. ...137 Feb. 3. ...163Feb. 2. . Sept 243 620 652 171 178 Feb. 6. . ..143 Feb. 5. .. .146 10. ...172 9. . Oct 298 624 700 161 179 13. ...178 12 . .142 17. . 176 16 Nov 334 602 777 150 173 20. ...155 19. .. .142 24 .177 23 Dec P429 P464 P763 P142 P133 27. . ..162 26. ...146Mar. 3. ...182 Mar. 2. . P Preliminary. r Revised. Revised. Back figures.—Division of Research and Statistics. NOTE.—Revised series. For description and back figures see pp. 874-875 of BULLETIN for September 1944. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES fPercentage change from corresnonding period of preceding vearl Dec. Nov. Year Dec. Nov.Year Dec. Nov. Year Dec. Nov.Year 1945 1945 1945 1945 1945 1945 1945 1945 1945 1945 1945 1945 United States. + 10 + 10 + 11Cleveland-cont. Chicago +9 + 11 + 10 Dallas. + 13 + 12 + 13 Youngstown.... + 14 +8 + 15 Chicago +9 + 13 + 11 Shreveport + 11 0 +3 Boston +8 +9 +9 Erie + 14 -1 + 6 Peoria +5 + 15 + 12 Corpus Christi. . +7 +4 + 16 New Haven. . . +2 -1 Pittsburgh + 16 + 14 + 12 Fort Wayne.. . * +9 *+15 Dallas + 14 + 17 + 15 Portland +3 + 1 +5 Wheeling + 12 +7 + 14 Indianapolis... +8 + 11 + 12 Fort Worth +7 + 11 +11 S W P B p r o o o r s r i v t c n o i e n g d s f e t i e n e r c ld e . . . . . . . . + + + + 1 8 7 1 0 + + + + 1 1 9 2 0 0 + + + + 1 1 5 9 3 1 R W R B ic a a a h l l s e t m i h i m g i o n h o n , g r d t e N on . C... + + + + 7 9 5 7 r+ + + + 8 6 8 2 + + + + 1 8 6 9 0 T D D F G l e e e r i r a s n t r r n t e o M d i t H o R i a n a u e p t s i e . d . . s . . . . + + + + 1 1 1 8 0 6 2 1 + + + + + 2 1 1 2 3 3 4 1 + + + + + 3 1 1 5 6 1 7 7 S S H P a a n h o n o u e F s A n t r o i a n x n n t c o i n sc i o o . . ... . + + + + 2 1 1 1 4 0 3 2 + + + + 1 1 8 9 6 8 + + + V 1 1 3 0 6 New York +14 + 14 + 13 Winston-Salem.. +7 +2 + 10 Lansing +2 +7 Tucson +24 +5 +12 Bridgeport.... +6 +4 +4 Charleston, S. C. -6 -14 -2 Milwaukee. . . . + 13 + 19 + 14 Bakersfield + 15 + 13 + 13 Newark +13 + 11 + 14 Greenville, S. C. + 1 +5 + 13 Green Bay.... +9 +23 + 17 Fresno + 15 + 12 + 13 Albany + 19 +27 +23 Lynchburg +8 +21 + 15 Madison +6 + 10 + 11 Long Beach + 10 +6 + 12 Binghamton... + 17 + 12 + 15 Norfolk -7 -2 -1 Los Angeles + 15 + 14 +13 Buffalo +8 +9 +8 Richmond + 17 +19 + 15St. Louis + 10 + 13 + 13 Oakland and Elmira + 11 +7 +<> Charleston, Fort Smith +6 + 11 + 12 Berkeley +5 +2 +9 Niagara Falls.. + 10 +5 +8 W. Va + 14 + 15 + 18 Little Rock +7 +7 + 13 Riverside and P S S U N P R T h y c o i r o e t l e i r h u w a c c a n e g h d a c t n e h e Y o u l s e k n s p o t c e e h e r t e r k i a a p d . s C y i i e . t . . y . . . + + + + + + + + 1 1 1 1 1 6 8 7 6 0 8 4 5 + + + + + + + + 2 1 1 1 1 7 4 3 1 1 8 7 6 + + + + + + + + 1 1 1 1 1 1 8 4 0 6 2 4 4 4 A J H C M M M B t a l l a i u c o i o a r n a k m n b r n m t k s i t a t i l o g s i i n e n b n o g u v g m h r i t a g l e o m l r e n y . . . . . . . . . . . + + + + + + + - 2 1 1 1 1 6 8 5 0 3 2 2 4 + + + + + + + - 2 1 1 1 1 9 9 6 1 3 5 0 9 + + + + + + + - 1 1 1 1 1 1 3 9 3 7 2 9 6 0 Q L S S S M E E t t p o v a u . . e u s r a i m L L n t i i n n s c o o s p S v g y v u u h i t f i l . i i i l l i s s s e l e L e A l o d u r . e . i . s a . . . + + + + + + + - 1 1 1 1 1 1 9 1 9 3 4 0 0 + + + + + + + + 1 1 1 1 1 7 7 1 4 5 5 5 4 + + + + + + + + 1 1 1 1 1 1 5 1 2 9 2 4 4 4 V S S S S S S S N a a t a a a a o n n n a c n l a c l n r t e p k J a a D F j a o m t o B r i o R s a e e e e n g n a o r n n o c n s t d a i o a s r c d o in .. o . . + + + + + + + 1 1 1 3 5 9 6 0 1 5 6 + + + + + + - - 1 1 1 6 1 7 7 1 6 7 1 + + + + + + + + 1 1 1 1 1 3 8 7 2 5 0 3 0 Lancaster +5 + 10 + 7 Orlando +5 + 12 +9Minneapolis.. + 10 + 16 + 13 Boise and Philadelphia... +7 +9 +9 Tampa + 13 + 16 + 11 Nampa +4 +9 + 14 Reading +5 +5 +5 Atlanta + 19 + 16 + 19Kansas City... +9 +9 + 12 Portland -2 -2 +5 Wilkes-Barre. . + 16 + 18 + 18 Augusta + 15 + 18 +20 Denver + 12 + 16 + 15 Salt Lake City. . + 12 + 10 + 10 York +4 +7 + 10 Columbus -2 +6 +5 Pueblo +8 +5 + 10 Bellingham +6 + 10 +9 Macon + 14 + 17 +9 Hutchinson +7 +4 + 14 Everett +8 +6 + 10 Cleveland + 11 +8 + 10 Baton Rouge. . . + 19 + 15 + 17 Topeka +9 +3 + 14 Seattle +8 +9 + 11 Akron +5 +4 +9 New Orleans. . . + 13 +3 +8 Wichita +2 -3 + 3 Spokane +5 +4 +8 Canton -2 -8 +2 Bristol, Tenn.. . +25 + 14 + 16 Joplin +8 + 11 + 11 Tacoma + 13 +4 + 14 Cincinnati + 16 + 12 + 14 Jackson + 16 +6 + 14 Kansas City... +7 +9 + 12 Yakima +8 0 +7 Cleveland +7 +6 +8 Chattanooga. . . + 11 +13 +14 St. Joseph 0 + 14 + 10 Columbus + 15 +9 + 15 Knoxville +2 _? +8 Omaha + 13 +8 + 11 Springfield.... +2 -6 +4 Nashville + 18 + 18 + 17 Oklahoma City +8 +7 + 12 Toledo +8 + 1 +8 Tulsa +7 +7 + 14 r Revised. * Data not. availao ** Eleven months. 186 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS, BY MAJOR DEPARTMENTS 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 November reporting Nov. 1945 Elev 1 e 9 n 4 5 mos. Nov. 1945 1945 1944 GRAND TOTAL—entire store 347 +11 +12 +3 1.9 2.0 MAIN STORE—total 347 +12 +13 +3 1.9 2.1 Women's apparel and accessories 344 +7 +15 +1 1.7 .8 Coats and suits 323 +5 + 15 -13 1.3 .6 Dresses 328 + 16 +21 -12 1.0 .3 Blouses, skirts, sportswear, etc 308 +12 +21 + 16 2.0 .9 Juniors' and girls' wear 301 +8 + 19 + 14 1.7 .7 Infants' wear 304 0 + 10 + 18 2.0 .7 Aprons, housedresses, uniforms 281 +7 + 11 +5 2.1 2.1 Underwear, slips, negligees 320 +12 -20 1.2 1.4 Corsets, brassieres 327 +21 +22 +26 1.9 1.9 Hosiery (women's and children's) 335 -11 +5 -44 0.9 1.4 Gloves (women's and children's) 319 +4 + 14 -2 2.1 2.2 Shoes (women's and children's) 238 +21 + 18 -5 2.1 2.7 Furs 261 +22 +8 +22 2.8 2.7 Neckwear and scarfs 242 + 11 +8 +26 2.1 1.9 Handkerchiefs 273 0 +9 + 19 3.4 2.9 Millinery 161 + 18 + 13 + 12 0.9 0.9 Handbags and small leather goods 298 +4 +9 + 10 2.2 2.1 Men's and boys' wear 315 + 19 +14 -22 1.7 2.6 Men's clothing 224 +36 + 19 -57 0.9 2.9 Men's furnishings, hats, caps 297 +16 +14 -13 1.8 2.4 Boys' clothing and furnishings 272 +6 +9 -2 2.4 2.5 Men's and boys' shoes and slippers 173 +33 +22 -14 2.4 3.7 Home furnishings 308 +25 +12 +7 2.2 2.5 Furniture, beds, mattresses, springs 228 +29 + 19 + 7 2.3 2.8 Domestic floor coverings 232 + 13 -1 1.9 2.2 Draperies, curtains, upholstery 288 +8 +6 +8 2.0 2.0 Major household appliances 172 +256 +81 + 18 0.4 1.4 Domestics, blankets, linens, etc 288 + 13 0 -16 1.7 2.3 Lamps and shades 219 +26 +23 +26 2.4 2.4 China and glassware 218 + 17 + 14 +20 2.8 2.7 Housewares 216 +53 +30 +26 2.7 3.2 Piece goods 283 +5 +9 -32 1.3 1.9 Cotton wash goods 114 -10 -3 -32 1.2 1.6 Small wares 330 +6 +10 +21 2.9 2.6 Lace, trimmings, embroideries, ribbons 120 + 13 +6 +6 2.9 3.1 Notions 219 + 10 + 15 + 19 3.1 2.9 Toilet articles, drug sundries, and prescriptions 310 +4 + 18 3.9 3.2 Jewelry and silverware 294 + 11 + 14 +21 2.7 2.4 Art needlework 232 +3 + 11 + 12 2.4 2.2 Stationery, books, and magazines 231 + 11 + 11 +36 2.3 1.9 Miscellaneous 294 +10 +7 +19 1.7 1.6 Luggage 221 + 17 +8 +23 2.2 2.1 BAS W EM om E e N n T 's a S p T p O ar R el E a — nd t o a t c a c l essories 2 1 0 9 9 7 +5 + +9 9 + + 2 6 2 1 . . 0 9 2 1 . . 0 8 Men's and boys' clothing and furnishings 159 + 18 + 12 -12 1.9 2.6 Home furnishings 123 + 12 +5 +3 1.9 2.0 Piece goods 49 + 12 + 12 -18 1.3 1.8 Shoes 130 + 16 + 13 +7 3.2 3.5 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 Accounts receivable Collections during at end of month month Cash In m s e ta n l t - a C c h c a o r u g n e t - Total Cash I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- C ac h c a o rg u e nt In m st e a n l- t a C cc h o ar u g n e t sales sales sales 1944—November 191 245 95 149 40 102 77 130 62 4 34 December '244 '324 '104 181 46 128 '79 135 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 December P 270 357 108 204 48 144 79 148 64 4 32 ^Preliminary. rRevised. NOTE.—Data based on reports from a smaller group of stores than included in the monthly index of sales shown on page 185. FEBRUARY 1946 187 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit End o r o f y e m ar onth co c T n r s o e u t d a m i l t er ins T ta o l t m al ent Sale credit Loans1 p S a lo i y n a m g n l e s e 2 n - t a C 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 ,292 472 1936 6,771 3,501 2,436 1,289 1,147 1,065 1,331 ,419 520 1937 7,467 3,947 2,752 1,384 1,368 1,195 1,504 ,459 557 1938 7,036 3,584 2,313 970 1,343 1,271 1,442 ,487 523 1939 8,008 4,463 2,792 1,267 1,525 1,671 1,468 ,544 533 1940 9,205 5,507 3,450 1,729 1,721 2,057 1,488 ,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 1945 P6,605 P2,417 P903 P227 P676 Pl,514 Pl.487 P 1,930 P771 1944 Nov 5,595 1,973 772 208 564 1,201 1,231 1,664 727 Dec 5,790 2,083 835 200 635 1,248 1,220 1,758 729 1945 Jan 5,487 2,013 777 192 585 1,236 1,206 1,534 734 Feb 5,330 1,966 741 186 555 ,225 1,188 1,438 738 Mar 5,581 1,990 731 184 547 ,259 1,181 1,669 741 Apr 5,448 1,988 723 184 539 ,265 1,212 1,506 742 May 5,494 2,004 718 184 534 1,286 1,258 1,488 744 June 5,641 2,031 719 188 531 1,312 1,320 1,544 746 July 5,594 2,038 712 192 520 1,326 1,346 1,459 751 Aug 5,588 2,034 706 196 510 1,328 1,359 1,441 754 Sept '5,638 '2,054 717 202 515 -•1,337 1,358 1,470 756 Oct 5,937 2,133 754 210 544 1,379 1,380 1,666 758 Nov P6.279 P2,240 P805 P219 P586 Pl.435 Pl,441 Pl.835 P763 Dec. P6.605 P2,417 P227 P676 Pl,514 Pi,487 Pl,930 P771 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 o f r 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 n a e d r a d i 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 e d e i e s - - Je st w o e re lr s y s o r 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 t a h 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 b 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 e o 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 J,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 1L.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 9'6 213 1938 L.343 302 485 266 70 220 1940 2,057 692 505 288 189 99 284 1939 L,525 377 536 273 93 246 1941 2,237 784 535 298 217 102 301 1940 L ,721 439 599 302 110 271 1942.... 1,505 426 424 202 147 91 215 1941 1,802 466 619 313 120 284 1943 1,186 312 372 165 123 86 128 1942 1,009 252 391 130 77 159 1944.... 1,248 358 388 175 119 88 120 1 1 9 9 4 4 3 4 6 6 3 3 5 9 1 1 7 8 2 3 2 26 7 9 1 2 1 9 3 6 7 6 0 1 10 0 0 1 1945.... P1,514 P469 P445 P200 P125 P93 P182 1945 P676 P197 P283 P13 P76 P107 1944 Nov 1,201 346 365 172 116 85 117 1944 Dec 1,248 358 388 175 119 88 120 Nov 564 161 253 13 48 89 1945 Dec 635 183 269 13 70 100 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.... 1,312 400 389 181 118 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 '1,337 413 387 182 116 87 '152 Aug 510 142 232 11 45 80 Oct 1,379 428 395 186 117 88 165 Sept 515 144 235 11 44 81 Nov P1,435 P448 P409 P193 P120 P90 P175 Oct 544 156 247 11 44 86 Dec P1,514 P469 P445 P200 P125 P93 P182 Nov P586 P173 P262 P12 P47 P92 Dec P676 P197 P283 P13 P76 P107 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 (23 million dollars at the end of December 1945), not shown separately. 2 This series is in process of revision. 3 Includes only loans insured by Federal Housing Administration. 188 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT CREDITS OF COMMERCIAL CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL BANKS, BY TYPE OF CREDIT LENDING INSTITUTIONS [Estimates. In millions of dollars] [Estimates of volume made in period. In millions of dollars] Month or year Total Aut r o e m ta o il bile 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 e s rc 1 ial Small loan c I o n b m d an u p k s a t i n r n i i g e a s l 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 1945? 729 65 146 97 121 300 1940 927 536 320 1941 983 558 372 1944—-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 1945? 937 978 465 232 February. . . 556 55 101 76 83 241 March 573 56 107 76 84 250 1944 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.. -633 58 122 79 103 r271 October 61 68 34 18 October. . . . 659 60 128 83 109 279 November. . . 61 77 34 18 November?. 694 62 135 90 116 291 December 72 106 37 23 December? . 729 65 146 97 121 300 1945 Volume extended dur- January 66 58 33 16 ing month: February 62 56 30 16 1944—November. . 92 10 18 15 8 41 March 82 94 42 23 December. . 103 8 19 18 8 50 April 69 70 34 18 May 75 78 39 20 1945—January.. . . 96 9 20 17 7 43 June 81 82 40 21 February... 86 9 19 12 7 39 July 75 76 37 19 March 114 12 24 15 9 54 August 72 71 36 18 April 101 9 21 16 10 45 September 72 74 36 16 May 110 10 22 18 10 50 October....... 88 89 44 20 June . . 116 12 24 15 12 53 November** 94 97 45 22 July 107 11 22 13 11 50 December? 101 133 49 23 August 108 11 23 15 12 47 September.. 106 12 23 13 12 46 October. . . . 131 13 28 19 15 56 P Preliminary. November?. 140 14 29 21 16 60 1 These figures for loans made include only personal instalment cash December?. 147 14 32 24 13 64 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 December 1945) not shown separately. P Preliminary. r Revised. 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 Pe fr r o c m en t p ag re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C cc h o ar u g n e ts month month of preceding year 1 D 9 e 4 c 5 . * N 19 o 4 v 5 . 1 O 9 c 4 t 5 . 1 D 9 e 4 c 5 . ? N 19 o 4 v 5 . 1 O 9 c 4 t 5 . Month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h p H s o l t l o i o d a u r n s e a c e s p e - - J s e t w o e re lr s y D s m e to p e r a n e r t s t- Net sales: 1944 Total + 14 +4 -\-33 + 16 '+19 + 19 November... 40 24 37 34 67 Cash sales +27 + 10 +37 +30 +37 +40 December. . . 23 39 49 62 Credit sales: Instalment +8 +3 +34 + 13 '+13 + 14 1945 Charge account + 14 >"0 +29 + 14 +28 + 18 January 31 21 35 29 61 February... . 30 21 32 28 61 Accounts receivable, at March 36 24 36 32 66 end of month: April 30 22 36 30 61 T In o s t t a a l lment + + 1 1 1 5 + + 6 5 + + 6 5 + + 1 6 1 '+ + 3 2 + 0 1 J J M u u l a n y y e 3 3 3 2 1 2 2 2 2 3 3 4 4 4 4 0 3 2 3 3 3 1 3 3 6 6 6 4 4 2 Collections during August 33 23 48 31 6* To m ta o l nth: -2 r+3 + 16 + 12 r+11 +8 S O e c p to te b m er ber. . 3 4 5 0 2 2 3 7 4 5 9 2 3 3 0 1 6 6 3 6 Instalment 2 +4 + 19 + 11 + 14 +9 November... '40 27 '51 67 December?. . 36 25 48 61 Inventories, end of month, at retail value. -10 r-2 +6 +6 + 7 P Preliminary. r Revised. 1 Ratio of collections during month to accounts receivable at begin Preliminary r Revised. ning of month. FEBRUARY 1946 189 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 p c C a r a o l h s l d e l i u m a e c n d i t d - s in f 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 - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60. 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70. 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83. 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.4 94.3 82.0 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 95.5 102.4 89.7 1943 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 94.9 102.7 92.2 1944 104.0 123.3 104.9 98.5 116.7 98.4 83.0 103.8 115.5 95.2 104.3 93.6 1944—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. 104.6 94.8 October... 105.9 127.3 105.7 100.1 118.6 101.0 84.2 105.0 118.3 95. 104.7 94.8 November 106.8 131.1 107.9 100.2 118.8 101.1 84.6 105.2 118.7 95. 104.7 94.8 December. 107.1 131.5 108.6 100.5 118.9 101.4 84.8 105.6 119.5 96.1 104.7 94.8 Week ending: 1945—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. 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. 106.3 94.6 Oct. 20. . 105.5 126.9 105.8 100.1 119.1 99.9 84.5 105.1 118.1 95.5 106.3 94.6 Oct. 27. . 105.7 127.7 106.0 100.1 119.1 99.9 84.7 105.2 118.1 95.5 106.3 94.6 Nov. 3. . 105.9 129.1 106.6 100.1 119.1 100.0 84.5 105.2 118.2 95.5 106 94.6 Nov. 10. . 106.1 129.5 107.0 100.2 119.1 100.5 84.5 105.3 118.6 95.5 106 94.6 Nov. 17. . 106. 130.3 107.2 100.3 119.1 100.5 84.6 105.3 118.6 95.6 106 94.6 Nov. 24. . 106. 132.1 108.7 100.3 119.1 100.5 84.6 105.3 118.7 95.6 106 94.6 Dec. 1. . 106.8 132.0 108.5 100.4 119.4 100.6 85.1 105.3 118.7 96.1 106 94.6 Dec. 8. . 106, 130.3 108.1 100.5 119.4 100.6 85.2 105.3 118.7 96.1 106 94.6 Dec. 15. . 106. 131.3 108.3 100.5 119.4 100.6 85.2 105.3 118.8 96.1 106 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 95.0 Dec. 29. . 107.0 132.7 109.5 100.6 119.4 100.6 85.3 105.3 118.9 96.1 106 95.0 Jan. 5. . 106.8 131.3 108.0 100.6 119.4 100.6 85.2 105.3 119.1 96.1 106 95.0 Jan. 12. . 106.7 130.0 107.6 100.7 119.4 101.0 85.5 105. 119.2 96.1 106 95.0 Jan. 19.. 106.7 129.3 107.3 100.8 119.4 101.1 85.5 105 119.8 96.1 106.6 95.0 Jan. 26. . 106.8 129.9 106.8 100.9 119.4 101.1 85.4 119.9 96.0 106.6 95.0 1944 1945 1944 Subgroups Subgroups Dec. Sept. Oct. Nov. Dec. Dec. Sept. Oct. Nov. Dec, Farm Products: Metals and Metal Products: Grains 127.5 126.6 130.2 132.9 133.2 Agricultural implements 97. 97.9 97.9 98.1 98.1 Livestock and poultry 126.9 128.5 130.5 131.8 129.6 Farm machinery 98. 98.9 98.9 99.1 99.1 Other farm products 123.2 120.3 123.6 129.3 131.3 Iron and steel 97. 99.6 99.8 100.2 101.0 Foods: Motor vehicles 112. 112.8 112.8 112.8 112.8 Dairy products 110.7 110.3 110.4 113.2 113.8 Nonferrous metals 85. 85.7 85.7 85.8 85.8 Cereal products 94.7 95.1 95.3 95.5 95.7 Plumbing and heating 92. 95.0 95.0 95.0 95.0 Fruits and vegetables 116.2 117.5 116.3 123.8 128.7 Building Materials: Meats 106.2 107.9 107.9 107.9 107.9 Brick and tile 105. 112.4 115.2 116.7 116.7 Other foods 99.7 94.9 98.5 100.7 100.6 Cement 97. 99.6 99.9 100.1 100.5 Hides and Leather Products: Lumber1 154. 155.0 155.2 155.5 157.8 Shoes 126.3 126.3 126.3 126.7 126.8 Paint and paint materials.... 106. 107.6 107.6 107.7 107.8 Hides and skins 114.0 118.1 117.6 117.6 117.6 Plumbing and heating 92. 95.0 95.0 95.0 95.0 O Le th a e th r e l r eather products 1 1 1 0 5 1 . . 2 3 1 1 1 0 5 3 . . 2 8 1 11 0 5 3 . . 2 8 1 1 1 0 5 3 . . 2 8 1 1 1 0 5 4 . . 2 1 O St t r h u e c r t u b r u a i l l d s i t n e g e l mater ; ials 1 1 0 0 3 7 . . 1 10 0 4 7 . . 5 3 1 1 0 0 4 7 . . 6 3 1 10 0 5 7 . . 4 3 1 1 0 0 5 7 . . 9 3 Textile Products: Chemicals and Allied Products: Clothing 107.4 107.4 107.4 107.4 107.4 Chemicals 95. 96.1 96.4 96.7 97.1 Cotton goods 119.2 121.3 125.0 125.1 125.5 Drugs and Pharmaceuticals. . 106. 110.2 110.3 110.7 112.3 Hosiery and underwear 71.5 71.5 71.5 71.5 73.5 Fertilizer materials 81. 81.1 81.9 81.9 81.9 Silk Mixed fertilizers 86. 86.6 86.6 86.6 86.6 Rayon 30.2 30.2 30.2 30.2 30.2 Oils and fats 102. 102.0 102.0 102.0 102.0 Woolen and worsted goods... 112.9 112.7 112.7 112.7 112.7 Housefurnishing Goods: Other textile products.- 100.9 101.3 101.4 101.9 101.9 Furnishings 107. 107.7 107.9 107.9 107.9 Fuel and Lighting Materials: Furniture 101. 101.5 101.6 101.6 101.6 Anthracite 95.3 102.2 102.2 102.2 103.4 Miscellaneous: Bituminous coal 120.5 124.7 124.8 124.8 125.0 Auto tires and tubes 73. 73.0 73.0 73.0 73.0 Coke 130.7 134.9 134.9 134.9 134.9 Cattle feed 159. 159.6 159.6 159.6 159.6 Electricity 59.9 65.5 66.7 Paper and pulp 107. 109.3 109.3 109.3 109.3 Gas 74.6 80.2 79.8 79 .Y Rubber, crude 46. 46.2 46.2 46.2 46.2 Petroleum products 63.8 62.6 62.1 61.7 61.6 Other miscellaneous 98. 98.9 98.9 98.9 98.9 1 Lumber series revised from September 1943. Back figures.—Bureau of Labor Statistics, Department of Labor. 190 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND INCOME PAYMENTS [Estimates of the Department of Commerce. In billions of dollars] Annual totals Half-year periods Unadjusted Seasonally adjusted annual rates 1937 1938 1939 1940 1941 1942 1943 1944 1943 1944 19451 Gross national product. 87.7 80.6 C88.6 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 Government expenditures for goods and services 13.6 16.0 16.7 26.5 94.8 99.4 46.4 48.5 92.4 97.3 100.6 98.1 100.7 Federal Government 6.1 6.8 7.9 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 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 5.3 5.0 4.9 5.6 2.3 2.6 3.0 2.7 4.4 5.4 5.8 5.5 6.3 State and local governments. 7.5 7.6 8.1 7.9 7.4 7.4 7.4 3.8 3.6 3. 3.6 7.4 7.4 7.4 7.4 7.4 Private gross capital formation.. 11.6 7.7 10.9 19.4 7.7 2.1 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 5.2 2.8 1.5 0.7 0.8 0.8 0.8 1.5 1.5 1.6 1.6 2.0 Residential 2.0 2. 1.3 0.6 0.5 0.3 0.3 0.3 0.2 Other 1.6 2.5 1.5 0.9 1.1 0.4 0.4 0.5 0.6 Producers durable equipment 4.5 5.5 5.1 3.1 4.0 1.4 1.7 1.9 2.1 2.8 3.4 3.8 4.4 Net change in business in- 8.9 ventories 1.1 -1.3 0.9 -0.5 -0.6 0.6 -0.5 -1.3 -1.2 -1.6 -0.8 Net exports of goods and 3.5 services 0.1 1.1 0.8 1.5 0.2 -1.8 -2.1 0.7 -1.3 -2.3 -2.7 -1.5 -0.9 Net exports and monetary 1.5 use of gold and silver. . . . 0.4 0.1 0.2 0.3 0.2 0 -0.1 ) () () () () -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 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 No S n e d rv u i r c a e b s le goods )S2.S 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 30 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. . 7 3 5 3 8 0 . . 6 6 6 3 1 1 . . 4 3 6 31 2 . . 7 0 Gross national product 87. 88.6 97.1 120.5 151.5 187.8 198.7 90.5 97.3 97.8 100.9 182.3 192.3 197.4 200.1 206.0 Deductions: Business tax and nontax liabilities 9.0 8.3 10.4 12.4 27.4 29.3 13.3 14.3 15.0 Depreciation and depletion. . 6.1 6.2 6.2 6.4 7.0 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 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 For discrepancies 0 0 0 -0.4 -0.8 -1.1 + 1.6 -1.1 + 1.0 +0.6 +0.1 -1.2 National income 71.5 64.2 70.8 77.6 96.9122.2 149.4160.7 71.5 77.9 78.5 82.1 145.1 153.6 159.5 161.7 166.5 Additions: Transfer payments. . . 1.7 2.4 2.6 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 92.7 117.3143.1 156.8 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 92.7 117.3143.1 156.8 68.2 74.9 76.3 80.5138.9 147.2 155.5 158.0 163.4 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. 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 i.O 51.2 55.2 57.1 58.9 102.6 .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 9.5 10.0 10.5 10.8 11.7 Net corporate profit 3.9 1.7 4.2 5.8 8.5 8.7 9.8 9.9 4.8 5.0 5.0 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. c Corrected. 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. FEBRUARY 1946 191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* ON BANK CREDIT, MONEY RATES, AND BUSINESS 1946 1945 Chart Chart book book page D 2 e 6 c. Ja 2 n. Ja 9 n. J 2 a 3 n. page Oct. Nov. Dec. WEEKLY FIGURES^ In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit, total 2 25.17 24.85 24.54 24 07 23.92 Reserve Bank credit 6 23.89 24.39 24.74 U. S. Govt. securities, total 3 24.04 24.09 23.86 23.44 23.34 Gold stock 6 20.05 20.03 20.05 Bills ' .3 12.80 12.66 12.57 12.50 12.78 Money in circulation 6 27.94 28.15 28.45 Certificates 3 8.17 8.94 8.81 8.53 8.19 ""reasury cash 6 2.26 2.27 2.27 Notes . 3 2.12 1.54 1.54 1.46 1.4.? treasury deposits 6 .45 .42 .62 Bonds . . 3 .95 .95 .95 .95 .95 Member bank reserves, total. . 6, 7 15.68 16.04 16.03 Discounts and advances 2 .49 .22 .21 .21 .21 Central reserve city banks. . . 13 5.11 5.21 5.06 Gold stock 2 20.07 20.07 20.05 20.11 20.14 Reserve city banks 13 6.24 6.38 6.39 Money in circulation. . ... .2 28.65 28.49 28.30 28.12 27.98 Country banks 13 4.32 4.45 4.58 Treasury cash . ... 2 2.28 2.31 2.26 2.26 2.28 Required reserves, total 7 14.62 14.88 14.53 Treasury deposits 2 1.20 .77 .76 .27 .58 Central reserve city banks. . . 13 5.09 5.18 4.99 Member bank reserves 2,4 15.66 15.90 15.82 16.15 15.86 Reserve city banks 13 5.98 6.08 5.98 Required reserves 4 14.45P14.42P14.50 '14.55 14.52 Country banks 13 3.55 3.61 3.56 Excess reserves6 4 1.21 Pi. 48 Pl.33 Pl.60 Pl.34 Excess reserves, total 7 1.06 1.17 1.50 Excess reserves (weekly average), total6 5 1.36 Pi. 49 PI. 45 Pl.49 Balances due from banks: New York City . . . 5 .03 .03 .01 .02 Reserve city banks 13 1.85 1.88 2.07 Chicago 5 .01 .01 .01 .01 Country banks 13 4.05 4.26 4.53 Reserve city banks . 5 .35 .41 .37 .39 Money in circulation, total 28.05 28.21 28.51 Country banks e . . . 5 .98 Pi. 05 Pl.05 PI.08 Bills of $50 and over 7.67 7.71 7.84 $10 and $20 bills 15.78 15.88 15.98 Coins, $1, $2 and $5 bills. . . 4.60 4.62 4.70 MEMBER BANKS IN LEADING CITIES ALL BANKS IN U. S. Total—101 cities: Loans and investments 14 67.73 67.95 67.84 68.22 68.11 Total deposits and currency.. . 163.80P168.10P175.70 U. S. Govt. obligations 14 48.54 48.67 49.13 49.63 49.53 Demand deposits P78.10 P80.50 P75.90 Demand deposits adjusted 14 37.56 37.07 37.38 37.73 38.04 Time deposits P47.60 P48.00 P48.40 U. S. Govt. deposits 14 16.15 16.70 16.14 16.21 16.08 Currency outside banks P26.40 P26.50 P26.80 Loans 14 15.83 15.89 15.31 15.22 15.22 U. S. Govt. deposits Pll.70 P13.10 P24.60 New York City: Loans and investments 15 23.82 23.90 23.64 23.77 23. 7C CONSUMER CREDIT U. S. Govt. obligations, total 15 15.85 15.99 16.20 16.40 16.28 Bonds 16 9.35 9.41 9.43 9.54 9.56 Consumer credit, total 18 5.94 P6.28 P6.61 Certificates 16 3.18 3.38 3.47 3.55 3.53 Single payment loans 18 1.38 Pl.44 Pl.49 Notes and guar. securities 16 2.89 2.67 2.68 2.73 2.72 Charge accounts 18 1.67 Pl.84 Pi.93 Bills . 16 .44 .52 .63 .59 .47 Service credit 18 .76 P. 76 P. 77 Demand deposits adjusted 15 13.63 13.39 13.42 13.40 13.73 Instalment credit, total 18, 19 2.13 P2.24 P2.42 U. S. Govt. deposits 15 6.19 6.49 6.24 6.24 6.16 Instalment loans 19 1.38 Pl.44: Pi.51 Interbank deposits 15 4.30 4.49 4.44 4.60 4.31 Instalment sale credit, total. 19 .75 P.81 P. 90 Time deposits 15 1.11 1.12 1.14 1.14 1.14 Automobile 19 .21 p.22 P. 23 Loans, total 15 6.84 6.80 6.33 6.28 6.34 Other 19 .54 P. 59 P. 68 Commercial 17 2.84 2.82 2.82 2.85 2.84 For purchasing securities: TREASURY FINANCE Brokers'—on U. S. Govts 16 1.56 1.51 1.25 1.24 1.3C Brokers'—on other securities. . . 16 .64 .63 .57 .57 .55 LJ. S. Govt. obligations outstand- To others 17 1.22 1.22 1.13 1.06 1.04 ing, total interest-bearing. . 259.98 263.39 276.25 All other 17 .58 .61 .56 .57 .60 By classes of securities: 100 cities outside New York: Bonds (marketable issues).. 20 107.05 109.37 120.42 Loans and investments 15 43.92 44.04 44.20 44.45 44.41 Notes, cert., and bills 20 75.55 75.55 78.16 U. S. Govt. obligations, total 15 32.69 32.69 32.93 33.23 33.26 Savings bonds and tax notes 20 56.07 57.03 56.91 Bonds 16 17.25 17.32 17.40 17.47 17.53 Special issues 20 20.58 20.71 20.00 Certificates 16 8.01 8.75 8.90 9.04 9.19 By maturities: Notes and guar. securities 16 6.20 5.38 5.30 5.28 5.25 5 years and over 20 99.48 101.32 109.70 Bills 16 1.23 1.24 1.33 1.44 1.29 5-20 years 20 66.09 66.22 67.17 Demand deposits adjusted 15 23.93 23.68 23.96 24.33 24.30 5-10 years 20 49.29 49.29 46.59 U. S. Govt. deposits 15 9.95 10.22 9.91 9.97 9.91 Within 5 years 20 83.31 83.80 89.08 Interbank deposits., 1 7.56 7.79 7.77 7.82 7.46 Within 1 year 20 62.75 63.24 68.57 Time deposits 15 8.22 8.28 8.32 8.34 8.37 Certificates 20 35.02 35.02 38.16 Loans, total 15 8.99 9.09 8.98 8.94 8.89 Bills 20 17.03 17.03 17.04 Commercial 1 4.43 4.43 4.43 4.44 4.43 Holdings of U. S. Govt. obliga- For purchasing securities 17 2.29 2.38 2.29 2.21 2.16 tions: All other 17 2.27 2.28 2.27 2.29 2.30 Commercial banks 21 84.20 85.60 Fed. agencies and trust funds. 21 26.75 26.84 27.04 MONEY RATES, ETC. Per cent per annum Federal Reserve Banks 21 23.28 23.47 24.26 Mutual savings banks 21 10.00 9.80 Treasury bills (new issues). .373 375 .375 .375 .375 Insurance companies 21 »"22.40 22.50 Treasury notes (taxable) ... 1.18 i.17 1 12 1.09 1.06 Other investors, total 21 '93.40 95.20 U. S. Govt. bonds: Marketable issues 21 39.20 40.20 Partially tax-exempt 24, 26 ( ) 00 Taxable 24, 26 .29 2 23 2.19 2.18 H Co ig r h p - o g r r a a t d a e A c a o a r p b o o r n a d te s bonds (5 issues). 2 2 6 6 22 2 . . 4 5 9 8 2 2 4 5 6 7 2 2 . . 4 5 4 4 2 2 . . 3 5 9 : Per cent per annum Corporate Baa bonds. 26 3.05 3 03 3.02 3.0C MONEY RATES, ETC. In unit indicated Corporate Aaa bonds 2. 2.62 2.62 2.61 F. R. Bank discount rate (N. Y.) 23 .50 .50 .50 Stock prices (1935-39=100), total 27 140 139 144 147 145 Treasury bills (new issues) 2. .375 .375 .375 Industrial 27 143 142 147 150 148 Railroad 27 159 155 163 169 166 Public utility 27 120 120 123 125 125 In unit indicated Volume of trading (mill, shares) 27 1.29 1.15 2.28 2.72 1.88 Stock prices (1935-39 =100): BUSINESS CONDITIONS Total 2 132 137 140 Industrial 27 135 139 142 Steel production (% of capacity) .... 62.8 80.6 82.0 76.5 4.9 Railroad 27 145 154 157 Electric power prod. (mill. kw. hrs.) . . 3,759 3,865 4,163 4,150 Public utility 27 114 121 120 Freight carloadings (thous. cars) 45 506 652 773 749 709 Volume of trading (mill, shares). 27 1.56 1.96 1.63 Department store sales (1935-39=100) 45 158 135 188 191 189 Brokers' balances (mill, dollars): Wholesale prices (1926=100), total. . . 49 107.0 106.8 106.7 106.7 106.8 Credit extended customers... 29 1,063 1,095 1,138 Farm products 49 132.7 131.3 130.0 129.3 129. Money borrowed 29 743 711 795 Other than farm and food 49 100.6 100.6 100.7 100.8 100.9 Customers' free credit balances 29 632 639 654 For footnotes see page 193. 192 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 page Oct. Nov. Dec. Oct. Nov. Dec MONTHLY FIGURES—Cont. In unit indicated MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS BUSINESS CONDITIONS Cont. Income payments (mill, dollars):4 Wholesale prices (1926 = 100): Total 30 12,956 13,195 13,086 Total 49 105.9 106.8 107.1 Salaries and wages 30 8,523 8,488 P8,377 Farm products 49 127.3 131.1 131.5 Other 30 4,433 4,707 M,709 Other than farm and food 49 100.1 100.2 100.5 Cash farm income (mill, dollars): Total 31 2,526 2,250 Pi,791 Livestock and products 31 1,030 1.057 P946 1945 Crops 31 1,388 1,153 P829 Ar G m o e v d t. f o p r a c y es m e (m nt i s l l, persons)5 3 3 1 2 10 1 . 0 6 8 9. 40 2 P 7. 16 9 QUARTERLY FIGURES A Ju p n r. e - J S u e l p y t - . O D c e t c . . - Civilian labor force (mill, persons): To M ta a l le 3 3 2 3 3 5 4 3. . 1 6 3 5 5 3 . . 3 4 3 5 6 3 . . 1 3 MONEY RATES Per cent per annum Female 33 -18.5 18.2 17.2 Bank rates on customer loans: Unemployment 32 1.6 1.7 2.0 Total, 19 cities 23 2.50 2.45 2.09 Employment 32 51.6 51.7 51.4 New York City 25 2.20 2.05 1.71 Nonagricultural 33 42.8 43.3 44.2 Other Northern and Eastern cities. 25 2.55 2.53 2.23 Industr A ia g l ri p c r u o l d tu u r c a t l i on:4 33 8.4 7.2 Southern and Western cities 25 2.80 2.81 2.38 Total (1935-39 = 100) 35 162 168 P164 Groups (points in total index): SECURITY MARKETS In millions of dollars Durable manufactures... . f 35 72.8 P7O.8 Corporate security issues: Nondurable manufactures 35 '•72.1 73.8 P72.9 Net proceeds: Minerals 35 '18.8 21.0 P20.3 All issues 1,208 2,139 1,636 New orders, shipments, and inventories Industrial 400 831 433 (1939 = 100): Railroad 435 459 365 New orders: Public utility 354 786 807 Total . . 36 New money: Durable ... 36 P165 All issues 244 369 272 Shipments: Industrial 184 313 157 T D o u t r a a l b le 3 3 6 6 2 2 0 0 6 5 P204 R Pu a b il l r i o c a u d tility 3 1 2 3 2 5 6 4 4 6 1 Nondurable 36 204 P208 Inventories: 1945 Factory N T D o o u e t m n r a a d l p b u l l r o e a y b m le e nt and pay rolls (1939 3 3 3 6 6 6 1 1 1 5 8 6 3 3 7 P P P 1 1 1 7 6 5 6 7 9 Ma 20 r. J 3 u 0 ne D 3 e 1 c. = 100): Pay rolls 38 213.0 212. CALL DATE FIGURES In billions of dollars Employment 38 121.2 121.6 P121.1 Hours and earnings at factories: ALL MEMBER BANKS Weekly earnings (dollars) 39 ••41.04 40.89 Loans and investments, total 10 90.52 99.43P107.14 Hourly earnings (cents) 39 98.5 99.0 U. S. Govt. obligations, total. 10 67.92 73.24 *78.31 No H n o a u g r r s ic w ul o tu rk ra e l d e ( m pe p r l o w y e m e e k n ) t (mill, persons) 3 : 9 4 '41.7 41.3 C B e o r n t d if s i cates 1 1 1 1 ( ( 6 6 ) ) 4 1 0 5 . .5 2 8 7 Total 40 35.0 35.4 P35.4 Notes 11 (6) 14.72 Manufacturing and mining 40 12.6 12.7 P12.6 Bills 11 (6) 2.63 Trade 40 7.3 7.3 P7.4 Guaranteed obligations 11 (6) 03" Government 40 5.7 5.6 P5.7 Other securities, total. 10 39 5*.60 P6.05 T C r o a n n s s tr p u o c r t t i a o t n io n and utilities 4 4 0 0 3 0 . .9 3 1 . . 9 0 P P 3 l . . 9 1 Sta ti t o e ns a nd local government obliga- 11 2.99 3.10 Construction contracts (3 mo. moving Other securities 11 2.40 2.50 average, mill, dollars):4 Loans, total 10 17.22 2059 P22.79 Total 41 340 385 P442 Commercial 11 (6) 7 10 Resid O R e e t n h s t e i i d r a e l n c t o ia n l t racts (mill, dollars) :4 4 4 8 1 2 6 7 6 4 30 8 4 1 P3 4 9 4 8 A R B e r g o a r l k i c e e u r s l s t t ' a u t r e a l 1 1 1 1 1 1 ( ( ( 6 6 6 ) ) ) 3 2 1 5 2 1 3 5 3 Total 42 55 95 107Demand deposits adjusted . 10 61.17 5913 Public 42 1 1 11 Private, total 42 54 94 96 CLASSES OF BANKS 1- and 2-family dwellings 42 42 68 82 Other 42 12 26 14Central reserve city banks: Freight carloadings:4 Loans and investments, total 12 27.95 3149 P32.O7 Total (1935-39 = 100) 43 118 ,U. S. Govt. obligations 12 20.41 2162 P21.79 Groups (points in total index): Other securities 12 1.47 155 Pl.62 Miscellaneous 43 68.3 73.0 71.5 Loans 12 607 832 P8.67 Coal 43 23.2 31.4 28.3 Demand deposits adjusted 12 1860 1780 All other 43 26.7 28.3 26.8 Time deposits 12 173 179 Department stores (1935-39 = 100) :4 Reserve city banks: Sales 44 213 ••226 P215 Loans and investments, total... 12 3345 3657 P40.10 Stocks 44 161 150 P142 U. S. Govt. obligations 12 2530 2752 P29.56 Exports and imports (mill, dollars): Other securities 12 180 189 P2.04 Exports 46 P638 Loans 12 635 7 15 P8.51 Excluding Lend-Lease exports 46 P380 P52 Demand deposits adjusted 12 2174 2068 Imports 46 P344 P2O2 Time deposits 12 828 8 76 Excess of exports excluding Lend-Lease Country banks: exports 46 P36 Loans and investments, total.... 13 2913 3137 P34.97 Cost of living (1935-39 = 100): U. S. Govt. obligations 13 2220 2409 P26.96 All items 47 128.9 129.2 Other securities 13 2 12 2 16 P2.39 Food 47 139.3 140.1 Loans 13 481 5 11 P5.61 Clothing 47 148.3 148.4 Demand deposits adjusted 13 2084 2066 Rent ..47 Time deposits 13 1054 1126 e Estimated. P Preliminary. r Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 No partially tax-exempt bonds due or callable in 15 years and over. 3 For charts on pages 20, 23, and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series. * Adjusted for seasonal variation. 6 Beginning July 1945 the armed force figures are those reported by the Bureau of the Census in the Monthly Report on The Labor Force. These data are for the end of the week containing the 8th whereas Bureau of Labor Statistics data published prior to July are as of the 1st of each month. fi Figures available for June and December dates only. * Copies of the Chart Book may be obtained at a price of 50 cents each. FEBRUARY 1946 193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1945 Phila- System Boston New York delphia Cleveland Richmond Atlanta Current Earnings Discounted bills $1 977.081 $87,764 SI 045.398 $55.854 $114,493 $59,278 $57,478 Purchased bills 110 110 Industrial loans 100,755 5.987 142 69,200 2,279 4,531 102 Commitments to make industrial loans 12.533 447 117 240 3.510 U. S. Government securities 139 552.881 9 132.479 34 924,153 9.929.522 13,098.832 8.686,182 / ,202.604 All other 566,186 7.310 55,922 8.594 73,380 10.121 21,114 Total current earnings 142 209.546 9 233.987 36,025,725 10,063,287 13.289,224 8.763,622 7.281,298 Current Expenses Operating expenses: Salaries: Officers 2 854.484 149.333 576,613 149,416 239.055 182.756 183,752 Employees 46 515.928 9 614,475 10 154,205 2,892.287 4,444.307 2,689,594 2 503,373 Retirement System contributions 4 101.690 213,799 857,008 229,479 357.513 266,226 252,659 Legal fees 29.465 358 2,691 9,676 7,175 13 425 Directors' fees and expenses 128.363 10.587 11,266 8,452 11.048 7,781 13,194 Federal Advisory Council, fees and expenses 15,480 1 ,550 759 697 918 627 350 Traveling expenses (other than of directors and members of Federal Advisory Council) 453.611 25.594 62,720 19.988 45,239 33,117 32,645 Postage and expressage 7 611,246 723.820 1 145,694 529.174 671.666 633,425 554,034 Telephone and telegraph 533,766 24.040 93,256 31,320 48.373 26,366 44,445 Printing stationery and ^upplic^ 241 70S 941 079 590 984 240 383 292 315 165 771 235,497 Insurance on currency and securitv shipments 28.292 2,876 3,515 1,687 4.046 2.298 3,448 Other insurance 220.365 13.400 51,348 8.622 15,248 12.811 10,850 Taxes on real estate 1 510,801 136.000 442.362 91,436 132.403 83,900 66,646 Depreciation (building) 1 041,179 55.832 221.060 143.275 112.476 92,914 42,548 Light, heat, power, and water 596.925 36.256 155.940 33.305 72.269 40,905 36.903 Repairs and alterations 287.660 15.774 32.741 4.615 41.212 21,508 19.731 Rent 1 000.294 20.598 49,729 82,686 139.945 24,424 94.603 Furniture and equipment 772.917 63.580 163.355 28.494 101.491 26,158 67,266 All other 2 107.011 100,353 242.273 175,795 237.683 95,147 157,342 Total operating expenses 73 051.185 4 449.304 14 857.519 4.680.787 6.974.382 4,405,741 4,319,711 Less reimbursement for certain fiscal agency and other expenses 31 384.732 1 637.801 5 276.799 1.673.873 2.950,228 1.746,233 2,185.982 Net operating expenses 41 666.453 2 811.503 9 580.720 3.006.914 4.015.154 2.659,508 2 133,729 Assessment for expenses of Board of Governors 2 340.509 156.989 843.342 204.489 203.849 98.625 81,557 Federal Reserve currency: Original cost 4 194.119 ^04 798 112 731 322 021 179 668 431.524 394,097 Cost of redemption 516.190 23,032 86.367 27.032 37.967 35.248 52,502 Total current expenses 48 717.271 3 196.322 11 623.160 3.560.456 4,436.638 3,224,905 2 661.885 Profit and Loss Current net earnings . 03 492 275 037 665 94 402 565 6 502 831 8 852 586 5 538 717 4 619,413 Additions to current net earnings: Profits on sales of U. S. Government securities 3 312.628 241.116 802,592 255.719 336,234 207,653 169,877 Recoveries of, and withdrawals from allowances for, losses on industrial advances (net) 476.585 185.721 129.671 100.721 6,074 44.373 10,000 AH other 305.627 9.419 5.345 101,736 63.778 2,717 18,835 Total additions 4 094 840 436 ^56 937 608 458 176 406 086 254 743 198,712 Deductions from current net earnings: 201 650 201 650 Reserves for contingencies 3 709.701 637 740 4 591 627,298 468,946 All other 1.013.496 179,130 2.919 184 123.057 2,624 Total deductions 4,924.847 1.018.520 2.919 4.775 123.057 629,922 468,946 Net additions -830.007 -582.264 934.689 453.401 283.029 -375,179 -270,234 Net earnings 92.662.268 5.455,401 25.337.254 6.956,232 9.135.615 5.163.538 4.349.179 Paid V S Treasury (Sec 13b) 247 659 57 502 65 Q40 83 968 7 177 4 154 9,884 Dividends paid 10 182 851 618 318 3 597 446 765 606 1 025 IP 409 879 367,516 Transferred to surplus (Sec. 13b) 262.133 131.402 62.662 32,452 35,858 Transferred to surplus (Sec. 7) 81.969.625 4.648.179 21,581,206 6.074.206 8,103.326 4.713,647 3.971,779 Surplus (Sec. 7), January 1 228.152.331 15.238.712 84.902.462 19.871.579 19.071.303 7.813.341 7.935,878 Additions, as above 81 969 625 4 648 179 21 581 206 6 074 206 8 103 326 4 713 647 3.971,775 Transferred from reserves for contingencies: Previously charged to current net earnings 11 HI 011 5 706 OS'? 922 976 Previously charged to surplus 37,102.278 2,551.663 4,670.085 3.000.000 5.647.512 3.066,084 2.542.929 Surplus (Sec. 7), December 31 358.355,245 22.438,554 116.859.805 28.945,785 33,745.117 15.593.072 ,450.586 14 194 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1945—Continued I Kansas San Chicago St. Louis Minneapolis City Dallas 1 Francisco j Current Earni>igs $227,592 $107,862 $55,166 $83.869 $4,579 $77,748 Discounted bills Purchased bills 2^730 1^233 14^551 Industrial loans 1.480 214 800 5,725 Commitments to make industrial loans 19,705.119 6,433,581 '3^597,155 6^492.342 5.531.031 14,819.881 U. S. Government securities 139.840 54.462 4.766 156.133 9.802 24.742 All other 20.076.761 6.596.119 3,657,087 6,733.577 5.546,212 14,942,647 Total current earnings Current Expenses Operating expenses: Salaries: 354.229 198,644 164,458 187,264 172,911 296,053 Officers 7,537.418 2.689,726 1,254,087 2,420,126 2,232,144 5.084,186 Employees 708.747 252,290 137.745 225,642 214,459 386,123 Retirement System contributions 607 40 2,108 6,000 372 Legal fees 9,884 6^914 11,615 15.023 S.156 14,443 Directors' fees and expenses 1.244 1,350 1,424 1.755 1.456 3.350 Federal Advisory Council, fees and expenses 68,085 44,642 25,020 28,418 28.890 39,253 Traveling expenses (other than of directors and members of Federal Advisory Council) 903.864 349,446 263,141 430.437 395,444 1,011,101 Postage and expressage 41.734 46.947 23,513 41,815 37,384 74.573 Telephone and telegraph 516,317 189,844 78.214 172.272 159,053 359,979 Printing, stationery, and supplies 2,649 863 703 1.190 1,305 3,712 Insurance on currency and security shipments 28.410 14,574 9,315 18.680 10,405 26,702 Other insurance 180,560 65,864 73.442 92.930 38.752 106,506 Taxes on real estate 70,581 55,786 29.086 70.312 72.477 74,832 Depreciation (building) 70,843 35,581 22.578 22,135 36,462 33,748 Light, heat, power, and water 23.679 30.291 38,804 46,966 5.245 7,094 Repairs and alterations 306.179 39,808 16,441 29,556 21,154 175,171 Rent 130.787 52,395 15.807 46,607 30,945 46,032 Furniture and equipment 417,720 154,267 70.495 135,163 105,543 215,230 All other 11,373,537 4,229.232 2,235,928 3.988.399 3.578.185 7.958,460 Total operating expenses 5,727,458 1.893.963 981,495 1.645,771 1.740.863 3,915,266 Less reimbursement for certain fiscal agency and other expenses 5,646,079 2,335.269 1,254,433 2,342,628 1.837.322 4,043,194 Net operating expenses 303,183 71,535 53,409 70.411 71.180 181,940 Assessment for expenses of Board of Governors Federal Reserve currency: 525,960 223,952 26,528 171,458 182,264 419,118 Original cost 75.789 33,772 10,953 27.419 31,162 74.947 Cost of redemption 6,551,011 2.664,528 1,345,323 2.611,916 2,121.928 4,719.199 Total current expenses Profit and Loss 13.525,750 3,931,591 2,311,764 4,121.661 3,424.284 10.223.448 Current net earnings Additions to current net earnings: 415.493 156,071 95.519 161,320 141,061 329,973 Profits on sales of U. S. Government securities 25 Recoveries of, and withdrawals from allowances for, losses on industrial advances (net) 7 .473 4,136 6.798 32.836 11.321 41.233 All other 422,966 160,207 102,317 194,156 152.382 371.231 Total additions Deductions from current net earnings: Charge-offs on bank premises 623^745 885,955 461,426 Reserves for contingencies 518^405 25,418 413' 49,923 41,215 70,208 All other 518,405 649,163 413 935,878 41.215 531,634 Total deductions -95,439 -488,956 101,904 -741,722 111.167 -160.403 Net additions 13.430,311 3,442,635 2,413,668 3,379.939 3.535.451 10.063,045 Net earnings 2.516 873 730 14.915 Paid U. S. Treasury (Sec. 13b) 1,215,381 326,314 221,686 330,263 344,375 930,955 Dividends paid — 241 Transferred to surplus (Sec. 13b) 12 ^ 2i2 ^414 3,116,562 2,191.982 3,048,803 3,190^346 9 ', 117 [ 175 Transferred to surplus (Sec. 7) 33,200,673 7,048,131 4,949,737 6,196,267 6,024,966 15,899,282 Surplus (Sec. 7), January 1 12,212,414 3,116,562 2,191,982 3,048,803 3,190,346 9.117,175 Additions, as above Transferred from reserves for contingencies: 4,408 080 67,380 26,523 Previously charged to current net earnings 3.207,763 2,774.128 1,660,401 2,646,415 1,427,808 ' 3,907,490 Previously charged to surplus 53.028,930 12,938.821 8.869,500 11.891,485 10,669,643 28,923.947 Surplus (Sec. 7), December 31 FKBRUARY 1946 195 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures for last date shown are preliminary] Commercial banks Mutual savings banks All Member banks Nonmember banks2 banks Total Total1 ti N on aal m S e t m at b e er Total su I r n e d* in N su o r n e d3 su I r n e d1 in N su o r n e d Banks (Head Offices) December 31, 1933 15,029 14,450 6,011 5,154 857 8,439 8.439 579 December 31, 1934 16,063 15,484 6,442 5,462 980 9,042 7,699 343 68 511 December 31, 1941 14,825 14,277 6,619 5,117 502 7,661 6,810 851 52 496 December 31, 1942 14,680 14,134 6,679 5,081 ,598 7,458 6.667 791 56 490 December 31, 1943 14.579 14,034 6,738 5,040 698 7,299 6,535 764 184 361 December 31, 1944 14,535 13,992 6,814 5,025 789 ,181 6,452 729 192 351 December 31, 1945. 14,555 14,013 6,885 5,017 1,868 7,131 6,417 714 192 350 Branches and Additional Offices1 December 31, 1933 2,911 2,786 2,081 1,121 960 705 705 125 December 31, 1934 ,133 3,007 2.224 1,243 981 783 5783 H26 December 31, 1941 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 December 31, 1942 3,739 3,602 2,615 1,592 1,023 987 935 52 35 102 December 31, 1943. 3,933 3,797 2,793 1,741 1,052 1,004 952 52 95 41 December 31, 1944 4,064 3,924 2,892 1,813 1,079 1,032 978 54 99 41 December 31, 1945 4,087 3,944 2,909 1,811 1,098 1.035 980 55 101 42 Bank Changes during 1945 Increases in number of banks: Primary organizations (new banks)6. . + 117 + 117 +25 [+8 +92 +82 +10 Decreases in number of banks: V Co o n lu s n o t li a d ry at i l o iq n u s i a d n a d ti o a n b s s 7 orptions - - 1 7 8 9 - - 7 1 8 8 -4 _ 1 2 -3 -2 4 -7 - - 3 1 7 6 -3 - 3 9 Inter-class bank changes: Conversions—• National into State -5 c +5 +5 State into national +9 + 16 -9 -9 Federal Reserve membership8 Admissions of State banks +87 +87 -87 -86 Fe W de i r t a h l d d ra e w po a s l i s t o in f s S u t r a a t n e c e b 9 anks -2 2 +2 +2 Admissions of State banks + 14 -14 Withdrawals of State banks -1 + 1 ^Net increase or decrease in number of banks. +20 +21 +71 + 79 -50 -35 Branch Changes during 1945 Increases in number of branches: D B e a n n k o s v c o o b n r v a e n r c te h d e s into branches + + 6 4 4 0 + + 6 3 2 9 + + 4 3 0 2 + + 2 2 9 3 + + 1 9 1 + + 22 7 + + 2 0 7 +2 + 1 Decreases in number of branches: Branches discontinued -14 -14 -3 -11 Inter-class branch changes: From national to State member.... + 1 From nonmember to State member. +8 +8 Banking offices at military reservations: E R s e t o a p b e l n is e h d ed + + 6 2 0 + + 6 2 0 +54 + + 44 1 + 10 +6 + + 6 1 Discontinued -129 -129 + 1 -98 " Hi7 + 1 -14 -115 -14 Net increase or decrease in number of branches and additional offices +23 + 17 + 19 +3 +2 +1 +2 + 1 1 The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks which became members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only once in "all banks." 196 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE Gold reserves of central banks and governments. 199 Gold production 200 Gold movements 200 Net capital movements to United States since January 2, 1935 201-206 Central banks 207-210 Money rates in foreign countries. 211 Commercial banks 212 Foreign exchange rates 213 Price movements: Wholesale prices 214 Retail food prices and cost of living 215 Security prices 215 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. FEBRUARY 1946 197 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- Brazi B I r n i d ti i s a h Canada Chile lo C m o b - ia Cuba v z s a e l k o c - h ia o- m De a n rk - Egypt France m G a e n r- y Greece 1938—Dec... 4,512 431 581 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 54 59 46 61 44 52 2,000 29 28 1944—Dec... 20,619 il.lll 329 274 79 92 111 61 44 52 1,777 29 28 1945—Jan.. . 20,550 409 732 330 274 80 94 121 61 44 52 1,777 28 Feb... 20,506 409 732 340 274 80 95 126 61 44 52 ,777 28 Mar.. 20,419 409 715 341 274 80 97 131 61 44 52 ,777 28 Apr... 20,374 409 715 341 274 80 99 141 61 44 52 ,777 28 May.. 20,270 409 714 342 274 81 100 151 61 44 52 ,777 June.. 20,213 409 713 342 274 80 102 166 61 44 52 July.. 20,152 409 712 342 274 82 103 171 61 44 52 Aug.. 20,088 409 712 352 274 82 104 176 61 44 52 ,777 Sept.. 20,073 409 694 352 274 82 106 176 61 44 52 ,777 Oct.. . 20,036 407 698 274 82 114 61 44 52 ,540 Nov.. 20,030 711 274 115 61 44 1,540 Dec... 20,065 716 P1,090 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 20 59 158 367 1941—Dec. 24 26 H64 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. 24 128 222 500 23 32 60 814 105 1945—Jan... 128 222 500 23 30 60 829 106 Feb.. P128 221 500 23 30 60 834 106 Mar.. 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. 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 23 28 60 954 108 Nov.. 296 270 23 28 60 943 Dec. 294 270 28 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 Government in g p o r ld e vi r o e u s s e rv fi e g s u 1 re n s ot included 1 1 9 9 3 3 9 8 — — D D e e c c . . 3 3 2 0 1 8 5 7 4 0 9 1 2 2 9 9 2,690 6 6 9 8 5 5 2 2 5 5 7 9 1 7 4 1 1 6 7 6 8 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 el m - 1940—Dec.. 160 502 88 90 29 82 12 170 1941—Dec. 223 665 92 100 41 483 12 166 1942—Dec.. 335 824 114 89 68 21 185 1938—Dec 80 2759 331 44 1943—Dec.. 387 964 161 121 89 45 229 1939—Mar.... 154 1,732 559 1944—Dec. 463 1,052 221 157 130 37 245 May.... 477 June.... " 85 " 17 1945—Jan... . 477 1,058 221 159 130 37 245 Sept.. . . 164 3876 Feb.. . 475 1,061 221 164 147 37 246 Dec 156 17 Mar.. . 474 1,072 225 166 147 37 246 1940—June.... 86 17 Apr.. . 472 1,103 225 168 161 39 246 Dec 48 "292 17 May. . 470 1,105 225 173 161 39 247 1941—June.... 89 17 June.. 478 1,069 234 175 176 39 247 Dec 25 4151 17 July... 478 1,073 234 179 176 39 248 1942—June 8 17 Aug.. . 479 1,084 234 189 186 39 248 Dec 12 17 Sept... 479 1,085 236 195 191 39 248 1943—June... . 11 17 Oct.... 475 1,111 236 195 191 39 '247 Dec 43 17 Nov.. . 474 1,109 236 195 202 39 >"247 1944—Mar. 14 Dec. . 482 Pl.104 202 247 June.... 21 17 Sept. 25 Dec 12 17 r Revised. P Preliminary. 1945—Mar 32 1 Figures through March 1940 and for December 1942, December 1943, and December 1944 June 81 17 include, in addition to gold of the Central Bank held at home, gold of the Central Bank held abroad and gold belonging to the Argentine Stabilization Fund. 2 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- 1 Reported at infrequent intervals or on detrol Board. Gold reported since that time is gold held by Minister of Finance. layed basis: U. S.—Exchange Stabilization Fund 3 Figure for December 1938 is that officially reported on Apr. 30, 1938. (Special A/c No. 1); U. K.—Exchange Equali- 4 Figures relate to last official report dates for the respective countries, as follows: Java— zation Account; France—Exchange Stabi[ization Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941. Fund and Rentes Fund; Belgium—Treasury. 5 Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepa- 2 Figure for end of September. rately. 3 Reported figure for total British gold reserves 6 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian on Aug. 31, 1939, less reported holdings of Bank Congo, Bolivia, Bulgaria, China, Costa Rica beginning July 1943, Danzig through Aug. 31, of England on that date. 1939, Ecuador, El Salvador, Estonia, Finland, Guatemala, Iceland, Ireland beginning February 4 Figure for Sept. 1, 1941. 1943, Latvia, Lithuania, Morocco, and Siam. Figures for certain of these countries have NOTE.—For available back figures and for debeen carried forward from last previous official report. tails regarding special internal gold transfers 7 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British affecting the British and French institutions, see Exchange Equalization Account during 1939. Banking and Monetary Statistics, p. 526, and NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, BULLETIN for February 1945, p. 190. and for a description of figures, including details regarding special internal gold transfers affecting the reported data, see pp. 524-535 in the same puolication. FEBRUARY 1946 199 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 Y m e o a n r th or pr o o w u d o t u s r i c l d d t e ion re T p o o t r a te l d South Rho A - frica West Belgian United I Can N - orth M a e n x d - So C u o th lo m Am -| erica Nica- Aust O ra t - h e B r ritish U.S.S.R.1 monthly Africa desia Africa2 Congo" States4 \ ada5 ico6 bia Chile ragua' lia8 India9 $1 =i55/2i grains of gold 9/io fine; i. e., an ounce of fine gold =$35. 1934 823,003 708,453 366,795 24,264 12,153 6,549 108,191104,023 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 ,020,297 448,753 28,009 28,564 8,759 196,391178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940 1,297,349 ,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 ,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 6 30,000 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—Nov 53,734 35,270 ,680 1,575 3,033 7,809 1,380 555 613 1,260 560 Dec 53,446 34,836 ,733 1,610 2,828 8,012 1,162 506 765 1,470 525 1945—Jan 55,199 36,216 ,674 1,610 2,463 8,166 1,882 486 672 1,470 560 Feb 50,782 33,698 ,610 1,575 2,342 7,432 1,379 372 590 1,260 525 Mar 54,703 36,458 ,686 1,610 2,446 8,004 1,382 542 615 1,365 595 Apr 54,096 35,937 ,718 1,610 2,328 7,831 ,836 526 560 1,225 525 May 53,934 36,073 ,673 1,575 2,563 7,614 ,736 528 631 1,190 350 June 53,213 35,800 ,645 1,575 2,516 7,426 ,460 574 574 1,295 350 July 53,373 36,311 ,679 1,610 2,078 7,357 ,518 538 393 1,400 490 Aug '53,560 34,199 ,668 1,610 '3,528 7,411 ,459 464 595 2,065 560 Sept 52,953 35,313 ,680 1,610 '2,926 7,404 »400 370 570 1,190 490 Oct P55,897 36,809 ,680 1,610 '3,836 8,034 ,319 '370 559 1,190 490 Nov P55,OO2 36,005 ,680 n, 610 4,020 7,726 ,319 /37O 592 /I,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. ' Revised. / Figure carried forward. 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal Statistics. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944 they represent Gold Coast only. 3 Beginning May 1940 monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year. 4 Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures represent estimates of American Bureau of Metal Statistics, those for 1944 having been revised by adding to each monthly figure $59,421 so that aggregate for the year is equal to annual estimate compiled by Bureau of Mint in cooperation with Bureau of Mines. 6 Figures for Canada beginning 1944 are subject to official revision. 6 Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three months of year. 7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 1943 they represent total Australia; beginning January 1944, Western Australia only. 9 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. Note.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports ( —) to: m Y o o e n r a t r h im T n p o e o t t a r l ts U K d n i o i n m t g e - d 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 - t d z- Canada Mexico c A p a O L u n m a b t h t e l R i i e r n c r i e - s - l P p a i I h i n p s n i - d - l e - s t A ra u l s ia - A So fr u ic th a Japan I B n is r d i h i t a - c o t o A r th i u l e e n l s r - 19341 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 28,153 12,038 1,029 12 476,820 21,095 1935 1,739,019 315,727 934,243 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 30,79021,513 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 " 39,48525,427 34,713 181246,46450,762 8,910 1938 1,973,569 1,208,728 81,135 15,488163,049 60,146 1,363 76,315 36,472 65,23127,880 39,162 401168,74016,159 13,301 1939 3,574,151 1,826,403 3,798 165,122341,618 28,71586,987 612,949 33,610 57,02035,636 74,250 22,862165,60550,956 2 68,623 1940 4,744,472 633,083 241,778 977 63,260 161,48990,3202,622,330 29,880 128,25938,627 103,777 184,756111,73949,989 3 284,208 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 61,86242,678 67,492292,893 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 May -18,266 284 268 -13.700 11 71 -5,199 June -83,758 27 218 315 1,815 20 -86,152 July -6,979 481 11,524 1,583 22 -20,589 Aug. -12,339 848 517 1,192 "l66 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. 789 272 355 698 15 -1,562 Dec? 19,253 64 37,131 247 -18,499 3 9 297 Jan.- -106,250 160 53,148 15,094 -41,748 103 106 357 5-133,471 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. a 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 $509,000 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 samepublication. 200 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 ,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 ,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 ,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940) 5,021.2 2,430.8 542.5 ,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 ,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 ,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 1,112.3 ,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,727.6 3,159.0 1,200.8 ,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,526.5 3,148.8 1,307.7 ,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,575.4 3,193.3 1,375.1 ,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1) 5,510.3 3,139.5 1,321.7 ,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,230.7 2,856.2 1,053.7 ,802.6 791.3 855.5 626.7 100.9 1942—Mar. (Apr. 1) 5,082.4 2,684.0 932.0 ,752.0 819.7 849.6 624.9 104.3 June 302 5 5 , , 6 4 5 9 4 5 . . 9 3 3 3, , 2 0 1 7 2 5 . . 6 9 1 1, , 3 2 3 1 9 1 . . 1 7 , , 8 8 6 7 4 3 . . 2 5 8 85 4 8 2 . . 2 3 8 83 3 0 8 . . 5 8 6 6 4 32 6 . . 0 1 1 1 0 06 7 . . 2 5 Sept. 30 5,835.0 3,320.3 1,412.0 ,908.3 848.2 673.3 104.4 Dec. 31 1943— J S D M u e e n p a c e r t . . . 3 3 3 3 1 0 0 1 6 6 6 7 , , , , 1 7 5 1 7 4 0 1 1 6 7 8 . . . . 3 6 4 1 3 4 4 4 , , , , 1 0 6 4 3 0 9 4 0 2 6 3 . . . . 6 6 3 4 2 2 2 1 , , , , 1 4 0 7 9 6 7 2 0 1 3 1 . . . . 5 9 1 4 2, , , , 0 9 9 9 3 3 3 2 1 9 4 0 . . . . 2 7 3 8 8 8 8 8 8 9 7 9 8 6 7 8 . . . . 6 9 6 7 9 9 8 8 2 2 1 0 5 9 0 6 . . . . 9 3 5 8 6 6 7 7 8 8 0 0 5 7 1 8 . . . . 9 9 1 1 1 1 1 1 0 1 1 1 8 4 7 2 . . . . 6 8 8 1 1944—Jan. 31 7,272.9 4,658.2 2,649.3 2,009.0 870.8 931.7 695.1 117.0 Feb. 29 7,418.6 4,833.2 2,815.7 2,017.5 843.5 924.2 698.8 118.9 Mar. 31 7,462.9 4,885.4 2,856.0 2,029.4 868.0 904.1 685.8 119.6 Apr. 30 7,464.3 4,881.0 2,780.5 2,100.6 873.4 905.4 686.2 118.3 May 31 7,458.9 4,882.7 2,726.8 2,155.9 872.9 903.2 680.1 119.9 June 30 7,459.6 4,851.7 2,661.4 2,190.3 856.6 929.8 702.4 119.1 July 31 7,423.4 4,740.8 2,622.9 2,117.9 850.6 1,005.8 706.9 119.3 Aug. 31 7,440.9 4,732.3 2,589.5 2,142.8 869.7 1,009.7 709.4 119.9 Sept. 30 7,430.9 4,661.2 2,498.8 2,162.3 883.5 1,026.2 737.8 122.2 Oct. 31 7,460.2 4,680.3 2,489.8 2,190.4 891.3 1,025.8 735.8 127.1 Nov. 30 7,530.5 4,775.1 2,541.0 2,234.1 872.7 1,025.3 732.4 125.0 Dec. 31 7,475.7 4,612.5 2,372.2 2,240.3 805.8 1,019.4 911.8 126.3 1945—Jan. 31 7,633.1 4,723.9 2,468. 2,255.2 848.2 1,025.9 909.0 126.1 Feb. 28 7,755.4 4,887.3 2,587. 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 5,505.0 3,096.2 2,408.8 839.0 1,058.4 831.6 129.1 Sept. 30 8,484.4 35,594.8 3 3,107.5 32,487.2 3875.3 1,061.4 818.4 3134.6 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 Sept. 30, in millions of dollars: total foreign banking funds in United States, 6,260.6, including official funds, 3,745.1, and other funds, 2,515.5; United States banking funds abroad, 260.2; and brokerage balances (net due "foreigners"). 57.7. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see BULLETIN for September 1945, pp. 960-974. FEBRUARY 1946 201 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n 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 h l e l 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 1,183.8 339.6 328.6 557.5 140.5 32.2 472.0 3,054.2 155.3 384.6 214.2 36.2 1939—Dec. (Jan. 3, 1940) . . . 5,021.2 1,101.3 468.7 470.3 773.0 165.9 58.0 752.9 3,790.1 229.4 483.4 431.0 87.4 1940—Dec. (Jan. 1, 1941). . . 5,727.6 865.2 670.3 455.6 911.5 175.9 55.4 922.7 4,056.6 411.7 606.8 562.3 90.2 1941—Dec. 31 5,230.7 674.1 639.9 464.4 725.7 179.9 50.5 891.8 3,626.3 340.5 567.5 567.7 128.6 1942—Dec. 31 5,835.0 837.8 625.9 474.0 592.1 179.5 48.1 850.9 3,608.1 425.1 835.8 787.7 178.3 1943—Dec. 31 7,118.6 1,257.7 636.8 487.7 629.1 178.6 48.2 954.8 4,192.8 760.3 951.01,013.1 201.4 1944—Oct. 31 7,460.2 ,053.6 635.4 504.0 652.8 178.9 58.5 973.5 4,056.8 1,014.4 ,166.6 ,062.9 159.5 Nov. 30 7,530.5 ,078.8 635.2 502.7 654.4 179.0 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 ,200.1 207.7 Mar. 31 7,739.1 ,048.9 506.5 505.7 673.0 L79.2 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 ,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 ,402.1 ,238.7 220.3 Sept. 30 8,484.4 946.7 463.9 518.1 698.4 179.3 94.2 ,134.2 4,034.8 ,474.4 ,423.8 ,316.3 235.2 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—Oct. 31 4,680.3 760.8 414.1 191.3 212.1 -23.5 3.0 581.9 2,139.6 839.8 746.9 827.0 126.9 Nov. 30 4,775.1 789.7 413.8 190.1 214.4 -23.6 5.7 591.0 2,181.2 848.7 784.8 828.9 131.5 Dec. 31 4,612.5 804.4 356.6 193.1 221.4 -23.4 7.0 634.7 2,193.7 818.6 794.7 635.9 169.7 1945—Jan. 31. 4,723.9 726.4 338.9 190.0 219.8 -23 10.7 570.5 2,032.9 868.1 848.7 804.5 169.7 Feb. 28 4,887.3 777.0 329.6 192.6 227.1 -23 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 15 582.8 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 -23.5 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 -23.5 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 5,505.0 762.6 276.6 201 255.8 -23.4 33.6 672.4 2,179.0 1,341.9 965.8 834.7 183.6 Sept. 30 5,594.8 684.8 233.3 204.0 259.7 38.2 744.8 2,141.4 ,384.1 989.0 882.5 197.6 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES 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 he ll r1 dom lands land 1935—Dec.(Jan. 1, 1936). .. 361 4 208 8 48 1 -.4 16 29.7 13.7 8.8 310.2 -4.6 20.1 37.3 -1.6 1936—Dec.30 431 5 1780 62.0 -3.3 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30.4 -4.4 1937—Dec.29. . . . 449 1 207 4 65.3 -4.4 2 6 105.1 6.5 26.9 409.3 -21.7 51.6 18.7 -8.7 1938—Dec. (Jan. 4, 1939)... 510 1 206 2 68.4 -5.6 2.6 141.7 13.7 33.8 460.9 35.9 66.8 -46.5 -7.0 1939—Dec.(Jan. 3, 1940). . . 650 4 252 2 73.8 12.9 2.9 177.8 15.5 28.4 563.5 56.5 52.6 -21.5 -.8 1940—Dec.(Jan. 1, 1941). . . 775.1 269 2 74.6 17.7 6.5 191.6 25.3 49.8 634.7 60.3 43.2 34.8 2.1 1941—Dec.31 791.3 271 2 76.9 17.6 5.4 196.8 25.8 53.6 647.4 62.7 17.7 64.7 -1.2 1942—Dec.31 . 888 8 279 4 77 8 18 1 6 6 196.7 26. 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—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. 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 7 266 9 77 18 3 6 196 9 26. 70.7 662.0 61.8 36.1 87.6 .8 Feb. 28 859.8 264 6 77.6 18.3 7.3 196.9 26.2 70.3 661.2 68.1 40.7 88.2 1.7 Mar. 31 848 s 268 8 77 18 3 7 196 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.n 196.9 26. 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. 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. 69.4 655.0 51.4 61.4 68.4 2.9 Sept.30 875.3 267.1 77.8 18.0 5.4 196.9 26.2 70.9 662.5 53.3 57.4 98.3 3.8 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 2 Inflow less than $50,000. 202 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 d n o i 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 Asia* ot A h l e l r1 1935—Dec. (Jan. 1, 1936). .. 125.2 67.8 6.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 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—Oct. 31 ,025.8 127.2 50.8 33.6 44.5 27.7 210.4 530.7 116.9 296.1 61.1 21.0 Nov. 30 ,025.3 127.0 50.9 33.6 44.4 27.7 210.4 530.4 113.5 299.0 61.4 21.1 Dec. 31 ,019.4 126.5 51.0 33.6 44.5 27.6 210.4 530.1 104.9 302.0 61.3 21.0 1945—Jan. 31 ,025.9 124.8 51.0 33.6 44.5 27.6 210.4 528.4 111.5 303.5 61.3 21.1 Feb. 28 ,033.4 125.2 51.2 33.6 44.7 27.6 210.3 529.1 118.1 303.7 61 21.0 Mar. 31 ,029.6 124.0 51.4 33.6 44.7 27.6 210.3 528.0 113.9 305.1 61 21.1 Apr. 30 ,061.6 121.6 51.3 33.6 44.7 27.6 210.1 525.4 147.1 306.1 61.9 21.2 May 31 ,088.9 120.8 51.2 33.5 44.5 27.6 210.0 524.1 171.4 310.4 21.2 June 30 ,069.9 118.9 51.3 33.5 44.7 27.6 210.1 522.5 152.0 312.4 21.3 July 31 ,073.7 119.0 51.2 33.5 45.0 27.6 210.1 522.8 153.1 314.7 21.3 Aug. 31 ,058.4 119.0 51.2 33.5 45.0 27.6 210.1 522.9 135.7 316.5 21.7 Sept. 30 ,061.4 119.1 51.2 33.5 45.2 36.5 27.6 210.9 523.9 136.3 317.6 61.8 21.8 TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From Jan. 2, 1935, through— Total U K d n i o i n m t g 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 ur th 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 1,041.6 37.6 18.2 54.7 9.8 1938—Dec. (Jan. 4, 1939). . . 1,219.7 472.6 76.9 212.1 304.1 -22.8 -5.5 56.6 ,094.1 25.7 23.7 65.2 11.1 1939—Dec. (Jan. 3, 1940). . . 1,133.7 328.1 76.6 227.7 344.7 -28.2 -4.9 60.4 1,004.4 -2.6 30.1 87.6 14.3 1940—Dec. (Jan. 1, 1941). . . 888.7 157.1 74.4 233.2 348.1 -29.1 2.7 64.9 851.3 -18.4 25.6 17.6 12.6 1941—Dec. 31 626.7 -70.1 74.9 236.7 336.4 -30.1 -.1 67.3 615.0 -44.7 28.1 17.5 10.9 1942—Dec. 31 673.3 -77.6 80.5 236.9 360.5 -30.9 -.1 75.3 644.7 -45.1 35.2 27.7 10.9 1943—Dec. 31 701.1 -100.3 82.7 239.9 367.3 -30.8 .6 86.3 645.7 -58.2 40.5 62.5 10.6 1944—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 93.7 598.9 -85.7 55.2 241.7 10.5 Apr. 30 802.5 -139.2 67.1 239 360.1 -30.8 2.2 92.5 591.2 -95.9 55.1 241.9 10.3 May 31 785.0 -142.8 66.4 239.3 359.4 -30.7 .8 93.5 585.9 -106.7 52.8 242.7 10.3 June 30 848.4 -138.9 77.6 241.3 363.1 -30.7 2.2 96.4 611.0 -91.7 58.5 260.4 10.3 July 31 843.2 -140.3 71.7 240.9 363.5 -30.7 1.9 95.3 602.1 -98.5 57.2 272.2 10.2 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 Sept. 30 818.4 -143.4 78.5 237.8 360.2 -30.7 1.8 96.4 600.8 -117.9 55.1 270.6 9.8 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 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) 6.0 () 2.4 1.3 2.5 1.4 7.6 -4.5 1.0 2.9 -.9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 .4 22.6 -7.6 -4.2 2.1 (3) 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 5.0 44.0 3.5 -.5 .5 (3) 1938—Dec. (Jan. 4, 1939) 47.6 13.4 12.9 6.8 9.6 5.2 47.9 1.8 -.9 -1.5 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 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—Oct. 31 127.1 19.0 22.6 21.2 22.5 10.5 95.9 18.2 6.3 5.0 1.8 Nov. 30 125.0 18.2 22.7 21.3 21.6 10.0 94.1 16.7 6.4 6.0 1.8 Dec. 31 126.3 18.5 23.1 22.3 23.0 10.5 97.7 16.2 5.1 5.6 1.8 1945—Jan. 31 126.1 18.5 21.9 22.4 22.9 10.6 96.6 16.7 6.3 4.7 1.8 Feb. 28 129.9 18.6 22.9 22.7 23.9 10.8 99.0 17.0 7.2 4.8 1.9 Mar. 31 130.5 18.6 23.1 22.6 24.5 10.5 99.4 17.0 7.5 4.7 1.9 Apr. 30 130.4 18.4 23.1 23.0 24.7 10.5 100.0 17.0 7.0 4.4 1.9 May 31 133.6 19.1 22.6 23.1 25.8 10.3 101.1 19.3 7.5 3.9 1.9 June 30 131.8 21.7 22.8 23.5 26.0 10.6 104.8 17.9 4.1 3.0 1.9 July 31 127.1 18.5 22.8 24.2 26.4 10.6 102.7 17.3 2.3 2.7 1.9 Aug. 31 129.1 18.2 23.1 24.4 26.6 10.8 103.4 18.2 2.3 3.2 2.0 Sept. 30 134.6 19.1 23.1 24.7 27.8 11.1 106.1 18.6 4.5 3.2 2.2 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. FEBRUARY 1946 203 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 Asia* 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 1,882.6 274.6 336.0 491.4 72.5 1940—Dec. (Jan. 1, 1941). . . 3,785.2 365.5 490.1 174.3 508.4 6.7 17.9 650.6 2,213.5 434.3 447.3 61,6.9 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—Oct. 31 5,337.2 822.1 449.9 207.9 230.0 6.7 21.3 714.9 2,452.9 947.7 861.5 934.9 140.1 Nov. 30 5,432.0 851.0 449.6 206.7 232.3 6.7 24.0 724.0 2,494.4 956.6 899.4 936.8 144.7 Dec 31 ... 5,269.4 865.7 392.3 209.7 239.3 6.8 25.3 767.7 2,506.9 926.5 909.3 743.8 182.9 Dec 312 .... 5,271.4 865.7 401.2 209.7 239.3 6.8 27.3 767.7 2,517.8 926.5 909 3 743 8 174 0 1945—Jan. 31 5,382.8 787.8 383.6 206.6 237.8 6.8 31.0 703.6 2,357.1 976.0 963.3 912.4 174.1 Jan 312 5,389.7 787.8 419.0 206.6 237.8 6.8 31.0 703.6 2,392.5 976 0 970 2 912 4 138 6 Feb. 28 5,553.1 838.3 409.8 209.3 245.0 6.8 33.8 709.8 2,452.8 1,070.3 976.9 911 7 141.4 Mar 31 5,575.7 834.2 366.6 208.8 252.5 6.9 36.0 715.8 2,420.8 1,129.1 964 0 917 2 144 5 Apr. 30 5,624.0 819.9 338.5 208.8 252.0 7.0 39.4 739.9 2,405.5 1,164.8 993.5 916 2 144.1 May 31 5,670.4 832.1 315.1 209.3 258.0 6.7 42.9 752.7 2,416.9 1,161.31,035 0 915 6 141.6 June 30 5,927.3 861.8 372.3 213.3 261.2 6.7 43.9 803.0 2,562.3 1,267.31,076.9 878.4 142.4 July 31 6,108.5 872.0 399.0 215.8 268.5 6.8 49.5 839.8 2,651.3 1,349.81,100 7 865 5 141.2 Aug. 31 6,170.8 824.0 356.7 218.0 273.8 6.9 53.9 805.4 2,538.6 1,449.91,087.4 942.6 152.5 Sept 30 6,260.6 746.2 313.4 220.6 277.7 6.9 58.5 877.9 2,501.0 1,492.11,110.6 990.4 166.5 LIABILITIES—SUPPLEMENTARY DATA Other Europe 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 - Greece3 L b u o x u e rg m 3 - N w o a r y - P g o a rt l u 3 - m R an u i - a3 Spain3 SwedenUSSR3 s Y la u v g i o a - 3 o A th l e l r 1939—Dec CTan 3 19401) 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—Oct. 31 714.9 124.1 13.6 7.1 48.8 18.6 186.6 45.6 9.2 41.4 149.0 8.2 6.9 55.7 Nov. 30 724 0 124 3 13.4 7.1 48.7 18.5 186.6 49.8 9.4 43.3 148.0 12 9 5 8 56.2 Dec. 31 767.7 124.3 14.8 7.1 48.7 18.6 220.8 54.5 9.5 43.4 152.1 16.1 5.7 52.1 1945—Jan. 31 703.6 121.8 14.4 7.0 48.7 18.5 185.4 42.0 9.4 38.2 148.6 12.7 5.7 51.0 Feb. 28 709.8 123.5 14.2 6.6 48.6 18.6 187.2 41.3 9.1 41.1 152.3 12.9 5.7 48.7 Mar. 31.. 715.8 133.7 14.4 7.1 50.6 18.6 194.7 35.4 9.3 27.3 157.7 8.6 5.8 52.8 Apr. 30 739.9 139.7 13.7 7.0 52.5 18.5 199.9 39.4 9.3 31.5 158.0 12.8 5.8 51.8 May 31 752.7 147.3 13.4 6.8 53.7 19.1 194.0 36.6 9.3 37.6 160.2 17.5 5.6 51.7 June 30 803 0 142 1 13.7 6.7 56.6 19.3 240.6 40.6 *9.3 31.8 165.4 20.9 5.7 50.3 July 31 839 8 150 5 13.7 6.6 60.5 22.9 236.6 46.4 9.3 36.9 183.7 22.3 5.2 45.2 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 Sept. 30 877.9 218.6 16.8 7.2 66.1 22.9 184.4 45.5 9.2 32.6 199.1 25.4 5.2 45.0 Latin America Neth- French er- West lands Other A L i m a c t a e in r- A t r i g n e a n- li B vi o a - 4 Brazil Chile l b C o i m o a - 4 - C R o ic s a ta 4 Cuba I G a n n d u d i i e - s M ic e o x- I W a n n d e d i s e t s P m an a a 5 - Peru4 z V u e e n l e a - 4 A L i a m c t a i e n rana4 Surinam4 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 io.8 67.7 34.5 43.4 12.4 100.3 4.9 95.7 20.7 36.9 17.7 20.9 64.2 1943—Dec. 31 693.7 69.8 12.6 98.7 54.0 67.1 12.2 70.4 2.6 70.4 41.2 57.6 17.4 24.2 95.4 1944—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 Sept. 30 1,110.6 78.0 17.9 181.5 63.2 93.2 6.2 154.5 7.8 164.4 32.9 89.1 38.8 44.3 138.6 For footnotes see p. 205. 204 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 Other Japan Asia China C F I r n h e d i n n o c a - h 1 H K o o n n g g I B C n a m lo d n u e a n i y d r a , 1 - - , M l B t a is r y a i h a - - 1 c M ( h r K a i e u n n a o a r c d n - ) i l a - . I N l n E a e d e n a r i t s d - e h t s s - 1 i l p P a I p h n s i i - d n l- s e T k u ey r- 1 O A t s h i e a r ot A h l e l r2 A t l u r ia s a - - N l Z a e e n a w d - E A S E t g a n u i g n y a g d y d n p l a p o t n - -F r r M o e c o n c - c o h U A S f n o r o i u i o f c t n a h Other 1939—Dec. (Jan. 3, 1940)491.4 167.0 71 4 165.4 29.1 58.5 72.5 1940—Dec. (Jan. 1, 1941)616.9 207.5 91.1 110 3 45.6 162.4 73.3 1941—Dec- 3i 533 9 156 8 61.6 69.9 30.7 264.9 113.6 1942—Dec. 31 712.1 360.9 27.4 41.6 13.1 1.0 4.8 160.4 36.8 29.9 36.2 149.6 23.1 4.8 6.8 12.1 11.0 91.8 1943—Dec. 31 887.6 574.2 27.4 23.9 18.2 .9 4.1 110.1 37.9 35.4 55.5 175.3 25.3 5.1 6.1 10.3 4.5 124.1 1944—Oct. 31 . .. 934.9 617.6 27.4 23.0 22.6 1.1 4.1 111.8 44.4 20.9 62.0 140.1 35.1 4 0 6.6 4 7 7 3 82.4- Nov. 30 936.8 607.2 27.4 22.9 39.3 1.2 4.0 113.6 39.2 20.3 61.7 144.7 40.0 3.6 7.2 4.4 5.2 84.2 Dec. 31 743.8 427.3 27.4 22.9 22.1 1.3 4.0 110.5 40.4 23.7 64.2 182.9 52.9 3.5 7.3 4.3 8.3 106.5 Dec. 313 743.8 427.3 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. 3i 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. 313 . 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. & Mar. 31 917.2 554.4 27.4 21.9 21.3 .9 4.0 116.5 , 40.450.4 80.1 144.5 34.6 4.1 9.0 3.9 7.4 85.5 Apr. 30 916.2 546.9 27.5 21.6 23.5 .9 4.0 115.4 43.8 51.6 80.9 144.1 34.5 3.6 9.8 4.1 7.1 85.0 May 31 915.6 541.7 27.5 21.9 26.6 .8 4.0 117 6 45.2 50 7 79.4 141 6 32 0 3 5 9 5 4 3 6 0 86 2 June 30 878.4 519.6 27.5 22.0 23.2 1.0 4.1 111.3 49.6 51.5 68.6 142.4 30.7 3.3 11.0 3 6 6.4 87.4 July 31 865.5 501.1 27.5 21.9 24.1 .9 4.3 112.6 52.5 50.8 69.6 141.2 27.8 3.3 10.8 4.0 4.7 90.5 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 Sept. 30 990.4 588.5 27.6 21.9 28.9 .9 4.2 99.3 92.0 50.5 76.7 166.5 28.5 3.1 13.6 5.8 8.4 107.1 1 Prior to June 30, 1942, included under "Other Asia." 2 Country breakdown not available until June 30, 1942. 3 See footnote 2 for main table. Footnotes to table on p. 204. 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 2 Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to the United States" have been adjusted to exclude the unreal movements introduced by these changes. Figures shown above are adjusted to compare with those of previous months. 3 Prior to June 30, 1942, included under "All other." * Prior to June 30, 1942, included under "Other Latin America." 5 Included "Canal Zone" prior to June 30, 1942. NOTE.—For previous changes or corrections in the reporting practices of reporting banks (similar to those indicated in footnote 2 above), which occurred on Aug. 12, 1936, Jan. 5, 1938, Oct. 18, 1939, and May 7, 1941, see Banking and Monetary Statistics, pages 578-584. For changes subsequent to 1941, which occurred on Apr. 1 and June 30, 1942, Sept. 30 and Oct. 31, 1943, and Mar. 31, 1944, see BULLETIN for September 1945, pp. 967-970. ASSETS Date Total U K d n i o i n m t g ed - France N la e e n t r 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 ro ta p l e C a a d n a - A L i m a c t a e in r- Asia1 ot A h l e l r1 1934—Dec. (Jan. 2, 1935) 1.139.9 296.9 8C.5 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 1935—Dec. (Jan. 1, 1936) 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—Dec. 30 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937—Dec. 29 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938—Dec. (Jan. 4, 1939) 594.0 86.0 1C.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 4L9 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 :.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 .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 .4 3.0 33.9 .4 19.0 77.6 37.8 112.2 26.3 3.9 1944—Oct. 31 244.2 23.4 .3 .3 1.5 33.9 .3 8.8 69.5 28.5 103.1 30.9 12.2 Nov. 30 262.8 24.6 .4 .3 3.3 33.9 .3 8.2 71.9 28.0 116.8 33.0 13.0 Dec. 31 329.7 25.9 L.4 .3 1.3 33.9 .3 44.4 107.5 28.1 131.0 51.4 11.7 1945—Jan. 31 287.3 25.8 .5 .3 1.9 33.9 .4 8.4 72.1 31.1 131.9 41.5 10.6 Feb. 28 275.6 27.4 L.5 .3 .8 33.9 .3 8.7' 72.9 24.8 127.3 40.9 9.7 Mar. 31 286.9 23.2 L.5 .3 .9 33.9 .3 8.7 68.8 23.9 144.1 41.0 9.2 Apr. 30 290.8 25.4 L.4 .5 .9 33.9 .3 8.4 70.8 23.0 145.0 42.6 9.3 May 31 289.8 30.5 L.3 .4 .8 33.9 .3 8.9 76.2 25.6 127.9 51.1 9.0 June 30 375.0 27.9 L.3 .7 5.4 33.9 .3 48.2 117.6 53.8 144.5 49.2 9.9 July 31 325.3 24.8 L.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 L.2 .4 2.0 33.9 .3 9.7 79.1 41.5 106.6 60.7 8.5 Sept. 30 260.2 24.9 1.2 .6 2.7 33.9 .3 8.1 71.7 39.6 110.6 30.8 7.6 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." NOTE.—The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice of reporting banks on Aug. 12, 1936, and Oct. 18, 1939. (See Banking and Monetary Statistics, Table 161, pp. 589 and 591.) On June 30, 1942, reporting practice was changed from a weekly to a monthly basis. For further information see BULLETIN for September 1945, pp. 971-974. 205 FEBRUARY 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 Europe Date E O u t r h o e p r e Bel- m D a en rk - l F a i n n d - Greece1 L b u o x u e r m g1 - N w o a r y - tu P g o a r- l1 m R an u i - a1 Spain S d w e e n - USSR1 s Y la u v g i o a - r 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 .9 1.0 24.5 1941—Dec. 31 26.2 1.1 1.9 .5 .6 22.1 1942—Dec. 31 22.3 .8 5.6 1.1 .2 2.4 3.2 .4 8.4 1943—Dec. 31 19.0 .7 7.6 .6 .2 1.4 3.2 .2 5.0 1944—Oct. 31 .7 .6 .1 .6 1.6 .2 () 4.8 N De o c v . . 3 3 1 0 4 8 4 . . 2 4 . . 7 7 . . 6 6 35. . 1 1 . . 8 6 1. . 8 8 . . 3 2 C (2 O ) 5 5 . . 0 1 1945—Jan. 31 8.4 .7 .6 .1 .7 .9 .2 5.0 Feb. 28 8.7 .6 .1 .6 1.2 .2 5.1 Mar. 31 8.7 .6 .1 .5 1.3 .2 5.0 Apr. 30 8.4 .6 .1 .6 .9 .2 5.1 May 31 8.9 .6 .1 .6 1.5 .3 4.9 June 30 48.2 .6 40.1 .5 .9 .3 4.8 July 31 48.7 .6 40.5 .2 .9 .7 4.9 Aug. 31 9.7 .6 .1 .3 1.4 1.5 4.9 Sept. 30 8.1 .6 .1 .3 .9 .3 5.1 Latin America French Nether- Date A L i a m c t a i e n r- A t r i g n e a n- li B v o i - a3 Brazil Chile l b C o i o m a - 3 - C R o ic s a ta 3 Cuba I W G a n a n d u n e i a i d - s e 3 t s Mexico I W l n S n a a a u d n n e m r i d d s i e - s 3 t s P m an a a 4 - Peru3 z V u e e n l e a - 3 A O L i a m t c h t a i e e n r r - 1939—Dec. (Jan. 3, 1940) 113.3 16.8 32.2 9.7 10.5 5.9 1.0 37.2 1940—Dec. (Jan. 1, 1941) 122.7 11.9 33.1 13.4 11.7 6.1 2.1 44.4 1941—Dec. 31 148.3 16.8 38.0 14.9 11.3 7.6 2.4 57.3 1942—Dec. 31 99.7 6.9 3.0 16.7 15.3 20.7 8.3 4.8 2.1 2.8 3.9 14.2 1943—Dec. 31 112.2 15.3 1.8 18.9 16.6 12.2 20.1 11.2 1.1 1.4 3.8 1944_Oct. 31 103.1 3.9 1.6 23.5 8.7 12.2 25.1 8.3 .5 4.3 11.6 Nov. 30 116.8 3.9 1.4 24.4 8.7 14.8 33.9 8.0 .9 .5 5.6 12.1 Dec. 31 131.0 3.1 1.8 25.3 9.0 15.5 47.4 8.6 .8 .2 5.1 11.7 1945—Jan. 31 131.9 2.8 1.7 24.8 8.5 15.5 49.2 9.3 .9 .7 4.1 11.8 Feb. 28 127.3 2.9 1.2 23.8 8.5 13.5 50.1 8.4 1.0 .4 3.7 11.4 A M p a r r . . 3 3 1 0 1 1 4 4 5 4 . . 0 1 5 8. . 7 5 1 1 . . 3 4 2 2 2 4 . . 7 1 8 7 . . 7 8 1 1 4 6 . . 7 0 6 5 0 7 . . 9 1 ( (2 ) ) 9 8. . 8 1 1 1 . . 0 0 . . 4 4 4 4. . 9 0 1 13 3 . . 0 1 May 31 127.9 7.7 1.3 25.5 8.4 15.1 39.1 8.7 .9 .4 5.8 12.6 June 30 144.5 8.3 1.2 30.6 7.0 16.8 49.7 8.9 1.0 .4 5.6 12.3 July 31 109.8 14.1 1.2 26.9 8.4 16.3 10.3 10.2 1.1 .7 5.5 12.4 Aug. 31 106.6 11.0 1.3 24.4 6.3 17.1 14.5 8.7 .9 5.2 13.7 Sept. 30 110.6 12.8 1.1 21.7 7.5 16.7 18.3 9.0 .3 5.2 14.1 Asia and All Other Date Asia China F C I r n h e d i n n o c a - h 5 H K o o n n g g I C B a n m lo n e d u n a y d i r * , a - - , M l B t a i r s y a i h - a - 1 c M J ( r h a K i a e n u n a p o a c r d n - a ) i l a - n . I N l n E a e d e n a r i t d s - e h t s s - 5 l P a I h n s- i d l s - T k u ey r- 5 O A t s h i e a r ot A he ll r6 A t l u r ia s a - - N Z la e e n a d - E A S E t a g n u i g n y a g d y d n p l a p o t n - -F r r M o e c o n c - c o h A U S f n o r o i u i o f c t a n h Other 1939—Dec. (Jan. 3, 1940) 174.1 22.0 1.9 102.1 26.4 21.6 9.3 1940—Dec. (Jan. 1, 1941)117.8 23.7 1.7 55.8 22.6 14.0 6.4 1941—Dec. 31 87.9 23.5 3.1 18.9 23.0 19.5 9.7 1942—Dec. 31 35.3 11.1 .9 2.2 1.6 14.4 1.8 2.0 4.8 1.7 1943—Dec. 31 26.3 1.7 1.0 2.0 1.7 13.9 3.2 1.8 3.9 2.4 1944—Oct. 31. 30.9 1.4 .9 1.9 1.4 14.0 1.9 12.2 10.4 1.0 Nov. 30. 33.0 1.6 .9 4.2 1.5 13.8 1.4 8.9 13.0 11.0 1.0 Dec. 31. 51.4 1.5 .9 22.3 1.5 13.8 1.8 8.8 11.7 9.7 1.0 1945—Jan. 31. 41.5 1 .9 12.4 1.4 13.9 2.0 8.6 10.6 8.3 1.1 Feb. 28. 40.9 1.2 .9 12.1 1.4 13.9 1.8 9.0 9.7 7.2 1.2 Mar. 31. 41.0 1.3 .9 11.8 1.4 13.9 1.8 9.1 9 6.7 1.1 Apr. 30. 42.6 1.3 .9 12.1 1.4 13.9 1.9 10.5 9.3 6.7 1.2 May 31. 51.1 1.1 .9 19.4 1.4 13.9 2.0 11.8 9.0 1.0 6.1 1.2 June 30. 49.2 1.2 () 16.8 1.4 13.6 2.0 12.5 9.9 .9 6.0 2.4 A Ju u l g y . 3 3 1 1 . . 6 4 0 7 . . 7 7 1 1 . . 1 0 8 1 1 5 4 . . 0 5 1 1. . 4 4 2 1 6 3 . . 0 9 2 2 . . 2 1 1 13 3 . . 6 1 9 8. . 5 5 2 1. . 0 1 5 5 . . 0 2 1 1 . . 8 6 Sept. 30. 30.8 1.1 8.0 1.4 13.6 2.3 2.9 7.6 .7 4.5 1.6 2 () 1 Prior to June 30, 1942, included under "All other." 2 Less than $50,000. 3 Prior to June 30, 1942, included under "Other Latin America." 4 Included "Canal Zone" prior to June 30, 1942. 5 Prior to June 30, 1942, included under "Other Asia." 6 Country breakdown not available until June 30, 1942. 206 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue Assets of banking department Liabilities of banking department department Bank of England Note (Fig p u o r u e n s d i s n s m ter il 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 s c n 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 li i c 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 35.8 17.9 1930—Dec. 31. 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30. 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28. 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27. 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26. 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25. 200 1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30. 313 7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29. 326 4 220.0 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28. 326 4 230.0 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27. * .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 5 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31. .2 a 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 5 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 5 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 Dec. 26. .2 M,400.0 .4 20.3 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits Sterling securities (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 and S t U at n e i s ted a O s t s h e e ts r circ N ul o a t t e ion7 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 m v e e i n n rn t io - n Other 1935—Dec. 31 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 7.7 1936—Dec. 31 179.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec. 31 179.8 14.9 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1938—Dec. 31 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31 .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31 .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—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 1,020.6 413.1 23.2 36.0 212.1 Feb. 28. 170.4 891.6 595.5 29.0 1,028.6 397.6 27.9 37.2 195.1 Mar. 31. 177.1 926.5 608.7 33.2 1,048.7 422.0 18.7 52.7 203.4 Apr. 30. 196.6 937.7 621.7 49.7 1,062.3 448.9 39.5 50.8 204.2 May 31. 177.9 1,068.3 533.5 42.0 1,055.8 464.8 33.6 32.4 235.1 June 30. 174.4 1,073.8 559.5 34.4 1,063.2 492.0 43.9 35.9 207.1 July 31. 174.4 1,034.7 558.3 56.5 1,078.8 441.1 57.5 37.6 208.8 Aug. 31. 176.1 1,031.5 584.0 62.3 1,097.9 444.4 32.6 39.7 239.2 Sept. 29. 176.1 1,028.9 591.4 34.9 1,112.4 442.9 39.6 22.4 213.9 Oct. 31. 176.1 1,109.4 590.6 39.5 1,136.6 474.2 51.0 32.4 221.3 Nov. 30. 159.0 1,168.1 629.4 69.5 1,113.8 495.2 159.1 27.4 230.5 Dec. 31.. 156.8 1,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 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. * 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. s 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, July 3, and Dec. 10, 1945. 6 Securities maturing in two years or less. 7 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. 9 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640 and pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication. FEBRUARY 1946 207 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills G A o d v v e an rn c m es e n to t Deposits (Figures in Foreign Other Note Other millions of francs) Gold* ex- circula- liabilichange m O a p rk e e n t2 Special2 Other c F u c o p o r a s t o t s i c o 3 - n Other2 assets tion G m ov e e n r t n- C.A.R.4 Other ties 1929—Dec. 27. .. 41,668 25,942 5,612 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26... 53,578 26,179 5,304 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30. .. 68,863 21,111 7,157 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30... 83,017 4,484 6,802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29 ... 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28. .. 82,124 963 5,837 3,971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27... 66,296 1,328 5,800 9 712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30... 60,359 1,460 5,640 1,379 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30. .. 58,933 911 5,580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,16a 1938—Dec. 29... 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718. 1939—Dec. 28... 597,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26 ... 584,616 42 43,194 661 3,646 ' 72,317 63,900 23,179 218,383 984 41,400 27,202 3,586 1941—Dec. 31. .. 84,598 38 42,115 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—Dec. 31... 84,598 37 43,661 169 5,368 210,965 68,250 21,749 382,774 770 16,857 29,935 4,461 1943—Dec. 30. .. 84,598 37 44,699 29 7,543 326,973 64,400 21,420 500,386 578 10,724 33,137 4,872 1944—July 13... 84,598 37 45,851 4,856 409,200 70,850 23,799 584,820 729 1,853 46,899 4,89a Dec. 28« . . 75,151 42 47,288 48' 18,592 426,000 15,850 735,221 572,510 748 37,855 7,078 1945—Jan. 25 ... 75,151 42 47,842 16 26,360 426,000 745,435 562,416 3,196 50,382 4,852 Feb. 22... 75,151 42 47,894 9 23,473 426,000 7,700 737,903 568,900 778 43,697 4,797 A M p a r r . . 2 2 6 9 . .. . . . 7 7 5 5 , , 1 1 5 5 1 1 4 4 4 4 4 4 8 8 , , 2 4 5 8 7 3 2 1 1 4 6 , , 9 6 6 0 7 1 4 4 2 2 6 6 , , 0 0 0 0 0 0 2 1 0 7 , , 9 5 0 5 0 0 7 H 4 3 2 . , 6 0 3 9 4 3 5 5 8 8 0 0 , , 1 9 2 4 3 4 7 7 7 5 5 6 3 4 9 2, , 3 9 0 5 2 1 5 4 , , 0 9 7 5 5 a May 31... 75,151 45 48,141 10,162 426,000 19,750 735,403 548,945 774 57,231 7,701 A S O e u c p t g . t . . 3 3 2 1 0 7 . . . . . . . . . 56 7 7 5 5 5 , , , 1 1 1 5 5 5 2 1 1 4 4 4 6 6 7 4 4 6 9 8 0 , , , 3 0 7 6 8 0 3 7 3 27 2 1 1 0 4 2 , , , 4 2 9 4 4 3 2 2 6 4 4 4 2 2 2 6 6 6 , , , 0 0 0 0 0 0 0 0 0 7 7 7 4 4 4 2 6 1 , , , 7 1 6 1 5 6 7 2 6 4 4 5 6 9 2 9 6 8 , , , 6 2 9 5 5 4 2 8 5 5 8 3 3 0 0 , , , 2 5 7 4 9 9 6 8 3 5 5 5 0 3 2 , , , 0 1 5 0 5 5 5 6 2 4 4 5 , , , 5 6 61 0 0 7 6 0 Nov. 29.. . 65,152 45 62,210 153 26,073 426,000 45,859 545,795 21,708 53,447 4,540 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figu re re ic s h i s n m m ar il k l s io ) ns of T fo o r t e a i l gn exch G an o g ld e i T c n r h c e b e l a u i c l s d k l u s i s n r ) y g , Se lo c a u n ri s ty E as li g n ib o l t e e Other a O s t s h e e ts r ci N r ti c o o u t n l e a- Deposits l O ia t t i b h e i s e li r reserves cover 1929—Dec. 31 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 396 386 3,226 183 "259" 322 735 3,645 640 836 1934—Dec. 31 84 79 4.066 146 445 319 827 3,901 984 1.001 1935—Dec. 31 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31 76 71 6,131 60 106 286 861 5,493 1,059 97a 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—]3ec. 3i 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 1,68a 1943—Dec. 31 77 71 41,342 27 1 65 2,337 33,683 8,186 1,98a 1944—Mar. 31 77 40,379 46 1 33 2,281 33,792 7,237 1,788- Apr. 29 77 40,909 38 1 31 2,525 34,569 7,179 1,833 May 31 77 42,159 28 1 23 2,096 35,229 7,240 1,915 June 30 77 42,150 26 1 27 2,397 35,920 6,754 2,004 July 31 77 43,222 38 1 21 2,396 36,888 6,813 2,054 Aug. 31 77 (8) 45,829 42 1 20 2,275 38,579 7,480 2,185 Sept. 30 77 50,821 47 67 25 2,510 42,301 9,088 2,160 Oct. 31 77 53,954 46 70 24 2,351 44,704 9,603 2,216 Nov. 30 77 56,939 62 69 21 2,795 46,870 10,829 2,264 Dec. 30 77 63,497 112 1 45 2,351 50,102 13,535 2,445 1945—Jan. 31 77 64,625 199 81 60 2,083 51,207 13,566 2,353 Feb 28 77 70,699 307 112 61 2,591 55,519 16,419 1,909 7l' 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. 5 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000 million and in week ending Oct. 11, 1945, 10,000 million francs of gald 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. 208 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1945 Central Bank 1944 (Figures as of last report (Figures as of last report date of month) date of month) Dec. Nov. Oct. Dec. Dec. Nov. Oct. Dec. Central Bank of the Argentine National Bank of Czechoslovakia Republic (millions of pesos): in Prague—Continued Gold reported separately 235 ,242 Note circulation—Old 17,847 16,723 34,879 Other gold and foreign exchange. 280 ,498 New 2,841 15,827 Government securities 871 875 Deposits 99,501 78,548 15,306 Rediscounted paper Other liabilities 12,880 19,052 14,660 Other assets 164 161 National Bank of Denmark Note circulation ,682 ,354 (millions of kroner): Deposits—Member bank ,743 ,402 Gold 97 97 97 Government 536 551 Foreign exchange 110 71 22 Other 185 162 Clearing accounts (net) 2,946 2,935 2,762 Certificates of participation in Loans and discounts 41 46 55 Ot G he o r v l e i r a n b m ili e t n ie t s securities 2 1 2 8 1 2 1 1 8 2 8 0 S G e o c v u t r . i t c ie o s mpensation account7. . . 6 7 5 3 6 6 8 5 9 8 5 5 Commonwealth Bank of Aus- Other assets 4,979 5,001 4,389 tralia1 (thousands of pounds): Note circulation 1,421 1,350 1,658 Gold and foreign exchange 177,783 172,780 Deposits—Government 2,829 2,903 2,327 Checks and bills of other banks. . 1,863 925 Other 3,618 3,579 3,011 Securities (incl. Government and Other liabilities 443 452 510 Treasury bills) 410,568 415,387 Central Bank of Ecuador Other assets 13,731 ,755 (thousands of sucres): Note circulation 190,464 ,714 Gold 288,843288,636 Deposits of Trading Banks: Foreign exchange (net) 118,365178,737 Special 230,689 227,876 Loans and discounts 131,895 84,421 Other 27,074 27,086 Other assets 90,598 90,324 Other liabilities 155,719 159,172 Note circulation 337,865312,995 National Bank of Belgium Demand deposits 263,650 284,989 (m G il o li l o d n 2 s of francs): 31,383 31,166 30 Nati O on th a e l r B lia a b n i k li ti o es f Egypt8 (thou- 28,187 44,135 Foreign exchange 3,688 4,820 sands of pounds): Loans to Government 42,270 44,686 Gold 6,241 6,241 Other loans and discounts 1,769 1,095 Foreign exchange 17,137 16,147 Claim against Bank of Issue... . 64,597 64,597 Loans and discounts 6,182 6,754 Other assets 1,342 1,283 British, Egyptian, and other Note circulation 70.376 66,761 Government securities 296,406260,533 Demand deposits 3,444 3,237 Other assets 27,615 20,329 Blocked Treasury account2 3 14,493 314,493 Note circulation 139,789116,708 Notes and blocked accounts4.... 55,589 62,029 62 Deposits—Government 69,170 67,790 Other liabilities : 1,147 1,127 Other 128,685113,869 Central Bank of Bolivia (millions Other liabilities 15,939 11,638 of bolivianos): Central Reserve Bank of El Salva- Gold at home and abroad 768 600 dor (thousands of colones): Foreign exchange 550 406 Gold 33,027 33,047 33,241 Loans and discounts 372 286 Foreign exchange 36,252 36,415 29,438 Securities—Government 630 633 Loans and discounts 1,789 2,126 1,314 Other 42 41 Government debt and securities. 6,452 6,485 6,041 Other assets 234 75 Other assets 1,892 1,905 1,149 Note circulation ,459 ,253 Note circulation 44,607 43,769 44,711 Deposits ,008 682 Deposits 27,796 29,210 19,841 Nati O on th a e l r B li a ab n i k li t o ie f s Bulgaria5 129 107 Bank O t o h f e r F l i i n ab la il n it d ie 5 s 7,008 7,000 6,630 Central Bank of Chile (millions Bank of Greece5 of pesos): National Bank of Hungary5 Gold 287 273 Reserve Bank of India (millions of Discounts for member banks.... 385 361 rupees): Loans to Government , 706 710 Issue department: Other loans and discounts 549 927 Gold at home and abroad. . 444 444 444 Other assets ,686 ,159 Sterling securities 10,693 10,493 9,043 Note circulation ,616 ,598 Indian Govt. securities 578 578 578 Deposits—Bank 475 333 Rupee coin 170 182 147 Other P. . . 195 187 Note circulation 11,764 11,561 10,096 Other liabilities 326 312 Banking department: Bank of the Republic of Colombia Notes of issue department.. 122 136 117 (thousands of pesos): Balances abroad 5,641 5,330 3,423 Gold 221,561201 261199,388 787 Treasury bills discounted. . 8 1 19 Foreign exchange 87,806 96,307 97,706 122 Loans to Government 2 3 Loans and discounts 25,748 24,234 16,315 573 Other assets 276 '"283 205 Government loans and securities. 65,549 66, 67,870 281 Deposits 5,814 5,532 3,513 Other assets 30,529 32, 32,363 058 Other liabilities 234 217 255 Note circulation 204,938 180. 173,612179287 Central Bank of Ireland (thousands Deposits 174,436 186 186,198 598 of pounds): Other liabilities 51,819 52, 53,833 937 Gold 2,646 2,646 2,646 2,646 Na in ti G F o P o n o r r l a a e d l g i g u B n e a 6 e n x ( k m c h o il a f l n i o g C n e z s e o c f h k o o s r lo u v n a y k ): ia 1, 8 5 1 1 3 7 , 7 5 9 1 3 7 ,5 7 1 9 7 9 B B a a n n k k S N t o o o e t r f f e l i J J n c a a g i v r p c f a a u u 5 n n la 5 d t s ion 3 3 6 8 , , 2 93 8 3 7 3 37 4 , , 4 8 5 0 5 9 3 3 5 3, , 2 9 8 3 8 4 3 3 0 3 , , 4 0 4 9 9 5 Loans and discounts 1,160 ,640 Other assets 129,579 ,888 1 Beginning Aug. 27, 1945, figures published in the balance sheet of the Commonwealth Bank cover central banking operations only, while previously these statements included the operations of the General Banking Division. 2 Gold revalued provisionally at 49.318 francs per gram. The resulting increment is held for the account of the Treasury and is shown on the liabilities side under "Blocked Treasury account." 3 In addition to the gold increment includes notes not presented for exchange and forfeited to the State. 4 Includes current accounts transferred and to be transferred to blocked accounts and old notes not declared. 5 For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for 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; of Hungary (November 1944), see BULLETIN for January 1946, p. 99; and of Java (January 1942), see BULLETIN for March 1943, p. 278. 6 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 Items for issue and banking departments consolidated. FEBRUARY 1946 209 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1945 1944 Central Bank 1945 1944 (Figures as of last report (Figures as of last report date of month) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct. Dec. Bank of Mexico (millions of pesos): ink of Spain—Continued Metallic reserve1 740 604 Note circulation 17,990 17,729 "Authorized" holdings of securi- Deposits—Government 925 24 ties, etc 1,975 1,535 Other 3,666 4,406 Bills and discounts. . . .' 37 395 Other liabilities 705 1,072 Other assets 45 58 Bank of Sweden (millions of kronor) Note circulation 1,604 1,358 Gold 1,06: ,046 1,046 1,019 Demand liabilities 1,356 1,058 Foreign assets (net) 758 81 783 567 Other liabilities 177 176 Swedish Govt. securities and ad- Netherlands Bank (millions of vances to National Debt Office9 1,500 ,43: 1,203 1,278 guilders): Other domestic bills andadvances 32 4! 22 61 Gold* 713 713 713 931 Other assets 1,120 ,12: 1,096 1,107 Silver (including subsidiary coin) 1 1 1 Note circulation 2,782 ,546 2,567 2,492 Foreign bills 4,539 4,535 4,509 '4^518 Demand deposits—Government 831 ,048 697 564 Discounts 1 91 Other 122 82 183 244 Loans 16 147 136 138 Other liabilities 739 787 704 730 Other assets 119 117 123 102 Swiss National Bank (millions of Note circulation—Old 327 440 563 5,078 francs): New* 1,386 1,011 748 Gold 4,777 ,798 4,806 4,554 Deposits—Government 2.493 2,596 2,560 116 Foreign exchange 166 125 111 102 Blocked 482 519 834 Loans and discounts 199 104 294 99 Other 368 465 294 " 345 Other assets 89 89 94 Other liabilities 483 482 482 240 Note circulation 3,835 ,725 3,704 3,548 Reserve Bank of New Zealand Other sight liabilities 1,110 ,093 1,298 1,015 (thousands of pounds): Other liabilities 298 298 286 Gold 2,802 2,802 2,802 Central Bank of the Republic of Sterling exchange reserve 74,177 39,655 Turkey (thousands of pounds): Advances to State or State un- 71,766 Gold 294,692 294,692276,382 dertakings 30,865 25,016 28,126 Foreign exchange and foreign Investments 5,799 10,997 11,737 clearings 55,869 834 54,646 Other assets 921 938 2,729 Loans and discounts 76,073 839849,158 Note circulation 42,795 41,916 41,385 Securities 168,378 531174,314 Demand deposits 67,153 65,557 39,860 Other assets 27,260 654 23,025 Other liabilities 4,616 4,045 3,804 Note circulation 894,375 075963,981 Bank of Norway4 Deposits—Gold 85,586 586 85,586 Bank of Paraguay—Monetary Other 37,853 341156,174 Dept.5 (thousands of guaranies): Other liabilities 204,458179549171,783 Gold 3,323 3,332 Bank of the Republic of Uruguay Foreign exchange 27,505 25,778 (thousands of pesos): Loans and discounts 6,045 4,854 Issue department: Government loans and securities. 10,526 10,740 Gold and silver 122,751122,751 Other assets 361 928 Note circulation 158,063156,202 Note circulation 27,564 28,161 Banking department: Demand deposits 18,085 15,856 Gold and silver 186,825129,362 Other liabilities 2,111 1,615 Notes and coin 23,848 25,081 Central Reserve Bank of Peru Advances to State and to (thousands of soles): (Sept.)6 government bodies 9,944 19,054 Gold and foreign exchange 142,340 136,972 Other loans and discounts.. 95,014 91,736 Discounts 25,278 15,511 Other assets 320,844277,250 Government loans 72,322 449,466 Deposits 287,620251,181 Other assets 28,198 21,214 Other liabilities 348,854291,302 Note circulation 474,040 416,601 Central Bank of Venezuela (thou- Deposits 264,274 178,816 sands of bolivares): Other labilities 29,825 27,746 Gold™ 117,093 903484 013328,694 Bank of Portugal (millions of es- Foreign exchange (net) 64,658 672 72 849 65,600 cudos): Aug.) Credits to national banks 10,157 14310 22,560 Gold7 1,419 1,412 Other assets 11,234 13338 25,843 Other reserves (net) 6,383 5,570 Note circulation—Central Bank. 75,379 327 658290,991 Nonreserve exchange 9,620 9,116 National banks 9,813 10869 18,742 Loans and discounts 282 261 Deposits •11,131 !36533102,207 Government debt 1,020 1,023 Other liabilities > 6,820 821 451 30,758 Other assets 762 784 National Bank of the Kingdom Note circulation 7,717 7,642 of Yugoslavia4 Other sight liabilities 10,884 9,713 Bank for International Settle- Other liabilities 885 810 ments11 (thousands of Swiss gold National Bank of Rumania4 francs): South African Reserve Bank8 Gold in bars 118,285118,285114,036 (thousands of pounds): Cash on hand and on current Gold 114,457 115,807 98,832 account with banks 292 42,924 45,508 Foreign bills 42,679 31,404 25,518 Sight funds at interest 806 9,439 12,064 Other bills and loans 3,747 3,909 12,922 Rediscountable bills and accept- Other assets 106,835 108,226 94,964 ances (at cost) 328 81,936 72,619 Note circulation 66,254 65,614 59,920 Time funds at interest 750 2,750 14,968 Deposits 196,055 188,332166,666 Sundry bills and investments. . . 760198,879200,604 Other liabilities 5,409 5,401 5,649 Other assets 140 118 77 Bank of Spain (millions of pesetas): Demand deposits (gold) 16956 16,962 21,481 Gold 1,188 1,147 Short-term deposits (various Silver 598 609 currencies): Government loans and securities. 15,910 16,506 Central banks for own ac- Other loans and discounts 3,544 3,107 count 3,671 7,161 Other assets 2,048 1,862 Other 2,021 2,647 Long-term deposits: Special accounts 001229,001 !29,001 Other liabilities 204202,675199,587 1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 2 Gold revalued in July 1945 from 2,098 to 2,970 guilders per fine kilogram. 3 Notes issued before October 1945 were gradually withdrawn from circulation and deposited in "blocked" accounts in accordance with the currency reform decrees effected between June and October 1945. * 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. 6 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. 8 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. » See BULLETIN for December 1936, p. 1025. 210 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— ef D fe a ct t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S l w a e i n r t - d z- b C an e k n tr o a f— l R J 3 a a 1 n te . ef D fe a ct t i e ve ba C n e k n tr o a f l — R J 3 a a 1 n te . ef D fec a t t i e ve In effect Dec. 31, Albania 5H Mar. 21, 1940 Italy 4 Sept. 11, 1944 1936 2 2 4 2 2 2V, Argentina 3H Mar. 1, 1936 Japan 3.29 Apr. 7, 1936 Jan. 28, 1937 .. 4 Belgium 134 Jan. 16, 1945 Java 3 Jan. 14, 1937 June 15 Bolivia 6 Nov. 8, 1940 Latvia 5 Feb. 17, 1940 July .7 5 . Lithuania... . 6 July 15, 1939 Aug. 4 4 Sept. 3 334 Nov. 13 May 10, 1938... 4 British India. . 3 Nov. 28, 1935 Mexico 434 June 4, 1942 May 13 2V Bulgaria 5 Dec. 1, 1940 Netherlands . 234 June 27, 1941 May 30 3 Canada 134 Feb. 8, 1944 New Zealand. 134 July 26. 1941 Sept. 28 3 Chile 3-434 Dec. 16, 1936 Norway 234 Jan. 8, 1946 Oct 27 2 V Colombia 4 July 18, 1933 Peru 5 Aug. 1, 1940 Nov. 25 234 Czechoslovakia 234 Oct. 28, 1945 Portugal Jan. 12, 1944 Jan. 4,1939... 2 Apr. 17 4 May 11 3 July 6 2*4 Denmark. . . . 334 Jan. 15, 1946 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 434 Oct. 1, 1935 Sweden 234 Feb. 9, 1945 Oct. 26 2 Finland 4 Dec. 3, 1934 Switzerland.. 134 Nov. 26, 1936 Dec. 15 3 Jan. 25, 1940... 2 Apr. 9 "3H M M a ay r. 1 1 7 7, 1941... 1M 3y2 F G r e a r n m c a e ny 334 J A a p n r . . 2 9 0 , , 1 1 9 9 4 4 5 0 U Tu n r it k e e d y King- 4 July 1, 1938 May 29 3 Greece 7 Feb. 11, 1945 dom 2 Oct. 26, 1939 June 27 234 Hungary 3 Oct. 22, 1940 U. S. S. R.... 4 July 1, 1936 Jan. 16,1945... 1H Ireland 234 Nov. 23, 1943 Yugoslavia. . 5 Feb. 1, 1935 Jan. 20 Feb. 9 234 In effect Jan. 31, NOTE.—Changes since Dec. 31: Denmark—Jan. 15, down from 4 to 334 1946 2 334 iy2 234 IK per cent; Norway—Jan. 8, down from 3 to 234 Per cent. OPEN-MARKET RATES [Per cent per annum] Switzer- United Kingdom Germany Netherlands Sweden land Month Bankers' Treasury Day-to- Bankers' Private Day-to- Private Money Loans Private acceptances bills day allowance discount day discount for up to 3 discount 3 months 3 months money on deposits rate money rate 1 month months rate 1929—Nov 5.35 5.30 5.15 4-3^ 6.89 7.79 4.26 4.17 3.32 1930—Nov 2.18 2.15 2.01 4.79 5.48 1.31 1.29 16 1931—Nov 5.75 5.55 4.96 4 8.00 8.69 1.59 1.73 .77 1932—Nov .89 .82 .73 3.88 4.80 .37 1.00 .50 1933—Nov 1.05 .94 .75 3.88 5.18 .45 1.00 .50 1934—Nov .45 .29 .68 3.63 4.21 .63 1.00 .50 1935—Nov .57 .55 .75 3.01 3.07 3.15 3.00 .44 1936—Nov .56 .55 .75 3.00 2.79 .85 1.55 .46 1937—Nov .58 .75 2.88 2.65 .13 .50 .00 1938—Nov !66 .67 .75 2.88 2.58 .14 .50 .00 1939—Nov .96 1.18 1.00 2.65 2.19 1.75 2.41 .25 1940—Nov .03 1.02 1.00 2.25 1.93 2.25 2.75 .25 1941—Nov .03 1.00 1.00 2.13 1.75 .25 1942—Nov .03 1.00 1.00 2.13 1.75 .25 1943—Nov .03 1.00 1.00 2.13 1.88 .25 1944—Nov .03 1.00 1.00 2.13 .25 1944_Dec .03 1.00 1.02 2.13 3-534 .25 1945—Jan .03 1.01 1.00 2.13 .25 Feb .03 1.00 1.00 2.13 .25 Mar .03 1.00 1.00 2.13 .25 Apr .03 1.01 1.00 .25 May .03 1.00 03 .25 June .03 1.00 .13 234-5 .25 July .03 1.00 .13 .25 Aug .03 1.00 .13 .25 Sept .03 1.00 .13 .25 Oct .83 .75 .96 234-5 1.25 Nov .53 .51 .63 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. FEBRUARY 1946 211 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom 1 Assets Liabilities (11 London clearing b m a i n ll k io s s . n t e s r l F o in i f g g p u ) o re u s n d in s re C se a r s v h es M c o n a s l n o h l e t o i a y r c n t e d at B co il u ls n d te i d s- 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 s a to n m s e to rs a O s t s h e e ts r Total D D e e p m o a s n it d s Time lia O b t i h li e ti r es 1938—December. 243 160 250 635 971 263 2,254 1,256 997 269 1939—December. 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—December. 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December. 390 142 198 896 1,120 794 325 3,629 2,429 1,200 236 1943—December. 422 151 133 1,307 1,154 761 349 4,032 2,712 1,319 245 1944—December. 500 199 147 1,667 1,165 772 347 4,545 3,045 1,500 250 1945—January. . . 460 198 159 1,663 1,165 765 301 4,462 2,968 1,495 248 February.. 455 188 140 1,639 1,160 769 305 4,405 2,904 1,501 250 March 464 180 149 1,681 ,153 780 299 4,459 2,944 1,516 246 April 472 180 109 1,821 ,140 749 300 4,525 2,994 1,530 245 May 482 196 120 1,882 ,126 757 297 4,617 3,064 1,553 243 June 494 195 135 1,939 ,128 774 331 4,752 3,147 1,605 243 July 500 198 181 1,994 ,123 767 300 4,819 3,205 1,613 244 August.. . . 511 233 195 1,993 ,126 769 292 4,875 3,236 1,638 244 September. 518 226 215 1,971 ,146 771 299 4,898 3,266 1,632 247 October. . . 513 201 189 1,925 ,178 799 308 4,859 3,277 1,582 254 November. 496 229 296 1,703 1,201 809 318 4.789 3,254 1,535 263 Assets Liabilities Canada (10 chartered banks. Entirely in Canada Se lo c a u n ri s ty e D x e c p lu o d s i i n ts g p in ay te a r b b l a e n i k n d C e a p n o a s d it a s En C d a i n n o a f d m m ia il o n li n o d t n h o s l l o f a i f g rs u ) res 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 a f u b a n o e b a d r e n r f o i k n r g o a s e n d m t Securities a O s t s h e e ts r ci N r t c i o o u t n l e a- Total Demand Time lia O b t i h li e ti r es 1938—December. 263 65 940 166 1,463 535 2,500 840 1,660 843 1939—December. 292 53 1,088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December. 323 40 1,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—December. 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December. 387 31 1,168 231 2,293 657 60 3,657 1,984 1,673 ,049 1943—December. 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 ,172 1944—December. 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 ,289 1945—January. . . 567 95 1,156 244 3,571 731 32 5,049 2,525 2,524 ,283 February.. 539 80 1,125 254 3,624 717 31 5,021 2,390 2,631 ,287 March . . . . 544 78 1,094 219 3,606 708 31 4,938 2,214 2,725 ,280 April 598 82 1,047 269 3,799 750 30 5,210 2,475 2,735 ,306 May 622 125 1,299 251 3,885 775 29 5,616 3,053 2,563 ,312 June 622 123 1,142 248 996 766 29 5,540 2,894 2,646 ,326 July 591 135 1,079 237 802 769 28 5,269 2,528 2,741 ,316 August.. . . 581 112 1,021 242 3,835 789 28 5,229 2,396 2,833 ,324 September. 582 109 1,002 237 3,960 750 27 5,269 2,331 2,935 ,344 October. . . 640 130 1,009 242 4,159 812 27 5,573 2,582 2,992 1,392 November. 646 239 1,372 229 4,015 26 6,013 3,197 2,816 1,350 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 7,133 3,877 88,289 14,215 2,448 108,368 107,100 1,268 411 7,182 November 7,203 3,960 86,754 14,361 2,653 107,200 105,811 1,390 404 7,326 December 8,548 4,095 90,897 14,191 2,935 112,732 111,191 1,541 428 7,506 1944—January 7,510 4,125 90,024 13,737 1,676 110,485 108,883 1,601 419 6,168 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 8,692 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. 212 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buyingrates in New York for cable transfers. In cents per unit of foreigncurrency] Argentina Australia Brazil Canada Chile Year or month Officia ( l peso S E ) p x e p c o ia rt l Offic ( i p a o l und F ) ree ( g f B r i a u e n m l- c) Off ( ic c i r a u l zeir F o1 r ) ee B ( I r r n u i d p ti e i s a e h ) g B ( a le u r v l i ) - a Offic ( i d al ollar F ) ree Offici ( a p l eso E ) xport S C ( h h y h a a u i n i a n ) g n a - 1937 32,959 393.94 3.3752 8.6437 6.1983 37.326 1.2846 100.004 5.1697 24.OOOO 29.606 1938 32 597 389.55 3.3788 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 3.3704 6.0027 5!1248 33.279 21.2111 96.018 5.1727 4.0000 11.879 1940 29.773 2322.80 305.16 23.3760 6.0562 5.0214 30.155 290.909 85.141 5.1668 4.0000 6.000 1941 29.773 223'.704' 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 25.1664 24.0000 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1943. . . 29.773 24.732 322.80 2321.50 6.0586 5.1280 30.122 90.909 89.978 1944 29.773 25.125 322.80 6.0594 5.1469 30.122 90.909 89.853 1945 29.773 25.125 2322.80 232i." 1722'. 28606.0602 5.1802 30.122 90.909 90.485 1945—Jan 29.773 25.125 322.80 6.0602 5.1803 30.122 90.909 89.968 Feb 29.773 25.125 322.80 6.0602 5.1803 30.122 90.909 90.553 Mar 29.773 25.125 322.80 6.0602 5.1802 30.122 90.909 90.295 Apr 29.773 25.125 322.80 6.0602 5.1802 30.122 90.909 90.506 May 29.773 25.125 322.80 6.0602 5.1802 30.122 90.909 90.753 June 29.773 24.125 322.80 6.0602 5.1802 30.122 90.909 90.828 July 29.773 25.125 321.35 6.0602 5.1802 30.122 90.909 90.736 Aug. 29.773 25.125 320.87 6.0602 5.1802 30.122 90.909 90.475 Sept 29.773 25.125 320.70 n .2883 6.0602 5.1802 30.122 90.909 89.908 Oct. 29.773 25.125 321.31 2.2879 6.0602 5.1802 30.122 90.909 90.358 Nov 29.773 25.125 321.41 2.2857 6.0602 5.1802 30.122 90.909 90.736 Dec 29.773 25.125 321.41 2.2839 6.0602 5.1802 30.122 90.909 90.725 Year or month C ( o p b l e i o s a o m ) - s C ( l k o z o v e r c a 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) (p H 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 u e n a w n d - d) 1937 56,726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 5.0407 23.436 18.546 253.128 306.38 1941 57.004 22.0101 239.968 224.592 219.770 25.0703 223.439 20.538 322.54 1942 57 052 20 569 322.78 1943 57.265 20 577 324.20 1944 57 272 20 581 324.42 1945 . . . 57.014 21.9711 20.581 237.933 323.46 1945—jan 57 180 20 582 324.42 Feb 57.140 20 582 324.42 Mar 57 036 20 582 324.42 Apr 56.980 20 582 324.42 May 56.980 20 582 324.42 June 56.980 20 582 324.42 July 56 980 20 582 322.69 Aug. 56.980 2.0189 20.581 322.16 Sept 56 980 2 0189 20 578 321.99 Oct.. 56.980 2.0189 20.578 322.60 D N e o c v 5 5 6 6 9 9 8 8 0 0 2 1 0 7 1 8 8 2 6 2 2 2 0 0 . . 5 5 7 7 9 8 4 3 3 7 Y .9 . 9 3 3 3 3 3 3 2 2 2 2. . 7 7 0 0 K U in n g it d e o d m Uruguay 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 r a u t l d u o - ) R ( u n le m i u a ) a- ( A S p o o fr u u i n c th d a ) ( S pe p s a e i t n a) S m S (d e t o e r t l n a t l l a i t e t s r - 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 ) d - (pound) Con ( - peso N ) on- Y ( s d l u a in g v a i o r a - ) Official Free trolled tr c o o l n le - d 1937 . 24,840 18.923 4.4792 .7294 489.62 6.053 57.973 25.487 22.938 494.40 79.072 2.3060 1938 24.566 18.860 4.4267 . 7325 484.16 5.600 56.917 25.197 22.871 488 94 64.370 2.3115 1939 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 236.789 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 2403.50 383.00 65.830 37.601 2.2463 1941 24.0023 398.00 29.130 47.133 223.829 223.210 403.50 403.18 65.830 43.380 22.2397 1942 398 00 246 919 403.50 403.50 65.830 52.723 1943 398 00 403.50 2403.50 65.830 52.855 1944 398.00 403.50 65.830 53.506 1945 399 05 2403.50 2403.02 65.830 55.159 1945—jan. 398.00 403.50 65.830 54.197 Feb 398 00 403.50 65.830 54.197 Mar. 398.00 403.50 65.830 54.197 Apr 398 00 403.50 65.830 54.253 May 398 00 403.50 65.830 54.265 June 398 00 403.50 65.830 54.265 July 398.30 402.95 65.830 55.489 Au0' 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 Dec 400 50 403.37 65.830 56.290 : 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. 4 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. FEBRUARY 1946 213 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 d 0 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 ( I 1 1 t 9 0 a 2 0 l 8 ) y = ( J 1 O 9 a c 1 0 t 0 p o 0 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 1 d e 0 9 r ) 1 - 4 1926 100 100 U24 695 134 237 106 M26 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 1945 106 169 1944—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 107 103 169 189 P219 December 107 169 3 Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Germany (1926 = 100) (1926=100' (1930 = 100) (1913=100) Year or month pr F o a d r u m cts Foods co O 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 d u 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 u d r a l - s e n y d d Foods pr I t o n r d d i u u a s c l - ts p A r g t o r u d i r c u a u c l l t - s a t p n f r r I d i i o n a n d d l i s u u s e s c r h m - t a i e s w - d p tr r I i i o n a s d d h l u u e s c f d - 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 us 102 134 1943 . 123 107 97 96 99 93 160 164 102 135 1944 123 105 99 103 104 94 158 170 119 1945 .... 128 106 100 158 175 1944—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 is: 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 Tuly 129 107 100 108 107 94 161 176 August 127 106 100 106 106 94 161 176 September 124 105 100 104 105 94 158 175 October 127 106 100 ••106 105 94 158 175 November 131 108 100 106 105 94 158 175 December . 132 107 101 158 T Revised. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 214 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] United Switz- United Switz- United Can- King- Ger- Nether- er- United Can- King- Ger- Nether- er- Year or States ada dom many lands land Year or States ada dom many lands r land month (1935-39 (1935-39 (July (1913-14 (1911-13 (June month (1935-39 (1935-39 (July (1913-14 (1911-13 (June = 100) = 100) 1914 = 100) = 100) 1914 = 100) = 100) 1914 = 100) = 100) 1914 = 100) = 100) = 100) = 100) 1934 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 101 98 130 122 120 120 1936 99 98 147 125 U32 130 1937 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 98 104 141 122 130 130 1938 101 102 156 126 139 137 1939 95 101 141 123 130 132 1939 99 102 158 126 140 138 1940 97 106 164 128 2140 146 1940 100 106 184 130 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 1945 . .. ?133 170 1945 P120 203 1944-December. 137 130 168 215 1944-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 140 134 169 P210 November. 129 120 203 P2O7 December. P134 169 December. P120 203 ^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 (1926= 100) Year or month United United United Nether- ( S d p t e r a i r c i t v e e ) e s 1 d 1 ( K D 92 i e 1 n c g e = d m 1 o 0 b m 0 er ) (19 F 38 r a = n 1 c 0 e 0)2 G (a e p v r ri e m c r e a a ) g 3 n e y N l e a t n h d e s r 4 - (1 S = 9 t 3 a 1 5 t 0 e - 0 3 s ) 9 U K n i i n t g e - d m G a e n r- y (19 F 3 r 8 a = n 1 c 0 e 0)2 (19 l 3 a 0 n = d 1 s 00) dom Number of issues. . 15 87 50 3 139 8 402 278 (5) 300 100 1939 113.8 112.3 114.2 99.0 90.9 94.2 75.9 94.1 112 89.7 1940 115.9 118.3 6114.2 100.7 777.9 88.1 70.8 114.6 6 140 895.0 1941 117.8 123.8 9143.4 103.0 84.3 80.0 72.5 136.8 9 308 129.0 1942 118.3 127.3 146.4 6103.3 94.7 69.4 75.3 142.1 479 131.5 1943 120.3 127.8 146.6 98.5 91.9 84.5 145.0 540 151.0 1944 120.9 127.5 150.5 99.8 88.6 551 1945 122.1 128.3 121.5 92.4 1944—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 121.7 128.3 150.6 117.9 91.4 421 September. . 121.6 128.2 150.9 126.1 92.0 477 October 121.9 128.5 ^150.2 132.0 93.2 P467 November. . 122.0 127.8 P150.3 136.9 94.5 P441 December... 121.9 127.5 139.7 94.2 for October-December 1944, pp. 274-276. The series prior 6 Average based on figures for 5 months; no data available June-Dec. ' Average based on figures for 7 months; no data available May-bept 8 Average based on figures for 9 months; no data available May-July. 9 Average based on figures for 10 months; no data available Jan.-Feb Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. FEBRUARY 1946 215 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK ERNEST G. DRAPER JOHN K. MCKEE R. M. EVANS ELLIOTT THURSTON, Assistant to the Chairman CHESTER MORRILL, Special Adviser to the Board of Governors OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS 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 ADMINISTRATION ROBERT F. LEONARD, Director DIVISION OF RESEARCH AND STATISTICS WOODLIEF THOMAS, 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. PAULGER, Director EDWARD L. SMEAD, Administrator C. E. CAGLE, Assistant Director GARDNER L. BOOTHE, II, Assistant Administrator FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman ERNEST G. DRAPER JOHN C. TRAPHAGEN, NEW YORK DISTRICT R. M. EVANS DAVID E. WILLIAMS, PHILADELPHIA DISTRICT RAY M. GIDNEY R. R. GILBERT JOHN H. MCCOY, CLEVELAND DISTRICT H. G. LEEDY JOHN K. MCKEE A. L. M. WIGGINS, RICHMOND DISTRICT RONALD RANSOM ROBERT STRICKLAND, ATLANTA DISTRICT M. S. SZYMCZAK ALFRED H. WILLIAMS EDWARD E. BROWN, CHICAGO DISTRICT CHESTER MORRILL, Secretary JAMES H. PENICK, ST. LOUIS DISTRICT S. R. CARPENTER, Assistant Secretary WALTER WYATT, General Counsel JULIAN B. BAIRD, MINNEAPOLIS DISTRICT GEORGE B. VEST, Assistant General Counsel KANSAS CITY DISTRICT C. O. HARDY, Associate Economist A. E. BRADSHAW, L. MERLE HOSTETLER, Associate Economist DALLAS DISTRICT W. H. IRONS, Associate Economist ED H. WINTON, C. A. SIENKIEWICZ, Associate Economist SAN FRANCISCO DISTRICT WOODLIEF THOMAS, Associate Economist RENO ODLIN, JOHN H. WILLIAMS, Associate Economist WALTER LICHTENSTEIN, Secretary ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Acting Secretary 216 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 E. O. Douglas H. V. Roelse William I. Myers L. R. Rounds J. W. Jones Robert G. Rouse H. H. Kimball John H. Williams L. W. Knoke V. Willis Walter S. Logan R. B. Wiltse A. Phelan Philadelphia. , Thomas B. McCabe Alfred H. Williams W. J. Davis C. A. Mcllhenny Warren F. Whittier Frank J. Drinnen E. C. Hill Philip M. Poorman2 C. A. Sienkiewicz Cleveland. . . George C. Brainard Ray M. Gidney W. D. Fulton B. J. Lazar Reynold E. Klages Wm. H. Fletcher J. W. Kossin Martin Morrison A. H. Laning3 W. F. Taylor 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. V. K. Bowman H. F. Conniff J. F. Porter Malcolm H. Bryan L. M. Clark S. P. Schuessler Chicago. . Simeon E. Leland C. S. Young Allan M. Black2 John K. Langum W. W. Waymack Charles B. Dunn Neil B. Dawes O. 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 Wm. 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 O. S. Powell A. W. Mills2 Sigurd Ueland Otis R. Preston Harry I. Ziemer Kansas City. . Robert B. Caldwell H. G. Leedy O. P. Cordili John Phillips, Jr. Robert L. Mehornay 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. Coleman W. H. Holloway H. R. DeMoss L. G. Pondrom W. E. Eagle 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 Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith4 Minneapolis.... Helena R. E. Towle4 Cleveland Cincinnati B. J. Lazar5 Pittsburgh J. W. Kossin5 Kansas City.... Denver G. H. Pipkin5 Oklahoma City 0. P. Cordili5 Richmond Baltimore W. 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. Holloway5 Chicago Detroit E. C. Harris5 San Francisco.. . Los Angeles W. N. Ambrose4 St. Louis Little Rock A. F. Bailev5 Portland D. L. Davis4 Louisville C. A. Schacht5 Salt Lake City W. L. Partner4 Memphis William B. Pollard5 Seattle C. R. Shaw4 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 Managing Director. 5 Vice President. FEBRUARY 1946 217 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 C/3 ® FEDERAL RESERVE BANK CITIES < • FEDERAL RESERVE BRANCH CITIES 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis