Federal Reserve Bulletin, 1946-06

F E D E R AL E S E RV BULLETIN JUNE 1946 .******»„ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS CARL E. PARRY The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Review of the Month—Recent Changes in Consumer Credit. 567-572 Statement by Chairman Eccles on Extension of the Emergency Price Control Act of 1942 573 A National Survey of Liquid Assets. . 574-580 Retail Credit Survey—1945.. 581-587 Revised Index of Department Store Stocks, by Richard Youngdahl and John O. Bergelin 588-612 Law Department: Regulation U Forbids Partial Transfers. 613 Consumer Credit: Veterans Insured Loans Excepted. 613 Loans to Veterans Under New Jersey Law. 613-614 Foreign Funds Control—Treasury Department Releases. 614 Current Events . 615 National Summary of Business Conditions. 616-617 Financial, Industrial, Commercial Statistics, U. S. (See p. 619 for list of tables). 619-685 International Financial Statistics (See p. 686 for list of tables). 686-703 Board of Governors and Staff; Open Market Committee and Star!; Federal Advisory Council 704 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 705 Map of Federal Reserve Districts. . 706 Federal Reserve Publications (See inside of bac\ cover) Subscription Price of BULLETIN A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 32 June 1946 NUMBER 6 RECENT CHANGES IN CONSUMER CREDIT Use of consumer credit has increased and there was a further increase in April. sharply during recent months and the pat- In February, March, and April, for the first tern of consumer spending, so far as it in- time in several years, the proportion of devolves the use of credit, has begun to change partment store sales made on credit showed back towards what it was before the war. an increase from the year before. New pas- During the war consumers did more of their senger car financing, which has been on the buying for cash and also did less borrowing increase since last November, rose sharply in from banks and other financial institutions; March and April. Instalment sellers of other during recent months, their buying on credit articles extended about 50 per cent more has expanded somewhat more than their credit in the first four months of 1946 than in buying for cash and in addition their cash the corresponding period of 1945. It has now expenditures have been financed to an in- become clear, in short, that with consumer creasing extent out of borrowed money. spending going on at a more rapid rate than Both the lessened use of consumer credit ever before, estimated by the Department of during the war and the recent increase have Commerce at about 10 billion dollars per reflected in part the wartime shift away from month, consumers are in effect spending and the postwar shift back towards con- more credit as well as more cash. sumers' durable goods. Other factors have also been at work, however, including an RECENT INCREASE IN CONSUMER CREDIT increased disposition among consumers to The total amount of consumer credit outmake use of credit and an increased effort by standing, after declining during the war credit-grantors in the consumer credit indus- from about 10 billion dollars to about 5 biltry to expand their operations. lion, began to increase about two years ago, This change in the pattern of consumer at first at a slow rate but since the end of the spending, towards a greater use of credit, war with Japan at a more rapid rate, and is has come about since the end of the war. It now close to the 7.5 billion level. During the began late in 1945 but has become more first 19 months it increased at the rate of manifest in 1946. In the last quarter of about 550 million dollars a year, but during 1945, consumer loans currently made by the seven months beginning with last Octofinancial institutions increased sharply not ber the rate of increase accelerated to more only in absolute amount but also relative to than 2% billion dollars a year. From the total retail purchases. During the first quar- beginning of October to the end of April, ter of 1946 this increase was sustained at a the increase was larger in amount than for time when there is usually a seasonal de- any previous 7-month period during the 16 crease, with the largest increase in March, years for which figures are available. Com- JUNE 1946 567 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN CONSUMER CREDIT ing as it has at a time when the use of credit such as are customarily bought on the instalto buy consumers' durable goods was still ment plan or paid for with the proceeds of far below normal, this increase is all the more instalment loans. There has accordingly impressive. been little upturn as yet in instalment-sale The course of consumer credit over the credit, the component of instalment credit past 16 years is shown by the chart with which, as shown by the chart, is usually most separate curves for total instalment credit active and fluctuates over the widest range. and for its components, instalment-sale credit More detailed figures show that the prime and instalment loans. It shows that the re- mover in instalment-sale credit is automocent increase, although it still leaves the bile-sale credit, which before the war often total outstanding about 3 billion dollars be- represented more than half of it. In the light low the peak level of 1941, has brought it of experience, therefore, it is to be expected that the recent upward course of consumer CONSUMER CREDIT credit may be sharply accentuated as more automobiles, as well as more furniture, household appliances, etc., become available for purchase by consumers. Not since 1926 has the volume of automobile-sale credit outstanding been as small as during most of the last three years. At less than 300 million dollars, it has been at a level below the lowest during the depth of the great depression in 1933. Within 8 years from that time it had increased, with some setback in 1938, by about 2 billion dollars to the peak level of 1941, when national income was about one-third smaller than it is now. Automobile prices are now about one-fourth 1930 1932 1934 1936 1938 1940 1942 1944 1946 above the prewar level and in course of time, Estimates. Latest figures shown are for April. as more and more automobiles come to be close to its highest level prior to 1940. The available, it seems altogether likely that autochart also brings out the fact that the prewar mobile-purchase credit will increase more tendency for instalment credit to increase rapidly than ever before and to a higher level. its proportion of total consumer credit, which This may occur notwithstanding the much comprises also charge-account and service larger volume of liquid assets held by the credit and single-payment loans, has not yet public and available for spending, as is sugbeen resumed. This development had been gested by the results of a National Survey of going on for many years before the war but Liquid Assets published elsewhere in this was reversed during the war. The main BULLETIN. reason why it has not yet been resumed is that as yet most of the things available for COMPOSITION OF RECENT INCREASE purchase by consumers are still of the non- The composition of the recent increase in durable variety, not of the durable variety consumer credit, which is shown in the table, 568 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN CONSUMER CREDIT throws some light on its causation. Of the credit by consumers during recent months total growth since the end of last September, has been widely spread over the purchase of about 40 per cent, or 675 million dollars, was various kinds of goods and services and that in charge-account credit, which increased its inflationary effect has been correspondover the period by more than two-fifths. ingly diffused. This reflects in large part the fact that, with CREDIT BUYING IN 1945 consumers eager to buy goods, the consumers' goods available for purchase were mainly Although consumers have begun to make nondurables and minor durables which, if more use of credit than they did during the purchased on credit instead of for cash, war, the trend in this direction could go much further before consumer credit would are typically purchased on charge account. have as much relative importance, in com- Another 40 per cent of the total increase, or parison with the total of consumer buying, 690 million dollars, was in consumer loans, as it had in the prewar period. This is becounting both instalment loans and singlecause its relative importance decreased so payment loans, which increased over the much during the war. In 1944 and again in period by about one-fourth. While a sub- 1945, as shown by the Retail Credit Survey stantial part of this increase was in* singlepayment loans, of which the purposes are also published in this BULLETIN, credit sales represented only 22 per cent of total retail not currently reported, the greater portion sales as compared with about 35 per cent in CONSUMER CREDIT the last three years before Pearl Harbor. Estimates. Amounts in millions of dollars. Figures preliminary.] Even at establishments in which credit sales Amount Increase from Percentage typically predominate, such as furniture and out- increase standing, from household appliance stores, the proportion Apr. 30, Feb. 29, Sept. 30, Sept. 30, 1946 1944 1945 1945 of credit sales in 1945 was no greater than in Total consumer credit. 7,355 2,520 1,653 29.0 1944; in fact, it was somewhat less. Charge accounts 2,146 928 676 46.0 Consumers had more cash to spend during Consumer loans— total 3,447 1,232 688 24.9 the war than they had had before and the Instalment loans. 1,695 593 402 31.1 Single-payment things on which they could spend were loans 1,752 639 286 19.5 Instalment-sale credit. 951 246 234 32.6 mostly of the noncredit-using category. In Service credit 811 114 55 7.3 coming months, in contrast with the warwas in instalment loans, which increased at time period, the goods available for consumall classes of lending institutions and seem to ers to buy will include more of the credithave been mainly for miscellaneous purposes. using variety and this will bring into opera- Instalment-sale credit, arising from such tion a factor of credit growth that has been transactions as the purchase of automobiles absent for more than four years. and furniture and household appliances, in- COMPETITION FOR INSTALMENT FINANCING creased by less than 240 million dollars, reflecting primarily the fact that the major In view of the prospective increase in contypes of durable goods, such as are usually sumer instalment financing as more and bought on the instalment plan, have not yet more consumers' durables come to market, become available in quantity. It is evident, competition for such financing is coming to therefore, that the sharply increased use of be even more energetic than it was before JUNE 1946 569 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN CONSUMER CREDIT the war. Now as then, it is keenest with re- lations competition can not lawfully take the spect to automobile financing, but with in- direction, as it could and did before the war, creasing attention to household-appliance of progressively lowering down-payment refinancing and to the expansion of instalment quirements and progressively increasing the lending for miscellaneous purposes. length of instalment contracts. For most Notably keen is the competition between consumer instalment financing, these regulasales finance companies on the one hand and tions set a maximum length-of-contract of banks on the other, based as yet largely on 12, 15, or 18 months and a minimum down the assumption that the automobile dealer payment of one-third. will continue to originate the great bulk of FEDERAL REGULATION OF CONSUMER CREDIT the retail instalment paper. That assumption, however, is being subjected to renewed Governmental policy with respect to conchallenge, not only in the prewar manner sumer credit, as embodied in the Board's of persuading the customer to borrow di- Regulation W, has been conditioned from rectly from cash lenders but also in a new the beginning by the superabundance of conmanner by which agents writing automobile sumer purchasing power, arising from the insurance cooperate actively with banks to war and its financing, in comparison with direct business to the latter. Arrangements the relative shortage of consumers' goods. are also being developed by which, through- Adopted in the autumn of 1941, the regulaout the country or at least over large regions, tion was expanded and stiffened in the spring associated groups of banks are offering a of 1942, a few months after Pearl Harbor. financing service comparable in geographic Thereafter its basic requirements underwent scope to that which has long been offered by no substantial change until after the end of sales finance companies operating wide- the war. spread branch systems. Against this compe- The basic 1942-45 requirements, if details tition, finance companies are taking vigorous be disregarded, contemplated that as a rule measures of their own, such as emphasizing charge-account credits would be paid up afresh their traditional willingness to give within less than 60 days from their date of the dealer diversified service and to be recep- origin, that instalment credits would have a tive towards the general run of the retail maturity of not more than 12 months, and paper which he originates. Speaking more that on instalment purchases of consumers' generally, the present situation is one in goods (and loans to make such purchases) a which, in the rivalry for consumer credit down payment of one-third would be obbusiness, bank competes actively with bank, tained. company with company, and every kind of Changes made shortly after the end of the financial institution with every other. war left most of the basic requirements un- From the point of view of the consumer, changed, on the ground—publicly announced some decrease in the cost of his financing, —that until consumers' goods come on the along with some increase in the availability market in sufficient supply to meet demands of credit facilities, is one of the noteworthy the use of consumer credit should so far as consequences of this competition. Contribut- possible be discouraged. But at the same ing to that result, in at least some degree, is time, effective October 15,1945, two relaxing the fact that under prevailing Federal regu- changes were made, one in the requirements 570 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN CONSUMER CREDIT relating to home-repair and home-improve- rate of over 575 million, which is larger than ment credits, which were released from the has ever prevailed before. control, and the other in the maturity per- Federal regulation of consumer credit is a missible for one category of consumer loans, flexible control. Its appropriate objectives, viz., loans not for the purpose of purchasing and still more the relative importance of consumers' durable goods. these among themselves, undergo change The removal of restrictions on home-re- from time to time as relevant circumstances pair and home-improvement credits followed change, and so do its standard requirements. shortly after the War Production Board had When it first went into effect in 1941 and for released from its control new construction some time thereafter, its primary function of all kinds of buildings. At that time, the was to restrain demand for consumers' durvolume of insured repair and modernization ables, then still available for purchase, and loans outstanding had already increased from thereby to reduce inflationary pressure on its low point in 1944 by about 50 million dol- them; its secondary function was to restrain lars. During the next 7 months, through the over-all growth of consumer credit, the April 1946, it increased further by a some- expansion of consumer buying power in genwhat larger amount, but the increase repre- eral, and thereby to reduce the inflationary sented less than 5 per cent of the total pressure on goods and services in general. increase in consumer credit for the 7-month During the larger part of the war period, period. That it was no greater seems to the general anti-inflationary function was the have been for the reason that materials and more important. This broader function relabor for home repairs and the like were mains important, since all sorts of consumers' scarce and hard to find. goods and services are still in short supply relative to demand, but the narrower func- The other change in Regulation W, which tion is gaining in importance. This reflects lengthened from 12 months to 18 the mathe two-sided circumstance that consumers' turity permissible for one category of condurables are again coming to market but still sumer loans, made it easier for consumers to in quantities far short of current and accuobtain credit for miscellaneous purposes such mulated demand. A noteworthy official recas might be expected to emerge during a ognition of this fact was in one of the stateperiod of rapid economic and social readjustments in President Truman's first annual ment. This change, in contrast with the one message to the Congress last January: "Conrelating to credits for home repairs and home tinued control of consumer credit will help improvements, may have been one of the to reduce the pressure on prices of durable significant factors in the subsequent increase goods and will also prolong the period durin consumer loans. These loans, exclusive ing which the backlog demand will be effecof insured repair and modernization loans, tive." increased by about 625 million dollars during the next 7 months, with more than half The large reduction since 1941 in the volof the increase in consumer instalment loans. ume of consumer credit outstanding, when The increase in the latter, which in previous viewed in relation to the higher postwar inmonths had been at the rate of about 100 comes of consumers, signifies the building million dollars per year, rose to an annual up of a large amount of unused credit ca- JUNE 1946 571 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN CONSUMER CREDIT pacity, an increase in capacity for consumer utilization, like that of accumulated savings, spending. It represents a margin that can would increase inflationary pressures making be used, as savings can be used, when the for a higher cost of living; it would not insupply of consumers' goods becomes more crease production and employment. Conplentiful and when the need may arise for sumer credit regulation, therefore, along a large volume of consumer buying to sustain with more fundamental measures for proemployment, production, and income. But moting economic stability, continues to be a it is a resource that should not be depleted form of governmental action that serves an before the need for it arises. Its premature important public purpose. 572 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXTENSION OF THE EMERGENCY PRICE CONTROL ACT OF 1942 The statement given below was made by Chair- banks—and that is all to the good. Balancing the man liccles before the Banking and Currency Com- budget and having the largest possible surplus with mittee of the Senate on May 8, 1946. which to reduce public debt will be necessary. But this is inevitably a slow process. The country is approaching the crucial stages in Likewise, the idea advanced in some financial the war on inflation. It is futile to talk about win- circles that increased interest rates would be an ning if price controls are abandoned or hopelessly effective remedy reflects, in my opinion, a failure crippled now. At best, however, they are a last line to evaluate correctly both the causes of and the of defense. Without reinforcements they can not, appropriate weapons against the unprecedented inalone, succeed. At best they can do no more than flationary pressures today. Higher interest rates block off inflationary forces until the armies of would make for serious complications in the Govproduction are fully mobilized and in action. Pro- ernment bond market and would greatly increase duction—at the highest possible sustainable levels— the cost of carrying the public debt. No reduction will decide whether we win or lose this struggle. in buying power and no increase in production If we lose, no one can tell what may happen. Plans would result—and these are the basic causes of the for economic stability, for peace and progress at problem. home or abroad would become blueprints of a lost The solution depends upon how quickly we deal cause. with what is overwhelmingly the chief cause— Today the armies of production in many fields production, because we can not deal quickly enough have quit. Others threaten to quit. The danger with the excessive money supply. We could have is real and time is running out. We have already done better in dealing with it if we had not prelost too much time because of paralysis of vital in- maturely reduced taxes and repealed the excess dustry—coal, steel, lumber, automobiles, among profits tax. We should not reduce taxes further others. In this critical period, violent strife between while the danger exists. labor and management that prostrates key indus- It should be borne in mind that necessary as it tries or our transportation and communication sysis to hold the line by price control legislation, such tems threatens the public safety. No group, no controls are greatly weakened unless reinforced by leaders, ever have the right to inflict such injury allocations of scarce materials and rationing. upon the general public. Dictators assume such a Having discarded these reinforcements, the strain right. It has no place in a democracy. on price ceilings is intensified and the way made Necessary as I believe it is to extend the Price easier for black markets and the resultant break- Control Act unhampered and with adequate finan- down of enforcement. cial support, the public should not be misled into We must, if this nation is to be saved from an thinking that this is enough to hold the line. inflationary spiral that can only end in deflationary Neither this nor other devices for dealing with collapse, hold on to the controls that are left; we inflationary effects can succeed unless we reach full should, by all means, stop further growth of the production without further delay. There is no money supply and, if possible, reduce it, but above other way to win this battle against inflationary all the answer to the problem is more work and forces. Failure to produce is the chief source of more production. If democracy is to survive we the danger. must be willing to face the fact that minority pres- If our enormous money supply, actual and poten- sure groups, whether of labor or capital, have no tial, could be rapidly reduced so as to be in reason- right to act in flagrant disregard of the public able balance with goods and services, damage to interest. The people of the country look to their the country resulting from strikes and shutdowns Government to protect them from such abuses of would be less. Some progress has been made in freedom by finding effective means for continuing reducing the money supply by using Treasury bal- production and employment while controversies ances to pay off public debt held largely by the between labor and management are being settled. JUNE 1946 573 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS1 How people make use of the extraordinary vol- years, against which to test present findings. Comume of liquid assets—currency, bank deposits, and parable surveys taken in other periods of equally Government securities—that they have accumu- strong inflationary pressures, for example, might lated during the war may well be one of the major show similar consumer intentions regarding liquid factors determining the course and level of busi- asset holdings and saving. Not until several such ness activity and the cost of living over the next surveys have been conducted under varying ecofew years. Personal holdings of such assets, ex- nomic conditions and until their results have been cluding amounts held by trust funds, reached 130 fully tested against other data and actual events, billion dollars at the end of 1945, an increase of will it be possible to be sure of the implications 90 billion from the end of 1939. of the findings of such surveys or the predictive To obtain factual information on the distribution values that they may have. of these assets and on the uses that people expected to make of them under current conditions, the DISTRIBUTION OF PERSONAL LIQUID ASSET HOLDINGS Board of Governors requested the Division of The survey obtained information on income, sav- Program Surveys of the Bureau of Agricultural ing, and liquid asset holdings of "spending units." Economics, United States Department of Agricul- A "spending unit" is defined as all persons living ture, to undertake a national interview survey in in the same dwelling and belonging to the same the first quarter of 1946 of a selected sample of the population.2 Information was obtained on family who pool their income to meet their major expenses. Liquid asset holdings include savings 1945 income and changes in income during the deposits, demand deposits, and United States Govyear, on liquid asset holdings at the start and end ernment bonds. The survey was unable, as other of the year, and on 1945 saving and changes in saving during the year. In addition, questions surveys have been unable, to get information rewere asked to elicit respondents' attitudes toward garding currency holdings, so that such holdings saving, their intended use of asset holdings, their likely purchases of consumer durable goods, houses, TABLE 1 and other assets and the manner of financing such 1945 CONCENTRATION OF INCOME, SAVING, AND purchases, and finally their prospective saving in LIQUID ASSET HOLDINGS the light of changing conditions. Total for each class as percentage Partial results of this survey, a description of its of national total* Spending units by methods, and tests of the reliability of its results percentage classes Liquid are presented in this article. Additional findings Money Gross Net will appear in the next two issues of the BULLETIN. income saving1 saving1 ho a ld ss in et gs2 It is to be emphasized that the use of surveys in Top 10 per cent.... 29 53 60 60 this field is still experimental, so that the results are 20 per cent.... 45 72 82 77 30 per cent.... 58 84 96 87 to be interpreted with caution. Similar informa- 40 per cent.... 69 92 105 93 50 per cent.... 78 97 111 97 tion has not been available in the past; hence there Bottom 50 per cent.... 22 3 -11 3 is no information for earlier years, or series of * The table shows the percentage of the national totals acirThis article was prepared by Henry H. Villard of the counted for by the 10 per cent of the income receivers with Board's Division of Research and Statistics. It summarizes the highest incomes, the 10 per cent of the savers with the the results in part one of the report of the Division of highest saving, and the 10 per cent of the liquid asset holders Program Surveys. Those wanting fuller information may ob- with the largest holdings, and so on for other percentage classes. tain the full report by applying to the Division of Program The spending units with the highest income are not necessarily Surveys, Bureau of Agricultural Economics, U. S. Department those with the highest saving or asset holdings, so that different of Agriculture. Mr. George Katona and Mrs. Eleanor individual units may be included in each percentage class. In- Maccoby of the Division of Program Surveys were primarily formation regarding distribution of sayings and liquid asset responsible for the conduct of the studies and Mr. Villard was closely associated with them throughout the planning and execution of the investigation. 2 The results of two experimental surveys, undertaken to saving jess dissaving (expenditures in excess of income). Addidetermine the feasibility of obtaining such information by tional information on saving and dissaving is presented later means of surveys, were published in the September 1945 in this article. BULLETIN. 2 Excluding currency. 574 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS are excluded in all subsequent discussion of liquid lent asset is United States Savings bonds, which assets. Table 1 shows how income, saving, and were held by almost two-thirds of the units. On liquid asset holdings of spending units were con- the other hand, two-fifths of the units had savings centrated in 1945. accounts and a third checking accounts, but only While less than half of the income was received 3 per cent reported Government bonds other than by the top fifth of the spending units, this same Savings bonds.1 Savings bonds averaged $640 fraction accounted for about three-quarters of the per spending unit, savings accounts $550 per unit, saving and liquid asset holdings; hence saving and demand deposits $350 per unit, and all other Govliquid asset holdings were considerably more con- ernment bonds $210 per unit. Hence bank decentrated than income. The close relation between posit holdings were on the average about $50 the concentration of current saving and liquid as- larger than holdings of all types of Government set holdings was also striking; it seems probable bonds. that the similarity is the result of the rapid growth in liquid asset holdings during the war years, when THE INTENDED USE OF LIQUID ASSETS IN 1946 the concentration of saving—and therefore of the resulting liquid asset holdings—is believed to have In addition to obtaining information on asset been relatively constant. holdings, the survey questioned consumers on their spending intentions. The overwhelming majority Although average holdings of liquid assets reported that they had no expectation of using their amounted to about $1,750 per spending unit, most liquid assets for any purpose in 1946. More than families had much smaller amounts, as is illustrated half of those with bank deposits had no intention in Table 2. The top 30 per cent of all spending of using any of them this year (except in an emerunits each held more than $1,100 of liquid asgency), while only one-quarter definitely expected sets and between them controlled seven-eighths that they would utilize some part of their holdings. of such assets, while the next 30 per cent of all The remainder were undecided. In the case of spending units each had between $200 and $1,100 Savings Bonds the situation was even more strikin liquid assets and controlled nearly one-eighth ing: over three-quarters were clear that they were of the total. But the bottom 40 per cent had pracnot going to redeem any of their bonds, while only tically no assets, accounting for only 1 per cent of 8 per cent definitely intended to use them for any all such assets. purpose. Those with large holdings of Savings TABLE 2 Bonds were no more willing to use them than those with smaller holdings, but large holders of DISTRIBUTION OF PERSONAL LTQUID ASSET HOLDINGS * bank deposits showed somewhat more willingness Average to reduce their balances than small holders. In Spending units by percentage classes Percentage amount of of all assets holdings evaluating these figures, however, it must be kept held (In dollars) in mind that they are based on intentions expressed in the first quarter of the year. At that time, soon Top 10 per cent 60 10,500 Next 20 per cent 27 2,350 after the end of the war, the same as during the Next 30 per cent 12 700 Bottom 40 per cent 1 40 war, most people held the opinion that their liquid Total 100 1,750 assets were not intended for consumption purposes; possibly the holders' intentions and actions will 1 Excluding currency. change with changing conditions. Further, in view Asset holdings of individual spending units of the large volume of present holdings, use of even showed considerable variation. About one out of a small percentage of such holdings could have an every four spending units reported holdings of appreciable impact on consumer spending. only one type of asset, one out of every three In this article attention is focused on the amount held two types of asset, and one out of every six of liquid assets likely to be used for consumption held three or four types of asset (counting Savings purposes (including the purchase or building of bonds and other Government bonds separately), 1 Including those holding Series G Savings bonds. Because while at the other extreme the remaining quarter of the small number of holders involved, the expansions to yield estimates of total amount held are subject to a sizable margin had no assets whatsoever. By far the most preva- of error. JUNE 1946 575 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS houses other than farm houses). As a first step Of those who indicated that they will or will in determining the amount likely to be used for probably buy consumer durable goods (including consumption, probable purchases of major consump- cars), 55 per cent did not -propose to use any of tion goods were ascertained. Such purchases are their liquid assets. Only 20 per cent had a definite summarized in Table 3. idea as to how much of their liquid assets they would use—with about half expecting to spend TABLE 3 between $100 and $500—while a further 8 per cent expected to use an undetermined amount. This INTENDED PURCHASES OF CONSUMER DURABLE GOODS AND HOUSING IN 1946 x contrasts with housing, where 40 per cent would not use their assets but 35 per cent planned to use [Number of purchasers in millions] a definite amount—with three out of seven expect- Will ing to spend between $1,000 and $3,000 and a fur- Will prob- Un- Will Not Purpose buy ably de- not ascer- ther 12 per cent intending to spend an undebuy cided buy tained termined amount. Cars: From this information it is possible to make Percentage of spending units 8 3 2 84 3 some broad over-all estimates of the amount of Number of new car purchasers 2.8 1.0 0.6 liquid assets which people reported during the Number of old car pur- first quarter that they would like to use to purchasers 0.8 0.4 0.3 Other consumer durables: chase consumer durables and housing in 1946. It Percentage of spending units 22 6 5 63 4 should be emphasized that, since no allowance is Number of purchasers.... 9.9 2.7 2.2 Housing: made for the fact that fewer people are going to Percentage of spending units 6 1 2 83 8 be able to buy consumer durables than want to, Number of purchasers.... 2.6 0.5 0.8 these estimates do not cover what people will spend; xThe number of purchasers has been estimated by multiplying they are simply the over-all totals of what the surthe number of spending units interviewed in each category by vey showed they intended to spend. In addition, the ratio of the estimated number of all spending units to the total number interviewed. Some underestimate is involved, as no allowance has been made for people not covno allowance is made for transients, institutional residents, or the armed forces. ered by the survey—mainly transients, institutional residents, and the armed forces. A range is pre- On the average, prospective buyers expected to sented in Table 4, with the lower figure including pay $1,100 for a car, $320 for various consumer only those who said they will buy and the upper durable goods other than cars, and $5,020 for a figure including as well those who said they will house. Taking only those who stated that they probably buy. will buy or will probably buy, this involved an expenditure of between 4 and 5.5 billion dollars for TABLE 4 cars, between 3.2 and 4 billion for other consumer INTENDED USE OF LIQUID ASSETS FOR SPECIFIC PURPOSES durable goods, and between 13 and 15.5 billion IN 1946 [In billions of dollars] for houses. In the case of consumer durables (including cars), according to expressed intentions, Purpose Minimum Maximum about a quarter of the proposed expenditure would use use come from existing liquid asset holdings, around Consumer durables1 .... . . 2.0 2.7 two-fifths from current income, and roughly one- Housing2 3.0 4.0 third from borrowing. In the case of housing, on Total 5.0 6.7 the other hand, where about a quarter of expenditure would also come from liquid assets, only one- 1 Including automobiles. 2 Excluding farm housing. sixth would come from current income, and almost three-fifths from borrowing. These percentages Given these over-all estimates, it is possible to make it clear that there will be an active demand for carry the analysis a step further by hazarding both instalment and mortgage credit during the certain guesses as to the amount of liquid assets year, and generally confirm the analysis made else- that may actually be used to purchase currently where in this issue of the BULLETIN in regard to produced consumption goods and services if cerinstalment credit. tain assumptions are made regarding the availability 576 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS of new production. We know that those who said also increasing. Finally, these results are based on they will buy or will probably buy planned to survey findings made in the first quarter of 1946; purchase 3.8 million new cars and 1.2 million used with new developments changes may occur both in cars; it seems unlikely that in actual practice more the expectations and the actual behavior of conthan 60 per cent of the new car purchases will be sumers. Hence, whether actual developments will realized in 1946. A comparable estimate for all confirm these estimates remains to be seen. consumer durable goods together can not be made since the number of units people desired to pur- SAVING IN 1945 AND 1946 chase is not known, while in the case of housing Even if the existing large liquid asset holdings the number of new units people wished to buy of consumers are little used in 1946, they may have was not ascertained. But if people should be able important indirect effects on consumption by into buy from new production in 1946 perhaps twoducing consumers to reduce their saving out of thirds of the consumer durable goods (including current income. The survey measured saving by cars) and one-quarter of the houses that they said adding to the change in liquid assets (excluding they will or will probably buy, then between 2 and currency) the amount used to purchase other as- 3 billion dollars of liquid assets would be spent sets (including housing and insurance) and to rethis year for new production. Part of this amount, pay loans and then subtracting the amount derived however, would be offset during the year by curfrom the sale of such assets or the increase in loans. rent saving. Again the exact amount can only This gives the saving of each spending unit, which be guessed, but it seems doubtful if net dissaving in most cases is positive but in some cases is a of spending units in order to purchase new connegative figure, as some people spend more than sumer durable goods and new housing would their income. The sum of the positive saving exceed 1 to 2 billion dollars. of all spending units represents "gross saving," the To the amount of liquid assets that may be sum of the negative saving "gross dissaving," and spent on new durable goods and housing must be the difference between the two "net saving." It added the amount that may be used to meet other is believed that the results obtained in this way give consumption expenditures. During 1945 dissaving a reasonable estimate of the saving of those inter- —expenditure in excess of income—by the people viewed, though it is obvious that some items may who dissaved amounted to 2.9 billion dollars. This have been omitted in individual cases. does not include expenditures for housing, and Table 1 presented above indicates that the oneas consumer durable goods were not generally availfifth of the spending units with the highest saving able, only a very small part of the 2.9 billion could were responsible for about three-quarters of all have been used to buy such goods. Instead, most saving. At the other extreme 17 per cent of all of the funds went to meet such consumption exunits dissaved an amount equal to 12 per cent of penditures as living expenses, medical care, and gross saving, 13 per cent saved nothing, and 20 vacations. Dissaving for these purposes is likely per cent were responsible for only 3 per cent of to be considerably larger in 1946 than it was last gross saving, so that on balance the bottom 50 per year. If the amount involved reaches 4 or 5 cent of the spending units dissaved an amount billion dollars, then the total use of liquid assets equal to 9 per cent of gross saving and 11 per cent for consumption purposes may run as high as 5 of net saving. to 7 billion, although the margin of error in a Those who were able to save put aside widely rough guess of this sort is obviously very substantial. varying amounts. About 60 per cent of such While this only amounts to between 5 and 10 units saved less than 20 per cent of their income, per cent of liquid asset holdings and a somewhat while a further 30 per cent saved between 20 and smaller percentage of probable consumer expendi- 50 per cent, but almost 10 per cent of the savers— ture in 1946, it is a sizable sum. It represents a amounting to more than 6 per cent of the spending fund in addition to disposable consumer income, units—managed to save more than 50 per cent and therefore could add materially to prevailing of their income before taxes. It is probable that inflationary pressure. Further, this addition would most of those saving over 50 per cent had addioccur at a time when consumer borrowing is tional income in kind or were subsidiary spending JUNE 1946 577 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS units living with their families. But one couple pressed intentions turn out to be optimistic, it would from a mid-West farm State both worked in the appear that saving in 1945 was not predominantly same war plant and had a combined income of "involuntary" in character, induced solely by the more than $5,000; from this they managed to save lack of available goods. $2,700 by living as cheaply as possible in a furnished Just how much less people are likely to save room, in order to be able to return to their home in 1946 can not be estimated exactly, but the effect State and buy a really up-to-date farm! on spending could be substantial. If, for example, The extent to which saving is concentrated gross savings is only two-thirds as large as in 1945, among a small portion of the population is an the resulting increase in spending will be greater especially noteworthy finding and is extremely im- than the increase likely to result from the use of portant when we turn to the amount that people existing liquid asset holdings. The encourageexpected to save during 1946. What people ex- ment that existing liquid asset holdings gives peopected to save and what they do save may, of ple to maintain consumption in the face of rising course, vary widely; in addition, there are many prices or other difficulties at the expense of current people, especially farmers, who can not estimate saving may well be their most important effect on what they will be able to save. Apart from farm- the economy. ers, however, who were not asked the question, about 75 per cent of those interviewed had definite GENERAL METHOD USED IN THE SURVEY expectations as to whether they would save more, the same, or less than in 1945. Of all spending units The survey is based on hour-long interviews 21 per cent expected to save more and 19 per cent with approximately 3,000 "spending units" so less, with 34 per cent expecting to save the same selected as to give a representative sample of the amount. But when these expectations are related to entire population. The interviews were conducted actual saving in 1945, it appears that those saving by specially trained personnel using a carefully more than $1,000, who accounted for 60 per cent of prepared inquiry form. The training of the ingross and 70 per cent of net saving, clearly ex- terviewers and the careful preparation of the inpected to save less, as is shown in Table 5. quiry form have been found to be of major importance in surveys of this sort. It has been found, TABLE 5 for example, that explaining the purpose of the interview and requesting factual information re- SAVTNG EXPECTATIONS IN 1946 [Percentage of all spending units except farmers] garding income and asset holdings near the start of the interview brought far fewer refusals to sup- Amounts saved in 1945 ply information than somewhat apologetic at- All Expec in te d 1 94 to 6 save Over $200 $1 Noth- sp i e n n g d- tempts to obtain such information toward the end $1,000 $9 to 99 $1 to 99 ing units of the interview. Hence the inquiry form was rearranged and its questions reworded in the light More than in 1945 .... 17 19 25 22 21 of test interviews until a questionnaire was obtained About the same 32 32 27 49 34 Less than in 1945 34 27 19 19 which captured and retained the respondent's in- No definite expectation. 13 13 16 16 15 Not ascertained 4 9 13 13 11 terest throughout. Largely because of the effective- Total 100 100 100 100 100 ness of the final inquiry form and the careful training of the interviewers, successful interviews were The expected decline in saving among large held with 90 per cent of those in the selected sample. savers clearly points to a smaller volume of saving The fundamental unit of the survey was neither in 1946 than in 1945. It is a striking fact, however, the individual nor the family but rather a "spending that more than half of the spending units expected unit," defined as all persons living in the same to maintain or increase their saving, while less dwelling and belonging to the same family who than 20 per cent definitely expected to save less. pool their income to meet their major expenses. Even among the largest savers about three-fifths of It was necessary to adopt this basic unit because those expressing an opinion expected to save as of the number of grown children (or children-inmuch or more than in 1945. Hence, even if ex- law) living with their families who had separate 578 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS incomes and assets and whose intentions toward interviewed indicated that "secondary units" had their assets were quite separate from their family's. been somewhat more difficult to find at home than Including roomers, maids, and other extra people "primary units"; hence, the weight given the secfound in the dwelling units sampled, such "sec- ondary interviews which were obtained was someondary units" accounted for 18 per cent of all units what increased. In all cases every effort was made in the survey. to interview the "head" of the spending unit, usu- In designing the sample the 11 major metro- ally the husband; only if the wife had adequate politan areas were withdrawn from the universe knowledge of the family's financial situation and and automatically included, making up somewhat the husband was not available was she interviewed. more than a quarter of the total. The remaining counties were then stratified according to degree RELIABILITY OF THE RESULTS of urbanization, percentage of industrialization, It is possible to obtain some indication of the previous sales of Series E Savings Bonds, average reliability of the results by expanding the estimates size of farm, and percentage of native white inof income and asset holdings obtained from the habitants. Within these strata counties were survey and comparing them with estimates from chosen at random, and within the counties so other sources. To make as accurate a comparison chosen, dwelling units to be interviewed were also as possible, national estimates from other sources selected at random. In metropolitan areas and were reduced 8 per cent to allow for groups not medium-sized cities, however, where information covered in the survey (and not allowed for in was available as to the rent paid by dwelling units, the expansion), including members of the armed a larger representation of high-rent units and a forces, institutional residents (hospitals and resmaller representation of low-rent units was taken ligious or penal institutions), and transients (infor interview. The purpose of this was to increase cluding residents of hotels, boarding houses, tourthe reliability of the results for the higher income ist camps, and the like). In the case of net money groups, where the inclusion or exclusion of a single income, however, it was possible to deduct the individual may appreciably influence the average. actual pay of the armed forces, so that a reduction Such over-interviewing was prevented from influof only 4 per cent was necessary. encing final results by weighting the interviews In general, it appears that adequate results were with low-rent units more heavily and with highobtained by the survey. In the case of bond holdrent units less heavily, so that reliability was inings the results agreed closely with those based creased in this manner without altering the suron other sources, but in the case of bank deposits, vey findings. and especially time deposits, a sizable discrepancy Within high- and low-rent areas and in all rural remains to be explained; it is quite probable that areas a sampling ratio was set up designed to give this difference could be reduced in a future survey. roughly 3,000 successful interviews. To meet the Finally, as with all previous surveys of this sort, sampling ratios, dwelling units were selected, en- it was found impossible to obtain information as tirely at random, from available lists, from actual to currency holdings at all comparable to the block to block enumeration of dwelling units, or amounts believed to be in the hands of individuals, from maps and aerial photographs. Only the dwell- but this is not surprising in view of the possible ing units actually chosen in this way were inter- risks involved in making such an admission to a viewed; if people in the unit refused to be inter- stranger. It seems correct to conclude from the viewed, could not be found at home in three calls, detailed comparisons presented in Table 6 and were sick, did not speak English, or were otherwise discussed below that the findings of the survey can unavailable, no substitute interviews were taken. be considered reasonably reliable. This means that although results for any area Savings bonds. The survey asked for holdings sampled may be biased by the absence of data of Series E Savings Bonds separately, and interfrom those not interviewed, they are not subject viewers were instructed to include other discountto additional bias caused by the inclusion of type bonds (Series A through D and F); it is not atypical substitute interviews. Finally, an examina- clear, however, that all such bonds were in fact tion of the units selected for interview but not included, which explains the range given under the JUNE 1946 579 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS TABLE 6 assigned to unincorporated business and nonprofit organizations. In the light of all "available informa- RELIABILITY OF THE SURVEY tion this is an ample allowance, as most banks Personal holdings of Survey Other holding savings deposits may not so classify deestimate estimates posits where the beneficial interest is held by an Savings bonds (excluding Series G organization operated for profit, so that the only Bonds) 30.0 28.5 to 32.5 Other Government bonds (including unincorporated businesses operated for profit which Series G Bonds) 9.7 5.5 to 9.5 may legally hold such deposits are those operated Time deposits 25.4 40.0 to 45.0 Demand deposits 15.9 20.0 to 20.5 by a single individual. Net money income 120.6 137.5 In view of the sizable discrepancy between survey results and even the minimum estimate of "Other estimates" heading. In general, it is dear time deposits, a check was made of average holdthat the survey result was highly accurate, as is to ings of time deposits weighted by the importance be expected because Series E Savings Bonds, which of each State in the survey sample in comparison account for almost all discount bonds, can only with the national average, and the two were found be registered in the name of an individual and to be almost identical. This eliminates the uneven therefore do not give rise to the complexities which geographic distribution of time deposits as a mark other assets where personal and business source of error. In addition, a comparison of the holdings are less easily distinguished. concentration of holdings obtained from the sur- Other Government bonds. Only 3 per cent of vey with concentration of all holdings seemed to the people interviewed—or less than 100 spending eliminate the hypothesis that there was systematic units—were found to have other Government bonds, underreporting. A part of the discrepancy may including Series G Bonds. It is obvious that with result from a subjective classification by business so small a number reporting the results are sub- men of some of the deposits qualifying as savings ject to a considerable margin of error, but the deposits as a part of their business assets, so that holdings of the very small number involved were such deposits were not reported when business men so large as to account for all other Government were asked for their personal holdings. In the bonds believed to be in personal accounts. In fact, main, however, the discrepancy remains unexthe results appear to err somewhat on the high plained and requires further study in future surveys. side. Demand deposits. Surveys of deposit ownership Time deposits. The range in the "Other estimade by the Federal Reserve System provide the mates" column results from uncertainty in regard basis for more accurate estimates of total personal to the extent to which respondents understood that holdings of demand deposits than is the case for deposits in building and loan associations and time deposits. The survey has accounted for about credit unions were to be included in their answers. 80 per cent of personal holdings, as given in the Although the question asked by the survey covered most recent estimate of total liquid asset holdings. such deposits, it is not certain whether they were Net money income. The total in the "Other estiin fact reported. The lower estimate is based mates" column is the Department of Commerce on time deposits alone and is somewhat lower figure adjusted so far as possible to make it comthan the figure published in the latest estimate parable with the results of the survey by deducting of total liquid asset holdings (contained in the income in kind and the like. While some minor February 1946 BULLETIN). differences remain, they are not believed to be im- The survey results were equal to around 65 per portant. A special effort was made by the survey cent of this minimum estimate. In deriving it all to obtain income information; this seems to be recertificates of deposit and open account time de- flected in the coverage obtained, as the survey posits were assigned to corporations. Of the savings appears to have covered about 88 per cent of the deposits which remained, 3.5 billion dollars were income involved. 580 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY—1945 Retail sales in 1945 reached a new high level of billion dollars or 9 per cent during the year. nearly 75 billion dollars and were more than 7 per Instalment sales remained at the very low level of cent larger in volume than in 1944. The rate of 2.3 billion dollars reached in 1944. This distribugrowth, although somewhat lower than in 1944 tion of credit sales reflects the relatively greater for the year as a whole, rose appreciably in the availability of the less durable types of consumers' closing months. Concentration of more than one- goods. As soon as moderate supplies of automobiles third of the annual sales in the last quarter of the year was due in part to the increased availability RETAIL SALES of some types of consumers' goods but chiefly to the unusually large amount of holiday buying following the end of the war. In contrast with the other war years, when virtually the entire expansion in retail sales was in cash business, credit and cash sales increased at about the same rate in 1945. The rate of increase in cash business has declined steadily since 1941 but until 1945 continued much higher than for credit sales. In view of the greater relative growth of cash sales in earlier war years, credit sales remained a much smaller proportion of total sales than they had been prior to the war. As is indicated in the accompanying table and chart, they continued to be 22 per cent of total sales, the level reached in 1944 after a persistent decline from 36 per cent in 1940. The growth in retail credit business was confined to charge-account sales, which increased by 1.2 and major household appliances are on the market TABLE 1 it is to be expected that instalment sales will be- RETAIL SALES BY TYPE OF TRANSACTION come a larger proportion of total sales, even if Annual estimates for total retail trade consumer incomes remain at high levels and the tendency toward cash purchases continues strong. Sales (In billions of dollars) Percentage of total sales Sales on charge account also may be expected to Year become more important relative to total sales, Total Cash a C c h c a o r u g n e t I m ns e t n a t l- Cash a C c h c a o r u g n e t I m ns e t n a t l- NOTE.—The 1945 Retail Credit Survey covers nine retail trades and includes reports from some 6,380 stores, all of which 1939 42.0 27.2 9.9 4.9 65 23 12 conduct a part of their business on credit. Nearly 4,440 stores 1940 46.4 29.9 10.7 5.8 64 23 13 supplied data for selected balance sheet items. Totals include 1941 55.5 36.3 12.4 6.8 66 22 12 multi-unit firms which submitted consolidated reports, and, 1942 57.6 42.5 12.3 2.8 74 21 5 therefore, could not be classified by size, or, in some cases, by 1943 63.7 48.9 12.4 2.4 77 19 4 Federal Reserve districts. Since stores operating on a cash basis 1944 69.5 54.4 12.8 2.3 78 19 3 are omitted, the proportion of cash sales for individual trades 1945 74.6 58.3 14.0 2.3 78 19 3 is undoubtedly understated. Estimates of total sales shown in Table 1 make allowance for this bias in the reporting sample. Coverage varies greatly among the several trades, ranging NOTE.—Estimates of total retail sales compiled by the Bureau from about 62 per cent of total 1945 sales for department stores of Foreign and Domestic Commerce, United States Department to around 5 and 6 per cent for household appliance and hardof Commerce. Sales by type of transaction are based on data ware stores, respectively. from the Census of American Business for 1939, projected ac- Summaries of the data collected in previous Retail Credit cording to data from the Retail Credit Survey for subsequent Surveys conducted by the Federal Reserve System are published years with appropriate allowances in cash sales to adjust for in the Federal Reserve BULLETINS for July 1943, July 1944, and bias in the Survey sample. May 1945. NOTE.—Copies of the 1945 Retail Credit Survey, which contains separate data for nine trades, may be obtained on request fromi the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. JUNE 1946 581 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1945 particularly in view of the special efforts being for household appliance stores to less than 10 per made by retailers to encourage greater use of charge cent for jewelry and men's clothing stores. Inability accounts. to secure merchandise was a limiting factor in the Charge-account indebtedness, having increased rate of growth for all the trades, but retailers who substantially during 1944 and 1945, was at an all- relied on the sale of automobiles, major household time high at the end of the year. Most of the rise appliances, and men's clothing were the most in 1945 resulted from unusually heavy buying in seriously affected by shortages. the latter part of the year. The average period In view of the severe reductions in sales of houseduring which charge accounts were outstanding hold appliance stores over a three-year period, the at a number of retail establishments was some- increase of one-fifth during 1945 did not result in what longer than in 1944, but the difference was a large volume of business. It was still one-fourth not sufficient to indicate an appreciable change in below sales in 1941. Moreover, a part of the expanthe rate of payment. sion must be ascribed to sales of nonrelated mer- According to the Board's over-all estimates of chandise which had been stocked in lieu of appliconsumer credit outstanding, instalment accounts ances that were not on the market. receivable arising from retail sales of consumer The smallness of the rise in sales at men's clothing goods were about 8 per cent larger at the end of stores was largely due to serious shortages in men's 1945 than a year earlier. There was some further apparel lines. Despite the heavy demands of reshortening of the average period instalment ac- turning servicemen for civilian clothing and the counts were outstanding but at most trade outlets ability of many to make larger than average collection periods remained about the same as in purchases, there was practically no acceleration in 1944. the rate of sales at men's clothing stores over 1944. The foregoing comparison of cash and credit Supplies of women's clothing were less restricted, sales is based on estimates obtained by applying to although many low-cost lines were not obtainable, Department of Commerce estimates of total retail and sales at women's apparel stores increased about sales the results of the Federal Reserve Retail Credit 16 per cent, a gain substantially above that shown Survey, with allowances in cash sales for the bias in 1944. A part of this rise was due to higher introduced by the selective character of the sample. prices and continued willingness of customers to The experience of stores represented in the Retail shift to quality lines when budget-type clothes were Credit Survey deviated in important respects from not available. The style element in women's clothes that of all retail establishments. Departures from undoubtedly induced most of the women leaving the general pattern are apparent in the rate of sales military service to make larger than usual purchases expansion as well as in the relative importance of at apparel stores. cash and credit business to the total. Since a pri- The rise in jewelry store sales, the smallest remary purpose of the Survey is to follow significant ported, followed record high sales in 1944 and developments in retail credit, only those trades in brought consumer expenditures at these outlets to which credit selling is important are included. All nearly twice the 1941 outlay. The percentage trades that normally specialize in instalment change in retail sales from 1944 to 1945 for the sales of consumers' durable goods are covered, but kinds of business reporting in the Survey and a none of those in which charge-account sales usually percentage distribution of 1945 volume are given predominate. Strictly cash outlets of the trades in Table 2 on the opposite page. represented, as well as predominantly cash trades The increase in cash sales at all retail establishsuch as food and drug stores and variety stores, are ments was only 7 per cent but for the trades covered also omitted. Concentration of reporting stores in in the Survey it averaged 13 per cent. This was larger cities also may introduce some bias. about 2 points higher than the rate of increase in total sales. The greatest gains occurred at furniture and household appliance stores, where cash sales SALES EXPANSION IN SELECTED TRADES were approximately one-fourth larger than in 1944, All of the nine trade groups reporting in the while the lowest was 12 per cent at department Retail Credit Survey shared in the expanded sales stores. of 1945. Gains ranged from a high of 19 per cent As a percentage of total sales, cash transactions 582 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1945 TABLE 2 RETAIL SALES BY TYPE OF TRANSACTION AND BY KIND OF BUSINESS Stores reporting in 1945 Retail Credit Survey Percentage change, 1944-45 Percentage of total sales, 1945 Number Kind of business r o e f p o st r o ti r n e g s T sa o l t e a s l C sa a l s e h s a C c h s c a a o l r e u g s n e- t I m n sa s e l t e a n s l t - Cash Charge I m ns e ta n l t - Department stores 1,514 + 11 + 12 + 12 + 2 66 29 5 Men's clothing stores 495 + 9 + 15 - 2 -14 68 29 3 Women's apparel stores 425 +16 +19 +14 - 5 55 42 3 Furniture stores 1,003 + 12 +25 + 10 + 7 27 17 56 Household appliance stores. 461 + 19 +27 +17 + 8 43 35 22 Jewelry stores 379 + 8 + 13 + 6 - 1 56 24 20 Hardware stores 472 + 12 + 15 + 10 54 44 2 Automobile dealers 745 + 12 +15 + 17 - 9 50 36 14 Automobile tire and accessory stores. + 13 +17 + 12 - 9 46 50 4 i Less than 3^ per cent. continued to rise for all nine trades. They were The largest percentage gains occurred at automoone-half or more of the total in six of the reporting bile dealers and household appliance stores, where trades, including automobile dealers, who usually repair services and sale of parts continued to be an sell cars on instalment terms. The relative propor- important part of total business. For other trade tion of cash sales was lowest at furniture stores, groups the rate of increase was generally more and next lowest but more than two-fifths at rapid than in 1944. household appliance stores. These are also trades As in the case of the retail field as a whole, sales in which instalment sales usually predominate. on charge account did not expand in relation to total sales for the reporting sample. Only auto- CHARGE-ACCOUNT SALES AND RECEIVABLES mobile dealers sold relatively more on charge account in 1945 than in the preceding year. At de- Charge-account sales in 1945 for all retail estabpartment and furniture stores the proportion lishments are estimated at about 9 per cent above was about the same as in 1944. At jewelry, housethe 1944 volume, a new high of 14 billion dollars. hold appliance, men's clothing, and women's ap- With the single exception of men's clothing stores, parel stores, charge-account sales constituted a growth in charge-account sales was experienced by slightly smaller percentage of total sales than in all the selected trades and at outlets of all sizes.1 1944. 1 Reporting firms are classified as small, medium, and large, This tendency to buy relatively less on charge on the basis of 1945 annual sales volume. These classifications account was confined to trades which had particular have different meanings for the various kinds oJ business. The size range for each is indicated below: difficulty in securing their usual range of merchandise. Serious shortages in most lines o( men's Kind of business Small Medium Large (1945 annual sales. In thousands of dollars) clothing, which necessitated extensive shopping around, plus the ability of many returning service- Department stores Under 1000 1,000 to 10,000 10,000 and over Men's clothing men to pay cash for essential purchases, undoubtedly W s o t m or e e n s 's apparel Under i150 250 to 1,000 1 000 and contributed to the declining importance of chargestores Under 250 250 to 1,000 1 i) v 0 vv 0 0 u a i n iu dover account sales at men's clothing siorrs. Unequal Furniture stores. . Under 200 200 to 500 500 andover distribution among retailers of other scarce mer- Household appliance stores Under 100 100 to 250 250 and over chandise such as children's apparel, household Jewelry stores.... Under 100 100 to 500 500 and over linens, women's hosiery, and household appliances, Hardware stores. . Under 100 100 to 500 500 andover Automobile deal- to mention only a few, prompted consumers to buy ers Under 250 250 to 500 500 and over at any store offering a selection. Inability to charge Automobile tire and accessory purchases did not alter a customer's intention stores Under 50 50 to 100 100 andover to buy. Similarly, customers whose charge accounts JUNE 1946 583 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 194S TABLE 3 RETAIL ACCOUNTS RECEIVABLE Stores reporting in 1945 Retail Credit Survey i P n a e b r a l c c e e c n d o t u u a r n g i t e n s g c r 1 h e 9 c a e 4 n i g 5 v e - Average collec re ti c o e n i v p a e b r l i e od for accounts so I l i n d n s s a t t a s a l l m p m e e e r n c n t e t n p s t a a a l p g e e e s r of Kind of business Charge account Instalment Charge Instal- (In days) (In months) account ment 1945 1944 1945 1944 Department stores + 11 + 5 48 48 7 7 1 2 Men's clothing stores -11 -22 56 61 6 6 C1) 0) Women's apparel stores + 13 - 9 58 58 6 7 3 3 Furniture stores + 5 + 3 53 54 9 9 1 1 J H e o w u e s l e r h y o s ld to r a e p s pliance stores + - 16 1 + -1 1 3 4 5 7 5 5 5 4 0 7 7 12 7 3 1 Hardware stores + 11 - 8 52 51 10 13 4 4 Automobile dealers +26 -19 44 41 9 13 44 46 Automobile tire and accessory stores +20 - 9 42 39 7 7 14 11 1 Less than % per cent. - No instalment paper sold. were temporarily frozen would pay cash rather than war years has run its course. The average period miss opportunities to obtain such merchandise. that accounts were outstanding in most trades In most retail businesses the larger stores cus- remained virtually unchanged or was slightly tomarily sell a higher proportion on charge account longer than in 1944. Only at household appliance than small stores. This tendency continued during and men's clothing stores was the average collection the war and was more pronounced in 1945 than in period noticeably shorter than in the preceding the preceding years. Larger stores with well- year. established credit departments did not curtail charge sales during the war to the same extent as did INSTALMENT SALES AND RECEIVABLES many small stores, and when the war was over Increases in some trade groups were offset by they were able to build up credit sales more declines in others and instalment sales in 1945 repromptly. By the end of 1945, however, retailers mained at the low level of 1944. Changes in the in all size groups were soliciting new charge ac- level of these sales by kind of business were closely counts and urging the greater use of inactive ac- related to relative shortages in the respective lines counts, while some stores which had discontinued of goods. The largest decline (14 per cent) was at credit sales were again offering charge-account men's clothing stores and the next largest (9 per privileges. Also, the preferential treatment fre- cent) was at automobile dealers and automobile quently accorded charge customers in the allocation tire and accessory stores. On the other hand, there of scarce items was encouraging cash customers to was an increase of 8 per cent at household appliance open accounts. stores and of 7 per cent at furniture stores. The At the end of 1945 charge-account indebtedness rise in instalment sales at household appliance stores was nearly 13 per cent larger than at the end of was of minor significance to retail credit develop- 1944 although charge-account sales at all retail ments, since it followed three years of drastic restores had increased only 9 per cent during the ductions when the major household appliances were year. The ratio of year-end receivables to annual rapidly disappearing from the market. It would sales remained about the same as in the preceding undoubtedly have been much greater if shortages year for all trades covered in the Survey except had not continued to characterize the field. men's clothing and household appliance stores. The The absence of a greater increase in instalment average collection periods for charge accounts re- sales at furniture stores was in turn to some extent ceivable, as is shown in Table 3, also suggest that attributable to the current housing shortage. Many the acceleration of collections evident in the other returning servicemen who ordinarily would have 584 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1945 established separate households were obliged to end of 1944. Unincorporated firms showed a 10 share living quarters and frequently postponed the per cent increase in net working capital over the purchase of furniture. The unavailability of many year as compared with a gain of 6 per cent for low-priced lines and incomplete stocks also led some corporate retailers. buyers to wait until wider selections were available. TABLE 4 Buyers unwilling to wait frequently had to shift SELECTED BALANCE SHEET ITEMS * into higher-quality lines; in fact, a considerable part Weighted total for stores reporting in Retail Credit Survey1 of the increase in furniture store sales is attributable to trading up of this kind. Percentage Although instalment sales at all retail stores were dur c i h n a g n g 1 e 945 Perc as e s n e t t a s g e a t o e f n d to t o a f l y c e u a r r rent in no greater volume in 1945 than a year earlier, instalment accounts receivable were somewhat Cor- Corporations Other larger at the end of the year. During the latter pora- Other tions 1945 1944 1945 1944 half of 1945 there was some increase in instalment receivables based on automobile sales, chiefly of Current assets: used cars, but for the most part the rise resulted Cash and bank deposits +16 +20 27 24 35 33 from increased buying of furniture, home-furnish- United States Government securiings, and recently available household appliances ties + 9 +23 22 22 17 15 Accounts receivable + 3 + 6 19 20 15 16 during the last quarter of the year. Of the nine Inventories + 1 (2) 32 34 33 36 trades reporting in the Survey, only three—depart- Total + 7 + 11 100 100 100 100 ment, furniture, and jewelry stores—showed in- Current liabilities: creases in instalment accounts outstanding. In in- Notes payable to banks + 5 + 3 2 2 2 2 terpreting these data it should be borne in mind Trade payables . . . + 12 + 11 11 10 9 9 Other current liathat all of the groups, except jewelry stores, sold bilities + 7 +20 20 20 8 7 a part of the instalment paper they originated. Total + 8 + 14 33 32 19 18 The amounts outstanding on these contracts appear Net working capital.. + 6 + 10 67 68 81 82 in the portfolios of the financial institutions that Current ratio 3 3.1 3.1 5.4 5.5 purchased the contracts and not on the books of 1 Reported figures for individual retail trades were weighted the retailers. in accordance with the relative importance of the total business in each year. Average collection periods for instalment accounts 2 Less than % per cent. 3 Ratio of current assets to current liabilities. receivable held by automobile dealers, household appliance stores, and hardware stores were notice- Cash holdings of both corporations and uninably shortened in 1945, while in other trades they corporated firms showed more substantial gains in were about the same as in 1944. Down payments 1945 than in the preceding year. A part of this were often above the minimum required under increase undoubtedly represented cash deposits of Regulation W, but ability of consumers to make customers for future delivery of automobiles and comparatively large periodic payments continued other consumers' durable goods allocated on a custo be the principal factor in the rapidity of payment. tomer priority basis. Continuance of a high volume of cash sales, combined with inability to build up inventories, also contributed to larger cash holdings. FINANCIAL POSITION OF RETAILERS Retailers' investments in Government securities Conditions making for high liquidity prevailed increased only moderately during 1945 but they throughout 1945 and at the end of the year retailers became a slightly larger proportion of total current were in a sound operating position. Cash sales assets than they had been in 1944. Corporate recontinued to expand, year-end inventories remained tailers held a somewhat larger proportion of their at approximately the 1944 level, and collections on current assets in the form of Government securities the somewhat larger accounts receivable were well than did unincorporated businesses while the latter maintained. Although current liabilities increased held a noticeably larger proportion in cash and bank somewhat more than current assets, operating ratios deposits. At the end of 1945 approximately half for both incorporated and unincorporated stores of the current assets of retailers consisted of cash were just about the same as they had been at the balances and United States Government securities JUNE 1946 585 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1945 and one-third was in inventories. The ratio of ing furniture, household appliances, and clothing. inventories to total current assets was lower in 1945 Nevertheless, year-end inventories priced at retail, than it was at the end of any other year for which except those of automobile dealers and men's cloththe System has obtained information on balance ing stores, were larger in dollar volume than at the sheet position. end of 1944. Automobile dealers' stocks of used Unlike the two preceding years, when retailers cars were largely exhausted and the few new cars sharply reduced their notes payable to banks, bank available in 1945 were usually earmarked for speborrowing increased slightly in 1945, with corpora- cific buyers and moved out of stock almost immediately. Although sales of men's clothing stores tions showing an increase of 5 per cent and unincorincreased only 9 per cent, retailers were able to obporated firms 3 per cent. Since stocks could not be tain only a small fraction of the goods required to built up substantially, most of the borrowing was meet accumulated demands and inventories at the probably in connection with remodeling and enend of the year were 36 per cent below those at the larging display rooms, acquiring additional retail end of 1944. The dollar volume of inventories at outlets, and making other improvements in anticiboth women's apparel and department stores was pation of further expansion in sales. slightly above that in 1944, but because of increased Notwithstanding the negligible rise in year-end prices and the larger proportion of higher-priced inventories, retailers' indebtedness to trade suppliers lines the physical volume may have been lower. was substantially larger than a year earlier. Evi- Inventories of household appliance stores were onedently stocks were turned so rapidly, particularly fifth larger than a year earlier, but, since supplies in the closing months of the year, that inventories of most items normally carried were largely debecame sales before trade creditors were paid. pleted by the end of 1944, stocks were still small. Moreover, a portion of these supplies was primarily INSTALMENT PAPER SOLD for display purposes and deliveries to customers The proportion of instalment paper sold by re- were delayed until replacements were in sight. tailers in the trades represented in this Survey has not varied materially from year to year. Furniture stores have always held the bulk of their paper since TABLE 5 regular contacts with customers making payments INVENTORIES BY KIND OF BUSINESS AND BY SIZE OF STORE on instalment accounts afford opportunities for Stores reporting in 1945 Retail Credit Survey further sales. Only about one per cent of instalment contracts arising at furniture stores was sold ce P n e t r a - ge Invent b o y ry s iz tu e r n o o f v s e to r re in 1 1945 Kind of business change in cither 1944 or 1945. Automobile dealers gen- during erally fellow the practice of selling most of their 1945 Total Small d M iu e m - Large instalment paper. Although they held large cash Department stores +2 6.6 5.4 7.1 6.7 balances and substantial amounts of Government Men's clothing stores -36 7.2 6.0 8.3 8.7 securities in 1945, they disposed of 44 per cent of Women's apparel stores. . . +1 6.3 5.6 5.7 6.2 the instalment paper they originated as compared Furniture stores +8 3.4 3.3 3.8 3.4 Household appliance stores. +22 3.8 3.4 3.9 5.9 with 46 per cent in 1944. Household appliance Jewelry stores + 12 2.1 1.9 2.0 2.0 stores and automobile tire and accessory stores sold Hardware stores +8 3.6 2.9 3.6 4.8 Automobile dealers -4 6.4 5.7 6.0 7.6 a slightly larger proportion of their paper than in Automobile tire and accessory stores + 15 5.3 4.5 5.2 7.8 the preceding year; department stores reduced the percentage sold, and women's apparel stores sold approximately the same proportion as in the pre- xFor basis of size classification, see footnote 1 on p. 583. vious year. NOTE.—Figures in this table are based on inventories at retail INVENTORIES Increased sales volume in 1945, accompanied in Throughout 1945 retailers experienced consider- some instances by smaller stocks, resulted in a able difficulty in securing adequate supplies of more rapid rate of inventory turnover than in 1944 merchandise. Manufacturers continued to use a for a majority of the trade groups. Stocks at men's quota basis for allotting many scarce goods includ- clothing stores were turned over seven times in 586 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1945 1945 compared with four times in the preceding but eagerly purchased whatever merchandise was year. Inventory turnover at small stores is usually on hand. Rising prices and the possibility of fulower than at larger outlets and this remained true ture shortages overcame any disposition to wait for in 1945. Comparisons of rate of turnover, by kind wider selections or improved quality of merchanof business and by size of store, are shown in the dise. Consequently, retailers were under strong preceding table. pressure to stock whatever price lines and items The more cautious buying policies of retailers were obtainable in order to meet the insistent dethat became evident in 1944 were to some extent mands of their customers. At the close of 1945 abandoned in 1945, especially in the latter part the building up of balanced inventories with comof the year. Contrary to earlier expectations, the plete price lines remained unfinished business for buying public continued to display little selectivity, most retailers. JUNE 1946 587 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS by RICHARD YOUNGDAHL and JOHN O. BERGELIN The Federal Reserve System indexes of depart- indexes have been tied to the sales indexes, which ment store stocks have been revised for the period are adjusted to levels indicated by Census data. from 1919 to date. This revision, as was the case (2) The indexes for each of the twelve Federal when the sales indexes were revised in 1944, repre- Reserve districts have been compiled on a similar sents the joint work of the Board's Division of basis and the national index has been computed by Research and Statistics and the Research Depart- combining the twelve district indexes on the basis of ments of the twelve Federal Reserve Banks. The the relative importance of the retail value of stocks principal features of the stocks indexes as revised in each district in the base period. may be briefly summarized as follows: "(3) The average of the years 1935 to 1939, in- (1) The indexes of department store stocks are clusive, has been used as the base period for the computed from end-of-month figures on the retail indexes. value of stocks held in the store or in warehouses. (4) The sample of reporting stores in each dis- Such data are now reported regularly by about 900 trict has been enlarged, in some instances considstores throughout the country including a represenerably. tative number of retail outlets of the large mail order companies. The reporting group of stores (5) The indexes have been adjusted for cuscurrently accounts for about 64 per cent of estimated tomary seasonal movements which, though not so total department store stocks. In order to eliminate large as those shown by sales, are still of conany biases which might arise from the use of a siderable magnitude. more or less constant sample of stores, the stocks The following sections discuss the broad changes DEPARTMENT STORE STOCKS [Index numbers; 1935-39 average = 100] MONTHLY PER CENT — 250 200 150 100 I0O 50 •— ADJUSTED FOR SEASONAL VARIATION WITHOUT SEASONAL ADJUSTMENT. 1945 588 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS in the level of department store stocks since 1919 the price break in the middle of 1920, stocks deand the general procedures followed in the compu- clined even more rapidly in the latter part of that tation of the national and the district indexes. year and the early months of 1921. In many cases Detailed descriptive material covering the various it appears that this liquidation of stocks was accomdistrict indexes has been prepared by the Research plished only by severe mark-downs and forced sales. Departments of the Federal Reserve Banks and Stocks showed little change during the remainder may be obtained from them upon request. Tables of 1921 and throughout 1922 although sizable gains giving back figures and the seasonal adjustment in sales occurred in the latter year. In 1923, howfactors used currently for the indexes are shown at ever, stocks rose sharply and were relatively the end of this article. stable at this higher level throughout the remainder of the 1920's while sales were gradually increasing. CHANGES IN STOCKS, 1919-46 With the onset of the depression late in 1929, Movements in the value of department store department store sales and stocks began a decline sales and stocks over the past two and a half which continued until the second quarter of 1933. decades for the country as a whole and for each During the summer and fall of that year, inventories Federal Reserve district are shown in the accom- rose sharply, reflecting in part a response to sales panying charts. During the period of sharp price increases and in part the anticipation by store advances after the First World War, the value of managers of higher prices in connection with the department store stocks rose rapidly and, following NRA program. Following this rise stocks showed DEPARTMENT STORE SALES AND STOCKS [Index numbers; adjusted for seasonal variation. 1935-39 average = 100] PER CENT MONTHLY 300 150 100 50 1935 1940 JUNE 1946 589 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS little change during 1934, 1935, and the first half items carried as a regular part of their business. In of 1936. In the last half of 1936 and the first half this period stocks rose sharply, reaching a peak in of 1937 there was a considerable increase in stocks, the spring and early summer of 1942 about twice as followed by a rapid decline in late 1937 and early high as the 1940 level, while sales were showing an 1938 reflecting the general inventory boom and increase of only about 25 per cent. However, decline of that period. growing shortages of goods, combined with gov- With the outbreak of war in Europe, department ernmental regulations regarding maximum invenstores began to build up their stocks. This move- tories that a store might carry, halted the rise. ment was accelerated after the middle of 1940, when Subsequently, inventories were depleted rapidly this country began its defense program, and stocks as sales continued upward, and from 1943 to the increased very rapidly, until the summer of 1942. present, department stores have operated on the Owing to the difficulty of obtaining goods, the sharp basis of a relatively small amount of inventories in expansion in sales, and the inauguration of inven- relation to sales—approximately a ratio of 2J4 to tory controls by the Government, stocks declined 2l/ months' supply relative to current sales. In 2 sharply in the last half of that year and the first terms of actual physical volume, stocks during part of 1943. During the remainder of the war period, the value of stocks was largely maintained DEPARTMENT STORE STOCKS at levels of from 160 to 170 per cent of the 1935-39 RATIO TO CURRENT DEPARTMENT STORE SALES average. MONTHS'SUPPLY YEARLY MONTHS'SUPPLY 5 RELATIONSHIP BETWEEN STOCKS AND SALES Over the years covered by the index there has been a marked change in the relationship of department store stocks to department store sales as is indicated in the accompanying chart. During the A early 1920's department stores generally held stocks averaging somewhat more than a 3% months' supply in terms of current sales. This ratio declined somewhat in the middle and latter part of that decade, probably reflecting improvements in distribution techniques and in store management. During the depression of the early 1930's the decline in the amount of stocks held, relative to sales, was halted. While the actual amount of 1 1 1 1 1 ! I 1 1 till till i i it stocks continued to be reduced, the reduction was 1920 1925 1930 1935 1940 1945 less than that in sales and the ratio of stocks to The ratios shown are obtained by dividing average end-ofmonth stocks during the year by average monthly sales during sales rose somewhat. However, when sales began the year. to increase in 1933 and rose further in following years, department stores shifted to a practice, in recent years have probably been little, if any, larger general, of carrying even smaller stocks, relative than in the period just prior to the outbreak of to sales, than they had prior to the depression. war, although sales have increased considerably. From 1935 on stocks held by department stores The difference reflects the rapid flow of goods averaged less than a 3 months' supply in terms of through the stores to ultimate consumers engencurrent sales. dered by the almost insatiable demand for mer- During the war years, as sales rose to new high chandise resulting from generally larger incomes levels, department stores were not able to obtain and restrictions on the sale of many items either sufficient merchandise to maintain total store stocks because of lack of supply or rationing. at even the prewar relationship to sales. Moreover, Examination of the data on sales and stocks for stocks became far out of balance as between de- the various Federal Reserve districts indicates that, partments. For a time in 1941 and 1942 depart- in addition to changes in the amount of stocks ment stores were able to stock up heavily on most relative to sales that are apparent over time, there 590 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS are also marked differences as between different estimates of the retail value of department store regions of the country. The accompanying table stocks in the various districts as of the end of each shows average stock-sales ratios by Federal Reserve month in the base period in order to obtain data districts in 1925, in the 1935-39 base period, and in from which to compute weights for use in com- 1945. Prior to the recent war it appears that bining the district indexes into a national index. stores in those districts farthest removed from This was done by calculating a stocks sales ratio manufacturing centers, i.e. the Southern and West- for each base period month from the figures on ern districts, generally carried larger stocks, relative monthly sales and end-of-month stocks of the reto sales, than stores in areas where goods could be porting sample and applying these ratios to estiobtained more quickly owing to the shorter time mates of total dollar sales in each month, derived necessary for transportation. Since then, however, from the comprehensive sales indexes compiled by this situation has been reversed, probably due to the System. In those districts where the stocks sheer inability on the part of stores in the Southern index is an average of indexes for two separate and Western regions of the country to obtain suffi- areas, the estimates of the dollar value of stocks cient merchandise to meet the great increase in held in the district were likewise built up from demand and at the same time to maintain inven- separate area figures. tories of the desired size. The monthly estimates for each district for the five years 1935-39 were averaged, the averages STOCK-SALES RELATIONSHIPS AT DEPARTMENT STORES were added to obtain a figure for the United States total, and percentages of the United States total BY FEDERAL RESERVE DISTRICTS were computed from the data so obtained. The Federal Reserve district 1925 1935-39 1945 estimates of the average retail value of department store stocks held in each district in the base period Boston 3.1 2.7 2.4 New York 3.1 2 7 2 5 are shown in the accompanying table, together Philadelphia 3.8 2.8 2.3 Cleveland 3.7 2 9 2 3 with the percentages indicating the relationship of Richmond 3 6 2 7 2 3 department store stocks in each district to the esti- Atlanta 3.7 2.7 1.8 mated total of such stocks in the entire country. Chicago 3.3 2.7 2.2 St. Louis 3.7 3 0 2 2 Minneapolis 4.0 3.2 2.9 Kansas City 4.1 3.0 2.0 COMPUTATION OF WEIGHTS Dallas 4 5 2 9 2 0 San Francisco 3.8 3.0 2.2 Department store stocks in 1935-39 period United States 3.6 2.8 2.3 Federal Reserve district End-of-month average Percentage of NOTE.—The figures shown are ratios of stocks to sales obtained (in millions of dollars) United States total by dividing average end-of-month stocks during the period indicated by monthly average sales during the same period. Boston 52.1 6.64 New York 122.1 15.57 COMPUTATION OF THE NATIONAL INDEX Philadelphia 53.8 6.86 Cleveland 90.9 11.59 The national index of department store stocks is, Richmond 49.4 6.30 like the national index of department store sales, A Ch tl i a c n ag ta o 1 3 5 2 1 . . 6 0 1 4 9 . . 1 2 6 5 an average of the indexes for the twelve Federal St. Louis 33.1 4.22 Reserve districts, each weighted according to the Minneapolis 31.4 4.00 Kansas City 36.9 4.70 base period relationship of the total retail value of Dallas 28.5 3.63 San Francisco 102.6 13.08 department store stocks held in the district to the Total 784.4 100.00 total for the country as a whole. Actual data on the total retail value of department store stocks are not available.1 It was necessary, therefore, to make These percentages were used as weights in computing the national index throughout the period 1In the Censuses of Business for 1929, 1935, and 1939, information was collected on the total value, at cost, of stocks in the reporting date for individual stores, but it is due mainly of all department stores as of a single date, either the end of to the fact that the figures are at cost whereas the System's the calendar or the fiscal year depending on which date was indexes are measures of stocks at retail value. There is evithe most convenient for a particular store to report. These dence to indicate that the average mark-up is not the same data are not, however, considered satisfactory for use as bench- throughout the country so that the relationship between the marks or for use in determining the weight to be given to the districts shown by cost data would not in all probability be index for each district. This is due in part to the differences the same as would be shown by retail value data. JUNE 1946 591 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS covered by the index and will be used in carrying computed directly by dividing the monthly estithe index forward. mates of total stocks by monthly average stocks in This procedure of obtaining a national index the base period. This method, while the most from a weighted average of district indexes gives direct and easily understandable, involved a considthe same results as would be obtained if each dis- erable amount of clerical work. In order to reduce trict index were converted to dollar estimates, the the amount of clerical work, a variation of this dollar figures summed to obtain a national total, method was used by some of the Federal Reserve and the national index then obtained by dividing Banks. the estimated national dollar total for a particular This second method involved first the calculation month by the monthly average of the corresponding of a preliminary end-of-month district index of figures in the base period. stocks based on the most representative data available for each year. This index was then adjusted in COMPUTATION OF THE DISTRICT INDEXES accordance with the relationship shown between an annual index of sales computed from the same The indexes for ten of the Federal Reserve dissample as the stocks index and the comprehensive tricts are calculated from the sum of the end-ofindex of sales regularly compiled for the district. month stocks figures reported by the most repre- The general procedure was as follows: sentative group of department stores for which stocks data are available. The indexes for the other (1) The end-of-month stocks held by the stores two districts (Philadelphia and Minneapolis) are included in the sample were summed and the total in each case built up from two separate indexes— for each month was converted to an index number one covering the major city or cities in each district by dividing by the average end-of-month stocks held and the other covering the remainder of the district. during the base period, 1935-39. Whenever necessary because of a change in the sample, this base Most of the stocks indexes are based on somewhat was adjusted for changes in the number of resmaller samples than the corresponding sales indexes.2 Moreover, there are no Census data on porting stores by the following procedure, which is similar to that used in the computation of the stocks at retail value to use as benchmarks for System's revised indexes of department store sales: adjusting the indexes in order to correct for any When a department store previously in business longer-run bias. As an alternative to a direct began reporting stocks figures, the base was inadjustment to Census data, such as was possible in creased by the percentage which the average the case of sales indexes, the stocks index for each end-of-month stocks of the new reporting store district was adjusted indirectly on the assumption in the first reporting year were of the total that the relationship of sales and stocks was the average stocks of the old sample in that year. same for stores for which stocks data were not In the future, stocks data for a new reporting available as for stores which reported both sales store of this type will be included in the indexes and stocks. In support of this general assumption, at once if stocks figures can be obtained for the it may be said that in no district did the sales previous year. If not, the store will be included experience of stores reporting stocks differ greatly in the sample as soon as it is believed that from sales trends evidenced by the estimated total sufficient data are available to make a proper sales figures. adjustment in the base. Each district index was computed by using one of When a reporting store discontinued reporting two basically similar methods. One method inbut remained in business, the base was decreased volved the computation of estimates of the total by the percentage which the average stocks of that value of department store stocks at the end of each store were of the total average stocks of the month. Such estimates were obtained by multisample in the last year for which its reports were plying estimates of monthly sales, derived from the obtained. sales index, by stocks sales ratios calculated from When a new reporting store was not previthe data submitted by stores which reported both ously in business and if the coverage of the sales and stocks. The index of stocks was then sample in the area was extensive, the stocks of 2 For a description of the sample on which the sales indexes this store were included in the current reporting are based see pp. 544-45 of the Federal Reserve BULLETIN for sample and no adjustment was made in the base. June 1944. 592 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS If the coverage of the sample was limited, an series was converted to an index on a 1935-39 base. adjustment in the base was made in accordance After the index without seasonal adjustment had with the best estimate of the statistician. Simi- been obtained by one of the two methods outlined larly, in cases where a reporting store went out above, seasonal adjustment factors were computed of business individual circumstances determined by the method generally used throughout the whether adjustments were made in the base. Federal Reserve System. This method was de- (2) A special annual sales index was then com- scribed in the Federal Reserve BULLETIN for June puted based on the sales data reported by those 1941. It was found that no special adjustment for stores included in the stocks sample. The ratio of the changing date of Easter was necessary in the the regular district sales index to this special sales stocks index although such an adjustment is necesindex was computed for each year and these ratios sary in the case of department store sales. Seasonwere plotted as horizontal lines on graph paper, ally adjusted indexes were then obtained by dividing divided into months and years. A continuous free- the index, without seasonal adjustment, by the hand curve of monthly "moving ratios," averaging appropriate seasonal adjustment factor. In those for each year the same as the annual ratio for that cases where the total district index was obtained year, was drawn through the annual ratio lines and by combining separate indexes for component parts the stocks index was adjusted by multiplying the of the district, each of the component series was index for each month by the corresponding ratio adjusted for seasonal variation before being conread from the free-hand curve. The resulting solidated into a district index. DEPARTMENT STORE STOCKS SEASONAL ADJUSTMENT FACTORS: 1945 Federal Reserve district Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total Boston 91 94 98 96 98 96 96 106 109 112 113 91 ,200 New York. . . 89 94 101 101 101 94 92 102 108 113 114 91 ,200 Philadelphia1. 87 97 100 102 101 95 95 104 110 114 110 85 ,200 Cleveland.... 87.5 92.8 96.3 103 101 96 100.3 108.1 111.2 115.2 105.6 83 ,200 Richmond. . . 85.2 94.5 99.5 100.6 97.8 95. 98.7 112.5 112 114.1 106 83.3 ,200 Atlanta 90 93 100 99 97 101 103 108 110 112 105 82 ,200 Chicago 86 91 97 100 100 98 98 107 111 112 110 90 ,200 St. Louis 86 90 97 100 100 100 104 109 111 112 107 84 ,200 Minneapolis1. 91 95 100 95 99 97 102 106 108 111 108 88 ,200 Kansas City.. 86.5 90 90 97 98 100 111.5 112 112 114 107 82 ,200 Dallas.... . .. 90 89 95 97 95 97 108 113 112 113 107 84 ,200 San Francisco, 87.9 87.9 92.9 98.8 103.8 101. 105.8 109.8 112.8 110.8 105.8 81.9 ,200 United States1 88 92 97 100 100 97 100 107 111 113 109 86 1,200 1 These seasonal factors are approximations obtained by dividing the unadjusted index for each month by the corresponding seasonally adjusted index. Specific adjustment factors are not available because the seasonally adjusted index for each of these districts is a weighted average of seasonally adjusted indexes for various parts of the district and that for the United States is a weighted average of the twelve district indexes. Back figures.—Changing seasonal factors are used in the computation of all of the System indexes of department store stocks. Back figures may be obtained, upon request, from the various Federal Reserve Banks or from the Board of Governors. JUNE 1946 593 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS DEPARTMENT STORE STOCKS [Index numbers; 1935-39 average = 100] UNITED STATES Jan. Feb.. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1919 88 92 98 99 99 95 98 109 124 131 134 117 107 1920 116 128 140 146 143 139 137 143 156 159 151 119 140 1921 106 111 118 122 119 115 114 120 131 135 135 113 120 1922 107 114 124 124 119 114 111 116 126 130 134 113 119 1923 112 122 133 136 134 127 123 131 144 150 153 126 133 1924 121 130 143 145 140 131 127 131 143 152 151 126 137 1925 123 130 142 144 139 133 129 136 148 154 157 131 139 1926 126 134 146 147 142 135 128 133 146 155 158 130 140 1927 125 133 144 146 141 132 128 134 147 156 159 130 140 1928 125 133 143 144 139 130 127 132 142 153 157 128 138 1929 124 131 140 142 139 130 126 131 141 153 156 127 137 1930 119 125 135 137 133 125 117 118 128 137 140 114 127 1931 105 109 117 118 116 108 102 104 114 121 121 98 111 1932 91 94 100 99 96 90 81 80 87 93 96 77 90 1933 72 74 76 77 77 76 76 85 99 107 107 85 84 1934 81 86 91 94 93 87 82 85 93 99 103 83 90 1935 79 84 91 93 92 85 80 85 95 103 106 86 90 1936 82 88 95 97 96 90 86 92 104 112 116 95 96 1937 94 103 113 117 115 108 104 109 120 125 127 99 111 1938 92 97 104 105 104 96 91 95 104 110 114 91 100 1939 88 95 103 104 102 96 93 98 108 117 123 96 102 1940 94 103 110 111 110 101 96 102 114 123 127 102 108 1941 100 108 117 120 122 118 121 134 152 171 173 136 131 1942 132 151 170 186 198 197 196 199 197 195 185 144 179 1943 141 136 144 143 146 147 156 171 178 177 173 143 155 1944 144 154 159 160 162 160 160 175 178 182 174 134 162 1945 138 147 153 165 173 175 175 182 184 185 179 136 166 1946 146 158 172 188 Adjusted for seasonal variation 1919 99 98 97 96 98 98 105 111 114 118 121 126 1920 130 136 139 141 141 144 146 146 145 143 136 129 1921 119 117 117 117 118 120 122 123 122 121 121 122 1922 120 120 122 120 117 118 119 119 119 117 120 122 1923 125 128 129 131 132 132 133 135 136 136 136 136 1924 135 136 138 139 138 137 137 135 136 137 135 137 1925 138 136 137 138 137 139 139 141 140 139 140 142 1926 141 141 141 140 140 140 139 139 139 139 140 140 1927 140 140 140 139 139 138 140 140 141 140 140 140 1928 140 139 139 138 137 137 138 139 136 137 138 137 1929 139 138 137 137 136 135 137 137 136 137 136 135 1930 133 133 132 131 130 129 128 124 124 123 122 121 1931 118 116 115 114 114 112 111 109 110 108 105 104 1932 102 100 98 96 94 93 89 85 83 83 82 82 1933 80 78 75 75 76 79 83 90 95 95 92 91 1934 90 91 90 91 91 90 90 89 89 88 89 89 1935 88 88 90 90 90 89 88 89 90 91 92 92 1936 92 92 93 94 94 94 95 96 98 99 101 103 1937 107 108 110 112 112 113 114 114 114 112 110 108 1938 104 102 102 100 101 100 99 99 99 98 99 99 1939 99 99 100 100 100 101 101 102 102 104 106 104 1940 106 108 108 107 108 106 105 107 107 109 110 112 1941 113 114 116 118 120 124 130 135 140 151 151 152 1942 151 163 172 184 195 203 201 192 181 173 167 164 1943 161 147 147 143 145 151 158 160 161 157 159 164 1944 164 167 163 161 161 164 161 163 161 161 160 156 1945 157 159 157 166 173 179 176 169 166 164 165 158 1946 167 171 176 189 594 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS DEPARTMENT STORE STOCKS [Index numbers; 1935-39 average = 100] BOSTON FEDERAL RESERVE DISTRICT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1919 100 101 107 110 108 103 106 116 133 147 152 133 118 1920 119 126 140 146 143 135 129 134 149 153 151 124 137 1921 115 116 125 128 126 120 117 119 133 140 146 124 126 1922 120 126 134 136 134 128 124 126 141 149 155 132 134 1923 127 130 140 143 143 134 126 134 150 163 167 142 142 1924 129 135 149 149 147 138 133 132 146 157 163 137 143 1925 129 134 146 148 145 138 130 133 145 154 163 137 142 1926 129 134 144 146 144 136 130 127 147 157 166 140 142 1927 131 136 151 153 151 142 136 135 151 161 169 144 147 1928 132 138 148 152 150 138 130 130 141 154 162 138 143 1929 128 131 142 147 144 134 128 126 139 150 157 133 138 1930 120 124 135 134 132 124 113 109 123 133 138 119 125 1931 105 107 118 119 117 109 100 98 111 119 123 102 111 1932 91 93 100 98 96 93 83 82 89 97 101 86 92 1933 77 78 82 82 84 83 82 91 107 113 115 94 91 1934 86 92 97 99 98 90 84 88 97 102 109 92 95 1935 84 87 96 95 95 88 84 90 98 108 113 94 94 1936 87 92 99 102 102 94 89 94 104 111 119 102 99 1937 97 105 115 115 113 105 102 106 115 121 124 101 110 1938 91 94 101 100 101 91 86 89 97 104 110 93 97 1939 88 91 100 99 99 93 90 95 104 114 121 99 99 1940 93 100 107 106 107 97 93 98 108 118 127 105 105 1941 99 102 111 114 115 110 112 124 143 161 166 133 124 1942 128 142 161 173 181 175 173 177 180 179 177 138 165 1943 134 130 135 128 131 135 140 155 160 160 161 130 142 1944 132 139 146 142 145 141 137 157 161 165 166 129 147 1945 128 143 147 156 159 153 154 164 166 169 167 127 153 1946 132 14*5 154 164 Adjusted for seasonal variation 1919 110 107 107 106 106 108 115 124 126 130 133 138 1920 131 134 140 141 142 141 140 143 140 136 133 129 1921 126 124 125 124 124 125 128 127 125 125 127 129 1922 132 135 133 132 132 133 135 134 135 133 135 137 1923 139 138 139 139 141 140 137 143 144 146 145 146 1924 141 144 145 145 144 144 145 142 141 141 142 142 1925 141 142 142 142 142 142 141 143 141 141 141 141 1926 142 143 140 139 140 140 141 140 142 144 144 144 1927 144 145 146 146 145 146 149 148 148 148 147 147 1928 145 147 143 145 144 142 142 143 139 142 141 140 1929 142 139 139 140 139 139 140 138 137 136 136 134 1930 133 132 132 128 127 126 124 122 121 121 120 120 1931 117 115 115 114 113 111 109 109 109 107 105 103 1932 101 100 98 95 93 94 91 90 87 87 86 87 1933 85 84 82 80 82 88 90 96 104 101 98 96 1934 96 99 97 96 95 95 93 93 94 92 92 94 1935 94 94 94 92 93 94 94 95 95 96 96 96 1936 96 97 96 99 99 100 100 99 101 101 102 104 1937 107 111 112 112 110 112 113 111 112 110 107 104 1938 101 99 98 97 98 97 96 94 95 95 95 96 1939 97 96 97 97 97 100 99 100 101 101 105 102 1940 102 105 103 104 105 104 103 103 105 104 109 108 1941 109 108 111 112 115 117 121 126 133 142 143 146 1942 140 151 164 175 181 183 181 177 166 160 154 151 1943 148 138 137 134 134 141 146 146 147 143 143 143 1944 145 148 149 148 148 147 142 148 147 148 147 142 1945 141 152 150 162 162 160 161 155 152 151 148 139 1946 145 154 157 171 JUNE 1946 595 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS DEPARTMENT STORE SALES AND STOCKS [Index numbers; adjusted for seasonal variation. 1935-39 average = 100] BOSTON FEDERAL RESERVE DISTRICT PER CENT PER CENT 350 350 300 300 250 250 i A M 150 s JY i SALES <p ? I I II I I II NEW YORK FEDERAL RESERVE DISTRICT PER CENT MONTHLY PER CENT 350 350 300 1 hJ 1 T i i ii I I II I I II I I II I I I I. 596 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS DEPARTMENT STORE STOCKS [Index numbers; 1935-39 average = 100] NEW YORK FEDERAL RESERVE DISTRICT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1919 84 95 92 90 94 106 120 128 134 119 103 1920 120 131 148 150 142 137 136 143 154 155 149 120 140 1921 106 111 119 121 120 115 112 116 128 134 136 115 119 1922 111 112 125 126 120 115 111 114 126 129 138 117 120 1923 112 116 126 131 129 122 118 123 137 147 150 126 128 1924 120 120 131 137 131 123 118 123 137 147 149 126 130 1925 123 125 137 140 135 129 123 127 141 149 156 133 135 1926 130 130 143 145 139 132 127 129 142 152 158 133 138 1927 128 127 140 142 137 128 125 129 142 151 153 130 136 1928 125 126 137 141 136 128 125 130 138 151 162 135 136 1929 129 132 142 147 143 134 132 134 145 156 161 136 141 1930 126 129 141 145 142 134 125 126 140 150 156 129 137 1931 114 115 123 125 123 115 107 108 122 130 134 115 119 1932 100 101 107 105 103 95 84 84 91 99 103 84 96 1933 75 76 79 81 85 83 80 94 110 115 116 94 91 1934 92 98 101 100 93 84 90 99 105 112 94 96 1935 86 89 96 96 96 88 80 87 97 108 112 92 94 1936 85 88 95 96 97 89 83 91 103 112 119 101 97 1937 99 106 115 117 115 106 99 109 120 124 128 103 112 1938 93 98 104 104 104 94 87 95 103 111 117 95 100 1939 86 91 99 99 98 91 85 93 102 110 119 95 97 1940 96 103 102 101 94 87 97 108 118 126 103 102 1941 94 102 110 113 113 108 107 125 144 162 167 132 123 1942 125 149 172 189 200 197 197 202 203 199 191 148 181 1943 137 134 137 128 132 132 134 155 163 166 165 139 143 1944 136 148 152 144 148 142 139 161 164 167 166 129 150 1945 133 143 153 162 166 165 160 173 174 175 173 136 159 1946 144 156 171 182 Adjusted for seasonal variation 1919 91 92 91 91 95 102 111 113 115 119 126 1920 131 140 146 144 141 144 148 149 146 140 132 126 1921 115 118 117 117 119 121 122 121 122 120 120 121 1922 120 119 123 121 119 121 121 120 120 116 122 122 1923 122 123 124 126 128 129 129 130 131 133 132 131 1924 130 128 129 132 130 130 129 130 131 133 130 131 1925 132 133 135 134 134 136 136 134 136 134 137 137 1926 140 139 141 140 138 139 139 137 137 137 138 137 1927 137 135 138 137 136 135 137 137 137 136 135 134 1928 136 134 135 136 134 134 137 138 133 136 141 139 1929 142 140 140 141 142 141 145 142 140 141 139 140 1930 140 137 139 140 141 142 139 133 134 135 132 132 1931 127 123 121 121 122 121 119 114 117 115 114 118 1932 111 107 105 103 102 100 95 89 87 88 87 86 1933 83 81 78 80 84 89 91 99 104 101 98 97 1934 97 98 97 99 99 99 96 94 95 93 95 96 1935 96 94 94 94 95 94 91 91 92 96 94 95 1936 94 94 93 94 95 95 94 95 98 99 101 104 1937 110 113 113 114 113 113 112 115 114 110 109 106 1938 104 105 103 102 102 100 98 99 98 98 98 98 1939 97 97 98 97 97 96 97 97 97 97 100 98 1940 98 103 101 100 100 100 99 101 102 104 106 107 1941 106 108 109 111 111 115 121 126 133 143 143 142 1942 141 158 170 188 197 209 214 199 188 176 167 163 1943 154 142 135 127 131 141 145 152 151 147 144 152 1944 153 157 150 142 147 151 151 158 151 148 145 142 1945 150 153 151 160 164 176 174 170 161 155 152 150 1946 162 166 170 180 JUNE 1946 597 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS DEPARTMENT STORE STOCKS [Index numbers; 1935-39 average = 100] PHILADELPHIA FEDERAL RESERVE DISTRICT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 19191 19201 19211 19221 1923 153 160 181 181 180 173 157 167 190 201 209 173 177 1924 163 171 192 189 181 172 162 167 191 202 206 173 181 1925 164 170 195 190 183 179 164 171 193 203 213 180 184 1926 166 172 192 188 179 174 161 168 192 197 214 178 182 1927 163 171 191 187 178 171 161 165 187 204 208 172 180 1928 158 167 177 176 168 160 153 155 169 186 188 150 167 1929 139 149 156 157 152 146 138 140 155 172 179 144 152 1930 127 137 148 148 140 135 124 122 138 151 158 126 138 1931 113 118 127 127 122 117 108 108 121 131 136 109 120 1932 99 104 111 108 103 99 92 88 98 108 112 90 101 1933 83 84 89 89 87 87 88 95 113 120 124 98 96 1934 90 97 100 103 100 95 88 91 102 110 116 91 99 1935 86 91 97 100 99 92 85 87 102 113 114 91 96 1936 88 95 101 103 100 94 88 93 108 118 122 100 101 1937 96 108 114 116 112 105 97 102 115 124 124 96 109 1938 91 97 104 102 102 94 86 89 100 108 111 87 98 1939 83 92 98 99 97 91 85 91 102 113 117 87 96 1940 85 97 101 101 101 91 87 93 107 116 119 94 99 1941 91 100 108 112 112 108 108 123 142 158 156 117 119 1942 117 140 158 176 184 180 178 182 187 187 178 136 167 1943 130 128 133 131 133 133 136 155 165 164 158 129 141 1944 131 146 150 149 149 142 140 159 162 166 160 120 148 1945 121 133 138 151 157 156 155 165 167 170 164 124 150 1946 130 148 158 173 Adjusted for seasonal variation 19191 19201 19211 19221 1923 170 170 172 174 180 180 177 180 181 180 180 180 1924 181 182 182 182 181 179 182 179 182 181 177 180 1925 182 181 185 183 183 186 184 184 184 182 184 187 1926 184 183 184 180 179 181 181 181 182 176 183 185 1927 182 182 183 180 179 178 179 178 180 182 176 179 1928 176 178 171 169 170 167 170 169 162 165 160 156 1929 154 159 152 151 153 152 154 152 150 150 152 151 1930 141 146 146 142 142 140 136 133 134 131 134 131 1931 126 125 125 122 123 122 119 117 118 114 115 113 1932 110 110 109 104 104 103 101 95 96 94 95 94 1933 92 90 87 86 87 91 98 103 110 105 105 102 1934 100 103 98 99 100 99 97 99 98 96 98 97 1935 97 96 96 96 97 96 95 93 98 98 96 97 1936 98 99 99 99 98 99 99 100 103 102 103 109 1937 110 112 111 112 110 111 111 110 109 108 105 104 1938 103 101 101 99 100 99 98 94 94 94 95 95 1939 94 95 97 96 95 96 97 97 95 98 100 96 1940 96 101 99 99 99 96 98 98 99 101 102 103 1941 103 103 106 109 110 114 122 129 131 138 133 128 1942 135 145 158 172 182 189 187 175 170 164 162 161 1943 149 132 133 128 132 140 143 149 150 144 144 152 1944 150 151 150 146 148 149 146 152 146 144 144 140 1945 139 137 138 148 155 164 163 159 152 149 149 146 1946 149 153 158 170 1 Data not available. 598 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS DEPARTMENT STORE SALES AND STOCKS [Index numbers; adjusted for seasonal variation. 1935-39 average = 100| PHILADELPHIA FEDERAL RESERVE DISTRICT PER CENT PER CENT 350 350 300 E50 T 200 STOCKS / SALES v 100 1 1 1 I 1 t i ll i i i i i i i i 1 1 1 1 1920 CLEVELAND FEDERAL RESERVE DISTRICT PER CENT PER CENT 350 350 300 — 250 ft &i STOCKS 7 100 \-H»—r SALLS *• r i i i i i 1 ! 1 i i i ! 1 , 1 1 1 1 ! 1945 JUNE 1946 599 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS DEPARTMENT STORE STOCKS [Index numbers; 1935-39 average = 100] CLEVELAND FEDERAL RESERVE DISTRICT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1919 81 86 93 93 93 94 106 121 126 129 112 102 1920 107 124 141 146 143 141 139 146 159 167 157 127 141 1921 102 109 119 123 121 118 116 121 131 135 134 112 120 1922 96 107 119 120 116 112 107 112 121 126 131 111 115 1923 102 117 129 134 131 126 122 128 139 149 154 126 130 1924 115 130 142 147 144 133 126 129 142 152 152 127 136 1925 117 129 143 146 142 134 126 133 143 150 153 127 137 1926 110 129 143 140 138 133 124 127 142 153 159 128 135 1927 117 129 142 141 136 131 125 131 145 150 156 126 136 1928 118 128 139 138 135 127 123 128 135 147 152 125 133 1929 115 125 135 138 136 129 123 127 138 153 153 120 133 1930 111 119 129 129 129 123 114 113 123 131 136 107 122 1931 98 105 112 113 111 105 99 99 112 117 117 92 107 1932 85 89 95 94 92 89 80 78 84 89 89 70 86 1933 65 66 69 68 70 70 71 78 92 100 101 79 77 1934 75 81 85 88 87 83 79 81 90 95 97 77 85 1935 72 80 87 89 89 82 75 78 88 96 100 79 85 1936 78 83 91 92 93 88 84 90 103 108 114 92 93 1937 94 102 115 120 119 110 106 114 128 132 133 100 114 1938 92 100 106 107 106 97 91 94 102 106 110 86 100 1939 85 92 100 101 100 94 91 96 104 115 120 92 99 1940 91 102 109 110 109 98 94 101 111 122 124 96 106 1941 95 103 115 118 122 116 122 136 153 175 174 136 130 1942 134 153 172 192 207 206 205 202 198 194 182 139 182 1943 136 131 137 135 135 134 145 155 165 167 161 132 144 1944 138 148 151 153 150 150 149 161 164 169 160 123 151 1945 130 140 144 158 164 166 166 169 171 174 165 124 156 1946 138 151 168 183 Adjusted for seasonal variation 1919 100 94 92 89 93 95 98 103 110 114 117 120 1920 131 135 139 137 142 144 146 145 147 151 141 135 1921 124 117 116 116 118 120 123 122 122 121 121 119 1922 116 115 115 113 113 115 114 114 115 113 117 118 1923 122 125 124 127 128 128 131 132 132 134 137 135 1924 137 137 136 139 140 136 137 134 136 136 132 136 1925 138 137 137 139 138 137 137 140 137 134 133 136 1926 130 137 138 134 135 135 135 134 136 136 138 137 1927 137 136 137 136 133 133 137 138 139 134 135 134 1928 138 135 136 133 131 129 133 136 129 130 131 134 1929 133 133 132 133 132 131 133 135 132 135 132 129 1930 127 126 127 125 125 125 122 120 118 116 118 115 1931 112 112 111 110 108 106 106 105 106 104 101 100 1932 97 96 94 93 90 90 86 82 79 78 77 77 1933 73 71 69 67 68 71 76 83 87 89 87 87 1934 85 87 85 86 85 85 85 86 84 84 83 84 1935 82 85 87 87 87 84 81 82 83 84 86 87 1936 89 88 90 89 90 91 91 95 96 95 99 102 1937 107 107 113 116 116 115 115 119 119 116 114 112 1938 105 105 105 103 104 101 98 97 95 93 95 96 1939 98 97 99 98 99 98 98 99 97 101 104 104 1940 105 108 109 107 107 103 100 102 102 107 108 109 1941 110 110 114 115 121 121 129 135 140 153 153 157 1942 154 163 173 186 205 216 124 196 180 169 163 162 1943 156 141 138 131 134 141 149 147 150 145 147 154 1944 158 159 155 148 149 156 151 151 148 147 149 147 1945 149 150 149 153 162 173 166 156 153 151 157 149 1946 157 163 174 178 600 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS DEPARTMENT STORE STOCKS [Index numbers; 1935-39 average = 100] RICHMOND FEDERAL RESERVE DISTRICT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 19191 19201 19211 19221 1923 95 110 119 125 119 113 115 130 137 137 137 108 120 1924 103 118 133 129 126 113 113 122 132 136 133 106 122 1925 102 112 125 122 120 111 113 125 130 140 137 112 121 1926 105 120 131 131 131 117 117 127 136 142 139 111 126 1927 107 119 132 132 127 116 120 127 136 143 145 115 127 1928 108 118 132 128 124 111 113 120 133 142 143 113 124 1929 108 118 127 127 123 112 111 115 124 135 135 108 120 1930 100 111 123 120 115 105 100 101 115 120 122 93 110 1931 86 94 103 104 101 91 86 91 101 107 107 82 96 1932 75 82 88 87 83 78 75 74 82 89 91 70 81 1933 64 69 73 72 72 72 77 89 105 112 109 82 83 1934 77 94 92 91 83 80 84 94 100 104 80 89 1935 75 83 91 91 90 81 77 82 93 106 106 82 1936 77 87 94 97 95 86 85 95 104 112 118 93 95 1937 90 102 113 116 112 102 101 108 116 123 123 93 108 1938 86 95 106 105 105 92 93 98 107 117 120 93 102 1939 88 98 109 111 104 99 100 106 124 129 99 107 1940 94 109 117 117 116 104 102 108 121 131 137 106 113 1941 101 115 127 129 131 123 128 143 164 181 184 138 139 1942 135 158 183 198 209 200 207 214 214 217 202 156 191 1943 155 149 165 164 166 167 175 201 202 206 193 160 175 1944 164 182 187 194 189 182 187 213 213 214 200 158 190 1945 167 180 184 197 202 202 210 224 224 224 207 160 198 1946 177 190 205 218 Adjusted for seasonal variation 19191 19201 19211 19221 1923 111 116 112 120 117 121 123 126 126 123 124 123 1924 121 125 126 124 124 122 121 119 121 121 120 120 1925 120 118 118 118 118 120 120 123 120 124 123 125 1926 124 127 125 126 128 127 126 126 126 126 124 124 1927 125 126 126 127 125 126 129 128 127 126 127 128 1928 126 125 126 123 122 121 122 122 124 125 124 125 1929 127 125 121 122 121 122 121 118 116 118 117 119 1930 117 118 118 115 113 115 . 109 104 108 104 105 102 1931 100 100 98 100 99 99 94 95 95 93 92 90 1932 89 87 85 84 82 85 82 78 77 77 77 77 1933 76 73 70 69 71 78 85 94 98 96 92 90 1934 90 93 91 90 90 89 88 86 87 88 1935 88 87 87 86 85 87 92 90 90 1936 90 92 91 93 94 94 94 99 98 97 101 102 1937 105 108 109 111 110 110 111 111 108 107 106 103 1938 101 101 102 101 103 99 102 101 101 102 103 103 1939 103 104 105 107 103 106 108 108 108 108 110 110 1940 110 115 114 113 114 110 110 110 114 115 116 121 1941 118 122 125 123 129 131 139 144 150 159 156 162 1942 158 167 181 194 205 211 213 204 191 190 188 184 1943 181 158 165 163 170 175 177 179 181 181 182 192 1944 192 193 188 193 193 191 190 189 190 188 189 189 1945 196 191 185 196 207 211 212 199 200 196 195 192 1946 207 201 206 217 1 Data not available. 601 JUNE 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS DEPARTMENT STORE SALES AND STOCKS [Index numbers; adjusted for seasonal variation. 1935-39 average — 100] RICHMOND FEDERAL RESERVE DISTRICT MONTHLY PER CENT 350 350 I 300 1 1 250 200 1 50 ll v ^^V^STOCKS 100 SALES Vl/^ 50 0 i i I I I! 1 1 i 1 i 1 1 1 I ! : : I9E5 1930 1935 1940 ATLANTA FEDERAL RESERVE DISTRICT MONTHLY 350 350 300 (50 50 1920 1925 1940 1945 602 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS DEPARTMENT STORE STOCKS [Index numbers; 1935-39 average = 100] ATLANTA FEDERAL RESERVE DISTRICT Jan, Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1919 107 110 Ill 108 103 99 102 117 132 141 144 123 116 1920 130 141 147 150 149 146 151 162 180 181 171 128 153 1921 120 128 132 135 132 125 123 132 148 155 152 126 134 1922 121 132 140 139 133 125 123 130 142 145 147 121 133 1923 124 133 142 145 144 136 134 143 155 162 160 131 142 1924 132 142 149 153 147 137 131 130 142 151 148 116 140 1925 126 129 135 137 134 125 121 132 142 145 146 117 132 1926 130 131 144 146 136 129 126 129 144 154 151 122 137 1927 125 139 151 154 143 128 127 133 149 156 161 126 141 1928 129 141 146 150 144 134 129 132 145 153 155 128 140 1929 125 139 144 147 142 133 128 132 139 147 146 117 136 1930 114 124 129 131 125 121 112 115 120 125 129 100 120 1931 100 105 110 108 104 98 90 92 102 105 105 82 100 1932 80 87 88 88 83 80 74 73 78 84 88 69 81 1933 64 69 69 68 67 67 67 77 89 94 94 75 75 1934 73 79 83 86 91 78 74 82 90 96 100 79 84 1935 79 87 92 93 90 83 76 81 95 99 105 84 89 1936 84 90 95 96 91 84 80 87 98 107 111 92 93 1937 95 107 112 116 110 104 101 108 122 126 128 98 111 1938 93 100 107 106 102 94 88 98 108 112 118 92 102 1939 94 103 109 109 104 97 94 100 117 126 131 97 107 1940 104 115 118 120 115 103 100 109 120 133 139 108 115 1941 115 126 130 124 129 123 126 145 161 183 183 139 140 1942 144 165 175 190 196 195 190 192 188 187 182 139 178 1943 137 133 146 145 147 155 170 183 191 194 181 151 161 1944 159 167 177 180 180 192 192 203 206 212 199 151 185 1945 155 167 171 184 199 203 204 202 205 211 203 155 188 1946 166 179 201 217 Adjusted for seasonal variation 1919 116 113 111 108 105 105 109 117 120 126 129 134 1920 141 146 147 150 152 155 160 162 164 162 154 139 1921 132 132 131 131 132 133 132 135 137 138 137 137 1922 133 136 136 135 133 133 132 133 132 129 132 133 1923 135 137 138 141 143 144 144 145 145 145 145 145 1924 143 144 144 145 146 144 141 133 134 135 135 133 1925 133 131 131 131 132 132 131 135 134 132 133 135 1926 137 134 134 136 135 135 137 137 138 140 137 140 1927 137 142 141 144 142 135 138 142 144 142 145 140 1928 142 141 141 140 141 141 141 141 139 139 139 142 1929 141 140 140 140 139 137 137 136 135 134 129 130 1930 128 126 125 124 123 125 121 119 116 115 114 111 1931 111 107 107 104 102 101 98 96 98 95 93 91 1932 89 89 86 85 83 83 82 76 75 76 76 75 1933 70 69 67 67 67 72 76 80 85 84 81 82 1934 80 79 80 84 91 84 84 84 85 85 85 86 1935 86 87 88 88 90 89 87 87 90 89 90 91 1936 92 90 90 90 91 91 91 93 93 95 95 99 1937 105 107 106 110 110 111 116 114 116 113 112 109 1938 102 100 101 100 102 101 101 103 102 100 102 103 1939 103 103 104 103 104 106 108 106 110 111 111 109 1940 114 115 112 114 115 113 115 116 113 117 118 121 1941 126 126 124 120 130 135 138 146 152 162 159 159 1942 160 170 175 184 198 201 196 186 178 167 167 160 1943 152 143 146 147 151 158 166 169 173 173 172 176 1944 176 180 177 182 186 190 187 188 187 189 190 185 1945 172 179 171 186 205 201 198 187 186 188 193 189 1946 184 192 201 219 603 JUNE 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS DEPARTMENT STORE STOCKS [Index numbers: 1935-39 average = 100] CHICAGO FEDERAL RESERVE DISTRICT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 19191 19201 1921 89 92 99 101 98 95 94 102 106 112 111 92 99 1922 86 94 102 102 98 94 92 100 105 111 112 93 99 1923 98 111 121 122 120 110 111 120 129 132 137 110 118 1924 102 114 127 128 123 114 112 118 126 134 130 114 120 1925 109 118 128 129 125 118 117 124 133 138 143 121 125 1926 114 124 131 131 127 121 109 119 130 141 140 115 125 1927 114 122 129 130 128 118 115 123 135 143 146 118 127 1928 115 123 134 136 131 121 119 127 138 151 155 124 131 1929 126 133 140 139 136 127 126 135 141 151 156 128 137 1930 122 127 136 138 134 124 121 120 127 135 137 116 128 1931 105 108 117 118 116 107 103 104 112 118 118 92 110 1932 87 92 96 95 92 85 77 77 81 84 88 71 85 1933 67 70 71 71 71 72 74 80 94 101 100 81 79 1934 77 82 87 89 88 84 80 81 88 94 97 79 86 1935 76 80 87 90 89 82 80 82 92 98 102 84 87 1936 81 86 92 94 92 87 85 91 105 110 115 97 95 1937 96 106 116 119 118 111 108 114 122 127 130 103 114 1938 97 100 105 106 106 98 92 96 101 108 112 92 101 1939 89 97 104 106 104 99 94 100 108 116 125 99 103 1940 98 107 113 112 112 103 98 104 116 126 132 107 111 1941 104 111 120 125 124 120 122 135 155 175 179 141 134 1942 135 157 177 194 203 202 198 214 207 204 195 154 186 1943 147 142 149 149 151 152 158 175 181 183 179 150 160 1944 144 154 160 159 158 157 155 171 177 181 175 139 161 1945 134 143 150 162 168 168 164 172 174 171 1946 140 150 163 179 Adjusted for seasonal variation 19191 19201 1921 100 97 98 98 98 100 102 100 99 101 99 100 1922 97 99 100 99 98 99 99 99 98 100 100 101 1923 110 117 117 119 120 116 119 120 120 119 122 119 1924 115 120 122 123 121 120 121 119 120 121 116 124 1925 123 121 123 124 124 124 126 128 127 125 128 131 1926 127 128 126 126 125 127 120 123 124 126 124 125 1927 127 126 124 125 127 126 127 128 129 127 128 128 1928 128 127 129 130 130 131 131 132 131 133 136 135 1929 140 140 137 134 t32 131 134 140 138 139 138 136 1930 136 135 133 133 130 128 129 124 125 124 120 123 1931 118 116 114 113 112 110 109 107 110 109 102 98 1932 98 95 95 92 90 87 82 82 79 77 76 75 1933 74 72 69 69 70 74 79 85 92 93 88 86 1934 85 85 86 86 87 85 85 86 86 86 85 84 1935 83 82 85 86 87 87 86 87 87 89 89 89 1936 89 88 89 90 90 92 93 95 99 100 102 105 1937 107 109 112 113 115 117 118 118 117 117 115 112 1938 107 103 101 101 103 101 100 100 99 99 99 100 1939 100 100 100 101 101 102 104 105 105 107 108 108 1940 110 110 110 109 108 109 109 109 111 112 113 116 1941 117 119 118 123 122 127 131 137 142 156 157 155 1942 157 172 179 192 200 206 204 203 190 182 176 171 1943 170 156 154 149 151 155 161 163 163 163 162 167 1944 167 169 165 159 158 161 158 160 159 162 159 154 1945 156 157 154 162 168 171 167 161 155 156 155 147 1946 163 165 168 179 1 Data not available. 604 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS DEPARTMENT STORE SALES AND STOCKS [Index numbers; adjusted for seasonal variation. 1935-39 average = 100] CHICAGO FEDERAL RESERVE DISTRICT PER CENT MONTHLY PER CENT 350 350 300 250 I A 1 F STOCKS 100 \ 100 SALES i i i i i I I I 1 ! 1 i 1 I I I! I I I! ST. LOUIS FEDERAL RESERVE DISTRICT MONTHLY PER CENT 350 350 300 250 i 200 p 1 50 1 100 100 f --! 50 1 0 l i i ii 1 ! ! ! I ' 1 1 1 ] 1 j J I9E0 1935 1945 605 JUNE 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS DEPARTMENT STORE STOCKS [Index numbers; 1935-39 average — 100] ST. LOUIS FEDERAL RESERVE DISTRICT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 19191 19201 19211 1922 103 Ill 122 119 119 111 113 121 124 131 127 110 118 1923 104 128 136 135 136 127 129 141 153 156 146 127 135 1924 129 143 157 159 157 145 142 152 155 165 167 134 151 1925 129 138 151 153 150 141 140 152 159 165 170 138 149 1926 129 142 151 153 148 144 142 147 162 172 167 138 149 1927 129 136 148 152 147 139 138 141 156 163 162 135 145 1928 127 136 143 143 139 133 126 135 145 149 157 122 138 1929 116 122 132 133 132 126 120 129 135 154 147 120 130 1930 111 116 132 133 130 123 116 123 126 143 139 112 125 1931 102 108 120 117 114 107 102 109 114 125 118 96 111 1932 86 97 103 102 98 92 86 86 92 103 101 87 94 1933 73 79 80 84 79 77 79 89 101 107 106 85 87 1934 85 91 93 97 96 90 85 90 93 103 101 95 93 1935 76 91 93 97 95 87 83 86 92 101 103 82 91 1936 78 87 95 97 97 91 88 97 100 107 106 93 95 1937 93 104 114 121 120 113 110 116 118 124 122 96 112 1938 88 98 106 106 106 98 92 99 105 109 110 89 100 1939 82 94 103 104 103 99 94 100 109 121 123 94 102 1940 88 101 111 114 113 105 98 106 112 123 124 98 108 1941 94 111 121 127 131 128 128 147 154 169 170 132 134 1942 129 156 173 192 203 198 191 185 185 189 176 141 176 1943 142 136 143 143 150 146 162 169 170 172 164 131 152 1944 136 143 154 160 157 162 169 175 178 179 166 130 159 1945 128 145 152 169 172 182 181 181 190 186 175 130 166 1946 138 158 180 193 Adjusted for seasonal variation 19191 19201 19211 1922 118 116 117 115 115 117 119 119 116 120 115 126 1923 119 133 130 131 132 134 137 140 143 143 132 145 1924 148 148 152 155 152 153 150 152 146 152 150 149 1925 148 145 147 149 147 149 148 152 148 149 150 151 1926 149 150 149 149 147 150 151 150 151 152 148 149 1927 148 144 147 148 146 144 146 144 147 144 143 146 1928 146 146 141 140 138 138 135 136 138 131 139 131 1929 135 132 130 128 129 130 129 131 131 133 128 129 1930 129 126 129 129 127 127 126 126 123 123 122 120 1931 120 117 118 113 111 110 111 110 111 108 103 102 1932 102 104 101 99 95 95 94 87 89 90 89 92 1933 86 84 78 81 76 79 86 90 100 94 94 90 1934 100 95 91 92 92 92 93 90 92 91 91 102 1935 89 95 91 93 91 90 89 87 91 90 92 89 1936 92 92 93 93 92 93 95 97 97 95 95 101 1937 110 109 112 116 114 116 118 115 114 111 109 106 1938 106 104 104 101 101 101 98 99 100 97 97 99 1939 97 99 101 99 98 101 101 100 103 107 109 106 1940 104 107 109 109 108 107 104 107 106 110 110 110 1941 110 117 119 121 126 130 137 146 145 152 153 149 1942 150 166 173 184 197 200 193 181 171 171 164 162 1943 165 151 147 143 150 146 155 155 154 154 153 156 1944 158 159 158 160 157 162 162 160 160 160 155 154 1945 149 161 157 169 172 182 174 166 172 166 163 155 1946 160 175 185 193 1 Data not available. 606 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS DEPARTMENT STORE STOCKS [Index numbers; 1935-39 average = 100] MINNEAPOLIS FEDERAL RESERVE DISTRICT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1919 109 123 131 130 144 123 143 142 143 158 160 134 137 1920 145 159 172 173 176 165 167 174 182 183 178 139 168 1921 119 131 142 141 143 140 139 147 156 161 161 137 143 1922 128 139 149 141 141 135 132 139 147 154 155 128 141 1923 130 143 158 155 155 145 143 150 159 168 167 136 151 1924 137 149 162 158 161 150 145 150 163 174 176 144 156 1925 140 150 165 165 161 151 147 155 167 170 173 142 157 1926 142 149 162 163 157 148 138 143 151 154 155 125 149 1927 127 135 147 148 142 132 131 136 14/ 152 152 122 139 1928 127 138 143 144 136 128 129 131 136 143 140 117 134 1929 119 125 134 136 132 118 109 115 122 132 134 111 124 1930 110 115 122 123 118 112 106 109 118 129 132 108 117 1931 100 103 111 113 112 108 99 102 114 117 119 98 108 1932 93 96 102 102 100 94 86 85 91 96 100 85 94 1933 80 81 84 84 83 81 81 87 98 106 108 90 89 1934 85 90 95 97 95 89 83 88 95 103 106 88 93 1935 77 82 92 91 92 83 81 88 101 107 109 89 91 1936 85 90 97 98 96 90 90 94 105 109 113 93 97 1937 93 100 111 115 115 108 104 111 121 124 123 97 110 1938 89 93 100 99 103 97 92 97 107 109 112 90 99 1939 88 94 106 101 103 98 98 104 110 117 124 97 103 1940 95 102 110 109 112 102 101 106 119 125 130 106 110 1941 111 117 128 127 128 125 134 143 158 172 173 140 138 1942 136 146 165 169 187 186 189 189 187 180 173 142 171 1943 139 136 143 136 142 143 155 165 169 172 170 141 151 1944 145 154 164 158 167 167 175 185 189 192 183 145 169 1945 149 154 158 160 173 172 180 176 176 178 173 136 165 1946 151 155 167 174 Adjusted for seasonal variation 1919 123 126 127 129 141 128 147 142 136 143 146 149 1920 163 164 167 171 172 172 172 174 173 167 162 155 1921 134 135 137 139 140 146 144 147 149 146 147 152 1922 144 143 142 140 138 140 139 139 140 140 141 142 1923 146 147 150 152 152 152 152 151 152 153 152 151 1924 154 154 153 153 158 156 154 153 155 158 160 160 1925 157 154 156 158 158 157 157 158 159 156 158 158 1926 157 154 156 155 154 154 147 146 144 142 141 139 1927 139 139 141 140 140 139 139 138 141 140 138 136 1928 138 142 138 136 134 135 137 134 132 131 128 130 1929 129 129 129 129 130 124 119 121 119 120 121 119 1930 120 120 119 118 116 117 115 115 115 117 118 115 1931 110 108 109 110 110 111 108 107 110 105 104 103 1932 103 101 101 99 98 97 93 89 88 86 88 88 1933 87 86 83 82 82 84 88 91 95 95 95 94 1934 93 94 94 94 93 92 91 92 92 92 93 92 1935 86 86 90 89 90 88 88 90 94 96 96 96 1936 95 95 95 96 95 96 98 97 97 98 99 101 1937 104 106 108 112 113 114 113 114 112 111 108 105 1938 99 98 97 97 101 101 99 100 99 98 98 98 1939 98 99 102 99 102 103 106 106 104 106 109 106 1940 107 107 106 109 111 108 107 109 111 112 115 116 1941 - 122 122 125 127 128 132 139 146 149 154 154 153 1942 149 153 163 173 188 195 193 186 174 161 157 158 1943 153 142 142 143 143 148 154 156 156 154 157 161 1944 159 161 164 165 168 172 172 174 175 172 171 166 1945 163 161 157 168 174 178 177 166 163 160 160 155 1946 166 162 166 183 JUNE 1946 607 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS DEPARTMENT STORE SALES AND STOCKS [Index numbers; adjusted for seasonal variation. 1935-39 average = 100] MINNEAPOLIS FEDERAL RESERVE DISTRICT MONTHLY 1925 1930 1935 1940 KANSAS CITY FEDERAL RESERVE DISTRICT PER CENT MONTHLY PER CENT 350 350 250 250 J A T. \ srocKs f \ \ A 100 sALES *» 1 My« ! t i ll f i ll ! . 1 1 I i 1 1 \ ! . 1 1 1920 1925 1930 1935 1940 1945 608 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS DEPARTMENT STORE STOCKS [Index numbers; 1935-39 average = 100] KANSAS CITY FEDERAL RESERVE DISTRICT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 19191 19201 19211 19221 19231 1924 142 157 170 169 162 146 143 154 162 171 170 136 157 1925 143 164 179 180 149 166 158 180 191 197 198 161 172 1926 155 177 193 190 186 173 168 181 193 205 203 164 182 1927 151 176 189 185 180 168 159 186 197 211 212 163 181 1928 153 176 184 184 167 167 161 176 183 195 192 157 175 1929 146 169 176 180 173 162 155 168 177 185 187 148 169 1930 137 153 161 159 152 144 136 147 157 166 165 132 151 1931 123 139 145 142 138 130 123 134 139 144 142 117 135 1932 108 117 122 121 115 109 99 99 104 110 110 91 109 1933 84 90 92 92 92 91 89 102 112 118 116 92 98 1934 83 92 98 99 99 93 94 99 107 107 84 95 1935 80 87 97 97 96 81 87 100 107 113 93 1936 81 89 95 99 98 93 89 97 107 137 117 95 100 1937 92 104 115 119 110 107 101 110 118 120 123 96 109 1938 87 95 101 102 99 95 89 96 105 109 114 90 98 1939 86 95 102 101 99 95 90 94 103 111 117 93 99 1940 93 103 109 111 108 101 96 101 111 116 117 96 105 1941 95 104 113 116 114 114 118 128 141 161 163 132 125 1942 125 139 151 164 173 179 176 173 172 164 161 129 159 1943 127 127 136 144 141 148 167 172 175 176 168 136 152 1944 138 148 150 155 152 157 169 173 175 180 165 126 157 1945 131 138 137 151 158 164 174 175 173 176 170 126 156 1946 143 147 162 178 Adjusted for seasonal variation 19191 19201 19211 19221 19231 1924 155 156 157 157 167 154 157 154 154 159 157 157 1925 161 164 166 168 154 174 173 180 181 180 181 183 1926 181 179 180 180 191 180 184 180 183 182 183 185 1927 180 178 179 176 186 176 174 184 186 184 190 181 1928 183 179 177 177 171 175 175 174 172 171 170 173 1929 172 174 171 173 176 169 168 167 166 164 164 163 1930 160 157 156 154 152 151 149 148 147 147 145 144 1931 143 143 142 138 138 137 135 135 130 127 125 126 1932 124 121 119 118 114 114 109 101 98 98 97 96 1933 95 94 90 90 90 95 99 105 107 104 101 98 1934 95 96 96 95 96 97 98 98 95 94 93 90 1935 92 90 94 92 92 92 91 91 96 94 98 95 1936 94 93 91 93 96 97 101 101 104 120 102 104 1937 107 108 109 109 107 110 113 114 114 108 107 106 1938 101 99 95 94 96 96 99 100 102 100 101 100 1939 98 98 97 94 96 98 98 99 100 102 104 104 1940 105 105 105 103 105 105 104 105 106 107 104 106 1941 108 109 113 111 113 118 125 129 133 145 145 148 1942 142 148 157 162 171 182 178 168 157 147 146 146 1943 146 138 145 147 140 150 161 163 159 155 156 156 1944 159 162 161 160 155 157 157 158 156 159 154 151 1945 152 153 152 155 164 156 157 154 155 158 1946 165 163 180 183 i Data not available. JUNE 1946 609 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS DEPARTMENT STORE STOCKS fIndex numbers; 1935-39 average = 100] DALLAS FEDERAL RESERVE DISTRICT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1919 Ill 117 130 126 134 128 118 135 146 155 151 130 132 1920 135 149 161 165 178 177 182 206 224 220 200 135 178 1921 123 136 143 145 139 136 132 152 163 163 163 123 143 1922 126 132 143 142 139 126 122 135 144 148 147 118 135 1923 118 133 143 147 144 135 134 150 158 162 160 131 143 1924 132 147 157 161 153 143 140 154 161 167 166 132 151 1925 132 147 158 158 158 144 144 159 171 170 170 131 154 1926 130 139 150 154 145 132 125 136 146 150 146 116 139 1927 113 126 135 136 132 122 116 129 141 146 146 111 129 1928 111 120 129 128 124 112 106 123 132 137 138 106 122 1929 108 119 126 127 124 111 108 122 135 140 141 111 123 1930 107 112 119 120 117 108 100 107 118 131 131 98 114 1931 93 89 105 104 99 94 87 95 105 108 109 83 98 1932 76 83 86 85 79 76 68 69 78 81 86 66 78 1933 61 68 71 72 70 67 66 77 92 95 96 73 76 1934 71 79 86 89 87 81 76 85 93 99 99 76 85 1935 74 81 89 91 89 81 78 86 97 102 106 79 88 1936 76 84 93 98 95 89 86 96 105 106 114 91 95 1937 89 100 109 114 111 103 101 110 123 123 122 91 108 1938 86 95 107 109 103 96 93 102 120 119 121 94 104 1939 94 101 109 109 102 95 95 106 118 121 125 98 106 1940 100 111 119 122 112 103 100 108 121 127 128 104 113 1941 103 108 119 124 119 118 123 136 150 163 166 136 130 1942 136 147 160 171 174 171 169 173 172 167 160 126 161 1943 130 125 137 145 144 151 178 188 191 192 180 145 159 1944 159 162 168 171 168 175 189 199 198 199 189 148 177 1945 148 155 166 176 186 201 212 212 237 218 202 166 190 1946 161 169 185 202 Adjusted for seasonal variation 1919 124 123 132 130 130 128 130 127 129 136 134 158 1920 152 157 163 167 175 181 200 197 198 193 178 163 1921 140 143 142 144 137 140 143 146 146 145 147 146 1922 144 139 140 138 137 133 132 131 129 132 134 136 1923 134 138 139 140 141 144 144 146 147 146 145 151 1924 152 153 152 153 150 152 150 150 148 151 151 152 1925 152 153 153 151 155 153 155 156 157 153 153 151 1926 149 145 146 146 142 141 136 135 134 134 131 133 1927 130 131 131 130 130 130 129 129 129 129 129 126 1928 126 125 125 123 122 121 121 124 121 121 120 119 1929 123 126 124 123 123 119 122 124 123 121 121 122 1930 121 119 117 116 117 115 114 111 108 114 110 107 1931 106 95 104 102 100 99 99 98 96 94 91 90 1932 87 88 85 84 81 80 78 71 71 71 72 72 1933 71 72 70 69 70 71 75 78 83 83 81 81 1934 82 84 86 86 85 86 86 86 84 86 85 85 1935 86 86 88 87 87 86 87 87 88 89 93 90 1936 89 90 91 93 93 95 96 96 95 94 99 102 1937 103 106 106 108 110 111 112 110 111 109 106 103 1938 99 100 103 104 103 104 103 103 108 105 105 106 1939 107 106 104 104 103 103 105 108 107 107 108 109 1940 112 115 114 116 114 112 110 110 111 112 112 115 1941 115 115 117 119 123 125 131 134 138 144 148 150 1942 153 161 165 170 181 178 164 161 156 148 147 145 1943 145 141 144 148 151 155 166 168 171 170 167 173 1944 176 182 176 177 177 180 175 176 176 176 177 177 1945 165 174 175 182 196 208 196 187 212 193 189 198 1946 179 190 195 208 610 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS DALLAS FEDERAL RESERVE DISTRICT [Index numbers; adjusted for seasonal variation. 1935-39 average = 100] DALLAS FEDERAL RESERVE DISTRICT 1925 1935 1945 SAN FRANCISCO FEDERAL RESERVE DISTRICT PER CENT MONTHLY 350 611 JUNE 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED INDEX OF DEPARTMENT STORE STOCKS DEPARTMENT STORE STOCKS [Index numbers; 1935-39 average = 100] SAN FRANCISCO FEDERAL RESERVE DISTRICT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1919 82 84 86 88 90 86 89 101 119 122 124 106 98 1920 107 118 124 136 131 132 124 122 138 139 132 105 125 1921 98 97 101 109 108 105 104 110 124 119 120 100 108 1922 103 106 115 116 105 103 103 100 114 111 118 103 108 1923 106 108 117 125 120 120 113 116 131 133 137 112 120 1924 113 118 130 136 132 127 122 121 133 139 138 114 127 1925 117 118 124 131 128 124 122 126 136 143 139 118 127 1926 123 123 133 140 134 129 124 125 135 143 149 124 132 1927 125 130 137 139 139 132 128 128 136 147 148 127 135 1928 126 130 139 137 140 131 129 128 136 146 149 121 134 1929 118 123 131 138 135 128 120 127 136 149 154 123 132 1930 121 126 133 138 132 124 117 117 124 128 133 109 125 1931 107 109 112 120 117 108 104 104 115 118 116 94 110 1932 98 92 97 101 97 89 79 77 82 88 91 73 89 1933 73 71 75 76 73 73 67 76 89 100 103 79 80 1934 80 81 86 90 92 85 80 79 89 91 95 76 85 1935 76 81 89 92 90 87 84 86 92 100 104 83 89 1936 84 88 96 102 98 94 91 90 104 110 114 90 97 1937 89 95 106 115 115 110 108 102 119 123 124 94 108 1938 91 94 102 105 104 99 97 95 110 109 112 89 101 1939 91 97 105 111 109 103 100 99 115 122 123 96 106 1940 99 106 113 119 119 112 106 107 121 128 127 103 113 1941 105 111 120 124 129 128 132 141 156 178 178 145 137 1942 143 153 168 185 209 220 220 209 205 204 185 140 187 1943 155 142 155 163 167 169 184 193 206 187 191 155 172 1944 158 162 169 179 191 185 185 191 192 195 183 135 177 1945 147 149 157 176 191 200 200 205 207 205 202 144 182 1946 161 167 177 212 Adjusted for seasonal variation 1919 90 89 86 85 88 87 95 106 107 112 113 117 1920 117 125 124 130 128 133 131 128 124 128 121 115 1921 108 103 100 104 105 105 110 115 111 110 110 109 1922 112 112 114 111 102 103 109 105 108 103 108 113 1923 115 114 117 120 117 120 120 121 124 122 125 122 1924 123 125 129 130 128 128 128 126 126 128 126 125 1925 127 124 123 125 125 127 129 132 128 132 127 128 1926 134 130 131 133 130 131 131 130 132 131 135 135 1927 136 136 135 132 135 135 135 134 133 135 134 137 1928 136 137 137 131 136 133 136 134 133 134 132 132 1929 128 129 130 131 131 131 130 132 133 137 136 134 1930 131 132 131 131 128 126 126 124 121 117 117 118 1931 116 114 112 114 113 110 112 111 113 108 103 102 1932 102 96 97 96 94 90 86 82 80 81 80 79 1933 78 75 75 72 71 73 73 81 83 92 91 86 1934 86 86 86 86 89 86 87 85 83 82 84 85 1935 84 86 89 88 87 88 88 92 87 90 92 93 1936 94 92 96 98 94 95 95 96 97 99 101 101 1937 102 102 106 110 111 111 112 108 111 111 110 106 1938 105 101 101 99 99 100 101 101 102 98 99 100 1939 103 104 105 106 104 104 105 105 107 110 109 108 1940 112 114 113 113 114 113 111 114 113 115 112 116 1941 119 119 120 125 124 129 138 141 145 160 157 163 1942 161 173 180 186 199 214 206 200 190 182 173 169 1943 176 162 167 165 161 166 174 176 183 169 181 189 1944 180 184 182 181 184 182 175 174 171 176 173 165 1945 168 169 169 178 184 196 189 186 184 185 191 176 1946 183 190 190 215 612 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Regulation U Forbids Partial Transfers In other words, it is the view of the Board that the present withdrawal restrictions in effect pro- The Board has been requested to rule whether hibit the transfer of a part of a loan between bora loan already outstanding under Regulation U rowers, or any dividing up of a loan which has such may be divided up so that there will be two or more an effect. separate borrowers (and loans) instead of the original one. The sum total of indebtedness and The ruling in the 1937 BULLETIN, page 715, was specifically limited to questions that "affect the collateral would not be changed and the "subtransferee bank." It did not consider the question divided" loans might all continue to be held by of transfers between borrowers, and it would in any the original lending bank, or one or more of them event be superseded, to the extent inconsistent, by might be transferred to other banks. later changes in the Regulation. Amendment No. 5 to Regulation U which became effective July 16, 1945, vitally affects this ques- Consumer Credit tion, as that amendment changed section 1 of the Regulation, particularly with regard to withdrawals. Veterans Insured Loans Excepted It limited many activities in a loan—including trans- The question has been presented whether section actions which a bank would effect if it permitted a 8(o) of Regulation W applies not only to extensions borrower to transfer part of a loan to another of credit "guaranteed" by the Administrator of borrower. Veterans' Affairs, but also to loans insured by the The effect of these restrictions is more readily Administrator pursuant to section 508, which was apparent if we consider a simple case. The original added to Title III of the Servicemen's Readjustborrower has a $30,000 loan secured by 1,000 shares ment Act of 1944 by the Act of December 28, 1945. with a total market value of $50,000. He wishes When section 8(o) was added to Regulation W, to sell 500 shares ($25,000 market value) and to Title III provided only for the guaranteeing of transfer the shares, with $15,000 of indebtedness, to loans by the Administrator. The new section prothe purchaser. He would retain the rest of the loan vides: and collateral for himself. It is evident that there would be a withdrawal "Sec. 508. (a) Any loans which might be of collateral having a $25,000 market value and a guaranteed under the provisions of this Title reduction of only $15,000 in the loan. This would # # # may, in lieu of such guarantee, be inclearly violate the present requirement that in such sured by the Administrator * * *". a case the loan be "reduced by an amount equal to There are differences in mechanics and in perthe current market value of the collateral withcentage of coverage as between guaranteed loans drawn." Section 3(e), dealing with the transfer of and insured loans, but the objective of both the "a loan," should not be construed to permit such a guaranty and the insurance is the same. Consepartial transfer that would vitiate one of the keyquently, the Board is of the opinion that the word stones of the Regulation. "guaranteed" can be taken to include the word "in- The result would be similar if the bank arsured" for purposes of section 8(0). ranged a combination of transfers. These might be arranged so that all transfers would be made at Loans to Veterans Under New Jersey Law once and the original borrower would step out of the picture at the same time. However, this would Chapter 121 of the 1946 Pamphlet Laws of the not change the fundamental fact that forbidden State of New Jersey amends the New Jersey Act for withdrawals would occur. guaranteeing and insuring loans to veterans by add- JUNE 1946 613 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT ing a section making it applicable to certain loans the Trading With the Enemy Act, as Amended by the First to finance the purchase of household furnishings War Powers Act, 1941, Relating to Foreign Funds Control* and household appliances. The question has been Public Circular No. 28, issued May 29, 1945, is hereby revoked. asked whether such loans are exempted from the requirements of Regulation W by the provisions of FRED M. VINSON, section 8(0). Secretary of the Treasury. Although, with this amendment, the New Jersey statute is less "similar" to the Federal Servicemen's Treasury Department Readjustment Act of 1944 than it was prior to the amendment, the Board is nevertheless of the opinion Foreign Funds Control that loans of the type referred to above, as well as May 10, 1946 the other loans guaranteed or insured under the New Jersey statute, are exempted by section 8(0). REVOCATION OF GENERAL LICENSE NO. 71 Under Executive Order No. 8389, as Amended, Executive Foreign Funds Control Order No. 9193, as Amended, Section 5(b) of the Trading With the Enemy Act, as Amended by the First War Powers Treasury Department Releases Act, 1941, Relating to Foreign Funds Control** General License No. 71, issued August 16, 1941, as The following releases relating to transactions in amended February 9, 1943, is hereby revoked. foreign exchange, etc., in addition to those heretofore published in the Federal Reserve BULLETIN, FRED M. VINSON, have been issued by the Office of the Secretary of the Secretary of the Treasury. Treasury under authority of the Executive Order of April 10, 1940, as amended, and the Regulations * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, issued pursuant thereto: April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, Treasury Department 1942, as amended by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, as amended June 14, 1941, July 26, 1941, and February 19, 1946. Foreign Funds Control ** Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 May 10, 1946 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, REVOCATION OF PUBLIC CIRCULAR NO. 28 July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended Under Executive Order No. 8389, as Amended, Executive by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, as amended June 14, 1941, July 26, 1941, and February 19, Order No. 9193, as Amended, Sections 3(a) and 5{b) of 1946. 614 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Federal Reserve Meetings Indiana The Federal Advisory Council held a meeting in Plainville—Farmers State Bank Washington on May 19-20, 1946, and met with the Board of Governors of the Federal Reserve System Kentucky on May 20, 1946. Science Hill—Peoples Bank Changes in Board's Staff New Jersey J. Burke Knapp has been appointed as an As- Elmer—Elmer Trust Company sistant Director of the Board's Division of Research and Statistics effective June 1, 1946. Mr. Knapp Oklahoma was associated with the Board's Division of Research and Statistics from February 1940, to Broken Bow—Citizens State Bank August 1944, when he resigned to accept a position with the Department of State. He returned to the Pennsylvania Board in October 1945, and has been serving in the Bridgeville—The Bridgeville Trust Company capacity of Special Assistant to the Chairman on Hanover—Peoples Bank of Hanover International Finance. David M. Kennedy has been appointed Special Texas Assistant to the Chairman effective June 1, 1946. Corpus Christi—First State Bank of Corpus Mr. Kennedy was originally employed in the Christi Board's Division of Bank Operations in April 1930, and since May 1941, has been associated with the Member Bank Earnings in 1945 Board's Division of Research and Statistics where, prior to his present appointment, he has been An article based on preliminary figures of memserving in the capacity of Assistant Chief of the ber bank earnings in 1945 appeared on pages 376- Government Securities Section. 83 of the April 1946 issue of the Federal Reserve BULLETIN. Detailed figures of earnings and related Admissions of State Banks to Membership in the items are now available and appear on pages 674- Federal Reserve System 685 of this BULLETIN, together with selected ratios. The following State banks were admitted to The final figures are not substantially different from membership in the Federal Reserve System during the preliminary figures on which the article was the period April 16, 1946, to May 15, 1946: based. 615 JUNE 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled May 24, and released for publication May 27] Industrial output declined somewhat in April in activity in the railroad equipment industry and and the early part of May owing to the coal strike. in output of many types of electrical equipment. Employment in the economy as a whole, how- Production of lumber and stone, clay, and glass ever, continued to expand in April. The value products was maintained at the March level, which of retail trade was maintained at record levels and was above the same period last year. commodity prices rose further. Output of most nondurable goods was maintained in April at about the March level. Activity INDUSTRIAL PRODUCTION at cotton mills declined slightly, owing to reduced coal supplies, but output at other textile mills The Board's seasonally adjusted index of inadvanced further. The number of animals dustrial production declined 2 per cent in April slaughtered under Federal inspection continued INDUSTRIAL PRODUCTION to decline sharply in April. Output of flour and JUSTED. I935-39-I0O FOR TOTAL bakery products decreased somewhat in April A and is expected to decline substantially in May as 240 f V rAL r M R A A C N f 5PORFATION - 120 a result of the stringent wheat supply situation. 220 \ £ EQUIPMENT 100 Minerals production declined by a fourth from 200 / M N A O N N U m FA m CT ; U R R l E F S / -K—— 80 March to April, reflecting primarily the drop in 180 1 1 bituminous coal output. There was also a further reduction in output of metals, while crude 160 f petroleum production increased in April and early OTHER V 140 1 DURABLE ^ May. On May 13 bituminous coal production 1 was resumed under a temporary work agreement, and during the week ending May 18 output was 70 per cent of the pre-strike weekly rate. MINERALS I Value of construction contracts awarded rose 1940 1942 1944 1946 1940 1942 1944 1946 sharply in April, according to reports of the F. W. Federal Reserve indexes. Groups are expressed in terms of points in the total index. Monthly figures, latest shown are Dodge Corporation. The increase reflected a very for April. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS and was at 164 per cent of the 1935-39 average. LLIONS OF PERSONS MILLIONS OF PERSONS The drop in coal output after April 1 and the resultant curtailment in operations in some industries were offset in part by substantial increases in activity in the automobile and electrical machinery industries following settlement of wage disputes in the latter part of March. Production of durable manufactures as a group rose 3 per cent in April. Iron and steel production declined about*6 per cent; decreased output of pig iron and open hearth and bessemer steel was partly offset by a sharp rise in electric steel production. In May activity at steel mills con- 1940 1942 1944 1946 1940 1942 1944 1946 tinued to decline as a result of coal shortages and Latest figures shown are for April. during the past two weeks has averaged only about 50 per cent of capacity. large expansion in awards for private residential The number of passenger cars and trucks as- construction to a record level; awards for most sembled in April was 80 per cent greater than in other types of private construction were maintained March, and there also were substantial increases at recent high levels. 616 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS EMPLOYMENT in large decreases in loadings of manufactured products but bituminous coal shipments were re- Nonagricultural employment continued to gain sumed, and total loadings increased slightly. in April notwithstanding the bituminous coal strike, and unemployment decreased by about BANK CREDIT 350,000. Manufacturing employment rose by Treasury deposits declined, reflecting disburseabout 400,000 largely because of settlement of major labor disputes, and construction employ- ments in excess of receipts, and deposits subject to ment showed a further large gain. reserve requirements increased during April and the first three weeks of May. Reserve balances COMMODITY PRICES increased less than required reserves, and excess Price ceilings on grains were increased sub- reserves declined to about 700 million dollars on stantially on May 13 and ceilings for a number of May 22. Federal Reserve holdings of Government securities, which declined substantially in WHOLESALE PRICES the early months of the year, have increased somebO what since the middle of April. / Member bank holdings of Treasury bills, cer- FARM PRODUCT + S i* v ft tificates, and notes declined in April and the first half of May, while holdings of Treasury bonds 10 increased further. Loans at member banks in lead- - ^ ^~~* ** ing cities declined, reflecting largely reductions in OTHER* loans for purchasing and carrying Government 90 if - securities. In the latter part of April the Reserve Banks, 70 with the approval of the Board of Governors, eliminated the wartime preferential discount rate • 1 50 • OTHER TH. FARM F-O0UCT8 AND F00W. of about one-half of 1 per cent on advances to member banks secured by Government obligations Bureau of Labor Statistics' indexes. Weekly figures, latest shown are for week ending May 18. due or callable in not more than one year. The nonagricultural products have also been raised regular discount rate on advances secured by during the past month. Recent price increases Government obligations or eligible paper remains for industrial products have usually been between at 1 per cent. 10 and 20 per cent. Recent advances announced Yields of Government securities, which declined for automobiles were smaller than these amounts in the early weeks of the year, rose sharply in the but they were in addition to price increases made latter part of April and early in May. earlier this year. GOVERNMENT SECURITY HOLDINGS OF BANKS IN LEADING CITIES Retail prices of most groups of commodities con- BILLIONS OF DOLL/ tinued to show small advances in April and the 30 L 1 consumers' price index increased one-half per r BONDS cent to a point 3 per cent higher than in April 1945. " t 1 / r J : DISTRIBUTION r : Retail sales continued at a high rate in April p : and the first half of May. During the past four J 15 )~ weeks department store sales have been one-third L. CER \ : larger in value than in the corresponding period of 1945. . h F/—' ,—~** NOTES X : Freight carloadings declined sharply in April, " u reflecting chiefly the drop in coal shipments. Ship- n [-^ ^ —^r^ BILLS ^^W ments of most manufactured products continued 1939 1940 1941 1942 1943 1944 1945 1946 to increase until the week ending May 18. In Excludes guaranteed securities. Data not available prior to Feb. 8. 1939; certificates first reported on Apr. 15, 1942. that week interruptions in freight service resulted Wednesday figures, latest shown are for May 22. JUNE 1946 617 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 621 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements. . . 622-623 Federal Reserve Bank statistics.... 623-627 Guaranteed war production loans 627 Deposits and reserves of member banks 627-628 Money in circulation 629-630 Gold stock; bank debits and deposit turnover 630 Deposits and currency; Postal Savings System; bank suspensions. . 631 All banks in the United States, by classes 632-633 All insured commercial banks in the United States, by classes. . 634-635 Weekly reporting member banks 636-639 Commercial paper, bankers' acceptances, and brokers' balances. . 640 Money rates and bond yields. ... 641 Security prices and new issues.... 642-643 Corporate earnings and dividends. . 644 Treasury finance 645-647 Government corporations and credit agencies. 648 Business indexes 649-658 Department store statistics. . 659-662 Consumer credit statistics. . . 663-665 Cost of living 665 Wholesale prices 666 Gross national product, national income, and income payments. 667 Current statistics for Federal Reserve chart book 668-670 Number of banking offices in the United States 671 Number of banks and branches in operation on Dec. 31, 1945. 672-673 Member bank earnings, 1945 674-684 Insured commercial bank earnings, 1942-1945.. 685 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System arc derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies 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. JUNE 1946 619 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 30 1939 1940 1941 1942 1943 1944 (945 10 1939 1940 1941 1942 1943 1944 1945 1946 Wednesday figures, latest shown are for May 22. See p. 621. 620 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve Treas- balances U. S.Government Treas- ury de- Other securities ury Money Treas- posits Non- Fed- Dis- Gold cur- in cir- ury with mem- eral c v o a a a n u n d c n d - e ts s Total T b u r i e r l a y ls s- All ot A h l e l r1 Total stock s r t o e i a n n u n g c t d - y - c t u io la n - h c i o n a l g s d h s - F B s e R e a d r e n e v - r k e a s l b p e o r s i d t e s - c s o R e a u r c e v n - - e ts Total c E e x ss - 2 and other certificates Monthly averages of daily figures: 1945— M Fea b r 2 2 3 4 3 5 1 1 9 9 , , 1 5 5 0 2 9 1 1 6 7 , , 4 3 4 1 0 3 2 2 , , 7 1 1 9 2 6 4 5 9 0 4 0 2 1 0 9 , ,8 2 7 5 9 3 2 2 0 0 , , 5 4 1 4 9 8 4 4 , , 1 1 2 2 5 0 2 2 5 5 , , 5 8 2 5 7 0 2 2 , , 3 3 7 5 7 7 5 2 3 6 6 9 1 1 , , 6 4 3 9 3 5 4 4 1 2 0 3 1 1 4 4 , , 0 4 4 2 0 9 1,0 9 1 5 0 2 Apr 360 20,115 17,985 2,129 459 20,93420,400 4,120 26,009 2,367 504 1,516 437 14,621 931 1946—Feb 367 23,150 20,811 2,340 417 23,93420,197 4,426 27,944 2,307 856 1,248 517 15,685 1,131 Mar 566 22,549 20,243 2,307 418 23,53320,237 4,464 27,913 2,274 809 1,167 536 15,536 1,031 Apr .. 433 22,260 19,855 2,406 376 23,07020,252 4,510 27,923 2,261 448 1,120 550 15,531 1,024 End of month figures: 1945—Feb. 28..., 321 19,439 16,748 2,692 398 20,15820,506 4,122 25,751 2,355 460 1,581 410 14,228 965 Mar. 31.... 245 19,669 17,490 2,180 396 20,31120,419 4,119 25,899 2,346 647 1,361 429 14,166 796 Apr. 30 489 20,455 18,344 2,111 362 21,307 20,374 4,130 26,189 2,371 446 1,549 437 14,818 918 1946—Feb. 28 347 22,904 20,584 2,320 397 23,64820,232 4,451 27,954 2,301 829 1,193 519 15,537 1,014 Mar. 30.... 626 22,601 20,234 2,366 402 23,63020,256 4,480 27,879 2,288 1,593 1,213 540 14,853 627 Apr. 30 279 22,732 20,166 2,566 346 23,35720,251 4,537 27,885 2,263 679 1,166 547 15,606 959 Wednesday figures: 1945—July 3... 39 21,745 18,948 2,798 464 22,249 20,213 4,145 26,834 2,285 667 1,647 450 14,722 1,408 July 11.... 7321,544 18,747 2,798 411 22,02820,214 4,145 26,932 2,230 585 1,617 453 14,570 1,136 July 18 126 21,613 18,816 2,798 430 22,17020,213 4,144 26,901 2,274 690 1,553 450 14,660 1,048 July 25.... 229 21,570 18,771 2,799 331 22,129 20,212 4,144 26,926 2,279 594 1,539 450 14,699 994 Aug. 1.... 399 21,877 19,066 2,811 288 22,564 20,152 4,198 27,130 2,260 678 1,532 454 14,861 1,063 Aug. 8 353 21,910 19,099 2,811 342 22,606 20,151 4,197 27,269 2,269 538 1,588 457 14,833 1,066 Aug. 15.... 312 21,869 19,058 2,811 601 22,782 20,130 4,198 27,351 2,257 398 1,643 458 15,004 1,132 Aug. 22.... 400 22,296 19,466 2,829 447 23,142 20,088 4,201 27,506 2,248 671 1,557 458 14,992 1,018 Aug. 29 442 22,358 19,516 2,841 263 23,06320,088 4,215 27,600 2,262 397 1,577 458 15,070 986 Sept. 5.... 377 22,435 19,670 2,765 380 23,192 20,088 4,216 27,750 2,269 304 1,529 463 15,180 966 Sept. 12 457 22,808 20,014 2,795 412 23,677 20,096 4,216 27,793 2,267 598 1,538 465 15,329 964 Sept. 19.... 301 22,965 20,116 2,850 441 23,707 20,095 4,222 27,777 2,268 428 1,525 475 15,552 1,039 Sept. 26.... 422 23,186 20,306 2,880 285 23,892 20,093 4,222 27,729 2,263 961 1,506 475 15,274 893 Oct. 3.... 314 23,212 20,297 2,916 294 23,82120,072 4,248 27,853 2,268 648 1,469 484 15,420 1,001 Oct. 10 313 23,272 20,357 2,916 338 23,92320,040 4,257 27,962 2,282 535 1,419 485 15,537 1,027 Oct. 17.... 316 22,901 19,985 2,916 482 23,69920,039 4,262 27,952 2,249 293 1,324 482 15,700 1,032 Oct. 24.... 389 23,089 20,192 2,898 312 23,79020,038 4,270 27,974 2,248 295 1,349 482 15,751 1,002 Oct. 31.... 439 23,276 20,379 2,898 272 23,98720,036 4,278 28,049 2,244 429 1,373 483 15,723 904 Nov. 7.... 508 23,076 20,179 2,898 292 23,877 20,035 4,285 28,137 2,268 261 1,310 484 15,737 928 Nov. 14. ... 596 23,448 20,510 2,938 455 24,49820,034 4,284 28,178 2,265 580 1,313 486 15,994 1,163 Nov. 21 630 23,343 20,372 2,970 359 24,331 20,032 4,297 28,198 2,272 410 1,360 484 15,937 1,043 Nov. 28.... 792 23,646 20,627 3,019 326 24,76420,031 4,297 28,169 2,269 557 1,351 485 16,261 1,293 Dec. 5.... 345 23,525 20,474 3,052 359 24,229 20,029 4,303 28,279 2,242 8 1,304 487 16,242 1,594 Dec. 12.... 312 23,493 20,440 3,053 460 24,26420,045 4,317 28,370 2,268 627 1,204 488 15,669 1,296 Dec. 19.... 360 23,668 20,602 3,067 829 24,859 20,066 4,326 28,557 2,288 718 1,284 496 15,906 1,332 Dec. 26.... 492 24,037 20,970 3,067 643 25,172 20,065 4,334 28,649 2,283 1,199 1,282 500 15,658 1,213 1946—Jan. 2 222 24,092 21,602 2,490 533 24,847 20,065 4,352 28,491 2,306 771 1,299 498 15,900 1,439 Jan. 9.... 215 23,859 21,377 2,482 463 24,536 20,046 4,362 28,297 2,256 758 1,307 505 15,822 1,266 Jan. 16.... 210 23,437 21,030 2,407 426 24,072 20,111 4,377 28,119 2,262 272 1,257 505 16,145 1,423 Jan. 23.... 207 23,341 20,968 2,373 373 23,922 20,135 4,385 27,977 2,282 578 1.239 506 15,859 1,169 Jan. 30.... 310 23,297 20,945 2,352 291 23,89820,157 4,404 27,914 2,295 762 1,298 507 15,681 1,061 Feb. 6.... 289 23,227 20,876 2,352 324 23,840 20,157 4,413 27,929 2,306 716 1,226 516 15,717 1,115 Feb. 13.... 411 23,253 20,904 2,349 270 23,93320,157 4,424 27,967 2,301 864 1,173 516 15,693 1,146 Feb. 20 352 23,017 20,692 2,326 417 23,787 20,233 4,434 27,955 2,318 940 1,235 516 15,490 950 Feb. 27 380 22,972 20,652 2,320 325 23,677 20,233 4,447 27,938 2,317 826 1,203 517 15,555 1,039 Mar. 6 443 22,526 20,207 2,320 327 23,297 20,232 4,451 27,957 2,284 612 1,153 531 15,444 924 Mar. 13 710 22,393 20,074 2,320 319 23,42320,232 4,456 27,946 2,260 501 1,210 530 15,663 1,112 Mar. 20 483 22,592 20,335 2,258 408 23,48320,233 4,467 27,889 2,267 774 1,230 540 15,484 929 Mar. 27 683 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.... 686 21,969 19,603 2,366 280 22,936 20,255 4,485 27,912 2,271 533 1,013 550 15,396 1,072 Apr. 10 353 22,232 19,866 2,366 261 22,846 20,253 4,492 27,955 2,259 260 1,161 550 15,406 940 Apr. 17.... 326 22,103 19,736 2,366 429 22,857 20,251 4,514 27,948 2,259 334 1,138 548 15,395 543 Apr. 24 324 22,304 19,874 2,430 274 22,90120,247 4,536 27,877 2,260 385 1,159 547 15,457 836 May 1 225 22,579 20,003 2,577 279 23,08420,251 4,535 27,888 2,267 409 1,010 548 15,747 1,111 May 8.... 207 22,732 20,134 2,598 279 23,219 20,248 4,534 27,958 2,266 314 1,162 550 15,751 1,014 May 15 145 22,660 20,019 2,641 447 23,252 20,245 4,534 27,950 2,265 504 1,110 550 15,652 916 May 22.... 16322,643 20,001 2,641 326 23,132 20,245 4,532 27,961 2,262 562 1,069 550 15,505 P696 p Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 2 End of month and Wednesday figures are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. JUNE 1946 621 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect May 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by tions other than member Government obligations and banks secured by direct Federal Reserve Bank d se is c c u o r u ed n ts b y o f e a li n g d ib l a e d v p a a n p c e e r s Other [ s S e e c c u . r e 1 d 0 ( a b d ) v ] ances obli ( g la a s ti t o p ns a r. o f S e t c h . e 1 U 3) . S. (Sees. 13 and 13a)1 Rate Effective Rate Effective Rate Effective Boston Apr. 27, 1946 Oct. 27,1942 2 Mar. 29, 1946 New York Apr. 25, 1946 Oct. 30,1942 2V2 Apr. 6, 1946 Philadelphia.. Apr. 25,1946 Oct. 17,1942 Mar. 23, 1946 Cleveland May 3, 1946 Sept. 12,1942 2 Mar. 9, 1946 A R t i l c a h n m ta ond.... M M a a y y 1 1 0 0 , ,1 1 9 9 4 4 6 6 O O c c t t . . 2 15 8 , , 1 1 9 9 4 4 2 2 2Y2 M M a a r r . . 1 1 6 6 , , 1 1 9 9 4 4 6 6 Chicago Apr. 26,1946 Aug. 29,1942 2 Mar. 16, 1946 St. Louis Apr. 26,1946 Mar. 14,1942 2 Mar. 16, 1946 Minneapolis. . Apr. 26, 1946 Oct. 30,1942 2 Mar. 23, 1946 Kansas City.. Apr. 27, 1946 Oct. 27,1942 2 Apr. 13, 1946 Dallas May 10, 1946 Oct. 17,1942 2 Mar. 16, 1946 San Francisco Apr. 25, 1946 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. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federa 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 May 31 ginning— rate [In effect May 31. Per cent per annum] To industrial or T B r a e n a k s e u r r s y ' a b c il c ls e p * tances:2 H Apr. 30, 1942 c b o u m si m ne e s rc se ia s l To financing institutions 1 9 2 1 1 1 - - - 1 1 2 8 9 0 0 0 d d d a a a y y y s s s \ O O O c c c t t t . . . 2 2 2 0 0 0 , , , 1 1 1 9 9 9 3 3 3 3 3 3 1 1 Federal On p d u is rc c h o a u s n e t s s or 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 st , 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- ing co m m O e m n n t i s tof such bills, if desired by the seller, were made on condition that the tion is portion Reserve Bank, upon request before maturity, would sell back bills of obligated like amount and maturity at the same rate of discount. Since May 15, 1943, all purchases have been made subject to repurchase option. Boston 2 B M ac i k n im fig u u m re s b . u — y S in e g e ra B t a e n s k o in n g pr a im nd e b M an o k n e e r ta s' r y a cc S e ta p t t i a st n i c cs e , s . Table 117, N Ph e i w la d Y e o l r p k hia. . . 0 () ) pp. 443-445. Cleveland () Richmond Atlanta GUARANTEE FEES AND MAXIMUM INTEREST AND COM- Chicago 2^-5 2^-5 MITMENT RATES CHARGEABLE UNDER REGULATION St. Louis V ON LOANS GUARANTEED BY WAR DEPARTMENT, Minneapolis. . . NAVY DEPARTMENT, AND MARITIME COMMIS- Kansas City. . . SION UNDER EXECUTIVE ORDER NO. 9112 AND Dallas CONTRACT SETTLEMENT ACT San Francisco.. i-S OF 1944 [Rates in effect May 31] 1 See table on maximum interest and commitment rates charge- FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS abl 2 e I n u c n l d u e d r i n R g e l g o u a l n a s t io m n a d V e f i o n r p r a a r t t e i s c i o p n a ti g o u n a r w an it t h e e f d i n S an e c c i t n io g n in 1 s 3 t b i tu lo ti a o n n s s . . 3 Rate charged borrower less commitment rate. Guarantee fee * Rate charged borrower. (In terms of per- 6 May charge rate charged borrower by financing institution, if Percentage of loan guaranteed centage of amount lower. of interest payable 8 Charge of K Per cent is made on undisbursed portion of loan. by borrower)1 Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. MAXIMUM RATES ON TIME DEPOSITS 80 or less 10 85 . 15 Maximum rates that may be paid by member banks as established by 90 20 the Board of Governors under provisions of Regulation Q 95 30 [Per cent per annum] Over 95 50 Nov. 1,1933-Feb. 1, 1935- Effective Jan. 31, 1935 Dec.31,1935 Jan. 1, 1936 MAXIMUM RATES THAT MAY BE CHARGED BORROWERS BY FINANCING INSTITUTIONS Savings deposits Postal savings deposits [Per cent per annum] Other deposits payable: In 6 months or more In 90 days to 6 months.... | 2 Maximum rate of interest.... In less than 90 days 1 Maximum commitment rate 2. NOTE.—Maximum rates that may be paid by insured nonmember 1 Guarantee fee is charged only on guaranteed portion of loan. banks as established by the F. D. I. C, effective Feb. 1, 1936, are the 2 Based on average daily unused balance of the maximum principal same as those in effect for member banks. Under Regulation Q the amount of the loan. The financing institution may, in the alterna- rate payable by a member bank may not in any event exceed the maxitive, charge a flat fee of not to exceed $50, without regard to the mum rate payable by State banks or trust companies on like deposits amount or maturity of the commitment. under the laws of the State in which the member bank is located. 622 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVE REQUIREMENTS MARGIN REQUIREMENTS * [Per cent of deposits] [Per cent of market value] Net demand deposits1 Period in effect C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C b o a u n n k t 3 ry d m b e T e a p ( i m n a o m k l s b l e s i e t ) s r S P ec re u s r c it r i i e b s e d E x in c h a a c n c g o e r d A a c n t c e o f w 1 i 9 th 34 F J 1 u e 1 9 b l 9 y 4 . 4 5 5 - 4 5 , , J J a 1 u 1 n 9 l 9 . y 4 4 5 2 6 - 5 0 , , J E a 1 t n f 9 i f . v e 4 e 2 c 6 - 1, Regulation T: For extensions of credit by brokers June 21, 1917-Aug. 15, 1936.. 13 10 7 3 and dealers on listed securities 50 75 100 Aug. 16, 1^36-Feb. 28, 1937.. 19H 15 ioy 4^ For short sales 50 75 100 Mar. 1, 1937-Apr. 30, 1937.. 22^ 12K2 SK Regulation U: May 1, 1937-Apr. 15, 1938.. 26 20 14 6 For loans by banks on stocks 50 75 100 Apr. 16, 1938-Oct. 31, 1941.. 22M ny 12 5 Nov. 1, 1941-Aug. 19, 1942.. 26 20 2 14 6 1 Regulations T and U limit the amount of credit that may be ex- Aug. 20, 1942-Sept. 13, 1942.. 24 20 14 6 tended on a security by prescribing a maximum loan value, which is a Sept. 14, 1942-Oct. 2, 1942.. 22 20 14 6 specified percentage of its market value at the time of the extension; the Oct. 3, 1942 and after 20 20 14 6 "margin requirements" shown in this table are the difference between the market value (100%) and the maximum loan value. 1 Demand deposits subject to reserve requirements, i. e., demand Back figures.—See Banking and Monetary Statistics, Table 145, p. 504. deposits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1946 1946 May 29 May 22 May 15 May 8 May 1 Apr. 24 Apr. 17 May April May Assets Gold certificates 17,344,06017,346,05517,346,06017,346,06017,346,05517,346,05517,346,06017,344,05517,346,06017,416,463 Redemption fund for F. R. notes 748,058 747,445 747,611 749,015 750,409 752,146 753.976 748,059 750,570 695,095 Total gold certificate reserves. . . 18,092,118 18,093,500 18,093,671 18,095,075 18,096,464 18,098,201 18,100,036 18,092,114 18,096,630 18,111,558 Other cash. 259,945 290,966 297,404 304,103 328,409 338,808 323,061 264,866 333,581 248,175 Discounts and advances: For member banks.. . 116,507 118,082 100,124 161,917 184,518 283,546 286,299 134,092 239,131 873,774 For nonmember banks, etc 120,000 45,000 45,000 45,000 40,000 40,000 40,000 120,000 40,000 790 Total discounts and advances 236,507 163,082 145,124 206,917 224,518 323,546 326,299 254,092 279,131 874,564 Industrial loans 1,324 1,354 1,412 1,383 1,497 1,443 1,525 1,306 1,447 4,230 Acceptances purchased. . 11,324 13,745 17,070 16,497 13,141 8,729 6,963 13,456 13,196 U. S. Gov't securities: Direct: Bills: Under repurchase option 5,248,049 4,986,372 5,056,440 5,252,329 5,276,985 5,044,548 4,900,541 5,072,062 5,102,789 4,898,361 Other 8,757,805 8,679,415 8,635,025 8,646,245 8,558,485 8,503,245 8,508,243 8,824,125 8,558,485 8,055,176 Certificates: Special Other 6,335,596 6,335,596 6,327,096 6,235,596 6,167,296 6,326,196 6,327,696 6,394,596 6,504,896 5,870,011 Notes 1,738,200 1,738,200 1,738,200 1,695,200 1,673,700 1,526,800 1,463,300 1,738,200 1,662,700 1,017,450 Bonds 902,942 902,942 902,942 902,942 902,942 902,942 902,942 902,942 902,942 1,112,642 Total U. S. Govt. securities 22,982,59222,642,525 22,659,703 22,732,31222,579,408 22,303,73122,102,72222,931,92522,731,812 20,953,640 Other Reserve Bank credit outstanding.... 324,323 311,370 428,341 261,710 265,029 264,041 419,563 317,245 331,812 298,878 Total Reserve Bank credit outstanding23,556,070 23,132,076 23,251,650 23,218,81923,083,593 22,901,490 22,857,072 23,518,024 23,357,398 22,131,312 Liabilities Federal Reserve notes. . 24,066,41323,946,502 23,950,426 23,964,22923,931,91623,927,959 23,995,13024,064,389 23,924,800 22,885,307 Deposits: Member bank — reserve account 15,688,73815,505,01715,652,42915,750,96615,747,24915,456,96515,395,10715,653,47015,605,87115,295,863 U. S. Treasurer—general account 680,516 561,524 504,134 313,900 409,255 384,630 333,717 846,175 678,668 361,571 Foreign 608,209 660,099 685,786 746,204 728,510 729,909 708,427 601,236 749,726 1,142,847 Other deposits 429,788 409,166 424,269 416,074 281,085 429,102 430,024 264,546 416,574 446,312 Total deposits 17,407,251 17,135,806 17,266,618 17,227,144 17,166,099 17,000,606 16,867,275 17,365,427 17,450,839 17,246,593 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).. 43.6 44.0 43.9 43.9 44.0 44.2 44.3 43.7 43.7 45.1 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] May 29, 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 a n ys th t s o 6 to m 1 o y n e th ar s 1 2 y y e e a a r r t s o 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 236,507 60,374 7,010 22,186 146,937 Industrial loans 1,324 1,106 7 9 56 73 Acceptances purchased 11,324 5,167 3,436 2,690 31 U. S. Government securities 22,982,592 3,657,542 2 383,8855,538,209 5,026,610 2,740,050 2,564,206 21,400 460,500 590,190 JUNE 1946 623 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificates: Apr. 24 17,346,055 726,740 5,064,744 779,0791,061,550 853,803 948,2863,638,605 534,267 316,418 550,012 433,7632,438,788 May 1 17,346,055 728,852 5,008,714 792,5541,059,159 844,220 942,8493,569,370 581,678 340,403 571,505 492,0512,414,700 May 8 17,346,060 726,902 4,922,771 780,4841,064,756 868,197 978,1023,687,965 551,963 324,549 560,539 446,9652,432,867 May 15 17,346,060 726,063 4,995,149 795,1621,055,808 850,456 959,0793,637,917 559,366 317,098 551,747 450,2442,447,971 May 22 17,346,055 734,626 5,116,657 812,2931,085,712 811,601 934,9733,579,850 557,650 312,803 544,088 453,9932,401,809 Redemption fund for F. R. notes: 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 May 1 750,409 58,240 119,938 60,315 76,891 60,322 43,808 97,129 42,633 20,018 34,939 25,867 110,309 May 8 749,015 58,173 119,671 60,214 76,800 59,844 43,734 96,999 42,602 20,011 34,911 25,828 110,228 May 15 747,611 58,102 119,408 60,100 76,707 59,342 43,656 96,894 42,570 20,002 34,890 25,801 110,139 May 22 747,445 58,102 119,339 60,101 76,707 59,276 43,656 96,894 42,570 20,002 34,890 25,801 110,107 Total gold certifi- C A cx p L r c . 2 ic 4 ScrVco. 18,098,201 785,046 5,185,420 839,4491,138,482 914,246 992,2763,735,765 576,923 336,444 584,976 459,6572,549,517 May 1 18,096,464 787,092 5,128,652 852,8691,136,050 904,542 986,6573,666,499 624,311 360,421 606,444 517,9182,525,009 May 8. 18,095,075 785,075 5,042,442 840,6981,141,556 928,0411,021,8363,784,964 594,565 344,560 595,450 472,7932,543,095 May 15 18,093,671 784,165 5,114,557 855,2621,132,515 909,7981,002,7353,734,811 601,936 337,100 586,637 476,0452,558,110 May 22 18,093,500 792,728 5,235,996 872,3941,162,419 870,877 978,6293,676,744 600,220 332,805 578,978 479,7942,511,916 Other cash: 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 May 1 328,400 30,157 81,311 20,875 30,276 22,910 22,934 34,393 12,684 3,984 19,537 10,924 38,415 May 8 304,103 28,842 77,441 20,288 25,985 21,448 22,465 30,583 10,641 4,055 17,476 10,040 34,839 May 15 297,404 27,801 79,100 19,606 26,702 19,865 20,684 30,300 11,050 3,530 16,604 9,984 32,178 May 22 290,966 25,999 73,747 19,467 23,107 20,504 22,304 30,626 10,714 4,863 16,543 9,149 33,943 Discounts & advances: Secured by U. S. Govt. sec A u p ri r t . ies 2 : 4.. 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 May 1 • • 184,518 18,309 33,551 4,154 19,850 10,199 27,000 43,055 13,350 6 100 7,450 1,500 May 8.. 161,917 16,543 24,821 7,259 34,300 4,649 3,600 52,655 12,690 700 600 2,000 2,100 May 15.. 100,124 9,068 20,196 3,434 36,030 1,800 4,732 9,555 11,515 1,900 150 1,144 600 May 22. . 118,082 4,818 20,351 3,764 " 28,400 19,000 1,950 22,305 12,400 700 2,250 1,144 1,000 Other: 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 May 1. . 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 May 8.. 45,000 2,880 14,985 3,735 4,185 2,115 1,710 6,030 1,530 1,125 1,485 1,440 3,780 May 15. . 45,000 2,880 14,985 3,735 4,185 2,115 1,710 6,030 1,530 1,125 1,485 1,440 3.780 May 22. . 45,000 2,880 14,985 3,735 4,185 2,115 1,710 6,030 1,530 1,125 1,485 1,440 3,780 Industrial loans: Apr. 24. 1,443 92 1,315 36 May 1 1,497 92 1,369 36 May 8 1,383 92 1,255 36 May 15 1,412 92 1,287 33 May 22 1,354 87 1,234 33 Acceptances purchased: Apr. 24 8,729 8,729 May 1 13,141 13,141 May 8. 16,497 16,497 May 15 17,070 17,070 May 22 13,745 13,745 U. S. Govt. securities: Bills: Under repurchase option: 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 May 1. . 5,276,985 105,493 3,411,436 192,220 113,745 75,752 28,225 791,763 105,839 32,563 51,898 21,359 346,692 May 8.. 5,252,329 89,743 3,460,155 171,715 90,570 55,802 21,375 846,622 103,528 34,253 56,752 18,329 303,485 May 15. . 5,056,440 89,433 3,316,901 169,491 91,285 53,632 17,875 823,547 76,338 32,863 53,861 17,554 313,660 May 22.. 4,986,372 89,449 3,197,291 165,425 75,875 78,544 14,325 824,461 77,784 44,965 61,912 21,991 334,350 Other bills: Apr 24. . 8,503,245 732,302 170,427 747,5421,116,126 813,416 700,250 995,758 520,146 321,821 594,244 485,1071,306,106 May 1. . 8,558,485 726.868 183,673 746,8971,090,616 816,930 703,1561,100,751 487,490 334,733 579,701 476,0161,311,654 May 8.. 8,646,245 746,824 204,717 784,0241,147,461 822,512 707,773 936,542 526,310 342,027 602,659 504,9281,320,468 May 15. . 8,635,025 750,631 202,027 755,2721,119,959 821,798 707,1831,006,637 529,309 333,213 591,159 498,4961,319,341 May 22. . 8,679,415 745,849 212,672 750,2961,145,981 824,622 709,5181,044,086 535,719 321,995 582,019 482,8591,323,799 Certificates: 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 May 1.... 6,167,296 408,418 1,552,117 465,947 594,056 386,863 308,688 795,063 309,809 176,001 293,733 261,066 615,535 May 8 6,235,596 413,278 1,568,554 471,157 600,839 391,205 312,268 803,807 313,104 177,924 297,055 264,012 622,393 May 15 6,327,096 419,841 1,590,453 478,144 609,959 397,029 317,093 815,509 317,498 180,497 301,517 267,970 631,586 May 22 6,335,596 420,436 1,592,520 478,793 610,796 397,568 317,532 816,600 317,912 180,739 301,925 268,337 632,438 Notes: 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 May 1 1,673,700 110,837 421,218 126,450 161,216 104,990 83,774 215,767 84,077 47,762 79,713 70,849 167,047 May 8 1,695,200 112,353 426,424 128,088 163,343 106,353 84,894 218,521 85,121 48,369 80,756 71,775 169,203 May 15.... 1,738,200 115,340 436,935 131,357 167,569 109,074 87,112 224,040 87,225 49,587 82,832 73,618 173,511 May 22 1,738,200 115,349 436,916 131,357 167,575 109,075 87,117 224,038 87,221 49,586 82,836 73,618 173,512 Bonds: 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 May 1.... 902,942 59,796 227,243 68,218 86,974 56,641 45,195 116,404 45,358 25,767 43,004 38,222 90,120 May 8 902,942 59,844 227,133 68,225 87,004 56,649 45,219 116,395 45,339 25,764 43,014 38,231 90,125 May 15 902,942 59,916 226,974 68,236 87,047 56,661 45,252 116,382 45,311 25,759 43,029 38,242 90,133 May 22 902,942 59,920 226,964 68,236 87,050 56,662 45,255 116,381 45,309 25,758 43,031 38,242 90,134 Total U. S. Govt. securities: Apr. 24 22,303,731 1,399,867 5,627,6111,600,8582,060.0521,427,0821,151,2632,951,0711,051,166 610,2931,051,756 881,4822,491,230 May 1 22,579,408 1,411,412 5,795,6871,599,7322,046,6071,441,1761,169,0383,019,7481,032,573 616,8261,048,049 867,5122,531,048 May 8 22,732,312 1,422,042 5,886,9831,623,2092,089,2171,432,5211,171,5292,921,8871,073,402 628,3371,080,236 897,2752,505,674 May 15 22,659,703 1,435,161 5,773,2901,602,5002,075,8191,438,1941,174,5152,986,1151,055,681 621,9191,072,398 895,8802,528,231 May 22 22,642,525 1,431,003 5,666,3631,594,1072,087,2771,466,4711,173,7473,025,5661,063,945 623,0431,071,723 885,0472,554,233 624 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Total loans and securities: Apr. 24 22,637,449 1,423,966 5,754,5661,623,2422,100,6721,439,0371,171,5882,975.8211,074,186 618,8931,074,976 882,8122,497,690 May 1 22,818,564 1,432,373 5,855,6991,608,5752,070,1771,453,2911,197,5583,068,1631,047,283 623,9261,056,819 868,7922,535 908 May 8 22,957,109 1,441,557 5,943,2861,635,4582,127,7021,439,3211,176,8392,980,5721,087,622 630,162 1,082,321 900,7152,511,554 May 15 22,823,309 1,447,201 5,825,5411,610,9562,116,0341,442,1421,180,9573,001,7001,068,726 624,9441,074,033 898,4642,532,611 May 22 22,820,706 1,438,788 5,715,4441,602,8402,119,8621,487,6191,177,4073,053,9011,077,875 624,8681,075,458 887,6312,559,013 Due from foreign banks: Apr. 24 110 7 137 9 10 5 4 15 4 3 4 3 9 May 1 110 7 137 9 10 5 4 15 4 3 4 3 9 May 8 110 7 137 9 10 5 4 15 4 3 4 3 9 May 15 110 7 137 9 10 5 4 15 4 3 4 3 9 May 22 110 7 137 9 10 5 4 15 4 3 4 3 9 Federal Reserve notes of other banks: 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 May 1.... 137.847 3,738 17,756 5,838 6,658 39,867 12,090 14,755 7,251 4,172 6,560 3,172 15,990 May 8.... 123,333 3,076 15,379 4,957 5,175 38,455 8,820 13,031 7,606 3,227 4,530 3,955 15,122 May 15. ... 124,189 3,080 17,035 5,072 5,187 35,205 10,138 11,560 9,177 4,115 5,233 4,109 14,278 May 22 115,806 3,082 16,222 4,708 4,690 32,752 9,604 11,720 7,561 3,283 4,990 3,960 13,234 Uncollected items: 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 May 1 2,004,296 152,454 429,304 122,723 189,110 153,752 150,974 297,877 88,435 47,625 111,328 82,873 177,841 May 8 1,818,921 136,744 375,654 119,728 168,724 147,424 126,847 280,900 84,812 45,853 88,893 74,856 168,486 May 15 2,474,584 186,302 556,443 165,108 249,241 184,959 155,156 409,697 107,518 55,730 107,232 96,051 201,147 May 22 2,095,994 145,015 462,585 118,948 198,753 168,665 143,209 320,172 89,261 50,943 100,979 88,870 208,594 Bank premises: 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 May 1 33,079 1,334 8,601 3,266 3,951 2,741 1,554 3,094 2,040 1,275 2,568 817 1,838 May 8 33,021 1,334 8,601 3,266 3,951 2,741 1,554 3,096 2,040 1,215 2,568 817 1,838 May 15 33,021 1,334 8,601 3,266 3,951 2,741 1,554 3,096 2,040 1,215 2 568 817 1,838 May 22 33,072 1,334 8,601 3,266 3,942 2,742 1,553 3,096 2,040 1,275 2,568 817 1,838 Other assets: 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 May 1 53,283 3,208 11,056 3,364 5,911 3,347 2,908 6,701 3,248 1,496 4,053 2,249 5,742 May 8 53,445 3,329 11,927 3,528 5,983 3,424 3,012 6,732 3,325 1,444 2,440 2,392 5,909 May 15. 55,356 3,395 12,313 3,682 6,105 3,613 3,081 7,320 3,337 1,556 2,531 2,423 6,000 May 22 56,632 3,575 12,641 3,820 6,036 3,691 2,969 7,290 3,264 1,554 3,026 2,617 6,149 Total assets: 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 May 1 43,472,043 2,410,36311,532,4162,617,5193,442,1432,580,4552,374,6797,091,4971,785,2561,042,9021,807,3131,486,7485,300,752 May 8 43,385,117 2,399,96411,474,7672,627,9323,479,0862,580,8592,361,3777,099,8931,790,6151,030,5191,793,6821,465,5715,280,852 May 15 43,901,644 2,453,28511,613,6272,662,9613,539,7452,598,3282,374,3097,198,4991,803,7881,028,1931,794,8421,487,8965,346,171 May 22 43,506,786 2,410,52811,525,2732,625,4523,518,8192,586,8552,335,6797,103,5641,790,9391,019,5941,782,5461,472,8415,334,696 Liabilities Federal Reserve notes: Apr. 24 23,927,959 1,454,917 5,326,2701,603,2882,027,4381,659,0381,427,2884,360,525 1,041,377 550,214 885,476 587,8923,004,236 May 1 23,931,916 1,450,624 5,344,1421,602,2292,024,7621,657,7401,429,0624,358,334 1,042,822 549,852 885,631 589,0072,997,711 May 8 23,964,229 1,452,885 5,345,4321,604,0762,029,1871,653,7141,427,6644,373,063 1,044,562 553,014 888,041 591,0883,001,503 May 15 23,950,426 1,452,014 5,344,9111,606,7862,028,0071,650,0121,425,3794,379,828 1,043,113 551,760 884,722 588,8282,995,066 May 22 23,946,502 1,451,141 5,357,8851,607,0942,031,4271,644,6041,420,1954,383,3431,042,044 552,769 883,781 588,5532,983,666 Deposits: Member bank —reserve account: Apr. 24.. 15,456,965 684,601 4,853,983 775,6861,118,130 687,376 717,1262,244,601 580,392 377,721 760,203 719,1311,938,015 May 1. . 15,747,249 696,089 5,034,209 775,0221,118,161 693,894 714,4962,236,284 597,885 392,935 765,949 748,6731,973,652 May 8.. 15,750,966 701,844 4,942,782 785,2501,144,476 711,232 744,7272,275,776 601,232 387,352 767,269 755,3381,933,688 May 15. .15,652,429 713,837 4,886,044 778,6251,143,830 694,302 734,1822,256,839 590,272 378,373 751,861 747,2661,976,998 May 22. . 15,505,017 692,809 4,855,733 767,2801,136,757 697,985 715,5692,213,260 584,792 379,542 750,202 744,5041,966,584 U. S. Treasurergeneral ac- Apr 24. . 384,630 27,801 124,762 20,104 34,642 26,299 20,658 54,332 10,805 11,224 11,412 11,790 30,801 May 1. . 409,255 24,123 145,288 27,698 4,995 24,613 35,197 71,677 8,378 23 752 11,033 27,643 4,858 May 8. . 313,900 26,176 72,793 21,317 32,551 17,380 16,863 49,174 13,106 15,330 10,452 6,240 32,518 May 15.. 504,134 24,754 152,423 39,821 44,691 33,000 24,812 63,994 19,420 17,821 17,991 22,630 42,777 May 22.. 561,524 43,079 174,791 41,451 60,030 29,539 20,770 79,531 22,768 13,310 14,937 16,928 44,390 Foreign: Apr. 24. . 729,909 44,297 2 271,012 57,064 63,940 32 314 26.126 92,128 23,376 17,188 22,688 22,001 57,775 May 1. . 728,510 44,391 2 269,410 57,079 63,955 32,322 26,132 92,151 23,382 17,192 22,694 22,006 57,796 May 8.. 746,204 45,419 2 276,308 58,423 65,462 33,083 26,748 94,322 23,932 17,597 23,229 22,524 59,157 May 15. . 685,786 41,758 2 253,987 53,683 60,151 30,399 24,578 86,669 21,991 16,170 21,344 20,697 54,359 May 22. . 660,099 40,217 2 243,633 51,785 58,024 29,324 23,709 83,604 21,213 15,598 20,589 19,965 52,438 Other: Apr. 24.. 429,102 2,275 342,394 3,828 11,403 3,718 3,439 3,420 9,489 3,472 278 1,591 43,795 May 1. . 281,085 2,609 184,272 4,326 4,985 6,397 4,033 6,226 11,382 4,496 2,714 4,100 45,545 May 8. . 416,074 2,842 331,877 3,052 4,582 5,258 1,802 3,778 9,920 2,678 2,008 2,391 45,886 May 15. . 424,269 3,247 345,738 2,779 4,508 4,049 1,695 3,610 10,148 2,660 1,411 1,481 42,943 May 22. . 409,166 2,988 331,018 2,958 4,793 3,410 1,362 3,665 9,748 2,713 393 2,395 43,723 Total deposits: Apr. 24 17,000,606 758,974 5,592,151 856,6821,228,115 749,707 767,3492,394,481 624,062 409,605 794,581 754,5132,070,386 May 1 17,166,099 767,212 5,633,179 864,125 1,192,096 757,226 779,8582,406,338 641,027 438,375 802,390 802,4222,081,851 May 8 17,227,144 776,281 5,623,760 868,042 1,247,071 766,953 790,1402,423,050 648,190 422,957 802,958 786,4932,071,249 May 15 17,266,618 783,596 5,638,192 874,9081,253,180 761,750 785,2672,411,112 641,831 415,024 792,607 792,0742,117,077 May 22 17,135,806 779,093 5,605,175 863,4741,259,604 760,258 761,4102,380,060 638,521 411,163 786,121 783,7922,107,135 Deferred availability items: 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 May 1 1,739,377 151,543 353,567 99,368 166,366 134,415 139,730 241,706 78,613 37,499 96,644 73,366 166,560 May 8 1,557,321 129,702 303,283 103,833 143,646 128,939 117,410 218,636 74,960 37,783 79,927 65,945 153,257 May 15 2,046,353 176,543 427,693 129,227 199,180 155,275 137,468 322,061 95,935 44,435 94,740 84,827 178,969 May 22 1,784,734 139,011 359,433 102,649 168,178 150,528 127,720 254,567 87,362 38,792 89,654 78,233 188,607 1 After deducting $73,000 participations of other Federal Reserve Banks on Apr. 24; May 1; May 8; May 15; and on May 22. 2 After deducting $458,578,000 participations of other Federal Reserve Banks on Apr. 24; $458,692,000 on May 1; $469,498,000 on May 8; $431,404,000 on May 15; and $416,149,000 on May 22. JUNE 1946 625 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars! Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Other liabilities including accrued div.: Apr. 24 12,971 676 4,306 734 1,178 597 543 1,946 434 487 456 482 1,132 May 1 12,694 752 3,578 721 1,138 593 518 2,069 455 834 473 403 1,160 May 8 12,888 737 3,949 770 1,243 660 562 1,986 493 382 495 432 1,179 May 15 13,139 737 4,090 765 1,199 597 524 2,060 473 544 493 480 1,177 May 22 12,915 748 3,650 794 1,247 649 575 2,066 465 393 602 504 1,222 Total liabilities: Apr. 24.... 42,751,576 2,361,136 11,271,435 2,576193 3,422,6112,558,876 2,327,3927,011,639 1,744,9391,001,9721,782,4331,439,8325,253,118 May 1 42,850,086 2,370,13111,334,4662,566,443 3,384,3622,549,9742,349,1687,008,447 1,762,9171,026,5601,785,1381,465,1985,247,282 M M a a y y 1 8 5. . . .4 4 3 2 , , 2 7 7 6 6 1 , , 5 5 3 8 6 2 2 2 , , 4 3 1 5 2 9, , 6 8 0 9 5 01 1 1 1 , , 4 2 1 7 4 6 , , 8 4 8 2 6 4 2 2 , , 6 5 1 7 1 6 , , i, 7 6 2 8 1 6 3 3 , , 4 4 2 8 1 1 , , 1 5 4 6 7 62 2, , 5 5 5 6 0 7 , , 2 6 6 3 6 4 2 2 , , 3 3 3 4 5 8, :, 6 7 3 7 8 6 7 7, , 1 01 1 6 5 , , 7 0 3 6 5 11 1 , , 7 7 8 6 1 8, , 2 3 0 5 5 21 1 , , 0 0 1 1 1 4 , , 7 1 6 3 3 6 1 1 , , 7 7 7 71 2 , , 4 5 2 6 1 21 1 , , 4 4 6 4 6 3 , , 2 9 0 5 9 8 5 5 , , 2 2 9 2 2 7 , , 2 1 8 8 9 8 May 22 42,879,957 2,369,99311,326,1432,5"7"4,011 3,460,456 2,556,039 2,309,9007,020,036 1,768,3921,003,1171,760,1581,451,0825,280,630 Capital Acc'ts: Capital paid in: 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 May 1. . . • 181,719 10,815 64,331 13,471 18,153 7,594 6,756 21,568 5,788 3,953 5,969 6,570 16,751 May 8 181,761 10,815 64,328 13,481 18,160 7,598 6,765 21,577 5,791 3,954 5,970 6,571 16,751 May 15 181,871 10,817 64,332 13,482 18,246 7,598 6,765 21,565 5,800 3,955 5,972 6,581 16,758 May 22 181,936 10,809 64,338 13,489 18,257 7,601 6.783 21,574 5,809 3,955 5,974 6,589 16,758 Surplus (section 7): 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 May 1 358,355 22,439 116,860 28,946 33,745 15,593 14 450 53,029 12,939 8,869 11,891 10,670 28,924 May 8.... 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 May 15. .. . 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 May 22 358,355 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): 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 May 1 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 May 8.... 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 May 15. . . . 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 May 22 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: 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 May 1. . . . 54,455 3,966 9,554 4,158 4,876 3,968 3,543 7,024 3,085 2,447 3,178 3,003 5,653 May 8 55,991 4,093 9,950 4,283 5,027 4,076 3,624 7,123 3,153 2,487 3,263 3,065 5,847 May 15 . . . . 57,454 4,127 10,344 4,346 5,181 4,177 3,694 7,415 3,170 2,533 3,280 3,129 6,058 May 22 59,110 4,275 10,727 4,505 5,354 4,296 3,784 7,496 3,272 2,580 3,386 3,193 6,242 Total liabilities and capital accounts: Apr. 24 43,371,753 2,401,296 11,468,988 2,627,1373,480,232 2,589,294 2,352,8097,094,317 1,767,1751,018,2781,804,5321,461,314 ,306,381 May 1 43,472,043 2,410,36311,532,4162,617,5193,442,143 2,580,455 2,374,6797,091,497 1,785,2561,042,9021,807,3131,486,748 ,300,752 May 8 43,385,117 2,399,96411,474,7672,627,9323,479,086 2,580,859 2,361,3777,099,8931,790,6151,030,5191,793,6821,465,571 ,280,852 May 15 43,901,644 2,453,285 11,613,6272,662,9613,539,745 2,598,328 2,374,3097,198,499 1,803,7881,028,1931,794,8421,487,896 ,346,171 May 22 43,506,786 2,410,528 11,525,2732,625,452 3,518,819 2,586,8552,335,6797,103,5641,790,9391,019,5941,782,5461,472,841 ,334,696 Commitments to make industrial loans: Apr. 24.... 1,550 701 401 200 3 178 67 May 1 1,681 741 401 299 3 170 67 May 8 1,914 854 521 299 3 170 67 May 15 1,845 816 521 270 3 170 65 May 22 5,411 837 521 265 3,603 170 15 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap 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): Apr. 24 24,737,540 1,486,056 5,502,6861,657,4652,101,1831,732,4061,482,459 4,451,5701,082,291560.779 916,566 619,512 35,,1144,567 May 1 24,619,621 1,482,137 5,491,9601,644,400 2,089,5641,719,2341,,468,756 4,439,3721,077,274 559,881 911,846 613,843 35,,1121,354 May 8 24,607,164 1,476,355 5,502,268 1,645,6312,087,3501,714,0051,464,936 4,437,1961,079,212562,098 911,581 614,119 3,112,413 May 15 24,620,800 1,481,692 5,503,6951,646,3032,087,5391,709,3361,466,1874,439,6721,082,097562,328 908,064 616,2243,117,663 May 22 24,629,806 1,480,935 5,509,6771,655,2352,084,9671,707,7191,464,454 4,456,3551,077,412 561,339 907,668 613,7773,110,268 Collateral held against notes outstanding: Gold certificates: 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 May 1 11,289,000 410,000 3,420,000 500,000 635,000 570,000 640,000 2,545,000 300,000170,000 280,000169,0001,650,000 May 8 11,389,000 410,000 3,420,000 500,000 635,000 570,000 640,000 2,545,000 300,000170,000 280,000169,0001,750,000 May 15 11,399.000 410,000 3,420,000 500,000 635,000 570,000 640,000 2,555,000 300,000170,000 280,000169,0001,750,000 May 22 11,444,000 410,000 3,445,000 500,000 635,000 570,000 640,000 2,575,000 300,000 170,000 280,000169,0001,750,000 Eligible paper: Apr. 24 208,401 21,447 104,906 17,749 10,039 21,660 7,600 21,900 3,100 May 1 94,613 18,309 33,551 4,154 10,199 13,350 6,100 7,450 1,500 May 8 69,362 16,543 24,821 7,259 4,649 12,690 700 600 2,100 May 15 48,663 9,068 20,196 3,434 1,800 11,515 1,900 150 600 May 22 64,283 4,818 20,351 3,764 19,000 12,400 700 2,250 1,000 U. S. Govt. securities: Apr. 24 13,991,199 1,100,000 2.100,0001,200,0001,550,0001,175,000 850,0001,900,000 916,199 400,000 700,000 500,0001,600,000 May 1 14,005,839 1,100,000 2,100,0001,200,0001,550,0001,175,000 850,0001,900,000 930,839 400,000 700,000 500,0001,600,000 May 8 14,003,528 1,100,000 2,100,0001,200,0001,550,0001,175,000 850,0001,900,000 928,528 400,000 700,000 500,0001,600,000 May 15 13,976,338 1,100,000 2100,0001,200,0001,550,0001,175,000 850,0001,900,000 901,338 400,000 700,000 500.0001,600,000 May 22 13,977,784 1,100,000 2100,0001,200,0001,550,0001,175,000 850,0001,900,000 902,784 400,000 700,000 500,0001,600,000 Total collateral: Apr. 24 25,713,600 1,531,447 5,624,9061,717,7492,185,0001,785,0391,515,000 4,465,0001,237,859 577,600 1,001,900 669,000 3,403,100 May 1 25,389,452 1,528,3095,553,5511,704,154 2,185,0001,755,1991,490,000 4,445,0001,244.189 576,100 987,450 669,000 3,251,500 May 8 25,461,890 1,5 26,543 5.,544,8211,707,2592,185,0001,749,6491,490,000 4,445,0001,241,218 570,700 980,600 669,000 3,352,100 May 15 25,424,001 1,519,068 5,540,1961,703,434 2,185,0001,746,8001,490,000 4,455.0001,212,853 571,900 980,150 669,000 3,350,600 May 22 25,486,067 1,514,818 5,565,3511,703,764 2,,185,0001,764,000 1,490,000 4,475,0001,215,184 570.700 982,250 669,000 3,351,000 626 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 [Amounts in thousands of dollars] All Ce c n i t t r y a l b r a e n s k e s rve Re- Gua a r u a t n h t o e r e i d z e l d oans Gua lo ra a n n t s eed a A v a d a m i d l i a o t b i u o l n e n t a t l o week M en o d n i t n h g , o F r riday b m a b n e e m k r s - 1 New Chi- b s c a e i n r t v y k e s b C a t o n r u y k n s - * to date outstanding borrowers York Date under guar- 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 a 4 l 5 r — es M er a v r es held: 14,429 3,911 887 5,739 3,892 Apr 14,621 4,023 890 5,793 3,916 1942 1946—Mar 15,536 3,970 858 6,169 4,539 June 30 565 310,680 81,108 69,674 137,888 Apr 15,531 4,015 872 6,127 4,517 Sept. 30 1,658 944,204 427,918 356,677 230,720 Dec. 31 2,665 2,688,397 803,720 632,474 1,430,121 Mar. 29 15,378 3,933 852 6,096 4,497 Apr. 5 15,320 3,933 779 6,088 4,520 1943 Apr. 12 15,484 3,948 856 6,129 4,551 Mar. 31 3,534 3,725,241 1,245,711 999,394 1,865,618 Apr. 19 15,534 3,996 872 6,140 4,526 June 30 4,217 4,718,818 1,428,253 1,153,756 2,216,053 Apr. 26 15,508 4,041 870 6,120 4,477 Sept. 30 4,787 5,452,498 1,708,022 1,413,159 2,494,855 May 3 15,623 4,073 884 6,152 4,515 Dec. 31 5,347 6,563,048 1,914,0401,601,518 3,146,286 May 10 15,748 4,065 882 6,221 4,580 May 17 15,720 4,043 883 6,227 4,567 1944 Excess reserves: Mar. 31 5,904 7,466,762 2,009,511 1,680,046 3,615,963 1945—Mar 1,010 18 2 272 719 June 30 6,433 8,046,672 2,064,318 1,735,777 3,810,797 Apr 931 12 14 227 678 Sept. 30 6,882 8,685,753 1,960,785 1,663,489 4,301,322 1946—Mar 1,031 1 -6 225 812 Dec. 30 7,434 9,310,582 1,735,970 1,482,038 4,453,586 Apr 1,024 36 24 215 748 1945 Mar. 29 971 15 10 185 761 Mar. 31 7,886 9,645,378 1,599,120 1,365,959 3,963,961 Apr. 5 1,032 17 8 227 780 June 30 8,422 10,149,315 1,386,8511,190,944 3,694,618 Apr. 12 1,045 11 5 235 794 Sept. 30 8,695 10,313,868 1,073,892 916,851 3,043,674 Apr. 19 997 14 8 219 756 Dec. 31 8,757 10,339,400 510,270 435,345 966,595 Apr. 26 902 17 6 185 694 May 3 955 16 8 214 717 1946 May 10 1026 15 6 251 754 Jan. 31 8,761 10,340,275 427,278 363,048 764,093 May 17 13 6 233 P717 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: Apr. 30 8,770 10,343,018 171,036 147,164 286,701 1945—Mar 244 109 86 48 Apr 360 127 2 150 80 1946—Mar 526 297 42 133 54 Apr 393 139 47 148 60 agreements outstanding represents amounts repaia, guarantees Mar. 29 683 323 102 161 97 Liable but not completed, and authorizations expired or withdrawn. Apr. 5 686 214 207 168 97 Apr. 12 455 187 48 129 91 Apr. 19 363 125 148 90 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Apr. 26 351 83 i 165 102 [Amounts in thousands of dollars M M a a y y 1 3 0 2 2 8 2 7 7 42 2 1 1 5 3 1 2 9 8 2 5 May 17 179 2 90 78 3 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 d a s y y ) t N b u A e m r a p - t p 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 c u r l A e o o t o t m p v e u n - e d - n o d 1 t t ) s (a t 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 u o n d m u t- t i n s n i t t g ) - ( s a P p t m a a a o t r n u o i t d o i u t- c i n n n i s t - g ) c b R o e e r u 1 P s n e W b 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 o y d u r f i r e s e c c s e o o s u u t o i n n f m t t s r a y e t a x e n b c s d e a . s n s a k d W s r v e m e a s e n e a k c r y l v e y s e i s n f f i c o g l o r u u f r d n e e o s a n l s o l m m f m e a b m l o e l r m b a r e o m b r w e o r b i u n a n g b n t s a k s n o s o , k f f s e a l t F l c a e . n m d d e e r m a o l - f 1934 984 49,634 20,966 13,589 8,225 1,296 1935 1,993 124,493 11,548 32,493 27,649 8,778 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1936 2,280 139,829 8,226 25,526 20,959 7,208 SMALL CENTERS * 1937 2,406 150,987 3,369 20,216 12,780 7,238 [Averages of daily figures. In millions of dollars] 1938 2,653 175,013 1,946 17,345 14,161 12,722 1939 2,781 188,222 2,659 13,683 9,220 10,981 1940 2,908 212,510 13,954 9,152 5,226 6,386 In places of 15,000 In places of under 1941 3,202 279,860 8,294 10,337 14,597 19,600 and over population 15,000 population 1942 June 24... 3,352 338,822 26,346 11,265 16,832 26,430 Demand Demand J D u e n c e . 1 9 3 3 4 0 1 3 . . . . . . 3 3, , 4 4 5 2 2 3 4 4 0 7 8 5 , , 7 4 3 6 7 8 3 4, , 2 2 4 0 8 3 1 1 4 3 , , 1 0 2 4 6 4 1 1 0 2 , ,1 6 3 6 2 1 1 1 7 9 , , 3 0 0 7 5 0 d e e b i x n p a c t o n e e s k r p i - 2 t t s de T p i o m s e its d e e b i x n p a c t o n e e s k r p i - 2 t ts de T p i o m s e its Dec. 31. .. 3,471 491,342 926 10,532 9,270 17,930 1944 April 1945 14,479 6,374 9,360 4,389 June 30... 3,483 510,857 45 11,366 4,048 11,063 March 1946 17,411 7,679 12,110 5,316 Dec. 30. .. 3,489 525,532 1,295 3,894 4,165 2,706 April 1946 17,229 7,755 11,980 5,376 1945 Mar. 31. .. 3,493 528,936 85 4,214 3,321 2,365 Boston 2,144 832 357 216 June 30. .. 3,502 537,331 70 3,252 5,224 2,501 New York 3,382 2,001 1,119 1,049 S D e e p c t . . 3 30 1 . . . . . . 3 3, , 5 5 1 0 1 5 5 5 4 4 0 4 , , 2 9 4 6 1 1 3 1 2 3 0 0 3 1 , , 1 9 6 9 6 5 4 1 , , 2 64 9 4 1 2 1 , , 0 08 1 6 8 C Ph le i v la e d la e n lp d hia 1 1 , , 2 5 2 0 5 4 8 6 5 8 0 0 1,0 9 9 7 1 0 7 7 9 3 4 6 1946 Richmond 1,202 362 886 415 Jan. 31 3,512 545,372 195 1,843 1,579 1,046 Atlanta 1,719 455 743 186 Feb.28.... 3,513 546,149 545 1,590 1,575 976 Chicago 2,109 1,240 1,604 837 Mar. 30.... 3,519 547.581 755 1,536 2.063 1,014 St. Louis 650 306 976 242 Apr. 30.... 3,520 551,512 4,095 1.486 1,631 1,034 Minneapolis 574 262 702 383 1 Includes applications approved conditionally by the Federal Re- D K a a l n l s a a s s City 5 9 3 3 2 1 1 1 0 1 2 3 1 1 , , 5 4 0 3 7 0 18 5 5 8 serve Banks and under consideration by applicant. San Francisco. . . 1,256 552 596 274 2 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 been given permission to carry the same reserves as country banks. the sum of the following four columns represents repayments of ad- All reserve cities have a population of more than 15,000. vances, and applications for loans and commitments withdrawn or 2 Includes war loan deposits, shown separately for all country banks expired. in the table on the following page. 627 JUNE 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Gross demand deposits De- Reserves with Federal Bor- De- mand Reserve Banks rowmand Net bal- ings Class of bank U.S. de- de- Time ances at Federal Re a s n e d rve district Total I b n a t n e k r- w G a m o r d v e e e l n - o r t n a - n Other j p u a o st d s e i - t d s 8 p m o d a s e i n t - s d * po d s e i - ts8 m f d r d e o u o s m e t - ic Total qu R i e re - d c E e x s - s s F e e R e r r e v d a - l e posits2 banks Banks First half of April 1946 All member banks 99,519 12,243 18,816 68,460 64,232 70,800 25,307 5,911 15,520 14,407 1,113 484 Central reserve city banks New York 26,385 4,240 5,761 16,385 15,107 19,291 1,321 87 3,983 3,937 46 191 Chicago 5,607 1,201 1,311 3,095 2,831 3,912 744 122 859 827 33 92 Reserve city banks 37,192 5,684 7,064 24,444 22,424 26,406 10,138 1,796 6,130 5,889 240 145 Boston 2,327 274 554 1,498 1,399 1,631 182 43 343 337 6 4 New York 614 26 119 469 443 445 285 24 112 106 6 2 Philadelphia 2,719 343 586 1,790 1,660 1,927 203 77 405 398 8 7 Cleveland 4,286 520 906 2,860 2,665 3,029 1,193 160 700 677 22 23 Richmond 2,392 354 451 1,587 1,452 1,709 430 112 390 368 22 4 Atlanta 2,376 614 406 1,355 1,211 1,687 380 144 384 360 23 4 Chicago 4,406 482 905 3,019 2,805 3,015 1,844 281 756 714 42 39 St. Louis 2,187 606 412 1,169 1,036 1,533 301 113 335 325 10 25 Minneapolis 1,194 319 278 597 528 783 158 64 168 166 2 4 Kansas City 2,999 904 451 1,644 1,475 2,119 333 267 473 444 29 30 Dallas 2,523 566 424 1,533 1,417 1,764 300 222 407 371 36 San Francisco 9,170 676 1,570 6,924 6,334 6,762 4,530 287 1,658 1,624 33 Country banks 30,335 1,117 4,681 24,537 23,871 21,191 13,104 3,905 4,548 3,753 795 55 Boston 2,592 92 544 1,956 1,871 1,795 1,046 177 346 314 31 9 New York 4,597 86 1,003 3,507 3,378 3,179 3,043 301 726 628 99 31 Philadelphia 2,207 16 392 1,800 1,755 1,554 1,469 222 368 306 63 3 Cleveland 2,624 27 475 2,122 2,073 1,806 1,586 299 438 348 90 3 Richmond 2,223 136 336 1,751 1,684 1,515 774 317 311 259 52 4 Atlanta 2,710 248 337 2,125 2,060 1,885 641 435 369 302 67 1 Chicago 3,779 71 605 3,103 3,044 2,603 2,071 523 607 489 119 1 St. Louis 1,759 130 195 1,434 1,397 1,269 547 264 255 211 44 1 Minneapolis 1,353 73 189 1,091 1,065 942 646 199 215 171 44 Kansas City 2,123 81 182 1,860 1,836 1,517 286 409 298 230 68 Dallas 2,485 131 206 2,148 2,110 1,745 171 506 335 255 80 San Francisco 1,882 27 216' 1,640 1,598 1,380 825 252 280 243 37 Second half of April 1946 All member banks. 99,890 12,124 18,066 69,700 65,334 71,831 25,401 5,862 15,542 14,606 935 302 Central reserve city banks: New York 26,530 4,294 5,513 16,723 15,436 19,705 1,321 57 4,047 4,020 27 86 Chicago 5,835 1,145 1,254 3,436 3,146 4,114 752 178 884 868 16 1 Reserve city banks.. 37,229 5,590 6,790 24,849 22,736 26 ,613 10,170 1,807 6,123 5,933 191 150 Boston 2,333 280 533 1,520 1,411 1,647 183 46 345 340 5 6 New York 613 26 115 473 447 451 286 22 109 107 2 Philadelphia 2,708 345 563 1,799 1,653 1,928 207 72 408 398 10 " 5* Cleveland 4,286 505 871 2,910 2,699 3,046 1,196 163 700 681 19 38 Richmond 2,388 353 433 1,601 1,466 1,727 432 108 391 371 20 9 Atlanta 2,369 593 392 1,385 1,234 1,687 383 145 374 360 14 13 Chicago 4.435 479 869 3,087 2,870 3,062 1,853 295 761 724 38 28 St. Louis 2,174 587 397 1,190 1,057 1,547 303 101 333 328 6 20 Minneapolis 1,184 312 266 606 534 784 159 63 168 166 2 7 Kansas City 2.996 892 433 1,672 1,502 2,116 334 284 462 443 19 21 Dallas 2,519 565 406 1,548 1,418 1,765 302 223 400 371 28 San Francisco.... 9,225 654 1,512 7,059 6,446 6,855 4,532 284 1,671 1,643 28 Country banks. .. 30,296 1,095 4,509 24,692 24,016 21,399 13,157 3,821 4,487 3,785 702 65 Boston 2,597 95 522 1,980 1,891 1,819 1,050 177 348 318 31 13 New York 4,575 84 963 3,528 3,395 3,198 3,058 296 723 631 92 27 Philadelphia. . 2,212 15 379 1,818 1,765 1,570 1,478 215 364 309 55 11 Cleveland 2,620 27 458 2,135 2,086 1,826 1,586 292 432 351 81 4 Richmond 2,224 134 322 1,767 1,700 1,534 778 313 307 261 45 5 Atlanta 2,701 240 325 2,137 2,072 1,907 642 417 357 305 52 1 Chicago 3,788 70 587 3,131 3,071 2,630 2,083 523 599 493 106 1 St. Louis 1,751 125 187 1,438 1,404 1,277 550 257 251 212 39 1 Minneapolis. .. 1,341 70 183 1,088 1,062 945 645 191 209 171 38 1 Kansas City... 2,114 78 177 1,860 1,838 1,528 288 397 291 231 60 Dallas 2,498 130 198 2,169 2,131 1,774 172 498 330 259 72 San Francisco. 1,875 27 208 1,641 1,601 1,390 827 245 276 244 31 1 Averages of daily closing figuresf or reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. 2 Figures include Series E bond deposit accounts, but do not include certain other demand deposits of the U. S. Government with member banks and, therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 3. » Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (other than war loan and Series E bond accounts) on the latest available call report date. 4 Demand deposits subject to reserve requirements, i. e., demand deposits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. «Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. 628 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 3$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 4,167 442 402 33 719 ,229 1,342 1,360 364 618 125 237 10 1934 5,536 4,292 452 423 32 771 ,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 ,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 ,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 ,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 ,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—November... 25,019 17,461 ,144 962 78 129 5,990 157 561 1,946 4,056 546 981 10 23 3 December. .. 25,307 17,580 ,156 987 81 150 5,983 224 730 1,996 4,153 555 990 10 24 3 1945—January 25,290 17,456 ,150 950 77 102 5,936 242 837 2,022 4,228 566 990 10 21 3 February.... 25,751 17,778 ,158 953 75 135 6,076 381 974 2,059 4,317 571 994 10 24 1 March 25,899 18,000 ,170 954 73 132 6,132 539 900 2,088 4,266 550 965 9 23 1 April 26,189 18,353 ,180 957 73 151 6,238 754 837 126 4,210 527 932 9 33 1 May 26,528 18,715 ,196 972 73 2,186 6,377 7,911 814 159 4,192 513 909 33 1 June 26,746 19,183 ,205 981 73 2,215 6,515 8,193 565 132 4,044 483 868 31 2 July 27,108 19,599 ,223 995 73 2,250 6,659 8,400 511 139 4,013 472 847 32 2 August 27,685 20,141 ,236 ,003 73 2,301 6,826 8,700 546 180 4,038 466 832 22 2 September... 27,826 20,235 ,243 ,001 72 2,288 6,815 8,816 592 204 4,071 464 825 21 2 October 28,049 20,381 ,252 ,000 71 2,274 6,779 9,004 671 2,243 4,123 461 816 21 2 November... 28,211 20,500 ,263 ,009 71 2,279 6,783 9,095 7,713 2,264 4,154 457 811 20 2 December. . . 28,515 20,683 ,274 ,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 24 2 1946—January 27,917 20,126 ,261 985 69 2,217 6,568 9,027 7,794 2,316 4,224 445 779 22 3 February.... 27,954 20,139 ,264 982 68 2,211 6,570 9,044 7,816 2,322 4,248 443 772 22 1 March 27,879 20,045 ,269 984 67 2,191 6,547 8,986 7,834 2,327 4,267 442 768 22 1 April , 27,885 19,997 ,280 987 66 2,173 6,509 8,981 7,889 2,337 4,309 439 773 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. * Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money T s A t o a p t 1 n a r 9 d l . 4 i 3 o 6 n 0 u g , t , - A c g s e a o r s g l t s i d i a l e f v i c i n c e a u s a r n r t t d i e ty s Tr c e a a s s h ury R F B e e a F a d s n o n e e d r r k r v a s e l B h R F a a e n e e g l d s k d e e s e n r r b t a v a s y n e l d Ap 1 r 9 . 46 30, Ma 1 r 9 . 4 6 31, Ap 1 r 9 . 45 30, agents Gold 20,251 18,147 22,104 Gold certificates 18,147 15,281 2,815 51 51 52 Federal Reserve notes 24,616 105 826 23,685 23,741 22,384 Treasury currency—total 4,537 32,238 54 334 4,149 4,087 3,753 Standard silver dollars 494 329 24 2 138 137 122 Silver bullion . . ... 1 909 1 909 Silver certificates and Treasury notes of 1890. . 32,238 260 1,979 1,917 1,594 Subsidiary silver coin 869 17 22 830 824 772: Ivtinor coin 321 5 4 312 309 287 United States notes 347 5 39 303 306 321 Federal Reserve Bank notes 480 1 5 473 479 537 National bank notes 117 1 1 115 116 121 w Total—April 30, 1946 (4) 20,386 2,263 15,281 3,975 27,885 March 31, 1946 .. 20,310 2,288 15,260 4,464 27,879 April 30 1945 20,052 2,371 15,392 3,769 26,189 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. 621, and seasonally adjusted figures in table on p. 630- 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. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. JUNE 1946 629 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES [Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars] Amount— Amount— Change in Gold Net Ear- Do- Date f u o n r a s d e j a u s s o te n d al ad s j e u a s s te o d n al for s a e d as ju o s n t a e l d ly Period a s t t o e c n k d I i n n c r g e o a l s d e im go p l o d rt g m ol a d r : k d ed e- m g e o s ld tic variation variation series1 pe o ri f od stock or export cre o a r s e in (— - ) t d i u o c n - 1 End of year figures: 1939 7,598 +742 19342 8,238 4,202 5 1 133 9 82 6 92.9 1940 8,732 + 1,134 1935 10 125 1 887 2 1 739 0 2 110 7 1941 11,160 +2,428 1936 311,258 1 132 5 1 116 6 —85 9 131.6 1942 15,410 +4,250 1937 312 760 1 502 5 1 585 5 —200 4 143 9 1943 20,449 +5,039 1938 14,512 1,751.5 1,973.6 -333.5 148.6 1944 25,307 +4,858 1939 17 644 3 132 0 3 574 2 —534 4 161 7 1945 28,515 +3,208 1940 21,995 4 351 2 4 744 5 —644 7 170.2 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—December 25,207 24,957 +293 1945 20,065 —553 9 — 106 3 -356 7 34 8 1945—January 25,243 25,167 +210 1945—May 20,270 -103.3 -18.3 -66.9 2.6 F M e a b r r c u h ary 2 2 5 5 , , 8 5 5 2 0 7 2 2 5 5 , , 5 9 2 2 7 8 + +4 3 0 6 1 0 J Ju u l n y e 2 20 0 ,2 1 1 5 3 2 — — 6 5 0 7 6 3 — — 83 7 8 0 — 1 9 0 6 0 0 3 2 2 5 1 April 26,009 26,219 +291 August 20,088 -64.6 -12.3 -63.0 3.4 May 26,351 26,537 +318 September.. 20,073 -15.0 13.5 -19.0 2.9 June 26,561 26,694 + 157 October.... 20,036 -36.9 -4.3 34.6 3.8 July 26,918 26,972 +278 November.. 20,030 -6.2 .8 -38.2 4.0 August 27,392 27,530 +558 December. . 20,065 35.2 19.3 -4.3 3.8 September 27,765 27,821 +291 1946—January.. . . 20,156 91.0 154.1 -12.5 4.0 October 27,943 27,943 + 122 February. .. 20,232 76.3 82.4 -5.8 (4) November..... 28,151 28,067 + 124 March 20,256 23.9 31.4 19.7 (4) December 28,452 28,170 + 103 A M p a r y il ^ 2 2 0 0 ,2 2 4 5 2 1 P- — 9 5 .0 2 P — ( 2 4) 0 5 52 1 7 5 . 5 1 ( ( 4 4 ) ) 1946—January 28,158 28,074 -96 M Fe a b r r c u h ary 2 2 7 7 , , 9 9 1 4 3 4 2 2 7 7 , , 9 9 9 4 7 4 -1 + 3 5 0 3 1 P A P n re n l u im al in f a ig r u y r . es through 1944 are estimates of the United States April 27,923 28,148 + 151 Mint. Annual figure for 1945 and monthly figures are those published May 27,978 28,175 +27 in table on p. 688, adjusted to exclude Philippine Islands production received in United States. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and 1 For end of year figures, represents change computed on absolute $35 a fine ounce thereafter. amounts in first column. 3 Includes gold in the Inactive Account amounting to 27 million NOTE.—For discussion of seasonal adjustment factors and for back dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. figures on comparable basis see September 1943 BULLETIN, pp. 822-826. 4 Not yet available. * Because of an apparent recent change in the seasonal pattern around 5 Gold held under earmark at the Federal Reserve Banks for foreign the year end, adjustment factors have been revised somewhat for dates account amounted to 4,249.8 million dollars on May 31, 1946. Gold affected, beginning with December 1942; seasonally adjusted figures under earmark is not included in the gold stock of the United States, for money in circulation, as shown in Banking and Monetary Statistics, NOTE.—For back figures, see Banking and Monetary Statistics, Table Table 111, p. 414, and described on p. 405, are based on an older series 156, pp. 536-538, and for description of statistics see pp. 522-523 in of adjustment factors. 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 6 7 7 4 9 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 s 974 102 404 543 479 760 89 799 18 3 9 7 351 602 412 800 24 2 16 1 1945—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 38,28<5 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 73,963 30,498 36,210 7,255 16.6 8.7 27,425 31,402 25.6 16.2 March »-87,579 35,670 r43,449 8,459 17.8 r9.4 32,831 36,543 27.5 16.8 April 87,532 37,208 42,122 8,201 19.0 9.2 33,290 36,478 27.6 16.8 rrK Reevviisseead.. 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. 3 See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four 630 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] Total Total Time deposits deposits demand United End of month c a o u d b u r j a a u r t n n e s s d i n k t d e c s e d y c a d o u d b e u r j a p a u r t n n o s e s d i s k n t d i e s c t e d s y a d d e T j p u o o s t s a te i l t d s a D d d e e j p u m o s a t s e n it d d s 1 d G e S m o p t v a o e e t s n e r i t s n ts - 2 Total b m C a e n o r k m c s i 3 a - l < M s b a a v u n i t k n u s g a * s l S S P y a o s v s t i e n ta m g l s 5 C o u b u r a t r n s e i k n d s c e y 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 19 492 8,'838 159 3,557 1933—june 41,680 19,172 36,919 14,411 852 21 656 10,849 9,621 1,186 4,761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 1,208 4,782 1937—june 57,258 30,687 51,769 25 198 666 25 905 14 513 10,125 1,267 5 489 December 56,639 29^597 51,001 23^959 824 26^218 14,'779 10^170 l]269 5^638 1938—June 56,565 29,730 51,148 24 313 599 26 236 14,776 10,209 1,251 5,417 December 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 1,251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 1,261 6,005 December 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 1,278 6,401 1940—June 66 952 38,661 60,253 31,962 828 27,463 15,540 10 631 1,292 6 699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10',658 1,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 1,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 1,315 10,936 December 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 1,415 13,946 1943—June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 1,576 15 814 December 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 1,786 18,837 1944—June 136,172 80,946 115,291 60,065 19,506 35,720 21,217 12 471 2 032 20,881 December 150,988 90,435 127,483 66,930 20,763 39,790 24,074 13^376 2',340 23,505 1945—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 162,784 94 150 137,687 69,053 24 381 44,253 27,170 14,426 2,657 25,097 July 163,600 97,700 138,100 72,200 20,800 45,100 27,800 14,600 2,700 25,500 August 163,200 99,900 137,300 74,000 17,300 46,000 28,500 14,700 2,800 25,900 September.... 162,900 101,700 136,800 75.600 14,300 46,900 29,200 14,900 2,800 26,100 October 163,900 104,500 137,600 78,200 11,700 47,700 29,700 15,100 2,900 26,300 November 167,300 106,300 141,000 80.000 13,100 47,900 29,800 15,200 2,900 26,300 December 175,401 102,341 148,911 75,851 24.608 48.452 30,135 15,385 2,932 26.490 1946—January P 176.300 102,700 150,200 76,600 24,600 49,000 30,500 15,500 3,000 26,100 February? 177,000 102,300 150,900 76,200 25,000 49,700 31,100 15,600 3,000 26,100 March? 173,700 101,200 147,600 75,100 22,400 50,100 31,300 15,800 3,000 26,100 April P 174,100 103,500 148,000 77,400 20,000 50,600 31,600 15,900 3,100 26,100 P Preliminary, ilncludes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. 1 Beginning with December 1938, includes United States Treasurer's time deposits, open account. 0 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 6 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONS I [In millions of dollars] Member Assets Total, banks all banks Depos- U. S. Government Na- End of month i b to a r l- s' i C n a d s e h - securities C r a e s - h tional ances1 Total posi- serve b t a o n ry ks Total r D e i c - t G t a e n u e - d ar- fu e n tc d 2 s, Num 1 b 9 e 3 r 4 o -3 f 9 banks suspended: 291 15 1940 22 1 1941 8 4 1939—Dec... 1,279 1,319 53 1,192 1,046 146 74 1942 . 9 1940—Dec.. . 1,304 1,348 36 1,224 1,078 146 88 1943 4 1941—Dec... 1,314 1,396 26 1,274 1,128 146 95 1944... 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 -May 0 1944—Dec.. . 2,342 2,411 8 2,252 2,252 152 Deposits of suspended banks 1945—Apr.. . 2,563 2,646 8 2,463 2,463 175 (in thousands of dollars) :2 May. . 2,609 2,696 8 2,518 2,518 170 1934-39 . 125,991 June.. 2,659 2,751 8 2,574 2,574 169 July.. 2,720 2,809 7 2,625 2,625 176 1940 5,943 Aug.. . 2,785 2,867 8 2,674 2,674 185 1941 3,726 Sept... 2,836 2,921 8 2,737 2,737 176 1942 1,702 Oct. .. 2,880 2,968 6 2,780 2,780 182 1943 6,223 Nov... 2,909 2,999 6 2,809 2,809 184 1944 405 Dec. .. 2,933 3,022 6 2,837 2,837 179 1945 0 1946—Jan.... 2,981 3,073 5 2,886 2,886 181 1945—Jan -May 0 Feb P3,013 Mar. P3,043 Apr.. . P3.062 P Preliminary. 1 Outstanding principal, represented by certificates of deposit. 2 Includes working cash with postmasters, 5 per cent reserve fund and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. 3S Nonmember banks In- Non- State sured insured 6 189 81 18 3 3 1 6 a 2 1 14,61626,54844,348 40,479 256 5,341 346 3,144 503 79 1,375 32? 4,982 1,241 405 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation loans). 2 Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the suspensions were reported. Back figures.—See Banking and Monetary Statistics, pp. 283-292; for description, see pp. 281-282 in the same publication.] JUNE 1946 631 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES* LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Number and of banks call date Total Loans Total G o U m o b v l . e i e S g n r a . t n - - O s i e t t c i h e u e s r r - Total* I b n a t n er k - m D a e n - d Time tions All banks: 1938—Dec 31 48,831 21,261 27,570 17,953 9,617 61,319 7,484 28,695 25 140 15,207 I939—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 I943—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 I945—june 30 129,639 27,979 101,661 93,657 8,004 151,033 12,605 96,725 41,702 14,542 Dec. 31 140,227 30,355 109,872 101,295 8,577 165,612 14,065 105,923 45,623 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 I939—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 I945— D ju e n c e . 3 3 0 1... 1 1 2 1 4 4 , , 0 50 1 5 9 2 2 6 3 , , 0 6 7 7 6 2 9 9 7 0 , , 9 8 4 3 3 3 9 8 0 4 , , 6 06 1 9 3 6 7, , 3 7 3 6 1 4 1 1 5 3 0 6 , , 2 60 2 7 7 1 1 4 2 , , 0 6 6 0 5 5 1 9 0 6 5 , , 7 9 2 2 5 3 3 2 0 7 , , 2 2 3 7 8 6 1 1 4 4 , , 0 00 1 0 1 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 I939—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 I943—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 312 43,521 18,021 25,500 19,539 5,961 61,717 10,525 38,846 12 347 6,619 1942—Dec. 31 59,263 16,088 43,175 37,546 5,629 78,277 11,000 54,523 12,754 6.679 I943—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 I945—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 L.920 17,781 3,512 10,652 3 617 1 175 1940—Dec. 31 13,478 5,316 8,162 6,088 >,074 20,642 3,849 12,944 3,849 1,342 1941—Dec. 312 15,950 6,295 9,654 7,500 >,155 22,259 3,739 14 495 4 025 1 502 1942—Dec. 31 21,687 5,905 15,783 13,802 L.980 27,808 3,600 20,024 4.184 1 598 1943—Dec 31 26,759 6,171 20,588 18,883 ,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 I945—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 L.933 44,730 4,411 32,334 7,986 1,867 * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller of the Currency and the Federal Deposit Insurance Corporation for national banks and insured banks, respectively. 1 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 2 During 1941 three mutual savings banks, with total deposits of 8 million dollars, became members of the Federal Reserve System. These banks are included in both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included only once in "all banks." 8 Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942. 4 Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, its deposits, excluding interbank deposits, were 33 million dollars, and its loans and investments 26 million. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. 632 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES*~Coiffi»«e<* LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Number cal a l n d d ate Total Loans G U ov . e S r . n- Other Total* I b n a t n e k r ^ - of banks Total ment secu- De- Time obliga- rities mand 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—Tune 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 16,849 3,303 13,546 12,284 1,262 20,571 426 14,104 6,042 7,130 insured nonmember commercial banks: 1938—Dec. 31 5,399 2,813 2,586 1.283 1,303 6,409 101 3.007 3,300 7,317 1939—Dec 30 . . 5,348 2,901 2,447 1,238 1 209 6,729 113 3 252 3 365 7.169 1940—Dec. 31 5,429 3,074 2,356 1,240 1,116 7,032 116 3,504 3,411 6,952 1941—Dec 31 5,774 3,241 2,533 1,509 1,025 7,702 129 4,215 3,358 6,810 1942—Dec 31 6.984 2,818 4,166 3,162 1,004 9,535 145 5 981 3 409 6,667 1943—Dec 31 9,258 2,556 6,702 5,739 962 11,842 149 7,870 3,823 6.535 1944—Tune 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—Ture 30 12,940 2,790 10,150 9.170 979 15,880 171 10,510 5,199 6,440 Dec 31 14,639 2,992 11,647 10,584 1,063 18,119 244 12,196 5 680 6,416 Noriinsured 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 L,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 L,837 335 1,255 247 851 1942 Dec 313 4 1,151 314 837 667 170 1,329 173 891 265 793 1943—Dec 31 1,588 276 1,312 1,160 153 1,829 307 1,253 269 764 1944—Tune 30 . 1,795 281 1,514 1,347 168 989 181 1,527 281 745 Dec. 30 2,148 292 1,856 1,682 174 2,358 171 1,883 304 729 1945—Tune 30 2,152 297 1,855 1,668 187 2,362 204 1,815 343 72.3 Dec 31 2,211 311 1,900 1,700 200 2,452 182 1,908 362 714 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 5S1 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 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—Tune 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 Noninsured mutual savings banks: 1938—Dec 31 9,190 4,436 4,754 2,603 2,150 9,266 9 266 507 1939—Dec 30 8,889 4,321 4,568 2,680 1 887 9 114 9 114 500 1940—Dec 31 8,593 4,322 4,271 2,676 1,595 8,840 8,840 498 1941—Dec 31 . 8,686 4,263 4,424 3,071 1 353 8 743 8 743 496 1942—Dec. 31 8,739 3,958 4,781 3,698 1,084 8,616 8,616 490 1943 Dec 31 .. 4,345 1,411 2,935 2,246 689 4 204 4 204 361 1944—June 30 4,487 1,302 3,185 2,554 631 4 236 4,236 352 Dec. 30 4,708 1,260 3,448 2,819 629 4,466 4,466 351 1945—Tune 30 5,071 1,218 3,853 3,220 633 4 754 4 754 3 SO Dec 31 5,361 1,198 4,163 3,522 641 5,022 5,022 350 For footnotes see page 632. JUNE 1946 633 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- orcai-rying ga- Class a o nd f bank T lo o a t n a s l c c i l i n u a - l d , - A cu g l r - i- securities R e e s a - l- Con-Other Cer- Direct S t t i o a o t f n es s Other call date and ing tur- To tate sumer loans Total Guar- and secuinvest- Total open- al1 brok- loans loans Total tifi- an- politi- rities ments mar- ers To Bills cates Notes Bonds teed cal ket and oth- of in- subpa- deal- ers debt- diviper l ers ed- sions ness All insured commercial banks: 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 8,0002,5683,011 3,932 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 3,651 3,333 1942—Dec. 31. .. 66,240 18,903 7,757 1,642 950 597 4,646 2,269 1,042 47,336 40,705 4,462 6,727 5,79920,9992,7183,5333,098 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 J218 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 11,83434,114 963 3,3932,730 Dec. 30. .. 103,382 21,352 7,920 1,723 2,269 2,2654,343 1,888 944 82,030 75,875 3,971 15,300 15,77839,848 978 3,4222,733 1945—June 30. .. 112,353 23,376 7,501 1,632 3,113 3,601 4,413 2,108 1,008 88,978 82,401 2,831 17,204 16,454 45,870 433,6842,892 Dec.31.... 121,809 25,765 9,461 1,314 3,1643,6064,677 2,361 1,181 96,043 88,912 2,455 19,071 16,04551,321 223,8733,258 Member banks, total: 32,070 13,208 5,179 712 973 775 2,716 2 853 18,863 13,222 286 3,389 7,2082,340 2,4483,192 11994308——DDeecc.. 3311. .. 37,126 15,321 6,660 865 642 652 3,228 3,273 21,805 15,823 652 2 *594 9*0913,4863,013 2^970 1941—Dec. 312 . . 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 6,90627,265 2,345 2,729 2,294 1944—June 30. . . 83,587 18,084 7,0231,023 2,200 2,1303,207 1,467 1,033 65,503 60,339 4,466 14,228 10,64030,118 887 2,834 2,331 Dec. 30. . . 91,569 18,676 7,531 1,198 2,249 2,1083,209 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 3,0893,4073,248 1,688 934 78,838 73,239 2,633 15,584 14,72340,266 33 3,102 2,497 Dec.31... 107,183 22,775 8,949 855 3,1333,3783,455 1,900 1,104 84,408 78,338 2,275 16,985 14,27144,792 163,2542,815 New York City:3 1938—Dec. 31. .. 8,335 3,262 1,594 5 787 220 121 535 5,072 3,857 158 1 142 1 663 894 517 698 1940—Dec. 31... 10,910 3,384 2,125 6 465 190 130 468 7,527 6,044 207 1^245 2,'977 1,615 695 788 1941—Dec. 31. .. 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1 623 3,652 1,679 729 830 1942—Dec. 31. .. 17,957 4,116 2,546 21 787 193 117 303 148 13,841 12,547 1,855 2,144 2,056 5,420 1,071 593 701 1943—Dec. 31. .. 19,994 4,428 2,515 24 1,054 323 107 252 153 15,566 14,563 1,328 3,409 1,829 7,014 984 444 558 1944—June 30. . . 22,669 5,479 2,430 64 1,657 751 93 232 251 17,190 16,157 1,258 4,242 2,805 7,650 201 456 577 Dec. 30. .. 24,003 5,760 2,610 30 1,742 859 86 253 179 18,243 17,179 913 3,740 3,745 8,592 189 468 596 1945—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:3 1938—Dec. 31. .. 1,969 539 335 17 43 70 12 6v3 1,430 1,114 59 291 655 109 141 176 1940—Dec. 31. .. 2,377 696 492 5 42 54 19 84 1,681 1,307 297 145 752 112 188 186 1941—Dec. 31. .. 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193- 1942—Dec. 31.. . 3,973 832 658 6 34 32 23 62 18 3,141 2,789 397 637 391 1,282 83 166 186 1943—Dec. 31. .. 4,554 1,004 763 6 102 52 22 45 14 3,550 3,238 199 877 484 1,602 74 158 155 1944—June 30. . . 5,124 1,064 710 11 102 130 21 49 40 4,060 3,688 367 1,038 587 1,665 31 204 1691 Dec. 30. .. 5,443 1,184 738 17 163 163 24 45 34 4,258 3,913 250 1,045 779 1,809 31 160 185 1945—June 30. .. 5,730 1,250 671 13 159 299 23 50 34 4,480 4,130 127 1,253 814 1,936 154 196 Dec. 31... 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 Reserve city banks: 1938—Dec. 31. .. 11,654 4,963 2,063 207 119 242 1,230 1,101 6,691 5,018 57 1,224 2,997 740 808 866 1940—Dec. 31. .. 13,013 5,931 2,589 263 115 207 1,436 1 322 7,081 5,204 103 771 3,281 1,049 984 893; 1941—Dec. 31.. . 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820> 1942—Dec. 31. .. 20,915 6,102 2,957 290 97 153 1,486 808 312 14,813 13,038 1,441 2 253 1,723 6,810 811 954 821 1943—Dec. 31... 27,521 6,201 3,058 279 217 267 1,420 658 301 21,321 19,682 1,802 4J691 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 1.02& 1942—Dec. 31. .. 16,419 5,038 1,226 772 17 161 1,797 674 393 11,380 9,172 671 1,251 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 4 259 793 228 563 739* 1940— Dec. 31... 5,429 3,074 518 416 21 75 1,240 803 2,356 1,240 10 162 834 234 595 521 1941—Dec. 31. .. 5,774 3,241 543 478 20 64 1,282 854 2,533 1,509 17 152 1,069 271 563 462' 1942—Dec. 31... 6,984 2,818 370 553 16 59 1,225 422 173 4,166 3,162 99 "'442 390 2,053 179 569 435* 1943—Dec. 31. .. 9,258 2,556 356 482 16 82 1,165 385 70 6,702 5,739 276 1,147 766 3,395 156 560 403 1944—June 30. . . 10,360 2,648 383 452 21 166 1,159 395 73 7,712 6,752 242 1,238 1,194 4,002 76 560 400? Dec. 30. . . 11,824 2,678 389 525 21 156 1,136 383 67 9,146 8,197 223 1,319 1,652 4,928 76 566 383 1945—June 30. . . 12,940 2,790 406 506 24 193 1,167 420 74 10,150 9,170 198 1,620 1,731 5,611 10 584 396 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. 634 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 a b te ank F s B s w e e R R e a r d i r v n e e e t v - h - e k r e s a s l v C a i a n u s l h t b m a w B a n d e n o i a c s t k - l e t h ^ - i s s c 4 j p m u D o a d s a t d s e e e n i - - - t d d s 5 m D e I s n d o t e t - ic e p 4 r o b s a i F e n t i s o k g r n - U G m e . r o e n v n S - - t . p v S s o i u a t l s a i b n i t o t d d i e c n i s a - s l c C h c o a f e e e e i f n t e c f r r c d i d t s k - . i ' s - , p a v n s a p t I i h d r i n o d o t i d r n p u c n a i e s o a s - - , r l r s - - I b n a t n e k r- P m G U S e a o r a n o e . s n v S d n v t - - . a t - l v s p S i a u i s o t c n i b a l a o d i t d l t n e - i s s - p a v n s a p i t I h d d i r n o o t i u d r n p c n a a i e s o s - - l , r s r - - r B i o n o w g r s - - c C o a t a u a c p - n l i t - s ings AH insured commercial banks: 1938—Dec. 31.. 8,694 950 5,663 25,198 6,595 503 838 2,942 595 23,475 157 86 575 14,009 18 6,434 1940—Dec. 31. . 13,992 1,234 8,202 33,820 9,677 702 666 3,298 971 32,398 160 69 522 14,998 11 6,673 1941—Dec. 31. . 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,841 1942—Dec. 31. . 13,072 1,305 9,080 48,221 10,234 813 8,167 3,996 1,219 47,122 97 61 397 15,697 10 7,055 1943—Dec. 31. . 12,834 1,445 8,445 59,921 9,743 893 9,950 4,352 1,669 58,338 68 124 395 18,561 46 7,453 1944—June 30. . 12,812 1,464 8,776 59,197 10,030 940 18,757 4,402 1,550 57,351 68 108 407 20,530 84 7,709 Dec. 30. . 14,260 L.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 8,671 jMember banks, total: 1938—Dec. 31. . 8,694 746 4,240 22,293 6,510 501 790 2,386 547 21,119 142 61 462 10,846 6 5,424 1940—Dec. 31. . 13,992 991 6,185 30,429 9,581 700 616 2,724 913 29,576 141 56 435 11,687 3 5,698 1941—Dec. 312 . 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1942—Dec. 31. . 13,072 1,019 6,147 42,570 10,101 811 7,923 3,318 1,142 42,139 87 56 332 12,366 5 6,101 1943—Dec. 31. . 12,835 1,132 5,450 52,642 9,603 891 9,444 3,602 1,573 51,820 62 120 327 14,822 39 6,475 1944—June 30. . 12,813 1,143 5,799 51,829 9,904 937 17,634 3,638 1.460 50,756 63 104 333 16,448 75 6,696 Dec. 30. . 14,261 1,271 6,354 57,308 10,881 945 18,509 3,744 1,251 56,270 58 105 347 18,807 111 6,968 4945—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 L,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:* 1938—Dec. 31 4,104 68 109 7,168 2,687 437 139 280 195 7,273 6 36 652 1,593 1940—Dec! 31. . 7,057 102 122 11,062 4,032 641 48 370 471 11,357 5 51 768 1,615 1941—Dec. 31. 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1 ^648 1942—Dec. 31. . 4,388 72 82 11,899 3,209 733 4,186 263 448 12,501 3 23 711 1,727 1943—Dec. 31. . 3,596 92 61 13,899 2,867 810 3,395 252 710 14,373 4 5 26 816 29 1,862 1944—June 30. . 3,455 85 60 13,254 3,105 852 6,150 213 722 13,740 11 7 17 861 64 1,907 Dec. 30. . 3,766 102 76 14,042 3,179 851 6,722 199 361 14,448 11 7 17 977 96 1,966 1945—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 9 452 257 1940—Dec. 31. . 1,051 42 319 1,941 997 8 90 174 27 1,905 5 8 496 270 ^941—Dec. 31. . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1942—Dec. 31 902 39 164 2,557 1,105 12 665 178 38 2 588 2 453 304 1943—Dec. 31.'. 821 38 158 3,050 972 14 713 174 44 3,097 2 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 4945—Tune 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 4940—Dec. 31. . 4,027 396 2,741 9,581 3,919 49 327 995 228 9,468 107 19 226 4,505 1,904 4941—Dec. 31.. 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1942—Dec. 31. . 4,940 365 2,202 14,849 4,831 63 1,982 1,319 385 15,061 63 22 169 4,805 " 2 2,028 4943—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 4944—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 4945—June 30. . 5,882 396 2,029 20,682 5,510 90 7,655 1,516 422 20,559 31 39 166 8,529 " 3 2,450 Dec. 31. . 6,326 494 2,174 22,372 6,307 110 8,221 L.763 611 22,281 30 38 160 9,563 2 2,566 Country banks: 4938—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 4941—Dec. 31. . 2,210 526 3,216 9,661 790 2 225 L.37O 239 8,500 30 31 146 6,082 4 1,982 4942—Dec. 31. . 2,842 542 3,699 13,265 957 4 1,090 L,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 ,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 2,525 Insured nonmember commercial banks: 1938—Dec 31 204 1,423 2,904 85 2 48 555 48 2,356 15 25 113 3,163 11 1,010 1940—Dec. 31. . 243 2,017 3,391 95 3 50 574 58 2,822 18 13 87 3,311 8 975 1941—Dec 31 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 956 1942—Dec 31 287 2,934 5,651 133 2 243 678 76 4,983 10 5 65 3,339 5 955 1943—Dec. 31. . 313 2,996 7,279 141 2 506 750 96 6,518 6 4 68 3,750 6 979 1944—June 30 322 2,978 7,368 126 3 1,124 764 90 6,595 5 4 74 4,094 9 1,015 Dec 30 352 3,434 8,652 182 3 1,245 775 103 7,863 6 4 76 4 553 10 1,022 1945—June 30. . 324 3,473 8,915 153 13 1,511 820 101 8,078 5 4 90 5,105 13 1,065 Dec. 31. . 391 3,959 10,537 233 5 1,560 858 135 9,643 6 4 97 5,579 7 1,083 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. 8 Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection. For other footnotes see page 634. Back figures.—See Banking and Monetary Statistics, Table 18-45, pp. 72-103 and 108-113. JUNE 1946 635 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments For purchasing U. S. Government obligations or carrying securities Com- Total merloans cial, To brokers Date or month i m n a v e n e n d s t t s - Total i t t a n c a u r g u i d n r l a r - u d a i l - l s , - G a U li o n . o g b d v a - S - t . d . e O a c t t l u e i h r e r i e s s - r G U l T o o i . b o g v S - a t . - ot O h c t e s u t i e r h e r - s s i e - r e R l s e o t a a a l n t - s e b L a o t a n o n k s s O l t o h a e n r s Total Total Bills o d c C n t e f a e i e f e d t b i i s e r - n - t s - s - - Note; Bond; G t a e u n e a - d r- O s ri e t t h c ie u e s r - . tions tions Total—101 Cities 1945—April 57,271 11,039 5,989 881 755 651 3501,041 761,296 46,23243,15: 1,706 11,1437,412 22,564 3273,080 1945—December... 67,75: 15,746 7,148 1,881 854 2,560 4341,086 991,684 52,00648,710 1,958 11,196 9 080 26,464 123,296 1946—January.. 68,066 15,36 7,272 1,675 774 2,345 4321,102 631,704 52,69949,325 1,849 12,5187,98126,968 3,374 February, 68,124 15,14: 7,368 1,568 70.12,137 4411,120 75 52,98249,576!l,565 12,8537,92427,226 3,406 March.. ., 66,928 15,340 7,475 1,756 711 1,986 4311,140 61 51,58848,146 1,119 12,3937,502 27,126 3,442 April 65,360 15,128 7,511 1,491 743 1,869 4231,169 761,846 50,23 46,803 1,230 11,3227,03327,210 3,429 1946—Feb. 27 68,148 15,178 7,382 1,655 6902,082 4381,129 551,74752,970 49,518 1,517 12,8607,900 27,234 3,452 Mar. 6 67,689 15,036 7,458 1,480 674 2,031 4401,130 611.762 52,65349,222 1,41512,669 7 910 27,222 3,431 Mar. 13 67,749 15,221 7,486 1,655 6902,006 4301,136 551.763 52,52849,088 1,26812,686 7,898 27,230 3,440 Mar. 20 66,298 15,411 7,491 1,824 7211,959 4281,140 60 50,88747,458 1,00812,2727,15327,019 3,429 Mar. 27 65,975 15,690 7,464 2,066 7571,948 4261,152 681,809 50,285 46,818 78511,944 7,04927,034 63,467 Apr. 3 65,247 15,272 7,506 1,575 7791,917 4171,157 861,835 49,975 46,538 1,039 11,3457,057 27,088 9 3,437 Apr. 10 65,338 15,224 7,560 1,586 7191,875 4221,163 601,839 50,114 46,689 1,243 11,2527,04527,142 3,425 Apr. 17 65,515 15,025 7,509 1,414 7201,854 4251,170 811,852 50,490 47,050 1,376 11,3467,02927,292 r3,440 Apr. 24 65,340 14,992 7,468 1,388 7571,830 4271,185 771,860 50,348 46,935 1,262 11,344 7,00227,320 •3,413 May 1.... 64,43. 15,053 7,473 1,400 804 1,780 444 1,195 911,866 49,380 45,993 1,052 10,6266,90627,402 3,387 May 8.... 64,06 14,911 7,456 1,349 754 1,747 4351,206 1001, 45,777 98410,479 66,,889900 27,418 3,379- May 15.... 64,071 14,815 7,461 1,342 7151,702 4421,214 651,874 49,256 45,871 1,220 10,3616,856 27,427 3,385 May 22.... 64,160 14,812 7,467 1,294 7181,671 4571,221 911,893 49,348 45,965 1,262 10,445 6,782 27,469 3,383 New York City 1945—April 20,27' 4,392 2,301 699 580 230 65 307 15,885 14,834 423 3,7102,612 8,032 571,051 1945—December.. 23,875 6,837 2,792 1,529 6321,091 194 65 72 46217,038 15,958 580 3,155 2,916 9,305 1,080 1946—January.... 23,754 6,412 2,837 1,317 570 918 185 63 45 47717,342 16,244 553 3,4922,699 9,498 1.09& February... 23,702 6,305 2,908 1,257 522 816 195 64 60 48317,397 16,300 438 3,582 2,747 9,532 1,097 March 23,189 6,483 2,981 1,435 527 728 190 67 48 50716,706 15,608 199 3,449 2,573 9,386 1,098 April 22,521 6,213 3,003 1,163 541 664 186 65 64 52716,308 15,223 420 2,9932,307 9,502 1,085 1946—Feb. 27 23,720 6,365 2,928 1,349 510 790 194 65 40 48917,355 16,229 365 3,5992,771 9,493 1,126, Mar. 6 23,514 6,211 2,976 1,176 498 759 192 67 45 49817,303 16,200 283 3,6272,807 9,482 1,103 Mar. 13 23,641 6,386 2,994 1,341 508 740 189 66 45 50317,255 16,156 212 3,694 2,818 9,431 1,099- Mar. 20 22,837 6,542 2,985 1,499 536 711 185 69 45 51216,295 15,206 189 3,349 2,365 9,302 1,089 Mar. 27 22,765 6,796 2,971 1,724 564 703 193 66 58 51715,969 14,870 111 3,127 2,304 9,327 l099 Apr. 3 . .. . 22,461 6,344 3,004 1,247 560 691 184 65 72 52116,117 15,027 311 2,987 2,351 9,377 1,090, Apr. 10 22,476 6,298 3,034 1,244 528 669 185 65 46 52716,178 15,091 389 2,956 2,309 9,436 1,087 Apr. 17 22,590 6,132 3,003 1,099 527 653 187 65 70 52816,458 15,366 505 2,997 2,285 9,578 1,092 Apr. 24 22,558 6,078 2,971 1,062 548 644 189 65 67 53216,480 15,4061 473 3,031 2,283 9,618 1,074. May 1... . 22,145 6,090 2,949 1,069 557 633 204 66 79 53316,055 15,042 341 2,8042,224 9,672 1,013 May 8 21,952 6,023 2,933 1,067 532 623 197 66 90 51515,929 14,913 255 2,749 2,208 9,700 1,016, May 15.... 21,915 5,913 2,925 1,059 496 591 203 66 53 52016,002 14,976 386 2,729 2,130 9,730 1,026 May 22 22,036 5,883 2,910 1,016 496 576 215 63 74 53316,153 15,123 477 2,8152,071 9,759 1,030* Outside New York City 1945—April 36,994 6,647 3,688 182 175 421 204 976 98930,347 28,318 1,283 7,433 4,80014,532 2702,029' 1945—December.. 43,877 8,909 4,356 352 2221,469 2401,021 1,222 34,96832,752 1,378 8,0416,164 17,159 10 2,216- 1946—January 44,312 8,955 4,435 358 204 ,427 2471,039 1,227 35,357 13,081 1,296 9,0265,282 17,470 2,276. February... 44,422 8,837 4,460 311 181 ,321 2461,056 1,247 35,585 13,276 1,127 9,2715,177 17,694 2,309. March 43,739 8,857 4,494 321 184 ,258 2411,073 1,27334,882 12,538 920 8,944 ,92917,740 2,344. April 42,839 8,915 4,508 328 202 ,205 2371,104 1,319 33,924 11,580 810 8,3294,72617,708 2,344 1946—Feb. 27 44,428 8,813 4,454 306 180 ,292 2441,064 1,25835,615 13,289 1,152 9,2615,129 17,741 2,326, Mar. 6 44,175 8,825 4,482 304 176 ,272 2481,063 1,264 35,350 13,022 1,132 9,042 ,103 17,740 2,328. Mar. 13 44,108 8,835 4,492 314 182 ,266 2411,070 1,260 35,273 12,932 1,056 8,9925,080 17,799 2,341 Mar. 20 43,461 8,869 4,506 325 185 ,248 2431,071 1,276 34,592 12,252 819 8,923 4,78817,717 2,340* Mar. 27 43,210 8,894 4,493 342 193 ,245 2331,086 1,292 34,316 11,948 674 8,817 4,745 17,707 2,368 Apr. 3. .. . 42,786 8,928 4,502 328 219 ,226 2331,092 1,31433,858 11,511 728 8,358 4,706 17,711 2,347 Apr. 10 42,862 8,926 4,526 342 191 ,206 237 ,098 1,312 33,936 11,598 854 8,296 4,736 17,706 2,338, Apr. 17 42,925 8,893 4,506 315 193 ,201 238 ,105 1,324 34,032 11,684 871 8,349 4,74417,714 2,348 Apr. 24 42,782 8,914 4,497 326 209 ,186 238 ,120 10 1,328 33,868 11,529 789 8,313 4,719 17,702 2,339. May 1... . 42,288 8,963 4,524 331 2471,147 240 ,129 1,33333,325 10,951 711 7,822 4,682 17,730 2,374. May 8.... 42,115 8,888 4,523 282 2221,124 238 ,140 1,34933,227 10,864 729 7,730 4,682 17,718 2,363 May 15... . 42,156 8,902 4,536 283 2191,111 239 ,148 1,354 33,254 10,895 834 7,6324,726 17,697 2,359 May 22.... 42,124 8,929 4,557 278 2221,095 2421,158 171,360 33,195 10,842 785 7,630 4,711; 17,710 2,353,: Back figures.—See Banking and Monetary Statistics, pp. 127-227. 636 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 t d v h - l - k e s :ash b m a w n a d e i n c o s t e k - h t s i s c j m p u o a s d a t d s e e n i - - t d d s 1 s p p u v c n a h o a a o i n e i d r r l p r r d s a t - - - s - , - , S p s d s a i i o t u i c o n a v l a b d n i t i l t - e - s - s c C c h a o f e e e i e f n t e f r r c c d i d t s . - k i ' - s, U m G e . r o e n v n S - - t . s p u p v c n a h o a o n i a e i d l r p r r r d s a - - - t s , - - S p s d s a i i o t u i c o n a v l a b n d i t i l t - e - s - s P U m G S e i a o n . r a n o e s g n v d v n t S s - - a - t . l m D a e n b - d ank T s ime b F e a i o n g r k n - s r B i o o n w g r - s - c C o i a a u t c p a n - t - l s B d i a e ts n b 2 - k tions tions Total 101 Cities 1945—April 9,806 578 2,130 38,23138,202 2,096 853 7,6908,109 104 9,035 46 955 327 4,71857,545 1945—December... 10,223 643 2,507 37,S9137,884 1,957 1,359 16,2429,200 100 10,795 1,145 34! 4,959 78,116 1946—January 10,21 592 2,431 37,64837,888 1,997 1,25416,2379,372 102 10,790 1,189 200 4,99. 69,711 February... 10,060 580 2,27137,66537,822 2,144 1,17016,3779,482 119 10,121 1,221 303 5,031 58,827 March 9,930 569 37,386 37,413 2,177 1,16715,1199,567 126 9,787 1,240 508 5,05969,374 April 9,862 568 37,41237,329 2,296 1,25813,7259,632 130 9,543 1,264 360 5,09369,768 1946—Feb. 27 9,992 597 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 2,24337,38737,286 2,142 1,068 15,8439,554 123 10,099 1,226 361 5,05516.4S6 Mar. 13 10,051 593 2,237 ^7,60637,950 2,150 1,205 15,6379,563 126 10,008 1,238 626 5,05614,516 Mar. 20 9,886 562 2,11037, 43"5 37,426 2,165 1,192 14,4599,569 126 9,690 1,244 429 5,061 16,828 Mar. 27 9,871 569 2,07137,116 36,990 2,243 1,202 14,5369,582 127 9,352 1,251 614 5,06514,933 Apr. 3 . . . 9,807 536 2,11636,55336,320 2,281 1,410 14,0089,597 131 9,629 1,269 628 5,08418,768 Apr. 10. 9,816 580 2,15737,259 37,126 2,288 1,131 13,9230,622 128 9,531 1,267 268 5,09314,981 Apr. 17 9,86? 564 2,226 37,74837,912 2,308 1,300 13,6379,638 130 9,634 1,259 261 5,09316,143 Apr. 24 9,958 591 2,141 38,089 37 959 2,308 1,188 13,3349,670 130 9,378 1,258 5,103 14,504 May 1 10,152 541 2,154 38,242 38,041 2,456 1,565 12,3639,704 129 9,505 1,280 198 5,119 17,708 May 8 10,123 569 2,128 38,25137,770 2,398 1,175 11, < ,740 131 9,422 1,279 181 5,126 15,051 May 15 10,045 558 2,254 3388,,348 38,690 2,381 1,219 11,9229,765 130 9,540 1,252 77 5,124 14,991 May 22 9,978 574 2,11838,727 38,581 2,345 1,206 11,6669,785 129 9,247 1,252 122 5,128 15,276 New York City 1945—April 3,619 95 14,121 14,485 233 471 3,163 966 18 2,869 857 131 1,816 25,115 1945—December .. 3,636 13,548 14,001 194 6,361 1,090 10 3,335 1,016 240 1,900 37,046 1946—January... . 3,654 91 13,534 13,934 214 6,2631,118 3,356 1,059 119 1,922 34,165 February. . . 3,628 94 13,600 13,950 264 712 6,2521,132 3,141 1,092 143 1,937 27,425 March 3,563 87 13,445 13,790 230 701 5,7231,137 3,014 1,114 322 1,943 32,831 April 3,577 87 13,563 13,898 254 768 5,1591,148 2,999 1,132 136 1,955 33,290 1946—Feb. 27 3,603 100 13,643 13,991 262 628 6,2661,141 10 3,091 1,086 129 1,935 5,652 Mar. 6 3,527 85 13,48913,788 213 627 6,012 1,134 3,118 1,102 193 1,944 7,795 Mar. 13 3,575 90 13,46013,889 244 744 5,928 1,135 3,082 1,110 509 1,945 6,930 Mar. 20 3,551 83 13,38613,691 227 706 5,467 1,136 2,992 1,117 261 1,943 8,030 Mar. 27 3,598 89 13,44513,794 236 725 5,486 1,142 2,864 1,125 324 1,942 6,695 Apr. 3 3,595 83 11013,37713,653 253 906 5,2651,144 2,996 1,140 210 1,955 9,360 A A A p p p r r r . . . 2 1 1 4 0 7 3 3 3 , , , 5 6 54 2 3 9 9 3 9 9 S 1 0 3 5 2 2 8 7 7 1 1 1 3 3 3 , , , 5 4 8 2 8 6 5 4 1 1 1 4 3 3 , , , 1 9 7 8 9 5 2 8 9 2 2 26 5 4 1 9 4 6 6 8 9 6 0 4 9 3 5 5 5, , , 1 0 2 2 0 4 7 4 01 1 1 , , , 1 1 1 4 5 4 7 5 5 3 2 2 , , , 0 9 9 7 7 4 6 8 5 1 1 1 , , , 1 1 1 3 2 2 9 3 8 1 1 9 1 2 4 3 6 1 1 1 , , , 9 9 9 5 5 5 5 5 6 6 7 7 , , , 5 1 5 6 0 7 7 5 6 May 1 3,810 85 2513,88714,255 322 986 4,609 1,172 3,113 1,144 47 1,967 8,835 May 8 3,711 90 2913,86314,086 263 695 4,485 1,187 2,969 1,139 46 1,968 7,183 May 15 3,679 83 13,82714,279 284 712 4,449 1,190 3,017 1,116 10 1,968 6,711 May 22 3,648 14,09114,401 262 720 4,348 ,191 2,946 1,108 29 1,965 6,878 Outside New York City 1945—April 6,187 483 2,08824,11023,717 1,863 382 4,527 7,143 86 6,166 98 196 2,902 12,430 1945—December.. . 6,587 537 2,47824,04323,883 1,763 497 9,881 8,110 82 7,460 129 108 3,059 1,070 1946—January. . . . 6,564 501 2,403 24,114 ,954 1,783 515 9,9748,254 82 7,434 130 81 3,073 15,546 February.. . 6,432 486 2,246 24,06523,872 1,880 45810,1258,350 95 6,980 129 160 3,094 11,402 March 6,367 482 2,129 23,94123,623 1,947 9,3968,430 100 6,773 126 186 3,116 16,543 April 6,285 481 2,105 23,84923,431 2,042 490 8,5668,484 108 6,544 132 224 3,138 16,478 1946—Feb. 27 6,389 497 2,24223,96723,750 1,898 10,2158,385 6,935 128 146 3,100 7,281 Mar. 6 6,384 466 2,220 23,89823,498 1,929 441 9,831 8,420 97 6,981 124 168 3,111 8,661 Mar. 13 6,476 503 2,208 24,146 24,061 1,915 461 9,7098,428 99 6,926 128 117 3,111 7,586 Mar. 20 6,335 479 2,082 24,049 23,735 1,938 486 8,992 ,433 101 6,698 127 168 3,118 8,798 Mar. 27 6,273 480 2,010 ,67123,196 2,007 477 9,050 8,440 101 6,488 126 290 3,123 8,238 Apr. 3 6,212 453 2,006 23,176 22,667 504 8,7438,453 105 6,633 129 418 3,129 9,408 Apr. 10 6,283 489 2,099 23,834 23 367 462 8,6838,477 108 6,555 128 142 7,814 Apr. 17 6,319 481 2,199 241,161 23,914 497 8,510 ,491 110 6,559 131 167 8,567 Apr. 24 6,329 501 2, 1,225 23,777 2,047 494 8,3308,515 110 6,430 135 169 7,999 May 1 6,342 456 2,129 24,35523,786 579 7,7548,532 108 6,392 136 151 3,152 8,873 May 8 6,412 479 2,099 24,38823,684 480 7,505 ,553 110 6,453 140 135 3,158 7,868 May 15 6,366 475 2,226 24,52124,411 507 7,473 ,575 109 6,523 136 67 3,156 8,280. May 22 6,330 486 2,091 24,636 24,180 2,083 486 7,3188,594 108 6,301 144 3,163 8,398 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. JUNE 1946 637 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS fin millions of dollars] Loans Investments For purchasing U. S. Government obligations or carrying securities d F i e s d tr e ic ra t l a R nd e s d er a v te e i m n T lo a v o e n a e n t n d s a t s t l s - Total C i t a m c n a r g o i i d n e a a r m u d r l i l , - - s , - - U a T n . o d S b . d r e o a k l e e r r s s U T . o S . others e R l s o t e a a a n t l e s - b L a o t n o a k n s sO lo th an er s Total Total Bills o c C t f a i e f t i i e r n - - s - Notes Bonds G a u n a - r- O s ri e t t h c i e e u r s cul- Govt. Other Govt. Other debt- teed tural ob- ob- edliga- cun- liga- cun- ness tions ties tions ties Boston Apr. 24 287 811 497 29 20 41 17 73 130 2,476 2,390 64 458 356 1,512 86 May 1 241 826 498 44 20 40 17 73 131 2,415 2,328 44 428 338 1,518 87 May 8 250 821 502 37 18 40 17 74 131 2,429 2,341 61 423 343 1,514 88 May 15 236 818 501 35 18 38 17 74 133 2,418 2,329 55 422 339 1,513 89 May 22 228 829 499 45 21 38 17 75 132 2,399 2,313 55 408 339 1,511 86 New York* Apr. 24 ,796 6,458 3,120 1,070 553 678 210 157 60318,338 17,170 506 3,3432,539 10,781 1,168 May 1 ,367 6,478 3,103 1,077 563 666 225 159 60617,889 16,781 362 3,094 2,480 10,844 1,108 May 8 ,167 6,406 3,086 1,073 537 656 218 159 58717,761 16,652 275 3,0342,471 10,871 1,109 May 15 ,134 6,298 3,078 1,065 502 623 224 160 59317,836 16,716 416 2,991 2,403 10,905 1,120 May 22 ,269 6,270 3,065 1,023 500 608 236 158 60617,999 16,872 507 3,071 2,356 10,937 1,127 Philadelphia Apr. 24 ,665 576 269 10 34 61 9 38 154 2,089 1,896 71 349 266 1,210 193 May 1 ,628 579 272 14 34 57 9 37 155 2,049 1,855 55 326 258 1,216 194 May 8 ,618 582 275 11 33 56 10 39 157 2,036 1,845 52 313 264 1,216 191 May 15 ,612 581 273 11 32 53 10 39 162 2,031 1,840 72 296 289 1,183 191 May 22 ,607 575 275 10 32 52 10 41 154 2,032 1,840 77 295 289 1,179 192 Cleveland Apr. 24 ,258 1,132 447 66 31 242 14 169 4,126 3,841 33 966 553 2,289 285 May 1 ,183 1,137 457 62 42 235 14 170 157 4,046 3,755 11 893 570 2,281 291 May 8 ,152 1,117 459 54 33 223 15 171 162 4,035 3,744 25 883 560 2,276 291 May 15 ,158 1,118 459 54 33 224 14 172 4,040 3,747 37 867 560 2,283 293 May 22 ,169 1,128 463 54 33 222 14 175 4,041 3,750 43 861 562 2,284 291 Richmond Apr. 24 195 412 183 6 7 71 9 53 81 1,783 1,707 42 434 190 1,041 76 May 1 179 412 183 6 9 67 9 54 82 ,767 1,684 38 419 187 1,040 83 May 8 187 404 182 3 7 65 9 55 81 ,783 1,700 53 421 187 1,039 83 May 15 180 404 183 3 7 63 9 55 82 ,776 1,693 53 424 187 1,029 83 May 22 156 403 181 3 7 63 9 56 82 ,753 1,669 29 421 191 1,028 84 Atlanta Apr. 24 252 497 237 1 10 115 10 27 96 ,755 1,602 54 492 221 833 153 May 1 220 495 237 1 10 112 10 27 96 ,725 1,569 39 484 218 826 156 May 8 208 498 236 1 10 113 10 27 99 ,710 1,554 43 452 220 837 156 May 15 216 496 235 1 10 115 10 28 94 ,720 1,562 50 464 220 826 158 May 22 214 496 235 1 10 115 10 28 94 1,718 1,560 46 472 221 819 158 Chicago* Apr. 24 409 1,839 988 156 48 228 69 181 169 7,570 6,973 170 2,254 995 3,554 597 May 1 395 1,861 997 152 70 216 69 184 173 7,534 6,939 226 2,151 990 3,572 595 May 8 295 1,830 996 131 61 212 67 185 178 7,465 6,879 171 2,142 988 3,578 586 May 15 302 1,838 1,009 129 59 206 70 188 177 7.464 6,885 192 2,098 989 3,605 579 May 22 312 1,841 1,025 119 57 203 71 189 177 7,471 6,900 201 2,134 956 3,608 571 St. Louis Apr. 24 130 600 331 3 59 16 75 107 1,530 1,396 30 275 263 828 134 May 1 093 594 320 4 60 16 75 109 1,499 1,362 18 255 252 837 137 May 8 078 589 315 3 59 15 76 110 1,489 1,350 21 248 247 834 139 May 15 103 589 311 5 59 15 77 111 1,514 1,377 49 238 259 831 137 May 22 097 586 309 3 57 16 78 111! 1,511 1,374 42 240 259 833 137 Minneapolis Apr 24 338 224 101 1 31 5 30 52 1,114 1,055 11 225 146 673 59 May 1 312 229 104 1 32 5 31 51 1,083 1,025 9 193 147 676 58 May 8 315 230 104 1 32 4 31 55 1,085 1,024 8 190 147 679 61 May 15 318 232 106 1 32 4 31 55 1,086 1,024 18 187 142 677 62 May 22 316 235 108 1 31 4 31 56 1,081 1,020 6 188 147 679 61 Kansas City Apr. 24 417 418 236 3 46 9 44 76 1,999 1,845 85 539 345 876 154 May 1 374 419 235 2 46 9 45 76 1,955 1,795 79 503 341 872 160 May 8 372 420 238 2 44 9 45 77 1,952 1,790 79 498 344 869 162 May 15 381 422 240 2 43 9 46 77 1,959 1,797 85 494 345 873 162 May 22 374 426 243 2 42 9 46 78 1,948 1,786 77 493 344 872 162 Dallas Apr. 24 138 690 405 1 124 27 38 85 1,448 1,384 54 459 214 657 64 May 1 096 684 404 1 120 28 38 85 1,412 1,344 54 422 213 655 68 May 8 098 683 404 1 118 28 40 85 1,415 1,347 56 437 211 643 68 May 15 111 684 405 1 118 28 40 85 1,427 1,359 59 438 216 646 68 May 22 097 681 403 1 115 29 40 86 1,416 1,347 56 429 215 647 69 San Francisco Apr. 24 455 1,335 654 42 134 32 300 6,120 5,676 142 1,550 914 3,066 444 May 1 345 1,339 663 36 129 33 302 145 6,006 5,556 117 1,458 912 3,065 450 May 8 327 ,331 659 32 129 33 304 142 5,996 5,551 140 1,438 908 3,062 445 May 15 320 ,335 661 35 128 32 304 5,985 5,542 134 1,442 907 3,056 443 May 22 321 ,342 661 32 125 32 304 155 5,979 5,534 1,433 903 3,072 445 City of Chicago* Apr. 24 600 ,262 736 153 143 60 41 4,338 3,954 1,396 1,890 384 May 1 580 ,277 739 150 134 60 42 4,303 3,931 172 1,320 547 1,892 372 May 8 488 ,249 739 129 131 58 42 4,239 3,876 124 1,306 545 1,901 363 May 15 535 ,247 746 126 127 61 42 4,288 3,932 154 1,311 545 1,922 356 May 22 539 1,248 760 116 126 62 42 4,291 3,943 154 1,350 515 1,924 348 * 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. 638 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 F w e R e a e r i r e a n d t 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 t d s e n e i - - t d d s p p u v n c a o a a o i n e r d r l r r d s a t - - - - , - S p s d s a i i o t u i c o n a v l a b d n i t i l t - e - s - s c C c h o a f e e e i e f n t e f r r c c d i d t s - k . i ' - s u m G er . o e n n v - s t - . s u p p n c h a v a o o a e n 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 e i a o n r a . n o e s g n v d v n t S s - a - - t . l m D a e n b - d ank T s ime b F e a i o n g r k n - s B r i o n o w g r s - - c C o i a t u a c a p n - l - ts B d i e a ts b n 1 - k tions tions Boston ( 6 cities) Apr. 24 453 63 11 2,126 2,103 123 37 741 447 302 24 17 293 655 May 1 460 58 119 2,129 2,090 134 41 687 447 315 24 13 294 742 May 8 465 59 103 2,156 2,118 135 36 668 449 300 24 13 294 656 May 15 47 59 119 2,172 2,163 120 45 663 449 309 23 5 294 716 May 22 462 59 10 2,170 2,158 11 35 649 450 297 25 3 295 705 New York (8 cities)* Apr. 24 3,894 123 11915,225 15,316 518 733 5,375 1,825 3,014 1,126 126 2,114 6,912 May 1 4,068 115 12: 15,257 15,398 584 1,027 4,951 1,846 3,180 1,146 55 2,127 9,259 May 8 3,961 12 12: 15,228 15,210 539 725 4,816 1,863 3,038 1,142 50 2,128 7,567 May 15 3,913 114 13515,196 15,443 546 746 4,777 1,867 3,088 1,118 11 2,128 7,190 May 22 3,880 122 11615,465 15,544 529 761 4,669 1,869 3,011 1,111 33 2,126 7,305 Philadelphia (4 cities Apr. 24 ' 420 33 79 1,733 1,808 6 25 603 230 364 10 13 258 653 May 1 417 29 93 1,763 1,822 60 37 555 230 364 11 259 733 May 8 419 31 78 1,760 1,794 65 31 539 226 359 11 ' 5 260 596 May 15 413 30 90 1,751 1,830 66 25 536 230 372 10 1 260 594 May 22 417 33 84 1,775 1,819 66 2 524 231 350 11 5 260 601 Cleveland (10 cities) Apr. 24 724 77 180 2,980 2,981 15 5: 9501,273 495 4 38 487 938 May 1 722 71 193 2,982 2,989 168 63 8911,275 498 4 24 488 1,014 May 8 743 72 192 2,978 2,952 159 5 8681,277 499 4 36 488 871 May 15 747 74 202 2,990 3,054 163 56 8631,279 515 4 35 488 846 May 22 749 75 193 3,042 3,037 160 55 8451,281 492 4 28 489 838 Richmond (12 cities) Apr. 24 334 40 140 1,345 1,336 96 30 436 360 382 6 10 142 383 May 1 333 35 143 1,350 1,346 99 31 401 361 386 6 13 141 433 May 8 352 38 136 1,385 1,367 9 31 390 363 384 5 9 142 409 May 15 345 37 141 1,387 1,387 9 35 388 363 378 7 2 142 406 May 22 341 39 133 1,355 1,356 93 30 380 365 369 17 142 427 Atlanta (8 cities) Apr. 24 364 30 146 1,331 1,241 21 14 382 432 512 12 128 404 May 1 364 27 151 1,321 1,236 216 15 354 434 508 22 128 394 May 8 37. 30 158 1,349 1,245 214 18 342 436 520 129 386 May 15 368 2 163 1,354 1,285 216 14 340 437 519 " "l 129 402 May 22 364 29 147 1,363 1,271 212 13 337 438 490 2 129 433 Chicago (12 cities)* Apr. 24 1,435 94 401 5,283 5,114 515 91 1,933 1,896 1,590 15 605 1,920 May 1 1,406 86 388 5,338 5,103 556 119 1,783 1,900 1,596 40 607 2,308 May 8 1,438 90 390 5,292 5,049 559 91 1,736 1,907 1,606 51 608 1,966 May 15 1,423 91 413 5,316 5,221 546 103 1,723 1,916 1,645 8 607 2,091 May 22.. ..... 1,392 91 387 5,335 5,173 544 1,685 1,921 1,598 20 608 2,099 St. Louis (5 cities) Apr. 24 334 2 109 1,095 1,138 69 17 405 355 585 20 137 380 May 1 342 20 110 1,096 1,154 68 20 381 357 582 13 137 412 May 8 348 23 112 1,099 1,145 67 17 370 358 585 12 137 371 May 15 339 21 115 1,117 1,193 71 23 374 359 581 10 137 402 May 22 336 22 109 1,130 1,181 69 19 364 360 562 11 137 406 Minneapolis (8 cities) Apr. 24 195 11 692 666 89 15 307 219 323 7 89 221 May 1 209 9 705 673 93 15 283 219 324 5 89 253 May 8 204 11 712 676 93 14 274 220 326 89 242 May 15 196 11 715 699 90 12 273 220 322 89 260 May 22 200 11 723 702 12 267 221 319 89 266 Kansas City (12 cities) Apr. 24 435 23 273 1,431 1,392 181 24 417 302 828 151 433 May 1 428 21 262 1,426 1,384 178 26 390 302 811 151 473 May 8 444 22 262 1,435 1,387 175 24 379 303 834 151 413 May 15 434 22 277 1,466 1,440 175 27 376 304 819 151 459 May 22 431 22 264 1,469 1,413 180 34 370 304 798 152 481 Dallas (9 cities) Apr. 24 376 25 225 1,393 1,411 91 32 396 281 551 144 382 May 1 388 23 214 1,413 1,412 90 32 362 281 523 144 411 May 8 402 24 225 1,422 1,403 102 25 353 282 546 144 365 May 15 399 24 236 1,432 1,450 96 26 357 283 554 144 405 May 22 397 24 225 1,427 1,423 93 27 350 284 537 145 451 SanFrancisco(7 cities) Apr. 24 994 49 264 3,455 3,453 195 118 1,389 ,050 432 555 1,223 May 1 1,015 47 268 3,462 3,434 210 139 1,325 ,052 418 554 1,276 May 8 972 47 263 3,435 3,424 203 106 1,255 ,056 425 556 1,209 May 15 996 48 272 3,452 3,525 195 107 1,252 ,058 438 555 ,220 May 22 1,009 47 265 3,473 3,504 194 109 1,226 ,061 424 556 ,264 City of Chicago Apr. 24 898 38 187 3,173 ,184 224 48 1,248 774 1,127 381 1,260 May 1 868 35 173 3,199 ,169 251 57 1,153 776 1,131 383 L.548 May 8 902 35 187 3,174 3,125 256 43 1,123 778 1,136 384 L,305 May 15 871 36 189 3,168 3,224 241 55 1,114 784 ,166 383 1,332 May 22 845 36 180 3,190 3,211 246 1,087 786 1,134 384 1,318 * See note on page 638. 1 Demand deposits otner than interbank and U. S. Government, less cash items reported as in process of collection 1 Debits to demand deposit accounts except interbank and U. S. Government accounts. JUNE 1946 639 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 Total End of month paper out- Accepting banks Goods stored in or stan ou d t i - ng1 standing Total O bi w ll n s bo B u il g ls ht Others2 I U S m i n t n p a i t o t t o e e r s d ts E U S f x n r t p o a i o m t te e r d s ts ex D c o h l a l n ar ge U s n h i i t p e p p d o e i d n ts b F e in o tw re e i e g n n States countries 1945—January 162 130 98 48 50 32 86 13 (3) 25 5 February 157 126 97 52 46 29 87 12 (3) 24 4 March 147 128 96 54 42 32 87 11 (3) 25 4 April 119 117 90 52 38 26 81 10 (3) 24 2 May 103 104 82 51 32 22 72 9 (3) 22 2 June 101 107 80 44 36 27 74 10 (3) 20 3 July 107 117 90 45 45 2 26 81 9 (3) 22 4 August 110 128 101 50 50 28 91 10 (3) 25 2 September 111 135 104 52 52 31 98 11 (3) 23 October 127 135 100 53 46 35 95 12 (3) 22 6 November 156 145 107 58 49 38 100 15 (3) 23 6 December 159 154 112 64 48 42 103 18 (3) 26 7 1946—January 174 166 126 71 55 40 109 20 (3) 29 8 February 178 167 128 74 53 39 109 18 (3) 31 9 March 172 163 119 64 55 2 42 104 17 (3) 33 8 April 149 169 109 65 44 2 47 114 16 (3) 30 9 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks except on July 31, 1945, Mar. 31 and Apr. 30, 1946, when their holdings were $486,000, $2,016,000 and $13,196,000, 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 EXCHANGF FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )1 es a in n a v d c e c t s o r t u a m n d e t i s n n g t a in n a v d c e c t s o r t u a m d n e t i s n n g t a b n a d n k in s borrowed2 Free O (n th et e ) r a i I n n n v d p e t s a r t r a m t d n e i e n n r g t s' a in n v d In e t s r f t a i m r d m e in n g t I a n c ( c c n o a e u p t n ) it ts al accounts accounts 1936—June 1,267 67 164 219 985 276 86 24 14 420 December... 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December... 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December. .. 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 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 juene cember... 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 5 6 1 1 5 8 1 8 1 2 22 1 7 6 1945—May 31,094 3742 3583 June 1,223 ll" " ""333" 220 853 549 121" 14 13 264 July 31,141 3824 3580 August 31 , 100 3758 3573 September. . 31,084 3762 3594 October 31,063 3743 3632 November. . 31,095 3711 3639 December... 1,138 12 413 795 654 112 29 13 299 1946—January.... 31,168 3 734 3 727 February. . . 31,046'- 3 645 '3 755 March 3 936 3622 3 712 April 3 895 3 575 3 697 r Revised. 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): February, 172; March, 165; April, 154. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. 640 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES u. s Government [Per cent per annum] mo Y w n e e t a h e r k , , or m 4 m p P - c o a r e o t n i p r o m m t c e h i - r 6 e a , s - l 1 a P a b d c n e a r a 9 c r i c n y s m 0 e e ' k s p s e 1 - , t- c S h n l c a t e o r a e o a e l x a n w s - l c - n 2 l g k - e m b o i 3 l n - ls s t * h ecu 9 r d c m i - o c e e t t f a y o r b o t t n t i i e e n f 1 y t s i h d - 2 i - e - - ld 3 t s - n a y x o t e o a t a e b r s 5 l - e 1937 average1 19 T 2 o . c 5 t i 9 a ti l es Y N 1 C . o e i 7 t r w y 3 k e E 7 N r c a 2 n O o i s . t r 8 t i a t t e e h 8 n h s r e - d n r 1 W e 1 r c 3 n e S i . s t 2 o i a t e 5 e u n s r t d n hness 1938 average1 2.53 1.69 2.75 3.26 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 1.00 .375 .79 1.33 1941 average 2.54 1.97 2.55 3.19 1945 average .75 .44 1.00 .375 .81 1.18 1942 average 2.61 2.07 .58 3.26 1943 average 2.72 2.30 .80 3.13 1945—May .75 .44 1.00 .375 .80 1.16 1944 average 2.59 2.11 2.68 3.02 June .75 .44 1.00 .375 81 1.16 1945 average 2.39 1.99 2.51 2.73 July .75 .44 1.00 .375 .80 t. 16 August.... .75 .44 1.00 .375 .82 L.17 1941—December.. 2.41 1.88 2.45 2.99 September. .75 .44 1.00 .375 .84 4 L.19 October .75 .44 1.00 .375 .83 L.17 1942—March 2.48 1.85 2.48 3.20 November. .75 .44 1.00 .375 .84 t. 14 June 2.62 2.07 2.56 3.34 December.. .75 .44 1.00 .375 .84 4 1.15 September. 2.70 2.28 2.66 3.25 December.. 2.63 2.09 2.63 3.26 1946—January. . . .75 .44 1.00 .375 .79 L. 10 February. . .75 .44 1.00 .375 .76 L.03 1943—March 2.76 2.36 2.76 3.24 March .75 .44 1.00 .375 .79 .99 June 3.00 2.70 2.98 3.38 April 75 .44 1.00 .375 .81 1 12 September. 2.48 2.05 2.71 2.73 May .75 .47 1.00 .375 .83 1.18 December.. 2.65 2.10 2.76 3.17 Week ending: 1944—March .63 2.10 2.75 3.12 Apr. 27.... X 7/16 1.00 .375 .82 1.16 June ,63 2.23 2.55 3.18 May 4.... X 7/16 1.00 .375 .83 1.14 September. 69 2.18 2.82 3.14 May 11.... X 7/16 1.00 .375 .83 1.16 December.. 1.93 2.65 May 18.... % ¥i 1.00 .375 .83 1.20 May 25.... % V* 1.00 .376 .83 1.21 1945—March 2.53 .99 2.73 June 2.50 .20 2.55 2 1 T M h o e n a th v l e y r a f g i e g u r r a e t s e a o r n e 9 a 0 v - e d r a a y g e s s t o o c f k w e e x e c k h l a y n g p e r e t v im ai e li n lo g an ra s t e w s a . s 1.25 per S D e e p c t e e m m b b e e r r . . . 2 2. . 0 4 9 5 . . 0 7 5 1 2 2 . . 5 2 3 3 cen 3 t R d a u te r in o g n t n h e e w e i n s t s i u r e e s p o e f r f i e o re d d . within period. 1946—March. 2.31 1.75 2.34 2.93 4 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- By ratings By groups Year, month, years over ipal rate or week (high- (high- Partial- grade)2 grade)3 Total Tax- ly tax Tax- Aaa Aa A Baa Indus- Rail- Public able exempt able trial road utility Number of issues. 1-5 1-5 1-9 15 5 120 30 30 30 30 40 40 40 1943 average.... 1.96 1.98 2.47 2.06 2.64 3.16 2.73 2.86 3.13 3.91 2.85 3.64 2.99 1944 average.... 1.94 1.92 2.48 1.86 2.60 3.05 2.72 2.81 3.06 3.61 2.80 3.39 2.97 1945 average.... 1.60 1.66 2.37 1.67 2.54 2.87 2.62 2.71 2.87 3.29 2.68 3.06 2.89 1945—May 1.57 1.68 2.39 1.58 2.53 2.89 2.62 2.72 2.88 3.32 2.68 3.05 2.93 June 1.56 1.63 2.35 1.58 2.54 2.87 2.61 2.69 2.86 3.29 2.68 3.03 2.89 July 1.58 1.63 2.34 1.57 2.53 2.85 2.60 2.68 2.85 3.26 2.68 3.00 2.87 August. . . 1.59 1.68 2.36 1.70 2.56 2.86 2.61 2.70 2.85 3.26 2.68 3.02 2.86 September 1.56 1.68 2.37 1.79 2.56 2.85 2.62 2.70 2.85 3.24 2.67 3.05 2.85 October.. . 1.50 1.62 2.35 1.76 2.54 2.84 2.62 2.70 2.84 3.20 2.65 3.03 2.84 November 1.42 1.56 2.33 1.70 2.54 2.82 2.62 2.68 2.81 3.15 2.64 2.99 2.81 December. 51.38 1.51 2.33 1.64 2.54 2.80 2.61 2.68 2.79 3.10 2.64 2.96 2.79 1946—January. . 1.31 (6) 2.21 1.57 2.43 2.73 2.54 2.62 2.73 3.01 2.57 2.89 2.71 February.. 1.28 (6) 2.12 1.49 2.36 2.68 2.48 2.56 2.70 2.95 2.54 2.83 2.65 March 1.28 (6) 2.09 1.49 2.35 2.66 2.47 2.54 2.69 2.94 2.54 2.80 2.64 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 May 1.47 (6) 2.19 1.54 2.44 2.71 2.51 2.58 2.73 3.02 2.60 2.84 2.69 Week ending: 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 May 4... 1.44 (6) 2.18 1.56 2.43 2.70 2.50 2.58 2.73 3.00 2.61 2.83 2.68 May 11... 1.47 (6) 2.19 1.53 2.43 2.71 2.51 2.58 2.72 3.01 2.61 2.82 2.69 May 18... 1.48 (6) 2.20 1.54 2.45 2.71 2.51 2.59 2.73 3.02 2.61 2.84 2.70 May 25... 1.48 (6) 2.19 1.54 2.44 2.71 2.51 2.58 2.73 3.03 2.60 2.84 2.70 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have been reduced from 10 to 3, 6, and 9 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 7, 6, and 9 issues, respectively. 5 Beginning Dec. 15, 1945, includes Treasury bonds of June 1952-54, June 1952-55, December 1952-54, and March 1956-58. 6 No partially tax-exempt bonds due or callable in 15 years and over. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490. JUNE 1946 641 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock prices5 Volume Corporate* Common (index, 1935-39=100) of trading7 (in Year, month, or week U. S. Munic- thoum G e e r o n n v - t - 2 g ( r i h a p i d a g e l h ) - 3 H gr i a g d h e - Tot M al edi I u n t m r d i - u a l s a - nd l R r o o a w a i d e l- r-gra P u d t u i e b li l t i y c fau D lt e e - d fer P r r e e d - 8 Total In tr d i u al s- R ro a a i d l- u P t u i b li l t i y c s s a h n a d r s e s o ) f Number of issues 1-9 15 15 50 10 20 20 15 15 402 354 20 28 1943 average 100.50 131.8 120.3 109.5 117.0 97.6 114.0 44.0 172.7 92 94 89 82 1,032 1944 average 100.25 135.7 120.9 114.7 120.5 107.3 116.3 59.2 175.7 100 102 101 90 971 1945 average 102.04 139.6 122.1 117.9 122.2 115.1 116.3 75.4 189.1 122 123 137 106 1,443 1945—May 101.74 141.3 122.3 117.9 122.1 115.0 116.5 77.5 191.2 118 120 135 101 1,357 June 102.38 141.5 122.1 118.1 122.2 115.5 116.7 81.4 190.9 121 122 144 106 1,828 July 102.46 141.6 122.3 117.9 122.2 115.2 116.4 80.4 189.6 118 119 140 108 951 August 102.22 138.8 121.7 117.2 121.7 114.4 115.5 75.6 188.1 118 119 131 107 1,034 September 102.02 137.0 121.6 117.1 121.4 114.4 115.6 74.5 186.7 126 128 138 111 1,220 October 102.38 137.7 121.9 117.7 122.0 115.3 115.7 76.6 188.0 132 135 145 114 1,556 November 102.60 139.0 122.0 118.3 122.5 116.6 116.0 78.9 192.2 137 139 154 121 1,961 December 102.68 140.1 121.9 119.0 123.1 117.5 116.2 82.1 195.3 140 142 157 120 1,626 1946—January 104.59 141.6 123.8 119.7 123.9 118.9 116.3 84.9 197.9 145 148 164 124 2,183 February 106.0: 143.4 124.5 120.0 124.4 119.6 116.1 85.4 200.5 143 146 160 124 1,776 March 106.46 143.4 124.5 120.1 124.5 119.9 115.9 82.7 203.1 142 145 154 123 1,116 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 May 104.8 142.1 123.7 119.5 123.9 118.6 116.0 81.8 201.8 154 159 157 129 1,311 Week ending: 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 May 4 105.01 141.8 123.6 119.5 124.0 118.6 115.8 81.8 202.9 153 158 156 129 1,008 May 11 104.80 142.4 123.8 119.5 123.9 118.7 115.9 81.6 201.8 152 156 152 128 1,375 May 18 104.64 142.2 123.7 119.4 123.9 118.6 115.9 81.1 201.2 153 158 154 128 1,101 May 25 104.78 142.2 123.5 119.4 123.9 118.4 116.0 82.1 201.8 155 160 159 130 1,268 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. 8 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. B Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and the BULLETIN for May 1945, pp. 483-490. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic Year or month f ( i u a n r n n n e e g d d - w ) - m T e ( a i f e o d g n o s t o n d r t a - - i ) l c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a p o o n o 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 t o n d t r a i - : ) c l Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a p o o n o n t d e 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 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,790 2,277 2,239 931 924 383 287 97 38 3,513 3,465 195 1,537 1,733 1,596 137 48 1940 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 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 1,532 1,442 259 497 685 603 82 90 1944 4,216 913 896 235 15 646 422 224 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 6,194 6,146 324 912 4,911 4,256 655 48 1945—April 761 130 126 19 101 50 51 631 631 30 46 555 530 25 May 584 187 186 28 158 103 55 397 395 9 19 367 272 95 June 169 52 52 43 1 1 117 117 8 30 79 79 July 1,229 249 249 35 212 "34 178 981 981 31 200 750 623 127 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 1,096 1,070 38 42 989 820 169 26 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 68 131 10 122 146 146 30 113 55 58 February. 350 65 65 47 5 42 284 284 20 264 247 17 March. . . 557 223 222 127 17 111 334 311 23 284 238 46 23 April 1,097 373 373 290 118 172 723 698 326 363 277 85 25 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. Source.—For domestic issues, Commercial and Financial Chronicle', for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. 642 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 [In millions of dollars] Proposed uses of net proceeds Estimated Estimated Year or month pro g c ro e s e s ds2 pro n ce et eds3 New money Retirement of securities Repa o y f ment Other Total P eq la u n ip t m an e d nt W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt purposes 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936. 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942. . 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945 5,800 5,691 996 581 415 4,447 4,017 430 124 124 1944—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 April 682 666 213 148 65 376 320 56 57 21 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 Retirenet New ment of other net New ment of other net New ment of other net New ment of 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- 1935 120 57 54 10 1 250 30 1 190 30 774 74 550 150 122 46 72 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 1937 . . 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1939 . 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 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 1944 602 102 500 1,400 40 1,343 17 1,033 454 504 76 107 61 42 1945 1.436 115 1,320 2,196 61 2,083 51 1,865 732 984 149 194 88 60 1944—October.... 36 2 35 499 9 485 5 191 115 74 3 3 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 February... 108 ""\2 96 60 60 27 9 16 1 18 7 March.... 124 2 122 93 41 50 2 4 4 April 360 14 346 139 12 127 1 118 64 38 15 15 12 May 75 18 57 184 1 183 223 117 89 17 2 June 30 30 59 3 49 7 2 1 July 105 12 93 301 4 297 4 480 163 301 16 40 11 August 84 10 74 115 110 221 63 111 47 13 6 September.. 270 4 266 371 364 6 130 87 38 6 10 8 October 246 27 219 565 "is 523 26 218 89 107 23 27 19 November 42 2 35 5 49 17 26 6 27 1 December. . 68 19 50 200 23 169 8 166 51 106 9 27 9 1946—January 7 7 43 1 43 181 98 68 15 13 6 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 April 98 1 97 138 6 119 13 412 198 157 56 18 7 (NO All other pur- poses* 4 20 7 1 5 104 21 4 3 47 2 5 1 1 2 1 29 2 5 1 5 4 10 15 3 15 7 8 3 9 :o underwriters, agents, etc., and ex- IBC4 S I . ncludes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for comippiilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491) a publication of the Board of Governors. JUNE 1946 643 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Profits and Net profits,1 by industrial groups dividends Year or quarter Total s I a t r n e o d e n l c M e h r i a y n - - t b o A i m l u e o - s - e p t O m r q t o i a t u e o r h n t i n n e a s p t r - - - f m e p N u a r r e r c n o o t o t a d n d s u l - - s s O g d o b u t o h l r e a d e - r s 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 e a i o i O n f n n d i i g g d n l u - c- c I h n t c r e d a i m u l a s l s i - - g O 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 s v 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 IS6 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 1,925 188 r163 243 169 108 88 199 223 187 154 203 '989 85 612 Quarterly X942—1 413 52 38 46 2 46 36 19 32 35 39 39 31 205 21 134 2 358 52 35 25 2 43 32 18 32 27 35 27 32 174 23 135 3 445 51 36 46 2 43 34 22 42 42 41 35 52 213 20 125 4 553 72 49 92 250 36 30 44 49 48 35 46 296 23 158 1943—i 430 52 39 47 2 48 34 19 39 36 41 36 39 209 21 127 2 433 47 41 50 2 46 32 22 37 42 41 36 38 221 22 132 3 461 51 41 52 2 46 31 20 43 49 40 39 50 226 21 127 4 477 53 45 53 2 41 31 23 43 58 47 38 44 246 22 170 1944—1 444 47 40 52 2 52 29 20 38 49 42 36 39 224 21 142 2 459 46 40 55 247 30 22 43 52 43 37 43 230 22 149 3 475 47 38 55 2 47 28 21 45 56 49 37 52 244 20 137 4 518 55 55 59 2 43 28 25 49 64 53 37 50 272 23 184 1945—i 492 49 38 63 2 50 31 21 45 62 48 39 45 250 20 142 2 508 53 42 77 247 27 21 46 64 45 38 47 269 22 145 3 439 37 35 46 2 36 23 20 50 61 43 37 53 224 21 143 4 '485 49 '47 58 2 36 27 26 58 37 51 40 58 r246 22 182 1946—1 312 25 -17 -38 2-10 19 12 65 54 62 64 76 112 20 146 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroads Electric power4 Telephone5 Year or quarter Operat- Income Operat- Income Operat- Income ing before Net Divi- ing before Net Divi- ing before Net Divirevenue income income1 dends revenue income income1 dends revenue income income1 dends taxe tax* tax« 1939 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1 235 271 178 172 1942 7,466 1 ,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 914 502 410 1,537 374 180 168 1944 9,437 1 971 668 246 3,618 915 499 390 1 641 399 174 168 1945 8,902 755 447 253 3,695 906 523 399 1,803 396 177 173 Quarterly 1942 -1 . .. 1,483 178 90 24 816 234 131 98 324 72 41 44 2 1,797 390 198 46 770 196 104 96 337 75 41 42 3 2,047 556 286 30 792 195 105 84 342 72 39 39 4 2,139 534 327 101 839 222 150 131 359 83 43 38 I943—1 2,091 515 214 29 864 254 136 99 366 88 42 40 2 2,255 608 244 52 835 221 118 100 382 96 44 42 3 2,368 653 250 36 859 210 114 99 391 94 45 43 4 2.340 435 166 100 906 228 133 113 398 96 48 43 I944—1 2,273 458 148 31 925 262 135 94 400 97 42 42 2 2.363 511 174 55 886 241 123 102 406 101 43 42 3 2,445 550 180 30 878 207 111 94 409 98 43 42 4 2,356 452 165 130 929 205 130 101 426 104 46 43 1945—1 2,277 425 139 30 971 292 139 102 436 115 46 41 2 2,422 504 187 72 909 233 123 96 444 109 45 44 3 2,231 229 125 29 887 211 116 92 449 103 44 43 4 1,972 —404 —4 123 928 171 145 109 474 70 43 46 1946—1 1,866 38 14 56 971 280 176 107 475 84 54 44 r Revised. 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 Partly estimated. 3 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. 5 Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. 6 After all charges and taxes except Federal income and excess profits taxes. Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures prior to 1942 are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN. 644 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 Total Fully Total interest- Non- guaran- End of month gross bearing Certifi- Treasury Special interest- teed indirect direct Total2 Treasury cates of TreasuryTreasury Total2 U. S. tax and issues bearing terestdebt debt bills indebt- notes bonds savings savings debt bearing edness bonds notes securities 1942—Dec. 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1943—June 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,092 Dec 165,877 164,508 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,225 1944—June.... 201,003 199,543 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,516 Dec, 230,630 228,891 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 1,470 1945—May.... 238,832 235,761 162,652 17,049 34,442 18,588 92,377 54,517 43,767 10,031 18,592 »3,071 1,151 June.... 258,682 256,357 181,319 17,041 34,136 23,497 106,448 56,226 45 ,586 10,136 18,812 2,326 409 July 262,045 259,781 183,080 17,025 34,472 23,498 107,890 57,143 46,508 10,119 19,558 2,264 484 Aug 263,001 260,746 183,334 17,038 34,430 23,498 108,172 57,379 46,715 10,148 20,033 2,255 515 Sept 262,020 259,630 182,833 17,018 35,072 23,498 107,049 56,278 46,741 9,021 20,519 2,391 527 Oct 261,817 259,439 182,790 17,026 35,021 23,498 107,049 56,072 46,786 8,776 20,577 4 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 5 2,492 536 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 May.. . . 272,583 271,440 193,487 17,041 36,828 18,261 121,177 56,472 48,917 7,127 21,481 1,143 542 IIIIn).cluding amounts held by Government agencies and trust funds, which aggregated 7,007 million dollars on Apr. 30, 1946. 2 TTootal marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and depositary bonds not shown separately. » Including prepayments amounting to 947 million dollars on securities dated June 1, 1945, sold in the Seventh War Loan, beginning on May 14, 1945. 4 Including prepayments amounting to 54 million dollars on securities dated Nov. 15, 1945, and Dec. 3, 1945, sold in the Victory Loan, beginning on Oct. 29, 1945. 5 Including prepayments amounting to 192 million dollars on securities dated Dec. 3, 1945, sold in the Victory Loan, beginning on Oct. 29, 1945. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING, MAY 31, 1946 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Funds received from sales during Redemp- Issue and coupon rate Amount Issue and coupon rate Amount Amount month tions and out- maturities Month standing Treasury bills* Treasury bonds—Cont. at end of June 6, 1946 1,309 Sept. 15, 1949-51.... 2 1,292 month All Series Series Series All June 13, 1946 1,304 Dec. 15, 1949-51... . .2 2,098 series E F G series June 20 1946 1,315 Dec. 15, 1949-52...3% 491 J J u u l n y e 27 5 , 1 1 9 9 4 4 6 6 J , . 3 3 1 1 2 3 M De a c r . . 1 1 5 5 , , 1 1 9 9 5 4 0 9 - - 5 5 2 3.. 2 1 1 , , 7 9 8 6 6 3 1944 Nov 38,308 1,023 807 43 174 382 July 11, 1946 L ,317 Sept. 15, 1950-52.'."'.2Y2 1,186 Dec... 40,361 2,386 1,855 125 406 365 A J A A J u u u u u l l g y g g y . . . 1 2 1 5 8 1 5 8 . , , , , 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 6 6 6 6 6 ... . L 1 1 1 1 , , , , 3 3 3 3 ,3 0 1 0 0 1 9 5 8 1 0 S J D S S u e e e e n p p p c e . t t t . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 0 1 1 0 1 - - - - 5 5 5 5 4 2 3 5 . . . . . . . . . . . . 2 \ . . . % y . . . 3 % 2 2 4 2 7 1 , , , , 6 9 6 9 7 2 3 3 8 5 7 5 9 5 6 1945— A F M Ja e p n a b r r . . . . . . . . . . . . 4 4 4 4 2 2 1 1 , , , , 1 6 1 6 5 2 4 9 9 6 0 8 1,0 8 8 8 7 8 3 4 4 9 8 8 6 6 8 7 5 8 0 1 3 4 4 2 3 4 2 2 1 2 7 3 2 1 1 1 2 3 5 6 8 0 1 4 3 3 4 4 2 6 4 0 3 4 1 4 A A u u g g . . 2 2 9 2 . 1 1 9 9 4 4 6 6 1 ,3 3 1 1 4 3 D D M e e a c c r . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 1 1 2 - - - 5 5 5 3 5 4 .. .. . . 2 . 3 . 4 2 1 1 , , 1 0 5 1 2 1 8 4 0 J J M u u a n ly y e. . . . . . . . . 4 4 4 5 6 3 , , , 5 7 5 6 8 0 7 6 8 2 1 1 , , , 2 5 1 9 4 7 5 0 8 1 1 1, , , 0 1 4 3 9 6 2 5 8 1 6 4 7 3 7 8 5 2 2 3 8 1 2 2 5 4 4 42 2 0 8 6 3 C A J e u u r n t g . e . of 1 1 , , i n 1 1 d 9 9 4 4 e 6 6 b tednes Y s K s 4 2 , , 7 4 9 7 9 0 J J D u u e n n c e e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 2 2 2 - - - 5 5 5 4 5 4 .. . . . . . • . 2 M .2 5 8 1 , , , 6 5 8 0 6 2 1 2 5 S A O N e c o u p t v g t . . . . . . . . 4 4 4 4 6 6 7 6 , , , , 7 7 4 7 8 1 7 4 6 5 3 1 1,1 6 5 7 8 2 1 0 4 5 4 0 5 5 4 8 1 2 7 6 0 0 1 5 5 2 1 4 2 8 8 2 1 1 6 0 0 7 5 7 7 6 5 6 5 5 1 3 2 3 6 3 8 1 S O N e c o p t v . t . . 1 1 1 , , , 1 1 1 9 9 9 4 4 4 6 6 6 1 1 % 4 4 4 3 3 , , , 3 4 7 3 4 7 6 0 8 J J M u u n n ar e e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 5 3 4 - - - 6 5 5 0 5 6 . . . . ..• ' '. ' Y 2 . M '.2 v 2,6 6 7 1 8 2 1 1 5 1946— D F J e a e b n c . . . . . . . . 4 4 4 8 8 8 , , , 1 6 5 9 8 8 2 3 8 1,2 9 6 5 6 2 4 0 2 9 6 3 0 6 4 8 7 1 4 3 8 0 0 3 2 2 26 2 7 2 5 8 5 6 5 5 2 6 9 9 5 J D F M a e e n a b c r . . . . 1 1 1 1 , , , 1 1 1 1 9 9 9 9 4 4 4 4 7 7 6 7 ... 1 1 % % 4 4 4 3 3 3 , , , , 1 9 3 7 3 5 3 6 3 4 0 8 S S J M u e e n a p p r e t t . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 6 6 6 8 - - - - 5 5 5 6 9 9 8 3 . . . . . . . . ' .2 . 2 2 % H % 3 1 , ,4 8 9 9 4 2 1 8 9 9 2 3 A M M p a a r y r . . . . . . . . . . . 4 4 4 8 8 8 , , , 7 8 9 3 2 1 3 8 7 6 6 5 6 2 9 8 6 4 3 3 3 7 8 4 1 8 5 3 2 2 0 7 4 2 2 2 2 5 2 8 1 5 6 5 6 5 3 2 2 4 1 Apr. 1, 1947 % 2,820 June 15, 1959-62...2H 5,284 Dec. 15, 1959-62.. 3,470 Treasury notes J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 2 0 - - 6 6 7 5 . . . .• ' l 2 & H 2 1 , ,4 1 8 1 5 8 Maturities and amounts outstanding, May 31, 1946 J S M D S u e e e l a p p c y r t t . . . . 1 1 1 1 5 5 5 5 1 , , , , , 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 7 7 7 0 6 1 1 \ \ V J 9 M y 4 2 0 2 4 3 2 1 1 , , , , , 6 9 7 2 9 8 4 0 6 1 7 8 1 7 0 J D D M M u e e n a a c c r r e . . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 6 5 4 4 3 - - - - - 7 7 6 6 6 1 0 9 9 8 . . . . . . . . . . ' . . 2 i 2 .2 y y Y 2 y 2 2 2 5 2 3 3 3 , , , , , 1 7 8 4 8 9 6 3 8 3 7 1 1 1 8 m Y a e t a u r r i o t f y se A ri l e l s S B er - i D es Se E ries Se F ries Se G ries T S r e e p a t s . u 1 r 5 y , 1 b 9 o 4 n 8 d s \y2 3,748 J S D u e e n p c e . t . 1 1 15 5 5 , , , 1 1 1 9 9 9 6 6 6 7 7 7 - - - 7 7 7 2 2 2 .. . . . . • ' . 2 h Y2 i 1 2 7 1 , , , 7 9 6 1 6 8 6 7 9 1 1 1 9 9 9 4 4 4 7 6 8 4 4 2 9 2 3 7 3 8 4 4 2 9 2 3 7 3 8 J J u u n n e e 1 1 5 5 , , 1 1 9 9 4 4 6 6 - - 4 4 8 9 .. .3lA 3 21, 2 0 8 3 1 6 9 Postal Savings 1 1 9 9 4 5 9 0 9 8 8 0 5 0 9 8 8 0 5 0 O D c e t c . . 1 1 5 5 , , 1 1 9 9 4 4 7 7 -52... 4 M 2 7 70 5 1 9 Co b n o v n e d r s sion bonds.. i . y .32 11 1 7 3 1 19 9 5 51 2 . .. . 1 4 , , 6 7 2 2 0 1 439 4 1 , 7 1 2 8 1 2 Mar.15, 1948-50 2 1,115 Panama Canal loan.. 3 50 1953 8,593 7,213 212 1,168 J M un ar e .1 1 5 5 , , 1 19 9 4 4 8 8 -51... 2 1 3 % 4 3 1 , , 0 2 6 2 2 3 Total direct issues. . . .193,487 1 19 9 5 5 5 4 1 1 0 1 , , 2 4 9 3 2 9 8 7 , , 5 25 8 1 8 5 6 7 4 6 9 2 2, , 3 2 9 7 2 4 S D e e p c t . . 1 15 5 , , 1 1 9 9 4 4 8 8 -50 2}/ 2 2 4 5 5 7 1 1 Guaranteed securities 1 1 9 9 5 5 6 7 5 3 ,0 0 7 2 3 1 1 550 5 7 8 2 0 6 2 2 ,4 7 9 4 3 6 June 15, 1949-51 2 1,014 Federal Housing Admin. 1958 1,294 141 1,154 Various 42 Unclassified. . -80 Total 48,917 3,382 30,504 2,883 12,226 1 Sold on discount basis. See table on Open-Market Money Rates, p. 641. 2 Called for redemption on June 15, 1946. JUNE 1946 645 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Estimates of the Treasury Department. Par value, in millions of dollars] Held by banks Held by non-bank investors Other State U. S. Govern- Total Insur- corpo- and ment agencies End of month i b n e te a r r e in s g t- Total m C e o r m cia - l R Fe e d se e r r v a e l I Total v I id n u d a i- ls c a o n m ce - M sav u i t n u g a s l ra a ti n o d ns l g o o c v a - l and trust funds banksl Banks panies banks associa- erntions ments Special Public issues issues 1942—June 76 517 28,645 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— D ju e n c e e mber m . 1 1 3 6 9 8 ,7 4 3 7 2 2 5 7 9 1 , , 4 4 0 4 2 3 5 5 9 2 , , 9 2 0 0 0 0 1 7 1 , , 2 5 0 43 2 9 8 7 0 , , 2 0 8 7 9 0 3 37 0 , , 1 3 0 0 0 0 1 1 3 5 , , 1 1 0 0 0 0 5 6, , 1 3 0 0 0 0 2 1 0 5 , , 1 7 0 0 0 0 2 1 , ,3 0 0 0 0 0 1 1 2 0 , 7 8 0 7 3 1 3 4 , ,2 45 4 1 2 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 18,846 133,815 52,200 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 23,276 152,304 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 62,000 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 '24,400 10,700 '29,900 6,300 20,000 7,038 1946—January 278 001 115,264 92,000 23,264 162,737 63,700 24,700 10,900 '29,300 6,400 20 655 7,043 February 278,451 '115,404 '92,500 22,904 '163,047 63,700 '24,800 11,100 '29,000 6,400 20,897 7,061 March . . . 275,290 111,601 89,000 22,601 163,689 63,800 25,000 11,200 29,100 6,400 21,135 7,046 ' Revised. 1 Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 600 million on Mar. 31, 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 (x) banks panies ing and Banks C1) banks panies trust trust funds funds Total:2 Treasury bonds: 1945—Aug... 183,369 6,09222,53077,862 9,77521,27345,837 Total: Sept.. 182,870 6,09423,32876,939 9,84521,43745,227 1945—Aug... 108,172 5,937 1,11443,170 9,36520,25128,334 Oct... 182,829 6,14623,27677,547 9,84721,50144,512 Sept.. 107,049 5,926 977 42,834 9,36020,34827,604 Nov. . 185.151 6,10423,472 78,935 9,58721,37545,679 Oct... 107,049 5,926 977 43,477 9,36020,34326,964 Dec... 198.820 7.00924.26282,830 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 10,217 22,23033,579 Feb... 199.849 7,03022.90485.192 10.87123,89549.957 1946—Jan... 121,358 6,905 947 47,253 10,44522,80733,000 Mar.. 197,104 7,01622,60181,86110,95524,00850,663 Feb.. . 121.635 6,909 947 47,429 10,56522.81232,974 Mar. . 121,177 6,882 903 47,414 10,56122,89632,523 Treasury bills: Maturing within 1945—Aug... 17,038 15 13,254 2,193 2 1,574 5 years: Sept.. 17,018 18 13,234 2,035 10 1,721 1945—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 1 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 Mar. . 17,047 9 13,280 1,512 2 6 2,239 Feb.. . 10.879 478 7,320 159 257 2,666 Mar.. 11,613 561 7,887 174 288 2,701 Certificates: Maturing in 5-10 1945—Aug... 34,430 46 6,40016,413 158 423 10,991 years: Sept.. 35,072 55 7,184 16,209 211 494 10,918 1945—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 L.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 Mar. . 40,399 73 6,95420,618 179 573 12,003 Feb.. . 46.484 1,321 31,901 2,128 3,697 7,444 Mar.. 45,261 1.154 31,247 2,052 3,603 7,202 Treasury notes: Maturing in 10-20 1945—Aug... 23,498 52 1,762 16,058 247 587 4,793 years: Sept.. 23,498 53 1,933 15,830 260 581 4,841 1945—Aug... 17,446 1,057 4,687 2,814 2,534 6,352 Oct... 23,498 80 1,920 15,834 258 591 4,815 Sept.. 16,748 982 4,388 2,868 2,493 6,020 Nov. . 23,498 71 2,102 15,678 223 607 4,817 Oct... 16,748 985 4,451 2,928 2,505 5,880 Dec... 22,967 8 2,120 15,701 179 575 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... 19,551 7 1.373 13,625 184 538 3,824 1946—Jan.. . 20.643 970 5,47') 3,427 3,054 7,711 Mar. . 18,261 9 1,463 12,292 211 520 3,765 Feb... 20.692 972 5,541 3.476 2,986 7,718 Mar. . 20,701 973 5,596 3,422 3,012 7,696 Guaranteed Maturing after 20 securities: years: 1945—Aug... 35 7 11 2 13 2 1945—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 25713,35710,120 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 3,333 13,51111,432 Dec... 41 7 11 3 14 6 Dec... 42,526 5,073 2,532 4,300 15,141 15,482 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 5 086 2 669 4,80215 87115 150 Mar.. 40 8 13 3 13 3 Mar. . 43.60J 5^098 2^679 4^90915',99114^922 * 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 Mar. 31, 1946, commercial banks reporting to the Treasury held 29,368 million dollars of U.S. Government securities due or callable within one year out of a total of 69,549 million outstanding. 3 Including 196 million dollars of Postal Savings and prewar bonds not shown separately below. 646 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] Mis- Change 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 n n e e e n t u l o v a e l e u e 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 ce N r i e p e - t ts3 I d n e e t s 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 t s s o - , O p tu e e t n x h re - d e s r i- e b i T x t u u p o d e r t g e n a e s l d t - D c e i f t i- : T o e a r u tc c u n . - s * t t s, f a g b e u n i e r a n n a n c l d - l e - g c d r r I e e o n b a s - t s s e Fiscal year ending: June 1943.... 16,094 4,553 1,508 1,230 23,38522,282 1,808 72,109 435 3,827 78,17955,897 -1.861 +6,51564,274 June 1944 8,39326,262 5,291 1,751 3,711 45,408 44,149 i,609 87,039 556 3,540 93,74449,595 -4,051 + 10,66264,307 June 1945.... 10,289 24,884 6,949 1,793 3,82447,740 46,457 3,617 90,029 1,646 5,113 100,40553,948 +798 +4,52957,679 1945—May 1,282 745 557 337 477 3,398 3,085 66 8,156 296 757 9,275 6,190 +686 -1,741 3,763 June 826 3,930 561 69 529 5,916 5,914 1,009 7,837 335 460 9,641 3,727 -1,050 + 15,07319,850 July 669 1,073 718 66 228 2,754 2,695 156'7.325 530 ••546 8.557 5,862 -116 -2,615 3,362 August 1,200 466 877 306 43: 3,281 2,997 99 '6,399 162 '694 7,354 4.357 -50 -3,451 956 September. 768 3,440 573 69 34! 5,192 5,189 647 ••5,367 34 '563 6,611 1,422 -95 -2,497 -980 October.... 572 1,021 689 58 241 2,581 2,530 172••5,126 38 '615 5,950 3,420 +302 -3,321 -203 November. 1,076 449 602 257 225 2,609 2,374 84 '4,226 '346 4,656 2,282 +390 + 1,632 3,524 December.. 707 2,659 516 69 170 4,122 4,118 817 '4,245 384 5,445 1,327 + 113+ 11,55812,773 1946—January... 554 2,201 64i 51 39 3,848 3.819 309 3.417 684 48 4,891 1,07* -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 42. 2.734 2.67" 174 2.560 200 1.316 4.251 1,5 +254 -3.433 -2,114 May 966 442 615 285 690 2,998 2,733 106 2,182 95 1,294 3,677 944 -139 -2,398 -1,316 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security accounts Net ex- Other Assets penditures Period c N e r i e e p - t ts I m n e v n e t s s t- p t e u E n r x d e - s i- c i G n o i n m o u c g v n h e e t e n a s r c c t n o k - - f - ce R i e p - ts I m nv e e n s t t s - p t e u E n r x e d - s i- Total F p e D o d i s n e e i - r ts al s p p D o e i s n c e i i - t a s l O as t s h e e t r s l T ia t o i b e t i s a li l - B ge f a u n l i a n n e n d ra c l e agencies Reserve deposi- Banks taries Fiscal year ending: June 1943 2,810 2,350 456 2,194 1,117 655 133 10,149 1,038 7,667 1,444 643 9,507 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—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 30> 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 A 326 133 -18 21.293 1.124 19.502 667 359 20.935 May 465 72 158 181 390 584 18,859 1,230 16,949 681 323 18,536 ' Revised. 1 1 T D o e t t a a l i l r s e c o e n ip c t o s l l l e e s c s t i s o o n c i b al a s s i e s c g u i r v it e y n e i m n p t l a o b y le m e b n e t l o t w ax . es, whic 2 h W a i r t e h h a e p l p d r o b p y r i e a m te p d l o d y ir e e r c s tl ( y C t u o r r t e h n e t F T ed a e x r a P l a o y l m d- e a n g t e A an c d t o su f r 1 v 9 iv 4 o 3 r ) s . insurance trust fund. * Excess of receipts (+) or expenditures (—). Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516. INTERNAL REVENUE COLLECTIONS [On basis of reports of coll ctions. 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 x c y - r c C a r o e t u r i n p r o t - o n - t B a a x c e k s E p ta x ro x c f e e i s s ts s O p ta r t o x h f e e i s t r s Total C st t t a o a a p c x l i k - E t a a g s n x i t f a d e t t s e b A t h a a e o l x g v c li e e o e c s r - - b t T a a x c o c e - o s S ta ta x m es p re t e t u t x a a a r x c n e i i l d e r s e s s e r ' s' n t c M a e e x o l i l e s u a - s s - Fiscal year ending: June 1943.... 16,299 5,771 686 4,137 557 5,064 84 4.571 329 447 1,423 924 45 670 732 June 1944 33,028 10,254 7 ] 038 785 4,763 705 9,345 137 5,353 381 511 1,618 988 51 729 1,075 June 1945.... 35,062 8,567 10,263 1 4,422 66111,004 144 6,960 372 643 2,310 932 66 1,207 1,430 1945—April 2,408 907 915 160 -26 443 9 517 75 171 68 5 97 100 May 2,406 201 1,751 70 79 295 10 571 64 180 83 6 116 121 June 4,025 1,127 46 858 79 1,895 21 572 62 191 93 6 104 116 July 2,242 318 1,249 i 161 75 429 8 791 "105 49 198 84 6 121 228 August 1,916 87 1,461 -l 74 62 228 5 824 209 69 199 108 5 102 132 September. . . 3,553 1,112 32 768 46 1,584 11 531 7 34 198 101 6 93 93 October 2,031 271 1,094 191 47 421 6 706 30 44 243 120 7 122 140 November. . . 1,856 41 1,405 105 50 248 6 605 44 230 98 8 112 113 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 April 1,703 460 708 104 102 324 5 614 1 66 214 96 7 111 119 i Withheld by employers (Current Tax Payment Act of 1943). JUNE 1946 647 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars^ PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items1 Li i a n b t i e l r it a i g e e s, n c o y th e it r e m th s an Corporation or agency Total Cash L c a r e o b e i a l - v e n - s m m C p s t a l i u o a o n i e p e t m d d s - e s , i - - , - G U se o . c v I u S m n t - . . v e e n O s t s s t e - t c h u e - r L s e t m u a t q a r r n e u u n e d n i c d s p t - , , -c L h t u T a r n t r i e g b d d - e is s - O s a t e s h t - e s r a t B F g u n a u o u r t n e a e n l d l s e r d y - d s d , p e a 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 U m 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 t s e n i e t - r e l - y d rials rities rities by U.S. All agencies: June 30, 1945. . 33,552 700 5,544 2,507 1,679 375 20,164 7721,811 502 1,163 4,162 27,266 459 Sept. 30, 1945.. 34,247 815 5,409 2,487 1,756 368 20,816 4422,154 551 1,135 4,48627,610 465 Dec. 31, 1945. . 33,844 925 5,290 2,288 1,683 325 21,017 4721,845 555 1,113 4,212 27,492 472 Mar. 31, 1946.. 33,325 1,279 5,069 1,918 1,789 285 20,784 1,741 536 1,133 4,95926,218 479 Classification by agency, Mar. 31, 1946 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 248 20 183 43 () 240 Federal intermediate credit banks.. 334 10 279 43 267 65 Federal land banks ,200 43 998 135 797 37 132 234 Production credit corporations.... 124 1 73 49 124 Regional Agricultural Credit Corp.. 15 12 " 2 (2\ 14 Farm Security Administration.... 456 55 322 21 50 5 451 Others 26 1 23 1 25 Federal Farm Mortgage Corp 151 9 137 4 143 Rural Electrification Administration. 432 4 422 00 432 Commodity Credit Corp ,401 521 31 759 ,163 -255 Federal Crop Insurance Corp 7 3 3 Federal Surplus Commodities Corp.. . 3 3 National Housing Agency: Federal Home Loan Bank Administration: Federal home loan banks 338 153 166 69 48 124 Federal Savings and Loan Insurance Corp 168 163 100 Home Owners' Loan Corp 849 781 15 818 Federal Public Housing Authority and affiliate: Federal Public HousingAuthority 553 29 285 225 2 551 Defense Homes Corp 64 1 1 62 1 63 Federal Housing Administration 172 29 21 103 18 32 6 134 Federal National Mortgage Association. 7 7 1 00 7 R.F.C. Mortgage Company 38 oo"" 26 00 5 32 7 6 Reconstruction Finance Corporation4. . 9,832 42 951 213 486 8,121 Office of Emergency Management:5 6,794 1,712 W Off a i r c e S h o i f p I p n in te g r - A A d m m e i r n ic is a t n r a A ti f o f n airs 8,91 1 0 4 30 1 4 3 ( 7.818 129 955 9 7,955 5 T F F E e e e x d n d p n e e o r r e r a a s t l l s - e I W D e m e o p V p r o o a k r l s s t l i e t A y B I g a n A e n s n k u u c t r y h a o n r c i e t y Corp 3 9 2 7 9 1 7 4 7 1 1 7 3 1 1 0 2 7 2 27 8 9 0 5 2 OO 7 1 2 4 1 6 4 1 3 3 1 0 6 0 98 2 3 2 7 1 0 7 4 6 9 1 0 0 139 U. S. Maritime Commission 3,716 31 3 3,224 334 141 3,575 All other 1,943 39 77 1,752 30 00 65 1,878 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Mar. 31, 1946 Purpose of loan b F l a a e n n d k d . s M C F F a o e o r r d r m p . t . . b c m i F n r a a e e e t n t e d d e d k r i i . - s - t f o B t o p i a r v e n e r c k s a o s - - C m C C r o o o e d m r d p i i - t . t y t R A r E t i i f u l d o i e r m c n c a a - l . - A F S r e a d i c t r m y m u- . H C O L e o o o w rs m r a n ' p n e - . P H A F u i o u n e b u t d g l h s i . c . - b h F l a o o e n m a d k n . e s R a a a . f F f t n i e d l . 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 1 g , D e a n e 1 l c c l 9 . i 4 e 5 s , To aid agriculture 1,070 206 279 183 31 422 475 00 148 2,816 2,878 To aid home owners 794 I 31 1 825 896 To aid industry: Railroads 178 18 196 223 Other 151 49 200 232 To aid financial institutions: Banks 15 10 25 40 Other "l53' 32 185 227 Foreign loans 267 279 545 526 Ot L h e e s r s: Reserve for losses. ""72 70 "oo' 1 "oo"' "l52 13 285 316 4 (2) 1 1 2 1 7 4 4 7 3 1 8 5 4 7 3 0 8 7 Total loans receivable (net) 998 137 279 183 31 422 322 781 285 153 985 279 213 5,069 5,290 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 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. 5 All assets and liabilities of the Smaller War Plants Corp. have been transferred to the Reconstruction Finance Corp. and the Department of Commerce. 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. 648 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] Industrial production Construction (physical volume)* 2 contracts Employment1 m Y a o n e n a d t r h 1 ( I m v 9 n = p a 3 c e a 1 l 5 o n y u 0 - m t - e 3 0 s ) 9 e 1 Total 1935 D - a 3 b u 9 f l M r a e = - c a t 1 u n 0 r u N 0 d e - s u o r 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 n s 5 ( l i - v = - a 1 l 0 u o 0 e A t ) h 3 l e l r N t a c u g u o r r l a n i - - l - 1939 F = a 1 c 0 t 0 ory 1 r 9 F t p o 3 o a 1 a l 9 r c 0 l y y s - 0 4 = c 1 F a 9 i = r r n 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 t v a e p o e 1 5 l ) a a e r n 0 - * l e s r 3 - t 0 5 t 9 - W p m c = 1 r s h o i o 9 a c 1 o m d 2 l e 0 l e 6 i e s - 0 t - 4 y C 1 l 9 i o = v 3 s i 1 5 t n 0 - g o 3 0 * 9 f able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919... . 72 84 62 71 63 44 79 103 8 103 2 120 83 138.6 124.5 1920 75 93 60 83 63 30 90 104.2 123.5 129 99 154.4 143.2 1 19 9 2 2 2 1 . 5 7 8 3 5 8 3 1 5 6 7 7 6 7 6 1 5 7 6 9 6 4 8 4 6 8 5 8 8 79 8 .2 8 8 7 5 9 .5 7 1 1 1 2 0 1 9 9 4 2 9 9 7 6 . . 6 7 1 1 2 1 7 9 . . 7 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 'i02!6 103.1 117.1 152 117 95.3 122.5 1930 109.1 91 98 84 93 92 50 125 95.5 89.8 '94.7 131 108 86.4 119.4 1931 92.3 75 67 79 80 63 37 84 86.1 75.8 '71.8 105 97 73.0 108.7 1932 70.6 58 41 70 67 28 13 40 75 5 64 4 '49 5 78 75 64.8 97.6 1933 68.9 69 54 79 76 25 11 37 76.0 71.3 '53.1 82 73 65.9 92.4 1 1 9 93 3 5 4 8 7 7 8 . . 1 7 8 7 7 5 6 8 5 3 9 8 0 1 8 8 0 6 3 3 2 7 2 1 1 2 4 5 8 C 8 83 7 .6 8 8 8 3 8 .7 1 ' ' 6 7 8 8 .6 3 9 8 2 9 8 8 8 3 8 7 0 4. . 9 0 9 9 5 8 . . 7 1 1936 101.3 103 108 100 99 55 37 70 94.9 96.4 '91.2 107 100 80.8 99.1 1937 107.7 113 122 106 112 59 41 74 100.9 105.8 '108.8 111 107 86.3 102.7 1938 98.5 89 78 95 97 64 45 80 94.4 90.0 '84.7 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 5V 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 '130.7 '130.2 '229.2 133 228 107.1 129.9 February.. 231.7 152 148 138 167 141 136 95 169 '118.4 122.3 121.9 '210.2 126 254 107.7 129.6 March. .. . P232.3 168 164 182 166 138 147 129 151 121.0 130.1 129.7 232.5 139 '263 108.9 130.2 April *>164 ?161 P187 P164 P103 P151 P154 P148P121.7 P134.8 P134.1 110 250 110.2 130.9 * Average per working day. P Preliminary. ' Revised. 1 Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 650-653. For points in total index, by major groups, see p. 669. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 657 of this BULLETIN. 4 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 5 For indexes by Federal Reserve districts and other department store data, see pp. 659-662. 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 1945, p. 529; for department stores sales, June 1944, pp. 549-561. JUNE 1946 649 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) I Index numbers of the Board of Governors. 1935-39 average = 100] 1945 1946 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr, Industrial Production—Total. 235 230 225 220 210 186 167 162 168 163 160 152 168 163 Manufactures—Total 252 247 240 233 222 194 173 168 173 169 163 154 173 174 Durable Manufactures. ... 345 336 323 308 292 239 194 186 191 185 166 138 182 •187 Iron and Steel 210 206 204 102 187 155 163 146 167 164 102 43 169 '159 Pig iron 198 188 190 181 182 161 166 129 158 164 10^ '48 168 142 Steel 234 232 229 214 203 164 171 159 178 172 108 46 176 175 Open hearth. 189 173 172 142 154 139 160 155 9> 38 '161 149 Electric 561 573 567 505 421 319 296 307 306 203 199 106 "•286 366 Machinery 431 419 405 393 371 310 230 232 231 232 217 206 >219 Manufacturing Arsenals and Depots1. Transportation Equipment 676 651 610 572 535 405 273 258 252 217 220 206 >234 Automobiles 236 231 218 207 188 142 105 120 95 107 '94 110 •148 (Aircraft: Railroad cars: Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products. 267 263 248 219 106 165 139 144 148 147 151 139 133 Smelting and refining •.•••••. 193 194 188 184 183 171 150 148 147 140 140 128 123 (Copper smelting: Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 296 272 202 135 143 148 150 155 144 148 (Copper products; Lead shioments: Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products. . 121 118 110 107 98 91 92 108 119 126 Lumber 110 109 108 104 98 98 89 76 83 72 95 108 P117 Furniture.. . 144 140 138 138 134 124 115 120 123 131 135 139 144 Stone, Clay, and Glass Products. 166 167 162 166 169 160 161 161 158 164 772 184 191 191 Glass products 175 183 179 176 193 177 200 186 175 181 190 216 221 Plate glass 61 62 61 43 62 61 79 50 4 $ 29 106 136 130 Glass containers 216 225 220 223 240 218 243 235 235 244 247 255 251 Cement 86 85 85 95 93 97 97 106 113 119 131 149 152 152* Clay products 124 122 115 121 117 110 110 116 119 124 144 144 150 150 Gypsum and plaster products 183 180 168 172 179 162 172 177 181 182 197 •201 204 203 Abrasive and asbestos products... 306 300 295 298 287 260 220 218 215 217 199 189 207 209 Other stone and clay products1. . . Nondurable Manufactures. 176 174 173 173 165 157 156 154 158 156 161 167 166 164 Textiles and Products 153 149 150 150 132 134 144 141 146 143 151 159 162 Textile fabrics 142 137 138 138 121 123 134 131 135 132 140 148 150 Cotton consumption 150 143 142 144 123 123 138 128 133 125 138 146 147 144 Rayon deliveries 214 218 221 220 220 213 215 215 226 228 233 234 241 246 Nylon and silk consumption1. . .. Wool textiles 149 142 146 144 117 127 142 147 150 149 153 171 173 Carpet wool consumption.. . 43 36 42 40 33 58 82 93 89 104 110 r135 138 Apparel wool consumption.. 249 233 243 234 185 172 186 191 193 184 200 222 229 Woolen and worsted yarn... 156 147 151 152 124 136 154 156 160 156 158 '17^ 174 Woolen yarn 166 153 161 162 129 145 158 156 163 159 16 ) 177 176 Worsted yarn 142 139 137 137 117 125 149 156 156 152 154 171 172 Woolen and worsted cloth. . 166 161 165 161 129 136 144 149 154 153 155 170 173 Leather and Products. 122 122 121 127 108 112 116 111 117 133 P134 Leather tanning 117 118 115 119 109 98 112 107 109 114 115 126 120 Cattle hide leathers 132 134 132 137 128 112 125 121 125 131 131 146 140 Calf and kip leathers.. . . 88 95 91 97 79 75 97 89 83 92 92 99 84 Goat and kid leathers. . . 69 61 62 56 50 47 52 46 51 49 54 64 61 Sheep and lamb leathers. 144 146 132 137 133 130 151 145 140 139 151 '14> 149 Shoes 126 125 126 132 109 114 123 116 120 1C9 118 138 P144 Manufactured Food Products. 160 160 151 147 138 144 143 150 153 154 159 vl50 Wheat flour 125 138 135 130 127 129 133 136 149 163 122 Cane sugar meltings1 Manufactured dairy products . P138 P133 '143 P148 P146 P148 P145 P154 '116 P122 '125 Butter 84 87 87 90 89 85 75 72 65 59 59 • 58 59 65 Cheese 168 181 175 179 181 171 160 155 149 143 151 150 153 162 Canned and dried milk. .. 189 204 196 206 222 208 201 156 146 130 130 131 144 Ice cream Meat packing 146 134 132 141 140 133 141 129 155 155 131 178 140 130 Pork and lard 139 137 135 144 146 126 120 99 153 171 146 205 149 157 Beef 165 139 134 142 136 144 165 159 158 138 122 153 132 101 Veal 104 88 95 103 116 151 179 197 189 138 87 87 80 72 Lamb and mutton 129 121 128 142 133 110 125 134 135 148 105 184 157 132 ' Revised. P Preliminary. i Series included in total and group indexes but not available for publication separately. 650 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr, Manufactured Food Products—Continued Other manufactured foods 169 168 161 155 150 139 146 148 152 159 165 164 160 Processed fruits and vegetables. 180 170 149 139 134 101 109 128 128 138 143 140 153 145 Confectionery 151 156 151 129 108 107 108 108 113 137 145 143 P144 Other food products 169 169 165 163 161 155 162 160 165 168 174 174 173 '166 Alcoholic Beverages. 148 144 136 139 193 173 192 201 216 212 231 238 176 Malt liquor , 153 152 139 139 147 149 181 182 199 197 199 197 127 Whiskey 0 0 0 0 199 55 52 70 83 130 131 125 100 Other distilled spirits. 156 67 61 57 448 399 236 218 223 274 431 524 370 Rectified liquors , 265 283 291 318 293 306 365 420 427 343 396 416 401 Industrial Alcohol from Beverage Plants1. Tobacco Products 123 120 128 139 128 150 167 154 112 143 156 161 154 Cigars , 93 91 92 93 83 91 106 111 110 87 104 111 110 109 Cigarettes 147 143 156 177 162 195 206 216 194 139 185 205 217 205 Other tobacco products. 91 90 94 90 98 99 96 94 64 71 69 65 69 Paper and Paper Products. 141 140 141 142 135 131 143 143 142 134 133 140 148 P146 Paper and pulp 137 136 136 137 131 129 138 139 138 132 130 136 143 Pulp 157 160 160 160 149 146 152 154 153 137 131 144 156 Groundwood pulp 113 114 108 116 120 118 124 124 114 95 93 96 98 Soda pulp •101 103 103 103 93 92 100 101 103 100 102 104 111 Sulphate pulp 227 234 236 236 227 219 223 227 223 195 167 203 239 Sulphite pulp 139 141 140 138 122 120 126 129 131 120 125 130 132 Paper 134 132 133 134 128 126 136 137 136 131 130 135 141 139 Paperboard 157 158 161 160 149 141 165 157 158 143 145 155 165 166 Fine paper 84 79 78 75 73 74 77 80 79 78 81 82 82 85 Printing paper 127 126 125 126 122 126 125 133 132 132 134 139 144 144 Tissue and absorbent paper 148 144 141 139 146 142 142 147 145 149 146 141 149 143 Wrapping paper 133 129 132 139 133 135 141 147 140 140 128 135 138 1?6 Newsprint 82 80 80 79 80 72 81 79 81 86 86 86 86 86 Paperboard containers (same as Paperboard). Printing and Publishing. 105 105 105 106 105 HI 109 115 114 112 118 123 127 126 Newsprint consumption 83 85 85 85 88 96 93 96 96 108 110 108 Printing paper (same as shown under Paper). Petroleum and Coal Products. 272 268 273 269 P267 P240 P!84 vl56 P!74 P172 P!66 P168 Petroleum refining Gasoline 145 145 149 148 156 155 132 129 147 140 131 129 130 Fuel oil 166 167 174 177 175 173 151 152 164 164 171 176 172 Lubricating oil , 134 136 138 136 136 138 119 120 133 123 129 130 141 Kerosene 131 120 121 132 133 140 116 122 144 157 180 190 183 Other petroleum products1. Coke 171 161 168 163 165 153 152 116 148 154 116 91 151 By-product coke 164 157 161 155 158 148 150 115 144 150 111 85 145 Beehive coke 387 284 406 421 400 332 224 145 276 286 296 295 337 Chemical Products. 319 318 319 318 307 265 239 230 228 230 235 '233 234 P236 Paints 139 135 131 134 139 133 136 139 142 142 145 •147 148 P149 Soap 135 134 134 132 130 122 126 124 124 127 130 126 122 1 Rayon 244 241 240 243 243 222 237 238 244 -•246 '251 •255 246 P257 Industrial chemicals 402 405 407 412 409 368 386 371 370 378 388 383 389 P397 Explosives and ammunition1. Other chemical products1. . . . Rubber Products. . . 236 233 224 222 218 193 172 191 192 205 215 215 220 P223 Minerals—Total . 142 140 138 144 143 140 134 124 138 133 141 141 137 P103 Fuels. 147 145 143 150 148 146 139 126 143 137 146 149 P107 Coal 142 136 125 148 140 135 142 112 149 132 150 152 159 P32 Bituminous coal. 149 138 145 153 146 144 148 110 159 142 159 160 168 PIO Anthracite 115 131 47 129 117 102 114 120 112 94 114 121 125 P120 Crude petroleum.... 150 150 152 151 153 152 138 133 141 139 144 147 138 Metals HI HI 110 109 109 105 106 109 109 108 108 P95 v93 Metals other than gold and silver. 170 169 167 168 168 162 161 164 163 159 159 '135 P132 Iron ore (Copper; Lead; Zinc)1 Gold 33 P37 P3S Silver P43 P42 r Revised. P Preliminary. 1 Series included in total and group indexes but not available for publication separately. NOTE. —Series on petroleum refining, usually published in this table, is in process of revision. For description and back figures see BULLETIN for October 1943, pp. 940-984, Septemoer 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. 651 JUNE 1946 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] 1945 1946 Industry I Mar Apr. May June July Aug. Sept Oct. Nov. Dec Jan. Feb. Mar. Apr, Industrial Production—Total. 232 229 225 220 211 188 171 164 167 161 156 148 164 P161 Manufactures—Total 249 245 240 234 223 196 177 171 173 167 160 150 170 vl72 Durable Manufactures... 344 335 323 308 292 240 195 187 192 184 164 136 181 P187 Iron and Steel 210 206 204 192 187 155 163 146 167 164 102 43 169 P159 Pig iron 198 188 190 181 182 161 166 129 158 164 '100 '48 168 142 Steel 234 232 229 214 203 164 171 159 178 172 108 46 176 175 Open hearth. 189 184 182 173 172 142 154 139 160 155 95 38 '161 149 Electric 561 573 567 505 421 319 296 307 306 293 199 106 -•286 366 Machinery 431 419 405 393 371 310 230 232 231 232 217 190 206 P219 Manufacturing Arsenals and Depots 1. . . Transportation Equipment...... 676 651 610 572 535 405 273 258 252 217 '220 196 206 P234 Automobiles 236 231 218 207 188 142 105 120 137 95 107 r94 110 P148 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products.... 267 263 248 219 196 165 139 144 148 147 151 139 P133 Smelting and refining 194 194 189 183 182 171 150 148 148 141 140 128 123 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 296 291 272 234 202 162 135 143 148 150 155 144 i48 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products 115 119 120 121 116 113 104 95 86 99 110 120 Lumber. . . 101 108 112 113 107 108 98 82 81 63 80 95 108 P116 Furniture. 144 140 138 134 124 115 120 123 131 135 r139 142 P144 138 Stone, Clay, and Glass Products. . 161 165 166 168 165 166 167 162 159 163 '173 183 P188 167 Glass products 175 183 175 186 183 204 192 176 169 186 210 221 Plate glass 61 62 190 43 62 61 79 50 4 3 29 106 136 130 Glass containers 216 225 61 221 230 227 247 242 237 227 242 247 251 Cement 71 81 235 102 102 110 112 123 122 108 107 113 125 Clay products 119 119 89 120 115 113 114 122 123 128 134 138 143 P146 Gypsum and plaster products 177 177 115 175 179 162 176 182 183 186 190 '191 197 P201 Abrasive and asbestos products... 306 300 169 298 287 260 220 218 215 217 199 '189 207 P209 Other stone and clay products l... 295 Nondurable Manufactures . 172 171 172 173 167 159 161 158 158 154 157 162 161 P161 Textiles and Products.. . 153 150 146 143 151 P162 Textile fabrics 142 137 138 138 121 123 134 131 135 132 140 148 150 Cotton consumption 150 143 142 144 123 123 138 128 133 125 138 146 147 144 N Ra y y lo o n n a d n e d li v s e il r k ie c s onsumption x. . . 214 218 221 220 220 213 215 215 226 228 233 234 241 246 Wool textiles 149 142 146 144 117 127 142 147 150 149 153 171 173 Carpet wool consumption.. . 43 36 42 40 33 58 82 93 89 104 110 135 138 Apparel wool consumption. . 249 233 243 234 185 172 186 191 193 184 200 222 229 Woolen and worsted yarn... 156 147 151 152 124 136 154 156 160 156 158 175 174 Woolen yarn 166 153 161 162 129 145 158 156 163 159 160 177 176 Worsted yarn 142 139 137 137 117 125 149 156 156 152 154 171 172 Woolen and worsted cloth. . 166 161 165 161 129 136 144 149 154 153 155 170 173 Leather and Products 122 122 121 126 107 107 118 113 117 111 117 137 P134 Leather tanning 116 117 115 116 103 97 110 108 113 113 115 136 119 Cattle hide leathers 132 134 132 132 120 109 123 122. 130 131 134 157 140 Calf and kip leathers 87 91 87 99 78 79 95 91 86 90 90 104 82 Goat and kid leathers 68 63 61 57 49 46 52 46 50 49 54 67 61 Sheep and lamb leathers.. 140 143 142 135 123 134 148 145 148 132 140 160 145 Shoes 126 125 126 132 109 114 123 116 120 109 118 138 P144 Manufactured Food Products.... 142 145 146 150 157 151 166 153 151 149 143 144 139 Wheat flour 122 133 134 132 133 128 139 136 134 135 149 165 Cane sugar meltings l Manufactured dairy products P149 P178 P209 P185 P155 P120 P100 P85 P130 Butter 77 89 112 124 109 93 72 62 50 47 49 54 66 Cheese 151 189 234 254 223 191 164 139 112 103 112 123 138 169 Canned and dried milk 186 231 272 284 257 214 185 127 105 105 105 118 141 Ice cream Meat packing 135 125 132 139 131 119 134 133 171 182 155 171 129 120 Pork and lard 129 125 135 144 129 97 95 93 179 225 191 201 138 143 Beef 150 131 134 139 137 146 179 173 164 138 125 141 120 95 Veal 98 86 98 103 116 148 197 224 202 130 81 76 75 71 Lamb and mutton 126 118 130 132 127 108 134 140 135 145 111 186 154 128 * Revised. v Preliminary. iSeries included in total and group indexes but not available for publication separately. 652 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Manufactured Food Products—Continued Other manufactured foods 148 148 145 146 157 154 176 164 158 156 '152 149 P148 P142 Processed fruits and vegetables 99 104 97 107 174 165 242 165 118 108 r88 84 P89 140 130 117 96 88 115 139 142 134 139 149 144 P!34 Other food products 162 162 162 165 165 158 165 168 173 171 167 »166 166 P159 Alcoholic Beverages. 139 148 147 162 214 175 199 214 201 188 198 211 162 Malt liquor ... ... 142 160 158 175 184 170 183 169 154 157 163 178 118 Whiskey 0 0 0 0 199 55 52 70 83 130 131 125 100 Other distilled spirits 136 44 36 35 400 216 324 566 467 301 280 314 241 Rectified liquors • .... . .... 265 283 291 318 293 306 365 420 427 343 396 416 401 Industrial Alcohol from Beverage Plants *. . Tobacco Products... 117 115 128 145 133 155 169 173 157 104 142 148 152 147 Cigars 93 91 92 93 83 91 106 111 110 87 104 111 110 109 Cigarettes 137 133 156 186 170 204 220 225 198 128 185 193 202 190 Other tobacco products 91 90 95 92 88 95 106 103 97 57 70 67 65 69 Paper and Paper Products = 141 141 142 142 134 131 144 143 142 134 133 141 148 TP146 137 136 137 137 130 129 138 139 138 131 130 137 143 Pulp 158 162 161 160 147 144 150 153 153 137 131 145 157 Groundwood pulp 121 125 117 117 107 104 110 115 121 96 96 100 105 Soda DUIO 101 103 103 103 93 92 100 101 103 100 102 104 111 Sulphate pulp ... 227 234 236 236 227 219 223 227 223 195 167 203 239 Sulphite pulp 139 141 140 138 122 120 126 129 131 120 125 130 132 Paper 134 132 133 134 128 126 136 137 136 131 130 136 141 "\39 Paperboard 157 158 161 160 149 141 165 157 158 143 145 155 165 166 Fine paper 84 79 78 75 73 74 77 80 79 78 81 82 82 85 Printing paper . . 127 126 125 126 122 126 125 133 132 132 134 139 144 144 Tissue and absorbent paper 148 145 141 142 140 142 142 148 145 145 144 147 149 144 WraDoins? DaDer . . . 133 129 132 139 133 135 141 147 140 140 128 135 138 126 Newsprint . . ... 82 82 81 80 78 71 81 79 82 84 86 86 86 88 Paperboard containers (same as Paperboard) Printing find Publishing 107 108 106 105 99 107 110 117 118 114 114 122 129 129 Newsprint consumption 87 90 88 84 76 87 94 101 104 96 94 106 114 114 Printing paper (same as shown under Paper) Petroleum and Coal Products 272 268 273 269 P267 P240 P184 P156 P174 P172 P166 P161 P168 Petroleum refining ... Gasoline 145 145 149 148 156 155 132 129 147 140 131 129 130 p135 Fuel oil 166 167 174 177 175 173 151 152 164 164 171 176 172 132 141 143 136 134 137 119 120 133 122 125 129 139 134 123 122 124 124 135 115 122 148 162 184 200 187 Other petroleum products l Coke 171 161 168 163 165 153 152 116 148 154 116 91 151 Bv-oroduct coke 164 157 161 155 158 148 150 115 144 150 111 85 145 Beehive coke 387 284 406 421 400 332 224 145 276 286 296 »-295 337 *>21 Chemical Products... 321 320 318 315 303 261 239 232 230 231 r234 -234 236 P238 Paints 139 137 135 138 137 132 135 139 140 142 142 145 148 P\SO Soap 135 131 130 130 129 124 131 130 125 127 127 124 122 P12O 244 241 240 243 243 222 237 238 244 '246 '25 1 r255 246 P257 Industrial chemicals 402 405 407 412 409 368 386 371 370 378 388 383 389 P397 Explosives and ammunition l Other chemical products 1 Rubber Products.... ... 236 233 224 222 218 193 172 191 192 205 215 215 220 r223 Minerals—Total. 136 140 141 147 145 143 137 125 134 126 134 134 131 P99 Fuels 147 145 143 150 148 146 139 126 143 137 146 149 145 P107 Coal 142 136 125 148 140 135 142 112 149 132 150 152 159 P32 Bituminous coal 149 138 145 153 146 144 148 110 159 142 159 160 168 Anthracite 115 131 47 129 117 102 114 120 112 94 114 121 125 ^120 Crude petroleum 150 150 152 151 153 152 138 133 141 139 144 147 138 Metals 109 131 129 125 124 123 116 80 61 60 P49 P48 Metals other than gold and silver 104 166 207 204 196 192 188 175 111 79 78 P57 Iron ore 80 216 304 301 289 289 281 245 108 50 50 22 28 (Copper; Lead; Zinc)1 Gold 21 21 21 20 23 25 29 32 34 34 III Hi Silver 56 61 54 47 42 46 51 54 52 47 * Revised. P Preliminary. 1 Series included in total and group indexes but not available for publication separately. NOTE.—Series on petroleum refining, usually published in this table, is in process of revision. For description and back figures, see BULLETIN" for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. JUNE 1946 653 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 1946 1945 Mar. Apr. Dec. Jan. Feb. Mar. Apr. Feb. Mar. Apr. Dec. Jan. Feb. Mar. Total 166.0 163.0 128.4 130.2 121.9 129.7 134.1 344.8 341.7 333.3 226.2 229.2'210.2 232.5 Durable goods 222.6 217.5 141.2 144.1 122.3 138.1 147.9 472.0 465.1 451.6 240.0 '243.0'198.7 235.7 Nondurable goods 121.4 120.1 118.4 119.2 121.5 123.1 123.2 220.4 221.0 217.5 212.7 215.7 221.5 229.3 Iron and Steel and Products 174.8 172.1 130.5 '131.9 r85.0 127.9 133.2 332.1 333.5 328.8 220.5 '216.1'127.2 211.1 Blast furnaces, steel works, etc.... 123 122 115 '116 r44 120 224 229 229 181 '173 '48 182 Steel castings 239 236 174 175 85 125 454 458 451 297 264 144 207 Tin cans and other tinware 132 131 117 120 91 105 227 231 228 202 208 149 178 Hardware 131 129 103 107 '108 112 278 281 275 196 '203 '196 209 Stoves and heating equipment 138 134 111 112 95 103 274 270 265 198 197 159 182 Steam, hot-water heating apparatus 182 179 145 145 113 119 355 350 348 254 252 192 204 Stamped and enameled ware 156 155 121 123 104 117 338 331 323 222 225 189 216 Structural and ornamental metal work 197 190 90 122 396 369 365 137 205 Electrical Machinery 280.2 276.0 186.9 183.7 "134.2 141.8 158.2 528.3 528.6 517.8 308.5 302.6 '211.1 225./ Electrical equipment 236 232 162 161 K>7 103 452 453 441 262 259 '145 156 Radios and phonographs 268 263 144 151 149 157 535 529 521 258 272 272 286 Machinery except Electrical 228.3 224.0 172.9 '180.9 '157.7 166.5 176. 443.9 438.7 288.7 ?2?7.5 '255.9 277.9 Machinery and machine-shop products 222 218 161 165 146 155 424 420 410 265 273 239 258 Engines and turbines 358 349 207 209 131 133 792 769 732 364 371 231 230 Tractors 183 178 165 -171 '78 125 292 288 278 235 '249 '100 190 Agricultural, excluding tractors.... 158 153 145 140 118 121 328 325 313 249 '234 '186 193 Machine tools 204 201 146 159 159 155 382 382 371 245 '2<2 257 256 Machine-tool accessories 256 254 184 186 186 186 466 457 44? 279 284 277 287 Pumps 295 284 217 218 196 202 646 630 593 406 391 346 355 Refrigerators 145 142 127 -135 '125 124 277 266 260 '198 164 '168 194 Transportation Equipment, except Autos.1298.4 1237.5 338.0 r326.9 '295.7 290.8 300.92881.52767.92615.4 577.2 •-559.1'493.6 511.0 Aircraft, except aircraft engines. . . 1607 1560 304 -•299 300 295 3235 3190 3071 520 514 '521 525 Aircraft engines 2369 2289 246 -•240 '239 249 4368 4280 3957 346 -357 '369 380 Shipbuilding and boatbuilding 1325 1233 382 -•360 -•329 318 3108 2907 2711 641 •603 '530 554 Automobiles 173.9 171.6 96.4 '103.5 r99.6 107.0 142.9 333.8 325.5 317.5 135.5 '153.5 '135.5 158.2 Nonferrous Metals and Products 185.6 184.6 142.2 145.3 126.8 138.4 144.8 358.2 364.0 360.0 250.4 256.1 228.7 250.8 Primary smelting and refining 143 142 127 128 '122 264 265 269 221 225 211 191 Alloying and rolling, except aluminum 187 185 141 144 121 124 362 367 362 247 257 222 222 Aluminum manufactures 299 300 173 179 104 171 542 556 554 267 269 173 291 Liimber and Timber Basic Products 123.0 121.3 118.6 122.3 124.0 127.0 131.9 225.1 226.2 228.3 199.4 207.7 218.7 233.2 Sawmills and logging camps 76 74 69 70 70 72 140 140 141 114 118 123 132 Planing and plywood mills 96 94 87 89 91 91 171 168 167 145 149 158 162 Furniture and Lumber Products 106.2 104.3 102.6 106.0 108.1 109.9 111.2 202.8 201.3 197.9 188.1 200.4 209.0 Furniture 96 94 90 94 95 97 184 182 177 164 169 177 184 Stone, Clay and Glass Products 109.8 108.2 109.1 114.3 121.4 124.9 126.7 186.8 190.5 190.7 181.7 185.4 '203.9 216.3 Glass and glassware 127 125 113 125 142 146 202 207 206 182 192 237 247 Cement 68 68 89 >92 rQ4 99 106 108 115 136 135 '142 155 Brick, tile, and terra cotta 72 71 88 92 93 96 119 121 124 148 155 158 169 Pottery and related products 118 116 123 126 130 132 187 191 189 195 196 210 217 Textile-Mill and Fiber Products 95.7 93.9 97.3 98.6 101.2 102.8 103.5 177.5 177.5 172.9 188.0 190.7 203.7 212.6 Cotton goods except small wares... 107 105 107 108 110 112 207 207 202 216 217 230 242 Silk and rayon goods 74 72 73 73 74 75 140 139 135 149 149 158 164 Woolen and worsted manufactures. 97 95 99 100 103 106 193 193 187 200 207 227 234 Hosiery 62 61 66 67 69 70 102 101 99 113 116 125 129 Dyeing and finishing textiles 86 89 91 93 94 151 151 148 164 168 178 181 Apparel and Other Finished Textiles. . . . 119.7 118.0 118.9 121.0 125.8 128.6 128.7 227.5 233.1 219.7 215.0228.0 240.2 263.6 Men's clothing, n.e.c 92 91 81 83 85 87 171 174 167 141 148 158 170 Shirts, collars, and night wear 70 69 72 72 73 74 132 133 129 134 136 148 153 Women's clothing, n.e.c 78 76 75 76 79 80 154 157 144 141 149 153 173 Millinery 85 81 75 81 86 88 156 160 126 119 147 153 170 Leather and Leather Products 91.4 90.4 95.2 97.4 100.4 102.4 102.9 168.6 172.3 169.3 179.2 185.2 194.5 202.1 Leather 83 82 90 92 95 93 150 151 148 162 163 165 164 Boots and shoes 79 78 82 84 86 88 150 154 150 157 164 174 183 Food and Kindred Products 118.9 118.6 126.2 123.0 122.2 121.0 118.5 195.9 194.4 194.8 229.4 215.0 211.5 206.6 Slaughtering and meat packing 113 107 123 127 126 122 188 178 168 215 218 '199 191 Flour 117 115 125 127 127 122 204 201 201 221 •228 242 214 Baking 111 110 110 110 110 110 169 170 170 181 180 181 183 Confectionery 117 113 111 106 103 106 199 192 202 191 183 186 Malt liquors 138 138 148 152 154 143 201 201 207 227 228 238 200 Canning and preserving 71 76 80 69 67 63 149 143 150 167 144 '137 132 Tobacco Manufactures 87.8 86.8 87.8 87.0 87.3 87.9 165.6 166.0 160.8 164.1 166.7 165.2 171.3 Cigarettes 127 125 120 118 116 117 208 207 200 185 201 194 202 Cigars 65 65 69 69 72 73 135 135 131 149 146 149 156 r Revised. NOTE.—Indexes for major groups and totals 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 production workers only. Figures for April 1946 are preliminary. 654 FEDERAL RESERVE BULLETIK Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued {Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939=100] Factory employment Factory pay rolls Industry group or industry 1945 1946 1945 1946 Mar. Apr. Dec. Jan. Feb. Mar. Apr. Feb. Mar. Apr. Dec. Jan. Feb. Mar. Paper and Allied Products 119.7 117.7 126.3 128.6 131.0 132.9 134.6 201.7 201.9 199.8 219.0 221.7 226.2 233.3 Paper and pulp 106 105 111 114 116 118 183 183 182 197 198 204 208 Paper goods, n.e.c. 119 117 118 118 121 123 198 198 194 198 202 207 214 Paper boxes 112 110 118 120 120 121 184 182 180 203 204 204 213 Printing and Publishing 98.2 97.3 108.1 109.4 112.1 113.5 114.7 138.2 139.4 138.2 163.2 165.7 170.6 176.8 Newspaper periodicals 92 92 103 103 105 107 118 120 121 142 144 149 154 Book and job 105 104 116 118 121 122 157 157 156 185 189 194 200 Chemicals and Allied Products 242.3 240.5 169.2 169.7 170.3 171.4 170.4 426.2 431.0 428.1 283.4 285.2 286.3 202.3 Drugs, medicines, and insecticides 182 183 178 182 '186 186 277 280 277 276 281 r297 301 Rayon and allied products 113 110 120 123 124 124 180 182 181 194 197 '197 200 Chemicals, n.e.c 166 165 162 165 165 166 295 297 296 267 277 276 281 Explosi ves and safety fuses 1361 1358 297 239 '213 201 2020 2092 2076 470 365 '328 315 Ammunition, small-arms 1576 1581 233 226 198 194 3070 3167 3150 437 428 384 377 Cottonseed oil 107 95 128 117 101 92 257 225 203 280 253 215 198 Fertilizers 143 145 120 133 152 168 302 341 351 258 283 336 387 Products of Petroleum and Coal 126.6 126.4 132.3 134.0 133.7 137.2 138.6 223.8 224.6 230.3 222.2 220.9 224.7 231.0 Petroleum refining 126 126 131 132 132 133 218 221 227 213 211 in 218 Coke and by-products 102 100 107 110 104 117 186 184 179 190 189 179 211 Rubber Products 173.2 169.6 168.2 172.7 177.1 181.5 183.4 339.5 315.4 315.9 275.5 290.1 2^2.1 302.8 Rubber tires and inner tubes.. . . 177 172 178 182 187 192 340 302 306 257 273 272 281 Rubber goods, other 140 138 124 127 129 132 266 265 256 225 232 234 242 Miscellaneous Industries 174.3 173.3 147.3 150.4 155.4 160.0 162.8 344.5 348.0 345.2 266.7 271.0 278.8 293.1 Instruments, scientific 541 540 203 200 201 205 1063 10£ 8 1070 332 330 322 348 Photographic apparatus 162 159 130 127 130 136 276 275 270 204 199 205 215 For footnotes, see page 654. FACTORY EMPLOYMENT {Adjusted for Seasonal Variation) Index numbers of the Board of Governors, 1939=100] 1945 1946 Group Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Total 166.5 163.8 160.8 157.2 151.7 147.6 127.8 127.2 127.8 128.1 •130.7 122.3 130.1 P134.8 Durable 222.8 217.6 211.5 204.3 195.2 187.5 144.8 142.6 143.3 141.2 '144.4 122.6 138.2 P148.0 Nondurable 122.0 121.3 120.8 120.1 117.4 116.1 114.5 115.1 115.6 117.8 119.8 122.1 123.7 P124.4 Preliminary. ' Revised. Back figures from January 1939 may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Con piled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry group 1946 1945 1946 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Feb. Mar. Nov. Dec. Jan. Feb. Mar. All Manufacturing 45.4 45.4 41 2 41.5 41.0 40.5 40.8 104.3 104.4 99 0 99.4 '100.4 '100.1 103.4 Durable Goods 46.8 46.7 41.1 41.4 40.8 '40.0 40.6 .113.9 113.9 106.4 106.6 '107.0 rlO6.3 110.1 Iron and Steel and Products 46.9 47.1 42.1 42.5 '41.1 '39.2 40.1 109.8 110.7 108.2 109.1 '109.5 '108.4 116.8 Electrical Machinery 46.7 46.6 41.3 41.5 41.3 -•40.3 40.4 106.7 107.0 103.9 105.0 105.3 '102.9 103.7 Machinery Except Electrical 48.8 48.6 42.6 42.9 '42.0 '41.4 41.6 115.1 115.3 112.4 113.4 '113.9 '114.7 116.9 Transportation Equipment Except Autos. 47.2 47.1 37.4 39.7 40.0 -"38.9 40.0 130.4 129.9 124.4 123.9 '123.1 '123.5 126.6 Automobiles 46.5 46.1 37.8 36.0 37.5 34.1 36.9 127.9 128.0 121.7 122.0 '123.0 '124.2 125.0 Nonferrous Metals and Products 47.1 47.3 43.2 43.3 43.3 43.2 42.4 107.8 108.1 105.8 106.3 106.6 '109.1 111.6 Lumber and Timber Basic Products 43.3 43.1 40.5 39.0 38.8 40.1 41.1 79.4 79.8 78.9 81.4 83.0 83.6 84.8 Furniture and Finished Lumber Products 44.8 44.6 42.0 42.5 41.8 '42.2 42.4 84.7 85.0 84.4 85.9 '86.4 '87.3 88.9 Stone, Clay, and Glass Products 43.8 44.2 42.0 41.9 '40.7 ••41.0 41.5 91.6 92.3 92.8 93.9 94.2 96.7 98.5 Nondurable Goods 43.4 43.5 41.3 41.5 41.2 40.9 40.9 89.2 89.6 91.8 92.7 94.1 95.3 97.5 Textiles—Mill and Fiber Products 42.3 42.4 40.3 40.7 40.5 40.4 73.1 73.3 78.6 79.5 80.3 83.3 85.8 Apparel and Other Finished Products 38.8 39.0 36.1 36.4 36.5 37.5 86.2 87.4 86.4 87.5 90.6 '92.3 96.2 Leather and Manufactures 42.2 42.5 39.6 40.6 40.4 40.8 83. 84.8 85.7 88.1 '90.4 '90.7 91.7 Food and Kindred Products 44.9 45.1 44.4 45.3 '44.9 44.3 42.9 86, 86.4 90.8 91.5 ••92.1 '92.4 94.4 Tobacco Manufactures 43.0 42.9 40.4 39.1 39.3 ••38.5 39.7 73, 74.1 80.7 80.6 '•82.4 '83.2 83.0 Paper and Allied Products 46.3 46.3 45.7 45.6 '44.3 '43.9 43.9 86, 87.1 90.2 91.0 '92.8 '93.8 95.7 Printing, Publishing and Allied Industries. 41.0 41.6 41.7 41.5 41.1 40.8 41.3 111 112.1 117.1 118.8 120.0 121.6 123.0 Chemicals and Allied Products 45.5 45.9 42.5 42.5 42.0 '41.8 41.8 97.2 97.5 99.1 100.1 '101.5 '102.2 103.5 Products of Petroleum and Coal 47.3 47.4 44.0 42.9 41.7 41.4 40.8 119.6 119.5 121.7 123.6 124.9 127.9 130.2 Rubber Products 47.3 45.3 40.2 40.9 41.7 40.6 40.7 114.9 111.7 111.2 111.3 112.1 112.9 113.8 Miscellaneous Industries 46.0 46.1 41.9 42.1 "41.8 41.8 42.3 98.8 99.1 96.5 98.5 '•99.1 '98.5 99.1 " Revised. NOTE.—Back figures are available from the Bureau of Labor Statistics. JUNE 1946 655 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons] Transporta- Finance, Federal, Year and month Total M t a u n r u in fa g c- ling Co t n io s n tr * 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 lo te c , a a l nd utilities laneous government 1939 30,353 10,078 845 1,753 2,912 6,618 4,160 3,988 1940 31,784 10,780 916 1,722 3,013 6,906 4,310 4,136 1941 35,668 12,974 947 2,236 3,248 7,378 4,438 4,446 1942 38,447 15,051 970 2,078 3,433 7,263 4,447 5,203 1943 39,728 16,924 891 1,259 3,619 7,030 4,115 5,890 1944 38,698 16,121 835 679 3,761 7,044 4,348 5,911 1945 36,981 13,897 779 834 3,822 7,173 4,589 5,887 SEASONALLY ADJUSTED 1942—March 37,391 14,255 976 2,055 3,382 7,331 4,523 4,869 April 37,724 14,463 982 2,054 3,402 7,319 4,541 4,963 May 37,981 14,649 982 2,048 3,419 7,280 4,521 5,082 June 38,204 14,865 981 2,057 3,419 7,206 4,532 5,144 July 38,581 15,143 982 2,077 3,433 7,210 4,520 5,216 August 39,042 15,442 973 2,101 3,448 7,222 4,518 5,338 September 39,171 15,644 962 2,077 3,448 7,227 4,382 5,431 October 39,452 15,798 954 2,136 3,484 7,224 4,330 5,526 November 39,597 16,048 944 2,095 3,503 7,132 4,255 5,620 December 39,898 16,333 933 2,041 3,525 7,136 4,229 5,701 1943—January. . . 39,934 16,506 927 1,899 3,540 7,133 4,146 5,783 February.. 39,935 16,682 924 1,734 3,556 7,064 4,146 5,829 March.... 40,066 16,831 915 1,604 3,574 7,110 4,121 5,911 April 39,891 16,858 908 1,476 3,588 7,006 4,110 5,945 May 39,740 16,837 893 1,358 3,597 6,988 4,102 5,965 June 39,775 16,908 893 1,263 3,620 7,017 4,112 5,962 July 39,876 17,059 888 1,164 3,634 7,061 4,127 5,943 August.. . . 39,737 17,097 878 1,082 3,639 7,015 4,110 5,916 September. 39,475 17,051 876 1,020 3,633 7,006 4,079 5,810 October. . . 39,486 17,108 869 936 3,671 3,006 4,078 5,818 November. 39,526 17,152 859 891 3,683 7,000 4,119 5,822 December. 39,479 16,995 863 864 3,687 6,962 4,127 5,981 1944—January.. . 39,454 16,910 862 830 3,720 7,096 4,170 5,866 February.. 39,352 16,819 862 786 3,780 7,043 4,173 5 889 March.... 39,123 16,642 852 737 3,780 7,046 4,165 5,901 April 38,865 16,391 848 719 3,763 6,982 4,257 5,905 May 38,749 16,203 843 673 3,768 6,997 4,363 5,902 June 38,766 16,093 848 677 3,765 7,012 4,475 5,896 July 38,700 16 013 833 653 3,753 7,084 4,505 5,859 August 38,654 15,943 830 648 3,762 7,059 4,514 5,898 September. 38,400 15,764 822 627 3,735 7,065 4,488 5,899 October. . . 38,159 15,614 812 609 3,748 7,077 4,384 5,915 November. 38,044 15,529 808 611 3,771 7,052 4,359 5,914 December. 38,164 15,554 802 619 3,789 7,015 4,304 6,081 1945—January.. . 38,426 15,633 805 633 3,797 7,210 4,394 5,954 February.. 38,469 15,595 802 658 3,848 7,164 4,404 5,998 March.... 38,456 15,445 796 691 3,846 7,214 4,438 6,026 April 37,963 15,178 765 736 3,811 7,004 4,466 6,003 May 37,746 14,885 732 782 3,802 7,056 4,513 5,976 June 37,465 14,534 798 828 3,792 7,039 4,521 5,953 July 37,231 14,130 784 868 3,801 7,117 4,558 5,973 August... . 36,888 13,762 780 858 3,803 7,121 4,597 5,967 September. 35,151 12,022 780 883 3,774 7,215 4,603 5,874 October. . . 35,029 11,893 714 940 3,806 7,258 4,745 5,673 November. 35,338 11,910 789 984 3,871 7,315 4,894 5,575 December. 35,605 11,851 798 1,085 3,916 7,335 4,936 5,684 1946—January. . .. '36,333 12,098 814 1,230 '3,956 '7,673 5,034 5,528 February... '35,924 '11,450 812 '1,385 '3,986 '7,692 5,082 '5,517 March 36,727 12,064 801 1,466 3,989 7,758 5,127 5,522 April 36,928 12,438 492 1,625 3,954 7,754 5,164 5,501 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 Feibbrriuary.. 37,968 15,517 798 599 3,771 6,985 4,360 5,938 March.... 38,062 15,368 796 636 3,788 7,084 4,394 5,996 April 37,791 15,102 761 699 3,792 6,990 4,444 6,003 May 37,679 14,811 728 798 3,802 7,021 4,513 6,006 June 37,549 14,534 794 845 3,830 7,004 4,589 5,953 July 37,273 14,130 784 911 3,858 6,975 4,672 5,943 August.... 36,984 13,831 784 927 3,860 6,979 4,666 5,937 September. 35,321 12,082 784 945 3,831 7,143 4,603 5,933 October. . . 35,231 11,952 718 1,006 3,825 7,331 4,698 5,701 November. 35,639 11,970 793 1,014 3,871 7,571 4,845 5,575 December. 36,314 11,910 802 1,042 3,896 7,959 4,936 5,769 1946—January. . . '35,815 12,038 810 1,132 '3,897 '7,481 4,984 5,473 February.. '35,360 '11,393 808 1,260 '3,906 '7,500 5,031 '5,462 March.... 36,271 12,004 801 1,349 3,929 7,618 5,076 5,494 April 36,721 12,376 490 1,544 3,934 7,738 5,138 5,501 * 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. April 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. 656 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars Nonresidential building Total R b es u i i d ld e i n n t g ial P a u n b d li c 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 328.9 697.6 26.9 275.2 160.4 113.7 10.0 112.7 4.6 11.4 36.3 40.9 90.6 143.6 April 395.8 734.9 42.7 370.6 174.5 105.1 12.3 75 1 4 3 18 0 49 9 37 9 111 9 128.1 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 Apr. Mar. Apr. January.... 159 141 358 122 75 47 37 66 311 Boston 43,368 35,059 7,162 February... 137 147 387 109 74 56 28 73 331 New York 127 907 108 996 18 977 March 176 329 698 133 221 146 43 107 551 Philadelphia 48,522 37,248 38,952 April 179 396 133 309 46 87 Cleveland 68,374 75,677 20,642 May 144 243 98 148 46 95 Richmond 105,115 89,105 48,701 June 164 227 122 82 42 146 Atlanta . 66,630 63,544 149,784 July 191 258 148 108 42 149 Chicago 109,843 113,331 38,445 August 169 264 125 67 44 196 St. Louis 4? 65? 60 027 23 282 September. . 176 278 127 43 49 235 Minneapolis 27,176 22,241 5,673 October 145 317 102 61 43 256 Kansas City 26,903 30.621 12,938 November. . 165 370 103 61 62 309 Dallas 68,421 61,744 31,242 December. . 188 331 114 62 74 269 Total (11 districts) 734,911 697,593 395,798 Year 1,994 3,299 1,435 1,311 559 1,988 INSURED FHA HOME MORTGAGES (TITLE II) HELD IN LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] [In millions of dollars] Year or month Total p P m T e r i r o m i r e o t t v n l y p - e e t - - I L s S h o c t t m o i r o a o u m n n a n c - s l e - l 1 f h ( a - o T H m t u i o t s ) i l l e e 4 y M s - o h r R g t ( o g T a r e I u o a n n I i s ) g t u d t i l a n e p e l s g o h n ( 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 ec month To 36 ta 5 l b C m c a o 2 i n e a m 2 r k l 8 - s - b M s i t a n u a n g v u a k s l - - 8 s a a S l s i t a 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 r' 1937—Dec 771 430 27 110 118 32 53 1938—Dec 1,199 634 38 149 212 77 90 1 1 1 9 9 9 3 3 3 5 7 6 . . . 5 3 4 5 9 2 7 5 0 2 2 4 2 6 6 4 0 3 4 0 2 9 9 4 4 11 2 2 1939— D Ju e n c e 1 1 , , 4 7 7 9 8 3 9 7 0 5 2 9 5 7 0 1 1 1 9 6 2 7 3 2 4 7 2 1 1 1 3 5 7 3 1 9 3 4 3 1 1 1 1 1 9 9 9 9 9 3 4 4 3 4 9 2 1 8 0 1 1 1 , , , 1 1 0 9 6 3 8 2 5 9 7 6 6 4 4 2 2 2 1 1 6 0 5 4 6 2 8 1 1 0 2 2 2 1 1 5 6 1 3 5 8 6 4 6 7 7 9 6 7 3 7 1 9 3 6 5 4 1 1 1 8 3 3 6 28 1 4 3 1940— J S D M u e e n a p c r e t 2 2 2 1, , , , 9 0 4 2 4 7 3 0 9 5 2 9 1 1 1 , , , 1 0 0 9 6 2 9 7 2 6 3 1 1 1 1 9 0 3 1 0 0 0 1 2 2 2 2 2 0 0 1 4 1 8 6 3 4 5 4 4 9 3 8 2 2 2 0 2 1 1 1 0 8 7 9 1 2 1 0 1 1 1 1 2 2 4 5 7 4 1 0 1 1 1 9 9 9 4 4 4 5 3 4 9 8 6 4 8 8 2 6 4 1 1 2 9 8 5 6 9. 1 2 2 2 1 1 4 6 9 3 3 * 7 6 5 1 3 1 0 7 1 1 1941— J S M u e n p a e r t .. , 2 2 2, , , 9 7 5 4 5 9 2 5 8 1 1 1 , , , 4 3 2 0 1 4 0 8 6 1 1 1 5 7 4 7 1 6 2 2 2 3 4 3 7 6 0 6 6 1 6 0 1 8 6 1 2 2 2 2 1 2 0 0 5 1 1 1 7 6 5 8 0 4 1945—Apr. 53 10 •' 15 28 Dec 3,107 1,465 186 254 789 234 179 J M u a n y e 6 5 2 6 1 1 3 4 * 2 1 2 9 2 2 6 4 1942—Mar. , . 3,307 1,549 201 264 856 237 200 July 52 12 19 * 21 June 3,491 1,623 219 272 940 243 195 Aug 45 12 * 18 * 15 Dec 3,620 1,669 236 276 1,032 245 163 S O e c p t. t 4 6 4 2 2 1 6 1 i 1 1 9 6 2 1 1 4 7 1943—June 3,700 1,700 252 284 1,071 235 158 Nov 60 28 > 21 11 Dec 3,626 1,705 256 292 1,134 79 159 Dec 55 23 20 1 11 1944—June 3,554 1,669 258 284 1,119 73 150 1946—jan 56 17 27 12 Dec 3,399 1,590 260 269 1,072 68 140 Feb 46 14 24 8 M Ap ar r 4 5 8 8 13 2 2 8 8 * 1 8 7 1945— D Ju e n c e 3 3 , , 1 3 5 2 6 4 1 1 , , 5 5 7 0 0 6 2 26 6 5 3 2 2 5 6 3 4 1 1 , , 0 0 4 0 7 0 4 1 3 3 1 1 3 2 4 2 xThe RFC Mortgage Company, the Federal National Mortgage •Less than $500,000. . Association, the Federal Deposit Insurance Corporation, and the NOTE.—Figures represent gross insurance written during the period United States Housing Corporation. and do not take account of principal repayments on previously insured including mortgage companies, finance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. JUNE 1946 657 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchjmdise imports2 Excess of exports Month 1942 1943 1944 1945 1946 1942 1943 1944 1945 1946 1942 1943 1944 1945 1946 January 482 749 1,124 903 P800 254 '230 '300 334 P392 228 '519 '824 569 P408 February 483 728 1,107 887 P671 254 234 314 325 P318 230 494 793 561 P353 March 637 988 1,197 1,030 P816 272 249 '358 365 365 739 '839 665 P432 April 717 989 1,231 P1,005 235 258 '352 P366 482 '732 '879 P639 May . . .. 542 1 092 1 455 Pi,135 191 '282 386 P372 351 '810 1 069 i>763 June 650 1,003 1,297 P87O 215 '296 '331 *360 '434 '707 965 P511 July 659 1,265 1,197 P893 '214 302 294 P356 446 963 903 P537 August 705 1,280 1,191 P737 '318 304 P360 518 '962 887 P378 September.... 732 1,269 1,194 P514 196 '289 282 P335 536 '981 912 P180 October 803 1,238 1 144 P455 200 329 '328 P344 603 909 815 Pill November. . .. 788 1,073 1,187 P639 168 r 31 2 P322 620 '761 863 v317 December 883 1,288 939 P736 '359 '282 '347 P297 '524 '1 005 '591 J>439 Jan.-March 1,601 2,465 3,428 2,820 P2.287 779 713 972 1,024 ,1,094 822 1,752 2,456 1,795 PI.193 P Preliminary. ' Revised. 1 Including both domestic and foreign merchandise. 8 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 I [Index numbers: 1935-39 average=100] RAILROADS [In millions of dollars] For- Mis- Mer- Total Coal Coke Grain L st i o v c e k - p u e r c o s t t d s - Ore l c o a e u n l s - e- c I d h .C i a s . e n I. - o r p a T e i r o l a w t t a a i l n y g e r x a T p i o l e w t n a a s l y es o r p a e N i r l a w e t t a in y g in N co e m t e revenues income Annual 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 4 4 4 3 4 5 4 2 1 0 9 3 .. 1 1 1 1 1 1 1 3 0 0 3 4 3 3 0 9 1 5 0 7 8 1 1 1 1 1 1 9 2 4 3 1 3 3 8 3 3 4 1 8 5 1 1 1 1 1 1 1 6 7 8 3 0 8 8 8 2 5 7 2 1 6 1 1 1 1 1 1 1 3 5 1 0 0 2 4 9 1 2 7 1 0 6 1 1 1 1 2 9 2 9 9 1 0 4 1 4 6 6 7 4 1 1 1 1 1 1 m 4 4 2 3 4 5 3 9 9 1 5 o 2 1 1 1 1 1 1 8 6 0 8 4 1 9 0 9 3 7 0 6 2 1 1 1 1 1 1 1 4 4 1 3 4 4 0 7 2 0 6 1 6 5 1 6 9 6 6 6 0 9 7 6 8 0 7 9 3 Annual 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 3 4 4 2 3 1 9 4 0 4 3 5 9 9 7 , , , , , , 2 3 9 0 4 4 9 4 9 5 3 6 7 7 5 5 7 6 5 3 3 4 8 7 , , . , , , 9 6 3 4 3 6 8 1 4 0 4 9 2 4 3 6 8 3 1 1 1 , , , 3 4 0 9 5 6 6 8 9 8 9 8 2 5 3 2 8 9 9 5 8 6 1 0 9 0 7 6 8 2 3 0 4 8 9 1945 P8,902 P8,052 P850 P447 SEASONALLY ADJUSTED 1945—February. . . 139 139 178 119 121 133 168 152 66 SEASONALLY March 145 137 '191 134 129 134 218 159 '68 ADJUSTED S A J A D J O M N u u e u c e p o n l a p t g c y r v y e o i t e u e l e b m s m m e t r b b b e e e r r r . . . . . . . . . 1 1 1 1 1 1 1 1 1 4 2 3 4 2 3 4 2 1 0 8 9 0 7 3 1 7 8 1 1 1 1 1 1 1 1 1 4 2 3 2 4 0 2 4 3 3 8 6 6 8 9 6 3 3 1 1 1 1 1 1 1 1 1 6 8 9 6 9 1 5 6 8 7 1 3 7 3 3 5 4 0 1 1 1 1 1 1 1 1 1 5 5 6 6 6 6 4 5 5 5 7 3 7 7 0 6 8 3 1 1 1 1 1 1 1 1 1 2 2 4 1 2 2 1 4 2 1 1 5 5 0 4 4 0 3 1 1 1 1 1 1 1 1 1 4 3 4 2 1 3 0 3 0 4 3 0 5 0 7 9 3 6 2 2 1 1 1 1 1 1 1 7 7 6 0 0 1 3 7 3 1 0 6 4 4 7 4 4 4 1 1 1 1 1 1 1 1 1 3 4 4 5 3 2 2 3 5 2 6 6 1 3 5 6 0 3 6 6 6 6 6 6 7 7 7 8 7 4 6 9 9 1 4 4 1945— A M J A S F M J J u u e e a p u a n l a p b n r y g y r e i t r u c u l e u a h m s a r t . y r . b y . . e . . . . r . . . . 8 7 7 7 7 6 7 7 7 3 9 6 9 8 9 9 9 0 1 6 6 9 1 1 6 1 5 6 6 6 6 6 7 6 7 7 7 7 9 9 5 4 2 0 0 3 8 8 6 5 8 5 4 4 1 1 9 9 9 9 9 5 3 0 0 3 6 5 8 2 7 6 6 3 6 6 6 5 6 6 2 7 0 8 2 7 1 3 2 1 4 1946— F M Ja e a n b r u c r a h u r a y ry. . . . . . 1 1 1 2 3 3 6 9 3 1 1 1 5 5 4 5 2 8 1 1 1 6 0 2 5 7 7 1 1 15 4 5 2 1 0 1 1 1 4 2 5 0 6 8 1 1 1 3 2 2 4 2 6 1 1 9 1 2 4 8 1 1 1 1 4 3 2 3 4 1 7 7 7 8 8 8 O N D c o ec t v o e e b m m e b b r e e .. r r . . . 6 6 6 5 6 2 7 8 8 6 6 6 0 7 2 8 4 0 -3 6 3 6 7 1 -5 3 6 3 0 April 110 26 95 112 143 143 91 143 81 1946—January.. . 655 567 51 February.. 6^5 555 80 51 UNADJUSTED March.... 651 667 -16 P-42 1945—February. .. 130 139 188 117 97 128 42 t43 64 March 136 137 192 124 102 134 63 151 68 April 139 126 176 141 111 133 203 151 71 UNADJUSTED May 142 126 191 147 108 143 268 152 69 J J A u u u n ly g e ust 1 1 1 4 4 3 3 5 2 1 1 1 3 4 2 6 3 8 1 1 1 8 7 6 7 8 0 1 1 1 8 5 7 8 8 6 1 9 9 0 7 9 9 1 1 1 4 4 4 0 9 0 2 2 2 7 6 4 3 3 9 1 1 1 4 5 3 8 0 3 6 6 6 8 7 5 1945— F M J e a a b n r r u c u a h a ry ry .. . . . . 8 7 7 1 1 5 3 3 1 '7 6 6 1 3 7 1 8 5 '1 7 0 7 5 6 2 ' 4 6 4 3 3 0 September.. . 137 143 154 163 150 135 261 136 69 April 779 68/ 92 56 October 128 109 111 158 189 115 215 136 72 May 823 723 100 65 November.. . 136 148 167 164 183 108 114 139 75 June 820 724 96 66 December.... 119 133 172 144 135 94 36 123 71 July 796 699 97 63 August. . . 755 669 87 51 1946— A F M J e a p a b n ri r r u l u c a a r h y ry ...... 1 1 1 1 0 1 3 2 7 9 2 3 1 1 1 5 5 2 4 2 5 6 8 1 1 1 9 6 3 1 3 6 3 4 1 1 1 9 4 5 3 9 7 2 0 1 1 1 1 2 2 1 2 6 7 1 0 1 1 1 1 2 3 0 4 1 4 9 3 3 2 5 2 5 4 0 9 1 1 1 1 3 1 2 4 6 3 3 1 7 7 8 7 5 9 2 4 D S O N e e o c p c t v t o e e e m b m m e b b b r e e . e . r r . r . . 6 6 6 6 7 6 9 1 9 1 7 4 6 6 6 6 3 4 5 0 5 3 1 0 -3 4 6 5 7 4 1 4 -7 2 3 5 9 0 4 1946—January... 641 570 71 34 ' Revised. February.. 579 521 58 29 NoTti. —For description and back data, see pp. 529-533 of the BULLETIN for March 646 667 -20 P-42 June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce p Preliminary. ' Revised. Commission. No it. 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. 658 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on value figures] SALES BY FEDERAL RESERVE DISTRICTS [Index numbers*, 1935-39 average = 100] Federal Reserve district Year and month United States San Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n ve d - m Ri o c n h d - l A a t n - ta c Ch a i g - o Lo S u t. is M a i po n l n i e s - K C a i n t s y as Dallas F c r i a sc n o - 1919 83 95 84 106 84 73 88 113 93 67 1920 99 110 100 126 106 81 105 126 112 80 1921 . . . 92 108 96 120 94 78 90 80 105 117 92 75 1922 94 112 99 122 95 75 85 83 103 112 86 78 1923 105 119 106 135 108 85 94 98 115 120 91 91 1924 . . . 105 121 110 134 106 87 91 96 114 119 119 94 93 1925 110 123 116 135 109 92 95 102 120 124 124 98 99 1926 113 127 120 138 110 96 99 106 121 119 123 103 106 1927 114 128 123 133 110 95 100 108 119 117 125 101 107 1928 115 126 124 127 110 95 100 114 120 110 119 103 110 1929 . . 117 128 129 128 116 96 98 116 122 110 117 104 112 1930 108 123 126 118 105 92 91 101 110 105 111 96 104 1931 97 114 116 105 93 86 79 88 97 98 96 81 94 1932 . . . .. .. 75 90 91 83 68 68 60 67 76 79 74 61 71 1933 73 84 86 80 69 68 62 68 72 76 73 62 68 1934 S3 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 '148 184 212 200 1944 186 162 150 168 182 '215 244 176 200 164 205 246 221 1945 207 176 169 184 201 '236 275 193 227 r185 229 277 244 SEASONALLY ADJUSTED 1944—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 182 157 150 161 174 210 234 168 202 155 199 256 '220 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 228 186 194 205 214 262 308 209 234 212 269 306 269 February 254 200 210 221 242 283 339 241 281 236 301 339 300 March '263 '279 232 244 271 294 '335 '243 286 246 '275 '336 '297 April 250 210 219 223 236 276 318 237 267 224 267 352 291 UNADJUSTED 1944—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 1.73 189 204 249 273 197 221 182 225 275 239 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 »-143 '151 171 193 227 165 192 156 195 228 205 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 Julv 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 . 352 323 307 327 338 399 466 320 365 305 366 467 407 179 147 155 158 167 197 246 167 192 158 199 248 214 February 207 156 174 174 194 227 292 193 236 182 238 299 253 March •"238 '197 206 r219 237 264 r315 ••226 "•264 223 '255 316 '258 April 255 223 219 228 254 281 337 242 281 234 272 335 287 * Average per trading day. ' Revised NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944. JUNE 1946 659 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on value figures] STOCKS BY FEDERAL RESERVE DISTRICTS [Index numbers*, 1935-39 average = 100] Federal Reserve district United Year and month States San Boston New Phila- Cleve- Rich- At- Chi- St. Minne- Kansas Dallas Fran- York delphia land mond lanta cago Louis apolis City cisco 1919 107 118 103 102 116 137 132 98 1920 140 137 140 141 153 168 178 125 1921 120 126 119 120 134 99 143 143 108 1922 119 134 120 115 133 99 118 141 135 108 1923 133 142 128 177 130 120 142 118 135 151 143 120 1924 137 143 130 181 136 122 140 120 151 156 157 151 127 1925 139 142 135 184 137 121 132 125 149 157 172 154 127 1926 140 142 138 182 135 126 137 125 149 149 182 139 132 1927 140 147 136 180 136 127 141 127 145 139 181 129 135 1928 138 143 136 167 133 124 140 131 138 134 175 122 134 1929 137 138 141 152 133 120 136 137 130 124 169 123 132 1930 127 125 137 138 122 110 120 128 125 117 151 114 125 1931 111 111 119 120 107 96 100 110 111 108 135 98 110 1932 . . . 90 92 96 101 86 81 81 85 94 94 109 78 89 1933 84 91 91 96 77 83 75 79 87 89 98 76 80 1934 90 95 96 99 85 89 84 86 93 93 95 85 85 1935 90 94 94 96 85 88 89 87 91 91 93 88 89 1936 96 99 97 101 93 95 93 95 95 97 100 95 97 1937 111 110 112 109 114 108 111 114 112 110 109 108 108 1938 100 97 100 98 100 102 102 101 100 99 98 104 101 1939 102 99 97 96 99 107 107 103 102 103 99 106 106 1940 108 105 102 99 106 113 115 111 108 110 105 113 113 1941 131 124 123 119 130 139 140 134 134 138 125 130 137 1942 179 165 181 167 182 191 178 186 176 171 159 161 187 1943 155 142 143 141 144 175 161 160 152 151 152 159 172 1944 162 147 150 148 151 190 185 161 159 169 157 177 177 1945 166 153 159 150 156 198 188 159 166 165 156 190 182 SEASONALLY ADJUSTED 1944—June 164 147 151 149 156 191 190 161 162 172 157 180 182 Tulv 161 142 151 146 151 190 187 158 162 172 157 175 175 August 163 148 158 152 151 189 188 160 160 174 158 176 174 September 161 147 151 146 148 190 187 159 160 175 156 176 171 October 161 148 148 144 147 188 189 162 160 172 159 176 176 November . . 160 147 145 144 149 189 190 159 155 171 154 177 173 December 156 142 142 140 147 189 185 154 154 166 151 177 165 1945 Tanuarv 157 141 150 139 149 196 172 156 149 163 152 165 168 February 159 152 153 137 150 191 179 157 161 161 153 174 169 March 157 150 151 138 149 185 171 154 157 157 152 175 169 April 166 162 160 148 153 196 186 162 169 168 155 182 178 IVIay • • 173 162 164 155 162 207 205 168 172 174 161 196 184 June 179 160 176 164 173 211 201 171 182 178 164 208 196 Tulv 176 161 174 163 166 212 198 167 174 177 156 196 189 August 169 155 170 159 156 199 187 161 166 166 157 187 186 September 166 152 161 152 153 200 186 155 172 163 154 212 184 October 164 151 155 149 151 196 188 156 166 160 155 193 185 November 165 148 152 149 157 195 193 155 163 160 158 189 191 December 158 139 150 146 149 192 189 147 155 155 154 198 176 1946—January 167 145 162 149 157 207 184 163 160 166 165 179 183 February 171 154 166 153 163 201 192 165 175 162 163 190 190 March 176 157 170 158 174 206 201 168 185 166 180 195 190 April 189 171 180 170 178 217 219 179 193 183 183 208 215 UNADJUSTED 1944—June 160 141 142 142 150 182 192 157 162 167 157 175 185 July 160 137 139 140 149 187 192 155 169 175 169 189 185 August 175 157 161 159 161 213 203 171 175 185 173 199 191 September 178 161 164 162 164 213 206 177 178 189 175 198 192 October 182 165 167 166 169 214 212 181 179 192 180 199 195 November 174 166 166 160 160 200 199* 175 166 183 165 189 183 December 134 129 129 120 123 158 151 139 130 145 126 148 135 1945—January 138 128 133 121 130 167 155 134 128 149 131 148 147 February 147 143 143 133 140 180 167 143 145 154 138 155 149 March 153 147 153 138 144 184 171 150 152 158 137 166 157 April 165 156 161 151 158 197 184 162 169 160 151 176 176 May ... 173 159 166 157 164 202 199 168 172 173 158 186 191 June 175 153 165 156 166 202 203 168 182 172 164 201 200 July 175 154 160 155 166 210 204 164 181 180 174 212 200 August 182 164 173 165 169 224 202 172 181 176 175 212 205 September 184 166 174 167 171 224 205 173 190 176 173 237 207 October 185 169 175 170 174 224 211 174 186 178 176 218 205 November 179 167 173 164 165 207 203 171 175 173 170 202 202 December 136 127 136 124 124 160 155 132 130 136 126 166 144 1946—January 146 132 144 130 138 177 166 140 138 151 143 161 161 February 158 145 156 148 151 190 179 150 158 155 147 169 167 March 172 154 171 158 168 205 201 163 180 167 162 185 177 April 188 164 182 173 183 218 217 179 193 174 178 202 212 * End of month or annual average figures. NOTE.—For description and monthly indexes for back years, see pp. 588-612. 660 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES [As reported by 296 department stores in various Federal Reserve [Weekly ending on dates shown. 1935-39 average = 100] districts] Wi thout seasonal adjustment Amount 1942 1943 1944 1945 (In millions of dollars) Oct. 10. .. .171 Oct. 9. .. .188Oct. 7. . ..218 Oct. 13. .. .245 17. . ..166 16. .. .189 14. . ..221 20. .. .237 Out- 24. .. .172 23. .. .194 21. .. .209 27. .. .233 Sales stand- 31. .. .168 30. .. .187 28. .. .207 Nov. . .236 (total Stocks ing Nov. 7. . ..182 Nov. 6. .. .202 Nov. 4. . ..215 10!. . .261 for (end of orders 14. . ..182 13. .. .211 11. .. .231 17. .. .275 month) month) (end of 21. .. .182 20. .. .223 18. . ..252 24. .. .258 month) 28. .. .176 27. .. .201 25. .. .236 Dec. 1. .. .326 Dec. 5. . ..250 Dec. 4. .. .269 Dec. 2. . ..304 8. .. . xOl 12. .. .295 11. .. .297 9. . ..365 15. .. . 433 1939 average 128 344 19. .. .333 18. .. .321 16. .. .377 22. .. .421 1940 average 136 353 108 26. .. .222 25. .. .274 23. .. .369 29. .. .158 1941 average 156 419 194 30. .. .123 1942 average 179 599 263 1943 1944 1945 1946 1943 average 204 508 530 Jan. 2. . ..117 Jan. 1. .. .110Jan. 6. . ..145 Jan. 5. .. .135 1944 average 227 534 560 9. . ..146 8. .. .143 13. .. .166 12. .. .188 1945 average 255 564 728 16. .. .139 15. .. .146 20. .. .160 19. .. .191 23. .. .125 22. .. .144 27. .. .161 26. .. .188 1944—Sept 234 583 561 30. .. .126 29. .. .137Feb. 3. . ..163 Feb. 2. .. .197 Oct 257 607 577 Feb. 6. . ..143 Feb. 5. .. .146 10. .. .172 9. .. .214 Nov 300 580 613 13. .. .178 12. .. .142 17. . ..176 16. .. .209 Dec 385 451 618 20. .. .155 19. .. .142 24. . ..177 23. .. .213 27. . ..162 26. .. .146Mar. 3. . ..182 Mar. 2. .. .217 1945—Jan 198 463 767 Mar. 6. . ..150 Mar. 4. .. .153 10. .. .204 9. . . .233 Feb 198 495 819 13. .. .144 11. .. .160 17. . ..214 16. .. .243 Mar '280 524 772 20. .. .147 18. .. .172 24. .. .226 23. .. .255 Apr 209 566 725 27. . ..155 25. .. .182 31. . ..230 30. .. .257 May 231 591 671 Apr. 3. . ..161 Apr. 1. .. .212Apr. 7. . ..181 Apr. 6. .. .272 June 236 601 697 10. . ..168 8. .. .208 14. . ..156 13. .. .282 July 191 592 722 17. . ..170 15. .. .152 21. .. .192 20. .. .289 Aug 213 625 671 24. . ..182 22. .. .163 28. .. .184 27. .. .232 Sept 243 620 652 May 1. . ..142 29. .. .168 May 5. . ..193 May 4. .. .248 Oct 298 624 700 8. . ..169 May 6. .. .184 12. . ..196 11. .. .274 Nov 334 602 777 15. .. .149 13. .. .197 19. .. .178 18. .. .246 Dec 429 462 764 22. .. .153 20. .. .177 26. .. .182 25. .. .245 1946—Jan 224 488 '892 June 29 5 . . . . . . . . 1 1 5 5 1 1 June 27 3 . . . .. . . .1 1 6 6 3 8June 9 2. . . . . ..1 1 6 96 9 June 8 1 . . . . Feb 239 529 981 12. . ..168 10. .. .172 16. .. •20£ 15. . Mar 301 582 974 19. .. .168 17. .. .173 23. .. •183 22. . Apr P319 *>644 P910 26. .. .132 24. .. .151 30. . .•173 29. . P Preliminary. r Revised. NOTE.—Revised series. For description and back figures see pp. 874-875 of BULLETIN for September 1944. Back figures.—Division of Research and Statistics. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage, change from corresponding period of preceding year] A 19 p 4 r 6 . 1 M 94 ar 6 . F m 19 o o 4 s u . 6 r A 19 p 4 r 6 . 1 M 94 a 6 r. F m 19 o o 4 s u . 6 r A 19 p 4 r 6 . 1 M 94 a 6 r. F m 19 o o 4 s u . 6 r A 19 p 4 r 6 . 1 M 94 a 6 r. F m 19 o o 4 s u . 6 r United States +52 +8 +23 Cleveland-cont. Chicago +53 r+9 +23Kansas City— Toledo +44 -2 + 14 Chicago +57 + 12 +27 cont. Boston +49 +19 Youngstown.... +55 +2 + 18 Peoria +58 +9 +25 Oklahoma City. +36 + 14 New Haven. . .+58 + 1 +18 Erie +35 -4 + 13 Fort Wayne... +50 +9 +24 Tulsa +39 +5 + 13 Portland +38 + 15 Pittsburgh +63 + 15 +29 Indianapolis... +47 +4 + 18 Boston Area... +46 +3 +20 Wheeling +54 +8 +25 Terre Haute... +57 +11 +29 Dallas +53 +14 +27 D B o o w s n to to n wn +46 +4 +20 Richmond +51 +2 +19 D D e e s tr o M it oines. . .+ + 4 4 6 6 +19 + + 2 1 6 6 S C h o r r e p v u e s p o C r h t risti. + + 4 4 9 9 + + 1 5 2 + + 2 1 2 8 S W p o r r i c n e g s f t i e e r ld.... + +5 4 6 8 +8 + + 1 2 3 3 W Ba a lt s i h m i o n r g e ton.... + +5 4 2 6 +2 0 + + 1 1 9 8 F G l r i a n n t d Rapids. + + 4 4 3 9 + + 7 8 + + 1 7 8 F D o a r l t l a W s orth + + 5 4 6 9 + + 1 3 9 + + 3 1 2 9 Providence.. . .+50 -1 +19 Raleigh, N. C... +60 + 10 +23 Lansing +46 + 1 + 16 Houston +62 + 17 +28 Winston-Salem.. +61 0 + 19 Milwaukee.... +64 + 12 +27 San Antonio. . .+53 + 18 +31 New York +59 +13 +30 Charleston, S. C.+17 -6 + 1 Green Bay +60 +6 +23 Bridgeport.... +63 + 12 +25 Greenville, S. C.+51 0 + 16 Madison +50 +3 +22 San Francisco. +45 +7 +19 Newark +62 + 13 +31 Lynchburg +64 -1 +20 Phoenix +46 +13 +23 Albany +65 +25 +50 Norfolk +25 -20 -2 St. Louis +52 +10 +24 Tucson +53 ' + 16 +28 Binghamton... +57 +7 +27 Richmond +58 +7 +25 Fort Smith +53 +10 +25 Bakersfield +43 +9 +21 Buffalo +53 +3 +26 Charleston, Little Rock +52 +4 •4-20 Fresno +44 +3 +21 Elmira +42 -2 +15 W. Va +67 +6 +26 Quincy +52 +7 +23 Long Beach +50 +3 + 17 Niagara Falls.. +35 -10 +8 Clarksburg +54 + 13 +30 Evansville +40 +5 + 17 Los Angeles.... +58 +12 +25 New York City +61 +16 +31 Huntington.... +53 +4 +22 Louisville +45 + 11 +23 Oakland and Poughkeepsie.. +65 +8 +30 East St. Louis. +60 +20 +27 Berkeley +43 -1 + 14 Rochester +51 +7 +24 Atlanta +54 r+8 +24 St. Louis +54 + 12 +24 Riverside and Schenectady... +49 -8 +13 Birmingham.... +51 +6 +22 St. Louis Area. +54 + 12 +24 San Bernardino +35 0 +14 Syracuse +57 +9 +30 Mobile +42 -3 + 11 Springfield.... +54 +21 +36 Sacramento.... +45 + 10 +23 Utica +50 +17 Montgomery. .. +47 -1 +17 Memphis +56 + 10 +26 San Diego +31 -9 +4 Jacksonville.... +65 r+l +20 San Francisco.. +40 + 1 + 14 Philadelphia. . +57 +6 +23 Miami +49 + 13 +26 Minneapolis. . +56 +13 +28 San Jose +47 +2 +20 Trenton +73 r+8 +33 Orlando +52 +21 +33 Minneapolis. .. +69 +19 +33 Santa Rosa.... +43 +2 + 17 Lancaster +50 +7 +22 Tampa +53 +17 +29 St. Paul +60 +9 +26 Stockton +40 r-l +13 Philadelphia... +56 +4 +20 Atlanta +60 •+18 +31 Duluth-Superior +37 -4 +12 Vallejo and Reading +60 + 10 +28 Augusta +69 +13 +32 Napa + 15 -20 -6 W Yo i r l k kes-Barre. . + + 6 5 9 7 r + +9 5 + + 3 2 0 0 C M B o a a t l c o u o n m n b R u o s uge... + + + 4 7 6 6 3 0 + + - 1 9 2 2 + + + 3 2 9 2 8 K D P a u e n e n s b v a l e o s r City... + +5 4 8 5 + T+ + 1 9 6 4 * + * + _ 2 2 3 7 0 P B N o o r i a s t m e la a p n n a d d + +4 4 3 4 r+ + U 8 + + 1 1 9 7 Cleveland +54 +6 +23 New Orleans. . .+55 '-1 +20 Hutchinson +40 -3 + 14 Salt Lake City. +51 r+19 +27 Akron +36 -4 +12 Bristol, Tenn... +59 +6 +24 Topeka +37 -3 + 12 Bellingham.... +41 +8 +23 C C i a n n c t in o n n a . t . i . + +3 6 9 1 + - 7 11 + + 2 1 7 2 J C a h c a k t s t o a n nooga.. . + +5 4 7 8 + + 9 3 + +2 1 8 8 J W op ic l h in ita +4 * 0 + 1 0 2 ** + + 1 2 4 3 S E e v a e t r t e le tt + + 5 3 5 4 + + 1 2 1 + + 2 1 6 0 S C C p o le r l v u in e m l g a b f n u i d e s ld.... + + + 4 5 5 3 2 3 + + -5 4 6 + + + 2 1 2 3 3 1 N K a n s o h x v v i i l l l l e e + +6 3 8 4 + + 20 1 + + 3 8 5 S O K t m a . n a J s h o a a s s e C ph it . y .. . . . . . + + + 4 5 5 3 4 0 + + + 1 5 9 3 + + +2 2 2 6 0 8 S T Y p a a o c k o k im m an a a e + + + 3 4 5 5 1 1 + + - 1 2 7 1 + + + 1 1 1 8 7 0 r Revised. * Data net available. ** Three months 1946. JUNE 1946 661 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 March reporting Mar. Three mos. Mar. 1946 1946 1946 1946 1945 GRAND TOTAL—entire store 355 +7 +13 +11 2.0 2.0 MAIN STORE—total 355 +9 +14 +U 2.0 2.0 Women's apparel and accessories 352 -2 +4 +12 1.6 1.4 D C J B u o r l n o e a i u s t o s s s e r e s a s s ' n , a d s n k s d i u r t g i s t i , s r l s s p ' o w rt e s a w r ear, etc 3 3 3 3 3 2 1 3 6 7 0 4 + + - - 1 9 9 6 + + + 1 8 6 0 3 + + + - 3 2 4 2 1 1 0 2 1 1 . . . . 2 5 7 6 0 2 1 1 . . . . 3 8 1 0 Infants' wear 314 -15 -7 + 16 2.3 1.7 A U Co p n r r d s o e e n r t w s s , , e h b a o r r , a u s s s s e l i i d e p r r s e e , s s s n e e s g , l i u g n e i e f s orms 3 3 2 3 3 9 7 5 0 + + + 9 9 1 + + + 1 1 7 3 1 + - - 3 8 4 8 1 1 1 . . . 5 6 3 1 1 1 . . . 7 3 5 S G H h l o o o s v e ie s e r s y ( w (w ( o w o m o m e m n e e n 's n ' s ' a s n a a n d n d c d h c c h il h i d l i d r l e d r n e re n 's n ' ) s ' ) s) 3 3 2 4 2 4 6 9 0 - - 1 2 + 2 6 5 + -1 - 1 9 3 3 + +1 2 9 0 2 1 1 . . . 8 0 6 0 1 1 . . . 8 9 6 Furs 268 -2 -2 + 10 4.1 3.7 Neckwear and scarfs 246 -15 -5 + 19 2.0 1.4 Handkerchiefs 284 -20 -2 +22 5.0 Millinery 169 -13 + 1 +34 1.1 Handbags and small leather goods 322 -12 +3 +24 2.2 1.5 Men's and boys' wear 326 +6 + 14 -23 1.9 2.6 Men's clothing 234 + 16 +9 -58 0.9 2.6 Men's furnishings, hats, caps 300 +26 +32 -13 2.1 3.0 Boys' clothing and furnishings 286 -27 -13 -2 2.7 2.0 Men's and boys' shoes and slippers 179 +20 +26 -16 2.4 3.4 Home furnishings 314 +50 +46 +22 2.5 3.1 Furniture, beds, mattresses, springs 234 +51 +46 +3 2.3 3.3 Domestic floor coverings 258 +55 +46 +9 2.0 2.8 Draperies, curtains, upholstery 292 +25 + 19 +27 2.4 2.4 Major household appliances 194 +407 +430 + 178 0.9 1.6 Domestics, blankets, linens, etc 299 +30 +30 + 13 2.3 2.7 Lamps and shades 228 +47 +44 +32 3.8 4.2 China and glassware 225 +28 +31 +27 3.8 3.8 Housewares 224 +63 +64 +48 3.1 3.4 Piece goods 293 +7 + 1 -1 1.2 1.3 Cotton wash goods 128 0 +5 1.0 1.0 Small wares 339 +3 +8 +18 3.7 3.2 Lace, trimmings, embroideries, ribbons 122 -13 -4 +5 2.9 2.4 Notions 226 +9 + 11 + 13 3.1 3.0 Toilet articles, drug sundries, and prescriptions 321 -1 +5 +5 4.1 3.8 Jewelry and silverware 304 +18 +23 +28 3.8 3.5 Art needlework 239 0 -4 +33 4.0 3.0 Stationery, books, and magazines 230 -5 +4 +31 3.7 2.7 Miscellaneous 300 +9 +20 +20 2.6 2.4 Luggage 231 +39 +42 +45 3.0 2.9 BASEMENT STORE—total 210 -4 +3 +8 2.1 1.8 Women's apparel and accessories 198 -11 + 13 1.8 1.4 Men's and boys' clothing and furnishings 164 -2 + 11 -12 2.5 2.8 Home furnishings 142 +34 +28 + 18 2.3 2.6 Piece goods 52 +7 +5 +7 1.4 1.4 Shoes 129 -5 -2 + 10 3.3 2.8 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 Year and month Sales during month Accounts receivable Collections during at end of month month Cash In m s e ta n l t - a C c h c a o r m ge it - Total Cash In m s e ta n l- t a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e ta n l- t a C cc h o ar u g n e t sales sales 1945—March 178 230 74 141 40 96 79 120 62 34 April 133 171 52 107 37 88 '66 128 62 35 May 147 190 55 117 35 88 64 122 63 34 June 149 194 52 117 34 88 61 121 63 34 July 121 163 48 88 32 76 57 117 66 31 August 136 182 58 99 32 76 57 104 65 31 September 154 203 63 118 33 85 59 103 63 33 October 190 245 90 147 36 99 71 122 63 33 November 212 272 101 165 41 113 77 143 62 34 December 270 357 108 204 48 145 79 148 64 32 1946—January 142 186 65 106 45 108 82 100 64 32 February 151 191 72 122 43 100 '75 140 61 35 March 190 232 85 162 43 114 82 138 59 37 April? 204 249 97 175 45 126 82 154 59 37 P Preliminary. r Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on page 659. 662 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit Total I Single- End o r o f y e m ar onth co c n r s e u d m it er ns T ta o lm tal ent Sale credit Loans1 pa lo y a m n e s2 nt a C cc h o a u rg n e ts Service credit credit Total Automobile Other 1929 7,637 3,167 2,515 1,318 1,197 652 2 125 1 749 596 1930 6,839 2,706 2,032 928 1,104 674 ,949 1,611 573 1931 5 528 2,214 1,595 637 958 619 402 1 381 531 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 1,805 940 865 802 048 292 472 1936 6,771 3,501 2,436 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 ,487 523 1939 7,981 4,436 2,792 1,267 1,525 1,644 ,468 ,544 533 1940 9 153 5,455 3,450 1,729 1,721 2,005 ,488 650 560 1941 9,899 5,924 3,744 1,942 1.802 2,180 ,601 .764 610 1942 6 485 2,955 1,491 482 1,009 1,464 L 369 ,513 648 1943 5,338 1,961 814 175 639 1,147 1,192 ,498 687 1944 5 777 2,039 835 200 635 1,204 L 251 758 729 1945 6,734 2,365 903 227 676 1,462 L ,616 .981 111 1945—April 5,483 1,947 723 184 539 1,224 1,288 [,506 742 May 5,541 1,961 718 184 534 1,243 L.348 L.488 744 June 5 697 1,987 719 188 531 1.268 1,420 L.544 746 July 5,654 1,992 712 192 520 1,280 1,452 .459 751 August 5,649 1,988 706 196 510 1,282 1,466 L.441 754 September 5,702 2,010 717 202 515 1.293 1,466 1,470 756 October 6,000 2,086 754 210 544 1,332 1,490 1,666 758 November 6,344 2,190 805 219 586 1,385 1,556 L,835 763 December 6,734 2,365 903 227 676 L.462 1,616 1,981 772 1946—January '6,506 '2,364 877 235 642 1,487 1,659 1,701 782 February 6,564 2,408 879 245 634 t.529 1,671 L.692 793 MarrhP . 6,980 2,510 904 264 640 1,606 1,695 1 .972 803 Aprils 7,355 2,646 951 289 662 1,695 1,752 2,146 811 P Preliminary. r Revised. 1 Includes repair and modernization loans insured by Federal Hou ing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (endof period) (during period Indus- Insured Indus- Year or month Com- Small Indus trial Miscel- repair Com- Small Indus- trial Total mercial loan loan Credit laneous and mercial loan trial loan Credit banks1 com- com- unions lenders modern- banks1 com- banks2 com- unions panies panies2 ization panies panies2 loans' 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 L 265 312 346 129 95 112 117 154 460 604 238 176 179 1939. L.644 523 435 131 99 147 96 213 680 763 261 194 257 1940 £.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 L.147 312 372 67 59 123 86 128 636 809 151 128 228 1944. L.204 358 388 68 60 122 88 120 744 876 155 139 230 1945 L.462 471 445 76 70 128 93 179 938 978 166 151 228 1945—Anril L.224 377 381 68 60 119 87 132 69 70 12 11 18 May L.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. . 1,385 448 409 73 67 124 90 174 94 97 15 14 21 December... ,462 471 445 76 70 128 93 179 101 133 18 16 23 1946—January.... r1,487 494 446 76 70 127 93 '181 104 76 14 14 19 February.. . L.529 522 452 78 71 128 94 184 105 80 14 14 19 March? 1.606 564 462 82 73 132 95 198 132 103 18 16 24 AprilP 1,695 607 482 85 76 136 97 212 139 105 18 16 25 P Preliminary. r Revised. 1 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 April amounted to 37 million dollars, and loans made during April were 10 million. 2 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. 8 Includes only loans insured by Federal Housing Administration. JUNE 1946 663 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 u o 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 - s t 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 e l i r l s Year or month Total ch P a u s r e r - d eta D i l i l o r a e n c s tc 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 t a o n o i a n i o d n d z n - s a 1 - i s l m c n o o e a s n a t s n a n a h t l l s - 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 83 245 1936 1,147 256 406 255 56 174 1945 731 65 146 97 121 302 1937 1,368 314 469 307 68 210 1945—April 579 55 109 77 86 252 1938 1,343 302 485 266 70 220 May 592 55 112 78 89 258 1939 1,525 377 536 273 93 246 June 609 56 116 79 93 265 1940 1,721 439 599 302 110 271 July 619 56 118 79 96 270 1941 1,802 466 619 313 120 284 August.. .. 622 57 119 79 100 267 1942 1,009 252 391 130 77 159 September. 633 58 122 79 103 271 1943 639 172 271 29 66 101 October. . . 659 60 128 83 109 279 1944 635 183 269 13 70 100 November. 694 62 135 90 116 291 1945 676 198 283 14 74 107 December. 731 65 146 97 121 302 1945 1946—January... r771 70 155 107 125 '314 Apr 539 158 237 11 48 85 February. . 809 74 164 111 131 329 May 534 154 238 10 48 84 March?.... 871 82 179 117 140 353 June 531 150 237 11 49 84 Aprils. . . . 945 97 193 127 151 377 July 520 145 235 11 47 82 Volume extended dur- Aug 510 142 232 11 45 80 ing month: Sept.. 515 144 235 11 44 81 1945—April 101 21 16 10 45 Oct 544 156 247 11 44 86 May 110 22 18 10 50 Nov 586 173 262 12 47 92 June 116 24 15 12 53 Dec 676 198 283 14 74 107 July 107 22 13 11 50 August... . 108 23 15 12 47 1946 September. 106 23 13 12 46 Jan 642 189 272 14 66 101 October. . . 131 28 19 15 56 Feb 634 184 274 14 62 100 November. 140 29 21 16 60 Mar.P 640 187 279 14 59 101 December. 147 32 24 13 64 Apr.p 662 199 286 15 58 104 1946—January. .. 157 34 27 14 63 February.. 155 35 24 15 63 March? 188 41 25 20 82 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL AprilP 212 46 32 22 83 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 a n l- al CONSU L M O E A R N I C N O S M TA P L A M NI E E N S T , B C Y R E T D Y I P T E S O O F F C R IN E D D U IT STRIAL Year and month Total Auto- m iz o at d i e o r n n- m ca e s n h t [Estimates. In millions of dollars] mobile Other loans 1 loans Retail instal- Repair Personal O 19 u o 4 t f 1 s t — p a e n D J r d u i e o i n n c d e g em a b t e r e . n . d . 2 1 0 9 2 6 . . 5 8 5 4 3 9 . . 5 3 1 18 8 . . 8 4 1 1 8 8 . . 2 6 1 1 1 1 0 2 . . 1 4 Year and month Total m A m o u b t e o i n l - e t pap O e t r h 2 er m i l z o a o a a n d t n i d e o s r n 1 n- i l m n c o s a a e t s n n a h s t l- 1942—June 162.4 34.3 16.3 16.5 95.3 December. . . 125.4 21.4 12.8 15.6 75.6 Outstanding at end 1943—June 100.2 14.4 8.8 14.1 62.9 of period 1 1 9 9 4 4 5 4 — — J A J D D S O D A M N J u u u e p u e e c e o a l n n p r c c t g y c y v e o e i e e t e u l e b e m m m s m m e t b b r b b b e e e e r r e r . . r . r . . . . . . . . . . . . 1 1 9 9 9 8 9 9 9 9 9 9 0 0 2 1 1 9 5 7 2 4 5 5 0 4 . . . . . . . . . . . . 6 7 7 0 6 6 8 1 1 1 9 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 3 3 3 2 2 3 . . . . . . . . . . . . 5 6 7 5 6 6 6 0 8 8 8 1 9 9 6 8 8 7 7 7 7 7 7 7 . . . . . . . . . . . . 0 0 8 8 4 9 5 5 8 7 7 8 1 1 1 1 1 1 1 1 1 1 1 1 4 4 6 2 4 3 7 3 5 3 6 4 . . . . . . . . . . . . 2 2 9 9 6 2 0 6 4 4 3 8 5 5 5 5 5 5 6 5 5 5 6 6 9 9 7 7 0 7 7 1 9 8 9 3 . . . . . . . . . . . . 6 7 5 5 9 4 0 8 8 9 9 3 1 1 1 9 9 9 4 4 4 5 5 4 — S D N A J J A M O u u e e o p u c p a l n c v y r t g y t e i o e e e l u b m m m s e t b b b r . . e e e . . r r r . 6 6 6 6 6 7 7 7 7 7 7 6 8 9 7 6 9 0 0 1 3 6 . . . . . . . . . . . 6 7 2 6 3 1 8 7 0 4 4 1 1 1 1 1 9 9 9 9 9 9 0 1 0 0 1 . . . . . . . . . . . 2 4 4 6 6 6 5 0 6 0 0 3 3 3 3 3 3 3 4 3 4 4 . . . . . . . . . . . 8 5 6 7 7 8 8 9 0 0 0 1 1 1 1 1 1 1 1 1 1 1 . . . . . . . . . . . 2 2 3 5 5 6 5 3 3 4 1 5 5 6 5 6 5 5 5 5 5 5 0 5 4 0 1 2 7 5 5 4 6 . . . . . . . . . . . 2 6 2 7 7 5 6 3 4 0 0 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 MarchP 112.8 15.5 11.0 19.1 67.2 March?. 81.0 11.6 4.2 1.6 63.6 April? 118.0 16.9 11.9 20.2 69.0 April?. . 83.4 12.0 4.5 1.6 65.3 Volume extended Volume extended during month 194 d 5 u — rin J J A S O N M D A g u u e u c e p o l n a p m t y g c r v y o e i t e u l e o b e m s m m e n t r t b b h b e e e r r . r . . . . . . . . 2 1 1 1 1 1 1 1 1 1 6 4 8 5 7 9 9 6 . . . . . . . . . 2 3 9 7 0 8 9 1 4 3 3 2 2 2 2 2 2 2 . . . . . . . . . 0 1 2 7 4 4 3 4 1 2 2 1 1 1 1 1 1 1 . . . . . . . . . 6 2 3 3 1 4 3 7 0 2 1 1 1 1 1 1 1 . . . . . . . . 1 3 5 6 9 5 5 6 1 1 1 1 1 1 1 1 1 1 0 3 0 4 2 1 2 1 . . . . . . . . . 2 9 9 1 6 8 3 4 0 1945— J J A S M O N D A u u e u c p e o a l n p t y c r g v y o e i t e u l e e b m s m m e t r b b b e e e r r . r . . . . . . . . 1 1 1 1 1 1 1 1 1 3 4 4 3 2 6 3 6 7 . . . . . . . . . 5 2 4 1 1 1 8 0 8 2 2 2 2 2 2 2 2 2 . . . . . . . . . 0 2 2 2 3 4 6 7 7 0 0 0 0 0 0 0 1 1 . . . . . . . . . 7 6 7 7 7 6 8 1 0 0 0 0 0 0 0 0 0 0 . . . . . . . . . 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 9 1 0 2 1 0 0 2 4 . . . . . . . . . 6 2 7 2 2 0 0 1 1 1946—January 18.8 3.2 1.7 12.1 1946—January 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 MarchP 23.3 3.9 2.2 2.4 14.8 March? 18.3 3.0 0.9 0.2 14.2 April? 23.6 4.2 2.4 2.5 14.5 April? 18.1 3.1 1.0 0.2 13.8 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. Preliminary. ' Revised. 2 Includes both direct loans and paper purchased. 664 FEDERAL RESERVE BULLETIN 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 1nstalment account. a C cc h o ar u g n e ts month month of preceding A 19 p 4 r 6 . P 1 M 94 a 6 r. F 19 e 4 b 6 . A 19 p 4 r 6 . P 1 M y 9 e 4 a a 6 r r . F 19 e 4 b 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 +6 + 18 + 10 +61 +44 +51 March 36 24 36 32 66 C Ca re s d h it s a s l a e l s es: +3 +19 +5 +84 +65 +74 A M p a r y il . '3 3 1 2 2 2 2 3 3 4 6 0 3 3 3 J '6 6 2 4 Instalment +9 + 19 +8 +54 +29 +42 June 32 23 43 33 64 Charge account +7 + 11 +25 + 73 +52 +61 J A u u ly gust . ... 3 3 3 1 2 2 3 4 4 4 2 8 3 3 1 1 6 6 2 3 Accounts receivable, at September 35 23 49 30 63 end of month: October 40 27 52 31 66 Total +3 +3 + 1 + 18 + 14 + 10 November 40 27 51 35 67 Instalment +3 + 1 + 1 + 16 + 11 + 11 December 36 24 48 46 61 Collections during 1946 month: January 32 25 52 32 61 Total + 1 + 14 -6 +37 +27 +24 February r3l 24 51 '29 60 Instalment -1 + 15 -7 +35 +22 +23 March 35 27 53 32 64 Aprils 35 28 56 31 63 Inventories, end of month, at retail value. +7 +6 +6 + 18 + 13 + 10 P Preliminary. r Revised. 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] Year or month All items Food Clothing Rent ele F ct u r e ic l, ity, fur H ni o s u h s in e gs Miscellaneous and ice 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. ' 99.0 101.3 100.7 1940 100.2 96.6 101.7 104. t 9C-.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 A 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 * 108." 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. 129.9 141.4 149.4 110.3 148.3 124.8 1946—January... 129.9 141.0 149.7 110.8 148.8 125.4 February.. 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 April 130.9 141.7 154.3 110.4 151.3 126.0 Back figures.—Bureau of Labor Statistics, Department of Labor. JUNE 1946 665 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities All Year, month, or week m c t o i o e m d s i - - F p u r a c o r t d m s - Foods Total H p l i r e d o a e d t s h u a e c n r ts d p T ro e d x u ti c le ts m F li u a g e t h e l t r a i i n n a g l d s a p n M r d o e d m t u a c e ls t t a s l 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 a i m e n d i c - in f H u g r o n g u i o s s o h e d - - s l M an i e sc 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 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80 8 80 9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78 7 81 7 70 5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68 5 73.6 81.7 92.8 66.'r 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.'r 73.1 94.4 90.5 76.0 86.3 74.8 1940 78 6 67 7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88 5 77 3 1941 87 3 82 4 82.7 89.0 108.3 84.?\ 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—March 105.3 127.2 104.6 99.2 117.8 99.7 83.4 104.2 117.1 94.9 104.5 94.6 April 105.7 129.0 105.8 99.3 117.9 99.6 83.5 104.2 117.1 94.9 104.5 94.8 May 106 0 129 9 107.0 99.4 117.9 99.6 83 7 104.3 117.3 94.9 104.5 94 8 June . ... 106 1 130 4 107.5 99.6 118.0 99.6 83 9 104.7 117.4 95.0 104.5 94.8 July 105.9 129.0 106.9 99.7 118.0 99.6 84.3 104.7 117.5 95.3 104.5 94.8 August . 105 7 126 9 106 4 99.9 118.0 99.6 84 8 104.7 117.8 95 3 104 5 94 8 September 105.2 124.3 104.9 99.8 118.7 100.1 84.1 104.9 118.0 95.3 104.6 94.8 October 105.9 127.3 105.7 100.1 118.6 101 .0 84.2 105.0 118.3 95.5 104.7 94.8 November 106.8 131.1 107.9 100.2 118.8 101.1 84.6 105.2 118.7 95.7 104.7 94.8 December 107 1 1*1 5 108 6 100.5 118.9 101.4 84.8 105.6 110.5 96.1 104.7 <)i 8 1945—Tanuarv 107.1 1?9.9 107.3 100.8 119.4 101.6 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 April 110 2 135 4 110.8 103.3 119.8 107.9 86 1 108.8 126.5 96.1 107.5 95.7 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 too. e 119.4 100.6 85.3 105.3 118.9 96.1 106.4 95.0 IQ46—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. 2 106.8 129.7 106.7 100.5 119.8 101. 85.4 105.8 119.9 96.0 106.8 95 0 Feb. 9 107.1 130.4 107.1 101.1 120.0 101. 85.8 105.8 119.9 96.0 106.8 95.3 Feb. 16 107.2 131.0 108.0 101.1 120.1 101. 85.7 105.8 120.0 95.9 106.8 95.4 Feb. 23 107 4 131.1 108.3 101.1 120.1 101. 85 6 105.8 120.2 96.0 108.0 9.5.4 Mar. 2 107.6 130.7 107.9 101.5 120.1 101.4 85.4 107.8 121.0 96.0 108.0 95.4 Mar. 9 108.2 133.9 109.2 101.6 120.1 101.9 85.4 107.8 121.1 96.0 108.3 95.4 Mar. 16 108.4 133.1 109.5 101.5 120.1 101.9 85.4 107.7 123.3 96.0 108.4 95.4 Mar. 23 108.4 132.9 109.4 102.C 120.1 102.4 85.4 107.9 123.6 96.0 108.4 95.4 Mar. 30 J08.7 133.3 109.5 102.3 120.1 104.3 85.4 107.9 123.6 96.0 108.5 95.4 Apr. 6 109.1 135.2 109.7 102.4 120.1 104.5 85.5 108.0 124.0 96.0 108.7 95.4 Apr. 13 109.3 135.1 109.9 102.8 120.3 105.0 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 Apr. 27 109.6 135.5 110.3 103.1 120.3 105.5 86.6 109.0 126.0 96.1 108.7 95.5 May 4 109.9 135.6 110.7 103.6 120.3 106.7 87.0 109.1 126.6 96.1 108.7 96.2 May 11 110.1 135.8 110.9 103.7 12C.3 106.7 87.0 109.3 126.8 96.2 108.9 96.2 May 18 110.9 137.9 111.5 104.C 12C.9 108.:I 87.0 109.3 126.9 96.3 105.4 96.3 May 25 110.7 137.2 111.0 104.1 12(1.9 108.:I 87.1 109.4 127.2 96.6 105.4 96.6 1945 1946 1945 1946 Subgroups Subgroups Apr. Jan. Feb. Mar. Apr Apr Jan. Feb. Mar. Apr. Farm Products: Metals and Metal Products: Grains . . 130.5 133.8 133.9 136.7 137.0 Aeririiitural imnlements 97.5 98.1 98.1 98 5 98.6 Livestock and poultj-y 136.4 131.5 132.7 133.5 135.I Farm machine*ry 98.7 99.1 99.2 99.5 99.6 Other farm products 123.2 126.9 127.9 131.4 134.1} Tron and steel 98.1 101.2 103.3 107 f> 107.4 Foods: Motor vehicleg 112.8 112.8 112.8 112.8 112.8 Dairy products 110.7 115.0 115.8 116.1 116.3 Nonferrous metals 85.9 85.7 85.7 86.1 87.1 Cereal products 95.4 95.8 96.1 96.2 99.4 Plumbing anc heating...'.:'.: 92.4 95.0 95.1 95.1 100.8 Fruits and vegetables. ..... 123.4 125.7 127.5 133.1 138.2 Building Materials Meats 108 2 108.1 108.1 109.6 110 3 Rrirk and tile 110.6 116.9 116 9 117 119 9 Other foods 94 7 96 2 96 5 97 7 97 7 Cer" **•">*• 99 4 101 1 101 5 102 102 4 Hides and Leather Products: Lumber 154.4 158.5 160.1 167.(5 171.4 Shoes . . . 126.3 127.9 128.2 128.6 128.6 Paint and naint materials 106.3 107.8 107.8 107 108.0 Hides and skins. . . 117.0 117.6 117.6 117.6 117.6 Plumbing and heatinff... 92.4 95.0 95.1 95 I 100.8 Leather 101 3 103.8 103.9 104.0 104.0 Striirf-iirai steel 107 3 107.3 113 7 120 I 120 1 Other leather products 115.2 115.2 115.2 115.2 115..I Other building materials 103.8 106.6 107.2 112.3 112.8. Textile Products: Chemicals and Allied Products Clothing . ...-- 107 4 107.4 109.4 109.5 117."I Chemirais 95.8 97.1 97 0 97 f) 97 1 Cotton goods 119.7 125.6 125.8 132.9 137.6 Drugs and pharmaceuticals. . 106.8 112.1 111.5 111.7 112.4 Hosiery and underwear .. . 71.5 75.2 75.3 75.5 75.5 Fertilizer materials 81.9 81.9 81.9 81. 81.9 Silk Mixed fertiliz* 86.6 86.6 86.6 86. s 86 6. Rayon 30.2 30.2 30.2 30.2 30.2 Oil3 and fats 102.0 101.7 101.8 102.1 102.1 Woolen and worstec goods.. 112.7 112.7 112.7 112.7 112.7 Housefurnishing Goods: Other textile produ< 100.9 101.9 102.0 109.6 110.5 Furnishings 107.5 109.7 110.1 110.9 112.1 Fuel and Lighting Materials: Furniture.. 101.5 102.8 102.9 102.9 102.9' Anthracite .. . 95.3 103.9 104.0 104.0 104.0 Miscellnne.nus: Bituminous coal.. . 120.6 125.1 125.1 125.2 125.2 Auto tires ancI tubes 73.0 73.0 73.0 73.0 73.0' Coke 130 7 134 9 134 9 134.9 133. Cattle feed . 159 6 159 6 159 6 159 fS 159 6 Electricity 58.7 69.2 71.3 Paper and pulp 109.0 112.0 113.7 in 7 113 9 Gas 77 0 77 4 79 1 79 6 Rubber, crude 46.2 46.2 46.2 46.2 46.2 Petroleum products 64.2 61.5 61.6 61.2 62. Other miscellaneous. ... 98.9 98.9 98.9 98.9 99.2 Back figures.—Bureau of Labor Statistics, Department of Labor. 666 FEDERAL RESERVE BULLETIN! Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND INCOME PAYMENTS [Estimates of the Department of Commerce. In billions of dollars] Annual totals 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 97.1 120.2 152.3 187.4 197.6197.3 49.8 51.8 48.7 47.0 204.5206.3195.7182.8 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 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 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 1.6 1.0 1.1 1.9 0.3 0.4 0.5 0.6 Producers durable equip- 2.5 ment 6.3 4.5 5.5 6.9 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 in- 8.9 ventories 1.1 -1.3 0.9 1.8 -0.5 -0.6 -1.7 0) C1) -0.2 0.4 -0.2 -1.3 -0.2 0.2 1.6 Net exports of goods and 3.5 services 0.1 1.1 0.8 1.5 C1) -1.5 -1.8 0.4 -0.4 -0.2 0.6 0.5 -1.7 -1.0 2.5 1.9 Net exports and monetary 1.2 use of gold and silver.. .. 0.4 0.1 0.2 0.3 0.2 0.1 C1) -0.1 -0.1 (*) C1) 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 47.0 204.5206.3195.7 182.8 Deductions: Business tax and nontax 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 Adjustments: For inventory revaluation -0.7 +0.9 -0.4 -0.4 -3.2 -2.1 -0.2 -0.1 0) C1) 0) 0) 0) 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 96.9 122.2 149.4 160.7161.0 40.9 41.3 39.8 39.0 167.6 166.2158.4 t50.7 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 92.7 117.3 143.1 156.8160.7 39.8 40.4 39.7 40.9 163.7 163.2158.6156.9 Income payments to individuals 72.3 66.2 70.8 76.2 92.7 117.3 143.1 156.8160.7 39.8 40 4 39.7 40.9 163.7 163.2158.6 156.9 Personal taxes and nontax 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 10.7 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 J 138.0 137.3 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 10a. 0100.0 103.7110.9 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 39.0 167.6166.2158.4150.7 Total compensation of employee 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 ior 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. "JUNE 1946 667 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 Chart Chart book book page Apr. May May May May page Apr. May May May I May 24 15 22 15 22 WEEKLY FIGURES' In billions of dollars WEEKLY FIGURES*—Cont. In unit indicated RESERVES AND CURRENCY BUSINESS CONDITIONS Reserve Bank credit, total 2 90 23.08 23.22 23.2523.13 Steel production (% of capacity)... 37 73.6 67.7 58.7 48.9 49.2 U. S. Govt. securities, total 3 30 22. 22.73 6622.64Electric power prod. (mill. kw. hrs.) . 373,9774,012 3,9113,939 Bills 3 13.84 13.90 13.69 13.67 Freight carloadings (thous. cars)... 45 660 671 685 688 '572 Certificates 3 17 .33 6.34Department store sales (1935-39 Notes 3 67 .74 74 = 100) 45 232 248 274 246 Bonds 3 90 90 .90 .90 Wholesale prices (1926 = 100): Discounts and advances 2 32 22 .21 .16 Total 109.6 109.9 110.1 110.9110.7 Gold stock 220 25 202520.25 20.25 Farm products 135.5 135.6135.8 137.9 137.2 Money in circulation 27.88 27. 27.96 27.9527.96 Other than farm and food 103.1 103.6 103.7 104.0104.1 Treasury cash 2 .27 .27 2.26 Treasury deposits 2 .41 .31 .56 Member bank reserves 4 15.75 15.75 15.65 15.51 1946 Required reserves 4 14.64 4.74 14. •14.81 Excess reservese 4 1.01 P. 70 Excess reserves (weekly average): Feb. Mar. Apr. Total 5 .96 1.03 P. 92 New York City 5 .02 .01 .02 MONTHLY FIGURES Chicago 5 .01 .01 .01 RESERVES AND CURRENCY In billions of dollars Reserve city banks 5 .21 .25 .21 Country bankse 5 .72 .75 P.68 Reserve Bank credit 6 23.93 23.53 23.07 MEMBER BANKS IN LEADING CITIES old stock . 6 20.20 20.24 20.25 Money in circulation . 6 27.94 27.91 27.92 Total—101 cities: Treasury cash . 6 2.31 2.27 2.26 Loans and investments 14 65.34 64.43 64.07 64 07 64 Treasury deposits . 6 .86 .81 .45 U. S. Govt. obligations 14 46.94 45.99 45. 78 45 87 45 Member bank reserves, total .6, 7 15.68 15.54 15.53 Demand deposits adjusted 14 38.0938.24 38.25 38.35 Central reserve city banks . 13 4.94 4.83 4.89 U. S. Govt. deposits 14 13.3812.41 11.97 Reserve city banks . 13 6.24 6.17 6.13 Loans 14 14.9915.05 14.91 14.82 Country banks . 13 4.51 4.54 4.52 New York City: Required reserves, total . 7 14.55 14.51 14.51 Loans and investments 15 22.56 22.1521.95 21.92 Central reserve city banks . 13 4.91 4.83 4.83 U. S. Govt. obligations, total 15.4115.04 14.91 14.9815 Reserve city banks . 13 5.97 5.94 5.91 Bonds 9.62 9.67 9.73 Country banks . 13 3.67 3.73 3.77 Notes, certificates, and guar. se- Excess reserves, total 7 1.13 1.03 1.02 curities 16 5.32 r .02 .96 4.86 4.89 Balances due from banks: Bills 16 .47 .34 .26 .39 ,48 Reserve city banks 13 1.92 1.84 1.80 Demand deposits adjusted 1513.86 13.89 13.86 13.83 14.09 Country banks. . 13 4.19 4.02 3.86 U. S. Govt. deposits 5.01 4.62 .49 4.36 Money in circulation, total 27.95 27.88 27.89 Interbank deposits 15 4.07 4.26 .11 Bills of $50 and over 7.82 7.83 7.89 Time deposits 1.18 1.19 .21 $10 and $20 bills 15.61 15.53 15.49 Loans, total 6.08 6.09 .02 Coins, $1, 2 and $5 bills 4.53 4.51 4.51 Commercial 17 2.95 .93 For purchasing securities: ALL BANKS IN U. S. Brokers'—on U. S. Govts.... 16 1.06 1.07 .07 1.02 Brokers'—on other securities 16 .55 .56 .53 .50 Total deposits and currency... P177.OO P173.7O P174.1O To others 17 .83 .84 .82 Demand deposits P76.20 P75.1O P77.4O All other 17 .66 .68 .67 .67 Time deposits P49.70 P50.10 P50.6G 100 cities outside New York: Currency outside banks P26.10 P26.10 P26.1O Loans and investments 15 42. 78 42.29 42.12 16 42.12U. S. Govt. deposits P25.00 P22.40 P20.00 U. S. Govt. obligations, total 1531.5330.9530.86 90 30.84 Bonds 1617.70 17.73 17.72 17.70 17 71 CONSUMER CREDIT Notes, certificates, and guar. securities 1613.04 12.5112.42 12.35 Consumer credit, total3 18 6.56 P6.98 P7.36 Bills 16 .79 .71 .73 .83 .79 Single payment loans 18 1.67 Pl.70 PI.75 Demand deposits adjusted 15 24.36 24.39 24.5224.64 Charge accounts 18 1.69 Pl.97 P2.15 U. S. Govt. deposits 15 7.79 .51 7.36 Service credit 18 .79 P.80 P.81 Interbank deposits 15 6.56 .69 6.47 Instalment credit, total 18, 19 2.41 P2.51 P2.65 Time deposits 15 8.64 .68 8.70 Instalment loans 19 1.53 PI.61 Pl.70 Loans, total 15 8.96 .90 8.93 Instalment sale credit, total 19 .88 P.90 p.95 Commercial 17 4.52 .54 4.56 Automobile. . .25 P.26 P. 29 For purchasing securities 17 1.97 .85 1.84 Other .63 P. 64 P. 66 Allother 17 2.47 .51 2.54 TREASURY FINANCE MONEY RATES, ETC. Per cent per annum U. S. Govt. obligations outstanding, total interest-bearing 278.45 275.29 273.24 By classes of securities: U. S. Govt. securities: Bonds (marketable issues) 121.63 121.18 121.18 Bills (new issues) 24 .375 .375 .375 .375 .376 Notes, cert., and bills 78.00 75.71 73.72 Certificates 24 .82 .83 .83 .83 .83 Savings bonds and tax notes. . . 57.21 56.55 56.41 Notes 24 1.16 1.14 1.16 1.20 Special issues 20.90 21.14 21.22 Bonds (7-9 years) 24 1.44 1.44 1.47 1.48 By maturities: Bonds (15 years and over) 24, 262.14 2.18 2.19 2.20 5 years and over 110.91 109.72 109.72 Corporate bonds: 5-20 years 67.33 66.12 66.12 High grade (5 issues) 26 2.39 2.43 2.43 2.45 2.44 5-10 years 46.59 45.37 45.37 Aaa 26 2.48 2.50 2.51 2.51 2.51 Within 5 years 88.90 87.34 85.36 Baa 26 2.98 3.00 3.01 3.02 3.03 Within 1 year 70.26 69.43 67.45 Certificates 41.41 40.40 38.41 Bills 17.03 17.05 17.05 In unit indicated Holdings of U. S. Govt. obligations: Commercial banks 92.50 89.00 Fed. agencies and trust funds.... 27.96 28.18 28.27 Stock prices (1935-39=100), total. . 27 152 153 152 153 155 Federal Reserve Banks 22.90 22.60 22.73 Industrial 27 157 158 156 158 160 Mutual savings banks 11.10 11.20 Railroad 27 155 156 152 154 159 Insurance companies 24.80 25.00 Public utility 27 128 129 128 128 130 Other investors, total 99.20 99.30 Volume of trading (mill, shares).... 27 1.35 1.01 1.38 1.10 1.27 Marketable issues 44.10 44.80 For footnotes see p. 670. 668 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK— Continued Chart 1946 Chart book book page page Feb. Mar. Apr.2 Feb. Mar. Apr.2 MONTHLY FIGURES—Cont. Per cent per annum MONTHLY FIGURES—Cont. In unit indicated MONEY RATES, ETC. BUSINESS CONDITIONS Cont. Corporate Aaa bonds 23 2.48 2.47 2.46 F. R. Bank discount rate (N. Y.) 23 .50 .50 1.00 [Residential contracts (mill, dollars):4 Treasury bills (new issues) 23 .375 .375 .375 Total 42 137 240 308 Public 42 1 6 8 Private, total 42 136 234 300 In unit indicated 1- and 2-family dwellings 42 109 208 276 Other 42 27 26 24 Stock prices (1935-39=100): Value of construction activity (mill, Total 27 143 142 15 dollars): Industrial 27 146 145 156 Total 49C 519 609 711 Railroad 27 160 154 157 Residential: Public utility 27 124 123 128 Public 49C 3 5 Volume of trading (mill, shares) 27 1.78 1.12 1.39 Private 49C 170 200 250 Brokers' balances (mill, dollars): Nonresidential: Credit extended customers 29 '1,046 936 895 Public 49C 75 94 106 Money borrowed 29 645 622 575 Private 49C 271 310 347 Customers' free credit balances.... 29 '755 712 69 Freight carloadings:4 Total (1935-39=100) 43 126 139 110 BUSINESS CONDITIONS Groups (points in total index): Income payments (mill, dollars) :4 Miscellaneous 43 66.0 78.3 78.2 Total 30 12,969P13.003 Coal 43 32.4 32.9 5.6 Salaries and wages 30 8,108 P8,271 All other 43 27.5 28.2 26.2 Other 30 4,861 P4,732 Department stores (1935-39=100) :4 Cash farm income (mill, dollars): Sales 44 254 '263 250 Total 31 1,455 1,425 Sto 44 171 176 189 Livestock and products 31 863 882 Exports and imports (mill, dollars): Crops 31 520 487 Exports 46 P671 Govt. payments 31 72 56 Excluding Lend-Lease exports.. . 46 P572 P699 Armed forces (mill, persons) 32 5.2 4.4 3.8 Imports 46 P31S P384 Civilian labor force (mill, persons): Excess of exports excluding Lend- Total 32 543 55.7 56.9 Lease exports 46 P254 P316 Male 33 38.3 39.4 40.3 Cost of living (1935-39=100): Female 33 16.0 16.3 16.6 All items 47 129.6 130.2 130.9 Unemployment 32 2.7 2.7 2.4 Food 47 139.6 140.1 141.7 Employment 32 51.7 53.0 54.6 Clothing 47 150.5 153.1 154.3 Nonagricultural 33 44.7 45.4 46.4 Rent 47 108.4 Agricultural 33 7.0 7.6 8.2 Wholesale prices (1926=100): Industrial production:4 Total 49 107.7 108.9 110.2 Total (1935-39=100) 35, 49B 152 168 P163 Farm products 49 130.8 133.4 135.4 Groups (points in total index): Other than farm and food 49 101.3 102.2 103.3 Durable manufactures 35 '52.3 69.1 P7O.9 Machinery and trans, equip... 49B 33.0 35.3 P38.4 Iron and steel 49B 4.7 18.6 P17.5 Nonferrous metals, lumber, and 1945 1946 building materials 49B 14.7 15.2 Nondurable manufactures 35 •78.1 77.6 P76.7 Textiles and leather 49 B 20.9 21.2 P21.2 July- Oct.- Jan.- Food, liquor, and tobacco ... 49B 23.7 22.2 P21.4 QUARTERLY FIGURES Sept. Dec. Mar. Chemicals, petroleum, rubber, Mi P n a e a p r n a e d l r s a co nd al p p r r i o n d ti u n c g t s 35, 4 4 4 9 9 9 B B B ' 2 1 2 1 2 1 . . . 3 4 2 2 2 1 0 1 2 . . . 9 4 8 P P P 2 1 1 1 2 . . 5 4 7 .7 RECEIPTS A U N . D S E . X T P R E E N A D SU IT R U Y RES OF THE In billions of dollars New orders, shipments, and inventories (1939=100): Budget receipts and expenditures: New orders: Total expenditures 49D 22.52 16.05 13.00 Sh T D ip o u m t r a a e l b n l t e s : 3 3 6 6 1 1 8 8 6 2 P P 1 2 9 0 2 3 Int N er e N n t a a r l t e i c r o e e n v i a p e l t n s d u e e f e c n o s l e le ctions, total.... 4 4 4 9 9 9 D D D 1 1 9 9 0 . . . 8 0 8 6 9 8 1 9 8 3 . . . 0 4 6 2 5 0 1 1 8 2 3 . . . 6 5 2 7 9 4 D T N o u o t r n a a d l b u l r e a ble 3 3 3 6 6 6 2 1 1 0 8 5 2 2 2 P P P 1 I 2 9 S O 6 O 7 C M In o i d s r i p c v . o id r in a u t t a e e l r i n i n n a c l c o o r m m e e v e e t n t a a u x x e e e s s 4 4 4 9 9 9 D D D 4 3 2 . . . 3 3 1 2 9 5 3 3 1 . . . 1 4 8 9 4 2 3 7 1 . . . 4 8 2 9 8 2 Inventories: D To u t r a a l b le 3 3 6 6 1 16 7 7 4 P P 1 1 7 6 8 8 MONEY RATES Per cent Nondurable 36 160 *>158 Factory employment and pay rolls Bank rates on customer loans: (1939=100): Total, 19 cities 23 2.45 2.09 2.31 Pay rolls 38 '210.2 232.5 New York City 25 2.05 1.71 1.75 Employment 38 121.9 129.7 Other Northern and Eastern cities. 25 2.53 2.23 2.34 Hours and earnings at factories: Southern and Western cities 25 2.81 2.38 2.93 Weekly earnings (dollars) 39 '40.55 42.14 Hourly earnings (cents) 39 -100.1 103.4 Hours worked (per week) 39 40.5 40.8 SECURITY MARKETS In millions of dollars Nonagricultural employment (mill, persons) :4 Total 40 35.9 36.7 P36.9 Corporate security issues: Manufacturing and mining 40 12.3 12.9 P12.9 Net proceeds: Trade 40 7.7 7.8 P7.8 All issues 28 2,139 1,636 941 Government 40 5.5 5.5 P5.5 Industrial 28 831 433 407 Transportation and utilities 40 4.0 4.0 P4.0 Railroad 28 459 315 348 Construction 40 1.4 1.5 PI.6 Public utility 28 786 807 154 Construction contracts (3 mo. moving New money: average, mill, dollars):4 All issues 28 369 272 248 Total 41 557 602 P619 Industrial 28 313 157 219 Residential 41 175 237 P284 Railroad 28 26 46 10 Other 41 383 365 P335 Public utility 28 5 41 3 For footnotes see p. 670 JUNE 1946 669 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued 1945 1945 Chart Chart book book page Mar. June Dec. page 20 30 31 CALL DATE FIGURES In billions of dollars GALL DATE FIGURES-Cont. In billions of dollars ALL MEMBER BANKS CLASSES OF BANKS—CONT. Loans and investments, total 10 90.52 99.43 107.18 Country banks: U. S. Govt. obligations, total 10 67.92 73.24 78.34 Loans and investments, total 13 29.13 31.37 35.00 Bonds 11 (6) 40.27 44.79 U. S. Govt. obligations 13 22.20 24.09 27.00 Certificates 11 (6) 15.58 16.98 Other securities 13 2.12 2.16 2.41 Notes 11 (6) 14.72 14.27 Loans 13 4.81 5.11 5.60 Bills 11 (6) 2.63 2.27 Demand deposits adjusted 13 20.84 20.66 23.60 Guaranteed obligations 11 (6) .03 .02 Time deposits . . 13 10.54 11.26 12.51 Other securities, total 10 5.39 5.60 6.07 State and local government obligations 11 2.99 3.10 3.25 1945 1946 Other securities 11 2.40 2.50 2.82 Loans, total 10 17.22 20.59 22.78 SELECTED DATES Commercial 11 (6) 7.10 8.95 July- Oct.- Jan.- Real estate 11 (6) 3.25 3.46 Sept. Dec. Mar. Agricultural 11 (6) 1.13 .86 Fo B r r p o u k r e c r h s a sing securities: 11 (6) 3.09 FARM REAL ESTATE VALUES In unit indicated To others 11 (6) 3.41 3.38 Cash farm income (bill, dollars, annual Consumer 11 (6) 1.69 1.90 basis) 49A 21.2 21.4 P22.7 Demand deposits adjusted 10 61.17 59.13 64.18 Farm real estate values (1912-14= 100) 49A 7130 7133 7142 CLASSES OF BANKS Prices received and paid by farmers: Prices paid (1910-14=100) 49A 173 175 178 Central reserve city banks: Prices received (Aug. 1909-July Loans and investments, total... 12 27.95 31.49 32.07 1914=100) 49A 202 204 207 U. S. Govt. obligations 12 20.41 21.62 21.79 Other securities 12 1.47 1.55 1.62 Loans 12 6.07 8.32 8.67 Demand deposits adjusted 12 18.60 17.80 18.22 Time deposits 12 1.73 1.79 1.97 In unit indicated Reserve city banks: Loans and investments, total.... 12 33.45 36.57 40.11 U. S. Govt. obligations 12 25.30 27.52 29.55 Cash farm income (bill, dollars) 49A 21.0 21.6 Other securities 12 1.80 1.89 2.04 Farm transfers (number per 1000 Loan* 12 6.35 7.15 8.51 farms): Demand deposits adjusted. ....... 12 21.74 20.68 22.37 Total 49A 53.4 Time deposits 12 8.28 8.76 9.79 Voluntary sales and trades 49A 51.5 e Estimated. J> Preliminary. r Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 For charts on pages 20, 23, and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series. 3 For information concerning the recent revision in several components of this series, see BULLETIN tor April 1946, p. 383. 4 Adjusted for seasonal variation. 5 Revised series. For description and back figures see pp. 588-612. 6 Figures available for June and December dates only. 7 As of July 1, Nov. 1, March 1. * Current figures are for revised edition of the Chart Book announced on p. 478 of the BULLETIN for May. Copies may be obtained at a price of 50 cents each. 670 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES IN THE UNITED STATES A re l - l Member ba C n o k m s mercia bank N s o » nmember banks x Mutu b a a l n s k a s vings re b p N a o o n r n t k i - s ng banks 1 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 Apr. 30 1946? . . 14,569 14,028 6,887 5,011 1,876 7,144 6,444 700 191 350 112 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 4,090 3,947 2,909 1,811 1,098 1,038 981 57 101 42 Apr 30 1946P 4,033 3,890 2,864 1,753 1.111 1,026 968 58 101 42 P Preliminary. 1 Excludes banks (shown in last column) that do not report to State banking departments, principally as follows on the latest date: 11 "cooperative" banks in Arkansas and 99 unincorporated (private) banks in Georgia, Iowa, Michigan, and Texas. 2 The State member bank figures and the insured mutual savings b ink figures both include three member mutual savings banks. These banks are not included in the total for "Commercial banks" and are included only once in "All reporting banks." 3 Includes all branches and other additional offices at which deposits are received, checks paid, or money lent. Includes offices at military reservations, consisting mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government; the number of such offices on the above dates was 40, 233, 308, 241, and 152, respectively. NOTE.—Prior to February 1946, statistics on number of banking offices were published quarterly. For back figures, see Banting 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 listl Not Not Federal Reserve on on district or State Total i Mem- Non- par State Total 1 Mem- Non- par Total ber member list i Total ber member list1 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 674 257 208 49 417 Dec. 31, 1943. . . 14.021 11.492 6.779 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 110 108 77 31 2 Apr. 30, 1946P.. . 14,023 11,908 6,880 5,028 2,115 Nebraska 411 408 146 262 Nevada 8 8 6 2 By districts and New Hampshire. .. . 65 65 53 12 by States New Jersey 346 346 295 51 April 30, 1946 v New Mexico 41 41 28 13 Boston 493 493 338 155 New York. 677 677 584 93 New York 950 950 809 141 North Carolina. 205 85 55 30 120 Philadelphia 851 851 647 204 North Dakota.. 150 45 42 3 105 Cleveland 1,176 1,176 720 456 Ohio 677 677 424 253 Oklahoma 380 369 216 153 Richmond 1.009 771 474 297 238 Atlanta 1,125 496 326 170 629 Oregon 70 70 33 37 Chicago 2.464 2.405 996 ,409 59 Pennsylvania ,019 1,019 769 250 St. Louis 1.463 1,098 493 605 365 Rhode Island 21 21 11 10 South Carolina 145 46 28 18 99 Minneapolis 1.272 589 469 120 683 South Dakota 168 67 60 7 101 Kansas City 1,747 1.732 751 981 15 Dallas 972 854 588 266 118 Tennessee. 293 186 82 104 107 San Francisco 501 493 269 224 Texas 862 796 546 250 66 Utah 57 57 34 23 Vermont.., 71 71 40 31 Virginia. . . 314 298 198 100 16 Alabama 217 102 83 19 115 Arizona 11 11 6 5 Washington 121 113 54 59 8 Arkansas 227 96 66 30 West Virginia 179 176 108 68 3 California 191 191 111 80 Wisconsin 555 439 166 273 116 Colorado 139 139 92 47 Wyoming 56 56 38 18 Connecticut 116 116 64 52 Delaware 40 40 17 23 P Preliminary. Dist. of Columbia.. 21 21 18 3 1 Represents banks on which checks are drawn, except that it excludes Florida 167 100 67 33 67 both member and nonmember mutual savings banks on a few of which Georgia 362 84 59 25 278 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 Dec. 31, 1945) Illinois 856 854 490 364 2 on which no checks are drawn, because of the requirement that member Indiana 492 492 238 254 banks remit at par for checks presented to them through the Federal Iowa 658 658 164 494 Reserve Banks. Kansas 612 610 213 397 '"2 The total in this table differs from total commercial banks in preceding table because the commercial bank total excludes some banks on K Lo e u n i t s u i c an k a y 3 1 8 5 5 3 3 5 8 2 5 1 4 1 3 3 27 9 2 'ioi' w ba h n ic k h in g c h d e e c p k a s rt a m re e n d t r s a w (s n e , e n fo a o m tn e o ly te , t 1 h o o s f e p t r h ec a e t d d in o g n t o a t b le re ), p o a r n t d to in c S lu ta d t e e s 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. . . . 185 185 149 36 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. JUNE 1946 671 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1945 All banks, by class ofbank All banks maintaining branches or additional offices, by classes of bank1 Commercial banks Commercial '.:>anks Mutual sav- Mutual sav- Geog a ra n p d h i S c t a d t i e vision Total M b e a m nk b s er Non b m ai e k m s ber ings banks Total M b e a m nk b s er Non b m an e k m s ber ings banks Total Total ti N on a- al m S b t e a e m r te - su I r n e - d s N u i o n re n - d - su I r n e - d s N u i o n re n - d - ti N on a- al m S b t e a e m t r e - su In re - d s N u i o n re n - d - su I r n e - d s N u i o n re n - d - United States 14,553 214,011 5,017 21,867 6,416 714 2192 350 1,207 1,122 309 201 578 34 52 33 New England 891 538 306 51 123 58 16 337 124 93 34 24 23 12 1 30 Maine 96 64 33 5 17 9 6 26 25 ?3 4 4 10 5 2 New Hampshire 107 65 52 1 4 8 42 4 3 2 1 1 Vermont 80 72 39 1 31 1 8 8 7 2 5 1 Massachusetts 377 187 121 29 33 4 190 68 42 20 16 6 26 Rhode Island. . 34 25 10 2 3 10 9 13 12 3 2 2 5 1 Connecticut 197 125 51 13 35 26 2 70 6 6 3 2 1 Middle Atlantic 2,231 2,069 1,279 375 374 41 160 2 272 223 91 90 37 5 49 New York 821 690 399 191 87 13 131 150 108 40 50 16 2 42 New Jersey 376 352 218 76 49 9 22 2 59 56 22 26 8 3 Pennsylvania 1,034 1,027 662 108 238 19 7 63 59 29 14 13 3 4 East North Central. 3,017 23,006 901 2647 1,389 72 29 2 234 234 38 39 152 5 O In h d io iana. . . 4 6 9 8 5 0 2 6 4 7 9 7 1 2 1 4 25 0 21 1 0 8 9 4 2 23 3 8 8 2 1 0 5 2 3 3 1 4 4 9 1 4 49 1 9 8 1 3 8 3 1 7 4 1 Illinois 851 851 362 129 349 11 5 5 5 Michigan 432 432 77 154 184 17 50 50 12 13 22 3 Wisconsin 559 2555 97 271 380 9 23 1 89 89 4 5 79 1 West North Central 3,259 3,258 741 274 1,899 344 1 169 169 15 147 7 Minnesota 679 678 185 25 437 31 1 2 2 ? Iowa 646 646 97 65 431 53 117 117 112 5 Missouri 592 592 80 102 380 30 4 4 4 North Dakota 151 151 42 103 6 16 16 14 2 South Dakota 166 166 35 25 105 1 95 ?5 4 21 Nebraska 410 410 128 18 210 54 ? 2 2 Kansas 615 615 174 39 233 169 3 3 3 South Atlantic 1,591 1,579 466 161 889 63 3 9 175 171 45 28 94 4 ! 3 Delaware 42 40 13 4 22 1 8 7 3 4 1 Maryland 180 170 64 16 87 3 3 7 28 25 3 6 15 1 1 9 Di=t. of Columbia 21 21 9 9 3 12 12 5 6 1 Virginia 314 314 130 67 116 i 44 44 11 7 26 West Virginia 179 179 76 32 66 5 1 1 1 North Carolina.... 229 229 45 9 170 5 49 49 6 2 40 1 South Carolina 145 145 23 5 92 25 8 8 3 2 3 Georgia 306 306 48 11 232 15 13 13 8 2 2 1 Florida 175 175 58 8 101 8 12 12 8 3 1 East South Central. 1,101 1,101 251 55 753 42 76 76 17 6 53 Kentucky 390 390 93 20 250 27 17 17 3 4 10 Tennessee 293 293 70 12 205 6 23 23 1 15 Alabama 216 216 65 18 129 4 8 8 6 1 1 Mississippi 202 202 26 5 169 5 28 28 1 27 West South Central. 1,589 1,589 716 153 660 60 72 72 32 3 37 Arkansas 215 215 50 16 142 7 19 19 3 16 Louisiana 151 151 33 10 107 1 31 31 7 3 21 Oklahoma 380 380 199 18 154 9 4 4 4 Xexas 843 843 434 109 257 43 IS 18 18 IV^ountain 469 469 203 104 155 7 34 34 18 2 14 M^ontana 111 111 40 38 33 Idaho 46 46 16 10 19 1 7 7 6 1 Wyoming 56 56 27 11 18 Colorado 139 139 77 15 41 6 4 4 4 New Mexico 41 41 22 5 14 6 6 6 A U r t i a z h ona 5 1 7 1 5 1 7 1 1? 4 229 23 5 5 7 5 7 3 2 1 3 3 Nevada 8 8 5 1 2 5 5 3 1 1 Pacific 405 402 154 47 174 27 3 51 50 19 9 21 1 1 Washington 124 122 40 15 64 3 2 12 11 7 1 3 1 Oregon 73 72 23 10 35 4 1 6 6 2 4 California 208 208 91 22 75 20 33 33 10 8 14 1 See p. 673 for footnotes. 672 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1945—Continued All branches and additional offices, by class of bank 1 A.11 branches and additional offices except offices at military reservations by location Commercial banks Mutual Offices Geographic division savngs Outside head office city at and State Total Total ti N on a M - a b l e a m n m k b s S e e r t m at b e er su N I r n o e - n d b m an e k m i s n N b s o u e n r re - d su I r n e - b d aink in s N s o ur n e - d* o h c I f e i n fi t a c y d e I c n o o f u f h i n c e t e a y d c t I o i n g u u n c o t o i u n e s s - c [ c o n o u u n o n n t u t i o i s g e n - s - m re t i s i l e o it r n a v s r a y - United States... 4,090 3,947 1,811 1,098 981 57 101 42 1,728 927 508 686 241 New England 323 276 98 104 48 26 9 38 142 116 52 5 8 Maine . . 68 66 6 29 24 7 6 32 29 New Hampshire . . ... 4 3 2 1 1 3 1 Vermont 18 9 2 7 9 11 7 Massachusetts 170 137 73 54 10 33 112 52 2 4 Rhode Island 47 45 10 18 7 10 2 19 16 5 5 2 Connecticut 16 16 5 3 8 5 5 6 Middle Atlantic 999 920 289 529 96 6 79 818 119 30 3 29 New York 731 671 188 426 54 3 60 634 56 20 3 18 New Jersey 135 131 42 66 23 4 90 38 1 6 Pennsylvania 133 118 59 37 19 3 15 94 25 9 5 East North Central 584 584 139 216 218 11 290 228 40 11 15 Ohio 175 175 41 112 22 118 48 5 4 Indiana . .. 79 79 14 14 50 i 25 51 3 Illinois 5 5 5 5 Michigan 179 179 64 83 23 9 129 27 10 11 2 Wisconsin .... 146 146 15 7 123 1 18 102 25 1 West North Central 241 241 36 197 8 8 153 61 11 8 Minnesota 6 6 6 6 Iowa 156 156 150 6 121 35 Missouri 5 5 5 5 North Dakota 25 25 23 9 13 12 South Dakota 44 44 20 ?4 19 14 11 Nebraska 2 2 2 2 Kansas 3 3 3 3 South Atlantic .... 468 452 125 97 225 5 12 4 142 89 107 71 59 Delaware 14 13 10 1 3 4 6 1 Maryland .... 105 90 12 48 29 i "\2 3 57 18 21 6 3 District of Columbia . . . 34 34 18 15 1 30 4 Virginia. 89 89 29 13 47 24 27 14 7 17 West Virginia . . 1 1 1 1 North Carolina 150 150 10 10 128 2 11 37 58 35 9 South Carolina 30 30 24 2 4 .... 4 2 3 16 5 Georgia 32 32 23 2 13 1 4 7 7 Florida 13 13 8 6 4 1 1 12 East South Central 172 172 70 17 85 49 62 25 22 14 Kentucky 35 35 18 10 21 8 2 4 Tennessee 61 61 9 24 25 19 8 3 Alabama 25 25 23 1 1 3 5 46 8 5 Mississippi 51 51 1 50 30 13 6 2 West South Central 107 107 60 3 44 24 43 7 2 31 Arkansas 22 9? 3 19 15 4 1 2 Louisiana 61 61 33 3 25 24 28 3 1 5 Oklahoma . 4 4 4 4 Texas 20 20 20 20 Mountain 120 120 95 4 21 3 19 39 43 16 Montana Idaho 40 40 38 2 3 12 25 Wyoming Colorado 4 4 4 4 New Mexico. . 7 7 7 3 2 1 1 Arizona 34 34 27 7 1 8 13 8 4 Utah 19 19 14 i 4 1 2 6 4 6 Nevada 16 16 12 3 1 1 3 6 5 1 Pacific 1,076 1,075 899 128 47 1 1 252 98 147 518 61 Washington 113 112 103 2 7 1 21 13 27 43 9 Oregon 72 72 68 4 11 5 7 49 California 891 891 728 126 36 i 220 80 113 426 52 1 Some State laws make a distinction between "branches" and certain other types of "additional offices." The table, however, covers all branches or additional offices within the meaning of Section 5155 U. S. R. S., which defines the term "branch" as "any branch bank, branch office, branch agency, additional office, or any branch place of business ... at which deposits are received, or checks paid, or money lent." Figures include "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government. The table does not include "seasonal agencies," which are only in operation at certain periods of the year. 2 The figures for member (commercial) banks and those for mutual savings (noncommercial) banks both include one mutual savings bank in Indiana and two in Wisconsin. The total for "All banks," however, includes such banks only once; and they re not included in the total for "Commercial banks." Back figures.—See Banking and Monetary Statistics, Table 1, pp. 16-17, and Tables 73-79, pp. 297-311, and descriptive text, pp. 14 and 294- 295; and BULLETINS for July 1943, pp. 687-688, June 1944, pp. 612-613, and June 1945, pp. 616-617. JUNE 1946 673 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1945 ALL MEMBER BANKS, BY CLASSES [Amounts in thousands of dollars] All All Central reserve Reserve All member banks1 n m a e t m io b n e a r l m S e t m at b e er city member banks me c m ity ber C m o e u m n b tr e y r Item banks banks New York Chicago banks banks 1942 1943 1944 1945 Year L945 Earnings 1,486,734 1,650,170 1,873,768 2,102 177 1,344,242 757,935 432,224 105,017 782,646 782,290 Interest and dividends on securities: U O . t h S e . r Government 539,673 765,828 959,787 { 9 1 9 3 6 9 8 3 0 6 2 8 6 9 4 2 8 , , 7 7 7 4 6 0 3 4 4 6 8 , , 5 0 9 6 2 2 22 74 2 , ,0 ?4 7 0 0 5 9 3 , , 6 4 1 8 3 2 3 4 6 7 6 , , 1 5 7 0 3 8 35 58 4 , ,7 1 4 4 2 ? Interest and discount on loans . 619,7?1 55? 1?8 548 774 S71 776 373,248 198,528 90, 4? 7 23,588 221,537 777,??4 Service charges and fees on loans . . . 9,040 10 849 14 900 16 386 9,506 6,880 6, 181 1,903 6,069 ?, ?11 Service charges on deposit accounts 177 76 407 8S SOO 87 499 60,929 26,570 7,S?1 947 31,403 47,6?8 Other charges, commissions, fees, etc 36 ?71 45, 137 53 7.06 63 833 42,175 21,658 7 696 742 24,773 30 67? Trust department 91, 9?S 96 333 104 333 11? 134 40,757 71,377 40, 700 9,512 41,880 70,04? Other current earnings 101,927 103,488 107 768 114,379 76,111 38,268 24,387 5,230 43,303 41,459 Expenses 1 001 j556 1 038,787 1,126 733 1 767 633 813,048 454,585 216,387 55,697 478,741 516,808 Salaries—officers 169 912 174,877 187 503 208,237 134,862 73,375 32,142 7,819 66,294 101,982 Salaries and wages—others.. 290,625 312,125 337 440 371,374 228,445 142,929 84,681 17,002 151,146 118,545 Directors' and committee members' fees 8 S39 8 706 9 S14 10 7S7 7,189 3,568 1,100 137 2,150 7,161 Interest on time deposits. . . 128 289 123,700 144 103 182,874 123,239 59,635 5,638 7,288 71,529 98,419 Interest on borrowed money. 110 353 967 2,286 1,325 961 978 3 767 538 Taxes other than on net income . . . 81 ?60 84 ?8? 8? 844 81 476 54,785 28,691 10,739 4,326 33,544 IS 367 Recurring depreciation on banking house, furniture, and fixtures 434 33 47? 34 939 34 004 23,374 10,630 4 718 723 12,305 16 7S8 Other current expenses 289 387 301 265 329 423 374,625 239,829 134,796 77,382 18,399 141,006 137,838 Net current earnings before income taxes 485 178 611 383 747 035 834,544 531,194 303,350 215,837 49,320 303,905 265,482 Recoveries, profits on securities, etc. 188 466 31?, 318 133 453.785 260,030 193,755 1?9,016 25,821 149,592 149,356 Recoveries on securities.... 48 301 81 812 82 821 113,221 54,135 59,086 47,600 6,041 36,707 22,873 Profits on securities S9 911 93 8S4 116 767 738 835 141,767 97,068 67 875 9,711 75,292 85 957 Recoveries on loans 55 903 72 533 72 540 55,918 37,359 18,559 7,941 4,129 20,416 23.432 All other . . ... ?4 1S1 64 114 46 50S 45 811 26,769 19,042 S600 5,940 17,177 17 004 Losses and charge-offs 223 050 250 972 232 183 229,856 131,627 98,229 39,909 20,420 94,650 74,877 On securities 102 691 101 5 SO 97 146 117 78S 74,533 43,252 1S,980 17 034 48,377 37,08 S On loans 64 770 61 360 60 781 46,541 29,629 16,912 6 61S 1,475 23,153 IS 778 All other 55 589 86 053 74 754 65,530 27,465 38,065 17,985 1,911 23,120 22,514 Profits before income taxes. 450 594 672 744 832 985 1,058,473 659,597 398,876 304,944 54,721 358,847 339,961 Taxes on net income 67 530 115 491 183 715 270,062 170,255 99,807 90,687 15,539 90,454 73,382 S F t e a d t e e ral ) f 67 530 1 f 10 12 2 0 S 7 1S 6 16 14 0 S70 ?s 1 o 9, , 7 ? 8 8 1 1 1 1 5 1 9 , , 1 0 9 6 2 3 9 8 1, , 2 5 1 8 8 9 7 11 0 , 4 90 8 S 4 15,533 6 8 4 5 , , 9 4 7 7 5 9 60 3 7 S 8 07 S Net profits 383 064 557 253 649 270 788,411 489,342 299,069 214,257 39,182 268,393 266,579 Cash dividends declared.... 203 007 208 368 226,002 245,934 155,292 90,642 73,069 13,196 88,459 71,210 On preferred stock2 11 090 10 8?8 9 687 8 76? 4,127 4,135 477 3,296 4 539 On common stock 191 917 197 540 216 315 237,672 151,165 86,507 72,642 13,196 85,163 66,671 Loans . .. 17 218 000 16,229 000 17 68^ 000 19,81 S,0001?.075,000 7,740,000 6,304,000 1,195,000 7,209,000 S 107 000 U. S. Government securities. . 25,408 00048,182 000 60 324 000 71,795,00046,348,00025,446,000 17,203 0004,024.000 26,855,000 23,712 000 Other securities ....... . . 5,842 000 5,286 000 5 131 000 5,566,000 3.767,000 1,799.000 1,152 000 360,000 1,869,000 2,185 000 Real estate assets 1,167 000 1,071 000 974,000 903,000 565,000 338,000 186 ooo 18,000 336.000 364 000 Cash assets ?? 70S000 ,741 000 ?4 48? 000 76,700,000 18,093,000 8,607,000 s,11S 1,379,000 10, 398,000 9, S88000 000 Total assets 72,610 00094,299 000108,920,000 125,132,00081,062,00044,070,000 30,292 0006.995,00046,818,000 41,026 000 Time deposits 12,413 00014,176 000 17,198,000 21,487,00014,394,000 7,093,000 1,123 000 659.000 8.655,000 11,050 000 Total deposits 66,103 00087,381 000101,484,000116,983,00076,058,000 40.924,000 27,742 0006.594.00044.150.00038,497 000 Total capital accounts 5,977 000 6,304 000 6,712,000 7,243,000 4,437,000 2,806,000 2,026 000 362,000 2.435,000 2,420 000 Number of officers 35,604 36 398 37.693 39.903 27,744 12,159 2 873 645 9,805 26 580 Number of employees 182,023 190 354 193,279 207,460 131,297 76,163 39 465 7,909 82,248 77 838 Number of banks 6,679 6 738 6,814 6,884 5,017 1,867 37 12 359 6 476 1 Includes figures for all banks that were members of the Federal Reserve System at the end of the year (including those becoming members during the year whose returns may cover operations for only part of the year); and in addition includes figures for the first half of the year for the national banks in operation on June 30 but not at the year end. 2 Includes interest on capital notes and debentures. NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for every call date in the current year and the final call date in the preceding year except for 1944 when the spring call date was omitted in averaging the amounts. Averages are distorted in 1945 because three of the call dates were in or near b >nd drives, waen deposits, loaas, and investments were at tneir peaks for tne year. The number of officers, employees, and banks are as of the end of the year. Real-estate assets are comprised of banking house and equipment, other real estate owned, and items indirectly representing bank premises or other real estate. Cash assets are comprised of cash, balances with other banks (including reserve balances), and cash items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. 674 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1945—Continued ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item New Phila- Cleve- Rich- Minne- Kansas San Boston York delphia land mond Atlanta Chicago St. Louis apolis City Dallas Francisco Earnings 117,042 596,443 131,556 178,276 93,643 95,203 301,071 77,399 56,763 84,542 84,576 285,663 Interest and dividends on securities: U. S. Government 55,625 303,567 62,505 85,327 44,568 40,828 155,336 33,452 27,321 35,667 32,121 120,485 Other 4,637 34,572 13,435 16,024 4,535 8,246 21,814 5,840 2,834 5,354 4,192 17,885 Interest and discount on loans 31,357 144,006 31,157 44,765 27,213 25,476 71,444 23,896 15,011 27,348 32,050 98,053 Service charges and fees on loans 681 6.798 541 1,261 269 492 3,447 490 325 235 262 1,585 Service charges on deposit accounts 5,204 16,532 3,831 6,739 5,151 5,300 13,219 3,237 2,992 5,584 4,949 14,761 Other charges, commissions, fees, etc 2,847 11,912 2,597 4,360 3,796 6,087 8,673 3,595 4,049 3,005 3,410 9,502 Trust department 8,514 45,058 11,274 9,156 3,906 2,475 13,051 2,856 1,492 2,043 1,237 10,172 Other current earnings 8,177 33,098 10,644 4,205 6,299 14,087 4,033 2,739 5,306 6,355 13,220 6,216 Expenses 72,605 328,839 79,167 112,805 59,667 60,683 185,151 47,947 35,391 51,263 53,860 180,255 Salaries—officers 12,578 50,721 13,147 16,291 10,815 9,726 28,822 9,111 7,395 11,583 11,582 26,466 Salaries and wages—others. 19,987 112,562 21,671 28,137 15,979 15,702 51,001 12,232 8,539 13,662 14,015 57,887 Directors' and committee members' fees 777 2,622 1,355 986 684 485 1,269 493 424 514 521 627 Interest on time deposits... 10,580 29,476 12,193 20,937 9,360 7,608 34,232 5,865 6,237 4,011 3,034 39,341 Interest on borrowed money. 111 1,198 49 149 126 68 226 137 54 85 8 75 Taxes other than on net income 4,166 16,264 5,414 13,897 4,171 5,662 11,941 4,500 1,597 3,198 5,350 7,316 Recurring depreciation on banking house, furniture, and fixtures 2,123 7,920 2,899 3,516 1,827 2,019 4,198 1,245 812 1,355 1,718 4,372 Other current expenses 22,283 108,076 22,439 28,892 16.7OS 19,413 53,462 14,364 10,333 16,855 17,632 44,171 Net current earnings before income taxes 44,437 267,604 52,389 65,471 33,976 34,520 115,920 29,452 21,372 33,279 30,716 105,408 Recoveries, profits on securities, etc 25,370 179,333 44,216 34,819 14,441 17,494 59,435 13,629 7,684 13,400 11,299 32,665 Recoveries on securities.. .. 4,151 56,186 13,113 1,505 790 13,051 2,442 2,203 3,104 713 7,006 Profits on securities 14,216 98,597 21,359 17^436 8,808 13,356 29,551 7,471 2,958 6,437 6,04 12,599 Recoveries on loans 4,518 14,491 4,449 5,185 1,924 1,732 7.335 2,005 1,616 2,267 2,200 8,196 All other 2,485 10,059 5,295 3,241 2,204 1,616 9,498 1,711 907 1,592 2,339 4,864 Losses and charge -off s 13,329 65,577 27,823 18,838 6,873 5,907 33,822 8,038 4,110 7,802 8,515 29,222 On securities 5,336 28,484 14,241 11,824 3,156 2,605 25,595 4,646 2,722 5,231 4,1>9 9,786 On loans 2,749 11,929 3,571 2,300 1,054 1,356 3,615 1,374 654 1,474 1,818 14,647 All other 5,244 25,164 10,011 4.714 2,663 1,946 4,612 2,018 734 1.097 2,538 4,789 Profits before income taxes 56,478 381,360 68,782 81,452 41,544 46,107 141,533 35,043 24,946 38,877 33,500 108,851 Taxes on net income. 15,696 106,718 13,928 17,395 11,436 11,456 33,202 7,725 5,970 9,176 9,422 27,938 Federal 13,509 94,304 13,928 17,395 11,341 11,094 33,173 7,723 5.094 8,512 9,401 24,807 State 2,187 12,414 95 362 29 2 876 664 21 3,131 Net profits 40,782 274,642 54,854 64,057 30,108 34,651 108,331 27,318 18,976 29,701 24,078 80,913 Cash dividends declared . . . 14,761 86,993 17,783 17,494 9,920 8,755 27,910 8,488 5,648 8,530 9,715 29,937 On preferred stock2 210 3,204 629 802 148 336 676 293 71 49 98 1,746 On common stock 14,551 83,789 17,154 16,692 9,772 8,419 27,234 8,195 5,577 8,481 9,617 28,191 Loans 1,031,000 7,396,000 856,000 1,383,000 776,000 776,000 2,474,000 755,000 408,000 690,000 923,000 2,347,000 U. S. Government securities. . 3,966,00022,386,0003,946,0005,732,0003,223,0002,903,00011,150,0002,448,0001,862,0002,770,0002,361,000 9,047,000 Other securities 179,000 1,536,000 443,000 534,000 165,000 312,000 946,000 235,000 113,000 233,000 137,000 734,000 Real estate ai=sets 59,000 279,000 78,000 88,000 52,000 49,000 76,000 28,000 18,000 25,000 43,000 108,000 Cash assets 245,000 6,752,0001,322,000 2,076,0001,404,0001,533,000 3,977,0001,148,000 726,000 1,686,0001,701,000 3,131,000 Total assets.... 6,505,00038,482,0006,668,000 9,835,0005,634,0005,590,00018,668,000 4,622,000 3,134,0005,412,0005,170,00015,410,000 Time deposits ,054,000 3,913,0001,420,0002,385,0001,019,000 844,000 3,949,000 716,000 664,000 523,000 393,000 4,606,000 Total deposits 6,011,00035,373,000 110,000 9.009900,,000000 ,318,0005,312,00017,710,000 4,336655,,0000002,958,000 5,114488,,000000 49,91199,0,0000014,671,000 Total capital accounts 448,000 2,551,000 '533,000 704,000 296,000 258,000 891,000 235,000 161,000 256,000 240,000 669,000 Number of officers 2,191 6,801 2,888 3,360 2,325 2,029 5,209 2,244 1,908 3,031 2,749 5,168 Number of employees 12,059 55,906 12,950 15,909 9,953 9,882 28,242 8,281 5,833 8,866 8,974 30,605 Number of banks 340 814 647 721 472 325 995 490 472 751 585 272 See footnotes on p. 674. JUNE 1946 675 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1945 RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M a i p n ol n i e s - Ka C n it s y as Dallas Fra S n a c n isco Earnings 44,584 16,539 56,727 99,435 43,024 43,338 95,610 39,223 20,726 44,579 40,949 237,912 Interest and dividends on securities: U. S. Government 19,900 7,724 28,100 49,211 22,434 18,216 53,579 16,343 11,437 21,185 17,782 100,597 Other 826 671 5,186 7,797 1,346 3,835 4,048 2,722 790 2,998 1,330 15,624 Interest and discount on loans 13,319 4,359 10,937 23,387 10,353 11,752 22,343 12,453 4,962 12,328 14,416 80,928 Service charges and fees on loans 558 146 389 1,076 93 384 1,221 396 154 118 101 1,433 Service charges on deposit accounts 872 786 1,022 2,605 1,997 1,703 5,476 940 702 1,889 1,213 12,198 Other charges, commisions, fees, etc 1,084 571 770 1,874 1,783 2,793 3,750 1,754 670 978 1,245 7,501 Trust department 4,625 534 7,919 7,500 2,836 1,564 1,499 2,483 1,181 1,759 1,000 8,980 Other current earnings 3,400 1,748 2,404 5,985 2,182 3,091 3,694 2,132 830 3,324 3,862 10,651 Expenses 24,267 12,004 31,172 59,082 26,738 27,162 62,835 23,205 11,478 26,078 25,738 148,982 Salaries—officers 4,089 1,374 4,660 6,867 4,423 3,498 7,586 3,505 1,706 3,893 3,975 20,718 Salaries and wages-—others. 8,196 3,848 11,524 17,276 8,336 7,118 19,219 7,021 3,926 8,036 7,082 49,564 Directors' and committee members' fees 118 68 231 248 208 143 294 111 81 143 115 390 Interest on time deposits.. . [1,387 1,843 1,177 8,940 2,845 3,030 12,655 2,112 1,179 1,881 1,940 32,540 Interest on borrowed money. 28 15 33 116 37 32 212 104 50 79 61 Taxes other than on net income 1,099 654 2,053 7,771 2,166 3,166 3,463 2,274 358 1,757 2,688 6,095 Recurring depreciation on banking house, furniture, and fixtures 631 369 756 1,634 717 931 1,442 540 209 658 3,510 Other current expenses 8,719 3,833 10,738 16,230 8,006 9,244 17,964 7,538 3,969 9,631 9,030 36,104 Net current earnings before income taxes 20,317 4,535 25,555 40,353 16,286 16,176 32,775 16,018 9,248 18,501 15,211 88,930 Recoveries, profits on securities, etc 6,670 8,901 25,608 20,009 7,406 8,114 17,236 7,857 3,696 9,281 6,569 28,245 Recoveries on securities. . . . 1,279 2,356 9,736 6,529 536 319 4,543 1,298 1,087 2,344 392 6,288 Profits on securities 3,240 5,038 11,967 8,766 4,949 6,066 9,755 4,418 1,592 5,099 4,081 10,321 Recoveries on loans 1,714 716 1,761 2,814 583 892 1,241 1,179 549 846 744 7,377 All other 437 791 2,144 1,900 1,338 837 1,697 962 468 992 1,352 4,259 Losses and charge-off s 5,266 6,046 17,696 12,257 3,671 2,791 6,385 4,200 1,365 4,709 4,352 25,912 On securities 1,909 3,907 9,621 7,985 1,532 1,321 3,987 2,497 1,082 3,642 2,324 8,570 On loans 1,365 756 1,745 1,444 402 553 1,234 755 159 533 524 13,683 All other 1,992 1,383 6,330 2,828 1,737 91 1,164 948 124 534 1,504 3,659 Profits before income taxes 21,721 7,390 33,467 48,105 20,021 21,499 43,626 19,675 11,579 23,073 17,428 91,263 Taxes on net income 6,497 784 8,481 10,729 6,185 5,667 9,768 4,689 3,192 5,775 5,774 22,913 S Fe ta de te ral 5 1 , ,2 2 3 6 5 2 6 1 6 1 8 6 8,481 10,729 6,17 1 5 0 5,5 1 3 2 8 9 9,76 1 7 4,689 2, 5 6 1 7 9 3 5, 3 4 6 1 2 3 5,774 2 2 0 , , 6 3 0 1 3 0 Net profits 15,224 6,606 24,986 37,376 13,836 15,832 33,858 14,986 8,387 17,298 11,654 68,350 Cash dividends declared. 6,921 1,497 9,679 10,749 4,835 4,379 6,921 4,980 2,517 4,332 5,228 26,421 On preferred stock2 36 130 46 616 54 229 397 66 35 22 37 1,628 On common stock 6,885 1,367 9,633 10,133 4,781 4,150 6,524 4,914 2,482 4,310 5,191 24,793 Loans 584,000 141,000 422,000 936,000 354,000 439,000 690,000 488,000 205,000 425,000 515,000 2,010,000 U. S. Government securities. 1,572,000 533,0001,831,000 411,000 1,602,0001,365,000 3,837,0001,268,000 805,0001,703,0001,302,000 7,626,000 Other securities 33,000 25,000 165,000 236,000 51,000 148,000 224,000 118,000 36,000 141,000 48,000 647,000 Real estate assets 19,000 12,000 26,000 50,000 26,000 24,000 23,000 13,000 8,000 15,000 27,000 91,000 Cash assets 533,000 170,000 644,0001,189,000 619,000 683,000 1,346,000 577,000 304,000 959,000 811,000 2,563,000 Total assets. 2,757,000 885,0003,105,0005,839,0002,659,0002,671,000 6,136,0002,471,0001,361,0003,250,0002,706,00012,977,000 Time deposits 148,000 241,000 173,0001,050,000 356,000 326,000 1,525,000 259,000 133,000 279,000 249,000 3,915,000 Total deposits 2,537,000 831,0002,866,0005,362,000 ,519,0002,537,000 5,869,0002,331,0001,282,000 3,009977,,0000002,573,00012,345,000 Total capital accounts 192,000 53,000 221,000 444,000 130,000 120,000 248,000 122,000 67,000 145,000 126,000 567,000 Number of officers 489 210 538 773 578 517 1,036 485 231 594 529 3,825 Number of employees 4,427 2,231 6,156 8,809 4,810 4,336 10,462 4,419 2,291 4,704 4,186 25,417 Number of banks 11 25 33 21 10 50 32 * Not including central reserve city banks. See footnotes on p. 674. 676 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1945—Continued COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item 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 St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Earnings 72,458 147,680 74,829 78,841 50,619 51,865 100,444 38,176 36,037 39,963 43,627 47,751 Interest and dividends on securities: U. S. Government 35,725 73,773 34,405 36,116 22,134 22,612 48,275 17,109 15,884 14,482 14,339 19,888 Other 3,811 9,661 8,249 8,227 3,189 4,411 8,153 3,118 2,044 2,356 2,862 2,261 Interest and discount on loans 18,038 40,220 20,220 21,378 16,860 13,724 25,513 11,443 10,049 15,020 17,634 17,125 Service charges and fees on loans 123 469 152 185 176 108 323 94 171 117 161 152 Service charges on deposit accounts 4,332 8,225 2,809 4,134 3,154 3,597 6,796 2,297 2,290 3,695 3,736 2,563 Other charges, commissions, fees, etc 1,763 3,645 1,827 2,486 2,013 3,294 4,181 1,841 3,379 2,027 2,165 2,001 O Tr t u he st r d cu ep rr a e r n tm t e e a n r t nings 3 4, , 7 8 7 8 7 9 6 4 , , 9 72 6 4 3 3 3 , , 8 3 1 5 2 5 4 1 , , 6 65 5 6 9 2 1 , , 0 07 2 0 3 911 5 2 , , 1 0 6 4 3 0 373 311 284 237 2 1 , ,1 5 9 6 2 9 3,208 1,901 1,909 1,982 2,493 Expenses 48,338 100,448 47,995 53,723 32,929 33,521 66,619 24,742 23,913 25,185 28,122 31,273 Salaries—officers 8,489 17,205 8,487 9,424 6,392 6,228 13,417 5,606 5,689 7,690 7,607 5,748 Salaries and wages—others. 11,791 24,033 10,147 10,861 7,643 8,584 14,780 5,211 4,613 5,626 6,933 8,323 Directors' and committee members' fees 659 1,445 1,124 738 476 342 838 382 343 371 406 237 Interest on time deposits... 9,193 21,995 11,016 11,997 6,515 4,578 14,289 3,753 5,058 2,130 1,094 6,801 Interest on borrowed money. 83 205 16 33 89 36 11 33 4 6 8 14 Taxes other than on net income 3,067 5,371 3,361 6,126 2,005 2,496 4,152 2,226 1,239 1,441 2,662 1,221 Recurring depreciation on banking house, furniture, and fixtures 1,492 3,333 2,143 1,882 1,110 l.C 2,033 705 603 697 810 862 Other current expenses 13,564 26,861 11,701 12,662 8,699 10,169 17,099 6,826 6,364 7,224 8,602 8,067 Net current earnings before income taxes 24,120 47,232 26,834 25,118 17,690 18,344 33,825 13,434 12,124 14,778 15,505 16,478 Recoveries, profits on securities, etc 18,700 41,416 18,608 14,810 7,035 9,380 16,378 5,772 3,988 4,119 4,730 4,420 Recoveries on securities.. . . 2,872 6,230 3,377 2,428 969 471 2,467 1,144 1,116 760 321 718 Profits on securities 10,976 25,684 9,392 8,670 3,859 7,290 10,085 3,053 1,366 1,338 1,966 2,278 Recoveries on loans 2,804 5,834 2,688 2,371 1,341 840 1,965 826 1,067 1,421 1,456 819 All other 2,048 3,668 3,151 1,341 866 779 1,861 749 439 600 987 605 Losses and charge-offs 8,063 19,622 10,127 6,581 3,202 3,116 7,017 3,838 2,745 3,093 4,163 3,310 On securities 3,427 9,288 4,620 3,839 1,624 1,284 4,574 2,149 1,640 1,589 1,835 1,216 On loans 1,384 4,538 1,826 856 652 803 906 619 495 941 1,294 964 All other 3,252 5,796 3,681 1,886 926 1,029 1,537 1,070 610 563 1,034 1,130 Profits before income taxes 34,757 69,026 35,315 33,347 21,523 24,608 43,186 15,368 13,367 15,804 16,072 17,588 Taxes on net income. 9,199 15,247 5,447 6,666 5,251 5,789 7,895 3,036 2,778 3,401 3,648 5,025 Federal 8,247 14,152 5,447 6,666 5,166 5,556 7,873 3,034 2,421 3,099 3,627 4,497 State 952 1,095 85 233 22 2 357 302 21 528 Net profits 25,558 53,779 29,868 26,681 16,272 18,819 35,291 12,332 10,589 12,403 12,424 12,563 Ca O sh n p d r i e v f i e d rr e e n d d s s to d c e k c 2 lared. 7,8 1 4 7 0 4 12 2, , 6 4 4 2 7 7 8,1 5 0 8 4 3 6,7 1 4 8 5 6 5,08 9 5 4 4,3 1 7 0 6 7 7,7 27 9 9 3 3,5 2 0 2 8 7 3,13 3 1 6 4,19 2 8 7 4,48 6 7 1 3,5 1 1 1 6 8 On common stock 7,666 9,780 7,521 6,559 4,991 4,269 7,514 3,281 3,095 4,171 4,426 3,398 Loans 447,000 950,000 434,000 447,000 422,000 337,000 590,000 267,000 203,000 265,000 408,000 336,000 U. S. Government securities. . 2,394,000 4,649,0002,116,000 2,321,0001,622,0001,538,000 3,289,000 1,179,0001,057,0001,067,0001,059,000 1,421,000 Other securities 146,000 359,000 278,000 298,000 114,000 165,000 363,000 117,000 77,000 92,000 89,000 87,000 Real estate assets 40,000 81,000 52,000 38,000 25,000 25,000 36,000 14,000 11,000 10,000 15,000 17,000 Cash assets 712,000 1,247,000 678,000 886,000 785,000 849,000 1,251,000 571,000 423,000 727,000 890,000 568,000 Total assets 3,748,000 7,305,000 3,563,000 3,996,000 2,975,000 2,920,000 5,536,0002,151,0001,774,000 2,162,000 2,463,000 2,433,000 Time deposits 906,000 2,549,000 1,247,0001,335,000 662,000 518,000 1,765,000 457,000 531,000 244,000 144,000 691,000 Total deposits 3,474,000 6,801,000 3,244,000 3,,728,000 2,799,000 2,775,000 5,,224466,,000000 2,003333,,0000001,676,000 2,,005500,,000000 2,,334466,,000000 2,325,000 Total capital accounts. . 256,000 472,000 313,000 260,000 167,000 139,000 281,000 112,000 95,000 111,000 114,000 102,000 Number of officers 1,702 3,718 2,350 2,587 1,747 1,512 3,528 1,759 1,677 2,437 2,220 1,343 Number of employees 7,632 14,210 6,794 7,100 5,143 5,546 9,871 3,862 3,542 4,162 4,788 5,188 Number of banks. . 329 766 622 688 437 304 909 469 462 701 549 240 See footnotes on p. 674. JUNE 1946 677 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1945—Continued ALL MEMBER BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total1 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 2,097,449 9,131 42,730 140,433 149,864 213,514 160,831 149,895 1,231,051 Interest and dividends on securities: U. S. Government 995,635 3,123 .16,395 58,727 66.781 98,196 74,478 72,326 605,609 Other ". 1.39,292 607 3,169 11,686 12,281 16,572 10,730 7,795 76,452 Interest and discount on loans. . 571,148 3,933 16,201 47,464 45,558 58,525 42.986 39,208 317,273 Service charges and fees on loans. 16,377 34 117 449 502 617 602 639 13,417 Service charges on deposit accounts 87,385 590 2,786 9,433 10,037 14,122 10,057 7,769 32,591 Other charges, commissions, fees, etc 63,737 547 2,538 6,730 6,046 7,744 5,260 4,703 30,169 Trust department 109,594 11 42 748 2,084 5,899 6,964 7,240 86,606 Other current earnings 114,281 286 1,482 5,196 6,575 11,839 9,754 10.215 68,934 Expenses 1,264,021 6,199 28,423 93,032 100,426 144,228 107,288 96,674 687,751 Salaries—officers 207,398 2,269 8,856 23,473 20,807 24,861 17,040 15,413 94,679 Salaries and wages—others 370,383 676 3,921 16,432 21,566 36,043 29,947 27,948 233,850 Directors' and committee members' fees 10,725 142 655 1 ,978 1,699 1,742 1,021 718 2,770 InterevSt on time deposits 182,657 877 5,293 18,778 20,555 28,166 18.OS7 13,339 77,562 Interest on borrowed money.... 2,284 2 9 24 63 111 115 206 1,754 Taxes other than on net income. 83,357 439 1,901 6,505 6,730 9,487 7,003 6,426 44,866 Recurring depreciation on banking house, furniture, and fixtures 33,960 202 899 3,100 3,330 4,569 3,152 3,098 15,610 Other current expenses 373,257 1,592 6,889 22,742 25,676 39,249 30,923 29,526 216,660 Net current earnings before income taxes 833,428 2,932 14,307 47,401 49,438 69,286 53,543 53,221 543,300 Recoveries, profits on securities, etc 453,148 983 5,048 20,072 27,246 44,177 36,807 34,787 284,028 Recoveries on securities 113.209 157 1,012 3,688 4,786 7,052 4,684 4,288 87,542 Profits on securities 238,285 370 2,055 10,102 14.672 25,693 22,937 23,817 138,639 Recoveries on loans 55,858 343 1,307 4,069 4,480 6,586 4.495 3,445 31,133 All other 45,796 113 674 2,213 3,308 4.846 4,691 3,237 26,714 Losses and charge-offs 229,506 579 2,966 10,695 14,853 19,604 16,141 18,006 146,662 On securities 117,593 219 1,384 5,551 7,704 10,359 8,179 11,345 72,852 On loans 46,529 219 837 2,423 2,955 3,549 3,035 2,274 31,237 All other 65,384 141 745 2,721 4,194 5,696 4,927 4,387 42,573 Profits before income taxes. . . . 1,057,070 3,336 16,389 56,778 61,831 93,859 74,209 70,002 680,666 Taxes on net income 269,593 548 2,585 9,037 11,751 20,173 17,888 19,729 187,882 Federal 249,870 522 2,421 8,564 11,211 19,271 17,229 18,795 171,857 State 19,723 26 164 473 540 902 659 934 16,025 Net profits 787,477 2,788 13,804 47,741 50,080 73,686 56,321 50,273 492,784 Cash dividends declared 245,346 954 4,108 13,068 13,276 18,438 13,018 12,670 169,814 On preferred stock2 8,261 25 122 439 828 1,342 800 992 3,713 On common stock 237,085 929 3,986 12,629 12,448 17,096 12,218 11,678 166,101 Loans. . 22,755 738 65 562 294 811 976 625 1 033 972 1,524,390 1,255,621 1,443,368 16,161,389 U. S. Government securities 78,248,589 219,340 1,206,699 4,438,100 5,048,355 7,470,609 5,790,442 5,695,96848,379,076 Other securities 6,063,123 19,606 109,546 446,821 504,522 705,477 461,230 383,651 3,432,270 Real estate assets 870,396 2,680 12,906 49,181 56,908 104,579 74,893 77,044 492,205 Cash assets 29,796,355 152,711 667,208 2,091,794 2,017,598 2,875,655 2,214,478 2,216,544 17,560,367 Total assets... 138,137,186 460,169 2,292,756 8,008,483 8,670,409 12,701,302 9,821,964 9,842,26186,339,842 Time deposits 24 242 928 94 583 586 889 2 243,516 2 611,659 3 705 445 2,427,113 1,831,607 10,742,116 Total deposits 129,527,042 422,603 2,142,475 7,531,076 8,173,881 11,982,599 9,297,213 9,339,885 80,637,310 Total capital accounts 7,565,889 37,052 147,872 468,186 479,213 686,248 490,993 462,613 4,793,712 Number of officers 39,689 1,248 3,763 7,797 5,373 4,958 2.798 2,271 11,481 Number of employees 206,743 792 3,825 12,800 14,588 22,552 17;802 16,721 117,663 Number of banks included 6,838 573 1,426 2,337 1,159 773 265 129 176 1 Totals are for all banks that submitted reports covering the entire year, except 3 trust companies. 2 Includes interest on capital notes and debentures. NOTE.—The figures for assets, deposits, capital accounts, number of officers and employees, and number of banks are as of the end of year. See note on p. 674 regarding the composition of real estate assets, cash assets, and total capital accounts. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1945—Continued NATIONAL BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total1 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 1,342,558 6,585 30,425 106,973 109,231 154,021 98,249 99,966 737,108 Interest and dividends on securities: U. S. Government 647,880 2,236 11,652 45,524 49,939 72,523 46,291 48,402 371,313 Other 92,744 493 2,437 9,427 9,346 12,136 7,307 5,344 46,254 Interest and discount on loans. . 372,741 2,833 11,341 34,954 31,930 40,475 25,435 26,068 199,705 Service charges and fees on loans. 9,497 23 73 324 307 355 412 425 7,578 Service charges on deposit accounts 60,829 414 2,028 7,184 7,375 10,549 6,443 5,159 21,677 Other charges, commissions, fees, etc 42,091 373 1,778 5,078 4,301 5,744 3,270 3,236 18,311 Trust department 40,736 11 24 458 1,169 3,719 2,881 3,768 28,706 Other current earnings 76,040 202 1,092 4,024 4,864 8,520 6,210 7,564 43,564 Expenses 811,707 4,461 20,190 70,517 72,479 103,014 65,212 63,889 411,945 Salaries—officers 134,568 1,626 6,219 17,634 15,122 17,960 10,375 10,088 55,544 Salaries and wages—others 228,168 480 2,872 12,558 15,642 25,750 18,164 18,239 134,463 Directors' and committee members' fees 7,172 107 471 1,556 1,260 1,234 623 465 1,456 Interest on time deposits 123,027 650 3,705 14,110 14,383 19,415 10,243 8,297 52,224 Interest on borrowed money 1,323 2 9 20 45 59 50 140 998 Taxes other than on net income. 54,700 304 1,331 4,962 4,926 6,972 4,342 4,413 27,450 Recurring depreciation on banking house, furniture, and fixtures 23,336 152 671 2,482 2,479 3,337 1,972 2,202 10,041 Other current expenses 239,413 1,140 4,912 17,195 18,622 28,287 19,443 20,045 129,769 Net current earnings before income taxes 530,851 2,124 10,235 36,456 36,752 51,007 33,037 36,077 325,163 Recoveries, profits on securities, etc 259,698 751 3,805 15,686 19,225 29,527 21,778 23,895 145,031 Recoveries on securities 54,134 116 736 2,802 3,356 3,759 2,418 3,211 37,736 Profits on securities 141,501 303 1,664 8,134 10,436 18,066 13,807 16,442 72,649 Recoveries on loans 37,305 251 959 3,063 3,282 4,840 2,982 2,304 19,624 All other 26,758 81 446 1,687 2,151 2,862 2,571 1,938 15,022 Losses and charge-offs. 131,538 467 2,168 8,516 11,332 13,413 8,412 10,751 76,479 On securities 74,491 185 984 4,554 6,200 7,268 4,501 8,091 42,708 On loans 29,618 173 650 1,830 2,186 2,310 1,723 957 19,789 All other 27,429 109 534 2,132 2,946 3,835 2,188 1,703 13,982 Profits before income taxes. .. 659,011 2,408 11,872 43,626 44,645 67,121 46,403 49,221 393,715 Taxes on net income 170,109 393 1,865 6,966 8,543 14,765 11,155 13,382 113,040 Federal 158,92" 372 1,731 6,575 8,142 14,037 10,822 12,805 104.443 State 11,182 21 134 391 401 728 333 577 8,597 Net profits 488,902 2,015 10,007 36,660 36,102 52,356 35,248 35,839 280,675 Gash dividends declared 155,166 718 3,088 10,388 10,047 13,344 7,802 8,248 101,531 On preferred stock2 4,126 19 77 233 482 549 268 292 2,206 On common stock 151,040 699 3,011 10,155 9,565 12,795 7,534 7,956 99,325 Loans 13,911,502 46,394 202,833 715,225 728,815 1,066,961 754,912 994,969 9,401,393 U. S. Government securities.... 51,180,629 154,126 848,819 3,393,197 3,730,318 5,520,129 3,654,706 3,882,351 29,996,983 Other securities 4,131,66. 15,649 82,713 356,463 378,679 523,031 314,212 271,901 2,189,017 Real estate assets 548,427 2,094 9,965 38,423 41,516 72,868 43,718 50,004 289,839 Cash assets 20,075,323 106,799 476,809 1,609,780 1,522,422 2,197,538 1,524,998 1,619,949 11,017,028 Total assets. . . 90,092,109 325,268 1,622,199 6,117,546 6,408,081 9,395,232 6,306,326 6,836,556 53,080,901 Time deposits 16,238,173 67,287 402,642 1,674,122 1,824,004 2,579,566 1,469,179 1,144,049 7,077,324 Total deposits 84,818,728 296,801 1,510,266 5,745,516 6,042,140 8,878,558 5,996,558 6,496,518 49,852,371 Total capital accounts.... 4,637,067 28,012 110,017 365,297 353,874 494,505 292,214 312,152 2,680,996 Number of officers 27,633 2,623 5,911 3,970 3,630 1,720 1,47 7,422 Number of employees 131,024 561 2,776 9,761 10,592 16,150 10,860 10,791 69,533 Number of banks included 4,984 408 1,772 858 174 88 See footnotes on p. 678. JUNE 1946 679 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1945—Continued STATE MEMBER BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total1 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 754,891 2,546 12,305 33,460 40,633 59,493 62,582 49,929 493,943 Interest and dividends on securities: U. S. Government 347,755 887 4,743 13,203 16,842 25,673 28,187 23,924 234,296 Other 46,548 114 732 2,259 2,935 4,436 3,423 2,451 30,198 Interest and discount on loans. 198,407 1,100 4,860 12,510 13,628 18,050 17,551 13,140 117,568 Service charges and fees on loans 6,880 11 44 125 195 262 190 214 5,839 Service charges on deposit accounts 26,556 176 758 2,249 2,662 3,573 3,614 2,610 10,914 Other charges, commissions, fees, etc 21,646 174 760 1,652 1,745 2,000 1,990 1,467 11,858 Trust department 68,858 18 290 915 2,180 4,083 3,472 57,900 Other current earnings 38,241 "84 390 1,172 1,711 3,319 3,544 2,651 25,370 Expenses 452,314 1,738 8,233 22,515 27,947 41,214 42,076 32,785 275,806 Salaries—officers 72,830 643 2,637 5,839 5,685 6,901 6,665 5,325 39,135 Salaries and wages—others. . . . , 142,215 196 1,049 3,874 5,924 10,293 11,783 9,709 99,387 Directors' and committee members' fees.. 3,553 35 184 422 439 508 398 253 1,314 Interest on time deposits 59,630 227 1,588 4,668 6,172 8,751 7,844 5,042 25,338 Interest on borrowed money. . . 961 4 18 52 65 66 756 Taxes other than on net income 28,657 135 570 1,543 1,804 2,515 2,661 2,013 17,416 Recurring depreciation on banking house, furniture, and fixtures 10,624 50 228 618 851 1,232 1,180 896 5,569 Other current expenses 133,844 452 1,977 5,547 7,054 10,962 11,480 9,481 86,891 Net current earnings before income taxes 302,577 808 4,072 10,945 12,686 18,279 20,506 17,144 218,137 Recoveries, profits on securities, etc 193,450 232 1,243 4,386 8,021 14,650 15,029 10,892 138,997 Recoveries on securities 59,075 41 276 886 1,430 3,293 2,266 1,077 49,806 Profits on securities 96,784 67 391 1,968 4,236 7,627 9,130 7,375 65,990 Recoveries on loans 18,553 92 348 1,006 1,198 1,746 1,513 1,141 11,509 All other 19,038 32 228 526 1,157 1,984 2,120 1,299 11,692 Losses and charge-offs 97,968 112 798 2,179 3,521 6,191 7,729 7,255 70,183 On securities 43,102 34 400 997 1,504 3,091 3,678 3,254 30,144 On loans 16,911 46 187 593 769 1,239 1,312 1,317 11,448 Allother 37,955 32 211 589 1,248 1,861 2,739 2,684 28,591 Profits before income taxes 398,059 928 4,517 13,152 17,186 26,738 27,806 20,781 286,951 Taxes on net income 99,484 155 720 2,071 3,208 5,408 6,733 6,347 74,842 Federal 90,943 150 690 1,989 3,069 5,234 6,407 5,990 67,414 State 8,541 5 30 82 139 174 326 357 7,428 Net profits 298,575 773 3,797 11,081 13,978 21,330 21,073 14,434 212,109 Gash dividends declared 90,180 236 1,020 2,680 3,229 5,094 5,216 4,422 68,283 On preferred stock2 4,135 6 45 206 346 793 532 700 1,507 On common stock 86,045 230 975 2,474 2,883 4,301 4,684 3,722 66,776 Loans , 8,844,236 19,168 91,978 261,400 305,157 457,429 500,709 448,399 6,759,996 U. S. Government securities 27,067,960 65,214 357,880 1,044,903 1,318,037 1,950,480 2,135,736 1,813,61718,382,093 Other securities 1,931,458 3,957 26,833 90,358 125,843 182,446 147,018 111,750 1,243,253 Real estate assets 321,969 586 2,941 10,758 15,392 31,711 31,175 27,040 202,366 Cash assets , 9,721,032 45,912 190,399 482,014 495,176 678,117 689,480 596,595 6,543,339 Total assets 48,045,077 134,901 670,557 1,890,937 2,262,328 3,306,070 3,515,638 3,005,70533,258,941 Time deposits 8,004,755 27,296 184,247 569,394 787,655 1,125,879 957,934 687,558 3,664,792 Total deposits 44,708,314 125,802 632,209 1,785,560 2,131,741 3,104,041 3,300,655 2,843,36730,784,939 Total capital accounts 2,928,822 9,040 37,855 102,889 125,339 191,743 198,779 150,461 2,112,716 Number of officers 12,056 364 1,140 1,886 1,403 1,328 1,078 798 4,059 Number of employees 75,719 231 1,049 3,039 3,996 6,402 6,942 5,930 48,130 Number of banks 1,854 165 430 565 301 198 91 63 See footnotes on p. 678 680 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1945—Continued RATIOS OF ALL MEMBER BANKS, BY CLASSES [Computed from aggregate dollar amounts; ratios expressed as percentages] Central reserve All member banks n m b a e t a A m i n o l k b l n s e a r l m b S e a A t m n a l k t l b e s er city b a m n e k m s ber m R b e e c a s m i n e ty k b rv s e e r m C b o e a m u n n k b t s e r r y New Chicago York 1942 1943 1944 1945 Year 1945 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 8.1 9.7 11.1 11.5 12.0 10.8 10.7 13.6 12.5 11.0 Profits before income taxes 7.5 10.7 12.4 14.6 14.9 14.2 15.1 15.1 14.7 14.0 Net profits 6.4 8.8 9.7 10.9 11.0 10.7 10.6 10.8 11.0 11.0 Cash dividends declared 3.4 3.3 3.4 3.4 3.5 3.2 3.6 3.6 3.6 2.9 Percentage of total assets: Total earnings 2.0 1.7 1.7 1.7 1.7 1.7 1.4 1.5 1.7 1.9 Net current earnings before income taxes .7 .6 .7 .7 .7 .7 .7 .7 .6 .6 Net profits .5 .6 .6 .6 .6 .7 .7 .6 .6 .6 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities/ 47.4 48.3 45.9 51.4 50.9 46.9 45.3 Other securities \ 36.3 46.4 51.2, 6.6 6.9 6.2 5.6 9.2 6.0 7.5 Earnings on loans 43.6 34.1 30.1 28.0 28.5 27.1 24.4 24.3 29.1 29.3 Service charges on deposit accounts. . 4.6 4.6 4.6 4.2 4.5 3.5 1.7 .9 4.0 6.1 Other current earnings 15.5 14.9 14.1 13.8 11.8 17.3 16.9 14.7 14.0 11.8 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.0 29.5 28.0 27.6 27.0 28.5 27.0 23.6 27.8 28.2 Interest on time deposits.. 8.6 7.5 7.7 8.7 9.2 7.9 1.3 6.9 9.1 12.6 Other current expenses. . . 24.4 23.6 21.8 22.5 24.3 25.2 27.8 25.9 24.0 24.3 Total expenses 60.1 60.0 50.1 53.0 61.2 66.0 67.4 63.0 60.3 60.5 Net current earnings before income taxes. 39.9 40.0 49.9 47.0 38.8 34.0 32.6 37.0 39.7 39.5 Net recoveries and profits (or losses —) 4.6 10.7 9.6 12.6 20.7 5.1 7.0 9.5 T N a e x t e p s r o o f n i ts net income -2 4 . . 3 5 3 7 . . 8 0 3 9 4 . . 8 7 3 1 7 2 . . 5 9 3 1 6 2 . . 4 7 3 1 9 3 . . 4 2 4 2 9 1 . . 6 0 3 1 7 4 . . 3 8 3 1 4 1 . . 3 5 3 9 4 . . 4 1 Rates of earnings on securities and loans: 25.8 33.8 Percentage of total securities: Interest and dividends on securities 1.7 1.4 1.5 1.5 1.5 1.4 1.3 1.4 1.4 1.6 Net recoveries and profits (or losses —)... .1 .1 .3 .2 .4 .5 -.03 .2 .3 Percentage of U. S. Government securities: Interest on U. S. Government securities1.. 1.4 1.4 1.4 1.3 1.3 1.4 1.5 Percentage of total loans: Earnings on loans 3.8 3.5 3.2 3.0 3.2 2.7 1.7 2.1 3.2 4.5 Net recoveries (or losses —) -.05 .1 .1 .05 .06 .02 .02 .2 -.04 .2 Distribution of assets: Percentage of total assets: U. S. Government securities 35.0 51.1 55.4 57.4 57.2 57.7 56.8 57.5 57.4 57.8 Other securities 8.0 5.6 4.7 4.4 4.6 4.1 3.8 5.1 4.0 5.3 Loans 23.7 17.2 16.2 15.8 14.9 17.6 20.8 17.1 15.4 12.4 Cash assets 31.3 24.6 22.5 21.3 22.3 19.5 17.6 19.7 22.2 23.4 Real estate assets 1.6 1.1 .9 .7 .7 .8 .6 .3 .7 .9 Other ratios: Total capital accounts to: Total assets 8.2 6.7 6.2 5.8 5.5 6.4 6.7 5.2 5.2 5.9 Total assets less Government securities and cash assets 24.4 27.6 27.8 27.2 26.7 28.0 26.1 22.7 25.5 31.3 Total deposits 9.0 7.2 6.6 6.2 5.8 6.9 7.3 5.5 5.5 6.3 Time to total deposits 18.8 16.2 16.9 18.4 18.9 17.3 4.0 10.0 19.6 28.7 Interest on time deposits to time deposits. . . 1.0 .9 .8 .9 .9 .8 .5 1.1 .8 .9 i Not available wior to 1945. NOTE.—The ratios in this and the following three tables were computed from the dollar aggregates shown in preceding tables. Many of these ratios vary substantially from the average of individual bank ratios, which will be published in a subsequent issue, in which each bank's figures—regardless of size or amount—are weighted equally and in general have an equally important influence on the result. In the ratios based on aggregates, presented here, the experience of those banks in each group whose figures are largest have a much greater influence than that of the many banks with smaller figures. (For example, the 100 largest member banks have total earnings which, combined, are approximately equal to those of all the other member banks, numbering about 6,800.) Ratios based on aggregates show combined results for the banking system as a whole and, broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems, while averages of individual ratios are useful primarily to those interested in studying the financial results of operations of individual banks. JUNE 1946 681 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1945—Continued RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F S ra a n n - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 9.9 10.5 9.8 9.3 11.5 13.4 13.0 12.5 13.3 13.0 12.8 15.8 Profits before income taxes 12.6 14.9 12.9 11.6 14.0 17.9 15.9 14.9 15.5 15.2 14.0 16.3 Net profits 9.1 10.8 10.3 9.1 10.2 13.4 12.2 11.6 11.8 11.6 10.0 12.1 Cash dividends declared 3.3 3.4 3.3 2.5 3.4 3.4 3.1 3.6 3.5 3.3 4.0 4.5 Percentage of total assets: Total earnings 1.8 1.5 2.0 1.8 1.7 1.7 1.6 1.7 1.6 1.6 1.9 Net current earnings before income taxes .8 .7 Net profits .5 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 47.5 50.9 47.5 47.9 47.6 42.9 51.6 43.2 48.1 42.2 38.0 42.2 Other securities 4.0 5.8 10.2 9.0 4.8 8.6 7.2 7.6 5.0 6.3 4.9 6.2 Earnings on loans 27.4 25.3 24.1 25.8 29.4 27.3 24.9 31.5 27.0 32.6 38.2 34.9 Service charges on deposit accounts 4.4 2.8 2.9 3.8 5.5 5.6 4.4 4.2 5.3 6.6 5.9 5.2 Other current earnings 16.7 15.2 15.3 13.5 12.7 15.6 11.9 13.5 14.6 12.3 13.0 11.5 Total earnings... . 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 27.8 27.4 26.5 24.9 28.6 26.7 26.5 27.6 28.1 29.9 30.3 29.5 Interest on time deposits. . 9.0 4.9 9.3 11.7 10.0 8.0 11.4 7.6 11.0 4.7 3.6 13.8 Other current expenses 25.2 22.8 24.4 26.7 25.1 29.0 23.6 26.7 23.3 26.0 29.8 19.8 Total expenses 62.0 55.1 60.2 63.3 63.7 63.7 61.5 61.9 62.4 60.6 63.7 63.1 Net current earnings before income taxes 38.0 44.9 39.8 36.7 36.3 36.3 38.5 38.1 37.6 39.4 36.3 36.9 Net recoveries and profits 10.2 19.0 12.5 9.0 8.1 12.1 8.5 7.2 6.3 6.6 3.3 1.2 Taxes on net income 13.4 17.9 10.6 9.8 12.2 12.0 11.0 10.0 10.5 10.9 11.1 9.8 Net profits 34.8 46.0 41.7 35.9 32.2 36.4 36.0 35.3 33.4 35.1 28.5 28.3 Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities 1.5 1.4 1.7 1.4 1.5 1.5 1.5 1.5 1.4 1.5 1.4 Net recoveries and profits .3 .5 .5 .2 .4 .1 .2 .1 .1 .1 .1 Percentage of U. S. Government securities: Interest on U. S. Government securities . 1.4 1.4 1.6 1.5 1.4 1.4 1.4 1.5 1.3 1.4 1.3 Percentage of total loans: Earnings on loans 3.1 2.0 3.7 3.3 3.5 3.3 3.0 3.2 3.8 4.0 3.5 4.2 Net recoveries (or losses —). .2 .03 .1 .2 .1 .05 .2 .08 .2 .1 .04 -.3 Distribution of assets : Percentage of total assets: U. S. Government securities 61.0 58.2 59.2 58.3 57.2 51.9 59.7 53.0 59.4 51.2 45.7 58.7 Other securities 2.8 4.0 6.6 5.4 2.9 5.6 5.1 5.1 3.6 4.3 2.6 4.8 Loans 15.8 19.2 12.8 14.1 13.8 13.9 13.3 16.3 13.0 12.7 17.9 15.2 Cash assets 19.1 17.5 19.8 21.1 24.9 27.4 21.3 24.8 23.2 31.2 32.9 20.3 Real estate assets .9 .7 1.2 .9 .9 .9 .6 .6 .5 7 Other ratios: Total capital accounts to: Total assets 6.6 8.0 7.2 5.3 4.6 4.8 5.1 5.1 4.7 4.6 4.3 Total assets less Government securities and cash assets 34.6 27.3 38.1 34.7 29.4 22.4 25.2 22.9 29.5 26.8 21.7 20.7 Total deposits 7.5 7.2 8.7 7.7 5.6 4.9 5.0 5.4 5.4 5.0 4.9 4.6 Time to total deposits 17.5 11.1 23.2 26.2 19.2 15.9 22.3 16.4 22.4 10.2 8.0 31.4 Interest on time deposits to time deposits.... 1.0 .8 .9 .9 .9 .9 .9 .9 .9 682 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1945— Continued RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages ] Federal Reserve district Item Boston Y N o e r w k P p d h h e il i l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 10.6 8.6 11.6 9.1 12.5 13.5 13.2 13.1 13.8 12.8 12.1 15.7 Profits before income taxes 11.3 13.9 15.1 10.8 15.4 17.9 17.6 16.1 17.3 15.9 13.8 16.1 Net profits 7.9 12.5 11.3 8.4 10.6 13.2 13.7 12.3 12.5 11.9 9.2 12.1 Cash dividends declared 3.6 2.8 4.4 2.4 3.7 3.6 2.8 4.1 3.8 3.0 4.1 4.7 Percentage of total assets: Total earnings 1.6 1.9 1.8 1.7 1.6 1.6 1.6 1.5 1.4 1.5 1.8 Net current earnings before income taxes .6 .6 .7 Net profits .5 .4 .5 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 44.6 46.7 49.5 49.5 52.2 42.0 56.1 41.7 55.2 47.5 43.4 42.3 Other securities 1.9 4.1 9.2 7.8 3.1 8.9 4.2 6.9 3.8 6.7 3.3 6.6 Earnings on loans 31.1 27.2 20.0 24.6 24.3 28.0 24.6 32.8 24.7 27.9 35.4 34.6 Service charges on deposit accounts. 2.0 4.8 1.8 2.6 4.6 3.9 5.7 2.4 3.4 4.3 3.0 5.1 Other current earnings 20.4 17.2 19.5 15.5 15.8 17.2 9.4 16.2 12.9 13.6 14.9 11.4 Total earnings.... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 27.6 31.6 28.5 24.3 29.7 24.5 28.0 26.8 27.2 26.8 27.0 29.5 Interest on time deposits 3.1 11.1 2.1 9.0 6.6 7.0 13.2 5.4 5.7 4.2 4.7 13.7 Other current expenses 23.8 29.9 24.3 26.1 25.9 31.2 24.5 27.0 22.5 27.5 31.1 19.4 Total expenses 54.5 72.6 62.2 62.7 65.7 59.2 58.5 62.8 62.6 Net current earnings before income taxes 45.5 27.4 45.1 40.6 37.8 37.3 34.3 40.8 44.6 41.5 37.2 37.4 N Ta e x t e r s e c o o n v e n r e ie t s i n a c n o d m p e rofits 1 3 4 . . 1 5 17 4 . . 2 7 1 1 3 5 . . 9 0 1 7 0 . . 8 8 1 8 4 . . 7 3 1 1 2 3. . 1 3 1 10 1 . . 2 3 1 9 1 . . 3 9 1 15 1 . . 4 3 1 13 0 . . 0 3 1 5 4 . . 4 1 9 1 . . 7 0 Net profits 34.1 39.9 44.0 37.6 32.2 36.5 35.4 38.2 40.5 38.8 28.5 28.7 Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities. 1.3 1.5 1.7 1.6 1.4 1.5 1.4 1.4 1.5 1.3 1.4 1.4 Pe N rc e e t n r ta e g co e v er o i f e s a U n . d p S r . o fi G ts overnment .2 .6 .6 .2 .2 .3 .3 .2 2 .2 .1 securities: Interest on U. S. Government securities 1.3 1.4 1.5 1.4 1.3 1.4 1.3 1.4 1.2 1.4 1.3 Percentage of total loans: Earnings on loans 2.4 3.2 2.7 2.6 3.0 2.8 3.4 2.6 2.5 2.9 2.8 4.1 Net recoveries (or losses —)l.. . .06 -.03 .0 .1 .05 .08 .0 .09 .07 .04 -.3 Distribution of assets: Percentage of total assets: U Ot . h S e . r G se o c v u e r r i n ti m es ent securities 57 1. . 2 0 60 2 . . 2 8 5 5 9 . . 3 0 5 4 8 . . 0 4 60 1. . 9 2 5 5 1 . . 5 1 6 3 2 . . 7 5 5 4 1 . . 8 3 5 2 9 . . 6 1 5 4 2 . . 3 4 4 1 8 . . 8 1 5 5 8 . . 0 8 Loans . 21.2 15.9 13.6 16.0 13.3 16.4 11.2 19.7 15.1 13.1 19.0 15.5 Cash assets 19.3 19.2 20.7 20.4 23.3 25.6 21.9 23.4 22.3 29.5 30.0 19.8 Real estate assets .7 1.4 .9 1.0 .9 .4 .5 .6 .5 1.0 .7 Other ratios: Total capital accounts to: Total assets 7.0 6.0 7.1 7.6 4.9 4.9 4.9 4.5 4.7 4.4 Total assets less Government securities and cash assets 29.4 29.1 35.1 35.8 29.7 19.3 26.0 19.5 26.6 24.7 21.2 20.3 Total deposits 7.6 6.4 8.3 5.2 4.7 4.2 5.2 5.2 4.7 4.9 4.6 7.7 Time to total deposits 5.8 6.0 19.6 14.1 12.8 26.0 11.1 10.4 9.0 9.7 31.7 Interest on time deposits to time deposits .9 .7 .9 .9 .8 .8 .9 . 7 .8 .8 * Not including central reserve city banks. 1 Ratios of less than .005 are shown as .0. JUNE 1946 683 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1945—Continued RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed frorrt aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i l i l - a a - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 9 4 10.0 8 6 9.7 10.6 13.2 12.0 12.0 12.8 13 3 13 6 16 2 Profits before income taxes 13.6 14.6 11.3 12.8 12.9 17.7 15.4 13.7 14.1 14.2 14.1 17.2 Net profits ... . 10.0 11.4 9.5 10.3 9.7 13.5 12.6 11.0 11.1 11.2 10.9 12.3 Cash dividends declared 3.1 2.6 2.6 2.6 3.0 3.1 2.8 3.1 3.3 3.8 3.9 3.4 Percentage of total assets: Total earnings 1.9 2.0 2.1 2.0 1.7 1.8 1.8 1.8 2.0 1.8 1.8 • 2.0 Net current earnings before income taxes .6 .6 .8 .6 .6 .6 .6 .6 .7 .7 .6 .7 Net profits .7 .7 .8 .7 .5 .6 .6 .6 .6 .6 .5 .5 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 49.3 50.0 46.0 45.8 43.7 43.6 48.1 44.8 44.1 36.2 32.9 41.6 Other securities 5.2 6.5 11.0 10.4 6.3 8.5 8.1 8.2 5.7 5.9 6.6 4.7 Earnings on loans 25.1 27.6 27.2 27.4 33.7 26.7 25.7 30.2 28.4 37.9 40.8 36.2 Service charges on deposit accounts. 6.0 5.6 3.8 5.2 6.2 6.9 6.8 6.0 6.3 9.2 8.5 5.4 Other current earnings 14.4 10.3 12.0 11.2 10.1 14.3 11.3 10.8 15.5 10.8 11.2 12.1 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 28.0 28.0 24.9 25.7 27.7 28.6 28.1 28.3 28.6 33.3 33.3 29.5 Interest on time deposits ... . 12.7 14.9 14.7 15.2 12.9 8.8 14.2 9.8 14.0 5.3 2.5 14.2 Other current expenses 26.0 25.1 24.5 27.2 24.5 27.2 24.0 26.7 23.8 24.4 28.7 21.8 Total expenses 66.7 68.0 64.1 68.1 65.1 64.6 66.3 64.8 66.4 63.0 64.5 65.5 Net current earnings before income taxes 33.3 32.0 35.9 31.9 34.9 35.4 33.7 35.2 33.6 37.0 35.5 34.5 Net recoveries and profits 14.7 14.7 11.3 10.4 7.6 12.1 9.3 5.1 3.5 2.5 1.3 2.3 Taxes on net income . . 12.7 10.3 7.3 8.5 10.4 11.2 7.9 8.0 7.7 8.5 8.3 10.5 Net profits 35.3 36.4 39.9 33.8 32.1 36.3 35.1 32.3 29.4 31.0 28.5 26.3 Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities. 1.6 1.7 1.8 1.7 1.5 1.6 1.5 1.6 1.6 1.5 1.5 1.5 Net recoveries and profits .4 .5 .3 .3 .2 .4 .2 .2 .07 .04 .04 .1 Percentage of U. S. Government securities: Interest on U. S. Government securities 1.5 1.6 1.6 1.6 1.4 1.5 1.5 1.5 1.5 1.4 1.4 1.4 Percentage of total loans: 4 1 5 0 5 7 4.4 5 1 Net recoveries (or losses —) ... .3 .1 .2 .3 .2 .01 .2 .08 .3 .2 .04 -.04 Distribution of assets: Percentage of total assets: U- S. Government securities 63.9 63.6 59.4 58.1 54.5 52.7 59.4 54.8 59.6 49.3 43.0 58.4 Other securities. 3.9 4.9 7.8 7.5 3.8 5.7 6.6 5.4 4.3 4.3 3.6 3.6 Loans . . 11 9 13 0 12.2 11.2 14 2 11.5 10.7 12.4 11 4 12 3 16 6 13 8 Cash assets 19.0 17.1 19.0 22.2 26.4 29.1 22.6 26.5 23.8 33.6 36.1 23.3 Real estate assets 1.1 1.1 1.5 1.0 .8 .9 .7 .7 .6 .5 .6 .7 Other ratios: Total capital accounts to: Total assets 6 8 6 5 8 8 6 5 5 6 4 8 5.1 5 2 5 4 5 1 4 6 4 2 Total assets less Government securiities and cash assets .... 39.9 33.5 40.7 33.0 29 4 26.1 28.2 27.9 32.3 30.2 22.2 23.0 Total deposits 7.4 6.9 9.6 7.0 6.0 5.0 5.4 5.5 5.7 5.4 4.9 4.4 Time to total deposits 26.1 37.5 38.4 35.8 23.7 18.7 33.6 22.5 31.7 11.9 6.1 29.7 Interest on time deposits to time deposits 1.0 .9 .9 .9 1.0 .9 .8 .8 1.0 .9 .8 1.0 684 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK EARNINGS, 1945 INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS, 1942-1945 [Amounts in thousands of dollars] All insured commercial banks1 F B ed an er k a s l n R o e t s m er e v m e b S e y r s s t e o m f Item 1942 1943 1944 1945 1942 1943 1944 1945 Earnings 1,790,692 1,959,481 2,214,905 2,482,278 304,233 310,399 341,443 380,435 Interest and dividends on securities: U O . t h S e . r Government 610,298 861,412 1,090,253 1.1 1 3 6 2 7 , , 9 1 7 9 7 8 70,709 96,000 130,633 1 2 3 7 6 , , 8 3 7 4 2 5 Interest and discount on loans 804,717 692,305 680,708 707,738 165,185 140,669 132,557 136,069 Service charges and fees on loans 12,084 13,513 17,320 18,860 3,043 2,668 2,423 2,475 Service charges on deposit accounts 84,309 95,332 107,375 109,789 16,133 18,977 21,875 22,290 Other charges, commissions, fees, etc 55,148 67,533 78,485 90,617 18,878 22,423 25,283 26,791 Trust department 100,652 104,710 112,486 120,317 8,719 8,388 8,155 8,184 Other current earnings 123,484 124,676 128,278 134,782 21,566 21,274 20,517 20,409 Expenses 1,222,157 1,256,025 1,356,680 1,522,778 220,815 218,087 230,189 255,415 Salaries—officers 219,388 225,142 240,354 266,018 49,508 50,441 52,886 57,818 Salaries and wages—others 333,171 356,958 386,346 424,881 42,564 44,993 48,933 53,534 Directors' and committee members' fees.. 11,541 11,775 12,907 14,610 3,006 3,074 3,395 3,855 Interest on time deposits 174,674 163,900 186,773 233,321 46,480 40,430 42,798 50,600 Interest on borrowed money 336 502 1,112 2,448 230 149 145 162 Taxes other than on net income 97,085 99,915 97,307 98,683 15,841 15,684 14,472 15,216 Recurring depreciation on banking house, furniture, and fixtures 39,917 40,008 41,845 40,329 6,484 6,551 6,910 6,329 Other current expenses 346,04. 357,825 390,036 442,488 56,702 56,765 60,650 67,901 Net current earnings before income taxes 568,535 703,456 858,225 959,500 83,418 92,312 111,254 125,020 Recoveries, profits on securities, etc.. 222,775 353,015 361,726 509,329 34,357 41,038 43,636 55,601 Recoveries on securities 55,94' 91,891 92,778 122,364 7,675 10,200 9,967 9,149 Profits on securities 66,45 103,143 129,834 266,764 6,549 9,363 13,582 27,947 Recoveries on loans 68,546 85,664 84,224 67,014 12,657 13,202 11,684 11,098 All other 31,825 72,317 54,890 53,18r 7,476 8,273 8,403 7,407 Losses and charge-offs 271,118 290,645 265,881 264,122 48,079 39,924 33,704 34,270 On securities 120,614 116,383 110,439 132,870 17,929 15,006 13,296 15,086 On loans 80,647 75,22 70,090 55,901 15,883 11,908 9,80 9,360 All other 69,85 99,039 85,352 75,351 14,26" 13,010 10,601 9,824 Profits before income taxes. 520,192 765,826 954,070 1,204,707 69,696 93,426 121,186 146,351 Taxes on net income. . 79,541 127,865 202,821 298,795 12,010 12,390 19,106 28,733 F S e ta d t e e ral \ 79,541 11 1 4 3 , , 3 5 1 4 6 9 18 1 7 5 , , 0 7 3 8 2 9 27 2 7 1 , ,2 5 5 38 12,010 11 1, , 0 3 3 5 6 -' 1 1 7 , , 2 8 1 9 0 6 27 1, , 4 2 7 5 6 7 Net profits 440,651 637,96 751,24' 905,912 57,686 81,036 102,080 117,618 Cash dividends declared. . 227,608 233,490 253,193 274,438 24,601 25,164 27,192 28,504 On preferred stock2 14,523 14,324 13,645 11,769 3,440 3,510 3,959 3,507 On common stock 213,085 219,166 239,548 262,669 21,161 21,65 23,233 24,997 Loans 20,030,625 18,380,838 20,310,112 23,500,772 3,021,323 2,650,862 2,630,161 2,823,335 U. S. Government securities. 29,231,82 50,315,698 67,231,16 82,417,236 2,172,922 4,494,776 6,913,337 9,338,270 Other securities 6,802,77 6,321,794 6,088,482 6,623,089 1,016,599 988,843 958,551 998,984 Real estate assets. 1,393,616 1,276,278 1,141,30 1,038,834 230,97 200,495 167,404 141,081 Cash assets 25,922,70: 26,774,094 28,042,727 31,236,090 2,883,391 3,316,204 3,562,451 4,080,815 Total assets. . 83,666,45: 103.370.18S 123,168,863145,217,43* 9,347,89- 11,677,491 14,260,818 17,416,713 Time deposits 15,888,54' 17,627,61* 21,415,276 26,979,470 3,375,399 3,624,839 4,228,321 5,192,631 Total deposits 76,134,514 95,506,22 114,682,390135,948,38 8,343,246 10,663,90" 13,208,706 16,306,748 Total capital accounts. 6,951,39 7,246,433 7,718,193 8.334.67C 959,741 971,423 1,006,413 1,058,344 Number of officers 54,92. 55,309 56,494 59,11 19,331 18,921 18,811 19,226 Number of employees. 216,47^ 225,64' 229,37 245,275 34,468 35,311 36,115 37,831 Number of banks 13,34' 13,274 13,268 13,302 6,671 6,539 6,457 6,421 1 Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on preceding pages. 2 Includes interest on capital notes and debentures. NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for call dates at the beginning, middle, and end of each year. The number of officers, employees, and banks are as of the end of each year. JUNE 1946 685 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE Gold reserves of central banks and governments. 687 Gold production 688 Gold movements. . 688 Net capital movements to United States since January 2, 1935. 689-694 Central banks. 695-698 Money rates in foreign countries . . 699 Commercial banks 700 Foreign exchange rates . 701 Price movements: Wholesale prices . 702 Retail food prices and cost of living. . 703 Security prices . 703 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. 686 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta i t t e e s d t g A i e n r n a - - 1 g B iu el m - Brazil B I r n i d ti i s a h Canada Chile lo C m o b - ia Cuba C v z s a e lo k c - i h a o- m De a n rk - Egypt France m G a e n r- y Greece 1938—Dec 14,512 431 581 32 274 192 30 24 83 53 55 2 430 29 27 1939—Dec 17,644 466 609 40 274 214 30 21 1 56 53 55 2,709 29 28 1940—Dec 21,995 353 734 51 274 27 30 17 1 58 52 52 2,000 29 28 1941—Dec 22,737 354 734 70 274 5 31 16 1 61 44 52 2,000 29 28 1942—Dec 22,726 1658 735 115 274 6 36 25 16 61 44 52 2,000 29 28 1943—Dec 21,938 1939 734 254 274 5 54 59 46 61 44 52 2,000 29 28 1944—Dec 20,619 329 274 6 79 92 111 61 44 52 1,777 29 28 1945—May 20,270 409 714 342 274 4 81 100 151 61 44 52 1,777 June 20,213 409 713 342 274 6 80 102 166 61 44 52 July 20,152 409 712 342 274 7 82 103 171 61 44 52 Aug 20,088 409 712 352 274 6 82 104 176 61 44 52 1 777 Sept.. . . 20,073 409 694 352 274 7 82 106 176 61 44 52 1,777 Oct 20,036 407 698 357 274 5 82 114 186 61 44 52 1 540 Nov.. . .20,030 404 711 356 274 5 82 115 186 61 44 52 1,540 Dec 20,065 403 716 354 274 7 82 127 191 61 38 52 1,090 1946—Jan. 20,156 398 729 363 274 7 82 128 201 61 38 52 1 090 Feb. ... 20,232 398 747 274 6 82 129 201 61 38 52 1,090 Mar 20,256 397 755 274 6 82 131 61 38 1 090 Apr 20,251 763 7 132 End of month H ga u r n y - (P I e r r a s n ia) Italy Japan Java Mexico N la e n th d e s r- Ze N a e la w nd N w o a r y - Peru Poland Po g rt a u l - Ru n m ia a- A So fr u ic th a Spain 1938—Dec 37 26 193 164 80 29 998 23 94 20 85 69 133 220 3525 1939—Dec 24 26 144 164 90 32 692 23 94 20 484 69 152 249 1940—Dec 24 26 120 164 140 47 617 23 484 20 59 158 367 1941—Dec 24 26 B164 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—May 128 219 500 23 30 60 865 109 June.... 131 231 500 23 28 60 878 109 Tuly P131 230 270 23 28 60 886 109 Aug P131 255 270 23 28 60 909 109 Sept. 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 60 949 111 Feb 284 270 23 28 60 982 111 Mar 257 270 23 28 1,014 Apr 254 28 End of month S d w e e n - S l w a e n r i - t d z- T k u ey r- U K d n i o i n m t g 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 es n 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 i t t e e s d U K n i i n t g e - d France Bel- 1939—Dec. 308 549 29 7 68 52 59 7 178 dom 1940—Dec 160 502 88 90 29 82 12 170 104.1 T~)rif- 223 665 92 100 41 *83 12 166 1942—Dec 335 824 114 89 68 21 185 1938—Dec 80 2759 331 44 1943—Dec. 387 964 161 121 89 45 229 1939—Mar 154 1 732 559 1944—Dec.. . . 463 1,052 221 157 130 37 245 May . 477 June... 85 17 1945—May 470 1 105 225 173 161 39 247 Sept 164 3876 June... . 478 1.069 234 175 176 39 247 Dec 156 17 July 478 L.073 234 179 176 39 248 1940—June 86 17 Aug 479 L 084 234 189 186 39 248 Dec 48 292 17 Sept. ... 479 1,085 236 195 191 39 248 1941—June 89 17 Oct. 475 1,111 236 195 191 39 247 Dec. 25 4151 17 Nov. 474 L 109 236 195 202 39 245 1942—June 8 17 Dec 482 81,104 241 195 202 39 '247 Dec. . 12 17 1946—Jan 481 L 099 241 195 212 39 P247 I943—june 11 17 Feb 481 L 091 241 212 39 i>247 Dec 43 17 Mar 478 L 102 241 212 39 I944—june 21 17 Apr 476 OOQ 212 P246 Dec. 12 17 1945—Mar... 32 June 81 17 P Preliminary r Revised. Sept 20 i Figures through March 1940 and for December 1942. December 1943. and December 1944 Dec. 18 17 include, in addition to gold of the Centra Bank held at home, gold of the Central Bank held abroad and gold belonging to the Argentine stabilization .bund. 2 On May 1, 1940, golcbelonging to Bank of Canada transferred 1.0 Foreign Exchange Con- 1 Reported at infrequent intervals or on detrol Board. Gold reported since that time is gold held by Minister of Finance. layed basis: U. S.—Exchange Stabilization Fund 3 Figure for December 1938 is that officially reported on Apr. 30, 1938. (Special A/c No. 1); U. K.—Exchange Equaii- 4 Figures relate to last official report dates for the respective countries, as follows: Java— zation Account; France—Exchange Stabilization Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941. Fund and Rentes Fund; Belgium—Treasury. 5 Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepa- 2 Figure for end of September rately. 3 Reported figure for total British gold reserves 6 These countries are: Albania Algeria Australia, Austria through Mar. 7, 1938 Belgian on Aug. 31, 1939, less reported holdings of Bank Congo, Bolivia, Bulgaria, China, Costa Rica beginning July 1943, Danzig through Aug. 31, of England on that date. 1939, Ecuador, El Salvador, Estonia, Finland, Guatemala, Iceland, Ireland beginning February 4 Figure for Sept. 1, 1941. 1943, Latvia, Lithuania Morocco, and Siam. Figures for certain of these countries have NOTE.—For available back figures and for debeen carried forward from last previous official report. tails regarding special internal gold transfers 7 Gold ho Id inzs of Bank of England reduced to nominal amount by gold transfers to British affecting the British and Frencl institutions, see Exchange Equalization *Account during 1939. Banking and Monetary Statistics, p. 526, and 8 In addition to gold held by the Swiss National Bank, Lhe Swiss National Bank's Annual BULLETIN for February 1945, p. 190. Report for 1945 stated that the Swiss Government owned gold amounting to 238 million dollars on Dec. 31, 1945. 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. 687 JUNE 1946 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 p U r o o . w u S d t o . u s S r i c l . d d R t e io .1 n r m e T o p o n o t r t a h te l l d y || S A o fr u i t c h a | d R e h s o i - a [ I A W fr e ic s a t 2 I ] B C e o l n g g ia o n ^ \ U S n ta i t t e e s d * I | C ad a a n * N - orth M ic a e o n x 6 d - So C u o b th l i o a m A - m I er C ic h a ile I r N ag ic u a a - ^ Au li s a t 8 O r a t - h I e B r In ri d ti i s a h 9 $1 = /56/«i grains of gold */\9fine; i. e., an ounce of fine gold =$35. 1934. 823,003 708,453366,795 24,264 12,153 6,549 108,191104,023 23,135 12,045 8,350 1,166 30,559 11,223 1935. 882,533 752,847377,090 25,477 13,625 7,159 126,325114,971 23,858 11,515 9,251 868 31,240 11,468 1936. 971,514 833,895396,768 28,053 16,295 7,386 152,509131,181 26,465 13,632 9,018 807 40,118 11,663 1937. ,041,576 893,384410,710 28,296 20,784 8,018 168,159143,367 29,591 15,478 9,544 848 46,982 11,607 1938. ,136,360 958,770425,649 28,532 24,670 8,470 178,143165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939. ,208,7051,020,297448,753 28,009 28,564 8,759 196,391178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940. ,297,3491,094,264491,628 29,155 32,163 •8,862 210,109185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941. ,288,9451,089,395504,268 27,765 32,414 209,175187,081 27,969 22,961 9,259 7,525 51,039 9,940 1942. 968,112494,439 26,641 29,225 130,963169,446•30,000 20,882 6,409 8,623 42,525 8,960 1943. 738.471 448,153 23,009 19,740 48,808127,796 19,789 6,081 7,715 28,560 8,820 1944. 663,960429,787 20,746 18,445 35,778101,980 19,374 7,131 7,865 16,310 6,545 1945. 647,689427,862 19,888 18,865 34,878 92,794 17,734 6,282 6,985 16,450 5,950 1945—Apr.. 54,096 35,937 1,718 1,610 2,328 7,831 1,836 526 560 ,225 525 May. 53,934 36,073 1,673 1,575 2,563 7,614 1,736 528 631 ,190 350 June. 53,213 35,800 1,645 1,575 2,516 7,426 1,460 574 574 ,295 350 July.. »"53,340 36,311 1,679 1,610 2,078 7,357 1,518 "•504 393 ,400 490 Aug.., 53,560 34,199 1,668 1,610 3,528 7,411 1,459 464 595 ,065 560 Sept.. 52,953 35,313 1,680 1,610 2,926 7,404 1,400 370 570 ,190 490 Oct.. . 55,937 36,809 1,664 1,610 3,836 8,034 1,319 425 559 ,190 490 Nov.. •"54,883 36,005 1,595 1,400 4,020 7,726 1,224 396 592 ,435 490 Dec... 55,093 35,043 1,597 1,470 3,832 8,391 1,140 1,096 634 ,365 525 1946—Jan.. . P55.471 35,892 1,584 1,610 3,984 8,346 1,492 /396 522 ,470 175 Feb... *>51,821 32,971 fl, 584 1,610 '3,984 8,018 1,309 /396 443 330 /175 Mar... P50.463 30,871 fl,584 1,645 /3,984 ?8,330 Pl.470 /396 608 400 /175 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. p Preliminary. / Figure carried forward. r Revised. 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. 1 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. 8 Figures for Canada beginning 1944 are subject to official revision. • 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. • 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 i - t 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 e l e n l s r - 19341 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 28,15312,038 1,029 12 476,820 21,095 1935 1,739,019 315,727 934,243 3227,185 968 95,171 13,667 29,35915,335 3,498 65 75,268 28,529 1936 1,116,584 174,093 573,671 3,351 71,006 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 1,973,5691,208,728 81,135 15,488163,049 60,146 1,363 76,315 36,472 65,23127,880 39,162 401168,74016,159 13,301 1939 3,574,1511,826,403 3,798165,122341,618 28,71586,987 612,949 33,610 57,02035,636 74,250 22,862165,60550,956 * 68,623 1940 4,744,472 633,083 241,778 977 63,260161,48990,3202,622,330 29,880 128,25938,627 103,777184,756111,73949,989 »284,208 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 61,86242,678 67,492292,893 9,444 9,665 < 63,071 1942 315,678 1,955 5 208,917 40,016 39,680 321 528 4,119 129 20,008 1943 68,938 88 66,920 -3,287 13,489 152 307 -8,731 1944 -845,392 -695,483 46,210 -109,695 -108,560 199 3,572 18,365 1945 -106,250 160 53,148 15,094 -41,748 "io3 106 357 *-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. 31,396 36 25,265 75 1,386 -2 3 3,267 1,366 Apr.p -20,534 34 222 149 637 9 «-21,586 * Preliminary. 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. * 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. «Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000 from1 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. « Includes $27,567,000 to China, $5,625,000 from U. S. S. R., and $356,000 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. 688 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U.S. securities: securities: Inflow in From Jan. 2, 1935, through— Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official^ Other abroad funds funds 1935—Mar. (Apr. 3) 259.5 57.7 -2.0 59.7 155.0 31.8 -6.2 21.1 June (July 3) 616.0 213.8 6.1 207.7 312.8 43.7 15.8 29.8 Sept. (Oct. 2) 899.4 350.7 -4.5 355.2 388.6 40.1 90.3 29.8 Dec. (Jan. 1, 1936) 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936—Mar. (Apr. 1) 1,511.1 578.4 44.4 534.0 390.3 114.4 427.6 .4 June (July 1) 1,949.2 779.0 35.9 743.1 449.0 180.5 524.1 16.5 Sept. 30 2,283.3 898.5 37.4 861.1 456.2 272.2 633.3 23.2 Dec. 30 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Mar. 31 2,931.4 1,121.6 62.8 1,058.8 411.0 319.1 1,075.7 4.1 June 30 3,561.9 1,612.4 215.3 1,397.1 466.4 395.2 ,069.5 18.3 Sept. 29 3,911.9 1,743.6 364.6 1,379.0 518.1 493.3 ,125.1 31.9 Dec. 29 3,410.3 1,168.5 243.9 924.6 449.1 583.2 ,162.0 47.5 1938—Mar. 30 3,207.2 949.8 149.9 799.9 434.4 618.5 ,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 ,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0 ,125.4 64.1 Dec. (Jan. 4, 1939) 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 ,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 ,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 ,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 ,177.3 83.1 Dec. (Jan. 3, 1940) 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 ,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 1,112.3 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,727.6 3,159.0 1,200.8 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,526.5 3,148.8 1,307.7 1,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,575.4 3,193.3 1,375.1 1,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1) 5,510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,230.7 2,856.2 1,053.7 1,802.6 791.3 855.5 626.7 100.9 1942—Mar. (Apr. 1) 5,082.4 2,684.0 932.0 1,752.0 819.7 849.6 624.9 104.3 June 30* 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 1944—Jan. 31 7,272.9 4,658.2 2,649.3 2,009.0 870.8 931.7 695.1 117.0 Feb. 29 7,418.6 4,833.2 2,815.7 2,017.5 843.5 924.2 698.8 118.9 Mar. 31 7,462.9 4,885.4 2,856.0 2,029.4 868.0 904.1 685.8 119.6 Apr. 30 7,464.3 4,881.0 2,780.5 2,100.6 873.4 905.4 686.2 118.3 May 31 7,458.9 4,882.7 2,726.8 2,155.9 872.9 903.2 680.1 119.9 June 30 7,459.6 4,851.7 2,661.4 2,190.3 856.6 929.8 702.4 119.1 July 31 7,423 4 4,740.8 2,622.9 2,117.9 850.6 1,005.8 706.9 119.3 Aug. 31 7,440 9 4,732.3 2,589.5 2,142.8 869.7 1,009.7 709.4 119.9 Sept. 30 7,4<0 9 4,661.2 2,498.8 2,162.3 883.5 1,026.2 737.8 122.2 Oct. 31 7,460 2 4,680.3 2,489.8 2,190.4 891.3 1,025.8 735.8 127.1 Nov. 30 7,530 5 4,775.1 2,541.0 2,234.1 872.7 1,025.3 732.4 125.0 Dec. 31 7,475.7 4,612.5 2,372.2 2,240.3 805.8 1,019.4 911.8 126.3 1945—Jan. 31 '7,632.4 4,723.9 2,468.7 2,255.2 848.2 '1,025.2 909.0 126.1 Feb. 28 '7,711.3 4,887.3 2,587.3 2,300.0 859.8 '989.3 845.0 129.9 Mar. 31 '7,693.1 4,909.9 2,555.6 2,354.3 848.5 '983.7 820.6 130.5 Apr. 30 '•7,748.4 4,958.2 2,588.9 2,369.2 844.7 '1,012.6 802.5 130.4 May 31 '7,800.7 5,004.5 2,634.0 2,370.5 845.7 '1,032.0 785.0 133.6 June 30 '8,013.2 5,261.4 2,903.6 2,357.9 760.4 '1,011.2 848.4 131.8 July 31 '8,238.1 5,442.6 3,078.8 2,363.9 810.2 '1,015.0 843.2 127.1 Aug. 31 '8,294.5 5,505.0 3,096.2 2,408.8 829.0 '999.7 831.6 129.1 Sept. 30 '8,411.2 5,594.8 3,107.5 2,487.2 865.3 '998.2 818.4 134.6 Oct. 31 '8,482.4 5,731.0 3,110.0 2,620.9 875.5 '946.5 795.1 134.4 Nov. 30 '8,350.3 5,645.1 2,953.2 2,691.9 804.2 '983.0 779.1 139.0 Dec. 31 '8,355.1 5,696.8 3,021.3 2,675.5 742.7 '972.8 798.7 144.1 1946—Jan. 31 •8,895.6 «46,307.4 ^3,655.1 *2,652.4 4729.2 1,097.8 625.9 <135.1 * Revised. 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July J Subsequent figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98. • Inflow reflects inclusion for the first time of official Philippine accounts, which on Jan. 31, 1946 amounted to 458.6 million dollars. 4 Amounts outstanding Jan. 31, in millions of dollars: total foreign banking funds in United States, 6,973.3, including official funds, 4,292.7, and other funds, 2,680.6; United States banking funds abroad, 406.3; and brokerage balances (net due "foreigners"), 58.3. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics. pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see BULLETIN for September 1945, pp. 960-974. JUNE 1946 689 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 r* 1935—Dec. (Jan 1, 1936).. . ,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 ,608.4 829.3 299.5 229.7 355.5 83.1 45.6 228.5 2,051.3 150.5 201.2 184.0 21.4 1937—Dec. 29 ,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). . . ,844.5 1,183.8 339.6 328.6 557.5 140.5 32.2 472.0 3,054.2 155.3 384.6 214.2 36.2 1939—Dec. (Jan. 3, 1940). .. 021.2 1,101.3 468.7 470.3 773.0 165.9 58.0 752.9 3,790.1 229.4 483.4 431.0 87.4 1940—Dec. (Jan. 1, 1941). .. 727.6 865.2 670.3 455.6 911.5 175.9 55.4 922.7 ,056.6 411.7 606.8 562.3 90.2 1941—Dec. 31 230.7 674.1 639.9 464.4 725.7 179.9 50.5 891.8 ,626.3 340.5 567.5 567.7 128.6 1942—Dec. 31 835.0 837.8 625.9 474.0 592.1 179.5 48.1 850.9 ,608.1 425.1 835.8 787.7 178.3 1943—Dec. 3V ,118.6 ,257.7 636.8 487.7 629.1 178.6 48.2 954.8 ,192.8 760.3 951.0 ,013.1 201.4 1944—Dec. 31 ,475.7 ,090.0 585.7 506.2 664.3 179.1 63.1 993.3 ,081.8 976.4 ,193.7 ,020.9 203.0 1945—Jan. 31 632.4 ,008.6 566.6 503.3 659.6 179.0 66.7 965.2 ,949.0 1,030.1 ,250.2 ,199.2 204.1 Feb. 28 .711.3 ,053.6 558.3 506.3 666.4 179.0 69.8 970.5 ,003.9 1,037.3 ,262.4 ,200.1 207.7 Mar. 31 693.1 ,048.9 506.5 505. 673.0 179.2 72.0 967.6 ,952.9 1,089.4 ,234.2 ,205.3 211.4 Apr. 30 748.4 ,026.0 477.6 506, 670.7 179.2 75.5 990.5 ,925.8 "1,145.9 ,263.0 ,202.9 210.7 May 31 ,800.7 ,029.3 453.0 506.8 677.1 179.0 77.5 ,003.6 ,926.4 •1,147.7 ,324.3 ,193.8 208.5 June 30 013.2 ,066.2 521.7 513.0 679.7 179.0 80.0 ,017.9 ,057.5 1,218.0 ,353.8 ,175.5 208.4 July 31 238.1 ,075.0 542.4 516.1 689.9 179.0 85.2 ,053.0 ,140.6 1,302.7 ,411.7 ,175.5 207.6 Aug. 31 294.5 ,018.8 499.8 518.1 695.6 179.2 89.6 ,059 ,060.2 1,383.1 ,392.1 ,238.7 220.3 Sept. 30 411.2 946.7 463.9 518.1 698.4 179.3 94.2 1,134.2 ,034.8 1,411.2 ,413.8 ,316.3 235.2 Oct. 31 482.4 937.8 510.9 523.8 705.2 179.5 98.0 1,118 ,073.2 1,419.2 ,404.7 ,321.3 264.1 Nov. 30 350.3 888.7 469.8 526.3 709.8 179.4 100.8 ,127.8 ,002.6 1,434.3 ,336.5 ,323.9 253.0 Dec. 31 355.1 892.5 464.2 539.7 722.3 179.7 106.5 ,132.1 ,037.0 1,395.7 ,338.4 .336.4 247.5 1946—Jan. 31 895.6 858.3 553.6 538.4 728.6 179.6 107.3 ,142.9 ,108.7 1,342.6 ,345.1 1,853.2 246.0 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 I937—Dec. 29 1,168.5 189.3 111.8 76.3 288.4 9.6 6.9 109.4 791.7 76.3 166.3 126.2 8.0 1938—Dec. (Jan. 4, 1939).. . 1,425.4 364.0 155.3 87.9 205.1 -11.8 1.7 208.6 1,010.7 101.6 127.6 163.3 22.2 1939—Dec. (Jan. 3, 1940). . . 2,430.8 376.1 256.1 190.9 362.7 -20.1 19.7 470.0 1,655.4 174.5 215.1 325.4 60.5 1940—Dec. (Jan. 1, 1941) . . . 3,159.0 293.3 458.0 160.3 494.7 -22.9 -.9 603.7 1,986.3 334.1 326.4 450.9 61.3 1941—Dec. 31 2,856.2 328.6 416.5 161.0 326.2 -23.1 -3.4 561.1 1,766.9 273.1 296.7 418.0 101.6 1942—Dec 31 3 320 3 493 3 394.5 170.0 166.3 -22.7 -6.2 502.5 1,697 5 399 5 482 8 598 7 141.9 I943—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 79'4.7 635.9 169.7 I945—jan# 31... 4,723 9 726 4 338.9 190.0 219.8 -23.4 10.7 570.5 2,032.9 868.1 848.7 804 5 169.7 Feb 28 4,887.3 777.0 329.6 192.6 227.1 -23.4 13.5 576.7 2,093.2 962.3 855.4 803.8 172.5 Mar. 31 4,909 9 772.9 286.4 192.2 234.5 -23.3 15.7 582.8 2,061.3 1,021.2 842.5 809 3 175.7 Apr 30 4 958 2 758 5 258.3 192.2 234.1 -23.3 19.1 606 8 2,045 91,056 8 872 0 808 3 175 2 May 31... . 5,004 5 770.7 235.0 192.7 240.1 -23.5 22.5 619.7 2,057.3 1,053.4 913.5 807.7 172.7 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 2,291.7 1,241.8 979.2 757.6 172.3 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 2,185.4 1,443 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 1946—Jan. 31 36,307.4 617.7 318.2 277.3 297.5 -23.3 50.8 757.6 2,295.8 1,242.8 929.4 31,627.2 212.3 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m t g 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 8.8 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 30 431 5 178 0 62.0 -3.3 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30 4 —4 4 I937—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 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 I943—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 I945—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 .& 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 l.S 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 1946—jan 31 729.2 266.2 78.3 -17.1 1.9 196.9 26.2 65.9 618.3 18.5 3.3 88.5 .6 r Revised. 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 1 Tnflow less than $50,000. 3 Inflow reflects inclusion for first time of official Philippine accounts, which on Jan. 31, 1946, amounted to 458.6 million dollars. 690 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) From Jan. 2. 1935, through— Total U K d n i o i n m t g 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 Asiai ot A he ll ri 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—rjec 29 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 1938—Dec. (Jan. 4, 1939). . . 641.8 127.7 26.1 27.3 36.1 33.5 22.0 167.8 440.6 -9.7 167.4 33.8 9.7 1939—Dec. (Jan. 3, 1940). .. 725.7 125.5 42.1 29.4 45.0 36.6 27.6 189.0 495.2 -7.6 184.0 42.8 11.3 1940—Dec. (Jan. 1, 1941). . . 803.8 128.6 43.4 31.0 46.0 36.5 28.1 196.4 510.0 25.0 202.3 53.0 13.5 1941—Dec. 3i 855.5 127.6 51.6 31.5 44.3 36.5 28.1 201.8 521.3 35.4 221.1 61.2 16 6 1942—Dec 31 848.2 125.4 52.4 31.6 44.9 36.5 28.0 207.6 526.3 -3.0 245.4 61.5 18.0 1943—Dec. 3i 925.9 127.6 50.6 33.0 44.7 36.5 27.9 210.1 530.3 41.2 272.3 62.2 19.9 1944—Dec. 3i 1,019.4 126.5 51.0 33.6 44.5 36.5 27.6 210.4 530.1 104.9 302.0 61.3 21.0 1945—jan 3i '1,025.2 124.8 51.0 33.6 44.5 36.5 27.6 210.4 528.4 '110.8 303.5 61.3 21.1 Feb. 28 '•989.3 125.2 51.2 33.6 44.7 36.5 27.6 210.3 529.1 '74.0 303.7 61.5 21.0 Mar 31 '983.7 124.0 51.4 33.6 44.7 36.5 27.6 210.3 528.0 '67.9 305.1 61.5 21.1 Apr 30 •1,012.6 121.6 51.3 33 6 44.7 36.5 27 6 210.1 525.4 '98.1 306.1 61.9 21 2 May 31 '1,032.0 120.8 51.2 33.5 44.5 36.5 27.6 210.0 524.1 '114.5 310.4 61.7 21 2 June 30 '1,011.2 118.9 51.3 33.5 44.7 36.5 27.6 210.1 522.5 '93.3 312.4 61.7 21.3 July 31 '1,015.0 119.0 51.2 33.5 45.0 36.5 27.6 210.1 522.8 '94.4 314.7 61.7 21 3 Aug 31 '999.7 119.0 51.2 33.5 45.0 36.5 27.6 210.1 522.9 '77.0 316.5 61.7 21.7 Sept. 30 '998.2 119.1 51.2 33.5 45.2 36.5 27.6 210.9 523.9 '73.1 317.6 61.8 21 8 Oct. 31 '946.5 119.2 51.1 33.7 45.5 36.5 27.6 211.1 524.6 '23.4 314.9 61.8 21.9 Nov 30 '983.0 119.1 51.1 33.0 45.0 36.5 27.6 210.4 522.7 '59.6 317.4 61.5 21.8 Dec. 31 '972.8 117.7 51.2 33.0 45.2 36.5 27.5 212.8 523.8 '49.1 317.1 60.8 22.0 1946—Jan. 31 1,097.8 115.0 51.1 33.4 44.9 36.5 27.3 212.5 520.7 176.8 317.6 60.9 21.9 TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) 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 ur th o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 1935—Dec. (Jan. 1, 1936). .. 316.7 149.8 23.4 50.5 55.1 -5.4 -.1 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15 5 44 1 7 1 1937—Dec 29 1,162.0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1,041.6 37.6 18.2 54.7 9.8 1938—Dec. (Jan. 4, 1939). . . 1,219.7 472.6 76.9 212.1 304.1 -22.8 -5.5 56.6 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 3i 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. 3i 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# 3i 909.0 -127.4 77.2 239.0 366.1 —30.8 1.8 103.0 629 0 -27 4 55 7 241 1 10 7 Feb 28 845.0 -131.7 76.9 239.1 363.3 -30.8 2.1 102.4 621.4 -84.2 55.4 241.9 10.6 Mar 31 820.6 — 135.4 68.0 239.1 362.2 —30 8 2.1 93.7 598 9 —85 7 55 2 241 7 10 5 Apr. 30 802.5 -139.2 67.1 239.4 360.1 -30.8 2.2 92.5 591.2 -95.9 55.1 241.9 10.3 May 31 785.0 — 142 8 66.4 239.3 359.4 —30 7 .8 93 5 585 9 — 106 7 52 8 242 7 10 3 June 30 848.4 -138.9 77.6 241.3 363.1 -30.7 2.2 96.4 611.0 -91.7 58.5 260.4 10.3 July 31 843.2 -140.3 71.7 240.9 363.5 -30.7 1.9 95.3 602.1 -98.5 57.2 272.2 10.2 Aug. 31. 831.6 -141.5 71.1 240.7 362.0 -30.7 1.8 96.5 600.0 -105.4 56.1 270.9 10.0 Sept 30 818.4 -143.4 78.5 237.8 360.2 -30.7 1.8 96.4 600.8 -117.9 55.1 270.6 9.8 Oct. 31 795.1 — 149 9 78.3 235.5 360.9 -30 7 1.9 96.4 592 4— 126 4 54 6 264 4 10 0 Nov. 30 779.1 -154.0 70.4 234.0 358.1 -30.6 1.6 98.0 577.4 -136.8 65.8 263.1 9 4 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 1946—Jan. 31 625.9 -161.9 81.8 228.6 354.0 -30.4 2.4 93.7 568.3 -114.5 89.3 73.0 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) 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). . . 6.0 2.4 1.3 2.5 -.2 .1 1.4 7.6 -4.5 1.0 2.9 -.9 1936—Dec 30 12.9 4.0 10.4 -.9 9.1 — .7 .3 .4 22.6 -7.6 -4.2 2.1 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 .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 -3.4 2!l 1940—Dec. (Jan. 1, 1941) . . . 100.9 17.0 19.9 13.4 16.2 -.2 .2 7.9 74.3 10.7 9.2 6.0 .7 1941—Dec. 31 100.9 16.8 19.9 17.6 13.5 -.2 .2 8.0 75.7 14.1 3.9 6 3 8 1942—Dec 31 104.4 17.4 20.7 17.5 13.7 -.1 .2 8.7 78.1 15.2 4.2 6.0 .9 1943—Dec 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 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 .3 10.5 100 0 17 0 7 0 4 4 1 9 May 31 133.6 19.1 22.6 23.1 25.8 1 .3 10.3 101.1 19 3 7.5 3 9 1 9 June 30 131.8 21.7 22.8 23.5 26.0 -.1 .3 10.6 104.8 17.9 4.1 3.0 1.9 July 31 . 127.1 18.5 22.8 24.2 26.4 .4 10.6 102 7 17 3 2 3 2 7 1 9 Aug. 31 129.1 18.2 23.1 24.4 26.6 1 .4 10.8 103.4 18.2 2 3 3 2 2 0 Sept. 30 134.6 19.1 23.1 24.7 27.8 (2) .4 11.1 106.1 18.6 4.5 3 2 2 2 Oct 31 134.4 19.1 23.2 25.2 27.3 (3) .4 11.3 106 4 17 6 4 5 3 6 2 2 Nov. 30 139.0 19.3 23.1 24.1 28.2 .4 12.4 107.5 18.8 6.9 3 4 2 4 Dec 31 144.1 19.8 23.4 26.0 30.3 .4 13.6 113 6 19 5 5 9 3 8 1 3 1946—Jan 31 .... 135.1 21.3 24.2 16.2 30.3 .4 13.1 105.6 19.0 5.5 3.6 1.5 ' Revised. 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 1 Inflow less than $50,000. 3 Outflow less than $50,000. JUNE 1946 691 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 o i i n t m g ed - France N la e e n r t d - h s - S l w a e n r it - d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia* ot A he ll r* 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—Feb. 28 5,553.1 838.3 409.8 209.3 245.0 6.8 33.8 709.8 2,452.8 1,070.3 976.9 911.7 141.4 Mar. 31 5,575.7 834.2 366.6 208.8 252.5 6.9 36.0 715.8 2,420.8 1,129.1 964.0 917.2 144.5 Apr. 30 5,624.0 819.9 338.5 208.8 252.0 7.0 39.4 739.9 2,405.5 1,164.8 993.5 916.2 144.1 May 31 5,670.4 832.1 315.1 209.3 258.0 6.7 42.9 752.7 2,416.9 1,161.3 1,035.0 915.6 141.6 June 30 5,927.3 861.8 372.3 213.3 261.2 6.7 43.9 803.0 2,562.3 1,267.3 1,076.9 878.4 142.4 July 31 6,108.5 872.0 399.0 215.8 268.5 6.8 49.5 839.8 2,651.3 1,349.8 1,100.7 865.5 141.2 Aug. 31 6,170.8 824.0 356.7 218.0 273.8 6.9 53.9 805.4 2,538.6 1,449.9 1,087.4 942.6 152.5 Sept. 30 6,260.6 746.2 313.4 220.6 277.7 6.9 58.5 877.9 2,501.0 1,492.1i,no.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 1,551.81,097.7 1,007.7 194.6 Nov. 30 6,310.9 699.6 327.3 269.6 290.0 6.9 65.4 871.2 2,529.9 1,545.7 1,045.7 1,003.9 185.7 Dec. 31 6,362.7 707.7 310.0 281.6 304.2 7.0 70.4 902.1 2,583.0 1,522.21,046.41,029.3 181.8 1946—Jan. 31 26,973.3 679.0 398.3 293.9 315.5 6.9 71.1 890.6 2,655.41,350.7 1,050.921,735.1 181.1 LIABILITIES—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 - Greece8 L b u ou xe r m g8 - N w o a r y - P g o a rt l u 8 - m R an u i - a8 Spain8SwedenUSSR8 s Y la u v g i o a - 8 ot A h l e l r 1939—Dec. (Jan. 3, 1940).. 516.9 159.2 28.1 21.4 56.3 142 2 109.8 1940—Dec. (Jan. 1, 1941). . 650.6 144.8 17.3 16.5 48.7 235.4 187 9 1941—Dec 3i 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—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 B.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 1946—jan 3i ... 890.6 184.9 40.1 6.6 70.0 22.3 176.5 47.5 9.3 37.1 214.0 29.7 6.3 46.4 Latin America Neth- French er- Date A L m i a c t a e i r n - A t r i g n e a n- li B vi o a - * Brazil Chile l b C o i m a o- * - C R o ic s a t * a Cuba I W G a n n d u e d s i ie - t s M ic e o x- l . I W a a n n n d e d d s ie s t s P m an a a 1 - Peru* z V u e e n la e * - O A L i m a t c h t a e i e n r r ana* Surinam* 1939—Dec. (Jan. 3, 1940) 336.0 57.7 36.4 26.8 37.0 58.8 34.0 85.3 1940—Dec. (Jan. 1, 1941) 447.3 115.4 36.2 28.5 47.9 55.0 58.7 105.6 1941—Dec. 31 417.7 75.7 50.5 27.3 62.5 37.7 42.1 .121.8 1942—Dec. 31 597.7 67.6 10.8 67.7 34.5 '43.'4* ii.i 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—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 1946—jan 3i 1,050.9 94.8 13.6 192.3 66.6 82.4 6.0 122.2 7.2 125.9 20.9 89.4 43.4 36.0 150.3 For footnotes see p. 693. 692 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] LIABILITIES—SUPPLEMENTARY DATA— Continued Asia and All Other Japan Date Asia China F C I r n h e d i n n o c a - h 1 H K o o n n g g I C B n m a li d n e u a i y d r a , - - , M l B t a is r y a i h a - - 5 M ( r a K 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 ke u y r-O A t s h i 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 - E A S E t a g u n i g n a y g d y d n p l a p o t n - -F r M r o e c n o c - c o h A U S f n b r o i u i o f c 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 13.1 1.0 4.8 160.4 36.8 29. 36.2 149.623.1 4.8 6.8 12.1 11.0 91.8 1 1 9 9 4 4 3 4 — — D D e e c c . . 3 3 1 1 8 7 8 4 7 3 . . 6 8 5 4 7 2 4 7 . . 2 3 2 2 7 7 . . 4 4 2 2 2 3 . . 9 9 2 1 2 8 . . 1 2 1. . 3 9 4 4 . . 1 0 1 1 1 1 0 0 . . 5 1 3 4 7 0 . . 9 4 2 3 3 5, 5 6 5 4 . . 5 2 1 1 7 7 5 4 . . 3 05 2 2 5 . . 9 3 3 5 . . 5 1 6 7 . . 1 3 1 4 0 . . 3 3 4 8 . . 5 3 1 9 2 7 4 . . 6 1 1945—Feb. 28 911.7 556.9 27.4 22.8 21.1 .9 3.9 113, 42.8 46.0 76.4 141.4 34.9 4.8 8.8 4.1 8.0 80.8 Mar. 31 917.2 554.4 27.4 21.9 21.3 .9 .0 116, 40 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 .9 115, 43.8 51.6 80.9 144.1 34.5 3.6 9.8 4.1 7.1 85.0 May 31 915.6 541.7 27.5 21.9 26.6 .8 .0 117, 45 50.7 79.4 141.6 32.0 3.5 9.5 4.3 6.0 86.2 June 30 878.4 519.6 27.5 22.0 23.2 1.0 .1 111, 49 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 .3 112. 52 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 .9 108, 50 51.2 74.2 152.5 27.6 4.6 13.6 4.7 5.8 96.2 Sept. 30 990.4 588.5 27.6 21.9 28.9 .9 .2 99. 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 .2 104 89 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 4.1 113.7 108.8 52.5 78.0 181.8 28.9 4.3 18.9 10.0 6.4 113.4 1946—Jan. 31 31,735.1 756.3 28.2 30.5 29.4 1.7 4.0 110.0 3642.8 57.3 75.1 181.1 29.6 4.0 19.4 9.7 6.3 112.2 1 Prior to June 30, 1942, included under "Other Asia." s 8 Country breakdown not available until June 30, 1942. 1 See footnote 2 for main table. Footnotes to table on p. 692. 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 2 Includes official Philippine accounts amounting to 458.6 million dollars held with the United States Treasury, which have not been included previously. (Revised back figures will be published in a later issue of the BULLETIN.) 3 Prior to June 30, 1942, included under "All other." 4 Prior to June 30, 1942, included under "Other Latin America." 5 Included "Canal Zone" prior to June 30, 1942. NOTE.—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. For further explanation see Banking and Monetary Statistics, pp. 578-584 and BULLE- TIN 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- Asia* 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 .2 .9 1.5 39.6 2.0 29.9 101.0 36.0 122.7 117.8 6.4 1941—Dec. 31 367.8 20.9 .8 1.1 2.6 34.4 1.5 26.2 88.4 33.6 148.3 87.9 9.7 1942—Dec. 31. 246.7 12.6 .3 .5 1.5 34.0 .4 22.3 72.6 34.3 99.7 35.3 4.8 1943—Dec. 31 257.9 19.9 .1 .4 3.0 33.9 .4 19.0 77.6 37.8 112.2 26.3 3.9 1944—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—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 36.3 2.9 33.9 .3 40.8 140.7 53.3 158.9 29.9 9.9 1946—Jan. 31 406.3 25.9 35.7 6.2 33.9 .3 13.1 115.8 74.3 164.7 40.6 10.8 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. JUNE 1946 693 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 Spain S d w en e- USSR1 s Y la u v g i o a - ' o A th l e l r 1939—Dec. (Jan. 3, 1940). 51.4 6.5 3.2 1.4 3.6 8.7 28.0 1940—Dec. (Jan. 1, 1941). 29.9 1.5 .3 1.8 .9 1.0 24.5 1941—Dec. 31 26.2 1.1 1.9 5 .6 22.1 1942—Dec. 31 22.3 5.6 1.1 .2 2.4 (2) 3.2 .4 8.4 1943—Dec. 31 19.0 7.6 .6 .2 1.4 3.2 .2 5.0 1944—Dec. 31 44.4 .6 35.1 .8 8 1.8 .2 5.1 () 1945—Feb. 28. 8.7 () .6 .6 8 1.2 .2 <*) 5.1 Mar. 31. 8.7 .6 .5 1.3 .2 5.0 Apr. 30. 8.4 8 .6 .6 8 .9 .2 5.1 May 31. 8.9 .8 .6 .6 1.5 .3 () 8 4.9 June 30. 48 .8 2 .6 .5 .9 .3 4.8 July 31. 48 .8 () .6 .2 .9 .7 8 4.9 Aug. 31. 9.7 .7 .6 .3 1.4 1.5 () 4.9 Sept. 30. 8.1 .5 () .6 .3 .9 .3 5.1 Oct. 31. 9.6 .5 1.5 .6 .2 1.0 .5 () 5.0 Nov. 30. 10.2 .6 1.5 .6 .1 .4 .9 1.0 4.9 1946— D Ja e n c . . 3 3 1 1. . 4 1 0 3 . . 8 1 1. . 8 6 1 () .)0 1 () .3 . . 7 7 31. . 6 1 . . 4 5 1 1 . . 8 6 1. .9 1 4 4 . . 8 7 Latin America French Nether- Date A L i a m c t a i e n r- A t r i g n e a n- li B v o ia - 3 Brazil Chile l b C o i m o a - ' - C R o ic st a a ' Cuba I W G n a d n u e i d i s e - t s Mexico I l W n a a d n n e i d d s e s t s P m an a a 4 - Peru' z V u e e n l e a - ' O A L i a t m c h t a i e e n r r ana' Surinam' 1939—Dec. (Jan. 3, 1940)... 113.3 16.8 32.2 9.7 10.5 5.9 1.0 37.2 1940—Dec# (Jan. 1, 1941)... 122.7 11.9 33.1 13.4 11.7 6.1 2.1 44 4 1941—Dec 3i 148.3 16.8 38 0 14.9 11 3 7 6 2 4 57.3 1942—Dec. 31 99.7 6.9 3.0 16.7 15.3 20.7 .6 8.3 .2 4.8 .3 2.1 2.8 3.9 14.2 1943—Dec 31 112.2 15.3 .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 .8 25.3 9.0 15.5 1.2 47.4 (2) 8.6 .3 .8 1.2 5.1 11.7 194S—Feb 28 127.3 2.9 ? 23.8 8.5 13.5 1.0 50 1 .1 8.4 3 1 0 1 4 3 7 11 4 Mar 31 144.1 5.5 L.3 22.7 7.8 16.0 .9 60.9 (2) 9.1 .4 1.0 1.4 4.0 13.1 Apr 30 145.0 8.7 4 24.1 8.7 14.7 1.0 57.1 (2) 8.8 4 1 0 1 4 4 9 n o May 31 127.9 7.7 3 25.5 8.4 15.1 1.1 39.1 (2) 8.7 .4 .9 1 4 5 8 12 6 June 30 . . 144.5 8.3 1.2 30.6 7.0 16.8 1.1 49.7 .1 8.9 .4 1.0 1.4 5.6 12.3 July 31 109.8 14.1 ? 26.9 8.4 16.3 1.2 10.3 .1 10.2 .3 1.1 1 7 5 5 12 4 Aug 31 116.6 11.0 3 24.4 6.3 17.1 1.2 14 5 .1 8 7 3 8 1 9 5 2 23 7 Sept 30 120.6 12.8 L.I 21.7 7.5 16.7 1.5 18.3 .2 9.0 .3 .8 1.3 5.2 24.1 Oct 31 113.6 10.8 L.8 18.2 6.8 14.2 1.4 17.0 (2) 9.7 .4 .8 1.3 5.7 25.4 Nov. 30 14*. 8 20.5 ? 22.0 7.2 19.4 1.2 27.2 (2) 10.6 3 1 0 1 7 6 1 27 3 Dec. 31 158.9 21.0 3 24.7 6.6 16.8 1.2 33.3 .1 11.0 5 1 l 1 9 6 1 33 4 1946—jan 31 164.7 24.2 7 26.8 7.0 17.5 1.4 33.9 .1 10.5 .3 1.9 3.3 6.6 29.5 Asia and .411 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 l m o n d e u n a y d i r * a , - - , l M B t a is y r a h i a - - 5 c M h ( r a K i u e n n a o a r c d n i - ) l a - . I N l n E a d e 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 r8 A t li u r a a s - - N l Z a e e n a w d - E A S E t g a u n i g n y a d g y d n p l a p o t n - -F r r M 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 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 1 1 9 9 4 4 1 2 — — D D e e c c . . 3 3 1 1 3 8 5 7 . . 3 9 2 1 3 1 . . 5 1 ¥ 3. . 1 9 "2.2 "".7 18 . . 5 9 "i!6 2 1 3 4 . . 0 4 1.8 1 2 9 . . 0 5 9 4 . . 7 8 i.'o .7 •• i " i.' 7 i. 2 1943 Dec 31 26.3 1.7 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 2 .9 22.3 .1 .5 1.5 13.8 1.8 8.8 11.7 .6 .2 .2 9.7 1 n ( ) 1945—jreb 28 40.9 1.2 2 .9 12.1 .1 .5 1.4 13.9 1.8 9.0 9.7 .7 .2 .3 7.2 .2 Mar 31 . . 41 0 1.3 ( ) .9 11.8 .1 .5 1.4 13.9 1 8 9.1 9 2 8 4 3 6 7 1 Apr. 30 42.6 1.3 .9 12.1 .1 .5 1.4 13.9 1 9 10.5 9.3 .8 .4 .4 6 7 1 May 31 . . 51.1 1.1 (»2) .9 19.4 .1 .5 1.4 13.9 2.0 11.8 9.0 1.0 .3 .4 6. 1 .2 June 30 49.2 1.2 (2) .8 16.8 .1 .5 1.4 13.6 ? 0 12.5 9.9 9 4 2 6 0 > /\ July 31 47.7 1.0 ( ) .8 14.5 .1 .5 1.4 13.9 2.2 13.1 9.5 2.1 .4 .3 5.2 1.6 Aug 31 60 7 1.1 .8 15.0 .1 .5 1.4 26.0 2 1 13.6 8 5 1 0 4 3 5 0 I 8 Sept. 30 30.8 1.1 .8 8.0 .1 .5 1.4 13.6 ? ^ 2.9 7.6 .7 3 3 4 5 Oct. 31 37.3 1.2 « .8 7.2 .1 .5 1.4 13.0 1 6 11.4 7.2 .7 .6 .2 4 1 1 5 Nov 30 29.1 1.7 .8 7.1 .1 .5 1.4 13.7 1.7 2.0 8.8 .9 .7 .2 5.0 1.9 Dec. 31 29.9 1.0 .8 7.5 .1 .5 1.4 13.8 ? 0 2.7 9.9 1.7 7 .3 1 4 7 2 5 1946—jan# 3i 40.6 7.7 1.1 7.9 .1 .3 1.4 18.5 1.0 2.5 10.8 2.1 .6 .2 5.0 2.9 1 Prior to June 30, 1942, included under "All other." 2 Less than $50,000. 3 Prior to June 30, 1942, included under "Other Latin America." * Included "Canal Zone" prior to June 30, 1942. 5 Prior to June 30, 1942, included under "Other Asia." 6 Country breakdown not available until June 30, 1942. 694 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue department Assets of banking department Liabilities of banking department Bank of England Note (Fig p u o r u e n s d i s n s m ter il l l i i n o g n ) s of Gold1 a O ss th et e s r 2 C C o a i s n h rese N rv o e te s s a v c n o a D d n u i s c n a - e t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' D P ep u o b s li i c ts Other l O ia ti t b e h i s e li r - 1929—Dec. 25 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 « .2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 5 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 .2 * 780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 6 950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 5 1,100.0 .9 11.6 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 5 1,250.0 1.9 11.6 5.1 317.4 11,238.6 260.7 5.2 52.3 17.8 1945—May 30 .2 *5 1,300.0 1.2 30.6 9.6 254.3 L.269.6 212.4 14.8 50.7 17.8 June 27 .2 1,300.0 1.3 15.1 3.8 324.2 L.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 L.325.9 238.2 16.0 55.0 18.0 Sept. 26 .2 1,350.0 .2 20.3 3.6 331.7 1,329.9 279.1 5.5 53.1 18.1 Oct. 31 .2 1,350.0 .4 28.1 11.2 288.9 1,322.2 244.2 9.2 57.4 17.7 Nov. 28 .2 1,350.0 .5 22.6 11.3 301.6 1,327.6 250.2 10.5 57.7 17.8 Dec. 26 .2 5 1,400.0 .4 20.3 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Jan. 30 .2 1,400.0 .5 68.8 5.5 289.6 1,331.4 279.7 11.0 55.9 17.9 Feb. 27 .2 1,400.0 .9 77.1 7.4 236.7 L,323.1 234.5 16.7 53.0 18.0 Mar. 27 .2 1,400.0 .8 71.9 20.0 238.7 1,328.3 249.1 9.9 54.0 18.5 Apr. 24 .2 1,400.0 1.0 52.0 22.4 256.3 1,348.3 253.4 7.4 53.1 17.8 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (F C ig a u n r a e d s i i a n n m do il l l l i a o r n s s ) of Gold an S d S t e t U a rl t n i e n i s t g ed securities O as t s h e e ts r circ N ul o a t t e ion7 lia O bi t l h i e ti r es8 dollars S te h r o m rt 6 - Other Ch b a a r n te k r s ed D g o o m m v e e i n n rn t io - n Other 1935—Dec. 31 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 .8 7.7 1936—Dec 3i 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 (9) 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—May 31 177.9 1,068.3 533.5 42.0 1,055.8 464.8 33.6 32.4 235.1 June 30 174.4 1,073.8 559.5 34.4 1,063.2 492.0 43.9 35.9 207.1 July 31 174 4 1 034 7 558 3 56 5 1,078 8 441.1 57 5 37 6 208 8 Aug 31 176.1 1,031.5 584.0 62.3 1,097.9 444.4 32.6 39.7 239.2 Sept. 29 176.1 1,028.9 591.4 34.9 1,112.4 442.9 39.6 22.4 213.9 Oct. 31 176 1 1,109 4 590 6 39 5 1,136.6 474.2 51 0 32 4 221 3 Nov 30 159.0 1,168.1 629.4 69.5 1,113.8 495.2 159.1 27.4 230.5 Dec. 31 156 8 1,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1Q46—jan# 31 101 8 1,143.8 686.2 33.2 1,088.1 505.9 187.2 34.2 149.6 Feb. 28 ... 95 2 1,155 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 Apr. 30 24.1 1,348.0 553.0 48.6 1,114.4 555.8 183.3 62.7 57.4 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 4 O No n t J e a s n is . s 6 u , e d 1 9 l 3 e 9 ss , 2 a 0 m 0 o m un il t l s io h n e l p d o u in n d b s a n st k e i r n li g n g d e o p f a g rt o m ld e n (a t. t legal parity) transferred from Bank to Exchange Equa # lization 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. JUNE 1946 695 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 mill ( i F on ig s u o re f s f r i a n ncs) Gold* F c o h e r a x e n - i g g e n m O ar p k e e n t* Special* Other c F u c o p o r a s t o t s i c o ' - n Other* O as t s h e e t r s ci N r ti c o o u n t l e a- G m ov e e n r t n- C.A Other l O ia t t i b h e i s e li r - 1929—Dec. 27. .. 41,668 25,942 5,612 ,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26 53,578 26,179 5,304 ,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 41,739 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 .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 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 23,179 218,383 984 100 27,202 3,586 1941—Dec. 31... 84,598 38 42,115 12 A,517 142, 507 69,500 22,121 270,144 1,517 64,' 580 25,272 3,894 1942—Dec. 31... 84,598 37 43,661 169 5,368 210, 965 68,250 21,749 382,774 770 16, 357 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 If,592 426, 000 15,850 •35,221 572,510 748 37 855 7 078 1945—Apr. 26... 75,151 44 48,257 14,967 426, 000 20,900 •43,634 580,944 756 42 302 4 950 May 31 75,151 45 48,141 1(1,162 426, 000 19,750 •35,403 548 945 774 57 231 7 701 Aug. 30... 75,151 46 48,703 1?,936 426, 000 •41,666 469,652 80,246 50 005 4 600 Sept. 27... 75 151 46 49,363 14 242 426 000 •42 717 496 258 53 598 53 156 4 506 Oct. 31... 565,152 47 60,087 27 7(1,442 426, 000 •46,152 528,945 30,793 52 552 5 617 Nov 29 65,152 45 62,210 153 ?6,073 426, 000 645,859 545,795 21,708 53 447 4 540 Dec. 27... 5129,817 68 723,038 303 ,548 426, 000 •39,122 570,006 12,048 57,755 4,087 1946—Jan. 31. .. 129,817 69 26,081 220 ?7,415 426, 000 844,818 592.436 5,781 52 046 4 156 Feb 28 • 129,817 69 27,247 160 ,945 426, 000 •46,744 605,156 1 014 50 743 4 070 Mar. 28... 129,817 69 25,524 46 32,647 426, 000 16,000 «40,985 613,434 781 52,516 4,357 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figu re re ic s h i s n m m ar i k ll a io ) nsof re f T 's o e o 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 b e e lu a i c l s d k l u s i s n r ) y , g Se lo cu an ri s ty E a c s li o g v n i e b o r l t e e Other O as t s h e e t r s 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 l e i r - 1929 Der 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 1938—Dec. 31 76 71 8,244 45 557 298 1,621 8,223 1,527 ] OO1 1939—Dec 30 78 71 11,392 30 804 393 2,498 11,798 2,018 1L.378 1940—Dec. 31 78 71 15,419 38 32 357 2,066 14,033 2,561 L.396 1941—Dec. 31 .. . 77 71 21,656 32 107 283 2,311 19*, 325 3,649 L 493 1942—Dec. 31 76 71 29,283 25 87 210 1,664 24,375 5,292 1,680 1943—Dec. 31.... 77 71 41,342 27 1 65 2,337 33,683 8,186 L.980 1944—Mar 3i 77 40,379 46 33 2,281 33,792 7,237 11,788 Apr 29 77 40,909 38 31 2,525 34,569 7,179 1,833 May 31 77 42,159 28 23 2 096 35 229 7 240 QIC June 30 77 42,150 26 27 2,397 35,920 6,754 2,004 July 31. . . 77 43,222 38 21 2,396 36,888 6,813 2,054 Aug 31 77 45,829 42 20 2 275 38 579 7 480 2 185 Sept 30 77 50,821 47 67 25 2,510 42,301 9,088 2,160 Oct 31 77 53 954 46 70 24 2 351 44 704 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 Tan 31 77 64,625 199 81 60 2,083 51,207 13,566 2,353 Feb 28 77 70,699 307 112 61 2,591 55,519 16,419 1,909 1 Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 2 For explanation of this item, see BULLETIN for July 1940, p. 732. * By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of 441,000 million francs were authorized to meet the costs of the German army of occupation. 4 Central Administration of the Reichskreditkassen. * In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000 million, 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. * 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 anc 167, pp. 641-613 and pp. 645-647, respectively; for description of statistics see pp. 562-565 in same publication. 696 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1946 1945 Central Bank 1946 1945 (Figures as of last report (Figures as of last report date of month) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. Central Bank of the Argentine National Bank of Czechoslovakia Republic (millions of pesos): in Prague—Continued Gold reported separately 1,206 1,209 1,242 Note circulation—Old 1,191 1,298 42,840 Other gold and foreign exchange 3,491 3,438 2,722 New 31,454 29,765 Government securities 866 866 Deposits—Old 86,387 85,482 32', 205 Temporary advances to Govt.... 12 41 88: New 6,855 3,643 Other assets 144 148 Other liabilities 9,908 10,131 171924 Note circulation 2,979 2,940 " ii: National Bank of Denmark Deposits—Member bank 1,828 1,833 (millions of kroner): Com O C m e t G h o rt e n o i r f v w ic l e i e a r a a t n b e l m i s t l O G h i e t o n i t o e h t f v B s e e s r a p r e n a n c r m k u t r i e i c t o n i i p t e f s a A tio u n s - in 4 1 1 0 6 9 8 4 4 3 2 1 1 0 9 6 6 8 8 1 1 2 1, , 6 4 4 1 1 1 5 4 5 3 2 7 : 5 9 5 0 G S C L G F e o o l o o e c r a l v a e u d n t r i r . s g i i n t n c a i g e o n e s m a d x c p c d c h e i o n a s u c n s n a o g t t u e s i n o n t ( s n a e c t) count7. . . 7,5 1 9 9 2 8 9 7 0 9 5 3 3 4 7,5 1 14 2 8 9 0 ' 3 8 4 7,6 1 1 1 3 8 8 3 2 1 0 2 3 0 1 2,9 6 3 7 9 2 7 5 2 7 3 5 7 tralia1 (thousands of pounds): Other assets 115 117 130 5,044 Gold and foreign exchange 197,255 185,800 Note circulation 1,508 1,512 1,509 1,700 Checks and bills of other banks. . 2,446 2,034 Deposits—Government 2,684 2,747 2,727 2,815 Securities (incl. Government and Other 3,744 3,650 3,695 3,267 Treasury bills) 421,735423,240 Other liabilities 243 247 256 532 Other assets 21,374 19,107 Central Bank of Ecuador (Dec. Note circulation 195,464 194,214 (thousands of sucres): 1945)8 Deposits of Trading Banks: Gold !88,872 288,655 Special 253,674247,553 Foreign exchange (net) 82,178 137,097 Other 29,772 35,481 Loans and discounts 149,568 93,324 Other liabilities 163,899 152,934 Other assets 98,356 92,491 National Bank of Belgium Note circulation 335,483308,131 (millions of francs): Demand deposits 253,884 277,810 Gold' 33,452 33,095 32,728 31,327 Other liabilities 29,607 25,625 Foreign exchange 5,122 4,659 4,576 2,772 National Bank of Egypt9 (thou- Loans to Government 48,303 49,410 49,894 39,598 sands of pounds): Other loans and discounts 2,105 2,217 2,128 529 Gold 6,241 6,241 Claim against Bank of Issue... . 64,597 64,597 64,597 64,589 Foreign exchange 16,137 18,355 Other assets 1,894 1,751 1,725 2,052 Loans and discounts 2,709 3,629 Note circulation 72,564 72,838 73,143 52,847 British, Egyptian, and other Demand deposits 3,223 3,133 2,675 5,327 Government securities 304,309 282,492 Blocked accounts" 78,505 78,349 78,434 81,667 Other assets 27,559 26,522 Other liabilities 1,181 1,408 1,398 1,026 Note circulation 137,792 120,684 Central Bank of Bolivia—Mone- Deposits—Government 51,378 76,994 tary Dept.4 (millions of bolivianos): (Jan.) s Other 151,721 125,986 Gold at home and abroad 917 Other liabilities 16,063 13,576 Foreign exchange 566 Central Reserve Bank of El Salva- Loans and discounts 4 dor (thousands of colones): Government securities 533 Gold 32,935 32,958 33,165 Other assets 8 Foreign exchange 39,398 39,069 38,880 Note circulation 1,623 Loans and discounts 843 1,360 896 Deposits 404 Government debt and securities. 6,255 6,307 5,056 Other liabilities 1 Other assets 1,712 1,720 1,531 National Bank of Bulgaria5 Note circulation 48,244 48,789 46,981 Central Bank of Chile (millions Deposits 26,078 25,811 25,624 of G p o es ld os): 383 384 277 Bank O t o h f e r F l i i n a l b a il n it d ie 5 s 6,819 6,814 6,923 Discounts for member banks 311 287 292 Bank of Greece8 Loans to Government 701 701 710 National Bank of Hungary5 Other loans and .discounts 652 645 962 Reserve Bank of India (millions of Other assets 1,955 1,892 ,262 rupees): Note circulation 2,918 2,850 ,583 Issue department: Deposits—Bank 523 545 420 Gold at home and abroad. . 444 444 444 Other 204 188 171 Sterling securities 11,203 11,253 9,983 Other liabilities 356 326 330 Indian Govt. securities 578 578 578 Bank of the Republic of Colombia Rupee coin 158 132 176 (thousands of pesos): Note circulation 12,188 11,959 11,070 Gold 28,456226,108 72,474 Banking department: Foreign exchange 86,102 101,708 99,350 Notes of issue department.. 196 449 111 Loans and discounts 10,565 9,709 19,537 Balances abroad 6,040 5,853 3,969 Government loans and securities. 72,577 72,196 70,578 Treasury bills discounted.. 26 26 62 Other assets 39,371 29,377 31,132 Loans to Government Note circulation 91,300 189,647 69,918 Other assets 470 503 265 Deposits 103,577208,950 .48,051 Deposits 6,434 6,530 4,107 Other liabilities 42,194 40,501 75,102 Other liabilities 299 302 300 National Bank of Czechoslovakia Central Bank of Ireland (thousands in Prague6 (millions of koruny): of pounds): Gold.. 1,517 1,517 1,517 Gold 2,646 2,646 2,646 2,646 Foreign exchange 1,441 1,224 787 Sterling funds 35,480 35,733 35,196 30,264 O Lo th a e n r s a a s n s d e ts discounts. 25 7 , , 7 0 5 8 1 7 13 4 0 , , 6 3 3 1 6 8 8 3 7, , 1 5 0 6 3 2 Bank N o o t f e J c a ir p c a u n la 5 tion 38,126 38,379 37,842 32,910 Bank of Java5 c Corrected. 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. •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 functions) 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. • Issue and banking departments consolidated. JUNE 1946 697 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) Apr. Ma Feb. Apr. Apr. Mar Feb. Apr. Bank of Mexico (millions of pesos): Bank of Spain—Continued Metallic reserve1 753 764 758 659 Note circulation 18,479 17,104 "Authorized" holdings of securi- Deposits—Government 427 1,997 ties, etc 1,951 ,997 1,998 1,647 Other 3,848 3,246 Bills and discounts 438 420 406 406 Other liabilities 542 538 Other assets 66 57 47 87 Bank of Sweden (millions of kronor) Note circulation 1,726 ,717 1,707 1,390 Gold 1,048 1,054 1,060 1,040 Demand liabilities 1,286 ,339 1,323 1,245 Foreign assets (net) 1,012 805 771 604 Other liabilities 196| 182 179 164 Swedish Govt. securities and ad- Netherlands Bank (millions of vances to National Debt Office9 1,280 1,207 1,213 1,140 guilders): Other domestic bills and advance? 25 28 42 27 Golds 713 713 931 Other assets 836 1,107 1,121 1,048 Silver (including subsidiary coin) 1 1 Note circulation 2,459 2,507 2,506 2,388 Foreign bills ,634 4,650 4,488 Demand deposits—Government 1,003 891 953 613 Discounts 1 725 Other 280| 133 73 195 Loans 160 152 147 Other liabilities 460 669 674 663 Other assets 122 128 110 Swiss National Bank (millions of Note circulation—Old 294 302 5,517 francs): New' ,096 1,949 Gold 4,756 4,767 4,722 4,771 Deposits—Government ,806 1,806 105 Foreign exchange 183 186 198 102 Blocked 242 359 Loans and discounts 79 123 116 339 Other 555 544 511 Other assets 92 89 84| 83 Other liabilities 638 683 268 Note circulation 3,579 3,614 3,589 3,558 Reserve Bank of New Zealand Other sight liabilities 1,239 1,258 1,232 1,447 (thousands of pounds): Other liabilities 291 294 3001 291 Gold 802 2,802 2,802 Central Bank of the Republic of Sterling exchange reserve ,872 73,703 51,436 Turkey (thousands of pounds): Advances to State or State un- Gold 300,926300,926 281,200 dertakings ,274 41,632 30,004 Foreign exchange and foreign Investments 406 12,861 14,325 clearings 69,449 64 919 98,187 Other assets 199 1,624 1,315 Loans and discounts 752,584760 147815,209 Note circulation ,617 43,516 40,299 Securities 170,951 171 958172,332 Demand deposits. 802 84,154 55,612 Other assets 38,7761 45 536 25,683 Other liabilities. .. 134 4,952 3,970 Note circulation 897,667898 014973,508 Bank of Norway4 Deposits—Gold 91,821 91 821 85,586 Bank of Paraguay—Monetary Other 133,305138 816149,624 Dept.5 (thousands of guaranies): Other liabilities 209,893214 835183,893 Gold 404 3,323 3,326 Bank of the Republic of Uruguayw| Foreign exchange 955 26,903 22,299 (thousands of pesos): (Jan.) Loans and discounts 261 3,563 5,110 Gold 295,704255.550 Government loans and securities 100 10,111 10,658 Silver 13,882 14,028 Other assets. . . 446 465 1,306 Adrames to State and govern- Note circulation 192 26,579 28,023 ernment bodies 11,397 12,037 Demand deposits 046 15,020 12,944 Other loans and discounts. . . 97,799 92,364 Other liabilities 928 2,766 1,732 Other assets 326,079307,280 Central Reserve Bank of Peru Note circulation 173,916|158,923 (thousands of soles): (Jan.)' Deposits—Government 37,687 40,259 Gold and foreign exchange. . . 159,503123,039 Other 253,998)225,895 Discounts 36,770 24,290 Other liabilities 279,260256,452 Government loans 572,692513,822 Central Bank of Venezuela (thou- Other assets 19,514 22,518 sands of bolivares): Note circulation 501,0081428,244 Gld 47,582 547,582547,582392,758 Deposits 253,103225,912 47,741 15,549 41,897 85,213 Other liabilities 34,367 29,513 Foreign exchange (net) 20,310 N Ba a c n t u i k O O d G O G O L N N o o n o t t o t t o o o o h h s h h a a l v n t ) f e e d e e e n l : e r r r r r ' s e r c P B s n l a s r i a i e o e i r a m s a n g c r s s r n b v d h e u e e t k i e r t n t l u l s d v a i t g l t e o t e i i i i s a d a s x e f o c l b s e c n o ( R b i h n l u ( t i m u a e n ti n t t m e i ) s l g s l a i e o n . n i . s . a . 4 of es- ( 1 J 6 9 1 7 1 1 a , , , , , , n 9 4 9 8 9 2 0 5 7 . 2 1 3 ) 5 9 1 3 1 4 6 2 9 3 9 2 2 3 3 8 1 5 9 7 1 1 0 , , , , , , 9 0 3 4 3 5 8 2 7 1 2 1 4 8 6 0 1 6 6 0 7 9 3 4 4 5 4 N Ba a o m f n r t f a i e k G C O O N D o n Y n n c r o t t e o t e h h u s f l a p t s d d o ) e e e l g 1 o : 2 r r i r o s c t i B s ( i n i a l s t t r i I l s s a h a t c b a n s o b u n o v e a t i k l u t r n e i l a s s a i s a r t t 4 a i o i n t o e i n f a o s n d t n — t s i a h o N l C e o n a b f e a t a n K l S i n o t w i r k n a n S i s a l s g e l s d B t b g t o a a l o m e n n ld - k k ? . 1 1 2 8 1 2 1 0 8 3 0 0 8 , , , , , , 4 8 2 1 9 7 0 2 7 6 0 1 6 7 6 4 7 81 1 1 3 2 2 1 8 7 8 4 0 3 7 7 , , , , , , 9 5 1 8 7 1 8 0 0 4 0 9 1 7 7 7 3 2 3 2 1 7 1 2 1 9 7 3 4 0 5 , , , , , , 1 6 1 2 9 4 4 9 3 1 7 9 2 7 7 8 4 6 3 1 1 1 2 1 8 1 6 6 1 5 0 9 , , , , , , 9 0 0 4 8 3 4 3 8 5 3 2 2 8 9 0 8 3 So ( u th t G F h o o o u r l s A e d a i f g n r n d i c s b a o i n l f l s p R o e u s n e d r s v ) e : Bank8 1 4 2 6 3 0 67 7 8 1 | 1 5 1 4 9 , , 1 1 5 8 1 91 2 0 9 3 , , 9 2 2 2 1 8 S C R i a e g a a s d h n c h i t c c s e o c f o s u o u n n u n ( d t n a h s t t w a a c n a b i o d t t l h e s i t n ) a b b t n i a e l d l n r s e k a s o s t n n d c a u cc rr e e p n t- t 1 1 3 2 , , 6 1 1 9 5 4 2 4 0 1 1 3 1 , , 6 4 1 3 6 40 1 9 4 8 1 3 1 1 , , , 2 7 39 0 4 7 8 1 4 86 7 6 , , , 7 8 3 7 1 0 8 0 0 Other bills and loans 4 827 4,026 3,642 Time funds at interest 2,751 2,749 2,750| 2,749 Other assets 118 631 111,470 92,431 Sundry bills and investments. . . 101,688303,124196,091 195,21S Note circulation 66 298 66,134 59,865 Other assets 56| 53 103 105 Deposits 221 125217,854164,854 Demand deposits (gold) 14,623 16,958 16,958 18,432 Other liabilities 5 783 4,849 4,504 Short-term deposits (various Bank of Spain (millions of pesetas): currencies): Gold 1,213 1,189 Central banks for own ac- Silver 585 609 count 5,187 3,662 3,664 7,304 Government loans and securities 15,826 16,096 Other 1,092 1,078 1,592 1,942 Other loans and discounts 3,840i 3,194 Long-term deposits: Special ac- Other assets 1,832 1,795 counts 229,001228,909229,001229,001 Other liabilities 200,743200,7501204,271201,604 1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 2 Gold revalued in July 1945 from 2,098 to 2,970 guilders per fine kilogram. 3 Notes issued before October 1945 were gradually withdrawn from circulation and deposited in "blocked" accounts in accordance with the* currency reform decrees effected between June and October 1945. 4 For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282; and of Rumania (June 1944), see BULLETIN for March 1945, p. 286. 5 The Bank of the Republic of Paraguay was reorganized in September 1944 under the name of Bank of Paraguay. The new institution is divided into a Monetary, a Banking, and a Mortgage Department. The first official balance sheet of the Monetary Department, which assumes central banking functions, was issued for the end of December 1944. 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 Issue and banking departments consolidated. 11 Beginning October 1944, a certain amount of gold, formerly reported in the Bank's account, shown separately for account of the Govv. ernment. 12 See BULLETIN for December 1936, p. 1025, 698 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] Centra bank of— Rate Rate Date Central May Date Central May Date effective U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S l w a e n r it - d z- bank of— 31 effective bank of— 31 effective 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 2y2 A B r e g l e g n iu ti m na ... J M an a . r. 16 1 , , 1 1 9 9 4 3 5 6 J Ja a v pa a n 3 3 .29 A Ja p n r . . 14 7 , , 1 1 9 9 3 3 7 6 June 15 6 Bolivia 6 Nov 8 1940 Latvia 5 Feb 17 1940 July 7 5 Lithuania.... 6 July 15, 1939 Aug 4 4 Sept 3 Nov. 13 3 2 May 10 1938 4 British India. . 3 Nov. 28, 1935 Mexico June 4, 1942 M M a a y y 3 l^ 0 2y2 3 C B a u n lg a a d r a ia 5 D Fe e b c . . 8 1 , , 1 1 9 9 4 4 4 0 N Ne e w th e Z rl e a a n la d n s d. 2 j 1 1 4 / J J u u l n y e 2 2 6 7 . , 1 19 9 4 4 1 1 Sept. 28 3 Chile 3-4-hi Dec. 16, 1936 Norway 2)4 Jan. 8, 1946 O N c o t v . 2 2 7 5 2y2 C C o ze lo c m ho b s i l a ovakia 4 J O u c l t y . 2 1 8 8 , , 1 1 9 9 4 3 5 3 P P e o r r u tugal.... 5 2Y2 A Ja u n g . . 12 1 , , 1 1 9 9 4 4 4 0 Tan. 4,1939... 2 Apr. 17 4 May 11 3 1 uly 6 Denmark. . . 3K Tan. 15, 1946 Rumania. .. . 4 May 8, 1944 Aug. 24 4 Ecuador May 26, 1938 South Africa. 3 June 2, 1941 Aug 29 3 El Salvador. . . 3 Mar.30, 1939 Spain 4 Dec. 1, 1938 Sept. 28 -i Estonia Oct. 1, 1935 Sweden 2y2 Feb. 9, 1945 Oct 26 2 Finland 4 Dec. 3, 1934 Switzerland \y Nov. 26, 1936 Dec 15 3 2 Tan. 25 1940 2 Apr. 9 3 ~y May 17 SK France... IK Jan. 20, 1945 Turkey 4 July 1, 1938 Mat. 17, 1941. Germany 3}A Apr. 9, 1940 United King- May 29 3 Greece 7 Feb. 11, 1945 dom 2 Oct. 26, 1939 Tune 27 .... 214 Hungary. .... 3 Oct. 22, 1940 U. S. S. R.... 4 July 1, 1936 Jan. 16,1945... IK Ireland 2K Nov.23, 1943 Yugoslavia. . 5 Feb. 1. 1935 Jan. 20 iy* F In e b e . f fec 9 t May 31, m 2y2 NOTE.—Changes since Apr 30: None 1946 2 IK 2* 2y2 IK 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—Mar 5.33 5.30 4.51 6.31 6.97 4.64 5.05 3.39 1930—Mar 2.78 2.55 3.20 \K-\K 5.12 5.57 2.50 2.61 2.60 1931—Mar 60 2.56 2.20 4.76 5.00 1.09 1.04 .99 1932—Mar 2.59 2.28 2.40 3-1K 6.10 7.76 1.22 1.06 1.50 1933—Mar .62 .46 .64 3.88 4.97 .64 1.11 1.50 1934—Mar .95 .84 .88 3.88 4.89 1.24 1.07 1.50 1935—Mar .57 .50 .72 3.38 3.94 .60 1.00 1.50 1936—Mar .56 .52 .75 3.00 2.99 1.11 1.68 2.26 1937—Mar .55 .51 .75 3.00 3.10 .19 1.00 1.00 1938—Mar .53 .50 .75 2.88 2.86 .13 .50 .00 1939—Mar .63 .70 .75 2.88 2.70 .29 .50 .00 1940—Mar 1.03 1.02 .99 2.50 2.16 1.35 2.49 .25 1941—Mar 1.03 1.01 1.00 2.25 1.83 2.07 2.75 .25 1942—Mar 1.03 1.00 1.03 2.13 1.95 .25 1943—Mar 1.03 1.00 .90 2.13 1.94 .25 1944—Mar 1.03 1.00 1.13 2.13 1.93 .25 1945—Mar 1.03 1.00 1.00 2.13 .25 1945—Apr 1.03 .01 1.00 .25 May 1.03 .00 1.03 .25 June 1.03 .00 1.13 .25 July 1.03 .00 1.13 .25 Aug 1.03 .00 1.13 .25 Sept 1.03 .00 1.13 .25 Oct .83 .75 .96 .25 Nov .53 .51 .63 .25 Dec. .53 .50 .63 .25 1946—Tan .53 .50 .63 .25 Feb .53 .51 .63 .25 Mar .53 .51 .63 .25 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941. see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-5 72 in same publication. JUNE 1946 699 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom * b ( m 1 a 1 i n l l k i L o s s o . n t n e s r d o F l o i f n i n g g p u c ) o r l u e e a s n r d i i n s ng re C se a r s v h es M c n o a s l n h o l t o e i a y r c n t e d at B co il u ls n t d e i d s- r T d e r c e e e p a i o p su s t i s r t y * Securities c L u o s a to n m s e t r o s a O s t s h e e t r s Total D D e e p m o a s n it d s Time lia O b t i h li e t r ies 193 9—D ecem ber 274 174 334 609 1,015 290 2,441 1,398 1 043 256 1940—December .... 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—December 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December 390 142 198 896 1,120 794 325 3,629 2,429 1,200 236 1943—December 422 151 133 L.307 1,154 <761 349 4,032 2,712 ,319 245 1944—December . . 500 199 147 1,667 1,165 772 347 4,545 3,045 1,500 250 1945—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 L.939 1,128 774 331 4,752 3,147 I 605 243 July 500 198 181 L.994 1,123 767 300 4,819 3,205 1,613 244 August 511 233 195 1,993 L, 126 •769 292 4,875 3,236 1,638 244 September .... 518 226 215 1,971 1,146 771 299 4,898 3,266 1,632 247 October 513 201 189 1,925 1,178 •799 308 4,859 3,277 I 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 4,85C 3,262 1,588 265 1946—January 496 249 361 1,493 1,230 840 333 4,729 3,135 1,594 271 February 483 243 340 1,468 1.241 847 338 4,684 3,078 L 606 276 March . ... 493 254 379 L.443 246 863 353 4,749 3,143 606 281 Assets Liabilities Canada (10 chartered banks. Entirely in Canada Se lo c a u n ri s ty e D x e c p lu o d s i i n ts g p in a t y e a r b b l a e n i k n d C e a p n o a s d it a s En C d a i n n o a f m d m i i a l o n li n o t d n h o s l f l o i a g f r u s r ) es re C se a r s v h es Se lo c a u n ri s ty d lo i O s a c n t o h s u e a n r n ts d d a f u b a n o e b a r d n r e f o i r n k g a o s e n d m t Securities a O s t s h e e t r s ci N r t c i o o u t n l e a- Total Demand Time lia O b t i h li e t r ies 1939—December 292 53 1.088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December 323 40 1,108 159 1,531 570 80 2,805 1,163 1 641 846 1941—December 356 32 1,169 168 1,759 653 71 3,105 1,436 1 669 962 1942—December 387 31 1,168 231 2,293 657 60 3,657 1 984 1 673 L 049 1943—December 471 48 1,156 250 2,940 744 42 4,395 2,447 1 948 1,172 1944—December 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 11,289 1945—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 L 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 I 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 L 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 I 350 694 251 1,274 227 4,038 869 26 5,941 3,076 2 865 t 386 1946—January 665 210 1,213 209 4,100 793 25 5,810 2,848 2,963 1,354 669 200 1,194 206 4,119 845 25 5,830 2,752 3 078 1,379 March 650 148 1.181 214 4,197 803 25 5,781 2,611 3,170 3R7 Assets Liabilities France (4 large banks. End Deposits of month figures in Cash Due from Bills dis- Other Own Other millions of francs) reserves banks counted Loans assets accept- liabilities Total Demand Time ances 1939—December 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—December .... 6,418 3,863 46,546 8,346 2,229 62,032 61,270 762 558 4 813 1941—December 6,589 3,476 61,897 8,280 2,033 76,675 75,764 912 413 5,187 1942—December 7,810 3,458 73,917 10,625 2,622 91,549 91,225 324 462 6 422 1943—December 8,548 4,095 90,897 14,191 2,935 112,732 111,191 1,541 428 7 506 1944—December 10,365 4,948 99,782 18,653 2,190 128,758 126,578 2,180 557 6 623 1945—January 8,673 4,969 93,982 18,586 1,887 121,169 119,039 2,130 616 6,312 February 9,623 4,790 94,986 18,705 1,949 123,070 121,118 1 952 681 6 302 March 8,117 5,072 98,593 21,255 2,118 128,007 126,132 1,876 745 6 403 April 8,582 4,954 99,146 22,246 2,490 129,859 128,154 1,705 939 6,619 May 27,281 4,999 109,270 23,108 3,008 159,526 157,453 2,073 1 212 6 928 June 16,282 5,660 156,620 23,216 3,618 196,167 193,828 2,339 1,544 7,685 July 11,990 5,944 146,195 27,127 4,212 185,763 183,477 2 286 1 837 7 868 August 11,104 5,991 143,799 27,697 4,970 183,140 180,779 2,361 2 150 8 271 September 11,122 6,080 143,818 28,732 5,279 184,400 182,105 2,296 2,268 8,364 October 11,942 6,337 143,567 30,153 5,906 186,740 184,637 2,103 2,476 8,690 November 11,898 6,859 145,110 32,165 6,325 190,759 188,748 2,010 2,618 8,980 December 14,602 13,804 155,025 36,166 7,360 213,908 211,871 2,037 2,898 10,151 i 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. 8 Represent six-month loans to the Treasury at 1H 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. 700 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia Brazil Canada Chile China (peso) (pound) Bel- (cruzeiro1) British Bul- (dollar) (peso) (yuan Year or month gium India garia Shang- Official S E p x e p c o ia rt l Official Free (franc) Official Free (rupee) (lev) Official Free Official Export hai) 1937 32,959 393.94 3.3752 8.6437 6.1983 37.326 •1.2846 100.004 5.1697 24.0000 29.606 1938 32.597 389.55 3.3788 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 . .. 30.850 353.38 3.3704 6.0027 5!i248 33.279 21.2111 96.018 5.1727 4.0000 11.879 1940 29 773 2322.80 305.16 23.3760 6.0562 5.0214 30.155 290.909 85.141 5.1668 4.0000 6.000 1941 29.773 223.704 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 25.1664 24.OOOO 25.313 1942 . . 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1943 29.773 24.732 322.80 2321.50 6.0586 5.1280 30.122 90.909 89.978 1944 . 29.773 25.125 322.80 6.0594 5.1469 30.122 90.909 89.853 1945 29.773 25.125 2322.80 2321.17 22.2860 6.0602 5.1802 30.122 90.909 90.485 1945—May 29.773 25.125 322.80 6.0602 5.1802 30.122 90.909 90.753 June 29.773 25.125 322.80 6.0602 5.1802 30.122 90.909 90.828 July 29.773 25.125 321.35 6.0602 5.1802 30.122 90.909 90.736 Aug. 29.773 25.125 320.87 6.0602 5.1802 30.122 90.909 90.475 Sept 29.773 25.125 320.70 '2.2883 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 90.725 194(5—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 Apr 29.773 25.125 321.40 2.2844 6.0602 5.1902 30.139 90.909 90.764 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 a e o n r n k - e) ( l m F a k i a n a n r ) d - k- F (f r r a an n c c ) e ( m m G re a a e i r c n r k h - y ) s- G (d r m e ra a e c ) c h e - ( H K do o o l n n la g g r) (p H g e a u n r g n y S - ) I ( t li a ra ly ) J ( a y p en a ) n ( M p i e c e s o x o - ) e N ( r g l e e u a r t i n ) l h d d - - s (p Z l N o a e e u n a w n d - d) 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 5.0407 23.436 18.546 253.128 306.38 1941 57.004 22.0101 239.968 224.592 219.770 25.0703 223.439 20.538 322.54 1942 57.052 20.569 322.78 1943 57.265 20 577 324.20 1944 57.272 20 581 324.42 1945 57 014 21.9711 20.581 237.933 323.46 1945—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 Apr 57.032 2.0060 20.877 8409 4434 20.580 37.789• 322.69 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 g o c a r u t d l u o - ) R ( n u le m i u a ) a- [ A S p o f o r 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 ( U i i p a n n l o g u it d n e o d d F ) m ree tr C o o l U l n e r ( - d p u e g s u o tr N ) c a o o y 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 2403.50 383.00 65.830 37.601 2.2463 1941 24 0023 398.00 29.130 47.133 223.829 223.210 403.50 403.18 65.830 43.380 22.2397 1942 398.00 246.919 403.50 403.50 65.830 52.723 1943 398.00 403.50 2403.50 65.830 52.855 1944 398 00 403 50 65.830 53.506 1945 399.05 2403.50 2403.02 65.830 55.159 1945—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—Jan 400.50 403.38 65.830 56.290 Feb 62O.2O2 54.0501 400.50 "9.132 523.852 523.363 403.38 65.830 56.290 Mar 20.202 4.0501 400.50 9.132 23.852 23.363 403.38 65.830 56.290 Apr 20.202 4.0501 400.50 9.132 23.852 23.363 403.35 65.830 56.290 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." 1 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. 6 Based on quotations beginning Feb. 5. • 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. JUNE 1946 701 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 19 1 n t 2 a 0 i 6 0 t t e e ) = d s C (1 a 1 9 n 0 2 0 a 6 ) d = a K U ( i 1 n 1 n 9 g 0 3 i 0 t d 0 e ) o d = m F (1 r 9 1 1 a 0 3 0 n ) c = e G ( e 19 r 1 1 m 0 3 0 a ) = ny (1 I 9 1 t 2 0 a 8 0 ly ) = (O J 19 a 1 c 0 0 p to 0 0 a b ) = n er N (1 l = e 9 a t 2 1 n h 0 6 d e 0 - s 3 r ) 0 - S (1 w 9 1 3 0 e 5 0 d ) e = n ( S Ju w = l l a y i 1 t n 0 z 1 d 0 e 9 ) r 1 - 4 1926 100 100 1 124 695 134 237 106 1126 144 1932 65 67 86 427 97 70 161 65 i 92 96 1933 66 67 86 398 93 63 180 63 1 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—April 106 103 168 196 221 May 106 103 168 196 221 Tune 106 103 170 197 222 July- 106 104 171 196 222 August 106 103 171 194 223 September 105 103 170 191 222 October 106 103 169 191 220 November .- 107 103 169 191 219 December 107 103 169 190 214 1946—Tanuary 107 104 172 '184 215 February 108 105 172 185 213 March 109 105 172 P184 214 April 110 P173 r Revised. 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) 1926=100 (1930 = 100) [1913=100) Year or month Raw and Fully and Induspr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts fa m p c a a t r u n t r l u e y - d fa c m h c a t ie u n f r u l e y - d Foods p I r n o tr d d i u a u l s c - ts p A r t g o u r d r i u c a u l c l t - s a t n f r i d i n a i l s s r h e a e m w d i- tr I i i n a s d h l u e f d i s n - goods goods products 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—April 129 106 99 105 105 94 156 174 May 130 107 99 105 105 94 156 175 June 130 108 100 106 106 94 160 175 July 129 107 100 108 107 94 161 176 August 127 106 100 106 106 94 161 176 September 124 105 100 104 105 94 158 175 October 127 106 100 106 105 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 133 109 102 107 106 96 158 179 April 135 111 103 Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 702 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 97 106 164 128 150 146 1940 100 106 184 130 154 151 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-April 137 131 168 216 1945-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 Tulv 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. . . . 140 133 169 206 March.... 130 120 203 205 April 142 P135 169 April 131 P121 203 Preliminary. 1 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 United United United Nether- ( S d p t e ri a r c i t v e e ) e s 1 d 1 ( K D 92 i e n 1 c g e = d m 1 o 0 b m 0 er ) (19 F 38 r a = n c 1 e 00)2 G (a e p v r ri e m c r e a a ) g 3 n e y N la et n h d e s r 4 - (1 S = 9 t 3 a 1 5 t 0 e - 0 3 s ) 9 U K d n i o i n m t g e - d m G a e n r- y (19 F 3 r 8 a = n 1 c 0 e 0)2 (19 l 3 a 0 n = d 1 s 00) Number of issues. . 15 87 50 *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 M14.2 100.7 777.9 88.1 70.8 114.6 6 140 895.0 1941 117.8 123.8 9143.4 103.0 84.3 80.0 72.5 136.8 9 308 129.1 1942 118.3 127.3 146.4 6 103.3 94.7 69.4 75.3 142.1 479 131.5 1943 120.3 127.8 146.6 98.5 91.9 84.5 145.0 540 151.0 1944 120.9 127.5 150.5 99.8 88.6 551 1945 122.1 128.3 152.1 121.5 92.4 453 1945—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 123.8 129.1 148.6 144.8 95.2 433 February.. . 124.5 130.1 148.6 143.3 94.9 461 March 124.5 129.9 P147.5 141.8 93.8 P452 April 124.3 151.7 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 Generale" December 1942, pp. 511-513, and July-August 1942, pp. 364-371, respectively. For back figures for both indexes from 1938 through 1941 on a monthly basis see "Bulletin de la Statistique Generale" for October-December 1944, pp. 274-276. 3 Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4K per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 4 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 = 100; average yield in base year was 4.57 per cent. For new index beginning January 1937, Jan.-Mar. 1937 =100; average yield in base period was 3.39 per cent. 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. JUNE 1946 703 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 DAVID M. KENNEDY, Special Assistant to the Board of Governors to the Chairman 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 RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION WOODLIEF THOMAS, Director ROBERT F. LEONARD, Director RALPH A. YOUNG, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES CHANDLER MORSE, Assistant Director LISTON P. BETHEA, Director J. BURKE KNAPP, Assistant Director FRED A. NELSON, Assistant Director DIVISION OF EXAMINATIONS OFFICE OF ADMINISTRATOR FOR WAR LOANS LEO H. PAULGER, Director EDWARD L. SMEAD, Administrator C. E. CAGLE, Assistant Director GARDNER L. BOOTHE, II, Assistant Administrator FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman Vice President IRA CLERK JOHN C. TRAPHAGEN, NEW YORK DISTRICT ERNEST G. DRAPER DAVID E. WILLIAMS, PHILADELPHIA DISTRICT R. M. EVANS HUGH LEACH JOHN H. MCCOY, CLEVELAND DISTRICT W. S. MCLARIN, JR. A. L. M. WIGGINS, RICHMOND DISTRICT RONALD RANSOM M. S. SZYMCZAK ROBERT STRICKLAND, ATLANTA DISTRICT 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 Mar\et HERBERT V. PROCHNOW, Acting Secretary Account 704 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 Bank of Deputy Chairman First Vice President Vice Presidents 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. Poor man1 C. A. Sienkiewicz Cleveland George C. Brainard Ray M. Gidney W. D. Fulton B. J. Lazar Reynold E. Klages Wm. H. Fletcher J. W. Kossin Martin Morrison A. H. Laning3 W. F. Taylor Richmond Robert Lassiter Hugh Leach Claude L. Guthrie3 C. B. Strathy W. G. Wysor J. S. Walden, Jr. E. A. Kincaid Edw. A. Wayne R. W. Mercer Atlanta Frank H. Neely W. S. McLarin, Jr. V. K. Bowman H. F. Conniff J. F. Porter Malcolm H. Bryan L. M. Clark S. P. Schuessler Chicago Simeon E. Leland C. S. Young Allan M. Black2 John K. Langum W. W. Waymack Charles B. Dunn Neil B. Dawes O. J. Netterstrom J. H. Dillard A. L. Olson E. C. Harris Alfred T. Sihler St. Louis Russell L. Dearmont Chester C. Davis O. M. Attebery William B. Pollard Douglas W. Brooks F. Guy Hitt A. F. Bailey C. A. Schacht Wm. E. Peterson C. M. Stewart H. G. McConnell E. W. Swanson Minneapolis. . Roger B. Shepard J. N. Peyton A. W. Mills2 Sigurd Ueland W. D. Cochran O. S. Powell Otis R. Preston Harry I. Ziemer O. P. Cordill Delos C. Johns Kansas City.. Robert B. Caldwell H. G. Leedy L. H. Earhart John Phillips, Jr. Robert L. Mehornay Henry O. Koppang C. O. Hardy G. H. Pipkin D. W. Woolley* Dallas. J. R. Parten R. R. Gilbert E. B. Austin3 W. E. Eagle R. B. Anderson W. D. Gentry R. B. Coleman W. H. Holloway H. R. DeMoss Watrous H. Irons L. G. Pondrom San Francisco. Henry F. Grady Ira Clerk M. Leisner3 H. F. Slade Harry R. Wellman C. E. Earhart . N. Mangels W. F. Volberg OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Branch Chief Officer Federal Reserve Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith* Minneapolis.... Helena R. E. Towle* Cleveland Cincinnati B. J. Lazar6 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. Pondrom1 New Orleans E. P. Paris* San Antonio W. H. Holloway1 Chicago Detroit E. C. Harris5 San Francisco... Los Angeles W. N. Ambrose* St. Louis Little Rock A. F. Bailey1 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. 1 Cashier. * Also Cashier. « Managing Director. ' Vice President. 705 JUNE 1946 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 I = BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES r1 -jfc- BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM <S> FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES td 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis