Federal Reserve Bulletin, 1946-05

F E D E R AL E S E R VE ULLETIN MAY 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—Treasury Finance and Banking Developments 461-468 Ownership of Demand Deposits, by Richard Youngdahl. 469-472 Statement on Federal Reserve Index of Industrial Production 472-473 Law Department: Limitations on National Bank Real Estate Loans to Veterans. 474-476 Foreign Funds Control—Treasury Department Releases 476-477 Current Events . 478 Foreign Banking Laws and Reports: Nationalization of the Bank of England. . .479-482 The French Banking Nationalization Law. , 483-488 Reinstatement of the Netherlands Bank Act. , 489-490 National Summary of Business Conditions. 491-492 Financial, Industrial, Commercial Statistics, U. S. (See p. 493 for list of tables). 493-545 International Financial Statistics (See p. 546 for list of tables). 546-563 Board of Governors and StafT; Open Market Committee and StafT; Federal Advisory Council 564 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 565 Map of Federal Reserve Districts 566 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 May 1946 NUMBER 5 TREASURY FINANCE AND BANKING DEVELOPMENTS In the early months of 1946 the pattern expansion in bank holdings of Government of banking and monetary developments that securities was necessary to help meet Treashad characterized the war period began to ury war expenditures and to provide for a change. The rapid growth in bank deposits growth in bank deposits and currency called and currency in the hands of the public, re- for by an expanding wartime economy. With sulting directly from the large-scale deficits the attainment of an approximate balance in required for war finance, came to a halt. the Government budget, however, this need For the first time in many years the Govern- has passed. Discontinuance of war loan ment's budget attained a near balance and drives, which had exerted a strong influence the Treasury was able to initiate a program in shaping monetary expansion during the of debt retirement by drawing upon its large war years, will be another major factor in cash balance. Debt retirement tended to de- bringing about a change in the situation. The crease both commercial bank and Federal decline in medium- and long-term bond Reserve Bank holdings of Government se- yields has narrowed the differential in the curities. A large post-holiday return flow of interest rate structure and reduced the incurrency, together with substantial excess centive for banks to shift from short- to reserves held by member banks at the begin- medium-term holdings. Such shifting has ning of the year, permitted exceptionally been an important factor in the expansion large sales of Government securities by Re- of bank credit for more than a year. Finally, serve Banks. These sales and later retire- the Treasury program of debt retirement and ments of securities from Reserve Bank hold- the consequent reduction in Federal Reserve ings served to reduce somewhat the supply Bank holdings of Government securities of bank reserves and tended to limit further tends to reduce the supply of bank reserves credit expansion. and places more restriction on further credit in the Government securities markets, the expansion. trend toward higher prices and lower bond In the absence of an expanding public yields, which had prevailed for more than a debt, any further deposit growth will largely year, was accentuated during the early weeks depend on expansion of bank credit repreof 1946. Following this sharp rise in bond senting increased loans or purchases of seprices, however, there was a marked decline curities from present nonbank holders. Alduring April. though there exists a large supply of Govern- These developments reflected important ment securities available for purchase by changes in basic influences that were operat- banks, the banks' ability to increase their ing during the war period toward rapid holdings is governed by the amount of admonetary expansion. During the war some ditional reserves they may obtain. Unless MAY 1946 461 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH there should be a gold inflow or a return of ditional Government securities, or to lend currency from circulation, the supply of re- to others at low rates for the purpose of serves will depend largely on changes in the holding or purchasing Government securiamount of Reserve Bank credit. ties. While such encouragement was justified early in the war to induce the banks ELIMINATION OF PREFERENTIAL DISCOUNT to utilize their reserves more fully in financ- RATE ing huge war expenditures, it has subse- In order to discourage the undue use of quently made for speculation in Govern- Reserve Bank credit by banks, the Federal ment securities and has resulted in unneces- Reserve Banks, with approval of the Board sary expansion of the money supply through of Governors, have eliminated the wartime monetization of the public debt. The Govpreferential discount rate of l/ of one per ernment's program no longer calls for exz cent on advances to member banks secured pansion of bank credit to help finance huge by Government obligations due or callable war expenditures. Instead, it calls for acin not more than one year. The regular dis- tion that will stop additions to and bring count rate on advances secured by Govern- about reductions in the country's monetary ment obligations or eligible paper remains supply in order to reduce inflationary presat 1 per cent. In announcing its approval of sures. Discontinuance of the preferential the change at three Reserve Banks on April rate, therefore, signifies an appropriate ad- 24, the Board issued the following statement: justment from wartime to postwar condi- "The boards of directors of the Federal tions in accordance with the Government's Reserve Banks of Philadelphia, New York, program of economic stabilization." and San Francisco have voted to discontinue EFFECT OF WAR FINANCE ON BANKS the special wartime preferential discount rate of l/ of 1 per cent per annum on ad- During the period of heavy war expendi- 2 vances to member banks secured by Govern- tures, the Treasury by periodic war loan ment obligations due or callable in not more drives raised large amounts of funds which than one year. Changes in rates, to become were at first left on deposit in banks. Indieffective at the Reserve Banks, must be viduals and businesses paid for securities in approved by the Board of Governors. part by drawing on their existing deposits "The Board has approved discontinuance and in part by selling to banks securities of the preferential rate because it has served bought in previous drives. Banks had rethe purpose of facilitating the war-financing serve funds available during the drives beprogram for which it was adopted in 1942. cause of the shift of funds from deposits The Board does not favor a higher level of against which reserves are required to reinterest rates on U. S. securities than the serve-exempt war loan accounts. As a con- Government is now paying. Discontinu- sequence a considerable stimulus to expanance of the special rate will not involve any sion in bank credit was given during each increase in the cost to the Government of war loan drive. carrying the public debt. Between drives, as the Treasury drew on "The preferential rate encourages mem- its accumulated balances to meet its current ber banks to borrow at Federal Reserve deficit, deposits of businesses and individu- Banks in order to hold or to purchase ad- als increased. Member banks met the result- 462 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH ing increase in reserve requirements by sell- to the unusually large sum of 26 billion. ing securities to the Reserve Banks, thus During January and February Treasury creating new reserves. This process led to revenues, together with deferred payments a gradual growth in bank reserves during for subscriptions during the loan drive and and between drives on the basis of which receipts from continuous sales of Governbank deposits expanded by more than six ment securities, were about equal to Treastimes the reserve increase. These develop- ury expenditures. The cash balance changed ments are illustrated in the accompanying little, in contrast with the sharp decline folchart showing the trend of investments, lowing previous war-loan drives. In March loans, and deposits of weekly reporting mem- income tax receipts were large and Treasury ber banks in leading cities. The Reserve revenues exceeded budget expenditures by a substantial amount. The Treasury drew WEEKLY REPORTING MEMBER BANKS ULUONS OF DOLLARS on its cash balance to retire a substantial amount of maturing and called securities on March 1 and March 15. Changes in Treasury position by quarters are shown in the table. TREASURY RECEIPTS, EXPENDITURES, AND PUBLIC DEBT [In billions of dollars] Increase (+) or Deficit decrease (-) in: Net Expen- (-) or receipts ditures1 surplus (+) Cash Public balance debt 1945 1st quarter.. .. 14.2 24.5 -10.3 -7.0 +3.3 2nd quarter. 11.9 27.2 -15.3 +9.4 +24.7 1943 1944 1945 3rd quarter.. 10.9 22.8 -11.9 -8.6 +3.3 Latest figures are for Apr. 24. 4th quarter.. 9.0 15.2 -6.2 +9.9 + 16.1 1946 Banks purchased whatever amounts of Gov- 1st quarter.. 13.2 12.8 + .5 -1.6 -2.1 2nd quarter*. 9.8 13.9 -4.1 (2) (2) ernment securities were necessary to supply * Estimated. banks with reserves to cover increasing re- 1 Including net of trust accounts. 2 Changes will depend largely on amount of debt retirement in serve requirements and to meet the steady June. In April and May 3.6 billion dollars of securities were retired; in June 1.8 billion of bonds have been called for redemption growth in demand for currency by the and 4.8 billion of certificates mature, some part of which will probably be retired. public. CHANGES IN TREASURY FINANCE According to new budget estimates recently announced by the President, there will As the Treasury's financial position and be a moderate deficit in Treasury accounts needs changed in the first quarter of 1946 banking and monetary developments began during the second quarter of 1946. The to assume a new pattern. At the end of Treasury has continued its debt reduction 1945, following the Victory Loan in which program; cash balances were used to retire 21 billion dollars of newly issued Govern- additional amounts of debt on April 1 and ment securities were bought by the public, the on May 1, and bonds have been called for Treasury's general fund balance amounted redemption on June 15. MAY 1946 463 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH ment program immediately affected the de- BANKING EFFECTS OF DEBT RETIREMENT posits and reserves of banks. To the extent The debt retirement program began with that the securities paid off were held by redemption of one billion dollars out of 4.1 banks, there occurred, in effect, a cancellabillion of certificates which matured March tion of war loan balances against these se- I. Two issues, one of bonds and one of notes, curities. For individual banks, however, , maturing March 15, and totaling 1.8 billion there have been wide differences between dollars were paid off in cash. Two billion amounts of deposits withdrawn and securidollars of the 4.8 billion certificate issue maties retired, and some banks sold Governturing on April 1 and the entire certificate ment securities or borrowed to meet the issue of 1.6 billion maturing on May 1 were drain on reserves occasioned by withdrawals also redeemed. In addition nearly a billion from their war loan balances. Retirement of dollars of excess-profits tax refund bonds securities held in the Federal Reserve portwere redeemed in January, and there was folio tended to reduce reserve balances. Realso a decrease of 900 million dollars in tirement of the small amount of securities Treasury tax and savings notes outstanding held by nonbank holders transferred funds during the first quarter of the year. These from war loan accounts to other deposit acissues were largely held by corporations. counts. Since no reserves are required to be The amount of savings bonds outstanding held against war loan accounts, the shift reincreased somewhat during the quarter. sulted in a small increase in required reserves. Changes in the public debt and its composi- To meet the loss of reserves and the small tion are shown in the following table. increase in required reserves, banks reduced OUTSTANDING PUBLIC DEBT their excess reserves or had to sell securities [End of month. In billions of dollars] or borrow from the Federal Reserve Banks. Dec. Jan. Feb. Mar. Apr. The banking effects of the debt retirement 1945 1946 1946 1946 1946 program have thus tended to be the reverse Marketable public issues: Treasury bills 17.0 17.0 17.0 17.0 17.0 of those experienced during the loan drives Certificates 38.2 41.5 41.4 40.4 38.4 Treasury notes 23.0 19.6 19.6 18.3 18.3 of the war period. Treasury bonds 120.4 121.4 121.6 121.2 121.2 Total1. 198.8 199.6 199.8 197.1 195.1 BANK DEPOSITS AND CURRENCY Nonmarketable public issues: UU.. SS.. ssaavvinggss bboonddss 48.2 48.6 48.7 48.7 48.8 Reflecting the improved budgetary posi- TTreasury tax and savings notes 8.2 8.1 8.0 7.4 7.1 tion and the debt retirement program, the Special issues 20.0 20.7 20.9 21.1 21.2 persistent wartime growth in bank deposits Noninterest-bearing debt: Excess profits tax refund and currency has halted. In contrast with bonds 1.1 .2 .1 .1 .1 Other 1.3 1.2 1.2 1.2 1.1 earlier post-drive periods, the volume of de- Total gross public debt out- posits and currency held by the public standing2 278.7 279.4 279.8 276.6 274.4 changed little during the first four months 1 Total marketable public issues includes Postal Savings and prewar bonds not shown separately. of 1946. A moderate expansion in private 2 Total includes fully guaranteed securities and depositary bonds not shown separately. deposits in January was accompanied by the Of the 6.4 billion dollars of securities re- first large post-holiday return of currency tired up to May 1, over 4 billion were from circulation since the war began. Outheld by commercial banks, and 1.2 billion flow of currency was not resumed in subby the Reserve Banks. As a result the retire- sequent months. 464 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH In March, when Treasury revenues from decreased 1945 incomes and in part of tax income taxes and other sources exceeded credits arising out of the end of the war, there budget expenditures and retirements of debt will be further cash requirements to cover held by nonbank investors, deposits in the reconversion costs, to increase civilian goods hands of the public declined. These de- production, and to expand plant and equipposits appear to have increased somewhat ment. These funds will shift to individuals in April, however, when there was again a and to other businesses, and will further inbudget deficit. Although the overall effect crease the deposits of these groups. of debt retirement from Treasury cash balances has been to decrease total deposits in CHANGES IN BANK LOANS AND INVESTMENTS banks, it tended to increase the volume of Variations in bank credit during the early deposits held by the public to the small exmonths of 1946 reflected changes in holdings tent that redeemed securities were held outof Government securities. In January and side the banking system. to some extent in February commercial banks Although expansion of total private deadded to their holdings, while in March and posits was halted in the first quarter of the early April holdings were reduced princiyear, it is likely that additional shifting in pally as a result of the cash redemption of the ownership of cash balances as between securities by the Treasury. private groups took place. The survey of Holdings of Government securities of all ownership of demand deposits as of January commercial banks increased by an estimated 31,1946, discussed elsewhere in this BULLETIN, 2.3 billion dollars in January and February. shows that over the preceding six months Nearly half of this increase, or about 1.2 the increase in demand deposits was acbillion, was at country member banks, and counted for largely by growth in balances reserve city member banks showed an estiof individuals, farmers, and trade concerns, mated growth of 700 million dollars. Fedwhile balances of manufacturing and mineral Reserve Bank holdings declined by 1.4 ing enterprises declined. The growth in billion dollars in these two months. balances of individuals, farmers, and trade The decrease at Reserve Banks was in cerconcerns reflected in part the continued excess of individual incomes over expenditures tificates and notes. Member banks increased and enlarged retail sales. The decline in bal- their holdings of certificates and also purances of manufacturing and mining concerns chased substantial amounts of bonds. Durresulted primarily from liquidation of large ing 1945 member banks had substantially accrued 1944 income tax liabilities as well increased their holdings of Treasury bonds, as from substantial costs incurred in recon- while making little further additions to their version and in the initial production of peace- holdings of shorter-term issues. Changes in time goods which had not yet reached the reporting member bank and in Reserve Bank market. holdings of Government securities by types The decline in deposits of manufacturing of issues are shown in the chart on page 466. and mining concerns will probably persist During March and the early part of April during a large part of 1946. Although in- bank holdings of Government securities decome tax payments will be substantially clined sharply, reflecting principally retiresmaller than in 1945, as a result in part of ment of public debt. Reporting member MAY 1946 465 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH banks in leading cities showed a decrease of tinued to increase, although at a less rapid 2.8 billion dollars in their holdings in the rate than in the last quarter of 1945 when six weeks ending April 10, while those of industry was in the early stages of reconthe Reserve Banks declined by 700 million. version. Other loans, including consumer These changes corresponded roughly to hold- and real estate loans, increased moderately. ings by these groups of banks of the issues retired. Since 4.8 billion dollars of securi- RESERVE POSITION OF BANKS ties were retired in the period, it appears Banks were in a position to increase their that holdings of nonreporting banks and of investments and also their loans in the early nonbank investors also declined. Estimates weeks of the year, in part because of the for country member banks for March, how- increase in excess reserves during the Victory ever, show only a small decrease. Loan Drive. In addition reserves were made available to banks by the large after-Christ- HOCOINGS Of U. S. GOVERNMENT SECURITIES BY KINDS REPORTING MEMBER BANKS AND FEDERAL RESERVE BANKS mas return flow of currency amounting to BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLL/ about 600 million dollars and by a net inflow of gold of 170 million. A large part of the commercial bank purchases of Government securities was obtained from the Federal Reserve Banks, and, to this extent, the increase resulted in a decrease in holdings of reserves rather than a further expansion in deposits. During March there were drains on member bank reserves resulting from retirement of Government securities held by Federal Reserve Banks and from large income tax receipts, which temporarily added to Treasury balances at the Reserve Banks. Excess reserves of all member banks declined to below one billion dollars, and many banks, rather than liquidate Government securities, 1942 1943 1944 1945 temporarily increased their borrowings at Latest figures are for Apr. 24. the Reserve Banks. Member bank borrow- Types of bank credit other than holdings ings, which were close to 300 million dollars of Government securities have shown off- during most of the period, rose to about setting changes since the beginning of the 700 million in late March and early April. year. Loans for purchasing and carrying Reduction in Treasury balances early in securities, which increased sharply during April relieved the pressure on banks, and the Victory Loan Drive to the highest level borrowings declined again to about 300 milin 15 years, declined gradually with wide lion dollars. Late in the month substantial fluctuations in loans to dealers before and purchases of Government securities by the after dates of debt retirement. Commercial Reserve Bank supplied member banks with and industrial loans, on the other hand, con- additional reserves, which met an increase in 466 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH required reserves and also added to excess in the trend of yields on Government securireserves. ties, as shown in the chart. The market rate on certificates rose somewhat in March, GOVERNMENT SECURITIES MARKET as did yields on bonds eligible for purchase Banking and fiscal developments since the by banks, particularly the shorter-term ones. first of the year have been reflected in the Yields on restricted issues of bonds continmarket prices of Government securities. In ued to decline until early April, but rose in the early weeks of the year demand was the latter part of the month. At the end of strong from both banks and other investors, April the 2l/ per cent bond issued at par notwithstanding the large amount of securi- 2 during the Victory Loan was selling at 103, ties issued during the Victory Loan Drive. compared with a high point of \%l/ early 2 Yields on short-term certificates, which had in the month. been relatively stable during 1945 as a re- These movements reflected buying and sult of substantial Reserve Bank purchases, selling by speculators in bonds and may also declined slightly in the early weeks of have reflected to some extent changes in the 1946. In this period the Reserve Banks reserve position of banks. In addition, the sold a large amount of certificates. Prices narrowing of differentials in interest rates YIELDS ON U. S. GOVERNMENT SECURITIES reduced the profit to banks that could be obtained by shifting from short-term into medium-term securities. The decline in bond yields during 1945 and early 1946 had narrowed considerably the differential between yields on short-term certificates and those on the medium- and long-term bonds that had characterized the interest rate structure since the beginning of war finance. Shifting by banks from short-term to longterm securities had been widely engaged in for more than a year, and had had the effect of accelerating the expansion of bank deposits as well as of lowering bond yields. Credit expansion occurred because the short-term se- 1944 1945 1946 Latest figures shown are for the week ending Apr. 27. curities sold by banks were purchased by the of Treasury bonds eligible for purchase by Reserve Banks, with the result that the combanks rose in January and February, con- mercial banking system as a whole acquired tinuing the trend that began early in 1945, increased reserves with which to expand furand yields on these issues declined to new ther bank holdings of Government securilow levels, as shown on the chart. Yields on ties. Other investors sold to banks securilong-term issues not eligible for bank pur- ties eligible for bank purchase and bought chase declined even more sharply, under the restricted issues, thus bidding up the prices impetus of a strong demand from other in- and lowering the yields on those issues. The vestors. narrower interest rate differentials that came In March and April there was a reversal to prevail by the middle of the first quarter MAY 1946 467 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH of this year removed some of the encourage- current savings available for investment are ment for this process of bank credit expan- far in excess of any previous peacetime sion. standards. Savings deposits have continued Although changes in bank credit condi- to grow, and insurance companies and other tions in recent weeks have moderated bank- savings institutions have a steady flow of ing influence on the market for Government funds to invest. Past savings held in the bonds, basic economic forces continue to form of bank deposits and currency are in make for a strong investment demand for excess of current cash needs and may also these issues. For instance, there continues gradually seek investment in more profitto be a substantial excess of incomes over able outlets. These demands will need to personal taxes and consumer expenditures, be met from a limited amount of private ineven though total individual incomes are vestments and a diminishing supply of Govsomewhat smaller than at their wartime ernment securities, in contrast to the rapidly maximum and expenditures are larger. Thus increasing supply during the war period. 468 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS by RICHARD YOUNGDAHL Large changes occurred in the ownership of at 74.1 billion dollars as of January 31, 1946, an demand deposits in the six-month period follow- increase of 4.5 billion since July 31, 1945.1 ing the Japanese surrender. According to esti- The accompanying table shows estimates of demates based on the latest Federal Reserve survey posit ownership as of January 31, 1946, and the of deposit ownership, deposits of manufacturing changes since January 31, 1945 and July 31, 1945.2 and mining concerns, which increased broadly dur- Estimates of deposit ownership as of several dates ing the war period, declined by 2.3 billion dollars. since December 31, 1941, are presented in the Personal deposits continued the wartime expansion, subsequent table. These show the rapid growth increasing 3.4 billion dollars in the past six months, of deposits during the war period and the influence and accounts of wholesale and retail trade firms of wartime factors on the distribution of deposits rose by 1.7 billion. Public utility and insurance among the various kinds of holders. company deposits showed little change. Balances The sharp reduction in the cash position of of other nonfinancial businesses, primarily service manufacturing and mining corporations since July establishments, increased considerably as did de-31, 1945 reflects large tax payments, expenditures for reconversion of plant and equipment, and out- CHANGES IN OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, lays for labor and materials to refill production PARTNERSHIPS, AND CORPORATIONS and distribution pipelines with civilian goods. In [Estimates, in billions of dollars] total these and other outlays were greater than receipts from the sale of goods by manufacturing Amount Change from out- and mining establishments. In addition to draw- Type of holder standing Jan. 31, July January ing on deposit balances these firms reduced some- 1946? 1945? 1945? what their holdings of United States Government Total domestic business 42.9 +0.5 +2.5 securities, primarily their excess profits tax refund bonds, and increased their borrowings at Nonfinancial business: Manufacturing and mining. . 16.1 -2.3 -1.4 banks. T O Pu r t a h b d e li e r c n u o t n il f i i t n ie a s ncial 1 4 4 2 . . . 2 1 6 + + 0 1 . * 4 .7 + + +0 0 2 . . . 5 3 3 Reductions in deposits of manufacturing and Financial business: mining companies were shown in all Federal Re- Insurance companies 1.9 * * Other financial 4.1 +0.6 +0.8 serve districts except Dallas. Declines of between Personal: Farmers 6.0 +0.8 +1.2 13 and 17 per cent occurred in the New York, Others 20.4 +2.6 +3.7 Trust funds 1.6 +0.1 +0.2 Cleveland, Chicago, Kansas City, and San Fran- N Fo o r n e p ig r n o e fi r t s * a ssoc . i . a t . ions 0 2 . . 8 4 +0.4 * + + 0 0 . . 5 1 cisco districts. It should be noted that the reduction in manufacturing and mining company Total 74.1 +4.5 +8.2 balances does not necessarily indicate net income P Preliminary. ^ * Less than 50 million dollars. losses during this period. The large deposit 1 Excludes foreign banks and governments. declines may have been offset by reductions in NOTE.—The figures on deposit ownership presented in this article are estimates of the balances as recorded by the books reserves previously set aside for such purposes or of all banks, and as a consequence are different from figures that appear on the books of depositors. The former include by corresponding increases in the value of goods amounts represented by checks that have been drawn by depositors and deducted from their books but not yet charged off in process. their balances on bank records. The latter include checks received by the payees which have been entered on their records Balances of other business firms and of indibut not yet deposited with the banks. lio • n T s h e f ro fi m gu re e s s ti i m n a t t e h s i s w ta i b th le o h n av e e m b o e r e e n d r e o c u i n m d a e l d p t l o ac t e e ; n th t s h er o e f f o b re i , l- 1 Prior surveys of demand deposit ownership were discussed the details may not add to totals. in the FEDERAL RESERVE BULLETIN of Auggsu st 119934,3 ,p ppp. . 73136-1;6; OOOc ttbo ber 11994433,, pppp.. 999117727-22;2 ; MMMa ya y1 1919494444,4 ,p pp.p 44. 3342233325-35; 5; NoNvoeNvmebbmebrer 11994444,, pppp.. 11006699--7766;; AApriill 11994455 , pp. 3333113-43 4; andd N Nbov em1b9er4 51945, posits of nonprofit institutions and financial con- pp. 11110000-0011. 2 The comparison between the dates Jan. 31, 1945, July 31, cerns other than insurance companies. Total de- 1945, and Jan. 31, 1946 is believed to be relatively free of bias owing to war loan drives, inasmuch as the surveys followed war posits of individuals and businesses are estimated loan drives by roughly equal time intervals. MAY 1946 469 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS viduals increased by 6.8 billion dollars in the surance agencies, credit unions, building and loan six-month period ending January 31, 1946, reflect- associations, and other financial concerns—showed ing largely the cash outlays of manufacturing further increases, however, as did deposits of firms and the United States Treasury deficit. De- nonprofit institutions and trust accounts adminisposits of wholesale and retail trade firms, which tered by banks. The increase in these deposits grew more rapidly than other business balances may reflect a shortage of attractive investment opduring the war period, increased even more sharply portunities suitable for the funds of such organizain the first six months of peace. A part of the tions or groups. 1.7 billion dollar increase in these deposits probably The largest increases in demand deposits ocresulted from a seasonal reduction in stocks of curred in personal accounts. These continued to merchandise held and from increased borrowing expand sharply despite some decline in wage and at banks. It appears likely, however, that the salary payments and an unprecedentedly high level greater part of the deposit accumulation by trade of consumer expenditures. Farmers' deposits rose companies reflects large retained profits, accom- further by 800 million dollars. In part this inpanying the postwar expansion in consumer ex- crease was the result of the usual autumn bulge penditures. Deposits of other nonfinancial busi- in farmers' cash receipts. As a result of high ness, including theaters, restaurants, construction levels of agricultural prices and output, farm incontractors, garages, hotels, other service industries, comes have continued large, while supplies of and business deposits of doctors, lawyers and farm equipment and other goods which farmers other professional groups, also increased consider- wish to purchase have been limited. ably. Personal deposits, other than those of farmers, increased by 2.6 billion dollars as compared with OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, PARTNER- an increase of 2.3 billion in the corresponding SHIPS, AND CORPORATIONS SELECTED DATES, 1941-46 period a year ago and an average six-month [Estimates, in billions of dollars] x increase of 1.3 billion from July 1943 to July 1945. In view of the fact that wage and salary Dec. July Feb. July Jan. July Jan. incomes were reduced during this period and the Type of holder 1 3 9 1 4 , 1 1 3 9 1 4 , 3 1 2 9 9 4 , 4 1 3 9 1 4 , 4 1 3 9 1 4 , 5 19 3 4 1, 5' 19 3 4 1 6 , ? receipts of tradesmen and professional persons increased, it seems likely that increases in the bal- Total domestic L business: 24.8 36.3 35.9 37.6 40.4 42.4 42.9 ances of proprietary groups, representing entrepre- I. Corporate * 29.2 30.6 31.9 31.1 Noncorporate 8.5 9.8 10.5 11.9 neurial withdrawals from unincorporated busi- Nonfinancial business—total: 20.4 31.6 31.5 33.0 35.3 37.1 37.0 nesses, accounted for a larger part of the increases Manufacturing and mining 10.0 16.5 16.3 17.2 17.4 18.4 16.1 in personal deposits than during the war period. Public utilities... 3.1 3.7 3.7 3.7 3.7 4.0 4.1 The rise in the deposits of other individuals was Trade 4.6 8.0 8.2 8.8 12.6 Other non- 10.4 10.9 nonetheless substantial. financial 2.7 3.4 3.4 3.3 4.2 Financial business 3.8 3.8 Time deposits and currency in circulation, both —total: 4.4 4.7 4.3 4.7 6.0 Insurance com- 5.2 5.3 largely held by individuals, increased by 4.7 billion panies 1.9 1.9 1.7 1.7 1.9 Other financial. . 2.5 2.8 2.6 3.0 1.9 1.8 4.1 dollars and the amount of United States savings Pers F o a n rm al e : rs 9.6 1 3 5 . . 3 8 1 4 7 . . 2 7 1 4 8 . . 0 4 2 3 1 . . 3 5 2 3 3 . . 5 0 2 6 6 . . 0 4 bonds outstanding rose by over 2 billion in the Trus O t f t u h n e d rs s 12.5 1 1 3 . . 3 5 1 1 4 . . 3 4 1 4 6 . . 7 7 1 5 7 . . 2 8 20 1. . 6 4 six-month period. This compares with an in- N Fo o r n e p ig ro n f e i r t s — ass b o u c s i i a n t e io ss ns 3.2 1.5 1.6 1 1 . . 4 9 2 1. . 5 0 2.4 crease of 6.6 billion dollars in time deposits and and individuals. ... V0.9 0.8 0.7 0.8 0.7 0.8 currency and 4.6 billion in savings bonds in the Total 37.6 55.6 57.2 59.6 65.9 69.6 74.1 corresponding period a year ago. The additions to personal liquid assets in the six months ending P Preliminary. r Revised. January 31, 1946 occurred despite a record level * Not available. of consumer expenditures. The large proportion 1 Owing to rounding, details may not add to totals. of savings going into demand deposits, however, Insurance companies held about the same de- may indicate that a substantial part of these funds posit balances at the end of January as six months is held against anticipated expenditures for goods, earlier. Accounts of other financial businesses— particularly durable goods, when these become brokers, holding companies, real estate firms, in- available in quantity. 470 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS INTERREGIONAL DEPOSIT SHIFTS DEMAND DEPOSITS OF CORPORATIONS AND UNINCORPORATED BUSINESSES Estimates of business and personal deposits by [Estimates, dollar amounts, in billions] 1 Federal Reserve districts indicate that in the six Change from July 31, 1945 Jan. 31, months ending January 31, 1946 there was no 1946? Dollar Perchange in the wartime tendency for deposits Type of holder amount centage t a o re i a n s c r t e h a a s n e m in o r N e o r r a t p h i e d r l n y i a n n d S o E u a th s e te r r n n a a n r d e a W s. es T te h rn e C r p a o o t r e - - N r c p a o o o t r n e - - - C r p a o o t r e - - N r c p a o o o t r e n - - - C r p a o o t r e - - N r c p a o o o t r e n - - - Federal Reserve districts of Boston, New York, Cleveland, and Chicago showed small percentage Total domestic business ..$31.1$11.9 -$0.8 +$1.3 -3 + 12 gains in demand deposits. In other districts in- Nonfinancial: Manufacturing creases of from 8 to 16 per cent occurred. During and mining 14.3 1.8 -2.3 * -14 -2 Public utilities 3.9 0.2 * * +1 -3 the war the larger deposit growth in the South Trade 6.3 6.3 +0.8 +0.9 +15 +16 and West was the result primarily of the excess Fin O a t n h c e i r a l n : onfinancial. . . 2.1 2.1 +0.2 +0.3 +9 +14 of Government expenditures for war over receipts Insurance 1.8 0.1 * * +2 -8 Other financial 2.6 1.5 +0.4 +0.3 +16 +22 from taxes and the sale of securities in these areas. The continuation of this wartime tendency after P Preliminary. * Less than 50 million dollars. 1 Owing to rounding, details may not add to totals. termination of hostilities has resulted to some exare held largely by individuals, but the larger the tent from the continued influence of this factor, bank the smaller is the relative importance of perbut in part from the shift of funds from manufacsonal deposits. Thus in banks with deposits of turing concerns to other holders. The special imless than one million dollars about 70 per cent portance of manufacturing deposits in the Northern of all balances are in personal accounts while in and Eastern districts was reflected in a smaller rate the larger banks the percentage is less than 15. In of growth in total business and personal deposits small banks, moreover, the major part of business in these areas than in other sections of the country. deposits is in accounts of unincorporated businesses, Increases in deposits of farmers, other individuals, whereas in large banks unincorporated business trade establishments, nonprofit institutions, and fideposits are considerably less important and the nancial business concerns other than insurance comgreater part of the deposits are owned by corpanies were large in all Federal Reserve districts. porations. - The accompanying chart shows the DEPOSIT OWNERSHIP BY CORPORATE STATUS structure of deposit ownership, by size of bank, as of January 31, 1946 and July 31, 1944, the Demand deposits of all types of businesses inearliest date for which information was obtained creased by 500 million dollars from July 1945 to by corporate status. January 1946, reflecting a growth of 1,300 million Since July 1944 the percentage of deposits in for unincorporated businesses and a decline of 800 personal accounts has increased in all but the largmillion for corporations. The decline in corporate est banks, where personal accounts have shown accounts was entirely attributable to the decrease about the same rate of growth as all deposits. in deposits of manufacturing and mining corpora- The relative importance of deposits held by untions. Corporations in other lines of business incorporated businesses has increased in the larger showed deposit gains comparable with those of banks and continued about the same in banks unincorporated firms. The most striking increases in business deposits occurred in accounts of whole- with deposits of less than 10 million dollars. In sale and retail trade, and the rate of growth was banks of all sizes the corporate accounts have beabout the same for corporations as for companies come a smaller proportion of all accounts during with other forms of business organization. Changes this 18-month period. in business deposits, by corporate status from July Future shifts in deposit ownership among in- 31, 1945 to January 31, 1946, are shown in the dividuals, unincorporated businesses, and corporatable. tions may have an important bearing on the flow of funds among banks in the five size groups. DEPOSITS BY SIZE OF BANK During the war smaller banks showed larger than Deposit ownership patterns differ considerably average deposit increases reflecting very rapid in large and small banks. Deposits in small banks growth in personal and noncorporate business bal- 471 MAY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS ances. In the six-month period ending January accounts, deposits will tend to gravitate to smaller 1946, large banks experienced a slight decline in banks. A shift of deposits to corporate accounts, deposits reflecting primarily the decline in corpor- however, would probably be accompanied by a ate accounts. If funds continue to flow from cor- flow of funds from small banks to large banks porate balances to individual and noncorporate in the money centers. ESTIMATED DISTRIBUTION OF OWNERSHIP OF DEMAND DEPOSITS BY SIZE OF BANK BANKS WITH DEMAND DEPOSITS OF: 1 Banks were classified by size group on the basis of demand deposits of individuals, partnerships, and corporations. The classification dates were Dec. 31, 1945 for the latest survey and Dec. 31, 1943 for the July 31, 1944 survey. STATEMENT OTH FEDERAL RESERVE INDEX OF INDUSTRIAL PRODUCTION Production of goods and services for civilians is nificance in indicating the course of production reported at record levels and at the same time generally than this figure would suggest because there are acute shortages in many markets. Puzzled a large part of the remaining three-fourths consists by this situation, many people have recently as\ed of closely related productive activities—transportaquestions about the meaning and accuracy of pro- tion and distribution of the products of factories duction measures, including the Board's index of and mines, the further processing of these products, industrial production. The following statement, as in construction, and the production of raw matedesigned to answer questions about the index, was rials, other than minerals, used in industry. At the sent on April 2, 1946 to the House Committee on same time, productive activities outside of manufac- Banking and Currency by the Director of the turing and mining do fluctuate in somewhat differ- Board's Division of Research and Statistics. ent fashion from production in these lines and therefore an index of industrial production should NATURE AND SIGNIFICANCE OF INDEX be supplemented by other measures, as far as they (1) The index measures changes in the physical are available. And it should be remembered that volume of production at factories and mines. It is in a period like the present an unusually large pornot affected by changes in prices. tion of total productive activity is concentrated in (2) As a measure of production in factories and the early stages of production: output of materials mines the index covers somewhat over one-fourth and parts rather than of finished products, and of of all production of goods and services in the econ- industrial equipment rather than of consumers' omy. The index, moreover, has much more sig- goods. This explains to some extent why supplies 472 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT ON FEDERAL RESERVE INDEX OF INDUSTRIAL PRODUCTION of goods and services are not yet freely available to 166, with the average for the years 1935-39 again all consumers; and another part of the explanation taken as equal to 100. lies in the exceptionally heavy consumer demand which is only partly satisfied by the current large ANSWERS TO CRITICISMS OF INDEX volume of retail sales. At the hearings it has been suggested that the (3) The index shows that production at factories index measures changes in value rather than in and mines was at 154 per cent of the 1935-39 physical volume. This criticism reflects a misaverage in February, with an increase to about 169 understanding of the nature of the index and is indicated for March. Entirely independent meas- answered in (4) and (5) above. While figures of ures show that production levels in other parts of value added by manufacture in 1937 are used to the economy are substantially higher than those convert the series into a common unit and to prevailing in the 1935-39 period. On the rail- weight each one according to its relative imporroads, for example, the number of ton-miles of tance, these conversion factors remain unchanged. revenue freight hauled in February this year was Thus current changes in prices do not enter into about 90 per cent above the average for this month compilation of the index. in the years 1935-39. In agriculture, production It has also been argued that the index reprethis year probably will be between 25 and 30 per sents only one-fourth of total production. This cent higher than in the years 1935-39. point has been discussed in (2) above. (4) The Board's index is compiled from about The most frequent criticism has been that the one hundred individual series, which represent index is based on man-hours worked, which may production of all important products of factories not accurately represent changes in output. Acand mines. More than half of these series are based tually, man-hours are used in less than half the exclusively on such physical units as tons of steel, series. Moreover, they are used for the most part pairs of shoes, and barrels of flour, using available only to show monthly fluctuations around levels monthly data. The remainder are based in large established from physical volume data, which often part on physical volume data available less fre- are not available monthly but can be obtained quently than monthly and in those instances data quarterly or annually. This use of man-hour data on changes in the number of man-hours worked makes it possible to include monthly measures for are used to indicate current monthly changes. some important industries whose output otherwise (5) The individual series are combined in such would not be represented. It is preferable to ina way as to reflect the contribution of each industry clude the most accurate measures available rather to total industrial production. Pairs of shoes can not than to omit entirely many important industries. be added directly to barrels of flour but it is possible Another criticism is that the index does not to combine figures measuring their output by con- reflect accurately changes in output of finished verting each set of data into a common unit, using products. The index should not be expected to for each industry an unchanging conversion factor fluctuate precisely with final output of finished which represents the value added by manufacture products because it includes production of mateduring 1937. This method is designed to give each rials and parts as well as finished products. Reseries its proper importance in the total index and cently output of materials and parts has expanded in this way to make possible the measurement of to levels higher than those reached by output of changes in the physical volume of total industrial finished products. This is one reason why the production. volume of goods available at retail, while larger (6) The index measures changes in total, not than before the war, has not shown as much inper capita, industrial production, and no allow- crease over prewar levels as production has. Anance is made in the index for any long-time trend. other reason is that a larger portion of industrial (7) Allowances are made in the index to take output than usual has consisted of producers, equipaccount of differences in the number of working ment. Shortages of goods at retail also reflect exdays in different months; and in the seasonally ceptionally heavy demand on the part of conadjusted index quoted in (3) above allowance is sumers who are taking the increasing volume of made for usual seasonal influences. The March goods as soon as they become available in order to index without seasonal adjustment will be about satisfy accumulated needs as well as current needs. MAY 1946 473 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. Limitations on National Bank Real five years must be amortized. Except as pro- Estate Loans to Veterans vided in Section 505, dealing with whollyguaranteed second loans, any real-estate loan The Comptroller of the Currency on March 25, other than for repairs, alterations or improve- 1946, issued the following instructions to all chief ments must be secured by a first lien on the national bank examiners with respect to the effect realty. of the 1945 amendments to Title III of the Service- Section 500(c) prescribes certain procedure men's Readjustment Act of 1944, relating to loans to be followed in putting the loan guaranty to veterans, upon the authority of national banks to into effect and provides that the Administrator make real-estate loans to veterans under section 24 will pay to the lender an amount equivalent to 4% of the amount originally guaranteed, to of the Federal Reserve Act: be credited upon the loan. (This is equivalent Numerous questions have been received by to interest for the first year, previously prothis office concerning the construction of the vided for in section 500(b) of the original act.) 1945 amendment to the Servicemen's Read- Section 500(d) is particularly important in justment Act of 1944. In the amendment, that it provides that any loan at least 20% of Title III of the original act, relating to loans to which is guaranteed under Title III, "may be veterans, is completely rewritten, with immade by any national bank" without regard portant changes in substance and procedure. to the limitations and restrictions of any other We, therefore, deem it advisable to comment statute with respect to (1) ratio of amount on the most significant provisions of the of loan to the value of the property; (2) maamendment in so far as national banks are turity of the loan; (3) requirement for mortconcerned. gage or other security; (4) dignity of lien; Section 500(a) provides that "any loan or (5) percentage of assets which may be made" to a veteran within ten years after the invested in real-estate loans. It will be obtermination of the war, for any of the purposes served that under this subsection a real-estate and in compliance with the provisions of loan made by a national bank at least 20% of Tide III, is automatically guaranteed by the which is guaranteed under title III of the Act, Government in an amount not exceeding would not be subject to the limitations of sec- 50% of the loan, provided that the aggregate tion 24 of the Federal Reserve Act as to ratio amount guaranteed shall not exceed $2,000 in of amount of loan to the value of the property, the case of non-real-estate loans nor $4,000 in the maturity of the loan or the aggregate the case of real-estate loans, or a pro rata poramount of the assets of the national bank intion thereof on loans of both types. vested in real-estate loans. It would, however, Section 500(b) provides that loans can be have to be secured by a first lien upon the made under such terms as may be agreed upon by the parties, subject to the limitations realty because of the specific provisions conof Title III and the regulations issued by the tained in Section 500(b) and underlined above. Veterans' Administration. The guaranty de- The exception to this first lien requirement creases or increases pro rata with any decrease applies only to wholly-guaranteed second loans or increase in the amount of the unpaid portion under Section 505 and loans made for repairs, of the obligations. The interest cannot exceed alterations or improvements. These would 4% per annum, and the loans must be paid be exempt from the requirements as to mortwithin twenty-five years as to home or busi- gage or other security, or the dignity of the ness real-estate loans or forty years in the case lien under (3) and (4) listed above. of farm real-estate loans. Non-real-estate loans It is the position of this office that Section cannot exceed ten years. All loans in excess of 500(d) above does not in any way modify the 474 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT limitations of section 5200 of the Revised spect to loans to be secured by liens upon Statutes (U. S. C. title 12, sec. 84). estates in land less than fee simple estates, i.e., Questions have been raised as to whether loans upon property to be owned by a veteran the words "may be made by any national but subject to a ground rent or land which is bank" should be construed narrowly to apply held by a veteran under a 99-year lease or other only to loans actually "made" by a national long-term estate. In this case also the nature bank, or in the broader sense to apply to loans of the security acceptable is determined by the acquired, i.e., made or purchased. We think G. I. Act, as amended, and the regulations the latter is the proper construction. The issued thereunder. Any lien which will satisfy statute undoubtedly contemplates the continued the requirements of the G. I. Act and said effectiveness of the guaranty in the hands of regulations will be acceptable for national transferees. Section 506 of the Act provides for banks under Section 500(d). In this connecthe payment of the amount of the guaranty in tion it will be noted by reference to section the event of default to the "holder of the obli- 36.4350 of the regulations that the estates in gation", and the term "holder" is defined in land which will be acceptable for the lien pursection 36.4301 (r) of the rules and regulations poses prescribed by the Act and the regulations appearing in the Federal Register for March 1, include (1) a fee simple estate legal or equit- 1946, as "the lender or any subsequent assignee able; or (2) a leasehold estate running or reor transferee of the guaranteed or insured obli- newable at the option of the lessee for a period gation." Hence your examiners should be of not less than fourteen years from the maadvised that so long as a real-estate loan is turity of the loan; or (3) a life estate, provided guaranteed by the Veterans' Administration that the remainder and reversionary interests for at least 20% of the amount thereof it does are subjected to the lien. not have to conform with section 24 of the As to Sections 501, 502 and 503, dealing with Federal Reserve Act in the particulars recited the purchase or construction of homes, farms in Section 500(d) whether made or purchased or business properties, the provisions are subby the national bank. stantially the same as in the original Act, ex- A further question has been presented con- cept that the guaranty is automatic when the cerning situations in which a veteran wishes regulations have been complied with, provided to construct a home, farm or business property the price to be paid for the property or the cost on land which would not qualify as "im- of construction, etc., must not exceed the proved" real estate under the provisions of reasonable value thereof as determined by section 24 of the Federal Reserve Act, and proper appraisal made by an appraiser desigwishes to obtain long-term financing under nated by the Administrator. the guaranty available to him, which would Section 504 authorizes the Administrator to preclude him from getting a so-called con- promulgate rules and regulations appropriate struction loan from a national bank under the for carrying out the provisions of Title III. 2nd paragraph of section 24 of the Federal Copies of these regulations may be obtained Reserve Act. Would a national bank be per- from the regional offices of the Veterans' Admitted to make such a loan under section ministration. 500(d) of Title III of the G. I. Act above re- Section 505(a), which is similar to that conferred to, assuming that at least 20% of the tained in the original act, prescribes that where loan would be guaranteed? In our opinion a first loan for any of the purposes stated in such a loan could be made by a national bank Section 501, 502 or 503 is guaranteed or inbecause subsections (3) and (4) of section sured by a federal agency and the veteran is in 500(d) of the G. I. Act remove the require- need of a second loan to cover the remainder ments of other statutes as to the security. of the purchase price or cost, the Administrator Thus the nature of the security is controlled "may" guarantee the full amount of the second solely by the G. I. Act, which merely pre- loan provided it does not exceed 20% of the scribes in section 500(b) that any real-estate purchase price or cost. (Any such loan would loan, aside from the exceptions therein men- also be limited by the $4,000 and $2,000 limits tioned, must be secured by a first lien on the on real-estate and non-real-estate loans prerealty. There is no requirement in this Act scribed by Section 500(a).) It will be noted that the realty must be "improved" before the that the use of the word "may" above quoted loan can be made. from the Act, implies that in connection with We arrive at the same conclusion with re- these wholly-guaranteed second loans the Ad- MAY 1946 475 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT ministrator can prescribe the conditions under ment this resume with further communications which he will give such guaranties. Hence, on phases of guaranteed or insured loans made whereas in connection with the other loans by national banks, which have yet to be clarihereinbefore discussed the guaranties become fied. We believe, however, that if each of your effective automatically upon compliance with examiners is furnished with a copy of this the Act, including the appraisal of the propletter and copies of the amended act and the erty by an appraiser designated by the Adminregulations which are obtainable from regional istrator, the wholly-guaranteed loans under offices of the Veterans' Administration, they Section 505(a) may call for additional inforwill be able to resolve most of the questions mation to the satisfaction of the Administrator which arise. It must be understood, of course, before the guaranties become effective. that in making loans to veterans to be guar- Section 506 covers procedure on default and anteed under Title III of the G. I. Act national prescribes that in the event of default in the banks and other lending institutions must payment of any loan guaranteed under this title, the holder of the obligation shall notify comply with certain formalities. Complete inthe Administrator, who shall thereupon pay to formation with respect thereto and a supply such holder the guarantee not in excess of the of necessary blank forms can be obtained from pro rata portion of the amount originallv guar- the nearest regional office of the Veterans' Adanteed, and shall be subrogated to the rights of ministration. the holder of the obligation to the extent of the amount paid on the guaranty. Section 36.4323 Foreign Funds Control of the regulations issued by the Administrator and appearing in the Federal Register for Treasury Department Releases March 1, 1946 prescribes that the subrogation The following releases relating to transactions in rights of the Administrator in the event of such foreign exchange, etc., in addition to those heretodefault shall be junior to those of the holder of the obligation until the holder is paid in full. fore published in the Federal Reserve BULLETIN, Section 507 covers loans on delinquent in- have been issued by the Office of the Secretary of debtedness and is not particularly significant in the Treasury under authority of the Executive so far as national banks are concerned. Order of April 10, 1940, as amended, and the Section 508(a) provides that any loans which Regulations issued pursuant thereto: might be guaranteed under the provisions of this title, when made or purchased by any Treasury Department financial institution subject to examination or Foreign Funds Control supervision by an agency of the United States, April 19, 1946 etc., may, in lieu of such guaranty, be insured by the Administrator under an agreement GENERAL LICENSE NO. 96 whereby he will reimburse any such institution Under Executive Order No. 8389, as amended, Executive for losses incurred on such loans up to 15% of Order No. 9193, as amended, section 5(b) of the Trading the aggregate of loans so made or purchased with the Enemy Act, as amended by the First War Powers by it. It will be observed that although na- Act, 1941, relating to Foreign Funds Control.* tional banks are free to make loans to veterans under this section and obtain the benefit PROPERTY OF SIAM AND OF NATIONALS THEREOF GENERALLY of the aggregate insurance provisions, any such LICENSED loan made by a national bank secured by real (1) Property of Siam and of nationals thereof licensed. estate must conform to the requirements of sec- Any property which is subject to the proviso of paragraph (1) tion 24 of the Federal Reserve Act (U. S. C. of General License No. 94 solely by reason of the interest therein of Siam (Thailand) or any national thereof is hereby title 12, sec. 371). This is because the eliminalicensed to be regarded as property in which no blocked tion of the limitations of section 24 of the Fedcountry or national thereof has or has had any interest. eral Reserve Act prescribed by Section 500(d) applies only to any loan "at least 20 per centum (2) Application of license to certain nationals. This license of which is guaranteed under this title" * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as We realize that the above discussion will not amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, furnish answers to all of the questions which July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998 Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended will arise under Title III of the amended G. I. by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, as amended June 14, 1941, July 26, 1941, and February 19, Act and it may be necessary for us to supple- 1946. 476 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT shall not apply with respect to any national of Siam who is Treasury Department a national of a blocked country other than Siam, provided, Foreign Funds Control April 26, 1946 however, that for the purpose only of this license the following shall be deemed to be nationals only of Siam: AMENDMENT TO GENERAL LICENSE NO. 95 Under Executive Order No. 83 89, as Amended, Executive (a) Any individual residing in Siam except (i) any indi- Order No. 9193, as Amended, Section 5 (b) of the Trading vidual who was within a country licensed by General With the Enemy Act, as Amended by the First War Powers License No. 94 on the effective date thereof as to Act, 1941, Relating to Foreign Funds Control* that country, (ii) any individual who on December 7, Paragraph (4) (a) of General License No. 95 is hereby 1945, was within a blocked country excepted from amended to read as follows: General License No. 94, and (iii) any citizen or (a) the term "country specified herein" means the folsubject of Germany or Japan who at any time on lowing: or since December 7, 1941 has been within the terri- (i) France, effective October 5, 1945; tory of either such country or within any other (ii) Belgium, effective November 20, 1945; territory while it was designated as "enemy terri- (iii) Norway, effective December 29, 1945; (iv) Finland, effective December 29, 1945; tory" under General Ruling No. 11; (v) The Netherlands, effective February 13, 1946; (b) Any partnership, association, corporation, or other (vi) Czechoslovakia, effective April 26, 1946; organization organized under the laws of Siam, un- (vii) Luxembourg, effective April 26, 1946; and each country specified herein shall be deemed to less, by reason of the interest of persons not licensed include any colony or other territory subject to its jurishereby, it is a national of a blocked country other diction. than Siam. FRED M. VINSON, Secretary of the Treasury. (3) Definition. As used in this license, the term "blocked country" shall be deemed to include countries licensed by * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended General License No. 94. by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. FRED M. VINSON, 26, 1941; Ex. Order 9193, July 6, 1942, as amended by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, as Secretary of the Treasury. amended June 14, 1941, July 26, 1941, and February 19, 1946. MAY 1946 477 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Elections of Class B Directors Kansas On April 17, 1946, the Federal Reserve Bank of Newton—The Kansas State Bank Atlanta announced the election of Mr. Donald New Mexico Comer, Chairman, Avondale Mills, Birmingham, Alabama, as a Class B Director to fill the un- Raton—International State Bank expired portion of the term ending December 31, Ohio 1946, to succeed Mr. Fitzgerald Hall, deceased. Hicksville—The Hicksville Bank Mr. Comer had served as a director of the Birmingham Branch of the Federal Reserve Bank of Atlanta Virginia since April 5, 1937. Kilmarnock—Bank of Lancaster On April 23, 1946, the Federal Reserve Bank of Washington Dallas announced the election of Mr. W. F. Beall, Longview—Citizens Independent Bank President and General Manager, 3 Beall Brothers 3 Department Stores, Jacksonville, Texas, as a Class Federal Reserve Chart Book I B Director to fill the unexpired portion of the term A revision of the February 7, 1945, edition of ending December 31, 1947. Mr. Beall succeeds Federal Reserve Chart Book I (Bank Credit, Money Mr. E. L. Kurth, who resigned. Rates, and Business) is ready for distribution. All On May 2, 1946, the Federal Reserve Bank of charts have been extended from data available as of Boston announced the election of Mr. Frederick March 25, 1946; a number of charts have been re- S. Blackall, Jr., President and Treasurer, Taft- vised; and new charts have been added on industrial Peirce Manufacturing Company, Woonsocket, production, construction activity, Treasury receipts Rhode Island, as a Class B Director to fill the and expenditures, and farm real-estate values. Space unexpired portion of the term ending December is provided for the continuation of charts through 31, 1948. Mr. Blackall succeeds Mr. Lawrence F. 1946. Whittemore who resigned to become President of Data for the new charts will appear in the Fedthe Federal Reserve Bank of Boston. eral Reserve BULLETIN for June and subsequent months as part of the table published regularly so Admissions of State Banks to Membership in the that all the charts may be kept up to date. Federal Reserve System The price of the book is 50 cents. In group orders The following State banks were admitted to for single shipments there is a special price of 45 membership in the Federal Reserve System during cents each for ten to twenty-four copies, and 35 the period March 16, 1946, to April 15, 1946: cents each for twenty-five or more copies. 478 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN BANKING LAWS AND REPORTS NATIONALIZATION OF THE BANK OF ENGLAND The Ban\ of England, chartered as a private cor- stock, the equivalent amount of stock created by the poration on July 27, 1694, passed to the ownership Treasury for the purpose (hereinafter referred to as of the British Government under the terms of the the "Government stock"). Ban\ of England Act, 1946, which received the (2) The Government stock shall bear interest at Royal Assent on February 14. On March 1, the the rate of three per cent per annum; and the "appointed day" set by the Treasury, the Ban\ equivalent amount of Government stock shall, in began operations as a Government institution and relation to any person, be taken to be such that the the new Court of Directors, whose appointment by sum payable annually by way of interest thereon is the King was announced a few days earlier, held equal to the average annual gross dividend declared its first meeting. The Governor, Deputy Governor, during the period of 20 years immediately precedand 13 of the former directors were re appointed ing the 31st day of March, 1945, upon the amount and three new directors completed the roster of 16. of Bank stock of which that person was the regis- The bill for nationalization of the Ban\ was in- tered holder immediately before the appointed day. troduced in Parliament on October 10, 1945, and (3) The Government stock may be redeemed at inaugurated the socialization program announced par by the Treasury on or at any time after the 5th by the Labor Party in the election campaign of the day of April, 1966, after giving not less than three preceding summer. months' notice in the London Gazette of their in- The text of the Act and its three schedules is given tention to do so. herewith. (4) After the appointed day, no dividends on THE BANK OF ENGLAND ACT, 1946 Bank stock shall be declared but in lieu of any such dividends the Bank shall pay to the Treasury, on An Act to bring the capital stock of the Bank of every 5th day of April and of October, the sum of England into public ownership and bring the Bank 873,180 pounds, or such less or greater sum as may under public control, to make provision with re- from time to time be agreed upon between the spect to the relations between the Treasury, the Treasury and the Bank. Bank of England and other banks and for pur- (5) The incidental and supplemental provisions poses connected with the matters aforesaid. (Febset out in the First Schedule to this Act shall have ruary 14, 1946.) effect with respect to the Government stock and Be it enacted by the King's most Excellent Mato the sums payable to the Treasury under the last jesty, by and with the advice and consent of the foregoing subsection. Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the au- 2—Court of directors of the Bank. (1) On thority of the same, as follows: the appointed day, all persons who are, immediately before that day, holding office as Governor, Deputy 1—Transfer of Bank stock to Treasury. (1) Governor or director of the Bank shall vacate their On the appointed day office, and on and after that day there shall be a (a) the whole of the existing capital stock of the Governor, a Deputy Governor and sixteen direc- Bank (hereinafter referred to as "Bank stock") tors of the Bank, who shall be the court of direcshall, by virtue of this section, be transferred, free tors. of all trusts, liabilities and incumbrances, to such (2) The Governor, Deputy Governor and other person as the Treasury may by order nominate, to members of the court of directors shall be appointed be held by that person on behalf of the Treasury; by His Majesty. (b) the Treasury shall issue, to the person who immediately before the appointed day is registered (3) The provisions of the Second Schedule to in the books of the Bank as the holder of any Bank this Act shall have effect as respects the tenure of MAY 1946 479 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN BANKING LAWS AND REPORTS office, qualifications and employment of members directions the Treasury shall give the banker conof the court of directors and meetings of the court. cerned, or such person as appears to them to repre- 3—Consequential provisions as to constitution sent him, an opportunity of making representaand powers of the Bank. (1) So much of any tions with respect thereto. enactment as limits the duration of the Bank as (4) If, at any time before any recommendations a body corporate shall cease to have effect. or directions are made or given in writing to a (2) As from the appointed day every member of banker under the last foregoing subsection, the the court of directors of the Bank shall be a mem- Treasury certify that it is necessary in the public ber of the said body corporate, notwithstanding interest that the recommendations or directions that he holds no Bank stock, and accordingly the should be kept secret, and the certificate is transmembers of the said body shall be the members mitted to the banker together with the recommendafor the time being of that court together with the tions or directions, the recommendations or direcperson who for the time being holds the Bank stock tions shall be deemed, for the purpose of section on behalf of the Treasury. two of the Official Secrets Act, 1911, as amended (3) As from the appointed day His Majesty may by any subsequent enactment, to be a document revoke all or any of the provisions of the charters entrusted in confidence to the banker by a person of the Bank except insofar as they incorporate the holding office under His Majesty; and the provi- Bank, and thereafter, subject to the provisions of sions of the Official Secrets Acts, 1911 to 1939, shall this Act, the Bank shall be constituted and regulated apply accordingly. in accordance with so much of the said charters as (5) Save as provided in the last foregoing subremains unrevoked and such other charters as section, nothing in the Official Secrets Acts, 1911 may from time to time be granted by His Majesty to 1939, shall apply to any request, recommendaand accepted on behalf of the Bank by the court tions or directions made or given to a banker under of directors. subsection (3) of this section. (4) The enactments set out in the Third Sched- (6) In this section the expression "banker" means ule to this Act are hereby repealed as from the ap- any such person carrying on a banking undertaking pointed day to the extent specified in the third as may be declared by order of the Treasury to be column of that Schedule. a banker for the purposes of this section. 4—Treasury directions to the Bank and rela- (7) Any order made under the last foregoing tions of the Bank with other banks. (1) The subsection may be varied or revoked by a subse- Treasury may from time to time give such direc- quent order. tions to the Bank as, after consultation with the (8) This section shall come into operation on Governor of the Bank, they think necessary in the the appointed day. public interest. 5—Interpretation. For the purposes of this Act (2) Subject to any such directions, the affairs of the Bank shall be managed by the court of direc- (a) the expression "the Bank" means the Bank tors in accordance with such provisions (if any) of England; in that behalf as may be contained in any charter of (b) the appointed day shall be such day as the the Bank for the time being in force and any bye- Treasury may by order appoint, not being later than laws made thereunder. three months from the date of the passing of this (3) The Bank, if they think it necessary in the Act. public interest, may request information from and 6—Short title. This Act may be cited as the make recommendations to bankers, and may, if Bank of England Act, 1946. so authorised by the Treasury, issue directions to any banker for the purpose of securing that effect FIRST SCHEDULE is given to any such request or recommendation. INCIDENTAL AND SUPPLEMENTAL PROVISIONS AS TO THE Provided that: GOVERNMENT STOCK AND SUMS PAYABLE BY THE BANK (a) no such request or recommendations shall TO THE TREASURY be made with respect to the affairs of any particular customer of a banker; and 1. The principal of and interest on the Govern- (b) before authorising the issue of any such ment stock, and any expenses incurred in connec- 480 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN BANKING LAWS AND REPORTS tion with the issue or redemption thereof, shall be the Bank stock was held immediately before the charged on and issued out of the Consolidated appointed day, and so as to give effect to and not Fund of the United Kingdom or the growing pro- revoke any deed, will, order, mandate, notice or duce thereof (hereafter in this Schedule referred other instrument or testamentary or other disposito as uthe Consolidated Fund"). tion disposing of or affecting the Bank stock, and 2. There shall be paid to the Bank and the Bank every such instrument or disposition shall take effect of Ireland out of the Consolidated Fund such sums with reference to the whole or a proportionate part, in respect of the management in any financial year as the case may be, of the substituted Government of the Government stock as may be agreed upon stock. between the Treasury and those Banks respectively. 9. Trustees, executors and all other holders in 3. The interest on the Government stock shall be any representative or fiduciary capacity of any Bank payable on the 5th day of April and the 5th day stock may hold, dispose of or otherwise deal with of October in each year. the Government stock issued in substitution there- 4. A full half year's interest on the Government for in all respects as they might have held, disposed stock shall be payable on whichever of the dates of or otherwise dealt with the Bank stock. mentioned in the last foregoing paragraph occurs 10. Paragraphs 3, 4 and 5 of the Second Schedule first after the appointed day, and shall be deemed to the National Loans Act, 1939 (which applies to have accrued from day to day during the six certain enactments to securities issued under that months preceding that date. Act), shall have effect as if references to securities 5. The interest on the Government stock shall be issued under that Act included references to the paid out of the permanent annual charge for the Government stock. National Debt. 11. The Government stock shall be subject to the 6. Section 47 of the Finance Act, 1942 (which provisions of the National Debt Act, 1870, so far as empowers the Treasury to make regulations as is consistent with the tenor of this Act. respects the transfer and registration of stock and 12. The Treasury may, for the purpose of providregistered bonds of the descriptions specified in ing any sums required by them in order to redeem Part I of the Eleventh Schedule to that Act), and the Government stock in accordance with section any regulations made thereunder which are in force one of this Act, raise money in any manner in immediately before the appointed day, shall have which they are authorised to raise money under the effect as if the Government stock were included National Loans Act, 1939, and any securities creamong the stocks mentioned in the said Part I and ated and issued to raise money under this paragraph among the stocks to which the said regulations shall be deemed for all purposes to have been created apply. and issued under that Act. 7. Where immediately before the appointed day 13. The sums paid by the Bank to the Treasury any dead person is registered in the books of the in lieu of dividends on Bank stock shall be paid Bank as the holder or one of the joint holders of into the Exchequer, and issued out of the Conany Bank stock, any Government stock purporting solidated Fund at such times as the Treasury may to be issued to him, or to him and the other joint direct, and applied by the Treasury to the payment holders, shall be deemed to be duly issued to his of any interest which would apart from this parapersonal representatives, or to the survivors or the graph have fallen to be paid out of the permanent personal representatives of the last survivor of the annual charge for the National Debt. joint holders, as the case may be; and, in the case 14. In charging the profits and gains of the of administrators, as well as in the case of executors, Bank for the purposes of income tax for any year of this paragraph shall have effect notwithstanding assessment, the sums paid by the Bank as aforesaid that there is no grant of representation to them until in that year shall be allowed as a deduction. after the appointed day. 8. The Government stock issued in substitution SECOND SCHEDULE for any Bank stock shall be held in the same rights SUPPLEMENTAL PROVISIONS AS TO COURT OF DIRECTORS and on the same trusts and subject to the same powers, privileges, provisions, charges, restraints 1. The term of office of the Governor and of and liabilities as those in, on or subject to which the Deputy Governor shall be five years. MAY 1946 481 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN BANKING LAWS AND REPORTS 2. The term of office of the directors shall be four this paragraph has been granted and accepted under years, and four of them shall retire each year on this Act: the anniversary of the appointed day: (a) the meeting may be called by the Governor Provided that, of the directors appointed to take or Deputy Governor in such manner as he may deoffice on the appointed day, four shall be appointed termine; to hold office until the first anniversary of that day (b) a quorum shall consist of not less than eight and shall then retire, four shall be appointed to directors together with the Governor or Deputy hold office until the second anniversary of that Governor; day and shall then retire, and four shall be ap- (c) when a quorum is present the court may act pointed to hold office until the third anniversary notwithstanding that a vacancy exists among the of that day and shall then retire. members of the court. 3. A person who has held the office of Governor, Deputy Governor or director shall be eligible for THIRD SCHEDULE re-appointment to that office or for appointment to ENACTMENTS REPEALED any other of those offices. 4. A person shall be disqualified for holding the Session and office of Governor, Deputy Governor or director if chapter Short title Extent of repeal (a) he is a Member of the Commons House of 5 & 6 W. & M. The Bank of England Act, Section 25 Parliament or a Minister of the Crown, or a person c. 20 1694 8 & 9 Will. 3. The Bank of England Act, Sections 30, 32, 45 serving in a Government Department in employ- c. 20 1696 and 49 7 Ann. c. 30 The Bank of England Act, Sections 60, 61, 70 ment in respect of which remuneration is payable 1708 and 77 8 Ann. c. 1 The Bank of England Act, The whole Act out of moneys provided by Parliament; or 1709 (b) he is an alien within the meaning of the 3 Geo. 1. c. 8 .. The Bank of England Act, Section 38 1716 British Nationality and Status of Aliens Acts, 1914 15 Geo. 2. c. 13. The Bank of England Act, In section 8, the 1741 words from "disto 1943; or abled "to "Parliament, or be" (c) he is subject to any disqualification which 39 & 40 Geo. 3. The Bank of England Act, In section 13 the c. 28 1800 words from "and may be imposed by the charter of the Bank; also subject" to the end of the and a person shall vacate any such office if he be- section; in section 15, the words comes subject to any such disqualification. from "subject to redemption" to 5. Where the office of a director is vacated under "and not otherwise"; section 16 the foregoing paragraph, or by death or resigna- 3 & 4 Will. 4. The Bank of England Act, In section 1 the c. 98 1833 words from "for tion, a person appointed to fill the vacancy shall the period" to the end of the hold office until the time when the person in whose section; in section 14 the words place he was appointed would regularly have re- from "subject nevertheless" to tired, and shall then retire. the end of the 6. Not more than four of the directors may be 7&8Vict.c.32. The Bank Charter Act, Se s c e ti c o t n io 2 n 7 except inemployed to give their exclusive services to the 1844 sofar as it authorises the re- Bank. demption of the debt due from 7. The following provisions shall have effect as the public to the Bank of England respects any meeting of the court of directors held 33 & 34 Viet. The National Debt Act, Section 72 c. 71 1870 on or after the appointed day but before a charter 55 & 56 Viet. The Bank Act, 1892 Subsection (1) of c. 48 section 7 making provision for the matters dealt with by 482 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FRENCH BANKING NATIONALIZATION LAW In France, as in a number of other European Art. 2. The shareholders shall receive registered countries, State control of the credit system has negotiable bonds delivered by the Bank, the remade considerable progress since the war. The demption value of which shall be equal to the nationalization of the Ban\ of France, supported liquidation value of the share as determined by a by the two socialist parties and enacted under the commission composed of the president of the finande Gaulle Government by law of December 2, 1945, cial section of the Council of State, as president, a is part of a more comprehensive plan to intro- counsel at the Court of Accounts, and a repreduce State ownership and State supervision of finan- sentative of the shareholders appointed by the cial institutions. This law also provides for the Minister of Finance. The liquidation value, hownationalization of the four large deposit ban\s ever, shall not exceed the average quoted price durwhich operate on a national scale, imposes special ing the period September 1, 1944, to August 31, controls over all business ban\s with total assets 1945; also it shall not exceed the buying price for exceeding 500 million francs, and strengthens the shares traded on the stock exchange between Sepregulation and supervision of ban\s in general. tember 1, 1945, and the date on which the liquida- The new legislation which, in regard to the nation value shall have been fixed. tionalization of ban\s, went into effect on January 1, The specifications of the bonds and the conditions 1946, does not, however, complete the process of under which they are to be amortized in not more nationalization. A recent proposal by the Finance than 50 years shall be fixed by a decree of the Minister for the nationalization of the two largest Minister of Finance. However, the rate of interest business ban\s is now before the National Conallowed may not exceed two per cent,1 it being stituent Assembly. On April 24 the Assembly deunderstood that interest rates for 1945 and 1946 creed nationalization of 45 of the largest insurance shall not be higher than the dividend rate for 1944. companies. The Government's nationalization pro- Payment of interest shall be assured by the Bank gram also extends to various lines of production. under a guarantee of the Treasury. Amortization A translation of the law as published in the shall be at the charge of the Treasury. Journal Officiel of December 3, 1945, is given Bonds delivered in exchange for shares which below. had been classified as real property shall acquire the same status under similar conditions. LAW NO. 45-015 OF DECEMBER 2, 1945, In all cases where legislative or regulatory pro- REGARDING THE NATIONALIZATION OF visions authorize the investment or reinvestment of THE BANK OF FRANCE AND THE LARGE funds in shares of the Bank of France, such invest- BANKS AND REGARDING THE ORGANI- ment or reinvestment may be effected in bonds ZATION OF CREDIT issued under the present article. Proceeds of any sales of more than 20 shares The National Constituent Assembly has adopted, must be deposited in a blocked account opened in The President of the Provisional Government of the name of the seller at the Bank of France. The the Republic promulgates the following law: conditions under which this blocking operates and its duration shall be fixed by a decree of the Min- TITLE I ister of Finance after consultation with the National Credit Council.2 NATIONALIZATION OF THE BANK OF FRANCE Art. 3. The composition of the general council, Art. 1. As from January 1, 1946, the Bank of the statutes of the Bank of France, and the system France shall be nationalized. of taxes and royalties applicable thereto shall be It shall continue to exercise the exclusive privilege modified and completed by a law before February of issue of bank notes for the entire metropolitan 28, 1946. territory. The Bank shall continue to be governed by the The shares of the Bank shall be transferred to principles of commercial law insofar as they do not the State which shall hold them in ownership. The conflict with the Bank's own laws and statutes. directors (conseillers) and auditors (censeurs) ap- 1 The rate of interest was changed from two to three per cent pointed by the shareholders shall cease to exercise in accordance with law No. 46-626 of Apr. 8, 1946. 2 This entire paragraph was abrogated by law No. 46-626 of their functions as of December 31, 1945. Apr. 8, 1946. MAY 1946 483 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN BANKING LAWS AND REPORTS TITLE II TITLE III CREDIT INSTITUTIONS NATIONALIZATION OF THE LARGE DEPOSIT BANKS Art. 4. There shall be three categories of banks: Art. 7. As from January 1, 1946, the full ownerdeposit banks, business banks (banques d'affaires), ship of the banks named in art. 6 of the present and long- and medium-term credit banks. law, with all their assets, shall be transferred to All banks shall place themselves in one of these the State which shall indemnify the shareholders categories by a declaration made to the Banking in the manner provided in art. 8 below. Control Commission within three months after On the same date, the powers of the boards of promulgation of the present law. They shall have directors (conseils d'administration) shall end, and a year in which to conform to the rules applying to new directors appointed in accordance with art. 9 their category, unless exemptions or delays have of the present law, shall start to exercise their funcbeen granted by the Banking Control Commission. tions. All are subject to control as provided in articles For the period between the date of the promulga- 12 to 15 below. tion of the present law and January 1, 1946, the Art. 5. Deposit banks are banks which receive Minister of Finance shall appoint for each of the from the public demand deposits or deposits for not nationalized banks a Government commissioner more than two years. They shall not continue to who shall attend all the meetings of the board of hold, in enterprises other than banks, financial directors and of the committees appointed from its agencies, or mortgage companies necessary to their membership, as well as any general meetings operation, participations greater than 10 per cent of of the shareholders. He shall have the right of the capital of such enterprises. They shall not em- absolute veto over all decisions of the board of diploy, in the form of participation and of real-estate rectors or the committees appointed from its meminvestments, deposits received from the public bership. except by authorization given by the deposit com- Art. 8. The shares of the nationalized institumittee of the National Credit Council. tions shall be transferred to the State as of January Business banks are those whose principal activity 1, 1946. consists in taking participations and in the manage- The banks named in art. 6 of the present law ment of participations in enterprises and which re- shall deliver to the shareholders, in exchange for ceive demand deposits or time deposits for one year their shares, registered dividend-bearing scrip or less only from their personnel, from their part- which, beginning with the year 1946, shall be ners or silent partners, or from enterprises in which entitled to a dividend fixed each year by the board they have an actual cash investment of 15 per cent of directors. Such dividend, however, shall not be of the registered capital or of which they promoted less than the dividend distributed on the shares for the establishment by taking a participation equal the year 1944. This minimum shall be considered to 15 per cent of the initial capital. as part of the banks' cost of operation and shall The category of long- and medium-term credit be guaranteed by the State. banks consists of establishments of this type, placed Beginning January 1, 1947, the State shall reunder the control of the State and operating under purchase each year at least 1/50 of the dividendstatutes determined by a law. Their President, bearing scrip outstanding at that date. The repur- General Manager, or Governor is appointed by the chase price shall be equal to the average quoted State. Banks specializing in medium- and long- price of the share on the Paris stock exchange durterm credit which do not correspond to this descrip- ing the period from September 1, 1944, to October tion are considered business banks. 31, 1945. However, the shares acquired on the Art. 6. According to provisions set forth in stock exchange between September 1, 1945, and articles 7 to 10 below, the Credit Lyonnais, the the date of the promulgation of this law may not be Societe Generale pour Favoriser le Developpement exchanged against scrip representing a higher redu Commerce et de 1'Industrie en France, the imbursement price than the buying price of the Comptoir National d'Escompte de Paris, and the shares mentioned. Banque Nationale pour le Commerce et 1'Industrie Shareholders of the nationalized banks against shall be nationalized. whom a judicial inquiry has been opened, or those 484 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN BANKING LAWS AND REPORTS who are summoned before a court of justice, a civic munerated in accordance with the statutes of the chamber, a military tribunal, a committee for con- companies of which they are directors. fiscation of illegal profits, may not receive the re- Art. 10. The nationalized institutions shall conpurchase compensation provided for in this article, tinue to operate under commercial law and shall be nor may they dispose of their holdings before de- subject to the taxes applicable to the banking busicision by the competent judicial or administrative ness in particular and to stock companies in general. authority. The auditors other than those who are presented The proceeds of any sales, partial or total, of by the employees' committee shall be appointed by certificates for dividend-bearing scrip representing the Minister of Finance. a reimbursement price of more than 200,000 francs The powers of the general meetings of sharemust be deposited in a blocked account, opened at holders are exercised—with reservations as to the the Bank of France, under conditions set forth in preceding provisions—by the Banking Control art. 2.2 Commission upon the reports of the board of di- Art. 9. As from January 1, 1946, the national- rectors and the auditors. ized banks shall be managed by boards of directors composed as follows: TITLE IV (a) Four directors shall be appointed by the CONTROL OF BUSINESS BANKS Minister of National Economy upon the advice of the Ministers in charge of the departments of In- Art. 11. A Government commissioner shall be dustrial Production and Agriculture from among appointed by the Ministers of National Economy persons actively engaged in industry, commerce, or and of Finance, on the proposal of the National agriculture upon nomination by the most repre- Credit Council, for each business bank organized sentative professional organizations; in the form of stock company and whose balance (b) Four directors shall be appointed by the sheet total and outside liabilities (engagements hors most representative employees' unions under con- bilan) exceed 500 million francs. A Government ditions stipulated by an order of the Ministers of commissioner may be named in the same manner Finance and of Labor. Two of these shall belong for banks or financial institutions of which these business banks have or acquire control. to the staff and employees of the nationalized bank; (c) Two directors shall be appointed by the The commissioner shall be assisted by a control Minister of Finance to represent the Bank of France committee composed of: or the public or semi-public credit institutions, and A representative of the most representative comtwo others shall be chosen by him from among mercial and industrial organizations, persons having extensive banking experience. A representative of the most representative em- The Minister of Finance shall give his approval ployees' unions, to the choice of the chairman elected by the board A representative of public or semi-public financial of directors and of the general manager if there institutions, appointed jointly, on the proposal of the is one. aforementioned organizations, by the Ministers of National Economy, of Finance, and of Labor. No member of Parliament shall be a director of The Government commissioner shall attend all a nationalized bank. The same restriction shall meetings of the board of directors and committees apply to bank officials in active service, except as constituted within the board, as well as all general regards the directors in category (c) above. No meetings of shareholders. He shall have access one shall be a director in several nationalized banks. to all records of the bank. He may exercise his A person who has served as a member of the Govveto over any decision contrary to the national inernment may not be named director if he has not terest which is taken by the board of directors, by ceased exercising government functions for at least one of its committees, or by the general meeting. five years. He may present to the board of directors any meas- The directors shall assume the responsibilities ures which seem to him to be in the general interest and the obligations set forth in the laws in force and, in particular, those which conform to the concerning stock companies. They shall be rewishes or decisions of the National Credit Council. 2 See footnote on p. 483. The bank may, within eight days, appeal the MAY 1946 485 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN BANKING LAWS AND REPORTS decision of the Government commissioner before of Finance because of their financial or banking the National Credit Council which is required to competence, of whom three shall represent the nagive its advice within ten days. tionalized banks, two the non-nationalized banks No bank may invoke the presence of the Govern- on proposal of the Professional Banking Associament commissioner to escape civil or penal liabilities tion, one to represent the agencies for financing which it may have incurred. foreign trade and one to be the Syndic of the Paris No law suit may be brought against the Gov- Stock Brokers' Association. ernment commissioner by third persons unless he Seven representatives of public or semi-public is personally to blame, in which case the matter financial institutions: shall be referred to the administrative jurisdiction. The General Manager of the Caisse des Depots The commissioner appointed by the Minister of et Consignations; National Economy shall be given full powers on The Governor of the Credit Foncier de France; proposal of the National Credit Council. The President-General Manager of the Credit National; TITLE V The General Manager of the Caisse Nationale de Credit Agricole; MANAGEMENT OF CREDIT The Manager of the Caisse Centrale de la France Art. 12. There shall be created a National Credit d'Outre-Mer; Council under the presidency of a Minister ap- The Manager of the Association (Chambre Synpointed by the Government who may delegate his dicale) of the Banques Populaires; powers to the Governor of the Bank of France, vice- The Manager of Postal Check Division at the president ex-officio. Ministry of Posts, Telegraphs, and Telephones. In addition to the president or vice-president, The National Credit Council shall set up four the National Credit Council shall include 38 mem- committees: committee for deposits, committee for bers, to wit: short-term credit, committee for medium- and long- Seventeen representatives of the country's prin- term credit, committee for foreign trade. cipal activities: The Manager of the Treasury shall attend all Ten appointed by decree of the Minister of Na- meetings of the National Credit Council and its tional Economy, to wit; two on proposal of the committees. General Confederation of Agriculture; five on pro- Art. 13. The National Credit Council shall recposal respectively of the agricultural cooperatives, ommend to the Minister of Finance all measures the consumer cooperative group, the producer co- designed to increase bank or savings bank deposits, operative group, the National Center for Foreign to suppress hoarding of currency, to promote the Trade, and the Assembly of Presidents of Craft use of cashless payments, and to mobilize liquid Unions (Chambres de Metier), two, of whom one funds in the general interest. shall be an industrialist, on proposal of the As- It shall participate in the working out of all plans sembly of Presidents of Chambers of Commerce, designed to further banking concentration and the and one on proposal of the Union of Chambers of reduction in general expenses of the banking busi- Maritime Commerce. Seven proposed by the most ness through improved organization and methods. representative labor unions of whom three, ap- It shall propose a scale of service charges for private pointed by the Minister of National Economy, shall and for nationalized banks. represent the general interests of these organiza- It shall propose to the Minister of Finance the tions, and four, appointed by the Minister of Labor, allotment of available funds to be reserved for the shall represent the staff and employees of banks: needs of the Treasury, and for the capital issues Seven representing the Ministries of National intended for metropolitan France, the overseas Economy, of Industrial Production, of Public territories, and foreign countries. Works and Transportation, of Agriculture, of Re- It shall propose measures designed to insure the construction and Town Planning, of Colonies, guarantee of deposits and the safety of investments. and of the body charged with the preparation of It shall be consulted on all questions affecting the the Plan; State's direct or indirect financial assistance, such Seven representatives appointed by the Minister as participations, subsidies, fiscal advantages, guar- 486 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN BANKING LAWS AND REPORTS antees of successful outcome, and letters of approval. Art. 14. A decree by the Ministers of National It shall study the means and techniques to be Economy and of Finance shall fix, within three used in the State's financial transactions, appropri- months, and on proposal of the National Credit ate to the nature of the contemplated operations. Council, the fundamental rules governing the oper- It shall be consulted by the Minister of National ation of the nationalized institutions. A second Economy regarding general credit policy with a decree issued in the same manner shall fix the view especially to the financing of reconstruction fundamental rules for the non-nationalized instiand of the plan for the modernization of the na- tutions. These two decrees mentioned above shall tional economy, and of import and export projects. provide in particular: For this purpose it shall receive from the Minis- The rules for setting up and publishing balance ter of National Economy and from the bodies en- sheets of the credit institutions; trusted with the preparation of the economic mod- The rules applicable to banking operations; ernization program all information necessary to The rules for the composition of banking portenable it to draw up suitable investment plans as folios; well as to establish priorities to be given to long- The obligations of credit institutions in connecterm issues and investments raised by public sub- tion with the issue and conversion of public securiscriptions. It shall control the activities of statis- ties; tical and information services in the field of credit. The incompatibilities attaching to the exercise of It shall give advice on all directives concerning the banking profession in regard to both the memdistribution of credit and on all questions sub- bers of the managements provided for and the mitted to it by the Minister of National Economy or personnel of the credit institutions. the Minister of Finance. Art. 15. The Banking Control Commission shall It may propose to the Minister of National Econ- be composed in the following manner: The Goveromy the creation of regional credit councils, the nor of the Bank of France, president, the President composition and powers of which shall be fixed by of the Financial Section of the Council of State, decree. the Manager of the Treasury in the Ministry of It shall study the nationalization of the banks Finance, the Manager in charge of credit in the which, by virtue of expansion of their deposits or of Ministry of National Economy, and one representatheir business or by the extension of their branches tive of the most important bank employees' federaover the entire territory, have assumed the same tion. characteristics as the banks nationalized by the pres- It shall exercise all powers of investigation, of ent law. It shall invite the Government to lay becontrol, and of discipline as set forth in the acts fore Parliament a plan to nationalize banking inknown as laws of June 13 and 14, 1941. Its powers stitutions other than those named in art. 6 of the shall extend to the financial institutions. present law. It may appoint a liquidator for all enterprises and It shall exercise, through the intermediary of establishments which have been stricken ofT the the Bank of France, all powers formerly entrusted register of banks, or which cease to be registered, or to the Permanent Committee on Banking Organiwhich, without having been inscribed on the list of zation which shall be dissolved on the date of the banks or registered, have been notified of a decision promulgation of the present law. requiring them to terminate their operations within The National Credit Council shall obtain from a given time. all the Ministerial Departments, from the Banking Whenever the administration, the management, Control Commission, and from the Bank of France or the supervision of a bank or of a financial instiall documents necessary to the completion of its mission. tution, for any reason can no longer be performed It shall be required to meet once a month at by the persons duly authorized for these duties the the call of the president or vice-president. It shall Commission, or, subject to its ratification, its presisubmit to the Ministers of National Economy and dent may appoint to the said bank or financial instiof Finance, in the course of the first quarter of each tution a temporary administrator to whom shall be year, a report on the credit situation and all the transferred all powers necessary for the administraproblems relating thereto. tion, the management, or the supervision. MAY 1946 487 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN BANKING LAWS AND REPORTS The Banking Control Commission shall assume cles 7 and 8 preceding, the shareholders of the nafunctions in connection with the nationalized banks tionalized deposit banks shall hold a general meetas set forth in the last paragraph of art. 10 of the ing, in the course of the year 1946, on convocation present law and to this effect shall be joined by of the board of directors in office until December 31, three members of the National Credit Council, 1945, with the sole purpose of receiving the reports elected by the latter. of the board and the commissioners, of approving All decisions of the Control Commission shall the accounts for 1945, of fixing the dividend for be reported to the National Credit Council. that year without, however, being able to distribute any reserve, and of discharging from further liability TITLE VI the management whose powers terminate December 31, 1945. MISCELLANEOUS PROVISIONS Art. 19. No change shall be made in the regula- Art. 16. The Government shall be authorized, tions affecting the employees of the nationalized within a period of six months, by decree in the banks, including the Bank of France, as to the form of a public administrative regulation adopted manner of hiring and discharging and of compenon proposal of the Minister of Finance and the Minsation. ister of National Economy upon the advice of the In case of release due to changes resulting from National Credit Council, to take all measures necesthe application of the present law, the personnel sary to organize the distribution of long-term may receive compensation for discharge in addicredits required for the modernization of the nation to their claim to retirement pension. tion's equipment in industry, commerce, agriculture, Before March 31, 1946, the manner of reclassiand the handicrafts. To this effect it may in parfying the personnel so released shall be prescribed ticular either promote the creation of new instituby a public administrative regulation. tions, medium or long term, or provide for the All who participate in any way either in the direcamendment of the statutes or the reorganization of tion, management, or the control of the nationalized existing institutions, particularly of the Credit Nabanks, or in the control of non-nationalized banks, tional, the Caisse Nationale des Marches de l'Etat, shall be held to professional secrecy. and of the Caisse Nationale de Credit Agricole. Art. 20. All acts and conventions adopted in con- Art. 17. The Government shall be authorized nection with the execution of the present law shall within a period of six months, by decree in the form be exempt from stamp and registration taxes. of public administrative regulation adopted on pro- Art. 21. All measures contrary to the present posal of the Minister of Finance and of the Minislaw shall be abrogated. ter of National Economy and upon the advice of Art. 22. Decrees in the form of public administhe National Credit Council, to take any measures trative regulations adopted on proposal of the Mindesigned to improve the conditions of credit and ister of Finance shall determine all conditions under of credit insurance necessary to develop the foreign which the present law is to be applied. trade of France. For this purpose it may in par- The present law, deliberated and adopted by the ticular provide for the creation of new special agen- National Constituent Assembly, shall be executed cies for export or import credits, and propose to as a law of the State. Parliament the amendment of the statutes or the Done at Paris, December 2, 1945. reorganization of existing agencies, with particular reference to the Banque Nationale Franchise du C. DE GAULLE. Commerce Exterieur and to all administrative or By the President of the Provisional Government of government-subsidized bodies concerned with ex- the Republic: port and import credit insurance. The Minister of Finance, Art. 18. Notwithstanding the provisions in arti- R. PLEVEN. 488 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REINSTATEMENT OF THE NETHERLANDS BANK ACT The character of the Netherlands Ban\ was radi- of the total amount of bank notes in circulation, cally changed during the war. The German occu- drafts outstanding, and deposits on current account, pation authorities replaced the management, made shall be established by Royal Decree, the reichsmar\ eligible as reserve against demand Art. 4. The sphere of activities of the Netherliabilities and, in 1943, issued a new charter which lands Bank, as described in art. 11 of the Bank Act completed the transformation of the Ban\ into an of 1937, shall be extended to include buying and instrument of the Reich Commissioner. Immedi- selling of officially quoted bonds payable by the ately after liberation, the prewar management was Kingdom and by its overseas territories as well as reinstated. A royal decree of October 1, 1945, buying and selling Treasury paper payable by the annulled the German-imposed charter and restored Kingdom even if such paper had not been in the the Ban\ Act of 1937 subject to various modifica- possession of third parties before the purchase. tions. As under the German ban\ regime, reserve Art. 5. Before a person who is appointed manrequirements are suspended and limitations upon ager of the Netherlands Bank according to art. 25, open-market operations removed. Government paragraph 2, of the Bank Act of 1937 may enter control of the Ban\, although less absolute than un- upon his duties the Bank shall apply for Our conder the occupation, has been tightened as compared firmation of the appointment. If confirmation is to the prewar status by extending the Government's not given within 14 days after the date of the applipower of appointment and authorizing the Minister cation, the appointment shall be considered as not of Finance to coordinate the Band's policies with having been made. In that case a new list of three the monetary and financial policies of the Govern- persons shall be made up, from which a new selecment. The transfer of the Ban\ from private to tion shall be made. If Our confirmation is withpublic or semi-public ownership is foreshadowed by held also from this appointment, the vacancy shall an authorization to terminate prematurely the be filled by Us. Bani^s note-issue privilege and by the appointment Art. 6. (1) A Banking Council shall be estabof a commission to advise on further amendments lished at the Netherlands Bank, consisting of the to the charter pending the transfer.. On January Royal Bank Commissioner as chairman and eight 8, 1946, the shareholders approved the correspondmembers to be appointed by Our Minister of Fiing changes in the Band's statutes. nance. In the absence of the chairman, the chair A translation of the text of the decree is given shall be taken by a member appointed to this funcbelow. tion by Our Minister of Finance. DECREE OF OCTOBER 1, 1945, ON THE (2) The members of the Banking Council shall REINSTATEMENT OF THE BANK ACT OF serve for a term of four consecutive years. Each 1937 year two members shall resign in rotation; they Art. 1. (1) The decree of the Reich Commis- shall be eligible for immediate reappointment. sioner for the occupied Netherlands territory No. During the first period, the members shall serve 58/1943 concerning the Netherlands Bank shall no for a term varying from one to four years. The longer be valid. year in which the members appointed at the time (2) The members of the management of the of the establishment of the Banking Council shall Netherlands Bank who were appointed by the go out by rotation, shall be determined by lot. In occupation authorities are relieved of their offices the case of an interim vacancy, the newly appointed as of May 7, 1945. The Netherlands Bank does member shall serve for the term of the member not owe any pension, leave payment, or damages whose place he takes. of any kind whatsoever to the persons concerned (3) The Banking Council shall be composed in or their beneficiaries. such a manner that it includes eight members from Art. 2. The Bank Act of 1937 (Official Gazette the fields of business and science. 1937, No. 401) shall again be in force, subject to (4) With or without a request by the managethe provisions set forth in this decree. ment, Our Minister of Finance may impose upon Art. 3. (1) Articles 23 x and 27 2 of the Bank the members of the Banking Council, in particular Act of 1937 shall continue inoperative. instances, or in general, the obligation of keeping (2) Further provisions concerning the coverage secret anything they have learned by reason of their 1 Maintenance of a gold reserve. function. 2 Election of an Advisory Committee. MAY 1946 489 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN BANKING LAWS AND REPORTS (5) The Banking Council shall assemble at least erlands Bank, who were dismissed during the 11 times a year, and also any time the chairman or period of occupation, shall be deemed to have reat least three members deem it necessary. sumed their functions as of May 7, 1945, each one (6) The meetings of the Banking Council shall for the remainder of the term for which he was last receive information from the management of the appointed before May 10, 1940, in accordance with Netherlands Bank and from the Treasurer General the Bank Act of 1937. of the Ministry of Finance. (3) The managers of the Netherlands Bank (7) The management of the Bank shall report elected by the voting shareholders, who held office to the Banking Council regarding the general eco- on June 30, 1943, shall be deemed to have resumed nomic and financial development and also regard- their functions as of May 7, 1945, subject to coning the policy of the Bank. firmation by the general meeting of the share- (8) The Banking Council shall advise Our Min- holders. ister of Finance in case he considers the issue of a Art. 10. (1) The privilege granted to the Nethregulation as contemplated in the following article. erlands Bank is hereby withdrawn according to After consultation* with the management of the art. 2, second paragraph, of the Bank Act of 1937. Bank, Our Minister may also obtain the advice of (2) By this withdrawal the authority of the the Banking Council in matters of general im- Netherlands Bank to act as bank of issue may be portance regarding principles of banking policy. ended at an earlier date than is provided in the (9) In matters concerning the general policy of second paragraph of art. 2 of the Bank Act of the Bank the Banking Council shall be authorized 1937, but not before January 1, 1946. to communicate directly with Our Minister of Art. 11. Our Minister of Finance shall appoint a Finance. commission whose duty it shall be to advise him Art. 7. Whenever Our Minister of Finance deems concerning the strengthening of the principle of it necessary to coordinate the monetary and financial public interest in the charter of the Netherlands policy of the Government and the policy of the Bank pending the transfer of the Bank from pri- Netherlands Bank, Our Minister shall issue to the vate to public or semi-public ownership. management of the Netherlands Bank the regula- Art. 12. (1) This decree, of which a copy shall be tions needed for achieving that purpose. The sent to the Council of State, shall come into force Netherlands Bank shall be obliged to observe these on the day of its publication in the State Register regulations. (Staatsblad). Art. 8. (1) The fiscal year of the Netherlands (2) For the purposes of art. 31 3 of the Bank Act Bank shall run from the 1st of January to and in- of 1937, this Act shall be deemed to have replaced cluding the following 31st of December. the decree No. 58/1943 as of April 1, 1944. (2) As an exception to the rule set forth in the Our Minister of Finance shall be charged with previous paragraph, the period from April 1, 1944, the execution of this decree which shall be pubto and including December 31, 1945, shall be con- lished in the State Register. sidered as one fiscal year of the Netherlands Bank. The Hague, October 1, 1945. Art. 9. (1) The statutes of the Netherlands Bank, as published in the supplements to the Netherlands WlLHELMINA. The Minister of Finance: Official Gazette (Staatscourant) No. 1482 of August 3, 1932, No. 1621 of September 6, 1934, and P. LlEFTINCK. No. 910 of July 1, 1937, shall again be in force. As Issued October 6, 1945. soon as possible they shall be amended to conform The Minister of Justice: to the provisions of this decree. KOLFSCHOTEN. (2) The president and the secretary of the Neth- 3 Distribution of profits. 490 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled April 19, and released for publication April 23] Industrial production advanced considerably in averaged 84 per cent of capacity as compared March and appears to have declined only moder- with 20 per cent in February and at the end of ately in the early part of April notwithstanding a March was close to 90 per cent. Subsequently, complete shutdown in the bituminous coal indus- due to reduced coal supplies, steel output declined try and some reduction in output at steel mills. and by the fourth week of April was down to a The value of retail trade has continued to set new rate of 74 per cent of capacity. In the automobile records during this period and wholesale com- and machinery industries production increased submodity prices have risen further. stantially during the latter part of March and the early part of April, reflecting improvement in steel INDUSTRIAL PRODUCTION supplies and settlement of important wage disputes. Production at factories and mines, according Output of stone, clay and glass products conto the Board's seasonally adjusted index, rose from tinued to advance in March and production in a level of 153 per cent of the 1935-39 average in the first quarter of this year exceeded the previous February to 169 in March. This is slightly above peak levels reached at the beginning of 1943. the level reached last November before production Output of nondurable goods rose further in was reduced by strikes in the automobile, electrical March to a level of 168 per cent of the 1935-39 equipment, and steel industries. In April the average, the highest level since last June. Proindex will probably show a decline of 3 or 4 duction of nondurable goods for civilian use is points as decreases in coal and steel are only partly now in larger volume than at any previous time. offset by continued increases in other industries. Activity at woolen mills has shown an exceptionally The large increase shown by the total index large advance since the end of last year and, with in March was due for the most part to a sharp marked increases in cotton consumption and rayon recovery in steel ingot production following settle- shipments, the Board's index of textile production ment of the labor dispute. There were production in March was at a level of 162 per cent of the gains also in industries manufacturing automobiles, 1935-39 average. This equals the previous peak machinery, stone, clay and glass products, furniture, rate at the beginning of 1943. textiles, paper and rubber products. These gains Mineral production declined in March as a in steel and other industries were offset only in further advance in coal production was more than small part by declines in the nonferrous metal in- offset by a decline in crude petroleum output and dustries, some food industries, and crude petroleum. by work stoppages at important metal mines. Ac- Steel ingot production for the month of March tivity at bituminous coal mines was suspended INDUSTRIAL PRODUCTION VALUE OF CONSTRUCTION ACTIVITY 240 HLLIONS OF DOLLARS 'MILLIONS OF DOLt-AftS* 220 200 180 160 140 120 100 80 1940 1942 1944 1940 !942 1944 1946 Federal Reserve indexes. Groups are expressed in terms of 1940 1942 1944 1946 1940 1942 1944 1946 toints in the total index. Monthly figures, latest shown are for ilarch. Latest figures shown are for March 1946. MAY 1946 491 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS beginning April 1 owing to a labor-management ceilings have been removed prices have generally dispute over a new wage contract. risen. A bonus of 30 cents a bushel has been granted on wheat delivered by May 25 under the EMPLOYMENT certificate plan to help meet the critical food situa- Employment in nonagricultural establishments tion abroad, and a like payment has been offered rose by about 600,000 in March after allowance for for 50,000,000 bushels of corn. Subsidy payments seasonal changes. This rise reflected increased em- for some commodities have been increased to preployment in manufacturing—largely in the iron vent further price advances. and steel group—and continued gains in trade BANK CREDIT and construction. There were further substantial releases from the armed forces. The total number Member bank reserve positions tightened in the of persons unemployed remained at a level of last half of March as Treasury deposits at the about 2,700,000 in March. Reserve Banks were increased by large income tax collections. Banks sold short-term Government DISTRIBUTION securities largely to the Reserve Banks, and drew down their reserve balances to meet this loss of Department store sales rose sharply in March funds. Reserve positions were eased on April 1 and continued at a high level in the first half of in connection with the cash redemption of 2.0 April. Total sales during the Easter season are billion dollars of Treasury certificates on that date, estimated to have been about one-fourth higher and in the following weeks banks bought Governthan last year. ment securities and reduced borrowings at Reserve Freight carloadings during March were close to Banks. the record rate for that month reached last year. Commercial and industrial loans at member In the first three weeks of April loadings declined, banks in leading cities increased further. Loans to reflecting the stoppage of bituminous coal producbrokers and dealers rose at the end of March in tion. Shipments of most other classes of revenue connection with Treasury security retirement operafreight continued to increase. tions and declined sharply in the week ending COMMODITY PRICES April 3. Deposits, other than those of the Treasury, fluctuated considerably, reflecting large in- Wholesale prices of agricultural and industrial come tax payments and the April 1 tax assessment commodities continued to advance from the middle date in Illinois. of March to the third week of April. The general Yields on long-term Treasury bonds have relevel of wholesale prices is now higher than last mained relatively steady following a sharp decline September by something over four per cent. In in January and the first half of Februarv. recent weeks ceiling prices for a number of products have been raised considerably and where MEMBER BANKS IN LEADING CITIES DEPARTMENT STORE SALES AND STOCKS PER 0 DOLLAR VOLUM SEASONALL Y ADJUSTED 1935-39-100 PER ^80 240 / SALES 200 A A i 160 k \ / v -STOCKS % vy is 1939 1940 194! 1942 1943 1944 i945 1946 80 1939 1940 1941 1942 1943 1944 1945 1946 Demand deposits (adjusted) exclude U. S. Government and interbank deposits and collection items. Government securities Federal Reserve indexes. Monthly figures, latest shown are for include direct and guaranteed issues. Wednesday figures, latest March. shown are for Apr. 24. 492 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.... 495 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements.. 496-497 Fderal Reserve Bank statistics. . 497-501 Guaranteed war production loans. 501 Deposits and reserves o£ member banks. 501-502 Money in circulation. 503-504 Gold stock; bank debits and deposit turnover. . 504 Deposits and currency; Postal Savings System; bank suspensions. 505 All banks in the United States, by classes 506-507 All insured commercial banks in the United States, by classes. . 508-509 Weekly reporting member banks 510-513 Commercial paper, bankers' acceptances, and brokers' balances. 514 Money rates and bond yields. 515 Security prices and new issues. . . 516-517 Corporate earnings and dividends. . 518 Treasury finance. . 519-521 Government corporations and credit agencies. 522 Business indexes. 523-532 Department store statistics. 533-535 Consumer credit statistics. 536-538 Cost of living. 538 Wholesale prices. 539 Gross national product, national income, and income payments. 540 Current statistics for Federal Reserve chart book. 541-542 Number of banking offices in the United States. 543 All member banks—Assets and Liabilities on December 31, 1945, by classes of banks. . 544 Assets and liabilities of insured commercial banks in United States and possessions, December 31, 1945, June 30, 1945 and December 30, 1944 545 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. MAY 1946 493 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FI6URES IILLIONS OF DOLLARS 30 30 1939 1940 1941 1942 1943 1944 1945 1946 15 10 10 1939 J940 1941 1942 1943 1944 1945 1946 Wednesday figures, latest shown are for Apr. 24. See p. 495. 494 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 Date c v o D a a a n u n i d s c n d - - e ts s Total se T c b a u u r i e n r r l i a y d l t s s i - es o A th l e l r ot A h l e l r1 Total s G to o c ld k s r t c o e u i a u n n u r n r y g c t d - - y - M in c t u o i c o l n a i n e r - y - T h c i u r o n a e r l g s a y d h s s - - F B p e s w R o e d a i r s e e n t v i - r h k t e a s s l b m p N e o r e o s m d n it e - s - - c s F o e R e a e u r r c e a d v n - - l - e ts Total c E e x ss - 1 certificates Monthly averages of daily figures: 1945—Jan 11818,726 15,956 2,770 543 19,38720,582 4,129 25,243 2,371 532 1,501 40314,048 1,114 Feb 23319,152 16,440 2,712 49419,87920,519 4,125 25,527 2,377 536 1,633 41014,040 952 Mar 24519,509 17,31 2,196 50020,25320,448 4,120 25,850 2,357 269 1,495 42314,429 1,010 1946—Jan 23223,590 21,147 2,443 47624,29820,106 4,375 28,158 2,265 648 1,282 50515,921 1,311 Feb 367 23,150 20,811 2,340 41 23,934 20,197 4,426 27,944 2,307 856 1,248 51715,685 1,131 Mar 56622,549 20,243 2,307 41823,533 20,237 4,464 27,913 2,274 809 1,167 53615,536 1,031 End of month figures: 1945—Jan. 31... 17619,006 16,272 2,734 370 19,55220,550 4,127 25,290 2,371 648 1,634 40213,884 869 Feb. 28... 32119,439 16,748 2,692 39820,15820,506 4,122 25,751 2,355 460 1,581 41014,228 965 Mar. 31... 24519,669 17,490 2,180 39620,31120,419 4,119 25,899 2,346 647 1,361 42914,166 796 1946—Jan. 31... 23,264 20,913 2,352 41823,97620,156 4,406 27,917 2,293 845 1,295 50615,682 1,089 Feb. 28... 34'22,904 20,584 2,320 39' 23,64820,232 4,451 27,954 301 829 1,193 51915,537 1,014 Mar. 30. .. 62622,601 20,234 2,366 40323,63020,256 4,480 27,879 2,288 1,593 1,213 54014,853 627 Wednesday figures: 1945—June 6... 20,896 18,126 2,771 39822,20720,268 4,145 26,513 2,314 352 1,546 44315,452 1,098 June 13... 85221,103 18,323 2,780 39222,34720,268 4,146 26,533 2,292 170 1,550 44415,771 1,237 June 20... 30 21,507 18,710 2,79" 47, 22,28720,265 4,145 26,536 2,297 347 1,710 45215,354 1,454 June 27... 20321,693 18,896 2,79 31522,21120,263 4,144 26,628 2,314 687 1,774 45414,760 1,362 July 3... 3921,745 18,948 2,798 46422,24920,213 4,145 26,834 2,285 667 1,647 450 14,722 1,408 July 11... 7321,544 18,747 2,798 41122,02820,214 4,145 26,932 2,230 585 1,617 45314,570 1,136 July 18... 12621,613 18,816 2,798 43022,17020,213 4,144 26,901 2,274 690 1,553 45014,660 1,048 July 25... 22921,570 18,771 2,799 33122,12920,212 4,144 26,926 2,279 594 1,539 450 14,699 994 Aug. 1... 39921,877 19,066 2,811 28822,564 20,152 4,198 27,130 2,260 678 1,532 14,861 1,063 Aug. 8... 35321,910 19,099 2,811 3422'2", 606.20,151 4,197 27,269 2,269 538 1,588 45714,833 1,066 Aug. 15... 31221,869 19,058 2,811 60122,78220,130 4,198 27,351 2,257 398 1,643 45815,004 1,132 Aug. 22... 40022,296 19,466 2,829 44723,14220,088 4,201 27,506 2,248 671 1,557 45814,992 1,018 Aug. 29... 44: 22,358 19,516 2,841 26; 23,06320,088 4,215 27,600 2,262 397 1,577 45815,070 986 Sept. 5... 37 22,435 19,670 2,76. 38023,19:20,088 4,216 27,750 2,269 304 1,529 46315,180 966 Sept. 12... 45 22,808 20,014 2,795 41223,67720,096 4,216 27,793 2,267 598 1,538 46515,329 964 Sept. 19... 30122,965 20,116 2,850 44123,70720,095 4,222 27,777 2,268 428 1,525 47515,552 1,03* Sept. 26... 42:23,186 20,306 2,880 28523,892 20,093 4,222 27,729 2,263 961 1,506 47515,274 893 Oct. 3... 314 23,21: 20,297 2,916 29423,82120,072 4,248 27,853 2,268 648 1,469 48415,420 1,001 Oct. 10... 31323,27: 20,357 2,916 33823,92320,040 4,257 27,962 2,282 535 1,419 48515,537 1,027 Oct. 17... 31622,901 19,985 2,916 48223,699 20,039 4,262 27,952 2,249 293 1,324 48215,700 1,032 Oct. 24... 38923,089 20,192 2,898 312 20,038 4,270 27,974 2,248 295 1,349 48215,751 1,002 Oct. 31... 43923,276 20,379 2,898 27223,987 20,036 4,278 28,049 2,244 429 1,373 48315,723 904 Nov. 7... 50823,076 20,179 2,898 23,877 20,035 4,285 28,137 2,268 261 1,310 48415,737 928 Nov. 14... 59623,448 20,510 2,938 455 " 20,034 4,284 28,178 2,265 580 1,313 48615,994 1,163 Nov. 21. .. 63023,343 20,372 2,970 359 20,032 4,297 28,198 2,272 410 1,360 484 15,937 1,043 Nov. 28... 79223,646 20,627 3,019 32624,764 20,031 4,297 28,169 2,269 557 1,351 485 16,261 1,293 Dec. 5... 34523,525 20,474 3,052 35924,229 20,029 4,303 28,279 2,242 1,304 48716,242 ,594 Dec. 12... 31223,493 20,440 3,053 46024,264 20,045 4,317 28,370 2,268 627 1,204 48815,669 ,296 Dec. 19... 36023,668 20,602 3,067 82924,85920,066 4,326 28,557 2,288 718 1,284 49615,906 ,332 Dec. 26... 492 24,03! 20,970 3,067 64325,17220,065 4,334 28,649 2,283 1,199 1,282 500 15,658 ,213 1946—Jan. 2... 22224,092 21,602 2,490 53324,84720,065 4,352 28,491 2,306 771 1,299 49815,900 ,439 Jan. 9... 21523,859 21,377 2,482 46324,536 20,046 4,362 28,297 2,256 758 1,307 50515,822 ,266 Jan. 16... 21023,437 21,030 2,407 42624,07220,111 4,377 28,119 2,262 272 1,257 50516,145 ,423 Jan. 23... 20723,341 20,968 2,373 373 23,92220,135 4,385 27,977 2,282 578 1,239 50615,859 ,169 Jan. 30... 31023,297 20,945 2,352 29123,89820,157 4,404 27,914 2,295 762 1,298 50715,681 1,061 Feb. 6... 289 23,227 20,876 2,352 32423,840 20,157 4,413 27,929 2,306 716 1,226 51615,717 1,115 Feb. 13... 41123,253 20,904 2,349 27023,93320,157 4,424 27,967 2,301 864 1,173 51615,693 1,146 Feb. 20... 35223,017 20,692 2,326 41723,78720,233 4,434 27,955 2,318 940 1,235 51615,490 950 Feb. 27... 38022,972 20,652 2,320 325 23,67720,233 4,447 27,938 2,317 826 1,203 51715,555 1,039 Mar. 6... 44322,526 20,207 2,320 327 23,29720,232 4,451 27,957 2,284 612 1,153 53115,444 924 Mar. 13... 71022,393 20,074 2,320 319 23,42320,232 4,456 27,946 2,260 501 1,210 53015,663 1,112 Mar. 20.. ., 48322,592 20,335 2,258 408 23,48320,233 4,467 27,889 2,267 774 1,230 540 15,484 929 Mar. 27... 22,974 20,634 2,340 305 23,96320,257 4,478 27,842 2,298 1,397 1,226 540 15,395 995 Apr. 3 68621,969 19,603 2,366 280 22,93620,255 4,485 27,912 2,271 533 1,013 550 15,396PI.013 Apr. 10 35322,232 19,866 2,366 261 22,84620,253 4,492 27,955 2,259 260 1,161 55015,406 P820 Apr. 17..., 32622,103 19,736 2,366 429 22,85720,251 4,514 27,948 2,259 334 1,138 54815,395 P816 Apr. 24.... 22,304 19,874 2,430 274 22,90120,247 4,536 27,877 2,260 385 1,159 54715,457 P Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 1 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. MAY 1946 495 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect April 30. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by tions other than member Federal Reserve Bank G d s o e is c v c u e o r r u e n d n m ts e b n y o t f o e b a li n l g i d g ib a l t a e i d o v n p s a a n p a c n e e r d s Other s S e e c c u . r e 1 d 0 ( a b d )] vances b o a b n l k i ( g s l a a s t s i t e o c p n u s a r r e . o d f S e t b c h . y e 1 U 3 d ) . i re S c . t (Sees. 13 and 13a)1 Rate Effective Rate Effective Rate Effective Boston 1 Sept. 1,1939 Oct. 27,1942 Mar. 29,1946 New York 1 Aug. 25,1939 Oct. 30,1942 Apr. 6,1946 Philadelphia 1 Mar. 21,1942 Oct. 17,1942 Mar. 23,1946 Cleveland n Apr. 11,1942 Sept. 12,1942 Mar. 9,1946 Richmond 2i Mar. 14,1942 Oct. 28,1942 Mar. 16,1946 Atlanta 21 Mar. 21,1942 Oct. 15,1942 Mar. 16,1946 Chicago 1 Feb. 28,1942 Aug. 29,1942 Mar. 16,1946 St. Louis 1 Mar. 14,1942 Mar. 14,1942 Mar. 16,1946 Minneapolis 1 Mar. 28,1942 Oct. 20,1942 Mar. 23,1946 D K a a l n l s a a s s City n 1 A M p a r r . . 1 2 1 1 , ,1 1 9 9 4 4 2 2 O O c c t t . . 2 1 7 7 , , 1 1 9 9 4 4 2 2 A M p a r r . . 1 1 3 6 , , 1 1 9 9 4 4 6 6 San Francisco l Apr. 4,1942 Oct. 28,1942 Apr. 25,1946 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 2 One half per cent on advances secured by Government obligations maturing or callable in one year or less. Similar rate eliminated in April 1946 by the 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 [Per 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 April 30 ginning— rate [In effect April 30. 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 l 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 9 8 0 0 0 d d d a a a y y y s s s V H 2 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 1M Federal On p d u is rc c h o a u s n e t s s or 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 re d 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 R B es a e n r k ve lo O an n s2 co m m O e m n n t i s t- fo P in r o s r w t t i i h t o u i n c - h ma R in e i - ng co m m O e m n n t i s tof such bills, if desired by the seller, were made on condition that the tion is portion Reserve Bank, upon request before maturity, would sell back bills of obligated like amount and maturity at the same rate of discount. Since May 15, 2 M 19 i 4 n 3 im , a u i m l p b u u rc y h in a g se s r a h te a s v e o n b e p e r n im m e a b d a e n k s e u r b s j ' ec a t c c t e o p r ta e n p c u e rc s. hase option. N Bo ew st o Y n ork Back figures.—See Banking and Monetary Statistics, Table 117, Philadelphia. . . pp. 443-445. Cleveland Richmond Atlanta GUARANTEE FEES AND MAXIMUM INTEREST AND COM- Chicago. . . . MITMENT RATES CHARGEABLE UNDER REGULATION St. Louis . . 3 V ON LOANS GUARANTEED BY WAR DEPARTMENT, Minneapolis. . . CO 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 April 30] 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 in a 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 4 Rate charged borrower. (In terms of per- 6 May charge rate charged borrower by financing institution, if Percentage of loan guaranteed centage of amount lower. of interest payable 5 Charge of }4 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 INSTITUTION? Savings deposits Postal savings deposits IPer cent per annum] Other deposits payable: In 6 months or more 2H In 90 days to 6 months. . . . Maximum rate of interest.... ^ In less than 90 days 1 Maximum commitment rate 2. X 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. 496 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVE REQUIREMENTS MARGIN REQUIREMENTS3 [Per cent of deposits] [Per cent of market value] Net demand deposits1 Feb. 5, July 5, Effec- Time Prescribed in accordance with 1945- 1945- tive Period in effect C re e c s n i e t t r y r v a 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 a e p ( n m 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, banks 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, 1936-Feb. 28, 1937.. 19H 15 10V2 For short sales 50 75 100 M M a ay r. 1 1 , , 1 1 9 93 3 7 7 - - A A p p r r . . 3 1 0 5 , ,1 1 9 9 3 3 8 7 . . . . 2 2 2 6 M 2 1 0 7^ \lH 6 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% 17H 5 A O N Se u c o p t g v . t . . . 2 1 3 0 1 4 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 2 1 2 2 - - - a A O S n e u c d p t g . t . a . ft 1 1 e 9 3 2 r , , , 1 1 1 9 9 9 4 4 4 2 2 2 . . . . . . 2 2 2 2 6 4 2 0 2 2 2 2 0 0 0 0 1 1 1 1 1 2 4 4 4 4 6 6 6 6 t s t " e h p m n e e 1 a c d R i m r e f g d i e a e i g n d r o u k n l p r e a e t e a t q r i v o c u s a e n i e r l n s c u e t u e m a T r g i e t ( e y a n 1 n o 0 ts b d f 0 " y % i t U s s p ) h r m o l e a i w s m n a c r d n r i k t i e b i t n t h t i h n e v t e g h a m l i a a s u a m e m x t a o a i a m b u t x l n t u e i h t m m e a o u r t f e m l i o m c a th e r l n o e e o d a v f n i d t a i t l f v h u f t a e e h e r l a . e u e t n x e c , t m e e w n a s h y b i i o e c b t n h w e ; i e t s e e h x n e a - 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 Apr. 24 Apr. 17 Apr. 10 Apr. 3 Mar. 27 Mar. 20 Mar. 13 April March April Assets Gold certificates 17346,05517,346,06017,354,060 17,324,05517,289,060 17,289,06017,289,56517,346,060 17,299,05817,533,364 Redemption fund for F. R. notes 752,146 753,976 744,872 775,977 785,978 787,043 788,634 750,570 775,977 673,969 Total gold certificate reserves. . . . 18 098,201 18,100,03618,098,93218,100,03218,075,03818,076,10318,078,19918,096,63018,075,035 18,207,333 Other cash 338,808 323,061 316,191 327,956 340,530 337,068 338,010 333,581 '344,295 249,214 Discounts and advances: For member banks... 283,546 286,299 312,946 646,613 643,110 443,560 670,545 239,131 586,479 488,260 For nonmember banks, etc 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40\000 40,000 790 Total discounts and advances 323,546 326,299 352,946 686,613 683,110 483,560 710,545 279,131 626,479 489,050 Industrial loans 1,443 1,525 1,538 1,564 1,458 1,529 1,542 1,447 1,497 4,443 Acceptances purchased. . 8,729 6,963 4,919 1,989 2,016 13,196 2,016 U. S. Gov't securities: Direct: Bills: Under repurchase option 044,548 4,900,541 5,059,462 5,289,862 5,824,650 5,713,314 5,430,203 5,102,789 5,354,007 ,124,345 Other 503,245 8,508,243 8,419,971 7,926,456 7,906,416 7,917,386 7,906,909 8,558,485 7,926,456 ,886,143 Certificates: Specciieal Other. 6,326,196 6,327,696 6,386,696 6,386,696 6,903,014 6,703,914 6.736,414 6,504,896 6,954,014 333,211 Notes. . . 1,526,800 1,463,300 1,463,300 1,463,^00 1,437,300 1,354,800 1,372,700 1,662,700 1,463,300 987,850 Bonds. . . 902,942 902,942 902,942 902,942 902,942 902,942 946,892 902,942 902,942 123,292 Total U. S. Govt. securities 22,303,73122,102,72222,232,37121,969 256 22,974,32222,592,356 222,393,11822,731,81222,600,71920 454,841 Other Reserve Bank credit outstanding.... 264,041 419,563 254,118 276,285 302,352 405,848 317,483 331,812 399,320 358,304 Total Reserve Bank credit outstanding22,901,490 22,857,072 22,845,892 22,935,707 23,963,258 23,483,293 23,422,688 23,357,398 23,630,031 21,306,638 Liabilities Federal Reserve notes. . 23,927,959 23,995,130 24,010,627 24,004,949 23,966,31424,012,331 24,071,424 23,924,800 23,993,246 22,597,582 Deposits: Member bank — reserve account 15,456,965 15,395,10715,405,76715,396,33215,395,265 15,483,606 15,663,170 15,605,871 14,852,868 14,817,807 U. S. Treasurer—general account 384,630 333,717 260,307 533,014 1,397,003 773,934 501,470 678,668 1,592,925 445,945 Foreign 729,909 708,427 706,843 705,136 771,849 749,018 743,135 749,726 752,447 1,158,579 Other deposits 429,102 430,024 453,892 307,773 453,883 481,454 466,434 416,574 460,470 390,593 Total deposits 17,000,606 16,867,275 16,826,809 16,942,255 18,018,000 17,488,012 17,374,209 17,450,83917,658,710 16,812,924 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).. 44.2 44.2 43.1 43.6 43.7 43.4 46.2 r Revised. MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] April 24, 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 323,546 257,927 40,279 9,418 15,922 Industrial loans 1,443 1,271 8 22 112 13 Acceptances purchased 8,729 1,415 3,391 2,886 1,037 U. S. Government securities 22,303,731 3,457,879 2 080,945 ,956,415 5,064,806 2,870,490 2,822,506 460,500 590,190 MAY 1946 497 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: Mar. 27 17,289,060 737,335 4,901,954 817,9271,135,647 981,513 ,033,281 ,173,260 554,378 320,240 565,215 451,799 ,616,511 Apr. 3 17,324,055 744,752 5,189,230 808,3551,056,563 906,619 ,025,708 ,149,776 560,380 320,852 565,055 461,466 ,535,299 Apr. 10 7,354,060 724,121 5,001,897 787,0961,073.331 879,210 994,770 ,563,478 545,732 315,298 566.597 440,722 ,461,808 Apr. 17 17,346,060 708,176 4,968,683 797,3031,066,875 858,079 969,157 ,657,587 552,693 313,903 556,409 444,069 ,453,126 Apr. 24 7,346,055 726,740 5,064,744 779,0791,061,550 853,803 948,286 ,638,605 534,267 316,418 550,012 433,763 ,438,788 Redemption fund for F. R. notes: Mar. 27 785,978 58,506 121,368 60,670 77,178 61,734 44,348 127,420 42,726 20,053 35,022 25,944 111,009 Apr. 3 775,977 58,506 121,368 60,670 77.177 61,734 44,348 117,420 42,726 20,053 35,022 25,944 111,009 Apr. 10 744,872 58,402 121,000 60,505 77,041 61,734 44,234 87,420 42,690 20,040 34,988 25,944 110,874 Apr. 17 753,976 58,402 120,998 60,504 77,041 61,032 44,233 97,284 42,690 20,040 34,988 25,918 110,846 Apr. 24 752,146 58,306 120,676 60,370 76,932 60,443 43,990 97,160 42,656 20,026 34,964 25,894 110,729 Total gold certificate reserves: Mar. 27 18,075,038 795,841 5,023,322 878,5971,212,825 ,043,247 ,077,629 ,300,680 597,104 340,293 600,237 477,743 ,727,520 Apr. 3 8,100,032 803,258 5,310,598 869,0251,133,740 968,353 ,070,056 ,267,196 603,106 340,905 600,077 487,410 ,646,308 Apr. 10 8,098,932 782,523 5,122,897 847,6011,150,372 940,944 ,039,004 ,650,898 588,422 335,338 601,585 466,666 ,572,682 Apr. 17 18,100,036 766,578 5,089,681 857,8071,143,916 919,111 ,013,390 ,754,871 595,383 333,943 591,397 469,987 ,563,972 Apr. 24 8,098,201 785,046 5,185,420 839,4491,138,482 914,246 992,276 ,735,765 576,923 336,444 584,976 459,657 ,549,517 Other cash: Mar. 27 340,530 35,215 67,750 20,138 28,378 26,334 28,965 39,664 13,209 5,155 18,580 13,443 43,699 Apr. 3 327,956 33,493 67,102 20,486 30,996 23,445 24,408 37,824 11,916 4,019 18,332 13,196 42,739 Apr. 10 316,191 32,360 65,184 19,150 27,579 23,298 24,626 35,348 11,276 4,626 17,610 12,996 42,138 Apr. 17 323,061 31,409 75,058 17,715 31,954 21,322 22,711 34,182 11,865 4,056 18,286 11,841 42,662 Apr. 24 338,808 31,408 79,906 19,254 28,825 25,573 25,626 36,837 14,173 4,705 19,893 10,842 41,766 vances: Secured by U. S. Govt. securities: Mar. 27.. 643,110 19,140 349,395 13,150 36,385 5,800 7,150 134,140 36,600 9,800 28,450 100 3,000 Apr. 3. . 646,613 10,970 237,813 9,940 33,050 11,400 7,950 239,440 44,750 4,600 40,650 50 6,000 Apr. 10.. 312,946 10,610 164,093 7,754 27,000 9,749 1,650 43,940 16,850 600 25,650 50 5,000 Apr. 17.. 286,299 12,910 114,801 24,154 34,200 13,774 5,200 27,240 17,200 6,600 30,150 50 20 Apr. 24. . 283,546 21,447 104,906 17,749 36,900 10,039 18,805 19,390 21,660 7,600 21,900 50 3,100 Other: Mar. 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 Apr. 3. . 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 Apr. 10.. 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 Apr. 17.. 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 Apr. 24.. 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: Mar. 27 1,458 96 1 324 38 Apr. 3 1,564 96 1,430 38 Apr 10 1*538 96 1*404 38 Apr. 17 1,525 96 1,391 38 Apr. 24 1,443 92 1,315 36 Acceptances purchased: Mar 27 2,016 2,016 Apr. 3 1,989 1,989 Apr. 10! '.'..'. '. 4*919 4,919 Apr 17 6 963 6,963 Apr 24 8,729 8 729 U. S. Govt' securities: Bills: Under repurchase option: Mar. 27. . 5,824,650 117,763 3,174,080 203,325 103,820 75,942 28,7251,457,263 121,597 48,067 65,077 44,459 384,532 Apr. 3. . 5,289,862 75,911 2,977,353 210,695 98,515 79,392 30,3751,228,605 102,146 45,850 53,249 43,879 343,892 Apr. 10.. 5,059,462 84,319 3,150,775 218,675 108,754 70,868 17,675 844,502 101,181 46,100 50,657 40,859 325,097 Apr. 17.. 4,900,541 94,469 3,129,349 205,625 113,420 64,748 21,675 777,875 102,607 29,625 33,007 21,684 306,457 Apr. 24.. 5,044,548 87,656 3,253,729 191,785 100,485 64,408 12,725 826,544 91,199 38,604 40,477 25,719 311,217 Other bills: Mar. 27. . 7,906,416 717,255 81,241 717,1851,128,131 768,602 651,048 858,771 479,158 319,092 568,603 454,4291,162,901 Apr. 3. . 7,926,456 742,262 32,116 719,9311,152,206 776,727 669,905 698,509 489,162 320,682 599,630 475,1061,250,220 Apr. 10.. 8,419,971 740,241 150,458 710,5521,131,430 808,119 695,869 984,757 514,946 328,753 579,812 477,262 ,297,742 Apr. 17.. 8,508,243 741,253 171,625 712,7281,119,317 813,734 700,5131,023,970 510,783 339,262 593,347 475,1031,306,608 Apr. 24. . 8,503,245 732,302 170,427 747,5421,116,126 813,416 700,250 995,758 520,146 321,8211,594,244 485,1071,306,106 Certificates: Mar. 27 6,903,014 469,950 1,745,630 521,071 652,953 431,608 356,960 887,309 340,424 186,823 335,955 302,859 671,472 Apr. 3.... 6,386,696 422,981 1,607,254 482,528 615,210 400,634 319,687 823,340 320,816 182,258 304,190 270,360 637,438 Apr. 10 6,386,696 422,981 1,607,254 482,528 615,210 400,634 319,687 823,340 320,816 182,258 304,190 270,360 637,438 Apr. 17 6,327,696 418,846 1,592,917 478,035 609,388 396,897 316,624 815,776 317,945 180,591 301,332 267,823 631,522 Apr. 24 6,326,196 418,987 1,592,003 477,959 609,388 396,841 316,664 815,539 317,772 180,531 301,309 267,801 631,402 Notes: Mar. 27 1,437,300 97,850 363,463 108,495 135,953 89,867 74,324 184,749 70,882 38,899 69,950 63,059 139,809 Apr. 3 1,463,300 96,913 368,250 110,555 140,955 91,791 73,246 188.641 73,5.5 41,758 69,694 61,944 146,048 Apr. 10 1,463,300 96,913 368,250 110,555 140,955 91,791 73,246 188,641 73,505 41,758 69,694 61,944 146.048 Apr. 17.... 1,463,300 96,859 368,367 110,548 140,923 91,782 73,221 188,651 73.525 41,762 69,684 61,936 146,042 Apr. 24 1,526,800 101,120 384,224 115,353 147,074 95,776 76,426 196,827 76,693 43,570 72,720 64,632 152,385 Bonds: Mar. 27.... 902,942 61.471 228,335 68.159 85,408 56,457 46,692 116,063 44,530 24,437 43,944 39,615 87,831 Apr. 3.... 902,942 59,801 227,232 68,219 86,978 56,641 45,197 116,403 45,356 25,767 43,005 38,223 90,120 Apr. 10.... 902,942 59,801 227,232 68,219 86,978 56,641 45,197 116,403 45,356 25,767 43,005 38,223 90,120 Apr. 17.... 902,942 59,768 227,304 68,215 86,958 56,635 45,181 116,409 45,369 25,770 42,999 38,218 90,116 Apr. 24.... 902,942 59,802 227,228 68,219 86,979 56,641 45,198 116,403 45,356 25,767 43,006 38,223 90,120 Total U. S. Govt. securities: Mar. 27 22,974,322 1,464,289 5,592,7491,618,2352,106,2651,422,4761,157,7493,504,1551,056,591 617,3181,083,529 904,4212,446,545 Apr. 3 21,969,256 1,397,868 5,212,2051,591,9282,093,8641,405,1851,138,4103,055,4981,030,985 616,3151,069,768 889,5122,467,718 Apr. 10 22,232,371 1,404,255 5,503,9691,590,5292,083,3271,428,0531,151,6742,957,6431,055,804 624,636 1,047,388 888,6482,496,445 Apr. 17 22,102,722 1,411,195 5,489,5621,575,1512,070,0061,423,7961,157,2142,922,6811,050,229 617,0101,040,369 864,7642,480,745 Apr. 24 22,303,73 1,399,867 5,627,6111,600,8582,060,0521,427,0821,151,2632,951,0711,051,166 610,2931,051,756 881,48 2,491,230 498 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F S ra an ncisco Total loans and securities: Mar. 27 3,660,906 ,486,085 5,957,480 ,636,029 ,146,370 ,430,194 ,166,419 ,643,655 ,094,551 628,118 ,113,299 905,8012,452,905 Apr. 3 2,659,422 ,411,494 5,465,327 ,606,618 ,130,634 ,418,503 ,147,880 ,300,298 ,077,095 621,915 ,111,738 890,8422,477,078 Apr. 10 2 591 774 ,417,521 5,686,301 ,603,007 ,114,047 ,439,720 ,154,844 ,006,943 ,074,014 626,236 ,074,358 889,9782,504 805 Apr. 17 2,437,509 ,426,761 5,624,646 ,604,016 ,107,926 ,439,488 ,163,934 ,955,2811,068,789 624,610 ,071,839 bo6,0942,484*. 125 Apr. 24 2,637,449 ,423,966 5,754,566 ,623,242 ,100,672 ,439,037 ,171,588 ,975,821 ,074,186 618,893 ,074,976 882,8122,497,690 Due from foreign banks: Mar. 27 110 7 137 9 10 5 4 15 4 3 4 3 9 Apr. 3 110 7 137 9 10 c 4 15 4 3 4 3 9 Apr. 10 110 7 137 9 10 c 4 15 4 3 4 3 9 Apr. 17 110 7 137 9 10 tj 4 15 4 3 4 3 9 Apr. 24 110 7 137 9 10 c 4 15 4 3 4 3 9 Federal Reserve notes of other Banks: Mar. 27... 146,124 2,816 18,540 3,963 6,067 40,888 11,111 14,034 8,777 5,704 6,386 4,354 23,484 Apr. 3... 133,604 2,715 16,472 4,968 5,431 38,819 12,042 13,672 6,228 5,673 5,232 4,527 17,825 Apr. 10... 126,709 2,701 15,339 4,456 5,866 38,873 9,125 11,818 7,670 5,244 5,371 4,049 16,197 Apr. 17... 129,903 3,260 16,465 5,143 5,802 39,375 11.798 11,873 6,686 5,417 5,431 3,881 14,772 Apr. 24... 137,072 3,963 16,311 6,300 6,892 38,486 11,477 15,360 8,107 5,037 5,611 3,414 16,114 Uncollected items: Mar. 27 ... 2,121,117 149,024 413,728 131,196 200,332 192,828 151,779 342,745 92,163 47,828 98,787 85,980 214,727 Apr. 3 1,971,096 148,253 419,374 126,648 179,715 140,798 137,480 292,925 86,859 45,869 98,738 77,703 216,734 Apr. 10 1,845,682 141,756 385.728 112,096 165,417 147,234 135,857 288,077 86,634 46,191 90,233 74,669 171,790 Apr. 17 2,354,154 177,023 530,788 145,057 225,325 209,348 163,731 353,098 102,814 51,623 104,139 90,375 200,833 Apr. 24 2,073,971 152,234 412,948 132,226 195,764 165,972 147,345 321,284 88,642 50,450 111,755 101,330 194,021 Bank premises: Mar. 27 33,184 1,338 8,638 3,278 3,961 2,748 1,558 3,099 2,046 1,272 2,579 823 1,844 Apr. 3 33,159 1,338 8,618 3,278 3,961 2,748 1,558 3,099 2,045 1,277 2,573 820 1,844 Apr. 10 33,160 1,338 8,619 3,278 3,961 2,748 1,558 3,099 2,045 1,277 2,573 820 1,844 Apr. 17 33,160 1,338 8,619 3,278 3,961 2,748 1,558 3,099 2,045 1,277 2,573 820 1,844 Apr. 24 . , 33,123 1,338 8,619 3,265 3,951 2,741 1,557 3,099 2,045 1,277 2,573 820 1,838 Other assets: Mar. 27 51,697 3,629 12,070 3,350 5,576 3,067 2,777 7,172 2,891 1,365 2,287 2,147 5,366 Apr. 3 43,692 2,960 10,016 2,782 4,742 2,653 2,200 6,306 2,654 1,252 1,867 1,726 4,534 Apr. 10 45,287 3,083 10,684 2,903 4,769 2,775 2,407 6,217 2,657 1,345 1,939 1,826 4,682 Apr. 17 49,676 3,555 11,261 3,238 5,170 2,865 2,778 5,877 2,913 1,348 3,517 2,266 4,888 Apr. 24 53,019 3,334 11,181 3,392 5,636 3,234 2,936 6,136 3,095 1,469 4,744 2,436 5,426 Total assets: Mar. 27 44,428,706 2,473,95511,501,5652,676,5603,603,5192,739,3112,440,2427,351,0641,810,7451,029,7381,842,1591,490,2945,469,554 Apr. 3 43,269,071 2,403,51811,297,5442,633,8143,489,2292,595,3242,395,6286,921,3351,789,9071,020,9131,838,5611,476,2275,407,071 Apr. 10 43,057,845 2,381,28911,294,7892,592,5003,472,0212,595,5972,367,4257,002,4151,772,7221,020,2601,793,6731,451,0075,314,147 Apr. 17 43,427,609 2,409,93111,356,5552,636,2633,524,0642,634,2622,379,9047,118,2961,790,4991,022,2771,797,1861,445,2675,313,105 Apr. 24 43,371,753 2,401,29611,468,9882,627,1373,480,2322,589,2942,352,8097,094,3171,767,1751,018,2781,804,5321,461,3145,306,381 Liabilities Federal Reserve notes: Mar. 27 23,966,31 1,448,154 5,301,7791,603,0082,033,5901,670,4311,434,5214,358,699 1,041,718 548,924 891,631 590,2233,043,636 Apr. 3 24,004,94 1,451,058 5,332,1981,604,3622,032,7801,670,8691,435,2714,361,985 1,044,709 549,775 892,275 591,4503,038,217 Apr. 10 24,010,62 1,454,465 5,328,0761,605,7942,035,2811,669,8391,433,2664,373,722 1,044,842 551,088 891,50^ 590,3603,032,391 Apr. 17 23,995,13 1,456,564 5,335,4151,606,0282,034,0031,665,7061,432,0054,368,322 1,044,027 550,448 888,718 590,1333,023,761 Apr. 24 23,927,95 1,454,91 5,326,2701,603,2882,027,4381,659,0381,427,2884,360,5251,041,377 550,214 885,476 587,8923,004,236 Deposits: Member bank —reserve account: Mar. 27. 15,395,26 681,55 4,819,006 780,8291,114,685 675,45 737,3022,211,103 583,247 374,661 751,715 726,6271,939,085 Apr. 3. 15,396,33 678,37 4,813,860 779,60 1,130,152 702,12 744,9342,092,220 588,392 379,813 784,490 746,1211,956,252 Apr. 10. 15,405,76 682,70 4,750,469 764,7051,146,065 707,17 750,20 2,191,706 588,412 385,021 766,111 739,9451,933,250 Apr. 17. 15,395,10 679,45 4,761,789 765,086 1,141,499 718,530 736,0902,229,880 582,039 378,253 754,148 720,7061,927,637 Apr. 24. 15,456,96 684,60 4,853,983 775,6861,118,130 687,376 717,1262,244,60 580,392 377,721 760,203 719,1311,938,015 U. S. Treasurer- General account t Mar. 27. 1,397,00 100,65 206,840 67,050 160,922 145,23 65,014 332,464 44,773 27,615 57,453 51,852 137,134 Apr. 3. 533,01 43,39 147,91 34,20 45,450 30,77 38,87 47,150 17,89 18,836 24,735 25,621 58,180 Apr. 10. 260,30 21,35 89,91 16,379 16,913 21,37 8,93 28,79 6,810 10,932 4,902 7,345 26,657 Apr. 17. 333,71 24,73 68,60 27,94 30,503 26,30 12,47 59,965 18,80 14,249 12,005 10,496 27,627 Apr. 24. 384,63 27,80 124,76 20,10 34,64 26,29 20,65 54,33 10,805 11,224 11,412 11,790 30,801 Foreign: Mar. 27. 771,84 47,29 2 281,71 60,95 68,29 34,51 27,90 98,406 24,969 18,359 24,234 23,500 61,703 Apr. 3. 705,13 42,48 2 266,50 54,52 61,09 30,87 24,96 88,02 22,335 16,423 21,678 21,021 55,204 Apr. 10. 706,84 42,99 2 263,14 55,15 61,796 31,23 25,25 89,040 22,592 16,612 21,928 21,263 55,839 Apr. 17. 708,42 43,11 2 261,71 55,55 62,243 31,45 25,43 89,683 22,755 16,732 22,086 21,416 56,242 Apr. 24. 729,90 44,29 2 271,01 57,06 63,940 32,31 26,126 92,128 23,376 17,188 22,688 22,001 57,775 Other* Mar. 27. 453,88 3,77 369,21 3,279 7,94 5,53 1,83 3,42 9,119 3,890 1,487 943 43,418 Apr. 3. 307,77 3,21 213,85 4,55 8,753 7,17 1,760 3,668 8,784 4,092 2,545 2,214 47,149 Apr. 10. 453,89 4,84 357,74 2,820 11,283 4,26 1,73 3,66 9,223 3,663 2,722 874 51,055 Apr. 17. 430,02 2,97 341,56 3,283 9,549 3,11 1,889 3,419 10,255 3,490 2,221 1,795 46,474 Apr. 24. 429,10 2,27 342,394 3,828 11,403 3,71 3,439 3,420 9,489 3,472 278 1,591 43,795 Total deposits: Mar. 27 18,018,00 833,28 5,676,774 912,11 1,351,85 860,733 832,06 2,645,40 662,108 424,525 834,889 802,9222,181,340 Apr. 3 16,942,25 767,47 5,442,14 872,883 1,245,448 770,943 810,5282,231,065 637,402 419,164 833,448 794,9772,116,785 Apr. 10 16,826,80 751,90 5,461,264 839,055 1.236,057 764,05 786,1182,313,200 627,03 416,228 795,663 769,4272,066,801 Apr. 17 16,867,27 750,268 5,433,683 851,8651,243,794 779,405 775,8862,382,947 633,850 412,724 790,460 754,4132,057,980 Apr. 24 17,000,606 758,974 5,592,151 856,6821,228,115 749,70 767,3492,394,48 624,062 409,605 794,581 754,5132,070,386 bility items: Mar. 27 1,818,875 152,008 323,640 110,247 159,880 177,571 148,044 263,062 84,530 39,774 93,424 75,726 190,969 Apr. 3 1,694,921 144,477 323,282 105,284 152,652 122,872 124,169 244,343 85,326 35,316 90,504 68,376 198,320 Apr. 10 1,591,674 134,202 305,310 96,199 142,158 130,910 122,274 231,261 78,276 36,36 84,101 69,606 161,016 Apr. 17 1,934,701 162,412 386,532 126,866 187,618 158,297 146,185 282,716 90,064 42,314 95,587 78,868 177,242 Apr. 24 1,810,040 146,569 348,708 115,489 165,880 149,534 132,212 254,687 79,066 41,666 101,920 96,945 177,364 1 After deducting $73,000 participations of other Federal Reserve Banks on Mar. 27; Apr. 3; Apr. 10; Apr. 17; and Apr. 24. 2 After deducting $489,829,000 participations of other Federal Reserve Banks on Mar. 27; $438,164,000 on Apr. 3; $443,204,000 on Apr. 10; $4466,440055,000000^ 011 AA pr. 1177 ; andd $$445588,557788,000000 on AA pr. 2244. MAY 1946 499 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 a i n ty sas Dallas F c S i r s a a c n n o - Other liabilities including accrued div.: Mar. 27 11,908 730 3,415 696 1,212 579 512 1,984 454 369 441 465 1,051 Apr. 3.... 11,846 684 3,541 675 1,150 571 483 1,925 417 475 467 372 1,086 Apr. 10.... 11,760 724 3,366 732 1,174 603 507 1,929 432 356 455 388 1,094 Apr. 17.... 12,122 680 3,754 671 1,139 559 492 1,912 426 532 440 436 1,081 Apr. 24 12,971 676 4,306 734 1,178 597 543 1,946 434 487 456 482 1,132 Total liabilities: Mar. 27 43,815,0972,434,177 11,305,6082,626,0623,546,5332,709,3142,415,1387,269,146 1,788,8101,013,5921,820,3851,469,3365,416,996 Apr. 3.... 42,653,9712,363,69011,101,1622,583,2043,432,0302,565,2552,370,4516,839,318 1,767,8541,004,7301,816,6941,455,175 5,354,408 Apr. 10 42,440,8702,341,299 11,098,0162,541,7803,414,6702,565,4032,342,1656,920,112 1,750,5871,004,0331,771,7221,429,781 5,261,302 Apr. 17 42,809,2282,369,924 11,159,3842,585,4303,466,5542,603.9672,354,5687,035,897 1,768,3671,006,0181,775,2051,423,8505,260,064 Apr. 24... 42,751,5762,361,136 11,271,4352,576,1933,422,6112,558,8762,327,392 7,011,639 1,744,9391,001,9721,782,4331,439,832 5,253,118 Capital Acc'ts: Capital paid in: Mar. 27. . . . 181,078 10,802 64,280 13,458 18,126 7,576 6,734 21,519 5,782 3,953 5,937 6,306 16,605 Apr. 3.... 181,227 10,803 64,286 13,460 18,180 7,577 6,737 21,523 5,785 3,952 5,947 6,323 16,654 Apr. 10 181,398 10,813 64,303 13,460 18,178 7,582 6,743 21,541 5,785 3,952 5,950 6,434 16,657 Apr. 17.... 181,607 10,814 64,323 13,464 18,183 7,586 6,744 21,544 5,787 3,953 5,966 6,562 16,681 Apr. 24 181,650 10,814 64,329 13,467 18,134 7,590 6,744 21,565 5,788 3,953 5,968 6,566 16,732 Surplus (section 7): Mar. 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 Apr. 3.... 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 Apr. 10.... 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 Apr. 17.... 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 Apr. 24.... 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): Mar. 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 Apr. 3.... 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Apr. 10 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Apr. 17 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Apr. 24.... 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 : 46,748 3,525 7,612 3,593 4,108 3,502 3,158 5,941 2,687 2,251 2,809 2,675 4,887 AMparr.. 237.... 48,090 3,574 8,031 3,703 4,267 3,573 3,228 6,036 2,802 2,289 2,892 2,752 4,943 Apr. 10.... 49,794 3,726 8,405 3,813 4,421 3,693 3,305 6,304 2,884 2,333 2,973 2,815 5,122 Apr. 17 50,991 3,742 8,783 3,922 4,575 3,790 3,380 6,397 2,879 2,364 2,987 2,878 5,294 Apr. 24.... 52,744 3,895 9,159 4,030 4,735 3,909 3,461 6,655 2,982 2,411 3,103 2,939 5,465 Total liabilities and capital accounts: Mar. 27. ... 44,428,7062,473,955 11,501,5652,676,5603,603,5192,739,3112,440,242 7,351,064 ,810,7451,029,7381,842,1591,490,2945,469,554 Apr. 3.... 43,269,0712,403,518 11,297,5442,633,8143,489,2292,595,3242,395,6286,921,335 1,789,9071,020,9131,838,5611,476,227 5,407,07* Apr. 10 43,057,8452,381,289 11,294,7892,592,5003,472,0212,595,5972,367,425 7,002,415 1,772,7221,020,2601,793,6731,451,0075,314,147 Apr. 17. ... 43,427,6092,409,931 11,356,5552,636,2633,524,0642,634,2622,379,9047,118,296 1,790,4991,022,2771,797,1861,445,267 5,313,105 Apr. 24.... 43,371,7532,401,296 11,468,9882,627,1373,480,232 2,589,2942,352,8097,094,317 1,767,1751,018,2781,804,5321,461,3145,306,381 Commitments to make industrial loans: Mar. 27. ... 2,120 100 1 168 401 200 3 178 70 Apr. 3.... 1,471 619 401 200 3 178 70 Apr. 10 1,485 633 401 200 3 178 70 Apr. 17. ... 1,480 631 401 200 3 178 67 Apr. 24.... 1,550 701 401 200 3 178 67 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o ew rk - d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Federal Reserve notes outstanding (issued to Bank): Mar. 27 25,157,315 ,500,529 5,508,1401,692,8372,128,1861,771,0641,533,434 4,489,7671,114,715564,261 933,667 642,401 3,278,314 Apr. 3 25,151,455 ,499,590 5531,0691,692,194 2,125,1651,771,0661,533,576 4,484,6111,116,172564,917 932,008 640,149 3,260,938 Apr. 10 25,027,122 ,498,008 5,,5!21,8731,677,778 ,117,9661,757,9421,510,755 4,475,8661,108,239564,488 928,508 631,915 3,233,784 Apr. 17 24,896,633 ,498,082 5!,517,3231,664,0532,110,2841,743,8201,499,768 4,474,8261,089,031563,392 922,200 622,8063,191,048 Apr. 24 24,737,540 ,486,056 5,502,6861,657,4652,101,1831,732,4061,482,459 4,451,570 1,082,291560,779 916,566619,512 3,144,567 Collateral held against notes outstanding: Gold certificates: Mar. 27 11,184,000 460,000 3,420,000 500,000 635,000 600,000 690,000 2,010,000 300,000170,000 280,000169,0001,950,000 Apr. 3 11,274,000 460,000 3,420,000 500,000 635,000 600,000 669900,,000000 22,200,000 300,000170,000 280,000169,0001,850,000 Apr. 10 11,814,000 410,000 3,420,000 500,000 635,000 600,000 690,000 22,790,000 300,000170,000 280,000169,0001,850,000 Apr. 17 11,589,000 410,000 3,420,000 500,000 635,000 600,000 665,000 21,,559900,0,00000 300,000170,000 280,000169,0001,850,000 Apr. 24 11,514,000 410,000 3,420,000 500,000 635,000 600,000 665,000 2,565,000 300,000170,000 280,000169,0001,800,000 Eligible paper: Mar. 27 465,335 19,140 349,395 13,150 5,800 36,600 9,800 28,450 3,000 Apr. 3 366,123 10,970 237,813 9,940 11,400 44,750 4,600 40,650 6,000 Apr. 10 240,306 10,610 164,093 7,754 9,749 16,850 600 25,650 5,000 Apr. 17 219,609 12,910 114,801 24,154 13,774 17,200 6,600 30,150 20 Apr. 24 208,401 21,447 104,906 17,749 10,039 21,660 7,600 21,900 3,100 U. S. Govt. securities: Mar. 27 14,671,597 1,100,000 2,100,000 1,200,000 1,550,000 ,225,000 850,000 2,500,000 946,597 400,000 700,000500,0001,600,000 Apr. 3 14,452,146 1,100,000 2,100,0001,200,000 1,550,000 1,225,000 850,000 2,300,000 927,146 400,000 700,000500,0001,600,000 Apr. 10 13,851,181 1,100,000 2,100,0001,200,0001,550,0001,225,000 850,000 1,700,000 926,181400,000 700,000 500,0001,600,000 Apr. 17 14,002,607 1,100,000 2,100,0001,200,0001,550,0001,175,000 850,000 1,900,000 927,607400,000 700,000500,0001,600,000 Apr. 24 13,991,199 1,100,000 2,100,0001,200,0001,550,0001,175,000 850,000 1,900,000 916,199 400,000 700,000500,0001,600,000 Total collateral: Mar. 27 26,320,932 1,579,140 5,869,3951,713,150 2185,000 1,830,8001,540,000 4,510,000 ,283,197579,8001,008,450 669,000 3,553,000 Apr. 3 26,092,269 1,570,970 5 1,709,940 2,185,000 ,836,4001,540,000 4,500,0001,271,896574,6001,020,650 669,000 3,456,000 Apr. 10 25,905,487 1,520,610 5,684,0931,707,754 2,185,0001,834,7491,540,000 4,490,0001,243,031570,6001,005,650 669,000 3,455,000 Apr. 17 25,811,216 1,522,910 5,634,8011,724,1542,185,000 1,788,7741,515,000 4,490,0001,244,807576,6001,010,150 669,000 3,450,020 Apr. 24 25,713,6001,531,447 1,717,749 2,185,0001,785,0391,515,000 4,465,0001,237,859577,6001,001,900 669,000 3,403,100 500 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 Date Gu [A a a r m u a t t o n o h t u o e d n r e a t i d s t z e e i l d n o a t n h s ousands o G u o u f t a s lo r d ta a a o n n n ll d t s a e i r e n s d g ] a u A b v n a o d a d m r d i e l r i r a o o t b i w u g o l n u e e n t a r a s t r l o - week M en o d n i t n h g , o F r riday b m a b A e n e m l k r l s - 1 Y N c o e i r w t k y ban c C k h a s i g - o b s c R a e i n r e t v y k - e s b C a t o n r u y k n s - 1 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 r ti a d o n n - a o n u te t m s e t e a n a n t g d s r i e n e g - To 1 t 9 al 4 5 r — es M F e e r a v b r es held: 1 1 4 4, , 4 0 2 4 9 0 3 3 , , 7 91 9 1 3 8 88 8 7 4 5 5 , ,7 5 3 9 9 0 3 3 , , 7 89 7 2 4 1942 1946—Feb 15,685 4,037 901 6,235 4,511 June 30 565 310,680 81,108 69,674 137,888 Mar 15,536 3,970 858 6,169 4,539 S D e e p c. t . 3 3 0 1 2 1 , ,6 6 5 6 8 5 2.6 9 8 4 8 4 , . 3 2 9 0 7 4 8 4 0 2 3 7 , , 7 9 2 1 0 8 3 6 5 3 6 2 , , 6 4 7 7 7 4 1.4 2 3 3 0 0 , , 1 72 2 0 1 F M e a b r . . 22 1 1 1 5 5 , , 6 6 6 1 7 7 4 4 , , 0 0 4 1 0 8 9 89 0 1 4 6 6 , , 2 1 2 9 8 8 4 4 . , 4 5 9 1 4 0 1943 Mar. 8 15,619 4,014 895 6,170 4,541 J M u a n r e . 3 3 1 0 3 4 , ,2 5 1 3 7 4 3 4 . . 7 7 2 18 5 . . 8 2 1 4 8 1 1 1 , , 2 4 4 2 5 8 , , 7 25 1 3 1 1.1 9 5 9 3 9 , , 7 39 5 4 6 2 1 , , 2 8 1 6 6 5 , , 0 6 5 1 3 8 M Ma a r r . . 2 1 2 5 1 1 5 5 , , 6 6 6 5 5 8 3 4 , , 9 0 9 0 1 3 8 8 9 7 0 9 6 6 , , 2 2 2 0 5 4 4 4 , , 5 57 5 2 9 Sept. 30 4,787 5,452,498 1,708.022 1,413,159 2.494,855 Mar. 29 15,378 3.933 852 6,096 4.497 Dec. 31 5,347 6,563,048 1,914,040 1,601,518 3,146,286 Apr. 5 15,320 3,933 779 6,088 4,520 Apr. 12 15,484 3,948 856 6,129 4,551 1944 Excess reserves: Mar. 31 5,904 7,466,762 2,009,511 1,680,046 3,615,963 1945—Feb 952 17 252 676 June 30 6,433 8,046,672 2,064,318 1,735,777 3,810,797 Mar 1,010 18 272 719 Sept. 30 6,882 8,685,753 1,960,785 1,663,489 4,301,322 1946—Feb 4 1,131 15 8 269 839 Dec. 30 7,434 9,310,582 1,735,970 1,482,038 4,453,586 Mar 1,031 1 -6 225 812 1945 Feb. 22 1,110 27 265 806 Mar. 31 7,886 9,645,378 1,599,120 1,365,959 3,963,961 Mar. 1 1,109 16 258 828 June 30 8,422 10,149,315 1,386,851 1,190,944 3,694,618 Mar. 8 1,100 13 247 832 Sept. 30 8,695 10,313,868 1,073,892 916,851 3,043,674 Mar. 15 1,107 12 248 839 Dec. 31 8,757 10,339,400 510,270 435,345 966,595 M M a a r r . . 2 2 9 2 1, 9 0 7 4 1 9 1 1 5 1 1 6 0 2 18 0 5 8 8 76 2 1 4 1946 Apr. 5 Pl,013 17 227 P761 Jan. 31 8,761 10,340,275 427,278 363,048 764,093 Apr. 12 Pl.028 11 235 P777 Feb. 28 8,766 10,341,890 357,161 302,597 477,429 Borrowings at Federal Mar. 30 8,768 10,342,690 271,793 230,110 363,010 Reserve Banks: 1945—Feb 232 101 49 Mar 244 109 86 48 NOTE.—The difference between guaranteed loans authorized 1946—Feb 324 134 134 54 Mar 526 297 133 54 Feb. 22 381 136 141 102 Mar. 1 399 156 128 114 Mar. 8 492 256 130 106 Mar. 15 635 438 104 93 Mar. 22 460 222 26 129 83 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Mar. 29 683 323 102 161 97 [Amounts in thousands of dollars] Apr. 5 686 214 207 168 97 Apr. 12 455 187 48 129 91 W o D o r f e a d l t a p e n s e e t r ( s i l d d o a a a d 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 o e t o t m p v e u n - e d - n o d 1 t t ) s ( t a L a m o n o u o d a t u i n - n n s g t) 2 ( C s a t m o m a o m n e o u n d m u t- t i n s n i t t g ) - ( s P a p t m a a a o t r n u o i t d o i t u - c i n n n i s t - g ) c b R o e e r u 1 P s n e b W P r t a v r r e n y e e e k l k b i s B m l a y a a n i n n n k k d f a s i r g a d o y u r f i r e s e c c s e o o s u u t o i n n m t f t s r a y e a t x e n b c s d a e . s n a s k d W s v r e m e a s e n e a k c r y l e v y s e i n s f f i c o g l r o u u r d f n e e o s a n l s o l m m f e a m b m l o l e r b m a r e o m b r w e o b r i u n a n g n b t s k s a o n s o , f k f s e a l t F l c a e . m n d d e e r m o al f - 1934 984 49,634 20,966 13,589 8,225 1,296 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1935 1,993 124,493 11,548 32,493 27,649 8,778 SMALL CENTERS * 1936 2,280 139,829 8,226 25,526 20,959 7,208 [Averages of daily figures. In millions of dollars] 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 1939 2,781 188,222 2,659 13,683 9,220 10,981 In places of 15,000 In places of under 1940 2,908 212,510 13,954 9,152 5,226 6,386 and over population 15,000 population 1941 3,202 279,860 8,294 10,337 14,597 19.600 1942 Demand Demand J D u e n c e . 3 2 1 4 . . . . . . 3 3 , , 3 4 5 2 2 3 3 4 3 0 8 8 , , 8 7 2 3 2 7 2 4 6 , , 2 3 4 4 8 6 1 1 1 4 , , 2 12 6 6 5 1 1 6 0 , , 8 6 3 6 2 1 2 1 6 7 , , 4 3 3 0 0 5 d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s r p i - t t s de T p i o m s e its 1943 bank* bank2 June 30. .. 3,452 475.468 3,203 13,044 12.132 19,070 Dec. 31.. . 3,471 491.342 926 10,532 9,270 17,930 March 1945 14.678 6,207 9,381 4,288 1944 February 1946. 17,530 7,528 12,132 5,271 June 30... 3,483 510,857 45 11,366 4,048 11,063 Dec. 30. .. 3,489 525,532 1,295 3,894 4,165 2,706 March 1946 17,411 7,679 12,110 5,316 1945 Boston 2,190 824 361 214 Mar. 31. .. 3,493 528,936 85 4,214 3,321 2,365 New York. . . 3,435 1,985 1,135 1,039 June 30... 3,502 537,331 70 3,252 5,224 2,501 Philadelphia. 1,235 672 981 782 Sept. 30. .. 3,505 540,241 130 3,166 4,291 2,018 Cleveland.... 1,529 847 1,103 730 Dec. 31. .. 3,511 544,961 320 1,995 1,644 1,086 Richmond. 1,212 358 891 409 1946 Atlanta... . 1,737 448 743 184 Jan. 31 3,512 545,372 195 1,843 1,579 1,046 Chicago. . . 2,141 1,225 1,620 829 Feb.28 3,513 546,149 545 1,590 1,575 976 St. Louis.. 636 302 1,005 241 Mar. 30.... 3,519 547,581 755 1,536 2,063 1,014 Minneapolis... 577 258 703 377 Kansas City... 535 101 1,512 182 1 Includes applications approved conditionally by the Federal Re- Dallas 923 112 1,452 57 serve Banks and under consideration by applicant. San Francisco. 1,262 548 603 272 J Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 1 Includes any banks in outlying sections of reserve cities that have NOTE.—The difference between amount of applications approved and en <"""OT"1 normiscinn tr» r>arru thf» samp rpfiprvps oa rnnntrv hanirs the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. in the table on the following page MAY 1946 501 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 rowmand Net bal- ings Feder C al l a R ss e a s o n e f d 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 n S - o r t . n a - n Other j p u a o s d d t s e e i - - t d s 1 p m o d d a s e e i n - - t d s4 p T o d i s m e i - t e s5 m a f d n r d e o u o c s m e e - ti s c Total qu R i e re - d c E e x s - s s F e e R a e r r t e d v a - l - e posits* banks Banks First half of March 1946 All member banks 102,990 12,783 21,256 68,952 64,682 71,448 25,091 6,252 15,645 14,537 1,108 513 Central reserve city banks: New York 27,428 4,379 6,581 16,469 15,208 19,565 1,302 54 4,007 3,991 16 336 Chicago 6,125 1,229 1,494 3,402 3,148 4,200 738 178 885 884 1 Reserve city banks 38,556 6,021 7,969 24,566 22,483 26,714 10,091 1,884 6,200 5,948 251 118 Boston 2,417 276 628 1,513 1,417 1,653 179 43 347 341 6 6 New York 636 27 136 473 446 454 284 20 110 108 2 2 Philadelphia 2,797 357 661 1,779 1,653 1,939 196 72 408 400 8 5 Cleveland 4,463 JJ50 1,029 2,883 2,687 3,074 1,188 169 713 686 27 9 Richmond 2,492 o84 508 1,600 1,470 1,742 425 127 400 374 26 1 Atlanta 2,477 665 465 1,347 1,201 1,713 377 158 391 365 25 3 Chicago 4,609 519 1,023 3,066 2,846 3,071 1,826 303 766 724 42 48 St. Louis 2,298 641 471 1,186 1,050 1,596 297 99 345 337 8 9 Minneapolis 1,243 340 315 589 516 786 157 70 169 167 3 2 Kansas City 3,127 970 505 1,652 1,470 2,164 327 282 486 453 34 21 Dallas 2,622 597 485 1,540 1,413 1,764 295 251 408 371 38 '"n San Francisco 9,377 694 1,745 6,937 6,313 6,757 4,539 291 1,656 1,624 32 Country banks 30,881 1,154 5,213 24,514 23,842 20,969 12,961 4,136 4,553 3,713 840 59 Boston 2,654 87 616 1,952 1,868 1,781 1,036 183 350 311 38 16 New York 4,704 85 1,130 3,490 3,364 3,142 3,011 322 725 621 105 32 Philadelphia 2,237 15 438 1,784 1,739 1,527 1,450 232 370 301 69 4 Cleveland 2,680 29 530 2,121 2,072 1,789 1,574 318 441 345 96 2 Richmond 2,268 148 376 1,744 1,676 1,501 766 336 312 256 56 3 Atlanta 2,745 250 379 2,116 2,050 1,860 630 453 372 298 74 Chicago 3,872 77 666 3,129 3,069 2,592 2,050 566 608 486 122 St. Louis 1,791 136 214 1,441 1,403 1,267 541 278 256 210 47 Minneapolis 1,367 78 207 1,083 1,055 918 633 218 214 167 48 Kansas City 2,147 86 196 1,866 1 ,841 1,494 283 442 293 226 67 Dallas 2,518 137 224 2,156 2,115 1,729 167 534 335 252 83 San Francisco 1,899 28 239 1,633 1,591 1,370 820 255 277 241 36 Second half of March 1946 All member banks 100,617 12,337 19,593 68,687 64,494 71,165 25,174 5,903 15,435 14,475 959 539 Central reserve city banks New York 26,667 4,261 6,025 16,380 15,131 19,350 1,310 75 3,935 3,949 -14 261 Chicago 5,742 1,201 1,367 3,174 2,924 4,009 737 118 833 846 -13 81 Reserve city banks 37,760 5,753 7,339 24,668 22,631 26,672 10 ,099 1,805 6,141 5,940 200 147 Boston 2,375 292 576 1.507 1,408 1,659 181 44 347 343 4 9 New York 619 25 125 469 444 449 284 20 108 107 1 2 Philadelphia 2,768 348 607 1,812 1,683 1,955 196 77 410 403 7 6 Cleveland 4,354 527 947 2,880 2,679 3,050 1,190 161 705 681 24 26 Richmond 2,423 363 468 1,591 1,458 1,729 427 108 387 371 16 5 Atlanta 2,403 625 426 1,352 1,208 1,698 379 140 377 362 15 5 Chicago 4,500 488 945 3,067 2,850 3,052 1 ,836 294 759 720 39 27 St. Louis 2,204 606 432 1,167 1.036 1,544 299 101 334 327 7 31 Minneapolis 1,197 323 289 586 516 777 157 63 166 165 2 7 Kansas City 3,029 914 467 1,648 1,476 2,129 331 267 468 446 22 26 Dallas 2,564 569 444 1,551 1,427 1,770 298 229 404 372 32 San Francisco 9,325 674 1,612 7,039 6,447 6,860 4,521 301 1,676 1,643 33 Country banks 30,448 1,121 4,861 24,465 23,808 21,133 13,028 3,905 4,526 3,740 786 50 Boston 2,624 89 569 1,966 1,883 1,801 1,040 180 348 315 34 11 New York 4,609 85 1,042 3,482 3,355 3,158 3,035 299 722 624 98 26 Philadelphia 2,225 15 409 1,802 1,754 1,546 1,458 227 374 304 70 3 Cleveland 2,641 28 492 2,121 2,073 1,806 1,579 300 437 348 89 4 Richmond 2,228 141 350 1,737 1,669 1,509 768 313 306 257 48 3 Atlanta 2,709 243 352 2,114 2,054 1,885 633 425 367 302 65 1 Chicago 3,804 75 625 3,104 3,047 2,610 2,058 524 604 489 115 1 St. Louis 1,757 130 203 1.425 1,389 1,263 544 262 253 209 44 1 Minneapolis 1,345 74 195 1,076 1,049 927 636 200 211 168 43 Kansas City 2,117 83 188 1,846 1,823 1,507 284 409 296 228 68 Dallas 2,501 132 215 2,155 2,115 1,741 171 517 332 254 78 San Francisco 1,887 27 223 1,637 1,597 1,381 822 251 277 243 35 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. * 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. 1 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. * Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report, 502 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 or in cir- Unasmonth cula- sorted tion1 Total Coin s$l $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 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—October .. . 24,425 17,089 1,125 948 76 2,103 5,877 6,960 7,339 1,893 3,918 532 963 10 23 2 November... 25,019 17,461 1,144 962 78 2,129 5,990 7,157 7,561 1,946 4,056 546 981 10 23 3 December. .. 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945—January 25,290 17,456 1,150 950 77 2,102 5,936 7,242 7,837 2,022 4,228 566 990 10 21 3 February 25,751 17,778 1,158 953 75 2,135 6,076 7,381 7,974 2,059 4,317 571 994 10 24 March 25,899 18,000 1,170 954 73 2,132 6,132 7,539 7,900 2,088 4,266 550 965 9 23 1 April . 26,189 18,353 1,180 957 73 2,151 6,238 7,754 7,837 2,126 4,210 527 932 9 33 1 May 26,528 18,715 1,196 972 73 2,186 6,377 7,911 7,814 2,159 4,192 513 909 8 33 1 June . 26,746 19,183 1,205 981 73 2,215 6,515 8,193 7,565 2,132 4,044 483 868 8 31 2 July 27,108 19,599 1,223 995 73 2,250 6,659 8,400 7,511 2,139 4,013 472 847 8 32 2 August 27,685 20,141 1,236 1,003 73 2,301 6,826 8,700 7,546 2,180 4,038 466 832 8 22 2 September... 27,826 20,235 1,243 1,001 72 2,288 6,815 8,816 7,592 2,204 4,071 464 825 8 21 2 October 28,049 20,381 1,252 1,000 71 2,274 6,779 9,004 7,671 2,243 4,123 461 816 7 21 2 November... 28,211 20,500 1,263 1,009 71 2,279 6,783 9,095 7,713 2,264 4,154 457 811 7 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 7 24 2 1946—January 27,917 20,126 1,261 985 69 2,217 6,568 9,027 7,794 2,316 4,224 445 779 7 22 3 February 27,954 20,139 1,264 982 68 2,211 6,570 9,044 7,816 2,322 4,248 443 772 9 22 1 March 27,879 20,045 1,269 984 67 2,191 6,547 8,986 7,834 2,327 4,267 442 768 9 22 1 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money Total out- held by s M ta a 1 n r 9 d . 4 i 3 6 n 1 g , , 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 F a d s o n e e r r k r v a s e l B R F a a n e e g d s k e e e s n r r t a v a s n e l d M 1 a 9 r. 4 3 6 1, Fe 1 b 9 . 4 2 6 8, Ma 1 r 9 . 4 3 5 1, certificates and agents Gold 20,256 18,126 2 2,130 Gold certificates 18,126 15,260 2,815 51 51 53 Federal Reserve notes 25,155 109 1,304 23,741 23,868 22,100 Treasury currency—total 4,480 ^2,185 49 344 4,087 4,035 3,746 Standard silver dollars 494 334 21 2 137 136 120 Silver bullion .... ... 1,851 1,851 Silver certificates and Treasury notes of 1890. . »2,185 268 1,917 1,865 1,591 Subsidiary silver coin . 868 18 27 824 820 765 Minor coin 319 5 5 309 307 285 United States notes 347 4 37 306 307 320 Federal Reserve Bank notes .... 485 1 5 479 484 544 National bank notes 117 (5) 1 116 116 122 Total—March 31, 1946 (4) 20,310 2,288 15,260 4,464 27 879 February 28 1946 8 20,247 2,301 15,233 4,397 27,954 March 31, 1945 20,110 2,346 15,446 3,803 25,899 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. 495, and seasonally adjusted figures in table on p. 504. 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. 6 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 buHion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. MAY 1946 503 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 v n r m a a s r d o i e j a u a u t n s i s o o t t — e n n d al a A d v s j m a e u r a s o i s t a u e o t n d n io t a — n f l or C s a e h d s a a e s ju n r o i s g n e t e s a e 1 l d i l n y Period a p s G t e t o o r o e i c f n o ld k d d I i n n s c t o r g e c o a k l s d e o i r m g N e ( o - p x e ) l o p d t r o t rt c g r m e o c o a E r l a r d e s r a e a : k i r n ( s d - e — e - e d - ) m t d g p D i u e o o r o o s c l n d - t - - 1 ic 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 U2,76O 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 -644.7 170.2 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 -1,319.0 -845.4 -459.8 35.8 1944—November 24,738 24,664 +552 1945 20,065 -553.9 -106.3 -356.7 34.8 December 25,207 24,957 +293 1945—April 20,374 -45.1 2.4 -53.2 2.3 1945— A J D J A S O N F M M J u u e e a e p c o u l n a a p n b c t y r v g r y o e t i u r e c e u e l u b m a m h m s e a r t b y r r b b y e e e r r r 2 2 2 2 2 2 2 2 2 2 2 2 8 7 7 8 6 7 5 6 5 6 6 5 , , , . , , , , , , , , 3 7 4 1 9 0 5 9 8 3 2 5 9 6 5 0 5 2 1 4 5 5 4 6 2 5 2 9 1 7 8 3 0 1 3 1 2 2 2 2 2 2 2 2 2 2 2 2 5 6 8 5 5 7 7 6 6 6 7 8 , , , , , , , , , , , , 9 5 5 0 9 2 1 9 8 6 5 1 7 2 3 6 1 2 6 4 2 9 3 7 2 7 7 7 9 8 7 3 1 4 0 0 + + + + + + + + + + + + 3 3 4 2 2 5 2 2 1 1 1 1 6 1 0 1 7 5 9 9 2 0 5 2 0 8 1 0 8 8 1 1 4 3 7 2 1946— A J J A O S N M D F M J u u e e p u a o e c a a l n p b r n y g c y v t r e i t o e r u u c l e e u h m s b a m m t a r e b y b r b r e y . e e . . r . r . r . . . . . . . . . . . . P 2 2 2 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 , , , , , , , , , , , . 0 1 0 0 0 2 2 2 0 2 1 2 3 5 8 3 7 5 3 1 6 7 5 5 6 2 8 0 3 6 2 3 5 0 6 1 - P 1 - - - - - 3 6 6 1 5 - - 0 3 2 9 7 6 4 6 0 4 5 7 3 5 3 6 1 . . . . . . . . . . . 2 8 . 9 6 6 0 3 3 2 9 3 0 - - - P 1 1 8 1 - - 8 1 1 5 3 4 7 2 3 8 2 3 9 ( 4 1 . . . . . 4 . 3 . . 0 . . . 3 8 3 ) 4 5 8 3 4 1 -1 - - - - - 5 3 6 1 - 1 6 - 0 3 9 1 1 5 4 8 3 9 2 6 0 4 6 9 5 . . . . . . . . . . . 8 3 . 2 0 5 9 0 3 6 7 0 1 ( ( ( 4 4 4 4 3 3 4 2 2 3 2 2 ) ) ) . . . . . . . . . 0 0 5 1 6 9 8 4 8 1946— A M F Ja e p a n b r r i u r c l u a h r a y ry 2 2 2 2 7 7 8 7 , , , , 9 9 1 9 1 5 4 2 3 8 4 3 2 2 2 2 8 7 8 7 , , , , 1 9 0 9 4 9 7 4 8 7 4 4 - + 1 + - 1 9 3 5 5 6 0 3 1 i r M n ec 1 i e t n A a i P t v b . r n e l e n e d l A u i m o i a n n l n n i n u f U p a i a g n r . l y u f i 5 t i . r e g 4 e d 8 u s , S r t e a h t d a f r o o t ju e u r s s g 1 t . e h 9 d 4 5 1 t 9 a o 4 n e 4 d x a m c r lu o e d n e e th s t l P i y m h f i a l i i g t p e u p s r i e n o s e f a I r t s e h la e t n h d U o s s n e i p te r p o d u d b u S li c s t t a h io t e e n d s 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 4,277.3 million dollars on Apr. 30, 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 6 4 0 1 7 , , 7 0 7 7 8 1 2 2 2 1 6 0 , , 8 9 6 6 5 1 3 3 4 4 7 2 , , 8 4 3 3 7 0 6 5 7 3 , , 0 67 7 9 4 16.1 13.1 200,337 308.913 18.0 18.4 1943 792 937 296 368 419 413 77,155 16.5 11.7 258,398 369,396 20.5 17.4 1944 891,910 345,585 462,354 83,970 17.1 10.8 298,902 403.400 22.4 17.3 1945 974,102 404,543 479,760 89,799 18.3 9.7 351,602 412,800 24.2 16.1 1945—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 9.0 34,165 35,546 28.3 16.2 February r73 963 30 498 36 210 r7,255 16.6 r8.7 27,425 31.402 25.6 16.2 March 87,578 35,670 43,448 8,459 17.8 9.3 32,831 36,543 27.5 16.8 T Revised. 1 National series for which bank debit figures are available beginning with 1919. 2 Annual figures for 1937-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers. 8 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. 504 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 r u o t n o n e s s t d i n s k a t d e i c l s 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 e i 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 n d ts - 2 Total b m a C e n T o r k c m i s m i 3 a - l e * depo M s b a s a i v u t n i s t n k u g s a 4 s l S S P y a o s v t s i e n ta m g l s 5 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 1,208 4,782 1937—June 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 :L.267 5,489 December 56,639 1 29,597 51,001 23,959 824 26,218 14,779 10,170 L,269 5,638 1938—June 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 L ,251 5,417 December 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 1,251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 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 1,292 6,699 December.... 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 1,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 L,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 L.415 13,946 1943—June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 1,576 15,814 December 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 1,786 18,837 1944—June 136,172 80,946 115,291 60,065 19,506 35,720 21,217 12,471 2,032 20,881 December. . . . 150,988 90,435 127,483 66,930 20,763 39,790 24,074 13,376 2,340 23,505 1945—March 150,600 95,100 126,400 70,900 13,400 42,100 25,700 13,900 2,500 24,200 April 150,900 98,100 126,400 73,600 9,800 43,000 26,300 14,100 2,600 24,500 May 152,600 100,800 127,800 76,000 8,200 43,600 26,700 14,300 2,600 24,800 June 162,785 94,150 137,688 69,053 24,381 44,254 27,171 14,426 2,657 25,097 July? 163,500 97,600 138,000 72,100 20,800 45,100 27,800 14,600 2,700 25,500 August P 163,400 100,000 137,400 74,000 17,300 46,100 28,500 14,800 2,800 26,000 September P. . . 162,800 101,600 136,600 75,400 14,300 46,900 29,100 15,000 2,800 26,200 October v 163,800 104,500 137,400 78,100 11,700 47,600 29,600 15,100 2,900 26,400 November P. . . 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—JanuaryP 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 March? 173,400 101,100 147,1C0 74,800 22,300 50,000 31,300 15,700 3,000 26,300 p Preliminary, includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. 2 Beginning with December 1938, includes United States Treasurer's time deposits, open account. 3 Excludes interbank time deposits and postal savings redeposited in banks. 4 Beginning 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 SUSPENSIONSl [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 ri e t r i n es ment 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 r k y s Total r D e i c - t G t a e n u 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 0 1943—Dec.. . 1,788 1,843 10 1,716 1,716 118 1946—Jan -Apr. 0 1944—Dec.. . 2,342 2,411 8 2,252 2,252 152 Deposits of suspended banks 1945—Mar... 2,513 2,590 8 2,426 2,426 156 (in thousands of dollars):2 Apr.. . 2,563 2,646 8 2,463 2,463 175 1934-39 125,991 14,616 26,54844,348 40,479 May. . 2,609 2,696 8 2,518 2,518 170 June. . 2,659 2,751 8 2,574 2,574 169 1940 5,943 256 5 341 346 July. . 2,720 2,809 7 2,625 2,625 176 1941 3,726 3,144 503 79 Aug.. . 2,785 2,867 8 2,674 2,674 185 1942 1,702 1,375 327 Sept... 2,836 2,921 8 2,737 2,737 176 1943 6,223 4,982 1,241 Oct. .. 2,880 2,968 6 2,780 2,780 182 1944 405 405 N ov... 2,909 2,999 6 2,809 2,809 184 1945 0 Dec. .. 2,933 3,022 6 2,837 2,837 179 1946—Jan -Apr 0 1946—Jan. P2 979 Feb.. . P3.013 1 Represents banks which, during the periods shown, closed tem- Mar... P3,043 porarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks p 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. MAY 1946 505 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 m U o b v l . e i e g n S r a t n . - - s O i e t t c i h e u e s r r - Total1 I b n a t n e k r- 1 m D a e n - d Time tions All banks: 193g—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 Dec. 31 121,809 25,765 96,043 88,912 7,131 147,775 13,883 104,015 29,876 13 297 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. 31* 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 3,731 31,559 5,898 17,579 8,081 5,187 1940—Dec 31 23,648 10,004 13,644 9.735 3,908 35,787 6,574 20.885 8,329 5,144 1941—Dec. 31 ... 27,571 11,725 15,845 12,039 3.806 39 458 6 786 24 350 8 322 5 117 1942—Dec 31 37,576 10,183 27,393 23,744 3,648 50.468 7,400 34,499 8,570 5,081 1943—Dec 31 47,499 10,116 37,382 34.065 3.318 59,961 7,159 42,605 10,196 5,040 1944—June 30 53,343 11,213 42,129 38.640 3,490 65,585 7,402 46,879 11,304 5,036 Dec 30 58,308 11,480 46,828 43,292 3,536 71,858 8,056 50,900 12,901 5,025 1945—June 30 63,177 12,369 50,808 47,051 3,757 76,533 8,251 53,698 14,585 5,015 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 31* 15,950 6,295 9,654 7,500 2,155 22,259 3,739 14,495 4,025 1.502 1942—Dec. 31 21,687 5,905 15,783 13,802 1,980 27,808 3,600 20,024 4.184 1,598 1943—Dec. 31 26,759 6,171 20,588 18,883 1,705 32,302 3,397 23,833 5,072 1,698 1944—June 30 .... 30,244 6,870 23,373 21,699 1,674 35,690 3,501 26,609 5,580 1,737 Dec. 30 33,261 7,196 26.065 24,393 1,672 39,059 3.827 28,874 6,357 1,789 1945—June 30 36,249 8,219 28,030 26,188 1,842 41,844 3,980 30,702 7,163 1,825 Dec. 31 37,871 8,850 29,021 27,089 1,933 44,730 4,411 32,334 7,986 1,867 • 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. * Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 2 During 1941 three mutual savings banks, with total deposits of 8 million dollars, became members of the Federal Reserve System. These banks are included in both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included only once in "all banks." « 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. * 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. 506 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 a o n f d bank o N f u b m a b n e k r s call date Total Loans G U ov . e S r . n- Other Total1 I b n a t n e k r * - De- Total ment secu- mand Time obliga- rities 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 7,129 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— D ju e n c e . 3 3 0 1 . 1 1 2 4 . ,6 9 3 4 9 0 2 2, , 9 7 9 9 2 0 1 1 0 1 , , 1 6 5 4 0 7 1 9 0 . , 1 5 7 8 0 4 1,0 9 6 7 3 9 1 1 5 8 , , 8 11 8 9 0 2 1 4 7 4 1 1 1 0 2 . , 5 19 1 6 0 5 5 . , 1 6 9 8 9 0 6 6, , 4 4 1 4 6 0 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 318 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— D Ju e n c e 3 3 0 0 2 1 , ,7 1 9 4 5 8 2 29 8 2 1 1 1, , 8 5 5 1 6 4 1 1 , , 6 34 8 7 2 1 17 6 4 8 2 1, , 9 3 8 5 9 8 1 17 8 1 1 11,,582873 2 3 8 0 1 4 7 7 4 2 5 9 1945—June 30 2,152 297 1,855 1,668 187 2,362 204 1.815 343 723 Dec. 31 • 2,200 290 1,910 1,710 200 2,430 200 1,900 330 714 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 11 738 545 1944—June 30 12,976 4,414 8,562 7,306 1,257 12,471 12 471 544 Dec. 30 13.931 4,370 9,560 8,328 1,232 13,376 13,376 543 1945—june 30 15,134 4,307 10,827 9,588 1 240 14 426 14 426 542 Dec. 31 16,208 4,279 11,928 10,682 1,246 15,385 15,385 542 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 Dec. 31 10,846 3,081 7,765 7,160 606 10,363 10,363 192 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—Tune 30 5,071 1,218 3,853 3,220 633 4,754 4 754 350 Dec. 31 5,361 1,198 4,163 3,522 641 5,022 5,022 350 For footnotes see page 506. MAT 1946 507 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 Com- Loans for U. S. Government obligations purchasing Oblimer- or carrying gacial securities Direct tions Class of bank Totai in- Agri- Real- of and loans clud- cul- es- Con-Other StatesOther call date and ing tur- To tate sumer loans Total c Guar- and secuinvest- Total open- ali brok- oans loans Total tin- an- politi- rities ments mar- ers To Bills cates Notes teed cal ket and oth- of in- Bonds subpa- deal- ers debt- diviper l ers ed- sions ness All insured commercial banks:2 1938—Dec. 31. .. 37,470 16,021 5,636 1,060 1,002 885 3,857 3 583 21,449 14 506 290 3, 648 8,0002,5683,0113,932 1940—Dec. 31... 42,556 18,394 7,178 1,281 663 727 4,468 4,077 24,161 17 063 662 2, 756 9,9253,719 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 12,7974,102 3,6513,333 1942—Dec. 31... 66,240 18,903 7,757 1,642 950 597 4,646 2,269 1,042 47,336 40 705 4,462 6 mi 5, 799 20,9992,7183,5333,098 1943—Dec. 31. .. 83,507 18,841 7,777 1,505 1,414 922 4,437 1,868 918 64,666 •58,683 4,636 13 218 7,672 30,656 2,5013,2872,696 1944—June 30. . . 93,936 20,729 7,406 1,474 2,221 2,296 4,364 1,862 1,106 73,207 67 085 4,708 15 466 11 834 34,114 963 3,3932,730 Dec. 30. . .103,382 21,352 7,920 1,723 2,269 2,265 4,343 1,888 944 82,030 75 875 3,971 15 300 15 778 39,848 978 3,4222,733 1945—June 30. .. 112,353 23,376 7,501 1,632 3,113 3,6014,413 2,108 1,008 88,978 82 401 2,831 17 204 6,454 45,870 43 3,6842,892 Dec.31.... 121,809 25, 7659,461 1,314 3,1643,6064,6772,361 1,18196,043 88 912 2,455 19,071 16,045 51,321 22 3,8733,258 Member banks,2 total: 32,070 13,208 5,179 712 973 775 2,716 2,853 18,863 13 222 286 3, 389 7,2082,340 2,448 3,192 11993480——DDeecc.. 3311.. .... 37, 126 15,321 6,660 865 642 652 3,228 3,273 21,805 15 823 652 2,594 9,091 3,4863,013 2,970 1941—Dec. 31. . . 43,521 18,021 8 671 972 594 598 3,494 3,692 25,500 19 539 971 3, 007 11,7293,8323 0902,871 1942—Dec. 31.. . 59,263 16,088 7,387 1,089 934 538 3,423 1,847 870 43, 175 37 546 4,363 6 285 5,409 18,9482,540 2,965 2,664 1943—Dec. 31. .. 74,258 16,288 7,421 1,023 1,398 839 3,274 1,484 848 57,970 52,948 4,360 12 071 6,906 27,2652,345 2,729 2,294 1944—June 30. . . 83,587 18 084 7,023 1,023 2,200 2,1303,207 1,467 1,033 65,503 60 339 4,466 14 228 10,640 30,118 887 2,834 2,331 Dec. 30. . . 91, 569 18,676 7,531 1,198 2,249 2,108 3,209 1,505 877 72,893 67 685 3,748 13 982 14,12734,927 902 2,857 2,350 1945—June 30. .. 99,426 20,588 7,0951,125 3,0893,407 3,248 1,688 934 78,838 73 239 2,633 15 584 14,723 40,266 33 3,102 2,497 Dec.31... 107,183 22,775 8,949 855 3,1333,3783,455 1,900 1,10484,408 78,338 2,275 16 985 14,271 44,792 163,2542,815 New York City:* 1938—Dec. 31. .. 8,335 3, 262 1,594 5 787 220 121 535 5,072 3 857 158 1 142 1,663 894 517 698 1940—Dec. 31. .. 10,910 3, 384 2,125 6 465 190 130 468 7,527 6 044 207 1 245 2 9771,615 695 788 1941—Dec. 31... 12,896 4,072 2,807 8 412 169 123 554 8,823 7 265 311 1,623 3,652 1,679 729 830 1942—Dec. 31. .. 17,957 4, 116 2,546 21 787 193 117 303 148 13,841 12 547 1,855 2 144 2,056 5,420 1,071 593 701 1943—Dec. 31. .. 19,994 4,428 2,515 24 1,054 323 107 252 153 15,566 14 563 1,328 3 409 1,829 7,014 984 444 558 1944—June 30. . 22,669 5,479 2,430 64 1,657 751 93 232 251 17,190 16 157 1,258 4 242 2,805 7,650 201 456 577 Dec. 30. .. 24,003 5,760 2,610 30 1,742 859 86 253 179 18,243 17 179 913 3 740 3, 745 8,592 189 468 596 1945—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 7,334 3,044 2,453 1,172 80 287 298 18,809 17 574 477 3 433 3, 325 10,337 1 606 629 Chicago:* 1938—Dec. 31.. . 1,969 539 335 17 43 70 12 6.5 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. .. 4 554 004 763 6 102 52 22 45 14 3 550 3 238 199 877 484 1,602 74 158 155 1944—June 30. . 5 124 064 710 11 102 130 21 49 40 4 060 3 688 367 1 038 587 1,665 31 204 169 Dec. 30. . . 5 443 184 738 17 163 163 24 45 34 4 258 3 913 250 1 045 779 1,809 31 160 185 1945—June 30. . . 5 730 250 671 13 159 299 23 50 34 4 480 4 130 127 1 253 814 1,936 154 196 Dec. 31... 5 931 333 760 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 "l 253 1 723 6,810 811 954 821 1943—Dec. 31. .. 27 521 6 201 3,058 279 217 267 1,420 658 301 21 321 19 682 1,802 4 691 2 497 9,943 749 913 726 1944—June 30. . . 30 943 6 761 2,787 277 409 903 1,385 650 350 24 183 22 484 1,914 5 586 3 893 10,689 402 963 735 Dec. 30. .. 33 603 6 822 3,034 348 311 777 1,379 660 313 26 781 25 042 1,704 5 730 5 181 11,987 440 1,000 740 1945—June 30. . . 36 572 7 155 2,883 304 371 1,147 1,378 757 315 29 417 27 523 1,320 6 598 5 689 13,906 10 1,100 794 Dec. 31... 40 108 8 514 3,661 205 427 1,503 1,459 855 404 31 594 29 552 1,034 6 982 5 653 15,878 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 1,146 1,102 1941—Dec. 31. . 12 518 5 890 1,676 659 20 183 1,823 1,530 6 628 4 377 110 481 2,926 861 1,222 1,028 1942—Dec. 31. . . 16 419 5 038 1,226 772 17 161 1,797 674 393 11 380 9 172 671 i 251 1 240 5,436 574 1,252 956 1943—Dec. 31. . 22 188 4 654 1,084 713 25 197 1,725 528 381 17 534 15 465 1,032 3 094 2 096 8,705 538 1,214 855 1944—June 30... 24 850 4 780 1,096 671 33 345 1,708 536 392 20 071 18 009 926 3 362 3 355 10,114 252 1,212 849 Dec. 30. . . 28 520 4 910 1,149 802 32 310 1,719 547 351 23 610 21 552 882 3 466 4 422 12,540 241 1,230 829 1945—June 30. .. 31 368 5 114 1,162 755 32 422 1,771 611 362 26 253 24 094 762 4 194 4 613 14,504 21 1,281 878 Dec.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 1,342 1,067 Insured nonmember commercial banks: 1938—Dec. 31. .. 5 399 2 813 457 348 28 110 1,141 730 2 586 1,283 259 793 228 563 739 1940—Dec. 31. .. 5 429 3 074 518 416 21 75 1,240 803 2 356 1,240 4/- 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 Dec.31. . 14,639 2,992 512 459 31 228 1,224 460 77 11,647 10,584 180 2,087 1,774 6,538 6 619 443 * 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 the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, the items for Dec. 31, 1945, may not be entirely comparable with prior figures. 2 During 1941 three mutual savings banks with total deposits of 8 million dollars became members of the Federal Reserve System. These banks are included in "member banks" but are not included in "all insured commercial banks." 3 Central reserve city banks. 508 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d at b e ank F s B s w e e R R e a r d i r e 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 r i a c o s k t l e t - h - s i s c 4 j m p u D o a d s a t d s e e n e i - - - t d d s 5 m D e I s n d o t t e i - e c p 4 r o b s a i F e n t i s o k g r n - U G m 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 i d e c n i s a - s l c C h c o a f e e e e i f n t e c f r r c i d d t s k - . i ' s - , p a v n s a p I t i h d r i n o d o t i d n r u p c n a i e s a o s - - , r l r s - - I b n a t n e k r- P m G U S e i a o n r a . n o e v s g n v d v n S t s - - a - t . l v S p s i a i u s o t c n i a b l a o i d t d l t n e - i s s - p a v n s a i p I t d h d i r 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 a u c p l - n i- ts All insured Commercial banks:2 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 8,57C 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,841 1942—Dec. 31. . 13,072 1,305 9,080 48,22110,234 813 8,167 3,996 1,219 47,122 97 61 397 15,697 10 7,055 1943—Dec. 31. . 12,834 1,445 8,445 59,921 9,743 893 9,950 4,352 1,669 58,338 68 124 395 18,561 46 7,453 1944—June 30. . 12,812 1,464 8,776 59,197 10,030 940 18,757 4,402 1,550 57,351 68 108 407 20,530 84 7,709 Dec. 30. . 14,260 1,622 9,787 65,960 11,063 948 19,754 4,518 1,354 64,133 64 109 423 23,347 122 7,989 1945—June 30. . 14,806 1,474 9,959 68,048 11,217 1,119 23,478 4.698 1.240 65,494 66 105 482 26,346 65 8,340 Dec. 31. . 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,67t Member banks,2 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 5,69& 1941—Dec. 31. . 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1942—Dec. 31. . 13,072 1,019 6,147 42,570 10,101 811 7,923 3,318 1,142 42,139 87 56 332 12,366 5 6,101 1943—Dec. 31. . 12,835 1,132 5,450 52,642 9,603 891 9,444 3,602 1,573 51,820 62 120 327 14,822 39 6,475 1944—June 30. . 12,813 1,143 5,799 51,829 9,904 937 17,634 3,638 1,460 50,756 63 104 333 16,448 75 6,696. Dec. 30. . 14,261 1,271 6,354 57,30810,881 945 18,509 3,744 1,251 56,270 58 105 347 18,807 111 6,968 1945—June 30. . 14,807 1,150 6,486 59,133 11,064 1,106 21,967 3,877 1,138 57,417 61 102 392 21,254 52 7.276 Dec. 31. . 15,811 1,438 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:5 1938—Dec. 31. . 4,104 68 109 7,168 2,687 437 139 280 195 7,273 6 36 652 1 593 1940—Dec. 31. . 7,057 102 122 11,062 4,032 641 48 370 471 11,357 5 51 768 1,615 1941--Dec. 31. . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648. 1942—Dec. 31. . 4,388 72 82 11,899 3,209 733 4,186 263 448 12,501 3 23 711 1,727 1943—Dec. 31. . 3,596 92 61 13,899 2,867 810 3,395 252 710 14,373 4 5 26 816 "'29 1,862 1944—June 30. . 3,455 85 60 13,254 3,105 852 6,150 213 722 13,740 11 7 17 861 64 1,90? 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:3 1938—Dec. 31. . 884 35 235 1,688 658 9 83 181 29 1,597 9 452 25? 1940—Dec. 31. . 1,051 42 319 1,941 997 8 90 174 27 1,905 5 8 496 270. 1941—Dec. 31. . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 28S 1942—Dec. 31. . 902 39 164 2,557 1,105 12 665 178 38 2,588 2 453 304 1943—Dec. 31. . 821 38 158 3,050 972 14 713 174 44 3,097 2 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 1 619 354 1945—June 30. . 929 33 180 3,152 1,174 19 1,499 193 29 3,124 1 663 362 Dec. 31. . 942 36 200 3,153 1,292 20 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 1,96? 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 2.02& 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 39 166 8,529 3 2,45a 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 2,566 Country banks: 1938—Dec. 31. . 1,353 322 1,956 6,224 446 2 143 1,128 154 5,215 23 44 147 5,509 6 1,798. 1940—Dec. 31.. 1,857 452 3,002 7,845 633 2 151 1,184 187 6,846 29 33 150 5,917 3 1,909 1941—Dec. 31. . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1942—Dec. 31. . 2,842 542 3,699 13,265 957 4 1,090 1,558 272 11,989 20 32 140 6,397 3 2,042 1943—Dec. 31. . 3,303 611 3,474 17,039 994 5 1,962 1,727 344 15,561 17 56 149 7,599 10 2,153 1944—June 30. . 3,438 618 3,638 17,099 951 5 3,926 1,743 314 15,609 15 52 157 8,477 11 2,239 Dec. 30. . 3,909 684 4,097 19,958 1,149 8 4,230 1,868 369 18,350 14 57 175 9,650 16 2,321 1945—June 30. . 4,117 632 4,213 20,656 1,108 8 5,195 1,939 346 18,945 14 54 207 10,981 9 2,440 Dec. 31. . 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2.52S 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 i,oia 1940—Dec. 31 243 2,017 3,391 95 3 50 574 58 2,822 18 13 87 3,311 8 975 1941—Dec< 3i 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 956 1942—Dec. 31. . 287 2,934 5,651 133 2 243 678 76 4,983 10 5 65 3,339 5 955 1943—Dec. 31. . 313 2,996 7,279 141 2 506 750 96 6,518 6 4 68 3,750 6 979 1944—June 30. . 322 2,978 7,368 126 3 1,124 764 90 6,595 5 4 74 4,094 9 1,015 Dec. 30. . 352 3,434 8,652 182 3 1,245 775 103 7,863 6 4 76 4,553 10 1,022 1945— D juence. 3 3 0 1 3 3 9 2 1 4 3 3 , , 9 4 5 7 9 3 1 8 0 , , 9 5 1 3 5 7 2 1 3 5 3 3 13 5 1 1, , 5 5 6 1 0 1 8 8 5 2 8 0 1 1 3 0 5 1 9 8 , , 6 0 4 7 3 8 6 5 4 4 9 9 0 7 5 5 , , 5 1 7 0 9 5 13 1 1 , , 0 0 6 8 5 3 4 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. 5 Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection. For other footnotes see page 508. Back figures.See Banking and Monetary Statistics, Table 18-45, pp. 72-103 and 108-113. MAY 1946 509 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 mer- Date or month i m n lo a v e n a e n n d s t s t s - Total i t t a c n c a r u g i u i d n r a a r l u a d l i - l , - l s , - G U a t T l i o i n o o g . o b d n v a S - b - s t . d . ro e O a k c t l s u e t i e e h e r r r - s s i e s - rG t l U i T i o o o g b . o n v a S - - s t . o . t O h c t e u t i h e r r e s s i- i R lo e a a n l 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 d f e t b s i i e r - n - t s - s - - Notes Bonds G t a e u n e a - d r- O s ri e t t h c ie e u s r - Total—101 Cities 1945—March 58,112 11,350 6,157 900 751 800 3461,042 681,286 46,76243,779 2,23311,4497,448 22,306 3432,983 1945—November.. 61,646 13,034 6,659 1,382 8431,044 4011,068 69 ,568 48,61245,373 1,070 9,7989,049 25,444 123,239 December. . 67,752 15,746 7,148 1,881 854 2,560 4341,086 99 , 684 r2,00648,710 1,958 11,196 9,080 26,464 3,296 1946—January 68,066 15,367 7,272 1,675 774 2,345 4321,102 63 ,704 12,69949,325 1,849 12,5187,98126,968 3,374 February... 68,12415,142 7,368 1,568 7032,137 4411,120 75 ,73052,982 49,576 1,565 12,8537,92427,226 3,406 March 66,928 15,340 7,475 1,756 7111,986 4311,140 61 ,780 1,58848,146 1,119 12,393 7,50227,126 6 3,442 1946—Jan. 30.-... 68,211 15,190 7,300 1,608 729 2,225 4621,107 56 ,703 3,021 49,656 1,742 12,7787,944 27,184 3,365 Feb. 6 68,223 15,135 7,342 1,535 715 2,184 4291,110 106 ,714 13,08849,716 ,70312,8687,93127,202 12 3,372 Feb. 13 67,943 15,074 7,361 1,524 706 2,153 4311,118 58 ,723 12,86949,485 1,526 12,7887,92127,242 3,384 Feb. 20 68,182 15,181 7,386 1,558 7012,128 4651,125 80 ,73853,001 49,586 1,514 12,894 7,94527,226 3,415 Feb. 27.... 68,148 15,178 7,382 1,655 690 2,082 4381,129 55 ,747 2,97049,518 1,517 12,860 7,900 27,234 3,452 Mar. 6 67,689 15,036 7,458 1,480 674 2,031 4401,130 61 ,762 2,65349,222 1,41512,6697,910 27,222 3,431 Mar. 13.... 67,749 15,221 7,486 1,655 690 2,006 430 1,136 55 ,763 2,52849,088 1,26812,6867,898 27,230 3,440 Mar. 20 66,298 15,411 7,491 1,824 7211,959 4281,140 60 ,78850,88747,458 1,00812,2727,15327,019 3,429 Mar. 27 65,975 15,690 7,464 2,066 7571,948 4261,152 68 ,809 0,28546,818 78511,944 7,049 27,034 3,467 Apr. 3. .. . 65,247 15,272 7,506 1,575 7791,917 4171,157 86 ,83549,975 46,538 1,039 11,3457,057 27,088 3,437 Apr. 10 65,338 15,224 7,560 1,586 7191,875 4221,163 60 ,839 0,11446,689 1,243 11,2527,04527,142 3,425 Apr. 17 65,515 15,025 7,509 1,414 720 1,854 4251,170 81 ,85250,49047,050 1,376 11,3467,02927,292 3,440 Apr. 24 65,340 14,992 7,468 1,388 7571,830 4271,185 77 ,86050,348 46,935 1,262 11,3447,00227,320 3,413 New York City 1945—March 20,631 4,574 2,372 721 582 332 141 30016,05715,071 575 3,823 2,665 7,940 68 986 1945—November.. 21,342 5,415 2,597 ,134 628 325 179 43415,927 14,855 2,750 2,939 8,955 1,072 December. . 23,875 6,837 2,792 ,529 6321,091 194 17,038 15,958 580 3,155 2,916 9,305 1,080 1946—January.... 23,754 6,412 2,837 ,317 570 918 185 477 7,342 16,244 553 3,492 2,699 9,498 1,098 February... 23,702 6,305 2,908 ,257 522 816 195 483 7,397 16,300 438 3,5822,747 9,532 1,097 March 23,189 6,483 2,981 ,435 527 728 190 507 6,706 15,608 199 3,4492,573 9,386 1,098 1946—Jan. 30 23,758 6,315 2,853 ,279 541 846 213 47917,443 6,360 560 3,527 2,715 9,556 1,083 Feb. 6 23,815 6,282 2,886 ,212 533 834 186 477 17,533 16,446 540 3,6082,728 9,568 1,087 Feb. 13 23,610 6,229 2,898 ,215 523 819 186 481 17,381 16,299 473 3,528 2,735 9.562 1,082 Feb. 20 23,662 6,344 2,920 ,250 522 819 216 486 17,318 16,227 375 3,5922,756 9,503 ,091 Feb. 27.... 23,720 6,365 2,928 ,349 510 790 194 489 7,355 16,229 365 3,5992,771 9,493 1,126 Mar. 6.... 23,514 6,211 2,976 ,176 498 759 192 498 7,303 6,200 283 3,627 ,807 9,482 1,103 Mar. 13.... 23,641 6,386 2,994 ,341 508 740 189 503 .7,255 16,156 212 3,694 ,818 9,431 1,099 Mar. 20 22,837 6,542 2,985 ,499 536 711 185 512 6,295 5,206 189 3,349 ,365 9,302 1,089 Mar. 27.... 22,765 6,796 2,971 ,724 564 703 193 517 .5,969 4,870 111 3,127 ,304 9,327 1,099 Apr. 3. .. . 22,461 6,344 3,004 ,247 560 691 184 521 6,117 15,027 311 2,987 ,351 9,377 ,090 Apr. 10.... 22,476 6,298 3,034 ,244 528 669 185 527 6,178 5,091 389 2,956 ,309 9,436 1,087 Apr. 17 22,590 6,132 3,003 ,099 527 653 187 528 .6,458 15,366 505 2,997 ,285 9,578 1,092 Apr. 24 22,558 6,078 2,971 ,062 548 644 189 532 .6,480 15,406 473 3,031 ,283 9,618 1,074 Outside New York City 1945—March 37,481 6,776 3,785 179 169 468 205 98630,705 28,708 ,658 7,626 4,78314,366 1,997 1945—November.. 40,304 7,619 4,062 248 215 719 2221,004 1,134 ;2,685 30,518 861 7,048 6,11016,489 2,167 December. . 43,877 8,909 4,356 352 2221,469 240 1,021 1,222 14,968 32,752 1,378 8,0416,164 17,159 2,216 1946—January 44,312 8,955 4,435 358 204 1,427 2471,039 1,22735,357 !3,081 1,296 9,0265,28217,470 2,276 February.., 44,422 8,837 4,460 311 1811,321 2461,056 1,24735,585 13,276 1,127 9,2715,177 17,694 2,309 March 43,739 8,857 4,494 321 1841,258 2411,073 1,273 34,882 12,538 920 8,944 44,929 17,740 2,344 1946—Jan. 30 44,453 8,875 4,447 329 188 1,379 2491,045 14 1,22435,578 33,296 1,182 9,2515,22917,628 2,282 Feb. 6.... 44,408 8,853 4,456 323 1821,350 2431,047 151,23735,555 33,270 1,163 9,2605,20317,634 10 2,285 Feb. 13. .. . 44,333 8,845 4,463 309 1831,334 2451,054 151,24235,48833,186 ,053 9,2605,186 17,680 2,302 Feb. 20 44,520 8,837 4,466 308 1791,309 2491,060 14 1,25235,683 33,359 ,139 9,3025,189 17,723 2,324 Feb. 27.... 44,428 8,813 4,454 306 180 1,292 244 1,064 1,25835,615 33,289 ,152 9,2615,129 17,741 2,326 Mar. 6.... 44,175 8,825 4,482 304 1761,272 248 1,063 1,26435,35033,022 ,132 9,0425,103 17,740 2,328 Mar. 13.... 44,108 8,835 4,492 314 1821,266 2411,070 10 1,26035,273 32,932 ,056 8,9925,08017,799 2,341 Mar. 20 43,461 8,869 4,506 325 1851,248 2431,071 15 1,2'7"6' 34,59232,252 819 8,9234,788 17,717 2,340 Mar. 27.... 43,210 8,894 4,493 342 1,245 2331,086 101,29234,31631,948 674 8,8174,745 17,707 5 2,368 Apr. 3 42,786 8,928 4,502 328 2191,226 2331,092 141,31433,858 31,511 728 8,358 4,70617,711 2,347 Apr. 10.... 42,862 8,926 4,526 342 1911,206 2371,098 14 33,936 31,598 854 8,2364,736 17,706 2,338 Apr. 17.... 42,925 8,893 4,506 315 1931,201 2381,105 111,324 34,032 31,684 871 8,349 4,74417,714 2,348 Apr. 24.... 42,782 8,914 4,497 326 1,186 2381,120 101,32833,858 31,529 789 8,313 4,71917,702 2,339 Back figures.—See Banking and Monetary Statistics, pp. 127-227. 510 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 a n d t v h - l - k e s v C a a i u n sh lt m b a w n a d e i n s c o t t e - k h i s c s m p u o a d s a d s t e n e i - - t d d s 1 s p p u v n c h a o a a i o e n i d r r l p r r d s a t - - - s - , - , S p s d s a i o i t u c i o n a v l a b d n i t i l t - e - s - s c C c h o a f e e e i e f n t e r f r c c d i d t s - . k i ' - s, U m G e . r o e n v n S - - t . s u p p v n c a h a o o a i e n 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 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 g n v S d v n t s - - - a t . l m D a e n b - d ank T s ime b F e a i n o g r k n - s r B 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 e a ts b n 2 - k tions tions Total 101 Cities 1945—March 9,643 596 2,152 37,42937,523 1,977 817 9,498 7,982 124 9,061 40 937 234 4,68364,932 1945—November.. 10,491 603 2,26639,75140,011 2,112 1,186 8,218 9,186 106 10,419 1,116 533 4,942 63,039 December.. 10,223 643 2,50737,59137,884 1,957 1,35916,2429,200 100 10,795 1,145 348 4,95978,116 1946—January 10,218 592 2,431 37,64837,888 1,997 1,25416,2379,372 102 10,790 1,189 200 4,99569,711 February.. 10,060 580 2,27137,66537,822 2,144 1,170 16,3779,482 119 10,121 1,221 303 5,03158,827 March 9,930 569 2,165 37,38637,413 2,177 1,16715,1199,567 126 9,787 1,240 508 5,05969,374 1946—Jan. 30.. 10,088 585 2,23838,02637,933 2,123 1,07316,2279,416 106 10,131 1,204 259 4,99514,929 Feb. 6. . 10,133 545 2,23137,82137,650 2,138 1,27316,2919,442 115 10,180 1,224 290 5,025 15,761 Feb. 13.. 10,110 604 2,309 37,54238,170 2,140 1,11716,348 9,464 117 10,212 1,229 350 5,029 13,140 Feb. 20.. 10,004 573 2,275 37,68737,727 2,141 1,19616,387 9,496 120 10,065 1,219 297 5,036 16,882 Feb. 27.. 9,99: 597 2,268 37,61037,741 2,160 1,09216,4819,526 123 10,026 1,214 275 5,035 12,933 Mar. 6.... 9,911 551 2,243 37,387 37,286 2,142 1,06815,8439,554 123 10,099 1,226 361 5,055 16,456 Mar. 13.... 10,051 593 2,237 '•37,606r3 7,950 2,159 1,205 15,6379,563 126 10,008 1,238 626 5,056 14,516 Mar. 20.... 9,886 562 2,110 37,435 37,426 2,165 1,19214,4599,569 126 9,690 1,244 429 5,061 16,828 Mar. 27.... 9,871 569 2,07137,116 36,990 2,243 1,20214,5369,582 127 9,352 1,251 614 5,065 14,933 Apr. 3 9,80' 536 2,116 36,553 36,320 2,281 1,41014,0089,597 131 9,629 1,269 628 5,084 18,768 Apr. 10.... 9,816 580 2,15 37,25937,126 2,288 1,13113, ,622 128 9,531 1,267 268 5,09314,981 Apr. 17.... 9,868 564 2,226 37,74837,912 2,308 1,30013,6379,638 130 9,634 1,259 261 5,09316,143 Apr. 24.... 9,958 591 2,14138,08937,959 2,308 1,18813,334 9,670 130 9,378 1,258 282 5,10314,504 New York City 1945—March 3,540 95 13,68114,026 235 442 3,929 952 2,859 844 130 1,80628,924 1945—November.. 3,809 98 25 14,71115,127 261 3,077 1,100 3,138 992 227 1,89428,423 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 13,53413,934 214 739 6,263 1,118 3,356 1,059 119 1,92234,165 February. . . 3,628 94 13,60013,950 264 712 6,252 1,132 3,141 1,092 143 1,93727,425 March , 3,563 87 13,44513,790 230 701 5,723 1,137 3,014 1,114 322 1,94332,831 1946—Jan. 30. .. 3,631 92 13,72814,033 268 588 6,2241,123 3,154 1,076 130 1,919 7,080 Feb. 6... 3,64 13,72813,982 266 823 6,234 1,125 3,156 1,096 154 1,936 7,462 Feb. 13... 3,63: 96 13,46113,928 281 64 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 26: 628 6,266 1,141 3,091 1,086 129 1,935 5,652 Mar. 6.... 3,527 85 2313,48913,788 213 627 6,012 1,134 3,118 1,102 193 1,944 7,795 Mar. 13.... 3,575 90 2913,46013,889 244 744 5,928 1,135 3,082 1,110 509 1,945 6,930 Mar. 20.... 3,551 83 2813,38613,691 227 706 5,467 1,136 2,992 1,117 261 1,943 8,030 Mar. 27.... 3,598 89 6113,44513,794 236 725 5,486 1,142 2,864 1,125 324 1,942 6,695 Apr. 3 3,595 83 11013,37713,653 253 906 5,265 1,144 2,996 1,140 210 1,955 9,360 Apr. 10 3,533 91 13,42513,759 259 669 5,240 1,145 2,976 1,139 126 1,956 7,167 Apr. 17.... 3,549 13,58 13,998 244 803 5,127 1,147 3,075 1,128 94 1,955 7,576 Apr. 24 3,629 13,86414,182 261 5,004 1,155 2,948 1,123 113 1,955 6,505 Outside New York City 1945—March 6,103 501 2,120 23,74823,49: 1,742 5,569 7,030 105 6,202 93 2,87736,008 1945—November.. 6,682 505 2,241 25,04024,884 1,851 46C 5,141 8,086 7,281 124 306 3,048 34,616 December.. 6,587 53 2,478 24,04323,883 1,763 497 9,881 8,110 7,460 129 108 3,059 41,070 1946—January. . . 6,564 501 2,403 24,11423,954 1,783 9,974 ,254 7,434 130 81 3,073 35,546 February.. 6,432 486 2,246 24,06523,872 1,880 45810,125 ,350 95 6,980 129 160 3,094 31,402 March 6,36' 2,129 23,94123,623 1,94" 9,396 ,430 100 6,773 126 186 3,116 36,543 1946—Jan. 30. 6,45 493 2,214 24,29823,900 1,855 48510,003 85 6,977 128 129 3,076 7,849 Feb. 6. . 6,486 460 2,20524,09323,668 1,872 45010,05 ,317 93 7,024 128 136 3,089 8,299 Feb. 13.. 6,478 508 2,28224,08124,242 1,859 47010,098 ,339 94 7,029 130 191 3,092 7,087 Feb. 20. . 6,374 478 2,25024,12023,829 1,89 44810,130 ,358 95 6,929 129 167 3,096 8,679 Feb. 27.. 6,389 49 2,24: 23,96"23,750 1,898 46410,215 ,385 98 6,935 128 146 3,100 7,281 Mar. 6.. 6,384 466 2,220 23,89823,498 1,929 441 9,831 ,420 97 6,981 124 168 3,111 8,661 Mar. 13.. 6,476 503 2,208 '24,146'24,061 1,915 461 ••9,70(J ,428 99 6,926 128 117 3,111 7,586 Mar. 20.. 6,335 479 2,08: 24,04923,735 1,938 486 8,992 ,433 101 6,698 127 168 3,118 8,798 Mar. 27.. 6,273 480 2,010 23,67123,196 2,007 47 9,050 ,440 101 6,488 126 290 3,123 8,238 Apr. 3.. 6,212 453 2,00623,17622,66 2,028 504 8,743 ,453 105 6,633 129 418 3,129 9,408 Apr. 10.. 6,283 489 2,09' 23,83423,36 2,029 462 8,683 ,477 108 6,555 128 142 3,137 7,814 Apr. 17.. 6,319 481 2,19924,16123,914 2,064 497 8,510 ,491 110 6,559 131 167 3,138 8,567 Apr. 24.. 6,329 501 2,11 24,22523,77^ 2,047 494 8,330 ,515 110 6,430 135 169 3,148 7,999 » Revised. 1 Demand deposits other than interbank and U. S. Government, less cash items reported a3 in process of collection. 1 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. MAY 1946 511 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 t m a c n a c r u g i u i d n e a r a r l d u a r l - i l , - - l s- G U a t l T i o i n o o g . o b d n a v - S b - s t . d . ro e O a k c t l s e u t i e e h e r r r - s s i e s - r G t l U i T o i o o g b . o v n a - S - s t o . . t O h c t e u t i h e r n s s e - r e R l s e o t a a a l n t - s e b L a o t n a o k n s sO l t o h a e n r sTotal Total Bills o d c C n t f e a e i e f e d t b i s i e r - n - t s - s - - Notes Bonds G t a e u n e a - d r- O s ri e t t h c i e u e r s - Boston Mar. 27 3,329 809 483 39 23 41 18 72 129 2,520 2,434 30 544 357 1,503 86 Apr. 3 3,296 813 487 43 17 40 18 72 130 2,483 2,396 70 465 349 1,512 87 Apr. 10 3,292 822 495 40 21 40 18 72 130 2,470 2,38: 66 450 355 1,511 88 Apr. 17 3,293 824 489 43 20 40 18 72 138 2,469 2,384 57 458 359 1,510 85 Apr. 24 3,287 811 497 29 20 41 17 73 130 2,476 2,390 64 458 356 1,512 86 New York* Mar. 27 25,027 7,175 3,119 1,732 572 739 215 155 58517,85: 16,655 162 3,471 ,54610,475 1,197 Apr. 3 24,752 6,723 3,152 1,256 567 727 205 154 59018,02916,840 423 3,297 ,59110,528 1,189 Apr. 10 24,758 6,683 3,183 1,257 534 704 207 156 59618,07516,889 477 3,249 ,567 10,595 ,1189 Apr. 17 24,868 6,512 3,151 1,108 533 687 209 156 59818,356 17,169 576 3,327 53710,728 1,187 Apr. 24 24,796 6,458 3,120 1,070 553 678 210 157 60318,33817,170 506 3,3432,539 10,781 1,168 Philadelphia Mar. 27 2,733 566 270 12 31 59 10 35 148 2,167 1,961 85 396 242 1,238 206 Apr. 3 2,704 567 271 10 30 58 10 36 151 2,13 1,933 70 375 246 1,242 204 Apr. 10 2,689 567 273 9 32 55 10 36 151 122 1,927 62 372 267 1,226 195 Apr. 17 2,697 573 272 9 31 59 10 38 153 124 1,930 67 370 266 1,227 194 Apr. 24 2,665 576 269 10 34 61 9 38 154 2,089 1,896 71 349 266 1,210 193 Cleveland Mar. 27 5,296 1,128 447 74 24 248 13 162 160 4,168 3,881 1,025 551 2,261 287 Apr. 3 5,241 1,136 447 73 32 248 14 163 159 4,105 3,822 40 973 544 2,265 283 Apr. 10 5,234 1,141 454 74 26 250 14 164 159 4,09; 3,810 31 974 540 2,265 283 Apr. 17 5,233 1,132 448 68 27 249 14 166 160 4,101 3,816 19 973 546 2,278 285 Apr. 24 5,258 1,132 447 66 31 242 14 169 163 4,126 3,841 33 966 553 2,289 285 Richmond Mar. 27 2,204 413 186 6 6 77 9 51 76 ,791 1,716 42 435 187 1,052 75 Apr. 3 2,186 412 186 6 6 74 9 52 77 ,774 1,698 35 428 185 1,050 76 Apr. 10 2,198 419 187 7 7 74 10 53 79 ,779 1,704 41 428 190 1,045 75 Apr. 17 2,199 416 185 6 7 74 9 53 80 ,783 1,707 42 433 190 1,042 76 Apr. 24 2,195 412 183 6 7 71 9 53 81 ,783 1,707 42 434 190 1,041 76 Atlanta Mar. 27 2,272 505 244 1 9 119 9 27 95 ,767 1,617 42 497 225 852 150 Apr. 3 2,236 503 241 1 10 118 9 27 95 ,733 1,582 43 465 223 849 151 Apr.. 10 2,244 498 240 1 10 116 9 26 94 ,746 1,595 54 465 222 852 151 Apr. 17 2,254 498 238 1 10 116 10 27 95 1,756 1,605 57 475 223 848 151 Apr. 24 2,252 497 237 1 10 115 10 27 96 1,755 1,602 54 492 221 833 153 Chicago* Mar. 27 9,500 1,838 994 152 38 251 67 173 163 7,662 7,058 105 2,378 1,037 3,538 604 Apr. 3 9,349 1,841 997 131 59 245 66 176 167 7,508 6,916 59 2,291 1,024 3,542 593 Apr. 10 9,460 1,847 1,015 145 41 236 67 177 166 7,613 7,020 202 2,254 ,031 3,533 592 Apr. 17 9,446 1,816 1,005 128 40 230 68 179 166 7,630 7,024 221 2,228 1,022 3,553 606 Apr. 24 9,409 1,839 988 156 48 69 181 169 7,570 6,973 170 2,254 995 3,554 597 St. Louis Mar. 27 2,141 606 341 2 6 61 15 73 106 1,535 ,400 10 290 261 839 135 Apr. 3 2,130 610 338 5 7 60 15 73 110 1,520 ,386 15 278 268 825 134 Apr. 10 2,137 604 336 5 6 60 15 74 106 1,533 ,398 23 280 260 835 135 Apr. 17 2,139 607 336 3 7 61 15 74 109 1,532 ,396 27 275 261 833 136 Apr. 24 2,130 600 331 3 7 59 16 75 107 1,530 ,396 30 275 263 828 134 Minneapolis Mar. 27 1,357 230 109 1 3 35 5 28 49 1,127 ,069 20 235 149 665 58 Apr. 3 1,352 233 110 1 4 34 5 28 50 1,119 ,062 21 225 149 667 57 Apr. 10 1,348 229 106 1 3 33 5 29 51 1,119 ,062 17 228 146 671 57 Apr. 17 1,348 225 103 1 3 32 5 29 51 1,123 ,065 20 227 147 671 58 Apr. 24 1,338 224 101 1 4 31 5 30 52 1,114 ,055 11 225 146 673 59 Kansas City Mar. 27 2,453 422 238 3 5 51 9 43 73 2,031 ,869 59 574 351 885 162 Apr. 3 2,437 422 238 2 5 51 9 43 74 2,015 ,860 70 549 346 895 155 Apr. 10 2,439 421 238 2 4 50 9 43 75 2,018 ,863 73 548 346 896 155 Apr. 17 2,448 419 236 2 4 49 9 44 75 2,029 ,874 90 553 348 883 155 Apr. 24 2,417 418 236 3 4 46 9 44 76 1,999 1,845 85 539 345 876 154 Dallas Mar. 27 2,151 682 405 1 6 127 27 35 81 ,469 1,404 49 480 209 666 65 Apr. 3 2,141 691 411 1 9 124 27 36 83 ,450 1,384 47 457 212 666 66 Apr. 10 2,132 682 404 1 6 124 27 36 84 ,450 1,385 53 454 215 663 65 Apr. 17 2,144 689 412 1 9 123 27 33 ,455 1,391 62 457 215 657 64 Apr. 24 2,138 690 405 1 10 124 27 38 ,448 1,384 54 459 214 657 64 San Francisco Mar. 27 7,512 ,316 628 43 34 140 29 298 6,196 5,754 137 1,619 934 3,060 442 Apr. 3 7,423 ,321 628 46 33 138 30 297 149 6,102 5,659 146 1,542 920 3,047 443 Apr. 10 7,407 ,311 629 44 29 133 31 297 148 6,096 5,654 144 1,542 914 3,050 442 Apr. 17 7,446 ,314 634 44 29 134 31 299 143 6,132 5,689 138 1,570 915 3,062 443 Apr. 24 7,455 ,335 654 42 29 134 32 300 6,120 5,676 1,550 914 3,066 444 City of Chicago* Mar. 27 5,684 ,265 742 147 32 161 58 38 4,419 4,027 85 1,513 553 1,876 392 Apr. 3 5,552 ,269 744 127 53 157 57 41 4,283 3,903 18 1,448 546 1,891 380 Apr. 10 5,643 ,271 757 141 36 149 58 41 4,372 3,991 131 1,420 559 1,881 381 Apr. 17 5,621 1,239 749 123 35 144 59 41 4,382 3,989 148 1,399 551 1,891 393 Apr. 24 5,600 1 262 736 153 41 143 60 41 4,338 3,954 114 1,396 554 1,890 384 * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table, The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 512 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES fin millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic d F i e s d tr e i r c a t l a R nd e se d r a v t e e B s w F e R e a e r i r e n a t d v h - l k - e s C va a i u n sh lt m 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 d t s e n e i - - t d 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 c i o n a v l a b d n i t i l t - e - s - s c C c h o a f e e e i f e n t e f r r c c d i t d s - . k i ' - s U m G e e o . r n n v S t - - . s u p p n c a h v a o o a n e i i l p r d r r r d s a - - t s - , - - , s p s d s t a i i o 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 i e a o n . a r o n e s g n v v d n S t s - - a - t . l m D a e n b - d ank T s ime b F e a i o n g r k n - s B r i o n o w g r s - - c C o i a a u t c a p n - l - ts B d i e t a s b n 2 - k tions tions Boston (6 cities) Mar. 27 451 57 107 2,119 2,095 114 33 442 281 24 14 291 674 Apr. 3 450 55 111 2,108 2,086 116 32 777 443 291 24 7 292 735 Apr. 10 454 59 113 2,115 2,089 123 35 774 444 292 23 7 292 617 Apr. 17 456 59 119 2,122 2,121 124 38 758 446 304 24 9 293 754 Apr. 24 453 63 117 2,126 2,103 123 37 741 447 302 24 17 293 655 New York (8 cities)* Mar. 27. 3,857 121 14714,79914,904 511 755 5,8851.808 2,928 1,127 338 2,100 7,042 Apr. 3 3,861 114 19314,74514,756 553 941 5,6561,812 3,061 1,142 244 2,114 9,918 Apr. 10 3,778 123 14514,79114,876 541 700 5,6281,814 3,042 1,141 138 2,115 7,593 Apr. 17 3,801 116 12014,96415,140 525 839 5,5071,816 3,142 1,131 110 2,114 8,019 Apr. 24 3,894 123 11915,22515,316 518 733 5,3751,825 3,014 1,126 126 2,114 6,912 Philadelphia (4 cities) Mar. 27 421 33 87 1,776 1,818 74 36 654 227 360 10 12 256 644 Apr. 3 421 30 85 1,761 1,807 74 25 629 228 364 10 7 257 718 Apr. 10 409 33 78 1,744 1,777 89 24 626 229 355 9 5 258 637 Apr. 17 411 13 90 1,747 1,812 79 28 616 228 365 10 21 257 661 Apr. 24 420 33 79 1,733 1,808 62 25 603 230 364 10 13 258 653 'Cleveland (10 cities) Mar. 27 719 76 179 2,919 2,927 153 50 1,0371,261 514 4 34 485 884 Apr. 3 727 75 178 2,915 2,907 153 62 9921,262 515 4 34 485 927 Apr. 10 742 76 184 2,931 2,922 158 49 989 265 517 4 29 486 789 Apr. 17 744 74 188 2,945 2,966 160 58 9691,267 520 4 34 486 946 Apr. 24 724 77 180 2,980 2,981 157 52 9501,273 495 4 38 487 938 Richmond (12 cities) Mar. 27 316 39 137 1,299 1,301 91 34 474 355 382 5 5 140 415 Apr. 3 344 36 139 1,318 1,309 93 32 457 358 378 5 15 140 422 Apr. 10 345 39 145 1,339 1,336 93 29 454 359 390 5 8 141 384 Apr. 17 353 38 150 1,353 1,345 98 42 445 359 397 5 12 141 42 7 Apr. 24 334 40 140 1,345 1,336 96 30 436 360 382 6 10 142 383 Atlanta (8 cities) Mar. 27 370 31 136 1,300 1,201 209 18 415 427 539 5 126 405 Apr. 3 380 28 144 1,289 1,196 213 17 398 429 546 5 127 422 Apr. 10 381 30 153 1,309 1,224 209 16 395 430 551 1 127 389 Apr. 17 366 29 154 1,325 1,250 213 16 386 431 540 127 429 Apr. 24 364 30 146 1,331 1,241 212 14 382 432 512 12 128 404 -Chicago (12 cities)* Mar. 27 1,412 304 4,927 4,803 468 78 2,119 1,873 1,631 129 601 2,239 Apr. 3 1,267 78 280 4,490 4,392 456 109 2,034 1,874 1,733 222 603 2,890 Apr. 10 1,361 93 366 5,098 4,971 461 92 2,025 1,884 1,619 33 603 2,013 Apr. 17 1,408 91 408 5,235 5,133 497 91 1,979 1, 1,607 23 603 2,124 Apr. 24 1,435 94 401 5,283 5,114 515 91 1,933 1,896 1,590 15 605 1,920 .St. Louis (5 cities) Mar. 27 33: 2: 115 1,056 1,104 69 15 443 351 590 36 136 387 Apr. 3 333 21 144 1,06 1,10' 68 18 424 352 608 43 136 427 Apr. 10 335 2: 116 1,076 1,127 68 16 422 353 608 16 136 369 Apr. 17 33. 21 110 1,085 1,156 67 16 414 355 597 16 136 403 Apr. 24 334 23 109 1,095 1,138 69 17 405 355 585 20 137 380 Minneapolis (8 cities) Mar. 27 19: 10 86 67 649 91 11 331 217 327 10 87 243 Apr. 3 192 10 86 680 660 87 11 321 216 334 4 255 Apr. 10 198 11 89 69 665 96 11 319 218 333 257 Apr. 17 198 11 86 694 669 90 10 314 219 326 268 Apr. 24 195 11 88 692 666 89 15 307 219 323 221 Kansas City(12 cities) Mar. 27 436 23 257 1,412 1,356 189 25 453 299 828 150 456 Apr. 3 448 21 260 1,400 1,343 185 27 43 300 841 150 457 Apr. 10 441 2. 263 1,41 1,37 178 25 436 301 840 150 400 Apr. 17 430 2: 282 1,438 1,409 176 24 426 301 838 151 476 Apr. 24 435 23 273 1,431 1,392 181 24 417 302 828 151 433 Dallas (9 cities) Mar. 27 375 25 248 1,412 1,396 101 29 433 278 540 139 392 Apr. 3 396 23 215 1,408 1,378 106 28 41 278 535 139 392 Apr. 10 391 24 235 1,394 1,385 97 29 414 279 554 143 382 Apr. 17 376 24 251 1,417 1,420 94 30 405 280 560 143 412 Apr. 24 376 25 225 1,393 1,411 91 32 396 281 551 144 382 . San Francisco (7cities) Mar. 27 990 49 268 3,420 3,436 173 118 1,484 2,044 432 554 1,162 Apr. 3 988 45 281 3,37: 3,379 177 108 1, ,045 423 553 1,204 Apr. 10 981 47 270 3,355 3,382 175 105 1,4412,046 430 554 1,151 Apr. 17 992 48 268 3,42, 3,491 185 108 1,4182,047 438 554 1,224 Apr. 24 994 49 264 3,455 3,453 195 118 1,3892,050 432 555 1,223 «City of Chicago* Mar. 27 884 28 92 2,866 2,901 192 1,368 763 1,175 118 379 1,470 Apr. 3 725 25 79 2,442 2,504 189 1,314 762 1,267 197 380 2,145 Apr. 10 833 38 164 3,047 3,079 187 1,307 768 1,156 380 1,341 Apr. 17 885 37 3,150 3,202 216 1,278 770 1,140 380 1,369 Apr. 24 38 3, 173 3,184 224 1,248 774 1,127 381 1,260 * See note on page 512. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * Debits to demand deposit accounts except interbank and U. S. Government accounts. :MAY 1946 513 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 Others' I U S m i n t n p a i t o t t o e e r s d ts E U S f x n t r p a o i o t t m e e r d s ts ex D c o h l a l n ar ge G U o s n h o i i d t p e s p p d o e s i d t n o t r b s e e F d i t n o w r in e e i e g n o n r States countries 1944—December 166 129 93 44 50 35 86 14 (») 25 3 1945—January 162 130 98 48 50 32 86 13 (») 25 5 February 157 126 97 52 46 29 87 12 24 4 March 147 128 96 54 42 32 87 11 25 4 April 119 117 90 52 38 26 81 10 i 24 2 May 103 104 82 51 32 22 72 9 22 2 June 101 107 80 44 36 27 74 10 20 3 July 107 117 90 45 45 «26 81 9 8 22 4 August 110 128 101 50 50 28 91 10 25 2 September 111 135 104 52 52 31 98 11 8 23 3 O N D c o e t c v o e e b m m er b b e e r r 1 1 1 5 2 5 9 7 6 1 1 1 5 3 4 4 5 5 1 1 1 1 0 0 2 0 7 5 6 5 3 4 8 4 4 4 6 8 9 3 3 4 5 8 2 1 1 9 0 0 5 3 0 1 1 1 2 8 5 ( (» 3 ) ) 2 2 2 2 6 3 6 6 7 1946—January 174 166 126 71 55 40 109 20 (•) 29 8 February 178 167 128 74 53 39 109 18 (3) 31 9 March 172 163 119 64 55 242 104 17 (3) 33 8 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, and Mar. 31, 1946, when their holdings were $486,000 and $2,016,000, respectively. 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 tMember firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Debit Debit cre C d u it s t b o a m la e n rs c ' es1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )1 es a in n a v d c e c t s o r t a u m d n e i t n s n g t a in n a v d c e c t s o r t a u m d n e i t n s n g t a b n a d n k in s borrowed2 Free O (n th et e ) r a i I n n n a v d c p e c t s a o r t r a u m t d n n e i t e n s n r g s t ' 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— D jUe n c e ember... 1,0 8 4 8 1 7 5 7 2 2 5 6 3 0 2 1 0 9 9 6 6 7 1 2 9 6 4 47 2 2 4 9 9 6 5 1 1 5 8 1 8 1 2 2 2 1 7 6 1945—April 81,065 »701 3575 May 81,094 •742 8583 June 1,223 11 333 220 853 549 121 14 13 264 July 81,141 3824 8580 August 81,100 8758 3573 September. . 81,084 »762 8594 October 81,063 3743 3632 November. . 81,095 8711 8639 December .. 1,138 12 413 313 795 654 112 29 13 299 1946—January.... 81,168 3 734 3727 February... 31,048 3 645 3 760 March 3936 3 622 3 712 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). 1 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): January, 193; February, 172; March, 165. 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 monthlyjigures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. 514 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES U.S. Government [Per cent per annum] Stock security yields mo Y w n e e t a e h r k , , or m m 4 p P c - o e a r o t r i n p m o m c t e h i r 6 - e a , s - l 1 a P a b d c n e a r c a 9 i c r n e y m 0 s e k p ' s s e - 1 t , - ch n l c a e o r a e a x e l a n w s l - - n 5 l g - e m b o i 3 l n l - s t * h 9 d c m - o c e e t a f o r b o t t n t i i e e f n t 1 s i h d - 2 - - - 3 t - n a y x o t e o a t a e b r 5 s l - e 1 1 9 9 3 3 7 8 a av v e e r r a a g g e e 1 1 . . . . . . 19 T 2 2 o . . c 5 5 t i a 9 3 ti l es Y N C 1 1 . . o e i 6 7 t r w 9 3 y k E e 7 N r c a 2 2 n O o i s . . t 7 r 8 t i t a e t e h 5 8 h n s r e - n d r 1 W e 1 r c 3 3 n e S i . . t s 2 2 o i t a e 6 5 e u n s r t d n hness 1939 average.... 2.78 2.07 2.87 3.51 1943 average . . . .69 .44 1 00 373 75 1.34 1940 average 2.63 2.04 2.56 3.38 1944 average .73 .44 .00 .375 .79 1.33 1941 average.... 2.54 1.97 2.55 3.19 1945 average . . . .75 .44 .00 .375 .81 1.18 1942 average.... 2.61 2.07 1943 average.... 2.72 2.30 1945—April. . .. .75 .44 .00 .375 .77 1.14 1944 average.... 2.59 2.11 M^ay 75 .44 .00 .375 .80 1.16 1945 average.... 2.39 1.99 2.51 2.73 June .75 .44 .00 375 81 1.16 July .75 .44 .00 .375 .80 1.16 1941—December. 2.41 1.88 2.45 2.99 August.... .75 .44 .00 .375 .82 1.17 September. .75 .44 L.00 .375 .84 <1.19 1942—March 2.48 1.85 2.48 3.20 October. . . .75 .44 LOO .375 .83 1.17 June 2.62 2.07 2.56 3.34 November. .75 .44 LOO .375 .84 1.14 September 2.70 2.28 2.66 3.25 December.. .75 .44 LOO .375 .84 U.15 December. 2.63 2.09 2.63 3.26 1946—January... .75 .44 LOO .375 .79 1.10 1943—March. . . 2.76 2.36 2.76 3.24 February.. .75 .44 L.00 .375 .76 1.03 June 3.00 2.70 2.98 3.38 March .75 .44 LOO .375 .79 .99 September 2.48 2.05 2.71 2.73 April .75 .44 LOO .375 .81 1.12 December. 2.65 2.10 2.76 3.17 Week ending: 1944—March.. .. 2.63 2.10 2.75 3.12 Mar. 30. .. 7A« L.00 .375 .81 1.03 June 2.23 2.55 3.18 Apr. 6 Vie LOO .375 .80 1.07 September 2.18 2.82 3.14 Apr. 13 7/« LOO .375 .80 1.12 December. 1.93 2.61 2.65 Apr. 20 Vi« LOO .375 .80 1.14 Apr. 27 H 7A« LOO .375 .82 1.16 1945—March 2.53 1.99 2.73 2.91 June 2.50 2.20 2.55 2.80 ^Monthly figures are averages of weekly prevailing rates. September 2.45 2.05 2.53 2.81 '.The average rate on 90-day stock exchange time loans was 1.25 per December. 2.09 1.71 2.23 2.38 cent during the entire period. 1 Rate on new issues offered within period. 1946—March.... 2.31 1.75 2.34 2.93 * From Sept. 15 to Dec. 15, 1945, included Treasury notes of Sept. 15, 1948, and Treasury bonds of Dec. 15, 1950; beginning Dec. 15, 1 Prior to March 1939 figures were reported monthly on a basis not 1945, includes only Treasury bonds of Dec. 15, 1950. strictly comparable with the current quarterly series. Back figures.—See Banking and Monetary Statistics, Tables 120-121 Back figures.—See Banking and Monetary Statistics, Tables 124-125 pp. 448-459, and the BULLETIN for May 1945, pp. 483-490. pp. 463-464; for description, see pp. 426-427. BOND YIELDS 1 [Per cent per annum] U. S. Government Corporate (Moody's)4 7 to 9 15 years and Munic- Corpo- Year, month, years over ipal rate By ratings By groups or week g ( r h a i d g e h ) - 2 g ( r h a i d g e h ) - 3 Total T ab a l x e - P e l x a y e r t m t i a a x p l t - T ab a l x e - Aaa Aa A Baa In tr d i u al s- R ro a a i d l- 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 L98 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 L92 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 L.66 2.37 1.67 2.54 2.87 2.62 2.71 2.87 3.29 2.68 3.06 2.89 1945—April 1.62 L68 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 L68 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 L63 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 t.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 L68 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 L56 2.33 1.70 2.54 2.82 2.62 2.68 2.81 3.15 2.64 2.99 2.81 December. 61.38 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 (8) 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 April 1.36 (6) 2.08 1.45 2.37 2.67 2.46 2.56 2.69 2.96 2.57 2.78 2.65 Week ending: 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 Apr. 6. . 1.29 (6) 2.04 1.44 2.36 2.66 2.46 2.54 2.68 2.94 2.55 2.78 2.64 Apr. 13.. 1.31 (6) 2.03 1.44 2.36 2.65 2.46 2.54 2.67 2.94 2.56 2.77 2.64 Apr. 20.. 1.37 (6) 2.08 1.44 2.36 2.66 2.46 2.55 2.68 2.95 2.56 2.78 2.64 Apr. 27.. 1.44 (6) 2.14 1.49 2.39 2.69 2.48 2.58 2.71 2.98 2.59 2.81 2.67 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. s Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have been reduced from 10 to 3, 6, and 9 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 7, 6, and 9 issues, respectively. * Beginning Dec. 15, 1945, includes Treasury bonds of June 1952-54, June 1952-55, December 1952-54, and March 1956-58. • 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. MAY 1946 515 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 l t u ra m d e - Year, month, or week m U G e e r o . n n S v - t . - 2 g M ( r i h a p u i d a n g e l h i ) c - 3 - H gr i a g d h e - Mediu In m d - u s a - nd l R o a w il e - r-gra P d u e blic fau D lt e e - d fer P re re d - 6 Total In tr d ia u l 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 Total trial road utility Number of issues 1-9 15 50 10 20 15 402 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—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 101.74 141.3 122 117.9 122.1 115.0 116.5 77.5 191.2 118 120 135 101 1,357 June 102.38 141.5 122 118.1 122.2 115.5 116.7 81.4 190.9 121 122 144 106 1,828 July 102.46 141.6 122 117.9 122.2 115.2 116.4 80.4 189.6 118 119 140 108 951 August 102.22 138.8 121 117.2 121.7 114.4 115.5 75.6 188.1 118 119 131 107 ,034 September 102.02 137.0 121.6 117.1 121.4 114.4 115.6 74.5 186.7 126 128 138 111 ,220 October 102.38 137.7 121.9 117.7 122.0 115.3 115.7 76.6 188.0 132 135 145 114 ,556 November 102.60 139.0 122.0 118.3 122.5 116.6 116.0 78.9 192.2 137 139 154 121 ,961 December 102.68 140.1 121.9 119.0 123.1 117.5 116.2 82.1 195.3 140 142 157 120 ,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 ,185 February 106.03 143.4 124.5 120.0 124.4 119.6 116.1 85.4 200.5 143 146 160 124 .776 March 106.46 143.4 124.5 120.1 124.5 119.9 115.9 82.7 203.1 142 145 154 123 ,116 April 106.61 144.1 124.3 119.9 124.4 119.6 115.8 83.6 204.9 152 156 157 128 1,391 Week ending: 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 Apr. 6 107.38 144.4 124.5 120.2 124.7 120.2 115.8 85.0 205.3 149 153 158 127 1.505 Apr. 13 107.38 144.4 124.4 120.1 124.4 120.0 115.9 84.5 204,7 152 157 157 128 1,406 Apr. 20 106.68 144.4 124.5 120.0 124.4 119.7 115.9 83.9 204.7 153 158 158 128 1,461 Apr. 27 105.58 143.3 124.2 119.6 124.1 118.8 115.8 81.8 204.7 152 157 155 128 1,349 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 n r n n e e g d d - w ) - m T e a ( e f i o d g n o s t o 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 * - - Total Co B n r a p o o n o n t d e r d s a s te Stocks e F i o g r n - * 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 11O 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 2,178 288 15 1945 7,958 1,764 1,752 471 26 1,255 602 654 12 6,194 6,146 324 912 4,911 4,256 655 1945—March.. . . 563 92 92 24 68 33 35 471 471 150 25 296 265 31 4a April 761 130 126 19 •'"6* 101 50 51 4 631 631 30 46 555 530 25 May 584 187 186 28 158 103 55 1 397 395 9 19 367 272 95 June 169 52 52 43 8 1 1 117 117 8 30 79 79 July 1,229 249 249 35 2, 212 34 178 981 981 31 200 750 623 127 "'2 August. . . 510 144 144 37 107 64 43 366 366 7 20 338 297 41 September. 879 142 142 37 105 35 70 737 732 9 17 705 645 60 '"5 October... 1,338 243 238 29 209 103 106 '"'s' 1,096 1,070 38 42 989 820 169 November. 223 94 94 34 60 28 31 129 129 7 44 78 60 18 December. 838 243 241 80 161 107 54 594 594 3 255 337 282 55 1946—January.. . 346 200 200 68 1 131 10 122 146 146 3 30 113 55 58 26 February.. 350 65 65 18 47 5 42 284 284 20 264 247 17 March.... 557 223 222 79 16 127 17 111 1 334 311 4 23 284 238 46 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 1 Includes issues of noncontiguous U. S. Territories and Possessions. "23 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. 516 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES * PROPOSED USES OF PROCEEDS, ALL ISSUERS fin millions of dollars] Proposed uses of net proceeds Year or month E p s r t o g i c r m o e s e a s d te s d 2 E p s r t o i n c m e e t e a d te s d 3 Total N P e e q l w a u n ip m t m o an n e d n ey t W ca o p rk it i a n l g Tot R al etirem B e o n n n t o d o t s e f s a s n e d cur P it r i s e e t s f o e c r k red R o e th p e a r o y f m de e b n t t pu O rp th o e s r es 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—September 463 453 29 18 11 415 375 40 2 7 October 742 729 125 10 115 594 570 24 3 7 November 380 373 33 17 17 338 224 115 1 December 182 178 66 9 57 109 106 3 3*" 1945—January 281 275 35 14 21 240 221 19 February 215 212 28 16 12 177 160 17 5 1 March 226 221 48 28 19 171 158 13 1 2 April 643 632 102 55 47 513 501 12 14 3 May 496 485 136 49 88 331 278 53 12 6 June 92 91 5 1 3 79 72 7 1 6 July 944 925 190 147 43 719 581 138 5 11 August 440 433 80 41 39 297 278 19 50 6 September 795 780 99 50 49 668 634 35 1 12 October 1,077 1,057 150 97 53 854 798 56 19 34 November 121 117 20 7 13 70 51 19 4 22 December 470 462 103 75 27 327 286 41 12 19 1946—January 253 245 111 63 49 118 56 62 5 10 February 297 291 37 17 20 238 222 16 2 15 March 417 405 99 55 44 287 257 30 2 17 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 "is" 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 4 4 1944 602 102 500 1,400 40 1,343 17 1,033 454 504 76 107 61 42 3 1945 1,436 115 1,320 2,196 61 2,083 51 1,865 732 984 149 194 88 60 47 944—September.. 189 10 179 167 5 155 6 91 12 77 3 6 2 4 October. . .. 36 2 35 499 9 485 5 191 115 74 3 3 2 November.. 52 4 48 272 7 265 47 22 23 1 2 1 1 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 1 18 7 6 5 March.... 124 2 122 93 41 50 2 4 4 April 360 14 346 139 12 127 1 118 64 38 15 15 12 1 1 May 75 18 57 184 1 183 223 117 89 17 2 2 J une 30 30 59 3 49 7 2 1 1 July .... 105 12 93 301 4 297 480 163 301 16 40 11 29 August 84 10 74 115 1 110 4 221 63 111 47 13 6 2 5 September.. 270 4 266 371 364 6. 130 87 38 6 10 8 1 October.. .. 246 27 219 565 "is' 523 26 218 89 107 23 27 19 5 4 November 42 2 35 5 49 17 26 6 27 1 10 15 December. . 68 19 50 200 23 169 8 166 51 106 9 27 9 3 15 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 March 192 2 190 78 1 76 126 94 13 19 10 2 8 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. ! 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. MAY 1946 517 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 r t n e o e d n l c M e h r i a y n - - t b o A i m l u e o - s - e p t O m r q t o a i t u e r o h n t i n n e a s p t r - - - f m e p N u a r r e c r n o 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 a d e - s r t F b o a o e a b g v n o a e e d d c s r c s , - , o p r r a e i i o O n n f n d i i g g d n l u - c- c I h n t c r e d a i m a u 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 i e l v s u a s - - - s pr N of e i t ts1 fe P D r r r e e i - v d ide C n m 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 ... 1,918 '188 156 '243 169 '108 '88 199 '223 '187 '154 '203 '983 85 612 Quarterly 1942—1 413 52 38 46 2 46 36 19 32 35 39 39 31 205 21 134 2 358 52 35 25 2 43 32 18 32 27 35 27 32 174 23 135 3 4 5 4 5 4 3 5 5 72 1 3 49 6 9 4 2 6 2 2 5 4 0 3 3 3 6 4 3 2 0 2 4 44 2 4 4 9 2 4 48 1 3 35 5 5 46 2 2 2 9 1 6 3 2 23 0 1 1 5 2 8 5 1943—1 430 52 39 47 2 48 34 19 39 36 41 36 39 209 21 127 2 ... 433 47 41 50 2 46 32 22 37 42 41 36 38 221 22 132 3 4 4 47 6 7 1 5 5 1 3 4 4 1 5 5 5 2 3 2 2 4 46 1 3 3 1 1 2 2 0 3 4 4 3 3 4 5 9 8 4 4 0 7 3 3 9 8 5 4 0 4 2 2 2 4 6 6 2 2 1 2 1 1 2 7 7 0 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 *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 3 2 5 4 0 3 8 9 5 3 3 7 3 4 5 2 4 7 6 7 2 2 3 4 6 7 2 2 7 3 2 2 1 0 4 5 6 0 6 6 4 1 4 4 5 3 3 3 8 7 4 5 7 3 2 26 2 9 4 2 2 2 1 1 1 4 4 3 5 4 '479 '49 40 '58 2 36 '27 '26 58 '37 '51 '40 '58 '239 22 182 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad8 Electricpower* Telephone8 Year or quarter r O e p v i e n 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 x o m m r e e 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 e t 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—l 1,483 178 90 24 816 234 131 98 324 72 41 44 2 1,797 390 198 46 770 196 104 96 337 75 41 42 3 2,047 556 286 30 792 195 105 84 342 72 39 39 4 2,139 534 327 101 839 222 150 131 359 83 43 38 1943_1 2,091 515 214 29 864 254 136 99 366 88 42 40 2 2,255 608 244 52 835 221 118 100 382 96 44 42 3 . .... 2,368 653 250 36 859 210 114 99 391 94 45 43 4 2,340 435 166 100 906 228 133 113 398 96 48 43 1944—i 2,273 458 148 31 925 262 135 94 400 97 42 42 2 2,363 511 174 55 886 241 123 102 406 101 43 42 3 2,445 550 180 30 878 207 111 94 409 98 43 42 4 2,356 452 165 130 929 205 130 101 426 104 46 43 1945—i 2,277 425 139 30 971 292 139 102 436 115 46 41 2 2,422 504 187 72 909 233 123 96 444 109 45 44 3 2,231 229 125 29 887 211 116 92 449 103 44 43 4 . 1,972 -404 -4 123 928 171 145 109 474 70 43 46 r Revised. • 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. sPartly estimated. * Class I line-haul railroads, covering about 95 per cent of all railroad operations. 4 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 6 Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. 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. 518 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 r e o e t b s a c t s l t b in d T e d t i a o e e r r e r t b i a e c n t l s t g t- Total1 Tre b a il s l u s ry c i C n a e d te r e t s i b f o t i - - f Tr n e o a t s e u s ry T b re o a n s d u s ry Total' s b a U o v . n i n S d g s . s T t s a r a e x v a i a s n u n g r d s y S i p ss e u c e ia s l i b n N e d t a e e o r r b n i e 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 n t i t n i n - g e - - s edness notes 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 i1,283 1943—June 136 ,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 1,092 Dec 165,877 164,508 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 1,225 1944—June 201,003 199,543 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,516 Dec 230,630 228,891 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 L.470 1945—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 ,132 May 238,832 235,761 162,652 17,049 34,442 18,588 92,377 54,517 43,767 10,031 18,592 83,071 ,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 *2,378 541 Nov 265,342 262,849 185,112 17,026 35,021 23,498 109,371 57,028 47,473 9,058 20,710 62,492 536 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 Apr 273,898 272,711 195,079 17,054 38,408 18,261 121,177 56,408 48,828 7,144 21,224 1,188 533 1 Including amounts held by Government agencies and trust funds, which aggregated 7,008 million dollars on Mar. 31, 1946. 1 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and depositary bonds not shown separately. 8 Including prepayments amounting to 947 million dollars on securities dated June 1, 1945, sold in the Seventh War Loan, beginning on May 14, 1945. * Including prepayments amounting to 54 million dollars on securities dated Nov. 15, 1945, and Dec. 3, 1945, sold in the Victory Loan, beginning on Oct. 29, 1945. * Including prepayments amounting to 192 million dollars on securities dated Dec. 3,1945, sold in the Victory Loan, beginning on Oct. 29, 1945. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING, APRIL 30, 1946 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Redemp- Issue and coupon rate Amount Issue and coupon rate Amount Month Am ou o t u - nt Funds receive m d o f n r u o i m sales during m ti a o t n u s r i a t n ie d s standing T M M re a a a y y s ur 9 2 y , , 1 1 b 9 9 il 4 4 l 6 6 s1 1 1 , , 3 3 1 1 6 5 T S D r e e e p a c. t s . u 1 1 r 5 5 y , , b 1 1 o 9 9 n 4 4 d 9 9 s - - — 5 5 1 1 <C . . . . o . . . n . . 2 2 t. 2 1 , ,2 0 9 9 2 8 at m e o n n d t h of se A r l i l es Se E ries Se F ries Se G ries se A ri ll es May 16, 1946 1,309 Dec. 15,1949-52, 491 M M a a y y 3 23 1 , , 1 1 9 9 4 4 6 6 1 1 , ,3 3 1 0 7 1 D M e a c r . . 1 1 5 5 , , 1 1 9 9 5 4 0 9- - 5 5 3 2 , 1 1 , , 7 9 8 6 6 3 1944—Oct 37,645 695 599 14 83 401 J J u u n n e e 1 6 3 , , 1 1 9 9 4 4 6 6 1 1 , , 3 3 0 0 9 4 S S e e p p t t . . 1 1 5 5 , , 1 1 9 9 5 5 0 0 - - 5 5 2 2 , 4 1 , ,1 9 8 3 6 9 N D o e v c . . . . . . . 3 4 8 0 , , 3 3 0 6 8 1 2 1 , ,0 3 2 8 3 6 1,8 8 5 0 5 7 1 4 2 3 5 4 1 0 7 6 4 3 3 8 6 2 5 C J J J J J J J A S O N D J M F e u u u u u u u a e e u c e r o n n l l l l n a n p b t y t y y g c y v y e e . e , . . t . . . . o 2 1 1 2 2 f 5 5 8 1 0 7 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , , , 1 i 1 1 1 1 n 1 1 1 1 1 1 1 1 1 9 1 9 9 9 9 9 9 9 9 9 9 9 9 d 9 9 4 4 4 4 4 4 4 4 4 4 4 4 4 4 e 4 6 6 7 6 6 7 6 6 6 6 6 6 6 6 b 6 t edne Y y Y s % % % % % H & s % % 3 4 4 3 3 2 3 4 1 1 1 1 1 1 1 , , , , , , , , , , , , , , , 3 5 3 3 4 7 3 3 7 3 4 3 7 3 9 1 1 1 7 1 1 1 4 9 3 7 7 6 3 5 5 2 7 9 5 0 3 9 0 6 0 8 8 0 4 J J S S J J J M J S S D M D D D M u u u u u u e e e e e e e e n n n a a n n n a p p p p c c c c r r r e e e e e e . . t t . . t t . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 8 6 5 6 6 4 1 2 2 1 2 1 1 2 1 0 - - - - - - - - - - - - - - - - 5 6 5 . 5 5 6 5 5 5 5 5 5 5 5 5 5 . 3 3 4 9 5 8 9 5 0 6 4 5 5 4 4 3 .. . , . . , . . . . . . . X . ' . . 2 . 2 2 2 / 2 X % . K K ' 3 y i 2 2 A 3 2 5 8 1 2 1 1 1 7 1 , , , , , , , , , , , 6 1 6 9 6 9 4 9 5 6 8 8 6 5 7 0 7 2 1 3 1 4 0 1 8 8 8 2 2 2 2 6 1 5 7 8 5 1 9 1 6 2 9 1 4 3 5 5 5 2 0 1 1 9 9 4 4 6 5 — — A M A S J O D F A J N F M M J J u a u a e e e c o p p u e n a n b a n b a p l t v r g r c r y . y . r e t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 8 8 7 8 8 6 6 6 3 2 2 1 6 8 1 5 , , , , , , , , , , , , , , , , 6 4 7 7 8 5 7 7 6 1 7 5 6 5 1 1 9 8 7 8 3 2 1 6 2 5 8 4 9 0 8 4 2 6 3 8 3 8 5 7 6 9 6 1 8 8 3 0 2 1 1 1 1 1 , , , , , , 1 2 0 2 5 1 6 5 6 9 6 6 8 8 8 7 8 9 5 4 7 7 2 2 2 6 6 1 4 8 0 3 4 5 4 0 6 4 2 5 0 8 4 8 8 9 0 8 1 1 1 , , , 0 1 4 5 3 3 6 4 5 8 6 8 6 9 3 7 3 9 6 7 8 7 6 2 1 4 8 6 5 0 0 1 2 5 8 1 8 1 5 0 0 1 4 7 3 4 8 2 1 3 4 6 2 5 3 2 2 4 4 3 2 8 7 1 1 2 3 2 4 0 7 3 7 0 0 7 3 8 8 8 •• 2 2 5 2 2 2 2 2 1 1 2 1 1 1 2 8 3 6 1 2 5 0 0 2 7 6 5 3 7 6 2 2 2 5 5 8 1 7 7 5 8 2 1 0 6 4 8 6 3 5 5 6 5 6 6 3 4 4 4 4 4 5 5 1 2 3 2 3 3 2 2 6 0 0 2 2 6 4 5 6 8 3 9 4 1 6 3 5 3 4 8 1 4 1 9 A M p a r r . . 1 1 . , 1 1 9 9 4 4 7 7 % % 3 2 , , 1 8 3 2 3 0 J D D u e e n c c e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 5 5 0 9 9 - - - 6 6 6 5 2 2 . . . . . 2 2 X H 5 3 1 , , , 4 2 4 8 8 6 5 4 7 Maturities and amounts outstanding, April 30, 1946 Treasury notes June 15,1962-67. .2X 2,118 S J M D u e e a l p c y r . t . . 1 1 1 5 5 1 5 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 7 7 6 6 \ \ \ 9 % % } 0 i 4 3 2 1 , , , , 9 2 9 7 4 6 1 0 8 1 0 7 J D D M u e e n a c c r e . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 4 3 4 5 - - - - 6 6 6 7 9 8 9 0 . . . . . . . 2 2 2 2 2 V H K K H2 5 2 3 3 , , , , 1 7 8 8 9 6 3 3 7 1 1 8 m Y a e t a u r r o it f y se A ri l e l s S B e - r D ies Se E ries Se F ries Se G ries T S S r e e e p p a t t s . . u 1 1 r 5 5 y , , 1 b 1 9 9 o 4 4 n 8 7 d s \ \% % 3 1, , 6 7 8 4 7 8 J S D M u e e n a p c r e . t . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 6 7 7 7 - - - - 7 7 7 7 1 2 2 2 . . . . . .2 2 2 H K H 1 3 2 7 1 , , , , 4 7 9 6 8 1 6 9 1 6 7 1 1 1 1 1 9 9 9 9 4 4 4 4 6 7 8 9 4 2 4 8 2 9 5 0 7 1 3 6 4 2 4 8 2 9 5 0 7 1 3 6 J J O u u c n n t e e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 4 4 4 6 6 7 - - - 4 4 5 8 9 2 . . . . . . 4 3 K ^ 3 21 2 ,0 7 8 3 5 1 6 9 9 Po b s o ta n l d s S avings 2K 117 1 1 1 9 9 9 5 5 5 0 2 1 4 1 ,6 7 9 2 5 8 6 7 7 9 4 8 4 7 0 4 1 ,1 7 8 5 6 7 Dec. 15, 1947 2 701 Conversion bonds 3 13 1953 8,680 7,297 212 1,171 Mar. 15, 1948-50 2 1,115 Panama Canal loan.. 3 50 1954 11,574 8,715 579 2,280 Mar. 15, 1948-51... 2% 1,223 1955 10,451 7,397 654 2,401 June 15, 1948 IX 3,062 Total direct issues... 195,079 1956 4 741 1 255 730 2,757 J S D u e e n p c e . t . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 4 4 4 9 8 8 - - 5 5 1 0 2K 2 2 1,0 4 5 1 5 7 4 1 1 G F u e a d V r e a r a a n r l i t o e H u e o s d u s s in e g c u A r d it m ie i s n , . 41 U 1 1 9 9 n 5 5 c 7 8 lassified. . 3 1 , , - 0 0 9 4 8 3 6 3 5 1 8 1 2 6 2,5 9 0 2 1 9 Total 48,828 3,403 30,605 2,874 12,038 1 Sold on discount basis. See table on Open-Market Money Rates, p. 515. 3 Called for redemption on June 15, 1946. MAY 1946 519 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par. value. In millions of dollars] Held by banks Held by non-bank investors End of month s i b e n T c e te u a o r r r t e i i a t n s l i g t e - s Total m b C a e n o r k m ci s a - 1 l R F B e e a d s n e e r k r v a s e l Total v I id n u d a i- ls p I c a n a o n s n m c u i e e r - - s M s b a a v u n i t n u k g a s s l a r c O s a o s a t t o r n i h p o c d e o n ia r - s - S l g e a o t o r n c a n v d a t - - e l a m U nd e . n S t t r . u G a s g t o e v n f e u c r n i n e d - s s tions ments Special Public issues issues 1942—June 76,517 98 ,645 26,000 2,645 47,872 18,200 9,200 3,900 5,400 600 7 885 2,737 December 111,591 47,289 41,100 6,189 64,302 23,800 11,300 4,500 11,600 800 9,032 3,218 1943—June 139,472 59,402 52,200 7,202 80,070 30,300 13,100 5,300 15,700 1,300 10,871 3,451 December . . . 168,732 71,443 59 900 11,543 97,289 ,100 15,100 6,100 20,100 2,000 12,703 4,242 1944—June 201,059 83,301 68,400 14,901 117,758 45,100 17,300 7,300 25,700 3,200 14,287 4,810 December 230,361 96,546 77,700 18,846 ,815 S?,200 19,600 8,300 27,600 4,300 16 326 5 348 1945—june 256,766 105,892 84,100 21,792 150,874 58,500 22,700 9,600 29,900 5,300 18,812 6,128 1945—juiy 260,265 107,217 85,500 21,717 153,048 59,700 22,700 9,800 29,700 5,500 19,558 6,105 August 261,261 107,230 84,700 22,530 154,031 59,800 22,500 10,000 30,000 5,500 20,033 6,121 September 260,156 107,028 83,700 23,328 153,128 59,500 22,500 10,000 28,900 5,500 20,519 6,123 October 259,980 107,676 84,400 23,276 15?,304 59,300 22,400 10,000 28,300 5,500 20 577 6,175 November .... 263,386 109,372 85 900 23,472 154,014 6?,000 22,200 9,800 27,800 5,300 20,710 6,134 December 276,246 114,362 90,100 24,262 161,884 63,600 24,100 10,700 30,200 6,300 20,000 7,038 1946—January 278,001 115,264 92,000 23,264 162,737 63,700 24,700 10,900 29,200 6,400 20,655 7,043 February 278,451 115,304 92,400 22,904 163,147 63,700 24,900 11,100 29,100 6,400 20,897 7,061 1 Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 600 million on Feb. 28, 1946. 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 C1) banks panies trust trust funds funds Total:2 Treasury bonds: 1945—July. . 183,114 6,08321,71778,609 9,62121,14645,939 Total: Aug... 183,369 6,09222,53077,862 9,77521,27345,837 1945—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 6,10423,47278,935 9.58721,37545,679 Oct... 107,049 5,926 977 43,477 9,36020,34326,964 Dec... 198,820 7,00924,26282,830 10,49123,18351,046 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 Feb.. . 199,849 7,03022,90485,19210,87123,89549,957 1946—Jan.. . 121,358 6,905 947 47,25310,44522,80733,000 Feb.. . 121,635 6,909 947 47,429 10,56522,81232,974 Treasury bills: Maturing within 1945—July. . 17,025 9 12,810 2,737 2 1 1,466 5 years: Aug.. . 17,038 15 13,254 2,193 2 1,574 1945—July. . 8,939 530 5,814 175 350 2,069 Sept.. 17,018 18 13,234 2,035 10 1,721 Aug... 8,939 532 5,803 183 352 2,068 Oct... 17,026 21 13,172 1,978 6 1,850 Sept.. 7,725 381 5,126 181 320 1,714 Nov. . 17,026 18 12,593 2,306 14 i 2,094 Oct... 7,725 379 5,177 184 304 1,681 Dec... 17,037 5 12,831 2,476 I 1,723 Nov. . 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 Feb.. . 17,032 14 13,038 2,396 1,584 1946—Jan.. . 10,879 478 7,360 169 258 2,613 Feb.. . 10,879 478 7,320 159 257 2,666 Certificates: Maturing in 5-10 1945—July. . 34,472 45 6,09616,812 96 454 10,968 years: Aug.. . 34,430 46 6,40016,413 158 423 10,991 1945—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 Feb.. . 41,413 58 7,54621,716 119 531 11,442 1946—Jan.. . 46,484 1,323 31,776 2,230 3,735 7,418 Feb.. . 46,484 1,321 31,901 2,128 3,697 7,444 Treasury notes: Maturing in 10-20 1945—July. . 23,498 52 1,698 16,211 244 598 4,695 years: Aug... 23,498 52 1,762 16,058 247 587 4,793 1945—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 2,12015,701 179 576 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 Feb.. . 195,51 7 1,373 13,625 184 538 3,824 1946—Jan.. . 20,643 970 5,479 3,427 3,054 7,711 Feb.. . 20,692 972 5,541 3,476 2,986 7,718 Guaranteed Maturing after 20 securities: years: 1945—July. . 34 6 10 2 13 3 1945—July. . 33,219 4,140 2,385 3,20013,06110,435 Aug.. . 35 7 11 2 13 2 Aug... 33,360 4,141 2,470 3 26613 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 3,27713,466 9,900 Nov. . 39 7 13 3 14 3 Nov. . 35,095 4,139 2,679 3,33313,51111,432 Dec.. 41 7 11 3 14 6 Dec... 42,526 5,073 2,532 4,300 15,14115,482 1946—Jan.. . 39 7 12 3 13 4 1946—Jan.. . 43,350 5,082 2 634 4,617 15 75915,257 Feb.. . 39 8 12 3 13 4 Feb.. . 43,577 2,669 4,802 15,87115,150 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, and the residual "other" are not entirely comparable from month to month. Since June 1943 the coverage by the survey of commercial banks has been expanded. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Including stock savings banks. On Feb. 28, 1946, commercial banks reporting to the Treasury held 31,912 million dollars of U. S. Government securities due or callable within one year out of a total of 70,379 million outstanding. 2 Including 196 million dollars of Postal Savings and prewar bonds not shown separately below. 520 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 o d h m 2 - e O ta t x h e e s r 1 n i c r M n n e e e n t u l v o a i e l e s e u a l r - 1 - - - s S S ta r o e i x c c ty e i u a s - l c O e r t i e h p - e t r s T ce o r i e t p - a t l s c N e r i e e p - t ts3 I d n e o e t s n e 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 x r h e d - e s r i- e b i T x t u u p o d r e t g e n a e s d l 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 e i a a r n n a c n n l d - l e - ge g c d r r I e e o n b a s - t s se Fiscal year ending: June 1943.... 16,094 4,553 1,508 1,230 23,38522,282 1,80872,109 435 3,827 78,17955,897 -1,861 +6,515 64,274 June 1944 8,39326,262 5,291 1,751 3,711 45,408 44,149 2,609 ,039 556 3,540 93,74449,595 +4,051 + 10,662 ,307 June 1945.... 10,289 24,884 6,949 1,793 3,824 47,740 46,457 3,61790,029 1,646 5,113 100,40553,948 +798 +4,52957,679 1945—April 600 1,567 534 46 221 2,967 2,929 139 7,139 236 455 7,968 5,040 +9 -3,911 1,120 May 1,282 745 557 337 477 3,085 66 8,156 296 757 9,275 6,190 +686 -1,741 3,763 June 826 3,930 561 69 529 5,914 1,009 335 460 9,641 3,727 -1,050 + 15,07319,850 July 669 1,073 718 66 228 2,695 156 530 '546 8,557 5,862 -116 -2,615 3,362 August. . . . 1,200 466 877 306 432 2,997 99 '6,399 162 >-694 7,354 4,357 -50 -3,451 956 September. 768 3,440 573 69 342 5,192 5,189 647 34 '563 6,611 1,422 -95 -2,497 -980 October 572 1,021 689 58 241 2,581 2,530 172 38 '615 5,950 3,420 +302 -3,321 -203 November. 1,076 449 602 257 225 2,609 2,374 84 '346 4,656 2,282 +390 + 1,632 3,524 December.. 707 2,659 516 69 170 4,122 4,118 817 r4,245 384 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 1,073 -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 April 485 1,118 642 65 424 2,734 2,677 174 2,560 200 1,316 4.251 1,473 +254 -3.433 -2,114 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security accounts Net ex- Other Assets penditures Period c N e r i e e p - t ts I m n e v n e t s s t- p t e E u n r x d e - s i- c i G n o in m o u c g v n h e e t e a n s r c c t n o k - - f - ce R i e p - ts I m nv e e n s ts t- p t e E u n r x d e - s i- Total F p e D o d i s n e e i - r ts al s p p D o e i s n c e i i - t a s l O as t s h e e t r s l T ia t o i b e t i s a li l - B ge f a u n l i a n n e n d ra c l e agencies Reserve deposi- Banks taries Fiscal year ending: June 1943 2,810 2,350 456 2,194 1,117 655 133 10,149 1,038 7,667 1,444 643 9,507 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—April 122 48 40 71 412 228 137 11,809 1,224 9,492 1,093 443 11,366 May 592 271 42 -154 530 296 -21 10,055 1,140 7,941 974 430 9,625 June 217 482 42 778 701 663 3 25,119 1,500 22,622 997 421 24,698 July 312 203 51 222 579 441 89 22,469 1,252 20,303 914 386 22,082 August.... 543 239 56 -26 336 172 487 19,018 1,300 16,874 844 387 18,631 September. 52 241 91 51 407 163 9 16,582 1,755 13,989 839 447 16,134 October 132 -66 146 -274 284 80 228 13,307 1,124 11,389 794 494 12,813 November. 419 38 143 -79 295 65 158 14,849 1,372 12,694 784 404 14,445 December.. 54 198 149 -395 260 54 195 26,520 1,674 24,044 802 517 26,003 1946—January... 178 -36 178 -9 810 583 548 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 72 85 24,743 2,160 21,776 807 376 24,367 April 135 -60 155 -4 326 115 21,293 1,124 19,502 667 359 20,935 ' r iRs.eevviisseedu.. 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 insurar r S « Excess of receipts (+) or expenditures (—). Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-5 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 1 - V t t o a i r c x y - r c C a r o e t u r i n p o r 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 h e a o l v g c li e e o c r - - b t T a a x c o c e - o s S ta ta x m es p re t e u t x a a r c n e i i l d r s e s e r ' s' n t c M a e e x o l i l s e u a - s s taxes taxes Fiscal year ending: June 1943.... 16,299 5,771 686 4,137 557 5,064 84 4,571 329 447 1,423 924 45 670 732 June 1944.... 33,028 10,254 7,038 785 4,763 705 9,345 137 5,353 381 511 1,618 988 51 729 1,075 June 1945.... 35,062 8,567 10,263 1 4,422 66111,004 144 6,960 372 643 2,310 932 66 1,207 1,430 1945—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 March 4,320 1,821 154 933 134 1,268 9 639 84 212 99 9 113 120 1 Withheld by employers (Current Tax Payment Act of 1943). MAY 1946 521 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency itemsl Liabilities, other than interagency items Corporation or agency Total Cash L c a e r o b e i a l - v e n - s m m C p s r t a l u i i o o a n i e a p e m d t d s l - s e s , i - , - - G U s ri e o t . c i v I S e u m n t s - . . v e e n s O t s r s t i e - t t c i h e u e s - r L s e t m u a t q a r r n e u n u e d n i d c s p t , , - - c U h u t n r a t i d e r b g i d - s e - s O s a t e s h - ts er a t B F g u n a u o r u t n e e a n l d s l e r d y - d s p d , a e n b y O o e a t t n b h e - l e s e , r l O i i a t t i b h e i e s l r - i m U G n e e r t . o e s e n n v t S r - t - - . o v in P w a e t r s t e n i t e - r e l - y d by U.S. All agencies: Mar. 31, 1945 31,309 768 5,789 2,960 1,756 38816,734 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 ?68 28 196 43 1 8 (2) 252 8 Federal intermediate credit banks. . ?98 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 (2) (2) (2) 123 Regional Agricultural Credit Corp.. 16 11 4 (2) (2) 1 14 Farm Security Administration 458 57 320 (2) 24 7 49 9 449 Others 17 1 13 2 1 15 Federal Farm Mortgage Corp 191 12 173 6 5 5 181 Rural Electrification Administration. 416 3 407 (2) (2) 5 (2) 416 Commodity Credit Corp 1,311 30 99 1 034 4 9 135 506 491 314 Federal Crop Insurance Corp. 39 11 3 (2) 24 3 36 Federal Surplus Commodities Corp... 3 3 (2) 3 National Housing Agency:4 Federal Home Loan Bank Administration: 335 21 195 118 1 69 46 125 95 Federal Savings and Loan Insurance Corp 165 2 161 8 3 65 100 Home Owners' Loan Corp 919 36 840 15 21 2 4 9 (2) 26 884 Federal Public Housing Authority and affiliate: F D e e d fe e n ra s l e P H ub o l m ic e H s o C u o si r n p g Authority. 55 6 2 6 29 1 286 1T 8 22 6 2 4 (2) 7 1 1 55 6 1 5 Federal Housing Administration 168 24 19 106 (2) 1 19 34 6 128 Federal National Mortgage Association. 7 7 (2) 7 R.F.C. ^Mortgage Company 50 38 7 5 3 47 Reconstruction Finance Corp 8 10 283 65 991 1 131 49 244 6 912 313 580 (2) 1,630 8,654 Office of Emergency Management: Smaller War Plants Corp 175 132 27 14 1 1 3 172 War Shipping Administration . ... 8 825 179 54 7,813 130 649 950 7,876 Coordinator of Inter-American Affairs 17 16 1 (2) 11 6 Export-Import Bank 256 1 252 (2) k 2 103 152 Federal Deposit Insurance Corp QS1 16 6 (a) 897 12 642 150 139 Federal Works Agency 272 2 80 147 (2) 43 (*) 272 Tennessee Valley Authority 741 7 2 8 721 3 8 734 U. S. Maritime Commission 3,739 21 7 44 3 3,395 259 102 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 F C F a o e o r r d m r p . t . . c b i m F n r a a e e e t n t e d d d e 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 - - m C 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 i d t c 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 t f 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 Othe O r ther 286 195 5 3 8 2 2 "252* "in' 1,2 2 3 2 2 7 1,3 1 6 3 5 2 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. 3 Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans. 4 All assets and liabilities of the United States Housing Corp. have been liquidated. 6 Includes 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. 522 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation! Construction Industrial production contracts Employment* 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 1 Tota ( l phy 1 s 9 i 3 c 5 a D l - 3 v u f 9 M a o r- = c lu a t 1 u n m 0 r u N 0 e e - s ) o * n - * M era in ls - To a t w a 1 l a 9 r 2 d 3 e R d - d t 2 e e i a s n 5 ( l i - v = - a 1 l 0 u o 0 e A t ) h 8 l e l r N t a c u g u o r r l n - a i- l - 1939 F = a 1 c 0 t 0 ory 1 r 9 F t p o o 3 1 a a l r 9 l 0 c y s y - 0 * = c 1 F a 9 i = r n r 3 e l g 1 o 5 i s 0 g - a * 3 0 d h 9 - t D 19 m u s = s ( e 3 v t a e p o e 1 5 l a ) e a * r n 0 l - - e s r 3 8 t 0 t 9 - W p m c = 1 r s h o i o 9 a c o 1 m 2 d l e 0 l e 6 s i e - 0 t * - y C 1 l 9 i = o v 3 s i 1 5 n t 0 - g 3 0 o * 9 t able durable Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919. . 72 84 62 71 63 44 79 103.8 103.2 120 83 138.6 124.5 1920 75 93 60 83 63 30 90 104.2 123.5 129 99 154.4 143.2 1921 . 58 53 57 66 56 44 65 79.8 79.7 110 92 97.6 127.7 1922 73 81 67 71 79 68 88 88.2 85.5 121 94 96.7 119.7 1923 ^ '.'. . 88 103 72 98 84 81 86 101.0 108.4 142 105 100.6 121.9 1924 82 95 69 89 94 95 94 93.8 101.2 139 105 98.1 122.2 1925 90 107 76 92 122 124 120 97.1 106.6 146 110 103.5 125.4 1926 96 114 79 100 129 121 135 98.9 109.9 152 113 100.0 126.4 1927! '.'.'.'.'. 95 107 83 100 129 117 139 96*8 107.9 147 114 95.4 124.0 1928 99 117 85 99 135 126 142 96 9 109.1 148 115 96.7 122.6 1929 122.9 110 132 93 107 117 87 142 102.6 103.1 116.4 152 117 95.3 122.5 1930 109.1 91 98 84 93 92 50 125 95.5 89 8 94.1 131 108 86.4 119.4 1931 92.3 75 67 79 80 63 37 84 86.1 75.8 71.2 105 97 73.0 108.7 1932 70.6 58 41 70 67 28 13 40 75.5 64.4 49.2 78 75 64.8 97.6 1933 68.9 69 54 79 76 25 11 37 76.0 71.3 52.8 82 73 65.9 92.4 1934 78.7 75 65 81 80 32 12 48 83.8 83.1 67.8 89 83 74.9 95.7 1935 87.1 87 83 90 86 37 21 50 87.6 88.7 78.0 92 88 80.0 98.1 1936 101.3 103 108 100 99 55 37 70 94.9 96.4 90.5 107 100 80.8 99.1 1937 107.7 113 122 106 112 59 41 74 100.9 105.8 108.2 111 107 86.3 102.7 1938 98.5 89 78 95 97 64 45 80 94.4 90.0 84.2 89 99 78.6 100.8 1939 105.4 109 109 109 106 72 60 81 100.0 100.0 100.0 101 106 77.1 99.4 1940.... 113.5 125 139 115 117 81 72 89 104.7 107 5 114.5 109 114 78.6 100.2 1941 138.0 162 201 142 125 122 89 149 117.5 132.1 167.5 130 133 87.3 105.2 1942 174.6 199 279 158 129 166 82 235 126.7 154.0 245.2 138 '149 98.8 116.5 1943 213.0 239 360 176 132 68 40 92 130.9 177.7 334.4 137 168 103.1 123.6 1944 233.4 235 353 171 140 41 16 61 127.5 '172.4 '345.7 140 186 104.0 125.5 1945 P239.1 203 274 166 137 68 26 102 121.8 '149.5 '288.4 135 207 105.8 128.4 1943 March.... 206.9 235 232 351 174 133 85 42 119 132.0 175.1 174.6 318.0 138 161 103.4 122.8 April 208.8 237 236 356 175 131 63 33 87 131.4 176.2 175.4 324.9 136 160 103.7 124.1 May 209.4 239 239 359 176 129 52 31 68 130.9 176.9 175.8 330.4 135 159 104.1 125.1 June 212.8 237 238 358 177 117 45 32 55 131.0 179.0 178.3 336.1 127 168 103.8 124.8 July 214.8 240 241 360 177 134 60 36 80 131.4 180.1 180 2 335.8 141 169 103.2 123.9 August.... 216.7 242 245 365 178 135 59 35 79 130.9 180.2 181.4 343.1 140 166 103.1 123.4 September 216.8 244 248 368 179 138 65 35 89 130.1 179.6 180.8 349.5 140 '166 103.1 123.9 October. . . 219.3 247 249 374 179 136 49 34 61 130.1 180.6 181.4 354.9 137 172 103.0 124.4 November. 222.9 247 247 376 180 133 60 37 78 130.2 181.5 181.9 359.7 139 176 102.9 124.2 December 224.7 241 239 365 174 137 61 35 81 130.1 179.9 180.3 350.7 143 168 103.2 124.4 1944 January... 227.2 243 240 369 176 139 55 29 76 130.0 '178.8 '178.3 '351.6 145 174 103.3 124.2 February.. 232.4 244 240 367 177 142 45 21 64 129.6 '178.5 '178.0 '352.7 142 '173 103.6 123.8 March.... 231.9 241 238 364 175 139 40 17 59 128.9 '176.6 '176.2 '350.5 140 183 103.8 123.8 April 231.1 239 237 361 172 140 36 17 52 128.0 '174.5 '173.8 '345.0 138 174 103.9 124.6 May 232.1 236 236 356 169 143 33 16 46 127.7 '173.3 '172.3 '345.3 138 183 104.0 125.1 June 233.9 235 236 354 169 142 34 15 50 127.7 '172.5 '172.2 '346.6 139 '177 104.3 125.4 July 233.2 230 232 347 165 139 38 14 57 127.5 '171.4 '171.9 '339.6 142 189 104.1 126.1 August.... 234.0 232 235 348 168 142 41 13 63 127.3 '170.9 '172.0 '343. 1 142 187 103.9 126.4 September 232.5 230 234 342 168 143 39 13 61 126.5 '169.3 '170.1 '341.9 139 187 104.0 126.5 October. . . 235.5 232 234 344 169 143 42 13 65 125.7 '168.1 '168.5 '343.8 137 193 104.1 126.5 November. 237.5 232 232 341 173 143 46 13 73 125.3 '167.3 '167.7 '341.0 141 204 104.4 126.6 December 239.0 232 230 343 173 137 51 14 81 125.7 '168.0 '168.3 '346.7 137 '197 104.7 127.0 1945 January.. . 241.9 234 230 345 175 140 48 14 75 126.6 '168.1 '167.7 ••345.6 144 198 104.9 127.1 February.. 245.2 236 232 346 176 141 59 13 96 126.7 '168.0 '167.5 '344.8 139 '210 105.2 126.9 March.... 244.1 235 232 345 176 142 72 15 118 126.7 '166.5 '166.0 '341. 7 145 220 105.3 126.8 April 242.3 230 229 336 174 140 70 18 112 125.1 '163.8 '163.0 ^333.3 141 182 105.7 127.1 May 241.9 225 225 323 173 138 58 20 89 124.4 '160.8 '159 8 '318.7 140 188 106.0 128.1 June 244.6 220 220 308 173 144 50 22 73 123.4 '157.2 '156.9 '314.6 140 202 106.1 129.0 July 243.4 210 211 292 165 143 54 23 79 122.7 '151.7 '152.1 '298.7 139 218 105.9 129.4 August.... 236.0 186 188 239 157 140 61 24 91 121.5 '147.6 '148.7 '267.3 128 200 105.7 129.3 September 229.0 167 171 194 156 134 69 26 104 115.8 '127.8 '128.5 '224.2 127 200 105.2 128.9 October... 231.4 162 164 186 154 124 83 36 121 115.4 '127.2 '127.6 '222.9 118 '213 105.9 128.9 November. 235.7 168 167 191 158 138 94 44 134 116.4 '127.8 128.2 '222.9 133 225 106.8 129.3 December. 234.1 163 161 185 156 133 108 56 150 117.3 '128.1 '128.4 '226.2 127 216 107.1 129.9 1946 January 233.5 160 156 166 161 '141 107 61 145 119.7 '130.5 '130.1 '229.1 133 228 107.1 129.9 February.. P232.4 152 148 138 166 141 136 95 169 118.0 '122.3 '121.9 '210.6 126 '254 107.7 '129.6 March. . . . ,168 P164 P181 P168 P138 P143 P101 P176P119.9P127.4P127.O 139 262 108.9 130.2 * Average per working day. * Preliminary. ' Revised. 1 Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 524-527. For points in total index, by major groups, see p. 542. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; By groups, see p. 531 of this BULLETIN. * The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 6 For indexes by Federal Reserve districts and other department store data, see pp. 533-535. 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, October 1945, p. 1055, and May 1946, p. 425; for department stores sales, June 1944, pp. 549-561. MAY 1946 523 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasoned Variation) (Index numbers of the Board of Governors. 1935-39 average = 100] 1945 1946 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar Industrial Production—Total 236 235 230 225 220 210 186 167 162 168 163 160 152 P168 Manufactures—Total 252 252 247 240 233 222 194 173 168 173 169 163 154 P174 Durable Manufactures. . . 346 345 336 323 308 292 239 194 186 191 185 166 138 P181 Iron and Steel 202 210 206 204 192 187 155 163 146 167 164 '102 43 vl 70 Pig iron 192 198 188 190 181 182 161 166 129 158 164 101 49 Steel 226 234 232 229 214 203 164 171 159 178 172 '108 '46 176 O El p e e c n t ri h c earth. 5 1 5 8 2 0 5 1 6 8 1 9 573 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 4 307 3 1 0 6 6 0 2 1 9 5 3 5 r1 9 99 5 ' ' 1 3 0 8 6 2 1 7 6 4 2 Machinery 436 431 419 405 393 371 310 230 232 231 '232 r217 189 P209 Manufacturing Arsenals and Depots1.. . Transportation Equipment 695 676 651 610 572 535 405 273 258 252 217 r219 197 P199 Automobiles 242 236 231 218 207 188 142 105 120 137 95 105 93 P99 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products. 257 267 263 248 219 196 165 139 144 148 147 '151 141 Smelting and refining 191 193 194 188 184 183 171 150 148 147 140 140 128 P116 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 284 296 291 272 234 202 162 135 143 148 150 146 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products. 123 121 119 118 116 110 107 98 91 96 '92 109 P120 Lumber 112 110 109 108 104 98 98 89 76 83 72 95 108 P108 146 144 140 138 138 134 124 115 120 123 '131 "135 140 144 Furniture 163 166 167 162 166 169 160 161 161 158 164 171 183 P189 Stone, Clay, and Glass Products. . 168 175 183 179 176 193 177 200 186 175 181 190 216 Glass products 56 61 62 61 43 62 61 79 50 4 3 29 106 136 Plate glass 209 216 225 220 223 240 218 243 235 235 244 247 255 Glass containers 87 86 85 85 95 93 97 97 106 113 119 131 149 Cement 122 124 122 115 121 117 110 110 116 119 124 144 144 P147 Clay products 185 183 180 168 172 179 162 172 177 181 182 197 196 P202 Gypsum and plaster products 305 306 300 295 298 287 260 220 218 215 217 199 187 P195 Abrasive and asbestos products Other stone and clay products1 Nondurable Manufactures 176 176 174 173 173 165 157 156 154 158 156 161 166 P168 Textiles and Products.. . 155 153 150 150 132 134 144 141 146 143 151 159 P162 Textile fabrics 1 15 4 2 4 1 1 4 5 2 0 1 14 3 3 7 1 14 3 2 8 1 1 3 4 8 4 1 1 2 2 3 1 1 12 2 3 3 1 13 3 8 4 1 1 2 3 8 1 1 1 3 3 3 5 1 1 2 3 5 2 1 13 4 8 0 1 14 4 6 8 147 Cotton consumption 215 214 218 221 220 220 213 215 215 226 228 233 234 241 Rayon deliveries Nylon and silk consumption1 151 149 142 146 144 117 127 142 147 150 149 153 171 Wool textiles 44 43 36 42 40 33 58 82 93 89 104 110 136 Carpet wool consumption 238 249 233 243 234 185 172 186 191 193 184 200 222 WApopoalerenl awnodo lw coornstseudm ypatironn.. 160 156 147 151 152 124 136 154 156 160 156 158 174 Woe"Woolen yarn 170 166 153 161 162 129 145 158 156 163 159 160 177 Worsted yarn 146 142 139 137 137 117 125 149 156 156 152 154 171 Woolen and worsted cloth 169 166 161 165 161 129 136 144 149 154 153 155 170 Leather and Products. . . 121 122 122 121 127 109 119 112 116 HI '11 133 Leather tanning 119 117 118 115 119 109 98 112 107 109 114 115 126 Cattle hide leathers 137 132 134 132 137 128 112 125 121 125 131 131 146 Calf and kip leathers 89 88 95 91 97 79 75 97 89 83 92 92 99 Goat and kid leathers 63 69 61 62 56 50 47 52 46 51 49 54 64 Sheep and lamb leathers 148 144 146 132 137 133 130 151 145 140 139 151 142 Shoes 125 123 116 109 118 138 123 126 126 132 109 114 120 Manufactured Food Products... 160 144 143 153 '154 159 P155 158 160 153 151 147 138 150 W Ca h n e e a t s u f g lo a u r r meltings1 131 125 138 140 138 135 130 127 129 133 136 "149 163 P137 Manufactured dairy products P132 P138 P143 P133 P143 P148 J>146 P148 P145 P154 P131 P116 P117 Butter 81 84 87 87 90 89 85 75 72 65 59 59 59 Cheese 162 168 181 175 179 181 171 160 155 149 143 151 152 Canned and dried milk 175 189 204 196 206 222 208 201 156 146 136 130 131 Ice cream Meat packing 146 146 134 132 141 140 133 141 129 155 155 131 178 140 Pork and lard 135 139 137 135 144 146 126 120 99 153 171 146 205 149 Beef 169 165 139 134 142 136 144 165 159 158 138 122 153 132 Veal 101 104 88 95 103 116 151 179 197 189 138 87 87 80 Lamb and mutton 129 129 121 128 142 133 110 125 134 135 148 105 184 157 ' Revised. P Preliminary. l Series included in total and group indexes but not available for publication separately. 524 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 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar, Manufactured Food Products—Continued Other manufactured foods 165 169 168 161 155 150 139 146 148 152 159 164 P164 Processed fruits and vegetables.. . 163 180 170 149 139 134 101 109 128 128 138 142 139 P147 Confectionery 143 151 156 151 129 108 107 108 108 113 137 145 Other food products 170 169 169 165 163 161 155 162 160 165 168 174 174 P172 Alcoholic Beverages. 170 148 144 136 139 193 173 192 201 216 212 231 238 Malt liquor 167 153 152 139 139 147 149 181 182 199 197 199 197 Whiskey 11 0 0 0 0 199 55 52 70 83 130 131 125 Other distilled spirits. 250 156 67 61 57 448 399 236 218 223 274 431 524 Rectified liquors 312 265 283 291 318 293 306 365 420 427 343 396 416 Industrial Alcohol from Beverage Plants1 Tobacco Products 123 123 120 128 139 128 150 160 167 154 112 143 156 161 Cigars 95 93 91 92 93 83 91 106 111 110 104 111 110 Cigarettes 145 147 143 156 177 162 195 206 216 194 139 185 205 217 Other tobacco products. 97 91 90 94 90 88 98 99 96 94 64 71 69 65 Paper and Paper Products. 137 141 140 141 142 135 131 143 143 142 134 133 140 P146 Paper and pulp 134 137 136 136 137 131 129 138 139 138 132 130 136 Pulp 156 157 160 160 160 149 146 152 154 153 137 131 144 Groundwood pulp 113 113 114 108 116 120 118 124 124 114 95 93 96 Soda pulp 98 101 103 103 103 93 92 100 101 103 100 102 104 Sulphate pulp 227 227 234 236 236 227 219 223 227 223 195 167 203 Sulphite pulp 139 139 141 140 138 122 120 126 129 131 120 125 130 Paper 130 134 132 133 134 128 126 136 137 136 131 130 135 141 Paperboard 152 157 158 161 160 149 141 165 157 158 143 145 155 165 Fine paper 87 84 79 78 75 73 74 77 80 79 78 81 82 82 Printing paper. 125 127 126 125 126 122 126 125 133 132 132 134 139 144 Tissue and absorbent paper 143 148 144 141 139 146 142 142 147 145 149 146 141 149 Wrapping paper 127 133 129 132 139 133 135 141 147 140 140 128 135 138 Newsprint 83 82 80 80 79 80 72 81 79 81 86 86 86 86 Paperboard containers (same as Paperboard). Printing and Publishing. 105 105 105 105 106 105 109 115 114 112 118 123 127 Newsprint consumption 84 83 85 85 85 88 93 96 96 92 102 108 110 Printing paper (same as shown under Paper). Petroleum and Coal Products. 276 272 268 273 269 v267 P240 P!84 P!56 vl74 P!72 vl66 Petroleum refining Gasoline 150 145 145 149 148 156 155 132 129 147 140 131 P135 Fuel oil 174 166 167 174 177 175 173 151 152 164 164 171 Lubricating oil 126 134 136 138 136 136 138 119 120 133 123 129 O K t e h ro er s e p n e e troleum products1. 126 131 120 121 132 133 140 116 122 144 157 180 Coke 168 171 161 168 163 165 153 152 116 148 154 116 91 By-product coke 163 164 157 161 155 158 148 150 115 144 150 111 85 Beehive coke 367 387 284 406 421 400 332 224 145 276 286 '296 303 '350 Chemical Products. 318 319 318 319 318 307 265 239 230 228 230 235 232 P233 Paints 140 139 135 131 134 139 133 136 139 142 142 145 P148 Soap 136 135 134 134 132 130 122 126 124 124 127 130 126 P127 Rayon 241 244 241 240 243 243 222 237 238 244 242 •244 241 P239 Industrial chemicals 400 402 405 407 412 409 368 386 371 370 378 388 383 '392 Explosives and ammunition1. Other chemical products1. . .^ Rubber Products. . . 247 236 233 224 222 218 193 172 192 205 •215 215 '221 Minerals—Total . 141 142 140 138 144 143 140 134 124 138 133 141 141 P138 Fuels 146 147 145 143 150 148 146 126 137 146 149 145 Coal 143 142 136 125 148 140 135 142 112 149 132 150 152 159 Bituminous coal. 150 149 138 145 153 146 144 148 110 159 142 159 168 Anthracite 112 115 131 47 129 117 102 114 120 112 94 114 121 125 Crude petroleum.... 148 150 150 152 151 153 152 138 133 141 139 144 147 138 Metals. 111 111 111 110 109 105 106 109 109 108 108 v95 Metals other than gold and silver. 170 170 169 167 168 162 161 164 163 159 159 135 Iron ore (Copper; Lead; Zinc)1 Gold Silver and back figures see BULLETIN 825-882. MAY 1946 525 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] 1 1945 1946 Industry I Feb. Mar. Apr. May Tune July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 1Mar. Industrial Production—Total, 232 232 229 225 220 211 188 171 164 167 161 156 148 P164 Manufactures— Total 249 249 245 240 234 223 196 177 171 173 167 160 150 P170 Durable Manufactures 345 344 335 323 308 292 240 195 187 192 184 164 136 P179 Iron and Steel . . 202 210 206 204 192 187 155 163 146 167 164 102 43 P170 Pig iron 192 198 188 190 181 182 161 166 129 158 164 101 49 Steel.. 226 234 232 229 214 203 164 171 159 178 172 108 »-46 176' Open hearth . ... 180 189 184 182 173 172 142 154 139 160 155 95 "•38 162 Electric...... 552 561 573 567 505 421 319 296 307 306 293 199 106 274 Machinery . . . 436 431 419 405 393 371 310 230 232 231 T232 r217 189 P209 Manufacturing Arsenals and Depots l Transportation Equipment. . 695 676 651 610 572 535 405 273 258 252 r217 r219 197 P199 Automobiles . 242 236 231 218 207 188 142 105 120 137 95 105 93 P99 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products... 257 267 263 248 219 196 165 139 144 148 147 '151 141 Smelting and refining 191 194 194 189 183 182 171 150 148 148 141 140 128 P116 (Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin)1. Fabricating 284 296 291 272 234 202 162 135 143 148 150 155 146 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products . . . 114 115 119 120 121 116 113 104 94 95 '86 99 110 P115 Lumber 97 101 108 112 113 107 108 98 82 81 63 80 95 P100 Furniture...... 146 144 140 138 138 134 124 115 120 123 131 135 140 P144 Stone, Clay, and Glass Products. . 156 161 165 167 166 168 165 166 167 162 159 '163 172 P175 Glass products ,, 163 175 183 190 175 186 183 204 192 176 169 186 210 Plate glass. 56 61 62 61 43 62 61 79 50 4 3 29 106 136' Glass containers 203 216 225 235 221 230 227 247 242 237 227 242 247 Cement . . 66 71 81 89 102 102 110 112 123 122 108 107 113 Clay products .. . 118 119 119 115 120 115 113 114 122 123 128 134 138 P142 Gypsum and plaster products 177 177 177 169 175 179 162 176 182 183 186 190 187 P194 Abrasive and asbestos products. 305 306 300 295 298 287 260 220 218 215 217 199 187 P195 Other stone and clay products 1 Nondurable Manufactures 172 172 171 172 173 167 159 161 158 158 154 156 162 P163 Textiles and Products. . 155 153 149 150 150 132 134 144 141 146 143 151 159 P162 Textile fabrics 144 142 137 138 138 121 123 134 131 135 132 140 148 Cotton consumption 152 150 143 142 144 123 123 138 128 133 125 138 146 147' Rayon deliveries 215 214 218 221 220 220 213 215 215 226 228 233 234 241 Nylon and silk consumption 1 Wool textiles 151 149 142 146 144 117 127 142 147 150 149 153 171 Carpet wool consumption 44 43 36 42 40 33 58 82 93 89 104 110 136 Apparel wool consumption 238 249 233 243 234 185 172 186 191 193 184 200 222 Woolen and worsted yarn. 160 156 147 151 152 124 136 154 156 160 156 158 174 Woolen yarn . . 170 166 153 161 162 129 145 158 156 163 159 160 177 Worsted yarn 146 142 139 137 137 117 125 149 156 156 152 154 171 Woolen and worsted cloth 169 166 161 165 161 129 136 144 149 154 153 155 170 Leather and Products . . 125 122 122 121 126 107 107 118 113 117 111 '117 137 Leather tanning . , ........ 128 116 117 115 116 103 97 110 108 113 113 115 135 Cattle hide leathers 148 132 134 132 132 120 109 123 122 130 131 134 157 Calf and kip leathers 93 87 91 87 99 78 79 95 91 86 90 90 104 Goat and kid leathers 66 68 63 61 57 49 46 52 46 50 49 54 67 Sheep and lamb leathers . ... 162 140 143 142 135 123 134 148 145 148 132 140 157 Shoes 123 126 125 126 132 109 114 123 116 120 109 118 138 Manufactured Food Products... 141 142 145 146 150 157 151 166 153 151 149 '144 144 P139 Wheat flour 132 122 133 134 132 133 128 139 136 134 135 149 165 P134 Cane sugar meltings '• Manufactured dairy products. P149 P209 P212 P155 P120 P85 Butter 71 77 89 112 124 109 93 72 62 50 47 49 52 Cheese . . .. 133 151 189 234 254 223 191 164 139 112 103 112 124 Canned and dried milk 157 186 231 272 284 257 214 185 127 105 105 105 118 Meat packing ... 139 135 125 132 139 131 119 134 133 171 182 155 171 129 Pork and lard . .. 132 129 125 135 144 129 97 95 93 179 225 191 201 138 Beef 156 150 131 134 139 137 146 179 173 164 138 125 141 120 Veal .. 89 98 86 98 103 116 148 197 224 202 130 81 76 75 Lamb and mutton 131 126 118 130 132 127 108 134 140 135 145 111 186 154 r Revised. P Preliminary. i Series included in total and group indexes but not available for publication separately. 526 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] 1945 1946 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar Manufactured Food Products—Continued Other manufactured foods 149 148 148 145 146 157 154 176 164 158 156 151 149 147 Processed fruits and vegetables.... 103 99 104 97 107 174 165 242 165 118 108 92 87 Confectionery 144 140 130 117 96 88 115 139 142 134 139 149 Other food products... . 161 162 162 162 165 165 158 165 168 173 171 167 165 166 Alcoholic Beverages. . . 158 139 148 147 162 214 175 199 214 201 188 198 211 Malt liquor 150 142 160 158 175 184 170 183 169 I 154 157 163 178 Whiskey.. 11 0 0 0 0 199 55 52 70 • 83 130 131 125 Other distilled spirits 228 136 44 36 35 400 216 324 566 467 301 280 314 312 265 283 291 318 293 306 365 420 427 343 396 416 Rectified liquors Industrial Alcohol from Beverage Plants l. 118 117 128 145 133 155 i 169 17 3 157 104 142 Tobacco Products Cigars 95 93 91 92 93 83 91 106 111 110 87 104 111 110 Cigarettes 136 137 133 156 186 170 204 220 225 198 128 185 193 202 Other tobacco products.... 94 91 90 95 92 95 106 103 97 57 70 67 65 Paper and Paper Products.. 138 141 141 142 142 134 131 | 144 143 142 134 133 Paper and pulp 134 137 136 137 137 130 129 138 ! 139 138 131 130 137 Pulp 157 158 162 161 160 147 144 150 i153 ! 153 137 131 145 Groundwood pulp 118 121 125 117 117 107 104 110 I 115 ! 121 96 96 100 Soda pulp 98 101 103 103 103 93 92 100 I 101 103 100 I 102 104 Sulphate pulp 227 227 234 236 236 227 219 223 i 227 223 195 | 167 203 Sulphite pulp 139 139 141 140 138 122 120 126 129 131 120 ! 125 130 Paper 131 134 132 133 134 128 126 136 137 136 131 130 136 141 Paperboard 152 157 158 161 160 149 141 165 I 157 158 143 145 155 165 Fine paper 87 84 79 78 75 73 74 77 j 80 79 78 81 82 82 Printing paper 125 127 126 125 126 122 126 125 133 132 132 j 134 139 144 Tissue and absorbent paper 148 148 145 141 142 140 142 142 148 145 145 ! 144 147 149 Wrapping paper 127 133 129 132 139 133 135 141 147 140 140 ! 128 135 138 Newsprint 83 82 82 81 80 78 71 81 79 82 84 86 86 86 Paperboard containers (same as Paperboard). . Printing and Publishing 106 105 107 110 117 118 114 I 114 129 Newsprint consumption 87 90 87 101 104 96 ! 94 114 Printing paper (same as shown under Paper).. Petroleum and Coal Products... 276 272 268 273 269 267 '240 184 156 174 172 P!66 Petroleum refining Gasoline 150 145 145 149 148 156 155 132 129 147 140 131 131 135 Fuel oil 174 166 167 174 177 175 173 151 152 164 164 171 Lubricating oil 125 132 141 143 136 134 137 120 133 122 125 Kerosene , 132 134 123 122 124 124 135 115 122 148 162 184 Other petroleum products l. Coke 168 171 161 168 163 165 153 152 116 148 154 116 91 By-product coke 163 164 157 161 155 158 148 150 115 144 150 111 85 Beehive coke 367 387 284 406 421 400 332 224 145 276 286 296 303 '350 Chemical Products.. . 319 321 320 318 315 303 261 239 232 230 231 233 233 '236 Paints 139 139 137 135 138 137 132 135 139 140 142 142 145 '148 Soap 135 135 131 130 130 129 124 131 130 125 127 127 124 '127 Rayon 241 244 241 240 243 243 222 237 238 244 242 "244 241 P239 Industrial chemicals 400 402 405 407 412 409 368 386 371 370 378 388 '392 Explosives and ammunition l Other chemical products l... Rubber Products.... 247 236 233 224 222 218 193 172 191 192 205 •215 215 P221 Minerals—Total.. 135 136 140 141 147 145 143 137 125 134 126 134 134 P131 Fuels.. 146 147 145 143 150 148 146 139 126 143 137 Coal. 143 142 136 125 148 140 135 142 112 149 132 150 P159 Bituminous coal 150 149 138 145 153 146 144 148 110 159 142 159 P168 Anthracite 112 115 131 47 129 117 102 114 120 112 94 114 Crude petroleum 148 150 150 152 151 153 152 138 133 141 139 P144 P138 Metals. 68 72 109 131 129 125 124 123 116 80 61 60 Metals other than gold and silver.. 98 104 166 207 204 196 192 188 175 111 79 78 Iron ore 68 80 216 304 301 289 289 281 245 108 50 50 22 (Copper; Lead; Zinc)1 Gold 34 Silver 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 or October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. MAY 1946 527 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939=100] Factory employment Factory pay rolls Industry group or industry 1945 1945 1946 Feb. Mar. Nov. Dec, Jan. Feb. Mar, Jan. Feb. Mar. Nov. Dec. Jan. Feb. Total '167.5 166.0 128.2 128.4 130.1 -121.9127.0 -345.6 -344.8-341.7 -226.2'229.1210.6 Durable goods '225.5 222.6 '143.5P141.2 143.8 '122.3 132.8 '474.6 '472.0'465.1 '240.0'242.8 199.5 Nondurable goods.. 121.9 121.4 116.2 '118.4 119.2 '121.5 122.5 '219.6 '220.4'221.0 '212.7'215.7 221.5 Iron and Steel and Products '175.6'174.8'126.6'130.5'132.4 -86.9 121.1 -329.9-332.1-333.5 -220.5'216.5 133.1 Blast furnaces, steel works, etc.... 123 123 111 115 115 47 224 224 229 181 171 58 Steel castings 241 239 170 174 175 85 457 454 458 297 264 144 Tin cans and other tinware , 129 132 111 117 120 91 219 227 231 202 208 149 Hardware 131 131 97 103 107 107 274 278 281 196 205 195 Stoves and heating equipment 139 138 105 111 112 95 267 274 270 198 197 159 Steam, hot-water heating apparatus 184 182 139 145 145 113 358 355 350 254 252 192 Stamped and enameled ware 158 156 115 121 123 104 337 338 331 222 225 189 Structural and ornamental metal work 206 197 120 124 126 90 395 396 369 188 196 196 Electrical Machinery '281.0'280.2184.9 '186.9 183.7 '133.7 135.7 -527.4'528.3-528.6'301.9-308.5'302.6 210.4 Electrical equipment 237 236 166 162 161 96 454 452 453 265 262 259 144 Radios and phonographs. 270 268 132 144 151 149 540 535 529 238 258 272 272 Machinery except Electrical '230.6'228.3 172.4 '172.9'178.2-154.7 158.0 -440.5-443.9-438.7'283.3-288.7'295.8 252.3 Machinery and machine-shop products 225 222 161 161 165 146 421 424 420 263 265 273 239 Engines and turbines 363 358 229 207 209 131 790 792 769 367 364 371 231 Tractors 185 183 161 165 168 77 295 292 288 229 235 242 97 Agricultural, excluding tractors... . 161 158 135 145 140 118 322 328 325 231 249 231 184 Machine tools 204 204 142 146 159 159 379 382 382 233 245 263 257 Machine-tool accessories 259 256 181 184 186 186 458 466 457 270 279 284 277 Pumps 300 295 215 217 218 196 649 646 630 385 406 391 346 Refrigerators 149 145 112 98 103 90 271 277 266 176 144 151 127 Transportation Equipment, except Autos'1344.6r1298.4'361.3'338.0'329.5'297.3287.0-2977.5-2881.5-2767.9-583.5'577.2'563.7 493.2 Aircraft, except aircraft engines. . . 1629 1607 306 304 301 300 3257 3235 3190 507 520 516 517 Aircraft engines 2404 2369 300 246 243 247 4335 4368 4280 390 346 360 379 Shipbuilding and boatbuilding 1405 1325 413 382 363 332 3313 3108 2907 638 641 611 531 Automobiles '176.8 173.9 "130.5 -96.4'102.2 -98.3 100.7 '333.5'333.8'325.5'192.2-135.5'152.2 134.3 Nonferrous Metals and Products '183.8 185.6 139.3 '142.2 145.3 '126.8 124.4 '352.3'358.2'364.0'243.5'250.4'256.1 228.7 Primary smelting and refining 144 143 125 127 128 120 264 264 265 220 221 225 211 Alloying and rolling, except aluminum 185 187 137 141 144 121 355 362 367 238 247 257 222 Aluminum manufactures 292 299 163 173 179 104 530 542 556 254 267 269 173 Lumber and Timber Basic Products. '122.7 123.0 115.0 '118.6"122.3'124.0 126.5 '219.3'225.1'226.2'194.8'199.4'207.7 218.7 Sawmills and logging camps... 76 76 67 69 70 70 138 140 140 114 114 118 123 Planing and plywood mills.... 97 96 84 87 89 91 167 171 168 137 145 149 158 Furniture and Lumber Products. r107.0 106.2 '97.7'102.6106.0 '108.1 110.2 "199.4'202.8'201.3'173.2'188.1'192.9 200.4 Furniture 97 96 85 90 94 95 180 184 182 151 164 169 177 Stone, Clay and Glass Products '109.6 109.8 106.5 '109.1 114.3 '121.4 125.2 '186.1'186.8'190.5'175.9-181.7'184.9 203.0 Glass and glassware 126 127 110 113 125 143 202 202 207 170 182 192 236 Cement 68 68 85 89 91 93 107 106 108 135 136 132 138 Brick, tile, and terra cotta 73 72 83 88 92 93 117 119 121 139 148 155 158 Pottery and related products 119 118 120 123 126 130 185 187 191 188 195 196 210 Textile-Mill and Fiber Products r96.4 -95. r92.9 -97.3 -98.6'101.2 102.1 178.1'177.5'177.5'174.8-188.0'190.7 203.7 Cotton goods except small wares. . 108 107 101 107 108 110 210 207 207 200 216 217 230 Silk and rayon goods 74 74 71 73 73 74 138 140 139 142 149 149 158 Woolen and worsted manufactures 98 97 96 99 100 103 194 193 193 184 200 207 227 Hosiery 63 62 64 66 67 69 103 102 101 109 113 116 125 Dyeing and finishing textiles 88 81 89 91 93 152 151 151 143 164 168 178 Apparel and Other Finished Textiles. . . 119.2 '119.7'117.8'118.9 121.0 '125.8 127.8 '217.8'227.5'233.1'208.0-215.0'228.0 240.2 Men's clothing, n.e.c 93 92 81 81 83 85 165 171 174 137 141 148 158 Shirts, collars, and nightwear 70 70 72 72 72 73 126 132 133 132 134 136 148 Women's clothing, n.e.c 79 78 75 75 76 79 149 154 157 136 141 149 153 Millinery 83 85 74 75 81 86 131 156 160 110 119 147 153 Leather and Leather Products. . -91.6 r91.4 -92.5 -95.2 -97.4-100.4 102.2 '166.7-168.6'172.3'165.3-179.2'185.2 194.5 Leather 84 83 86 90 92 95 147 150 151 146 162 163 165 Boots and shoes 79 79 80 82 84 86 148 150 154 146 157 164 174 Food and Kindred Products '120.8r118.9'127.0'126.2'123.0-122.2 120.1 '202.4-195.9-194.4-214.9-220.4'215.0 211.5 Slaughtering and meat packing. 120 113 110 123 127 126 222 188 178 185 215 218 200 Flour 119 117 125 125 127 127 206 204 201 212 221 229 242 Baking 112 111 110 110 110 110 168 169 170 181 181 180 181 Confectionery 117 117 111 111 106 103 198 199 199 198 202 191 183 Malt liquors 139 138 150 148 152 154 195 201 201 225 227 228 238 Canning and preserving 75 71 93 80 69 66 154 149 143 179 167 144 136 Tobacco Manufactures. . -87.8 -89.2 -87.8 -87.0 -87.3 87.4 '167.0-165.6-166.0-172.2-164.1-166.7 165.2 Cigarettes 128' 127 127 120 118 116 211 208 207 208 185 201 194 Cigars 65 65 68 69 69 72 134 135 135 149 149 146 149 Paper and Allied Products. '120.5r119.7 '122.9-126.3-128.6-131.0 133.3 -200.9-201.7-201.9-211.0-219.0-221.7 226.2 Paper and pulp 107 106 108 111 114 116 183 183 183 190 197 198 204 Paper goods, n.e.c 119 119 115 118 118 121 198 198 198 186 198 202 207 Paper boxes 113 112 116 118 120 120 182 184 182 197 203 204 204 r Revised. NOTE.—Revised indexes shown here for major groups and totals were released by the Bureau of Labor Statistics in April 1946. These indexes have been adjusted to final 1944 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 March 1946 are preliminary. 528 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 1946 1945 1946 Feb. Ma Nov. Dec. Jan. Feb. Mar. Jan. Feb. Mar. Nov. Dec. Jan. Feb. Printing and Publishing '98.5 '98.2 '105.9 '108.1 '109.4 '112.1 113.5 •139.8 138.2 139.4 '158.5 '163.2 '165.\ 170.6 Newspaper periodicals 92 92 101 103 103 105 118 118 120 138 142 144 149 Book and job 106 105 113 116 118 121 160 157 157 178 185 189 194 Chemicals and Allied Products '241.9 '242.3 169.1 '169.2 "169.7'170.3 171.3 •419.8 '426.2 431.0 •281.8 '283.4 '285.2 286.3 Drugs, medicines, and insecticides.. 180 182 175 178 182 185 273 277 280 269 276 281 296 Rayon and allied products 113 113 118 120 123 124 182 180 182 189 194 197 195 Chemicals, n.e.c 166 166 159 162 165 165 293 295 297 261 267 277 276 Explosives and safety fuses 1349 1361 361 297 239 222 1999 2020 2092 527 470 365 348 Ammunition, small-arms 1544 1576 264 233 226 198 2915 3070 3167 488 437 428 384 Cottonseed oil 122 107 136 128 117 101 276 257 225 306 280 253 215 Fertilizers 134 143 112 120 133 152 269 302 341 240 258 283 336 Products of Petroleum and Coal r126.4 '126.6 -131.3 '132.3 -134.0 '133.7 137.6 '222.1 '223.8 '224.6 '222.9 '222.2 '220.9 224.7 Petroleum refining 126 126 131 131 132 132 216 218 221 216 213 211 in Coke and by-products 102 102 103 107 110 104 189 186 184 181 190 189 179 Rubber Products . '173.2 '173.2 '160.1 '168.2 '172.7 '177.1 182.0 '338.3 '339.5 '315.4 '257.8 '275.5 '290.1 292.1 Rubber tires and inner tubes 178 177 169 178 182 187 342 340 302 240 257 273 272 Rubber goods, other 140 140 119 124 127 129 261 266 265 209 225 232 234 « Miscellaneous Industries '173.1 '174.3 '142.2 '147.3 '150.4 '155.4 157.5 '34O.i '344.5 '348.0 '251.1 '266.7 '271.0 278.8 Instruments, scientific 539 541 202 203 200 201 1057 1063 1068 325 332 330 322 Photographic apparatus 162 162 125 130 127 130 278 276 275 198 204 199 205 For footnotes, see page 528. FACTORY EMPLOYMENT {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 =100] Group and year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Annual Total 1944 178.8 178.5 176.6 174.5 173.3 172.5 171.4 170.9 169.3 168.1 167.3 168.0 172.4 1945 168.1 168.0 166.5 163.8 160.8 157.2 151.7 147.6 127.8 127.2 127.8 128.1 149.5 1946 130.5 122.3 P127 4 Durable 1944 247.6 246.6 243.7 240.2 237.9 236.7 234.3 233.1 229.3 226.5 224.9 225.9 235.6 1945 226.1 225.8 222.8 217.6 211.5 204.3 195.2 187.5 144.8 142.6 143.3 141.2 188.5 1946 144.1 122.6 P133.0 Nondurable.... 1944 124.6 124.9 123.7 122.7 122.4 122.0 121.9 121.9 122.1 122.1 121.9 122.4 122.7 1945 . 122.4 122.5 122.0 121.3 120.8 120.1 117.4 116.1 114.5 115.1 115.6 117.8 118.8 1946 119.8 122.1 P123.1 P Preliminary. NOTE.—Revised indexes based on new Bureau of Labor Statistics data released in April 1946. 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 1945 1946 1945 1946 Jan. Feb. Oct. Nov. Dec Jan. Feb. Jan. Feb. Oct. Nov. Dec, Jan. Feb. All Manufacturing. 45.4 45.4 41.6 41.2 41.5 41.0 40.5 104.6 104.3 98.5 99.0 '99.4 100.3 100.2 Durable Goods 46.8 46.8 41.6 41.1 '41.4 40.8 40.1 114.4 113.9 106.3 106.4 106.6 106.9 106.4 Iron and Steel and Products 46.9 46.9 42.1 42.1 '42.5 40.9 39.6 110.1 109.8 107.8 108.2 109.1 109.3 108.9 Electrical Machinery 46.5 46.7 41.1 41.3 41.5 41.3 40.4 106.9 106.7 103.1 103.9 105.0 105.3 102.8 Machinery Except Electrical 48.7 48.8 43.0 42.6 42.9 42.5 41.7 114.9 115.1 111.8 112.4 113.4 113.7 114.3 Transportation Equipment Except Autos. 48.0 47.2 39.1 37.4 '39.7 •40.0 38.7 130.4 130.4 125.0 124.4 123.9 '123.0 123.3 Automobiles 45.2 46.5 38.4 37.8 36.0 37.5 34.1 131.4 127.9 121.9 121.7 122.0 123.4 124.6 Nonferrous Metals and Products 47.2 47.1 43.2 43.2 '43.3 43.3 43.2 107.9 107.8 104.8 105.8 106.3 106.6 109.4 Lumber and Timber Basic Products 42.6 43.3 42.2 40.5 39.0 '38.8 40.1 79.1 79.4 78.4 78.9 '81.4 83.0 83.6 Furniture and Finished Lumber Products. 44.4 44.8 42.7 42.0 '42.5 '41.8 42.3 84.5 84.7 84.1 84.4 '85.9 '86.3 87.1 Stone, Clay, and Glass Products 43.6 43.8 42.5 42.0 '41.9 '40.5 40.7 91.7 91.6 93.2 92.8 '93.9 '94.2 96.7 Nondurable Goods. 43.4 43.4 41.5 41.3 '41.5 '41.2 40.9 89.1 89.2 90.9 91.8 '92.7 94.1 95.3 Textiles—Mill and Fiber Products 42.3 42.3 40.4 40.3 40.7 40.4 40.5 72.9 73.1 77.3 78.6 '79.5 80.3 83.3 Apparel and Other Finished Products 38.2 38.8 36.7 36.1 36.4 36.7 36.5 84.9 86.2 87.5 86.4 '87.5 '90.6 92.2 Leather and Manufactures 41.8 42.2 40.9 39.6 40.6 '39.8 40.4 82.9 83.5 85.2 85.7 88.1 '90.5 90.9 Food and Kindred Products 45.6 44.9 44.1 44.4 '45.3 45.0 44.3 86.7 86.1 89.5 90.8 '91.5 '92.2 92.5 Tobacco Manufactures 43 43 42.0 40 39 39.3 38 73.6 73 79.3 80.7 80.6 '82.6 83.3 Paper and Allied Products 46.2 46 3 45.8 45.7 45.6 44.4 44.0 86.9 86.5 89.7 90.2 '91.0 '92.9 94.0 Printing, Publishing and Allied Industries. 41.5 41.0 41.6 41.7 41.5 '41 40.8 110.9 111.5 115.5 117.1 '118.8 '120.0 121.6 Chemicals and Allied Products 45.7 45.5 43.3 42.5 42.5 '42.0 41.7 97.2 97. 99.1 99.1 '100.1 '101.4 102.1 Products of Petroleum and Coal 46.6 47. 42 44.0 '42.9 '41.7 41.4 120.6 119.6 120.4 121. '123.6 '124.9 127.9 Rubber Products 47. 47.3 41.4 40. 40.9 '41. 40.6 115.1 114.9 110.0 111. 111.3 '112.1 112.9 Miscellaneous Industries 45.7 46.0 42.0 41.9 42.1 41. 41.8 99.3 98.8 95. 96.5 98.5 99.0 98.8 r Revised. NOTE.—Back figures are available from the Bureau of Labor Statistics. MAY 1946 529 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRIGULTURAL 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- Mining 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 , a a l nd utilities laneous government 1939 30,353 10,078 845 ,753 2,912 6,618 4,160 3,988 1940 31,784 10,780 916 722 3,013 6,906 4,310 ,136 1941 35,668 12,974 947 2,236 3,248 378 4,438 4,446 1942 38,447 15,051 970 ,078 3,433 263 4,447 5,203 1943 39,728 16,924 891 ,259 3,619 030 4,115 5,890 1944 38,698 16,121 835 679 3,761 044 4,348 5,911 1945 36,981 13,897 779 834 3,822 7,173 4,589 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 ,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 ,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 16,819 862 786 780 7,043 4,173 5,889 March.... 39,123 16,642 852 737 780 7,046 4,165 5,901 April 38,865 16,391 848 719 763 6,982 4,257 ,905 May 38,749 16,203 843 673 3,768 6,997 4,363 ,902 June 38,766 16,093 848 677 3,765 7,012 4,475 ,896 July 38,700 16,013 833 653 3,753 7,084 4,505 ,859 August... . 38,654 15,943 830 648 3,762 7,059 4,514 ,898 September. 38,400 15,764 822 627 3,735 7,065 4,488 ,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. . '35,605 ••11,851 798 1,085 3,916 •7,335 4,936 5,684 1946—January.. '36,336 '"12,098 ••814 1,230 '3,955 ••7,677 5,034 5,528 February. 35,804 11,354 812 1,375 3,985 7,694 5,082 5,502 March. . . 36,381 11,779 791 1,443 3,992 7,742 5,113 5,521 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 ,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. ••36,314 11,910 802 1,042 3,896 '7,959 4,936 5,769 1946—January. .. '35,818 12,038 '810 1,132 ••3,896 '7,485 4,984 5,473 February. . 35,241 11,297 808 1,251 3,905 7,502 5,031 5,447 March. . . . 35,929 11,720 791 1,328 3,932 7,603 5,062 5,493 • * Includes Contract Construction and Federal Force Account Construction. r Revised. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. March 1946 figures are preliminary. For back seasonally adjusted estimates see BULLETIN for June 1944, p. 600. Back unadjusted data are available from the Bureau of Labor Statistics. 530 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. Total R b e u si i d ld e i n n t g ial Nonresidential building P a u n b d l ic p u w b o li r c ks 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 Mar. Feb. Mar. J A F M a e p a n b r r i u r c l u h a a ry ry .. . . . . . 1 1 1 1 5 7 3 7 9 6 7 9 3 3 1 1 2 9 4 4 9 6 1 7 3 6 3 8 9 5 7 8 8 1 1 1 1 2 0 3 3 2 9 3 3 2 3 2 0 7 7 1 9 5 4 1 5 4 4 6 7 6 4 3 4 2 3 7 6 8 1 6 8 0 7 6 7 7 3 3 5 3 3 5 1 1 1 1 N P C B h l o e e i w s l v t a o e d Y l n e a o n lp r d k h . i a . 1 3 3 8 0 5 9 0 8 , , , , 2 5 6 8 5 3 4 0 5 6 7 0 4 2 4 1 9 6 2 5 , , , , 9 0 0 2 0 2 3 3 9 6 7 5 1 1 1 9 7 3 1 , , , , 1 1 3 1 0 7 1 5 2 9 7 8 A J S J O M N u u e u c o a n l p t g y v y e o t u e e b s m m e t r b b e e r r . . . . 1 1 1 1 1 1 1 4 4 6 6 7 6 9 4 5 9 4 6 5 1 2 2 3 2 2 2 3 2 1 4 6 5 7 7 3 7 7 4 8 8 0 1 1 1 1 1 1 9 2 2 0 2 0 4 8 5 2 2 7 3 8 1 1 8 4 6 6 4 0 6 8 2 3 7 1 8 1 4 4 4 4 4 4 6 6 2 2 4 9 3 2 2 2 3 1 1 1 9 3 5 4 0 4 9 5 5 6 9 9 6 6 A S D C M R K t h i a t a . i c l i l n n a c h l L n s a a n m o a e s g t s u a o a o p i . n C s o d . i l t i y s 1 3 6 2 6 5 8 1 0 2 2 3 3 9 2 , , , , , , 0 2 8 6 0 1 4 1 1 7 3 5 5 0 5 4 5 5 6 8 2 6 3 5 2 3 1 1 9 7 3 1 9 9 4 , , , , , , , 4 5 2 4 0 0 5 6 3 0 1 4 0 2 3 2 6 8 2 5 6 8 6 2 3 2 3 3 6 4 9 8 4 2 , , , , , , , 2 0 8 2 4 0 3 4 0 6 1 4 3 1 8 2 2 7 2 4 3 December. % 188 331 114 62 74 269 Total (11 districts) 697,593 387,399 328,874 Year 1,994 3,299 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] Title I Loans Mortgages on Year or month Total p P m e r i r o m r e o t v n y - p e t - - s S h c t t m o i r o o u m n a n c - l e - l 1 f h ( a - o T m I t u D i o t s i l l e 4 e y s - h R g ( o T a e r I u o n n I i s t ) u d t i l a n p e l g h ( o W T V u i I s a t ) i l r 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 i s 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 r2 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—Mar 60 13 * 17 30 Dec 3,107 1,465 186 254 789 234 179 Apr 53 10 15 28 May 62 14 * 22 26 1942—Mar. 3,307 1,549 201 264 856 237 200 June 56 13 19 24 June 3,491 1,623 219 272 940 243 195 July 52 12 * 19 21 Dec. 3 620 1 669 236 276 1 032 245 163 Aug 45 12 18 * 15 Sept 44 11 16 2 14 1943—June 3,700 1,700 252 284 1,071 235 158 Oct 62 26 i 19 * 17 Dec. 3,626 1,705 256 292 1 134 79 159 Nov 60 28 21 11 Dec 55 23 20 1 11 1944—June 3,554 1,669 258 284 1,119 73 150 Dec. 3,399 1,590 260 269 1 072 68 140 1945—jan 56 17 27 12 Feb 46 14 24 8 1945—June 3,324 1,570 265 264 1,047 43 134 Mar 48 13 28 * 7 Dec 3,156 1,506 263 253 1,000 13 122 !The 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. MAY 1946 531 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 ,124 903 P800 254 229 301 334 P392 228 520 823 569 P408 February 483 728 ,107 887 P672 254 234 314 325 P320 230 494 793 561 P352 March 637 988 ,197 Pl.030 272 249 359 P365 365 739 838 P665 April 717 989 L, 231 Pl 005 235 258 361 P366 482 731 869 P639 2^1 ay 542 1,092 L,455 Pl,135 191 281 386 P372 351 811 1,069 P763 June 650 i no3 I 297 P870 215 295 332 P360 435 708 965 P511 July 659 L.265 1,197 P893 213 302 294 P356 446 963 903 P537 August 705 L 280 191 P737 186 316 304 P360 518 964 887 P378 September.... 732 L,269 1,194 P514 196 286 282 P335 536 983 912 P180 October 803 1,238 1,144 P455 200 329 329 P344 603 909 815 Pill November.... 788 L,O73 1,187 P639 168 311 323 P322 620 762 863 P317 December 883 1,288 939 P736 358 281 336 P297 525 1,006 603 P439 Jan.-Feb 965 1,477 2,231 1,789 Pl,472 507 463 615 659 P712 458 1,014 1,616 1,130 P76O ^Preliminary. 1 Including both domestic and foreign merchandise. * 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 RAILROADS [Index numbers: 1935-39 average=100] [In millions of dollars] For- Mis- Mer- Total CoalCoke Grain L s i t v o e c - kp u e r c o s t t d s - Ore l c a e n l e - - c l d h .c i a s .l n e . - o r r e p a T v e i e o r lw a n t t a u a i l n e y s g e r x a T p i o l e w t n a a s l e y s 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 e m t e Annual 1939 101 98 102 107 96 100 110 101 97 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 4 5 4 0 2 1 3 1 1 1 1 1 13 3 3 0 3 4 5 0 8 9 7 0 1 1 1 1 1 1 3 2 1 4 3 3 5 3 1 3 8 4 1 1 1 1 1 1 8 8 7 6 3 8 1 5 2 8 7 6 1 1 1 1 1 1 5 3 0 1 4 2 1 9 1 2 6 0 1 1 1 1 9 9 1 2 2 0 6 1 7 4 4 4 1 1 1 1 1 1 4 2 4 5 3 1 3 9 1 5 9 4 2 1 1 1 1 1 0 6 9 8 8 4 6 9 2 0 3 7 1 1 1 1 1 1 4 4 4 4 3 1 7 5 2 6 6 0 1 6 6 6 6 9 0 9 3 7 8 6 0 Annual 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 3 4 4 2 4 3 9 0 1 . . 4 3 5 9 9 7 , , , , , , 2 0 3 9 4 4 9 5 4 9 6 3 7 6 5 7 5 7 3 3 4 5 8 7 , , , , , , 6 9 3 4 3 6 1 4 8 0 4 9 4 8 2 6 3 3 1 1 1 , , , 3 4 0 9 5 6 6 8 9 9 8 8 2 5 8 2 9 3 8 5 9 6 1 0 7 0 9 6 8 2 4 0 3 8 9 SEASONALLY 1945 . P8 902 P8 052 P850 P447 ADJUSTED SEASONALLY 1945—January. . . 144 141 176 128 120 142 161 157 66 ADJUSTED February.. 139 139 178 119 121 133 168 152 66 March.... 145 137 190 134 129 134 218 159 67 1944—December.. 780 711 69 33 D J A S J O A N M u u e e p c o u a n l p c t y r v y g e o t i e e l e u b m m m s e b t r b b . . e e e . r . r . r . . . . . . 1 1 1 1 1 1 1 1 1 3 4 2 3 4 2 2 4 1 3 0 8 9 1 7 7 0 8 1 1 1 1 1 1 1 1 1 4 4 0 3 2 4 3 2 2 8 3 9 3 6 3 6 8 6 1 1 1 1 1 1 1 1 1 8 6 9 1 5 9 6 6 8 1 7 3 3 5 3 7 4 0 1 1 1 1 1 1 1 1 1 5 6 5 6 5 5 4 6 6 5 7 3 7 7 8 6 0 3 1 1 1 1 1 1 1 1 1 2 4 2 2 1 4 2 1 2 1 5 3 1 5 0 0 4 4 1 1 1 1 1 1 1 1 1 2 0 1 0 3 3 3 4 4 5 9 0 6 3 3 7 4 0 2 2 1 1 1 1 1 1 1 7 1 0 3 3 6 7 0 7 1 7 4 4 4 6 0 4 4 1 1 1 1 1 1 1 1 1 3 2 3 5 3 4 2 4 5 3 5 0 1 2 6 6 6 3 6 6 6 6 6 6 7 7 7 8 4 6 9 9 7 4 4 1 1945— S A J A J F M M J u u e e a p u a a l n p b n r y y r g e i t r u c l e u u h a m a s r r y t b y . . e . . . . . r . . . . . 8 6 7 7 7 7 7 7 7 3 9 9 9 6 8 9 0 9 1 1 6 9 6 1 1 5 6 6 6 6 6 6 6 7 7 7 5 9 2 7 9 7 4 0 0 5 6 5 8 8 3 8 4 4 1 1 9 9 9 5 9 9 3 0 0 6 2 5 7 3 8 6 6 3 6 5 6 6 6 6 2 7 8 2 7 1 0 5 2 1 - 1946— F M J e a a b n r r c u u h a a . r r y y . . . . . . . . 1 1 1 3 2 3 9 6 3 1 1 1 5 5 4 5 2 8 1 1 1 6 0 2 5 7 7 1 1 1 4 5 5 1 0 2 1 1 1 4 5 2 0 8 6 1 1 1 2 3 2 6 4 2 1 1 9 2 1 4 1 8 1 1 1 4 2 3 3 1 4 7 7 7 8 8 8 O D N c e o t c v o e e b m m er b b e e r r . . . . 6 6 6 5 6 2 7 8 8 6 6 6 7 0 2 4 8 0 -36 6 3 1 7 -5 3 6 3 0 UNADJUSTED 1946—January.. .. 655 567 88 51 February.. . P634 P554 P80 P4& 1945—January... 132 141 185 128 115 128 40 144 63 February.. 130 139 188 117 97 128 42 143 64 UNADJUSTED March. . . . 136 137 192 124 102 134 63 151 68 April 139 126 176 141 111 133 203 151 71 1944—December.. 757 684 73 44 May 142 126 191 147 108 143 268 152 69 June 145 143 178 158 99 149 263 150 68 1945—January.. . . 751 675 76 '43. July 143 136 187 188 97 140 273 148 67 February... 713 '638 '75 37 August 132 128 160 176 109 140 249 133 65 March 813 713 100 63 September. 137 143 154 163 150 135 261 136 69 April 779 687 92 56 D O N e c o c t v o e e b m m e b r b . e e r . r . . . . 1 1 1 1 3 2 9 6 8 1 1 1 3 4 0 3 8 9 1 1 1 7 6 1 2 7 1 1 1 1 4 6 5 4 4 8 1 1 1 3 8 8 5 3 9 1 1 9 1 0 4 5 8 2 1 3 1 1 6 5 4 1 1 1 2 3 3 3 9 6 7 7 7 2 1 5 J M J A u u u a n ly g y e . ust. . . . 8 8 7 7 2 2 9 5 3 0 6 5 6 7 7 6 9 2 2 6 9 3 4 9 1 9 9 8 0 6 7 7 0 6 6 5 6 5 3 1 6 1946— F M J e a a b n r r c u u h a a r r y y . . . . . 1 1 1 3 1 2 2 9 3 1 1 1 5 5 4 5 2 8 1 1 1 6 3 1 6 3 4 1 1 1 4 3 5 7 0 2 1 1 11 2 2 1 6 0 1 1 1 2 3 0 1 4 9 3 2 2 5 4 9 1 1 1 1 3 2 3 6 3 7 7 7 5 9 4 S O N e c o p t v o t e e b m m er b b e e r r . . . 6 6 6 7 9 6 9 7 1 6 6 6 3 0 4 5 0 3 6 4 5 1 4 4 3 2 9 4 0 December.. 614 651 -37 -75 NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for 1946—January.. . . 641 570 71 34 June 1941. Based on daily average loadings. Basic data compiled by Associa- February.. . P579 P521 P58 P26 tion of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. p Preliminary. r Revised. NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic data compiled by the Interstate Commerce Commission. Annual figures include revisions not available monthly. 532 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on value figures] MONTHLY INDEXES OF SALES [1935-39 average = 100] Federal Reserve district Year and month United States San New Phila- Cleve- Rich- At- Chi- St. Minne- Kansas Fran- Boston York delphia land mond lanta cago Louis apolis City Dallas cisco 1919 83 95 84 106 84 73 113 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 '123 127 138 139 1942 ••149 140 128 143 153 170 162 149 158 '129 149 157 169 1943 168 148 135 151 167 194 204 161 179 149 184 212 200 1944 186 162 150 168 182 214 244 176 200 '164 205 246 221 1945 207 176 169 184 201 235 275 193 227 186 229 277 244 SEASONALLY ADJUSTED 1944—May 183 164 150 168 181 210 233 170 201 '165 192 242 214 June '•177 155 144 158 166 208 237 165 189 '159 192 239 210 July 189 160 150 169 191 211 262 178 198 '163 212 256 222 August 187 158 152 157 182 215 243 180 207 '165 203 253 222 September 187 162 149 170 180 219 247 181 210 '167 200 252 216 October 193 165 151 167 190 228 260 185 207 '165 214 250 229 November 204 168 161 182 204 230 271 189 213 '173 243 258 253 December '197 174 156 170 190 221 258 190 218 '180 207 256 234 1945—January 198 167 154 172 186 234 268 184 211 '178 241 260 248 February '210 166 165 188 204 238 274 202 222 '182 245 271 258 March 220 193 187 '203 222 '251 274 207 '230 '201 '239 269 '252 April 182 157 150 162 174 210 234 168 202 '155 199 256 219 May 188 160 156 170 179 210 243 170 213 '171 203 264 234 June 202 177 169 185 197 235 277 184 220 '181 218 268 233 July 218 183 177 198 220 252 300 197 237 '184 243 300 255 August 200 166 165 175 189 236 274 189 225 '178 214 272 231 September 200 167 161 175 187 225 268 193 232 '191 217 278 232 October '213 177 172 184 209 248 292 199 238 '190 241 289 245 November 225 183 182 202 220 251 298 208 240 '203 265 288 273 December 216 188 179 184 211 237 288 206 239 '199 225 287 256 1946—January 228 186 194 '205 214 262 308 209 234 '21? 269 306 269 February '254 '200 210 221 '242 283 339 241 281 '236 '301 339 '300 March 262 230 232 244 271 294 334 238 286 246 276 316 291 UNADJUSTED 1944—May 178 162 142 161 179 211 228 170 197 '158 194 228 200 June 163 144 133 142 157 183 199 160 170 151 177 203 193 July 142 110 100 116 140 151 197 139 154 '132 168 194 184 August 157 118 111 123 159 177 216 151 178 '147 191 220 202 September 196 170 158 173 191 232 257 185 212 '181 220 265 225 October 209 184 173 189 204 249 273 197 221 '182 225 275 239 November 248 207 206 229 244 293 317 231 268 '207 263 314 297 December 320 300 269 303 304 372 417 295 333 '277 338 417 373 1945—January 156 132 123 132 145 176 214 147 173 '133 178 211 197 February 171 130 137 149 163 191 236 162 187 '141 194 239 217 March '213 187 176 '199 214 251 282 200 '230 '190 '232 269 '233 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 '172 200 228 215 July 163 127 118 137 161 181 225 154 185 '149 192 228 211 August 168 125 120 136 165 194 244 158 194 '160 201 237 210 September 209 176 171 178 199 239 279 197 234 '207 239 292 243 October 230 196 196 208 224 271 307 213 255 '210 253 318 254 November '273 225 235 255 264 '319 348 254 303 '243 286 352 321 December '352 323 307 327 338 399 466 320 365 '305 366 467 407 1946—January 179 147 155 158 167 197 246 167 192 158 199 248 214 February 207 156 174 '174 '194 227 '292 193 236 '182 '238 299 '253 March 239 198 206 220 237 264 314 231 263 223 257 316 259 ' Revised. Note.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944. MAY 1946 533 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 I As reported by 296 department stores in various Federal Reserve [Weeks ending on dates shown. 1935-39 average — 100J districts] Without seasonal adjustment Index of stocks Amount (1935-39 average 1942 1943 1944 1945 (In millions of dollars) = 100) Sept. 12. .. .140 Sept. 11. . ..156 Sept. 9. . ..177 Sept. 15... .213 19. .. .152 18. .. .179 16. .. .196 22. .. .220 26. .. .172 25... .176 23. .. .193 29. .. .209 Out- Oct. 3. . ..183 Oct. 2. . ..175 30. .. .196 Oct. 6. . ..242 Sales Stocks stand- Season- 10. .. .171 9. . ..188 Oct. 7. . ..218 13. .. .245 (total (end of ing ally Unad- 17. . ..166 16. .. .189 14. . ..221 20. .. .237 for month) orders adjusted justed 24. . ..172 23. .. .194 21. . ..209 27. . ..233 month) (end of 31. .. .168 30. . ..187 28. .. .207 Nov 3. . ..236 month) Nov. 7. . ..182 Nov. 6. . ..202 Nov. 4. . ..215 10. .. .261 14. . ..182 13. .. .211 11. . ..231 17. . ..275 21. . ..182 20. .. .223 18. . ..252 24. . ..258 939 average... 128 344 99 28. .. .176 27. .. .201 25. .. .236 Dec. 1. . ..326 1940 average... 136 353 108" 101 Dec. 5. .250 Dec. 4. . ..269 Dec. 2. . . 304 8. . .401 L941 average... 156 419 194 120 12. .. .295 11. . ..297 9. . ..365 15. .. .433 L942 average... 179 599 263 172 19. .. .333 18. .. .321 16. .. .377 22. .. .421 1943 average... 204 508 530 146 26. .. .222 25. .. .274 23. .. .369 29. .. .158 L944 average... 227 534 560 153 30. .. .123 L945 average... 255 564 728 162 1943 1944 1945 1946 1944—Aug 198 574 579 172 165 Jan. 2. . ..117 Jan. 1. . ..110 Jan. 6. . ..145 Jan. 5. . .. 135 Sept 234 583 561 161 167 9. . ..146 8. . ..143 13. .. .166 12. .. .188 Oct 257 607 577 156 174 16. .. .139 15.. ..146 20. . ..160 19. .. .191 Nov 300 580 613 144 167 23. .. .125 22. .. .144 27. . ..161 26. .. .188 Dec 385 451 618 138 130 30. .. .126 29. .. .137 Feb. 3. . ..163 Feb. 2. . ..197 Feb. 6. . ..143 Feb. 5. . ..146 10. .. .172 9. . ..214 1945—Jan 198 463 767 148 133 13. .. .178 12. .. .142 17. . ..176 16.... .209 Feb 198 495 819 149 142 20. .. .155 19. .. .142 24. .. .177 23. ...213 Mar 284 524 772 '147 rl50 27. . ..162 26. .. .146 Mar. 3. .. .182 Mar. 2... 217 Apr 209 566 725 156 162 Mar. 6. .. .150 Mar. 4. .. .153 10. .. .204 9. . ..233 May.... 231 591 671 165 170 13. .. .144 11... .160 17. .. .214 16. .. .243 June.. . . 236 601 697 181 172 20. .. .147 18. .. .172 24. .. .226 23. .. .255 July. ... 191 592 722 189 170 27. .. .155 25... .182 31... .230 30. .. .257 Aug 213 625 671 187 179 Apr. 3. .. .161 Apr. 1. . ..212 Apr. 7. . ..181 Apr. 6. .. .272 Sept 243 620 652 171 178 10. ...168 8. . ..208 14. . ..156 13. .. .282 Oct 298 624 700 161 179 17. .. .170 15.. ..152 21. .. .192 20. .. .290 Nov 334 602 777 150 173 24. .. .182 22. .. .163 28. .. .184 27 Dec 429 462 764 141 133 May 1. . ..142 29 .168 May 5. .. .193 May 4 8. . ..169 May 6... .184 12... .196 11. 1946—Jan 224 488 ••891 '157 140 15. .. .149 13... .197 19... .178 18. Feb 239 529 981 159 152 22 153 20.. .177 26 182 25 Mar P305 *>582 *972 P164 P167 29. .. .151 27... .168June 2... .169June 1. Preliminary. r Revised. NOTE.—Revised series. For description and back figures see pp. Back figures.—Division of Research and Statistics. 874-875 of BULLETIN for September 1944. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage, change from corresponding period of preceding year] M 19 a 4 r 6 . F 19 e 4 b 6 . T m 1 h 9 o r 4 s e 6 . e M 19 a 4 r 6 . F 19 e 4 b 6 . T m 1 h 9 o r 4 s e 6 . e M 19 a 4 r 6 . F 19 e 4 b 6 . T m 1 h 9 o r 4 s e 6 . e M 19 a 4 r 6 . F 19 e 4 b 6 . T m 1 h 9 o r 4 s e 6 . e United States. +8 +21 +14 Cleveland-cont. Chicago +19 +14 Kansas City— Toledo -2 + 14 +4 Chicago + 12 +23 +17 cont. B D B N P o o o s o e t r s w w o t t l o n n a H n t n o a d A w v r n e e n a . . . . . . + + + -2 2 1 3 r+ + + + 1 2 2 1 5 2 0 5 + + + + 1 1 6 6 0 1 Y E W Pi r o t h ie t u e s n e b l g u in s r g g to h wn.... + + + 1 2 8 5A + + + + 2 2 7 9 0 3 + + + + 1 1 7 6 5 8 I F D P T n e o e e d o r r s t i r r e a i M W a n H o a a p i a y n o u n e l t s i e e . s . . . . . . . . . . . + + 1 4 1 + + + + + 1 2 3 1 2 4 4 5 6 5 ** + + + + + 1 1 1 2 1 9 4 9 0 0 D O T S a u h k ll l r l a s a e s a h v o ep m o a r t City. + + + - 1 1 1 5 2 4 + + + + 2 2 2 2 2 0 0 5 + + + + 1 1 7 8 8 4 Boston +4 * + 11 Richmond +2 +19 +10 Detroit +7 +11 +7 Corpus Christi. +5 +16 +8 N N S W P B ew p r e r o o w r i r i d v c a n Y g i e r g o d k e s f r e t p k i e n e o r c l r d e t. . . . . . . . . . . . + + + + - - 1 1 1 1 3 2 3 8 3 + + + + + + 2 2 2 2 1 9 7 5 5 7 9 + + + + + + 1 2 1 2 9 2 3 1 3 1 W W G L R C B y a h a r i a e l n l n a s e t e r c s i h i n l m t h g e i o v n b h s o n i g , t u l r - o l t e r S e N o n g , a n , . l S S e C . m . C . C . . . . . . + + - - 1 6 1 2 0 0 0 0 + + + + + + 2 1 2 1 1 1 1 5 1 7 9 2 + + + + + + 1 6 8 9 9 7 3 F G L G M M l a r r i a i e n a n l d e w n s t i n i d s a n o u g B R n k a e a e p y . i . d . . s . . . . . + + 1 8 2 + + + * + + 2 3 2 8 8 1 0 3 * * * * + + + + + 1 2 1 1 8 9 1 6 0 S F S D H P an a o h a o n o r l u t l e s a A n W t s F o i n x n r o t a o r n n th c io is . c o . . . + + + + + + 1 1 1 1 3 7 9 7 3 8 • + + + + + + 1 1 3 2 3 1 9 9 1 1 3 7 + + + + + + 1 2 1 2 1 1 6 4 8 4 0 0 Albany +25 +65 +44 Norfolk -20 -2 -11 St. Louis +10 +27 +15 Tucson +21 •+29 +24 Binghamton. .. +7 +26 +17 Richmond +7 +25 +15 Fort Smith +10 •+27 +17 Bakersfield +9 ' + 18 +14 Buffalo +3 +26 + 17 Charleston, Little Rock.... +4 +25 + 10 Fresno +3 '+23 + 14 Elmira -2 +11 +6 W. Va +6 +19 +13 Quincy +7 +14 + 14 Long Beach.... +3 + 13 +7 Niagara Falls.. -10 +14 -1 Clarksburg + 13 +31 +21 Evansville +5 +14 +9 Los Angeles.... + 12 +23 + 15 New York City +16 +27 +22 Huntington. . . . +4 +20 +13 Louisville +10 +24 + 15 Oakland and Poughkeepsie.. +8 +26 +19 East St. Louis. +20 +25 +14 Berkeley -1 + 12 +5 Rochester +7 +23 +15 Atlanta +7 +24 +14 St. Louis +12 +27 +15 Riverside and Schenectady. .. -8 +11 +2 Birmingham.... +6 +23 + 12 St. Louis Area. +12 +27 +15 San Bernardino 0 +15 +7 Syracuse +9 +27 +21 Mobile -2 + 13 + 1 Springfield.... +21 •+47 +29 Sacramento... . +10 '+23 +15 Utica -2 + 18 +7 J M ac o k n s t o g n o v m il e l r e y . . . . . . . - - 1 2 + + 2 1 9 3 + + 8 6 Memphis + 10 '+29 +17 S S a a n n D Fr ie a g n o cisco.. + -9 1 + + 1 1 3 +6 Philadelphia. . +6 r+17 +13 Miami + 13 +24 +20 Minneapolis. . +13 +29 +19 San Jose +2 +25 +13 Trenton +14 +30 +23 Orlando +21 +25 +26 Minneapolis. .. +19 +30 +22 Santa Rosa.... +19 * + 14 Lancaster +7 +19 +13 Tampa +17 +24 +21 St. Paul +9 +25 +16 Stockton c +17 +4 Philadelphia... +4 +13 +10 Atlanta +17 +28 +22 Duluth-Superior -4 +15 +3 Vallejo and C W Y R A C le o e a k v i a r n l r e k k o d l t a o e n in n s n g - d Barre. . + + + + - - 1 4 7 8 5 6 0 '+ + + + 2 + + 1 2 1 7 2 9 4 9 9 + + + + + + 1 1 1 1 9 8 3 0 4 2 J A C M B N B a o u r a e c a i w t l g k s c u o t u o s n m o s O o n l t n b , R a r u l T o e s u e an n g s e n . . . . . . . . . + + + + - + - 1 1 9 2 2 6 3 3 2 + r + + + + + + 3 3 1 2 3 2 7 2 2 7 4 0 3 + + + + + + 2 1 2 1 9 9 1 4 3 4 K H W D P T a u o n u e i e p n s t c c b a e h v h s l k i e o i t a r a nso C n ity... + + - - 1 0 3 3 7 4 + + + + + + 1 2 1 2 1 9 6 4 4 3 5 + + + + + 1 1 4 6 6 3 8 S P B E B N N a o v o e l r i e a a t l s t l r m p e l L i e a a n t p n a a t g a k d n h e d a C m i . t . y .. . + + + - + + 2 1 2 1 0 8 5 2 8 1 ' r + + + + -1 1 2 2 1 0 6 6 9 1 + + + + + -1 1 1 2 1 1 3 2 5 2 6 0 Cincinnati +11 +28 +17 Chattanooga. . . +9 +27 +18 Joplin +39 *+30 Seattle +2 +3 Cleveland +4 +18 +11 Knoxville +1 +2 Kansas City... +5 +21 + 13 Spokane +11 +15 +12 S C p o r lu in m g b f u ie s ld.... +6 c + + 2 1 2 3 + + 1 4 3 Nashville +20 +38 +25 S O t m . J a o h s a eph + + 1 9 3 + + 3 3 3 0 + +1 1 9 9 Y Ta a c k o im m a a +7 2 + + 1 9 7 + + 2 8 p Revised. * Data not. available. **Two months 1946. 534 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 February reporting F 19 e 4 b 6 . Tw 1 o 9 4 m 6 os. F 19 e 4 b 6 . 1946 1945 GRAND TOTAL—entire store 358 +20 +17 +6 2.3 2.6 MAIN STORE—total 358 +21 +18 +7 2.3 2.7 Women's apparel and accessories 355 +11 +9 +6 2.1 2.2 Coats and suits 336 +11 -1 1.4 1.6 Dresses 338 +20 +8 -2 1.4 1.8 Blouses, skirts, sportswear, etc 326 + 12 +18 +17 2.8 2.7 Juniors' and girls' wear 309 +7 +17 2.7 2.4 Infants' wear 317 + 11 +10 3.0 2.7 Aprons, housedresses, uniforms 292 +13 + 1 1.6 1.8 Underwear, slips, negligees 337 + 13 +10 -9 1.4 1.7 Corsets, brassieres 338 + 15 0 +31 1.9 1.7 Hosiery (women's and children's). . . 348 -12 +13 +2 1.2 1.1 Gloves (women's and children's) 333 + 12 + 11 +4 2.8 3.0 Shoes (women's and children's) 251 +26 +16 -7 2.4 3.3 Furs 282 +6 -14 + 11 3.2 3.0 N H H M e a a i c n l n l k d d in w k b e e a e r r g a y c r s h i a a e n n f d d s s s c m a a rf l s l leather goods... 2 2 3 1 4 8 2 8 8 6 3 8 + + + + 1 2 1 6 0 0 7 + + + + + 2 1 1 6 4 0 0 8 + + + + 2 1 1 1 3 7 3 0 2 2 3 1 . . . . 8 8 8 3 3 2 3 1 . . . . 4 2 0 8 Men's and boys' wear 326 +25 + 19 -32 2.2 4.0 Men's clothing 237 + 11 +19 -63 1.4 4.2 Men's furnishings, hats, caps 310 +43 +4 -21 1.9 3.4 Boys' clothing and furnishings 285 +3 +35 -16 4.0 4.9 Men's and boys' shoes and slippers.. 183 +46 +5 -23 2.7 5.1 Hom H D C D D L M F e u a h o o o r a f m a r i u m m j u n n p o s p a e i e r e e r t s s s r w n u a t i t h a i i i r e n a c c o s e n s r d s h u , , e d f , s i s l c b g o e n b s u e l o h h g l a d r a o r s a s t s n l s a d , c d w k i e o n m e s a v a s t r a p e , s e t r , p u t i l r n l p i e i g a n h s n s e o s c n e l e s s s t s , , e e s ry p tc rings. 3 2 2 2 2 2 2 2 2 1 9 3 2 2 9 6 3 0 6 5 6 6 8 4 0 0 4 + + + + + + + + + 4 7 4 5 4 4 3 5 1 6 2 7 0 9 0 4 3 8 0 + + + + + + + + + + 4 4 3 4 6 4 4 3 1 3 4 2 0 0 6 4 3 3 5 1 5 + + + + + + 1 + + + 1 4 2 2 2 6 5 6 8 8 2 6 3 4 1 2 0 3 3 3 2 2 3 1 . . . . . . . . . 5 6 8 4 4 0 9 3 6 3 3 4 4 3 2 3 2 1 . . . . . . . . . 3 8 2 1 9 7 3 4 6 Piece goods 294 +4 -2 -5 1.4 1.5 Cotton wash goods 127 -2 -7 +2 1.2 1.2 Small wares 342 +13 +11 +18 3.5 3.4 Lace, trimmings, embroideries, ribbons 122 +3 +3 -4 3.9 4.2 Notions 226 +13 + 13 + 15 3.4 3.4 Toilet articles, drug sundries, and prescriptions. 325 +9 +8 +6 3.8 4.0 Jewelry and silverware 310 +32 +27 +25 3.5 3.7 Art needlework 243 0 -5 +29 3.3 2.6 Stationery, books, and magazines 236 +11 +8 +38 3.2 2.6 Miscellaneous 302 +30 +27 +19 2.6 2.9 Luggage 235 +50 +43 +42 2.9 3.0 BASEMENT STORE—total 211 +10 +9 +3 2.5 2.7 Women's apparel and accessories 198 +4 +3 +6 2.4 2.3 Men's and boys' clothing and furnishings 165 +28 +21 -21 2.7 4.4 Home furnishings 137 +31 +25 +17 2.4 2.7 Piece goods 53 +4 +3 + 11 1.5 1.4 Shoes 136 -3 + 1 +5 4.3 4.0 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 - Instal- Charge Instal- Charge Instal- Charge sales sales Total Cash ment account ment account ment account 1945—February 126 163 57 98 40 84 70 128 63 4 33 A M p a r r i c l h .. 1 1 3 7 3 8 2 1 3 71 0 '7 5 4 2 1 10 4 7 1 4 37 0 9 88 6 r 6 7 59 1 1 2 2 8 0 •• 6 6 2 2 '4 3 3 3 5 4 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 1946—Tanuarv 142 186 65 106 45 108 82 190 64 4 32 February 151 191 72 122 43 100 73 140 61 4 " 35 March? 190 233 85 162 43 114 83 138 59 4 37 pPreliminary. rRevised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on page 533. MAY 1946 535 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit End o r o f y e m ar onth co c T n r s o e u t d a m i l t e 1 r ins T ta o l t m al ent Sale credit Loans2 p S a lo i y n a m g n l e s e 3 n - t a C cc h o a u rg n e ts Service credit credit Total Automobile Other 1929 7,637 3,167 2,515 1,318 1,197 652 2,125 ,749 596 1930 6,839 2,706 2,032 928 1,104 674 1,949 ,611 573 1931 5,528 2,214 1,595 637 958 619 1,402 ,381 531 1932 4,082 1,515 999 322 677 516 962 ,114 491 1933 3,905 1,581 1,122 459 663 459 776 ,081 467 1934 4,378 1,849 1,317 576 741 532 875 ,203 451 1935 5,419 2,607 ,805 940 865 802 1,048 ,292 472 1936 6,771 3,501 ,436 1,289 1,147 1,065 331 ,419 520 1937 7,467 3,947 2,752 1,384 1,368 1,195 ,504 ,459 557 1938 7,030 3,578 2,313 970 1,343 1,265 ,442 1,487 523 1939 7,981 4,436 2,792 1,267 1,525 1,644 ,468 1,544 533 1940 9,153 5,455 3,450 1,729 1,721 2,005 ,488 1,650 560 1941 9,899 5,924 3,744 1,942 1,802 2,180 ,601 1,764 610 1942 6,485 2,955 1,491 482 1,009 1,464 ,369 1,513 648 1943 5,338 1,961 814 175 639 1,147 ,192 1,498 687 1944 777 2,039 835 200 635 1,204 ,251 1,758 729 1945 6,734 2,365 903 227 676 1,462 ,616 1,981 772 1945—March ,606 1,952 731 184 547 1,221 ,244 1,669 741 April ,483 1,947 723 184 539 1,224 ,288 506 742 May ,541 1,961 718 184 534 1,243 ,348 488 744 June ,697 1,987 719 188 531 1,268 ,420 544 746 July ,654 1,992 712 192 520 1,280 ,452 459 751 August ,649 1,988 706 196 510 1,282 ,466 441 754 September. ,702 2,010 717 202 515 1,293 ,466 470 756 October. . . ,000 2,086 754 210 544 1,332 ,490 1,666 758 November. ,344 2,190 805 219 586 1,385 ,556 1,835 763 December. ,734 2,365 903 227 676 1,462 ,616 1,981 772 1946—January.. . ,505 2,363 877 235 642 1,486 ,659 1,701 782 February?. ,562 2,409 876 245 631 1,533 ,670 1,692 791 March?. . . ,970 2,516 904 264 640 1,612 ,686 1,972 796 1 Revised. See footnotes 2 and 3. 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 Indus- repair Small Indus- 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—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 L,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 L.282 406 389 70 63 121 88 145 73 71 13 11 18 September. . ,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. . ,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—January.... 1,486 494 446 76 70 127 93 180 104 76 14 14 19 February?. . ,533 522 452 78 71 128 94 188 105 80 14 14 19 March? L,612 567 462 82 73 132 95 201 132 103 18 16 24 P Preliminary. x 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. Other retail direct loans outstanding at the end of March amounted to 35 million dollars, and loans made during March were 10 million. 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. 6 Includes only loans insured by Federal Housing Administration. 536 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 dollars] Depart- Automobile Other Repair Pery E m e n o a d r n t o o h r f ex m T a c o o u lu t b t d a o i i l l - n e , g h s o m m o t a r o u n a d e r s i d e n e l e r - t s 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 e d e i e s - - Je st w o e re lr s y s o r t e A t o t h r a l e l e i r l s Year or month Total ch P a u s r e - r d eta D i l l o ir a e n c s t c r d h e p a i t a r u n a e s r d i c e - l t d , e l m r o t a n i a n o o i n d z d n s a - 1 - i s l m c n o o a s a e n s t n n a a h s t l l- Outstanding at end of 1929 1,197 160 583 265 56 133 period: 1930 1,104 155 539 222 47 141 1939 1,093 218 164 155 209 347 1931 958 138 454 185 45 136 1940 1,450 311 253 217 247 422 1932 677 103 313 121 30 110 1941 1,694 411 310 288 234 451 1933 663 119 299 119 29 97 1942 845 136 123 143 154 289 1934 741 146 314 131 35 115 1943 514 55 81 68 89 221 1935 865 186 336 171 40 132 1944 559 57 99 75 S3 245 1936 1,147 256 406 255 56 174 1945 731 65 146 97 121 302 1937...... 1,368 314 469 307 68 210 1945—March 573 56 107 76 84 250 1938 1,343 302 485 266 70 220 April 579 55 109 77 86 252 1939 1,525 377 536 273 93 246 May 592 55 112 78 89 258 1940 1,721 439 599 302 110 271 June 609 56 116 79 93 265 1941 1,802 466 619 313 120 284 July 619 56 118 79 96 270 1942 1,009 252 391 130 77 159 August 622 57 119 79 100 267 1943 639 172 271 29 66 101 September. 633 58 122 79 103 271 1944 635 183 269 13 70 100 October. . . 659 60 128 83 109 279 1945 676 198 283 14 74 107 November. 694 62 135 90 116 291 December. 731 65 146 97 121 302 1945 Mar, 547 162 238 11 50 86 1946—January... 772 70 155 107 125 315 Apr 539 158 237 11 48 85 February?. 809 74 164 111 131 329 May 534 154 238 10 48 84 March? 870 82 179 116 140 353 June 531 150 237 11 49 84 Volume extended dur- July 520 145 235 11 47 82 ing month: Aug 510 142 232 11 45 80 1945—March 114 12 24 15 9 54 Sept 515 144 235 11 44 81 April 101 9 21 16 10 45 Oct 544 156 247 11 44 86 May 110 10 22 18 10 50 Nov 586 173 262 12 47 92 June 116 12 24 15 12 53 Dec 676 198 283 14 74 107 July 107 11 22 13 11 50 August... . 108 11 23- 15 12 47 1946 September. 106 12 23 13 12 46 Jan 642 189 272 14 66 101 October. . . 131 13 28 19 15 56 Feb.? 631 183 274 14 61 99 November. 140 14 29 21 16 60 Mar.? 640 187 280 14 58 101 December. 147 14 32 24 13 64 1946—January. .. 157 19 34 27 14 63 February?, 155 18 35 24 15 63 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL March?.... 188 21 41 25 20 81 BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] R m e e t n a t i l p i a n p s e ta r l 2 - R a e n p d air P i e n r s s t o al n - al CONSU L M O E A R N I C N O ST M A P L A M NI E E N S T , B C Y R T E Y DI P T E S O O F F C R IN E D D U IT STRIAL Year and month Total modern- ment m A o u b to il - e Other i l z o a a t n io s n 1 l c o a a s n h s [Estimates. In m R i e ll t i a o i n l s i n o s f t a d l- ollars] Repair Persona] Outstanding at end ment paper 2 and instalof period 3 Year and month Total modern- ment 1941— D Ju e n c e ember. .. 2 1 0 9 2 6 . . 5 8 5 4 3 9 . . 5 3 1 18 8 . . 8 4 1 18 8 . . 6 2 1 1 1 1 2 0 . . 4 1 m A o u b to il - e Other i l z o a a t n io s n 1 l c o a a s n h s 1942—June 162.4 34.3 16.3 16.5 95.3 1943— D Ju e n c e ember. . . 1 10 2 0 5 . . 2 4 2 1 1 4 . . 4 4 1 8 2 . . 8 8 1 1 5 4 . . 6 1 6 7 2 5 . . 9 6 Outstanding at end December. . . 91.8 12.6 7.7 14.0 57.5 of period & 1 1 9 9 4 4 5 4 — — D M Ju e a n c r e e c m h ber. . . 9 9 8 1 2 9 . . . 0 6 1 1 1 2 3 2 . . . 7 5 0 6 7 7 . . . 8 4 8 1 1 1 3 3 2. . . 9 1 4 5 5 5 7 7 7 . . . 9 8 4 1 1 1 9 9 9 4 4 4 5 5 4 —March. . . 6 6 7 7 6 7 . . . 7 1 3 1 1 9 1 0 . . . 8 5 0 3 4 3. . . 8 8 0 1 1 1 . . . 5 1 1 5 6 5 2 0 1 . . . 6 2 7 April 91. 12.5 7.5 13.3 57.8 April 66.6 9.4 3.5 1.2 52.5 May 92.6 12.6 7.5 13.6 58.9 May 68.2 9.4 3.6 1.2 54.0 June 94.6 12.8 7.7 14.2 59.9 June 69.6 9.2 3.7 1.3 55.4 July 95.1 12.8 7.8 14.6 59.9 July 70.0 9.6 3.8 1.3 55.3 August 95. 12.7 7.9 14.9 59.6 August... 69.3 9.6 3.7 1.3 54.7 September... 95. 12.6 8.0 15.4 59.7 September 70.4 9.6 3.8 1.4 55.6 October 97. 13.1 8.4 16.2 60.0 October. . 71.4 10.0 3.9 1.5 56.0 November... 100.9 13.6 9.0 16.8 61.5 November 73.8 10.6 4.0 1.6 57.6 December. . . 104.1 13.8 9.8 17.2 63.3 December 76.7 11.0 4.0 1.5 60.2 1946—January 105.5 14.3 9.9 18.0 63.3 1946—January. . 77.5 11.2 4.0 1.5 60.8 February?... 107.2 14.7 10.1 18.2 64.2 February? 78.4 11.2 4.1 1.6 61.5 March? 112.6 15.7 11.0 19.1 66.8 March?.. 81.1 11.6 4.3 1.6 63.6 Volume extended Volume extended during month 4 during month * 1945—March 18.0 2.6 1.3 1.3 12.8 1945—March 15.0 2.2 0.9 0.1 11.8 A J M u p n a r y e il 1 1 1 8 7 4 . . . 0 9 1 2 2 2 . . . 4 4 4 1 1 1 . . . 6 3 1 1 1 1. . . 6 5 3 1 1 1 1 2 0 . . . 9 4 1 A J M u p a n r y e il 1 1 1 4 2 4 . . . 5 1 1 2 2 2 . . . 2 3 0 0 0 0 . . . 7 6 6 0 0 0 . . . 2 2 1 1 1 9 1 1 . . . 6 2 0 J A S u e u l p y g t u em st ber 1 1 1 6 6 5 . . . 2 4 8 2 2 2 . . . 2 3 1 1 1 1 . . . 3 3 4 1 1 1 . . . 6 5 5 1 1 1 1 0 1 . . . 9 3 0 A J S u e u l p y g t u e s m t ber 1 1 13 3 3 . . . 8 4 1 2 2 2 . . . 2 2 4 0 0 0. . . 7 7 7 0 0 0 . . . 2 2 2 1 1 10 0 0 . . . 7 0 1 O N c o t v o e b m er ber 1 1 9 9 . . 9 7 3 2 . . 0 7 2 1 . . 2 7 2 1. . 9 1 1 1 3 2 . . 2 8 O N c o t v o e b m er ber... . 1 16 6 . . 2 0 2 2. . 7 6 1 1. . 1 0 0 0. . 2 2 1 1 2 2 . . 2 2 December 21.3 3.1 2.0 1.6 14.6 December.... 17.8 2.7 0.8 0.2 14.1 1946—January 18.8 3.2 1.7 1.8 12.1 1946—Tanuary 15.6 2.6 0.7 0.1 12.2 February?.... 18.0 3.0 1.7 1.6 11.7 February?... . 15.2 2.4 0.8 0.1 11.9 March? 23.1 4.0 2.2 2.3 14.6 March? 18.2 3.0 0.9 0.2 14.1 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. P Preliminary. 2 Includes both direct loans and paper purchased. 3 Data by type of credit not available prior to 1941; available only on semi-annual basis prior to 1944. 4 Data by type of credit not available prior to January 1945. 5 Data by type of credit not available prior to December 1944. MAY 1946 537 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1 Pe fr r o c m en ta p g re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C cc h o ar u g n e ts month month of preceding Item 1 M 94 a 6 r P . F 19 e 4 b 6 . 1 Ja 94 n 6 . 1 M 94 a 6 r * . > y F 19 e e 4 a b r 6 . J 19 a 4 n 6 . 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 s e a 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. . . +20 + 10 -29 +46 +51 +41 February 30 21 32 28 61 C C r a e s d h i t s a s l a e l s es: +21 +5 -31 +70 +74 +63 A M p a r r i c l h 3 3 0 6 2 22 4 3 3 6 6 3 30 2 6 6 1 6 Instalment +20 +8 -32 +30 +42 +41 May 32 23 40 33 64 Charge account + 19 +25 -24 +48 +61 +22 J J u u l n y e 3 3 2 1 2 2 3 4 4 4 3 2 3 3 1 3 6 6 4 2 Accounts receivable, at August 33 23 48 31 63 end of month: September. . . . 35 23 49 30 63 Total +2 + 1 -7 + 12 +10 +5 October 40 27 52 31 66 Instalment + 1 + 1 -5 + 11 +11 +8 N De o c v e e m m b b e e r. r.... 4 3 0 6 2 2 4 7 4 5 8 1 4 3 6 5 6 6 1 7 Collections during month: 1946 Total + 14 -6 + 10 +27 +24 + 18 January 32 25 52 32 61 Instalment + 16 -7 +4 +22 +23 +24 February 30 24 51 30 60 March P 35 28 53 33 64 Inventories, end of month, at retail value. +6 +6 +5 + 11 +10 + 11 P Preliminary. 1 Ratio of collections during month to accounts receivable at begin- Preliminary ning of month. COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100] House Year or month All items Food Clothing Rent Fuel furnishings Miscellaneous 1929 122 5 132 5 115 3 141 4 112 5 111.7 104.6 1930 119.4 126.0 112.7 137.5 111.4 108.9 105.1 1931 108 7 103.9 102.6 130 3 108 9 98.0 104.1 1932 97 6 86 5 90 8 116 9 103 4 85.4 101.7 1933 92 4 84.1 87 9 100 7 100 0 84.2 98.4 1934 95 7 93 7 96 1 94 4 101 4 92 8 97.9 1935 98.1 100.4 96.8 94.2 100.7 94.8 98.1 1936 . . . . 99 1 101 3 97 6 96 4 • 100 2 96.3 98.7 1937 102 7 105.3 102.8 100.9 100.2 104.3 101.0 1938 100 8 97.8 102.2 104 1 99 9 103.3 101.5 1939 99 4 95 2 100 5 104 3 99 0 101.3 100.7 1940 100 2 96.6 101.7 104 6 99 7 100.5 101.1 1941 105 2 105 5 106 5 105 9 102 5 108.2 104.0 1942 116 5 123.9 124.2 108 5 105.4 122.2 110.9 1943 123 6 138 0 129 7 108 0 107 8 125.6 115.9 1944 125 5 136.1 138.8 108.2 109 8 136.4 121.3 1945 128.4 139.1 145.9 108.3 110.3 145.8 124.1 1945—January 127 1 137.3 143.0 109 7 143.6 123.3 February . . 126 9 136 5 143 3 110 0 144.0 123.4 March 126.8 135.9 143.7 108.3 110.0 144.5 123.6 April 127 1 136.6 144.1 109 8 144.9 123.8 May . . 128.1 138.8 144.6 110.0 145.4 123.9 June . . .. 129 0 141.1 145 4 108 3 110 0 145.8 124.0 July 129 4 141.7 145.9 111 2 145.6 124.3 August 129 3 140.9 146.4 111.4 146.0 124.5 September 128.9 139.4 148.2 i08.3 110.7 146.8 124.6 October 128 9 139.3 148.5 110.5 146.9 124.7 November 129 3 140 1 148 7 110 1 147.6 124.6 December .. 129 9 141.4 149.4 108.3 110 3 148.3 124.8 1946—January . 129 9 141.0 149 7 110 8 148.8 125.4 Februarv 129 6 139 6 150 5 111 0 149 7 125.6 March 130!2 140.1 153.1 108.4 110.5 150.2 125.9 Back figures.—Bureau of Labor Statistics, Department of Labor. 538 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 Year, month, or week m c t A o i o e m l d s l 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 e c ls t ts 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 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86. 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85 79.0 80.6 68.3 1936 80.8 80.9 79.6 95.4 71.5 76.2 87.0 86. 78.7 81.7 70.5 1937 86.3 86.4 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939. 77.1 65 70 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.4 94.3 82.0 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 95.5 102.4 89.7 1943 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 94.9 102.7 92.2 1944 104.0 123.3 104.9 98.5 116.7 98.4 83.0 103.8 115.5 95.2 104.3 93.6 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 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 95.7 104.7 94.8 December. 107.1 131.5 108.6 100.5 118.9 101.4 84.8 105.6 119.5 96.1 104.7 94.8 1946—January.. 107.1 129.9 107.3 100.8 119.4 101.6 84.9 105.7 120.0 96.0 106.2 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 March 108.9 133.4 109.4 102.2 119.8 104.7 85.0 108.4 124.9 96.0 106.9 95.6 Week ending: 1945—Dec. 15 . . 106.7 131.3 108.3 100.5 119.4 100.6 85.2 105.3 118.8 96.1 106.4 95.0 Dec. 22. . 106.8 131.5 108.6 100.5 119.4 100.6 85.2 105.3 118.8 96.1 106.4 95.0 Dec. 29. . 107.0 132.7 109.5 100.6 119.4 100.6 85.3 105.3 118.9 96.1 106.4 95.0 1946—Jan. 5 . . 106.8 131.3 108.0 100.6 119.4 100.6 85.2 105.3 119.1 96.1 106.4 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 85.5 105.4 119.8 96.1 106.6 95.0 Tan. 26.. 106.8 129.9 106.8 100.9 119.4 101 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.. 107.2 131.0 108.0 101 120.1 101 85.7 105.8 120.0 95.9 106.8 95.4 Feb. 23.. 107.4 131.1 108.3 101 120.1 101 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.. 108.2 133.9 109 101.6 120.1 101.9 85.4 107.8 121.1 96.0 108.3 95.4 Mar. 16.. 108.4 133.1 109 101.9 120.1 101.9 85.4 107.7 123.3 96.0 108.4 95.4 Mar. 23.. 108.4 132.9 109 102.0 120.1 102.4 85.4 107.9 123.6 96.0 108.4 95.4 Mar. 30.. 108.7 133.3 109 102.3 120.1 104.3 85.4 107.9 123.6 96.0 108.5 95.4 Apr. 6. . 109.1 135.2 109 102.4 120.1 104.5 85.5 108.0 124.0 96.0 108.7 95.4 Apr. 13. . 109.3 135 109.9 102.8 120.3 105.0 86.5 108.2 124.0 96.1 108.7 95.4 Apr. 20.. 109.6 135.4 110.4 103.1 120.3 105.2 86.6 109.0 126.0 96.1 108.7 95.4 1945 1946 1945 1946 Subgroups Subgroups Mar. Dec Jan. Feb. Mar. Mar. Dec. Jan. Feb. Mar. Farm Products: Metals and Metal Products: Grains 129.8 133.2 133.8 133.9 136.7 Agricultural implements.. 97.5 98.1 98.1 98.1 98.5 Livestock and poultry 135.6 129.6 131.5 132.7 133.5 Farm machinery 98.7 99.1 99.1 99.2 99.6 Other farm products 120.5 131.3 126.9 127.9 131.4 Iron and steel 98.1 101.0 101.2 103.3 107.0 Foods: Motor vehicles 112.8 112.8 112.8 112.8 112.8 Dairy products 110.8 113.8 115.0 115.8 116.1 Nonferrous metals 85.9 85.8 85.7 85.7 86.1 Cereal products 95.1 95.7 95.8 96.1 96.2 Plumbing and heating 92.4 95.0 95.0 95.1 95.1 Fruits and vegetables 115.9 128.7 125.7 127.5 133.1 Building Materials: Meats 107.7 107.9 108.1 108.1 109.6 Brick and tile 110.7 116.7 116.9 116.9 117.4 Other foods 94.7 100.6 96.2 96.5 97.7 Cement 99.4 100.5 101.1 101.5 102.3 Hides and Leather Products: Lumber 154.3 157.8 158.5 160.1 167.6 Shoes 126.3 126.8 127.9 128.2 128.6 Paint and paint materials. 106.3 107.8 107.8 107.8 107.8 Hides and skins 116.4 117.6 117.6 117.6 117.6 Plumbing and heating.... 92.4 95.0 95.0 95.1 95.1 Leather 101.3 104.1 103.8 103.9 104.0 Structural steel 107.3 107.3 107.3 113.7 120.1 Other leather products 115.2 115.2 115.2 115.2 115.2 Other building materials.. 103.8 105.9 106.6 107.2 112.3 Textile Products: Chemicals and Allied Products: Clothing 107.4 107.4 107.4 109.4 109.5 Chemicals 95.8 97.1 97.1 97.0 97.0 Cotton goods 119.9 125.5 125.6 125.8 132.9 Drugs and pharmaceutical! 106.8 112.3 112.1 111.5 111.7 Hosiery and underwear . 71.5 73.5 75.2 75.3 75.5 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. . .' 102.0 102.0 101.7 101.8 102.1 Woolen and worsted goods 112.7 112.7 112.7 112.7 112.7 Housefurnishing Goods: Other textile products 100.9 101.9 101.9 102.0 109.6 Furnishings 107.5 107.9 109.7 110.1 110.9 Fuel and Lighting Materials: Furniture 101.5 101.6 102.8 102.9 102.9 Anthracite 95.3 103.4 103.9 104.0 104.0 Miscellaneous: Bituminous coal 120.6 125.0 125.1 125.1 125.2 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 C El o e k c e tr . i .. c # ity 1 5 3 9 0 . . 0 7 1 6 3 8 4 . . 7 9 1 6 3 9 4 . . 2 9 134.9 134.9 P C a a p tt e l r e a fe n e d d pulp 1 1 5 0 9 8 . . 6 0 1 1 0 59 9 . . 6 3 1 1 5 1 9 2 . . 6 0 1 11 5 3 9 . . 7 6 1 1 5 1 9 3 . . 6 7 Gas 77.7 77.7 77.4 ' 79' i Rubber, crude 46.2 46.2 46.2 46.2 46.2 Petroleum products , 64.3 61.6 61.5 61.6 61.2 Other miscellaneous 98.9 98.9 98.9 98.9 98.9 Back figures.—Bureau of Labor Statistics, Department of Labor. MAY 1946 539 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 1943 1944 1945 1 2 3 4 1 2 3 4 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 47.0 204.5 206.3195.7 182.8 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 23.1 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 2.3 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) -0.2 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 (i) -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 0.1 0) -0.1 -0.1 0) 0) 0) C1) -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 98.5 104.9 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 Nondurable goods J54.9}52.5 32.6 34.4 40.1 47.9 55.1 60.0 64.4 15.0 14.9 15.7 18.8 65.2 59.5 63.3 69.5 Services 22.7 23.9 25 4 27.8 29.7 31.8 33.1 8.2 8.4 8.3 8.2 32.6 33.7 33 3 33.0 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 47.0 204.5 206.3 195.7 182.8 Deductions: Business tax and nontax liabilities 9.0 8.3 10.4 12.4 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 0.5 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 0.7 0.9 1.3 1.1 0.8 0.9 1.1 0.2 0.2 0.3 0.3 Ad F ju o s r t m in e v n e ts n : tory revaluation -0.7 +0.9 -0.4 -0.4 -3.2 -2.1 -0.2 -0.1 C1) C1) C1) C1) C1) For discrepancies 0 .. 0 0 -0.4 — 1.1 -0.2 1.5 -2.2 -2.0 -0.8 0.6 -0.8 -1.0 National income 71.5 64.2 70.8 77.6 96 9 122.2 149.4 160.7 161.0 40.9 41.3 39.8 39.0 167.6 166.2 158 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 -1.5 0.4 1.8 4.0 4.4 5.5 5.4 4.5 1.6 1.5 1.1 0.2 Contributions to social insurance funds 1.7 1.9 2.0 2.1 2.6 3.2 3.8 3.9 3.8 1.0 1.0 0.9 0.9 Income payments to individuals 72.3 66.2 70.8 76.2 92.7 117.3 143.1 156.8 160.7 39.8 40.4 39.7 40.9 163.7 163.2 158.6 156.9 Income payments to individuals 72.3 66.2 70.8 76.2 92.7 117.3 143.1 156.8 160.7 39.8 40.4 39.7 40.9 163.7 163.2 158.6 156.9 Personal taxes and nontax payments 3.1 3.3 3.1 3.3 4.0 6.7 18.6 19.4 21.0 8.7 4.9 3.8 3.7 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 1.7 1.7 1.9 1.9 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 2 62.9 67.7 72.9 88 7 110.6 124.6 137.4 139.7 31.1 35.5 35.9 37.2 141.7 141.6 138 0137 3 Consumer expenditures.... 62.5 58.5 61.7 65.7 74.6 82.0 91.3 98.5 104.9 24.7 25.0 25.7 29.5 105.0 100.0 103.7 110.9 Net savings of individuals.. 6.7 4.4 6.0 7.3 14.2 28.6 33.3 38.9 34.9 6.4 10.5 10.2 7.7 36.7 41.6 34.3 26.4 National income 71.5 64.2 70.8 77.6 96.9 122.2 149.4 160.7 161.0 40.9 41.3 39.8 39.0 167.6 166.2 158.4 150.7 Total compensation of employees 48.3 45.1 48.1 52.3 64.5 84.1 106.3 116.0 114.5 29.8 29.8 28.2 26.7 119.6 118.3 113.0 105.7 Salaries and wages 45.0 41.2 44.2 48.6 60.8 80.8 103.1 112.8 111.4 29.0 29.0 27.5 26.0 116.4 115.1 110.0 102.7 Supplements 3 3 3.9 3.8 3.7 3 7 3.3 3.2 3.2 3.1 0.8 0.8 0.8 0.7 3.2 3.2 3 0 2 9 Net income of proprietors 11.9 10.1 11.2 12.0 15.8 20.6 23.5 24.1 25.6 5.7 5.8 6.6 7.5 26.3 25.8 25.1 26.0 Agricultural 5 1 4.0 4.3 4 4 6.3 9.7 11.9 11.8 12.5 2.5 2.6 3.4 4.1 13.3 13.2 12 2 12 1 Nonagricultural 6.8 6.1 6.9 7.6 9.6 10.9 11.6 12.3 13.1 3.2 3.2 3.2 3.5 13.0 12.6 12.9 13.9 Interest and net rents 7 4 7.3 7 4 7 5 8 0 8.8 9.7 10 6 11 8 2.9 3.1 2 8 3.0 11 4 11 7 11 9 12 2 Net corporate profit 3.9 1.7 4.2 5.8 8.5 8.7 9.8 9.9 9.0 2.6 2.6 2.1 1.7 10.4 10.4 8.4 6 8 Dividends 4 7 3 2 3 8 4 0 4 5 4.3 4.3 4 5 4 5 1.0 1.1 1 0 1.5 Savings —0 8— 1.5 0.4 1.8 4.0 4.4 5.5 5.4 4.5 1.6 1.5 1.1 0.2 1 Less than 50 million dollars. 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 1939 through 1944, see the Survey of Current Business for April 1944 and February 1946. 540 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 1946 1946 Chart Chart book book page M 2 a 7 r. Apr. Apr. A 1 p 7 r. A 2 p 4 r. page Jan. Feb. Mar.s WEEKLY FIGURES* In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit, total 2 23.96 22.94 22.85 22.86 22.90 Reserve Bank credit 6 24.30 23.93 23.53 U. S. Govt. securities, total 3 22.97 21.97 22.23 22.10 22.30 Gold stock 6 20.11 20.20 20.24 Bills 3 13.73 13.22 13.48 13.41 13.55 Money in circulation 6 28.16 27.94 27.91 Certificates 3 6.90 6.39 6.39 6.33 6.33 Treasury cash 6 2.26 2.31 2.27 Notes 3 1.44 1.46 1.46 1.46 1.53 Treasury deposits 6 .65 .86 .81 Bonds 3 .90 .90 .90 .90 .90 Member bank reserves, total... 6, 7 15.92 15.68 15.54 Discounts and advances 2 .68 .69 .35 .33 .32 Central reserve city banks. . . 13 4.97 4.94 4.83 Gold stock 2 20.26 20.26 20.25 20.25 20.25 Reserve city banks 13 6.36 6.24 6.17 Money in circulation 2 27.84 27.91 27.96 27.95 27.88 Country banks 13 4.59 4.51 4.54 Treasury cash 2 2.30 2.27 2.26 2.26 2.26 Required reserves, total 7 14.61 14.55 14.51 Treasury deposits 2 1.40 .53 .26 .33 .39 Central reserve city banks. .. 13 4.96 4.91 4.83 Member bank reserves 2, 4 15.40 15.40 15.41 15.40 15.46 Reserve city banks 13 6.02 5.97 5.94 Required reserves . . 4 14.40 14.38 14.59 14.58 14.58 Country banks 13 3.63 3.67 3.73 Excess reserves* 4 1.00 PI.01 P. 82 p.82 P8.7 Excess reserves, total 7 1.31 1.13 1.03 Excess reserves (weekly average), total* 5 .97 PI.01 Pi 03 Balances due from banks: New York City 5 .01 !02 !oi .01 Reserve city banks 13 2.07 1.92 1.84 Chicago 5 .01 .01 (2) .01 Country banks 13 4.54 4.19 4.02 Reserve city banks 5 .18 .23 .24 .22 Money in circulation, total 8 27.92 27.95 27.88 Country banks « 5 .76 P.76 P.78 $ B 1 il 0 l s a o n f d $ $ 5 2 0 0 a b n i d ll s o ver 8 8 1 7 5 . . 7 5 9 9 1 7 5 . . 8 6 2 1 1 7 5 . . 8 5 3 3 Coins, $1, $2 and $5 bills 8 4.53 4.53 4.51 MEMBER BANKS IN LEADING CITIES ALL BANKS IN U. S. Total—101 cities: Loans and investments 14 65.98 65.25 65.34 65.52 65.34 Total deposits and currency.... 9 176.40 pl76.90 P173.40 U. S. Govt. obligations 14 46.82 46.54 46.69 47.05 46.94 Demand deposits 9 P76.50 p76.OO P74.80 Demand deposits adjusted 14 37.12 36.55 37.26 37.75 38.09 Time deposits 9 P49.10 p49.70 P50.00 U. S. Govt. deposits 14 14.58 14.06 13.97 13.68 13.38 Currency outside banks 9 p26.20 p26.20 P26.30 Loans 14 15.69 15.27 15.22 15.03 14.99 U. S. Govt. deposits 9 3'24.60 p25.OO P22.30 New York City: Loans and investments 15 22.77 22.46 22.48 22.59 22.56 CONSUMER CREDIT U. S. Govt. obligations, total 15 14.87 15.03 15.09 15.37 15.41 Bonds 16 9.33 9.38 9.44 9.58 9.62 Consumer credit, total4 18 6.51 P6.56 P6.97 Certificates 16 3.13 2.99 2.96 3.00 3.03 Single payment loans 18 1.66 Pl.67 PI.69 Notes and guar. securities 16 2.31 2.35 2.31 2.29 2.28 Charge accounts 18 1.70 PI.69 Pl.97 Bills 16 .11 .31 .39 .51 .47 Service credit 18 .78 P. 79 P. 80 Demand deposits adjusted 15 13.45 13.38 13.43 13.59 13.86 Instalment credit, total 18, 19 2.36 P2.41 P2.52 U. S. Govt. deposits 15 5.49 5.27 5.25 5.14 5.01 Instalment loans 19 1.49 Pl.53 PI.61 Interbank deposits 15 3.99 4.14 4.12 4.20 4.07 Instalment sale credit, total. 19 .88 P. 88 P.90 Time deposits 15 1.17 1.17 1.17 1.17 1.18 Automobile 19 .24 P. 25 P.26 Loans, total 15 6.80 6.34 6.30 6.13 6.08 Other 19 .64 P.63 P.64 Commercial 17 2.97 3.00 3.03 3.00 2.97 For purchasing securities: TREASURY FINANCE Brokers'—on U. S. Govts 16 1.72 1.25 1.24 1.10 1.06 Brokers'—on other securities... 16 .56 .56 .53 .53 .55 U. S. Govt. obligations outstand- To others 17 .90 .88 .85 .84 .83 ing, total interest-bearing. . 20 278.00 278.45 275.29 All other 17 .64 .66 .64 .66 .66 By classes of securities: 100 cities outside New York: Bonds (marketable issues).. 20 121.36 121.63 121.18 Loans and investments 15 43.21 42.79 42.86 42.93 42.78 Notes, cert., and bills 20 78.10 78.00 75.71 U. S. Govt. obligations, total 15 31.95 31.51 31.60 31.68 31.53 Savings bonds and tax notes 20 57.17 57.21 56.55 Bonds 16 17.71 17.71 17.71 17.71 17.70 Special issues 20 20.65 20.90 21.14 Certificates 16 8.82 8.36 8.30 8.35 8.31 By maturities: Notes and guar. securities 16 4.75 4.71 4.74 4.75 4.73 5 years and over 20 110.63 110.91 109.72 Bills 16 .67 .73 .85 .87 .79 5-20 years 20 67.28 67.33 66.12 Demand deposits adjusted 15 23.67 23.18 23.83 24.16 24.23 5-10 years 20 46.59 46.59 45.37 U. S. Govt. deposits 15 9.09 8.78 8.72 8.55 8.37 Within 5 years 20 89.00 88.90 87.34 Interbank deposits 15 6.64 6.79 6.71 6.72 6.59 Within 1 year 20 68.51 70.26 69.43 Time deposits 15 8.54 8.56 8.59 8.60 8.63 Certificates 20 41.50 41.41 40.40 Loans, total 15 8.89 8.93 8.93 8.89 8.91 Bills 20 17.04 17.03 17.05 Commercial 17 4.49 4.50 4.53 4.51 4.50 Holdings of U. S. Govt. obliga- For purchasing securities 17 2.02 2.01 1.98 1.95 1.96 tions: All other 17 2.38 2.42 2.42 2.44 2.46 Commercial banks 21 91.80 92.30 Fed. agencies and trust funds. 21 27.70 27.96 28.18 Federal Reserve Banks 21 23.26 22.90 22.60 MONEY RATES, ETC. Per cent per annum Mutual savings banks 21 10.90 11.10 Insurance companies 21 24.70 24.90 Treasury bills (new issues) 24 .375 .375 .375 .375 .375 Other investors, total 21 99.60 99.30 Treasury notes (taxable) 24 1.03 1.07 1.12 1.14 1.16 Marketable issues 21 44.50 44.20 Treasury bonds (taxable) 24, 26 2.08 2.04 2.03 2.08 2.14 High-grade corporate bonds (5 issues). 26 2.34 2.36 2.36 2.36 Corporate Aaa bonds 26 2.46 2.46 2.46 2.46 2.39 Per cent per Mnnum Corporate Baa bonds 26 2.95 2.94 2.94 2.95 2.48 MONEY RATES, ETC. In unit indicated Corporate Aaa bonds 23 2.54 2.48 2.47 F. R. Bank discount rate (N. Y.) 23 .50 .50 .50 Stock prices (1935-39 = 100), total .... 27 146 149 152 153 152 Treasury bills (new issues) 23 .375 .375 .375 Industrial 27 149 153 157 158 157 Railroad 27 157 158 157 158 155 Public utility 27 124 127 128 128 128 In unit indicated Volume of trading (mill, shares) 27 1.26 1.51 1.41 1.46 1.35 Stock prices (1935-39 =100): BUSINESS CONDITIONS Total 27 145 143 142 Industrial 27 148 146 145 Steel production (% of capacity) 37 88.5 87.1 78.3 77.4 73.6 Railroad 27 164 160 154 Electric power prod. (mill. kw. hrs.). . 37 3,992 3,988 4,015 3,987 Public utility 27 124 124 123 Freight carloadings (thous. cars) 45 809 645 649 651 Volume of trading (mill, shares). 27 2.18 1.78 1.12 Department store sales (1935-39 = 100) 45 257 272 282 290 Brokers' balances (mill, dollars): Wholesale prices (1926 = 100), total.. . 49 108.4 108.7 109.1 109.3 109.6 Credit extended customers. .. 29 1,168 1,048 936 Farm products 49 132.9 133.3 135.2 135.1 135.4 Money borrowed 29 734 645 622 Other than farm and food 49 102.0 102.3 102.4 102.8 103.1 Customers' free credit balances 29 727 760 712 For footnotes see page 542. MAY 1946 541 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK— Continued Chart 1946 Chart 1946 book book page Jan. Feb. Mar. page Jan. Feb. Mar. MONTHLY FIGURES—Cont. In unit indicated MONTHLY FIGURES—Gont. In unit indicated BUSINESS CONDITIONS BUSINESS CONDITIONS—Cont. Income payments (mill, dollars) :5 Wholesale prices (1926 = 100): Total 30 13,070P13.009 Total 49 107.1 107.7 108.9 Salaries and wages 30 8,228 P8,141 Farm products 49 129.9 130.8 133.4 Other 30 4,842 P4.868 Other than farm and food 49 100.8 101.3 102.2 Cash farm income (mill, dollars): Total 31 1,648 1,455 i,321 Livestock and products 31 868 863 P834 1945 Crops 31 666 520 *487 Govt. payments 31 114 72 July- Oct.- Jan.- Armed forces (mill, persons) 32 6.2 5.2 4.4 QUARTERLY FIGURES Sept. Dec. Mar. Civilian labor force (mill, persons): To M ta a l le 3 3 2 3 5 37 3 . . 6 7 5 3 4 8 . . 3 3 5 3 5 9 .7 MONEY RATES Per cent per annum Female 33 16.2 16.0 16.3 Bank rates on customer loans: Indu U s E t m n r A N i e a p m g o l l r n o p i p a y c l r g o u m o r l y d t e i m u c u n u r t c e a l t n t l i u t o r n a : l 6 3 3 3 3 3 2 2 3 5 4 6 2 4 1 . . . 8 3 4 5 4 1 4 2 7 . . . . 7 7 7 0 5 4 3 2 5 7 . . . . 7 6 0 4 S O T N o e o t w h u ta e th l r , Y e N r 1 o n 9 o r k r a c t n i h C t d e i i e r t W s y n e a s n t d e r E n a c s i t t e ie rn s cities. ... 2 2 2 2 5 5 5 3 2 2 2 2 . . . . 4 0 8 5 5 5 1 3 2 2 2 1 . . . .7 0 2 3 1 9 3 8 2 2 2 1 . . . . 7 9 3 3 5 3 4 1 Total (1935-39 = 100) 35 160 152 P168 Groups (points in total index): SECURITY MARKETS In millions of dollars Durable manufactures 35 62.9 52.4 P68.5 Corporate security issues: Nondurable manufactures 35 75.5 78.0 P78.6 Net proceeds: Minerals 35 21.4 21.4 P20.9 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 36 190 P181 New money: Durable 36 177 P170 All issues 28 369 272 Shipments: Industrial 28 313 157 Total 36 185 P184 Railroad 28 26 46 Durable 36 167 P155 Public utility 28 5 41 Nondurable 36 197 P203 Inventories: Total 36 165 P167 1945 Durable 36 172 P174 Nondurable 36 159 P160 Mar. June Dec. Factory employment and pay rolls (1939 20 30 31 = 100): Pay rolls 38 r229.1 r2l0.6 CALL DATE FIGURES Employment 38 130.1 121.9 P127.O In billions of dollars Hours and earnings at factories: ALL MEMBER BANKS Weekly earnings (dollars) 39 r41.14 40.60 Loans and investments, total 10 90.52 99.43 107.18 Hourly earnings (cents) 39 rl00.3 100.2 U. S. Govt. obligations, total 10 67.92 73.24 78.34 Hours worked (per week) 39 r41.0 40.5 Bonds 11 40.27 44.79 Nonagricultural employment (mill, persons) :5 Certificates 11 15.58 16.98 Total 40 36.3 35.8 P36.4 Notes 11 14.72 14.27 Manufacturing and mining 40 12.9 12.2 P12.6 Bills 11 2.63 2.27 Trade 40 7.7 7.7 P7.7 Guaranteed obligations 11 () .03 .02 Government 40 5.5 5.5 PS.5 Other securities, total 10 5.39 5.60 6.G7 Transportation and utilities 40 4.0 4.0 P4.0 State and local government obliga- Construction 40 1.2 1.4 Pl.4 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) :5 Loans, total 10 17.22 20.59 22.78 Total 41 440 557 P585 Commercial 11 7.10 8.95 Residential 48 112 175 P186 Real estate 11 3.25 3.46 Other 41 328 383 P399 Brokers' 11 2.53 2.45 Residential contracts (mill, dollars) :5 Agricultural 11 () 1.13 .86 T Pu o b ta li l c 4 4 2 2 12 2 6 137 1 24 6 0 Demand deposits adjusted 10 61.17 59.13 64.18 Private, total 42 124 136 234 CLASSES OF BANKS 1- and 2-family dwellings 42 102 109 208 Other 42 22 27 26 Central reserve city banks: Freight carloadings:5 Loans and investments, total 12 27.95 31.49 32.07 Total (1935-39 = 100) 43 133 139 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 73.5 66.0 78.3 Loans 12 6.07 8.32 8.67 Coal 43 31.6 32.4 32.9 Demand deposits adjusted 12 18.60 17.80 18.22 All other 43 27.5 27.5 28.2 Time deposits 12 1.73 1.79 1.97 Department stores (1935-39 = 100) :5 Reserve city banks: Sales 44 228 '254 262 Loans and investments, total 12 33.45 36.57 40.11 Stocks 44 157 159 164 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 P800 P672 Loans 12 6.35 7.15 8.51 Excluding Lend-Lease exports 46 P668 P575 Demand deposits adjusted 12 21.74 20.68 22.37 Imports 46 P392 P320 Time deposits 12 8.28 8.76 9.79 Excess of exports excluding Lend-Lease Country banks: exports 46 P255 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 47 129.9 129.6 130.2 Other securities 13 2.12 2.16 2.41 Food 47 141.0 139.6 140.1 Loans 13 4.81 5.11 5.60 Clothing 47 149.7 150.5 153.1 Demand deposits adjusted 13 20.84 20.66 23.60 Rent 47 108.4 Time deposits 13 10.54 11.26 12.51 e Estimated. P Preliminary. r Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Less than $5,000,000. more recent period are available in the regular BULLETIN tables that show those series, several components of this series, see BULLETIN for April 1946, p. 383. 6 nFuijgUuOrLesC Ua vIaUiIl aObCledS Ufollrd l JuVncUel daLnUdJ llD. ecember dates only. * Copies of the Chart Book may be obtained at a priceof 50 cents each. 542 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 l Mutual savings Non- A re l - l Member banks Nonmember banks * banks re b p a o n rt k i s ng banks » Total Total2 ti N on a- al State 2 Total su In re - d in N su o r n e - d l 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 Mar. 31, 1946P 14 560 14 019 6,887 5,014 1,873 7,135 6,430 705 191 350 112 Branches and Additional Offices' 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 r 4 090 3 947 2 909 1,811 1,098 1,038 981 57 101 42 Mar. 31, 1946* 4,045 3,902 2,868 1,764 1,104 1,034 977 57 101 42 T Revised. 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, 3 8, 241, and 177, 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 list1 On par list Not Not F d e is d t e ri r c a t l o R r e S se t r a v te e Total i Mem- Non- p o a n r State Total 1 Mem- Non- p o a n r Total ber member list1 Total ber member list banks banks banks banks United States total: Michigan. . 443 442 230 212 1 Dec. 31, 1942. . . 14,123 11,413 '6,670 4,743 2,710 Minnesota. 674 257 209 48 417 Dec. 31, 1943. . . •14,021 11,492 '6,729 4,763 2,529 Mississippi. 203 33 29 4 170 Dec. 31, 1944. . . 13,989 11,544 '6,806 4,738 2,445 Missouri... 591 517 183 334 74 Dec. 31, 1945. . . •14,002 11,869 '6,877 4,992 2,133 Montana. . 111 107 78 29 4 Mar. 31, 1946*. . 14,012 11,893 6,880 5,013 2,119 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 March 31, 1946 v New Mexico 41 41 27 14 Boston 492 492 338 154 New York . 676 676 584 92 New York 949 949 809 140 North Carolina. 205 85 55 30 120 Philadelphia 851 851 647 204 North Dakota.. 150 45 42 3 105 Cleveland 1,177 1,177 721 456 Ohio 677 677 424 253 Oklahoma 380 369 216 153 11 Richmond 1,009 771 474 297 238 Atlanta 1,123 491 326 165 632 Oregon 70 70 33 37 Chicago 2,460 2,401 996 ,405 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 145 46 28 18 99 Minneapolis 1,271 587 471 116 684 South Dakota 166 66 60 6 100 Kansas City 1,744 1,729 749 980 15 Dallas 971 852 588 264 119 Tennessee 293 186 82 104 107 San Francisco 502 494 269 225 Texas 861 794 546 248 67 Utah 57 57 34 23 Vermont 71 71 40 31 Virginia 314 298 198 100 16 Alabama 217 99 83 16 118 Arizona 11 11 6 5 Washington 122 114 54 60 Arkansas 226 96 66 30 'i.30' West Virginia 179 176 108 68 3 California 191 191 111 80 Wisconsin 555 439 166 273 116 Colorado 138 138 92 46 Wyoming 56 56 38 18 Connecticut 116 116 64 52 Delaware 40 40 17 23 »• Revised. v Preliminary. Dist. of Columbia.. 21 21 18 3 1 Represents banks on which checks are drawn, except that it excludes Florida 166 100 67 33 66 both member and nonmember mutual savings banks on a few of which Georgia 362 83 59 24 279 some checks are drawn. Similar par list figures published heretofore have included member mutual savings banks and member nondeposit Idaho 46 46 26 20 trust companies (three and four, respectively, on December 31, 1945) Illinois 853 851 490 361 2 on which no checks are drawn, because of the requirement that member Indiana 491 491 237 254 banks remit at par for any checks that may be drawn upon and pre- Iowa 658 658 164 494 sented to them by Federal Reserve Banks. Kansas 611 609 212 397 ""2 The total in this table differs from total commercial banks in preceding table because the commercial bank total excludes some banks on Kentucky 386 386 113 273 which checks are drawn, namely, those that do not report to State Louisiana 152 51 43 8 'ioi" banking departments (see footnote 1 of preceding table), and includes Maine 63 63 38 25 industrial banks and nondeposit trust companies whether or not Maryland 170 170 80 90 checks are drawn on them. Massachusetts. . . . 184 184 149 35 NOTE.—Prior to February 1946, statistics on the Federal Reserve par list were published annually. For back figures see Banking and Monetary Statistics, Table 15, and descriptive text, pp. 14-15. MAY 1946 543 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—ASSETS AND LIABILITIES ON DECEMBER 31, 1945, BY CLASS OF BANK [Amounts in thousands of dollars] Central reserve city New m Y em or b k er ba C n h k i s c 1 ago m R b e e a c s m n i e t k y b r s v e 1 e r C m b o e a u m n n k b t s r e 1 y r m b e a A m n l k b l s er n m b a e a t A m i n o l k l b n s e a r l A m b ll e a m n S k b ta s e t r e ASSETS Loans and investments , 26,142,821 5,930,699 40,107,711 35,002,214 107,183,445 69,312,139 37,871,306 Loans (including overdrafts) 7,333,512 1,332,525 8,513,659 5,595,511 22,775,207 13,925,223 8,849,984 United States Government direct obligations. . 17,572,892 4,213,339 29,547,234 26,989,304 78,322,769 51,242,060 27,080,709 Obligations guaranteed by United States Government 1,370 5,023 9,312 15,705 7,746 7,959 Obligations of States and political subdivisions, 606,134 181,182 1,125,514 1,341,526 3,254,356 2,337,661 916,695 Other bonds, notes, and debentures 532,978 190,457 808,627 988,711 2,520,773 1,654,136 866,637 Corporate stocks (including Federal Reserve Bank stock) , 95,935 13,196 107,654 77,850 294,635 145,313 149,322 Reserves, cash, and bank balances 6,438,501 1,489,059 11,286,020 10,631,751 29,845,331 20,113,836 9 ,731,495 Reserve with Federal Reserve Banks 4,015,491 942,220 6,326,210 4,527,371 15,811,292 10,411,049 5,400,243 Cash in vault 110,757 36,306 494,349 796,389 1,437,801 992,886 444,915 Demand balances with banks in United States (except private banks and American branches of foreign banks) 75,556 198,555 2,156,053 4,647,181 7,077,345 5,414,978 1,662,367 Other balances with banks in United States. . . 2,250 1,452 17,754 17,786 39,242 27,049 12,193 Balances with banks in foreign countries 11,872 751 8,523 2,226 23,372 13,900 9,472 Cash items in process of collection 2,222,575 309,775 2,283,131 640,798 5,456,279 3,253,974 2,202,305 Due from own foreign branches 276 7,045 7,321 7,045 276 Bank premises owned and furniture and fixtures. . . 172,252 16,119 272,494 326,827 787,692 493,062 294,630 Other real estate owned 3,038 7,592 8,681 19,311 10,054 9,257 Investments and other assets indirectly representing bank premises or other real estate 4,109 193 47,052 13,384 64,738 46,383 18,355 Customers' liability on acceptances 37,329 2,965 22,749 2,565 65,608 41,883 23,725 Income accrued but not yet collected 73,344 17,707 103,778 44,649 239,478 147,276 92,202 Other assets 15,374 2,567 43,912 29,099 90 ,952 48,501 42,451 Total assets. 32,887,044 7,459,309 51,898,353 46,059,170 138,303,876 90,220,179 48,083,697 LIABILITIES Demand deposits 28,867,222 6,326,556 39,294,621 30,907,067105,395,466 68,673,537 36,721,929 Individuals, partnerships, and corporations... . 15,712,237 3,159,556 22,281,403 21,796,890 62,950,086 40,872,719 22,077,367 United States Government: War loan and Series E bond accounts 6,908,704 1,550,503 8,128,601 5,357,315 21,945,123 13,821,293 8,123,830 Other 31,474 1,933 92,890 107,674 233,971 191,692 42,279 States and political subdivisions 236,771 237,261 1,762,701 2,003,688 4,240,421 3,171,517 1,068,904 Banks in United States 3,535,071 1,291,965 6,307,326 1,198,951 12,333,313 8,584,391 3,748,922 Banks in foreign countries 1,104,810 19,744 110,443 7,629 1,242,626 603,323 639,303 Certified and officers' checks, cash letters of credit and travelers' checks, etc 1,338,155 65,594 611,257 434,920 2,449,926 1,428,602 1,021,324 Time deposits 1,253,575 719,467 9,790,499 12,510,827 24,274,368 16,265,810 8,008,558 Individuals, partnerships, and corporations 1,206,471 719,067 9,563,107 12,223,719 23,712,364 15,841,508 7,870,856 United States Government 9,650 36,993 49,099 95,742 75,244 20,498 Postal savings 759 2,728 3,487 2,964 523 States and political subdivisions 20,334 400 159,629 218,529 398,892 304,767 94,125 Banks in United States 1,020 28,511 16,752 46,283 35,527 10,756 Banks in foreign countries 16,100 1,500 5,800 11,800 17,600 Total deposits 30,120,797 7,046,023 49,085,120 43,417,894 84,939,347 44,730,487 129,669,834 Due to own foreign branches 211,181 183,577 27,604 Bills payable, rediscounts, and other liabilities for 211,181 borrowed money 195,000 2,350 10,744 208,094 77,969 130,125 Acceptances outstanding 44,084 3,041 26,222 2,618 75,965 47,883 28,082 Dividends declared but not yet payable 24,570 1,310 15,020 12,123 53,023 33,980 19,043 Income collected but not yet earned 7,156 2,005 23,177 13,906 46,244 31,478 14,766 Expenses accrued and unpaid 121,569 28,289 130,785 65,678 346,321 209,659 136,662 Other liabilities 42,214 1,144 49,475 11,457 104,290 52,035 52,255 Total liabilities 30,766,571 7,081,812 49,332,149 43,534,420 130,714,952 85,575,928 45,139,024 CAPITAL ACCOUNTS Capital. 600,955 141,500 883,126 966,783 2,592,364 1,654,339 938,025 Surplus 1,093,390 147,550 1,131,947 1,010,445 3,383,332 2,007,927 1,375,405 Undivided profits 322,810 41,996 350,204 400,839 1,115,849 688,426 427,423 Other capital accounts.. 103,318 46,451 200,927 146,683 497,379 293,559 203,820 Total capital accounts 2,120,473 377,497 2,566,204 2,524,750 7,588,924 4,644,251 2,944,673 Total liabilities and capital accounts 32,887,044 7,459,309 51,898,353 46,059,170 138,303,876 90,220,179 48,083,697 MEMORANDA Demand deposits adjusted2 15,064,588 3,152,636 22,372,230 23,594,700 64,184,154 42,218,864 21,965,290 Number of banks 37 12 359 6,476 6,884 5,017 1,867 1 Banks are classed according to the reserves that they are required to carry (see p. 393 of the BULLETIN for April 1946). Some banks classed as "country banks" are in outlying sections of reserve cities or central reserve cities, and some banks classed as "reserve city banks" are in outlying sections of central reserve cities. Figures for each class of bank include assets and liabilities of their domestic branches, whether located within or outside the cities in which the parent banks are located. 2 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. 544 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS DECEMBER 31, 1945, JUNE 30, 1945 AND DECEMBER 30, 1944 [Amounts in thousands of dollars] December 31, 1945 June 30, 1945 December 30, 1944 All Banks not All Banks not All Banks not insured members insured members insured members commercial Federal Re- commercial Federal Re- commercial Federal Rebanks1 serve System banks1 serve System banks1 serve System ASSETS Loans and investments 121,835,372 14,665,494 112,380,096 12,966 ,444 103,407,825 11,849,829 Loans (including overdrafts) 25,768,677 2,995,662 23,378,880 2,793,311 21,354,758 2,681,032 United States Government direct obligations... 88,911,711 10,599,036 82,378,820 9,181,377 74,918,613 8,142,439 Obligations guaranteed by United States Government 21,669 5,964 43,284 10,119 977,613 75,876 Obligations of States and political subdivisions. 3,874,729 621,404 3,686,190 585,531 3,423,732 567,087 Other bonds, notes, and debentures 2,938,313 417,751 2,566,830 368,642 2,385,706 354,707 Corporate stocks (including Federal Reserve Bank sto ck) 320,273 25,677 326,092 27,464 347,403 28,688 Reserves, cash, and bank balances 34,302,704 4,459,355 29,659 ,257 3,894,840 29 ,746 ,309 3,888,250 Reserve with Federal Reserve Banks 15,810,286 14,805,926 14,259,603 Cash in vault 1,831,755 394,096 1,477,475 327',474 1,625,675 355,102* Demand balances with banks in United States (except private banks and American branches of foreign banks) 11,006,547 3,930,001 9,902,652 3,455,221 9,732,661 3,418,392 Other balances with banks in United States. . , 75,427 36,185 64,630 26,723 64,239 24,951 Balances with banks in foreign countries 24,017 645 24,389 319 17,088 264 Cash items in process of collection 5,554,672 98,428 3,384,185 85,103 4,047,043 89,541 Due from own foreign branches 7,321 270 217 Bank premises owned and furniture and fixtures... 902,925 115,299 918,606 118,085 940,042 123,572 Other real estate owned 31,239 11,928 45,082 17,412 63,522 22,483 Investments and other assets indirectly representing bank premises or other real estate 69,172 4,434 70,386 4,862 75,527 5,169 Customers' liability on acceptances 66,459 851 41,376 412 62,801 403 Income accrued but not yet collected , 252,033 12,555 234,874 11,429 216,599 10,556 Other assets 115,175 24,223 106,804 21,854 100,323 20,401 Total assets 157,582,400 19,294,139 143,456,751 17,035,338 134,613,165 15,920 ,663 LIABILITIES Demand deposits 117,847,138 12,451,674 107,266,301 10,697,071 101,793,313 10,193,605 Individuals, partnerships, and corporations.. .. 72,605,736 9,655,650 65,507,969 8,091,382 64,148,968 7,878,709 United States Government: War loan and Series E bond accounts 23,476,945 1,531,822 23,199,502 1,485,918 19,455,586 1,213,881 Other 266,147 32,178 283,822 30,126 303,205 36,017 States and political subdivisions 5,099,450 859,029 4,699,707 822,312 4,520,308 776,736 Banks in United States 12,566,058 232,745 11,216,666 152,960 11,063,174 182,386 Banks in foreign countries 1,247,905 1,118,697 947,651 Certified and officers' checks, cash letters of 5,279 12,846 2,699 credit and travelers' checks, etc 2,584,897 1,239,938 1,354,421 134,971 101,527 103,177 Time deposits 29,963,844 27,016,085 23,958,482 Individuals, partnerships, and corporations: 5,703,808 5,220,345 4,653,741 Savings deposits 24,803,484 C Ce h r r t i i s f t i m ca a t s e s s a o v f i n d g e s p o a s n it d similar accounts 29,295,108 5,597,071 8 1 9 9 8 9 , , 9 15 7 7 6 4, 4 62 1 6 6 , , 0 0 3 59 9 23,362,909 4,568,274 Open accounts 461,489 40,705 United States Government 98,277 2,535 99,963 39,083 103,175 2,054 Postal savings 4,926 1,439 5,254 2,074 5,365 1,524 States and political subdivisions 495,967 97,080 482,200 1,621 423,502 76,295 Banks in United States 51,957 5,674 49,203 89,982 52,672 5,585 Banks in foreign countries 17,609 9 4,773 10,859 9 16,359 9 Total deposits 147,810,982 18,155,482 15,917,416 125,751,795 14,847,346 134,282,386 Due to own foreign branches 211,181 183,943 Bills payable, rediscounts, and other liabilities for 196,233 borrowed money 215,300 7,206 65,308 13,411 121,549 10,294 Acceptances outstanding 76,824 859 49,253 420 72,693 404 Dividends declared but not yet payable 56,508 3,513 47,776 2,040 48,357 2,778 Income collected but not yet earned 58,280 12,036 49,787 10,647 46,728 10,000 Expenses accrued and unpaid 367,271 20,954 335,771 17,045 278,974 15,630 Other liabilities 113,658 9,379 88,889 7,647 118,859 10,599 Total liabilities 148,910,004 18,209,429 135,115,403 15,968 ,626 126,622,8*8 14,897,051 CAPITAL ACCOUNTS Capital 3,032,331 439,967 2,977,941 442,126 2,912,455 443,414 Surplus • 3,784,722 402,488 3,528,861 370,461 3,401,995 355,406 Undivided profits 1,293,271 177,537 1,293,751 187,339 1,169,389 160,977 562,072 64,718 540,795 66,786 506,428 63,815 Other capital accounts 8,672,396 1,084,710 8,341,348 1,066,712 7,990 ,267 1,023,612 Total capital accounts 157,582,400 19,294,139 143,456,751 17,035,338 134,613,165 15,920 ,663 Total liabilities and capital accounts... MEMORANDA 74,735,411 10,551,222 68,063,429 8,930,118 65,976,654 8,669,081 Demand deposits adjusted2 13,302 6,421 13,282 6,445 13,268 6,457 Number of banks 1 Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on opposite page. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. MAY 1946 545 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE Gold reserves of central banks and governments. . 547 Gold production 548 Gold movements. 548 Net capital movements to United States since January 2, 1935. . 549-554 Central banks. 555-558 Money rates in foreign countries . . 559 Commercial banks 560 Foreign exchange rates . . 561 Price movements: Wholesale prices . 562 Retail food prices and cost of living. . 563 Security prices . 563 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. 546 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 n r a - - i g B i e u l m - Brazil B I r n i d ti i s a h Canada Chile lo C m o b - ia Cuba C v z s a e l k o c - h ia 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—Apr 20 374 409 715 341 274 6 80 99 141 61 44 52 1,777 28 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 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 82 115 186 61 44 52 1 540 Dec 20,065 403 716 354 274 7 82 127 191 61 38 1,090 1946—j a n. 20,156 398 729 363 274 7 82 128 201 61 38 1,090 Feb 20 232 747 274 6 82 129 201 61 38 1 090 Mar 20,256 755 6 131 1,090 End of month H ga u r n y - (P I e r r a s n ia) Italy Japan Java MexicoN la et 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 - Ru n m ia a- A So fr u ic th a Spain 1938—Dec 37 26 193 164 80 29 998 23 94 20 85 69 133 220 3525 1939—Dec 24 26 144 164 90 32 692 23 94 20 <84 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 4216 39 506 23 25 59 241 634 42 1943—Dec 24 92 203 500 23 31 60 316 706 91 1944—Dec 24 128 222 500 23 32 60 814 105 1945—Apr P128 219 500 23 30 60 851 109 May 219 500 23 30 60 865 109 June.... P131 231 500 23 28 60 878 109 July P131 230 270 23 28 60 886 109 v Aug 255 270 23 28 60 909 109 Sept. P131 255 270 23 28 60 938 108 Oct P131 250 270 23 28 60 954 108 Nov. 296 270 23 28 60 943 108 Dec 294 270 23 28 60 914 110 1946—Jan 288 270 23 28 949 111 Feb. . 284 270 23 28 982 Mar 257 270 End of month S d w e e n - S l w a e n r i - t d z- T k u ey r- U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. O c tr o t i u h e n s e 6 r - Government i n g p ol r d e vi r o e u s s e rv fi e g s u 1 re n s ot included 1938—Dec 321 701 29 2,690 69 52 57 14 166 End of month U S n ta it te ed s U K n i i n t g ed - France Bel- 1939—Dec 308 549 29 n 68 52 59 7 178 dom 1940—Dec 160 502 88 1 90 29 82 12 170 1941—Dec 223 665 92 1 100 41 *83 12 166 1942—Dec 335 824 114 1 89 68 21 185 1938—Dec 80 2759 331 44 1943—Dec 387 964 161 1 121 89 45 229 I939—Mar 154 1 732 559 1944—Dec 463 1 052 221 1 157 130 37 245 JVtay 477 June. . 85 17 1945—Apr. . . 472 J. 103 225 168 161 39 246 Sept. 164 3876 May 470 ,105 225 173 161 39 247 Dec. 156 17 June.. . 478 ,069 234 175 176 39 247 1940—June... 86 17 July 478 ,073 234 179 176 39 248 Dec. . 48 292 17 A Se ug p . t 4 4 7 7 9 9 L , 08 0 5 84 2 23 3 6 4 1 19 8 5 9 1 1 8 9 6 1 3 3 9 9 2 2 4 4 8 8 1941— D j uence... 8 2 9 5 4151 1 1 7 7 Oct 475 L, 111 236 195 191 39 247 1942—June. . 8 17 Nov. 474 L 109 236 195 202 39 245 Dec 12 17 Dec 482 L.104 241 195 202 39 248 1943—June... 11 17 1946—jari. . . . 481 1,099 241 212 39 P248 Dec... 43 17 Feb . 481 L 091 241 212 39 *>248 1944—June 21 17 Mar. 478 V 10? P248 Dec. 12 17 1945—Mar... 32 June 81 17 P Preliminary. Sept 20 1 Figures through March 1940 and for December 1942, December 1943, and December 1944 include, in addition to gold of the Central Bank held at home, gold of the Central Bank held abroad and gold belonging to the Argentine Stabilization Fund. 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 Equal i- 3 Figure for December 1938 is that officially reported on Apr. 30, 1938. zation Account; France—Exchange Stabilization 4 Figures relate to last officia 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 6 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 onthat 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 specia internal gold .ransfers 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. MAY 1946 547 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly Y m e o a n r th or pr o o w u d t o u s r i c l d d t e ion re T p o o t r a te l d South I Rho- Afri I c a West I Belgian United Can N - o I r th M a e n x d - So C u o th lo m A - m I erica Nica- Aust O ra t - h I e B r ritish U.S.S.R.1 monthly Africa desia [Africa2 | Congo^ States* ada5 I ico6 bia Chile ragua^ lia8 India9 $1 = 15*/n grains of gold * ha fine; i. e., an ounce of fine gold =$35. 1934... 823,003 708, 366,795 24,264 12,153 6,549 108,191 104, 23,135 12,045 8,350 1,166 30,559 11,223 1935... 882,533 752, 377,090 25,477 13,625 7,159 126,325 114, 23,858 11,515 9,251 868 31,240 11,468 1936... 971,514 833, 396,768 28,053 16,295 7,386 152,509 131 26,465 13,632 9,018 807 40,118 11,663 1937... 1,041,576 893, 410,710 28,296 20,784 8,018 168,159 143, 29,591 15,478 9,544 848 46,982 11,607 1938... 1,136,360 958, 425,649 28,532 24,670 8,470 178,143 165, 32,306 18,225 10,290 1,557 54,264 11,284 1939... 1,208,705 1,020, 448,753 28,009 28,564 8,,759 196,391178, 29,426 19,951 11,376 3,506 56,182 11,078 1940... 1,297,349 1,094, 491,628 29,155 32,163 »8,88662 210,109 185, 30,878 22,117 11,999 5,429 55,878 10,157 1941... 1,288,945 1,089, 504,268 27,765 32,414 209,175 187, 27,969 22,961 9,259 7,525 51,039 9,940 1942... 968 494,439 26,641 29,225 130,963 169, 630,000 20,882 6,409 8,623 42,525 8,960 1943... 738 448,153 23,009 19,740 48,808 127, 19,789 6,081 7,715 28,560 8,820 1944... 663, 429,787 20,746 18,445 35,778 101 19,374 7,131 7,865 16,310 6,545 1945... P646, 427,862 19,888 18,865 34,878 92, 17,734 P5,616 6,985P16.415 5,950 1945—Feb.. 50,782 33,698 1,610 1,575 2,342 7,432 1,379 372 590 1,260 525 Mar.. 54,703 36,458 1,686 1,610 2,446 8,004 1,382 542 615 1,365 595 Apr.. 54,096 35,937 1,718 1,610 2,328 7,831 1,836 526 560 1,225 525 May. 53,934 36,073 1,673 1,575 2,563 7,614 1,736 528 631 1,190 350 June. 53,213 35,800 1,645 1,575 2,516 7,426 1,460 574 574 1,295 350 July. 53,373 36,311 1,679 1,610 2,078 7,357 1,518 t 538 393 1,400 490 Aug.. 53,560 34,199 1,668 1,610 3,528 7,411 1,459 464 595 2,065 560 Sept.. 52,953 35,313 1,680 1,610 2,926 7,404 1,400 370 570 1,190 490 Oct.. 55,937 36,809 1,664 1,610 3,836 8,034 1,319 425 559 1,190 490 Nov.. 54,918 36,005 1,595 1,400 4,020 7,726 1,224 396 592 1,470 490 Dec. P54.323 35,043 1,597 1,470 3,832 8,391 1,140 /396 634 M,295 525 1946—Jan.. P55.519 35,892 f\,597 fl,470 3,984 8,346 1,492 /396 522 /Pl.295 /525 Feb.. P52.519 32,971 /I,597 /I,470 '3,984 /8,346 i1,492 /396 443/P1,295 /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. * Preliminary. / Figure carried forward. 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal Statistics. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944, they represent Gold Coast only. 3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year. 4 Includes Philippine Islands production received in United States. Annual figures 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 e - d 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 it - d z- Canada Mexico c A p a O L u n m a t b h t e l R i i e r n c r i e s - - l P p a i I h i n p s n i - - d l e - s t A ra u l s i - a A So fr u ic th a Japan I B n i r s d i h i t a - c o t o A r th i u l e e n l s r - 19341 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 28,15312,038 1,029 12 476,820 21,095 1935 1,739,019 315,727 934,243 3227,185 968 95,171 13,667 29,35915,335 3,498 65 75,268 28,52^ 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 29,880 128,25938,627103,777184,756111,73949,989 3 284,20a 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 "iO3 106 357 5-133,471 1945 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 11 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. 82,439 80,629 126 1,479 3 11 191 Mar.p 31,396 36 25,265 75 1,386 -2 3 3,267 1 366 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 $15,57O,OOa 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. 548 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U.S. securities: securities: Inflow in From Jan. 2, 1935, through— Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official1 Other abroad funds funds 1935—Mar. (Apr. 3) 259.5 57.7 -2.0 59.7 155.0 31.8 -6.2 21.1 June (July 3) % 616.0 213.8 6.1 207.7 312.8 43.7 15.8 29.8 Sept. (Oct. 2) 899 4 350.7 -4.5 355.2 388 6 40 1 90 3 29.8 Dec. (Jan. 1, 1936) 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936—Mar. (Apr. 1) 1,511.1 578.4 44.4 534.0 390.3 114.4 427.6 .4 June duly 1). .. 1,949 2 779.0 35.9 743.1 449 0 180 5 524 1 16 5 Sept. 30 2,283.3 898.5 37.4 861.1 456.2 272.2 633.3 23.2 Dec. 30 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Mar. 31 2,931 4 1,121 6 62.8 1,058 8 411 0 319 1 1 075 7 4 1 June 30 3,561.9 1,612.4 215.3 1,397.1 466.4 395.2 1,069.5 18.3 Sept. 29 3,911.9 1,743.6 364.6 1,379.0 518.1 493.3 1,125.1 31.9 Dec. 29 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,207.2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 June '29 3,045.8 786.2 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477 2 625 0 1,125 4 64 1 Dec. (Jan. 4, 1939) 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607 5 664 5 1,201 4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940) 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 1,999.9 631 6 761 6 1,095.0 88 7 Tune dulv 3) 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 1,112.3 1,980.5 773 6 793 1 987 0 101 6 Dec. (Jan. 1, 1941) 5,727.6 3,159.0 1,200.8 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr 2) 5,526.5 3,148.8 1,307.7 1,841.0 767.4 812.7 701.8 95.9 June duly 2) 5,575.4 3,193.3 1,375.1 1,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1) 5,510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100 9 Dec. 31 ... 5,230.7 2,856.2 1,053.7 1,802.6 791.3 855.5 626.7 100.9 1942—Mar. (Apr. 1) 5,082.4 2,684.0 932.0 1,752.0 819.7 849.6 624.9 104.3 June 302 5,495.3 3,075.9 1,211.7 1,864.2 842.3 838.8 632.0 106 2 Sept. 30 . 5,654.9 3,212.6 1,339.1 1,873.5 858.2 830.5 646.1 107.5 Dec. 31 5,835.0 3,320.3 1,412.0 1,908.3 888.8 848 2 673 3 104 4 1943—Mar. 31 6,147.1 3,643.4 1,723.1 1,920.3 898.7 810.5 685 9 108 6 June 30 ... 6,506.4 4,002.6 2,071.4 1,931.2 896.9 806.8 687.9 112.1 Sept. 30 6,771.3 4,130.6 2,190.9 1,939.7 888.6 929.3 708 1 114 8 Dec. 31 7,118.6 4,496.3 2,461.5 2,034.8 877.6 925.9 701.1 117.8 194^—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 2,190.3 856.6 090 R 702.4 July 31 7,423.4 4,740.8 2,622.9 2,117.9 850.6 L.005.8 706.9 119.3 Aug. 31 7,440.9 4,732.3 2,589.5 2,142.8 869 7 L 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 L 025 8 735 8 127 1 Nov. 30 7,530 5 4,775 1 2,541 0 2,234 1 872 7 L 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 L 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 L.029.6 820.6 130 5 Apr. 30 7,797.3 4,958.2 2,588.9 2,369.2 844.7 L 061 6 802 5 130 4 May 31 . 7,857 7 5,004 5 2 634 0 2,370 5 845 7 L 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 I 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 L 056 9 818 4 134 6 Oct 31 8,541.1 5,731.0 3,110.0 2,620.9 875.5 nos 7 795.1 134.4 Nov. 30 ,... 8,409.0 5,645.1 2,953.2 2,691.9 804.2 1,041.7 779.1 139.0 Dec. 31 8,413.8 35,696.8 33,021.3 3 2,675.5 3 742.7 1,031.5 798.7 3144.1 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 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. s Amounts outstanding Dec. 31, in millions of dollars: total foreign banking funds in United States, 6,362.7, including official funds, 3,658.9, and other funds, 2,703.7; United States banking funds abroad, 392.8; and brokerage balances (net due "foreigners"), 67.2. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see BULLETIN for September 1945, pp. 960-974. MAY 1946 549 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 ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 1935—Dec. (Jan. 1, 1936).. . 1,412.5 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1,200.6 () 70.9 128.3 12.7 1936—Dec. 30 2,608.4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2,051.3 150.5 201.2 184.0 21.4 1937—Dec. 29 3,410.3 993.7 281.7 311.9 607.5 123.9 22.1 312.2 2,653.0 106.3 410.6 224.6 15.9 1938—Dec. (Jan. 4, 1939). .. 3,844.5 1,183.8 339.6 328.6 557.5 140.5 32.2 472.03,054.2 155.3 384.6 214.2 36.2 1939—Dec. (Jan. 3, 1940). .. 5,021.2 1,101.3 468.7 470.3 773.0 165.9 58.0 752.93,790.1 229.4 483.4 431.0 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. 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. 178.3 1943—Dec. 31 7,118.6 ,257.7 636.8 487.7 629.1 178.6 48.2 954.84,192.8 760.3 951.0 ,013. 201.4 1944—Dec. 31 7,475.7 ,090.0 585.7 506.2 664.3 179.1 63.1 993.3 4,081.8 976.41,193.7 ,020.9 203.0 1945—Jan. 31 7,633.1 ,008.6 566.6 503.3 659.6 179.0 66.7 965.2 3,949.0 ,030.8 ,250.2 ,199.2 204.1 Feb. 28 7,755.4 ,053.6 558.3 506.3 666.4 179.0 69.8 970.5 4,003.91,081.3 ,262.4 ,200.1 207.7 Mar. 31 7,739.1 ,048.9 506.5 505.7 673.0 179.2 72.0 967.6 3,952.91,135.4 ,234.2 ,205.3 211.4 Apr. 30 7,797.3 ,026.0 477.6 506.3 670.7 179.2 75.5 990.5 3,925.81,194.9 ,263.0 ,202.9 210.7 May 31 7,857.7 ,029.3 453.0 506.8 677.1 179.0 77.5 ,003.6 3,926.41,204.71,324.3 ,193.8 208.5 June 30 8,071.9 ,066.2 521.7 513.0 679.7 179.0 80.0 ,017.9 4,057.51,276.71,353.8 ,175.5 208.4 July 31 8,296.8 ,075.0 542.4 516.1 689.9 179.0 85.2 ,053.0 4,140.6 1,361.41,411.7 ,175.5 207.6 Aug. 31 8,353.2 ,018.8 499.8 518.1 695.6 179.2 89.6 ,059.2 4,060.2 1,441.81,392.1 ,238.7 220.3 Sept. 30 8.469.9 946.7 463.9 518.1 698.4 179.3 94.2 ,134.2 4,034.81,469.91,413.8 ,316.3 235.2 Oct. 31 8,541.1 937.8 510.9 523.8 705.2 179.5 98.0 ,118.14,073.2 1,477.91,404.7 ,321.3 264.1 Nov. 30 8,409.0 888.7 469.8 526.3 709.8 179.4 100.8 ,127.8 4,002.61,493.01,336.5 ,323.9 253.0 Dec. 31 8,413.8 892.5 464.2 539.7 722.3 179.7 106.5 ,132.14,037.01,454.41,338.4 ,336.4 247.5 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From Jan. 2, 1935, through— Total U K d n o i i n m 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 r* 1935—Dec. (Jan. 1, 1936). .. 603.3 128.6 129.6 55.7 72.4 -.8 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec 30 930.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588 9 86 8 149.3 90 4 15 2 1937—Dec. 29 1,168.5 189.3 111.8 76.3 288.4 9.6 6.9 109.4 791.7 76.3 166.3 126 2 8.0 1938—Dec. (Jan. 4, 1939)... 1,425.4 364.0 155.3 87.9 205.1 -11.8 1.7 208.6 1,010.7 101.6 127.6 163.3 22.2 1939—Dec. (Jan. 3, 1940). .. 2,430.8 376.1 256.1 190.9 362.7 -20.1 19.7 470.0 1,655.4 174.5 215.1 325.4 60.5 1940—Dec. (Jan. 1, 1941) . . . 3,159.0 293.3 458.0 160.3 494.7 -22.9 -.9 603.7 1,986.3 334.1 326 A 450.9 61.3 1941—Dec. 31. - 2,856.2 328.6 416.5 161.0 326.2 -23.1 -3.4 561.1 1,766.9 273.1 296.7 418 0 101 6 1942—Dec 31 3,320.3 493.3 394.5 170.0 166.3 -22.7 -6.2 502.5 1,697.5 399.5 482.8 598.7 141.9 1943—Dec. 31 4,496.3 939.4 404.1 176.7 192.7 -23.7 -6.9 589.0 2,271.2 704.7 578.7 779 7 162 0 1944—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—Tan 31 4,723.9 726.4 338.9 190.0 219.8 -23.4 10.7 570.5 2,032.9 868.1 848.7 804.5 169.7 Feb. 28 4,887.3 777.0 329.6 192.6 227.1 -23.4 13.5 576.7 2,093.2 962.3 855.4 803 8 172 5 Mar 31 4,909.9 772.9 286.4 192.2 234.5 -23.3 15.7 582.8 2,061.3 1,021.2 842.5 809.3 175.7 Apr. 30 4,958.2 758.5 258.3 192.2 234.1 -23.3 19.1 606.8 2,045.9 1,056.8 872.0 808 3 175.2 May 31 .. 5 004 5 770.7 235.0 192.7 240.1 -23.5 22.5 619.7 2,057 31,053 4 913 5 807 7 172 7 June 30 5,261.4 800.5 292.2 196.7 243.2 -23.5 23.6 670.0 2,202.7 1,159.3 955.4 770.5 173.5 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 Aug 31 5,505.0 762.6 276.6 201.4 255.8 -23.4 33.6 672.4 2,179.0 1,341.9 965.8 834.7 183.6 Sept 30 5,594.8 684.8 233.3 204.0 259.7 -23.4 38.2 744.8 2,141.4 1,384.1 989.0 882.5 197.6 Oct. 31 5,731 0 678.9 280.2 211.4 266.5 -23.2 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 2,170.3 1,437.8 924.2 895.9 216.8 Dec. 31 5,696.8 646.4 229.9 265.0 286.3 -23.3 50.1 769.1 2,223.4 1,414.2 924.9 921.4 212.9 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 1935—Dec. (Jan. 1, 1936) 361.4 208.8 48.1 -.4 1.6 29.7 13.7 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 30 431.5 178.0 62.0 -3.3 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30.4 -4.4 1937—Dec. 29 449.1 207.4 65.3 -4.4 2.6 105.1 6.5 26.9 409.3 -21.7 51.6 18.7 -8.7 1938—Dec. (Jan. 4, 1939) 510.1 206.2 68.4 -5.6 2.6 141.7 13.7 33.8 460.9 35.9 66.8 -46.5 -7.0 1939—Dec. (Jan. 3, 1940) 650.4 252.2 73.8 12.9 2.9 177.8 15.5 28.4 563.5 56.5 52.6 -21.5 -.8 1940—Dec. (Jan. 1, 1941) 775.1 269.2 74.6 17.7 6.5 191.6 25.3 49.8 634.7 60.3 43.2 34.8 2.1 1941—Dec. 31 791.3 271.2 76.9 17.6 5.4 196.8 25.8 53.6 647.4 62.7 17.7 64.7 -1.2 1942—Dec. 31 888.8 279.4 77.8 18.1 6.6 196.7 26.2 56.8 661.5 58.6 68.3 93.8 6.6 1943—Dec. 31 877.6 272.1 77.9 18.3 5.1 196.9 26.2 60.0 656.5 55.1 55.7 102.7 7.5 1944—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 Dec. 31 742.7 266.6 78.0 -17.7 5.2 196.9 26.2 38.3 593.4 39.5 9.1 99.2 1.5 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." » Inflow less than $50,000. 550 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) From Jan. 2, 1935, through— Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 1935—Dec. (Jan. 1, 1936)... 125.2 67.8 6.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Dec. 30 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 1938—Dec. (Jan. 4, 1939). .. 641.8 127.7 26.1 27.3 36.1 33.5 22.0 167.8 440.6 -9.7 167.4 33.8 r9.7 1939—Dec. (Jan. 3, 1940). .. 725.7 125.5 42.1 29.4 45.0 36.6 27.6 189.0 495.2 -7.6 184.0 42.8 11.3 1940—Dec. (Jan. 1, 1941). . . 803.8 128.6 43.4 31.0 46.0 36.5 28.1 196.4 510.0 25.0 202.3 53.0 13.5 1941—Dec. 31 855.5 127.6 51.6 31.5 44.3 36.5 28.1 201.8 521.3 35.4 221.1 61.2 16.6 1942—Dec. 31 848.2 125.4 52.4 31.6 44.9 36.5 28.0 207.6 526.3 -3.0 245.4 61.5 18.0 1943—Dec. 31 925.9 127.6 50.6 33.0 44.7 36.5 27.9 210.1 530.3 41.2 272.3 62.2 19.9 1944—Dec. 31 1,019.4 126.5 51.0 33.6 44.5 36.5 27.6 210.4 530.1 104.9 302.0 61.3 21.0 1945—Jan. 31 1,025.9 124.8 51.0 33.6 44.5 36.5 27.6 210.4 528.4 111.5 303.5 61.3 21.1 Feb. 28 1,033.4 125.2 51.2 33.6 44.7 36.5 27.6 210.3 529.1 118.1 303.7 61.5 21.0 Mar. 31 1,029.6 124.0 51.4 33.6 44.7 36.5 27.6 210.3 528.0 113.9 305.1 61.5 21.1 Apr. 30 1,061.6 121.6 51.3 33.6 44.7 36.5 27.6 210.1 525.4 147.1 306.1 61.9 21.2 May 31 1,088.9 120.8 51.2 33.5 44.5 36.5 27.6 210.0 524.1 171.4 310.4 61 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 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 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 Dec. 31 1,031.5 117.7 51.2 33.0 45.2 36.5 27.5 212.8 523.8 107.8 317.1 60.8 22.0 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 Asia* ot A he ll r1 1935—Dec. (Jan. 1, 1936). .. 316.7 149.8 23.4 50.5 55.1 -5.4 -.1 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7.1 1937—Dec. 29 1,162.0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1,041.6 37.6 18.2 54.7 9.8 1938—Dec. (Jan. 4, 1939). .. 1,219.7 472.6 76.9 212.1 304.1 -22.8 -5.5 56.6 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 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 71 240.9 363.5 -30.7 1.9 95.3 602.1 -98.5 57.2 272.2 10.2 Aug. 31 831.6 -141.5 71 240.7 362.0 -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 A -136.8 65.8 263.1 9.4 Dec. 31 798.7 -157.9 81.7 233.5 355.4 -30.4 2.2 98.5 582.9 -126.6 81.3 251.3 9.9 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) United Neth- Switz- From Jan. 2, 1935, through- Total K do in m g- France la e n r d - s la e n r- d 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 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 y .3 .4 22.6 -7.6 -4.2 2.1 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 (2) .1 5.0 44.0 3.5 -.5 .5 1938—Dec. (Jan. 4, 1939) 47.6 13.4 12.9 6.8 9.6 — .2 .2 5.2 47.9 1.8 -.9 -1.5 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 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 j .2 8.7 78.1 15.2 4.2 6.0 .9 1943—Dec. 31 117.8 18.8 21.5 19.9 19.3 -.2 .3 9.4 89.1 17.6 3.8 6.0 1.3 1944—Dec. 31 126.3 18.5 23.1 22.3 23.0 (3) .3 10.5 97.7 16.2 5.1 5.6 1.8 1945—Jan. 31 126.1 18.5 21.9 22.4 22.9 -.2 .3 10.6 96.6 16.7 6.3 4.7 1.8 Feb. 28 129.9 18.6 22.9 22.7 23.9 -.2 .3 10.8 99.0 17.0 7.2 4.8 1.9 Mar. 31 130.5 18.6 23.1 22.6 24.5 -.1 .3 10.5 99.4 17.0 7.5 4.7 1.9 Apr. 30 130.4 18.4 23.1 23.0 24.7 -.1 .3 10.5 100.0 17.0 7.0 4.4 1.9 May 31 133.6 19.1 22.6 23.1 25.8 -.1 .3 10.3 101.1 19.3 7.5 3.9 1.9 June 30 131.8 21.7 22.8 23.5 26.0 -.1 .3 10.6 104.8 17.9 4.1 3.0 1.9 July 31 127.1 18.5 22.8 24.2 26.4 -.1 .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 Dec. 31 144.1 19.8 23.4 26.0 30.3 (2) .4 13.6 113.6 19.5 5.9 3.8 1.3 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 2 Inflow less than $50,000. 8 Outflow less than $50,000. MAY 1946 551 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 Asiai ot A he ll r1 1934—Dec. (Jan. 2, 1935). . . 597.0 76.9 33.9 12.9 13.7 29.9 18.8 46.8 232.9 99.3 122.8 130.1 12.0 1935—Dec. (Jan. 1, 1936). . . 1,200.2 205.5 163.5 68.6 86.1 29.0 26.1 107.5 686.3 145.3 156.3 188.9 23.4 1936—Dec. 30 1,491.6 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263.9 200 2 27.1 1937—Dec 29 1,729.6 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280 9 236 0 20 0 1938—Dec. (Jan. 4, 1939). . . 1,996.6 436.1 187.4 101.8 218.8 17.8 20.4 255.5 1,237.8 201.8 248.5 274.3 34.1 1939—Dec. (Jan. 3, 1940). . . 3,057.0 448.2 288.2 204.9 376.3 9.5 38.5 516.9 1,882.6 274.6 336.0 491.4 72.5 1940—Dec. (Jan. 1, 1941). .. 3,785.2 365.5 490.1 174.3 508.4 6.7 17.9 650.6 2,213.5 434.3 447.3 616.9 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 2,392.5 976.0 970 2 912 4 138 6 Feb 28 5,553.1 838.3 409.8 209.3 245.0 6.8 33.8 709.8 2,452.8 1,070.3 976.9 911.7 141.4 Mar 31 ... 5,575.7 834.2 366.6 208.8 252.5 6.9 36.0 715.8 2,420.8 1,129.1 964 0 917 2 144 5 Apr. 30 5,624.0 819.9 338.5 208.8 252.0 7.0 39.4 739.9 2,405.5 1,164.8 993.5 916.2 144.1 May 31 ... 5,670.4 832.1 315.1 209.3 258.0 6.7 42.9 752.7 2,416.9 1,161.31,035 0 915 6 141 6 June 30 5,927.3 861.8 372.3 213.3 261.2 6.7 43.9 803.0 2,562.3 1,267.31,076.9 878.4 142 4 July 31 6,108.5 872.0 399.0 215.8 268.5 6.8 49.5 839.8 2,651.3 1,349 81,100 7 865 5 141 2 Aug 31 6,170.8 824.0 356.7 218.0 273.8 6.9 53.9 805.4 2,538.6 1,449.91,087.4 942.6 152 5 Sept 30 • . 6,260.6 746.2 313.4 220.6 277.7 6.9 58.5 877.9 2,501.0 1,492.11,110 6 990 4 166 5 Oct. 31 6,396.8 740.2 360.3 228.1 284.4 7.1 62.0 862.9 2,545.0 1,551.81,097.71,007.7 194 6 Nov 30 6,310.9 699.6 327.3 269.6 290.0 6.9 65.4 871.2 2,529.9 1,545.71 045 71 003 9 185 7 Dec. 31 6,362.7 707.7 310.0 281.6 304.2 7.0 70.4 902.1 2,583.0 1,522.2 1,046.41,029.3 181.8 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—Tan 31 703.6 121.8 14.4 7.0 48.7 18.5 185.4 42.0 9.4 38.2 148.6 12.7 5.7 51.0 Feb 28 709.8 123.5 14.2 6.6 48.6 18.6 187.2 41.3 9.1 41.1 152.3 12.9 5.7 48.7 Mar 31 715 8 133 7 14 4 7.1 50.6 18.6 194.7 35.4 9 3 27.3 157.7 8 6 5 8 52 8 Apr 30 739.9 139.7 13.7 7.0 52.5 18.5 199.9 39.4 9.3 31.5 158.0 12.8 5.8 51.8 May 31 752 7 147 3 13 4 6.8 53.7 19.1 194.0 36.6 9 3 37.6 160.2 17 5 5 6 51 7 June 30 803.0 142.1 13.7 6.7 56.6 19.3 240.6 40.6 9.3 31.8 165.4 20.9 5.7 50.3 July 31 839.8 150.5 13.7 6.6 60.5 22.9 236.6 46.4 9.3 36.9 183.7 22.3 5.2 45.2 Aug 31 805.4 149.9 14.4 6.7 63.2 22.9 187.1 39.0 9.7 40.4 194.3 25.7 5.1 46.9 Sept 30 877 9 218.6 16.8 7.2 66.1 22.9 184.4 45.5 9.2 32.6 199.1 25.4 5.2 45.0 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 Dec 31 . 902.1 185.0 25.9 5.5 70.8 22.3 216.1 47.9 9.3 31.7 210.1 28.0 5.7 43.7 Latin America Neth- French er- Date A L m i a c t a e in r- A t r i g n e a n- li B v o ia - 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 i s - 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 6 - Peru4 z V u e e n l e a - 4 O A L i a m t c h t a i e e n r r ana4 Surinam4 1939—Dec. (Jan. 3, 1940).... 336.0 57.7 36.4 26.8 37.0 58.8 34.0 85 3 1940—Dec. (Jan. 1, 1941) 447.3 115.4 36.2 28.5 47.9 55.0 58.7 105.6 1941—Dec. 31 417.7 75.7 50.5 27.3 62.5 37.7 42.1 121.8 1942—Dec 31 .. . 597.7 67 6 io.'s 67.7 34.5 43.4 12.4 100.3 4 9 95 7 20 7 36 9 17*7 20 9 64 2 1943—Dec. 31 693.7 69.8 12.6 98.7 54.0 67.1 12.2 70.4 2.6 70.4 41.2 57.6 17.4 24 2 95 4 1944—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 Dec 31 1,046.4 77.3 14.5 195.1 66.3 79.2 6.9 128.3 7.1 116.4 28.2 88.7 43.9 49.7 144.8 For footnotes see p. 553. 552 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 India, Japan Egypt 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 B C m a lo n e u a n y d r , 1 - - M l B t a is r y a h i a - - 1 M ( r K a i e n n a o a c d n - ) l - . 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 th si e a r ot A h l e l r2 A t l u r ia a s- - N Z la e e n a w d - A S E t a n u i g n a g d y d n l a p o n - -F r r M o e c n o c c - o h A U S f n o r o i u i o c f t a n h Other churia 1939—Dec. (Jan. 3, 1940). . 491.4 167.0 71.4 165.4 29.1 58.5 72.5 1940—Dec. (Jan. 1, 1941). . 616.9 207.5 91.1 110.3 45.6 162.4 73.3 1941—Dec. 31 583.9 156.8 61.6 69.9 30.7 264.9 113.6 1942—Dec. 31 712.1 360.9 27.4 41.6 13. i " i.' 6 4.8 i60.4 36.8 29.9 36.2 149.6 23. i 4 8 *6.'8 12. i ii.o 1943—f)ec 3i 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 8427.3 27 4 22.9 22.1 1.3 4 0 110 5 40.4 23.7 64.2 174.0 52.9 3 S 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 40.237.1 74.0 138.6 34.2 S 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 42.846.0 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 40 450.4 80.1 144.5 34.6 4 1 9.0 3.9 7.4 85.5 Apr. 30 916.2 546.9 27.5 21.6 23.5 .9 4.0 115.4 43.851.6 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 SO 779.4 141.6 .37 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 50 451.2 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 4.1 103.8 109.247.2 73.0 185.7 30.2 4.3 19.6 9.4 8.0 114.2 Dec. 31 1,029.3 582.3 28.0 27.4 33.4 1.2 4.1 113.7 108.852.5 78.0 181.8 28.9 4.3 18.9 10.0 6.4 113.4 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. 552. 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 2 Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to the United States" have been adjusted to exclude the unreal movements introduced by these changes. Figures shown above are adjusted to compare with those of previous months. a Prior to June 30, 1942, included under "All other." * Prior to June 30, 1942, included under "Other Latin America." 6 Included "Canal Zone" prior to June 30, 1942. NOTE.—For previous changes or corrections in the reporting practices of reporting banks (similar to those indicated in footnote 2 above), which occurred on Aug. 12, 1936, Jan. 5, 1938, Oct. 18, 1939, and May 7, 1941, see Banking and Monetary Statistics, pp. 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 i o i n m t g ed - France N la e e n t r d h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia1 ot A h l e l r1 1934—Dec. (Jan. 2, 1935) 1,139.9 296.9 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 1.1 2.6 34.4 1.5 26.2 88.4 33.6 148.3 87.9 9.7 1942—Dec. 31 246.7 12.6 .3 .5 1.5 34.0 .4 22.3 72.6 34.3 99.7 35.3 4.8 1943—t>ec. 31 257.9 19.9 .1 .4 3.0 33.9 .4 19.0 77.6 37.8 112.2 26.3 3.9 1944—Dec. 31 329.7 25.9 .4 .3 1.3 33.9 .3 44.4 107.5 28.1 131.0 51.4 11.7 1945—Jan. 31 287.3 25.8 .5 .3 1.9 33.9 .4 8.4 72.1 31.1 131.9 41.5 10.6 Feb. 28 275.6 27.4 .5 .3 .8 33.9 .3 8.7 72.9 24.8 127.3 40.9 9.7 Mar. 31 286.9 23.2 .5 .3 .9 33.9 .3 8.7 68.8 23.9 144.1 41.0 9.2 Apr. 30 290.8 25.4 .4 .5 .9 33.9 .3 8.4 70.8 23.0 145.0 42.6 9.3 May 31 289.8 30.5 .3 .4 .8 33.9 .3 8.9 76.2 25.6 127.9 51.1 9.0 June 30 375.0 27.9 .3 .7 5.4 33.9 .3 48.2 117.6 53.8 144.5 49.2 9.9 July 31 325.2 24.8 .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 .2 4 2.0 33.9 .3 9.7 79.1 41.5 116.6 60.7 8.5 Sept. 30 270.2 24.9 .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 .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 36 5 1.6 33.9 .3 10.2 109.6 38.0 145.8 29.1 8.8 Dec. 31 392.8 25.4 1.1 36.3 2.9 33.9 .3 40.8 140.7 53.3 158.9 29.9 9.9 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. MAY 1946 553 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 g B iu e m l- m D a en rk - l F a i n n d - Greece1 L b u o x u e r m g1 - N w o a r y - tu P g o a r- l1 m R an u i - a1 Spain1 S d w en e- 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 1 1 9 9 4 4 0 1 — — D D e e c c . . ( 3 J 1 an. 1, 1941) 2 26 9 . . 2 9 1 1 . . 5 1 .3 1 1. . 9 8 . . 9 5 1 6 0 s 2 2 4 2 5 I 1942—Dec. 31 22.3 .8 5.6 1.1 .2 2.4 (2) 3.2 .4 i 8.4 1943—Dec. 31 19.0 .7 7.6 .6 .2 1.4 3.2 .2 5.0 1944—Dec. 31 44.4 .7 .6 35.1 .8 1.8 .2 5.1 1945— F T e a b n. 2 31 8 8 8 . . 7 4 . . 7 8 a (2) . . 6 6 . . 1 1 . . 7 6 1 .9 2 .2 2 ( 2 ) 5 5 . 0 1 Mar.31 8.7 .8 (2) .6 .1 .5 (2) 1.3 2 5 0 Apr. 30 8.4 .8 (2) .6 .1 .6 (2) 9 2 5 1 May 31 8.9 .8 8 8 .6 .1 .6 8 1.5 .3 8 4.9 June 30 48.2 .8 .6 40.1 .5 .9 .3 4.8 A Tu u l g y . 3 3 1 1 4 9 8 . . 7 7 . . 8 7 ( 2 ) « . . 6 6 40. . 5 1 . . 2 3 8 1. . 4 9 1.5 7 4 4 .9 9 Sept.30 8.1 .5 .6 .1 .3 .9 .3 l 5 1 D O N e c o c t v . . . 3 3 3 1 0 1 . . .. 4 1 9 0 0 . . . 6 8 2 . . . 6 6 5 1 1 . . 5 5 ( « ( 2 2 ) ) . . . 6 6 7 31. . . 1 1 6 . . . 2 5 4 ( ( 2 2 - ) ) 1 1 1. . . 6 0 9 1 . . 9 5 0 l 4 5 4 .7 9 0 Latin America French N l e a t n h d er s - Date A L i a m c t a i e n r- A t r i g n e a n- li B v o ia - 3 Brazil Chile l b C o i m o a - ' - C R o ic st a a ' Cuba I W G a n a n d n u e a i d i s e 8 - t s Mexico I W n S n a a u d n e m r i d s i e - t ' s P m an a a * - Peru' 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 - 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 "3.6' 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 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 L.8 25.3 9.0 15.5 1.2 47.4 (2) 8.6 .3 .8 1.2 5.1 11.7 1945 Tan 31 ... 131.9 2.8 L.7 24.8 8.5 15.5 L.I 49.2 (2) 9.3 .5 .9 1.7 4.1 11.8 Feb. 28 127.3 2.9 ?. 23.8 8.5 13.5 0 50.1 8.4 .3 1 0 1 4 3 7 11 4 Mar 31 .... 144 1 5.5 3 22.7 7.8 16.0 9 60.9 9.1 4 1 0 1 4 4 0 13 1 Apr. 30 145.0 8.7 4 24.1 8.7 14.7 0 57.1 8.8 .4 1 0 1 4 4 9 13 0 May 31 . . 127 9 7.7 3 25.5 8.4 15.1 1 39.1 (2) 8.7 4 9 1 4 5 8 12 6 June 30 144.5 8.3 ?. 30.6 7.0 16.8 1 49.7 .1 8.9 .4 1.0 1 4 5 6 12 3 July 31 .... 109.8 14.1 ? 26.9 8.4 16.3 ? 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 ?, 14.5 .1 8.7 .3 .8 19 5 2 23 7 Sept 30 120 6 12.8 1 1 21.7 7.5 16.7 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 4 17.0 (2) 9.7 .4 8 1 3 5 7 25 4 Nov. 30 145 8 20.5 1.2 22.0 7.2 19.4 ? 27.2 (2) 10.6 3 1 0 1 7 6 1 27 3 Dec 31 158.9 21.0 1.3 24.7 6.6 16.8 7 33.3 .1 11.0 .5 1.1 1.9 6.1 33.4 Asia and All Other Japan 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 m e d n u a d y i r , a - - , l M B t a is y r a i h a - - 5 M ( r a K i e n n a a o c d n ) - l - . I N l n E a e d e n a r i t s d - e h t s s - 5 i l P p a I h n p s i d i - l n s - eT ke u y r- 5 O A t s h i e a r ot A he ll r6 A t li r u a a s - -N l Z a e e n a w d - E A E t a g n i g n a y g y d n p l p o t - -F r M r o e c n o c c - o h A U S f n o r o i i u o c f t a n h Other lon* churia Sudan 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 " ' (2 j " " .9 "i.'i "".7 .5 "i.*6 14.4 'i'a 2.0 4.8 i.6 .7 ' (2j ' 17 12 1943 Dec 31 26.3 1.7 (2) 1.0 2.0 .5 .5 1.7 13.9 3.2 1.8 3.9 .5 .2 .1 2.4 .7 1944—Dec 31 .... 51.4 1.5 .9 22.3 .1 .5 1.5 13.8 1.8 8.8 11.7 .6 .2 .2 9.7 1.0 1945—jan 31 . .. 41 5 1.7 .9 12.4 .1 .5 1.4 13.9 ? 0 8.6 10.6 .8 .2 2 (2) 8 3 1 i Feb. 28 40.9 1.2 (2) .9 12.1 .5 4 13.9 1 8 9.0 9.7 .7 .2 .3 W 7 2 1 2 Mar 31 41 0 1.3 (2) .9 11.8 .5 4 13.9 1 8 9.1 9.2 .8 4 3 (2) 6 7 1 i Apr 30 42.6 1.3 (*) .9 12.1 .5 4 13.9 1 9 10.5 9.3 .8 .4 .4 (2) 6 7 1 2 May 31 51.1 1.1 .9 19.4 .5 ,4 13.9 2 0 11.8 9.0 1.0 .3 .4 (2) 6 t 1 2 J Ju u l n y e 3 3 0 1 .... 4 4 9 7 . . 2 7 1 1 . . 2 0 (2) . . 8 8 1 1 6 4 . . 8 5 .1 . . . 5 5 L. 4 4 1 1 3 3 . . 6 9 ? 2 .2 n 1 1 2 3 . . 5 1 9 9 . . 9 5 2. .9 1 . . 4 4 .3 2 (2) 6 5 .2 0 2 1 .6 4 A Se u p g t . 3 3 0 1 6 3 0 0 .8 7 1 1. . 1 1 (2) . . 8 8 1 8 5 . . 0 0 . .1 1 . .5 5 1.4 4 2 1 6 3 . . 0 6 ? ? . 1 3 1 2 3 . . 9 6 8 7 . . 5 6 1. . 0 7 . .3 4 .3 3 /2\ 5 4 5 0 1 1 6 8 Oct. 31 37.3 1.2 (2) .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 .5 1.4 13.7 1 7 2.0 8.8 .9 .7 2 (2) 5 0 1 9 Dec. 31 29.9 1.0 .8 7.5 .1 .5 1.4 13.8 2.0 2.7 9.9 1.7 .7 .3 4.7 2.5 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. 6 Prior to June 30, 1942, included under "Other Asia." 6 Country breakdown not available until June 30, 1942. 554 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue department Assets of banking department Liabilities of banking department Bank of England Note (Fi p gu o r u e n s d i s n s m ter il l l i i n o g n ) s of Other Cash reserves co D u is n - ts Securi- ci t r i c o u n l 3 a- Deposits Other Gold* assets2 and ad- ties liabili- Coin Notes vances Bankers' Public Other ties 1929—Dec. 25. 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31. 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30. 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28. 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27. 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26. 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25. 200 1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30. 313 7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29. 326 4 220.0 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28. 326 4 230.0 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27. 1 .2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25. .2 5630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31. .2 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 s 1,100.0 .9 11.6 2.5 307.9 ,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27. .2 s 1,250.0 1.9 1F.6 5.1 317.4 ,238.6 260.7 5.2 52.3 17.8 1945—Apr. 25. .2 1,250.0 1.3 15.0 20.1 269.9 ,235.2 229.6 8.5 50.5 17.7 May 30. .2 5 1,300.0 1.2 30.6 9.6 254.3 ,269.6 212.4 14.8 50.7 17.8 June 27. .2 1,300.0 1.3 15.1 3.8 324.2 ,285.2 262.3 12.7 51.6 17.9 July 25. .2 s 1,350.0 .9 44.5 1.8 263.6 ,305.7 229.1 10.3 53.6 17.9 Aug. 29. .2 1,350.0 .4 24.3 7.2 295.3 ,325.9 238.2 16.0 55.0 18.0 Sept. 26. .2 1,350.0 .2 20.3 3.6 331.7 ,329.9 279.1 5.5 53.1 18.1 Oct. 31. .2 1,350.0 .4 28.1 11.2 288.9 ,322.2 244.2 9.2 57.4 17.7 Nov. 28 .2 1,350.0 .5 22.6 11.3 301.6 ,327.6 250.2 10.5 57.7 17.8 Dec. 26 .2 51,400.0 .4 20.3 8.4 327.0 ,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 Mar. 27. .2 1,400.0 71.9 20.0 238.7 1,328.3 249.1 9.9 54.0 18.5 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Figures in millions of Sterling securities Canadian dollars) Gold and S t U at n e i s ted O as t s h e e ts r circ N ul o a t t e ion7 lia O bi th li e ti r es' 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 jn 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—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. 590.6 39.5 1,136.6 474.2 51.0 32.4 221.3 Nov. 30. 159.0 168. 629.4 69.5 1,113.8 495.2 159.1 27.4 230.5 Dec. 31.. 156.8 688.3 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 Mar. 30. 95.2 1,296.2 559.9 39.4 1,102.2 518.1 149.2 89.1 132.1 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 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. MAY 1946 555 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills G A o d v v e a r n n c m es e n to t Deposits (Figures in Foreign Other Note Other millions of francs) Gold* ch e a x n - ge 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 o 3 - n Other2 assets cir ti c o u n la- G m ov e e n r t n- C.A.R.4 Other lia ti b e i s li- 1929—Dec. 27... 41,668 25,942 5,612 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26... 53,578 26,179 5,304 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30. .. 68,863 21,111 7,157 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30. .. 83,017 4,484 6,802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29... 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28... 82,124 963 5,837 3,971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27... 66,296 1,328 5,800 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30. .. 60,359 1,460 5,640 1,379 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30. .. 58,933 911 5,580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29... 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 . t 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 6£,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—Mar. 29.. . 75,151 44 48,483 2 16,601 426,000 17,550 «42,093 580,123 775 39,951 5,075 Apr. 26. .. 75,151 44 48,257 14,967 426,000 20,900 643,634 580,944 756 42,302 4,950* May 31. .. 75,151 45 48,141 10,162 426,000 19,750 «35,403 548,945 774 57,231 7,701 Aug. 30... 75,151 46 48,703 12,936 426,000 641,666 469,652 80,246 50,005 4,600< Sept. 27... 75,151 46 49,363 14,242 426,000 H2.717 496,258 53,598 53,156 4,506 Oct. 31... 865,152 47 60,087 27 20,442 426,000 646,152 528,945 30,793 52,552 5,617 Nov. 29... 65,152 45 62,210 153 26,073 426,000 645,859 545,795 21,708 53,447 4,540- Dec. 27... 5129,817 68 723,038 303 25,548 426,000 639,122 570,006 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 Feb. 28... 129,817 69 27,247 160 30,945 426,000 646,744 605,156 1,014 50,743 4,070 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 l o i g v n i e b o r l t e e Other a O s t s h e e ts r ci N r ti c o o u t n l e a- Deposits l O ia t t i b h e i s e li r - 1929—Dec 31 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31 .... 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec 31 1,156 984 4,242 245 161 1,065 4,776 755 1.338 1932—Dec. 31 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec 31 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec 31 76 71 6,131 60 106 286 861 5,493 1,059 970 193g—Dec 31 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Dec. 30 78 71 11,392 30 804 393 2,498 11,798 2,018 1,378- 1940—Dec. 31 . ... 78 71 15,419 38 32 357 2,066 14,033 2,561 1,396 1941—Dec 31 77 71 21 656 32 107 283 2,311 19,325 3,649 1,493 1942—Dec. 31 76 71 29,283 25 87 210 1,664 24,375 5,292 1,680 1943—Dec. 31 77 71 41,342 27 1 65 2,337 33,683 8,186 1,980* 1944—Mar. 31 77 (8) 40,379 46 1 33 2,281 33,792 7,237 1,788 Apr 29 77 40 909 38 1 31 2,525 34,569 7,179 1 833 May 31 77 42,159 28 1 23 2,096 35,229 7,240 1,915 June 30 77 42,150 26 1 27 2,397 35,920 6,754 2 004 July 31 77 43 222 38 1 21 2 396 36,888 6 813 2 054 Aug 31 77 45,829 42 1 20 2,275 38,579 7,480 2,185 Sept 30 77 50,821 47 67 25 2,510 42,301 9,088 2 160 Oct 31 77 53,954 46 70 24 2,351 44,704 9,603 2,216 Nov 30 77 56 939 62 69 21 2,795 46,870 10 829 2 264 Dec. 30 77 71 63,497 112 1 45 2,351 50,102 13,535 2,445 1945—jan 3i 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. 6 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000 million, 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. 556 FEDERAL RESERVE BULLETIN r Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1946 1945 Central Bank 1946 1945 (Figures as of last report (Figures as of last report date of month) date of month) Mar. Feb. Jan. Mar. Mar. Feb. Jan. Mar. Central Bank of the Argentine National Bank of Czechoslovakia Republic (millions of pesos): in Prague—Continued Gold reported separately ,209 1,209 1,242 Note circulation—Old 1,298 1,583 38,767 Other gold and foreign exchange. ,438 3,456 2,638 New 29,765 27,355 Government securities 866 866 Deposits—Old 85,482 86,401 25," 252 Temporary advances to Govt.... 41 41 New 3,643 3,187 Other assets 148 148 137 Other liabilities 10,131 10,244 15,386 Note circulation ,940 2,871 2,391 National Bank of Denmark Deposits—Member bank ,833 1,799 1,361 (millions of kroner): Government 398 477 638 Gold 83 83 97 Other. . .•••;•• 161 204 201 Foreign exchange 130 100 23 Certificates of participation in Clearing accounts (net) 121 114 2,929 Government securities 161 166 139 Loans and discounts 30 68 30 Other liabilities 208 205 176 Securities 82 85 68 Commonwealth Bank of Aus- Govt. compensation account7. . . 7,611 7,611 65 tralia1 (thousands of pounds): Other assets 130 132 4,816 Gold and foreign exchange 197,255 185,800177,460 Note circulation 1,509 1,516 1,671 Checks and bills of other banks. . 2,446 2,034 1,610 Deposits—Government 2,727 2,891 2,729 Securities (incl. Government and Other 3,695 3,524 3,116 Treasury bills) 421,735 423,,240419,092 Other liabilities 256 262 513 Other assets 21,374 19,,107 15,813 Central Bank of Ecuador (Oct. Note circulation 195,464194,,214193,714 (thousands of sucres): 1945)? Deposits of Trading Banks: Gold 288,843288,620 Special 253,674 247,553236,780 Foreign exchange (net) 118,365 135,601 Other 29,112 ,481 32,865 Loans and discounts 131,895 100,239 Other liabilities 163,899 ,934150,617 Other assets „ 90,598 96,649 JNational Bank of Belgium Note circulation 337,865305,253 (millions of francs): Demand deposits 263,650 292,886 Gold* 33,095 728 31,943 31,327 Other liabilities 28,187 22,971 Foreign exchange 4,659 576 3,124 2,837 National Bank of Egypt9 (thou- (Nov. Loans to Government 49,410 894 50,904 37,230 sands of pounds): 1945)8 Other loans and discounts 2,217 128 2,868 672 Gold 6,241 6,241 Claim against Bank of Issue... . 64,597 597 64,597 64,589 Foreign exchange 18,063 17,185 Other assets 1,751 725 1,628 1,997 Loans and discounts 6,083 4,140 Note circulation 72,838 143 72,470 51,273 British, Egyptian, and other Demand deposits 3,133 675 3,119 4,135 Government securities 299,913277,571 Blocked accounts3 78,349 434 78,081 82,230 Other assets 27,596 26,926 Other liabilities 1,408 398 1,393 1,015 Note circulation 142,232 120,423 Central Bank of Bolivia—Mone- Deposits—Government 64,722 72,933 tary Dept.4 (millions of bolivianos): Other 135,914 125,370 Gold at home and abroad 913 Other liabilities 15,028 13,338 Foreign exchange , 449 Central Reserve Bank of El Salva- Loans and discounts 45 dor (thousands of colones): Government securities 534 Gold 32,958 32,984 33,186 Other assets 8 Foreign exchange 39,069 38,135 37,694 Note circulation 1,605 Loans and discounts 1,360 2,017 535 Deposits 345 Government debt and securities. 6,307 6,325 4,932 Other liabilities Other assets 1,720 1,740 1,482 'National Bank of Bulgaria5 Note circulation 48,789 47,181 48,403 -Central Bank of Chile (millions Deposits 25,811 27,099 22,612 of pesos): Other liabilities 6,814 6,921 6,815 Gold 384 384 277 Bank of Finland* Discounts for member banks.... 287 337 374 Bank of Greece5 Loans to Government 701 701 710 National Bank of Hungary6 Other loans and discounts 645 614 941 Reserve Bank of India (millions of Other assets ,892 ,843 1,220 rupees): Note circulation ,850 ,798 2,592 Issue department: Deposits—Bank 545 554 435 Gold at home and abroad. . 444 444 444 Other 188 206 167 Sterling securities 11,253 11,353 9,783 Other liabilities 326 320 330 Indian Govt. securities 578 578 578 iBank of the Republic of Colombia Rupee coin 132 101 141 (thousands of pesos): Note circulation 11,959 11,997 10,849 Gold 226 108 077169,343 Banking department: Foreign exchange 101 708 958102,571 Notes of issue department.. 449 480 98 Loans and discounts 9 709 600 40,187 Balances abroad 5,853 5,421 3,851 Government loans and securities. 72 196 273 66,676 Treasury bills discounted. . 26 63 33 Other assets 29 377 618 30,626 Loans to Government 8 12 Note circulation 189 647 636172,407 Other assets 503 467 231 Deposits 208 950 041149,846 Deposits 6,530 6,187 3,928 Other liabilities 40 501 850 87,150 Other liabilities 302 252 296 JNational Bank of Czechoslovakia Central Bank of Ireland (thousands in Prague6 (millions of koruny): of pounds): Gold ,517 1,517 1,517 Gold 2,646 2,646 2,646 2,646 Foreign exchange ,224 1,002 788 Sterling funds 35,733 35,196 34,918 30,223 Loans and discounts ,833 4,636 3,949 Note circulation 38,379 37,842 37,564 32,869 Other assets 318122,419 73,151 Bank of Japan5 Bank of Java5 1 Beginning Aug. 27, 1945, figures published in the balance sheet of the Commonwealth Bank cover central banking operations only, while previously these statements included the operations of the General Banking Division. 2 Gold revalued under authorization of decree of May 1, 1944; provisional rate fixed 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 Effective Jan. 1, 1946, a change in the Organic Law of the Banco Central de Bolivia divided the institution into Monetary (central banking rfunctions) and Commercial Banking Departments. 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 Latest month available. 9 Items for issue and banking departments consolidated. 1946 557 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1946 1945 Central Bank 1946 1945 (Figures as of last report (Figures as of last report date of month) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. Bank of Mexico (millions of pesos): Bank of Spain—Continued Metallic reserve1 764 758 761 642 Note circulation 18 436 17 335 "Authorized" holdings of securi- Deposits—Government 729 1,540 ties, etc. . . 1,997 1,998 2,039 1,608 Other 3 55? 3,415 Bills and discounts 42C 406 405 405 Other liabilities 5?0 456 Other assets 57 47 59 69 Bank of Sweden (millions of kronor) Note circulation 1,717 1,707 1,696 1,395 Gold 1,054 1,060 1 060 1,046 Demand liabilities 1,339 1,323 1,348 1,174 Foreign assets (net) 805 771 800 575 Other liabilities 182 179 219 155 Swedish Govt. securities and ad- Netherlands Bank (millions of vances to National Debt Office9 1,207 1,213 1 254 1,189 guilders): Other domestic bills and advances 28 42 68 24 Gold2 713 713 713 931 Other assets 1,107 1,121 1091 1,050 Silver (including subsidiary coin) 1 1 1 Note circulation 2,507 2,506 2 587 2,402 Foreign bills 4,634 4,650 4,573 4,520 Demand deposits—Government 891 953 897 576 Discounts 1 464 Other 133 73 85 736 Loans 160 152 146 152 Other liabilities 669 674 704 669 Other assets 122 128 145 108 Swiss National Bank (millions of Note circulation—Old 294 302 309 5,430 francs): New3 2,096 1,949 1,716 Gold 4 767 4,722 4 757 4,639 Deposits—Government 1,806 1,806 2,116 105 Foreign exchange 186 198 185 112 Blocked 242 359 301 Loans and discounts 173 116 145 351 Other 555 544 543 377 Other assets ... . 89 84 84 81 Other liabilities 638 683 592 263 Note circulation 3 614 3,589 3 615 3,564 Reserve Bank of New Zealand Other sight liabilities 1 258 1,232 1 261 1,333 (thousands of pounds): Other liabilities 294 300 296 286 Gold 2,802 2,802 2,802 2,802 Central Bank of the Republic of Sterling exchange reserve 85,872 73,703 75,681 47,535 Turkey (thousands of pounds): Advances to State or State un- Gold 300 926 300 976 281 200 dertakings 34, 274 41,632 40,937 29,598 Foreign exchange and foreign Investments 5,406 17,861 12,620 13,257 64 919 70 90? 93 976 Other assets 2, 199 1,624 980 1,750 Loans and discounts 760 147 747 289 807 981 Note circulation . . . 43,617 43,516 44,172 40,154 Securities 171 958 173 735 175 667 Demand deposits 81, 802 84,154 84,033 49,993 Other assets 45 536 36 870 25 792 Other liabilities 5, 134 4,952 4,816 4,795 Note circulation 898 014 885 014 974 03?. Bank of Norway4 Deposits—Gold 91 821 91 821 85 586 Bank of Paraguay—Monetary Other 138 816 145 109 146 015 Dept.5 (thousands of guaranies): Other liabilities 214 835 207, 777 178 982 3,323 3,323 3,329 Bank of the Republic of Uruguay Foreign exchange 26,903 25,671 22,194 (thousands of pesos): 3,563 3,009 3,787 Issue department: Government loans and securities 10,111 10,142 10,673 Gold and silver 137, 940 122 751 Other assets 465 475 1,256 Note circulation [72, 766 L60 870 Note circulation 76,579 26,011 26,895 Banking department: 15 0?0 14,731 12,744 Gold and silver 171, 646 143 563 Other liabilities 7,766 1,878 1,600 74 111 21 73? Central Reserve Bank of Peru Advances to State and to (thousands of soles): government bodies 11,397 12 254 Gold and foreign exchange 159,503 127,677 Other loans and discounts.. 97, 799 90 884 36,770 21,579 375, 991300 400 Government loans 572,692 498,284 Deoosits 791 685 759 06? 19 514 22 888 339, ?60 309 771 Note circulation 501,008 422,617 Central Bank of Venezuela (thou- Deposits 253,103218,566 sands of bolivares): Other liabilities 34 367 29,233 Gold10 547 58? 547 58? 547, 58? 349 741 Bank of Portugal (millions of es- (Aug. Foreign exchange (net) 15 549 41 897 35,963 94 573 cudos) * 1945)6 70 310 Gold7 1,419 1,416 Other assets 74 507 15 494 17 794 70 077 Other reserves (net) 6 383 5 796 377 703 373 278 37S 936 309 522 Nonreserve exchange 9,620 9,301 National banks 8 981 9 142 9,223 15619 Loans and discounts 282 257 Deposits 87 107714 917709 144 36 603 Government debt ... . 1 020 1,020 Other liabilities 13 847 7 636 7,037 7? 95? 762 729 National Bank of the Kingdom Note circulation 7,717 7,412 of Yugoslavia4 Other sight liabilities 10,884 10,281 Bank for International Settle- Other liabilities 885 826 ments11 (thousands of Swiss gold National Bank of Rumania4 francs): South African Reserve Bank8 Gold in bars 120 197120, 197114 043 (thousands of pounds): Cash on hand and on current Gold .. 119,189 115 203102,956 account with banks .. 43 ?41 4? 146 46 937 54,151 56,582 32,349 Sight funds at interest 11,397 11,395 13 061 Other bills and loans 4,026 3,976 3,012 Rediscountable bills and accept- Other assets 111 470106 926 94 465 ances fat cost) 81 708 81 ,345 84 319 Note circulation 66,134 65,831 60,255 Time funds at interest 2 750 2,750 2 749 Deposits 217,854211,446 166,436 Sundry bills and investments. . . 196, 091197, 054197 536 Other liabilities 4,849 5,410 6,091 Other assets 103 99 80 Bank of Spain (millions of pesetas) : Demand deposits (gold) .. 16,958 16,972 18 842 Gold 1,213 1,185 Short-term deposits (various Silver . .... 597 609 currencies): Government loans and securities 15 695 15 840 Central banks for own ac- Other loans and discounts 3 891 3 283 count 3 664 3, 671 7 9?8 Other assets 1,841 1,829 Other . .. 1,592 1,516 1935 Long-term deposits: Special accounts ??9 001 001778 909 Other liabilities . 204 271 203, 824 201 111 1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 2 Gold revalued in July 1945 from 2,098 to 2,970 guilders per fine kilogram. 3 Notes issued before October 1945 were gradually withdrawn from circulation and deposited in "blocked" accounts in accordance with the currency reform decrees effected between June and October 1945. < For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282; and of Rumania (June 1944), see BULLETIN for March 1945, p. 286. 6 The Bank of the Republic of Paraguay was reorganized in September 1944 under the name of Bank of Paraguay. The new institution is divided into a Monetary, a Banking, and a Mortgage Department. The first official balance sheet of the Monetary Department, which assumes central banking functions, was issued for the end of December 1944. 6 Latest month available. 7 Valued at average cost beginning October 1940. 8 Beginning July 1945, end-of-month statements have been available. 9 Includes small amount of non-Government bonds. 10 Beginning October 1944, a certain amount of gold, formerly reported in the Bank's account, shown separately for account of the Government. n See BULLETIN for December 1936, p. 1025. 558 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 - Francem 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 tr o a f— l R A 3 a p 0 t r e . ef D fe a ct t i e ve ba C n e k n tr o a f— l R A 3 a p 0 te r. ef D fe a ct t i e ve dom lands land In effect Dec. 31, Albania Mar. 21, 1940 Italy 4 Sept. 11, 1944 Jan 1 . 9 3 2 6 8,1937... 2 2 4 4 2 2 2Y 2 \y 2 A Be rg lg e i n u t m ina .... 3 I X \^> J M an a . r . 16 1 , , 1 1 9 9 4 3 5 6 J J a a p va an 3 3 .29 A Ja p n r . . 14 7 , , 1 1 9 9 3 3 7 6 June 15 6 Bolivia 6 Nov. 8, 1940 Latvia 5 Feb. 17, 1940 July 7 5 Lithuania. . 6 July 15, 1939 Aug. 4 4 Sept. 3 Nov. 13 . ... 3 May 10, 1938... 4 British India.. 3 Nov. 28, 1935 Mexico 4M June 4, 1942 May 13 2H Bulgaria 5 Dec. 1, 1940 Netherlands . 2^8 June 27, 1941 May 30 3 Feb. 8, 1944 New Zealand. \V^ July 26. 1941 Sept. 28 . . 3 Chile 3-4J4 Dec. 16, 1936 2V£ Jan. 8, 1946 O N c o t v . . 2 2 5 7 iy 2Y 2 C C o ze lo c m ho b s i l a ovakia 4 2H J O u c l t y . 2 1 8 8 , , 1 1 9 9 4 3 5 3 P P o er r u tugal 5 A Ja u n g . . 12 1 , , 1 1 9 9 4 4 4 0 Jan. 4,1939... 2 Apr. 17 4 May 11 3 A Ju u ly g . 2 6 4 4 2y 2 D Ec e u n a m d a o r r k 7 J M an ay . 2 1 6 5 , , 1 1 9 9 4 3 6 8 S R o u u m th a n A i f a r . ic .. a . . 3 4 J M u a n y e 2 8 , , 1 1 9 9 4 4 1 4 Aug. 29 3 El Salvador... 3 Mar. 30, 1939 Spain 4 Dec. 1, 1938 Sept. 28 3 Estonia Oct. 1, 1935 Sweden Feb. 9, 1945 Oct. 26 2 Finland 4 Dec. 3, 1934 Switzerland.. \y Nov. 26, 1936 Dec. 15 3 2 Jan. 25, 1940 .. 2 Apr. 9 sy May 17 2 France 154 Jan, 20, 1945 Turkey 4 July 1, 1938 Mar. 17, 1941... Germany Apr. 9, 1940 United King- May 29 3 Greece 7 Feb. 11, 1945 dom 2 Oct. 26, 1939 June 27 2Y Hungary 3 Oct. 22, 1940 U. S. S. R.... 4 July 1, 1936 Jan. 16 1945 1V 2 Ireland Nov. 23, 1943 Yugoslavia. . 5 Feb. 1, 1935 Jan. 20 IK Feb. 9 In effect Apr. 30 NOTE.—Changes since Mar. 31: None. 1946 2 1M 3H IX 2y 2 2H IX OPEN-MARKET RATES [Per cent per annum] Switzer- United Kingdom Germany Netherlands Sweden land Month Bankers' Treasury Day-to- Bankers' Private Day-to- Private Money Loans Private acceptances bills day allowance discount day discount for up to 3 discount 3 months 3 months money on deposits rate money rate 1 month months rate 1929—Feb.. 5.05 4.96 4.33 5.80 6.33 4.39 4.78 3.31 1930—Feb.. 3.82 3.72 3.76 5.53 6.01 2.80 2.94 2.71 1931—Feb.. 2.56 2.37 2.29 4.88 1.12 1.05 1.00 1932—Feb.. 4.63 4.08 3.84 6.67 1.87 1.69 1.52 1933—Feb.. .83 .78 .73 3.88 .37 1.00 1.50 1934—Feb.. .95 .86 .88 3.88 4.78 .78 1.00 l.M) 1935—Feb.. .38 .28 .63 3.41 3.83 .58 1.00 1.50 1936—Feb.. .55 .53 .75 3.00 2.77 1.19 1.63 2.37 1937—Feb.. .55 .53 .75 3.00 2.47 .28 1.00 1.18 1938—Feb.. .53 .50 .75 2.88 2.73 .13 .50 1.00 1939—Feb.. .53 .51 .75 2.88 2.53 .13 .50 1.00 1940—Feb.. 1.04 1.02 1.00 2.50 2.08 1.58 2.50 1.25 1941—Feb.. 1.03 1.02 1.00 2.25 1.68 2.25 2.75 1.25 1942—Feb.. 1.03 1.00 1.04 2.13 1.75 1.25 1943—Feb.. 1.03 1.00 1.10 2.13 1.82 1.25 1944—Feb.. 1.03 1.00 1.13 2.13 1.89 1.25 1945—Feb.. 1.03 1.00 1.00 2.13 1.25 1945—Mar. 1.03 1.00 1.00 2.13 1.25 Apr.. 1.03 1.01 1.00 1.25 May. 1.03 1.00 1.03 1.25 June, 1.03 1.00 1.13 1.25 July. 1.03 1.00 1.13 1.25 Aug.. 1.03 1.00 1.13 1.25 Sept. 1.03 1.00 1.13 1.25 Oct.. .83 .75 .96 1.25 Nov. .53 .51 .63 1.25 Dec. .53 .50 .63 1.25 1946—Jan.. .53 .50 .63 1.25 Feb.. .53 .51 .63 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. MAY 1946 559 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom * Assets Liabilities b m (1 a i 1 n l l k i L o s s o . n t n e s r d l o F o i f i n n g g p u ) c o r l e u e s a n r d i i n s ng re C se a r s v h es M c o n a 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 d te i d s- r T e d r c e e e p a i o s p s u 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 t r s Total D D e e p m o a s n it d s Time lia O b t i h li e ti r es- 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—D ecem ber 390 142 198 896 1,120 794 325 3,629 2,429 1.200 236 1943—December ... . 422 151 133 1,307 1,154 761 349 4,032 2,712 1,319 245 1944—December 500 199 147 1,667 1,165 772 347 4,545 3,045 1,500 250 1945—March 464 180 149 1,681 1,153 780 299 4,459 2,944 1,516 246 April 472 180 109 1,821 1,140 749 300 4,525 2,994 1,530 245 May 482 196 120 1,882 1,126 757 297 4,617 3,064 1,553 243 June 494 195 135 1,939 1,128 774 331 4,752 3,147 1,605 243 July 500 198 181 1,994 1,123 767 300 4,819 3,205 L ,613 244 August 511 233 195 1,993 1,126 769 292 4,875 3,236 1,638 244 September 518 226 215 1,971 1,146 771 290 4,898 3,266 1,632 247 October . . .. 513 201 189 1,925 1,178 799 308 4,859 3,277 ,582 254 November 496 229 296 1,703 1,201 809 318 4,789 3,254 1,535 263 December • 536 252 369 1,523 1,234 827 374 4,850 3,262 1,588 265 1946—January 496 249 361 1,493 1,230 840 333 4,729 3,135 ,594 271 February 483 243 340 1,468 1,241 847 338 4,684 3.078 L,606 276 Assets Liabilities Canada Security Deposits payable in Canada (10 chartered banks. Entirely in Canada loans excluding interbank deposits En C d a i n o n a f d m m i i a l o n li n o t d n h o s l f l o i a f g r u s) res Cash Security Other d a u a n e b d r f o n ro a e d m t Securities a O s t s h e e ts r ci N r t c i o o u t n l e a- lia O b t i h li e ti r es' reserves loans d lo is a c n o s u a n n ts d f b o a re n i k g s n Total Demand Time 1939—December 292 53 1,088 132 1,646 612 85 2,774 1,033 J .741 963 1940—December .... 323 40 1,108 159 1,531 570 80 2,805 1,163 L.641 846 1941—December 356 32 1,169 168 1,759 653 71 3,105 1,436 L,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 2,447 948 1,172 1944—December . .. 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 1,289 1945—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 1,274 227 4,038 869 26 5,941 3,076 2,865 1,386 1946—January 665 210 1,213 209 4,100 793 25 5,810 2,848 2,963 1,354 February 669 200 1,194 206 4,119 845 25 5,830 2,752 3,078 1,379 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 asse 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 2,261 704 125,493 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, L90 128,758 126,578 2,180 557 6,623 1945—January . . . 8,673 4,969 93,982 18,586 1,587 ,169 119,039 2,130 616 6,312 February 9,623 4,790 94,986 18,705 1,U9 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 27,281 4,999 109,270 23,108 3, Q08 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 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. 2 Represent six-month loans to the Treasury at 1}4 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. 560 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES lAverages of certified noor1 buying rates inNew York for cable transfers. In cents per unit of foreign currency] Argentina Australia Brazil Canada Chile China (peso) (pound) Bel- (cruzeiro1) British Bul- (dollar) (peso) (yuan Year or month Official S E p x e p c o ia rt l 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 Sh h a a n i) g- 1937 32.959 393.94 3.3752 8.6437 6.1983 37.326 1.2846 100.004 5.1697 24.OOOO 29.606 1938 32.597 389.55 3.3788 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 3.3704 6.0027 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 30.155 296'.909 85.141 5.1668 4.0000 6.000 1941 29.773 223! 704* 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 25.1664 24.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—Apr 29.773 25.125 322.80 6.0602 5.1802 30.122 90.909 90.506 29.773 25.125 322.80 6.0602 5.1802 30.122 90.909 90.753 June 29.773 25.125 322.80 6.0602 5.1802 30.122 90.909 90.828 July 29.773 25.125 321.35 6.0602 5.1802 30.122 90.909 90.736 Aug 29.773 25.125 320.87 6.0602 5.1802 30.122 90.909 90.475 Sept 29.773 25.125 320.70 32.2883 6.0602 5.1802 30.122 90.909 89.908 Oct 29.773 25.125 321.31 2.2879 6.0602 5.1802 30.122 90.909 90.358 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 £946—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 Mar 29.773 25.125 321.41 2.2845 6.0602 5.1829 30.122 90.909 90.747 Year or month C ( o p b l e i o s a o m ) - C s ( l k z o o e v r c a u h k n o a ia - ) ( m D kr e a 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 e ra 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 e a n n ) ( M p i e c e s o x o - ) e N ( r g l e e u a r t i n ) l h d d - - s (p Z l N o a e u e n a w n d - d) 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 5.0407 23.436 18.546 253.128 306.38 1941 57.004 22.0101 239 968 224.592 219.770 25.0703 223.439 20.538 322.54 1942 57.052 20 569 322.78 1943 57.265 20.577 324.20 1944 57.272 20.581 324.42 1945 57.014 2i.97ii 20.581 237.933 323.46 1945—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 56.980 520.877 .8410 20.581 37.926 322.70 Mar 56.980 62.0060 20.877 .8410 7 4434 20.580 37.789 322.70 United 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 d l u o - ) R ( u n le m i u a ) a- ( A S po o fr u u i n c th d a ) ( S pe p s a e i t n a) m ( S S d t e o e r t l n a t l l a i t e t r s ) - s ( S k d r w e o n e n - a) ( e S f r r w a la n it n c z ) d - Off K ic ( i i p a n o l g u d n o d F m ) 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 2463!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—Apr# # < 398 00 403.50 65.830 54.253 May 398 00 403.50 65.830 54.265 June 398.00 403.50 65.830 54.265 July 398 30 402.95 65.830 55.489 Aug 400 50 402.69 65.830 56.125 Sept.. 400 50 402.49 65.830 56.175 Oct 400 50 403.24 65.830 56 282 Nov. 400 50 403.38 65.830 56.290 Dec 400.50 403.37 65.830 56.290 1946— F J e a b n 520.20? 54.0501 4 40 0 0 0 .5 5 0 0 59.132 523.85? 523.363 4 4 0 0 3 3 . . 3 3 8 8 6 6 5 5 . . 8 8 3 3 0 0 5 5 6 6 . . 2 2 9 9 0 0 Mar.. . . 20.202 4.0501 400 50 9.132 23.852 23.363 403.38 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. * Based on quotations beginning Sept. 24. * Based on quotations beginning Nov. 2. 5 Based on quotations beginning Feb. 5. 6 Based on quotations beginning Mar. 9. 7 Based on quotations beginning Mar. 22. 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. MAY 1946 561 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S 1 n t 1 9 i a 0 2 t t 0 6 e e ) d s = C ( a 1 1 9 n 0 2 a 0 6 ) d = a K U i (1 n n 1 9 i 0 g 3 t 0 d 0 e ) o d = m F (1 r 9 1 1 a 0 3 n 0 c ) e = Ge (1 r 9 1 1 0 m 3 0 a ) n = y (1 I 9 1 t 2 0 a 8 0 l ) y = ( J 1 O 9 1 c a 0 t 0 p 0 o 0 a b ) n = er N (1 e l = 9 t a 2 1 h n 6 0 d e - 0 s r 3 ) - 0 S (1 w 9 1 e 3 0 5 d 0 ) 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 1 124 695 134 237 106 1 126 144 1932 . . . 65 67 86 427 97 70 161 65 i 92 96 1933 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 707 107 99 278 74 115 111 1940 79 83 137 2 901 110 116 311 »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—March 105 103 168 196 221 April 106 103 168 196 221 Miay 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 1945—January 107 104 172 185 215 February 108 105 172 P185 213 March 109 P172 P Preliminary. 1 Approximate figure, derived from old index (1913 =100). 2 Average based on figures for 5 months; no data available since May 1940, when figure was 919. 8 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) ;i926=100) (1930 = 100) [1913=100) Year or month pr F o a d r u m cts Foods co O i m t t m h ie e o s r d- pr F o a d r u m cts R f m a p a c a a w t r n u t a u r l n - e y d d F f u c m a l h c l a i t y n e u f u r l a - e y n d d Foods pr I o t n r d d i u u a s c l - ts p A r g t o r u d i r c u a u c l l t - s a t n f r I d i i n a n d l i s u e s s r m h - a i e w - dp tr r I i i o n a s d d l h u u e s c f d t - i s ngoods goods products 1926 100 100 100 100 100 100 129 130 150 1932 48 61 70 48 55 70 88 85 91 89 118 1933 51 61 71 51 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 . . . 79 84 78 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 . . 68 71 83 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 112 100 133 1942 106 100 96 83 90 92 158 160 115 102 134 1943 123 107 97 96 99 93 160 164 119 102 135 1944 123 105 99 103 104 94 158 170 1945 128 106 100 105 105 94 158 175 1945—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 *-157 180 February 131 108 101 107 106 95 157 179 March 133 109 102 «• Revised. .Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 562 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 1132 130 1937 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 98 104 141 122 130 130 1938 101 102 156 126 139 137 1939 95 101 141 123 130 132 1939 99 102 158 126 140 138 1940 97 106 164 128 r150 146 1940 100 106 184 130 r154 151 1941 106 116 168 129 177 175 1941 105 112 199 133 175 174 1942 124 127 161 132 191 200 1942 117 117 200 137 187 193 1943 138 131 166 134 198 211 1943 124 118 199 139 195 203 1944 136 131 168 215 1944 . 126 119 201 208 1945 139 133 170 215 1945 128 119 203 209 1945-March 136 131 168 216 1945-March 127 119 202 209 April 137 131 168 216 April. . . . 127 119 202 209 May 139 132 168 216 May 128 119 203 210 June 141 133 170 217 June . . . 129 120 204 210 July 142 136 176 217 July 129 120 207 211 August.... 141 136 172 216 August 129 121 205 210 September 139 134 169 216 September. 129 120 203 210 October... 139 133 169 213 October 129 120 203 208 November. 140 134 169 210 November. 129 120 203 207 December. 141 134 169 210 December 130 120 203 207 1946-January... 141 133 169 210 1946—January 130 120 203 207 February.. 140 133 169 208 February.. ••130 120 203 206 March.... 140 P133 169 March.... 130 P120 203 P Preliminary. r Revised. i Revised index from March 1936 (see BULLETIN for April 1937, p. 373). Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926= 100) Year or month ( U S d p n e r t i a r i c i t t v e e e ) e d s 1 d 1 ( K D 9 U i 2 e n n 1 c g i e = t d m 1 e o d 0 b m 0 e ) r (19 F 3 r 8 a = n 1 c 0 e 0)2 G ( e a p v r ri e m c r e a a ) g n 3 e y N la e n th d e s4 r- ( U 1 S = 9 n t 3 a 1 i 5 t 0 t e e - 0 3 d s ) 9 U K n i i n t g ed - m G a e n r- y (19 F 3 r 8 a = n 1 c 0 e 0)2 (1 N 9 l e 3 a t 0 n h = d e 1 s r 0 - 0) dom 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 6 114 2 100 7 7 77 9 88 1 70 8 114.6 6 140 8 95.0 1941 117.8 123.8 »143.4 103.0 84.3 80.0 72.5 136.8 »308 129.1 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 1 121 5 92 4 453 1945—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 P148.6 143.3 94.9 P459 March 124.5 129.9 141.8 93.8 P Preliminary. 1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 Published by the Ministry of National Economy with new base of 1938 =100. Figures are for the last Friday of each month. The number of bonds included in the new index was increased to 50 (formerly 36). 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 Generate" December 1942, pp. 511-513, and July-August 1942, pp. 364-371, respectively. For back figures for both indexes from 1938 through 1941 on a monthly basis see "Bulletin de la Statistique 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. 6 This number, originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941 it was down to 287. 6 Average based on figures for 5 months; no data available June-Dec. 7 Average based on figures for 7 months; no data available May-Sept. 8 Average based on figures for 9 months; no data available May-July. • 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. MAY 1946 563 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 Vice President ALLAN SPROUL, Vice Chairman IRA CLERK JOHN C. TRAPHAGEN, NEW YORK DISTRICT ERNEST G. DRAPER DAVID E. WILLIAMS, PHILADELPHIA DISTRICT R. M. EVANS JOHN H. MCCOY, CLEVELAND DISTRICT HUGH LEACH 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 564 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 J. W. Kossin Martin Morrison Reynold E. Klages Wm. H. Fletcher 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 L. M. Clark S. P. Schuessler J. F. Porter Malcolm H. Bryan Chicago Simeon E. Leland C. S. Young Allan M. Black2 John K. Langum Neil B. Dawes O. J. Netterstrom W. W. Waymack Charles B. Dunn 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 A. F. Bailey William B. Pollard Douglas W. Brooks F. Guy Hitt Henry H. Edmiston C. A. Schacht C. M. Stewart H. G. McConneli E. W. Swanson Minneapolis. . Roger B. Shepard J. N. Peyton A. W. Mills2 Sigurd Ueland W. D. Cochran 0. S. Powell Otis R. Preston Harry I. Ziemer O. P. Cordill John Phillips, Jr. Kansas City. . Robert B. Caldwell H. G. Leedy L. H. Earhart G. H. Pipkin Robert L. Mehornay Henry 0. Koppang C. O. Hardy D. W. Woolley3 E. B. Austin3 W. E. Eagle Dallas J. R. Part en R. R. Gilbert R. B. Coleman W. H. Holloway R. B. Anderson W. D. Gentry H. R. DeMoss Watrous H. Irons 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. Smith* Minneapolis. . . . Helena R. E. Towle* Cleveland Cincinnati B. J. Lazar5 Pittsburgh J. W. Kossin5 Kansas City.... Denver G. H. Pipkin5 Oklahoma City 0. P. Cordill5 Richmond Baltimore W. R. Milford* Omaha L. H. Earhart5 Charlotte W. T. Clements* Atlanta Birmingham P. L. T. Beavers* Jacksonville Geo. S. Vardeman, Jr.* Dallas El Paso W. E. Eagle5 Nashville Joel B. Fort, Jr.* Houston L. G. Pondrom5 New Orleans E. P. Paris* San Antonio W. H. Holloway5 Chicago Detroit E. C. Harris5 San Francisco.. . Los Angeles W. N. Ambrose* St. Louis Little Rock A. F. Bailey5 Portland D. L. Davis* Louisville C. A. Schacht5 Salt Lake City W. L. Partner* Memphis William B. Pollard5 Seattle C. R. Shaw* 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 Managing Director. 8 Vice President. MAY 1946 565 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 w I =r=r= BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES > if BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 5 w ® FEDERAL RESERVE BANK CITIES i • FEDERAL RESERVE BRANCH CITIES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis