Federal Reserve Bulletin, 1946-04

F E D E R AL E S E RV BULLETIN APRIL 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—Establishment of Bretton Woods Institutions. 361-372 The Financial Agreement Between The United States and Great Britain, by Marriner S. Eccles. . 373-375 Member Bank Profits in 1945. . 376-383 Revision of Consumer Credit Statistics. 383 Law Department: Limitation on Claims Connected with Government Checks 384 Foreign Funds Control—Treasury Department Releases. 384-385 Current Events. . 386 National Summary of Business Conditions. 387-388 Financial, Industrial, Commercial Statistics, U. S. (See p. 389 for list of tables). 389-439 International Financial Statistics (see p. 440 for list of tables) 440-457 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. . 458 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 459 Map of Federal Reserve Districts. . 460 Federal Reserve Publications (See inside of bac\ cover) Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUME 32 April 1946 NUMBER 4 ESTABLISHMENT OF BRETTON WOODS INSTITUTIONS The governing bodies of the International nine failed to sign; i. e., Russia, Australia, Monetary Fund and the International Bank New Zealand, Venezuela, Haiti, El Salvador, for Reconstruction and Development held Nicaragua, Panama, and Liberia. Colombia their first meetings in March and the insti- signed the Fund Agreement but not the tutions are expected to begin financial oper- Bank Agreement. ations before the end of this year. Proposals for the Bank and the Fund were FIRST MEETINGS OF BOARDS OF GOVERNORS agreed on at the International Monetary and President Truman invited the Boards of Financial Conference held at Bretton Woods, Governors of the International Monetary New Hampshire, in July 1944. The Articles Fund and the International Bank for Reof Agreement of the Fund and the Bank pro- construction and Development to hold their vided that they should enter into force when first meetings beginning on March 8,1946, at accepted and signed by governments having Wilmington Island near Savannah, Georgia. at least 65 per cent of the total subscriptions This was in accordance with the Agreements allocated to the countries represented at Bret- which made it a function of the government ton Woods and should remain open for having the largest subscription to call the signature by the governments of these coun- first meetings. Those governments repretries until December 31, 1945. Participation sented at Bretton Woods which had not of the United States was authorized by the signed the Agreements before December 31, Bretton Woods Agreements Act of July 31, 1945, and the United Nations Economic and 1945. Many countries passed the necessary Social Council, were invited to send oblegislation only after the Agreements had servers. With the exception of Haiti and been approved by the British Parliament in Liberia, all of those invited were in attend- December. ance. The Fund and the Bank came into exist- The principal task of the Boards of Govence on December 27, 1945, when the Agree- ernors at their first meetings was to take the ments were signed in Washington on behalf procedural steps necessary before the instiof governments with approximately 80 per tutions could begin operations. The main cent of total subscriptions. Several others features of the organization and managesigned before the end of the year. Of the ment of the Fund and the Bank are similar 44 governments which were eligible to sign and are outlined in the Articles of Agreebefore December 31 and become original ment. The superior governing body in each members of the Fund and the Bank, only case is a Board of Governors, consisting of APRIL 1946 361 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH one Governor and one Alternate appointed by Of major importance were the decisions each member, which will meet at least once reached, and incorporated in the by-laws, rea year and more often if necessary. A smaller lating to the functions and remuneration of body of at least twelve Executive Directors is the Executive Directors and Alternates and of responsible for conducting the operations of the Managing Director or President. The the institution under the powers delegated to functions of the Executive Directors, as disit by the Board of Governors. Five of the tinguished from those of the Managing Di- Executive Directors are appointed by the five rector or President, were discussed at length members with the largest subscriptions. The with special reference to the question of other seven Executive Directors are elected, whether the Executive Directors and their in accordance with procedures outlined in Alternates should be full-time or part-time. the Articles of Agreement, by the Governors Agreement was reached on a compromise representing the remaining members. A providing that each Executive Director and chief of the operating staff selected by the his Alternate are to devote all the time and Executive Directors is responsible for con- attention to the business of the Fund or Bank ducting the ordinary business of the institu- that its interests require and, between them, tion under the direction of the Executive Di- are to be continuously available at the main rectors. The chief of the operating staff of office of the Fund or Bank. A body of Executhe Fund is the Managing Director; of the tive Directors, or their Alternates, will there- Bank, the President. fore be continuously available for day-to-day decisions. It will be possible, however, for an In order to supplement the arrangements Executive Director to devote a major part of as outlined in the Articles of Agreement, his time to official duties in his own country, each Board of Governors adopted a series of leaving his Alternate to be available most of by-laws relating to organizational and prothe time at the main office. cedural matters. The more important relate to the powers and responsibilities of the After considerable discussion the maxi- Executive Directors and Alternates and the mum annual salaries of Executive Directors Managing Director or President. Each Board were fixed at $17,000, net of taxes. The Alterof Governors delegates to its Executive Direc- nates will receive maximum annual salaries tors all powers except those specifically re- of $11,500, net of taxes. These salaries inserved to the Board in the Articles of Agree- clude all expense allowances except those ment. The powers reserved to the Boards of covering certain reasonable traveling ex- Governors relate for the most part to such penses. An Executive Director or Alternate matters as the admission or expulsion of serving part-time will receive a salary based members, changes in required subscriptions, on the amount of time he devotes to the and interpretations or amendments of the work of the Fund or Bank. An Executive Agreements. The Executive Directors, there- Director or Alternate, furthermore, may elect fore, will be able to direct all the ordinary to receive a salary less than that to which he business of the Fund and the Bank and to is entitled. The Managing Director of the make most of the decisions required in the Fund and the President of the Bank will each course of current operations. Each Board of receive a salary of $30,000, net of taxes, plus Governors also decided to locate the main certain expense allowances. The Boards of office of its institution in Washington. Governors agreed to request all member gov- 362 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH ernments to exempt from national taxation Agreements Act. These and other requests salaries and allowances paid by the Fund for interpretation submitted by the Govand the Bank in order to relieve the institu- ernors appointed by the United Kingdom tions of this tax burden. and India were referred to the Executive Special arrangements were made for the Directors of the Fund and the Bank in acadmission of certain countries to member- cordance with the Articles of Agreement. ship. The Boards of Governors agreed that Toward the close of the Governors' meetthose governments represented at Bretton ings on March 18, seven Executive Directors Woods which had not become original mem- of each institution were elected by the Govbers might sign the Agreements at any time ernors representing countries not entitled before December 31,1946, on the same terms to appoint Executive Directors, including as original members. In the course of the those admitted during the course of the meetings the Governments of El Salvador, meetings. A list of the elected Directors, Nicaragua, Panama, and Cuba were admitted and of the countries whose Governors to membership in the Fund and the Bank. elected them, is given in the table on page Although Cuba had signed the Agreements 372. They will serve until the next regular before December 31, 1945, it did not deposit election of Executive Directors in September until March 15, 1946 the necessary instru- 1948. It was agreed that the Executive ment stating that legislative action had been Directors of the Fund should meet on May taken to enable fulfillment of its obligations 6 and the Executive Directors of the Bank on under the Agreements. The amount to be May 7, 1946, in Washington. Their first subscribed to the Fund and the Bank by concern will be the selection of the Managing Denmark was set by the Boards of Governors Director and the President. The Boards of at 68 million dollars and, in accordance with Governors will meet again in September the Agreements, Denmark accepted mem- 1946 and thereafter will hold their regular bership in the Fund and the Bank on March annual meetings in September. 30, 1946. At present, therefore, the Fund has 39 members and the Bank 38 members. DISTRIBUTION OF VOTING POWER Governments not represented at Bretton The Fund and the Bank will be responsi- Woods may in the future be admitted to ble for reaching important decisions on intermembership by the Boards of Governors on national monetary matters. Except in a few such terms and conditions as these Boards special cases these decisions will be made by prescribe. In the course of the March meet- a majority of the votes cast whether by the ings applications for membership were re- Board of Governors or by the Executive ceived from Italy, Lebanon, Syria, and Tur- Directors. The percentage distribution of key. These applications, which were sup- the voting power of the present members of ported by the United States, were referred to the Fund and the Bank is shown in the folthe Executive Directors for their consider- lowing table. Each member has 250 votes ation and recommendations. plus one vote for each $100,000 of its sub- Requests for interpretations of the Fund scription to the Fund or Bank. In voting and the Bank Agreements were submitted by the Board of Governors the Governor apby the Governor appointed by the United pointed by each member has the voting States as directed by the Bretton Woods power allotted to that member. APRIL 1946 363 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH PERCENTAGE DISTRIBUTION OF VOTING POWER ordinary percentage distribution of the vot- OF MEMBER COUNTRIES 1 ing power of the Executive Directors of the International International Fund and the Bank is shown in the table Country Fund Bank at the bottom of the preceding column. United States 33.1 37.1 United Kingdom 15.8 15.4 China 6.9 7.3 France 5.7 5.5 FINANCIAL OPERATIONS OF THE FUND India 5.1 4.9 N C B a e e l n t g h a i e u d r m a lands 3 3 3 . . . 9 0 6 4 3 2. . . 9 5 1 In order to help member countries main- Latin America total1 10.7 8.0 tain stable exchange rates and avoid un- Other countries1 12.3 11.4 necessary exchange restrictions the Interna- Total 100.0 100.0 tional Monetary Fund will have a pool of xThe number of votes and percentage of the total voting power of each present member of the Fund and the Bank is resources subscribed by member countries. shown in a table on page 371. The required subscription, or quota, of each An appointed Executive Director casts the member, as shown in the table, will be paid number of votes of the member which appartly in gold and partly in its own curpoints him; an elected Executive Director, rency. Each member must pay in gold 25 on the other hand, casts en bloc the number per cent of its quota or 10 per cent of its net of votes of the members whose Governors official gold and dollar holdings, whichever elected him. For voting on certain matters is smaller. The balance will be paid in the the voting power of Executive Directors of member's own currency. The Fund will the Fund is slightly modified to take account accept non-negotiable, non-interest-bearing of the financial position vis-a-vis the Fund of demand notes from any member in place of the members which they represent. The any part of its currency not needed for the Fund's operations. Payments are due on the PERCENTAGE DISTRIBUTION OF VOTING POWER OF EXECUTIVE DIRECTORS1 date when a member becomes eligible to use International International the resources of the Fund, as described on Fund Bank page 366. Directors Appointed By: The total to be subscribed to the Fund by 1. United States 33.52 37.53 2. United Kingdom 16.00 15.54 all present members is 7,397.5 million dollars 3. China 6.94 7.33 4. France 5.74 5.57 5. India 5.13 4.98 as compared to the 8,800 million allotted Elected Directors i to the governments represented at Bretton International Fund 6. Santos-Filho (Brazil) 5.53 Woods. Of the total, 2,750 million dollars or 7. Gomez (Mexico) 5.28 8. Bruins (Netherlands) 5.13 37 per cent will be subscribed by the United 9. Rasminsky (Canada) 4.83 10. Mladek (Czechoslovakia). 4.65 States, of which 687.5 million must be in 11. Gutt (Belgium) 3.76 12. Saad (Egypt) 3.49 gold. The gold subscriptions of other mem- International Bank 6. Beyen (Netherlands). . . 4.98 bers, with quotas equal to 4,647.5 million 7. Gutt (Belgium) 4.53 8. Moller (Chile) 4.30 dollars, may be estimated roughly at 850 mil- 9. Baranski (Poland) 4.28 10. Machado (Cuba) 4.23 lion on the basis of their estimated gross 11. Bryce (Canada) 4.11 12. Varvaressos (Greece). . . 2.62 official gold and dollar holdings as of Decem- Total. 100.0 100.0 ber 31, 1945. Actual gold subscriptions will 1 Detailed tables indicating the number of votes of each ap- be based on net official gold and dollar holdpointed and elected Director and the countries appointing the Governors whose votes elected each of the elected Directors of ings as of the date when the Fund notifies the Fund and the Bank are shown on page 372. The total number of votes and the percentage distribution of voting members that it will shortly be in a position power of Executive Directors are affected by the fact that Denmark did not join until after the election of the Executive Directors. to begin exchange operations. 364 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH INTERNATIONAL MONETARY FUND QUOTAS the outset gold, United States dollars, and Canadian dollars, which are also likely to be Amount Per cent Country ( o In f d m o i l l l l a io rs n ) s of total in demand, equal to 76 per cent of the maximum normal drawing privileges of all United States 2,750 37.2 United Kingdom .... 1,300 17.6 members other than the United States and China 550 7.4 France ... ... 450 6.1 Canada. India 400 5.4 Canada . . 300 4.1 The Fund's ability to supply the currencies Netherlands 275 3.7 Belgium .... .... 225 3.0 Latin America totals- 469.5 6.3 needed will not depend solely on the initial Other countries1 678 9.1 subscription payments to the Fund. There Ti oottaali 7 /, , 3 oy 9 7 /. . 5 o I 1 U 0 U 0 . . 0 u will be a constant tendency toward restora- 1 The quotas of all present members of the Fund and the per- tion of balance in its holdings of various ntage of total quotas are shown in a table on page 371. currencies. Members may use the Fund only Any member country will be entitled to to meet deficits in their current international obtain foreign currencies from the Fund in transactions which are expected to be temexchange for its own currency to assist in porary, either because the situation will meeting deficits in its international payments presently correct itself or adequate correcfor current transactions. Quantitative limits tive measures will be taken. To the extent are set on a member's purchases of foreign that this principle is realized in practice currencies from the Fund which may not members will periodically return to the Fund be exceeded except by special permission. the equivalent of the currencies they have Normally a member may purchase foreign withdrawn. In addition there are specific currencies with its own currency until the provisions which encourage or require re- Fund's holdings of its currency equal 200 placement of currencies drawn from the per cent of its quota, but the increase in the Fund. On the Fund's holdings of a member's currency in excess of its quota a mem- Fund's holdings above 75 per cent of the ber must pay charges which increase with quota (i.e., the minimum initial currency the amount held by the Fund and the period contribution) may not exceed 25 per cent of over which it is held. At the end of each the quota in any twelve-month period. year members with adequate reserves must An examination of the initial subscription repurchase a specific amount of the Fund's payments to the Fund indicates that the excess holdings of their currencies with gold Fund will be in a strong position at the outor with currencies needed by the Fund. In set to meet demands upon it. The United addition, members wishing to purchase States dollar is likely to be the currency most foreign currencies with gold must purchase in demand and the Fund will hold approxithem from the Fund if they can do so with mately 3,600 million dollars in United States equal advantage. dollars or in gold, an amount equal to 65 per cent of the maximum normal drawing INITIAL PROBLEMS OF THE FUND privileges of all members of the Fund other than the United States. Some countries will In the early phase of its operations the not use their full drawing privileges and the Fund has special responsibilities with respect United States dollar will not be the only cur- to the determination of exchange rates and rency in demand. The Fund will hold at the gradual elimination of existing restric- APRIL 1946 365 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH tions on payments for current international chosen are consistent with balance in the intransactions. ternational transactions of members and can Before the Fund can begin exchange trans- be maintained reasonably stable. Although actions, agreement must be reached on the many countries will rely for some time initial par values of the currencies of mem- on restrictions on current payments to balbers having 65 per cent of the total quotas ance their international transactions the allocated at Bretton Woods (77 per cent of early removal of such restrictions is one of the quotas of present members). When the the primary objectives of the Fund and will Fund believes it will shortly be in a position be impeded if the rate chosen is not consistent to begin exchange operations it will notify with a balanced position. the members and request each member to The Fund's responsibilities with respect to communicate the actual par value of its the elimination of exchange restrictions and currency in terms of gold or United States discriminatory currency practices will be espedollars based on rates of exchange prevail- cially heavy in the first few years of operaing on October 27, 1945, sixty days before tion. When a member becomes eligible to the Fund Agreement entered into force. purchase foreign currencies from the Fund If during a ninety-day period following the it must decide whether it will take advantage request neither the Fund nor the member of special transitional arrangements permitobjects to the communicated value, it will ting the maintenance of existing exchange become the initial par value for purposes restrictions on current transactions or whether of the Fund Agreement. The period of it will almost immediately eliminate all reninety days during which the Fund or the strictions and discriminatory currency armember may object may be extended for rangements not authorized or approved by countries which were occupied by the enemy. the Fund. Under the transitional arrange- If either the Fund or the member objects to ments each member promises to eliminate the communicated value, agreement must such exchange restrictions as soon as possible be reached within a period to be determined and measures designed to encourage this will by the Fund. The whole process will take be brought into play at the end of three at least three months and the Fund will prob- years, and more strongly at the end of five ably not be in a position to begin exchange years. In exceptional circumstances a memtransactions before the latter part of 1946. ber which persists in maintaining unneces- Except for possible special arrangements for sary exchange restrictions may be declared occupied countries, a member will not be ineligible to use the resources of the Fund. eligible to purchase currencies from the Fund In order to carry out its responsibilities until it has agreed with the Fund on the the Fund must analyze carefully the exchange initial par value of its currency. restrictions and currency practices in force The selection of an initial rate will be dif- and the balance of payments position of the ficult in some cases because of relatively dis- individual members. The Fund's work on turbed conditions in individual countries and exchange restrictions in the early years of its uncertainties with respect to the necessary operations will be of special importance beadjustments to wartime changes. The re- cause a system of exchange controls and disturn to normal trading and financial rela- criminatory currency arrangements tends to tions will be facilitated, however, if the rates perpetuate itself. Adjustments which would 366 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH be required in the absence of such measures gations of the Bank incurred as a result of are postponed and become more difficult. its borrowing operations or guarantees. Of The chances of eventual freedom from the 20 per cent of each country's subscripharmful exchange restrictions will be de- tion which may be used in making direct termined largely by the progress made in re- loans, one-tenth must be paid in gold or moving such restrictions in the transition United States dollars when the Bank is ready period. to begin operations; the remainder will be The removal of restrictions by the United paid in the member's own currency when Kingdom is of critical importance because called by the Bank. Payments on the share of that country's strategic position in world of each country's subscription which may be trade. The proposed American loan of 3,750 called only to meet obligations of the Bank million dollars and the proposed Canadian must be made in either gold, United States loan of 1,136 million United States dollars dollars, or the currency in which the obligato the United Kingdom are intended pri- tion is to be met. marily to meet the unique balance of payments difficulties of that country. Only SUBSCRIPTIONS TO THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT with the help of the proposed loans is there any possibility that the United Kingdom will Amount which may be able to eliminate exchange restrictions and sub T sc o r t i a p l tion (In mill b io e n u s s e o d f dollars) discriminatory practices in the near future. Country In For Only tc millions Per Bank's meet FINANCIAL OPERATIONS OF THE BANK do o ll f ars ce to n t t a o l f f l o u o w n a d n n o B t b i a o l n i n g k a s 's - The International Bank for Reconstruc- United States 3,175 41.4 635.0 2,540.0 tion and Development will promote the in- United Kingdom 1,300 17.0 260.0 1.040.0 China 600 7.8 120.0 480.0 France 450 5.9 90.0 360.0 ternational flow of long-term capital to meet India 400 5.2 80.0 320.0 Canada 325 4.2 65.0 260.0 reconstruction and development needs either Netherlands 275 3.6 55.0 220.0 Belgium 225 2.9 45.0 180.0 by direct loans, made out of its own re- Latin America, total1. . 288 3.8 57.6 230.4 Other countries1 632 8.2 126.4 505.6 sources or from borrowed funds, or by guar- Total 7,670 100.0 1,534.0 6,136.0 anteeing loans made by private investors. 1 The subscription of each member to the Bank and the Except in special circumstances the Bank's amount of each member's subscription which mav be vised for the Bank's own loan fund or only to meet the Bank's obligaloans and guarantees will be long-term and tions is shown in a table on page 371. for specific projects, whereas the Fund will provide foreign exchange for short periods to The total capital subscriptions to the Bank meet overall balance of payments deficits. are of special significance because loans made The total amount to be subscribed to the by the Bank, whether out of its own resources Bank by the present members is 7,670 million or out of borrowed funds, plus the guarantees dollars, as compared to the 9,100 million al- of the Bank may not exceed its unimpaired located to the countries represented at Bret- subscribed capital, reserves, and surplus. ton Woods. Of the total subscriptions, 1,534 Since the Bank's own funds from which it million dollars—20 per cent of each coun- may make loans are equal to only one-fifth try's subscription—may be used in making of the subscribed capital of the Bank, it is direct loans while the balance, 6,136 million, clear that loans out of borrowed funds or may be called only if needed to meet obli- guarantees of loans made by private in- 367 APRIL 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH vestors will bulk large in the Bank's opera- Bank loans. During the period from July tions. The amount subscribed to the Bank 1945 through March 1946 the Export-Import by any member establishes that member's Bank authorized loans totaling 1.5 billion relative share in the ultimate risks of the dollars. Under its existing authority the Bank's operations, but does not measure the Export-Import Bank may lend an additional ability of the Bank to make or guarantee 1.5 billion, and President Truman has aploans in the currency of that country. In proved the recommendation of the National the case of dollars, for example, in addition Advisory Council, created by the Bretton to the subscription of the United States, the Woods Agreements Act, that its lending au- Bank, with the approval of the United States, thority be further extended by 1% billion. may borrow funds in this country for the The Export-Import Bank is unlikely to lend purpose of making dollar loans, or may guar- on a large scale after The International Bank antee foreign issues floated in this country. is in operation. In the aggregate, however, While the United States subscription is 41 these loans will substantially relieve the presper cent of total subscriptions, the funds sure on the resources of the International raised from all sources in the United States Bank. will no doubt constitute a much larger share Since most of the International Bank's of the total funds raised by the Bank. operations will be loans with borrowed funds or guarantees of loans made by private in- INITIAL PROBLEMS OF THE BANK vestors, the market for the Bank's obligations will be of fundamental importance. In the early years of the Bank's operations The principal market is likely to be in the the long-term foreign capital needs of the United States. Private investors and comworld for reconstruction and development mercial banks may be active purchasers purposes are expected to be much greater from the start although purchases by memthan the Bank can meet. One of its major ber banks of the Federal Reserve System problems will be how to use most effectively are limited under existing legislation to its limited power to make and guarantee 10 per cent of their capital and surplus, loans. An analysis of the overall requireor about 600 million dollars. Under the ments of individual countries and of the world as a whole must underlie the Bank's terms of existing laws the Bank's securities lending program if the Bank is to assist the are not yet eligible for purchase by savings most useful and urgent projects. banks and insurance companies in a number The Bank will not be the only source of of states. The New York State Legislature, long-term foreign capital, but it will be the however, has recently passed a measure makprincipal source in the early years of opera- ing the Bank's securities eligible for purchase tion. Private investors will be encouraged to by savings banks, and similar steps will unlend at their own risk, but the volume of such doubtedly be taken elsewhere—particularly loans is likely to be small at the outset. The after the securities become available on the urgent needs of the Transition period will be market. met in part by the special loans proposed for In view of the complex problems confrontthe United Kingdom—The American loan ing the Bank, some months will elapse before of 3,750 million dollars and The Canadian it is ready to begin financial operations. It can loan of 1,136 million—and by Export-Import hardly reach full-scale activity until 1947. 368 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH PROSPECTS FOR INTERNATIONAL MONETARY permit large disturbing capital movements STABILITY in the future. Many countries suffered serious disturbances in their international The International Monetary Fund and the exchange relationships during the thirties International Bank for Reconstruction and resulting from large and erratic interna- Development have important roles to play in the immediate transition period, but both are tional short-term capital movements. Sevprimarily agencies for permanent interna- eral countries developed the technique of tional monetary cooperation. They are ex- controlling such movements and during the pected to contribute substantially to the war almost every important country was maintenance of orderly exchange relation- forced to control capital flows. The experiships and to a balanced growth of world ence thus gained is likely to be applied in trade. The Bank will influence the direction varying degrees in the postwar period. and terms of international investment with a While the Fund Agreement does not obliview to assuring productive use of the funds gate members to control capital movements, borrowed and reasonable prospects of repay- it recognizes each member's right to do so ment and to avoiding sudden changes in the and any member drawing on the Fund may flow of international investment. The Fund be required to prevent large or sustained capwill help to maintain reasonable stability ital outflows as a condition of further use of of exchange rates while making possible the Fund's resources. orderly changes in rates when necessary Most countries will have substantial gold to correct fundamental maladjustments, and and dollar reserves on which they will be will help to eliminate harmful exchange re- able to draw to meet balance of payments strictions on current transactions. In addi- deficits. Official gold and dollar reserves tion, the resources of the Fund will help of countries other than the United States are members to meet temporary overall balance estimated at 20 billion dollars at the end of payments deficits without resorting to re- of 1945 as compared to 7 or 8 billion at the strictive measures. end of the twenties. Although large drafts on these reserves may be necessary during The prospects of achieving international the immediate transition period, in the agmonetary stability depend partly on the maggregate they will undoubtedly continue at nitude and nature of the problems which the a much higher level than in prewar years. Fund and the Bank will be called on to Annual gold production abroad reached a meet. The successful carrying out of the peak of 1,300 million dollars in 1940 and lending programs of the United States and 1941 and will continue to supplement avail- Canada will enable the Fund and the Bank to able foreign reserves. Although total gold avoid being overwhelmed by the unusual and dollar reserves are not distributed demands of the transition period. They will among individual countries in proportion to be able to conserve their resources to meet the needs which develop from year to year need, the ability to draw on reserves, supand to exert a continuing influence toward plemented by the privilege of using the reinternational financial stability. sources of the Fund, should enable most Several other factors may help to achieve countries to meet temporary foreign trade stability in international monetary relation- deficits without resorting to harmful restricships. Probably no important country will tive measures. In certain cases, however, the APRTL 1946 369 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH imposition of restrictions on payments for of a high level of employment with its accurrent international transactions may be ap- companiment of increased consumption will proved by the Fund as the most appropriate permit a substantial increase in the volume means of meeting a temporary deficit. of imports without any decrease in domestic Whenever it appears that a balance of pay- production of the same types of commodities; ments deficit may become chronic and is due and in those cases in which imports force to fundamental maladjustments, corrective some shift away from types of production in measures will be necessary. Changes in ex- which the surplus country is relatively less change rates, long-term borrowing abroad for efficient, the shifts can readily be effected if productive purposes, reorganization or ra- business is active and employment high tionalization of productive methods, appro- throughout the economy. priate domestic monetary policies or other In addition to the contribution that it measures may be discussed by the Fund with would make toward a larger volume of the member country concerned as steps to imports, the steady maintenance of high aid in eliminating a deficit in a country's employment in the surplus countries would international transactions. The Fund will help to relieve the world of the international also aim to correct a chronic tendency toward crises and pressures that characterized the a surplus in the balance of payments of any 1930's. Great fluctuations in the purchasing member country and may discuss with the power of the countries which are predomimember possible measures to reduce or elimi- nant in world markets lead to booms and denate the surplus. pressions in those markets that distort whole The adoption of measures designed to national economies and render orderly intereliminate a chronic balance of payments national relationships impossible. Avoidance surplus, including the elimination of bar- of such fluctuations is essential to the full and riers to international trade, will be greatly successful functioning of the Bretton Woods facilitated by the maintenance of a high institutions. The attainment of national and level of employment in "surplus" countries international stability, however, must be such as the United States. Only if there attacked as a common problem; both must be is confidence in such countries that in- achieved together. The international meascreased imports will raise the domestic ures of which the Fund and the Bank constandard of living and not contribute to stitute a part are as essential to orderly naunemployment at home will a greater inflow tional developments as they are dependent of foreign goods be welcomed. Attainment upon them. 370 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH VOTING POWER AND SUBSCRIPTIONS OF MEMBER COUNTRIES Votingpower of member countries Required subscriptionsto International Bank International Fund quotas Amount which may International Fund International Bank Total subscription be used Country (in millions of dollars) N of u m vo b t e e r ss P o e f r t c o e ta n l t N of u m vo b t e e r s P o e f r t c o e ta n l t o A m f m d il ( o l i o i n l o u la n n r s t s) P o e f r t c o e ta n l t o A f m m d il ( o l i o i n l o u la n n r s t s) P o e f r t c o e ta n l t ow B n F a n o lo k r a 's ns ob O B l m n i a g l e n y a e k t t i t ' o s o ns Belgium .. 2,500 2.99 2,500 2.90 225 0 3.04 225.0 2.93 45.00 180 00 Bolivia. 350 .42 320 .37 10.0 .14 7.0 .09 1.40 5.60 Brazil 1,750 2.09 1,300 1 51 150 0 2.03 105.0 1.37 21.00 84 00 Canada 3,250 3.88 3,500 4.06 300.0 4.06 325.0 4.24 65.00 260.00 Chile 750 .90 600 70 50 0 .68 35.0 .46 7.00 28 00 China 5,750 6.87 6,250 7.25 550.0 7.43 600.0 7.82 120.00 480.00 Colombia 750 .90 50.0 .68 Costa Rica 300 .36 270 .31 5.0 .07 2.0 .03 .40 1.60 Cuba 750 .90 600 .70 50.0 .68 35.0 .46 7.00 28.00 Czechoslovakia 1,500 1.79 1,500 1.74 125.0 1.69 125.0 1.63 25.00 100.00 Denmark 930 1.11 930 1.08 68.0 .92 68.0 .89 13.60 54.40 Dominican Republic 300 .36 270 .31 5.0 .07 2.0 .03 .40 1.60 Ecuador 300 .36 282 33 5.0 .07 3.2 .04 .64 2.56 Egypt 700 .84 650 .75 45.0 .61 40.0 .52 8.00 32.00 El Salvador 275 .33 260 30 2 5 .03 1.0 .01 .20 .80 Ethiopia 310 .37 280 .32 6.0 .08 3.0 .04 .60 2.40 France ... 4,750 5 67 4 750 5 51 450 0 6.08 450.0 5.87 90.00 360 00 Greece 650 .78 500 58 40.0 .54 25.0 .33 5.00 20.00 Guatemala 300 .36 270 .31 5.0 .07 2.0 .03 .40 1.60 Honduras 275 .33 260 .30 2.5 .03 1 .0 .01 .20 .80 Iceland 260 .31 260 .30 1.0 .01 1.0 .01 .20 .80 India .... 4,250 5.08 4,250 4 93 400.0 5.41 400.0 5.22 80.00 320.00 Iran 500 .60 490 .57 25.0 .34 24.0 .31 4.80 19.20 Iraq 330 .39 310 36 8 0 .11 6.0 .08 1.20 4.80 Luxembourg 350 .42 350 .41 10.0 .14 10.0 .13 2.00 8.00 Mexico 1,150 1.37 900 1.04 90.0 1.22 65.0 .85 13.00 52.00 Netherlands 3 000 3 58 3 000 3 48 275 0 3.72 275.0 3.59 55.00 220.00 Nicaragua 270 .32 258 .30 2.0 .03 .8 .01 .16 .64 Norway 750 90 750 87 50 0 .68 50.0 .65 10.00 40.00 Panama 255 .30 252 .29 '.5 .01 .2 0) .04 .16 Paraguay 270 .32 258 30 2.0 .03 .8 .01 .16 .64 Peru 500 .60 425 .49 25.0 .34 17.5 .23 3.50 14.00 Philippine Commonwealth.. 400 .48 400 .45 15.0 .20 15.0 .20 3.00 12.00 Poland 1,500 1.79 1,500 1.74 125.0 1.69 125.0 1.63 25.00 100.00 Union of South Africa 1,250 1.49 1,250 1.45 100.0 1.35 100.0 1.30 20.00 80.00 United Kingdom 13,250 15.83 13,250 15.37 1,300.0 17.57 1,300.0 16.95 260.00 1,040.00 United States ... 27,750 33.14 32 000 37.12 2,750.0 37.17 3,175.0 41.40 635.00 2,540.00 Uruguay 400 48 355 41 15 0 .20 10.5 . 14 2.10 8.40 Yugoslavia 850 1.02 650 .75 60.0 .81 40.0 .52 8.00 32.00 Total 83,725 2100.00 86,200 U00.00 7,397.5 H00.00 7,670.0 2100.00 1,534.00 6,136.00 1 Less than .005 per cent. 2 The figures shown in the table do not add to 100.00 because of rounding. 371 APRIL 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH VOTING POWER OF EXECUTIVE DIRECTORS * INTERNATIONAL FUND INTERNATIONAL BANK Number Per cent of Number Per cent of of total vot- of total votvotes ing power votes ing power Directors appointed by: Directors appointed by: 1. United States 27,750 33.52 1. United States 32,000 37.53 2. United Kingdom 13,250 16.00 2. United Kingdom 13,250 15.54 3. China 5,750 6.94 3. China 6,250 7.33 4. France 4,750 5.74 4. France 4,750 5.57 5. India 4,250 5.13 5. India 4,250 4.98 Elected Directors Elected Directors 6. Santos-Filho (-Brazil), elected by 6. Beyen (Netherlands), elected by votes of: votes of: Brazil 1,750 Netherlands 3,000 Chile 750 Union of South Africa 1,250 Peru 500 4,250 4.98 Uruguay 400 Bolivia 350 Ecuador 300 7. Gutt (Belgium), elected by votes of: Paraguay 270 Belgium 2,500 Panama 255 Norway 750 4,575 5.53 Luxembourg 350 Iceland 260 7. Gomez (Mexico), elected by votes of: 3,860 4.53 Mexico 1,150 Colombia 750 8. Moller (Chile), elected by votes of: Cuba 750 Brazil 1,300 Costa Rica 300 Chile 600 Dominican Republic 300 Philippines 400 Guatemala 300 Bolivia 320 El Salvador 275 Costa Rica 270 Honduras 275 Guatemala 270 Nicaragua 270 Paraguay 258 4,370 5.28 Panama 252 3,670 4.30 8. Bruins (Netherlands), elected by votes of: Netherlands 3,000 9. Baranski (Poland), elected by votes of: Union of South Africa 1,250 Czechoslovakia 1,500 4,250 5.13 Poland 1,500 Yugoslavia 650 9 Rasminsky (Canada), elected by 3,650 4.28 votes of: Canada 3,250 Norway 750 10. Machado (Cuba), elected by votes of: 4,000 4.83 Mexico 900 Cuba 600 10. Mladek (Czechoslovakia), elected Peru 425 by votes of: Uruguay 355 Czechoslovakia 1,500 Ecuador 282 Poland 1,500 Dominican Republic 270 Yugoslavia 850 El Salvador 260 3,850 4.65 Honduras 260 Nicaragua 258 11. Gutt (Belgium), elected by votes of: 3,610 4.23 Belgium 2,500 Luxembourg 350 11. Bryce (Canada), elected by votes of: Iceland 260 3,110 Canada 3,500 3,500 4.11 12. Saad (Egypt), elected by votes of: 12. Varvaressos (Greece), elected by Egypt 700 votes of: Greece 650 Egypt 650 Iran 500 Greece 500 Philippines 400 Iran 490 Iraq 330 Iraq 310 Ethiopia 310 Ethiopia 280 2,890 3.49 2,230 2.62 Total 82,795 100.00 Total 85,270 100.00 * The total number of votes and the percentage distribution of the voting power of member countries are affected by the fact that Denmark did not join in time to participate in the elections. 372 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL AGREEMENT BETWEEN THE UNITED STATES AND GREAT BRITAIN by MARRINER S. ECCLES Chairman of the Board of Governors of the Federal Reserve System The statement given below was made by Chair- forget how different is the situation of countries man Eccles before the Banking and Currency Com- which can not survive without a large measure mittee of the Senate on March 8, 1946. of foreign trade. Britain's export trade, the main source of her Mr. Chairman, I appreciate this opportunity to international earning power, was down to oneappear before this Committee to express my views third of normal by the end of the war. Why? on the proposed British loan. I learned about the Because in her wartime partnership with us, it British problem the hard way—by weeks of contin- was agreed that she should concentrate her efforts uous negotiations in which we thoroughly explored on war production while we provided her essential the British situation and every proposal for dealing imports under Lend-Lease. Lend-Lease abruptly with it. I should like to summarize my conclusions ended on V-J Day. Britain's struggle to rebuild by offering answers to three questions: her export trade did not begin until that day. It will take years for her to rebuild her exports, 1. Why do the British need our help? especially since they must now rise far above 2. What would it cost us to give this help? the prewar level to make up for her wartime loss 3. What would we get in return? of income from her overseas investments. First: Why do the British need our help? They Before the war Britain was one of the greatest need it because they have just finished an exhaust- creditor countries in the world, receiving each year ing war against our common enemies. They need close to one billion dollars of net income from her a blood transfusion to help them regain their inter- foreign investments. The necessities of war comnational economic health. The proposed credit pelled her to liquidate a large part of her foreign is not and, therefore, should not be judged as a com- investments and to incur, in the form of frozen mercial loan. It is more like a draft on a blood sterling balances, foreign obligations amounting bank. to approximately 12 billion dollars. As a result, Why has the war left Britain in this anemic state ? her net income from foreign investments has been Because in their extremity the British threw all their reduced to about 400 million dollars. Not only resources into the battle without reckoning the cost has she lost this income, but she has lost liquid in terms of where they would be left after victory. assets which might otherwise have been available Domestically, their economy can be readily con- to tide her over this postwar situation. verted to peacetime purposes. Internationally, the This, in brief, is why the British seek our help. wartime drains on their resources have reduced There is nowhere else they can turn to get the them to the point where their only alternatives are help which they need in addition to what they to gain recuperative help from us or else to attempt can get from within the Empire. recovery through exploitation of the Empire system. Second: What would it cost us to give this help? The British Isles are normally a great workshop. We are asked to provide a line of credit of 3,750 The British people depend for their existence upon million dollars to be drawn over a period of from large imports of food and raw materials. They three to five years. The British wanted, and made need the food to exist. They need the raw mate- a strong case for much more. The American negotirials for manufacture into the goods which they ators, however, were not willing to ask the Conconsume and those they sell abroad. Only by selling gress to provide more than we concluded was the goods and services abroad can they get the dollars irreducible minimum needed to do the job, having necessary in the long run to buy what they need in mind (1) Britain's urgent requirements for abroad. We, in America, who live so largely foreign goods, based on continuation of an austere from the resources within our nation, sometimes standard of living for her people, (2) her capacity APRIL 1946 373 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL AGREEMENT BETWEEN THE UNITED STATES AND GREAT BRITAIN to pay out of her own resources, and (3) the we expect far more than a mere financial return. amount of help she might obtain from countries The contract provides for repayment of the prinother than the United States. cipal and for a moderate rate of interest. But at What does a loan of 3,750 million dollars cost this juncture in our affairs we are not looking for the United States? The interest rate which our loans just for the sake of playing the role of world Government has to pay on borrowed money is not banker. Only the most real and urgent reasons, the important matter that some have tried to make based on our own national advantage, would it seem. The real question is the strain on our justify our incurring the costs of any foreign loan financial and economic resources. That involves at this time. If the granting of this British loan a real cost. I scarcely need remind you that we, does not reasonably promise lasting benefits and too, have inherited troubles from the war. We compensations to the United States which far outhave a national debt of nearly 280 billion dollars. weigh the financial considerations involved, the We still face dangerous inflationary pressures be- loan should not be made. If I did not feel that cause of the excessive purchasing power created this loan is in the deepest sense in the interest of as a result of the way in which we financed the this country, I would not be here today recomwar and because of our great shortages of goods mending that you approve it. relative to this purchasing power. The expenditure We live today in a sick world. We have yet in our markets of dollars provided under this loan to attain the objectives of the Atlantic Charter, would admittedly add further inflationary pressures freedom from want and freedom from fear. These to our economy at this time. objectives will never be attained, and our ideals of Fortunately the added pressures would not be peace and democracy can not long survive if we as heavy as they might seem at first sight. Ex- merely indulge in pious hopes and do nothing to penditure of the dollars provided in this proposed prevent the world from degenerating into further loan would be spread out over several years. Some economic chaos in the aftermath of the most of the dollars would be spent initially in other devastating of all wars. countries and might take some time to find their What are we doing about it? As you know, way back to our markets. Some would be spent the American Government has taken the lead in on commodities which are not in short supply. drawing up treaties of economic peace as the basis And unless we bog down in the management of for a stable world order. We have laid down our own affairs at home, our vast capacity to pro- "rules of the game" for a peaceful and productive duce goods will progressively overcome the short- system of world trade and finance, first in the ages during the life of this extension of credit. Bretton Woods Agreements and then in the pro- It was neither practical nor desirable to attempt posals for an International Trade Organization. to specify as a condition of the loan how, or when, The basic justification for the British loan is that or for what the dollars should be spent in our it would enable Britain to join with us in making markets. We already have and should retain the a living reality out of these blueprints for world over-all control of exports, through export licenses, recovery and reconstruction. whereby we can exert a real measure of control British interests in this field correspond with over the timing and nature of all foreign demands, our own. No country has a greater stake in a whether they arise under this loan or otherwise, sound and healthy world trade than Britain. With that may be made on our economy during the the loan, the British will be given the help they period of inflationary pressures. However, we shall need to work out of their postwar predicament have to share with the world some of our scarce in a peaceful and orderly way. They would open resources. This fact has been recognized in our their markets to the world on a basis of nondisfood program. We shall need to recognize it as crimination and receive access to foreign markets it affects other necessities if we are to help bring on the same basis. They would be able to make about economic and political stability in the world. pounds sterling earned by foreign suppliers of This takes me to my third point. the British market freely convertible into other Third: What would we get in return? Out of currencies so that trade would no longer be arbithis proposed loan, which is an integral part of a trarily channeled along bilateral lines. They would far larger fabric of international arrangements, become part of a world trading system, which is 374 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL AGREEMENT BETWEEN THE UNITED STATES AND GREAT BRITAIN essential to the maintenance of employment and abroad, can not be judged burdensome. Let me economic stability in a democratic world. impress this thought upon you: that our very On the other hand, if we refuse the loan, the purpose in making the loan is to create the con British would be forced to make a desperate bid ditions in which it can be repaid. for economic domination in large areas of the You will have noted that I advocate this loan on world. They would have to intensify their trade its own merits and primarily as a contribution to and exchange restrictions, and to resort to every world stability. I do not believe in foreign lending economic device to gain advantage in world markets for the sake of creating employment here and exand obtain necessary supplies. This would force porting unemployment to foreign shores. We get a large part of the rest of the world into retaliation employment, yes, while the money is being spent, along the same lines. As a matter of self-preserva- but the fruits of that employment are lost to us tion countries would turn increasingly toward state permanently if we persist in refusing to take goods trading and barter. The British people would and services from foreign countries to enable them suffer privations even greater than in wartime, to service and repay their debts. If we desire to and no one could say whether freedom and democ- maintain a thriving export business and receive racy could survive such conditions there. Along service on our investments abroad, we must make this road lies further totalitarian development. the exchange of goods and services a two-wav Such a prospect would be profoundly disturbing. street. In the end, responsibility for making it pos If our relations with the British Empire degenerate sible for our debtors to pay is ours, and ours alone. into a state of bitter rivalry between trading blocs, The decision is in your hands. It is a fateful can we retain any hope of salvaging a decent peace one. Without effective British participation, which from the wreckage of war? Faced with this is possible only if we lend our aid, the Bretton situation, we are asked to provide a sum equal to Woods institutions can not fulfill the hopes which fifteen days' cost of fighting the war. I believe that we have placed in them. Without the fulfillment if we could afford to give 21 billion dollars of Lend- of these hopes for a stable economic order in the Lease aid to a partner in winning the war, we world, there is little prospect of success for the should be able to lend a small fraction of this sum United Nations Organization in its search for to secure a partner in winning the peace. If the political stability and security. Without economic war had lasted longer, as many expected, we would or political stability, we can expect only a continued not have hesitated to furnish further Lend-Lease drift of world affairs toward the catastrophe of a aid to Britain even though the amount might have third World War. far exceeded this loan. Is there not finally another compensation if But what about the risk of default? Of course we make this loan? It arises from the American it exists. We can not foresee the conditions which sense of fair play. Are we the sort of people will prevail over the rest of this century and neither that would fail to help in an hour of great need this loan agreement nor any of the other economic a stout-hearted ally dedicated to the institutions arrangements into which wre now enter can survive of freedom and democracy—an ally which once a state of world-wide economic collapse such as stood alone through the long dark night as the we suffered during the Great Depression. But if only barrier between this country and Axis aggresthe world economy is restored to a healthy basis, sion? As we review the past, let's not forget that the payments on this loan, amounting to no more while the British owe us much, we also owe them than 2 per cent of Britain's annual expenditures something. APRIL 1946 375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK PROFITS IN 1945* According to preliminary reports, net profits after As is shown in the chart, net profits after taxes taxes of member banks of the Federal Reserve Sys- of member banks have increased rapidly since 1942, tem increased further in 1945. This increase was from the relatively low level that prevailed during due in part to a continued growth in earnings on the 1930's. Unlike manufacturing profits, bank Government securities and in part to exceptionally profits did not spurt up suddenly at the beginning large profits obtained from sales of securities. The of the war; indeed, profits in 1942 were below those latter source of earnings is largely temporary and in 1941 and were not much above the general may not be expected to continue, and, with the average of the 1930's. Since 1942, however, bank prospects for debt retirement by the Treasury, it is profits have exceeded those of the late 1920's, the likely that bank earnings on Government securi- latest period of high earnings. ties have reached their peak. Bank expenses and The present level of bank profits, as compared taxes also increased further in 1945, and somewhat with that of the late 1920's, results from circumhigher expenses may be expected in 1946, although stances markedly different from those which pretaxes will be lower. vailed at that time. Total earning assets of banks in 1945 were about three times as great as in 1929. MEMBER BANK EARNINGS AND PROFITS AS PERCENTAGES OF CAPITAL ACCOUNTS The rate of interest return on these earning assets, 15 i however, was decidedly lower. While the level of market interest rates had fallen substantially for V NET CURRENT EARNINGS a decade and a half, the average return received i by banks from earning assets had dropped even more. The composition of earning assets had shifted from a dominance of loans, a high-yield asset, to United States Government securities, the lowest yielding of all earning assets. At the same b NET PROFITS time, however, banking losses had also declined greatly. \ Nearly all of the wartime growth in bank earnings is the result of income and profits from United States Government securities. Earnings from other sources remained almost unchanged V \ over the war period, while income from Government securities increased rapidly and now constitutes almost half of gross earnings. This characteristic of the wartime growth in -10 1111 1 1 1 L_ 1 1 1 1 1 1 1 1 1 1 1 1 1920 1925 1935 earnings has been accompanied by a narrowing of t Prior to 1927, profits on securities were included in current differentials in earnings among classes of banks earnings. * Beginning in 1942, taxes on net incomes are not, while re- and among individual banks. In 1940 the esticurring depreciation is, a current expense deduction from earnings. mated average return received from Government securities by country banks was almost twice as Net profits after taxes of all member banks great as that received by money market banks. At aggregated 794 million dollars in 1945, and the ratio present there is little difference between these groups of net profits to total capital accounts was 11.0 per of banks. Furthermore almost every bank, regardcent. About one-third of the net profits was paid less of size, is now earning some profit, and the out as dividends to stockholders; the remainder was profits ratios of most banks cluster around the added to capital accounts. average, that is, fall within the range of about * This article was prepared by Roland I. Robinson and Caroline Cagle of the Board's Division of Research and Statis- 9 to 12 per cent. tics. 376 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK PROFITS IN 1945 FACTORS INFLUENCING BANK PROFITS inroads on bank earnings as the war progressed, and in 1945 member banks were paying more than The most important factor explaining the growth a quarter of a billion dollars in income taxes. in bank profits over the past &vc years has been the increase in interest received on Government SOURCES OF INCOME securities. The revenue from this source for member banks has increased about three-quarters of a The principal sources of bank income from curbillion dollars. As shown in the accompanying rent operations in the period 1919-45 are shown in table, gross earnings of member banks increased by the accompanying chart. It is clear that in this about the same amount while expenses increased by interval of more than 25 years interest and divi- 345 million dollars. This increase in expenses was dends on securities has supplanted earnings on due to a variety of factors, the most important of loans as the principal source of bank earnings. which was the rise in salaries and wages. Recov- For the year 1945 the amount of interest on eries and profits on securities sold were large dur- United States Government securities reported by ing this period and losses were smaller than in member banks amounted to 997 million dollars, earlier years. At the same time taxes made deeper or almost half of gross earnings. For all com- MEMBER BANK EARNINGS, EXPENSES, AND DIVIDENDS 1929, 1935, AND 1940-45 [In millions of dollars] Item 1929 1935 1940 1941 1942 1943 1945 Earnings 2,399 1,207 1,323 1,417 1,487 1,650 1,874 2,100 Interest and dividends on securities: U O n th it e e r d States Government 473 467 202 "2 2 3 0 9 6 * 2 3 0 3 4 6 « 1 5 7 9 2 4 «8 1 0 5 2 8 "1 99 5 7 3 Interest and discount on loans 1,563 498 595 665 649 563 563 "585 Other earnings 363 242 297 307 298 321 351 "365 Expenses 1,684 833 921 988 1,002 1,039 1,127 1,266 Salaries and wages 464 334 400 426 461 487 525 «586 Interest on time deposits.. 445 196 147 140 128 124 144 «180 Other expenses 1775 1303 1374 H22 413 428 458 Net current earnings before taxes on income 1715 1374 1402 1429 485 611 747 834 Recoveries, profits on securities, etc 137 376 303 278 188 312 318 *427 Losses and charge-offs 295 538 356 318 223 251 232 *200 Profits before income taxes. . 451 673 833 1,061 Taxes on net income . 0) C1) 0) 0) 68 115 184 267 Net Profits 557 212 349 390 383 557 649 794 Cash dividends declared 2. . . 387 187 210 211 203 208 226 Asset and liability items:3 United States Government securities. . 4,161 11,492 14,823 17,753 25,408 48,182 60,324 71,795 Other securities 5,951 5,422 5,799 5,994 5,842 5,286 5,131 5,566 Loans 25,615 11,985 14,298 16,699 17,218 16,229 17,682 19,815 Total assets 46,954 41,607 58,025 65,044 72,610 94,299 108,920 125.132 Time deposits 13,332 10,181 12,055 12,458 12,413 14,176 17,198 21,487 Total deposits 37,295 35,694 51,919 58,717 66,103 87,381 101,484 116,983 Total capital accounts 6,360 5,118 5,597 5,798 5,977 6,304 6,712 7,243 Ratios to total earnings (per cent): Interest and discount on loans 65.2 41.3 45.0 47.0 43.6 34.1 30.1 "27.9 Interest and dividends on securities. . , 19.7 38.7 32.6 31.4 36.3 46.4 51.2 «54.8 Other earnings 15.1 20.0 22.4 21.6 20.1 19.5 18.7 «17.3 Salaries and wages 19.3 27.7 30.3 30.0 31.0 29.5 28.0 "27.9 Interest on deposits 31.7 17.3 11.1 9.9 8.6 7.5 7.7 *8.6 Other current expenses 19.2 24.0 28.2 29.8 27.8 25.9 24.4 «23.8 Total expenses 70.2 69.0 69.6 69.7 67.4 63.0 60.1 60.3 Other ratios: Net current earnings (before taxes on income)1 to total capital accounts 11.2 7.3 7.2 7.4 8.1 9.7 11.1 11.5 Net profits to total capital accounts 8.8 4.1 6.2 6.7 6.4 8.8 9.7 11.0 Interest and discount on loans to loans 6.1 4.2 4.2 4.0 3.8 3.5 3.2 Interest and dividends on securities to securities 4.7 2.8 2.1 1.9 1.7 1.4 1.5 n.5 Interest on time deposits to time deposits 3.3 1.9 1.2 1.1 1.0 0.9 0.8 e Estimated; 1945 figures are based on preliminary tabulations. 1 Taxes on net income were included with "other expenses" and, therefore, deducted in computing net current earnings prior to 1942. 2 Includes interest paid on capital notes and debentures. 3 Figures are averages of the amounts reported for every call date in the current year and for the last call date in the preceding year, except for 1944 when the figures are the averages for three call dates, the spring call being omitted. APRIL 1946 377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK PROFITS IN 1945 mercial banks this amount must have been about securities held by member banks in 1945, which 1,150 million dollars. Since member banks held was computed above to be 1.39 per cent, is apprean average of 71,790 million dollars of Governments ciably below the average interest rate paid by the during the year, the average return on these Treasury on securities held by these banks in 1945, securities was in the neighborhood of 1.39 per cent. which is estimated at about 1.64 per cent. The This return is about 0.15 per cent lower than the difference in these rates is indicative of the amount applied to the amortization of premiums. In 1945 it is estimated that the Treasury paid or accrued MEMBER BANK EARNINGS 1,370 million dollars of interest on the United States Government securities held by commercial banks. This amount was equal to 28 per cent of /I \ the average computed1 interest cost of the public TOTAL r ft \ CURRENT EARNINGS debt in that year. f ' ' * The average return booked by member banks on their holdings of Government securities, while A A below the average coupon rate, is considerably in 1 \ / \ f excess of the prevailing average market yield. \ s**— Banks are still receiving income from the securities \i ^ 1 purchased in earlier years when higher yields pre- \ f vailed. In other words, without a further increase \ % / in holdings the interest income of banks will tend \ EARNINGS 1 to recede if yields stay at their present levels. If SN ON LOANS', /\M-.«*» yields decline further the reduction in income will ON SECURITIES be all the sharper. ^ v » ^^ OTHER EARNINGS One of the striking developments of the war 1 period has been the convergence of average rates of interest income on Government securities for Current earnings do not include recoveries, profits on se- the various classes of banks. Before the war most curities sold, etc., except that prior to 1927 profits on securities sold are included in "other earnings." Beginning in 1942, money market banks concentrated their portfolio "service charges and fees on loans," formerly included in "other earnings," are included in earnings on loans. holdings in relatively short-term issues and received correspondingly lower average returns. Country estimated average of 1.54 per cent for member banks, on the other hand, held larger proportions banks for 1940. Nevertheless estimated earnings of Treasury bonds and received correspondingly on Government securities were more than four higher average yields. The policy followed by the times as great in 1945 as in 1940 because of an Treasury since the fall of 1942 of allowing only increase during this period of 57 billion dollars in the relatively short or intermediate term securities average holdings of Government securities. issued to be eligible for bank ownership has tended^ The interest reported by banks on their holdings however, to reduce this differential. Country banks of Government securities is based on the book value during this period made large additions to their of these securities. Such income was separately portfolios from intermediate term securities. Money reported for the first time in 1945, and the figures market banks, on the other hand, having increased for earlier years shown in the table on page 377 confidence in the stability of yields for the nearare therefore estimates. For securities acquired term, went more and more from short into interfrom the market above par value the reported mediate term securities. The convergence of the income is less than the coupon interest collected. average interest returns on Government securities Since direct offerings of securities by the Treasury iThe computed interest cost of the public debt allows an into banks after the fall of 1943 were small and most terest return on all nonmarketable securities at their average rate for the entire period outstanding. In other words, the additions to holdings were acquired by market interest on Series E savings bonds is computed at 2.9 per cent rather than at the rate of accrual according to the redemption purchase, banks paid premiums for most of the schedule of these bonds. If the interest paid or accrued on securities purchased over this interval. In other Government securities held by commercial banks is compared with the budgeted expenditure for interest on the public debt, words, the effective earnings rate on Government which is on the latter basis, it would amount to about 34 per cent. 378 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK PROFITS IN 1945 for various classes of banks is shown in the follow- of savings deposits; the rates paid on such deposits ing table: continued to decline. Other expenses also increased. AVERAGE YIELD ON MEMBER BANK HOLDINGS OF For many years salaries and wages have been UNITED STATES GOVERNMENT SECURITIES, 1940-45 [Per cent per annum] the most important item in bank expenses. This item increased substantially in dollar amount dur- 11940 U941 U942 U943 *1944 1945 ing the war period and in 1945 was in the neigh- All member banks. .. 1.54 1.35 1.23 Central reserve city banks: MEMBER BANK EXPENSES New York City.. 1.01 .87 .97 1.05 1.18 1.29 Chicago 1.43 1.28 1.32 1.27 1.36 1.32 Reserve city banks. 1.81 1.62 1.48 1.29 1.32 1.37 Country banks 2.00 1.78 1.60 1.34 1.46 1.49 1Yields estimated; earnings on U. S. Government securities not reported separately before 1945. It is estimated that in 1940 country banks were earning an average of 2.00 per cent on their Governments while central reserve city banks in New York City earned only 1.01 per cent, a differential of about 1.00 per cent. In 1945 this range was from 1.29 per cent for New York City banks to 1.49 per cent for country banks, a differential of only .20 per cent. Earnings of member banks from loans remained relatively constant over the war period, as shown by the chart on page 378. The average volume of loans held increased about 5.5 billion dollars Current expenses do not include losses, charge-offs, etc. Beginning in 1942 taxes on net income are excluded while (from 14.3 billion in 1940 to 19.8 billion in recurring depreciation is included in current expenses. 1945), but the average interest return on loans declined from 4.2 to about 3 per cent. This decline borhood of 585 million dollars, an all-time peak. in average return appears to have been due in part As is indicated in the accompanying table, from to a lowering of rates but it is very likely that the 1940 to 1945 the number of persons employed by more important reason was a change in the compo- member banks increased by roughly 43,000, and sition of loans. High-rate consumer credit loans the average annual salary of employees and officers became a smaller share of loan portfolios while by about 27 and 17 per cent, respectively. As a loans for purchasing and carrying Government result the total wage bill increased by around 46 securities, on which very low interest rates are per cent. Both salaries and wages and total excharged, became an increasing share. AVERAGE NUMBER AND AVERAGE SALARY OF EM- The average rate of earnings from loans has PLOYEES OF MEMBER BANKS, 1940, 1943, 1944, AND 1945 declined greatly over the past decade and a half. In 1929 the average return on loans was over 6 1945 1940 1943 1944 (est.) per cent, while in 1945 it appears to have been about half this rate. Average number of employees (full- and parttime) 195,731 222,190 228,863 238,336 BANK EXPENSES O O f t f h ic e e r r s s 1 3 6 4 0 ,7 9 7 6 1 0 1 3 8 6 6 , , 0 1 0 8 1 9 1 3 9 7 1 , , 0 8 4 1 6 7 1 3 9 8 9 , , 5 8 1 2 3 3 Along with all other lines of business, banks Salaries and wages (in millions of dollars) 400 457 525 586 encountered higher costs of operation during the Officers 155 175 188 200 Others 245 312 337 386 war years, as is shown by the accompanying chart. Average salary 1 $2,044 $2,192 $2,294 $2,459 From 1940 to 1945 expenses increased 37 per cent. Officers 4,458 4,861 5,075 5,200 Others 1,522 1,676 1,757 1,930 The salary and wage bill increased both because of more employees and higher rates of pay. Interest 1 These are rough averages derived by dividing aggregate anon time deposits grew because of a larger volume nual salary payments by the average of the number of full- and part-time employees at the beginning and end of the year. 379 APRIL 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK PROFITS IN 1945 penses, however, increased less rapidly during the On assets other than securities, losses in recent war period than total earnings. years have been low, and there have been appreciable recoveries, particularly through the sale of real estate acquired in earlier foreclosures. NONCURRENT LOSSES AND GAINS As credit grantors, banks ordinarily suffer some TAXES losses on earning assets. While the losses are Income taxes increased by 200 million dollars usually offset in part by recoveries of previous from 1942 (the earliest year for which separate charge-offs and by profits on securities sold, there figures are available) through 1945, although other has generally been some net loss on noncurrent actaxes remained almost unchanged during this count. This net loss varies considerably in amount period. In 1945 Federal income taxes for all from time to time and often has an important bearmember banks amounted to 267 million dollars, ing on net profits of banks. During the war period, or 25 per cent of net profits before income taxes. however, the rise in Government security prices, The increase in Federal income taxes paid is together with the differential maintained between the result of new levies inaugurated during the long- and short-term interest rates, has resulted in defense and war periods, increases in rates, higher an increase in bank profits from security transacearnings and profits, and the dwindling supply tions of such magnitude that noncurrent income of tax-exempt securities. In 1940 a new excess accounts of banks have shown substantial net gains. profits tax was inaugurated. In 1941 the introduc- Profits from the sale of Government securities tion of the surtax had the effect of further inhave resulted from two factors: first, the general decreasing taxes on income, including income from cline in interest rates and the accompanying rise in partially tax-exempt United States Government seprice of outstanding issues, and, second, the difcurities. In addition to the new taxes the rate ference between short- and long-term interest rates. schedules for all Federal taxes were increased. As Profits that result from a decline in interest rates a result small banks (with taxable income of less continue to be reported as long as market yields dethan $25,000) paid a minimum rate of 25 per cent cline and even after the decline ceases if banks are while large banks (with taxable income of $50,000 selling securities from portfolios acquired earlier at or more) paid a minimum rate of 40 per cent. lower prices. But with stable yields these profits Also, the capital gains tax of 25 per cent on net tend to shrink. Profits from the sale of securities long-term capital gains has added considerably to that result from differences between short- and longbank taxes in recent years. Some banks were also term interest rates arise because any security when subject to the excess profits tax, the rates of which sold has a shorter period to maturity than when ranged from 25 to 50 per cent of adjusted excess purchased; hence, depending on the amount of the profits net income in 1940 to an effective rate of difference, it sells at a lower yield and therefore a 85.5 per cent in 1944 and 1945. Prior to 1944 few relatively higher price than when purchased. But banks were affected by the excess profits tax levy, for ease of computation the premium is usually largely because of the substantial proportion of amortized on a straight-line basis or a constant their income derived from tax-exempt securities. yield basis. Hence if the security is sold before In 1944 and 1945, as their tax protection from maturity the difference between the relatively this and other sources dwindled, more and more higher price and the amortized book value is realized banks, particularly large ones, entered the excess as a profit. Such profits could continue even with profits tax bracket. stable interest rates. The amount banks have realized in the past few years from these sources is not CASH DIVIDENDS AND RETAINED EARNINGS known, but it certainly has been material. As long as interest differences and these accounting methods Notwithstanding the substantial profits associated persist, this revenue will have an assured character, with the war years 1943-45, banks have followed similar for all practical purposes to interest income. a conservative policy with respect to dividend pay- None of this income is, however, included with the ments. Dividends for the war period reached their 997 million dollars of interest on Government se- peak in 1945, when they were 246 million dollars, curities reported by member banks for 1945. or about 30 per cent of net profits. This is in con- 380 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK PROFITS IN 1945 trast to dividend payments of 387 million dollars ness from 1940 to 1942, they have been above the or almost 70 per cent of net profits in 1929, and corporate average since that time, as shown by the of 210 million dollars or 60 per cent of net profits accompanying tabulation. Since 1942 bank profits in 1940. have been relatively higher than those of such As a result of conservative dividend policy the stable earning industries as public utilities and greater part of net profits of banks in the war transportation. In 1945 they exceeded those of period was retained as capital, thus providing addi- every industrial group except service and constructional protection to bank depositors. Capital ac- tion. counts of member banks increased from 1940 to 1945 by about 1,600 million dollars, or about 30 BANK PROFITS COMPARED WITH PROFITS OF OTHER LINES OF BUSINESS per cent. This is in contrast to a decline of 1,500 [Percentage ratio of annual net profits to invested capital] million dollars in capital accounts from 1929 to 1933 and an increase of 700 million from 1933 to Business 1940 1941 1942 1943 1944 1945 1940. Banking: All member banks. 6.2 6.7 6.4 8.8 9.7 11.0 COMPARISON OF BANK PROFITS BY CLASS AND BY Manufacturing 10.5 12.3 9.9 9.6 9.8 9.1 SIZE OF BANK Mining and quarrying 6.3 6.8 7.4 7.2 7.6 7.6 Trade 10 4 11 0 9 9 10 1 10 2 10 9 Transportation 1.8 4.6 8.2 7.7 5.8 3.8 All classes of banks shared in the high wartime Public utilities 7 1 6 8 6 2 6 6 6 5 6 7 Service and construcprofits, and the differentials of earlier years were tion . 7 0 9 4 11 1 12 5 11 7 11 6 largely eliminated. The accompanying table shows Finance 8.5 7.2 6.9 8.0 7.7 7.6 All group . . 7.8 8.9 8.5 8.6 8.2 7.6 that in 1940 net profits after taxes of country banks were only about 5 per cent on invested capital, SOURCE: National City Bank letter. while at reserve city banks the average rate was Although there is likely to be some drop in about 7 per cent and at central reserve city banks earnings and profits on securities, banks are better about 6 per cent. In 1945 the rate of return on assured that net profits will continue to be adequate invested capital was practically uniform at all than are most other lines of business, mainly beclasses of banks and averaged close to 11 per cent. cause most bank assets are relatively riskless Govern- RATIO OF NET PROFITS TO CAPITAL ACCOUNTS, BY ment securities. If there should be a rise in inter- CLASSES OF MEMBER BANKS, 1940 AND 1945 est rates and assets were measured at current market [Per cent per annum] values, banks could suffer some capital losses, but Class of bank 1945 these would not need to be realized in most cases and would be more than recouped from higher All member banks earnings on new credit extensions. In the case Central reserve city banks Reserve city banks of deflationary developments there would be no Country banks capital losses from Government security holdings since interest rates would probably remain low. The figures of profits by size of banks for 1945 are not yet available but partial tabulations indicate Not only are bank earnings relatively high, but that the differences between large and small banks the banking business is materially different from were less than before the war. Small banks re- other industries in that virtually every bank in the ceived somewhat higher average rates of return on country is making some profit. In 1944 less loans and on earning assets as a whole, but they than one per cent of the member banks failed to also had relatively larger proportions of capital earn a profit. This is in contrast with other into earning assets. As a result the ratios of net dustries such as manufacturing, trade, and service, profits to capital accounts were about the same for in which appreciable numbers within the industry small as for large banks. —ranging from 20 per cent to 50 per cent—suffer losses even in good times. NET PROFITS OF BANKS COMPARED WITH PROFITS IN OTHER LINES OF BUSINESS PROSPECTS BEYOND 1945 While bank profits relative to invested capital The prospects for banking profits beyond 1945 were below the level for most other groups of busi- depend on a number of variables, the most im- APRIL 1946 381 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK PROFITS IN 1945 portant of which are: (1) the volume of Govern- Banks that do not accrue the interest on Government securities held by banks and the rates of ment securities reported no revenue from these interest prevailing on these securities; (2) the issues for the year 1945 but will book this revenue volume of loans made by banks and the rates of in the first part of 1946. Even for banks using interest received on these loans; and (3) the ex- accrual accounting the period of accrual was relapenses of bank operations. tively short. The prospect for 1946 is that bank holdings of The volume of loans made by banks and the Government securities will shrink somewhat. The rates received from loans will also have an imuse of large accumulated Treasury cash balances to portant bearing on bank profits. A large part of retire maturing notes and bonds and to reduce the the loans for purchasing and carrying Government volume of Treasury certificates outstanding works securities probably will be liquidated during 1946. in this direction. Banks may be able to replace Although these loans were sizeable in dollar volume, a part of these holdings by buying from the market the rates received on them were relatively low. but the extent to which this can be done is limited. Loans made primarily for war purposes were being The volume of securities eligible for bank ownerreduced during 1945 and there will probably be ship now held outside the banking system is steadily further liquidation in 1946. On the other hand, dwindling. With no new Treasury offerings in the volume of commercial and industrial loans for sight the nonbanking holders of these eligible senonwar purposes appears to have grown considercurities may be more and more reluctant to sell. ably during the second half of 1945 and further Even if interest rates do not fall further, the growth in 1946 is probable. In spite of the genrates now prevailing will tend to diminish the inerally high level of business liquidity, considerable terest income from Governments received by banks. demand for credit at the present levels of business The 1.39 per cent average rate received by member activity seems to exist. The expansion of consumer banks on their holdings of Government securities credit which has already occurred with relatively in 1945 is materially above the average of yields little increase in the supply of consumer durable prevailing in the market on securities eligible for goods would indicate that with the appearance of bank purchase. With the retirement of higherdurable goods in volume the amount of credit coupon securities now held in bank portfolios the extended for this purpose could be considerable. average rate of earnings from Governments will The strong and continued demand for housing will approach the market rates. also open up new opportunities for mortgage lend- Now that the large-scale market operations inciing. Since the expected contractions are of low-yield dent to war financing have passed, the opportunities loans and the expected expansion is in higher yieldfor banks to realize profits on securities sold will ing loans, the average rate of return received from be less. As indicated above, the profits so far loans could increase with no increase in market obtained have been largely the result of both the interest rates. general decline in interest yields and consequent in- The expenses of bank operation increased crease in price of securities over the past decade throughout the war and some further increases are and of the differential between long-term and shortterm rates. Unless there should be a further decline in sight. During the war period the number of in rates, profits arising from the first of these bank employees increased less than any measure factors will tend to disappear. Profits on the sale of physical banking activities which can be devised. of securities which result from the differential The number of employees, for example, increased between long- and short-term interest rates will less proportionately than the number of checks probably tend to shrink because this differential cleared (and a great deal less than the dollar was considerably reduced by sharp declines in mar- volume of checks cleared). The number of bank ket yields on longer term securities during 1945 and employees also appears to have increased less early 1946. proportionately than the number of deposit ac- Profits reported for the first half of 1946 may, counts. Although better office machinery and new however, exceed the 1945 average. Banks pur- methods may, in the long run, reduce the number chased a large volume of securities just before the of bank employees needed, a further growth in end of 1945 at the time of the Victory Loan drive. their number as manpower becomes available is 382 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK PROFITS IN 1945 likely. Salaries and wages at banks may also in- the other hand, the repeal of the excess profits tax crease further in line with the upward adjustments and the reduction in other income tax rates will add of other wages. The hourly rate paid employees to net profits, particularly of the larger banks. appears to have increased much less during the All factors considered, the dollar volume of bank war than in the service industries or in manufactur- profits may be at or nearly at its peak. If subing and mining. stantial loan volume appears, the dollar volume of The recent deposit growth has been more in profits may not recede appreciably, but any further savings accounts than was the case in the early increase, except possibly for the first half of 1946, part of the war period and this factor has brought does not seem likely. In view of the large growth about some increase in the amount of interest paid on time deposits. Some further growth in total in earning assets, however, it seems probable that interest payments may be in prospect. Other ex- bank profits while no longer increasing will be well penses of bank operation may also increase. On sustained. REVISION OF CONSUMER CREDIT STATISTICS Several components of the consumer credit series of instalment lending by these institutions and prohave been recently revised, and new estimates for vide a classification by type of credit for loan these parts and for aggregates are presented on volume and amounts outstanding. pages 432-434 of this issue of the BULLETIN. Figures for credit unions have been revised from Revised estimates have been made for industrial January 1944 to date in order to adjust the series banks and industrial loan companies for the period to official data compiled annually for Federal credit 1938 to date. Estimates for these two lending unions by the Federal Deposit Insurance Corporagroups were previously shown in combination as tion and for State credit unions by the Bureau of a single series for industrial banking companies, Labor Statistics. but separate estimates will be published in the Single-payment loans outstanding at commercial future. A breakdown of figures between industrial banks and loan companies is not available for the banks have also been revised for the period June years 1929-37. Data obtained currently from both 1944 to date in accordance with recent call report industrial banks and loan companies cover all types figures. APRIL 1946 383 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. Limitation on Claims Connected with SEC. 2. The Comptroller General of the United States is Government Checks authorized and directed to allow credit in the accounts of the Treasurer of the United States for the amount of any An Act approved March 6, 1946 provides certain check, checks, warrant, or warrants with respect to which court proceedings shall have been barred pursuant to the relief for banks, merchants and others who handle provisions of this Act upon a showing that the barring of Government checks. The relief is, in effect, a six such proceedings did not result from any negligence on the year statute of limitations on claims by the United part of the Treasurer of the United States in failing to give States against banks or others who handle a Gov- the notice required by the provision of section 1 of the Act. ernment check that turns out to have had a forged SEC. 3. If any endorser, transferor, or depositary, or financial agent who is liable to any of the actions mentioned in or unauthorized endorsement. The text of the Act this Act shall fraudulently conceal the cause of such action is as follows: from the knowledge of the United States or any agency or official of the United States entitled to bring such action, the [PUBLIC LAW 308—79TH CONGRESS] action may be commenced at any time within two years after [CHAPTER 48—2D SESSION] the United States or any agency or official of the United [H. R. 129] States who is entitled to bring the same shall discover that the United States or any agency or official of the United AN ACT States had such cause of action, although such action would be otherwise barred by the provisions of this Act. To provide for the barring of certain claims by the United Approved March 6, 1946. States in connection with Government checks and warrants. Be it enacted by the Senate and House of Representatives Foreign Funds Control of the United States of America in Congress assembled, That no proceeding in any court shall be brought by the United Treasury Department Releases States or by any agency or official of the United States to enforce the liability of any endorser, transferor, or de- The following releases relating to transactions in positary, or financial agent, arising out of a forged or foreign exchange, etc., in addition to those heretounauthorized signature or endorsement upon or alteration of any check, checks, warrant, or warrants issued by the Secre- fore published in the Federal Reserve BULLETIN, tary of the Treasury, the Postmaster General, the Treasurer have been issued by the Office of the Secretary of and Assistant Treasurers of the United States, or by dis- the Treasury under authority of the Executive Order bursing officers and agents of the United States, unless such of April 10, 1940, as amended, and the Regulations proceeding is commenced within six years after the presentaissued pursuant thereto: tion to the Treasurer of the United States or other drawee of such issued checks or warrants for payment of such check, checks, warrant, or warrants, or unless within that period Treasury Department written notice shall have been given by the United States FOREIGN FUNDS CONTROL or an agency thereof to such endorser, transferor, or de- March 15, 1946 positary, or financial agent of a claim on account of such liability. Unless a court proceeding shall have been brought PUBLIC CIRCULAR NO. 29 or such notice given within the period prescribed herein, any Under Executive Order No. 8389, as amended, Executive claim against such endorser, transferor, or depositary, or Order No. 9193, as amended, sections 3(a) and 5(b) of the financial agent on account of such liability shall be forever Trading with the Enemy Act, as amended by the First War barred: Provided, That in connection with any claim pre- Powers Act, 1941, relating to Foreign Funds Control* sented to the General Accounting Office within the time limitation prescribed by section 2 of the Act of June 22, 1926 Instructions or notifications by or in behalf of the Treasury (44 Stat. 76; U. S. C, title 31, sec. 122), the period within Department blocking the property of any person as an inwhich such a proceeding may be brought or such notice given ternee shall be regarded as revoked upon the parole or release shall be extended by an additional one hundred and eighty *Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; days, and unless such notice shall be given or a court proceed- Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, ing broilght within such extended period any claim against April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, such endorser, transferor, depositary, or financial agent on and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, account of such liability shall be forever barred. 1942, as amended by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. 384 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT of the person from internment or, if the person has already Trading with the Enemy Act, as amended by the First War been paroled or released, upon the date of this Circular. Powers Act, 1941, relating to Foreign Funds Control.* However, the provisions hereof shall not apply to any person General Ruling No. 10 is hereby revoked. released into the custody of the Immigration and Naturali- FRED M. VINSON, zation Service for deportation proceedings nor to any person Secretary of the Treasury who is the subject of a "removal order" issued pursuant to * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Presidential Proclamation 2655 of July 14, 1945. Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, FRED M. VINSON, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Secretary of the Treasury Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, ind Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1l.y99^442z2,, aass aammeenndaeead Dbyy EXLxX. .O urrdaeer r 9i5o6o7/, , Jjuunnee 8o, , 1J9L4V5^O; ; Rj^eegguulaiatitoionnss,, Treasury Department A\ p~r~i:li i1n 0, in1A9t*\4 0, ,»a,-.s ~a«~m,~e«~n,d4^eJ d TJ,.u-.n.o e i 1A 4, 101/9I14 1,~ *a->nAd T.J-tuKrl y o<2 6,1 0149141. FOREIGN FUNDS CONTROL March 15, 1946 REVOCATION OF GENERAL RULING NO. 10 Under Executive Order No. 8389, as amended, Executive Order No. 9193, as amended, sections 3(a) and 5(b) of the APRIL 1946 385 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Appointment of Mr. Vardaman to the Board of the Potsdam Conference where he accompanied the Governors President, and from that position was appointed to The appointment of Commodore James K. Vard- the Board of Governors. aman, Jr. as a member of the Board of Governors for the term ending January 31, 1960, was ap- Appointment of Assistant Director of Research Mr. Ralph A. Young has been appointed an proved by the Senate on April 3 and he assumed assistant director of the Board's Division of Rehis duties as a member of the Board on April 4, search and Statistics and assumed his new duties 1946. Commodore Vardaman succeeds Mr. John on March 20, 1946. Mr. Young has for some K. McKee, whose term expired January 31, 1946. years been serving on the staff of the National Commodore Vardaman was born in Greenwood, Bureau of Economic Research in connection with Mississippi on August 28, 1894, and is the son of its financial research program and also as Professor the late James Kimble Vardaman, Governor of of Economics at the University of Pennsylvania. and United States Senator from that State. Upon graduating from Millsaps College, Jackson, Missis- Appointment of Branch Directors sippi with an L.L.B. degree in 1914, he began the The Board of Governors of the Federal Reserve practice of law in Jackson. He entered military System on April 4, 1946, announced the appointservice in February, 1917, was assigned to the Field ment of Mr. Fred G. Sherrill, Vice President, J. G. Artillery, and after serving with the A. E. F. in Boswell Company, Los Angeles, California, as a France was discharged in April, 1919 with the rank director of the Los Angeles Branch of the Federal of Captain. He moved to St. Louis, Missouri in Reserve Bank of San Francisco for the unexpired 1919 where he was engaged in the investment bank- portion of the term ending December 31, 1946. ing business from 1919 to 1926. He entered the The Board of Governors of the Federal Reserve commercial banking field in 1926, occupying va- System on April 8, 1946, announced the appointrious executive positions during the next seven ment of Mr. Aaron M. Frank, President, Meier years. He became Regional Director of the Re- and Frank Company, Portland, Oregon, as a Diconstruction Finance Corporation for the St. Louis rector of the Portland Branch of the Federal Rearea in 1933, from which position he resigned in serve Bank of San Francisco for the unexpired 1937 to become President of the Tower Grove Bank portion of the term ending December 31, 1947. & Trust Company of St. Louis. He retired from Death of Director the banking business in 1939 but continued his Mr. C. E. Myers of Covina, California, who had interest in several business enterprises. served as a director of the Los Angeles Branch Commodore Vardaman was appointed a Lieutenof the Federal Reserve Bank of San Francisco ant Commander in the U. S. Naval Reserve in since January 1, 1943, died on March 8, 1946. September, 1939 and entered active duty with the Navy in June, 1941, holding various commands in Admissions of State Banks to Membership in the Federal Reserve System America, Europe, and with the amphibious forces The following State banks were admitted to in Algeria, Tunisia, Sicily, Europe, and the Philipmembership in the Federal Reserve System during pines. He was wounded in action and for six the period February 16, 1946, to March 15, 1946: months was hospitalized in the United States. In April, 1945, while serving with the Tenth Army's Indiana amphibious forces in Okinawa in preparation for the Brookston—The Farmers State Bank invasion of Japan, he was promoted to the rank of New Jersey Captain, and in May, 1945 was ordered from that Jersey City—The Trust Company of New Jersey station to the White House for duty as Naval Aide to the President. Among other medals, he was Texas awarded the Silver Star, Legion of Merit and Purple El Campo—Commercial State Bank of El Campo Heart. He was promoted to his present rank of San Benito—The San Benito Bank & Trust Commodore in August, 1945, after his return from Company 386 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled March 21, and released for publication March 23] Production and employment at factories declined Lumber production, after advancing in January, in February but advanced in the first three weeks showed little change in February. Plate glass proof March, reflecting mainly the influence of the duction increased sharply to the highest level since steel strike. The value of retail trade reached new November 1941. record levels. Wholesale prices of a number of Production of most nondurable goods continued commodities increased. to advance in February, partly reflecting increases in working forces. Output at textile mills rose INDUSTRIAL PRODUCTION further and was at a rate slightly above the level Output of durable goods declined considerably of a year ago. Activity in the meat-packing infurther in February, while production of non- dustry increased sharply in February following durable goods and minerals continued to increase. settlement of the wage dispute at major plants and Production of steel, automobiles, and machinery was 20 per cent higher than a year ago. Flour has advanced sharply since the settlement of wage production likewise showed a substantial gain for disputes in these industries, and the Board's index the month. In March a Federal program was of industrial production, which declined from 160 instituted to reduce domestic consumption of in January to 154 per cent of the 1935-39 average wheat in order to increase exports for relief in February, will show a considerable rise in March. purposes. Output of automobile tires in February Steel mill operations in February were at an rose to the highest rate on record. average rate of 19 per cent of capacity as com- Output of coal was maintained at exceptionally pared with 50 per cent in January. Output at high levels in February and early March. Crude steel mills has increased rapidly since the middle petroleum production showed a gain in February, of February, and during the week ending March but declined in March. 23 is scheduled at 89 per cent of capacity—the highest rate since V-J day. In February produc- EMPLOYMENT tion of nonferrous metals, machinery, and trans- Employment continued to advance from the portation equipment also declined, reflecting chiefly middle of January to the middle of February in the direct or indirect effects of work stoppages. most lines of activity except at manufacturing INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND SIOCKS SEASONALLY ADJUSTED, 1935-39-100 FOR TOTAL 260 f 1 i 140 DOLLAR VOLUME SEASONALLY ADJUSTED, 1935-39-100 240 \ F M R A A E C N Q H S U I P N I O P E M R R T E Y A N A T T I N O D N 120 - 240 220 100 / /" 220 220 200 / MANJ D F U A R CT V U R R I E F S £ 1 80 200 AA 200 180 60 1 SALES 160 / A \ 1 / OTHE7S^\ S 40 1 1 8 6 0 0 - L \ T\KA / \ - 1 1 8 6 0 0 DURABLE N - 140 20 120Jf 0 140 - /V V s - 140 V 120 V 120 100 r. -V1 MINER 1 ALS I 20 100 - 100 80 ! 1 0 - 1940 1942 1944 1946 1*40 1942 1944 1946 80 1942 1943 1944 1945 1946 Federal Reserve indexes. Groups are expressed in terms of points in the total index. Monthly figures, latest shown Federal Reserve indexes. Monthly figures, latest shown are for February. are for February. APRIL 1946 387 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS plants closed by industrial disputes. After Febru- most groups of agricultural and industrial prodary 15, with the settlement of the steel strike, ucts. Since last September wholesale prices have there were large increases in employment in the advanced 3.3 per cent, according to the Bureau durable goods industries and by the middle of of Labor Statistics' index. Price control regulations March employment in private nonagricultural permit manufacturers and distributors to pass on establishments is estimated to be about 2/4 million to consumers only part of the recent advances larger than last September, after allowing for granted in maximum wholesale prices. seasonal changes. Unemployment increased from January to February by about 400,000 to a level BANK CREDIT of 2,700,000 persons. Retirement of 2.8 billion dollars of United States Government obligations during March was reflected DISTRIBUTION in a decline of about the same amount in Treas- Department store sales in February, after allow- ury balances during the four weeks ending March ance for seasonal changes, were the largest on 20. Holdings of Government securities by both record by a considerable margin, and in the first Federal Reserve Banks and member banks declined, half of March sales continued to show marked accompanying reductions in Treasury deposits at increases over a year ago. Total retail trade in these banks. Deposits, other than those of the February was probably close to one-fourth higher Treasury, at member banks showed little change. than in the same month last year. Member banks' required and excess reserves also Shipments of most classes of railroad freight changed little during the period. Member banks increased from the middle of February to the increased their borrowings at the Reserve Banks middle of March and almost the same number of to over 700 million dollars on March 13, but reduced cars were being loaded in the first two weeks of them somewhat in the following week. March as during the same period last year, when Commercial and industrial loans at member shipments of war products were at peak levels. banks in leading cities continued to increase between the middle of February and the middle of March. Loans on Government securities to brok- COMMODITY PRICES ers and dealers fluctuated considerably in con- The general level of wholesale commodity prices nection with the Treasury retirement and readvanced one per cent from the middle of Febru- funding operations, while those to others conary to the middle of March, reflecting increases in tinued to show a slow decline. WHOLESALE PRICES MEMBER BANK RESERVES AND RELATED ITEMS 1939 1940 1941 1942 1943 1944 1945 1946 Bureau of Labor Statistics' indexes. Weekly figures, latest shown are week ending March 23. Wednesday figures, latest shown are for March 20. 388 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES Member bank reserves, Reserve Bank credit, and related items. 391 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements 392-393 Federal Reserve Bank statistics. 393-397 Guaranteed war production loans. 397 Deposits and reserves of member banks. 397-398 Money in circulation. 399-400 Gold stock; bank debits and deposit turnover. . . ... 400 Deposits and currency; Postal Savings System; bank suspensions 401 All banks in the United States, by classes... 402-403 All insured commercial banks in the United States, by classes. , 404-405 Weekly reporting member banks. . 406-409 Commercial paper, bankers' acceptances, and brokers' balances. 410 Money rates and bond yields. 411 Security prices and new issues . 412-413 Corporate earnings and dividends.. 414 Treasury finance 415-417 Government corporations and credit agencies. . 418 Business indexes . . . . 419-428 Department store statistics. 429-431 Consumer credit statistics. 432-434 Wholesale prices 435 Gross national product, national income, and income payments. 436 Current statistics for Federal Reserve chart book. 437-438 Number of banking offices in the United States. 439 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. 389 APRIL 1946 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 1939 1940 1941 1942 1943 1944 1945 1946 J \/ \i REQU" ^^VWlL^jy EXCESS RESERVES 1939 1940 1941 1942 1943 1944 1945 1946 Wednesday figures, latest shown are for Mar. 20. See p. 391. 390 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve ]Bank credit outstanding Member bank reserve Treas- balances U. S.Government Treas- ury de- Other securities ury Money Treas- posits Non- Fed- Dis- Gold cur- in cir- ury with mem- eral Date v co a a a n u n d c n d - e ts s Total T b a u r i e n r l a y l d s s- o A th l e l r ot A h l e l r1 Total stock s r t o e i a n n u n g c t d - y - c t u io la n - h c i o n a l g s d h s - F B s e R e d a r n e e v - k r e a s l b p e o r s d it e s - c s o R e a u r c e v n - - e ts Total c E e x ss - 2 certificates Monthly averages of daily figures: 1944—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— F j e an b 2 1 3 1 3 8 1 1 9 8 , , 1 7 5 2 2 6 1 1 6 5 , , 4 95 4 6 0 2 2 , , 7 7 1 7 2 0 4 5 9 4 4 3 1 1 9 9 , , 8 3 7 8 9 7 2 2 0 0 , , 5 5 1 8 9 2 4 4 , , 1 1 2 2 5 9 2 2 5 5 , , 5 2 2 4 7 3 2 2 , , 3 3 7 7 7 1 5 5 3 3 6 2 1 1 , , 6 5 3 0 3 1 4 4 1 0 0 3 1 1 4 4 , , 0 0 4 4 0 8 1,1 9 1 5 4 2 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 1946—jan 232 23,590 21,147 2,443 476 24,29820,106 4,375 28,158 2,265 648 1,282 505 15,921 1,311 Feb 367 23,150 20,811 2,340 ' 417 23,93420,197 4,426 27,944 2,307 856 1,248 517 15,685 1,131 End of month figures: 1944—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—Jan. 31 176 19,006 16,272 2,734 370 19,55220,550 4,127 25,290 2,371 648 1,634 402 13,884 869 Feb. 28..., 321 19,439 16,748 2,692 398 20,15820,506 4,122 25,751 2,355 460 1,581 410 14,228 965 Dec. 31.... 249 24,262 21,196 3,067 580 25,091 20,065 4,339 28,515 2,287 977 1,308 495 15,915 1,471 1946—Jan. 31.... 294 23,264 20,913 2,352 418 23,97620,156 4,406 27,917 2,293 845 1,295 506 15,682 1,089 Feb. 28 347 22,904 20,584 2,320 397 23,64820,232 4,451 27,954 2,301 829 1,193 519 15,537 1,018 Wednesday figures: 1945—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 21,587 20,351 4,137 26,372 2,376 102 1,541 438 15,246 1,045 May 23.... 724 20,929 18,809 2,120 327 21,98020,271 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 22,207 20,268 4,145 26,513 2,314 352 1,546 443 15,452 1,098 June 13.... 852 21,103 18,323 2,780 392 22,347 20,268 4,146 26,533 2,292 170 1,550 444 15,771 1,237 June 20 307 21,507 18,710 2,797 473 22,287 20,265 4,145 26,536 2,297 347 1,710 452 15,354 L.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.... 7321,544 18,747 2,798 411 22,02820,214 4,145 26,932 2,230 585 1,617 453 14,570 L.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 18,771 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 21,910 19,099 2,811 342 22,606 20,151 4,197 27,269 2,269 538 1,588 457 14,833 1,066 Aug. 15.... 312 21,869 19,058 2,811 601 22,782 20,130 4,198 27,351 2,257 398 1,643 458 15,004 1,132 Aug. 22.... 400 22,296 19,466 2,829 447 23,142 20,088 4,201 27,506 2,248 671 1,557 458 14,992 1,018 Aug. 29 442 22,358 19,516 2,841 263 23,06320,088 4,215 27,600 2,262 397 1,577 458 15,070 986 Sept. 5 377 22,435 19,670 2,765 380 23,19220,088 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 23,87720,035 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 24,229 20,029 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 24,859 20,066 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 1,439 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 1,266 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 1,423 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 1,169 Jan. 30 310 23,297 20,945 2,352 291 23,89820,157 4,404 27,914 2,295 762 1,298 507 15,681 L,061 Feb. 6.... 289 23,227 20,876 2,352 324 23,84020,157 4,413 27,929 2,306 716 1,226 516 15,717 1,115 Feb. 13 411 23,253 20,904 2,349 270 23,93320,157 4,424 27,967 2,301 864 1,173 516 15,693 1,146 Feb. 20.... 352 23,017 20,692 2,326 417 23,787 20,233 4,434 27,955 2,318 940 1,235 516 15,490 950 Feb. 27 380 22,972 20,652 2,320 325 23,677 20,233 4,447 27,938 2,317 826 1,203 517 15,555 1,039 Mar. 6.... 443 22,526 20,207 2,320 327 23,297 20,232 4,451 27,957 2,284 612 1,153 531 15,444 P904 Mar. 13 710 22,393 20,074 2,320 319 23,42320,232 4,456 27,946 2,260 501 1,210 530 15,663 v\ H9 Mar. 20 483 22,592 20,335 2,258 408 23,483 20,233 4,467 27,889 2,267 774 1,230 540 15,484 P881 P Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 2 End of month and Wednesday figures are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. APRIL 1946 391 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect March 31. Per cent per annum] Discounts for and advances to member banks Advances secured by Advances to indi- Federal Reserve Bank 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 e s m e m s s i a e n ( t s S n u e o t e c r c n i u n o . e r g b e 1 y l d 3 i o e g ) r a b a r - y G b a m o e d v y a d v e o t i a e r u s n n n l c r i d m c g i o n e i u e b g o s n n l n e t t s o e s e r o p c y o b u a c f e l r p a a i e l g a e r l d r n a a d t a b i b n l o y e d ns Other [ s S e e c c u . r e 1 d 0 ( a b d )J vances s v o e t g i r c h ( d a u l a c u a t r n o i a s e o t r d l n p s m , p s o b e a r p y o m a r a f . t b r i d t o t S e i h n n r r e e e e s c c r b . U s t a o h 1 . n t o 3 i h k p S b ) e s s . l r i , - (Sees. 13 and 13a)1 Rate Effective Rate Effective Rate Effective Rate Effective Boston Oct. 27, 1942 Sept. 1,1939 Oct. 27, 1942 Oct. 27,1942 New York Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 Oct. 30,1942 Philadelphia Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 2 Oct. 17,1942 Cleveland Oct. 27, 1942 Apr. 11, 1942 vSept.12, 1942 2 Oct. 27,1942 Richmond Oct. 28, 1942 Mar. 14, 1942 Oct. 28, 1942 2 Oct. 28,1942 Atlanta Oct. 15, 1942 Mar. 21, 1942 Oct. 15, 1942 Oct. 15,1942 Chicago Oct. 17, 1942 Feb. 28, 1942 Aug. 29, 1942 2 Oct. 17,1942 St. Louis Oct. 27, 1942 Mar. 14, 1942 Mar. 14, 1942 2 Oct. 27,1942 Minneapolis Oct. 30, 1942 Mar. 28, 1942 Oct. 30, 1942 2 Mar. 23,1946 Kansas City Oct. 27, 1942 Apr. 11, 1942 Oct. 27, 1942 22 Oct. 27,1942 Dallas Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 2 Oct. 17,1942 San Francisco Oct. 28, 1942 Apr. 4, 1942 Oct. 28, 1942 Oct. 28,1942 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 2 One per cent to nonmember banks. Similar rates to nonmember banks eliminated in March 1946 by the nine other Reserve Banks. 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 IPer cent per annum] AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT i Rate on In effect be- Previous Maturities not exceeding five years Maturity Mar. 31 ' . ginning— rate [In effect March 31. Per cent per'annum] To industrial or T B r a e n a k s e u r r s y ' b ac il c ls e p x tances:2 H Apr. 30, 1942 c b o u m si m ne e s rc se ia s l To financing institutions 1 9 2 1 1 1 - - - 1 1 2 8 9 0 0 0 d d d a a a y y y s s s H O O O c c c t t t . . . 2 2 2 0 0 0 , , , 1 1 1 9 9 9 3 3 3 3 3 3 1 1 Federal On p d u is rc c h o a u s n e t s s or Reserve Bank On On Portion On to 1 b E u s y t a a b l l l i s T he re d a s r u a r t y e b a i t l ls w o h f i f c e h r ed F . ede E r f a f l e ct R iv e e s er A v u e g. B 3 a , n k 1 s 9 42 s , t an p d u rc r h e a a s d e y s loans2 co m m e m nt i s t- fo in r s w ti h tu ic - h ma R in e- ing co m m e m nt 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, 1943, all purchases have been made subject to repurchase option. Boston 2 Minimum buying rates on prime bankers' acceptances. New York () pp B . a 4 c 4 k 3 -4 fi 4 g 5 u . res.—See Banking and Monetary Statistics, Table 117, P C h le il v a e d la e n lp d hia. . . *2 8 () Richmond. . . . (*) Atlanta () GUARANTEE FEES AND MAXIMUM INTEREST AND COM- Chicago 23^-5 23^-5 MITMENT RATES CHARGEABLE UNDER REGULATION St. Louis 1-13^ () V ON LOANS GUARANTEED BY WAR DEPARTMENT, Minneapolis. . . (8) NAVY DEPARTMENT, AND MARITIME COMMIS- Kansas City. . . SION UNDER EXECUTIVE ORDER NO. 9112 AND Dallas CONTRACT SETTLEMENT ACT San Francisco.. OF 1944 [Rates in effect March 31] 1 See table on maximum interest and commitment rates charge- FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS abl 2 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 io m n a d V e f i o n r p r a a r t t e i s c i o p n a ti g o u n a r w an it t h e e f d i na S n e c c i t n io g n in 1 s 3 t b i tu lo ti a o n n s s . . 3 Rate charged borrower less commitment rate. Guarantee fee • 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 8 Charge of J4- Per cent is made on undisbursed portion of loan. by borrower)1 Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. MAXIMUM RATES ON TIME DEPOSITS 80 or less 10 85 15 Maximum rates that may be paid by member banks as established by 90 20 the Board of Governors under provisions of Regulation Q 95 30 [Per cent per annum] Over 95 50 Nov. 1,1933-Feb. 1, 1935- Effective Jan. 31, 1935 Dec.31,1935 Jan. 1, 1936 MAXIMUM RATES THAT MAY BE CHARGED BORROWERS BY FINANCING INSTITUTIONS Savings deposits Postal savings deposits [Per cent per annum] Other deposits payable: In 6 months or more In 90 days to 6 months. . . ]VIaximum 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 flat 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. 392 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVE REQUIREMENTS MARGIN REQUIREMENTS ' [Per cent of deposits] [Per cent of marketvalue] Net demand deposits1 Feb. 5, July 5, Effec- Time Prescribed in accordance with 1945- 1945- tive Period in effect C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry d m b e e a p ( m n a o k l s b l s i e ) ts r Securities Exchange Act of 1934 Ju 1 l 9 y 4 5 4, Ja 1 n 9 . 4 2 6 0, Ja 1 n 9 . 4 2 6 1, Regulation T: For extensions of credit by brokers June 21, 1917-Aug. 15, 1936.. 13 10 3 and dealers on listed securities 50 75 100 Aug. 16, 1935-Feb. 28, 1937.. 19M 15 10K 4^ For short sales 50 75 100 M M a ay r. 1 1 , , 1 1 9 9 3 3 7 7 - - A A p p r r . . 3 15 0 , , 1 1 9 9 3 3 7 8 . . . . 2 26 2M 2 1 0 7^ UH 6 5M Re F g o u r l a l t o io an n s U by : banks on stocks 50 75 100 Apr. 16, 1938-Oct. 31, 1941.. 22^ 17^ 14 5 A N Se u o p g v t . . . 2 1 0 1 4 , , , 1 1 1 9 9 9 4 4 4 1 2 2 - - - A S O e u c p t g . t . . 1 19 3 2 , , , 1 1 1 9 9 9 4 4 4 2 2 2 . . . . . . 2 2 2 6 4 2 2 2 2 0 0 0 1 1 1 2 4 4 6 6 6 ten 1 d R ed e g o u n la a ti o s n e s c u T ri ty a n b d y U p r l e i s m cr it i b t i h n e g a a m m o a u x n i t m o u f m c r lo ed an it v t a h l a u t e , m w a h y i c b h e is e x a - Oct. 3, 1942 and after 20 20 14 6 specified percentage of its market value at the time of the extension; the 14 "margin requirements" shown in this table are the difference between the market value (100%) and the maximum loan value. 1 Demand deposits subject to reserve requirements, i. e., demand Back figures.—See Banking and Monetary Statistics, Table 145, p. 504. 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 Mar. 27 Mar. 20 Mar. 13 Mar. 6 Feb. 27 Feb. 20 Feb. 13 March February March Assets Gold certificates 17,289,06017,289,06017,289,56517,306,56517,266,56517,248,56017,188,565 17,299,05817266,56317,616,264 Redemption fund for F. R. notes 785,978 787,043 788,634 771,633 782,367 794,410 794,408 775,977 782,368 644,793 Total gold certificate reserves. . . 18,075,03818,076,103 18,078,199 18,078,19818,048,93218,042,97017,982,97318,075,035 18,048,931 18,261,057 Other cash 340,530 337,068 338,010 346,219 353,515 348,732 347,008 341,307 357,973 258,241 Discounts and advances: For member banks.. . 643,110 443,560 670,545 402,880 340,075 312,610 366,015 586,479 307,400 243,964 For nonmember banks, etc 40,000 40,000 40,000 40,000 40,000 40,000 45,000 40,000 40,000 790 Total discounts and advances 683,110 483,560 710,545 442,880 380,075 352,610 411,015 626,479 347,400 Industrial loans 1,458 1,529 1,542 1,538 1,589 1,754 1,751 1,497 1,546 4,100 Acceptances purchased. . 2,016 2,016 U. S. Gov't securities: Direct: Bills: Under repurchase option 5,824,650 5,713,314 5,430,203 5,340,168 5,320,458 5,343,071 5,283,470 5,354,007 5,196,921 4,996,885 Other 7,906,416 7,917,386 7,906,909 7,841,189 7,785,774 7,754,464 7,776,914 7,926,456 7,841,189 7,082,325 Certificates: Special Other 6,903,014 6,703,914 6,736,414 7,025,414 7,546,211 7,594,211 7,843,711 6,954,014 546,211 5,410,511 Notes 1,437,300 1,354,800 1,372,700 1,372,700 1,372,700 1,378,700 1,401,700 1,463,300 372,700 1,051,350 Bonds 902,942 902,942 946,892 946,892 946,892 946,892 946,892 902,942 946,892 1,128,152 Total U. S. Govt. securities 22,974,2 2,592,356 22,393J ,526,363 22,972,03523,017,33823,252,68722,600,719 22 903,913 19,669,223 Other Reserve Bank credit outstanding.... 302,352 405,848 317,483 326,461 322,969 415,386 267,780 399,320 395,313 392,497 Total Reserve Bank credit outstanding 23 ,963 ,258 23,483,293 23,422,688 23,297,242 23,676,668 23,787,088 23,933,233 23,630,031 23,648,172 20,310,574 Liabilities Federal Reserve notes. . 23,966,314 24,012,33124,071,424 24,125,712 24,124,304 24,151,094 24,155,038 23,990,565 24,130,539 22,319,353 Deposits: Member bank — reserve account 15,395,265 15,483,606 15,663,170 15,555,461 15,490,106 15,693,102 14,852, 15,537,355 14,166,184 U. S. Treasurer—general account 1,397,003 773,934 501,470 611,790 826,157 940,449 864,040 1,592,925 829,035 646,708 Foreign 771,849 749,018 743,135 750,585 780,650 808,482 749,834 752,447 781,274 1,167,559 Other deposits 453,883 481,454 466,434 402,900 422,058 426,179 423,312 460,470 411,230 193,123 Total deposits 18,018,000 17,488,012 17,374,209 17,209,606 17,584,32617,665,21617,730,28817,658,71017,558,89416,173,574 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).. 43.1 47.4 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] March 27, 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 d o ay 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 683,110 591,280 23,710 44,890 23,230 Industrial loans 1,458 1,312 4 6 8 22 83 13 10 Acceptances purchased 2,016 99 302 810 805 U. S. Government securities ??. 974 ?>?? 4,151,880 2,189,356 4,792,978 4,940 8542,934,540 2,914,024 460.500 590,190 APRIL 1946 393 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] New Phila- Cleve- Rich- St. Minne- Kansas San Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Assets Gold certificates: Feb. 20 17,248,560 750,252 5,368,167 818,5331,105,002 881,977 995,6612,833,424 547,107 325,692 565,278 457,3262,600,141 Feb. 27 17,266,565 741,193 5,268,952 841,3391,090,084 888,281 992,9302,948,891 573,826 333,248 573,436 460,1422,554,243 Mar. 6 17,306,565 735,610 5,119,098 807,9941,105,466 929,7161,024,3192,988,154 568,089 346,431 577,345 459,1212,645,222 Mar. 13 17,289,565 734,831 4,766,459 818,3361,149,704 977,9431,040,8043,035,779 588,255 360,193 601,969 459,9192,755,373 Mar. 20 17,289,060 732,192 5,007,789 816,0411,118,042 917,6671,000,3193,012,559 539,620 325,178 586,791 451,2252,781,637 Redemption fund for F. R. notes:, Feb. 20 794,410 58,978 108,121 60,825 77,768 62,664 45,128 145,042 42,922 20,119 35,177 26,086 111,580 Feb. 27 782,367 58,790 107,290 60,527 77,522 61,391 44,684 136,770 42,840 20,096 35,109 26,026 111,322 Mar. 6 771,633 58,699 106,967 60,404 77,390 60,786 44,555 127,661 42,798 20,081 35,078 25,995 111,219 Mar. 13 788,634 58,699 121,967 60,405 77,390 62,786 44,555 127,661 42,798 20,081 35.078 25,995 111,219 Mar. 20 787,043 58,563 121,570 60,751 77,247 62,122 44,410 127,493 42,750 20,060 35,037 25,967 111,073 TJ-oUtLaclll cgUnlIHU. Cpp"irLtilflil~ cFaetbe. re2s0erves: 18,042,970 809,230 5,476,288 879,3581,182,770 944,6411,040,7892,978,466 590,029 345,811 600,455 483,4122,711,721 Feb. 27 18,048,932 799,983 5,376,242 901,8661,167,606 949,6721,037,6143,085,661 616,666 353,344 608,545 486,1682,665,565 Mar. 6 18,078,198 794,309 5,226,065 868,3981J82,856 990,5021,068,8743,115,815 610,887 366,512 612,423 485,1162,756,441 Mar. 13 18,078,199 793,530 4,888,426 878,7411,227,0941,040,7291,085,3593,163,440 631,053 380,274 637,047 485,9142,866,592 Mar. 20 18,076,103 790,755 5,129,359 876,7921,195,289 979,7891,044,7293,140,052 582,370 345,238 621,828 477,1922,892,710 Other cash: Feb. 20 348,732 32,971 70,042 23,165 31,366 26,634 29,074 45,340 16,537 4,370 17,672 11,323 40,238 Feb. 27 353,515 34,146 70,602 23,085 29,407 26,273 31,086 46,858 15,006 5,483 18,191 11,208 42,170 Mar. 6 346,219 35,468 74,140 23,189 31,564 24,439 25,978 44,055 12,792 4,653 17,404 11,437 41,100 Mar. 13 338,010 36,119 70,512 21,347 28,298 25,318 26,434 42,225 12,066 4,932 17,447 11,874 41,438 Mar. 20 337,068 35,465 70,949 21,349 31,899 24,029 24,100 39,297 12,283 4,369 18,116 11,885 43,327 Discounts & advances: Secured by U. S. Govt. securities: Feb. 20.. 312,610 19,255 145,310 16,865 26,985 5,800 3,300 51,400 10,000 17,500 15,175 1,020 Feb. 27.. 340,075 25,605 204410 9,140 11,835 7,590 1,550 47,300 8,250 600 24,075 20 Mar. 6.. 402 880 20,625 254,240 9,015 9,385 3,750 5,550 55,415 10,750 1,150 21,000 12,000 Mar. 13. . 67O,'545 20,785 552^650 3,890 15,735 2,450 550 47,365 8,500 50 17,000 50 1,520 Mar. 20. . 443,560 19,090 285,500 8,865 32,485 4,450 7,150 12,150 37,250 5,350 28,200 50 3,020 Other: Feb. 20.. 40,000 2,560 13,320 3,320 3,720 1,880 1,520 5,360 1,360 1,000 1,320 1,280 3,360 Feb. 27.. 40,000 2,560 13,320 3,320 3,720 1,880 1,520 5,360 1,360 1,000 1,320 1,280 3,360 Mar. 6.. 40,000 2,560 13,320 3,320 3,720 1,880 1,520 5,360 1,360 1,000 1,320 1,280 3,360 Mar. 13. . 40,000 2,560 13,320 3,320 3,720 1,880 1,520 5,360 1,360 1,000 1,320 1,280 3,360 Mar. 20. . 40,000 2,560 13,320 3,320 3,720 1,880 1,520 5,360 1,360 1,000 1,320 1,280 3,360 Industrial loans: Feb. 20 1,754 101 1,614 39 Feb. 27 1 589 101 1,449 39 Mar. 6 . 1^538 101 1,398 39 Mar. 13 1 542 101 1 402 39 Mar. 20 l!529 96 1,395 38 U. S. Govt. securities: Bills: Under repurchase option: Feb. 20.. 5,343,071 93,765 2,779,895 250,551 108,180 70,621 21,1881,454,044 113,879 38,590 32,102 15,421 364,835 Feb. 27. . 5,320,458 78,695 2,796,529 234,385 100,430 70,479 24,1001,472,675 92,969 24,690 39,022 20,819 365,665 Mar. 6. . 5,340,168 58,854 2,900,901 231,700 83,530 50,457 23,9001,461,415 96,812 22,540 43,864 28,949 337,246 Mar. 13.. 5,430,203 63,339 2,996,963 214,485 88,600 49,877 29,6751,481,165 95,887 24,440 32,866 21,924 330,982 Mar. 20. . 5,713,314 64,026 3,101,423 189,575 90,440 70,297 39,9751,560,465 113,160 58,860 57,147 25,914 342,032 OwLthilp"r! HDI1I1I1QS* • 7,754,464 662,288 51,999 614,5891,050,278 758,951 643,078 988,837 485,704 309,762 565,983 444,4901,178,505 Feb. 20.. Feb. 27.. 7,785,774 676,302 59,503 610,9181,109,244 760,940 644,720 954,494 487,003 319,721 562,647 440,8841,159,398 Mar. 6. . 7,841,189 695,096 72,784 649,0691,121,608 764,460 647,627 926,538 505,676 325,343 569,978 449,1611,113,849 Mar. 13. . 7,906,909 740,049 88,535 692,8681,128,180 768,634 651,074 887,406 508,829 327,203 575,918 465,2831,072,930 Mar. 20. . 7,917,386 744,402 83,870 745,1021,129,228 769,299 651,623 860,170 503,259 327,500 576,429 475,0241,051,480 Certificates: Feb. 20.... 7,594,211 518,982 1,913,577 573,779 721,134 475,340 393,085 975,629 373,813 206,172 369,636 332,772 740,292 Feb. 27.... 7,546,211 515,555 1,901,989 570,112 716,367 472,299 390,573 969,501 371,503 204,821 367,299 330,699 735,493 Mar. 6 7,025,414 478,574 1,775,572 530,391 664,944 439,339 363,344 902,964 346,358 190,231 341,919 308,167 683,611 Mar. 13.... 6,736,414 458,076 1,705,339 508,356 636,439 421,054 348,240 866,036 332,397 182,142 327,836 295,659 654,840 Mar. 20. ... 6,703,914 455,592 1,698,064 505,828 632,980 418,950 346,508 861,930 330,891 181,173 326,248 294,291 651,459 Notes: Feb. 20.... 1,378,700 94,219 347,402 104,166 130,919 86,297 71,363 177,122 67,865 37,430 67,107 60,413 134,397 Feb. 27.... 1,372,700 93,783 345,983 103,706 130,312 85,913 71,047 176,358 67,579 37,258 66,813 60,156 133,792 Mar. 6.... 1,372,700 93,510 346,929 103,633 129,923 85,842 70,995 176,430 67,675 37,169 66,808 60,214 133,572 Mar. 13. ... 1,372,700 93,344 347,502 103,589 129,690 85,799 70,963 176,474 67,733 37,115 66,804 60,248 133,439 Mar. 20 1,354,800 92,071 343,163 102,224 127,919 84,666 70,027 174,188 66,870 36,613 65,931 59,474 131,654 Bonds: Feb. 20.... 946,892 64,710 238,596 71,541 89,915 59,269 49,012 121,647 46,610 25,707 46,089 41,492 92,304 Feb. 27.... 946,892 64,692 238,660 71,537 89,889 59,263 49,008 121,652 46,616 25,701 46,088 41,496 92,290 Mar. 6.... 946,892 64,503 239,313 71,487 89,622 59,214 48,972 121,702 46,683 25,639 46,084 41,535 92,138 Mar. 13. ... 946,892 64,389 239,708 71,456 89,460 59,185 48,951 121,732 46,723 25,602 46,081 41,559 92,046 Mar. 20. ... 902,942 61,363 228,710 68,130 85,255 56,428 46,671 116,092 44,567 24,402 43,942 39,638 87,744 Total U. S. Govt. securities: Feb. 20 23,017,338 1,433,964 5,331,4691,614,6262,100,4261,450,4781,177,7263,717,2791,087,871 617,6611,080,917 894,5882,510,333 Feb. 27 22,972,035 1,429,027 5,342,6641,590,6582,146,2421,448,8941,179,4483,694,6801,065,670 612,1911,081,869 894,0542,486,638 Mar. 6 22,526,363 1,390,537 5,335,4991,586,2802,089,6271,399,3121,154,8383,589,0491,063,204 600,9221,068,653 888,0262,360,416 Mar. 13 22,393,118 1,419,197 5,378,0471,590,7542,072,3691,384,5491,148,9033,532,8131,051,569 596,5021,049,505 884,6732,284,237 Mar. 20 22,592,356 1,417,454 5,455,2301,610,8592,065,8221,399,6401,154,8043,572,8451,058,747 628,5481,069,697 894,3412,264,369 Total loans and securities: Feb. 20 23,371,702 1,455,880 5,490,0991,636,4252,131,1311,458,1971,182,5463,774,0391,099,231 636,1611,097,412 895,8682,514,713 Feb. 27 23,353,699 1,457,293 5,560,0941,604,5672,161,7971,458,4031,182,5183,747,3401,075,280 613,7911,107,264 895,3342,490,018 Mar. 6 22,970,781 1,413,823 5,603,0591,600,0132,102,7321,404,9811,161,9083,649,8241,075,314 603,0721,090,973 889,3062,375,776 Mar. 13 23,105,205 1,442,643 5,944,0171,599,3662,091,8241,388,9181,150,9733,585,5381,061,429 597,5521,067,825 886,0032,289,117 Mar. 20 23,077,445 1,439,200 5,754,050I,624,439i2,102,0271,406,0081,163,4743,590,3551,097,357 634,8981,099,217 895,6712,270,749 394 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] New Phila- Cleve- Rich- St. Minne- Kansas San Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Due from foreign banks: Feb. 20 110 7 I 37 9 10 5 4 15 4 3 4 3 9 Feb. 27 110 137 9 10 5 4 15 4 3 4 3 9 Mar. 6 110 137 9 10 5 4 15 4 3 4 3 9 Mar. 13 110 137 9 10 5 4 15 4 3 4 3 9 Mar. 20 110 137 9 10 5 4 15 4 3 4 3 9 Federal Reserve notes of other banks: Feb. 20 153,913 5,209 19,016 3,748 9,301 44,526 12,773 11,808 7,285 4,489 6,865 4,841 24,052 Feb. 27.... 147,029 3,333 17,763 3,847 8,335 43,448 12,936 13,018 7,297 5,269 5,985 4,408 21,390 Mar. 6.... 143,671 3,866 17,332 3,442 6,571 41,635 11,610 13,275 7,977 4,547 6,320 4,929 22,167 Mar. 13.... 137,315 3,518 16,692 3,473 6,568 39,337 11,783 13,116 8,213 4,320 6,409 4,266 19,620 Mar. 20. . .. 143,901 3,619 18,349 4,043 6,486 39,511 12,108 13,582 7,649 5,005 6,739 4,647 22,163 Uncollected items: Feb. 20 2,203,086 150,898 478,336 140,699 219,074 152,335 150,590 347,062 90,290 52,299 108,194 91,597 221,712 Feb. 27 2,093,208 147,263 431,084 131,616 202,281 157,299 135,415 333,608 93,058 53,488 118,036 92,398 197,662 Mar. 6 1,934,765 132,242 364,197 118,909 166,103 136,754 137,671 335,962 96,941 50,816 105,989 93,263 195,918 Mar. 13 2,227,032 167,692 462,750 130,861 190,482 161,501 163,262 356,449 103,927 53,872 124,768 95,802 215,666 Mar. 20 2,388,190 166,658 470,736 154,113 235,195 196,494 176,144 354,578 112,343 57,766 125,090 101,353 237,720 Bank premises: Feb. 20 33,284 1,348 8,656 3,289 3,970 2,762 1,565 3,111 2,053 1,262 2,585 826 1,857 Feb. 27 33,257 1,343 8,656 3,289 3,970 2,755 1,561 3,110 2,052 1,260 2,585 826 1,850 Mar. 6 33,222 1,343 8,638 3,289 3,970 2,755 1,561 3,105 2,049 1,260 2,579 823 1,850 Mar. 13 33,234 1,343 8,638 3,289 3,970 2,755 1,561 3,105 2,049 1,272 2,579 823 1,850 Mar. 20 33,224 1,343 8,638 3,289 3,961 2,755 1,561 3,105 2,048 1,272 2,579 823 1,850 Other assets" Feb. 20..' 63,746 4,209 14,470 4,420 6,640 4,066 3,459 8,185 3,645 1,719 3,131 2,846 6,956 Feb. 27 65,695 4,471 15,124 4,569 6,779 4,246 3,542 8,158 3,628 1,767 3,273 2,937 7,201 Mar. 6 56,063 3,732 " 12,841 4,105 5,869 3,609 3,055 7,207 3,139 1,559 2,731 2,153 6,063 Mar. 13 57,391 3,841 13,665 4,235 6,045 3,620 3,167 7,422 3,058 1,602 2,781 2,191 5,764 Mar. 20 49,801 3,421 11,761 3,226 5,380 2,829 2,644 6,712 2,757 1,473 2,158 2,106 5,334 Feb. 20..' 44,217,543 2,459,752 11,556,9442,691,1133,584,2622,633,1662,420,8007,168,0261,809,0741,046,1141,836,3181,490,7165,521,258 Feb. 27 44,095,445 2,447,839 11,479,6022,672,8483,580,1852,642,1012,404,6767,237,7681,812,9911,034,4051,863,8831,493,2825,425,865 Mar. 6 43,563,02.9 2,384,79011,306,3092,621,3543,499,6752,604,6802,410,6617,169,2581,809,1031,032,4221,838,4231,487,0305,399,324 Mar. 13 43,976,496 2,448,69311,404,7372,641,3213,554,2912,662,1832,442,5437,171,3101,821,7991,043,8271,858,8601,486,8765,440,056 Mar. 20 44,105,842 2,440,46811,463,8792,687,2603,580,2472,651,4202,424,7647,147,6961,816,8111,050,0241,875,7311,493,6805,473,862 Liabilities Federal Reserve notes: Feb. 20 24,151,094 1,451,085 5,285,2351,614,6562,048,2811,695,1741,450,5564,393,255 1,046,963 548,135 898,275 600,9783,118,501 Feb. 27 24,124,304 1,450,122 5,282,6871,614,1472,044,575 1,693,5071,447,5864,389,7201,047,084 547,951 899,044 600,0453,107,836 Mar. 6 24,125,712 1,451,604 5,281,6471,611,4712,042,7601,689,9011,451,0094,392,945 1,048,722 551,029 900,242 600,5853,103,797 Mar. 13 24,071,424 1,448,707 5,277,8781,608,2862,039,195 1,684,3321,445,3704,386,456 1,047,713 550,899 896,661 597,3243,088,603 Mar. 20 24,012,331 1,447,641 5,286,4061,605,0582,035,216 1,678,5721,439,2484,375,4301,045,365 549,577 892,918 595,3143,061,586 Deposits: Member bank —reserve account: Feb. 20.. 15,490,106 677,971 4,835,663 764,5161,133,948 697,729 738,4652,207,001 591,522 379,287 758,800 728,5951,976,609 Feb. 27.. 15,555,461 680,511 4,839,000 765,9831,150,691 701,774 743,9732,267,219 594,661 377,399 775,957 732,6521,925,641 Mar. 6.. 15,444,331 682,665 4,746,969 773,6881,139,740 700,882 746,2012,244,122 599,976 385,696 779,578 738,7041,906,110 Mar. 13.. 15,663,170 701,254 4,804,476 776,3721,145,647 714,039 770,5372,264,357 609,577 389,386 784,014 733,9031,969,608 Mar. 20. . 15,483,606 700,111 4,762,979 784,9091,142,788 675,926 738,0032,227,306 584,266 378,960 766,396 728,7041,993,258 U. S Treasurer-general account: Feb. 20.. 940,449 89,619 251,567 81,726 94,521 42,876 40,535 126,537 33,628 40,019 33,102 39,524 66,795 Feb. 27.. 826,157 85,827 196,480 69,404 89,846 41,809 32,934 128,572 29,323 30,724 31,367 34,249 55,622 Mar. 6.. 611,790 32,819 191,909 24,777 45,528 30,803 31,099 99,427 24,219 20,024 17,370 26,082 67,733 Mar. 13. . 501,470 47,385 106,937 32,981 69,199 41,427 31,330 63,894 16,651 26,008 16,492 25,589 23,577 Mar. 20. . 773,934 39,339 188,525 52,950 78,650 58,652 32,751 96,618 34,413 35,684 56,784 36,310 63,258 Feb. 20.. 808,482 49,769 2 294,370 63,912 71,613 36,191 29,261 103,184 26,181 19,251 25,411 24,641 64,698 Feb. 27.. 780,650 47,998 2 283,865 61,771 69,213 34,979 28,281 99,727 25,304 18,606 24,560 23,815 62,531 Mar. 6. . 750,585 45,537 2 280,323 58,459 65,503 33,103 26,764 94,380 23,947 17,608 23,243 22,539 59,179 Mar. 13. . 743,135 45,259 2 276,697 57,971 64,956 32,827 26,541 93,592 23,747 17,461 23,049 22,350 58,685 Mar. 20. . 749,018 45,775 2 274,602 58,998 66,106 33,409 27,011 95,250 24,168 17,771 23,457 22,746 59,725 Other* Feb. 20.. 426,179 4,610 334,405 3,158 9,626 2,746 3,036 3,582 10,056 4,359 1,940 1,043 47,618 Feb. 27.. 422,058 2,452 333,705 5,852 9,135 2,513 2,426 3,225 9,986 4,808 1,336 1,329 45,291 Mar. 6.. 402,900 2,344 308,450 3,789 8,974 5,943 2,076 5,228 9,799 4,064 3,220 1,540 47,473 Mar. 13. . 466,434 4,364 371,752 2,668 8,938 7,118 2,103 4,763 9,695 3,779 2,014 2,047 47,193 Mar. 20. . 481,454 3,012 387,573 3,897 9,416 6,400 2,680 4,870 9,367 4,480 1,888 936 46,935 Total deposits: Feb. 20 17,665,216 821,969 5,716,005 913,312 1,309,708 779,542 811,2972,440,304 661,387 442,916 819,253 793,8032,155,720 Feb. 27 17,584,326 816,788 5,653,050 903,0101,318,885 781,075 807,6142,498,743 659,274 431,537 833,220 792,0452,089,085 Mar. 6 17,209,606 763,365 5,527,651 860,7131,259,745 770,731 806,1402,443,157 657,941 427,392 823,411 788,8652,080,495 Mar. 13 17,374,209 798,262 5,559,862 869,9921,288,740 795,411 830,5112,426,606 659,670 436,634 825,569 783,8892,099,063 Mar. 20 17,488,012 788,237 5,613,679 900,7541,296,960 774,387 800,4452,424,044 652,214 436,895 848,525 788,6962,163,176 Deferred availability items: Feb. 20 : 1,787,810 147,136 359,687 112,771 169,202 128,661 133,958 252,187 78,861 38,676 97,089 75,016 194,566 Feb. 27 1,770,349 141,132 346,937 105,101 159,344 137,573 124,322 266,476 84,656 38,655 109,807 80,148 176,198 Mar. 6 1,608,414 129,901 298,524 98,472 139,656 113,923 128,287 250,255 80,347 37,584 92,838 76,548 162,079 Mar. 13 1,909,659 161,355 368,865 112,118 168,559 152,146 141,282 275,019 92,184 39,747 114,581 84,502 199,301 Mar. 20 1,982,452 164,172 365,139 130,427 190,161 168,046 159,598 264,840 96,976 46,741 112,226 88,359 195,767 1 After deducting $73,000 participations of other Federal Reserve Banks. 2 After deducting $513,608,000 participations of other Federal Reserve Banks on Feb. 20; $496,400,000 on Feb. 27; $469,788,000 on Mar. 6; $465,865,000 on Mar. 13, and $474,118,000 on Mar. 20. APRIL 1946 395 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.: Feb. 20 10,133 517 2,490 549 972 531 431 2,065 380 496 402 365 935 Feb. 27.... 10,694 562 2,810 633 1,116 539 494 2,077 396 308 401 414 944 Mar. 6... 11,581 585 3,869 598 1,051 525 435 2,026 400 414 410 334 934 Mar. 13.... 11,284 873 3,016 686 1,153 572 468 1,929 450 488 399 370 880 Mar. 20 11,575 855 3,124 651 1,088 523 459 1,970 412 715 414 421 943 J. OLd F l e il b ci . D l. 2 liX 0 i.cb • 43,614,253 2,420,707 11,363,4172,641,2883,528,1632,603,9082,396,242 7,087,811 1,787,5911,030,2231,815,0191,470,1625,469,722 Feb. 27.... 43,489,673 2,408,60411,285,4842,622,8913,523,9202,612,6942,380,016 7,157,016 1,791,4101,018,4511,842,4721,472,6525,374,063 Mar. 6... 42,955,313 2,345,455 11,111,6912,571,2543,443,2122,575,0802,385,8717,088,383 1,787,4101,016,4191,816,9011,466,3325,347,305 Mar. 13 43,366,576 2,409,197 11,209,6212,591,0823,497,647 2,632,4612,417,6317,090,010 1,800,0171,027,7681,837,2101,466,0855,387,847 Mar. 20. .. 43,494,370 2,400,905 11,268,3482,636,8903,523,4252,621,5282,399,7507,066,2841,794,9671,033,9281,854,0831,472,7905,421,472 Capital Acc'ts: Capital paid in: Feb. 20... 180,142 10,731 63,985 13,422 18,090 7,408 6,664 21,468 5,745 3,935 5,923 6,256 16,515 Feb. 27.... 180,448 10,732 64,200 13,433 18,096 7,427 6,678 21,484 5,752 3,939 5,929 6,259 16,519 Mar. 6. . . 180,733 10,743 64,222 13,434 18,108 7,537 6,697 21,497 5,760 3,945 5,930 6,263 16,597 Mar. 13. . 180,815 10,743 64,233 13,441 18,111 7,540 6,719 21,499 5,770 3,950 5,934 6,278 16,597 Mar. 20 180,970 10,771 64,254 13,449 18,116 7,570 6,730 21,518 5,773 3,952 5,935 6,305 16,597 Surplus (section 7): Feb. 20.... 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 Feb. 27. . . . 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 Mar. 6. . 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 Mar. 13. . 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 Mar. 20 358,355 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): Feb. 20. 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Feb. 27.... 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Mar. 6.... 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Mar. 13. .. 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Mar. 20 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: Feb. 20.... 37,365 2,863 5,477 2,956 3,257 2,931 2,682 4,289 2,272 2,014 2,348 2,321 3,955 Feb. 27. . 39,541 3,052 5,853 3,077 3,417 3,061 2,770 4,810 2,363 2,073 2,454 2,394 4,217 Mar. 6. . . 41,200 3,141 6,331 3,219 3,603 3,144 2,881 4,920 2,467 2,116 2,564 2,458 4,356 Mar. 13. . 43,322 3,302 6,818 3,351 3,781 3,263 2,981 5,343 2,546 2,167 2,688 2,536 4,546 Mar. 20 44,719 3,341 7,212 3,474 3,954 3,403 3,072 5,436 2,605 2,202 2,685 2,608 4,727 Total liabilities and capital accounts: Feb. 20.. . 44,217,543 2,459,752 11,556,9442,691,1133,584,262 2,633,1662,420,8007,168,026 1,809,0741,046,1141,836,3181,490,7165,521,258 Feb. 27.. . 44,095,445 2,447,839 11,479,6022,672,8483,580,1852,642,1012,404,6767,237,768 1,812,9911,034,4051,863,8831,493,2825,425,865 Mar. 6... 43,563,029 2,384,790 11,306,3092,621,3543,499,6752,604,6802,410,6617,169,258 1,809,1031,032,4221,838,4231,487,0305,399,324 Mar. 13. . . 43,976,496 2,448,693 11,404,7372,641,3213,554,2912,662,1832,442,5437,171,310 1,821,7991,043,8271,858,8601,486,8765,440,056 Mar. 20 44,105,842 2,440,468 11,463,8792,687,2603,580,247 2,651,4202,424,7647,147,696 1,816,8111,050,0241,875,7311,493,6805,473,862 Commitments to make industrial loans: Feb. 20 1 559 164 638 300 200 178 79 Feb. 27 1,647 100 790 300 200 178 79 Mar. 6 . . 1,772 100 915 300 200 178 79 Mar. 13. 1,745 100 888 300 200 178 79 Mar. 20 1,968 100 1,111 300 200 178 79 .... ... 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 Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas c F S i r a s a n c n o - _ L Federal Reserve notes outstanding (issued to bank): Feb. 20 25,203,486 1,509,8485,509,468 1,692,0552,133,1011,777,4191,516,244 4,502,4471,104,486560,893 936,563 643,8883,317,074 Feb. 27 25,196,400 ,508,8065,510,559 1,692,8972,132,7941,777,8401,517,308 4,495,3021,107,708561,892 933,515646,0193,311,660 Mar. 6 25,208,211 1,502,654 5,507,2711,699,066 2,128,4611,778,6521,524,186 4,501,9201,115,891563,884 936,427643,672 3,306,127 Mar. 13 25,192,210 1,504,3585,508,266 1,701,0072,127,2441,774,3511,528,3624,497,1541,113,805564,656 934,801642,6153,295,591 Mar. 20 25,175,741 1,504,250 5,509,7381,696,824 2,125,9121,773,0241,531,6614,495,615 1,114,344 564,632 932,723 644,2233,282,795 Collateral held agai nst notes outstanding: Gold certificates: Feb. 20 10,854,000 460,0003,520,000 500,000 635,000 600,000 655,0001,720,000 300,000165,000 280,000169,0001,850,000 Feb. 27 10,969,000 460,0003,520.000 500,000 635,000 600,000 680,0001,810,000 330000,,000000 116655,,000000 280,000169,000 1,850,000 Mar. 6 11,234,000 460,000 3,520,000 500,000 635,000 600,000 690,000 2,010,000 300,000170,000 280,000169,0001,900,000 Mar. 13 11,034,000 460,000 , 220,000 500,000 635,000 600,000 690,000 2,010,000 330000,,000000 117700,,000000 280,000169,0002,000,000 Mar. 20 11,334,000 460,000 3,420,000 500,000 635,000 600,000 690,0002,010,000 300,000170,000 280,000169,000 2,100,000 Eligible paper: Feb. 20. 230,925 19,255 145,310 16,865 5,800 10,000 17,500 15,175 1,020 Feb. 27 279,390 25,605 204,110 9,140 7,590 8,250 600 24,075 20 Mar. 6 332,530 20,625 254,240 9,015 3,750 10,750 1,150 21,000 12,000 Mar. 13 606,845 20,785 552,650 3,890 2,450 8,500 50 17,L00 1,520 Mar. 20 391,725 19,090 285,500 8,865 4,450 37,250 5,350 28,200 3,020 U. S. Govt. securities: Feb. 20 15,213,879 1,100,000 2,000,0001,200,0001,550,0001,225,000 900,000 2,800,000 938,879 400,000 700,000 500,0001,900,000 Feb. 27 15,042,969 1,100,000 2,000,0001,200,0001,550,0001,225,000 850,000 2>,, \700,000917,969 400,000 700,000 500,0001,900,000 Mar. 6 14,546,812 1,100,000 2,000,0001,200,0001,550,0001,225,000 850,000 2:,500,000 921,812 400,000 700,000 500,0001,600,000 Mar. 13 14,545,887 1,100,000 2,000,0001,200,0001,550,0001,225,000 850,000 2,500,000 920,887 400,000 700,000 500,0001,600,000 Mar. 20 t4,563,160 1,100,000 2,000,0001,200,000 1,550,000 1,225,000 850,000 2,500,000 938,160 400,000 700,000 500,0001,600,000 Total collateral: Feb. 20 26,298,804 1,579,255 5,665,310 1,716,865 2,185,000 1,830,800 555,000 4,520,0001,248,879 582,500 995,175 669,000 3,751,020 Feb. 27 26,291,359 1,585,605 5,724,110 1,709,140 2,185,000 1,832,590 1,530,000 4,510,0001,226,219 565,6001,004,075 669,000 3,750,020 Mar. 6 26,113,342 1,580,625 5,774,240 1,709,015 2,185,000 1,828,7501,540,000 4,510,000l,2:32,562 571,150 1,001,000 669,000 3,512,000 M M a a r r . . 2 1 0 3 2 2 6 6, , 2 1 8 8 8 6 , , 8 7 8 3 5 2 1 1 , , 5 5 8 7 0 9 , , 7 0 8 9 5 0 5 5 , ,7 7 7 0 2 5 , , 6 5 5 0 0 0 1 1 , , 7 7 0 08 3 , , 8 8 6 9 5 0 2 2 , , 1 1 8 8 5 5 , , 0 0 0 0 0 0 1 1 , , 8 8 2 2 7 9 , , 4 4 5 5 0 0 1 1 , , 5 5 4 4 0 0 , , 0 0 0 0 0 0 4 4 , , 5 5 1 1 0 0 , , 0 0 0 0 0 0 1 1 , , 2 2 2 7 9 5 , , 3 4 8 1 7 0 5 5 7 7 0 5 , , 0 3 5 5 0 0 1 9 , 9 00 7, 8 2 0 0 0 0 0 6 6 6 6 9 9 , , 0 0 0 0 0 0 3 3 , , 7 6 0 0 3 1 , , 0 52 2 0 0 396 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- Date Gua a r u a t t o n h t o e d r e a i d z te e l d oans 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 u A b v n a o d a d m r d i e r l i r a o o t b i w u g o l n u e e n t a r a t s r o l - 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 ew rk c C a h g i o - b s c a e i n r t v y k e s ba t n ry ks1 N b u e m r - Amount a T m o o t u a n l t g P u o te a r e t r i 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 5 r — es F J e a e r n b ves held: 1 1 4 4 , , 0 0 4 4 8 0 3 3 , , 7 7 1 9 1 3 8 8 6 8 4 4 5 5 , , 6 5 2 9 5 0 3 3 , , 8 7 4 7 8 4 1942 1946—Jan 15,921 4,054 921 6,357 4,590 June 30 565 310,680 81,108 69,674 137,888 Feb 15,685 4,037 901 6,235 4,511 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 4 80 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 J F a e n b . . 2 1 5 1 15 5 , , 7 9 8 0 2 8 4 4 , , 0 0 7 7 4 1 9 9 1 2 1 2 6 6 , , 3 2 4 9 2 5 4 4 , ,5 5 0 7 2 3 1943 Feb. 8 15,767 4,065 905 6,264 4,533 J S M D u e e a n p c r e t . . . 3 3 3 3 1 0 0 1 3 4 4 5 , , , , 2 5 7 3 1 8 3 4 7 7 4 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 9 4 2 0 1 2 4 8 4 8 5 , , , , 0 0 2 7 2 4 5 1 2 0 3 1 1 1 1 , , , 1 6 4 9 5 0 1 9 3 3 1 9 , , , , 1 7 5 3 5 5 9 1 4 9 6 8 3 2 2 1 , , , , 1 4 2 8 4 9 1 6 6 4 6 5 , , , , 2 8 0 6 8 5 5 1 6 5 3 8 M M F F M e e a a a b b r r r . . . . . 2 1 1 8 1 2 5 5 1 1 1 1 1 5 5 5 5 5 , , , , , 6 6 6 6 6 1 6 6 1 9 9 5 7 7 6 4 4 3 4 4 , , , , , 0 0 9 0 0 2 4 9 1 1 7 0 1 8 4 9 9 8 8 8 9 0 9 0 9 5 4 1 1 0 6 6 6 6 6 , , , , , 1 1 2 2 2 7 9 2 2 5 0 8 4 8 0 4 4 4 4 4 , , , , , 5 5 4 5 5 1 4 5 9 1 0 1 9 4 8 1944 Excess reserves: J M S D u e e a n p c r e t . . . 3 3 3 3 1 0 0 0 5 6 6 7 , , , , 9 8 4 4 8 0 3 3 4 2 4 3 8 9 8 7 , , , , 0 3 6 4 4 1 8 6 6 0 5 6 , , , , 6 5 7 7 7 8 5 6 2 2 3 2 2 2 1 1 , , , , 0 0 9 7 0 6 6 3 4 9 0 5 , , , , 3 5 7 9 1 1 8 7 8 1 5 0 1 1 1 1 , , , , 6 6 7 4 8 6 3 8 0 3 5 2 , , , , 4 7 0 0 8 7 4 3 9 7 6 8 3 3 4 4 , , , , 6 8 3 4 1 1 0 5 0 5 1 3 , , , , 7 3 9 5 9 2 6 8 7 2 3 6 1 1 9 9 4 4 5 6 — — F F J J a a e e n n b b 1 1 1 , , , 9 3 1 1 1 5 3 1 2 1 1 4 1 1 1 1 7 5 7 8 8 3 8 2 3 2 2 6 3 9 5 9 7 7 2 9 6 8 8 5 3 7 0 8 9 6 4 1945 Jan. 25 1,224 14 6 287 917 J S M D u e e a n p c r e t . . . 3 3 3 3 1 0 0 1 8 8 8 7 , , , , 4 6 8 7 8 2 9 5 6 2 5 7 1 1 1 9 0 0 0 , , , , 6 1 3 3 4 4 1 3 5 9 9 3 , , , , 3 3 4 8 7 1 0 6 8 5 0 8 1 1 1 , , , 3 0 5 5 7 8 9 1 3 6 9 0 , , , , 8 8 1 2 9 5 2 7 2 1 0 0 1 1 , , 3 1 9 4 6 9 1 3 5 0 6 5 , , , , 9 9 8 3 5 4 5 4 5 1 9 4 3 3 3 , , , 6 9 0 9 9 6 4 6 4 3 3 6 , , , , 6 9 6 5 1 6 7 9 8 1 4 5 F F F M F e e e e a b b b b r . . . . . 2 1 8 1 1 2 5 P 1 1 1 1 l , , , . , 1 1 1 1 1 5 6 3 5 1 7 5 9 3 0 2 1 1 1 1 7 8 2 7 6 12 6 6 6 7 2 2 2 2 2 7 6 7 7 5 1 5 6 8 8 P 8 8 8 8 8 6 5 5 0 5 9 9 9 6 6 1946 Mar. 8 Pl.103 13 8 247 *>835 J F a e n b . . 3 2 1 8 8 8, , 7 7 6 6 1 6 1 1 0 0 , , 3 34 4 0 1 , , 2 8 7 ^0 5 3 4 5 2 7 7 , , 1 2 6 7 1 8 3 3 6 02 3 , , 5 0 9 4 7 8 4 7 7 6 7 4 , , 4 0 2 9 9 3 Borr R ow es i e n M r g v s a e r a . B t 1 a 5 F n e k d s e : ral Pl.110 12 8 248 P842 1945—Jan 118 39 51 28 NOTE.—The difference between guaranteed loans authorized and sum Feb 232 82 1 101 49 of loans outstanding and amounts available to borrowers under guaran- 1946—Jan 185 94 66 25 tee agreements outstanding represents amounts repaid, guarantees Feb 324 134 l' 134 54 available but not completed, and authorizations expired or withdrawn. Jan. 25 219 76 1 67 75 Feb. 1 273 89 1 114 69 Feb. 8 317 111 1 123 82 Feb. 15 378 140 2 144 92 Feb. 22 381 136 2 141 102 Mar. 1 399 156 1 128 114 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Mar. 8 492 256 130 106 [Amounts in thousands of dollars] Mar. 15 635 438 104 93 W o D o r f e a d l t a p e n s e e t r ( s i d l d o a a d a s y y ) t N b u A e m r a p - p t p o p l i r c d o A a a v t t m i e e o d o n u s nt ( b a p p m u c r l A o e o t o t v m p e u n - e d - n o d 1 t 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 s a t m o m a o m n e u o n d u t m - t i n s n i t t g ) - ( s a P p t m a a a o t n r u o i t d o i u t- c i n n n i s t - g ) c b R o e e r u i p s n e W b P r t a v r r e n y e e e k l k i b s B m l a y a a n i n n n k k f a d s i r g y a o d u r i f r e s e c c s e o o s u u t o i n n m f t t s r a y e t a x e n c b s e a d . s n s a k d W s r v e a e m s e n e a k c r y l v e y s e i s n f f i c o g o l u r u f r d n e e o s a n l s o l m m f m e a b m l o e l m r b a r e o m b r w e o r b i u n a n g b n t s a k s n o s o , k f e f s a t l F c l a e . n m d d e e r m o al f - DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1934 984 49,634 20,966 13,589 8,225 1,296 SMALL CENTERS 1 1935 1,993 124,493 11,548 32,493 27,649 8,778 [Averages of daily figures. In millions of dollars] 1936 2,280 139,829 8,226 25,526 20,959 7,208 1937 2,406 150,987 3,369 20,216 12,780 7,238 1938 2,653 175,013 1,946 17,345 14,161 12,722 In places of 15,000 In places of under 1939 2,781 188,222 2,659 13,683 9,220 10,981 and over population 15,000 population 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 Demand Demand 1942 deposits Time deposits Time June 24... 3,352 338,822 26,346 11,265 16,832 26,430 except deposits except deposits Dec. 31. . 3,423 408,737 4,248 14,126 10,661 17,305 interbinatnekr-2 bank2 1943 June 30... 3,452 475,468 3,203 13,044 12,132 19,070 Dec. 31. . 3,471 491,342 926 10,532 9,270 17,930 February 1945 14,728 6,060 9,384 4,194 January 1946 17,523 7,415 12,103 5,200 1944 June 30... 3,483 510,857 45 11,366 4,048 11,063 February 1946. . 17,530 7,528 12,132 5.271 Dec. 30. . 3,489 525,532 1,295 3,894 4,165 2,706 Boston 2,219 815 365 212 1945 New Yor,k 3,468 1,900 1.161 1,029 Mar. 31. .. 3,493 528,936 85 4,214 3,321 2,365 Philadelphia 1,248 663 976 773 June 30. .. 3,502 537,331 70 3,252 5,224 2,501 Cleveland 1,551 841 1,104 724 Sept. 30... 3,505 540,241 130 3,166 4,291 2,018 Dec. 31. .. 3,511 544,961 320 1,995 1,644 1,086 Richmond 1,214 354 894 404 Atlanta 1,728 443 734 182 1946 Chicago 2,159 1,212 1,613 820 Jan.31.... 3,512 545,372 195 • 1,843 1,579 1,046 St. Louis 633 298 1,013 240 Feb. 28.... 3,513 546,149 545 1,590 1,575 976 Minneapolis 588 258 716 380 1 Includes applications approved conditionally by the Federal Re- Kansas City. . . . 535 101 1,512 181 serve Banks and under consideration by applicant. Dallas 924 108 1.428 56 2 Includes industrial loans past due 3 months or more, which are not San Francisco. . . 1,263 535 615 270 included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. Includes any banks in outlying sections ©f reserve cities which have NOTE.—The difference between amount of applications approved and been given permission to carry the same reserves as country banks. the sum of the following four columns represents repayments of ad- All reserve cities have a population of more than 15,000. vances, and applications for loans and commitments withdrawn or 2 Includes war loan deposits, shown separately for all country banks expired. in the table on the following page. APRIL 1946 397 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 l S n - o r t . n a - n Other j p m u a o s d a d t s e e n i - - t d d s 3 p m o N d d a s e e e i n - - t t s d * p T o d i s m e i - t e s5 m a f b d r n d e o a u c o s m l e e t - - i s c Total qu R i e re - d c K e x ss s i F n e e R a e r r g t e d v a s - l - e posits2 banks Banks First half of February 1946 All member banks 103,836 12,918 21,827 69,091 64,852 71,648 24,713 6,378 15,724 14,571 1,153 303 Central reserve city banks: New York 27,919 4,413 6,835 16,670 15,382 19,777 1,290 56 4,045 4,031 13 127 Chicago 6,232 1,226 1,538 3,468 3,217 4,270 732 178 897 898 1 Reserve city banks. 38,896 6,101 8,143 24,652 22,628 26,912 9,942 1,908 6,256 5,979 277 Boston 2,443 284 654 1,505 1,416 1,657 177 45 346 342 4 4 New York 638 27 139 472 445 451 282 22 109 107 2 1 Philadelphia 2,857 366 679 1,812 1,688 1,979 195 75 415 408 7 7 Cleveland 4,493 570 1,058 2,865 2,674 3,075 1,174 174 . 724 685 38 30 Richmond 2,469 394 517 1,559 1,440 1,718 421 127 397 369 28 1 Atlanta 2,456 663 478 1,315 1,176 1,691 372 155 389 361 29 8 Chicago 4,656 523 1,044 3,089 2,876 3,103 1,805 304 773 729 44 24 St. Louis 2,294 657 476 1,161 1,029 1,588 294 103 344 335 9 13 Minneapolis 1,238 331 326 581 514 779 154 67 167 165 2 14 Kansas City 3,108 969 518 1,621 1,443 2,141 324 278 482 448 34 24 Dallas 604 605 497 1,503 1,383 1,732 293 262 404 364 40 1 San Francisco 9,640 712 1,758 7,170 6,545 6,999 4,451 297 1,705 1,667 38 5 Country banks... 30,789 1,178 5,310 24,300 23,624 20,689 12,749 4,235 4,525 3,661 864 42 Boston 2,678 87 636 1,955 1,873 1,781 1,025 189 345 311 34 15 New York 4,704 85 1,151 3,469 3,341 3,102 2,916 338 725 609 115 18 Philadelphia... 2,242 18 448 1,777 1,732 1,516 1,432 240 370 298 72 2 Cleveland 2,686 31 541 2,114 2,064 1,760 1,561 342 443 340 103 1 Richmond 2,259 152 376 1,731 1,663 1,484 755 346 313 253 60 2 Atlanta 2,701 252 389 2,060 1,993 1,810 622 450 360 291 70 1 Chicago 3,842 78 675 3,090 3,032 2,544 2,028 576 605 477 127 1 St. Louis 1,780 138 217 1,425 1,389 1,251 537 282 251 207 43 1 Minneapolis. . . 1,372 80 212 1,080 1,051 916 632 220 215 166 49 1 Kansas City... 2,133 89 194 1,850 1,825 1,472 281 451 283 223 60 1 Dallas 2,486 140 232 2,114 2,069 1,693 165 532 335 247 88 San Francisco. 1,905 29 242 1,634 1,590 1,359 796 269 280 238 42 Second half of February 1946 All member banks 103,855 12,822 21,971 69,062 64,673 71,451 24,873 6,299 15,639 14,534 1,105 348 Central reserve city banks New York 27,774 4,376 6,846 16,552 15,288 19,648 1,304 53 4,027 4,008 19 144 Chicago 6,222 1,234 1,550 3,438 3,165 4,223 732 180 906 888 17 2 Reserve city banks 38,983 6,059 8,218 24,706 22,543 26,769 9,979 1,924 6,211 5,953 259 136 Boston 2,449 280 654 1,515 1,414 1,651 178 45 344 341 3 6 New York 640 27 141 473 446 453 282 20 110 107 3 1 Philadelphia 2,827 357 685 1,785 1,652 1,939 196 71 406 400 7 13 Cleveland 4,501 559 1,065 2,877 2,657 3,046 1,183 175 709 680 29 20 Richmond 2,483 384 521 1,579 1,453 1,724 423 125 394 370 24 1 Atlanta 2,490 663 482 1,345 1,198 1,711 375 158 388 365 24 4 Chicago 4,622 521 1,054 3,047 2,821 3,044 1,815 305 765 718 47 52 St. Louis 2,312 645 482 1,185 1,045 ' 1,595 295 100 346 337 9 8 Minneapolis 1,237 334 326 5.77 503 770 155 68 166 163 3 12 Kansas City 3,168 980 522 1,665 1,470 2,163 325 295 488 452 36 18 Dallas ., 2,639 601 504 1,534 1,399 1,739 294 268 403 365 38 San Francisco 9,613 707 1,782 7,125 6,486 6,935 4,457 295 1,691 1,654 37 Country banks 30,877 1,154 5,357 24,366 23,677 20,811 12,858 4,142 4,495 3,685 810 67 Boston 2,661 84 639 1,938 1,855 1,764 1,031 184 342 309 33 20 New York 4,724 85 1,161 3,479 3,350 3,123 2,943 326 724 614 110 33 Philadelphia 2,237 14 450 1,773 1,727 1,516 1,441 230 364 299 65 4 Cleveland 2,684 30 545 2,109 2,059 1,770 1,568 324 437 342 95 1 Richmond 2,258 148 380 1,730 1,658 1,489 762 331 307 254 53 5 Atlanta 2,725 248 392 2,085 2,018 1,837 628 444 362 295 67 Chicago 3,858 77 682 3,100 3,038 2,560 2,038 566 601 481 120 St. Louis 1,786 135 219 1,432 1,390 1,257 539 279 250 208 41 Minneapolis 1,400 81 217 1,102 1,074 936 645 223 213 170 44 Kansas City 2,140 87 196 1,856 1,832 1,484 283 445 285 224 60 Dallas 2,496 137 229 2,130 2,088 1,708 163 531 333 249 84 San Francisco 1,907 28 247 1,632 1,588 1,367 816 258 278 240 37 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. 2 Figures include Series E bond deposit accounts, but do not include certain other demand deposits of the U. S. Government with member banks and, therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 3. • Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (other than war loan and Series E bond accounts) on the latest available call report date. 4 Demand deposits subject to reserve requirements, i. e., demand deposits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. 8 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. 398 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 3$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 4,167 442 402 33 719 1,229 ,342 1,360 364 618 125 237 10 1934 5,536 4,292 452 423 32 771 1,288 ,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 ,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 ,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 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 ' 9 22 2 1944—September... 23,794 16,715 1,105 937 75 2,078 5,789 6,731 7,081 1,829 3,765 516 939 9 22 2 October 24,425 17,089 1,125 948 76 ,103 5,877 6,960 7,339 1,893 3,918 532 963 10 23 2 November... 25,019 17,461 1,144 962 78 ,129 5,990 157 7,561 1,946 4,056 546 981 10 23 3 December. . . 25,307 17,580 1,156 987 81 ,150 5,983 224 7,730 1,996 4,153 555 990 10 24 3 1945—January 25,290 17,456 1,150 950 77 ,102 5,936 242 7,837 2,022 4,228 566 990 10 21 3 February.... 25,751 17,778 1,158 953 75 ,135 6,076 381 7,974 2,059 4,317 571 994 10 24 1 March 25,899 18,000 1,170 954 73 ,132 6,132 539 7,900 2,088 4,266 550 965 9 23 1 April 26,189 18,353 1,180 957 73 ,151 6,238 754 837 126 4,210 527 932 9 33 1 May 26,528 18,715 1,196 972 73 ,186 6,377 7,911 814 159 4,192 513 909 33 1 June 26,746 19,183 1,205 981 73 ,215 6,515 8,193 565 132 4,044 483 868 31 2 July 27,108 19,599 1,223 995 73 ,250 6,659 ,400 511 139 4,013 472 847 32 2 August 27,685 20,141 1,236 1,003 73 ,301 6,826 8,700 546 180 4,038 466 832 22 2 September... 27,826 20,235 1,243 1,001 72 ,288 6,815 8,816 7,592 204 4,071 464 825 21 2 October 28,049 20,381 1,252 1,000 71 779 9,004 671 243 4,123 461 816 21 2 November.. . 28,211 20,500 1,263 1,009 71 2,279 783 9,095 7,713 264 4,154 457 811 20 2 December. . . 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 24 2 1946—January 27,917 20,126 1,261 February 27,954 1,264 as de 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 F o ta e t 1 n a b 9 l d . 4 i 2 o 6 n 8 u g , t , - A g s a o s g l s i d a e lv i c n e a 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 n e e d r r k r v a s e l B h R F a a e n e e g l d k s d e e e s n r r b t a v a s y n e l d Fe 1 b 9 . 4 2 6 8, Ja 1 n 9 . 4 3 6 1, Fe 1 b 9 . 4 2 5 8, certificates agents Gold 20,232 18,100 22,133 Gold certificates 18,100 15,233 2,815 51 51 53 Federal Reserve notes 25,202 111 1,223 23,868 23,867 21,964 Treasury currency—total 4,451 ' "^',147' ' 58 358 4,035 3,999 3,735 Standard silver dollars 494 • 328 27 2 136 136 118 Silver bullion 1,818 1,818 Silver certificates and Treasury notes of 1890. . *2,147 282 1,865 1,828 1,585 Subsidiary silver coin 866 17 28 820 819 757 Minor coin . . . 318 6 5 307 306 283 United States notes 347 5 34 307 307 320 Federal Reserve Bank notes 490 1 5 484 487 550 National bank notes 117 1 116 117 122 Total—February 28, 1946 20,247 2,301 15,233 4,397 27,954 January 31, 1946 20,142 2,293 15,168 4,457 27^917 February 28 1945 ... 20,194 2,355 15,530 3,741 "25'75i" 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. 391, and seasonally adjusted figures in table on p. 400. 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, 1945. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5 Less than $500,000. 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 Reserye 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. APRIL 1946 399 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] Date f u A o n r m a s d o e j u a u n s s o t t — e n d al a A d s j m e u a s o s t u e o n d n t a — f l or s C a e h d a a s ju n o s g n t e a e l d l i y n Period a s G t t o e o c n ld k d I i n n c r g e o a l s d e i m m N g p o e o t ld rt g m o E l a d r a : k r - d ed e- m g D e o o s ld - tic variation variation series1 of stock or export crease properiod cre o a r s e in ( - —) t d i u o c n -1 End of year figures: 1939 . . 7,598 + 742 19342. 8,238 4,202.5 1,133.9 82.6 92.9 1940 8,732 + 1,134 1935. 10,125 1,887.2 1,739.0 2 110.7 1941 11,160 +2,428 1936. 311,258 1,132.5 1,116.6 -85.9 131.6 1942 15,410 +4,250 1937. 312,760 1,502.5 1,585.5 -200.4 143.9 1943 20,449 +5,039 1938 14,512 1,751.5 1,973.6 —333.5 148.6 1944 25,307 +4,858 1939. 17,644 3,132.0 3,574!2 —534!4 161.7 1945 28,515 +3,208 1940. 21,995 4,351.2 4,744.5 —644! 7 17o!2 1941 22,737 741.8 982.4 —407.7 169 1 Monthly averages of daily 1942. 22,726 -10.3 315.7 -458! 4 125 .'4 figures: 1943 21,938 — 788.5 68 9 — 803.6 48 3 1944. 20,619 -l,319!o -845!4 -459! 8 35." 8 1944—October 24,112 24,112 +540 1945. 20,065 -553.9 -106.3 -356.7 34.£ November 24,738 24,664 +552 December.... 25,207 24,957 +293 1945--April 20,374 -45.1 2.4 -53.2 2.3 May 20,270 -103.3 -18.3 -66.9 2.6 1945—January 25,243 25,167 +210 June 20,213 -57.3 -83.8 96.0 2.5 February. 25,527 25,527 +360 July 20,152 -60.6 -7.0 -100.3 2.1 March 25,850 25,928 +401 August 20,088 -64.6 -12.3 -63.0 3.4 April 26,009 26,219 +291 September.. 20,073 -15.0 13.5 -19.0 2.9 May 26,351 . 26,537 +318 October.... 20,036 -36.9 -4.3 34.6 3.8 June 26,561 26,694 + 157 November.. 20,030 -6.2 .8 -38.2 4.0 July 26,918 26,972 +278 December. . 20,065 35.2 19.3 -4.3 3.8 August 27,392 27,530 +558 1946—January.. . . 20,156 91.0 154.1 -12.5 4.0 September 27,765 27,821 +291 February... 20,232 76.3 P82.4 -5.8 O N c o t v o e b m er ber 2 2 8 7 , , 1 9 5 4 1 3 2 28 7 , , 0 9 6 4 7 3 + + 1 1 2 2 4 2 March *>20,257 ^24.6 (4) 619.7 (4) December 28,452 28,170 + 103 P Preliminary. 1946—January 28,158 28,074 -96 M 1 i n A t. n n A ua n l n u f a ig l u f r i e g s u re th f r o o r u g 1 h 94 5 1 9 a 4 n 4 d a m re o n e th st l i y m f a ig te u s re s o f a r t e h e t h U os n e i te p d u b S lis ta h t e e d s February 27,944 27,944 -130 in table on p. 442, adjusted to exclude Philippine Islands production March 27,913 27,997 +53 received in United States. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and 1 For end of year figures, represents, change computed on absolute $35 a fine ounce thereafter. amounts in first column. 3 Includes gold in the Inactive Account amounting to 27 million NOTE.—For discussion of seasonal adjustment factors and for back dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. figures on comparable basis see September 1943 BULLETIN, pp. 822-826. 4 Not yet available. Because of an apparent recent change in the seasonal pattern around 5 Gold held under earmark at the Federal Reserve Banks amounted the year end, adjustment factors have been revised somewhat for dates to 4,292.4 million dollars on Mar. 31, 1946. All of this was earmarked affected, beginning with December 1942; seasonally adjusted figures directly for foreign account except 102.8 million dollars which was for money in circulation, as shown in Banking and Monetary Statistics, earmarked in the name of a domestic bank as security for a foreign Table 111, p. 414, and described on p. 405, are based on an older series loan. Gold under earmark is not included in the gold stock of the of adjustment factors. United States. 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 — — n o e ld w s s e e ri r e ie s s 3 3 6 64 0 1 7 , , 7 0 7 7 8 1 2 22 1 6 0 , , 8 9 6 6 5 1 3 34 4 7 2 , , 8 4 3 3 7 0 5 6 3 7 , , 6 0 7 7 9 4 16.1 13. i 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 974,102 404,543 479,760 89,799 18.3 9.7 351,602 412,800 24.2 16.1 1945—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 101,577 45,035 47,774 8,766 23.1 10.9 37,046 41,070 31.8 19.5 1946—January 89,132 38,819 41,977 8,337 18.5 c9.0 34,165 35,546 28.3 16.2 February 73,969 30,498 36,210 7,261 16.6 8.8 27,425 31,402 25.6 16.2 c Corrected. 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. s 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. 400 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] End of month c a d o u d b e T u r j a p a o u r t n n o s e s t d i s k n a t d i e l s c t e d y s c a d d o u d b e e T u r j a p m a o u r t n n o s e s t a d i s k n a t n d i e l s c t d e d s y a d d e T j p u o o s t s a t i e i t d s a D d d e e j p u m o s a t s e n it d d s 1 d G U e S m o p t n v a o e i e t t s n e e r i t s d n ts - 2 Total b m a C e n T o r k m c i s m i 3 a - e l * depo M s b s a a i v u t n s i t k n 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 C o u b u r a t r n s e i k n d s c e y 1929—June 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 1,186 4,761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 1L.208 4,782 1937—June 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 ,267 5,489 December 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 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 L.251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 L.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 L.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 L.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—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 AugustP 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? .... 175,000 101,900 148,200 75,100 24,600 48,500 30,200 15,400 2,900 26,800 1946—January? 176,400 102,700 150,200 76,500 24,600 49,100 30,600 15,500 3,000 26,200 February? 176,900 102,200 150,700 76,000 25,000 49,700 31,100 15,600 3,000 26,200 P Preliminary, includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. 2 Beginning with December 1938, includes United States Treasurer's time deposits, open account. 3 Excludes interbank time deposits and postal savings redeposited in banks. * Beginning June 1941, the commercial bank figures exclude and mutual sayings bank figures include three member mutual savings banks 5 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONS l [In millions of dollars] Member Nonmember Assets Total, banks banks all End of month D it e o p r o s s ' - Cash U. S. s G ec o u v r e it r i n e m s ent Cash banks ti N on a- al State su In re - d in N s o u n re - d 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 u n e - d ar- fu e n tc d 2 s, Num 1 b 9 e 3 r 4 o - f 3 9 banks suspended: 291 15 6 189 81 1940... 22 1 18 3 1941.. . 8 4 3 1 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... o 1943—Dec.. . 1,788 1,843 10 1,716 1,716 118 1946—Jan.-Mar. 0 1944—Dec. . 2,342 2,411 8 2,252 2,252 152 Deposits of suspended banks 1945—Feb.. . 2,458 2,536 8 2,363 2,363 164 (in thousands of dollars) :2 Mar... 2,513 2,590 8 2,426 2,426 156 1934-39 125,991 14,61626,54844,348 40,479 Apr.. . 2,563 2,646 8 2,463 2,463 175 May. . 2,609 2,696 8 2,518 2,518 170 1940.. 5,943 256 5,341 346 June. . 2,659 2,751 8 2,574 2,574 169 1941 3,726 3,144 503 79 July. . 2,720 2,809 7 2,625 2,625 176 1942 1,702 1,375 327 Aug.. . 2,785 2,867 8 2,674 2,674 185 1943 6,223 4,982 1,241 Sept... 2,836 2,921 8 2,737 2,737 176 1944 405 405 Oct. . . 2,880 2,968 6 2,780 2,780 182 1945 0 Nov.. 2,909 2 ,999 6 2,809 2,809 . 184 1946—Jan -Mar. 0 Dec. .. ?2,930 1946—Jan. ?2,979 1 Represents banks which, during the periods shown, closed tem- Feb ?3,013. porarily or permanently on account of financial difficulties; does not 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. APRIL 1946 401 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 S e g n r . a t n - - s O i e t t c i h e u e s r r - Total* I b n 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—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 Dec. 31* 140,220 30,340 109,880 101,300 8,580 165,600 14,080 105,920 45,600 14,553 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—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 Dec. 31« 124,010 26,060 97,950 90,620 7,330 150,210 14,080 105,920 30,210 14,011 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—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—Dec. 31. .. 74,258 16,288 57,970 52,948 5,022 92,262 10,555 66,438 15,268 6,738 1944—June 30. . . 83,587 18,084 65,503 60,339 5,164 101,276 10,903 73,488 16,884 6,773 Dec. 30. .. 91,569 18,676 72,893 67,685 5,208 110,917 11,884 79,774 19,259 6,814 1945—June 30. . . 99,426 20,588 78,838 73,239 5,599 118,378 12,230 84,400 21,748 6,840 Dec. 31.... 107,183 22,775 84,408 78,338 6,070 129,670 13,640 91,820 24,210 6,884 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 9,058 731 31,559 5,898 17,579 8,081 5,187 1940—Dec. 31. . . 23,648 10,004 13,644 9,735 908 35,787 6,574 20,885 8,329 5,144 1941—Dec. 31. . . 27,571 11,725 15,845 12,039 806 39,458 6,786 24,350 8,322 5,117 1942—Dec. 31. . . 37,576 10,183 27,393 23,744 648 50,468 7,400 34,499 8,570 081 1943—Dec. 31. . . 47,499 10,116 37,382 34,065 318 59,961 7,159 42,605 10,196 5,040 1944—June 30... 53,343 11,213 42,129 38,640 490 65,585 7,402 46,879 11,304 5,036 Dec. 30. .. 58,308 11,480 46,828 43,292 536 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 Dec. 31.... 69,312 13,925 55,387 51,250 4,137 84,939 9,229 59,486 16,224 5,017 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 ,598 1943—Dec. 31 26,759 6,171 20,588 18,883 1,705 32,302 3,397 23,833 5,072 ,698 1944—June 30 30,244 6,870 23,373 21,699 1,674 35,690 3,501 26,609 5,580 ,737 Dec. 30 33,261 7,196 26,065 24,393 1,672 39,059 3,827 28,874 6,357 ,789 1945—June 30 36,249 8,219 28,030 26,188 1,842 41,844 3,980 30,702 7,163 ,825 Dec. 31 37,871 8,850 29,021 27,089 1,933 44,730 4,411 32,334 7,986 1,867 e Partly estimated. Figures have been rounded to the nearest 10 million dollars. * 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. 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 both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included only once in "all banks." 1 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. 402 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES*—Continued LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank and Number call date Total Loans G U ov . e S r . n- Other Total* I b n a t n e k r ^ - of banks Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions All nonmember commercial banks: 1938—Dec 31 6,598 3,156 3,442 1,848 1,594 7,678 331 3,853 3,493 8,314 1939—Dec. 30 6,726 3,281 3,445 1,971 1,474 8,362 473 4,260 3,629 8,122. 1940—Dec 31 6,796 3,471 3,325 1,936 1,389 8,875 518 4,689 3,668 7,858 1941—Dec. 31 ... . . .. 7,208 3,693 3,515 2,251 1,264 9,539 464 5-.470 3,605 7,661 1942—Dec 31 8,135 3,132 5,003 3,829 1,174 10,864 318 6,872 3,674 7,460 1943—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 Dec. 31 « 16,840 3,280 13,560 12,300 1 260 20,550 440 14,100 6 010 7,130 Insured nonmember commercial banks: 1938—Dec. 31 5,399 2,813 2,586 1,283 1,303 6,409 101 3,007 3,300 7,317 1939—Dec. 30 5,348 2,901 2,447 1,238 1,209 6,729 113 3,252 3,365 7,169 1940—Dec 31 5,429 3,074 2,356 1,240 1,116 7,032 116 3,504 3,411 6,952 1941—Dec. 31 5,774 3,241 2,533 1,509 1,025 7,702 129 4,215 3,358 6,810 1942—Dec 31 6,984 2,818 4,166 3,162 1,004 9,535 145 5,981 3,409 6,667 1943—Dec. 31 9,258 2,556 6,702 5,739 962 11,842 149 7,870 3,823 6,535 1944—June 30 10,360 2,648 7,712 6,752 960 12,880 135 8,573 4,172 6,494 Dec. 30 11,824 2,678 9,146 8,197 949 14,809 190 9 987 4 632 6,452 1945—june 30 12,940 2,790 10,150 9,170 979 15,880 171 10,510 5,199 6,440 Noninsured nonmember commercial banks: 1938—Dec 31 1,199 343 856 565 291 1,269 230 846 193 997 1939—Dec. 30 1,378 380 998 733 265 1,633 360 1,008 264 953 1940—Dec 31 1,367 397 969 696 273 1,843 402 1,185 257 906 1941—Dec. 31 1,434 452 982 742 239 1,837 335 1,255 247 851 1942—Dec 313 4 1,151 314 837 667 170 1,329 173 891 265 793 1943—Dec. 31 . . . .. 1,588 276 1,312 1,160 153 1,829 307 1,253 269 764 1944—June 30 1,795 281 1,514 1,347 168 1,989 181 1,527 281 745 Dec 30 2,148 292 1,856 1,682 174 2,358 171 1,883 304 729 1945—june 30 2,152 297 .1,855 1,668 187 2,362 204 1,815 343 723 All mutual savings banks: 1938—Dec 31 10,162 4 897 5 265 2 883 2 382 10 278 10 278 555 1939—Dec. 30 10,218 4,926 5,292 3,102 2 190 10 523 10 523 551 1940—Dec 31 10 248 4 959 5 289 3 224 2 065 10 658 10 658 551 1941—Dec. 312 10,379 4,905 5,474 3,700 1 774 10 532 10 532 548 1942—Dec 31 10 746 4 698 6 048 4 559 1 489 10 664 10 664 546 1943—Dec. 31 11,871 4,484 7,387 6,090 1 297 11 738 11738 545 1944—June 30 12 976 4 414 8 562 7 306 1 257 12 471 12 471 544 Dec 30 13,931 4,370 9,560 8,328 1232 13 376 13 376 543 1945—June 30 15 134 4 307 10 827 9 588 1 ?40 14 426 14 426 542 Dec 31 « ... 16,210 4,280 11,930 10 680 1 250 15 390 15 390 542 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—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 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 I For footnotes see page 402. APRIL 1946 403 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 in- Agri- Real- of and loans clud- cul- es- Con-Other Cer- StatesOther call date i m n a v e n e n d s t t s - Total o m i p n a e g r n - - tu al r- b T e ro r o s k- To l t o a a te ns s l u o m an e s r loans Total Total Bills o c t f a i f t i i e - n s - Notes G t a e u n e a - d r- p a o c n l a i d l ti- r s i e t c ie u s pa k p et er d a e e n r d a s l- o e t r h s - d e e d b - t- Bonds d s s u i io v b n i - - s ness All insured commercial banks:1 1938—Dec. 31. .. 37,470 16,021 5,6361,060 1,002 8853,857 3,583 21,449 14,506 290 3,648 8,0002,5683,0113,932 1940—Dec. 31... 42,556 18,394 7,178 1,281 663 7274,468 4,077 24,161 17,063 662 2,756 9,9253,719 3,6083,491 1941—Dec. 31. .. 49,288 21,258 9,214 1,450 614 662 4,773 4,545 28,030 21,046 988 3,159 12,7974,1023,6513,333 1942—Dec. 31. .. 66,240 18,903 7,7571,642 950 597 4,6462,269 1,04247,336 40,705 4,462 6,727 5,79920,9992,7183,5333,098 1943—Dec. 31. .. 83,507 18,841 7,7771,5051,414 922 4,437 1,868 918 64,666 58,683 4,636 13,218 7,67230,6562,5013,2872,696 1944—June 30. . . 93,936 20,729 7,4061,4742,2212,2964,364.1,8621,10673,207 67,085 4,708 15,466 11,83434,114 963 3,3932,730 Dec. 30. .. 103,382 21,352 7,9201,7232,2692,2654,343 1,888 944 82,030 75,875 3,971 15,30015,77839,848 978 3,4222,733 1945—June 30. .. 112,353 23,376 7,501 1,6323,1133,6014,4132,108 1,00888,978 82,401 2,83117,20416,45445,870 43 3,6842,892 Member banks,1 total: 1938—Dec. 31. . . 32,070 13,208 5,179 712 973 775 2,716 2,853 18,863 13,222 286 3,389 7,2082,3402,4483,192 1940—Dec. 31. . . 37,126 15,321 6,660 865 642 652 3,228 3 273 21,805 15,823 652 2,594 9 0913,4863,0132,970 1941—Dec. 31. .. 43,521 18,021 8,671 972 594 598 3,494 3,'692 25,500 19,539 971 3,00711,7293,8323,0902,871 1942—Dec. 31. .. 59,263 16,088 7,3871,089 934 538 3,4231,847 870 43,175 37,546 4,363 6\285 5,40918,9482,5402,9652,664 1943—Dec. 31. . . 74,258 16,288 7,4211,0231,398 839 3,2741,484 848 57,970 52,948 4,360 12,071 6,90627,2652,3452,7292,294 1944—June 30. . . 83,587 18,084 7,0231,0232,2002,1303,2071,4671,03365,503 60,339 4,466 14,22810,64030,118 887 2,8342,331 Dec. 30. . . 91,569 18,676 7,531 1,1982,2492,1083,209 1,505 877 72,893 67,685 3,74813,98214,12734,927 902 2,8572,350 1945—June 30. . . 99,426 20,588 7,0951,1253,0893,4073,2481,688 934 78,838 73,239 2,633 15,58414,72340,266 33 3,102 2,497 Dec. 31... 107,183 22,775 8,949 8553,1333,3783,4551,9001,10484,408 78,338 2,275 16,98514,27144,792 163,2542,815 New York City:2 1938—Dec. 31. . . 8,335 3,262 1,594 5 787 220 121 535 5,072 3,857 158 1,142 1,663 894 517 698 1940—Dec. 31. .. 10,910 3,384 2,125 6 465 190 130 468 7,527 6,044 207 1,245 2,977 1,615 695 788 1941—Dec. 31. .. 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1942—Dec. 31. . . 17,957 4,116 2,546 21 787 193 117 303 148 13,841 12,547 1,855 2] 144 2,056 5,4201,071 593 701 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. 31. .. 26,143 7,3343,044 2,453 1,172 80 287 298 18,809 17,574 477 3,433 3,32510,337 1 606 629 Chicago:2 1938—Dec. 31. . . 1,969 539 335 17 43 70 12 63 1,430 1,114 59 291 655 109 141 176 1940—Dec. 31. .. 2,377 696 492 5 42 54 19 84 1,681 1,307 297 145 752 112 188 186 1941—Dec. 31. .. 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1942—Dec. 31. . . 3,973 832 658 6 34 32 23 62 18 3,141 2,789 397 637 391 1,282 83 166 186 1943—Dec. 31. .. ' 4,554 1,004 763 6 102 52 22 45 14 3,550 3,238 199 877 484 1,602 74 158 155 1944—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. 31... 5 931 1 333 760 2 211 233 36 51 40 4,598 4,213 133 1 467 749 1 864 181 204 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 1,049 984 893 1941—Dec. 31. .. 15,347 7,105 3,456 300 114 194 1,527 1^512 8,243 6,467 295 751 4,248 1,173 956 820 1942—Dec. 31. .. 20,915 6,102 2,957 290 97 153 1,486 808 312 14,813 13,038 1,441 2,253 1,723 6,810 811 954 821 1943—Dec. 31. .. 27,521 6,201 3,058 279 217 267 1,420 658 301 21,321 19,682 1,802 4,691 2,497 9,943 749 913 726 1944—June 30. . . 30,943 6,761 2,787 277 409 903 1,385 650 350 24,183 22,484 1,914 5,586 3,89310,689 402 963 735 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 1,1471,378 757 315 29,417 27,523 1,320 6,598 5,68913,906 10 1,100 794 Dec. 31... . 40,108 8,514 3,661 205 427 1,5031,459 855 40431,594 29,552 1,034 6,982 5,65315,878 5 1,126 916 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 1,1461,102 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 1,2221,028 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 31 310 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 31 422 1,771 611 362 26,253 24,094 762 4.1Q4 4,613 14,504 21 1,281 878 Dec. 31.. . 35,002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 5,102 4,544 16,713 9 1,3421,067 Insured nonmember commercial banks: 1938—Dec. 31. .. 5,399 2,813 457 348 28 110 1,141 730 2,586 1,283 4 259 793 228 563 739 1940—Dec. 31. .. 5,429 3,074 518 416 21 75 1,240 803 2,356 1,240 10 162 834 234 595 521 1941—Dec. 31. .. 5,774 3,241 543 478 20 64 1,282 854 2,533 1,509 17 152 1,069 271 563 462 1942—Dec. 31. . . 6,984 2,818 370 553 16 59 1,225 422 173 4,166 3,162 99 "442 390 2,053 179 569 435 1943—Dec. 31. .. 9,258 2,556 356 482 16 82 1,165 385 70 6,702 5,739 276 1,147 766 3,395 156 560 403 1944—June 30. . . 10,360 2,648 383 452 21 166 1,159 395 73 7,712 6,752 242 1,238 1,194 4,002 76 560 400 Dec. 30. .. 11,824 2,678 389 525 21 156 1,136 383 67 9,146 8,197 223 1,319 1,652 4,928 76 566 383 1945—June 30. . . 12,940 2,790 406 506 24 193 1,167 420 74 10,150 9,170 198 1,620 1,731 5,611 10 584 396 * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal Deposit Insurance Corporation. 1 During 1941 three mutual savings banks with total deposits of 8 million dollars became members of the Federal Reserve System. These banks are included in "member banks" but are not included in "all insured commercial banks." 2 Central reserve city banks. 404 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 Re- Interbank 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 e a r d i r v 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 n d e n i a c o s t k l e t - h - i s s c 3 j p m u D o d a s a t d s e e e n i - - - d t d s 4 m D es d o t - e ic p 3 osi F e t i s o g 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 i b n i t o t d d i e c n i s - a s l c C h c o f a e e e e i f n t e c f r r c i d t d s k - . i ' s - , p a v n a s p I t i h d r i n o d o t i d r n u p 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 a o r a n o . e s n v d v n v t - - S a - t l . v s S p i a i u s o t c n i a b l a o d i t d l t n e - i s s - p a v n s a i p I t d h d r i n o o t i u d r n p c n 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 ings 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 L,305 9,080 48,221 10,234 813 8,167 3,996 1,219 47,122 97 61 397 15,697 10 7,055 1943—Dec. 31. . 12,834 1,445 8,445 59,921 9,743 893 9,950 4,352 1,669 58,338 68 124 395 18,561 40 7,453 1944—June 30. . 12,812 1,464 8,776 59,197 10,030 940 18,757 4,402 1,550 57,351 68 108 407 20,530 84 7,709 Dec. 30. . 14,260 1,622 9,787 65,960 11,063 948 19,754 4,518 1,354 64,133 64 109 423 23,347 122 7,989 1945—June 30. . 14,806 L.474 9,959 68,048 11,217 1,119 23,478 4,698 1,240 65,494 66 105 482 26,346 65 8,340 Member banks,1 total: 1938—Dec. 31. . 8,694 746 4,240 22,293 6,510 501 790 2,386 547 21,119 142 61 462 10,846 6 5,424 1940—Dec. 31. . 13,992 991 6,185 30,429 9,581 700 616 2,724 913 29,576 141 56 435 11,687 3 5,098 1941—Dec. 31. . 12,396 L.087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1942—Dec. 31. . 13,072 1,019 6,147 42,570 10,101 811 7,923 3,318 1,142 42,139 87 56 332 12,366 5 6,101 1943—Dec. 31. . 12,835 1,132 5,450 52,642 9,603 891 9,444 3,602 1,573 51,820 62 120 327 14,822 39 6,475 1944—June 30. . 12,813 L,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 ,271 6,354 57,308 10,881 945 18,509 3,744 1,251 56,270 58 105 347 18,807 111 6,968 1945—June 30. . 14,807 ,150 6,486 59,133 11,064 1,106 21,967 3,877 1,138 57,417 61 102 392 21.254 52 7,276 Dec. 31. . 15,811 ,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 New York City:2 1938—Dec. 31. . 4,104 68 109 7,168 2,687 437 139 280 195 7,273 6 36 652 1,593 1940—Dec. 31. . 7,057 102 122 11,062 4,032 641 48 370 471 11,357 5 51 768 1,015 1941—Dec. 31. . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1942—Dec. 31. . 4,388 72 82 11,899 3 209 733 4 186 263 448 12 501 3 23 711 1,727 1943—Dec. 31. . 3,596 92 61 13,899 2,867 810 3,395 252 710 14,373 4 5 26 816 " *29 1,862 1944—June 30. . 3,455 85 60 13,254 3,105 852 6,150 213 722 13,740 11 7 17 861 64 1,907 Dec. 30. . 3,766 102 76 14,042 3,179 851 6,722 199 361 14,448 11 7 17 977 96 1,966 1945—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. 31. . 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 Chicago:2 1938—Dec. 31. . 884 35 235 1,688 658 9 83 181 29 1,597 9 452 257 1940—Dec. 31. . 1,051 42 319 1,941 997 8 90 174 27 1^905 5 8 496 2/0 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 17£ 38 2,588 2 453 304 1943—Dec. 31.. 821 38 158 3,050 972 14 713 174 44 3,097 2 1 505 326 1944—June 30. . 811 41 179 3,070 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 1 619 364 1945—June 30. . 929 33 180 3,152 1,174 19 1.499 193 29 3,124 1 663 302 Dec. 31. . 942 36 200 3,153 1,292 2Q 1,552 237 66 3,160 719 377 Reserve city banks: 1938—Dec. 31.. 2,354 321 1,940 7,214 2,719 53 424 796 170 7,034 113 17 269 4,233 1,777 1940—Dec. 31. . 4,027 396 2,741 9,581 3,919 49 327 995 228 9,468 107 19 226 4,505 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 1,907 1942—Dec. 31.. 4,940 365 2,202 14,849 4,831 63 1,982 1,319 385 15,061 63 22 169 4,805 2 2,028 1943—Dec. 31. . 5,116 391 1,758 18,654 4,770 63 3,373 1,448 475 18,790 41 56 151 5,902 2,135 1944—June 30. . 5,109 399 1,922 18,405 4,757 65 6,453 1,464 384 18,367 37 45 158 6,567 2,207 Dec. 30. . 5,687 441 2,005 20,267 5,421 70 6,157 1,509 488 20,371 33 40 154 7,561 2,327 1945—June 30. . 5,882 396 2,029 20,682 5,510 90 7,655 1.516 422 20,559 31 30 166 8.529 2,450 Dec. 31. . 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,506 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 10 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. 31. . 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 Insured nonmember commercial banks: 1938—Dec. 31. . 204 1,423 2,904 85 2 48 555 48 2 356 15 25 113 3,163 11 1,010 1940—Dec. 31. . 243 2,017 3,391 95 3 50 574 58 2,822 18 13 87 3,311 8 975 1941—Dec. 31. . 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 956 1942—Dec. 31. . 287 2,934 5,651 133 2 243 678 76 4,983 10 5 65 3,339 5 955 1 1 9 9 4 4 4 3 — — J D uenc<e 3 3 1 0 3 32 1 2 3 2 2 , , 9 9 9 7 6 8 7 7 , , 2 3 7 6 9 8 1 1 2 4 6 1 3 2 1,1 5 2 0 4 6 7 76 5 4 0 9 9 6 0 6 6 ,5 5 1 9 8 5 6 5 4 4 6 7 8 4 3 4 ,7 0 5 9 0 4 6 9 1,0 9 1 7 5 9 Dec. 30. . 352 3,434 8,652 182 3 1,245 775 103 7 ] 863 6 4 76 4,553 10 1,022 1945—June 30 324 3,473 8,915 153 13 1,511 820 101 8,078 5 4 90 5,105 13 1,065 ' Beginning June 30, 1942, excludes i cuipruciiiil buaa.nnkK buaaliaanncceess,, wWhHiIcChH ounn DUGecL." .3 j1i,| 1±9y4±2£, ,a ag.gggr'eiegga'at.Lede u5 D13LO m milnliuounu d uoulliaiarsia a ct all member banks and 525 million at all insured commercial banks. * Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection. For other footnotes see page 404. Back figures.—See Banking and Monetary Statistics, Table 18-45, pp. 72-103 and 108-113. APRIL 1946 405 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments For purchasing U. S. Government obligations or carrying securities Com- Total merloans cial, To brokers Date or month i m n a v e n e n d s t t s - Total i t t a n c a r u g d i u n r a r u l d a i l - - s l , - G U a t l i i o n o o g . b d v n a - S - s t . . de O a c t l u s t i e e h e r r - s i e s - rG t l U i o T i o o g b . o n v a - S - s t o . . t O h c t s e u t i e h e r r - s s e i- r e R l s o t e a a a n t l e s - b L a o t n o a k n s sO lo t a h n e s r Total Total Bills o d c C n t e f e a i e f d e t b s i i e r - n - t s - s - - Notes Bondi G t a e u n e a d - r- O r s i e t t h c ie e u s r - Total—101 Cities 1945—February 58,796 11,768 6,320 991 763 3541,047 1,288 47,028 44,0742,38910,072 9,14922,104 360 2,954 1945—October 60,988 12,438 6,267 1,263 8581,004 402 ,062 1,500 48,550 45,2641,284 9,853 9,159 24,959 3,286 November... 61,646 13,034 6,659 1,382 8431,044 401 ,068 1,568 48,61245,373 1,070 9,798 9,04925,444 12 3,239 December. . . 67,752 15,746 7,148 1,881 854 2,560 ,086 1,68452,006 48,710 1,95811,196 9,080 26,464 12 3,296 1946—January 68,066 15,367 7,272 1,675 774 2,345 ,102 1,70452,699 49,325 1,84912,5187,98126,968 3,374 68,124 15,142 7,368 1,568 7032,137 ,120 1,73052,98249,576 1,56512,8537,924 27,226 8 3,406 February.... 67,733 15,829 7,259 1,917 8652,495 4321,091 1,69951,904 48,541 1,67411,186 9,07326,598 103,363 1945—Dec. 26 67,948 15,890 1,910 8812,531 1,095 1,71452,058 48, 1,76112,130 8,03626,737 3,384 1946—Jan. 2 67,838 15,310 1,636 7632,418 4201,098 491,68452,528 49, 1,95812,3717,96826,825 3,395 Jan. 9 68,220 15,224 1,586 7652,303 4211,101 441,70852,996 49, 2,030 12,5937,99427,003 3,367 Jan. 16 68,112 15,221 1,636 7322,252 1,106 831,70852,89149. ,75612,7167,96127,089 3,360 Jan. 23 68,211 15,190 7,300 1,608 7292,225 4621,107 561,70353,02149, 1,74212,7787,944 27,184 3,365 Jan. 30 Feb. 6 68,223 15,135 7,342 1,535 7152,184 4291,110 1061,71453,088 49,716 1,703 12,8687,93127,202 .3,372 Feb. 13 67,943 15,074 7,361 1,524 706 2,153 1,118 581,72352,869 49,485 1,526 12,7887,92127,242 J3.384 Feb. 20 ,182 15,181 7,386 1,558 7012,128 1,125 801,73853,00149,586 1,514 12,8947,945 27,226 7 3,415 Feb. 27 68,148 15,178 7,382 1,655 690 2,082 1,129 551,74752,970 49,5181,517 12,8607,900 27,234 3,452 Mar. 6 67,689 15,036 7,458 1,480 6742,031 4401,130 611,76252,65349,222 1,415 12,669 7,910 27,222 . 3,431 Mar. 13 67,749 15,221 7,486 1,655 690 2,006 4301,136 551,76352,528 499,088 1,268 12,6867 27,230 6 3,440 Mar. 20 66,298 15,411 7,491 1,824 7211,959 4281,140 601,78850,88747,458 1,008 12,2727,15327,019 3,429 New York City 1945—February 21,019 4,798 2,437 787 588. 409 146 30016,22115,253 664 3,3483,290 7,878 73 968 1945—October 21,281 5,173 2,415 1,021 623 377 185 41716,10814,967 395 2,779 2,986 8,805 1,141 November... 21,342 5,415 2,597 1,134 628 325 179 43415,92714,855 209 2,750 2,939 8,955 1,072 December. . .23,875 6,837 2,792 1,529 6321,091 194 46217,03815,958 580 3,1552,916 9,305 1,080 1946—January 23,754 6,412 2,837 1,317 570 918 185 47717,34216,244 553 3,492 2,699 9,498 ,098 February 23,702 6,305 2,908 1,257 522 816 195 48317,39716,300 438 3,5822,747 9,532 1,097 23,817 6,838 2,829 1,562 6351,033 186 47416,97915,851 441 3,176 2,886 9,346 1,128 1945—Dec. 26 23,904 6,798 2,821 1,513 6311,048 176 47817,10615,987 523 3,384 2,665 9,413 1,119 1946—Jan. 2 23,641 6,328 2,815 1,251 565 960 173 47117,31316,200 626 3,470 2,673 9,429 1,113 Jan. 9 23,770 6,283 2,853 1,240 567 877 178 47917,48716,400 587 3,5532,723 9,535 1,087 Jan. 16 23,698 6,335 2,842 1,303 547 859 183 47817,36316,275 470 3,5252,720 9,558 1,088 Jan. 23 23,758 6,315 2,853 1,279 541 846 213 47917,44316,360 560 3,5272,715 9,556 1,083 Jan. 30 Feb. 6 23,815 6,282 2,1 1,212 533 834 186 47717,53316,446 540 3,608 2,728 9,568 1,087 Feb. 13 23,610 6,229 2,t 1,215 523 819 186 48117,38116,299 473 3,528 2,735 9.562 1,082 Feb. 20 23,662 6,344 2,920 1,250 522 819 216 48617,31816,227 375 3,592 2,756 9,503 1,091 Feb. 27 23,720 6,365 2,928 1,349 510 790 194 48917,3551.6,229 365 3,599 2,771 9,493 1,126 Mar. 6 23,514 6,211 2,976 1,176 498 759 192 49817,30316,200 283 3,627 :2,807 9,482 1,103 Mar. 13 23,641 6,386 2,994 1,341 508 740 189 50317,25516,156 212 3,694 2,818 9,431 1,099 Mar. 20 22,837 6,542 2,985 1,499 536 711 185 51216,29515,206 189 3,349 2,365 9,302 1,089 ( Outside New York City 1945—February 37,777 6,970 3,883 175 520 208 979 30,80728,821 1,725 6,724 5,85914,226 2871,986 1945—October 39,707 7,265 3,852 242 235 627 217 995 1,08332,44230,297 7,074 6,17316,154 2,145 November... 40,304 7,619 4,062 248 215 719 2221,004 1,13432,68530,518 861 7,048 6,11016,489 10 2,167 December. . . 43,877 8,909 4,356 352 1,469 240 1,021 1,22234,96832,752 1,378 8,0416,16417,159 10 2,216 1946—January 44,312 8,955 4,435 358 2041,427 2471,039 1,22735,35733,081 1,296 9,0265,28217,470 7 2,276 44,422 8,837 4,460 311 1811,321 1,056 1,24735,58533,276 1,127 9,2715,17717,694 2,309 February 43,916 8,991 4,430 355 1,462 1,026 171,22534,92532,690 1,233 8,010 6,18717,252 2,235 1945—Dec. 26 44,044 9,092 4,428 397 1,483 1,031 1,236 34,95232,687 ,238 8,746 5,37117,324 8 2,265 1946—Jan. 2 44,197 8,982 4,427 385 1981,458 2471,035 35,21532,933 ,332 8,901 ,29517,396 2,282 Jan. 9 44,450 8,941 4,443 346 1981,426 2431,037 35,50933,229 ,443 9,040 5,27117,468 2,280 Jan. 16 44,414 8,886 4,433 333 1,393 1,043 1,230 35,52833,256 ,286 9,1915,24117,531 2,272 Jan. 23 44,453 8,875 4,447 329 1881,379 2491,045 1,22435,578 33,296 ,182 9,2515,22917,628 6 2,282 Jan. 30 Feb. 6 44,408 8,853 4,456 323 1821,350 2431,047 1,23735,55533,270 1,163 9,260 5,20317,634 10 2,285 Feb. 13 44,333 8,845 4,463 309 1,334 1,054 1,24235,488 33,186 1,053 9,260 5,18617,680 2,302 Feb. 20 44,520 8,837 4,466 308 1791,309 2491,060 1,25235,68333,359 1,139 9,3025,18917,723 6 2,324 Feb. 27 44,428 8,813 4,454 306 1,292 1,064 1,258 35,61533,289 1,152 9,2615,12917,741 2,326 Mar. 6 44,175 8,825 4,482 304 176 ,272 ,063 1,26435,350 33 022 1,132 9,0425,10317,740 2,328 Mar. 13 44,108 8,835 4,492 314 182 ,266 2411,070 1,26035,27332,932 1,056 8,9925,08017,799 2,341 Mar. 20 43,461 8,869 4,506 325 1851,248 2431,071 1,27634,59232,252 819 8,923 4,78817,717 2,340 Back figures.—See Banking and Monetary Statistics, pp. 127-227. 406 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 d t v h - l k - e s : a a i u n s l h t m b a w a n d e n i s o c t t e - k h i s c s m p u o d a s a d s t e n e i - - t d d s 1 s p p u v c n a h o a a o i n e i r d r l p r r d s a t - - - s - , - , S p s d s a i i o t u i c o n a v l a b n d i t i l t - e - s - s c C c h o a f e e e i e f n t e f r r c c d i d t s . - k i ' - s, U m G e . r o e n n v S - t - . s p u p v n c h a o a o a i n e i d l p r r r r d s a - - - t s , - - , S p s d s t a i i o a u i c o n v l t a b n d i e i l t - - s s - P U m G S i e a o n a . r n o e g s n v d n v S t s - - a t - . l m D a e n b - d ank T s ime ba F ei n o g k r 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 2 - k tions tions Total 101 Cities 1945—February. . . 9,448 567 2,14136,49336,772 1,904 93311,290 ,812 123 8,917 939 247 4,66255,440 1945—October 10,307 569 2,21039,33139,458 1,983 1,135 8,5719,087 108 9,921 1,105 312 4,90563,464 November... 10,491 603 2,26639,75140,011 2,112 1,186 8,2189,186 106 10,419 1,116 533 4,94263,039 December... 10,223 643 2,50737,59137,884 1,957 1,359 16,2429,200 100 10,795 1,145 348 4,95978,116 1946—January 10,218 592 2,43137,64837,* 1,997 1,25416,2379,372 102 10,790 1,189 200 4,995 69,711 February... 10,060 580 2,27137,66537,822 2,144 1,17016,3779,482 119 10,121 1,221 303 5,03158,827 1945—Dec. 26 10,133 668 2,41637,55637,662 1,981 1,251 16,1009,228 99 10,666 1,162 451 4,954 12,801 1946—Jan. 2 1 1 0 0 , , 2 1 1 7 7 5 6 61 1 3 0 2 2 , , 5 4 9 4 5 8 3 3 7 7 , , 0 3 6 8 6 4 3 3 7 7 , , 6 4 7 9 4 1 1 1 , , 9 9 4 3 9 4 1 1, , 1 6 5 3 1 1 1 1 6 6 , , 6 1 6 0 0 0 9 9 . , 3 3 0 6 4 0 1 9 0 9 1 1 1 1 0 , , 0 9 6 8 1 6 1 1 , , 1 1 8 9 3 8 2 1 3 6 2 1 4 4 , , 9 9 9 9 3 6 1 1 8 6 , , 2 2 7 5 3 8 Jan. 9 10,375 583 2,52637,72838,257 1,956 1,22016,1659,376 101 11,213 1,177 162 4,995 16,578 Jan. 16 10.236 568 2,35238,03738,084 2,024 1,195 16,0329,402 105 10,562 1,181 187 4,997 15,664 J J a a n n . . 3 2 0 3 10,088 585 2,23838,02637,933 2,123 1,073 16,2279,416 106 10,131 1,204 259 4,995 14,929 Feb. 6 10,133 545 2,23137,82137,650 1,27316,2919,442 115 10,180 1,224 290 5,025 15,761 Feb. 13 10,110 604 2,30937,54238,170 1,11716,3489,464 117 10,212 1,229 350 5,029 13,140 Feb. 20 10,004 573 2,27537,687 37,727 1,19616,3879,496 120 10,065 1,219 297 5,036 16,882 Feb. 27 9,992 597 2,26837,61037,741 1,09216,4819,526 123 10,026 1,214 275 5,035 12,933 Mar. 6 9,911 551 2,24337,38737,286 2,142 1,06815,8439,554 123 10,099 1,226 361 5,055 16,456 Mar. 13 10,051 593 2,23737,67838,022 2,159 1,205 15,5659,563 126 10,008 1,238 626 5,056 14,516 Mar. 20 9,886 562 2,11037,43537,426 2,165 1,19214,4599,569 126 9,690 1,244 429 5,061 16,828 New York City 1945—February. . . 3,443 92 13,24113,631 240 574 4,745 922 2,850 849 99 1,805 25,416 1945—October 3,767 87 14,56114,938 219 724 3,370 1,085 3,031 986 100 1,884 29,990 November.., 3,809 98 14,71115,127 261 726 3,077 1,100 3,138 992 227 1,894 28,423 December... 3,636 106 13,54814,001 194 862 6,361 1,090 3,335 1,016 240 1,900 37,046 1946—January.... 3,654 91 13,53413,934 214 6,263 1,118 3,356 1,059 1,92234,165 February... 3,628 94 13,60013,950 264 712 6,252 1,132 3,141 1,092 143 1,93727,425 1945—Dec. 26 3,659 13,62513,999 213 791 6,183 1,089 3,272 1,031 344 1,893 5,742 1946—Jan. 2 3,690 95 13,38713,965 203 998 6,478 1,104 3,433 1,054 166 1,92: 8,957 Jan. 9 3,612 97 13,42013,739 191 661 6,226 1,121 3,374 1,068 90 1,924 7,942 Jan. 16 3,647 87 26 13,40313,897 188 726 6,232 1,119 3,555 1,046 98 1,925 8,350 Jan. 23 3,690 86 13,73414,036 221 721 6,154 1,121 3,261 1,050 113 1,925 7,758 Jan. 30 3,631 92 13,72814,033 268 6,224 1,123 3,154 1,076 130 1,919 7,080 Feb. 6 3,64 85 13,72813,982 266 823 6,234 1,125 3,156 1,096 154 1,936 7,462 Feb. 13 3,632 96 13,46113,928 281 647 6,250 1,125 3,183 1,099 159 1,937 6,053 Feb. 20 3,630 95 13,56713,898 247 748 6,257 1,138 3,136 1,090 130 1,940 8,203 Feb. 27 3,603 100 13,64313,991 262 6,266 1,141 3,091 1,086 129 1,935 5,652 Mar. 6 3,52 85 13,48913,788 213 6,012 1,134 3,118 1,102 193 1,944 7,795 Mar. 13 3,575 90 13,46013,889 244 5,928 1,135 3,082 1,110 1,945 6,930 Mar. 20 3,551 83 13,38613,691 227 706 5,467 1,136 2,992 1,117 1,943 8,030 Outside New York City 1945—February. . . 6,005 475 2,115 23,25223,141 1,664 359 6,54i 6,890 105 6,067 2,85730,024 1945—October 6,540 482 2,186 24,77024,520 1,764 411 5,201 8,002 90 6,890 119 3,02133,474 N D o e v ce e m m b b e e r r. . . .. 6 6 , , 6 58 82 5 5 0 3 5 7 2 2, , 4 2 7 4 8 1 2 24 5 , , 0 0 4 4 3 02 2 4 3 , , 8 8 8 8 4 3 1 1, , 7 8 6 5 3 1 4 49 6 7 0 5 9 , , 1 8 4 8 1 1 8 8 , ,1 0 1 8 0 6 8 8 7 2 7 7, , 4 2 6 8 0 1 1 12 2 9 4 306 3 3 , ,0 0 4 59 8 3 4 4 1 , , 6 0 1 7 6 0 1946—January 6,564 501 2,40324,11423,954 1,78. 515 9,9748,254 82 7,434 130 81 3,07335,546 February... 6,43 486 2,24624,06523,872 1,880 45810,1258,350 95 6,980 129 3,09431,402 1945—Dec. 26 6,474 556 2,39023,93123,663 1,768 9,91 8,139 81 7,394 131 107 3,061 7,059 1946—Jan. 2 6 6 , , 5 5 2 6 7 3 51 2 2 , , 5 4 6 2 5 3 2 23 3 , , ! 6 " 7923, , 7 7 0 5 9 2 1 1 , , 7 7 4 4 6 3 490 1 9 0 , ,1 8 8 7 2 4 8 8, , 2 2 3 0 9 0 8 8 1 3 7 7 , , 6 61 28 1 1 2 3 9 0 6 7 6 1 3 3 , , 0 0 7 7 1 2 9 8 , ,3 3 1 1 6 6 Jan. 9 6,728 516 2,500 24,32524,360 1,768 494 9,933 1,25 81 7,658 131 64 3,070 8,228 Jan. 16 6,546 496 2,319 24,30324,048 1,803 474 9,878 1,281 84 7,301 131 74 3,072 7,906 Jan. 23 6,457 482 2,214 24,29823,900 1,855 48510,003 1,293 6,97 128 129 3,076 7,849 Jan. 30 493 Feb. 6 6,486 460 2,205 24,09323,668 1,872 45010,057 5,317 93 7,024 128 136 3,089 8,299 Feb. 13 6,478 508 2,282 24,08124,242 1,859 47010,098 !,339 94 7,029 130 191 3,09: 7,087 Feb. 20 6,37 478 2,250 24,12023,829 1,894 44810,1308,358 95 6,929 129 167 3,096 8,679 Feb. 27 6,389 49 2,242 23,96723,750 1,898 464 10,215 ,385 98 6,935 128 146 3,100 7,281 Mar. 6 6,384 466 2,22023,89823,491 1,929 441 9,831 8,420 9 6,981 124 168 3,111 8,661 Mar. 13 6,476 503 2,20824,21824,13. 1,915 461 9,6378,428 99 6,926 128 117 3,111 7,586 Mar. 20 6,335 479 2,08: 24,04923,73J 1,938 486 8,9928,433 101 6,698 12 168 3,118 8,798 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 3 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. 407 APRIL 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments For purchasing U. S. Government obligations or carrying securities Total Comd F i e s d tr e i r c a t l a R nd e s d er a v te e i m n lo a v e n a e n n d s t s t s - Total i t a m c n c a r g i u i d n e a a r l d u r l i - l , - - s , - G a U T n o o . d v S b t . . d ro e O a k l e t e h r r s e s r G U T o . o v S t o . . t O s t e h - er b L a o t n a o k n s sO l t o h a e n r s Total Total Bills o d c C t f e a e i f d e t b i i e r - n - t - s - - Notes Bonds G t a e u n e a - d r- O s ri e t t h c i e e u r s tural ob- se- ob- curi- ness liga- curi- liga- ties tions tions Boston Feb. 20 3,424 807 485 42 15 46 19 71 125 2,617 2,537 86 579 387 1,485 80 Feb. 27 3,426 815 483 45 20 46 18 71 126 2,611 2,530 82 580 372 1,496 81 Mar. 6 3,421 813 482 45 18 45 19 70 128 2,608 2,527 94 562 372 1,499 81 Mar. 13 3,409 809 484 43 18 45 18 70 129 2,600 2,515 82 565 370 1,498 85 Mar. 20 3,374 803 485 38 18 41 18 71 128 2,571 2,486 78 548 363 1,497 85 New York* , Feb. 20 25,990 6,728 3,068 1,268 527 857 238 151 55319,262 18,073 419 3,9813,02210,650 1,189 Feb. 27 26,041 6,743 3,076 1,362 515 827 216 152 55519,298 18,075 412 3,987 3,03510,640 1,223 Mar. 6 25,830 6,589 3,123 1,191 503 795 214 153 56519,241 18,041 346 3,997 3,06910,628 1,200 Mar. 13 25,927 6,765 3,141 1,353 514 777 211 154 57019,162 17,965 252 4,048 3,07710,587 1,197 Mar. 20 25,103 6,920 3,135 1,507 543 747 207 157 57918,183 16,996 220 3,709 2,60710,459 1,187 Philadelphia Feb. 20 2,832 553 254 8 30 70 10 34 146 2,279 2,072 126 404 275 207 Feb. 27 2,814 560 256 9 32 69 10 34 149 2,254 2,048 135 395 255 206 Mar. 6 2,787 558 264 9 30 65 10 35 144 2,229 2,023 118 387 262 206 Mar. 13 2,776 561 271 10 28 63 10 35 143 2,215 2,009 111 378 261 206 Mar. 20 2,763 568 276 11 29 59 10 36 146 2,195 1,991 118 389 242 1,242 204 Cleveland Feb. 20 5,400 1,108 438 61 30 251 14 159 155 4,292 4,003 48 1,078 644 2,233 289 Feb. 27 5,398 L,105 435 64 25 249 14 160 158 4,293 4,004 57 1,072 642 289 Mar. 6 5,375 1,108 443 62 25 247 14 160 157 4,267 3,980 69 1,042 639 287 Mar. 13 5,370 L, 112 443 62 25 252 14 160 156 4,258 3,970 55 1,032 633 288 Mar. 20 5,298 L.126 442 74 26 246 14 161 159 4,172 3,884 45 1,025 555 2,259 288 Richmond Feb. 20 2,252 406 176 9 5 80 10 51 73 1,772 57 435 208 1,072 74 Feb. 27 2,253 404 178 6 5 79 10 51 73 1,775 59 437 208 1,071 74 Mar. 6 2,262 405 179 6 5 78 10 51 74 1,782 66 437 201 1,078 75 Mar. 13 2,257 405 178 7 6 77 10 51 75 1,777 58 440 201 1,078 75 Mar. 20 2,234 408 182 6 6 76 10 51 76 1,826 1,751 53 440 187 1,071 75 Atlanta Feb. 20 2,330 498 242 2 8 120 25 92 1,832 1,682 71 522 243 844 150 Feb. 27 2,326 498 242 2 8 120 25 92 1,828 1,677 71 511 242 852 151 Mar. 6 2,306 498 240 2 8 119 25 94 1,808 1,657 65 502 241 848 151 Mar. 13 2,31* 497 238 1 10 119 9 26 93 1,814 1,663 61 510 235 856 151 Mar. 20 2,290 503 243 1 9 120 9 21 99 1,787 1,636 43 512 227 853 151 Chicago* Feb. 20 9,971 L ,816 989 116 39 272 80 167 153 8,155 7,570 337 2,533 1,144 3,556 585 Feb. 27 9,918 L,813 984 120 40 268 80 167 154 8,105 7,521 308 2,530 1,129 3,554 584 Mar. 6 9,874 L ,819 990 119 38 266 82 168 155 8,055 7,470 292 2,498 1,118 3,562 585 Mar. 13 9,817 L.826 994 132 43 258 75 169 154 7,991 7,402 261 2,461 1,111 3,569 589 Mar. 20 9,581 L.834 999 138 41 256 75 170 155 7,747 7,153 155 2,414 1,048 3,536 594 St. Louis Feb. 20 2,221 613 348 5 6 65 15 71 99 1,608 1,474 23 313 306 832 134 Feb. 27 2,226 610 347 3 6 65 15 71 100 1,616 1,482 40 306 300 836 134 Mar. 6 2,218 612 348 3 6 64 15 71 103 1,606 1,473 37 300 297 839 133 Mar. 13 2,211 607 345 2 6 63 14 72 103 1,604 1,470 36 302 296 836 134 Mar. 20 2,178 604 342 2 6 62 14 72 104 1,574 1,440 12 314 277 837 134 Minneapolis Feb. 20 1,395 250 122 1 3 41 4 28 50 1,145 ,088 24 243 153 668 57 Feb. 27 1,396 243 119 1 3 40 4 27 48 1,153 ,095 35 243 153 664 58 Mar. 6 1,381 237 113 1 3 38 4 27 50 1,144 ,086 37 232 152 665 58 Mar. 13 1,386 234 111 1 3 37 5 28 48 1,152 ,094 44 234 151 665 58 Mar. 20 1,353 232 111 1 3 35 5 28 48 1,121 ,066 15 238 149 664 55 Kansas City Feb. 20 2,511 429 249 2 4 51 9 41 72 2,082 ,933 93 574 378 149 Feb. 27 2,506 428 246 3 4 51 9 42 72 2,078 ,929 87 573 379 889 149 Mar. 6 2,501 426 244 2 4 51 9 42 73 2,075 1,925 84 568 378 895 150 Mar. 13 2,516 423 242 2 5 51 9 42 71 2,093 1,941 91 577 377 896 152 Mar. 20 2,466 423 240 2 4 52 9 42 73 2,043 1,891 66 576 353 896 152 Dallas Feb. 20 2,188 662 390 1 6 124 31 32 78 ,526 1,463 74 516 218 655 63 Feb. 27 2,198 668 397 1 5 127 27 33 78 ,530 1,466 71 521 218 656 64 Mar. 6 2,188 677 405 1 5 125 27 33 81 1,447 63 508 220 656 64 Mar. 13 2,195 676 404 1 5 126 26 34 80 1,455 68 503 227 657 64 Mar. 20 2,167 684 406 1 8 126 27 34 82 1,418 65 486 212 655 65 San Francisco Feb. 20 7,668 1,311 625 43 28 151 27 295 142 6,357 5,919 156 ,716 967 3,076 438 Feb. 27 7,646 1,291 619 39 27 141 27 296 142 6,355 5,916 160 ,705 967 3,080 439 Mar. 6 7,546 1,294 627 39 29 138 28 295 138 6,252 5,811 144 ,636 961 3,066 441 Mar. 13 7,574 1,306 635 41 27 138 29 295 141 6,268 5,827 149 ,636 959 3,079 441 Mar. 20 7,491 1,306 630 43 28 139 30 297 6,185 5,746 138 1,621 933 3,050 439 City of Chicago* Feb. 20...: 6,053 1,250 739 112 32 177 72 37 4,803 4,425 295 1,592 638 1,900 378 Feb. 27 5,988 1,245 734 115 32 174 72 37 4,743 4,367 254 1,593 621 1,899 376 Mar. 6 5,938 1,247 737 114 31 173 73 37 4,691 4,316 233 1,566 612 1,905 375 Mar. 13 5,898 1,254 740 127 36 167 66 37 4,644 4,266 208 1,541 608 1,909 378 Mar. 20 5,739 1,260 742 134 35 166 66 37 4,479 4,097 122 1,539 562 1,874 382 * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table. The figures or the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 408 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 n e d s e d r a v t e e B s w F e R e a e r i r e a n d t v h - l k - e s C va a i u s n l h tm b a w a n d e n i s c o t t e k - h i s c s j p m u o a d s a t d s e e n i - - d t d s 1 s p p u v n c h a o a a o i e n i r d 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 a b d n i t i l t - e - s - s c C c h a o f e e e i e f n t e f r r c c d i d t s - . k i ' - s U m G er . o e n v S n - - t . s p u p v n c a h o a o a e i n i d p r l r r r d a s - - - s t , - - , S p s d s t a i o i a u c i o n v l t a b n d i e i l t - - s s - P U m G S e i a o n . r a o n e s n g v v d S n 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 B r i o n o w g r s - - c C o i a t a u c a p n - l - ts B d i a e t b n s - ' k tions tions Boston (6 cities) Feb. 20 457 56 113 2,112 2,094 116 34 915 437 291 26 13 289 685 Feb. 27 446 58 116 2,097 2,087 111 35 917 438 290 25 21 289 548 Mar. 6 451 55 107 2,125 2,101 115 31 880 439 289 24 19 290 661 Mar. 13 458 57 115 2,132 2,128 116 36 867 440 298 24 18 291 632 Mar. 20 460 56 115 2,157 2,151 112 36 803 442 302 25 16 291 701 New York (8 cities)* Feb. 20 3,896 126 11614,94415,022 537 781 6,710 1,798 3,206 1,092 150 2,097 8,634 Feb. 27 3,877 131 10915,00415,103 542 668 6,719 1,802 3,158 1,088 159 2,092 5,986 Mar. 6 ,799 116 10814,85514,906 492 658 6,447 1,797 3,186 1,104 226 2,102 8,194 Mar. 13 ,844 123 11714,81915.034 505 778 6,358 1,799 3,150 1,112 527 2,102 7,293 Mar. 20 3,811 114 11814,74614,815 492 744 5,864 1,801 3,058 1,119 277 2,101 8,454 Philadelphia (4 cities) Feb. 20 420 32 78 1,774 1,842 50 22 733 225 372 11 15 256 650 Feb. 27 412 32 81 1,758 1,836 51 23 738 227 365 11 8 256 543 Mar. 6 421 30 81 1,762 1,819 51 19 708 227 371 11 7 257 669 Mar. 13 419 34 85 1,771 1,847 53 22 699 227 373 11 2 257 552 Mar. 20 426 32 81 1,804 1,845 70 30 648 227 371 10 256 636 Cleveland (10 cities) Feb. 20 729 76 211 2,931 2,959 135 53 1,162 1,253 549 483 922 Feb. 27 744 78 200 2,946 2,970 137 53 1,167 1,254 546 483 758 Mar. 6 730 74 191 2,939 2,947 139 50 1,123 1,258 546 483 830 Mar. 13 740 78 190 3,036 3,070 152 51 1,038 1,259 539 484 780 Mar. 20 736 77 2,942 2,964 148 54 1,028 1,261 526 484 920 Richmond (12 cities) Feb. 20 339 37 149 1,313 1,312 86 28 515 351 417 135 446 Feb. 27 \ 334 39 160 1,307 1,319 82 27 528 351 415 135 396 Mar. 6 345 37 166 1,338 1,333 85 29 512 353 423 139 430 Mar. 13 356 41 146 1,340 1,358 82 27 506 354 417 139 393 Mar. 20... 321 37 135 1,320 1,322 85 32 469 354 398 140 463 Atlanta (8 cities) Feb. 20 380 29 156 1,300 1,223 196 17 470 424 583 125 415 Feb. 27 381 32 153 1,298 1,214 203 16 472 423 582 125 373 Mar. 6 380 29 172 1,293 1,212 203 15 454 425 593 125 396 Mar. 13 383 32 169 1,311 1,252 194 17 448 426 592 125 398 Mar. 20 371 29 145 1,306 1,229 203 18 414 427 564 126 445 Chicago (12 cities)* Feb. 20 ,403 89 403 5*, 278 5,160 454 83 2,387 1,858 1,699 596 2,248 Feb. 27 ,449 93 411 5,242 5,153 460 76 2,404 1,860 1,727 599 1,754 Mar. 6 ,425 87 399 5,225 5,090 464 76 2,308 1,870 1,732 600 2,238 Mar. 13 ,437 95 402 ,258 5,203 448 89 2,280 1,871 1,701 598 1,882 Mar. 20 ,400 90 356 ,175 5,053 452 86 2,109 1,872 1,638 600 2,213 St. Louis (5 cities) Feb. 20 344 22 111 1,075 1,123 71 16 495 347 644 134 406 Feb. 27 345 23 110 1,080 1,133 73 16 502 347 641 134 354 Mar. 6 343 21 109 1,075 1,117 74 17 484 349 644 135 425 Mar. 13 352 23 112 1,097 1,160 75 14 477 350 637 135 369 Mar. 20. 331 22 104 1,060 1,111 75 15 442 351 612 135 464 Minneapolis (8 cities) Feb. 20 197 10 98 666 651 76 10 374 213 347 87 271 Feb. 27 190 10 98 670 662 77 11 373 214 355 87 217 Mar. 6 203 10 100 675 651 87 11 362 215 359 87 275 Mar. 13 203 11 97 690 675 86 11 357 216 353 87 239 Mar. 20 194 10 672 650 87 11 332 216 337 87 286 Kansas City {12 cities) Feb. 20 442 23 290 1,408 1,390 168 27 505 295 905 148 518 Feb. 27 461 24 285 1,399 1.384 171 34 508 295 910 149 465 Mar. 6 456 21 277 1,402 1,373 167 • 29 487 296 906 149 496 Mar. 13 459 23 275 1,436 1,402 185 27 485 297 893 149 462 Mar. 20 430 22 261 1,398 1,367 180 25 451 298 856 150 527 Dallas (9 cities) Feb. 20 384 24 273 1,380 1,386 25 492 273 592 137 448 Feb. 27 382 26 262 1,388 1,390 94 25 493 273 582 137 359 Mar. 6 392 24 253 1,383 1,383 99 24 474 276 593 137 394 Mar. 13 387 26 255 1,398 1,413 96 28 467 277 588 137 382 Mar. 20 386 25 244 1,406 1,415 91 32 433 277 570 138 447 SanFrancisco (7 cities) Feb. 20 1,013 49 277 3,506 164 100 1,,6629 2,022 460 549 1,239 Feb. 27 971 51 283 3,421 159 108 1,,6 660 2,042 455 549 3,640 Mar. 6 966 47 280 3,315 3,354 166 109 1,6042,049 457 551 3,537 Mar. 13 1,013 50 274 3,390 3,480 167 105 1,5832,047 467 552 1,134 Mar. 20 1,020 48 280 3,449 170 1,466 2,043 458 553 1,272 City of Chicago* Feb. 20 863 36 185 3,225 203 1,554 758 1,209 377 1,458 Feb. 27 911 38 192 3,195 195 1,562 759 1,226 378 1,132 Mar. 6 882 36 184 3,165 192 1,498 764 1,223 380 1,393 Mar. 13 885 38 187 3,173 185 44 1,478 764 1,203 377 1,217 Mar. 20 852 36 145 3,084 3,114 188 1,362 764 1,164 377 1,467 * See note on page 408. 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. 409 APRIL 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month 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 - n l g Total Accept O b in i w l g l n s banks b B o i u l g ls ht Others2 I U S m i n t n p a i t o t t o e e r s d ts E U S f x n r t p o a i o m t te 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 s e p p d o e s i d t n c t r b s e e F d i t o n w r i e e n i e g n o n r States countries 1944—November 167 115 84 44 40 32 74 14 (3) 24 4 December 166 129 93 44 50 35 86 14 (3) 25 3 1945—January 162 130 98 48 50 32 • 86 13 (3) 25 5 February 157 126 97 52 46 29 87 12 (3) 24 4 March 147 128 96 54 42 32 87 11 (3) 25 4 April 119 117 90 52 38 26 81 10 (3) 24 2 ]VIay 103 104 82 51 32 22 72 9 (3) 22 2 J Ju u l n y e . . 1 10 0 7 1 1 1 0 1 7 7 9 8 0 0 4 4 4 5 3 4 6 5 2 2 2 7 6 8 7 1 4 10 9 ( ( 3 3 ) ) 2 2 0 2 3 4 August 110 128 101 50 50 28 91 10 (3) 25 2 S N O D e o c e p t c v o t e e e b m m m er b b b e e e r r r 1 1 1 1 5 2 1 5 1 9 7 6 1 1 1 1 3 5 3 4 5 5 4 5 1 1 1 1 0 0 1 0 4 0 2 7 5 5 6 5 2 3 4 8 5 4 4 4 2 6 8 9 3 3 3 4 1 5 8 2 1 1 9 9 0 0 8 5 3 0 1 1 1 1 1 2 8 5 ( ( ( ( 3 3 3 3 ) ) ) ) 2 2 2 2 3 2 6 3 6 3 6 7 1946—January. 174 166 126 71 55 40 109 20 (3) 29 8 February 178 167 128 74 53 39 109 18 (3) 31 9 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks except on July 31, 1945, when their holdings were $486,000. 3 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Debit Debit cre C d u it s to ba m la e n rs c ' es1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )i es a in n a v d c e c t s o r t a u m d n e i ts n n g t a in n a v d c e c t s o r t u a m d n e i ts n n g t a b n a d n k in s borrowed2 Free O (n th et e ) r a i I n 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 d I c n e c t s o r f t u a i m r d n m e i ts n n g t I a n c ( c c n o a e u p t n ) it t a s l 1936—June 1,267 67 164 219 985 276 86 24 14 420 December... 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December... 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December... 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December... 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 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—March 31,034 3722 3553 April 31,065 3701 3575 May 31,094 3742 3583 June 1,223 11 333 220 853 549 121 14 13 264 July 81,141 3824 3580 August 31,100 3758 3573 September. . 31,084 3762 3594 October 31,063 3743 3632 November. . 31,095 3711 3639 December .. 1,138 12 413 313 795 654 112 29 13 '299 1946—January.... 31,168 3 734 3 727 February... 31,048 3 645 3 760 r Revised. 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): December, 196; January, 193; February, 172. 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. 410 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 i n r p m o m c t e h i r 6 - e a , s - l 1 a a P b d c n e a r c a 9 r i c n e y s m 0 e ' k p s s e 1 - t , - ch n l c e a o r a e e a x l a w n s - l - n 2 g l - e m b o i 3 l n - ls t 3 h 9 d c m - o c e e t a f o r o b t t n t i i e e f n t 1 s i d h - 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 e i 7 t r w y 3 k E e 7 N r c a 2 n O o i s . t 8 r t i t a 8 e t e h h n s r e n - d r 1 W e 1 r c 3 n e S i . t s 2 i o t a 5 e 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 2.87 3.51 1944 average .73 .44 1.00 .375 .79 1.33 1940 average. 2.63 2.04 2.56 3.38 1945 average .75 .44 1.00 .375 .81 1.18 1 1 9 9 4 4 1 2 a a v v e e r r a a g g e e . . 2 2 . . 5 6 4 1 2 1. . 9 0 7 7 2 2 . . 5 5 5 8 3 3 . . 1 2 9 6 1945—March .75 .44 1.00 .375 .78 1.18 1943 average. 2.72 2.30 2 80 3.13 April .75 .44 1.00 .375 .77 1.14 1944 average. 2.59 2.11 2.68 3.02 May .75 44 1 00 375 80 1 .16 1945 average. 2.39 1.99 2.51 2.73 June .75 .44 1.00 .375 .81 .16 July .75 .44 1.00 .375 .80 .16' 1941—September. 2.60 1.98 2.62 3.29 ] August.... .75 .44 1.00 .375 .82 .17 December.. 2.41 1.88 2.45 2.99 , September. .75 .44 1.00 .375 .84 4' .19 October. . . .75 .44 1.00 .375 .83 .17' 1942—March 2.48 1.85 2.48 3.20 November. .75 .44 1.00 .375 .84 .14; June 2.62 2.07 2.56 3.34 December.. .75 .44 1.00 .375 .84 4L. 15 S D e e p c t e e m m b b e e r r . . . 2 2 . .6 7 3 0 2 2 . .0 2 9 8 2 2 . . 6 6 6 3 3 3. . 2 2 6 5 1946—January.. . .75 .44 1.00 .375 .79 1.10 February. . .75 .44 1.00 .375 .76 1.03 1943—March 2.76 2.36 2.76 3.24 March .75 .44 1.00 .375 .79 .99 June 3.00 2.70 2.98 3.38 September. 2.48 2.05 2.71 2.73 Week ending: December.. 2.65 2.10 2.76 3.17 M M M M M a a a a a r r r r r . . . . . 9 2 2 3 1 0 3 6 . . . . . . . . . 7 7 7 7 7 / / / / A l l l l 6 6 6 6 6 1 1 1 1 1 . . . . . 0 0 0 0 0 0 0 0 0 0 . . . . . 3 3 3 3 3 7 7 7 7 7 5 5 5 5 5 . . . . . 8 7 7 8 7 0 6 9 1 8 1. . . . . 0 9 9 9 9 9 7 7 9 3 1944— J S D M u e e n a p c r e t e c e m h m b b e e r r . . . 2 2 2 2 . . . . 3 6 6 6 9 3 9 3 2 2 2 1 . . . . 9 2 1 1 3 3 0 8 2 2 2 2 . . . . 7 5 8 6 5 5 2 1 3 3 3 2 . . . . 1 1 1 6 2 8 4 5 1 Monthly figures are averages of weekly prevailing rates. 1945—March 2.53 1.99 2.73 2.91 2 The average rate on 90-day stock exchange time loans was 1..25 per June 2.50 2.20 2.55 2.80 cent during the entire period. September. 2.45 2.05 2.53 2.81 3 Rate on new issues offered within period. December.. 2.09 1.71 2.23 2.38 4 From Sept. 15 to Dec. 15, 1945, included Treasury notes of Sept. 1946—March 1.75 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 * [Per cent per annum] U. S. Government Corporate (Moody's)4 Munic- Corpo- 7 to 9 15 years and ipal rate By ratings By groups Year, month, years over (high- (highor week grade)2 grade)3 Total T a a b x le - P e l x a y r e t m t i a a x p l- t T ab ax le - Aaa Aa A Baa 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 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—March.... 1.70 1.70 2.40 1.61 2.51 2.91 2.62 2.72 2.92 3.38 2.68 3.11 2.94 April 1.62 1.68 2.39 1.57 2.49 2.90 2.61 2.73 2.90 3.36 2.69 3.07 2.94 May 1.57 1.68 2.39 1.58 2.53 2.89 2.62 2.72 2.88 3.32 2.68 3.05 2.93 June 1.56 1.63 2.35 1.58 2.54 2.87 2.61 2.69 2.86 3.29 2.68 3.03 2.89 July 1.58 1.63 2.34 1.57 2.53 2.85 2.60 2.68 2.85 3.26 2.68 3.00 2.87 August. . . 1.59 1.68 2.36 1.70 2.56 2.86 2.61 2.70 2.85 3.26 2.68 3.02 2.86 September. 1.56 1.68 2.37 1.79 2.56 2.85 2.62 2.70 2.85 3.24 2.67 3.05 2.85 October.. . 1.50 1.62 2.35 1.76 2.54 2.84 2.62 2.70 2.84 3.20 2.65 3.03 2.84 November. 1.42 1.56 2.33 1.70 2.54 2.82 2.62 2.68 2.81 3.15 2.64 2.99 2.81 December. 5 1.38 1.51 2.33 1.64 2.54 2.80 2.61 2.68 2.79 3.10 2.64 2.96 2.79 1946—January.. 1.31 (6) 2.21 1.57 2.43 2.73 2.54 2.62 2.73 3.01 2.57 2.89 2.71 February . 1.28 (6) 2.12 1.49 2.36 2.68 2.48 2.56 2.70 2.95 2.54 2.83 2.65 March 1.28 (6) 2.09 1.49 2.35 2.66 2.47 2.54 2.69 2.94 2.54 2.80 2.64 Week ending: Mar. 2. . 1.28 (6) 2.10 1.49 2.36 2.67 2.48 2.56 2.70 2.94 2.55 2.83 2.64 Mar. 9. . 1.28 (6) 2.10 1.49 2.36 2.66 2.48 2.54 2.69 2.94. 2.54 2.82 2.64 Mar. 16. . 1.27 (6) 2.09 1.49 2.34 2.66 2.47 2.54 2.69 2.94 2.54 2.81 2.64 Mar. 23. . 1.27 (6) 2.09 1.49 2.35 2.66 2.47^ 2.54 2.69 2.95 2.55 2.80 2.64 Mar. 30. . 1.29 (6) 2.08 1.48 2.34 2.66 2.46 2.53 2.68 2.95 2.54 2.79 2.64 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. * 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. APRIL 1946 411 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 1 Bond prices Stock prices5 Corporate4 Common (index, 1935-39=100) V of o t lu ra m d e - Year, month, or week m U G e e r . o n S n v - . t - 2 g M ( r i h a p u i d a g n e l h i ) c - 3 - H gr i a g d h e - Tot M al ediu In t m r d i - a u l s a - nd l R r o o w a a i d l e - r-gr P u ad t u i e b li l t i y c fa D ul e te - d fer P r r e e d - 6 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 s i s a n t h n h g a d o 7 r s e u ( i s - o n ) f Number of issues 1-9 15 15 50 10 20 20 15 15 402 354 20 28 1943 average. . . . 100.50 131.8 120.3 109.5 117.0 97.6 114.0 44.0 172.7 92 94 89 82 1,032 1944 average. . . . 100.25 135.7 120.9 114.7 120.5 107.3 116.3 59.2 175.7 100 102 101 90 971 1945 average. . . . 102.04 139.6 122.1 117.9 122.2 115.1 116.3 75.4 189.1 122 123 137 106 1,443; 1945—March. . . 101.56 140.7 122.7 118.1 122.9 114.8 116.5 68.9 187.7 112 114 124 96 1,195 April 101.68 141.6 122.9 118.2 123.1 115.0 116.5 71.9 190.9 114 117 129 98 1,273 May 101.74 141.3 122.3 117.9 122.1 115.0 116.5 77.5 191.2 118 120 135 101 1,357 June 102.38 141.5 122.1 118.1 122.2 115.5 116.7 81.4 190.9 121 122 144 106 1,828 July 102.46 141.6 122.3 117.9 122.2 115.2 116.4 80.4 189.6 118 119 140 108 951 August. . . 102.22 138.8 121.7 117.2 121.7 114.4 115.5 75.6 188.1 118 119 131 107 1,034 September 102.02 137.0 121.6 117.1 121.4 114.4 115.6 74.5 186.7 126 128 138 111 1,220 October. . 102.38 137.7 121.9 117.7 122.0 115.3 115.7 76.6 188.0 132 135 145 114 1,556 November 102.60 139.0 122.0 118.3 122.5 116.6 116.0 78.9 192.2 137 139 154 121 1,961 December. 102.68 140.1 121.9 119.0 123.1 117.5 116.2 82.1 195.3 140 142 157 120 1,626 1946—January.. 104.59 141.6 123.8 119.7 123.9 118.9 116.3 84.9 197.9 145 148 164 124 2,183 February. 106.03 143.4 124.5 120.0 124.4 119.6 116.1 85.4 200.5 143 146 160 124 1,776 March.... 106.46 143.4 124.5 120.1 124.5 119.9 115.9 82.7 203.1 142 145 154 123 1,116 Week ending: Mar. 2... 106.25 143.3 124.3 120.0 124.3 119.5 116.3 82.6 201.2 139 141 154 122 1,657 Mar. 9... 106.35 143.3 124.5 120.1 124.4 119.7 116.1 82.0 201.8 140 142 152 122 968 Mar. 16... 106.49 143.3 124.4 120.2 124.7 119.9 116.0 81.4 201.8 139 141 150 121 1,097 Mar. 23... 106.4 143.3 124.6 120.1 124.5 120.0 115.8 83.0 203.5 143 146 155 124 1,180 Mar. 30... 106.59 143.5 124.5 120.1 124.6 120.0 115.7 84.4 205.3 146 149 157 124 1,260 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years and over. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average, daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and the BULLETIN for May 1945, pp. 483-490. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic Year or month f ( i u a n r n n n e e g d - d w ) - m T e ( a e i f o d g n o s o t n d t r a - i - ) c l Total S n m a p t i n a a c u d t l i - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a p o o n o t n d e r d s a s te Stocks e F i o g r n - 2 m T e ( a e i f o d g n o s o t n d t r a - i - ) c l Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a p o o n o n t d e d r s a s te Stocks e F i o g r n - 5 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, 790 '2,277 2,239 931 924 383 287 97 •38 '3,513 3,465 195 1,537 1,733 1,596 137 '48 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 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,H8 288 15 1945 r7;958 '1,764 1,752 471 26 1,255 602 654 '12 6,194 6,146 324 912 4,911 4,256 655 48 1945—February. 222 44 44 6 9 29 24 5 178 163 8 18 137 137 March.. . . 563 92 92 24 68 33 35 471 471 150 25 296 265 31 15 April ••761 130 126 19 6 101 50 51 631 631 30 46 555 530 25 J M u a n y e 5 1 8 6 4 9 1 5 8 2 7 1 5 8 2 6 4 2 3 8 158 1 103 55 1 1 3 1 9 1 7 7 -3 1 9 1 5 7 9 8 3 1 0 9 36 7 7 9 27 7 2 9 95 "2 July 1,229 249 249 35 2 212 "'34' 178 981 981 31 200 750 623 "i27* August. . . 510 144 144 37 107 64 43 366 366 7 20 338 297 41 D S O N e e o c p c t v t o e e e b m m m e b b b r e . e e . r r r . . . . 1,3 8 2 8 3 7 2 3 8 9 3 8 2 2 14 4 9 4 2 3 4 3 2 2 1 3 9 4 4 8 4 2 1 3 3 2 8 7 4 9 0 2 1 1 6 0 0 6 0 9 5 1 1 1 3 2 0 0 5 8 3 7 1 3 5 0 7 1 4 6 0 • ••- • 1,0 5 7 1 9 9 3 2 6 4 7 9 1,0 5 7 1 7 9 3 2 0 4 2 9 ' 3 9 8 3 7 2 4 5 4 1 2 5 4 7 3 9 7 3 8 0 7 7 9 5 8 6 2 8 4 8 2 6 5 2 0 0 1 6 5 6 1 0 5 9 8 ' ' 26 5 1946—January. . . 346 200 200 68 1 131 10 122 146 146 3 30 113 55 58 February.. 350 65 65 18 47 5 42 284 284 20 264 247 17 r Revised. 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce, Monthly figure subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. 412 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES 1 PROPOSED USES OF PROCEEDS, ALL ISSUERS fin millions of dollars] Proposed uses of net proceeds Estimated Estimated Year or month gross net 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 s and 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 5,800 5,691 996 581 415 4,447 4,017 430 124 124 1944— S O N A e c o u p t v g o t u e e b m s m e t r b b e e r r 3 2 4 7 8 6 4 1 0 3 2 9 3 4 2 7 7 5 1 2 3 3 5 9 1 3 6 2 2 3 1 9 5 2 1 1 1 7 8 0 7 1 3 1 1 1 4 5 1 7 3 4 5 1 3 1 9 5 8 5 4 1 3 5 2 1 7 7 2 4 5 0 4 9 1 4 2 1 0 4 2 5 2 3 1 " " 3 7 7 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 C12 19 1946—January 253 245 111 63 49 118 56 62 5 10 February...... 297 291 37 17 20 238 222 16 2 15 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 se r- s 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 4' 4' 1 1 1 9 9 9 4 4 4 3 4 5 . . 1,4 6 1 3 0 6 6 2 0 1 1 4 0 1 6 2 5 1,3 5 1 2 0 1 0 0 4 2 1, , 4 1 4 0 9 6 0 6 9 2 4 6 2 0 1 2 1 ,3 4 0 4 2 8 3 3 3 2 5 1 5 1 7 1 1 , , 0 8 4 3 6 9 3 5 7 2 4 7 2 5 3 8 4 2 5 9 1 0 8 9 4 4 9 1 7 7 4 1 6 9 1 1 2 0 9 1 7 4 6 8 1 1 8 3 4 6 2 0 4 3 7 1944—August 134 19 115 31 3 26 2 47 36 10 1 3 3 1 September.. 189 10 179 167 5 155 6 91 12 77 3 6 2 4 N Oc o t v o e b m er ber.. 3 5 6 2 2 4 3 4 5 8 4 27 9 2 9 9 7 4 26 8 5 5 5 1 4 9 7 1 1 2 1 2 5 2 7 3 4 3 1 3 2 j' i 2" December. . 82 82 21 20 34 24 7 3 42 42 1945—January 119 119 65 65 82 28 54 1C 8 2 February.. . 108 ' 12' 96 60 60 27 9 16 " '{' 18 7 6 5 March 124 2 122 93 41 50 2 4 4 April 360 14 ' "346' 139 12 127 "i' 118 64 38 15 15 12 1 1 J M un ay e 75 18 57 1 3 8 0 4 1 1 3 8 0 3 2 5 2 9 3 11 3 7 4 8 9 9 1 7 7 2 2 i 2 1 July 105 12 93 301 4 297 480 163 301 16 40 11 29 August 84 10 74 115 1 110 221 63 111 47 13 6 2 5 N S O D e o c e p t c v o t e e e b m m m er b b b e e e r r r . . . . . . 2 2 7 4 6 0 6 8 2 1 4 7 9 2 2 6 1 50 6 9 3 5 2 7 6 0 4 1 5 0 2 "'1 2 5 3 2 * 3 5 1 6 2 3 6 4 3 5 9 2 6 6 5 8 2 1 1 1 3 4 6 8 0 9 6 8 8 5 1 7 9 1 7 1 1 3 0 2 0 8 7 6 6 2 6 9 3 6 2 2 2 1 7 7 7 0 1 8 9 9 1 1 5 3 0 ' 1 1 4 1 5 5 1946—January 7 7 43 1 43 181 98 68 15 13 6 7 February... 150 1 148 1 32 1 31 100 26 59 15 9 9 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. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. APRIL 1946 413 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups P d r i o v f i i d ts e n a d n s d Year or quarter Total s I a t r n e o d e n l c M e h r i a y n - - t b o A i m l u e o - s - e p t O m r q t o a i t u e r o h n t i n n e a s p t r - - - f m p e N u a r r e r c o n o t o t d a n d s u l - - s s O g d o b u t o h l r e d a e - s r t F b o a o e a b g v n o a e e d d c s r s c , - , o p r r e a i o i O n f n 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 b u t o o h l r n e a d e - - s r n c s M i e e e c l o r e i 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 1945 1,922 190 156 244 169 107 85 199 226 188 156 202 976 85 612 Quarterly 1942—i . 413 52 38 46 2 46 36 19 32 35 39 39 31 205 21 134 2 358 52 35 25 243 32 18 32 27 35 27 32 174 23 135 3 .... 445 51 36 46 2 43 34 22 42 42 41 35 52 213 20 125 4*. 553 72 49 92 250 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 50 246 32 22 37 42 41 36 38 221 22 132 3 461 51 41 52 2 46 31 20 43 49 40 39 50 226 21 127 4 477 53 45 53 2 41 31 23 43 58 47 38 44 246 22 170 1944—i 444 47 40 52 2 52 29 20 38 49 42 36 39 224 21 142 2 459 46 40 55 2 47 30 22 43 52 43 37 43 230 22 149 3 475 47 38 55 2 47 28 21 45 56 49 37 52 244 20 137 4 518 55 55 59 2 43 28 25 49 64 53 37 50 272 23 184 1945—i 492 49 38 63 2 50 31 21 45 62 48 39 45 250 20 142 2 508 53 42 77 2 47 27 21 46 64 45 38 47 269 22 145 3 . . .. '439 '37 35 '46 '2 36 23 '20 '50 61 43 '37 '53 '224 21 143 4 ....... 483 50 40 59 2 36 26 23 58 39 52 43 57 232 22 182 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad3 Electric power4 Telephone5 Year or quarter r O e p v in e e g r n a u t e - I i b n n t e c c a f o o x o m m 6 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 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 t e c c a f o o o x m m 6 re 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 1945 8,902 755 447 253 3,695 906 523 399 1,803 396 177 173 Quarterly 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 I943—1 2,091 515 214 29 864 254 136 99 366 88 42 40 2 2,255 608 244 52 835 221 118 100 382 96 44 42 3 2,368 653 250 36 859 210 114 99 391 94 45 43 4 2,340 435 166 100 906 228 133 113 398 96 48 43 1944—1 2,273 458 148 31 925 262 135 94 400 97 42 42 2 2,363 511 174 55 886 241 123 102 406 101 43 42 3 2,445 550 180 30 878 207 111 94 409 98 43 42 4 2,356 • 452 165 130 929 205 130 101 426 104 46 43 I945—1 2,277 425 139 30 971 292 139 102 436 115 46 41 2 2,422 504 187 72 909 233 123 96 444 109 45 44 3 2,231 229 125 29 887 211 116 92 449 103 44 43 4 1.972 -404 -4 123 928 171 145 109 474 70 43 46 ' Revised. 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2Partly estimated. 3 Class I line-haul railroads, covering about 95 per cent of all railroad operations. * Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 5 Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. 6 After all charges and taxes except Federal income and excess profits taxes. Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures prior to 1942 are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision, especially for war producers,whose contracts are under renegotiation. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN. 414 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public issues1 Nonmarketable public issues Fully 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 r e r e t r b i a c e t n l t s g t- Total2 Tre b a il s ls ury c i C e n a d e d te n r e t s e i b f s o t i s - - f Tr n e o a t s e u s ry T b re o a n s d u s ry Total2 s b a U o v . n i n S d g s . s T t s a r a n e x v o a i t a s n e u n g s d r s y S is p s e u c e ia s l i b n N e d t a e e o r r b r i e i n t - s g t- s g t b e t e c u e e e u a a r d e r r r i i a s i t n t n i n - 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 4,283 1943—June 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,092 Dec. 165,877 164,508 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,225 1944—June.... 201,003 199,543 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,516 Dec. 230,630 228,891 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 1,470 1945—Mar 233,950 232,026 162,625 16,921 34,544 18,588 92,377 51,833 42,159 8,948 17,567 1,923 1,119 Apr 235,069 233,063 162,680 17,041 34,478 18,588 92,377 52,460 42,626 9,109 17,923 2,006 1,132 May.... 238,832 235,761 162,652 17,049 34,442 18,588 92,377 54,517 43,767 10,031 18,592 33,071 1,151 June.... 258,682 256,357 181,319 17,041 34,136 23,497 106,448 56,226 45,586 10,136 18,812 2,326 409 July 262,045 259,781 183,080 17,025 34,472 23,498 107,890 57,143 46,508 10,119 19,558 2,264 484 Aug 263,001 260,746 183,334 17,038 34,430 23,498 108,172 57,379 46,715 10,148 20,033 2,255 515 Sept 262,020 259,630 182,833 17,018 35,072 23,498 107,049 56,278 46,741 9,021 20,519 2,391 527 Oct 261,817 259,439 182,790 17,026 35,021 23,498 107,049 56,072 46,786 8,776 20,577 42,378 541 Nov 265,342 262,849 185,112 17,026 35,021 23,498 109,371 57,028 47,473 9,058 20,710 52,492 536 Dec. 278,115 275,694 198,778 17,037 38,155 22,967 120,423 56,915 48,183 8,235 20,000 2,421 553 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 Feb 279,214 277,912 199,810 17,032 41,413 19,551 121,635 57,206 48,692 8,043 20,897 1,301 539 Mar 276,012 274,748 197,063 17,047 40,399 18,261 121,177 56,550 48,733 7,365 21,135 1,264 542 1 Including amounts held by Government agencies and trust funds, which aggregated 7,023 million dollars on Feb. 28, 1946. 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. a 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. 6 Including prepayments amounting to 192 million dollars on securities dated Dec. 3, 1945, sold in the Victory Loan, beginning on Oct. 29, 1945. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING, MARCH 31, 1946 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue, and coupon rate Amount Month Am ou o t u - nt Funds received from sales during m t R i a o e t n d u s e r m a it n i p e d - s standing Treasury bills1 Treasury bonds—Cont. at end of month All Series Series Series All A A p p r r . . 1 4 1, , 1 1 9 9 4 4 6 6 1 1, , 3 3 1 0 6 3 S D e e p c t . . 1 15 5 , , 1 1 9 9 4 4 9 9 - - 5 5 1 1 ! .. . . . . . . . 2 2 2 1, , 2 0 9 9 2 8 series E F G series Apr. 18, 1946 1,312 Dec. 15, 1949-52..• 3}i 491 A M M M p i a a r a y y . y 2 1 9 2 5 6 , , 1 1 1 1 9 9 9 9 4 4 4 4 6 6 6 6 1 1 1 1 , , , , 3 3 3 3 1 1 1 0 7 6 5 9 D S M S e e e a p p c r t t . . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 4 5 5 5 9 0 0 0 - - - - 5 5 5 5 3 2 2 2 . . . . . . . . . 2 2 K K 2 2 4 1 1 1 , , , , 7 9 1 9 8 6 8 3 6 3 6 9 1944— O S N e o c p v t t .... 3 3 3 7 7 8 , , , 6 3 3 4 2 0 5 3 8 1,0 6 6 2 9 9 3 2 5 5 5 8 9 9 0 9 1 7 4 1 1 3 6 4 1 8 8 7 5 3 4 3 4 2 8 0 8 2 1 3 May 23. 1946 1,301 Dec. 15, 1950 ..IK 2,635 Dec... . 40,361 2,386 1,855 125 406 365 J J J M u u u n n n ay e e e x 2 1 6 0 3 1 , , 1 1 1 1 0 9 9 9 4 4 4 4 6 6 6 6 . . . . . 1 1 1 1 , , , , 3 3 3 3 1 0 0 1 5 9 4 7 J S S D u e e e n p p c e t t . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 1 1 1 1 - - - - 5 5 5 5 5 4 3 3 . . . . . . .' . . 2 . % .2 3 7 1 1 , , , 1 6 9 7 1 2 8 5 8 7 6 5 1945— F M Ja e n a b r .. . . . . . . 4 4 4 2 1 1 , , , 1 6 1 5 9 4 9 8 0 1,0 8 8 7 8 4 4 9 8 6 8 7 5 1 0 3 2 4 3 2 4 1 7 2 2 1 1 2 5 6 8 1 4 3 4 3 2 6 4 3 4 1 C J A J A S O M e u u e p u c r n a n p t t g r y . e e . . t . . o 2 f 7 1 1 1 1 1 1 , , , , , , , i n 1 1 1 1 1 1 1 9 9 9 d 9 9 9 9 4 4 4 4 4 4 e 4 6 6 6 6 6 6 b 6 t . e .. d . nes • s H r y % 4 4 3 4 4 2 1 1 , , , , , , , 5 8 4 3 7 4 3 7 1 1 4 9 3 7 9 3 1 9 6 0 0 J J J J M D M D M u u u u e e a a a n n n n c c r r r e e e e . . . . . 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 , , , , , , , , , 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 5 5 5 5 5 5 5 5 5 6 4 2 5 2 3 2 1 2 - - - - - - - - - 5 5 5 6 5 5 5 5 5 8 6 5 0 4 4 5 4 5 . . . . . . . . . . . . . . . . . . . . • . . . . . 2 2 2 2 . . . 2 ) K V . . . K 4 2 2 2 2 y 8 . 2 5 8 1 1 1 , , , , , , 4 6 6 5 8 0 6 5 7 4 0 2 6 1 2 8 1 2 9 1 4 1 2 5 1 0 5 1946— A A J S O J N D M J u u a e u c p o e n l a n p t g r y c v y e . t . . . . . . . . . . . . . . . . . . . . . . . 4 4 4 4 4 4 4 4 4 4 8 7 6 3 6 2 6 6 5 8 , , , , , , , , , , 5 7 7 4 7 6 5 5 7 1 8 8 6 1 2 7 8 0 4 8 8 6 7 5 6 3 6 8 1 3 2 1 1 1 1 , , , , , 2 1 5 1 2 5 9 6 8 7 9 4 8 5 7 6 1 2 3 0 5 0 4 4 8 0 4 5 8 0 1 1 1 , , , 0 1 4 6 5 4 5 6 8 9 3 9 6 7 8 2 1 4 6 0 2 5 8 1 4 0 0 1 5 8 1 2 4 2 6 5 4 7 1 8 3 7 2 3 4 0 8 8 3 8 2 2 5 2 1 2 1 1 2 1 8 3 6 0 0 7 3 7 6 5 2 2 5 7 7 8 0 6 2 5 4 5 6 4 4 4 5 6 5 3 1 2 2 2 0 3 2 0 5 1 6 8 8 6 3 3 9 4 9 N De o c v . . 1 1 , , 1 1 9 9 4 4 6 6 . . . . . . . .• 4 T4 3 3 , , 7 7 7 6 8 8 S S e e p p t t . . 1 1 5 5 , , 1 1 9 9 5 5 6 6 - -5 5 9 9 . . . .'.2yi 3,8 9 2 82 3 M Fe a b r .. .. 4 4 8 8, , 6 7 9 3 2 3 6 6 2 2 6 2 3 3 7 6 1 7 3 2 0 7 2 2 2 3 5 0 5 6 6 3 5 4 Jan. 1, 1947 4 3,330 June 15, 1958-63...2H 919 Feb. 1, 1947.... 4 4,954 June 15, 1959-62..• 2K 5,284 Mar. 1, 1947 y* 3,133 Dec. 15, 1959-62...2% 3,467 Maturities and amounts outstanding, March 31, 1946 Dec. 15, 1960-65.. 2^i 1,485 T J r u e l a y sur 1 y , n 1 o 9 t 4 e 6 s ..... . .90 4,910 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 2 3 - - 6 6 7 8 . . . . ' . . 2 2 K y2 2 2 , , 1 8 1 3 8 1 Year of All Series Series Series Series Dec. 15, 1946..... .IK 3,261 June 15, 1964-69.. 3,761 maturity series B-D E F G Mar. 15, 1947..... .iy 1,948 Dec. 15, 1964-69... 2 }/2 3,838 Sept. 15, 1947...... IK 2,707 Mar. 15, 1965-70..• 2 }/2 5,197 Sept. 15, 1947 • • i yi 1,687 Mar. 15, 1966-71...2 y2 3,481 1946 275 275 Sept. 15, 1948...... iK 3,748 June 15, 1967-72..!2K 7,967 1947 423 423 Sept. 15, 1967-72...2K 2,716 1948 496 496 T J J r u u e n n a e e su 1 1 r 5 5 y , , 1 1 b 9 9 o 4 4 n 6 6 d - - s 4 4 9 8 . . . . . .z . y .3 % 2l, 2 0 8 3 1 6 9 P D os e t c a . l 1 S 5 a , v 1 i 9 n 6 g 7 s -72...2K 11,691 1 1 1 9 9 9 4 5 5 9 0 1 1,6 9 8 3 8 0 4 8 2 9 4 80 8 4 2 8 1 i, 192 Oct. 15, 1947-52.'' 4y 759 bonds 2K 117 1952 4,799 4,799 D M e a c r . . 1 15 5 , , 1 1 9 9 4 4 7 8-50. 2 2 1,1 7 1 0 5 1 C Pa o n n a v m er a s i C on a n b a o l n l d o s a . n. . . . . 3 3 5 1 0 3 1 1 9 9 5 5 3 4 .... 1 8 1 ,7 7 3 7 1 0 8 7 , , 8 3 6 8 3 5 2 5 1 8 3 1 2 i' , , 2 i 8 7 6 3 Mar. 15, 1948-51...2K 1,223 1955 10,625 7,561 656 2,408 J S u e n p e t. 1 1 5 5 , , 1 1 9 9 4 4 8 8..... • . • 2 IK K 3,0 4 6 5 2 1 Total direct issues... 197,063 1 19 9 5 5 7 6 3 4 ,4 0 2 9 3 2 924 5 7 8 3 4 4 2 2 , , 7 5 6 0 5 8 Dec. 15, 1948-50. 2 571 Guaranteed securities 1958 766 87 679 June 15, 1949-51. 2 1,014 Federal Housing Admin. Unclassified. . -90 Various 40 Total 48,733 3,425 30,724 2,855 11,818 1 Sold on discount basis. See table on Open-Market Money Rates, p. 411. 2 Called for redemption on June 15, 1946. APRIL 1946 415 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 n t s i l g t e - s S i e p s a r s e n n u c m d e ia 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 l s e i s s c R F B H e e a d b s e n e e y 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 ie 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 t s 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—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 '22,200 -40,500 55,000 December 276,246 20,000 7,038 24,262 224,946 90,000 10,700 24,100 45,300 54,800 1946—January 278,001 20,655 7,043 23,264 227,039 91,800 10,900 24,700 44,500 55,100 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 Montetary 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 e e ra d l - 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: 1945—June.. 181,353 6,112 21,792 77,484 9,38220,93045,652 Total: July.. 183,114 6,08321,71778,609 9,62121,14645,939 1945—June.. 106,448 5,968 1,11341,795 9,045 19,89228,636 Aug... 183,369 6,09222,53077,862 9,77521,27345,837 July. . 107,890 5,936 1,11342,822 9,27820,07928,661 Sept.. 182,870 6,09423,32876,939 9,84521,43745,227 Aug... 108,172 5,937 1,11443,170 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. . 185,151 6,10423,472 78,935 9,58721,37545,679 Oct... 107,049 5,926 977 43,477 9,36020,34326,964 Dec... 198,820 7.00924,26282,83010,49123,18351,046 Nov. . 109,371 5,911 977 44,564 9,176 20,19228,551 1946—Jan.. . 199,672 7,01423,26484,70010,72623,75850,210 Dec... 120,423 6,915 947 46,535 10,21722,23033,579 1946—Jan.. . 121,358 6,905 947 47,253 10,44522,80733,000 Treasury bills: Maturing within 1945—June.. 17,041 3 12,962 2,798 1 4 1,273 5 years: July. . 17,025 9 12,810 2,737 2 1 1,466 1945—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 2,06a Oct.. . 17,026 21 13,172 1,978 6 1,850 Sept.. 7 725 381 5,126 181 320 1,714 Nov. . 17,026 18 12,593 2,306 14 1 2,094 Oct... 7,725 379 5,177 184 304 1,681 Dec.. 17,037 5 12,831 2,476 1 1,723 8,214 456 5 ,387 173 277 1,917 1946—Jan.. . 17,042 6 12,866 2,387 1 1,783 Dec. 10,879 481 7,282 161 257 2,697 1946—Jan.. . 10,879 478 7,360 169 258 2,613 Certificates: Maturing in 5-10 1945—June.. 34,136 47 6,03216,789 92 420 10,756 years: July.. 34,472 45 6,09616,812 96 454 10,968 1945—June.. 48,155 1,333 29,147 3,400 4,267 10,009 Aug... 34,430 46 6,40016,413 158 423 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 7,20616,230 221 553 10,735 Sept.. 49,180 1,398 30,798 3,056 4,179 9,749 Nov. . 35,021 62 7,80016,358 171 561 10,070 Oct... 49,180 1,396 31,241 2,970 4,066 9,506 Dec... 38,155 38 8,36418,091 91 360 11,211 Nov. . 49,180 1,386 32,125 2,705 3,945 9,021 1946—Jan.. . 41,502 51 8,04721,380 101 390 11,532 Dec... 46,484 1,340 31,317 2,460 3,840 7,534 1946—Jan.. . 46,484 1,323 31,776 2,230 3,735 7,418 Treasury notes: Maturing in 10-20 1945—June., 23,497 52 1,685 16,076 242 601 4,841 years: July.. 23,498 52 1,698 16,211 244 598 4,695 1945—June.. 16,727 1,054 4,562 2,458 2,471 6,179 Aug... 23,498 52 1,762 16,058 247 587 4,793 July. . 17,307 1,058 4,667 2,673 2,476 6,433 Sept.. 23,498 53 1,933 15,830 260 581 4,841 Aug... 17,446 1,057 4,687 2,814 2,534 6,352 Oct... 23,498 80 1,920 15,834 258 591 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 Dec... 22,967 8 2,120 15,701 179 576 4,383 Nov. . 16,880 907 4,371 2,966 2,458 6,178 1946—Jan.. . 19,551 8 1,405 13,652 176 546 3,764 Dec... 20,532 967 5,406 3,298 2,995 7,865 1946—Jan.. . 20,643 970 5,479 3,427 3,054 7,711 Guaranteed Maturing after 20 securities: years: 1945— J j uulney.. 3 3 4 4 6 6 1 1 0 0 2 2 1 1 3 3 3 3 1945— J J u u l n y e . . . . 3 33 2 ^ ,6 2 2 1 6 9 4 4 ^ 1 14 40 6 2 2^ 3 3 1 85 7 3 3! 0 2 1 00 01 13 2 ^ 0 7 6 7 1 91 IO 0 ] ,3 4 7 3 5 5 Aug... 35 7 11 2 13 2 Aug... 33,360 4,141 2,470 3,266 13,19910,284 Sept.. 37 7 12 2 13 4 Sept.. 33,394 4,141 2,521 3,257 13,35710,120 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 35 095 4 139 2 679 3 33313,51111 432 Dec... 41 7 11 3 14 6 Dec.. 42',526 5',073 2^532 4',30015!14115^482 1946—Jan.. . 39 7 12 3 13 4 1946—Jan.. . 43,350 5,082 2.634 4,617 15,75915,257 banks nas 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 Jan. 31, 1946, commercial banks reporting to the Treasury held 31,667 million dollars of U. S. Government securities due or callable within one year out of a total of 70,478 million outstanding. 2 Including 196 million dollars of Postal Savings and prewar bonds not shown separately below. 416 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Period W I h n e c i l t d o h * m - e O ta t x h e e s r 1 i n c r M n n e e e n u t v l 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 ce N r i e p e - t ts3 I d n e o e t s e n b t r t - t f i N e d o n e n a s - - a e l c T f o t e e r r a u r a u t c s n c n s - . t t s t s o - , O p tu e e t n r x h e d - e s i r - e b i T x t u u p o d r e t g e n a e s l d t - D c e i f t i- c T o e a u r t c u c n - s 4 t t s, C f a g h b e u n i e a a r n n a c n n l d - l e - ge g c d r r I e i o e 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, $97 -1,861 +6,515 64,274 June 1944 8*39326,262 5,291 1 751 3,711 45,408 44,149 2,609 87,039 556 3,540 93,74449, 595 +4,051 + 10,66264,307 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 +4,529 57,679 1945—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, 340 +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, B62 -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 1,122 -95 -2,497 -980 October 572 1,021 689 58 241 2,581 2,530 172 5,124 38 617 5,950 3, 420 +302 -3,321 -203 November. . 1,076 449 602 257 225 2,609 2,374 84 4,224 348 4,656 2, 282 +390 + 1 632 3 524 December. .. 707 2,659 516 69 170 4,122 4,118 817 4,244 384 5,445 1,327 +113 + 11,55812,773 1946—January.... 554 2,201 645 51 397 3,848 3,819 309 3,417 684 482 4,891 1,373 -276 -577 772 February. . . 1,086 1,704 584 310 191 3,875 3,678 118 2,702 148 543 3,510 + 168 +39 +534 327 March 658 4,180 649 100 176 5,762 5,747 646 2,550 23 1,383 4,602 +1,146 +462 -1,593 -3,201 Details of trust accounts, etc. General fund of the Treasury (endof period) Social Security accounts Net ex- Other Assets oenditures Period in check- De- De- Total Balance ce N r i e p e - 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 G o in m o u g v n e e t n a s r c t n o - - 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 R F p e e o d s i s n e e i r r t v a s e l d s p p e o p e i s c n o i i s t a s i l - a O s t s h e e ts r la ti b e i s li- ge fu n i n n e d ral agencies Banks taries Fiscal year ending: June 1943 2,810 2,350 456 2,194 1,117 655 133 10,149 1,038 7,667 1,444 643 9,507 June 1944... . 3,202 2,816 380 4,403 1,851 1,313 192 20,775 1,442 18,007 1,327 607 20,169 June 1945.. 3,239. 2,757 453 1,178 3,820 2,444 -571 25,119 1,500 22,622 997 421 24,698 1945—March 66 22 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—Tanuary.... 178 -36 178 -9 810 583 548 25,851 1,011 24,030 810 424 25,427 February. . . 355 -13 178 9 393 225 309 26,414 1,209 24,447 758 453 25,961 March 64 87 174 -635 181 157 24,743 2,160 21,776 807 376 24,367 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). 3 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. * Excess of receipts ( +) or expenditures ( —). Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516. INTERNAL REVENUE COLLECTIONS [On basis of reports of collections. In millions of dollars] Income taxes Miscellaneous internal revenue Manufac- 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 - i t V t o a i r x c y - r c C r a o e t u r i n p r o t - o n - t B a a x c e k s E p ta x ro x c f e e i s s ts s p O ta r t o x h f e e i s t r s Total C st t t a o a a p c x l i k - E t a a g s n x i t f a d e t t s e b A t h a e a o l x v g c li e e e o c s r - - b t T a a x c o c e - o s S ta ta x m es p re t e t u t a x a a r n x c e i i l d e r s e s s e r ' s' 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 66111,004 144 6,960 372 643 2,310 932 66 1,207 1,430 1945—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 1 161 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 1946—January 3,189 1,670 604 151 222 536 6 643 61 221 96 8 136 121 February. . . 3,206 949 1,848 -3 173 236 4 597 54 210 89 8 142 93 1 Withheld by employers (Current Tax Payment Act of 1943). APRIL 1946 417 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 Liabilities, other than Assets, other than interagency items interagency items Com- Invest- Bonds, notes, U G . o v S - . Primodi- ments Land, and deben- ern- vately Corporation or agency Total Cash L c a e r o b e i a l - v e n - s m p r s t a l i i u n a i a e p e t d l s - s e s , , . - G U r s i e o t . c i v e u S s t - . . O r s i e t t c h ie u e s - r e t s m u a q tr r n e u u e d n i s c p t , - - c U h t u n r a t i d r e b g i d - s e - s O s a t e s h t - e s r b t a F u g y n u r u t e U e a l s l e r y . - d S p . ay O a t b h l e e r O li i a t t i b h e i e s l r - in e t s e t r- o in w e t s n e t e r- d All agencies: Mar 31 1945 31,309 768 5,789 2,960 1,756 388 16,734 1,001 1,913 1,150 1,237 4,962 23,510 451 June 30, 1945 33,552 700 5,544 2,507 1,679 37520,164 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 Dec. 31, 1945 33 ,844 925 5,290 2,288 1,683 32521,017 4721,845 555 1,113 4,212 27,492 472 Classification by agency Dec. 31, 1945 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 268 28 196 43 1 8 252 8 Federal intermediate credit banks. . 298 20 231 43 3 245 1 51 Federal land banks 1 231 48 1 016 145 5 17 792 41 169 230 Production credit corporations.... 124 1 67 55 123 Regional Agricultural Credit Corp.. 16 11 4 (2) 1 14 F O a th rm er 3 Security Administration 45 1 8 7 57 1 32 1 0 3 (2) 24 7 49 2 9 1 44 1 9 5 Federal Farm Mortgage Corp 191 12 173 6 5 5 181 Rural Electrification Administration. 416 3 407 5 416 Commodity Credit Corp 1,311 30 99 1,034 4 9 135 506 491 314 Federal Crop Insurance Corp 39 11 3 24 3 36 Federal Surplus Commodities Corp.. . 3 3 3 National Housing Agency:4 Federal Home Loan Bank Administration: Federal home loan banks 335 21 195 118 1 69 46 125 95 Federal Savings and Loan Insurance Corp 165 2 161 3 65 100 Home Owners' Loan Corp 919 36 840 15 21 2 (2) 4 9 (2) 26 884 Federal Public Housing Authority and affiliate: Federal Public Housing Authority. 552 29 286 8 222 7 1 551 Defense Homes Corp 66 1 1 64 1 65 Federal Housing Administration 168 24 19 (2) 106 (2) 1 19 34 6 128 Federal National Mortgage Association. 7 7 7 R.F.C. Mortgage Company 50 38 7 5 3 47 Reconstruction Finance Corp.5 10,283 65 991 1,131 49 244 6,912 c3\3 580 C (2) 1,630 8,654 Office of Emergency Management: Smaller Wrar Plants Corp 175 132 27 14 1 1 3 172 C W o a o r r d S i h n i a p t p o i r n o g f A In d t m er i - n A is m tr e a r t i io ca n n Affairs 8,82 1 5 7 17 1 9 6 54 7,813 130 649 95 1 0 1 7,876 6 Export-Import Bank 256 1 252 1 2 103 152 Federal Deposit Insurance Corp 931 16 6 (2)- 897 12 642 150 139 Federal Works Agency 272 2 80 147 43 272 Tennessee Valley Authority 741 7 2 8 721 3 8 734 U. S. Maritime Commission 3,739 21 7 44 3 3,395 11 259 102 3,638 All other 1,970 149 78 12 30 2 1,684 1 13 62 1,909 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Dec. 31, 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 r m p . t . . c b i m 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 R A r E t i i f u l d 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 a m d k n . e s R a a a . f F f t n i e l 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 , S e a e n 1 l p c l 9 i t 4 e . 5 s . To aid agriculture 1,088 242 231 197 99 407 467 (2) 145 2,878 2,948 To aid home owners 852 43 1 896 961 To aid industry: Railroads 205 18 223 232 Other 149 83 232 185 To aid financial institutions: Banks 28 12 40 43 Other 195 32 227 132 Other 286 582 "'252' ' 112' 1,232 1,365 Less: Reserve for losses. 72 70 (2) 1 (2) 147 12 3 (2) 133 438 457 Total loans receivable (net) 1,016 173 231 196 99 407 320 840 286 195 1,036 252 238 5,290 5,409 1 Assets are shown on a net basis, i.e., after reserves for losses. 2 Less than $500,000. c Corrected. 3 Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans. 4 All assets and liabilities of the United States Housing Corp. have been liquidated. 5 Includes War Assets Corporation (formerly Petroleum Reserves Corporation), Rubber Development Corporation, and U. S. Commercial Company, which were transferred to the Reconstruction Finance Corporation from Foreign Economic Administration under Executive Order 9630, and War Damage Corporation. NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly figures are not comparable with monthly figures previously published. Monthly figures on the old reporting basis for the months prior to Sept. 30, 1944, may be found in earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and in Banking and Monetary Statistics, Table 152, p. 517. 418 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] m Y a o n e n a d t r h 1 ( I m v 9 n = p a 3 c e a l 1 5 o n y u 0 - m t e - 3 0 s ) 9 e Tot I a ( n l p d h u y 1 s s 9 t i r 3 c i 5 a a D l l a - 3 b v u p f 9 l M o a r e r = - c l o u a t 1 d u n m 0 u r u N 0 e d c e - s t ) u o i * r o n - 2 n - M era in ls - To a t w a 1 C l a 9 o c r 2 d n o 3 e s n R d - d t t t 2 r i e e r a u n s 5 a ( l i c - = c v - t t a 1 i s o l 0 u n o 0 e A t ) 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 ry t4 1 r 9 F t p o 3 o a 1 a l 9 r c l 0 y s y - 0 * = c 1 F a 9 r r 3 e i l g 1 o 5 i s g 0 a - * 3 0 d h 9 - t D 19 m s u s = e (v 3 t a e p o e a 1 l 5 ) a e l r n 0 - * - r e s 3 t 0 t 5 - 9 W p m c = 1 r s h o i o 9 a o c 1 m d 2 l e 0 l e i 6 e s - 0 t - 4 y C 1 l 9 i o v 3 = s i 5 t n 1 - g 3 0 o 4 9 0 f able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed! justed justed justed justed 1919 72 84 62 71 63 44 79 103. 103.2 120 83 138.6 124.5 1920 75 93 60 83 63 30 90 104. 123.5 129 99 154.4 143.2 1921 58 53 57 66 56 44 65 79. 79.7 110 92 97.6 127.7 1922 73 81 67 71 79 68 88 88. 85.5 121 94 96.7 119.7 1923 88 103 72 98. 84 81 86 101, 108.4 142 105 100.6 121.9 1924 82 95 69 89 94 95 94 93, 101.2 139 105 98.1 122.2 1925 90 107 76 92 122 124 120 97, 106.6 146 110 103.5 125.4 1926 96 114 79 100 129 121 135 98 109.9 152 113 100.0 126.4 1927 95 107 83 100 129 117 139 96 107.9 147 114 95.4 124.0 1928 99 117 85 99 135 126 142 96 109.1 148 115 96.7 122.6 1929 122.9 110 132 93 107 117 87 142 102.6 103 116.4 152 117 95.3 122.5 1930 109.1 91 98 84 93 92 50 125 95.5 89 94.1 131 108 86.4 119.4 .1931 92. 75 67 79 80 63 37 84 86.1 75, 71.2 105 97 73.0 108.7 1932 70.6 58 41 70 67 28 13 40 75.5 64 49.2 78 75 64.8 97.6 1933 68.9 69 54 79 76 25 11 37 76.0 71 52.8 82 73 65.9 92.4 1934 78. 75 65 81 80 32 12 48 83.8 83 67. 89 83 74.9 95.7 1935 87.1 87 83 90 86 37 21 50 87.6 88 78.0 92 88 80.0 98.1 1936 101.3 103 108 100 99 55 37 70 94.9 96 90.5 107 100 80.8 99.1 1937 107.7 113 122 106 112 59 41 74 100.9 105 108.2 111 107 86.3 102.7 1938 98.. 89 78 95 97 64 45 80 94.4 90 84.2 89 99 78.6 100.8 1939 105. 109 109 109 106 72 60 81 100.0 100 100.0 101 106 77.1 99.4 1940 113.5 125 139 115 117 81 72 89 104.7 107 114.5 109 114 78.6 100.2 1941 138.0 162 201 142 125 122 89 149 117.5 132 167.5 130 133 87.3 105.2 1942 174.6 199 279 158 129 166 82 235 126.7 154 245.2 138 150 98.8 116.5 1943 213.0 239 360 176 132 68 40 92 130.9 177 334.4 137 168 103.1 123.6 1944 233.4 235 353 171 140 41 16 61 127.5 169 339.1 140 186 104.0 125.5 1945 P239.1 203 274 166 137 68 26 102 P143 P277.3 135 207 105.8 128.4 1943 February. 203.5 232 229 344 174 131 102 140 131.6 173.1 172.5 308.9 139 191 102.5 121.0 March. . . 206.9 235 23 351 174 133 85 119 132.0 175.1 174.6 318.0 138 161 103.4 122.8 April 208.8 237 236 356 175 131 63 87 131.4 176.2 175.4 324.9 136 160 103.7 124.1 May 209.4 239 239 359 176 129 52 68 130.9 176.9 175. 330.4 435 159 104.1 125.1 June 212.8 237 238 358 177 11 45 55 131.0 179.0 178.3 336.1 127 168 103.8 124.8 July 214.8 240 241 360 177 134 60 80 131.4 180.1 180.2 335.8 141 169 103.2 123.9 August.. . 216.7 242 24.c 365 178 135 59 79 130.9 180.2 181.4 343.1 140 166 103.1 123.4 September 216.8 244 248 368 179 138 65 89 130.1 179.6 180.8 349.5 140 165 103.1 123.9. October. . 219.3 247 249 374 179 136 49 61 130.1 180.6 181.4 354.9 137 172 103.0 124.4 November 222.9 247 24' 376 180 133 60 78 130.2 181.5 181.9 359.7 139 176 102.9 124.2 December 224. 241 239 365 174 137 61 81 130.1 179.9 180.3 350.7 143 168 103.2 124.4 1944 January.. , 227.2 243 240 369 176 139 130.0 178.1 177.5 350.0 145 174 103.3 124.2 February., 232.4 244 240 367 177 142 129.6 177.1 176.5 349.7 142 174 103.6 123 .-8 March 231. 241 238 364 175 139 128 174.6 174.1 346.3 140 183 103. 123.8 April 231. 239 23 361 172 140 128.0 171.8 171.0 339. 138 174 103.9 124.6 May 232. 236 236 356 169 143 127 170.1 169.1 339.2 138 183 104.0 125.1 June 233. 235 236 354 169 142 127 169.2 168.6 339.5 139 176 104.3 125.4 July 233. 230 232 347 165 139 127.5 167.6 167.7 331.7 142 189 104.1 126 A August... . 234.0 232 235 348 168 142 127.3 166.8 167.9 335.0 142 187 103.9 126.4 September 232.5 230 234 342 168 143 126.5 164.9 166.0 333.8 139 187 104.0 126.5 October. . 235.5 232 234 344 169 143 125.7 163.3 164.1 335.1 137 193 104.1 126.5 November 237.5 232 232 341 173 143 125.3 162.6 163.0 331.8 141 204 104.4 126.6 December 239.0 232 230 343 173 137 125.7 163.0 163.3 336.8 137 196 104.7 127.0 1945 January.. . 241.9 234 230 345 175 140 48 75 126.6 162.9 162.4 335.2 144 ••198 104.9 127.1 February.. 245.2 236 232 346 176 141 59 96 126.7 162.5 162.0 333.7 139 211 105.2 126-9 March 244. 235 232 345 176 142 72 118 126.7 160 160.2 330.2 145 220 105.3 126.8 April 242.3 230 229 336 174 140 70 112 125.1 157 156.9 321.5 141 182 105.7 127.1 May 241.9 225 225 323 173 ,138 58 89 124.4 154.5 153.6 307.0 140 188 106.0 128.1 June 244.6 220 220 308 173 144 50 73 123.4 151 150.5 302.5 140 202 106.1 129.0 July 243.4 210 211 292 165 143 54 79 122.7 145.5 145.6 286.7 139 218 105.9 129.4 August.... 236.0 186 188 239 157 140 61 91 121.5 141.1 142.1 256.2 128 200 105.7 129-3 September 229.0 167 171 194 156 134 69 104 115.8 121.4 122.4 214.2 127 200 105.2 128-9 October. .. 231.4 162 164 186 154 124 83 121 115.4 120.6 121.4 212.7 118 212 105.9 128.9 November. 235.7 168 167 191 158 138 94 134 116.4 "121.3 121.7 '212.3 133 225 106.8 129.3 December. 234.1 163 161 185 156 133 108 150 117.3 121.3 121.6 '215.3 127 216 107.1 129-9 1946 January P231.6 160 155 167 161 107 123.5 217.2 133 '228 107.1 129.9 February.. P154 P150 P144 P165 P109 P145P119.0P118.5P118.0 126 225 107.7 129.4 * Average per working day. P Preliminary. r Revised. 1 Department of Commerce series on value of payments to individuals. ' 2 For indexes by groups or industries, see pp. 420-423. For points in total index, by major groups, see p. 438. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 427 of this BULLETIN. 4 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 5 For indexes by Federal Reserve districts and other department store data, see pp. 429-431. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory employment, January and December 1943, pp. 14 and 1187, respectively, and October 1945, pp. 1054-1055; for department store sales, June 1944, pp. 549-561. APRIL 1946 419 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) (Index numbers of the Board of Governors. 1935-39 average = 100] 1945 1946 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Industrial Production—Total... 234 236 235 230 225 220 210 186 167 162 168 163 160 P154 Manufactures—Total 251 252 252 247 240 233 222 194 173 168 173 169 164 P156 Durable Manufactures . 345- 346 345 336 323 308 292 239 194 186 191 185 167 P144 Iron and Steel ... 197 202 210 206 204 192 187 155 163 146 167 '164 101 42 Pig iron 188 192 198 188 190 181 182 161 166 129 158 164 101 49 Steel2 219 226 234 232 229 214 203 164 171 159 178 172 107 44 Open hearth 176 180 189 184 182 173 172 142 154 139 160 155 95 36 Electric 526 552 561 573 567 505 421 319 296 307 306 '293 191 100 Machinery 431 436 431 419 405 393 371 310 230 232 231 230 221 P205 Manufacturing Arsenals and Depots^.. ... Transportation Equipment. 706 695 676 651 610 572 535 405 273 258 r252 218 220 P214 Automobiles .... 235 242 236 231 218 207 188 142 105 120 137 •"95 105 P101 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products... 253 257 267 263 248 219 196 165 rl39 '144 rl48 rl47 150 Smelting and refining 187 191 193 194 188 184 183 171 150 148 147 140 140^P130 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 280 284 296 291 272 234 202 162 135 143 148 150 154 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products... 126 123 121 119 118 116 110 107 98 91 96 93 109 P107 Lumber 118 112 110 109 108 104 98 98 89 76 83 72 95 P91 Furniture 142 146 144 140 138 138 134 124 115 120 123 133 137 P138 Stone, Clay, and Glass Products. . 162 163 166 167 162 166 169 160 161 161 158 164 174 P186 Glass products .... 164 168 175 183 179 176 193 177 200 186 175 181 190 P216 Plate glass 60 56 61 62 61 43 62 61 79 50 4 3 29 106 Glass containers '203 '209 216 225 '220 223 '240 '218 243 235 235 244 247 255 Cement 87 87 86 85 85 95 93 97 97 106 113 119 131 149 Clay products '. . . . 125 122 124 122 115 121 117 110 110 116 119 124 143 P143 Gypsum and plaster products . .. 182 185 183 180 168 172 179 162 172 177 181 182 198 P199 Abrasive and asbestos products... 302 305 306 300 295 298 287 260 220 218 215 217 208 P206 Other stone and clay products1. . .... Nondurable Manufactures 175 176 176 174 173 173 165 157 156 154 158 156 161 P165 Textiles and Products.. . 150 155 153 149 150 150 132 134 144 141 146 143 151 P156 Textile fabrics 139 144 142 137 138 138 121 123 134 131 135 132 140 P145 Cotton consumption 145 152 150 143 142 144 123 123 138 128 133 125 138 146 Rayon deliveries 215 215 214 218 221 220 220 213 215 215 226 228 '233 234 Nylon and silk consumption1 Wool textiles . . .. 146 15l' 149 142 146' 144 117 127 142 147 150 149 153 Carpet wool consumption 49 44 43 36 42 40 33 58 82 93 89 104 110 Apparel wool consumption 225 238 249 233 243 234 185 172 186 191 193 184 200 Woolen and worsted yarn 156 160 156 147 151 152 124 136 154 156 160 156 157 Woolen yarn 162 170 166 153 161 162 129 145 158 156 163 159 159 Worsted yarn 148 146 142 139 137 137 117 125 149 156 156 152 154 Woolen and worsted cloth 159 169 166 161 165 161 129 136 144 149 154 153 155 Leather and Products 113 121 122 122 121 127 109 108 119 112 116 rill 119 Leather tanning 113 119 117 118 115 119 109 98 112 107 109 114 115 Cattle hide leathers... 125 137 132 134 132 137 128 112 125 121 125 131 131 Calf and kip leathers 85 89 88 95 91 97 79 75 97 89 83 r92 92 Goat and kid leathers 68 63 69 61 62 56 50 47 52 46 51 49 54 Sheep and lamb leathers... 155 148 144 146 132 137 133 130 151 145 140 139 151 Shoes 114 123 126 125 126 132 109 114 123 116 120 109 121 Manufactured Food Products... 155 158 160 160 153 151 147 138 144 143 150 rl53 153 P159 W Ca h n e e a t s u f g lo a u r r meltings1 130 131 125 138 140 138 135 130 127 129 133 136 139 P148 Manufactured dairy products "132 M32 P138 P143 P133 "143 P148 P146 P148 P145 P154 P131 P116 P117 Butter 83 81 84 87 87 90 89 85 75 72 65 '59 '59 59 Cheese 163 162 168 181 175 179 181 171 160 155 149 143 151 152 Canned and dried milk 172 175 189 204 196 206 222 208 201 156 146 136 130 Ice cream ... . Meat packing 146 146 146 134 132 141 140 133 141 129 155 155 131 178 Pork and lard. .. 149 135 139 137 135 144 146 126 120 99 153 171 146 205 Beef 147 169 165 139 134 142 136 144 165 159 158 138 122 153 Veal 123 101 104 88 95 103 116 151 179 197 189 138 87 87 Lamb and mutton 143 129 129 121 128 142 133 110 125 134 135 148 105 184 ' Revised. P Preliminary. l Series included in total and group indexes but not available for publication separately. 2 Beginning December 1945 allowances for July 4, Labor Day, and Christmas resumed in computation of steel indexes. 420 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 = 100] 1945 1946 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Manufactured Food Products—Continued Other manufactured foods 162 165 169 168 161 155 150 139 146 148 152 159 '164 164 Processed fruits and vegetables. 162 163 180 170 149 139 134 101 109 128 128 138 142 140 Confectionery 137 143 151 156 151 129 108 107 108 108 113 137 Other food products 167 170 169 169 165 163 161 155 162 160 165 168 174 175 Alcoholic Beverages.. . 213 170 148 144 136 139 193 173 192 201 216 212 231 Malt liquor 167 167 153 152 139 139 147 149 181 182 199 197 199 197 Whiskey 198 11 0 0 0 0 199 55 52 70 83 130 131 Other distilled spirits. 452 250 156 67 61 57 448 399 236 218 223 274 431 Rectified liquors 346 312 265 283 291 318 293 306 365 420 427 343 396 Industrial Alcohol from Beverage Plants1 Tobacco Products 121 123 123 120 128 139 128 160 167 154 112 143 156 Cigars 85 95 93 91 92 93 83 91 106 111 110 87 104 111 Cigarettes 147 145 147 143 156 177 162 195 206 216 194 139 185 205 Other tobacco products.. 95 97 91 90 94 90 98 99 96 94 64 71 69 Paper and Paper Products.. 136 137 141 140 141 142 135 131 143 143 142 134 133 '139 Paper and pulp 132 134 137 136 136 137 131 129 138 139 138 132 130 Pulp 152 156 157 160 160 160 149 146 152 154 153 137 131 •134 Groundwood pulp 111 113 113 114 108 116 120 118 124 124 114 95 93 Soda pulp 95 98 101 103 103 103 93 92 100 101 103 100 102 Sulphate pulp 214 227 227 234 236 236 227 219 223 227 223 195 167 Sulphite pulp 137 139 139 141 140 138 122 120 126 129 131 120 125 Paper 129 130 134 132 133 134 128 126 136 137 136 131 130 135 Paperboard 153 152 157 158 161 160 149 141 165 157 158 143 145 155 Fine paper 85 87 84 79 78 75 73 74 77 80 79 78 81 82 Printing paper 119 125 127 126 125 126 122 126 125 133 132 132 134 139 Tissue and absorbent paper '. 147 143 148 144 141 139 146 142 142 147 145 149 146 141 Wrapping paper 128 127 133 129 132 139 133 135 141 147 140 140 128 135 Newsprint 76 83 82 80 80 79 80 72 81 79 81 86 86 86 Paperboard containers (same as Paperboard) Printing and Publishing. 102 105 105 105 105 106 105 115 114 112 118 123 Newsprint consumption 85 84 83 85 85 85 96 96 92 102 108 Printing paper (same as shown under Paper) Petroleum and Coal Products 273 276 272 268 273 269 '267 P184 P174 P172 Petroleum refining Gasoline 143 150 145 145 149 148 156 155 132 129 147 140 P137 Fuel oil 171 174 166 167 174 177 175 173 151 152 164 164 Lubricating oil 133 126 134 136 138 136 136 138 119 120 133 123 Kerosene 123 126 131 120 121 132 133 140 116 122 144 157 Other petroleum products1. Coke 167 168 171 161 168 163 165 153 152 116 148 154 By-product coke 162 163 164 157 161 155 158 148 150 115 144 150 Beehive coke 335 367 387 284 406 421 400 332 224 145 276 286 294 *>273 Chemical Products. 317 318 319 318 319 318 307 265 239 230 '228 '230 235 P234 Paints 142 140 139 135 131 134 139 133 136 139 142 142 145 P146 Soap 136 136 135 134 134 132 130 122 126 124 124 127 130 Rayon 244 241 244 241 240 243 243 222 237 238 244 •242 243 Industrial chemicals 396 400 402 405 407 412 409 368 386 371 370 378 388 Explosives and ammunition1 Other chemical products1 Rubber Products 247 247 236 233 224 222 218 193 172 191 192 '205 211 P215 Minerals—Total 140 141 142 140 138 144 143 140 134 124 138 133 140 P142 Fuels 145 146 147 145 143 150 148 146 139 126 143 137 P149 Coal. 140 143 142 136 125 148 140 135 142 112 149 132 150 P152 Bituminous coal. . 151 150 149 138 145 153 146 144 148 110 159 142 159 Anthracite 96 112 115 131 47 129 117 102 114 120 112 94 114 P\21 Crude petroleum 148 148 150 150 152 151 153 152 138 133 141 139 143 P147 Metals. 111 HI HI 111 110 109 109 105 106 '109 109 108 108 Metals other than gold and silver. 170 170 170 169 167 168 168 162 161 164 163 '159 159 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. APRIL 1946 421 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] Annual 1945 1946 Industry 1945 1944 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Industrial Production—Total. 203 235 230 232 232 229 225 220 211 188 171 164 167 161 156 P150 Manufactures—Total 214 252 248 249 249 245 240 234 223 196 177 171 173 160 P153 Durable Manufactures.... 274 353 343 345 344 335 323 308 292 240 195 187 184 165 P\42 •Iron and steel 183 206 197 202 210 206 204 192 187 155 163 146 167 r164 101 Pig iron 175 200 188 192 198 188 190 181 182 161 166 129 158 164 101 49 Steel 2 200 227 219 226 234 232 229 214 203 164 171 159 178 -172 107 44 E O l p e e c n tr i h c earth. 4 1 3 6 4 7 5 1 2 8 1 6 5 1 2 7 6 6 5 1 5 8 2 0 5 1 6 8 1 9 5 1 7 8 3 4 5 1 6 8 7 2 5 1 0 7 5 3 4 1 2 7 1 2 3 1 1 4 9 2 2 1 9 5 6 4 3 1 0 3 7 9 3 1 0 6 6 0 1 r2 5 9 5 3 1 9 9 5 1 1 3 0 6 0 Machinery 343 439 431 436 431 419 405 393 371 310 230 232 231 230 221 P205 Manufacturing Arsenals and Depots l Transportation equipment 487 719 706 695 676 651 610 572 535 405 273 258 r252 218 220 P214 Automobiles 180 231 235 242 236 231 207 142 120 r137 '95 105 101 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products v204 259 253 257 267 248 196 165 139 •144 148 147 150 Smelting and refining < P173 247 187 191 194 189 183 182 171 150 148 148 141 140 P130 (Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating '216 280 284 296 272 234 202 162 135 143 148 150 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1. Lumber and Products 109 125 114 115 120 121 116 113 104 94 95 87 99 P99 Lumber. .. 98 115 99 97 101 108 112 113 107 108 98 82 81 63 80 P79 Furniture. 133 144 142 146 144 140 138 138 134 124 115 120 123 133 137 '138 Stone, Clay, and Glass Products. 163 164 156 156 161 165 167 166 168 165 166 167 162 159 165 P175 Glass products 180 174 161 163 175 183 190 175 186 183 204 192 176 169 186 210 Plate glass 50 61 60 56 61 62 61 43 62 61 79 50 4 3 29 106 Glass containers .*. 226 214 "198 -203 216 225 •235 221 230 -227 247 242 237 227 242 247 Cement 97 85 71 66 71 81 89 102 102 110 112 123 122 108 107 113 Clay products 119 123 116 118 119 119 115 120 115 113 114 122 123 128 133 •136 Gypsum and plaster products 177 183 176 177 177 177 169 175 179 162 176 182 183 186 191 •190 Abrasive and asbestos products 269 302 302 305 306 300 295 298 287 260 220 218 215 217 208 •206 Other stone and clay products1 Nondurable Manufactures . 166 171 170 172 172 171 172 173 167 159 161 158 158 154 157 161 Textiles and Products 146 148 153 149 150 132 144 146 Textile fabrics 134 137 139 144 142 137 138 138 121 123 134 131 135 132 140 '145 Cotton consumption 137 145 145 152 150 143 142 144 123 123 138 128 133 125 138 146 Rayon deliveries 218 196 215 215 214 218 221 220 220 213 215 215 226 228 233 234 Nylon and silk consumption l. . .. Wool textiles 143 149 146 151 149 142 146 144 117 127 142 147 150 149 153 Carpet wool consumption.... 58 48 49 44 43 36 42 40 33 58 82 93 '89 104 110 Apparel wool consumption... 210 205 225 238 249 233 243 234 185 172 186 191 193 184 200 Woolen and worsted yarn. . . 151 163 156 160 156 147 151 152 124 136 154 156 160 156 157 Woolen yarn 157 168 162 170 166 153 161 162 129 145 158 156 163 159 159 Worsted yarn 142 157 148 146 142 139 137 137 117 125 149 156 156 152 154 Woolen and worsted cloth. . . 154 163 159 169 166 161 165 161 129 136 144 149 154 153 155 Leather and products. 117 113 114 125 122 122 121 126 107 107 118 113 117 111 119 Leather tanning 113 111 113 128 116 117 115 116 103 97 110 108 113 113 115 Cattle hide leathers 128 119 128 148 132 134 132 132 120 109 123 122 130 131 133 Calf and kip leathers 88 82 83 93 87 91 87 99 78 79 95 91 86 '90 90 S G h o e a e t p a a n n d d k l i a d m l b e a l t e h a e t r h s ers 1 5 4 6 1 1 8 5 1 1 1 6 4 8 4 1 6 6 6 2 1 6 4 8 0 • 1 6 4 3 3 1 6 4 1 2 1 5 3 7 5 1 4 2 9 3 1 4 3 6 4 1 5 4 2 8 1 4 4 6 5 1 5 4 0 8 1 r 3 49 2 1 5 4 4 0 Shoes 119 114 114 123 126 125 126 132 114 123 116 120 109 121 109 ^Manufactured Food Products vl50 152 143 141 142 145 146 150 151 166 153 151 149 142 P144 157 Wheat flour 118 130 132 122 133 134 132 128 139 136 134 135 P150 Cane sugar meltings l 133 Manufactured dairy products 141 144 149 P209 120 P100 Butter 81 69 71 77 112 124 109 93 72 62 50 47 52 Cheese 168 152 120 133 151 189 234 254 223 191 164 139 112 103 -112 124 Canned and dried milk 188 171 140 157 186 231 272 284 257 214 185 127 105 105 105 Ice cream Meat packing 143 177 171 139 135 125 132 139 131 119 134 133 171 182 155 171 Pork and lard 139 216 195 132 129 125 135 144 129 97 95 93 179 225 191 201 Beef 149 137 150 156 150 131 134 139 137 146 179 173 164 138 125 141 Veal 134 150 114 89 98 86 98 103 116 148 197 224 202 130 81 76 Lamb and mutton 131 128 152 131 126 118 130 132 127 108 134 140 135 145 111 186 r Revised. v Preliminary. iSeries included in total and group indexes but not available for publication separately. 2 Beginning December 1945 allowances for July 4, Labor Day, and Christmas resumed in computation of steel indexes. 422 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] Annual 1945 1946 Industry 1945 1944 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Manufactured Food Products—Continued Other manufactured fcods 154 153 148 149 148 148 145 146 157 154 176 164 158 '156 151 P149 Processed fruits and vegetables. .132 134 105 103 99 104 97 107 174 165 242 165 108 92 J>88 Confectionery 127 133 141 144 140 130 117 96 88 115 139 142 134 139 Other food products 164 162 160 161 162 162 162 165 165 158 165 168 173 171 167 Alcoholic Beverages. 178 144 191 158 139 148 147 162 214 175 199 214 201 188 198 Malt liquor 162 158 137 150 142 160 158 175 184 170 183 169 154 157 163 178 Whiskey 66 9 198 11 0 0 0 0 199 55 52 70 83 130 131 Other distilled spirits 288 129 414 228 136 44 36 35 400 216 324 566 467 301 280 Rectified liquors 331 230 346 312 265 283 291 318 293 306 365 420 427 343 396 Industrial Alcohol from Beverage Plants l. . . Tobacco Products 136 125 121 118 117 115 128 145 13 3 155 169 173 157 104 142 148 Cigars 95 92 85 95 93 91 92 93 83 91 106 111 110 87 104 111 Cigarettes 170 152 147 136 137 133 156 186 170 204 220 225 198 128 185 193 Other tobacco products 92 86 93 94 91 90 95 92 88 95 106 103 97 57 70 67 Paper and Paper Products. . 139 139 136 138 141 141 142 142 134 131 144 143 142 134 133 P139 Paper and pulp 135 135 132 134 137 136 137 137 130 129 138 139 138 131 130 Pulp 153 154 152 157 158 162 161 160 147 144 150 153 153 137 131 Groundwood pulp 114 112 115 118 121 125 117 117 107 104 110 115 121 96 96 Soda pulp 99 95 95 98 101 103 103 103 93 92 100 101 103 100 102 Sulphate pulp 224 224 214 227 227 234 236 236 227 219 223 227 223 195 167 Sulphite pulp 132 135 137 139 139 141 140 138 122 120 126 129 131 120 125 Paper 132 132 129 131 134 132 133 134 128 126 136 137 136 131 130 136 Paperboard 154 153 153 152 157 158 161 160 149 141 165 157 158 143 145 155 Fine paper 79 111 85 87 84 79 78 75 73 74 77 80 79 78 81 82 Printing paper 127 117 119 125 127 126 125 126 122 126 125 133 132 132 134 139 Tissue and absorbent paper. . 144 154 145 148 148 145 141 142 140 142 142 148 145 145 144 147 Wrapping paper 135 127 128 127 133 129 132 139 133 135 141 147 140 140 128 135 Newsprint 80 79 76 83 82 82 81 80 78 71 81 79 82 84 86 86 Paperboard containers (same as Paperboard) Printing and Publishing 108 101 99 104 107 108 106 105 99 107 110 117 118 114 114 122 Newsprint consumption 89 85 79 83 87 90 88 84 76 87 94 101 104 96 94 106 Printing paper (same as shown under Paper) Petroleum and Coal Products. . P235 247 273 276 272 268 273 269 P267 P240 P184 P156 P174 P172 Petroleum refining 258 Gasoline 145 135 143 150 145 145 149 148 156 155 132 129 147 140 P137 P131 Fuel oil 167 163 171 174 166 167 174 177 175 173 151 152 164 164 Lubricating oil 131 128 129 125 132 141 143 136 134 137 119 120 133 122 Kerosene 131 126 126 132 134 123 122 124 124 135 115 122 148 162 Other petroleum products 1 Coke 157 172 167 168 171 161 168 163 165 153 152 116 148 154 By-product coke 152 165 162 163 164 157 161 155 158 148 150 115 144 150 Beehive coke 322 433 367 387 284 406 421 400 332 224 145 276 286 294 P273 Chemical Products. . ... 284 324 316 319 321 320 318 315 303 261 239 232 '230 '231 234 P235 Paints 138 140 139 139 139 137 135 138 137 132 135 139 140 142 142 P145 Soap 130 134 133 135 135 131 130 130 129 124 131 130 125 127 127 Rayon 240 236 244 241 244 241 240 243 243 222 237 238 244 242 243 P244 Industrial chemicals 392 404 396 400 402 405 407 412 409 368 386 371 370 378 388 Kxplosives and ammunition 1 Other chemical productsl Rubber Products.... 215 234 247 247 236 233 224 222 218 193 172 191 192 211 P215 Minerals—Total.. 137 140 134 135 136 140 141 147 145 143 137 125 134 126 133 P135 Fuels 143 145 145 146 147 145 143 150 148 146 139 126 143 137 146 P149 Coal . 137 149 140 143 142 136 125 148 140 135 142 112 149 132 150 P152 Bituminous coal 144 156 151 150 149 138 145 153 146 144 148 110 159 142 159 P160 Anthracite . 107 126 96 112 115 131 47 129 117 102 114 120 112 94 114 P121 Crude petroleum 146 143 148 148 150 150 152 151 153 152 138 133 141 139 P147 Metals 101 113 68 68 72 109 131 129 125 124 123 116 80 61 60 Metals other than gold and silver 151 171 95 98 104 166 207 204 196 192 188 175 111 '79 78 Iron ore 192 207 63 68 80 216 304 301 289 289 281 245 108 50 50 (Copper; Lead; Zinc)1 Gold 25 25 23 21 21 21 21 20 23 25 29 32 34 34 Silver. 52 67 56 53 56 61 54 47 42 46 51 54 52 47 r Revised. v 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. APRIL 1946 423 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (Without Seasonal Adjustment) I Index numbers of the Bureau of Labor Statistics, 1939=100] Factory employment Factory pay rolls Industry group or industry 1945 1946 1944 1945 1946 Jan. Feb. Oct. Nov. Dec. Jan. Feb. Dec. Jan. Feb. Oct. Nov. Dec. Jan. Total 162.4 162.0 121.4 121.7 121.6 123.0 118.0 336.8 335.2 333.7 212.7 212.3 215.3 217.2 Durable goods 219.4 218.7 136.4 136.7 134.4 136.7 123.1 463.6 461.5 458.3 233.8 231.3 '229.9 231.7 Nondurable goods 117.4 117.2 109.5 109.8 111.5 112.2 114.0 212.8 211.7 211.9 192.1 193.7 200.9 203.1 Iron and Steel and Products 169.8 170.8 120.6 121.5 125.4 127.1 81.5 321.4 321.2 322.9 200.4 202.2 211.9 207.8 Blast furnaces, steel works, etc.... 122 123 110 111 115 115 226 224 224 169 174 181 171 Steel castings 240 241 177 170 173 173 455 457 454 290 282 297 264 Tin cans and other tinware 125 129 113 111 117 120 216 219 227 186 186 202 208 Hardware 130 131 98 97 104 107 276 274 278 184 178 195 205 Stoves and heating equipment 137 139 101 105 111 112 269 267 274 180 182 198 197 Steam, hot-water heating apparatus 183 184 133 139 145 145 354 358 355 230 238 254 252 Stamped and enameled ware 157 158 110 115 121 123 332 337 338 200 209 222 225 Structural and ornamental metal work 206 206 116 120 123 402 395 396 188 196 Electrical Machinery 273.7 273.1 173.4 177.8 179.6 175.9 178.5 512.8 513.2 513.5 278.3 290.3 298.4 285.1 Electrical equipment 238 237 161 166 162 160 452 454 452 254 265 261 252 Radios and phonographs 271 270 129 132 144 151 537 540 535 218 238 260 274 Machinery except Electrical 223.8 224.2 165.7 165.9 166.2 171.0 167.2 429.8 428.9 431.6 273.6 272.6 277.4 284.6 Machinery and machine-shop products 223 225 163 161 161 165 419 421 424 268 263 265 273 Engines and turbines 365 363 230 229 207 209 808 790 792 380 367 368 382 Tractors 186 185 158 161 165 170 294 295 292 220 229 235 245 Agricultural, excluding tractors... . 160 161 129 135 145 140 322 322 328 230 231 249 j 231 Machine tools 203 204 158 142 146 159 381 379 382 255 233 245 263 Machine-tool accessories 258 259 182 181 184 186 452 458 466 271 270 279 284 Pumps 305 300 213 215 217 218 650 649 646 386 385 406 391 Refrigerators 149 149 99 112 98 103 287 271 277 159 176 144 152 Transportation Equipment, except Autos.1333.61308.1 405.1 •347.8r327.1 318.5 308.0 ',952.24900.12803.3 687.5 •561.7 •562.2 548.3 Aircraft, except aircraft engines. . . 1613 1629 320 '306 '304 301 3198 3257 3235 537 '507 •520 516 Aircraft engines 2395 2404 331 300 246 243 4295 4335 4368 444 390 346 360 Shipbuilding and boatbuilding 1474 1405 532 413 387 368 3446 3313 3108 893 •6J8 •656 625 Automobiles 172.. 171.9 110.2 '125.6 r92.6 98.1 93.8 317.9 324.8 324.7 165.5 184.9 130.3 146.1 Nonferrous Metals and Products 176.. 178.8 128.1 '134.1r136.6 139.5 134.3 341.3 343.0 348.3 222.0 •234.3 •240.7 245.8 Primary smelting and refining.. . . 143 144 125 '125 '127 128 264 264 264 222 •220 •221 225 Alloying and rolling, except aluminum 182 185 129 137 141 144 348 355 362 223 239 247 257 Aluminum manufactures 284 292 153 163 173 180 512 530 542 235 254 267 271 Lumber and Timber Basic Products.. . . 110.6 110.5 96.3 r97.0 98.6 100.9 101.8 200.1 199.2 202.9 169.1 164.3 166.0 170.4 Sawmills and logging camps 76 76 67 67 68 69 139 138 140 117 114 114 117 Planing and plywood mills 97 97 83 84 86 89 167 167 171 140 137 143 147 Furniture and Lumber Products 103.3 103.9 89.8 93.6 98.1 101.2 102.3 193.9194.0 196.9 161.9 •165.8 179.8 184.2 Furniture 96 97 82 85 90 94 180 180 184 147 151 164 169 Stone, Clay and Glass Products 111.6 111.3 109.8 107.4 111.0 116.1 120.0 192.1189.0 189.6 184.9 177.4 '185.5 189.2 Glass and glassware 126 126 124 110 113 125 204 202 202 196 a 70 '182 192 Cement 69 68 85 85 89 92 114 107 106 139 135 137 134 B Po ri t c t k e , r y t il a e n , d a n re d l a t t e e r d r a p c ro o d tt u a cts 1 7 1 3 9 1 7 1 3 9 1 7 1 9 7 1 8 2 3 0 1 8 2 8 3 1 9 2 2 6 1 1 1 9 8 4 1 1 1 8 7 5 1 1 1 8 9 7 1 1 3 8 3 7 1 1 3 8 9 8 1 19 4 5 8 1 1 5 9 5 6 Textile-Mill and Fiber Products 96.0 95.3 90.6 91.1 95.. 96.4 98.7 179.0 176.3 175.5 168.1 171.3 184.1 186.5 Cotton goods except small wares. . 109 108 102 101 107 108 212 210 207 199 200 216 217 Silk and rayon goods 74 74 71 71 73 73 142 138 140 143 142 149 150 Woolen and worsted manufactures 98 98 94 96 99 100 195 194 193 178 184 200 207 Hosiery 63 63 62 64 66 67 106 103 102 105 109 113 116 Dyeing and finishing textiles 90 80 81 90 157 152 151 137 143 164 166 Apparel and Other Finished Textiles. . . 107.8 107.9 101.0 100.6 100.9 102.2 105.5 195.0 198.5 206.0 183.6 177.7 182.6192.4 Men's clothing, n.e.c 92 93 82 81 81 83 165 165 171 141 137 141 148 Shirts, collars, and nightwear 70 70 70 72 72 72 128 126 132 131 132 134 136 Women's clothing, n.e.c 79 79 76 75 75 76 144 149 154 142 136 141 150 Millinery 80 83 75 74 75 81 113 131 156 135 110 '119 147 Leather and Leather Products 90. 90.. 88.5 90.6 93.1 95.3 98.4 163.2 164. 166.5 161.7 161.9 175.4 180.3 Leather 84 84 84 86 90 92 146 147 150 151 146 162 163 Boots and shoes 79 79 78 80 82 84 146 148 150 144 146 157 163 Food and Kindred Products 119.9 118.0 125. 121.9 120.5 117.7 116.8 207.1 198.0 191.3 207.7 206.4 210.6 205.7 Slaughtering and meat packing.. . 128 120 105 110 120 124 228 222 188 173 185 212 214 Flour 119 119 126 125 125 127 199 206 204 224 212 '221 229 Baking 111 112 110 110 110 111 177 168 169 177 181 181 182 Confectionery 118 117 108 111 111 106 211 198 199 188 198 202 191 Malt liquors 137 139 151 150 148 152 205 195 201 226 225 227 228 ] Canning and preserving 78 75 125 '93 80 69 163 154 149 252 179 167 144 Tobacco Manufactures 91.9 88.8 87.4 86.5 86.7 177.8 166.4 165.3 181.0 171.4 163.3 165.1 Cigarettes 128 128 131 127 120 118 223 211 208 218 208 185 201 Cigars 65 65 71 68 69 69 147 134 135 159 149 149 144 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 February 1946 are. preliminary. 424 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=100] Factory employment Factory pay rolls Industry group or industry 1945 1946 1944 1945 1946 Jan. Feb. Oct. Nov. Dec. Jan. Feb. Dec. Jan. Feb. Oct. Nov. Dec. Jan. Paper and Allied Products 118.5 118.7 117.5 119.3 122.4 124.4 126.3 200.5 198.3 198.7 201.2 204.9 212.2 214.5 Paper and pulp 107 107 106 108 111 114 185 183 183 187 190 197 198 Paper goods, n.e.c 119 119 115 115 118 118 198 198 198 184 186 198 202 Paper boxes 112 113 115 116 118 120 185 184 193 197 203 204 Printing and Publishing 98.8 98.5 102.5 105.9 108.1 109.4 141.1 139.8 138.2 150.7 158.5 163.2 165.3 Newspaper periodicals 92 92 97 101 103 103 122 118 118 133 138 142 144 Book and job 106 106 110 113 116 118 160 160 157 169 178 184 188 Chemicals and Allied Products 217.8 221.3 153.5r154.0'153.0153.9 154.3 377.9 384.2 389.9 259.6 256.6 '258.0 259.5 Drugs, medicines, and insecticides. . 179 180 174 175 177 180 272 273 277 269 269 276 288 Rayon and allied products 112 113 115 118 120 123 180 182 180 186 189 '194 195 Chemicals, n.e.c 166 166 157 159 '162 165 291 293 295 261 261 '267 277 Explosives and safety fuses 1311 1349 409 '361 '297 239 1970 1999 2020 '626 '527 '470 365 Ammunition, small-arms 1431 1544 243 264 233 226 2633 2915 3070 472 488 437 428 Cottonseed oil 130 122 119 136 128 117 289 276 257 265 306 280 253 Fertilizers 123 134 108 111 118 130 250 269 302 250 240 256 281 Products of Petroleum and Coal 126.0 126.1 122.8"130.4 131., 132.9 134.2 221.9 221.7 223.3 196.8 '221.3*221.3 219.8 Petroleum refining 126 126 122 131 131 132 215 216 218 190 '216 '213 211 Coke and by-products 102 102 100 103 106 109 182 189 186 163 184 193 193 Rubber Products 164.9 165.1 144.. 149.2 156.5 160.2 163.4 308.5 323.2 323.6 237.0 '240.4r256.3 265.7 Rubber tires and inner tubes 179 178 163 169 178 182 319 342 340 240 240 257 273 Rubber goods, other 138 140 115 119 124 127 256 261 266 '204 '209 ••225 222 Miscellaneous Industries 167.8 169.1 130.3 133.4 137.6 139.9 144.2 332.2 334.3 336.6 229.1 235.6 r249.1 252.1 Instruments, scientific 532 539 216 202 203 200 1058 1057 1063 346 325 '332 330 Photographic apparatus 162 162 120 125 130 127 259 278 276 189 198 '204 199 For footnotes, see page 424. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 =1001 1945 1946 Group Jan Feb Mar. Apr. May June July Aug. Sept. Oct Nov. Dec Jan Feb. Total 162.9 162.5 160.6 157.6 154 5 151 0 145.5 141.1 121.4 120.6 '121.3 121.3 123.5 P118.5 Durable 219.8 219.1 215.9 210.3 204 1 196 7 187.6 180.0 138.3 136.1 '136.6 '134.5 137.1 P123.6 Nondurable 118.0 117.8 117.1 116.1 115 4 115 0 112.3 110.3 108.1 108.4 '109.2 111.0 112.7 P114.6 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 1944 1945 1946 1945 Dec. Jan. Sept. Oct. Nov. Dec. Jan. Dec. Jan. Sept. Oct. Nov. Dec. Jan. All Manufacturing 45.6 45.4 41.4 41.6 41.2 41.6 41.1 104.0 104.6 95.7 98.5 '99.0 r99.6 100.4 Durable Goods 47.1 46.8 41.0 41.6 41.1 41.5 40.9 114.0 114.4 107.2 106.3 106.4 106.9 107.1 Iron and Steel and Products 47.4 46.9 41.8 42.1 '42.1 •42.6 40.9 109.5 110.1 108.9 107.8 108.2 109.1 109.2 Electrical Machinery 46.6 46.5 40.8 41.1 41.3 41.5 41.3 105.9 106.9 101.4 103.1 103.9 105.3 103.5 Machinery Except Electrical 48.9 48.7 43.0 43.0 '42.3 42.9 42 114.6 114.9 111.9 111.8 112.4 113.4 113.8 Transportation Equipment Except Autos 48.4 48.0 38.8 39.1 37.4 39.8 40 130.9 130.4 126.4 125.0 '124.4 124.3 123.4 Automobiles 45.7 45.2 36.5 38.4 '37.8 •36.0 37.5 127.9 131.4 122.4 121.V 121.7 122.0 123.4 Nonferrous Metals and Products 47.6 47.2 42.5 43.2 43.2 43.4 43.3 106.9 107.9 104.4 104.8 105.8 106.3 106.6 Lumber and Timber Basic Products 42.3 42.6 40.8 42.2 '40.5 39.2 38.6 79.4 79.1 81.9 78.4 78.9 '81.1 83.0 Furniture and Finished Lumber Products 44.3 44.4 42.3 42.7 '42.0 42.8 42 84.4 84.5 83.3 84.1 84.4 85.3 85.8 Stone, Clay, and Glass Products 44.1 43.6 41.8 42.5 '42.0 '42.0 40.8 91.3 91.7 93.7 93.2 '92.8 94.0 94.3 Nondurable Goods 43.5 43.4 41.8 41.5 41.: 41.6 41.3 88.3 89.1 90.3 90.9 91.8 92.8 94.1 Textiles—Mill and Fiber Products 42.8 42.3 40.6 40.4 40.3 40.7 40.4 72.5 72.9 76.3 77.3 78.6 '79.6 80.3 Apparel and Other Finished Products. . . 37.7 38 36.2 36.7 '36.1 36.4 36.7 83.1 84.9 87.8 87.5 86.4 87.6 90.7 Leather and Manufactures 41.6 41.8 40.6 40.9 39.6 40.6 39.7 82.4 82.9 85.3 85.2 85. 88.1 90.1 Food and Kindred Products 46.0 45.6 44.7 44.1 44.4 45.4 45.0 86.5 86.7 88.0 89.5 90.8 '91.4 92.1 Tobacco Manufactures 45.0 43.4 42.3 42.0 40.4 39.1 f9.3 73.8 73.6 78.6 79.3 80.7 80.6 82.2 Paper and Allied Products 46.6 46.2 45.9 45.8 45.7 '45.6 44.4 86.4 86.9 89.3 89.7 90.2 91.1 93.1 Printing, Publishing and Allied Industries 41.4 41.5 42.2 41.6 41.7 41.5 41.0 110.8 110.9 115.8 115.5 117.1 118.6 120.3 Chemicals and Allied Products 45.7 45.7 43 43.3 '42.5 r42.5 42.1 96.4 97.2 99.2 99.1 '99.1 '100.4 101.6 Products of Petroleum and Coal 47.1 46.6 44.9 42.6 '44.0 '43.1 41.9 120.0 120.6 121.7 120.4 '121.7 '123.3 124.6 Rubber Products 46.6 47.3 43.0 41 40.2 40.9 41.1 113.0 115.1 109.8 110.0 '111.2 '111.3 112.2 Miscellaneous Industries 45.7 45.7 42.2 42.0 '41.9 '42.1 41.7 98.5 99.3 95.1 95. '96. '98.5 99.0 r Revised. NOTE.—Back figures are available from the Bureau of Labor Statistics. APRIL 1946 425 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- ning Co t n io st n r * uc- ti p o u n b a li n c d Trade an s d e r m vi i c s e c , el- Sta l t o e c , al and utilities laneous government 1939. 30,353 10,078 845 1,753 2,912 6,618 4,160 3,988 1940. 31,784 10,780 916 1,722 3,013 6,906 4,310 4,136 1941. 35,668 12,974 947 2,236 3,248 7,378 4,438 4,446 1942. 38,447 15,051 970 2,078 3,433 7,263 4,447 5,203 1943. 39,728 16,924 891 1,259 3,619 7,030 4,115 5,890 1944. 38,698 16,121 835 679 3,761 7,044 4,348 5,911 1945. P36,981 P13.897 P779 *>834 P3.822 J>7,174 P4.589 J>5,887 SEASONALLY ADJUSTED 1942—January. 37,057 13,879 996 2,102 3,372 7,481 4,520 4,707 February 37,195 14,041 981 2,090 3,357 7,414 4,491 4,821 March 37,391 14,255 976 2,055 3,382 7,331 4,523 4,869 April 37,724 14,463 982 2,054 3,402 7,319 4,541 4,963 May 37,981 14,649 982 2,048 3,419 7,280 4,521 5,082 June 38,204 14,865 981 2,057 3,419 7,206 4,532 5,144 July 38,581 15,143 982 2,077 3,433 7,210 4,520 5,216 August 39,042 15,442 973 2,101 3,448 7,222 4,518 5,338 September 39,171 15,644 962 2,077 3,448 7,227 4,382 5,431 October 39,452 15,798 954 2,136 3,484 7,224 4,330 5,526 November 39,597 16,048 944 2,095 3,503 7,132 4,255 5,620 December 39,898 16,333 933 2,041 3,525 7,136 4,229 5,701 1943—January.. . 39,934 16,506 927 1,899 3,540 7,133 4,146 5,783 February. . 39,935 16,682 924 1,734 3,556 7,064 4,146 5,829 March.... 40,066 16,831 915 1,604 3,574 7,110 4,121 5,911 April 39,891 16,858 908 1,476 3,588 7,006 4,110 5,945 May 39,740 16,837 893 1,358 3,597 6,988 4,102 5,965 June 39,775 16,908 893 1,263 3,620 7,017 4,112 5,962 July 39,876 17,059 888 1,164 3,634 7,061 4,127 5,943 August.... 39,737 17,097 878 1,082 3,639 7,015 4,110 5,916 September. 39,475 17,051 876 1,020 3,633 7,006 4,079 5,810 October. .. 39,486 17,108 869 936 3,671 7,006 4,078 5,818 November. 39,526 17,152 859 891 3,683 7,000 4,119 5,822 December. 39,479 16,995 863 864 3,687 6,962 4,127 5,981 1944—January... 39,454 16,910 862 830 3,720 7,096 4,170 5,866 February.. 39,352 16,819 862 786 3,780 7,043 4,173 5,889 March.... 39,123 16,642 852 737 3,780 7,046 4,165 5,901 April 38,865 16,391 848 719 3,763 6,982 4,257 5,905 May 38,749 16,203 843 673 3,768 6,997 4,363 5,902 June 38,766 16,093 848 677 3,765 7,012 4,475 5,896 July 38,700 16,013 833 653 3,753 7,084 4,505 5,859 August... . 38,654 15,943 830 648 3,762 7,059 4,514 5,898 September. 38,400 15,764 822 627 3,735 7,065 4,488 5,899 October. . . 38,159 15,614 812 609 3,748 7,077 4,384 5,915 November. 38,044 15,529 808 611 3,771 7,052 4,359 5,914 December. 38,164 15,554 802 619 3,789 7,015 4,304 6,081 1945—January.. . 38,426 15,633 805 633 3,797 7,210 4,394 5,954 February.. 38,469 15,595 802 658 3,848 7,164 4,404 5,998 March 38,456 15,445 796 691 3,846 7,214 4,438 6,026 April 37,963 15,178 765 736 3,811 7,004 4,466 6,003 May 37,746 14,885 732 782 3,802 7,056 4,513 5,976 June 37,465 14,534 798 828 3,792 7,039 4,521 5,953 July 37,231 14,130 784 868 3,801 7,117 4,558 5,973 August... . 36,888 13,762 780 858 3,803 7,121 4,597 5,967 September. 35,151 12,022 780 883 3,774 7,215 4,603 5,874 October. .. 35,029 11,893 714 940 3,806 7,258 4,745 5,673 November. '35,338 '11,910 789 984 '3,871 '7,315 4,894 5,575 December.. '35,610 '11,855 798 '1,085 3,916 '7,336 4,936 5,684 1946—January.. 36,358 12,109 815 1,217 3,950 7,705 5,034 5,528 February. 36,116 11,672 823 1,343 3,995 7,730 5,053 5,500 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. 35,321 12,082 784 945 3,831 7,143 4,603 5,933 October 35,231 11,952 718 1,006 3,825 7,331 4,698 5,701 November.. '35,639 '11,970 793 1,014 '3,871 '7,571 4,845 5,575 December. . '36,319 '11,914 802 '1, 042 3,896 '7,960 4,936 5,769 1946—January.. 35,839 12,048- 811 1420 3,891 7,512 4,984 5,473 February. 35,554 11,614* 819 1,222 3,915 7,537 5,002 5,445 * Includes Contract Construction and Federal Force Account Construction11.. • Revised. v Preliminary. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimimaatteess iinncclluuddee aanl l tfuunll-- aannad ppaarrtt--ttiimmee wwaaggee aannad ssaalalarryy wwoorrkkeerrss inin nonagricultural establishments employed during the pay period endi serva.„n,.t;s„,„ ann-,d,™ pi e^r.s^oKnI.n-OeVl ,™of^ *t-h,-e. ~a™rm~edi~ f,^o rAce,,s» ra,nr e< -eux~c l„u„d„e d~.^ \~AF e~bnrc"iing nearest the 15th of the month. Proprietors, self-employed persons, domestic BULLETIN for June 1944, p. 600. Back unadjusted data are ava>ruary 1946 figures are preliminary. For back seasonally adjusted estimates see railable from the Bureau of Labor Statistics. 426 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Residential Nonresidential building Public works Total building and public Month Factories Commercial Educational Other utilities 1945 1946 1945 1946 1945 1946 1945 1946 1945 1946 1945 1946 1945 1946 January 140.9 357.5 19.5 89.7 45.2 104.7 7.5 69.0 4.9 18.1 23.9 25.8 39.8 50.2 February 147.0 387.4 19.3 102.1 66.6 97.7 8.5 77.5 3.0 17.1 17.6 28.3 32.0 64.7 March 328.9 26.9 160.4 10.0 4.6 36.3 90.6 April 395.8 42.7 174.5 12.3 4.3 49.9 111.9 May 242.5 47.2 43.4 9.5 5.1 29.4 107.9 June 227.3 41.8 25.5 18.8 10.5 35.6 95.0 July 257.7 46.3 51.5 19.8 13.4 36.9 89.9 August 263.6 42.7 75.5 25.5 10.4 32.0 77.5 September 278.3 42.6 98.3 45.5 10.2 27.0 54.6 October 316 6 59.9 85.4 60.8 18.6 30.8 61.1 November 370.1 88.4 107.9 62.8 7.0 30.0 74.0 December 330 7 86 1 92.6 65.5 8.2 27.3 51.0 Year 3,299.3 563.5 1,027.0 346.4 100.2 376.8 885.4 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 1946 1945 Month Federal Reserve district 1944 1945 1946 1944 1945 1946 1944 1945 1946 Feb. Jan. Feb. A J S O J N A J F M M u u a e e u p o c a a n l p n b g r y v t y r e t i r o u u c e l e u h s m b a m t a r e b b r y r y e e . . r r . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 6 5 6 4 7 6 3 4 7 9 7 4 9 9 5 6 5 7 4 9 1 6 2 2 3 3 3 2 2 2 3 1 1 2 1 6 2 5 7 9 7 4 4 4 7 7 4 9 8 8 6 0 3 1 7 358 1 1 1 1 1 1 1 1 1 1 9 2 2 0 2 4 0 2 0 3 3 8 2 5 2 7 8 3 2 9 3 3 2 3 1 1 8 4 6 6 0 2 0 6 4 7 7 2 3 7 1 8 1 9 1 8 5 4 47 4 4 4 4 4 4 4 6 3 2 4 2 2 4 9 3 3 6 2 7 8 6 2 2 3 1 1 1 1 3 9 5 0 4 6 4 9 8 0 7 5 5 6 9 9 6 6 6 7 7 3 311 A S C D N P C M R K B t h h l i o t a e a . i e c l i i w l n s n a l v c L h l t a n s a n a o e m o d a e s Y g t l n u s a a a e o o o i n p l n s C p r d o d k h i . l t i i . y s a . . . 6 3 5 4 5 3 2 2 1 1 1 8 3 0 7 1 8 0 7 5 8 5 , , , , , , , , 5 9 9 3 0 0 7 5 3 1 7 8 1 7 3 1 0 8 5 0 9 3 6 2 3 2 9 5 8 7 4 2 1 5 3 3 3 2 2 7 1 1 1 1 4 6 8 5 9 1 2 2 9 9 7 , , , , , , , , , , 8 0 2 2 6 7 7 1 3 6 7 4 4 5 8 8 4 8 0 7 6 2 2 2 9 9 6 0 0 3 1 3 6 1 1 2 1 1 1 1 1 1 9 5 6 6 4 8 0 1 4 7 , , , , , , , , , , , 3 6 6 3 3 9 3 1 8 3 8 8 2 5 4 7 7 5 9 9 6 0 7 5 3 5 4 3 7 1 0 2 0 December. . 188 331 114 62 74 269 Total (11 districts) 387,399 357,501 146,957 Year 1,9943,299 1,435 1,311 559 1,988 NOTE.—Data for most recent month preliminary. LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Year or month Total p P m T e r i r o m i r e o t t v n l y - p e e t - - I L s S h o c 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 t u D i o t s i l l e e 4 y M s - or h R g t ( o g a T e r I u o a n n I i s g ) t u d t i l a e p n e l s g o h n ( o W T V u i I s a t ) i r l n e g 19 E 3 n 6 d — o D f e m c onth To 36 ta 5 l b C m c a o 2 i n e a m 2 r k l 8 - s - b M s i t a n u a n g v u a k s l - - 8 s a a S l s i a t o n i s a n o a o g 5 v d n n c s 6 - s i- I p c a n a o n s n m u c 4 i e r 1 e - - s a F c e g i e r e e a d s n l - 5 1 - Oth 2 e 7 r5 1937—Dec 771 430 27 110 118 32 53 1938—Dec 1,199 634 38 149 212 77 90 1935 320 224 94 2 1936 557 246 309 2 1939—June 1,478 759 50 167 271 137 94 1937.. . . 495 60 424 11 Dec 1,793 902 71 192 342 153 133 1938 694 160 13 473 48 1939 954 208 25 669 51 1940—Mar 1,949 971 90 201 392 171 124 1940 1,026 251 26 736 13 June 2,075 1,026 100 208 432 182 127 1941 1,186 262 21 877 13 13 Sept 2,232 1,093 111 216 480 190 141 1942... 1,137 141 15 691 6 284 Dec 2,409 1,162 130 224 542 201 150 1943 942 96 1 243 601 1944.... 886 125 216 7 537 1941—Mar 2,598 1,246 146 230 606 210 160 1945 684 189. 219 3 272 June 2,755 1,318 157 237 668 220 154 Sept 2,942 1,400 171 246 722 225 178 1945—Feb 68 19 4 14 * 34 Dec 3,107 1,465 186 254 789 234 179 Mar 60 13 i 17 30 Apr 53 10 15 28 1942—Mar 3,307 1,549 201 264 856 237 200 May 62 14 i 22 26 June 3,491 1,623 219 272 940 243 195 June 56 13 19 24 Dec 3,620 1,669 236 276 1,032 245 163 July 52 12 19 * 21 Aug 45 12 18 15 1943—June V700 1,700 252 284 1,071 235 158 Sept 44 11 16 2 14 Dec 3,626 1,705 256 292 1,134 79 159 Oct 62 26 19 * 17 Nov 60 28 > 21 11 1944—June 3,554 1,669 258 284 1,119 73 150 Dec 55 23 20 1 11 Dec 3,399 1,590 260 269 1,072 68 140 1946—Jan 56 17 27 12 1945—June 3,324 1,570 265 264 1,047 43 134 Feb 46 14 24 8 Dec 3,156 1,506 263 253 1,000 13 122 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. 427 APRIL 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1942 1943 1944 1945 1946 1942 1943 1944 1945 1946 1942 1943 1944 1945 1946 January 482 749 1,124 903 P800 254 229 301 334 P398 228 520 823 569 P402 February 483 728 1,107 P887 254 234 314 P325 230 494 793 *561 March 637 988 1,197 Pl.030 272 249 359 P365 365 739 838 *665 April 717 989 1,231 PI.005 235 258 361 P366 482 731 869 P639 May . ... 542 1,092 1,455 PI.135 191 281 386 P372 351 811 1,069 *763 June 650 1,003 1,297 P870 215 295 332 *360 435 708 965 »511 July 659 1,265 1,197 *893 213 302 294 P356 446 963 903 >537 August 705 1,280 1,191 P737 186 316 304 P360 518 964 887 >378 September.... 732 1,269 1,194 P514 196 286 282 P335 536 983 912 P180 October 803 1,238 1,144 J»455 200 329 329 P344 603 909 815 *111 November. . . . 788 1,073 1,187 ?639 168 311 323 P322 620 762 863 P317 December 883 1,288 939 P736 358 281 336 P297 525 1,006 603 P439 Jan.-December 8,080 12,963 14,261 P9,806 2,742 3,372 3,921 P4.136 5,338 9,591 10,341 P5.670 P Preliminary. 1 Including both domestic and foreign merchandise. a 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 1944, p. 389; 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 1 [Index numbers: 1935-39 average=100] RAILROADS [In millions of dollars] For- Mis- Mer- Total Coal Coke Grain L st i o v c e k - p u e r c o s t t d s - Ore l c o a e u n l s - e- c l d h .c i a s .1 n e . - o r r p e a T v e i o r e l a w n t t a u a i l n y es g e r x a T p i o l e w t n a a s l y es o r p i a n e N i c r l o a w e m t t a in y e g in N co et me Annual 1939 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 Annual 1941 130 123 168 112 91 139 183 136 100 1939 3,995 3 406 589 93 1942 138 135 181 120 104 155 206 146 69 1940 4,297 3,614 682 189 1943 137 138 186 146 117 141 192 145 63 1941 5,347 4,348 998 500 1944 140 143 185 139 124 143 180 147 67 1942 7,466 5,982 1,485 902 1945 135 134 172 151 124 129 169 142 68 1943 9,055 7,693 1,362 874 1944 . . . 9,437 8,343 1 093 668 SEASONALLY 1945 P8.902 P8,052 P850 P447 ADJUSTED SEASONALLY 1944—December. . . 137 127 166 134 128 135 133 151 68 ADJUSTED 1945—January 144 141 176 128 120 142 161 157 66 1944—November.. 788 697 91 57 February.... 139 139 178 119 121 133 168 152 66 December. 780 711 69 33 March 145 137 190 134 129 134 218 159 67 April 141 126 180 160 124 133 204 153 71 1945—January.. . . 766 673 93 60 May 140 126 193 167 120 137 204 151 69 February.. . 781 678 103 68 June 140 143 181 155 121 144 170 146 68 March 796 698 98 63 July 139 136 193 157 121 140 171 146 67 April 799 704 96 62 August 128 128 167 163 115 133 166 132 64 May 796 704 92 57 September.. . 127 143 155 146 114 125 174 126 66 June 831 725 106 71 October 118 109 113 158 123 109 134 125 69 July 791 696 95 61 November... 133 148 167 167 145 110 134 133 74 August.... 705 648 57 22 December 127 133 164 153 140 106 117 130 74 September. 691 655 36 4 October 657 620 37 r3 1946—January 133 148 127 152 126 122 118 134 78 November.. 668 608 61 '30 February.... 126 152 107 150 158 126 94 121 78 December. . 628 674 -36 -56 UNADJUSTED 1946—January.. . . 655 567 88 1944—December. . . 128 127 175 126 124 120 41 142 65 UNADJUSTED 1945—January 132 141 185 128 115 128 40 144 63 1944—November.. 780 689 91 '63 February.... 130 139 188 117 97 128 42 '143 64 December. . 757 »-684 ••73 r44 March 136 137 192 124 102 134 63 151 68 April 139 126 176 141 111 133 203 151 71 1945—January.. . . 751 '675 ••76 39 May 142 126 191 147 108 143 268 152 69 February.. . 713 640 73 37 June. . . 145 143 178 158 99 149 263 150 68 March... . 813 713 100 63 July 143 136 187 188 97 140 273 148 67 April 779 687 92 56 August 132 128 160 176 109 140 249 133 65 May 823 723 100 65 September.. 137 143 154 163 150 135 261 136 69 June 820 724 96 66 October.... 128 109 111 158 189 115 215 136 72 July 796 699 97 63 November.. . 136 148 167 164 183 108 114 139 75 August. . . 755 669 87 51 December... 119 133 172 144 135 94 36 123 71 September 679 635 44 9 October... 697 643 54 20 1946—January 123 148 133 152 120 109 29 123 74 November. 661 600 61 34 February. . . 119 152 114 147 126 121 24 113 75 December. 614 651 -37 -75 1946—January.. . 641 570 71 «• Revised. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for June 1941. Based on daily average loadings. Basic data compiled by Associa- P Preliminary. r Revised tion of American Railroads. Total index compiled by combining indexes for NOTE.—Descriptive material and back figures may be obclasses with weights derived from revenue data of the Interstate Commerce tained from the Division of Research and Statistics. Basic Commission. data compiled by the Interstate Commerce Commission. Annual figures include revisions not available monthly. 428 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STOfeE STATISTICS [Based on value figures] MONTHLY INDEXES OF SALES [1935-39 average = 100] Federal Reserve district Year and month United States 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 c C a h g i- o L S ou t. is M ap i o n l n is e- K C a i n t s y as Dallas Fran- 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 207 176 169 184 201 235 275 193 227 186 '229 277 244 SEASONALLY ADJUSTED 1944—April 174 157 141 161 166 200 221 166 185 157 181 237 201 May 183 164 150 168 181 '210 233 170 201 160 192 242 214 June 176 155 144 158 166 208 237 165 189 151 192 239 210 July 189 160 150 169 191 '211 262 178 198 165 212 256 222 August 187 158 152 157 182 215 243 180 207 173 203 253 222 September 187 162 149 170 180 219 247 181 210 162 200 252 216 October 193 165 151 167 190 228 260 185 207 158 214 250 229 November 204 168 161 182 204 '230 271 189 213 189 '243 258 253 December 196 174 156 170 190 221 258 190 218 175 '207 256 234 1945—January 198 167 -•154 172 186 '234 268 184 211 181 241 260 '248 February 211 166 165 188 204 238 274 202 222 208 '245 271 '258 March 220 193 ••187 204 222 250 274 207 233 205 240 269 249 April 182 157 150 162 174 210 234 168 202 157 199 256 219 May 188 160 156 170 179 210 243 170 213 162 203 264 234 June 202 177 169 185 197 235 277 184 220 172 218 268 233 July 218 183 177 198 220 252 300 197 237 187 243 300 255 August 200 166 165 175 189 '236 274 189 225 186 214 272 231 September. . . . 200 167 161 175 187 225 268 193 232 185 217 278 232 October 212 177 172 184 209 248 292 199 238 180 241 289 245 November. 225 183 182 202 220 '251 298 208 240 219 265 288 273 December 216 188 179 184 211 237 288 206 239 193 225 287 256 1946—January '228 186 '194 '206 214 '262 '308 209 '234 211 '269 306 '269 February 255 201 210 221 240 283 339 241 281 265 302 339 301 UNADJUSTED 1944—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 142 110 100 116 140 151 197 139 154 130 168 194 184 August 157 118 111 123 159 177 216 151 178 153 191 220 202 September. . . . 196 170 158 173 191 232 257 185 212 184 220 265 225 October 209 184 173 189 204 249 273 197 221 179 225 275 239 November. . . . 248 207 206 229 244 293 317 231 268 218 263 314 297 December ••320 300 269 303 304 372 417 295 333 269 338 417 373 1945—January 156 132 123 132 145 176 214 147 173 136 178 211 197 February 171 130 137 149 163 191 236 162 187 144 194 239 217 March 212 187 176 200 214 '251 282 200 233 186 233 269 232 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 351 '323 307 327 338 '399 466 320 365 297 '366 467 407 1946—January 179 147 155 158 167 197 246 167 192 158 199 248 '214 February 207 156 175 175 192 227 291 193 236 184 239 299 254 r Revised. NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944. APRIL 1946 429 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 LAs reported by 296 department stores in various Federal Reserve [Weeks ending on dates shown. 1935-39 average = 100] districts] Without seasonal adjustment Index of stocks Amount (1935-39 average 1942 1943 1944 1945 (In millions of dollars) = 100) Aug. 15. .. .125 Aug. 14. ...131 Aug. 12. . .148 Aug. 18. . .124 22. .. .126 21. . ..146 19. . .149 25. . .182 29. .. .142 28. . ..145 26. . .171 Sept. 1. . .194 Out- Sept. 5. . ..165 Sept. 4. ...169 Sept. 2. . .194 8. . .177 Sales Stocks stand- Season- 12. . ..140 11. ...156 9. . .177 15. . .213 (total (end of ing ally Unad- 19. .. .152 18. ...179 16. . .196 22. . .220 for month) orders adjusted justed 26. .. .172 25. .. .176 23. . .193 29. . .209 month) (end of Oct. 3. . ..183 Oct. 2. . ..175 30. . .196 Oct. 6. . .242 month) 10. .. .171 9. . ..188 Oct. 7. . .218 13. . .245 17. . ..166 16. ...189 14! '. .221 20. . .237 24. . ..172 23. .. .194 21. . .209 27. . .233 1939 average... 128 344 99 31. .. .168 30. ...187 28. . .207 Nov. 3. . .236 1940 average... 136 353 108 101 Nov. 7. . ..182 Nov. 6. .. .202 Nov. 4. . .215 10. . .261 1941 average... 156 419 194 120 14. . ..182 13. ...211 11. . .231 17. . .275 1942 average... 179 599 263 172 21. . ..182 20. .. .223 18. . .252 24. . .258 1943 average... 204 508 530 146 28. .. .176 27. ...201 25. . .236 Dec. 1. . .326 1944 average... 227 534 560 153 Dec. 5. . ..250 Dec. 4. ...269 Dec. 2. . .304 8. . .401 L945 average... 255 564 728 162 12. .. .295 11. ...297 9. . .365 15. . .433 19. .. .333 18. .. .321 16. . .377 22. . .421 1944—July 162 517 631 165 148 26. .. .222 25. ...274 23. . .369 29. . .158 Aug 198 574 579 172 165 30. . .123 Sept 234 583 561 161 167 Oct 257 607 577 156 174 1943 1944 1945 1946 Nov 300 580 613 144 167 Jan. 2 .117 Jan. 1. .. .110 Jan. 6. . . .145 Jan. 5. . 135 Dec 385 451 618 138 130 9. . ..146 8. .. .143 13. .. .166 12. .. .188 16. .. .139 15. ...146 20. ...160 19. ...191 1945—Jan 198 463 ••767 148 133 23. .. .125 22. .. .144 27. .. .161 26. .. r188 Feb 198 ••495 819 149 142 30. . ..126 29. ...137 Feb. 3. . ..163 Feb. 2. . . '197 Mar 284 524 772 148 151 Feb. 6. . ..143 Feb. 5. . ..146 10. ...172 9. . . »-214 Apr. ... 209 566 725 156 162 13. .. .178 12. ...142 17. .. .176 16... ..209 May.. .. 231 591 671 165 170 20. .. .155 19. ...142 24. ...177 23. .. '213 June 236 601 697 181 172 27. . ..16? 26. ...146 Mar. 3. . .182 Mar. 2. . ..217 July.... 191 592 722 189 170 Mar. 6. .. .150 Mar. 4. ...153 10. . .204 9. ...233 Aug 213 625 671 187 179 13. .. .144 11. ...160 17. . .214 16. ...243 Sept 243 620 652 171 178 20. .. .147 18. ...172 24. ...226 23. ...255 Oct 298 624 700 161 179 27. .. .155 25. ...182 31. ...230 30. . Nov 334 602 777 150 173 Apr. 3. .. .161 Apr. 1. ...212 Apr. 7. ...181 Apr. 6. . Dec 429 462 764 141 133 10. ...168 8. ...208 14. .. .156 13. . 17. .. .170 15. .. .152 21. .. .192 20 1946—Jan 224 488 889 156 140 24. 182 22. . 163 28 184 27 Feb P239 P528 P982 P159 P152 May 1. '. '.!l42 29. ...168 May 5. ...193 May 4 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 [Percentage change from corresponding period of preceding year] F 19 e 4 b. 6 1 Ja 94 n 6 . m T 19 w o 4 s o 6 . F 19 e 4 b. 6 J 1 a 9 n 4 . 6 1 T m 9 w o 4 s o 6 . 1 F 9 e 4 b 6 . J 1 a 9 n 46 . m T 19 w o 4 s o 6 . F 19 e 4 b. 6 J 1 a 9 n 4 . 6 1 T m 9 w 4 o 6 o s. United States. +21 +15 +18 Cleveland-cont. Chicago +19 +14 +17 Kansas City— Youngstown.... +9 + 12 +10 Chicago +23 + 18 +20 cont. Boston +21 +12 +16 Erie +7 +21 + 14 Peoria + 14'+15 + 14 Oklahoma City. . +20 +6 + 13 New Haven. . . + 15 +5 +10 Pittsburgh +20 +20 +20 Fort Wayne.. . +24 + 15 + 19 Tulsa +20 ••+5 + 11 N S W N B P B P e p o r w o e r o o r r i w s i r t d v t n c l o a Y i g g a e n d r o f n e k s e i r d t p e k n e l o r d c r e t . . . . . .. . + + + + + + + + 2 2 2 2 2 1 1 9 7 2 5 7 5 9 5 + + + + + + + + 2 2 1 1 1 2 8 9 6 5 2 3 1 + + + + + + + + 1 2 1 1 1 2 1 7 7 6 3 4 5 6 8 R W W W G R C B ic a h r a h i h a e l l n a m s e e t e r s i h e i n l o m t g l i e o v n i n h s o n n i d g , t l g r - o l t e S N e o n , a n , . l S S e C . . m C . C .. . . . . + + + + + + + - 2 2 2 1 1 1 1 2 3 1 1 9 2 5 7 r+ + + + + + + — 1 1 1 1 8 8 1 7 2 6 7 3 + + + + + + + - 2 1 1 4 1 1 1 1 0 0 5 6 5 3 4 I T D D L G F G M n l a e r e e r i i d e n r a s t l n r i e r w n s t e a o M n i d a n n i t H u g o a B R k p i a n e a a o u e e p y l t . s i i e . . s d . . . . . s . . . . . . . . . . + + + + + + + + 3 2 1 3 2 1 8 8 5 5 1 0 3 6 + + + + + + + + 2 1 1 1 1 1 1 0 2 5 2 2 Q 3 4 4 + + + + + + + + 2 2 1 1 1 1 8 8 7 1 9 0 9 4D S S a C F H S D a n h a o l o o a l n r r a r l u e t l p s F s a A v u W t s r e o s n a p n n o t C o o c r r i n t h t s h i r c o i o s . . t . i . . . . . + + + + + + + + 2 3 1 3 2 1 1 1 2 1 7 3 5 6 9 9 + + + + + + + + 2 1 2 1 9 8 4 9 3 8 4 9 + + + + + + + + 2 1 2 2 1 1 1 1 7 4 8 1 3 9 4 0 Albany +65 +60 +63 Lynchburg + 19 + 11 + 15 Madison +21 + 18 + 19 Phoenix +23 r+14 + 18 P S E N N S U P R B B h y o c i l u o e t i i l m i a r n h u a f w c c a f g d e g g h i a a c r a e n h e h l Y u a o l r s e k a p a s o t c h e e m e r t e F i k r a a t p a o . d s C l n y i l i e s . . t . . . . y . . . . . + + + + + + + + + + + 2 2 2 2 2 2 1 1 1 1 1 7 6 6 6 7 3 8 8 4 1 1 '+ + + + + + + + + 2 + + 1 2 3 2 3 3 2 1 5 6 9 2 0 2 6 1 8 1 5 + + + + + + + + + + + 2 3 1 2 2 2 2 1 1 1 1 2 2 0 6 6 9 8 0 9 5 3 A J M N C C H M R B tl a W a h l i o u i o o c a c r n a r n . b n k r h m f t r t k i o a t s m V l i l g i e s l o e n k n a b o s o n g t g n u m o v t d h r o n i g e a n l , r l m y e . . . . . . . . . . . + + + + + + + + + - 2 2 3 2 2 2 1 1 1 2 9 3 1 5 0 4 3 3 9 + + + + + + + - - 1 1 1 2 1 1 1 4 5 0 1 9 8 5 8 7 0 + + + + + + + + + 1 2 2 1 1 1 1 1 7 4 2 8 9 1 9 4 0 8 S S Q L L S S M F t E E . p t t o o i v a u . . e t u r r L s a i t m t L L t n i l i n o e n s c o o s p S u S v g y v u u R h i m i t s f i . l i i i o s s i l l s i e l e L c t e h A l k o d u r . e . i . s a . . . + + + + + + + + + + 3 2 3 4 2 2 2 2 * 1 1 2 5 0 9 7 7 4 7 4 4 r ' ' + + + + + + ' + + 2 2 + + - 1 1 1 1 5 2 1 5 4 9 9 3 5 4 2 4 + + + + + + + + + + * 2 3 2 1 1 1 1 1 1 1 1 7 4 9 9 9 8 5 3 8 S S S L O L R T F B S a a B a r o o u i a a n n e v c a s n k c k e s n e r g s e r l A n D F a r k a o r o s m s B r n e n n B i i f a e l d g d e i e e e n g e e e r n a y o l c n a l c d t e i o a n a h s s n d r c d d o in .. o . . + + + + + + + + + + 1 3 2 2 2 2 1 1 1 2 5 4 3 4 0 1 3 5 3 ' ' + + ' + + r + + + 2 1 + + - 2 3 7 1 1 5 0 1 8 7 3 5 7 + + + + + + + + + - 2 2 1 1 1 1 1 1 9 2 8 9 9 8 7 0 1 Trenton +30 +31 +31 Miami +24 +24 +24 Minneapolis. . +28 +17 +23 San Jose +25 + 15 +20 W L P R h a e i n i a l l k c d a a e i d n s s e g t - e l B p r a h r i r a e . . .. . + + + + 2 2 1 1 4 6 9 3 + + + + 2 2 1 1 5 7 7 4 + + + + 2 2 1 1 5 7 8 4 O T A A a r u tl l m g a a u n n p s d a ta t o a + + + + 2 3 2 2 5 2 8 4 + + + + 2 3 2 2 2 5 2 3 + + + + 2 2 2 3 5 7 3 0 D S M u t. i l n u P n t a h e u - a l S p u o p li e s r . i o . r . + + + 2 3 1 5 0 5 + + + 1 1 9 5 6 + + + 2 2 9 0 4 V S S N t a a o n l a c l t e p a k j a t o o R n a o n sa d + + -1 1 1 0 9 7 '- + 2 9 y + + 1 9 4 York + 12 + 17 +14 Columbus +8 +2 +5 Kansas City... +23 +12 +18 Boise and Macon +32 + 14 +23 Denver +24 + 18 t21 Nampa + 15 +7 + 10 Cleveland +19 +15 +17 Baton Rouge. . . +30 +33 +31 Pueblo Portland +8 '+10 +9 Akron +9 +10 +9 New Orleans. . . +23 + 11 + 17 Hutchinson + 15 +9 + 12 Salt Lake City. . +29 + 17 +23 C Ci a n n c t i o n n nati + + 2 9 8 + + 1 1 5 2 + +2 1 1 0 J B a r c i k st s o o l n , Tenn.. . + +1 2 7 4 + + 1 1 0 5 + + 1 1 4 9 W To i p ch ek it a a + + 1 1 6 4 r+ + 6 1 + + 10 9 E B v el e l r in e g tt ham + + 2 1 6 7 + + 2 2 0 0 + + 2 1 3 9 Cleveland + 18 + 14 + 16 Chattanooga. . . +27 +22 +24 Joplin +39 +22 +30 Seattle +7 --// +3 Columbus +22 + 16 + 19 Knoxville +2 -5 -2 Kansas City... +21 + 13 + 17 Spokane +15 r+•9 " +12 S T p ol r e i d n o gfield.... + + 1 1 3 4 + + 4 7 + + 1 9 0 Nashville +38 + 19 +29 S O t m . J a o h s a eph + +3 3 3 0 '+ + 1 1 7 7 + +2 2 6 4 Y Ta a c k o im m a a + + 1 9 7 + +3 1 + + 1 5 0 r Revised. * Data not available. 430 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 (e th n ) d January reporting Jan. Year Jan. 1946 1945 1946 1946 1945 GRAND TOTAL—entire store. 335 +14 +12 +5 2.2 2.4 MAIN STORE—total 335 +15 +12 +5 2.3 2.5 Women's apparel and accessories 332 +8 +13 +5 1.9 2.0 Coats and suits 312 +4 + 14 +3 1.6 1.6 D B r lo e u ss s e e s s . , ' skirts, sportswear, etc 3 3 1 0 7 4 + + 1 1 6 0 + + 2 1 0 9 + - 1 6 6 2 1. .4 2 2 1. . 4 3 Juniors' and girls' wear 286 + 14 + 18 + 15 2.4 2.4 Infants' wear 293 + 1 +9 + 10 2.8 2.6 Aprons, housedresses, uniforms 268 + 13 + 11 + 1 1.4 1.6 Underwear, slips, negligees 313 + 10 +8 1.3 1.6 Corsets, brassieres 315 + 16 +21 +23Q 1.7 1.7 Hosiery (women's and children's). . . 326 -17 0 -14 1.2 1.2 Gloves (women's and children's) 311 + 1 + 12 -3 2. 7 2.8 Shoes (women's and children's) 229 + 14 + 18 — 7 2.4 3.0 Furs >257 Q +7 + 17 2. 6 2.0 Neckwear and scarfs 243 +2 + 10 +14 2. 2 2.0 Handkerchiefs 263 +9 +8 +20 4. 4 4. 1 Millinery 163 + 18 + 13 +22 1.5 1.4 Handbags and small leather goods... 301 + 17 + 10 +9 3. 1 3. 3 Men's and boys' wear 305 +14 +14 -32 2. 1 3. 4 Men's clothing 215 -1 + 18 -62 1.2 3..2 Men's furnishings, hats, caps 290 +28 + 14 -22 1.8 3. 0 Boys' clothing and furnishings 267 +6 +9 -10 3.9 4. 6 Men's and boys' shoes and slippers. . 167 + 16 +24 -26 2.6 4. 1 Home furnishings. 293 +37 +13 + 14 2. 7 3. 2 Furniture, beds, mattresses, springs. 218 +38 + 19 +4 2.9 3.9 Domestic floor coverings 241 +28 -4 +5 2,.4 3.0 Draperies, curtains, upholstery 274 + 12 +6 + 16 3^.3 3. 9 Major household appliances 172 +430 + 107 + 159 0,.9 1,!S Domestics, blankets, linens, etc 276 +24 +2 -2 1.5 1.9 Lamps and shades 212 +35 +23 +26 3.7 4,.0 China and glassware 208 +32 + 14 +22 3.4 3.8 Housewares 211 +60 +34 +38 3.3 3.8 Piece goods 270 -8 +8 -11 1.7 1.8 Cotton wash goods 117 -12 -4 -10 1.4 1.4 Small wares 319 +9 +11 + 19 3.4 3.1 Lace, trimmings, embroideries, ribbons 119 +6 + 1 3.8 3.9 Notions 204 +3 + 15 + 15 3.1 3.0 Toilet articles, drug sundries, and prescriptions. 304 +6 + 13 3.6 3.4 Jewelry and silverware 285 +21 + 16 +24 3.8 3.8 A St r a t ti n o e n e e d r l y e , w b o o rk oks, and magazines 2 21 1 3 9 +6 Q + + 1 1 4 0 + +3 2 5 3 3 2 . . 2 8 2 2. . 1 5 Miscellaneous 276 +23 +11 +18 2.7 2.9 Luggage 212 +37 + 12 +31 2.6 2.7 BASEMENT STORE—total 203 +7 +9 +2 2.2 2.4 Women's apparel and accessories 189 +2 +8 + 7 2.1 2.0 Men's and boys' clothing and furnishings. 154 + 15 + 13 -20 2.3 3.4 Home furnishings 129 + 19 +5 +8 2.1 2.4 Piece goods 47 +2 + 12 2 1.6 1.7 Shoes 127 +5 +13 3.9 4.1 +2 NOTE.—Group totals include sales in departments not shown separately. 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 Accounts receivable Collections during Year and month Sales during month 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 sales Instal- Charge Instal- Charge Instal- Charge sales sales Total Cash ment account ment account ment account 1945—January . 126 '165 57 96 43 97 80 '168 63 4 33 February 126 163 57 98 40 84 '70 128 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 136 182 58 99 32 76 57 104 65 4 31 September 154 203 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 270 357 108 204 48 '145 79 148 64 4 32 1945—January . .. 142 186 64 107 45 108 82 190 64 4 32 February? 152 192 73 123 43 100 72 142 61 4 35 ^Preliminary. 'Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on page 429. APRIL 1946 431 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 Total Single- End o r o f y e m ar onth co c n r s e u d m it e * r ins T ta o l t m al ent Sale credit Loans2 pa lo y a m n e s3 nt a C cc h o a u rg n e ts Service credi* credit * Total Automobile Other 1929 7 637 3,167 2,515 1,318 1,197 652 2,125 1,749 596 1930. 6,839 2,706 2,032 928 1,104 674 1,949 1,611 573 1931 5 528 2,214 1,595 637 958 619 1 402 1,381 531 1932 4,082 1,515 999 322 677 516 962 1,114 491 1933 3,905 1,581 1,122 459 663 459 776 1,081 467 1934 . . 4,378 1,849 1,317 576 741 532 875 1,203 451 1935 5,419 2,607 1,805 940 865 802 1,048 1,292 472 1936 . . 6,771 3,501 2,436 1,289 1,147 1,065 1,331 1,419 520 1937 7,467 3,947 2,752 1,384 L,368 1,195 1,504 1,459 557 1938 . 7,030 3,578 2,313 970 [,343 1,265 1,442 1,487 523 1939 7,981 4,436 2,792 1,267 1,525 1,644 1,468 1,544 533 1940 . 9,153 5,455 3,450 1,729 1,721 2,005 1 .488 1,650 560 1941 9,899 5,924 3,744 1,942 L,802 2,180 L,601 1,764 610 1942 6,485 2,955 1,491 482 009 1,464 1,369 1,513 648 1943 5,338 1,961 814 175 639 1,147 1,192 1,498 687 1944 5,777 2,039 835 200 635 1,204 1,251 1,758 729 1945 6,734 2,365 903 227 676 1,462 1,616 1,981 772 1945—February 5,343 1,928 741 186 555 1,187 1,239 1,438 738 March 5,606 1,952 731 184 547 1,221 L.244 1,669 741 April 5,483 1,947 723 184 539 1,224 L.288 1,506 742 Mi ay 5,541 1,961 718 184 534 1,243 L,348 1,488 744 June 5,697 1,987 719 188 531 1,268 L,420 1,544 746 July 5,654 1,992 712 192 520 1,280 1,452 1,459 751 August 5,649 1,988 706 196 510 1,282 L,466 1,441 754 September 5,702 2,010 717 202 515 1,293 1,466 1,470 756 October . .. 6,000 2,086 754 210 544 1,332 L,490 1,666 758 November 6,344 2,190 805 219 586 1,385 L,556 1,835 763 December 6,734 2,365 903 227 676 1,462 L,616 1,981 772 1946—Januarys 6,509 2,369 877 235 642 1,492 L,659 1,701 780 February? 6,559 2,414 875 245 630 1,539 1,665 1,692 788 P Preliminary 1 Revised. See footnotes 2 and 3. 2 Includes repair and modernization loans insured by Federal Housing Administration. Estimates for instalment loans of industrial banks and industrial loan companies are revised beginning January 1938; estimates for credit unions are revised beginning January 1944. 3 Revised beginning June 1944 to adjust estimates of single-payment loans at commercial banks in accordance with call report figures. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Year or month Insured [ndus- repair Small [ndus- Com- Small Indus- trial Credit Miscel- and Com- loan Indus- trial Credit Total1 mercial loan trial loan unions4 laneous modern- mercial com- trial loan unions4 banks2 com- banks3 com- lenders ization banks2 panies banks3 companies panies3 loans5 panies3 1929. 652 43 263 219 32 95 463 413 42 1930 674 45 287 218 31 93 503 380 41 1931. 619 39 289 184 29 78 498 340 38 1932. 516 31 257 143 27 58 376 250 34 1933. 459 29 232 121 27 50 304 202 33 1934 532 44 246 125 32 60 25 69 384 234 42 1935. 802 88 267 156 44 79 168 130 423 288 67 1936. 1,065 161 301 191 66 102 244 248 563 354 105 1937. 1,195 258 350 221 93 125 148 368 619 409 148 1938 1,265 312 346 129 95 112 117 154 460 604 238 176 179 1939. 1,644 523 435 131 99 147 96 213 680 763 261 194 257 1940. 2,005 692 505 132 104 189 99 284 1,017 927 255 198 320 1941 2,180 784 535 134 107 217 102 301 1 198 983 255 203 372 1942. 1,464 426 424 89 72 147 91 215 '792 798 182 146 247 1943 1,147 312 372 67 59 123 86 128 636 809 151 128 228 1944. 1,204 358 388 68 60 122 88 120 744 876 155 139 230 1945 1,462 471 445 76 70 128 93 179 938 978 166 151 228 1945—February. . . 1,187 357 372 66 60 118 86 128 62 56 11 10 16 March 1,221 374 381 68 61 120 87 130 82 94 15 14 22 April 1,224 377 381 68 60 119 87 132 69 70 12 11 18 May 1,243 388 384 69 61 120 87 134 75 78 14 13 20 June 1,268 400 389 70 63 122 88 136 81 82 14 13 21 July 1,280 406 391 70 63 122 88 140 75 76 13 12 18 August 1,282 406 389 70 63 121 88 145 73 71 13 11 18 September. . 1,293 413 387 70 64 120 87 152 72 74 13 12 16 October 1,332 428 395 71 64 121 88 165 88 89 16 14 20 November. . 1,385 448 409 73 67 124 90 174 94 97 15 14 21 December... 1,462 471 445 76 70 128 93 179 101 133 18 16 23 1946—JanuaryP... 1,492 494 446 76 71 127 93 185 104 76 14 14 19 February?.. 1,539 521 452 78 72 128 94 194 105 80 14 14 19 P Preliminary. 1 Revised. See footnotes 3 and 4. 2 These figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of other retail direct loans not shown separately. 3 Estimates for industrial banks and industrial loan companies (formerly shown combined as industrial banking companies) have been revised beginning January 1938. Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 4 Figures beginning January 1944 are revised in accordance with official data compiled by the Federal Deposit Insurance Corporation for Federal credit unions and by the Bureau of Labor Statistics for State credit unions. 5 Includes only loans insured by Federal Housing Administration. 432 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollarsl y E m e n a o d r n t o o h f r ex m T a c o u o lu t t b d o a i i l l - n e , g s D o m t a r o e n a d r p i d e e l t r - s . F s t t u u o r r r n e e i s - H a s a h t p o o n o p u r c l l s d e e i e s - - J s e t w o e re lr s y s o r t e A t o t h r a l e l e i r l s houses 1929 1,197 160 583 265 56 133 1930 1,104 155 539 222 47 141 1931 958 138 454 185 45 136 1932 677 103 313 121 30 110 1933 663 119 299 119 29 97 1934 741 146 314 131 35 115 1935 " 865 186 336 171 40 132 1936 1,147 256 406 255 56 174 1937 1,368 314 469 307 68 210 1938 1,343 302 485 266 70 220 1939 1,525 377 536 273 93 246 1940 1,721 439 599 302 110 271 1941 1,802 466 619 313 120 284 1942 1,009 252 391 130 77 159 1943 639 172 271 29 66 101 1944 635 183 269 13 70 100 1945 676 198 283 14 74 107 1945 Mar 547 162 238 11 50 86 Apr 539 158 237 11 48 85 May 534 154 238 10 48 84 June 531 150 237 11 49 84 July 520 145 235 11 47 82 Aug 510 142 232 11 45 80 Sept 515 144 235 11 44 81 Oct 544 156 247 11 44 86 Nov 586 173 262 12 47 92 Dec 676 198 283 14 74 107 1946 Jan.P 642 189 * 272 14 66 101 Feb.p. . . 630 183 274 14 60 99 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] Retail instalment Year and month Total2 Auto- mobile Outstanding at end of period * 1941—June 202.5 53.5 December.... 196.8 49.3 1942—June 162 4 34.3 December. . .. 125.4 21.4 1943—June 100.2 14 4 December.... 91.8 12l6 1944—January 88.9 12.3 February 87.7 12.0 March 89.1 12.1 April 87^6 12.1 May 88'. 1 12^4 J i'• u "• n t*J e r 89^6 12 5 July 9o!o 12^ August 90.8 13.1 September 91.1 13.1 October 90.8 13.1 November... . 91.2 13.1 December. . .. 92.0 13.0 1945—January 90.8 12 7 February 89.5 12^6 March 91.1 12. 7 April 91.1 12^5 May. 92^6 10 A June 94^6 July 95.1 August 95 1 September.... 95.7 October 97.7 November.. . . 100.9 December.... 104.1 1946—Januarys 105.5 February?.... 107.2 Volume extended during month 5 1945—January....... 15.4 February 14.3 March. 18.0 April 14 9 May 17.1 June 18.0 July 16 2 August 15.8 September.... 16.4 October 19.7 November... . 19.9 December. ... 21.3 1946—January? 18.8 Februaryp.... 18.0 t 3S 3S coooo Automobile Other Repair Per- retail retail, and sonal Year or month Total ch P a u s r e - d D lo ir a e n c s t c d h p a i a r u n e s r d e c - d t e l m r o t n i a o o i n z d n s a - 1 - i l m c n o a s a e s t n n a h s t l- Outstanding at end of period: 1939 1,093 218 164 155 209 347 1940 1,450 311 253 217 247 422 1941 1,694 411 310 288 234 451 1942 845 136 123 143 154 289 1943. 514 55 81 68 89 221 1944 559 57 99 75 83 245 1945 731 65 146 97 121 302 1945—March 573 56 107 76 84 250 April 579 55 109 77 86 252 May 592 55 112 78 89 258 June 609 56 116 79 93 265 July 619 56 118 79 96 270 August 622 57 119 79 100 267 September.. 633 58 122 79 103 271 October. . . . 659 60 128 83 109 279 November.. 694 62 135 90 116 291 December.. 731 65 146 97 121 302 1946—January?.. . 772 70 155 107 125 315 February?.. 807 73 164 110 131 329 Volume extended during month: 1945—March 114 12 24 15 9 54 April 101 9 21 16 10 45 May 110 10 22 18 10 50 June 116 12 24 15 12 53 July 107 11 22 13 11 50 August 108 11 23 15 12 47 September.. 106 12 23 13 12 46 October. . . . 131 13 28 19 15 56 November.. 140 14 29 21 16 60 December. . 147 14 32 24 13 64 Repair Persona' 1946—January?... 157 19 34 27 14 63 paper » and instal- February?.. 154 18 34 24 15 63 modern- ment Other i l z o a a t n io s n l l c o a a s n h s CONSUMER INSTALMENT CREDITS OF INDUSTRIAL LOAN COMPANIES, BY TYPE OF CREDIT [Estimates. In millions of dollars] 18.4 18 2 112 4 Retail instal- Repair Persona 18.8 18^6 110.1 ment paper 3 and instal- 16.3 16.5 95 3 Year and month Total2 modern- ment 1 8 2 .8 8 1 1 5 4 ^ .1 6 6 7 2 5^ 6 9 m A o u b to il - e Other i l z o a a t n io s n l l c o a a s n h s I'.l 14!o 57!5 7.3 13.6 55.7 Outstanding at end 7.1 13.3 55.3 of period 6 7.0 13 0 57.0 104.1 Tiinp 136 7 6^8 12^8 55 9 130 0 6*8 12 8 56! 1 104.7 Time 110 2 6 8 12 9 57 4 84 4 6!8 13^0 57^3 1Q43 Tune 70 3 6.9 13.3 57.5 T~)prpmber 65 8 7.2 13.4 57.4 66 8 7.3 13.5 56.9 December.... 67.1 10.5 3.8 1.1 51.7 7 7 7 7 . . . 5 5 8 6 1 1 1 1 3 3 3 3 . . 4 1 5 1 5 5 5 56 7 7 7 ^ .8 4 4 1 1945— F A M Ja e p a n b r r u i r c l u a h r a y ry 6 6 6 6 6 6 7 6 . . . . 6 3 3 6 1 1 9 9 0 0 . . . . 8 4 0 0 3 3 3 3 . . . . 8 7 5 8 1 1 1 1 . . . . 1 1 2 1 5 5 5 5 1 2 1 2 . . . . 5 6 7 5 7.4 13 1 57 9 May 68.2 9.4 3.6 1.2 54.0 7 7* ^5 5 1 1 3 3 6 3 5 5 7 8 9 8 J J u u l n y e 6 7 9 0 . . 6 0 9 9 . . 6 2 3 3 . . 7 8 1 1. . 3 3 5 5 5 5 . . 3 4 I'.l 14!2 59^9 August 69.3 9.6 3.7 1.3 54.7 7.8 14.6 59.9 September.... 70.4 9.6 3.8 1.4 55.6 12 7 7 9 14.9 59 6 October 71.4 10.0 3.9 1.5 56.0 12!6 8^0 " 15^4 59^7 November... . 73.8 10.6 4.0 1.6 57.6 13.1 8.4 16.2 60.0 December.... 76.7 11.0 4.0 1.5 60.2 13.6 9.0 16.8 61.5 13.8 9.8 17.2 63.3 1946—January? 77.7 11.3 4.0 1.6 60.8 14.3 9.9 18.0 63.3 February?.... 79.6 12.5 4.1 1.6 61.4 14.7 10.1 18.2 64.2 Volume extended during month 5 1945—January 11.7 1.5 0.8 0.1 9.3 2.1 1.4 L.I 10.8 February 11.3 1.9 0.6 0.1 8.7 2.0 1.2 L.I 10.0 March 15.0 2.2 0.9 0.1 11.8 2 2 .6 4 1 1 . 3 1 '3 3 1 1 2 0 .1 8 A M p a r y il 1 1 2 4 . . 5 1 2 2 . . 2 0 0 0 . . 6 7 0 0. . 2 1 1 9 1 . . 6 2 2!4 l!3 :l!5 11^9 June 14.1 2.3 0.6 0.2 11.0 2.4 1.6 L.6 12.4 July 13.4 2.4 0.7 0.2 10.1 2.3 1.4 5 11 0 August 13.1 2.2 0.7 0.2 10.0 2.1 1.3 l!5 10^9 September.... 13.8 2.2 0.7 0.2 10.7 2.2 1.3 1.6 11.3 October 16.0 2.6 1.0 0.2 12.2 2 7 1.7 2.1 13.2 November.... 16.2 2.7 1.1 0.2 12.2 3.0 2.2 1.9 12.8 December.... 17.8 2.7 0.8 0.2 14.1 3.1 2.0 1.6 14.6 3.2 1.7 1.8 12.1 1946—January? 15.7 2.7 0.7 0.1 12.2 3.0 1.7 1.6 11.7 February?.... 15.4 2.6 0.8 0.1 11.9 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. ? Preliminary. 2 For monthly estimates for 1938-1944 see p. 434. a Includes both direct loans and paper purchased. 4 Data by type of credit not available prior to 1941; available only on semi-annual basis prior to 1944. 5 Data by type of credit not available prior to January 1945. 6 Data by type of credit not available prior to December 1944. APRIL 1946 433 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued TOTAL INSTALMENT CREDITS OF INDUSTRIAL BANKS [Estimated amounts. In million of dollars] Amount outstanding, end of month Volume extended during month Month Month 1938 1939 1940 1941 1942 1943 1944 1938 1939 1940 1941 1942 1943 1944 January 163 174 184 191 189 118 89 January 22 27 29 30 26 16 15 February 162 173 184 191 184 112 88 February 21 26 28 28 23 17 16 March 165 175 186 193 179 110 89 March 27 29 33 33 27 22 21 April 165 177 187 196 174 106 88 April 27 30 33 34 23 17 16 May 167 178 190 199 167 101 88 May 27 31 33 35 20 16 18 June 170 181 192 203 162 100 90 June 29 34 32 34 23 19 19 July 171 182 191 205 157 97 90 July 26 30 31 33 21 16 17 August 170 182 190 207 153 95 91 August 26 29 29 31 21 16 18 September 171 183 191 205 147 95 91 September 25 30 28 29 21 18 17 October 169 182 190 203 138 94 91 October 25 30 29 29 19 18 17 November 170 182 190 200 131 92 91 November 27 28 29 27 16 17 17 December 173 185 192 197 125 92 92 December 32 34 32 30 19 18 19 NOTE.—These figures include personal instalment cash loans, retail instalment paper (both loans made directly to consumers and paper purchased from dealers), and repair and modernization loans. Figures beginning January 1945 appear in table on p. 433. TOTAL INSTALMENT CREDITS OF INDUSTRIAL LOAN COMPANIES [Estimated amounts. In millions of dollars] Amount outstanding, end of month Volume extended during month Menth Month 1938 1939 1940 1941 1942 1943 1944 1938 1939 1940 1941 1942 1943 January 110 115 120 128 125 80 64 January. ... 15 18 19 20 17 11 February 109 115 120 128 122 77 65 February 14 17 19 19 15 12 March 111 116 122 130 120 76 66 March.... 18 19 21 23 18 15 April 111 116 122 132 118 74 65 April 18 20 22 23 16 May 112 117 125 135 113 71 65 May 18 21 22 23 14 June 114 119 127 137 110 70 67 June 19 22 21 23 15 July 114 120 126 138 107 68 66 July 18 20 20 22 14 August 113 119 126 138 104 67 66 August 17 19 19 21 14 September 114 120 127 137 99 67 66 September 16 20 18 19 13 October 113 119 127 135 93 66 66 October 17 19 19 19 13 November 113 119 127 132 88 65 66 November 18 19 20 18 11 December 115 121 128 130 84 66 67 December 22 22 22 20 13 ot ot ot ot 1944 11 12 15 12 13 14 13 11 13 12 12 12 13 12 12 13 14 NOTE.—These figures include personal instalment cash loans, retail instalment paper (both loans made directly to consuimers and paper purchased from dealers), and repair and modernization loans. Figures beginning January 1945 appear in table on p. 433. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1 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 c h co ar u g n e ts month month of preceding - 1 F 9 e 4 b 6 . P J 1 a 94 n 6 . D 19 e 4 c 5 . 1 F 9 e 4 b 6 . ? y J 1 a 9 e 4 n a 6 r . D 19 e 4 c 5 . Year and 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 o l i o d a u r n a s e c e s p e - - Je st w o e re lr s y D s m e to p e r a n e r t s t- Net sales: 1945 Total +8 -29 r+14 +49 +41 + 16 January 32 21 35 29 61 +5 -31 +28 +76 +63 +30 February 30 21 32 28 61 Credit sales: March 36 24 36 32 66 Instalment +7 -32 +7 +42 +41 + 12 April 30 22 36 30 61 Charge account +9 -24 '+14 +50 +22 ' + 14 J M un ay e 3 3 2 2 2 2 3 3 4 4 0 3 3 3 3 3 6 6 4 4 Accounts receivable, at July 31 24 42 31 62 end of month: August 33 23 48 31 63 Total + 1 -7 +9 + 10 +5 +4 September 35 23 49 30 63 Instalment +1 -5 + 10 + 11 +8 +6 October 40 27 52 31 66 November 40 27 51 35 67 Collections during December 36 24 48 46 61 month: Total -7 + 10 -2 +23 + 18 + 12 1946 Instalment -7 +4 -1 +24 +24 + 11 January 32 25 52 32 61 February P 30 24 52 31 61 Inventories, end of month, at retail value. +7 +5 -10 + 10 + 11 r+7 P Preliminary. 1 Ratio of collections during month to accounts receivable at begin- *» Preliminary r Revised. ning of month. 434 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities All Year, month, or week m c t o i o e m d s i - - F p u r a c o r t m d s - Foods Total H p l i r e d o a e d t s h u e c a r t n s d p T ro e d x u ti c le ts m F li u a g e t h e l t r i a i n a n g l d s a p n M r d o e d m t u a c e ls t t s al m B a u t i e ld ri i a n l g s c C a a l h s l e l i m a e n d i- d 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 products 1929... 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930.. . 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 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 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937... 86.3 86.4 85 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938. . . 78.6 68.5 73 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939. . . 77.1 65 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86. 74.8 1940... 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88 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 89.7 1943.. . 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 94.9 102 92.2 1944. . . 104.0 123.3 104.9 98.5 116.7 98.4 83.0 103.8 115.5 95.2 104 93.6 1945... 105.8 128.2 106.2 99.7 118.1 100.1 84.0 104.7 117.8 95.2 104.5 94.7 1945—February. . 105.2 127.0 104.7 99.2 117.6 99.7 83.3 104.2 117.0 94.9 104.5 94.6 March 105.3 127.2 104.6 99.2 117.8 99.7 83.4 104.2 117.1 94.9 104.5 94.6 April 105.7 129.0 105.8 99.3 117.9 99.6 83.5 104.2 117.1 94.9 104.5 94.8 May 106.0 129.9 107.0 99.4 117.9 99.6 83.7 104.3 117.3 94.9 104.5 94.8 June 106.1 130.4 107.5 99.6 118.0 99.6 83.9 104.7 117.4 95.0 104.5 94.8 July 105.9 129.0 106.9 99.7 118.0 99.6 84.3 104.7 117.5 95.3 104.5 94.8 August.... 105.7 126.9 106.4 99.9 118.0 99.6 84.8 104.7 117.8 95.3 104.5 94.8 September. 105.2 124.3 104.9 99.8 118.7 100.1 84.1 104.9 118.0 95.3 104.6 94.8 October 105.9 127.3 105.7 100.1 118.6 101.0 84.2 105.0 118.3 95.5 104. 94.8 November. 106.8 131.1 107.9 100.2 118.8 101.1 84.6 105.2 118.7 95.7 104. 94.8 December.. 107.1 131.5 108.6 100.5 118.9 101.4 84.8 105.6 119.5 96.1 104. 94.8 1946—January... 107.1 129.9 107.3 100.8 119.4 101.6 84.9 105.7 120.0 96.0 106. 95.3 February.. 107.7 130.8 107.8 101.3 119.6 102.2 85.1 106.6 120.9 95.9 106.5 95.6 Week ending: 1945—Nov. 17. .. 106.3 130.3 107.2 100.3 119.1 100.5 84.6 105.3 118.6 95.6 106.4 94.6 Nov. 24. .. 106.7 132.1 108.7 100.3 119.1 100.5 84.6 105.3 118.7 95.6 106.4 94.6 Dec. 1... 106.8 132.0 108.5 100.4 119.4 100.6 85.1 105.3 118.7 96.1 106.4 94.6 Dec. 8... 106.5 130.3 108.1 100.5 119.4 100.6 85.2 105.3 118.7 96.1 106.4 94.6 Dec. 15. .. 106.7 131.3 108.3 100.5 119.4 100.6 85.2 105. 118.8 96.1 106 95.0 Dec. 22... 106.8 131.5 108.6 100.5 119.4 100.6 85.2 105 118.8 96.1 106 95.0 Dec. .29. .. 107.0 132.7 109.5 100.6 119.4 100.6 85.3 105 118.9 96.1 106 95.0 1946—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 85.5 105.4 119.2 96.1 106.4 95.0 Jan. 19.. . 106.7 129.3 107.3 100.8 119.4 101.1 85.5 105.4 119.8 96.1 106.6 95.0 Jan. 26... 106.8 129.9 106.8 100.9 119.4 101.1 85.4 105.8 119.9 96.0 106.6 95.0 Feb. 2. 106.8 129.7 106.7 100.9 119.8 101. 85.4 105.8 119.9 96.0 106.8 95.0 Feb. ^9. 107.1 130.4 107.1 101 120.0 101. 85.8 105.8 119.9 96.0 106.8 95.3 Feb. 16. 107.2 131.0 108.0 101.1 120.1 101. 85.7 105.8 120.0 95.9 106.8 95.4 Feb. 23... 107.4 131.1 108.3 101.1 120.1 101. 85.6 105.8 120.2 96.0 108.0 95.4 Mar. 2. . . 107.6 130.7 107.9 101.5 120.1 101. 85.4 107.8 121.0 96.0 108.0 95.4 Mar. 9. . . 108.2 133.9 109.2 101.6 120.1 101.9 85.4 107.8 121.1 96.0 108.3 95.4 Mar. 16... 108.4 133.1 109.5 101.9 120.1 101.9 85.4 107.7 123.3 96.0 108.4 95.4 Mar. 23. . . 108.4 132.9 109.4 102.0 120.1 102.4 85.4 107.9 123.6 96.0 108.4 95.4 1945 1946 1945 1946 Subgroups Subgroups Feb. Nov. Dec Jan. Feb. Feb. Nov. Dec. Jan. Feb, Farm Products: Metals and Metal Products: Grains 129.8 132.9 133.2 133.8 133.9 Agricultural implements... 97.5 98.1 98.1 98.1 98.1 Livestock and poultry 133.8 131.8 129.6 131.5 132.7 Farm machinery 98.7 99.1 99.1 99.1 99.2 Other farm products 121.4 129.3 131.3 126.9 127.9 Iron and steel 98.0 100.2 101.0 101.2 103.3 Foods: Motor vehicles 112.8 112.8 112.8 112.8 112.8 Dairy products 110.8 113.2 113.8 115.0 115.8 Nonferrous metals 85.9 85.8 85.8 85.7 85.7 Cereal products 94.9 95.5 95.7 95.8 96.1 Plumbing and heating 92.4 95.0 95.0 95.0 95.1 Fruits and vegetables 118.1 123.8 128.7 125.7 127.5 Building Materials: Meats 106.5 107.9 107.9 108.1 108.1 Brick and tile 110.5 116.7 116.7 116.9 116.9 Other foods 95.1 100.7 100.6 96.2 96.5 Cement 99.0 100.1 100.5 101.0 101.5 Hides and Leather Products: Lumber 154.4 155.5 157.8 158.5 160.1 Shoes 126.3 126.7 126.8 127.9 128.2 Paint and paint materials.; 106.4 107.7 107.8 107.8 107.8 Hides and skins 115.4 117.6 117.6 117.6 117.6 Plumbing and heating 92.4 95.0 95.0 95.0 95.1 Leather 101.3 103.8 104.1 103.8 103.9 Structural steel 107.3 107.3 107.3 107.3 113.7 Other leather products 115.2 115.2 115.2 115.2 115.2 Other building materials... 103.6 105.4 105.9 106.6 107.2 Textile Products: Chemicals and Allied Products: Clothing 107.4 107.4 107.4 107.4 109.4 Chemicals 95.8 96.7 97.1 97.1 97.0 Cotton goods 119.9 125.1 125.5 125.6 125.8 Drugs and Pharmaceuticals 106.9 110.7 112.3 112.1 111.5 Hosiery and underwear 71.5 71.5 73.5 75.2 75.3 Fertilizer materials 81.9 81.9 81.9 81.9 81.9 Silk Mixed fertilizers 86.6 86.6 86.6 86.6 86.6 Rayon 30.2 30.2 30.2 30.2 30.2 Oils and fats 102.0 102.0 102.0 101.7 101.8 Woolen and worsted goods.. . 112.7 112.7 112.7 112.7 112.7 House furnishing Goods: Other textile products 100.9 101.9 101.9 101.9 102.0 Furnishings 107.5 107.9 107.9 109.7 110.1 Fuel and Lighting Materials: Furniture 101.5 101.6 101.6 102.8 102.9 Anthracite 95.3 102.2 103.4 103.9 104.0 Miscellaneous: Bituminous coal 120.5 124.8 125.0 125.1 125.1 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 130.7 134.9 134.9 134.9 134.9 Cattle feed 159.6 159.6 159.6 159.6 159.6 Electricity 61.1 68.0 68.7 Paper and pulp 108.0 109.3 109.3 112.0 113.7 Gas 76.9 79.1 77.7 77.4 Rubber, crude 46.2 46.2 46.2 46.2 46.2 Petroleum products 64.3 61.7 61.6 61.5 61.6 Other miscellaneous 98.9 98.9 98.9 98.9 98.9 Back figures.—Bureau of Labor Statistics, Department of Labor. APRIL 1946 435 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 1945 by quarters Seasonally adjusted Unadjusted annual rates 1937 1938 1939 1940 1941 1942 1944 1945 Gross national product. 87.7 80.6 88.6 97.1 120.2 152.3 187.4 197.6 197.3 49.8 51.8 48.7 47.0 204.5 206.3 195.7 182.8 Government expenditures for goods and services 13.6 14.4 16.0 16.7 26.5 62.7 93.5 97.1 83.0 24.0 25.1 19.5 14.5 95.6 99.2 79.5 57.7 Federal Government 6.1 6.8 7.9 8.8 18.6 55.3 86.2 89.5 75.1 21.9 23 A 17.7 12.4 87.8 91.3 71.6 49.8 War 1.4 2.8 13.3 50.3 81.3 83.7 69.0 20.5 21.3 16.3 10.8 82.2 85.3 65.2 43.3 Nonwar 6.5 6.1 5.3 5.0 4.9 5.7 6.1 1.4 1.7 1.4 1.6 5.6 6.0 6.4 6.5 State and local governments 7.5 7.6 8.1 7.9 7.9 7.4 7.4 7.7 7.9 2.0 2.0 1.7 2.1 7.8 7.8 7.9 8.0 Private gross capital formation. 11.6 7.7 10.9 14.8 19.1 7.6 2.5 2.0 9.4 1.2 1.6 3.5 3.1 3.9 7.1 12.5 14.2 Construction 3.7 3.3 3.6 4.3 5.3 2.9 1.6 1.6 2.7 0.4 0.6 0.8 1.0 1.8 C2.3 2.9 3.7 Residential 2.0 2.4 2.8 1.3 0.6 0.5 0.8 0.1 0.1 0.2 0.3 Other 1.6 2.0 2.5 1.6 1.0 1.1 1.9 0.3 0.4 0.5 0.6 Producers durable equipment 6.3 4.5 5.5 6.9 8.9 5.1 3.1 4.0 6.4 1.3 1.5 1.8 1.8 5.2 6.1 7.0 7.2 Net change in business inventories 1.1 -1.3 0.9 1.8 3.5 -0.5 -0.6 -1.7 C1) 0) -0.2 0.4 -0.2 -1.3 -0.2 0.2 1.6 Net exports of goods and services 0.1 1.1 0.8 1.5 1.2 C1) -1.5 -1.8 0.4 -0.4 -0.2 0.6 0.5 -1.7 -1.0 2.5 1.9 Net exports and monetary use of gold and silver.... 0.4 0.1 0.2 0.3 0.2 o.i C1) -0.1 -0. 0) 0) (*) -0.1 0.1 -0.1 -0.1 Consumer goods and services.. . 62.5 58.5 61.7 65.7 74.6 82.0 91.3 98.5 '04. 24.7 25.0 25.7 29.5 105.0 100.0 103 7 110.9 Durable goods 7.6 6.0 6.4 7.4 9.1 6.3 6.6 6.7 7.4 1.5 1.7 1.7 2.5 7.2 6.7 7.1 8.4 N Se o r n v d ic u e r s able goods 54.9 J52.5 3 2 2 2 . . 6 7 3 2 4 3 . . 4 9 4 2 0 5 . . 1 4 4 2 7 7 . . 9 8 5 2 5 9 . . 1 7 6 31 0 . . 8 0 6 3 4 3 . . 4 1 1 8 5 . . 2 0 1 8 4 . . 4 9 1 8 5 . . 3 7 1 8 8 . . 2 8 6 3 5 2 . . 2 6 5 33 9 . . 7 5 3 6 3 3 . . 3 3 3 6 3 9. . 5 0 Gross national product 87.7 80.6 88.6 97.1 120.2 152.3 187.4 197.6 197.3 49.8 51.8 48.7 47.0204.5206.3 195.7 182.8 Deductions: Business tax and nontax liabilities 9.0 8.3 10.4 18.5 23.1 27.4 29.7 28.6 7.3 7.5 7.3 6.5 Depreciation and depletion. 6.1 6.2 6.2 6.4 7.0 7.6 8.0 8.2 8.2 2.0 2.0 2.0 2.0 Other business reserves.... 1.0 0. 0.8 0.7 0.8 0.6 0.5 0.5 0.5 0.1 0.1 0.1 0.1 Capital outlay charged to current expense 0.8 0.5 0.9 1.3 1.1 0.8 0.9 1.1 0.2 0.2 0.3 0.3 Adjustments: For inventory revaluation -0.7 +0.9 -0.4 -0.4 -3.2 -2.1 -0. -0.1 V) 0) C1) Nation F a o l r i d n i c s o cr m ep e ancies 7 0 1.5 64 0 7 0 0.8 - 7 0 7 . . 4 6 - 9 1 6 . . 1 9 1 - 2 0 2 .2 .2 14 1 9 . .4 1 - 6 2 0 .2 .7 1 - 6 2 1 . .0 - 4 0 0 . . 8 9 4 0 1 . . 6 3 - 3 0 9 . . 8 8 _ 3 (1 9 ) .0 167.6 166.2158.4150.7 Additions: Transfer payments 1.7 2.4 2.4 2.6 2.5 2.7 3.2 5.3 8.1 1.5 1.7 1.9 3.0 Deductions: Corporate savings -0.8 -1. 0.4 1.8 4.0 4.4 5.5 5.4 4.5 1.6 1.5 1.1 0. Contributions to social insurance funds 1.9 2.0 2. 2.6 3.2 3.8 3.9 3.8 1 1.0 0.9 0.9 Income payments to individuals 72.3 66.2 70.8 76. 92. 117.3 143.1 156.8160. 39.8 40.4 39. 40.9 163.7 163.2158.6 156.9 Income payments to individuals 72.3 66.2 70.8 76. 92. 117.3 143.1 156.8 160. 39.8 40.4 39. 40.9 163.7 163.2 158.6 156.9 Personal taxes and nontax payments 3.1 3 3.1 3.3 4.0 6.7 18.6 19.4 21.0 8.7 4.9 3.8 3. 22.1 21.7 20.6 19.7 Federal 1.4 1.6 1.3 1.4 2.0 4.7 16.6 17.4 18.9 8.1 4.3 3.5 3.0 20.0 19.5 18.5 17.6 State and local 1 1 1.9 1 2.0 2.0 2.0 2.1 2.1 0.6 0.6 0.3 0.6 2.1 2.1 2.1 2.1 Disposable income of individuals 69. 62.9 67.7 72.9 88. 110.6 124.6 137.4 139 31.1 35.5 35.9 37. 141. .6138.0 137.3 Consumer expenditures... 62.5 58.5 61. 65. 74.6 82.0 91.3 98.5 104.9 24. 25.0 25.7 29. 105.0100.0 103.7 110.9 Net savings of individuals. . 6. 4.4 6.0 7.3 14. 28.6 33.3 38.9 34.9 6.4 10.5 10.2 7. 36.7 41.6 34.3 26.4 National income 71.5 64.2 70.8 77.6 96.9 122.2 149.4 160 161.0 41.3 39.8 167.6 166.2 158.4150.7 Total compensation of employees 48.3 45.1 48. 52.3 64.5 84.1 106 116.0 114.5 29.8 28. 119.6 118. 113.0 105.7 Salaries and wages 45.0 41.2 44. 48.6 60.8 80.8 103.1 112.8 111.4 29.0 27.5 116.4 115. 110.0 102.7 Supplements 3.3 3.9 3.8 3. 3. 3.3 3 3. 3.1 0.8 0.8 3.2 3. 3.0 2.9 Net income of proprietors 11.9 10.1 11. 12.0 15.8 20.6 23 24. 25.6 5.8 6.6 26.3 25. 25 26.0 Agricultural 5.1 4.0 4.3 4.4 6.3 9. 11 11.8 12.5 2.6 3 13.3 13. 12 12.1 Nonagricultural 6.8 6.1 6.9 7.6 9.6 10.9 11.6 12.3 13.1 3. 3 13.0 12. 12 13.9 Interest and net rents 7.4 7 7.4 7.5 8.0 8.8 9 10.6 11.8 3. 2.8 11.4 11. 11.9 12.2 Net corporate profit 3.9 1 4. 5.8 8.5 8. 9.8 9.9 9.0 2.6 2 10.4 10. 8.4 6.8 Dividends 4. 3 3.8 4.0 4.5 4.3 4.3 4.5 4 1.1 1.0 Savings -0.8 -1.5 0.4 1.8 4.0 4.4 5 5 4 1 1 1 Less than 50 million dollars. c Corrected. NOTE.—Detail does not always add to totals because of rounding. For a general description of above series see the Survey of Current Business, for May and August 1942, and March 1943. Back figures: For annual totals 1929 through 1936, see the Survey of Current Business, May 1942 and April 1944. For quarterly estimates 1929 through 1944, see the Survey of Current Business for April 1944 and February 1946. 436 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* ON BANK CREDIT, MONEY RATES, AND BUSINESS 1945 1946 Chart Chart book book page F 2 e 0 b. F 2 e 7 b. Mar. M 1 a 3 r. Mar. page Dec. Jan. Feb.* WEEKLY FIGURES* In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit, total 2 23.79 23.68 23.30 23.42 33.48 Reserve Bank credit 6 24.74 24.30 23.93 U. S. Govt. securities, total 3 23.02 22.97 22.53 22.39 22.59 Gold stock 6 20.05 20.11 20.20 Bills 3 13.10 13.11 13.18 13.34 13.63 Money in circulation 6 28.45 28.16 27.94 Certificates 3 7.59 7.55 7.03 6.74 6.70 Treasury cash 6 2.27 2.26 2.31 Notes 3 1.38 1.37 1.37 1.37 1.35 Treasury deposits 6 .62 .65 .86 Bonds 3 .95 .95 .95 .95 .90 Member bank reserves, total... 6,7 16.03 15.92 15.68 Discounts and advances 2 .35 .38 .44 .71 .48 Central reserve city banks. .. 13 5.06 4.97 4.94 Gold stock 2 20.23 20.23 20.23 20.23 20.23 Reserve city banks 13 6.39 6.36 6.24 Money in circulation 2 27.96 '27.94 27.96 27.95 27.89 Country banks 13 4.58 4.59 4.51 Treasury cash 2 2.32 2.32 2.28 2.26 2.27 Required reserves, total 7 14.53 14.61 14.55 Treasury deposits 2 .94 .83 .61 .50 .77 Central reserve city banks. :. 13 4.99 4.96 4.91 Member bank reserves 2, 4 15.49 15.56 15.44 15.66 15.48 Reserve city banks 13 5.98 6.02 5.97 Required reserves 14.54 14.52 P14.54P14.54P14.60 Country banks 13 3.56 3.63 3.67 Excess reserves* 4 .95 1.04 P.90 PI.12 Excess reserves, total 7 1.50 1.31 1.13 Excess reserves (weekly average), total* 5 1.11 Pi.14 Pi.10 Pi.11 Balances due from banks: New York City 5 .03 .02 .01 .01 .01 Reserve city banks 13 2.07 2.07 1.92 Chicago 5 .01 .01 .01 .01 .01 Country banks 13 4.53 4.54 4.19 Reserve city banks 5 .27 .26 .25 .25 Money in circulation, total 28.51 27.92 27.95 Country banks * 5 .81 P. 86 P.84 P. 84 Bills of $50 and over 7.84 7.79 7.82 $10 and $20 bills 15.98 15.59 15.61 Coins, $1, $2 and $5 bills 4.70 4.53 4.53 MEMBER BANKS IN LEADING CITIES ALL BANKS IN U. S. Total—101 cities: Loans and investments 68.18 68.15 67.69 67.75 66.30 Total deposits and currency.... 9 P175.OOP176.40P176.90 U. S. Govt. obligations. 49.59 49.52 49.22 49.09 47.46 Demand deposits 9 P75.10 P76.50 P76.00 Demand deposits adjusted 37.69 37.61 37.39 37.68 37.44 Time deposits 9 P48.50 P49.10 P49.70 U. S. Govt. deposits 16.43 16.53 15.89 15.61 14.51 Currency outside banks 9 P26.80 P26.20 P26.20 Loans 15.18 15.18 15.04 15.22 15.41 U. S. Govt. deposits 9 P24.60 P24.6Q P25.00 New York City: Loans and investments 23.66 23.72 23.51 23.64 22.84 CONSUMER CREDIT U. S. Govt. obligations, total 16.23 16.23 16.20 16.16 15.21 Bonds 9.50 9.49 9.48 9.43 9.30 Consumer credit, total 18 6.73 P6.51 P6.56 Certificates 3.59 3.60 3.63 3.69 3.35 Single payment loans 18 1.62 Pl.66 Pl.67 Notes and guar. securities 2.76 2.77 2.81 2.82 2.37 Charge accounts 18 1.98 Pl.70 PI.69 Bills .38 .37 .28 .21 .19 Service credit 18 .77 P. 78 p.79 Demand deposits adjusted 13.57 13.64 13.49 13.46 13.39 Instalment credit, total 18, 19 2.37 P2.37 P2.41 U. S. Govt. deposits 6.27 6.28 6.02 5.94 5.48 Instalment loans 19 1.46 Pi. 49 Pl.54 Interbank deposits 4.23 4.18 4.22 4.19 4.11 Instalment sale credit, total. 19 .90 '.88 p.88 Time deposits 1.16 1.17 1.16 1.16 1.16 Automobile 19 .23 P. 24 P. -25 Loans, total 6.34 6.37 6.21 6.39 6.54 Other 19 .68 P.64 P.63 Commercial 2.92 2.93 2.98 2.99 2.99 For purchasing securities: TREASURY FINANCE Brokers'—on U. S. Govts 1.25 1.35 1.18 1.34 1.50 Brokers'—on other securities... .52 .51 .50 .51 .54 U. S. Govt. obligations outstand- To others 1.04 .98 .95 .93 .90 ing, total interest-bearing. . 20 276.25 278.00 278.45 All other .62 .59 .61 .61 .63 By classes of securities: 100 cities outside New York: Bonds (marketable issues).. 20 120.42 121.36 121.63 Loans and investments 44.52 44.43 44.18 44.11 43.46 Notes, cert., and bills 20 78.16 78.10 78.00 U. S. Govt. obligations, total 33.36 33.29 33.02 32.93 32.25 Savings bonds and tax notes 20 56.91 57.17 57.21 Bonds 17.72 17.74 17.74 17.80 17.72 Special issues 20 20.00 20.65 20.90 Certificates 9.30 9.26 9.04 8.99 8.92 By maturities: Notes and guar. securities 5.20 5.14 5.11 5.09 4.79 5 years and over 20 109.70 110.63 110.91 Bills 1.14 1.15 1.13 1.06 .82 5-20 years 20 67.17 67.28 67.33 Demand deposits adjusted 24.12 23.97 23.90 24.22 24.05 5-10 years... 20 46.59 46.59 46.59 U. S. Govt. deposits 10.17 10.25 9.87 9.68 9.03 Within 5 years 20 89.08 89.00 88.90 Interbank deposits 7.09 7.09 7.13 7.08 6.85 Within 1 year 20 68.57 68.51 70.26 Time deposits 8.45 8.48 8.52 8.53 8.53 Certificates 20 38.16 41.50 41.41 Loans, total 8.84 8.81 8.83 8.84 8.87 Bills 20 17.04 17.04 17.03 Commercial 4.47 4.45 4.48 4.49 4.51 Holdings of U. S. Govt. obliga- For purchasing securities 2.05 2.02 2.00 2.00 2.00 tions: All other 2.33 2.34 2.34 2.34 2.36 Commercial banks 21 90.00 91.80 Fed. agencies and trust funds. 21 27.04 27.70 27.96 MONEY RATES, ETC. Per cent per annum F M e u d t e u r a a l l s R a e v s i e n r g v s e b B a a n n k k s s 2 2 1 1 2 1 4 0 . . 2 7 6 0 2 1 3 0 . . 2 9 6 0 22.90 Insurance companies 21 24.10 24.70 Treasury bills (new issues) 24 .375 .375 .375 .375 .375 Other investors, total 21 100.10 99.60 Treasury notes (taxable) 24 1.00 .99 .97 .97 .99 Marketable issues 21 45.30 44.50 Treasury bonds (taxable) 24, 26 2.10 2.10 2.10 2.09 2.09 High-grade corporate bonds (5 issues). 26 2.36 2.36 2.36 2.34 2.35 C Co o r r p p o o r r a a t t e e A Ba a a a b b o o n n d d s s 2 2 6 6 2 2. . 9 4 4 8 2 2. .9 4 4 8 2 2. . 9 4 4 8 2 2 . . 4 9 7 4 2 2 . . 4 9 7 5 Per cent per annum MONEY RATES, ETC. In unit indicated Corporate Aaa bonds 23 2.61 2.54 2.48 F. R. Bank discount rate (N. Y.) 23 ,50 .50 .50 Stock prices (1935-39 = 100). total.... 27 141 139 140 139 143 Treasury bills (new issues) 23 .375 .375 .375 Industrial 27 143 141 142 141 146 Railroad 27 154 154 152 150 155 Public utility 27 122 122 122 121 124 In unit indicated Volume of trading (mill, shares) 27 1.90 1.66 .97 1.10 1.18 Stock prices (1935-39 =100): BUSINESS CONDITIONS Total 27 140 145 143 Industrial 27 142 148 146 Steel production (% of capacity) 3 15.2 58.6 76.7 83.6 88.9 Railroad 27 157 164 160 Electric power prod. (mill. kw. hrs.). . 37 3,923 4,000 3,953 3,988 4,017 Public utility.. 27 120 124 124 Freight carloadings (thous. cars) 45 723 782 786 800 805 Volume of trading (mill, shares). 27 1.63 2.18 1.78 Department store sales (1935-39 = 100) 45 213 217 234 233 255 Brokers' balances (mill, dollars): Wholesale prices (1926 = 100), total... 49 107.4 107.6 17.2 108.2 108.4 Credit extended customers... 29 1,138 1,168 1,048 Farm products 49 131.1 130.7 133.9 133.1 132.9 Money borrowed 29 795 734 645 Other than farm and food 49 101.1 101.5 101.6 101.9 102.0 Customers' free credit balances 29 654 727 760 For footnotes see page 438. APRIL 1946 437 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart 1945 1946 Chart 1945 book book page Dec. Jan. Feb. page Dec. Jan. Feb. MONTHLY FIGURES—Cont. In unit indicated MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS BUSINESS CONDITIONS—Cont. Income payments (mill, dollars):3 Wholesale prices (1926 = 100): Total 30 13,105P12,964 Total 49 107.1 107.1 107.7 Salaries and wages 30 8,403 P8,186 Farm products 49 131.5 129.9 130.8 Other 30 4,702 P4,778 Other than farm and food 49 100.5 100.8 101.3 Cash farm income (mill, dollars): Total 31 1,802 P1,537 Livestock and products 31 956 878 1945 1946 Crops 31 830 659 Govt. payments 31 16 July- Oct.- Jan.- Armed forces (mill, persons) 32 7.9 6.2 5.2 QUARTERLY FIGURES Sept. Dec. Mar. Civilian labor force (mill, persons): To M ta a l le ..3 3 2 3 3 5 6 3 . . 1 3 3 5 7 3 . . 6 7 5 38 4 . . 3 3 MONEY RATES Per cent per annum Female. . ., 33 17.2 16.2 16.0 Bank rates on customer loans: Unemployment 32 2.0 2.3 2.7 Total, 19 cities 2.45 2.09 Employment 32 51.4 51.4 51.7 New York City 2.05 1.71 1.75 Nonagricultural 33 44.2 44.7 44.7 Other Northern and Eastern cities. 2.53 2.23 Agricultural 33 7.2 6.8 7.0 Southern and Western cities 2.81 2.38 Industrial production:3 Total (1935-39 = 100) 35 163 160 P154 Groups (points in total index): SECURITY MARKETS In millions of dollars Durable manufactures 35 70.1 63.3 P54.7 Corporate security issues: Nondurable manufactures 35 73.0 75.5 P77.4 Net proceeds: Minerals 35 20.2 21.3 P21.6 All issues 28 2,139 1,636 New orders, shipments, and inventories Industrial 28 831 433 (1939 = 100): Railroad 28 459 315 New orders: Public utility 28 786 807 Total 36 181 P183 New money: Durable 36 170 P175 All issues 28 369 272 Shipments: Industrial 28 313 157 Total 36 195 P185 Railroad 28 26 46 Durable 36 196 P170 Public utility 28 5 41 Nondurable 36 194 P196 Inventories: Total 36 165 P166 1945 Durable 36 172 P173 Nondurable 36 158 P160 Mar. June Dec. Factory employment and pay rolls (1939 20 30 31 = 100): P E a m y p r lo ol y ls m ent 3 3 8 8 2 1 1 2 5 1 . . 3 6 2 1 1 2 7 3 . . 2 0 piis.o CALL DATE FIGURES In billions of dollars Hours and earnings at factories: ALL MEMBER BANKS Weekly earnings (dollars) 39 ••41.40 41.27 Loans and investments, total 10 90.52 99.43 107.18 Hourly earnings (cents) 39 '99.6 100.4 U. S. Govt. obligations, total 10 67.92 73.24 78.34 Hours worked (per week) 39 41.6 41.1 Bonds 11 (4) 40.27 44.79 Nonagricultural employment (mill, persons) :3 Certificates 11 (4) 15.58 16.98 Total 40 35.6 36.4 P36.1 Notes 11 (4) 14.72 14.27 Manufacturing and mining 40 12.7 12.9 P12.5 Bills 11 (4) 2.63 2.27 Trade 40 7.3 7.7 P7.7 Guaranteed obligations 11 (4) .03 .02 Government 40 5.7 5.5 P5.5 Other securities, total 10 5.39 5.60 6.07 Transportation and utilities 40 3.9 4.0 P4.0 State and local government obliga- Construction 40 1.1 1.2 Pi.3 tions 11 2.99 3.10 3.25 Construction contracts (3 mo. moving Other securities 11 2.40 2.50 2.82 average, mill, dollars):3 Loans, total 10 17.22 20.59 22.78 Total 41 443 440 P447 Commercial 11 (4) 7.10 8.95 Residential 48 104 112 P117 Real estate 11 (4) 3.25 3.46 Other 41 339 328 P331 Brokers' 11 (4) 2.53 2.45 Residential contracts (mill, dollars) :3 Agricultural 11 (4) 1.13 .86 Total 42 107 C126 137 Demand deposits adjusted 10 61.17 59.13 64.18 Public 42 11 2 1 Private, total 42 96 C124 136 CLASSES OF BANKS 1- and 2-family dwellings 42 82 c 102 109 Other 42 14 22 27 Central reserve city banks: Freight carloadings:3 Loans and investments, total , . 12 27.95 31.49 32.07 Total (1935-39 = 100) 43 127 133 126 U. S. Govt. obligations 12 20.41 21.62 21.79 Groups (points in total index): Other securities 12 1.47 1.55 1.62 Miscellaneous 43 71.5 73.5 66.0 Loans 12 6.07 8.32 8.67 Coal 43 28.3 31.6 32.4 Demand deposits adjusted 12 18.60 17.80 18.22 All other 43 26.8 27.5 27.5 Time deposits 12 1.73 1.79 1.97 Department stores (1935-39 = 100) :3 Reserve city banks: Sales 44 216 '228 255 Loans and investments, total 12 33.45 36.57 40.11 Stocks 44 141 156 159 U. S. Govt. obligations 12 25.30 27.52 29.55 Exports and imports (mill, dollars): Other securities 12 1.80 1.89 2.04 Exports 46 P7$6 P800 Loans 12 6.35 7.15 8.51 Excluding Lend-Lease exports 46 P549 P669 Demand deposits adjusted 12 21.74 20.68 22.37 Imports 46 P297 P398 Time deposits 12 8.28 8.76 9.79 Excess of exports excluding Lend-Lease Country banks: exports 46 P252 P27O Loans and investments, total 13 29.13 31.37 35.00 Cost of living (1935-39 = 100): U. S. Govt. obligations 13 22.20 24.09 27.00 All items 47 129.9 129.9 129.4 Other securities 13 2.12 2.16 2.41 Food 47 141.4 141.0 139.6 Loans 13 4.81 5.11 5.60 Clothing 47 149.4 149.5 149.9 Demand deposits adjusted 13 20.84 20.66 23.60 Rent 47 108.3 Time deposits 13 10.54 11.26 12.51 • Estimated. P Preliminary. r Revised. c Corrected. 1 Figures for other tha'n Wednesday dates are shown under the Wednesday included in the weekly period. 2 For charts on pages 20, 23, 24, 26, and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series. 3 Adjusted for seasonal variation. 4 Figures available for June and December dates only. * Copies of the Chart Book may be obtained at a price of 50 cents each. 438 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial banks x Mutual savings Non- A re l - l Member banks Nonmember banks x banks re b p a o n rt k i s ng banks i Total Total2 ti N on a- al State 2 Total su In re - d in N su o r n e - d x su I r n e - d 2 in N su o r n e - d ( n n o o n n i m ns e u m re b d e ) r Banks (Head Offices) Dec. 31, 1942 14,682 14,136 6,679 5,081 1,598 7,460 6,667 793 56 490 130 Dec. 31, 1943 14,579 14,034 6,738 5,040 1,698 7,299 6,535 764 184 361 119 Dec. 31, 1944 14,535 13,992 6,814 5,025 1,789 7,181 6,452 729 192 351 120 Dec 31 1945 14 553 14,011 6,884 5,017 1,867 7,130 6,416 714 192 350 112 Feb. 28, 1946? 14 558 14,017 6,888 5,018 1,870 7,132 6,425 707 191 350 112 Branches and Additional Offices 3 Dec. 31, 1942 3,739 3,602 2,615 1,592 1,023 987 935 52 35 102 Dec 31 1943 3 933 3,797 2,793 1,741 1,052 1,004 952 52 95 41 Dec. 31, 1944 4,064 3,924 2,892 1,813 1,079 1,032 978 54 99 41 Dec 31 1945' 4 090 3,947 2,910 1,811 1,099 1,037 981 56 101 42 Feb. 28,1946P 4,076 3,933 2,900 1,795 1,105 1,033 977 56 101 42 P Preliminary. 1 Excludes banks (shown in last column) that do not report to State banking departments, principally as follows on the latest date: 11 "cooperative" banks in Arkansas and 99 unincorporated (private) banks in Georgia, Iowa, Michigan, and Texas. 2 The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks. These banks are not included in the total for "Commercial banks" and are included only once in "All reporting banks." 3 Includes all branches and other additional offices at which deposits are received, checks paid, or money lent. Includes offices at military reservations, consisting mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government; the number of such offices on the above dates was 40, 233, 308, 241, and 217, respectively. NOTE.—Prior to February 1946, statistics on number of banking offices were published quarterly. For back figures, see Banning and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. NUMBER OF BANKS CLASSIFIED ACCORDING TO FEDERAL RESERVE PAR LIST STATUS, BY DISTRICTS AND STATES On par list On par list Not Not Federal Reserve on on district or State Total» Mem- Non- par State Total i Mem- Non- par Total ber member list Total ber member list banks banks banks banks United States total: Michigan 443 442 230 212 1 Dec. 31, 1942. . . . 14,132 11,422 6,679 4,743 Minnesota 674 257 210 47 417 Dec. 31, 1943 14,030 11,501 6,738 4,763 2,529 Mississippi 203 33 29 4 170 Dec. 31, 1944. . . 1.3,997 11,552 6,814 4,738 2,445 Missouri 591 517 183 334 74 Dec. 31, 1945. . . 1.4,009 11,876 6,884 4,992 2,133 Montana 111 107 78 29 4 Feb. 28, 1946P. . .14,016 11,896 6,888 5,008 2,120 Nebraska 410 407 146 261 Nevada 8 8 6 2 By districts and New Hampshire 65 65 53 12 by States New Jersey.... 346 346 295 51 February 28, 1946 P New Mexico. . . 41 41 27 14 Boston 493 493 339 154 New York 676 676 584 92 New York 949 949 809 140 North Carolina. 204 84 55 29 120 Philadelphia 851 851 647 204 North Dakota.. 150 45 42 3 105 Cleveland 1,178 1,178 721 457 Ohio 678 678 424 254 Oklahoma 380 369 217 152 Richmond 1,007 766 473 293 241 Atlanta 1,121 491 326 165 630 Oregon 70 70 33 37 Chicago 2,462 2,403 1,000 1,403 59 Pennsylvania... 1,020 1,020 770 250 St. Louis 1,463 1,099 492 607 364 Rhode Island. . 21 21 11 10 South Carolina. 144 43 28 15 101 Minneapolis 1,271 587 472 115 684 South Dakota.. 166 66 60 6 100 Kansas City 1,746 1,731 751 980 15 Dallas 972 853 587 266 Tennessee. . . . 293 186 82 104 107 San Francisco. . . . 503 495 271 224 Texas 862 795 545 250 67 Utah 57 57 34 23 Vermont 71 71 40 31 Virginia 314 297 197 100 Alabama 217 99 83 16 118 Arizona 11 11 6 5 Washington... . 121 113 54 59 Arkansas 226 96 66 30 130 West Virginia. . 179 176 108 68 3 California 193 193 113 80 Wisconsin 557 441 168 273 116 Colorado 138 138 92 46 Wyoming 56 56 38 18 Connecticut 116 116 64 52 Delaware 40 40 17 23 P Preliminary. Dist. of Columbia. 21 21 18 3 1 Total represents the number of banks on which checks are drawn, Florida 166 100 67 33 66 with the following exceptions: it includes member mutual savings banks Georgia 360 83 59 24 277 and member nondeposit trust companies on which no checks are drawn (three and four, respectively, on the latest date) and it excludes Idaho 46 46 26 20 nonmember mutual savings banks on a few of which some checks are Illinois 853 851 491 360 2 drawn. Indiana 491 491 238 253 The total differs from total commercial banks in preceding table Iowa 658 658 164 494 . . „ . because the commercial bank total excludes some banks on which Kansas 613 611 213 398 checks are drawn, namely, those that do not report to State banking departments (see footnote 1 of preceding table), and the three member Kentucky 386 386 113 273 mutual savings banks; also the commercial bank total includes non- Louisiana 152 51 43 8 ioi* member industrial banks and nondeposit trust companies on which Maine 63 63 38 25 no checks are drawn (116 on the latest date). Maryland 170 170 80 90 NOTE.—Prior to February 1946, statistics on the Federal Reserve Massachusetts. . . 185 185 150 35 par list were published annually. For back figures see Banking and Monetary Statistics, Table 15, and descriptive text, pp. 14-15. APRIL 1946 439 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE Gold reserves of central banks and governments 441 Gold production 442 Gold movements 442 Net capital movements to United States since January 2, 1935. 443-448 Central banks 449-452 Money rates in foreign countries 453 Commercial banks 454 Foreign exchange rates 455 Price movements: Wholesale prices 456 Retail food prices and cost of living 457 Security prices 457 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. 440 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta i t t e e s d t g A i e n r n a - - 1 g B iu e m l- Brazil B I r n i d ti i s a h Canada Chile lo C m o b - ia Cuba C v z s a e lo k c - i h a o- m D a e r n k - Egypt France m G a e n r y - Greece 1938—Dec... 14,512 431 581 32 274 192 30 24 83 53 55 2,430 29 27 1939—Dec... 17,644 466 609 40 274 214 30 21 1 56 53 55 2,709 29 28 1940—Dec... 21,995 353 734 51 274 27 30 17 1 58 52 52 2,000 29 28 1941—Dec... 22,737 354 734 70 274 5 31 16 1 61 44 52 2,000 29 28 1942—Dec... 22,726 1658 735 115 274 6 36 25 16 61 44 52 2,000 29 28 1943—Dec... 21,938 1939 734 254 274 5 54 59 46 61 44 52 2,000 29 28 1944—Dec... 20,619 il.lll 329 274 6 79 92 111 61 44 52 1,777 29 28 1945—Mar.. 20,419 409 715 341 274 5 80 97 131 61 44 52 1,777 28 Apr... 20,374 409 715 341 274 6 80 99 141 61 44 52 1,777 28 May.. 20,270 409 714 342 274 4 81 100 151 61 44 52 1,777 June.. 20,213 409 713 342 274 6 80 102 166 61 44 52 July.. 20,152 409 712 342 274 7 82 103 171 61 44 52 Aug... 20,088 409 712 352 274 6 82 104 176 61 44 52 1,777 Sept.. 20,073 409 694 352 274 7 82 106 176 61 44 52 1,777 Oct... 20,036 407 698 357 274 5 82 114 186 61 44 52 1,540 Nov.. 20,030 404 711 356 274 5 82 115 61 44 52 1,540 Dec, 20,065 403 716 354 274 7 82 127 61 38 1,090 1946—Jan.. . 20,156 398 729 274 7 128 38 1,090 Feb.. . 20,232 747 6 End of month Hun- (P I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Peru Poland Po g rt a u l - Ruma- 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 *84 20 59 158 367 1941—Dec 24 26 5164 235 47 575 23 21 59 182 366 42 1942—Dec 24 34 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—Mar P128 220 500 23 30 60 848 108 Apr P128 219 500 23 30 60 851 109 May.... P128 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 60 943 108 Dec 294 270 23 28 914 1946—Jan 288 270 23 28 949 eb. 284 28 End of month S d w en e- S l w a e n r it - d z . - T k u e r y - U K d n i o i n m t g ed - g U u r a u y - V z e u n e e l - a Y sl u av g i o a - B.I.S. O c tr o t i u h e n e s6 - r Government i n go p l r d e vi r o e u s s e rv f e ig s1 u re n s ot included 1 1 9 9 3 3 8 9 — — D D e e c c.. . . 3 3 2 0 1 8 5 7 4 0 9 1 " 2 2 9 9 2,69 n 0 6 6 9 8 5 5 2 2 5 5 7 9 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 e m l- 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 2 0 3 1 4 — — — — — D D D D D e e e e e c c c c c . . . . . . . . . . . 3 3 4 2 1 3 6 8 2 6 5 3 7 3 0 1,0 5 6 9 8 5 0 6 6 2 2 2 5 4 4 2 1 1 9 2 8 6 1 2 1 8 1 4 1 1 1 1 1 1 1 1 9 8 2 5 0 0 9 1 7 0 1 4 6 2 8 3 1 8 9 9 0 4 8 8 2 3 37 2 2 1 1 1 2 4 8 6 7 9 5 5 6 0 1 1 9 9 3 3 8 9 — — J D M M u e n a c a y e r . . . . . . . . '" 1 8 8 5 5 0 4 " 1, 2 7 7 3 5 2 9 3 5 4 5 3 7 9 1 7 • 4 ' 4 iy ' 1945—Mar.... 474 1,072 225 1 166 147 37 246 Sept.. . . 164 3876 Apr.. . . 472 1,103 225 1 168 161 39 246 Dec 156 17 May. . . 470 1,105 225 1 173 161 39 247 1940—June 86 17 June... 478 1,069 234 1 175 176 39 247 Dec 48 "'292* 17 July.... 478 1,073 234 1 179 176 39 248 1941—June.... 89 17 Aug.. . . 479 1,084 234 1 189 186 39 248 Dec 25 4151 17 Sept 479 1,085 236 1 195 191 39 248 1942—June.... 8 17 Oct 475 1,111 236 1 195 191 39 247 Dec 12 17 Nov.. . . 474 1,109 236 1 195 202 39 245 1943—June 11 17 Dec 482 1,104 241 1 195 202 39 248 Dec 43 17 1946- -J F a e n b . . . . . . 4 48 8 1 1 1 1, , 0 0 9 9 1 9 1 1 2 21 1 2 2 P P 2 2 4 4 8 8 1944— D Ju e n c e 2 1 1 2 1 1 7 7 "I 1945—Mar 32 P Preliminary. S Ju ep n t e... . 8 2 1 0 17 1 r Fx ii gciiu rien sn itdhir oy u•gh March 1940 and for December 11994422, , DDeecceemmbbeerr 1943, and December 1944 include, ;n addition to gold of the Central Bank held" at •h o' me, gold" of the Central Bank held abroad and gold belonging to the Argentine Stabilization Fund. 1 Reported at infrequent intervals or on de- 2 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- layed basis: U. S.—Exchange Stabilization Fund trol Board. Gold reported since that time is gold held by Minister of Finance. (Special A/c No. 1); U. K.—Exchange Equali- 3 Figure for December 1938 is that officially reported on Apr. 30, 1938. zation Account; France—Exchange Stabilization 4 Figures relate to last official report dates for the respective countries, as follows: Java— Fund and Rentes Fund; Belgium—Treasury. Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941. 2 Figure for end of September. 5 Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepa- 3 Reported figure for total British gold reserves rately. on Aug. 31, 1939, less reported holdings of Bank 6 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian of England on that date. Congo, Bolivia, Bulgaria, China, Costa Rica beginning July 1943, Danzig through Aug. 31, 4 Figure for Sept. 1, 1941. 1939, Ecuador, El Salvador, Estonia, Finland, Guatemala, Iceland, Ireland beginning February NOTE.—For available back figures and for de- 1943, Latvia, Lithuania, Morocco, and Siam. Figures for certain of these countries have tails regarding special internal gold transfers been carried forward from last previous official report. affecting the British and French institutions, see 7 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British Banking and Monetary Statistics, p. 526, and Exchange Equalization Account during 1939. BULLETIN for February 1945, p. 190. NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of figures, including details regarding special internal gold transfers affecting the reported data, see pp. 524-535 in the same publication. APRIL 1946 441 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 t o h r pro w d o u r c ld tion Total North and South America Other outside reported South I Rho- I West I Belgian United | Can- Mex- Colom-I I Nica- Austra-I British U.S.S.R.1 monthly Africa desia |Africa2 | Congo^ States4 ada* ico6 bia Chile ragua7 lia» India9 $1 =155/zi grains of gold 9/wfine; i. e., an ounce of fine gold —$35. 1934.. 823,003 708,453366,795 24,264 12,153 6,549 108,191104,,023 23,135 12,045 8,350 1,166 30,559 11,223 1935.. 882,533 752,847377,090 25,477 13,625 7,159 126,325114;,971 23,858 11,515 9,251 868 31,240 11,468 1936.. 971,514 833,895396,768 28,053 16,295 7,386 152,509 ,181 26,465 13,632 9,018 807 40,118 11,663 1937.. 1,041,576 893,384410,710 28,296 20,784 8,018 168,159131,367 29,591 15,478 9,544 848 46,982 11,607 1938.. 1,136,360 958,770425,649 28,532 24,670 8,470 178,143143,379 32,306 18,225 10,290 1,557 54,264 11,284 1939.. 1,208,7051,020,297448,753 28,009 28,564 8,759 196,391165,,303 29,426 19,951 11,376 3,506 56,182 11,078 1940.. 1,297,3491,094,264491,628 29,155 32,163 38,862 210,109178,,890 30,878 22,117 11,999 5,429 55,878 10,157 1941.. 1,288,9451,089,395504,268 27,765 32,414 209 175185,,081 27,969 22,961 9,259 7,525 51,039 9,940 1942.. 968,112494,439 26,641 29,225 130 963187,,446630,000 20,882 6,409 8,623 42,525 8,960 1943.. ,471 448,153 23,009 19,740 48 169,,796 19,789 6,081 7,715 28,560 8,820 1944.. 663i960 429",787 20,746 18,445 35 127,,980 19,374 7,131 7,865 16,310 6,545 1945.. P647.139 4"2*7-,862P19.887 18,865 34 1 9 0 2 1 , ,,794 17,734 P5.594 6,985P16.590 5,950 1945—Jan.. . ••55,196 36,216 1,674 1,610 2,463 ••8,162 1,882 486 672 1,470 560 Feb.. 50,782 33,698 1,610 1,575 2,342 7,432 1,379 372 590 1,260 525 Mar.. 54,703 36,458 1,686 1,610 2,446 8,004 1,382 542 615 1,365 595 Apr.. 54,096 35,937 1,718 1,610 2,328 ,831 1,836 526 560 1,225 525 May. 53,934 36,073 1,673 1,575 2,563 ,614 1,736 528 631 1,190 350 June. 53,213 35,800 1,645 1,575 ,516 ,426 1,460 574 574 1,295 350 July.. 53,373 36,311 1,679 1,610 ,078 ,357 518 538 393 1,400 490 Aug.. 53,560 34,199 1,668 1,610 3,528 7,411 459 464 595 2,065 560 Sept.. 52,953 35,313 1,680 1,610 2,926 7,404 400 370 570 1,190 490 Oct.. . 55,937 36,809 1,664 1,610 3,836 8,034 319 425 559 1,190 490 Nov.. P54.907 36,005 1,595 1,400 4,020 7,726 224 P385 592 1,470 490 Dec... P54,485 35,043 fl,595 1,470 3,832 8,391 140 634 n, 470 525 1946—Jan.. . *>53,374 35,892 /lf595 fl,470 3,984 /8.391 /I,140 522 /I,470 /525 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. r 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 through 1944 are estimates of United States Mint. Annual figure for 1945 and monthly figures represent estimates of American Bureau of Metal Statistics. 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. » 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 ed - France g B iu el m - N la e e n r t d - h s - S d w e e n - S l w a e n r i - t d z- 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 i r 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 i - a 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 e l e n l s r - 19341 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 28,15312,038 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 3,798165,122341,618 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 63,260161,48990,3202,622,330 29*880 128,25938,627 103,777184,756111,73949,989 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 < 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 -106,250 160 53,148 15,094 -41,748 "103 106 357 5-133,471 1945 July -6,979 481 11,524 1,583 22 -20,589 Aug. -12,339 848 517 1,192 100 2 16 -15,014 Sept. 13,496 41 11,796 272 951 19 11 407 Oct. -4,317 463 329 1,115 12 -6,236 Nov. 789 272 355 1,698 ii 15 -1,562 Dec. 19,253 64 37,131 247 -18,499 3 9 297 1946 Jan. 154,070 151,270 391 1,729 3 23 654 Feb.p 82,439 80,629 126 1,479 3 11 191 P Preliminary. 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries. 3 Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000 from other countries. « Includes $44,920,000 from U. S. S. R., and $18,151,000 from other countries. 6 Includes $133,980,000 to China and $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 same publication. 442 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (•—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U. S. securities: securities: Inflow in From Jan. 2, 1935, through— Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official* Other abroad funds funds 1935—Mar. (Apr. 3) 259.5 57.7 -2.0 59.7 155.0 31.8 -6.2 21.1 June (July 3) 616.0 213.8 6.1 207.7 312.8 43.7 15.8 29.8 Sept. (Oct. 2) 899.4 350.7 -4.5 355.2 388.6 40.1 90.3 29.8 Dec. (Jan. 1, 1936) 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936—Mar. (Apr. 1) 1,511.1 578.4 44.4 534.0 390.3 114.4 427.6 .4 June (July 1) 1,949.2 779.0 35.9 743.1 449.0 180.5 524.1 16.5 Sept. 30 2,283.3 898.5 37.4 861.1 456.2 272.2 633.3 23.2 Dec. 30 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Mar. 31 2,931.4 1,121.6 62.8 1,058.8 411.0 319.1 1,075.7 4.1 June 30 3,561.9 1,612.4 215.3 1,397.1 466.4 395.2 1,069.5 18.3 Sept. 29 3,911.9 1,743.6 364.6 1,379.0 518.1 493.3 1,125.1 31.9 Dec. 29 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30. .. ^ 3,207.2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 June.29 3,045.8 786.2 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939) 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 L.927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940) 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 L.907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 1,112.3 L,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,727.6 3,159.0 1,200.8 L.958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,526.5 3,148.8 1,307.7 1,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,575.4 3,193.3 1,375.1 1,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1) 5,510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,230.7 2,856.2 1,053.7 1,802.6 791.3 855.5 626.7 100.9 1942—Mar. (Apr. 1) 5,082.4 2,684.0 932.0 1,752.0 819.7 849.6 624.9 104.3 June 30 2 5,495.3 3,075.9 1,211.7 1,864.2 842.3 838.8 632.0 106.2 Sept. 30 5,654.9 3,212.6 1,339.1 L.873.5 858.2 830.5 646.1 107.5 Dec. 31 5,835.0 3,320.3 1,412.0 L.908.3 888.8 848.2 673.3 104.4 1943—Mar. 31. 6,147.1 3,643.4 1,723.1 1,920.3 898.7 810.5 685.9 108.6 June 30 6,506.4 4,002.6 2,071.4 1,931.2 896.9 806.8 687.9 112.1 Sept. 30 6,771.3 4,130.6 2,190.9 1,939.7 888.6 929.3 708.1 114.8 Dec. 31 7,118.6 4,496.3 2,461.5 2,034.8 877.6 925.9 701.1 117.8 1944—Jan. 31 7,272.9 4,658.2 2,649.3 2,009.0 870.8 931.7 695.1 117.0 Feb. 29 7,418.6 4,833.2 2,815.7 2,017.5 843.5 924.2 698.8 118.9 Mar. 31 7,462.9 4,885.4 2,856.0 2,029.4 868.0 904.1 685.8 119.6 Apr. 30 7,464.3 4,881.0 2,780.5 2,100.6 873.4 905.4 686.2 118.3 May 31 7,458.9 4,882.7 2,726.8 2,155.9 872.9 903.2 680.1 119.9 June 30 7,459.6 4,851.7 2,661.4 2,190.3 856.6 929.8 702.4 119.1 July 31 7,423.4 4,740.8 2,622.9 2,117.9 850.6 1,005.8 706.9 119.3 Aug. 31 7,440.9 4,732.3 2,589.5 2,142.8 869.7 1,009.7 709.4 119.9 Sept. 30 7,430.9 4,661.2 2,498.8 2,162.3 883.5 1,026.2 737.8 122.2 Oct. 31 , 7,460.2 4,680.3 2,489.8 2,190.4 891.3 1,025.8 735.8 127.1 Nov. 30 7,530.5 4,775.1 2,541.0 2,234.1 872.7 1,025.3 732.4 125.0 Dec. 31 7,475.7 4,612.5 2,372.2 2,240.3 805.8 1,019.4 911.8 126.3 1945—Jan. 31 7,633.1 4,723.9 2,468.7 2,255.2 848.2 1,025.9 909.0 126.1 Feb. 28 7,755.4 4,887.3 2,587.3 2,300.0 859.8 1,033.4 845.0 129.9 Mar. 31 7,739.1 4,909.9 2,555.6 2,354.3 848.5 1,029.6 820.6 130.5 Apr. 30 7,797.3 4,958.2 2,588.9 2,369.2 844.7 1,061.6 802.5 130.4 May 31 7,857.7 5,004.5 2,634.0 2,370.5 845.7 1,088.9 785.0 133.6 June 30 8,071.9 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. 8,353.2 5,505.0 3,096.2 2,408.8 829.0 1,058.4 831.6 129.1 Sept. 30 8,469.9 5,594.8 3,107.5 2,487.2 865.3 1,056.9 818.4 134.6 Oct. 31 8,541.1 5,731.0 3,110.0 2,620.9 875.5 1,005.2 795.1 134.4 Nov. 30 8,409.0 3 5,645.1 32,953.2 32,691.9 3 804.2 1,041.7 779.1 3139.0 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.). 2The 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 Nov. 30, in millions of dollars: total foreign banking funds in United States, 6,310.9, including official funds,3,590.8, and other funds, 2,720.1; United States banking funds abroad, 331.3; and brokerage balances (net due "foreigners"), 62.1. 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. APRIL 1946 443 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 he ll r1 1935—Dec. (Jan 1, 1936). . . 1,412.5 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1,200.6 (2) 70.9 128.3 12.7 1936—Dec. 30 2,608.4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2,051.3 150.5 201.2 184.0 21.4 1937—Dec. 29 3,410.3 993.7 281.7 311.9 607.5 123.9 22.1 312.2 2,653.0 106.3 410.6 224.6 15.9 1938—Dec. (Jan. 4, 1939). . . 3,844.5 1,183.8 339.6 328.6 557.5 140.5 32.2 472.0 3,054.2 155.3 384.6 214.2 36.2 1939—Dec. (Jan. 3, 1940). . . 5,021.2 1,101.3 468.7 470.3 773.0 165.9 58.0 752.9 3,790.1 229.4 483.4 431.0 87.4 1940—Dec. (Jan. 1, 1941). . . 5,727.6 865.2 670.3 455.6 911.5 175.9 55.4 922.7 4,056.6 411.7 606.8 562.3 90.2 1941—Dec. 31 5,230.7 674.1 639.9 464.4 725.7 179.9 50.5 891.8 3,626.3 340.5 567.5 567.7 128.6 1942—Dec. 31 5,835.0 837.8 625.9 474.0 592.1 179.5 48.1 850.9 3,608.1 425.1 835.8 787.7 178.3 1943—Dec. 31 7,118.6 1,257.7 636.8 487.7 629.1 178.6 48.2 954.8 4,192.8 760.3 951.0 1,013.1 201.4 1944—Dec. 31 7,475.7 1,090.0 585.7 506.2 664.3 179.1 63.1 993.3 4,081.8 976.4 1,193.7 1,020.9 203.0 1945—Jan. *31 7,633.1 1,008.6 566.6 503.3 659.6 179.0 66.7 965.2 3,949.0 1,030.81,250.2 1,199.2 204.1 Feb. 28 7,755.4 1,053.6 558.3 506.3 666.4 179.0 69.8 970.5 4,003.9 1,081.3 1,262.4 1,200.1 207.7 Mar. 31 7,739.1 1,048.9 506.5 505.7 673.0 179.2 72.0 967.6 3,952.9 1,135.4 1,234.2 1,205.3 211.4 Apr. 30 7,797.3 1,026.0 477.6 506.3 670.7 179.2 75.5 990.5 3,925.8 1,194.9 1,263.0 1,202.9 210.7 May 31 7,857.7 1,029.3 453.0 506.8 677.1 179.0 77.5 1,003.6 3,926.4 1,204.7 1,324.3 1,193.8 208.5 June 30 8,071.9 1,066.2 521.7 513.0 679.7 179.0 80.0 1,017.9 4,057.5 1,276.7 1,353.8 1,175.5 208.4 July 31 8,296.8 1,075.0 542.4 516.1 689.9 179.0 85 ?1,053.0 4,140.6 1,361.4 1,411.7 1,175.5 207.6 Aug. 31 8,353.2 1,018.8 499.8 518.1 695.6 179.2 89.6 1,059.2 4,060.2 1,441.8 1,392.11,238.7 220.3 Sept. 30 8,469.9 946.7 463.9 518.1 698.4 179.3 94.2 1,134.2 4,034.8 1,469.9 1,413.31,316.3 235.2 Oct. 31 8,541.1 937.8 510.9 523.8 705.2 179.5 98.0 1,118.1 4,073.2 1,477.9 1,404.7 1,321.3 264.1 Nov. 30 8,409.0 888.7 469.8 526.3 709.8 179.4 100.8 1,127.8 4,002.6 1,493.0 1,336.5 1,323.9 253.0 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 55.7 724 .8 7.3 60 7 453.5 46 0 33 5 58.8 11.5 1936—Dec.30 930.5 163.5 144 2 65.9 109 8 2.7 23.0 79 7 588.9 86 8 149 3 90.4 15.2 1937—Dec.29 1,168 5 189 111 8 76.3 288.4 9 6 6 9 109 4 791 7 76. 166 ^ 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 3 493 394 S 170.0 166. -?? 7 -6 ? 502.s 1,697.5 399.s 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—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 -?S 4 10 7 570.5 2,032 9 868.1 848 7 804 5 169 7 Feb. 28 4,887.3 777 0 329 6 192.6 227.1 -23 .4 13.5 576.7 2,093 2 962.3 855 4 803.8 172.5 Mar. 31. .. 4,909.9 772 9 286 4 192.2 234.s -?S ^ 1S7 582.8 2,061 ^1,021.? 842 s 809.3 175.7 Apr. 30 4,958.2 758 5 258.3 192.2 234.1 -23 .3 19.1 606.8 2,045 91,056.8 872 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 31,053.4 913 5 807.7 172.7 June 30 . 5,261 4 800 s 292.2 196.7 243. -?S s 9S 6 670.0 2,202 71,159.s 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 71,241.8 979.2 757.6 172.3 Aus. 31 5,505 0 762 6 276.6 201.4 255.8 -9S 4 6 672.4 2,179 01,341.9 965.s 834 7 183 6 Sept.30. .. 5,594.8 684 8 233.3 204.0 259.7 -23 .4 38.2 744.8 2,141 41,384.1 989.0 882.5 197.6 Oct 31 5,731 0 678 9 280 9 211 4 266 s —23? 41 7 729.9 2,185 41,443 9 976.2 899 8 225 7 Nov.30 5,645.1 638 3 247.1 253.0 272.0 -23 .4 45. 1 738.2 2,170 31,437.8 924.2 895.9 216.8 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through- Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 1935—Dec. (Jan. 1, 1936) 361.4 208.8 48.1 -.4 1.6 29.7 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 30 431.5 178.0 62.0 -3.3 2.7 66.0 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 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 28.4 563.5 56.5 52.6 -21.5 1940—Dec. (Jan. 1, 1941) 775.1 269.2 74.6 17.7 6.5 191.6 25.3 49.8 634.7 60.3 43.2 34.8 2.1 1941—Dec. 31 791.3 271.2 76.9 17.6 5.4 196.8 25.8 53.6 647.4 62.7 17.7 64.7 -1.2 1942—Dec. 31 888.8 279.4 77.8 18.1 6.6 196.7 26.2 56.8 661.5 58.6 68.3 93.8 6.6 1943—Dec. 31 877.6 272.1 77.9 18.3 5.1 196.9 26.2 60.0 656.5 55.1 55.7 102.7 7.5 1944—Dec. 31 805.8 266.1 77.7 18.3 6.8 196.9 26.2 34.6 626.6 64.8 37.0 77.7 -.3 1945—Jan. 31 848.2 266.2 77.6 18.3 6.2 196.9 26.2 70.7 662.0 61.8 36.1 87.6 .8 Feb. 28 859.8 264.6 77.6 18.3 7.3 196.9 26.2 70.3 661.2 68.1 40.7 88.2 1.7 Mar. 31 848.5 268.8 77.6 18.3 7.2 196.9 26.2 70.4 665.3 69.0 23.9 88.1 2.2 Apr. 30 844.7 266.6 77.6 18.1 7.2 196.9 26.2 70.6 663.3 69.9 23.0 86.4 2.1 May 31 845.7 261.5 77.8 18.2 7.3 196.9 26.2 70.1 658.0 67.3 40.1 77.9 2.4 June 30 760.4 264.1 77.8 18.0 2.7 196.9 26.2 30.9 616.5 39.1 23.5 79.9 1.5 July 31 810.2 267.2 77.8 18.3 4.5 196.9 26.2 30.3 621.2 47.7 58.2 81.4 1.8 Aug. 31 829.0 260.4 77.8 18.2 6.1 196.9 26.2 69.4 655.0 51.4 51.4 68.4 2.9 Sept. 30 865.3 267.1 77.8 18.0 5.4 196.9 26.2 70.9 662.5 53.3 47.4 98.3 3.8 Oct. 31 875.5 270.5 78.1 18.0 5.1 196.9 26.4 69.4 664.4 60.7 54.4 91.7 4.2 Nov. 30 804.2 266.1 78.0 -17.9 6.5 196.9 26.2 68.8 624.6 54.9 22.2 99.9 2.6 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." * Inflow less than $50,000. 444 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 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). .. 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—£>ec# 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< 3i 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—£)ec> 3i 1,019.4 126.5 51.0 33.6 44.5 36.5 27.6 210.4 530.1 104.9 302.0 61.3 21.0 1945—Jan. 31. . 1,025.9 124.8 51.0 33.6 44.5 36.5 27.6 210.4 528.4 111.5 303.5 61.3 21.1 Feb 28 1,033.4 125.2 51.2 33.6 44.7 36.5 27.6 210.3 529.1 118.1 303.7 61.5 21.0 Mar. 31 1,029 6 124 0 51.4 33 6 44.7 36.5 27.6 210.3 528.0 113.9 305.1 61.5 21.1 Apr 30 1,061.6 121.6 51.3 33.6 44.7 36.5 27.6 210.1 525.4 147.1 306.1 61.9 21.2 May 31 1,088.9 120 8 51.2 33.5 44.5 36.5 27.6 210.0 524.1 171.4 310.4 61.7 21.2 June 30 1,069.9 118.9 51.3 33.5 44.7 36.5 27.6 210.1 522.5 152.0 312.4 61.7 21.3 July 31 1,073.7 119.0 51.2 33.5 45.0 36.5 27.6 210.1 522.8 153.1 314.7 61.7 21.3 Aug. 31 1,058.4 119.0 51.2 33.5 45.0 36.5 27.6 210.1 522.9 135.7 316.5 61.7 21.7 Sept. 30 1,056 9 119. 1 51.2 33.5 45.2 36.5 27.6 210.9 523.9 131.8 317.6 61.8 21.8 Oct. 31...' 1,005.2 119.2 51.1 33.7 45.5 36.5 27.6 211.1 524.6 82.1 314.9 61.8 21.9 Nov. 30 1,041.7 119.1 51.1 33.0 45.0 36.5 27.6 210.4 522.7 118.3 317.4 61.5 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 ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O 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—T)ec. 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7 1 1937—Dec. 29 1,162.0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1,041.6 37.6 18.2 54.7 9.8 1938—Dec. (Jan. 4, 1939). . . 1,219.7 472.6 76.9 212.1 304.1 -22.8 -5.5 56.6 1,094.1 25.7 23.7 65.2 11.1 1939—Dec. (Jan. 3, 1940). .. 1,133.7 328.1 76.6 227.7 344.7 -28.2 -4.9 60.4 1,004.4 -2.6 30.1 87.6 14.3 1940—Dec. (Jan. 1, 1941). . . 888.7 157.1 74.4 233.2 348.1 -29.1 2.7 64.9 851.3 -18.4 25.6 17.6 12.6 1941—Dec. 31 626.7 -70.1 74.9 236.7 336.4 -30.1 — .1 67.3 615.0 -44.7 28.1 17.5 10 9 1942—Dec. 31 673 3 — 77 6 80 5 236 9 360.5 —30.9 — .1 75 3 644 7 —45 1 35 2 27 7 10 9 1943—Dec. 31 701.1 -100.3 82.7 239.9 367.3 -30.8 .6 86.3 645.7 -58.2 40.5 62.5 10 6 1944—Dec. 31 911.8 -125.4 77.3 239.0 368.5 -30.8 1.9 103.2 633.7 -28.1 54.9 240.5 10.7 1945—Jan. 31 909.0 -127.4 77.2 239.0 366.1 -30.8 1.8 103.0 629.0 -27.4 55.7 241.1 10.7 Feb. 28 845.0 -131.7 76.9 239.1 363.3 -30.8 2.1 102.4 621.4 -84.2 55.4 241 9 10 6 Mar 31 820 6 — 135 4 68 0 239 1 362.2 —30.8 2.1 93 7 598.9 —85.7 55.2 241 7 10 5 Apr. 30 802.5 -139.2 67.1 239.4 360.1 -30.8 2.2 92.5 591.2 -95.9 55.1 241.9 10 3 May 31 785 0 — 142 8 66 4 239 3 359.4 -30.7 .8 93 5 585.9 — 106.7 52 8 242 7 10 3 June 30 848.4 -138.9 77.6 241.3 363.1 -30.7 2.2 96.4 611.0 -91.7 58.5 260.4 10 3 July 31 843.2 -140.3 71.7 240.9 363.5 -30.7 1.9 95.3 602.1 -98.5 57.2 272.2 10.2 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 Oct. 31 795.1 -149.9 78.3 235.5 360.9 -30.7 1.9 96.4 592.4 -126.4 54.6 264.4 10 0 Nov 30 779.1 -154.0 70.4 234.0 358.1 -30.6 1.6 98.0 577.4 -136.8 65.8 263.1 9.4 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) From Jan. 2, 1935, through— Total U K d n i o i n 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) 2.4 1.3 2.5 — .2 .1 1.4 7.6 -4.5 1.0 2.9 — .9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 -.7 .3 .4 22.6 -7.6 -4.2 2.1 (3) 1 19 9 3 3 8 7 — — D o e ec c - . 2 (J 9 an. 4, 1939). . . 4 4 7 7 . . 6 5 1 1 3 1 . . 4 5 1 1 2 1 . . 9 5 6 5. . 0 8 1 9 0 . . 6 8 - ( . 2 2 ) . .1 2 5 5. .0 2 4 47 4 . . 9 0 3 1 . . 5 8 - — .9 .5 -1.5 .5 (3) .3 1939—Dec. (Jan. 3, 1940). . . 80.6 19.4 20.1 9.3 17.8 -.1 .1 5.0 71.6 8.7 1.6 -3.4 2.1 1940—Dec. (Jan. 1, 1941). . . 100.9 17.0 19.9 13.4 16.2 -.2 .2 7.9 74.3 10.7 9.2 6.0 .7 1941—Dec 31 100 9 16 8 19.9 17.6 13.5 — .2 .2 8.0 75.7 14.1 3 9 6 3 8 1942—Dec. 31 104.4 17.4 20.7 17.5 13.7 -.1 .2 8.7 78.1 15.2 4.2 6.0 9 1943—Dec 3i 117.8 18 8 21.5 19.9 19.3 -.2 .3 9.4 89.1 17.6 3.8 6 0 1 3 1944—Dec. 31 126.3 18.5 23.1 22.3 23.0 (3) .3 10.5 97.7 16.2 5.1 5.6 1 8 1945—jaru 3i 126.1 18.5 21.9 22.4 22.9 -.2 .3 10.6 96.6 16.7 6.3 4.7 1 8 Feb 28 129 9 18 6 22 9 22 7 23.9 — .2 .3 10.8 99.0 17.0 7.2 4 8 1 9 Mar. 31 130.5 18.6 23.1 22.6 24.5 .3 10.5 99.4 17.0 7.5 4.7 1 9 Apr. 30 130.4 18.4 23.1 23.0 24.7 1 .3 10.5 100.0 17.0 7.0 4.4 1 9 May 31 133.6 19.1 22.6 23.1 25.8 1 .3 10.3 101.1 19.3 7.5 3 9 1 9 June 30 131.8 21.7 22.8 23.5 26.0 -.1 .3 10.6 104.8 17.9 4.1 3.0 1.9 July 31 127.1 18.5 22.8 24.2 26.4 .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 1 .4 10.8 103.4 18.2 2.3 3.2 2 0 Sept 30 134 6 19 1 23.1 24 7 27.8 (2) .4 11.1 106.1 18.6 4.5 3 2 2 2 Oct 31 134.4 19.1 23.2 25.2 27.3 (3) .4 11.3 106.4 17.6 4.5 3.6 2 2 Nov. 30 139.0 19.3 23.1 24.1 28.2 .4 12.4 107.5 18.8 6.9 3.4 2.4 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." * Inflow less than $50,000. 3 Outflow less than $50,000. APRIL 1946 445 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [In millions of dollars] LIABILITIES Date Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A h l e l r1 1934—Dec. (Jan. 2, 1935). .. 597.0 76.9 33.9 12.9 13.7 29.9 18.8 46.8 232.9 99.3 122.8 130.1 12.0 1935—Dec. (Jan. 1, 1936). ..1,200.2 205.5 163.5 68.6 86.1 29.0 26.1 107.5 686.3 145.3 156.3 188.9 23.4 1936—Dec. 30 1,491.6 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263.9 200.2 27.1 1937—Dec. 29 1,729.6 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 236.0 20.0 1938—Dec. (Jan. 4, 1939). ..1,996.6 436.1 187.4 101.8 218.8 17.8 20.4 255.5 1,237.8 201.8 248.5 274.3 34.1 1939—Dec. (Jan. 3, 1940). . .3,057.0 448.2 288.2 204.9 376.3 9.5 38.5 516.9 1,882.6 274.6 336.0 491.4 72.5 1940— Dec. (Jan. 1, 1941). . .3,785.2 365.5 490.1 174.3 508.4 6.7 17.9 650.6 2,213.5 434.3 447.3 616.9 73.3 1941—Dec. 31 3,482.4 400.8 448.6 174.9 339.9 6.6 15.4 608.0 1,994.0 373.2 417.7 583.9 113.6 1942—Dec. 31 3,987.5 554.6 432.3 186.6 184.2 7.5 12.1 643.4 2,020.7 507.4 597.7 712.1 149.6 1943—Dec. 31 5,153.7 1,000.8 439.9 193*3 210.6 6.5 11.3 722.1 2,584.5 812.6 693.7 887.6 175.3 1944—Dec. 31 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 2,392 976.0 970.2 912.4 138.6 Feb. 28 5,553.1 838.3 409.8 209.3 245.0 6.8 33.8 709.8 2,452 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 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 1,164.8 993.5 916 144.1 May 31 5,670.4 832.1 315.1 209.3 258.0 6.7 42.9 752.7 2,416 1,161.3 ,035.0 915.6 141.6 June 30 5,927.3 861.8 372.3 213.3 261.2 6.7 43.9 803.0 2,562.3 1,267.3 ,076.9 878.4 142.4 July 31 6,108.5 872.0 399.0 215.8 268.5 6.8 49.5 839.8 2,651 1,349.8 ,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 1,449.9 ,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 1,492.1 ,110.6 990.4 166.5 Oct. 31 6,396.8 740.2 360.3 228.1 284.4 7.1 62.0 862.9 2,545 1,551.81,097.7 ,007.7 194.6 Nov. 30 6,310.9 699.6 327.3 269.6 290.0 6.9 65.4 871.2 2,529 1,545.71,045.7 ,003.9 185.7 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 r m g3 - 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. (Jan. 3, 1940). . 516.9 159.2 28.1 21.4 56 3 142 2 109.8 1940—Dec. (Jan. 1, 1941). . 650.6 144.8 17.3 16.5 48.7 235 4 187.9 1941 Dec 31 608.0 117.3 18.1 5.7 65 2 210 7 191.0 1942—Dec 31 643 4 121 8 17 7 7 9 39.3 18.3 132.4 35.7 9 4 17.5 153.5 14 3 17 7 57 9 1943 Dec 31 722.1 122.9 13.9 7.7 43.5 18.4 158.9 53.4 9.3 31.8 163.2 12.3 9.9 76.9 1944—Dec 31 . .. 767.7 124.3 14.8 7.1 48.7 18.6 220.8 54.5 9.5 43.4 152.1 16.1 5.7 52.1 1945—jan 3i 703 6 121 8 14 4 7 0 48.7 18.5 185.4 42.0 9.4 38.2 148 6 12 7 5 7 51 0 Feb. 28 709.8 123.5 14.2 6.6 48.6 18.6 187.2 41.3 9.1 41.1 152.3 12.9 5.7 48.7 Mar 31 715 8 133 7 14 4 7.1 50.6 18.6 194.7 35.4 9.3 27.3 157.7 8 6 5 8 52 8 Apr 30 739.9 139.7 13.7 7.0 52.5 18.5 199.9 39.4 9.3 31.5 158.0 12.8 5.8 51.8 May 31 752.7 147.3 13.4 6.8 53.7 19.1 194.0 36.6 9.3 37.6 160.2 17.5 5 6 51 7 June 30 803.0 142.1 13.7 6.7 56.6 19.3 240.6 40.6 9.3 31.8 165.4 20.9 5.7 50.3 July 31 839.8 150.5 13.7 6.6 60.5 22.9 236.6 46.4 9.3 36.9 183.7 22.3 5.2 45.2 Aug 31 805 4 149 9 14 4 6 7 63.2 22.9 187.1 39.0 9 7 40.4 194 3 25 7 5 1 46 9 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 Oct 31 862.9 195.6 20.1 6.7 68.7 22.9 182.7 45.2 9.2 24.4 213.5 24.4 5.2 44.5 Nov 30 871.2 183.0 24.3 6.2 71.0 23.0 182.9 48.5 9.2 31.2 217.2 24.8 5.4 44.3 Latin America Neth- French er- Date A L i m a c t a e in r- A t r i g n e a n- li B v o ia - 4 Brazil Chile l b C o i m o a - * - C R o ic s a t < a Cuba I W G a n n d u e d i s i e - t s M ic e o x- l I W a a n n n d e d d i s e s t s P m an a a 5 - Peru4 z V u e e n la e * - O A L i a m t c h t a i e e n r r ana* 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 10.8 67.7 34.5 43.*4 i2.4 100.3 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—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 Oct. 31 1,097.7 77.2 17.9 179.2 63.6 83.1 6.6 145.4 7.3 164.3 33.6 90 5 42 6 48 5 138 1 Nov 30 1,045.7 82.3 15.6 185.6 71.4 84.5 7.1 136.5 6.6 111.8 31.0 90.7 45.9 38.3 138.3 For footnotes see p. 447. 446 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 Date Asia China F C I r n h e d i n n o c a - h 1 H K o o n n g g I C B n m a lo n e d u a n y d r i , 1 - a - , M l B t a i r s y a i h - - a1 c M ( h r K a i e u n n a a o r d c n ) - i l - a . I N l n E a e d e n a r i t - d s 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 i r a a s - - N Z la e e n a w 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 M r o e c o n c - c o hU A S f n o r o i u i f o 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—jjec 3i 583 9 156 8 61.6 69 9 30.7 264.9 113.6 1942—Dec 31 712.1 360.9 27.4 41.6 13.1 1.0 4.8 160.4 36.8 29.9 36.2 149.6 23.1 4.8 6.8 12.1 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—Dec 31 743 8 427.3 27.4 22.9 22 1 1 3 4 0 110 5 40.4 71 7 64.2 174.0 52.9 3 5 7.3 4.3 8.3 97.6 1945—jan 31 912.4 573.9 27.4 22.6 20.8 1.3 4.0 111.1 40.2 37.1 74.0 174.1 34.2 5.6 8.4 4.2 8.9 112.8 Jan. 313 912 4 573 9 27 4 22 6 20 8 1 3 4 0 111 1 40.2 M 1 74.0 138 6 34.2 5.6 8 4 4.2 8.9 77.4 Feb. 28 911.7 556.9 27.4 22.8 21.1 .9 3.9 113.5 42.8 46.0 76.4 141.4 34.9 4.8 8.8 4.1 8.0 80:8 Mar. 31 917.2 554.4 27.4 21.9 21.3 .9 4.0 116.5 40.4 50.4 80.1 144.5 34.6 4.1 9.0 3.9 7.4 85.5 Apr 30 916.2 546.9 27.5 21.6 23.5 .9 4.0 115.4 43.8 51.6 80.9 144.1 34.5 3.6 9.8 4.1 7.1 85.0 May 31 915.6 541.7 27.5 21.9 26.6 .8 4.0 117.6 45.2 50.7 79.4 141.6 32.0 3.5 9.5 4.3 6.0 86.2 June 30 878.4 519.6 27.5 22.0 23.2 1.0 4.1 111.3 49.6 51.5 68.6 142.4 30.7 3.3 11.0 3.6 6.4 87.4 July 31 865.5 501.1 27.5 21.9 24.1 .9 4.3 112.6 52.5 50.8 69.6 141.2 27.8 3.3 10.8 4.0 4.7 90.5 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 Oct. 31 1,007.7 591.7 27.5 21.7 33.2 1.0 4.2 104.4 89.7 50.5 83.7 194.6 29.0 3.7 17.3 7.7 6.4 130.4 Nov 30 1,003.9 581.4 27.5 22.1 34.6 1.0 4.1 103.8 109.2 47.2 73.0 185.7 30.2 4.3 19.6 9.4 8.0 114.2 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. 446. 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 uunnrreeaal mmoov ements introduced byy these changge s. Figgus ress oshwo wna above are adjusted to compare with those of previous months. 33 PPir ior to JJ une 3300 , 11994422 , iinlcldudd ed udn der" A"Alll l othh"er." 4 PPrriioorr ttoo JJuu ne 30,, 1942,, included under "Other Latin America." 55 IInlcldudd ed" "CCla naZl "Z onei" priorJ to Ju3n0e 13904, 21942. 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 and Dec. 31, 1944, see BULLETIN for September 1945, pp. 967-970. ASSETS Date Total U K d n o in i m t g e - d 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 m i a c t a e in r- Asia1 ot A h l e l r1 1934—Dec. (Jan. 2, 1935) 139.9 296.9 80.5 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 1935—Dec. (Jan. 1, 1936) 778.6 88.1 32.5 19.0 6.6 202.0 13.5 ,71.2 433.0 100.9 154.5 80.1 10.1 1936—Dec. 30 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937—Dec. 29 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938—Dec. (Jan. 4, 1939) 594.0 86.0 10.3 24.2 5.5 89.4 13.5 45.9 274.9 60.4 99.1 144.1 15.5 1939—Dec. (Jan. 3, 1940) 508.7 39.9 4.9 5.7 5.2 53.4 11.8 51.4 172.2 39.7 113.3 174.1 9.3 1940—Dec. (Jan. 1, 1941) 384.0 23.0 4.2 .9 1.5 39.6 2.0 29.9 101.0 36.0 122.7 117.8 6.4 1941—Dec. 31 367.8 20.9 1.8 1.1 2.6 34.4 1.5 26.2 88.4 33.6 148.3 87.9 9.7 1942—Dec. 31 246.7 12.6 1.3 .5 1.5 34.0 .4 22.3 72.6 34.3 99.7 35.3 4.8 1943—Dec. 31 257.9 19.9 1.1 .4 3.0 33.9 .4 19.0 77.6 37.8 112.2 26.3 3.9 1944—Dec. 31 329.7 25.9 1.4 .3 1.3 33.9 .3 44.4 107.5 28.1 131.0 51.4 11.7 1945—Jan. 31 287.3 25.8 1.5 .3 1.9 33.9 .4 8.4 72.1 31.1 131.9 41.5 10.6 Feb. 28 275.6 27.4 1.5 .3 .8 33.9 .3 8.7 72.9 24.8 127.3 40.9 9.7 Mar. 31 286.9 23.2 1.5 .3 .9 33.9 .3 8.7 68.8 23.9 144.1 41.0 9.2 Apr. 30 290.8 25.4 1.4 .5 .9 33.9 .3 8.4 70.8 23.0 145.0 42.6 9.3 May 31 289.8 30.5 1.3 .4 .8 33.9 .3 8.9 76.2 25.6 127.9 51.1 9.0 June 30 375.0 27.9 1.3 .7 5.4 33.9 .3 48.2 117.6 53.8 144.5 49.2 9.9 July 31 325.2 24.8 1.2 .3 3.6 33.9 .3 48.7 113.0 45.2 109.8 47.7 9.5 Aug. 31 306.5 31.6 1.2 .4 2.0 33.9 .3 9.7 79.1 41.$ 116.6 60.7 8.5 Sept. 30 270.2 24.9 1.2 .6 2.7 33.9 .3 8.1 71.7 39.6 120.6 30.8 7.6 Oct. 31 260.0 21.5 1.0 .6 3.0 33.9 .1 9.6 69.8 32.2 113.6 37.3 7.2 Nov. 30 331.3 25.9 1.1 36.5 1.6 33.9 .3 10.2 109.6 38.0 145.8 29.1 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. APRIL 1946 447 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 - Nor- tu P g o a r- l1 Ru- Spain: S d w e e n - USSR1 s Y la u v g i o a - 1 o A th l e l r 1939—Dec. (Jan. 3, 1940) 51.4 6.5 3.2 1.4 3.6 8.7 28.0 1940—Dec. (Jan. 1, 1941) 29.9 1.5 .3 1.8 .9 1.0 24.5 1941—Dec. 31 26.2 1.1 00 1.9 .5 .6 22.1 1942—Dec. 31 22.3 () 5.6 1.1 .2 2.4 3.2 .4 8.4 1943—Dec. 31 19.0 7.6 .6 .2 1.4 3.2 .2 5.0 1944—Dec. 31 44.4 .6 35.1 1.8 .2 5.1 1945—Jan. 31. .7 .6 .9 .2 5.0 Feb. 28. .6 1.2 .2 5.1 Mar. 31. .6 1.3 .2 5.0 Apr. 30. .6 .9 .2 5.1 May 31. .6 1.5 .3 4.9 June 30. 48 .6 40. .9 .3 4.8 July 31. 48 .6 40.5 .9 .7 4.9 Aug. 31. 9.7 .6 .1 1.4 1.5 4.9 Sept. 30. 8.1 () .6 .1 () .9 .3 5.1 O N c o t v . . 3 3 1 0 . . 1 9 0 . . 6 2 1.5 . . 6 6 . . 1 1 ( 0 ) 0 1. . 0 9 1. . 0 5 5 4 . . 0 9 1.5 Latin America French Nether- D • ate 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 ia - 3 Brazil Chile l b C o i m o a - ' - C R o ic s a ta 3 Cuba I W G a n a n d n u e a i d i s e 3 - t s Mexico I l W 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 la e 3 - O A 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 .6 8.3 .2 4 8 3 2 1 2 8 3 9 14 2 1943—Dec 31 ... 112.2 15.3 1.8 18.9 16.6 12.2 .7 20.1 (2) 11.2 .5 1.1 1.4 3.8 8.7 1944—Dec 31 131.0 3.1 1.8 25.3 9.0 15.5 1.2 47.4 (2) 8.6 .3 .8 1.2 5.1 11.7 1945—Jan. 31 131.9 2.8 1.7 • 24.8 8.5 15.5 1.1 49.2 (2) 9.3 .5 .9 1.7 4.1 11.8 Feb 28 127.3 2.9 1.2 23.8 8.5 13.5 1.0 50.1 8.4 .3 1.0 1.4 3.7 11.4 Mar. 31 144.1 5.5 1.3 22.7 7.8 16.0 .9 60.9 00* 9.1 4 1 0 1 4 4 0 13 1 Apr 30 . . . 145.0 8.7 1.4 24.1 8.7 14.7 1.0 57.1 (2) 8.8 .4 1.0 1.4 4.9 13.0 May 31 127.9 7.7 1.3 25.5 8.4 15.1 1.1 39.1 00 8.7 4 9 1 4 5 8 12 6 June 30 144.5 8.3 1.2 30.6 7.0 16.8 1.1 49.7 .1 8 9 4 1 0 1 4 5 6 12 3 July 31 109.8 14.1 1.2 26.9 8.4 16.3 1.2 10.3 .1 10.2 .3 1 1 1 7 5 5 12 4 Aug 31 . ... 116.6 11.0 1.3 24.4 6.3 17.1 1.2 14.5 .1 8 7 3 8 1 9 5 2 23 7 Sept. 30 120.6 12.8 1.1 21.7 7.5 16.7 1.5 18.3 .2 9.0 .3 8 1 3 5 2 24 1 Oct. 31 113.6 10.8 1.8 18.2 6.8 14.2 1.4 17.0 00 9.7 .4 .8 1 3 5 7 25 4 Nov. 30 145.8 20.5 1.2 22.0 7.2 19.4 1.2 27.2 00 10.6 .3 1.0 1.7 6.1 27.3 As1a andAll 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 n a l m o d n e u n a y i d r * a , - - , M l B t a i r s y a i h a - - * c M J f h r a K i a e u n n a p o a r d d n - a i ) a . - n I N l n E a e d e n a r i t d s - e h t s s - 5 i l P p a I h n p s i - d i l n - s eT k u ey r- 5 O A t s h i e a r ot A h l e l r6 A t l u r ia a s- - N l Z a e e n a w 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 n o c - c o hU A S f n o r o i i u o c f 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 00 .9 2.2 .7 .5 i.6 14.4 1 8 2.0 4.8 1 0 7 1 00 1 7 1 2 1943—Dec 31 .... 26.3 1.7 (2) 1.0 2.0 .5 .5 1.7 13.9 3 7 1.8 3.9 .5 .2 . 1 00 2 4 7 1944 Dec 31 51.4 1.5 00 .9 22.3 .1 .5 1.5 13.8 1.8 8.8 11.7 .6 .2 .2 (2) 9.7 1.0 1945—Tan 31 41.5 1.7 (2) .9 12.4 .1 .5 1.4 13.9 2.0 8.6 10.6 .8 .2 .2 00 8.3 1.1 A F M e p a b r r . 3 3 2 1 0 8 ... 4 4 4 2 0 1 . . . 6 9 0 1 1 1 . . . 2 3 3 0 ( 0 2 0 0 ) . . . 9 9 9 1 1 12 1 2 . . . 1 8 1 . . . 1 1 1 . . . 5 5 5 1 1 1 . . . 4 4 4 1 1 1 3 3 3 . . . 9 9 9 1 1 1 . 8 9 8 1 9 9 0 . . . 1 0 5 9 9 9 . . . 2 7 3 . . . 7 8 8 . . . 4 4 2 . . . 4 3 3 ( ( ( 2 2 2 ) ) ) 6 6 7 . 7 2 7 1 i 1 ! i 2 2 May 31 51.1 1.1 00 .9 19.4 .1 .5 1.4 13.9 7 0 11.8 9.0 1.0 .3 .4 6 1 1 2 Tune 30 49 2 1.2 00 .8 16.8 .1 .5 1.4 13.6 ? 0 12.5 9.9 .9 .4 .2 00 6 0 2 4 July 31 47.7 1.0 (2) .8 14.5 .1 .5 1.4 13.9 ?, ? 13.1 9.5 2.1 .4 .3 00 5 2 1 6 Aug. 31 60.7 1.1 00 .8 15.0 .1 .5 1.4 26.0 2 1 13.6 8.5 1.0 .4 .3 00 5 0 1 8 Sept. 30 30.8 1.1 (2) .8 8.0 .1 .5 1.4 13.6 2.3 2.9 7.6 .7 .3 .3 (2) 4.5 1.6 Oct. 31 37.3 1.2 00 .8 7.2 .1 .5 1.4 13.0 1 6 11.4 7.2 .7 .6 .2 (2) 4 1 1 5 Nov 30 29.1 1.7 .2- .8 7.1 .1 .5 1.4 13.7 1.7 2.0 8.8 .9 .7 .2 (2) 5.0 1.9 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." * 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. 448 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS A d ss e e p t a s r o tm f e is n s t ue Assets of banking department Liabilities of banking department Bank of England Note (Fig p u o r u e n s d i s n s m ter il l l i i n o g n ) s of Gold1 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' D P ep 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 8.8 35.8 17.9 1930—Dec. 31 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 * .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 6 780.0 .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 & 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—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 5 1,400.0 .4 20.3 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Jan. 30 .2 1,400.0 .5 68.8 5.5 289.6 1,331.4 279.7 11.0 55.9 17.9 Feb. 27 .2 1,400.0 .9 77.1 7.4 236.7 1,323.1 234.5 16.7 53.0 18.0 Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits Sterling securities (F C ig a u n r a e d s i i a n n m do il l l l i a o r n s s ) of Gold and S t U at n e i s ted O as t s h e e ts r irc 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 ve in rn io - n Other ment 1935—Dec. 31 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 7.7 1936—Dec. 31 179.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec. 31 179.8 14.9 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1938—Dec. 31 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31 .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31 .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—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 ,034.7 558.3 56.5 1,078.8 441.1 57.5 37.6 208.8 Aug. 31. 176.1 ,031.5 584.0 62.3 1,097.9 444.4 32.6 39.7 239.2 Sept. 29.. 176.1 ,028.9 591.4 34.9 1,112.4 442.9 39.6 22.4 213.9 Oct. 31. . 176.1 ,109.4 590.6 39.5 1,136.6 474.2 51.0 32.4 221.3 Nov. 30.. 159.0 ,168.1 629.4 69.5 1,113.8 495.2 159.1 27.4 230.5 Dec. 31.. 156.8 ,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946—Jan. 31.. 101.8 ,143.8 686.2 33.2 1,088.1 505.9 187.2 34.2 149.6 Feb. 28. 95.2 ,155.2 688.8 48.0 1,086.7 522.9 201.7 56.4 119.6 i 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. APRIL 1946 449 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 dv v a e n 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 t o s i c 3 o - 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 1 19 9 3 3 2 1 — — D D e e c c . . 3 3 0 0 . . . . . . 6 83 8 , , 0 8 1 6 7 3 2 4 1 , , 4 1 8 1 4 1 6 7 , , 8 15 0 7 2 3 7,3 4 8 38 9 1 11 1 , , 7 2 1 7 2 5 8 8 5 5 , , 7 0 2 2 5 8 2 c , , 8 3 9 1 8 1 2 2 2 0, , 0 1 7 8 2 3 2 1, , 9 0 8 4 9 1 1933—Dec. 29... 77,098 1,158 6,122 4,739 11,173 82,613 ,322 13,414 1,940 1934—Dec. 28... 82,124 963 5,837 3 971 11,500 83,412 :,718 15,359 1,907 1935—Dec. 27. .. 66,296 1,328 5,800 9,712 11,705 81,150 ,862 8,716 2,113 1936—Dec 30 60 359 1 460 5,640 1,379 8,465 17,698 12,642 89,342 ,089 13 655 2 557 1937—-Dec. 30. .. 58,933 911 5,580 652 10,066 31,909 11,733 93,837 2,461 19,326 3,160 1938—Dec 29 87 265 821 7,422 1,797 7,880 20,627 18,498 110,935 c.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—Dec. 28... 75,151 42 47,288 48 18,592 426, 000 15,850 635,221 572,510 748 37,855 7,078 1945— F j e an b . 2 2 5 2... 7 7 5 5 ,1 1 5 5 1 1 4 4 2 2 4 4 7 7 , , 8 8 4 9 2 4 1 9 6 ? 2 6 3 , ,4 3 7 6 3 0 4 42 2 6 6 , , 0 0 0 0 0 0 7,700 6 6 4 3 5 7 , , 4 9 3 0 5 3 5 5 6 6 2 8 , , 4 9 1 0 6 0 3 7 1 7 9 8 6 5 4 0 3 ,6 3 9 8 7 2 4 4 ,7 8 9 5 7 2 A M p a r r . 2 2 9 6. .. 7 75 5 ,1 1 5 5 1 1 4 4 4 4 4 48 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 6 6 4 4 2 3 , , 0 6 9 3 3 4 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 ,9 0 5 7 0 5 A M u a g y . 3 3 1 0 . . . . . . 7 7 5 5 ,1 1 5 5 1 1 4 4 6 5 4 4 8 8 ,7 1 0 4 3 1 1 1 2 0 ,9 1 3 6 6 2 4 42 2 6 6 , 0 0 0 0 0 0 19 750 6 6 4 35 1 ,6 4 6 0 6 3 5 4 4 6 8 9 ,6 9 5 4 2 5 80,2 7 4 74 6 . 5 5 7 0 ,0 2 0 3 5 1 4 7 , 6 7 0 0 0 1 Sept. 27... 75 151 46 49 363 14 242 426 000 642 717 496 258 53 598 53 156 4 506 Oct. 31... 565',152 47 60,087 27 20,442 426, 000 H6.152 528,945 30,793 52,552 5,617 Nov 29 65 152 45 62,210 153 ?6,073 426, 000 645,859 545,795 21,708 53 447 4 540 Dec. 27 . 5129,817 68 723,038 303 ?s,548 426, 000 639,122 570,006 12-048 57 755 4 087 1946—Jan. 31... 129,817 69 26,081 220 27,415 426, 000 644,818 592,436 5,781 52,046 4,156 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 re T f s o o e r r t e v a i l g es n 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 a c s li o g v n i e b o r l t e e Other O as 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 - 1929—Dec 31 2 687 2,283 2,848 251 92 65£ 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 I 1 9 9 3 3 7 5 — — D D e e c c . 3 3 1 1 # 7 7 2 6 6 7 6 1 6 5 , , 1 51 3 0 1 6 7 0 4 2 1 2 0 1 6 3 28 0 6 3 8 7 6 6 1 5 4 5 , , 9 4 8 9 0 3 1 1 L , , 0 0 5 1 9 2 9 97 5 0 3 1938—Dec. 31 .. 76 71 8,244 45 557 298 1,621 8,223 1.527 L.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 L,396 1941—Dec. 31... 77 71 21.656 32 107 283 2,311 19,325 3,649 L.493 1942—Dec. 31.. . 76 71 29,283 25 87 210 1,664 24,375 5,292 L.680 1943—Dec. 31 . 77 71 41,342 27 1 65 2,33ir 33,683 8,186 L.980 I944—Mar 31 77 (8) 40,379 46 33 2,281 33,792 7,237 L 788 Apr 29 77 40,909 38 31 2,525 34,569 7,179 L 833 May 31... 77 42,159 28 23 2,096 35,229 7,240 1.915 June 30... 77 42,150 26 27 2,397 35,920 6,754 2,004 July 31 77 43,222 38 21 2,396 36,888 6,813 2 054 Aug 31 77 45,829 42 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,'rO4 9,603 2 216 Nov. 30' 77 56,939 62 69 21 2,795 46,870 10,829 2,264 Dec. 30.. . 77 71 63,497 112 1 45 2,351 50,102 13,535 " 2,445 1945—Jan. 31. .. 77 64,625 199 81 60 2,083 51,207 13,566 2,353 Feb 28 77 70,699 307 112 61 2,591 55,519 16,419 1,909 1 Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations 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, in week ending Oct. 11, 1945, 10,000 million, and in week ending Dec. 27, 1945, 53,000 million francs of gold transferred from Bank of France to Stabilization Fund. 6 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. 7 Forty billion francs of gold increment resulting from revaluation used to cancel an equal amount of Treasury bonds. 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. 450 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1946 1945 Central Bank 1945 (Figures as of last report (Figures as of last report date of month) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. Central Bank of the Argentine National Bank of Czechoslovakia Republic (millions of pesos) : in Prague—Continued Gold reported separately ,209 1,223 Note circulation—Old 2,192 37,402 Other gold and foreign exchange. ,456 3,366 New 24,233 Government securities 866 866 Deposits—Old 91,224 20!225 Temporary advances to Govt.. . . 41 New 2,187 Other assets 148 154 150 Other liabilities 10,627 14,070 Note circulation ,871 2,830 ,354National Bank of Denmark Deposits—Member bank ,799 1,765 ,337 (millions of kroner): Government 477 436 578 Gold 83 83 83 97 Other 204 203 195 Foreign exchange 130 100 88 22 Certificates of participation in Clearing accounts (net) 121 114 121 2,864 Government securities 166 167 126 Loans and discounts 30 68 75 29 Co tr m a O m li t a h o 1 e n r w ( t l h i e a o a b u l i s l th i a t n ie d s B s a o n f k po o u f n A ds u ): s- 205 208 203 O G Se t o h c v u e t r r . it a c ie s o s s m e p ts e . n _ sation account7... 7,6 1 1 8 3 1 2 0 7,6 1 1 8 3 1 5 2 7,6 1 1 8 4 1 8 7 1 , 4,6 9 8 0 0 5 5 Gold and foreign exchange 177 176,712 Note circulation 1,509 1,516 1,561 1,618 Checks and bills of other banks. . 1 610 1,063 Deposits—Government 2,727 2,891 2,737 2,639 Securities (incl. Government and Other 3,695 3,524 3,634 3,072 Treasury bills) 419 092 426,160 Other liabilities 256 262 280 464 Other assets 15, 813 13,272 Central Bank of Ecuador Note circulation 193 714199,964 (thousands of sucres): (Oct.)* Deposits of Trading Banks: Gold 288,843 288,648 Special 236 780 233,831 Foreign exchange (net) 118,365 148,701 Other 32 32,971 Loans and discounts 131,895 94,635 Other liabilities 150 150,442 Other assets > 90,598 99,196 National Bank of Belgium Note circulation 337,865305,782 (millions of francs): Demand deposits 263,650 298,978 G F L o o o r l a d e n * i s g n to e G xc o h v a e n r g n e ment 3 4 4 2 9 , , , 5 7 8 7 2 9 6 8 4 31,9 1 4 2 3 4 3 4 3 1 2 , , , 6 3 2 8 8 7 8 3 0 , , ,6 0 0 9 9 4 1 4 4Na s t a i n O o d n t s h a e o l r f B l p ia a o b n u i k n li d ti s o e ) s f : Egypt8 (thou- ( 2 N 8 o , v 1 . 8 ) 7 4 26,420 Other loans and discounts 2,128 1,769 ,720 Gold 6,241 6,241 Claim against Bank of Issue... . 64,597 64,597 ,589 Foreign exchange 18,063 17,185 Other assets 1,725 628 1,342 ,096 Loans and discounts 6,083 4,673 Note circulation 73,143 470 70,376 ,945 British, Egyptian, and other D Bl e o m ck a e n d d a d c e c p o o u s n it t s s3 7 2 8 , , 6 4 7 3 5 4 119 7 3 0 , , 4 0 4 8 4 2 , ,8 4 3 4 5 5 Ot G he o r v a e s rn se m ts ent securities 2 2 9 7 9, , 9 5 1 9 3 6 27 2 0 4 , ,5 9 7 4 8 4 Other liabilities 1,398 393 1,147 ,009 Note circulation 142,232 119,225 Central Bank of Bolivia (millions Deposits—Government 64,722 72,068 of bolivianos): (Nov.) Other 135,914119,612 Gold at home and abroad 768 642 Other liabilities 15,028 12,717 Foreign exchange 539 380 Central Reserve Bank of El Salva- Loans and discounts 406 285 dor (thousands of colones): Securities—Government 628 625 Gold 33,008 33,205 Other 42 41 Foreign exchange 37,382 34,546 Other assets 237 82 Loans and discounts 2,113 1,290 Note circulation 1,446 ,251 Government debt and securities. 6,337 5,999 Deposits 1,020 699 Other assets 1,725 1,527 Nati O on th a e l r B li a a n bi k l it o ie f s Bulgaria5 155 105 D N e o p te o s c i i t r s culation 4 2 6 7 , ,6 0 5 2 5 2 4 21 7 , , 8 7 9 9 5 4 Ce o n f tr p a e l s os B ): ank of Chile (millions Bank O t o h f e r F l i i n a l b a il n it d ie 5 s 6,887 6,878 G D o is l c d ounts for member banks 3 33 8 7 4 3 4 4 4 0 7 3 2 4 7 1 7 N Ba a n ti k o n o a f l G B r a e n ec k e 5 of Hungary5 Loans to Government 701 701 710 Reserve Bank of India (millions of Other loans and discounts 614 605 973 rupees): Other assets ,843 1,738 ,206 Issue department: Note circulation ,798 2,892 ,580 Gold at home and abroad. . 444 444 444 Deposits—Bank 554 416 447 Sterling securities 11,353 11,053 9,543 Other 206 198 157 Indian Govt. securities 578 578 578 Other liabilities 320 325 324 Rupee coin 101 146 105 Bank of the Republic of Colombia Note circulation 11.997 12,109 10,593 (thousands of pesos): Banking department: Gold 224 221,561 090 Notes of issue department.. 480 113 77 Foreign exchange 1001,958 87,806 079 Balances abroad 5,421 5,623 3,690 Loans and discounts 7,600 25,748 031 Treasury bills discounted.. 63 82 47 Government loans and securities. 67,273 65,549 981 Loans to Government 8 4 Other assets 28,618 529 281 Other assets 467 352 267 Note circulation 188,636 204,938 208 Deposits 6,187 5,934 3,798 Deposits 198,041174,436 907 Other liabilities 252 240 282 Other liabilities 41,850 51,819 347 Central Bank of Ireland (thousands National Bank of Czechoslovakia of pounds): in Prague6 (millions of koruny): Gold 2,646 2,646 2,646 2,646 Gold 1,517 ,517 Sterling funds 35,196 34,918 36,287 29,292 O L Fo o th r a e e n i r s g n a a s n e s d e x t c s d h i a s n co g u e nts 12 3 4, , 5 5 8 5 6 2 7 9 0 65 , , 9 4 7 3 5 8 6 7 8 B B a a n n k k N o o o t f f e J J c a a i v r p c a a u 5 n la 5 tion 37,842 37,564 38,933 31,938 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. 3 Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts. 4 Latest month available. . 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 In December 1945, State-guaranteed German assets, formerly included in "Clearing accounts" and "Other assets," were transferred to Government compensation account. 8 Items for issue and banking departments consolidated. APRIL 1946 451 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CEisnfRAL BANKS— Continued Central Bank 1946 1945 Central Bank 1946 1945 (Figures as of last report (Figures as of last report date of month) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. Bank of Mexico (millions of pesos): Bank of Spain—Continued Metallic reserve1 761 769 623 Note circulation 18 961 17 298 "Authorized" holdings of securi- Deposits—Government 538 1,698 ties, etc. 9 039 ? 040 1 573 Other 3 324 3 407 Bills and discounts. . f 405 4?0 388 Other liabilities 627 488 Other assets 59 63 62 Bank of Sweden (millions of kronor) Note circulation 1 696 731 1 356 Gold . . 1 060 1 060 1 062 1 047 Demand liabilities 1,348 1 S46 1,137 Foreign assets (net) 771 800 758 585 Other liabilities 154 Swedish Govt. securities and ad- Netherlands Bank (millions of vances to National Debt Office9 1,213 1,254 1,500 1,314 guilders): Other domestic bills and advances 42 68 32 34 Gold2 713 713 931 Other assets 1,121 1,091 1,120 1,051 Silver (including subsidiary coin) 1 1 Note circulation 2,506 2,587 2,782 2,345 Foreign bills 4,573 4 539 4,542 Demand deposits—Government 953 897 831 608 Discounts Other 73 85 122 344 Loans 146 167 148 Other liabilities 674 704 739 734 Other assets 145 119 102 Swiss National Bank (millions of Note circulation—Old 309 327 5,294 francs): New3 1 716 1 S86 Gold /\ 722 /\ 757 4 777 4 591 Deposits—Government 2,116 2 493 105 Foreign exchange 198 185 165 108 Blocked 48? 116 145 198 286 Other 543 368 385 Other assets 84 84 110 81 Other liabilities 59? 48 S Note circulation 589 ,615 3 835 3 478 Reserve Bank of New Zealand Other sight liabilities 1 232 1,261 1,110 1,301 (thousands of pounds): Other liabilities 300 296 306 288 Gold 80? 80? 80? Central Bank of the Republic of Sterling exchange reserve 75,681 82, 881 47,308 Turkey (thousands of pounds): Advances to State or State un- Gold 300 926276,382 dertakings . . 40,937 37 504 31 125 Foreign exchange and foreign I n vestments 1? 670 4 951 11 737 clearings 59 206 85,070 Other assets 980 1 003 1,689 Loans and discounts 743 049835,281 Note circulation 44 17? 46 39 316 Securities 172 926173,893 Demand deDosits 84 OSS 73 212 51,440 Other assets 27 191 21,155 Other liabilities 4 816 4 713 3,906 Note circulation 882 425961,056 Bank of Norway4 Deposits—Gold 91,821 85,586 Bank of Paraguay—Monetary Other ... 139,953 174,526 Dept.5 (thousands of guaranies): Other liabilities 189,100 170,613 Gold 3,323 3,323 3,332 Bank of the Republic of Uruguay Foreign exchange 75,671 78 471 •800 (thousands of pesos): Loans and discounts 3,009 4,841 4,559 Issue department: (Oct.)6 Government loans and securities 10,14? 10 145 10 698 Gold and silver 122,751 122,751 Other assets 475 404 1,117 Note circulation 158 063158,171 Note circulation 26,011 27, 121 25,655 Banking department: Demand deoosits 14 18,503 15,281 Gold and silver 186 825139,998 Other liabilities 1,878 1,560 1,570 Notes and coin 23,848 23,164 Central Reserve Bank of Peru Advances to State and to (thousands of soles): (Nov.)* government bodies 9,944 16,550 Gold and foreign exchange 159,487 ,177 Other loans and discounts 95 014 91,761 ?9 037 ?0 991 Other assets 320 844297,080 Government loans 568 033 458 180 Deposits 287,620263,021 Other assets ?0 649 ?0 754 Other liabilities 348 854'305,533 Note circulation 483,881 417,363 Central Bank of Venezuela (thou- ?56 457 177 441 sands of bolivares): Other liabilities 36, 868 76 798 Gold1(> 547 58? 547 582 517,093380,249 Bank of Portugal (millions of es- Foreign exchange (net) 41 897 35 963 64,658 77,155 cudos): (Aug.)6 Credits to national banks 10,157 20,310 Gold7 1,419 1 415 Other assets ... 15 494 17 794 11 234 13,817 Other reserves (net) 6 383 5,717 Note circulation—Central Bank. 373 ?78 S75 936 375,379304,741 Nonreserve exchange 9 6?0 9 National banks 9 142 Q 223 9 813 16,079 Loans and discounts 261 Deposits 917 ?09 144211,131 160,945 Government debt 1,020 1,020 Other liabilities 7,636 7 037 6,820 9,768 Other assets 76? 779 National Bank of the Kingdom Note circulation 7 717 7 389 of Yugoslavia4 10,884 10,194 Bank for International Settle- Other liabilities . ... 885 860 ments11 (thousands of Swiss gold National Bank of Rumania4 francs): South African Reserve Bank8 Gold in bars 120 197118,285 114,043 (thousands of pounds): Cash on hand and on current Gold 115 110 909 101 account with banks 4? 146 41 669 44,730 Foreign bills 56 58? *>9 043 ?8 558 Sight funds at interest 11 395 10 888 12,697 Other bills and loans 3,976 3,604 2,881 Rediscountable bills and accept- Other assets . . . 106 101 737 91 973 ances (at cost) 81 345 81 790 84,761 Note circulation 65,831 67, 879 56,520 Time funds at interest 2 750 2,750 2,749 Deposits . . .. 446 593 16? 581 Sundry bills and investments 97 054198 935197,793 Other liabilities 5,410 4, 5,539 Other assets 99 93 100 Bank of Spain (millions of pesetas): Demand deposits (gold)... 16 972 16,942 18,842 Gold . . 1 710 1 166 Short-term deposits (various Silver 597 609 currencies): Government loans and securities. 15,510 15,983 Central banks for own ac- Other loans and discounts 4, 192 3,387 count 3 671 3,670 6,530 Other assets . 1940 1 747 Other 1 516 1 495 1 846 Long-term deposits: Special accounts 229 001229,001229,001 Other liabilities 203 824203,301 200,655 1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 2 Gold revalued in July 1945 from 2,098 to 2,970 guilders per fine kilogram. 3 Notes issued before October 1945 were gradually withdrawn from circulation and deposited in "blocked" accounts in accordance with the currency reform decrees effected between June and October 1945. 4 For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282; and of Rumania (June 1944), see BULLETIN for March 1945, p. 286. 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. 10 Beginning October 1944, a certain amount of gold, 7 Valued at average cost beginning October 1940. formerly reported in the Bank's account, shown separately 8 Beginning July 1945, end-of-month statements have been available. for account of the Government. 9 Includes small amount of non-Government bonds. " See BULLETIN for December 1936, p. 1025. 452 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 n i i n t g ed - France m G a e n r- y g B i e u l m - N e e r t - h- S d w en e- Sw er it - z- b C an e k n t o r f a — l R M 3 a a 1 t r e . ef D fe a ct t i e ve ba C n e k n t o r f a — l R M 3 a 1 a te r. eff r) a a c t t e ive dom lands land In effect Dec. 31, Albania SlA Mar. 21, 1940 Italy 4 Sept.11, 1944 Tan 19 36 28 1937 2 4 2 4 2 2 \y 2 A Be rg lg e i n u t m ina IX J M an a . r. 16 1 , . 1 1 9 9 3 4 6 5 J J a a v pa a n 3 3.29 J A a p n r . . 14 7 , , 1 1 9 9 3 3 7 6 June 15 6 Bolivia 6 Nov. 8, 1940 Latvia 5 Feb. 17, 1940 July 7 . . 5 Lithuania.... 6 July 15, 1939 Aug 4 4 Sept. 3 Nov 13 3 Mav 10 1938 4 British India. . 3 Nov. 28. 1935 Mexico June 4, 1942 May 13 23^ Bulgaria 5 Dec. 1, 1940 Netherlands . 23^2 June27, 1941 May 30 3 Canada IX Feb. 8, 1944 New Zealand. IX Tuly26. 1941 Sept 28 3 Chile Dec. 16, 1936 Norway Jan. 8, 1946 Oct 27 2i/ Colombia 4 July 18, 1933 Peru 5 Aug. 1, 1940 J N a o n v . 25 4,1939... 2Y2 Czechoslovakia Oct. 28, 1945 Portugal Jan. 12, 1944 Apr. 17 4 May 11 3 July 6 Denmark 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 43^ Oct. 1, 1935 Sweden Feb. 9, 1945 Oct 26 2 Finland 4 Dec. 3, 1934 Switzerland.. 13^ Nov. 26, 1936 Dec. 15 3 Jan. 25,1940... 2 A M p a r y . 17 9 3 A zy 2 France 1% Jan. 20, 1945 Turkey 4 July 1, 1938 Mar. 17 1941 1s/ Germany 3 J^ Apr. 9, 1940 United King- May 29 3 Greece 7 Feb. 11, 1945 dom 2 Oct. 26, 1939 June 27 2J4 Hungary Oct. 22, 1940 U. S. S. R.... 4 Tniv 1, 1936 Jan 16 1945 IX Ireland 2% Nov.23, 1943 Yugoslavia. . 5 Feb. 1, 1935 Jan. 20 i% Feb. 9 23^ In effect Mar. 31, NOTE.—Changes since Feb 28: None 1946 ... . 2 sy 2 IX 2y 2 2y 2 IX OPEN-MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands Sweden Sw la it n z d er- 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—Jan 4.32 4.29 3.41 5.80 5.13 4.20 4.46 3.28 1930—Jan 4,07 4.04 3.62 6.33 6.03 2.99 2.85 2.97 1931—Jan 2.25 2.24 1.74 4.75 4.93 1.38 1.55 1.17 1932—Jan 5.52 4.94 4.20 6.94 7.86 2.24 2.37 1.68 1933—Jan .87 .76 .73 3..88 4.98 .37 1.00 1.50 1934—Jan 1.01 .90 .86 3..88 4.74 .50 1.00 1.50 1935—Jan .36 .26 .66 3..51 3.82 .59 1.00 1.50 1936—Jan .56 .53 .75 3..00 2.81 2.21 2.29 2.48 1937—Jan .56 .54 .75 3..00 2.54 .52 1.01 1.25 1938—Jan .54 .51 .75 2..88 2.98 .13 .50 1.00 1939—Jan .55 .53 .75 2..88 2.46 .13 .50 1.00 1940—Jan 1.10 1.09 1.02 2..50 2.03 1.85 2.64 1.25 1941—Jan 1.03 1.01 1.00 2.25 1.73 2.25 2.75 1.25 1942—Jan 1.03 1.01 1.04 2.13 1.92 1.25 1943—Jan 1.03 1.01 1.08 2.13 1.84 1.25 1944—Jan l.v03 1.01 1.08 2.13 1.89 1.25 1945—Jan 1.03 1.01 1.00 2.13 1.25 1945—Feb 1.03 1.00 1.00 2.13 1.25 Mar 1.03 1.00 1.00 2.13 1.25 Apr 1.03 1.01 1.00 1.25 May 1.03 1.00 1.03 1.25 June 1.03 1.00 1.13 1.25 July 1.03 00 1.13 1.25 Aug 1.03 00 1.13 1.25 Sept 1.03 00 1.13 1.25 Oct .83 .75 .96 1.25 Nov .53 .51 .63 1.25 Dec .53 .50 .63 1.25 1946—Jan .53 .50 .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. APRIL 1946 453 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom * b m (1 a i 1 n ll k i L o s s o n . t e n s r d l o F o i f n i n g g p u ) c o r l e u e s a n r d i i n n s g re C se a r s v h es M c n a o s l o n h l t e o i a y c r n t e d at B co il u ls n t d e 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 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 ,200 236 1943—December. 422 151 133 1,307 1,154 761 349 4,032 2,712 ,319 245 1944—December. 500 199 147 1,667 1,165 772 347 4,545 3,045 ,500 250 1945—February.. 455 188 140 1,639 160 769 305 4,405 2,904 ,501 250 March 464 180 149 1,681 153 780 299 4,459 2,944 ,516 246 April 472 180 109 1,821 140 749 300 4,525 2,994 ,530 245 May 482 196 120 1,882 126 757 297 4,617 3,064 ,553 243 June 494 195 135 1,939 128 774 331 4,752 3,147 ,605 243 July 500 198 181 1,994 1,123 767 300 4,819 3,205 ,613 244 August 511 233 195 1,993 1,126 769 292 4,875 3,236 ,638 244 September, 518 226 215 1,971 1,146 771 299 898 3,266 ,632 247 October. .. 513 201 189 1,925 1,178 799 308 859 3,277 ,582 254 November 496 229 296 1,703 1,201 809 318 4,789 3,254 ,535 263 December. 536 252 369 1,523 1,234 827 374 4,850 3,262 ,588 265 1946—January.. . 496 249 361 1,493 1,230 840 333 4,729 271 Assets Liabilities Canada Entirely in Canada Security Deposits payable in Canada (10 chartered banks. loans excluding interbank deposits End of month figures abroad Note in millions of and net Securities Other circula- Other Canadian dollars) Cash Se lo c a u n ri s ty d lo i O s a c n t o h s u e a n r n ts d d f u b o e a r e n f i k r g o s n m assets tion Total Demand Time liabilities 1939—December. 292 53 1,088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December. 323 40 1,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—December. 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December. 387 31 1,168 231 2,293 657 60 3,657 1,984 1,673 1,049 1943—December. 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 1,172 1944—December. 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 1,289 1945—February. . 539 80 1,125 254 3,624 717 31 5,021 2,390 2,631 1,287 March. . . . 544 78 1,094 219 3,606 708 31 4,938 2,214 2,725 1,280 April 598 82 1,047 269 3,799 750 30 5,210 2,475 2,735 1,306 May 622 125 1,299 251 3,885 775 29 5,616 3,053 2,563 1,312 June 622 123 1,142 248 3,996 766 29 5,540 2,894 2,646 1,326 July 591 135 1,079 237 3,802 769 28 5,269 2,528 2,741 1,316 August 581 112 1,021 242 3,835 789 28 5,229 2,396 2,833 1,324 September. 582 109 1,002 237 3,960 750 27 5,269 2,331 2,935 1,344 October. .. 640 130 1,009 242 4,159 812 27 5,573 2,582 2,992 1,392" November. 646 239 1,372 229 4,015 888 26 6,013 3,197 2,816 1,350 December. 694 251 1,274 C227 4,038 C869 26 5,941 3,076 2,865 1,386 1946—January... 665 210 1,213 209 4,100 793 5,810 2,848 2,963 1,354 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 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—December. . 8,548 4,095 90,897 14,191 2,935 112,732 111,191 1,541 428 7,506 1944—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 September. 8,941 3,868 103,358 17,014 2,524 128,108 125,646 2,462 439 7,159 October. . . ,8,637 3,963 104,535 17,052 2,858 129,121 126,427 2,694 571 7,354 November. 11,228 3,970 103,188 18,074 3,156 131,561 128,962 2,600 595 7,460 December. 10,365 4,948 99,782 18,653 2,190 128,758 126,578 2,180 557 6,623 1945—January. . 8,673 4,969 93,982 18,586 1,887 121,169 119,039 2,130 616 6/312 February. 9,623 4,790 94,986 18,705 1,949 123,070 121,118 1,952 681 6,302 March. . . 8,117 5,072 98,593 21,255 2,118 128,007 126,132 1,876 745 6,403 April 8,582 4,954 99,146 22,246 2,490 129,859 128,154 1,705 939 6,619 May 27,281 4,999 109,270 23,108 3,008 159,526 157,453 2,073 1,212 6,928 June 16,282 5,660 156,620 23,216 3,618 196,167 193,828 2,339 1,544 7,685 c Corrected. 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 IK 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. 454 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noorI buying rates in Slew York for cable transfers. Incents per unit of foreign currency Argentina Australia Brazil Canada Chile (peso) (pound) Bel- (cruzeiro1) British Bul- (dollar) (peso) China Year or month Official Special Official Free ( g fr i a u n m c) Official Free ( I r n u d pe ia e) g ( a le r v i ) a Official Free Official Export S ( h h y a a u n i a ) g n - Export 1937 32 959 393.94 3.3752 8.6437 6.1983 37.326 1.2846 00.004 5.1697 24.OOOO 29.606 1938 32.597 389.55 3.3788 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 3.3704 6.0027 '5!1248 33.279 21.2111 96.018 5.1727 4.0000 11.879 1940 29.773 2322.80 305.16 23.3760 6.0562 5.0214 30.155 290.909 85.141 5.1668 4.0000 6.000 1941 29.773 223.704 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 25.1664 24.OOOO 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1943 29.773 24.732 322.80 2321.50 6.0586 5.1280 30.122 90.909 89.978 1944 . 29.773 25.125 322.80 6.0594 5.1469 30.122 90.909 89.853 1945 29.773 25.125 2322.80 2321.17 22.2860 6.0602 5.1802 30.122 90.909 90.485 1945—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 1946—Jan 29.773 25.125 321.41 2.2840 6.0602 5.1802 30.122 90.909 90.712 Feb. 29.773 25.125 321.41 2.2845 6.0602 5.1802 30.122 90.909 90.695 Year or month C ( o p b l e i o s a o m ) - C s ( l k o z o e v r c a u h k n o a ia - ) ( 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 r a an n c c ) e ( m m G re a a e i r c n r k h - y ) s- G (d r m r e a a e c ) c h e - ( H K do o o l n n la g g r) ( H p g e a u n r n g y - o) I ( t li a r l a y ) J ( a y p en a ) n ( M p i e c e s o x o - ) e N ( r g l e e u a r t i n ) l h d d - - s (p Z l N o a e e u n a w n d - d) 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 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—Man 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 Nov. 56 980 2 0186 20.578 437.933 322.70 Dec 56.980 1.7822 20.579 37.933 322.70 1946—jan 56 980 8410 20.580 37.933 322.70 Feb. 56.980 52O 877 8410 20.581 37.926 322.70 United Kingdom 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 po o fr u u i n c t d h a ) ( S pe p s a e i t n a) S S m (d t e o e r t l n a t l l a i t e t r s - ) s ( S k d r w e o n e n - a) ( e S f r r w a la n it n c z ) d - Offic ( i p a o l und F ) ree tr C o o ll n e ( - d peso tr N ) c o o o l n l n e - - d Y ( s d l u a in v g a i o r a - ) 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 H03 '.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—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 398.30 403.50 402.95 65.830 55.489 Au°" 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 1946—jan. 400.50 403.38 65.830 56.290 Feb S2O.2O2 54.0501 400.50 59.132 523.852 523.363 403.38 65.830 56.290 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." 2 Average of daily rates for that part of the year during which quotations were certified. 3 Based on quotations beginning Sept. 24. 4 Based on quotations beginning Nov. 2. 6 Based on quotations beginning Feb. 5. 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. APRIL 1946 455 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 ( n 1 n 1 9 i g 0 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 (1 I 1 9 t 0 2 a 0 8 l ) y = ( J 1 O 9 c a 1 0 t 0 p o 0 0 a b ) n = er N (1 e l = 9 t a 1 2 h n 0 6 e d 0 - r s 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 U26 144 1932 65 67 86 427 97 70 161 65 i 92 96 1933 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 .. 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 707 107 99 278 74 115 111 1940 79 83 137 2 901 110 116 311 3 88 146 143 1941 87 90 153 112 132 329 172 184 1942 99 96 159 114 189 210 1943 103 100 163 116 196 218 1944 104 103 166 196 223 1945 106 103 169 194 221 1945—February 105 103 167 195 221 March 105 103 168 196 221 April 106 103 168 196 221 IVlay 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 107 103 169 191 219 December 107 103 169 190 214 1946—January 107 104 172 215 February 108 172 1 Approximate figure, derived from old index (1913 =100). 2 Average based on figures for 5 months; no data available since May 1940, when figure was 919. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Germany (1926=100) (1926=100 (1930=100) 1913=100) Year or month pr F o a d r u m cts Foods co O i m t t m h ie e o s r d- pr F o a d r uc m ts R fa m p a g c a a o w t r n o u t d u a r l s - e n y d d F f u c a m l g h c l a o i t y n o e u f d u r a l s - e y n d d Foods pr I o t n r d d i u u a c s l t - s p A r g t o r u d i r c u a u c l l t - s a t 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 m h - t a i e s w - d p tr r I i i o n a s d d l h u u e f s c d - i ts 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 93 160 164 119 102 135 1944 123 105 99 103 104 94 158 170 1945 128 106 100 105 105 94 158 175 1945—February 127 105 99 105 105 94 157 173 March .... . 127 105 99 105 105 94 156 174 April 129 106 99 105 105 94 156 174 May 130 107 99 105 105 94 156 175 June 130 108 100 106 106 94 160 175 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 132 109 101 106 105 94 158 175 1946—January 130 107 101 107 105 95 158 180 February 131 108 101 Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 456 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 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 1 132 130 1937 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 98 104 141 122 130 130 1938 101 102 156 126 139 137 1939 95 101 141 123 130 132 1939 99 102 158 126 140 138 1940 97 106 164 128 2 140 146 1940 100 106 184 130 3 148 151 1941 106 116 168 129 175 1941 105 112 199 133 174 1942 124 127 161 132 200 1942 117 117 200 137 193 1943 138 131 166 134 211 1943 124 118 199 139 203 1944 136 131 168 215 1944 126 119 201 208 1945 139 133 170 215 1945 . 128 119 203 209 1945-February.. 137 131 168 216 1945-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 1?8 119 203 210 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. 140 134 169 210 November 129 120 203 207 December. 141 134 169 210 December 130 120 203 207 1946-January... 141 133 169 210 1946—Tanuarv 130 120 203 207 February.. 140 169 February.. 129 P120 203 figure was 141. Lre was 149. p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926= 100) Year or month United United United ( S d p e r t i a r c i t v e e ) e s 1 d 1 ( K D 92 i e n 1 c g e = d m 1 o b 0 m e 0 r ) (19 F 3 r 8 a = n 1 c 0 e 0)2 G (a e p v r ri m e c r e a a ) g n 3 e y N la e n th d e s4 r- (1 S = 9 t 3 a 1 5 t 0 e - 0 3 s ) 9 U K d n i o i n m 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) Number of issues. . 15 87 50 3 139 8 402 278 (5) 2295 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 3 152 1 \i\ 5 92 4 453 1945—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 2 467 November. . 122.0 127.8 150 3 136 9 94 5 441 December... 121.9 127.5 151.2 139 7 94 2 450 1946—January.... 123.8 129.1 P148.6 144 8 95 2 P433 February... 124.5 130.1 143.3 94.9 Preliminary. 1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 .Published by the Ministry of National Economy with new base of 1938 =100. Figures are for the last Friday of each month. The number of bonds included in the new index was increased to 50 (formerly 36). The index for stocks was based on 300 issues until Dec. 6, 1945, and on 295 thereafter as a result of the nationalization of five banks. For complete information on the composition of the bond and stock indexes see "Bulletin de la Statistique Generale" December 1942, pp. 511-513, and July-August 1942, pp. 364-371, respectively. For back figures for both indexes from 1938 through 1941 on a monthly basis see "Bulletin de la Statistique Generale" for October-December 1944, pp. 274-276. 3 Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4^ per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 4 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 = 100; average yield in base year was 4.57 per cent. For new index beginning January 1937, Jan.-Mar. 1937 =100; average yield in base period was 3.39 per cent. 5 This number, originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941 it was down to 287. 6 Average based on figures for 5 months; no data available June-Dec. 7 Average based on figures for 7 months; no data available May-Sept. 8 Average based on figures for 9 months; no data available May-July. 9 Average based on figures for 10 months; no data available Jan.-Feb. Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. APRIL 1946 457 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 R. M. EVANS ERNEST G. DRAPER JAMES K. VARDAMAN, JR. 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 GEORGE B. VEST, General Counsel CARL E. PARRY, Director J. LEONARD TOWNSEND, Assistant General Counsel BONNAR BROWN, Assistant Director DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS ROBERT F. LEONARD, Director WOODLIEF THOMAS, Director CHANDLER MORSE, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES RALPH A. YOUNG, 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 Vice President IRA CLERK JOHN C. TRAPHAGEN, NEW YORK DISTRICT ERNEST G. DRAPER DAVID E. WILLIAMS, PHILADELPHIA DISTRICT R. M. EVANS HUGH LEACH JOHN H. MCCOY, CLEVELAND DISTRICT W. S. MCLARIN, JR. A. L. M. WIGGINS, RICHMOND DISTRICT RONALD RANSOM ROBERT STRICKLAND, ATLANTA DISTRICT M. S. SZYMCZAK JAMES K. VARDAMAN, JR. EDWARD E. BROWN, CHICAGO DISTRICT C. S. YOUNG President JAMES H. PENICK, ST. LOUIS DISTRICT CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary JULIAN B. BAIRD, MINNEAPOLIS DISTRICT GEORGE B. VEST, General Counsel J. LEONARD TOWNSEND, Assistant General Counsel A. E. BRADSHAW, KANSAS CITY DISTRICT WOODLIEF THOMAS, Economist E. A. KINCAID, Associate Economist ED H. WINTON, DALLAS DISTRICT JOHN K. LANGUM, Associate Economist RENO ODLIN, SAN FRANCISCO DISTRICT EARLE L. RAUBER, Associate Economist O. P. WHEELER, Associate Economist WALTER LICHTENSTEIN, Secretary JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Market HERBERT V. PROCHNOW, Acting Secretary Account 458 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 Laurence F. Whittemore 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 E. C. Hill C. A. Mcllhenny Warren F. Whittier W. J. Davis Wm. G. McCreedy Philip M. Poorman* 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. McConneli E. W. Swanson W. D. Cochran 0. S. Powell A. W. Mills2 Sigurd Ueland Otis R. Preston Harry I. Ziemer Kansas City. . Robert B. Caldwell H. G. Leedy O. P. Cordill 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. E. Eagle R. B. Anderson W. D. Gentry R. B. Coleman W. H. Holloway H. R. DeMoss L. G. Pondrom 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. Cordill5 Richmond Baltimore W. R. Milford4 Omaha L. H. Earhart6 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. Pondrom6 New Orleans E. P. Paris4 San Antonio W. H. Holloway* Chicago Detroit E. C. Harris5 San Francisco.. . Los Angeles W. N. Ambrose4 St. Louis Little Rock A. F. Bailey5 Portland D. L. Davis4 Louisville C. A. Schacht5 Salt Lake City W. L. Partner* Memphis William B. Pollard5 Seattle C. R. Shaw4 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 Managing Director. 5 Vice President. APRIL 1946 459 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 5 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM B FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES f Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis