Federal Reserve Bulletin, 1946-07

F E D E R AL E S E R V BULLETIN JULY 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—Postwar Business Finance 707-715 A National Survey of Liquid Assets—Distribution According to Income. 716-722 Announcement of Postwar Economic Studies No. 4. 722 British White Paper on War Finance. 723-748 Law Department: Purchase of Government Obligations by Federal Reserve Banks. 749 Consumer Credit: Amendment to Regulation W 749 Conviction for Violating Regulation W 749-750 Peoples Bank v. Eccles, et al. 750-753 Foreign Funds Control—Treasury Department Releases. 753-755 Current Events 756 National Summary of Business Conditions 757-758 Financial, Industrial, Commercial Statistics, U. S. (See p. 759 for list of tables) 759-810 International Financial Statistics (See p. 812 for list of tables). 812-829 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 830 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 831 Map of Federal Reserve Districts. . 832 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 July 1946 NUMBER 7 POSTWAR BUSINESS FINANCE Business concerns have made considerable new funds to business, banks and the seprogress in the past twelve months in pre- curity market have materially aided reconparing for large postwar civilian markets. version in providing short-term financial Despite work stoppages and industrial dis- assistance and in affording a transfer mechputes in certain industries, large additions anism for the shifting of funds from one to plant and equipment have been initiated concern to another and from one type of and some civilian-type inventories have been financial obligation to another. accumulated. Many concerns have been able The expansion in business assets since the to finance a large part of the expenditures end of the war has been moderate and confor expansion of business assets out of their sistent with the current volume of business; own funds. War producers have been aided moreover, it appears not yet to have run by prompt settlement of war contracts and its course. Large expenditures on plant and by liberal tax credits, while concerns en- equipment have occurred both in industries gaged in civilian-type production and in in which reconversion requirements were the trade and service industries have derived large and in nonwar industries in which funds from well maintained or increasing expansion and modernization had been reearnings. stricted during the war, with expenditures Holdings of liquid assets have been drawn in industries of the latter type becoming on only moderately, but the amount of more dominant in recent months. Prifunds raised from external sources has in- vate capital expenditures will reach new creased substantially. At the end of 1945 peaks during the remainder of 1946 despite business holdings of cash and United States restrictions on construction in order to pro- Government securities were at high levels, vide for emergency residential building. equal to those at the beginning of the year. Inventory accumulation thus far has been There are indications, however, that these slow, restrained primarily by the moderate assets were drawn down somewhat during expansion in production and by continued the first half of 1946. large consumer demands for goods. Inven- Business concerns since V-E Day have se- tories should continue to increase, since relacured one to two billion dollars of new tive to sales they are still substantially below funds from banks and more than a billion prewar levels. In many lines the incentives from new security issues. Concerns in non- for inventory accumulation are strong at war activities appear to have been obtaining this time because shortages are still acute a major portion of the new funds from ex- and upward pressures on prices continue ternal sources. In addition to furnishing great. JULY 1946 707 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH FINANCIAL POSITION AT THE END OF 1945 Of the changes in the assets of nonfinancial corporations during the year, the most Changes in the financial position of busiimportant, quantitatively, were decreases in ness in 1945 reflected primarily the decrease receivables due from the Government and in Government military orders, reconverin plant and equipment. The decrease in sion expenses, and tax adjustments arising the latter was in part a reflection of the final out of the end of hostilities. In view of amortization of emergency war facilities, the fact that business sales and industrial which decreased book values of property production declined, the latter by 30 per but did not represent a corresponding decent from December 1944 to December 1945, crease in actual productive capacity exthe most striking feature of business financept to the extent that privately owned propcial position at the end of the year, as is erty for war production is not adaptable shown in the table, was its over-all similarity to peacetime use. Expenditures on plant to that a year earlier. and equipment in 1945 increased 20 per cent over 1944, reflecting the reconversion of war ESTIMATED BALANCE SHEETS OF ALL plants as well as the renewal of capital ex- NONFINANCIAL CORPORATIONS, DECEMBER 31, 1944 AND DECEMBER 31, 1945 penditures by nonwar producers. [In billions of dollar3] Although the volume of total current assets of all nonfinancial corporations was at Net change Dec. Dec. from about the same dollar level at the end as at Balance'sheet items 31, 31, Dec. 31, 1944 1945 1944 to the beginning of the year, total current lia- Dec. 31, 1945 bilities decreased almost 15 per cent. As ASSETS a result, business working capital—current Cash 23 23 U. S. Government securities.... 21 21 Receivables assets minus current liabilities—rose almost From U. S. Government 3 5 -2 From others 23 23 15 per cent. Inventories 26 26 Other current assets 2 1 +1 Among the debts of business corporations, Total current assets 98 99 -1 short-term indebtedness to the Government Plant and equipment (net of depreciation) 94 96 -2 for both taxes and advanced payments on Other assets 43 43 contracts decreased considerably. Actual Total assets 235 238 -3 payments on 1944 Federal income tax lia- LlABILITES AND NET WORTH Notes and accounts payable.... 26 26 bilities were in excess of current provisions Advances from U. S. Government . . 1 2 — 1 out of income, which were considerably re- Accrued Federal income taxes. . 11 17 -6 Other current liabilities 8 8 duced by tax credits and other adjustments Total current liabilities.... 46 53 -7 arising out of the war's end. The reduction Long-term debt and capital stock 125 124 +1 in Government advances reflected the de- Surplus and capital reserves 64 61 +3 crease in shipments following the curtail- Total liabilities and net worth 235 238 -3 ment of the munitions program and finally Working capital (current assets minus current liabilities) 52 46 +6 the termination of war orders. NOTE.—These data are not strictly comparable to those published External sources of business funds played in the October 1945 BULLETIN since beginning in 1942 the tax laws underlying the Bureau of Internal Revenue Statistics of Income data, an important part in the financing of busiupon which the over-all corporate financial data are based, permitted a greater use of consolidated returns. ness during 1945. All nonfinancial corpora- Sources: Current assets and liabilities are from Securities and Exchange Commission. Other figures are estimates based on tions increased their bank debt over the year samples of corporate data compiled at the Board and on data from Bureau of Internal Revenue, Department of Commerce, and by approximately one billion dollars while re- Securities and Exchange Commission. 708 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH ducing their trade debt by a similar amount. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT Bond and stock sales yielded somewhat less BILLIONS OF DOLLARS BILLIONS OF DOLLARS than a billion dollars of new funds to nonfinancial businesses in the aggregate. While the total debt of business decreased in 1945, the ownership element of business increased, largely because of retained earnings—that is, earnings after charges for current costs, taxes, and dividends. Such earnings were increased by tax credits. The additions thus made to net worth by retained earnings were offset only in part by reconversion costs, many of which were charged to war reserves set aside out of prior-year earnings. CAPITAL EXPENDITURES JAN-MAR 1 . 9 46 A - PR". ANTICIPATED As was indicated above, business capital Quarterly survey of the Securities and Exchange Commission and the Department of Commerce. Figures for 1946 represent expenditures—those for the purchase of exist- expenditures anticipated by business. Commercial and miscellaneous includes trade, service, finance, communications, and ing plant and equipment and for the con- transportation other than railroad. struction of new plant and purchase of new of capacity to meet the expected increase in equipment—reflected in 1945 the relaxation postwar civilian demands. A comparison of controls on civilian production and the of 1945 expenditures by industry with those growth of privately financed as contrasted of 1937, a peak year of expansion unaffected to Federally financed expenditures. by the needs of a war economy, indicates Expenditures for new plant and equip- that both factors were at work. In such ment, according to data gathered by the De- industries as machinery and automobiles and partment of Commerce and the Securities parts, where the problems of adapting war and Exchange Commission and shown in facilities to peacetime use have been great, the chart, more than doubled from the first capital expenditures were larger in 1945 to the last quarter of 1945 and, based on the than in 1937. They were also larger in the anticipations of business, continued to in- petroleum, chemical, building material, and crease during the first half of 1946. Expendi- printing industries, where the reconversion tures by mining and manufacturing com- demands for expenditures were presumably panies have been the major part of the total. small. Even in industries such as these, The greatest relative increase in expenditures however, large capital expenditures reflected thus far in 1946 has been by concerns in the replacements postponed during the war as trade and service industries. well as expansion. In other manufacturing The increase in business capital expendi- industries, expenditures in 1945 did not attures since the end of the war has been due tain the level of 1937. Although complete in part to the reconversion of plants and data are not yet available on an industry replacement of wornout equipment to regain breakdown of 1946 expenditures to date, prewar capacity, and in part to the expansion those on hand indicate a greater relative in- JULY 1946 709 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH crease in industries without reconversion of civilian-type inventories. Thus far, howproblems. ever, this accumulation has been hindered by Business concerns have also purchased cer- continued large consumer demands and by tain used surplus plants and equipment, difficulties in procuring goods and partially Federally financed during the war. Accord- oflfset in the aggregate by the liquidation of ing to the War Assets Administration, surplus war-type inventories. As of the through May 31, 1946 surplus war plants end of April, total business inventories were and sites originally costing 732 million dol- estimated by the Department of Commerce lars had been sold for 332 million. Average at 28 billion dollars, less than a 5 per prices paid represented a much smaller per- cent increase from the 27 billion on hand a centage of original cost for the large plants year earlier, or just before V-E Day. Morethan for the small. In addition to purchases, over, price rises over the period, especially plants which originally cost 670 million dolthe latter part, have been so marked that lars were being operated under leases. The there may have been little increase, or posplants purchased or leased through May 31 sibly even a decrease, in the aggregate physiaccount on an original cost basis for onecal stocks of goods, which include war as eighth of the 1,540 plants, costing 11.2 billion well as nonwar type goods. dollars, that are expected eventually to be The effect of the liquidation of war invendeclared surplus. Fragmentary data indicate tories is clearly seen from the fact that that the amount of funds expended on surwhereas in durable goods manufacturing inplus producers' equipment may have been dustries—in which production of specialized three-fourths as large as that expended on war material was concentrated—inventories surplus plants and sites. on April 30, 1946 were almost half a billion The volume of corporate funds that will dollars less than a year previous, those in be used for the purchase of surplus war plants nondurable goods industries were almost a and equipment during the remainder of 1946 billion greater. The dollar volume of inwill depend in part upon the demand for ventories of trade concerns, which did not additional productive capacity, and in part on increase during the war as did sales, was only the number and size of usable surplus plants about 5 per cent higher on April 30,1946 than and equipment that will become available. a year earlier, the relative increase in whole- About half of the eventually surplus plants, salers' inventories being greater than that in accounting for over two-thirds of the Governretailers' inventories. Current sales at retail ment's financial investment, have not yet thus far have absorbed practically all goods been declared surplus. Moreover, many coravailable and have precluded any large accuporations may continue to prefer to lease mulation of inventories. Department store plants, particularly the very large ones, stocks, after allowing for seasonal changes, rather than to buy them outright. were one-fourth higher at the end of May INVENTORY ACCUMULATION than at the beginning of the year, but they The end of the war has brought with it were still low compared to the current not only a resumption of business expendi- volume of sales. Inventories in all retail tures on peacetime plant and equipment trade establishments during the first quarter but also the beginning of an accumulation of 1946 averaged less than a month's sales 710 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH and wholesalers' inventories were even ficulties of the railroads and a relatively smaller relative to first quarter sales. small number of large durable goods manufacturers. Many concerns of nondurable RETAINED EARNINGS goods manufacturing, trade, and the service The 1945 volume of retained earnings of industries reported new all-time highs in sales nonfinancial business corporations was be- and earnings. Net profits of concerns in low that of 1944 because of the reduced these industries were substantially bolstered earnings (before taxes) of war producers by the elimination of the excess profits tax. and the final amortization of emergency As reconversion difficulties are surmounted, facilities. The effect of those factors which durable goods manufacturers should also be tended to reduce earnings was offset in in a position to profit from the volume of part by reduced current tax liabilities and output required to meet the expected large by tax credits arising out of the final amor- demands of consumers, other business contization of emergency facilities and the carry- cerns, and foreign customers during the secback of losses and unused excess profits tax ond half of 1946. As a result, total noncredits. financial corporate earnings in 1946 should Corporations usually have available for compare much more favorably with 1945 general business purposes a larger portion of than is indicated by the first quarter earnings their current receipts than is represented by of large concerns. the volume of retained earnings. The additional volume is made available by the pres- TAX PAYMENTS AND CREDITS ence among the costs of doing business of The tax credits arising out of the end of certain charges which diminish earnings but the war have partially offset the decline in do not require immediate cash expenditures. the earnings of war producers in 1945 and The largest of these charges is the depreciathus far in 1946. The primary influence of tion and amortization of plant and equipthese war-end tax adjustments will be to ment. To normal charges of this kind in make actual cash tax payments in 1946 less 1945 was added the final write-off of emerthan they would have been in the absence of gency war facilities. As a result, total desuch adjustments. Tax payments in 1945, on preciation and amortization charges in 1945 the other hand, were much less affected by probably exceeded capital expenditures by war-end tax credits. During 1945 nonfinan- 2 billion dollars. A portion of business fixed cial business corporations were required in property was in effect converted to working the aggregate to expend funds of approxicapital. mately 5 billion dollars in excess of current The volume of retained earnings of nontax provisions out of income in order to pay financial business corporations in 1946 should their 1944 tax liabilities to the Federal Govequal if not slightly exceed that in 1945. ernment. The liquidation of Treasury tax Although aggregate first quarter earnings notes took care of a large part of this tax (after taxes) of large industrial, railroad, liability, but substantial purchases of marand other public utility companies were ketable Government securities by corporaabout a third below those of the first quarter tions during the Seventh and Victory Loan a year ago, this decrease was due primarily to the work stoppages and reconversion dif- Drives in 1945 resulted in slightly larger total JULY 1946 711 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH holdings of Government securities at the CONTRACT TERMINATION end than at the beginning of the year. The prompt settlement of war contracts, The one tax adjustment that materially like the tax adjustments discussed above, affected 1945 tax payments was the 10 per helped to ease the reconversion financing cent excess profits tax refund for 1944, which problems of many companies in the war inunder the Tax Adjustment Act of 1945 was dustries. Careful legislative and administradirectly deductible from accrued tax liabili- tive preparation for the problems of termities of 1944. Since the volume of 1944 ex- nating war production resulted in expeditious cess profits tax liabilities was approximately work in clearing plants of Federally financed 11 billion dollars, the result of this tax ad- equipment and in shifting inventories to private ownership for civilian production. justment was to decrease by over one billion the cash payments required during 1945 By the end of May 1946, according to the most recent report of the Office of Conto liquidate 1944 tax liabilities. tract Settlement, work on over 90 per cent The two tax credits which, though applied of the number of contracts in the V-J Day against 1945 liabilities, will primarily affect load—contracts pending settlement on that tax payments in 1946 were those arising from date or canceled thereafter—had been comthe final amortization of emergency war pleted. Contracts awaiting settlement were facilities and from the carryback of 1945 mostly very large ones. Although these conlosses and of excess profits tax credits unused tracts amounted to 15 billion dollars—over in 1945. The former was the more imone-third the 42 billion volume of the agportant quantitatively. Final amortization gregate V-J Day load of terminated conon emergency facilities, as charged in antracts—contractors' funds tied up in them nual reports to stockholders, probably were comparatively small, probably between amounted to between 2.0 and 2.5 billion dol- 2.0 and 2.5 billion. Moreover, about one billars, while tax credits arising therefrom prob- lion dollars of these funds have already been ably amounted to between 1.5 and 2.0 billion. made available to contractors, largely through Tax credits from the carryback of losses and partial payments. unused excess profits tax credits may have BANK LOANS amounted to between 0.5 and 1.0 billion dol- The financial aids offered by the Governlars. ment have been available largely to com- An additional source of funds in 1946, panies in war industries. Along with such especially for war producers, has been over financing the dollar volume of bank loans one billion dollars of Government bonds isto business has shown a steady rise since sued for the 10 per cent postwar credit on mid-1945 and may very well now be larger 1942 and 1943 excess profits taxes; these bethan at any time since the peak of the early came payable on January 1, 1946. twenties. In the aggregate, the tax credits listed Since May 1945, bank loans to business above, together with certain other credits have increased about one-third, the greatest that will become realizable in the future, rate of increase occurring during the seasonal such as carrybacks in 1946, will probably demand in the fall of 1945. Even during the amount to between 5.0 and 6.5 billion dollars. first quarter of 1946, when a seasonal de- 712 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH COMMERCIAL AND INDUSTRIAL LOANS OF BANKS ther increase in this type of business bank BILLIONS OF DOLLARS _JUNE AND DECEMB IONS OF DOLLARS borrowing if this market is tapped. The large increase in aggregate outstanding bank loans to business has occurred simultaneously with a sharp reduction in guaranteed V loans. The outstanding volume of such loans had declined from a peak of over 2 billion dollars in mid-1944 to about 120 million at the end of May 1946. The sharpest decline occurred during the last half of 1945. The rate of decline in other war loans was probably also sharp. FINANCING THROUGH THE SECURITY MARKET All insured commercial banks in the United States. Total Security sales were a relatively minor loans for June 30, 1946 are partly estimated. Total war loans source of new funds for all nonfinancial ports are tor June JU, ly^s. latest n§ business corporations during the first part Regulation V loans are for May 31, 1946. of 1945, but since V-E Day business has cline usually sets in, the total volume con- probably drawn more new funds from the tinued to increase. The increase in lending security market than it has for any comparappears to have been general in all regions able period since 1930-31. Corporate seof the country and at both large and small curity issues for new money, as can be seen banks. from the table, have averaged about 120 A substantial part of the increase in com- million dollars per month since June 1945, mercial loans has been in the form of term over one and a half times the average for loans. Subsequent to 1933 and prior to 1941, the last prewar year. Although the World War II, the term loan had experi- dollar volume of these recent security sales enced remarkable growth relative to other has been dominated by sizable issues of very outside sources of business funds—shortterm bank loans and publicly offered is- CORPORATE SECURITY ISSUES FOR NEW MONEY sues of bonds and equity securities. This [Monthly averages; in millions of dollars] rapid growth was apparently resumed after Total Plant and Working mid-1945, encouraged by the opportunity new money equipment capital Period of retiring higher-cost bonds and pre- Total In tr d i u al s- Total In tr d i u al s- Total In tr d i u al sferred stock with the proceeds from lowercost term loans. Large corporations have 1941 72 20 55 9 17 12 1942 . 39 24 24 10 16 15 secured from a number of participating 1943 26 19 12 7 14 12 1944 55 38 21 10 34 27 banks individual term loans with maturities 1945—1st half.... 59 44 27 17 32 26 up to 10 years and for as much as 50 million —2nd half... 107 78 70 51 37 28 1946—1st half1... 130 115 80 75 50 40 dollars, with interest rates as low as V/ per 2 cent. The fact that the term loan is still 1 Figures for June partly estimated. NOTE.—"Industrial" includes primarily manufacturing, trade, a minor source of funds for small and and air transport. "Total" also includes railroads, other public utilities, and miscellaneous which are not shown separately. medium-sized concerns may lead to a fur- Detailed figures may not add up to totals because of rounding. Source: Securities and Exchange Commission. JULY 1946 713 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH large companies in a few industries, princi- cured from the sale of stocks, but since midpally petroleum, tobacco, beverages, auto- 1945 the proportion has increased to nearly mobiles and airlines, there has been an in- two-thirds. Corporations are taking advancreasing number of smaller issues sold dur- tage of the ready salability of stocks, the prices ing recent months. These issues, primarily of many of which are as high as they were stocks, have been floated by small and in 1930. Manufacturing corporations have medium-sized companies in nondurable and been responsible for the major part of this durable manufacturing, trade, and air trans- shift to stock financing, railroads and public port industries. utilities continuing to rely largely on debt This rise in security flotations for new issues for their new capital. money since the end of the war has been due to business needs for fixed property as SUMMARY well as working capital. There has been a Business expenditures on plant and equipnotable increase in offerings for the pur- ment which began to increase sharply after pose of financing private capital expendi- the end of hostilities in Europe in the spring tures since the limitations on private con- of 1945 have risen further in the first half struction for nonwar purposes were lifted. of 1946. Inventory accumulation in the Issues of which the proceeds were intended aggregate has continued at a slow rate as for plants or equipment have averaged ap- stocks of war goods have been liquidated proximately 75 million dollars per month and increases in inventories of civilian goods since mid-1945, three to four times the war have been limited in many lines. Consumer average and a third above the 1941 average. buying has been in exceptionally large vol- By far the greatest part of this growth was ume and production, while much larger in manufacturing industries. than before the war, has been restricted by The need for additional working capital labor-management disputes and lack of mahas also been an important reason for cor- terials. Outstanding orders in many lines porate new money issues. Working capital of business have reached new highs in recent needs during the earlier war period were months but there is much duplication in supplied to a considerable extent by retained these orders. Upward pressures on prices earnings, prepayments on Government con- continue great and efforts to accumulate intracts, and guaranteed bank loans. Begin- ventories may be expected to continue for ning in 1944, however, security issues for some time. working capital purposes began to increase, Liquid assets are being drawn on to a from companies in war as well as nonwar limited extent in financing the expansion industries. Monthly offerings for this pur- of other business assets, largely in war manupose averaged 35 million dollars in 1945 facturing industries where the volume of and offerings thus far in 1946 have exceeded some Government financial aids has been rethe 1945 average. duced. Retained earnings have been well Another tendency that began in mid-1945 maintained in industries that did not manuhas been the increase in stock offerings rela- facture specialized war products and appear tive to bonds to secure new money. During to be increasing in trade and service. The the period 1942-44 about one-fourth of the volume of external financing through banks total dollar volume of new money was se- and the security market has increased 714 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH sharply, and is substantially larger than it has remaining price and other Government been in recent years. controls is followed by substantial increases The expansion of business assets and bor- in prices and by disorderly price and invenrowings can be expected to continue in the tory conditions such as followed World months immediately ahead. The dollar vol- War I. In these circumstances, bank loans ume of this expansion will be closely re- and deposits might increase considerably lated to price developments. It will be and greatly augment existing inflationary greatly accentuated if the relaxation of the pressures. JULY 1946 715 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS DISTRIBUTION ACCORDING TO INCOME1 Current saving and the holding of liquid assets aggregate these people drew upon their past savis characteristic of a large percentage of the people ings. About half of both saving and liquid asset of the United States, even though in dollar amounts holdings are accounted for by spending units the bulk of the saving and of asset holdings is with incomes of between $1,000 and $4,000 a year. concentrated in a relatively small proportion of Among the many factors affecting liquid asset all the spending units. Analysis of information holdings and saving, it is clear that opportunity compiled for the Federal Reserve System by the to save is of major importance and that oppor- Division of Program Surveys of the Bureau of tunity to save largely depends on income. Current Agricultural Economics indicates that while cur- income, however, is not the only influence determinrent saving and holdings of liquid assets in the ing the volume of current saving, and the volume form of bank deposits and Government securities of accumulated savings is even less related to curtend to vary with current income, a substantial por- rent income. Other factors than income as an intion of people with moderate incomes reported fluence upon saving are indicated by the results of considerable amounts of saving, while some with the survey. People who have had more education, rather large incomes reported relatively small who live in rural communities, who are self emsavings. ployed or have professional occupations, and who In the first quarter of 1946 about three-fourths of have regular saving programs tend to save more all spending units held some liquid assets in the and to hold more liquid assets than do other people form of bank deposits or Government securities, in the same income group. Older people apparently and in the year 1945 a similar proportion saved do not save any more than younger ones in the same some part of their income.2 It was shown in a income groups but tend to have larger holdings of previous article that the 10 per cent of the spending liquid assets. units who saved the largest amounts in 1945 ac- The present article is devoted to factors influcounted for 60 per cent of all the saving in that encing liquid asset holdings and saving, with speyear and also that the 10 per cent with the largest cial reference to income. Some of the major finddollar amounts of liquid assets (bank deposits and ings of the national interview survey conducted by Government securities) held 60 per cent of all such the Bureau of Agricultural Economics for the assets held by all spending units at the beginning Board, together with a description of its methods of 1946. When these units are distributed by and tests of the reliability of its results, were preamounts of income received in 1945, as is done in sented in the June BULLETIN. A final article disthis article, the results show that the 8 per cent of cussing additional factors influencing prospective the spending units with incomes of over $5,000 in spending and saving and appraising the over-all 1945 accounted for 40 per cent of the saving in that significance of the results will appear in the August year and held 36 per cent of all liquid assets at the BULLETIN. The present article starts with a disbeginning of 1946. Some of the 20 per cent of the cussion of the relation between income and liquid units with incomes of less than $1,000 saved part of asset holdings and saving. It then considers the their income and held some liquid assets but in the effect of changes in income on saving and concludes lfrhis is the second of three articles covering the national with the factors other than income which influence liquid asset survey. Prepared by Henry H. Villard of the both liquid asset holdings and saving. Board's Division of Research and Statistics, it summarizes the results in part two of the report of the Division of Program Surveys. Those wanting fuller information may obtain the full report by applying to the Division of Program Surveys, Bureau LIQUID ASSET HOLDINGS IN RELATION TO INCOMES of. Agricultural Economics, U. S. Department of Agriculture. Mr. George Katona and Mrs. Eleanor Maccoby of the Division of Program Surveys were primarily responsible for the con- The extent to which liquid asset holdings are duct of the studies and Mr. Villard was closely associated with them throughout the planning and execution of the investiga- distributed among people in different income tio 2 n s A . "spending unit" is defined as all persons living in the groups is illustrated by the chart and also shown in same dwelling unit and belonging to the same family who Table 1. The 30 per cent of all units with incomes pool their income to meet their major expenses. 716 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS of more than $3,000 account for 62 per cent of all per cent of such assets.3 This shows that, while holdings, while the 47 per cent with incomes of less income is obviously a major factor, it is not the only than $2,000 account for 21 per cent. Those with one giving rise to differences in asset holdings. incomes of less than $4,000 hold more than half of Somewhat more than three out of four spending units hold some liquid assets. The proportion hold- CONCENTRATION OF LIQUID ASSET HOLDINGS AND NET SAVING ing assets increases steadily from around 50 per cent PERCENTAGES OF TOTAL BY INCOME CLASSES in the case of those with incomes of under $1,000 to 95 per cent of those with incomes of between $4,000 and $5,000 and 100 per cent of those with incomes of over $7,500. Savings bonds are distributed in a manner similar to total holdings, but savings accounts are held by more units in the upper middle than in the top income bracket. Demand deposits, on the other hand, are held by a relatively small percentage of units in the middle income brackets and a relatively large percentage of those in the highest brackets. Information regarding asset holdings in different income classes is presented in Table 2. TABLE 2 HOLDINGS OF LIQUID ASSETS BY INCOME CLASSES Percentage of spending units in each income class holding1 Income class l Some liquid Savings Savings Checking DURING assets 2 bonds 3 accounts accounts 1945 * Spending units in the $1,000-$ 1,999 income class accounted for 11 per cent of the net saving while those having incomes Under $1,000 54 31 22 21 under $1,000 dissaved (had negative savings) to the amount of $l,000-$l,999 71 54 32 29 one per cent of the total. $2,000-$2,999 87 74 43 28 $3,000-$3,999 92 80 50 42 $4,000-$4,999 95 89 55 50 all liquid assets. This degree of concentration is $5,000-$7,499 98 91 60 67 $7,500 and over. . 100 94 52 88 considerably less sharp than when holders are ranked without reference to income: then the top 30 All classes 78 63 39 34 per cent of holders account for 87 per cent of all 1 Based on 1945 money income before taxes. 2 Including all Government bonds, bank deposits, and curliquid assets and the bottom 50 per cent a mere 3 rency holdings to the extent that the latter were reported. Holdings of currency, as was explained in the previous article, were underreported in the survey; the amounts actually re- TABLE 1 ported averaged only $20 per spending unit compared with $1,748 in other assets and so have negligible importance in the table. DISTRIBUTION OF SPENDING UNITS, LIQUID ASSETS, AND NET 3 Excluding Series G bonds. SAVING BY INCOME CLASSES1 The number of types of liquid assets held is [Percentage of total] larger for those with higher incomes than for those Liquid in lower income groups. Those holding two or Income class 1 Spending asset sa N vi e n t g 2 more types rose from 25 per cent in the lowest units holdings (During (Early (Early 1945) income class to 85 per cent in the highest. Of 1946) 1946) those holding only one type of asset 70 per cent Under $1,000.., 20 7 -1 in the lowest bracket held bank deposits, compared $l,000-$l,999.. 27 14 11 $2,000~$2,999.. 23 17 14 with 30 per cent who held savings bonds. In the $3,000-$3,999.. 15 16 24 $4,000-$4,999.. 7 10 12 next income bracket the split was 55 to 45, while in $ $ 7 5 , , 5 0 0 0 0 0 - a $ n 7 d , 4 o 9 v 9 e . r . 5 3 2 1 3 3 2 1 4 6 the third it was 40 to 60 in favor of savings bonds. It seems clear that bank deposits are the most com- All classes 100 100 100 mon asset of even the lower income brackets. 1 Based on 1945 money income before taxes. 2 Net saving is total positive saving less total dissaving 3 The previous article presented additional information on (consumption expenditures in excess of income). concentration when ranked by holdings alone. JULY 1946 717 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS The typical amount of liquid assets held is not income bracket does the ratio exceed that for the only larger in dollars for the high income group lowest bracket. than for the low income groups but is also larger The large holdings of some people with small inrelative to income. This is shown by the compari- comes appear to be accounted for chiefly by two son in Table 3 of median income and liquid asset groups. First, there are many farmers among peoholdings (the median amount being that held by ple with low incomes and large assets; their money the middle unit when all units in the class are income is obviously not representative of their real ranked by size). Median holdings increase from income. Second, a number of retired people and $20 for the lowest income class to $7,270 for the others whose earning capacity has decreased also highest, and they rise as a percentage of income have current incomes bearing little relation to their from 3 per cent to 73 per cent. asset holdings—that is, they are likely to be living, in part at least, on their capital. TABLE 3 The influence of factors other than income on MEDIAN AMOUNT OF LIQUID ASSETS BY INCOME CLASSES liquid asset holdings is also indicated by the wide differences in holdings within a given income class Income class l M in e c d om ia e n M ass e e d t i a h n o l l d iq in u g id s p H er o c l e d n in ta g g s e a o s f and the extent to which the holdings of one class (In dollars) (In dollars) income overlap those of other income classes. This is indicated in Table 5, which shows that when hold- Under $1,000. . 600 20 3 $1,000-11,999 1,500 230 15 ers within each income class are ranked according $2,000-$2,999 2.400 470 20 $3,000-$3,999 3,300 900 27 to size of holdings, every holder in the quarter $4,000-$4,999 4,300 1,450 34 with the highest holdings had more assets than $5,000-$7,499 5,500 2,700 49 $7,500 and over 10,000 7,270 73 the middle holder of the next higher income All classes.. 2,020 430 21 class (with the sole exception of the highest income class). Similarly, every holder in the quarter 1 Based on 1945 money income before taxes. The median amount is that of the middle unit when all units in the class of the spending units with the lowest holdings had are ranked by size of income or liquid asset holdings. less assets than the middle holder of the next lower In every income class a few holdings of very income class. The overlapping of the complete large amounts of liquid assets, which are not at all ranges within each income class was even more typical of the class as a whole, have a major influ- extreme, but less significant because the end points ence on average or mean holdings (the mean depended on a single or a few not necessarily typical amount being the total held by all units in the class cases. divided by the number of units involved). These TABLE 5 large holdings result in a very high ratio of mean DISPERSION OF LIQUID ASSET HOLDINGS asset holdings to mean income in the lowest income WITHIN INCOME GROUPS class, while over the entire range from $1,000 to Amount of liquid assets held $5,000 of income, the ratio remains roughly constant by holder at2 at an appreciably lower level. Only in the highest Income class x qu F a i r r t s i t le Median q T ua h r i t r i d le TABLE 4 MEAN AMOUNT OF LIQUID ASSETS BY INCOME CLASSES U $l n ,0 d 0 e 0 r - $ $ 1 l , , 0 9 0 9 0 9 $0 0 $ 2 2 3 0 0 $2 6 5 7 0 0 $2,000-$2,999 90 470 1,090 $3,000-$3,999 300 900 1,650 Income class l in M c e o a m n e a M ss e e a t n h o l l i d q i u n i g d s p H er o c l e d n in ta g g s e a o s f $ $ 4 5 , , 0 0 0 0 0 0 - - $ $ 4 7 , , 9 4 9 9 9 9 1,0 4 3 3 5 0 2 1, , 4 7 5 0 0 0 5 3 , , 4 25 5 0 0 (In dollars) (In dollars) income $7,500 and over... 2,650 7,270 11,870 Under $1,000 600 570 95 1 Based on 1945 money income before taxes. $l,000-$l,999 1,550 880 57 2 Figures refer to holders within each income group selected $2,000-12,999 2,670 1,350 51 as follows: $3,000-$3,999 3,540 1,850 52 First quartile—holdings of case which separates the fourth $4,000-$4,999 4.590 2,600 57 with smallest holdings from the upper three-fourths. $5,OOO-$7,499 6,060 4,580 76 Median—holdings of case which is the mid-point of the dis- $7,500 and over.. . . 13,000 15,830 122 tribution; half of the individuals are below and half above this case. All classes.. 2,620 1,748 67 Third quartile—holdings of case which separates the fourth with largest holdings from the lower three-fourths. 1 Based on 1945 money income before taxes. The mean Since there are substantial differences in size of amount is the total amount held by all units in the class divided by the number of units in the class. asset holdings even when people have the same 718 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS income, it is important to determine the factors TABLE 6 likely to be responsible for these differences—such PERCENTAGE OF INCOME SAVED BY INCOME CLASSES as place of residence, occupation, education, or age. In many cases the factors in question are also related Percentage of i n s c p o e m n e d i c n l g a ss u n 1 its in each to differences in saving rates. Hence examination Percentage of o in f c o th m e e m t o w s i a ll v i b n e g p h o a s s t p b o ee n n ed s e u t n f t o i r l th th . e T re h l i a s t i w on il s l h a i l p lo o w f income saved $ U 1 n ,0 d 0 e 0 r $ $ 1 2 , , 0 9 0 9 0 9 - $ $ 3 4 , , 0 9 0 9 0 9 - $ o 5 a v , n 0 e d 0 r 0 cla A s l s l es effects on both asset holdings and saving to be Dissaving 2 18 21 11 4 17 considered at the same time. No saving 33 9 2 2 13 1 to 9 16 25 23 14 23 10 to 19 9 16 24 24 18 20 to 29 7 10 13 12 11 SAVING IN RELATION TO INCOME 30 to 49 7 9 15 19 11 50 ana over 7 6 6 14 6 Information was obtained for amounts saved in Not ascertained. . 3 4 6 11 1 the year 1945 by adding to the change in liquid 100 100 100 100 100 assets (excluding currency) the amount used to Median 3 0 6 13 19 8 purchase other assets (including housing and in- 1 Based on 1945 money income before taxes. surance) and to repay loans, and then subtracting 2 Expenditures in excess of income. the amount derived from the sale of assets, the in- 3 Percentage of income saved by the median spending unit in each income class. crease in loans, and gifts or inheritances. saved exclusively by increasing their holdings of By income class net saving is more concentrated liquid assets (bank deposits and Government than liquid asset holdings, as was demonstrated in Table I.4 The 70 per cent of spending units with securities). 25 per cent exclusively in other forms, and 32 per cent in both forms, making a total of incomes of under $3,000 accounted for less than a 69 per cent who saved in some form or other. By quarter of all saving but held 38 per cent of all far the most widespread form of saving was preliquid assets, while the 8 per cent with incomes of miums on life or retirement insurance, which were over $5,000 were responsible for 40 per cent of paid by three out of five spending units. This saving and 36 per cent of liquid asset holdings. compares with two out of five who increased their By far the most striking contrast, however, is in holdings of liquid assets as a whole and almost as the $3,000 to $4,000 bracket, which accounted for many who increased their holdings of savings bonds, 24 per cent of saving but only 16 per cent of liquid one in five who increased their savings accounts, asset holdings. The probable explanation of the and one in ten who increased their checking acgreater concentration of saving in general is that counts. About one in twenty saved by buying real some of those with large assets in the lower income estate out of their income and a similar proportion classes had high incomes in the past, while the put their current saving into business or securiunusually large difference in the other direction ties, while one in a hundred increased their holdings for the middle income bracket might be explained of Government bonds other than savings bonds. by the rapid growth in incomes during recent years In addition, the saving of one in five was accomfor many people formerly receiving low incomes. plished by reducing their indebtedness. As with liquid asset holdings, the median per- If we compare those who increased their holdings centage saved is much larger for higher than for by more than 5 per cent with those who decreased lower incomes, while the amount saved even within them to a similar extent, we find that 20 per cent the same income class varies widely. Over half of all spending units decreased their holdings of of those with incomes of under $1,000 had no savings bonds (compared with 37 per cent who savings or dissaved in 1945, while among those with increased them), 11 per cent decreased their savincomes of over $5,000, only 6 per cent had no ings accounts (compared with 18 per cent), 7 per saving or dissaved, and almost half saved 20 per cent their checking accounts (compared with 11 cent or more of their income, as is indicated in per cent), and 26 per cent their liquid assets as a Table 6. whole (compared with 42 per cent). The remaining The forms taken by saving also showed considerspending units had either no holdings or unchanged able variation. Of all spending units 12 per cent holdings. Thus while decreases were sizeable, in- 4 Net saving is positive saving less dissaving (consumption creases were appreciably larger. About half of the expenditures in excess of income). JULY 1946 719 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS funds withdrawn, covering three-quarters of those incomes had smaller saving and 25 per cent unmaking withdrawals, was added to consumption changed saving. Rising prices were probably also expenditure and therefore involved dissaving, while an influence in reducing the rate of saving during the remainder was used to purchase non-liquid the year. assets. TABLE 7 RELATION BETWEEN INCOME CHANGES AND SAVING CHANGES IN SAVING DURING 1945 IN RELATION TO Change in income * INCOME d in if c I f o n e m c re o e n m c e e in s c i r g n e e a n t s h e e e r d a l n l a y u n m d d b e e c d l r e i n c o r e e f d a s s d e p d u e r n i d i n n i g n g t 1 h 9 e u 4 n 5 c it , o s b u u r w s t e h o th o s e e f Change in saving p o c e r o r r I f e m n c a 2 - o e s 5 e r n e t p p c e e t r o o r r I e f n c c a 2 - 5 e s e 4 e n n t t i c n h c N a i o n n o m g e e 2 p p c e e t r o D o r r e f c c e a 2 - 5 e e s 4 e n n t t p o c e r o r D r f e m c e a 2 o - e s 5 e n re t the year was not great. About 30 per cent of all spending units had smaller incomes in January 1946 Increase 43 30 9 9 3 than in January 1945, while 25 per cent had larger No change 38 44 67 42 25 Decrease 11 18 13 38 62 incomes. Loss of overtime pay, changes to lower Not ascertained.. 8 8 11 11 10 paid jobs, and unemployment were the main fac- 100 100 100 100 100 tors given in explanation of lowered earnings.5 A 1 Figures in each column are percentages of all spending large proportion of those with increased incomes units having the change in income specified for the column. were veterans. 2 Including change of less than 5 per cent. The rate of current saving declined considerably OTHER FACTORS INFLUENCING SAVING AND LIQUID more over the period than income, with the over- ASSET HOLDINGS all percentage of income saved declining approxi- Around half of all spending units plan to save mately one-fifth from January 1945 to January whatever is left after meeting their expenses, a 1946. Of all spending units (except farmers, who quarter say they can not save at all, and the were not asked to estimate the change because their remaining quarter plan to save some portion of income is not received on a monthly basis), 27 per their income regularly and to meet their expenses cent decreased their saving between January 1945 from what is left. More than half of the regular and January 1946, 15 per cent increased their savers use the pay-roll deduction plan for purchase saving, 47 per cent made no change, and 11 per cent of Series E savings bonds. were unable to estimate the change. Of those When asked their purpose in saving, about three increasing their saving, about two out of five had out of five spending units mentioned motives which saved nothing in January 1945; of those who made can be classified under the general head of "secuno change, over half saved nothing at either time; rity." Old age, ill-health, unemployment, and genand of those who decreased their saving, over half eral protection against a "rainy day" were included were saving nothing in January 1946. The esti- under this head. Old age and ill-health together mates of saving in the months of January 1945 and were specifically mentioned far more frequently January 1946 are less accurate than the estimate for than unemployment, perhaps indicating that peo- 1945 as a whole, but are believed to be adequate to ple expect little unemployment or that they no permit comparisons between the two periods. longer consider protection against unemployment Changes in income were, of course, the most an individual responsibility. A further one out of important single factor explaining the decline in five save to make investments (mainly to purchase saving, but other factors were also present. In a home but including some business investment as money terms, decreases in income had more effect well) and one out of six to provide benefits for in reducing saving than improvements in income children (mainly education). Only one out of had in increasing saving. Table 7 shows that 43 ten indicated that they were saving to purchase per cent of those with substantially increased in- consumer durable goods or to make other concomes had larger saving and 38 per cent unchanged sumption expenditures, while one in twelve mensaving, while 62 per cent of those with decreased tioned miscellaneous reasons or had no specific purpose.6 5 Appreciably more people felt that their financial situation deteriorated after the end of the war; as many mentioned increases in prices in explaining their changed situation as 6 As some people mentioned more than one purpose in savmentioned decreases in income. ing, the answers total more than 100 per cent. 720 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS The influences of factors other than income on savings and holdings. We find that, at least in liquid asset holdings of individual spending units money terms, the percentage of a given income can be analyzed by comparing the characteristics saved is larger in rural than in metropolitan areas. of "large" and "small" asset holders with similar Of those residing in rural areas 37 per cent were incomes. In drawing the line "large" was defined large savers for their income, compared with 13 per to include approximately the top quarter distributed cent of those in metropolitan areas. This difference according to asset holdings and "small" the bot- may be in part explained by lower prices and nontom quarter of all spending units having similar monetary income in rural areas. Differences in incomes. Throughout the remainder of the disliquid asset holdings between areas are far less cussion "large" holders (or savers) are units whose marked than in the case of saving, although some holdings (or savings) are large for their income, residents of open country have large holdings of not large in an absolute sense. "Similar incomes" liquid assets in relation to their income. is defined as income differences of less than $100 Among occupational groups, farm operators, selfannually. Even when the influence of income is employed businessmen, and professional and whiteeliminated in this way, sharp differences in holdcollar workers are large savers for their money inings remain: the smallest of the large holders, for example, has on the average seven times as much come (in the order named), while skilled and unas the largest of the small holders. Moreover, skilled laborers, those without paid occupation (reroughly similar differences appear when savers are tired and housewives), and the unemployed are at analyzed in the same way. the other extreme. These same differences prevail Various characteristics of large and small holders in regard to liquid asset holdings, except that busiand savers are compared in Table 8. These com- nessmen have relatively small liquid holdings and parisons throw light on non-income influences on those without paid occupations relatively large TABLE 8 CHARACTERISTICS OF LARGE AND SMALL SAVERS AND HOLDERS OF LIQUID ASSETS [Percentage of total number of spending units in group]1 Large Medium Small Large Medium Small Groups of spending units savers2 savers2 savers2 holders2 holders2 holders2 By age of head of unit: 20-29 27 41 29 22 45 32 30-44 22 45 27 19 47 30 45-60 22 44 23 27 41 25 Over 60 . .. 21 49 21 34 28 31 By occupational status of head of unit: Professional or white collar worker 23 52 17 28 50 15 Self-employed businessman . . 30 40 17 26 48 17 Skilled or unskilled worker* 19 46 30 18 44 35 Retired or housewife 16 47 27 33 28 31 Unemployed 17 36 41 20 35 42 By education of head of unit: Grammar school 20 48 26 23 37 37 High School 25 41 26 24 48 23 College 29 43 17 34 42 16 By type of community: Metropolitan areas3 .... 13 46 34 19 47 29 Other cities of more than 50,000 population 20 48 25* 23 43 29 Towns of 2,500 to 50 000 population 26 43 22 27 42 25 Towns of less than 2 500 population 27 44 23 22 41 32 Open country 37 42 17 34 30 34 By savings plans:* Have regular plan other than pay-roll deduction^ 31 45 16 32 49 13 Save by pay-roll deduction5 24 50 18 24 55 14 Have no plan but try to save 23 44 24 26 46 22 Say they can not save .. . 10 48 38 12 28 58 1 Figures in each line are percentages of all spending units having characteristic indicated in stub; for each characteristic shown, the percentage figures in each set of three columns, together with percentages not shown for units for which the particular characteristics were not ascertained, add across to 100 per cent. 2 Terms "large," "medium," and "small" savers or holders refer to amounts saved in 1945 or amounts of liquid assets held in first quarter of 1946 relative to income and not to dollar amounts of savings or holdings. * The 11 largest cities including their suburbs. * Farmers have been omitted from this grouping since the irregular nature of their incomes makes it difficult for them to have a regular savings plan. 6 People who saved by payroll deduction and also had other savings plans of their own are included in both columns. Pay-roll deduction refers only to purchase of Series E savings bonds. JULY 1946 721 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS holdings. Information was not obtained as to hold- be expected, however, the number of large asset ings of other assets. holders increases and the number of average hold- Higher education appears to encourage both sav- ers decreases with age, but the number of small ing and the accumulation of liquid assets. Of those holders—those who never succeed in accumulating with a college education 29 per cent were large holdings—remains roughly constant. and 17 per cent small savers, compared with 20 That there is some stability of the saving habit is per cent large and 26 per cent small savers in the demonstrated by the fact that about three times as case of those with only a grammar school education. mai\y large savers as small savers hold $1,000 or This difference was even more pronounced in the more in liquid assets. While about as many large case of liquid asset holdings, where 34 per cent of savers save entirely in liquid as in non-liquid forms, those with college education were large and 16 per among small savers non-liquid forms predominate, cent small holders, compared with 23 per cent large largely because of the importance of insurance. and 37 per cent small holders among those with The largest savers are those who save regularly grammar school education. before meeting their expenses by a plan other than Differences in age have relatively little effect on pay-roll deductions; those using pay-roll deductions the current rate of saving, except that the number for purchase of Series E bonds come next, followed who are average savers grows with age. As is to by those without any definite plan. POSTWAR ECONOMIC STUDIES NO. 4 Prices, Wages, and Employment, the fourth of related subjects by specialists on the staffs of the the series of eight postwar studies authorized by the Board and the Federal Reserve Banks. The views Board of Governors, is now ready for distribution. expressed in the papers are entirely those of the It contains the following papers: "Prospects of In- authors, and there is no official endorsement of flation in the Transition Period," by Charles O. any of the proposals made. Hardy; "Employment and Wage Policies," by Individual pamphlets may be purchased for Kenneth B. Williams; and "Monopoly and Unem- 25 cents each, or for 15 cents each for group purployment," by Howard S. Ellis. chases of ten or more in single shipment. Orders Later pamphlets will be announced in the BUL- should be sent to the Division of Administrative LETIN as they become available at irregular in- Services, Board of Governors of the Federal Reserve tervals. Each pamphlet will contain essays on System, Washington 25, D. C. 722 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE Printed below is the text of a British Government stated are for calendar years and relate to the United White Paper (Cmd. 6784) presented to Parliament Kingdom of Great Britain and Northern Ireland. in April under the title "National Income and Ex- The numbers in brackets after the titles of items penditure of the United Kingdom, 1938-1945." in the tables in Sections I to IV refer to items in This document is the sixth of a series initiated in the main tables in Section V. These numbers are 1941, and provides a summary of British war fi- intended solely for reference purposes and no nance for the entire period of hostilities. The texts account is taken of the sign of the corresponding of the earlier White Papers were published in the item in the main tables. BULLETIN for August 1945, pages 732-53; for July The tables have been prepared in the Central 1944, pages 655-69; for August 1943, pages 729- Statistical Office with the collaboration of the 40; for June 1942, pages 539-49; and for July 1941, Treasury and other Departments. pages 633-38. PREFACE I. INTRODUCTION This Paper gives estimates of national income Detailed tables of income and expenditure are and expenditure in a form designed to show changes given in Section V. Table 1 sets out the main in the distribution of the country's resources be- totals and shows the relationship of the various tween different uses. concepts of income and product to one another. The introduction to the corresponding paper Personal income before tax is the sum of incomes issued in April 1945, Cmd. 6623, contained a dis- received by individuals, charities and non-profit cussion of the principles of social accounting fol- making bodies from whatever source they are delowed in this series of papers. Reference should be rived; private income includes, in addition, the made to that discussion for fuller explanations of undistributed profits of companies and thus conthe treatment and the definitions adopted in this stitutes the total income accruing to the private Paper. In those cases where the definitions differ sector of the economy. The figures of personal from those in Cmd. 6623, the changes are noted and and private income are of particular use in the explained in Appendix II. In general, changes analysis of changes in consumption, and in the have been made either because more information discussion of tax policy. Both series, however, has become available or for reasons of logical con- contain an element of duplication, in that they sistency. include both direct taxes paid to public authorities All the statistics in this Paper unless otherwise and transfer incomes (for example, unemploy- TABLE 1 NATIONAL INCOME AND PRODUCT [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1945 1. Personal income before tax [29] 4,772 5,010 5,720 6,400 7,087 7,643 8,019 8,351 2. Plus other private income before tax [39]. 259 369 615 919 962 980 975 900 3. Private income before tax [45] 5,031 5,379 6,335 7,319 8,049 8,623 8,994 9,251 4. Less transfer payments from public authorities to the private sector [70] -475 -469 -484 -522 -581 -652 -724 -891 5. Private income from current economic activity 4,556 4,910 5,851 6,797 7,468 7,971 8,270 8,360 6. Plus public income from trading, property, etc. [56]... 54 50 71 89 132 147 131 123 7. National income (or net product at factor cost) [6] 4,610 4,960 5,922 6,886 7,600 8,118 8,401 8,483 8. Plus sums allowed for depreciation and maintenance [85] 475 485 505 515 520 520 520 520 9. Gross national product at factor cost 5,085 5,445 6,427 7,401 8,120 8,638 8,921 9,003 10. Plus indirect taxes net of subsidies [53-65].... 601 669 827 1,089 1,207 1,295 1,256 1,188 11. Gross national product at market value. . 5,686 6,114 7,254 8,490 9,327 9,933 10,177 10,191 JULY 1946 723 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE ment assistance, old-age pensions and national debt the calls on the national resources for war purposes interest) received from public authorities. To the could not be met without cutting consumption, reextent that they consist of such transfer payments, ducing capital formation at home, disposing of they are affected by changes in fiscal policy or external investments and increasing external liasocial insurance schemes. bilities. The purpose of this section is to show From some points of view it is important to have how the distribution of the national expenditure a measure of the total national output of goods between war expenditure, consumption and capital and services which is not affected by such changes. formation changed during the war years. Except in so far as the treatment of depreciation Total expenditure on goods and services by and, hence, profits is a fiscal matter, the figures of public authorities increased more than fivefold benational income or net national product shown in tween 1938 and 1943—from 941 million pounds item 7 of table 1, satisfy this need. They show the to 5,227 million. It rose slightly above this level value of the product of the United Kingdom from in 1944 and in 1945 was still only about 200 milits resources at home and overseas. This product lion pounds below 1943. The 1945 figure was is in later tables measured by both the incomes re- raised in relation to those of earlier years by the ceived from economic activity and the expenditure inclusion of 161 million pounds to cover the cost which gives rise to such incomes. The figureso f of the final Lend-Lease settlement with the United net national product are net in the sense that they States. No Exchequer issue was made in respect exclude sums allowed for depreciation and main- of this item. tenance, and are at factor cost—that is, they repre- The series in table 2, however, do not give a consent the remuneration of the factors of production sistent measure of the goods and services currently TABLE 2 EXPENDITURE ON GOODS AND SERVICES BY PUBLIC AUTHORITIES AT MARKET VALUE [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1945 1. Central government: (a) War expenditure [115] 343 735 2,467 3,579 3,962 4,609 4,645 4,389 (b) Other current expenditure [116] 92 105 117 131 140 139 140 155 (c) Net non-war capital formation [117].... 24 25 18 11 11 10 40 2. Extra-budgetary funds and local authorities: (a) War expenditure 5 45 107 134 117 99 89 78 (b) Other current expenditure 376 382 382 396 409 408 416 434 (c) Net non-war capital formation [72] 101 70 -23 -34 -38 -42 -37 3. Total [73+77] 1,362 3,099 4,228 4,605 5,227 5,256 5,059 employed in producing goods and services. They at the disposal of public authorities during the war therefore include the amount of subsidies received years. In the first place, they exclude the value of from public authorities but exclude indirect taxes goods and services received as Lend-Lease assistance paid to those public authorities. and Mutual Aid before V-J day or paid for out of Gross national product at factor cost includes the Canadian contribution of 1942. In the second sums allowed for maintenance and depreciation, place, they are, with the exception noted above for and, at mar\et value, includes, in addition, the 1945, figures of cash payments and these fell short amount of indirect taxes paid to public authorities of the value of work done on government account less subsidies received. The size of the gross in the years 1940 to 1943 when war programmes national product at market value is, therefore, af- were expanding and exceeded it in 1945 when fected by changes in the division of government programmes were being cut. Table 2 does not, revenue between direct and indirect taxes. therefore, bring out fully the year to year changes in the claims of the government on the country's II. CHANGES IN THE COMPOSITION OF THE NATIONAL resources. PRODUCT In table 3 an attempt is made in line 2 to allow Although the size of the national product rose for the second of these factors and thus to give a during the war both in money and in real terms, measure of the total value of war work done on 724 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE government account. In item 5 of the table the subsidies. The item of government consumption value of this work is shown after deduction of the consists of the cost of the ordinary peace-time indirect taxes which enter into its market value services of government, such as justice, education and, since they are paid to public authorities, rep- and road maintenance. Net non-war capital forresent merely a transfer within the public sector mation includes work on both public and private of the economy. Item 5 is, therefore, a measure account. of the factors of production taken up by the war The total national cost of personal consumption effort and is here called the "national cost of the at current prices rose between 1938 and 1945 by war. 980 million pounds, or 27 per cent. Consumers' TABLE 3 expenditure in real terms, however, had by 1941 NATIONAL COST OF THE WAR fallen 17 per cent below the pre-war level and even 1940-45 in 1945 was still 14 per cent less than in 1938. This [In millions of pounds] fall is discussed in more detail in Section III. Consumption could not have been maintained at 1940 1941 1942 1943 1944 1945 this level if capital had been maintained intact. In 1. War expenditure by pub- fact, net capital formation was negative in each of lic authorities 2,574 3,713 4,079 4,708 4,734 4,467 2. Increase in work in prog- the years 1940-45. Some analysis of this loss of ress on government account held under pri- wealth is given below. It is, however, especially vate finance [10] 125 175 75 25 -225 important to bear in mind the technical limitations 3, Total market value of of the figures presented: war work done on government account 2,699 3,8884,154 4,733 4 734 4,242 4. Less net indirect taxes Firstly, it has not been possible during the war included in market value -104 -171 -166 -181 -188 -95 to make a direct estimate of private domestic capital 5. National cost of the war1. 2,595 3,717 3,988 4,552 4,546 4,147 formation, which has had to be obtained as a residue by subtracting all the other elements in the net 1 Expenditure at market value less indirect taxes plus subsidies. national product from an independent estimate The analysis is carried a stage further in table 4. of the total. It is, therefore, peculiarly subject to There the cost of the factors of production taken error. up by the war effort is compared with the cost Secondly, the allowances for depreciation used in TABLE 4 COMPOSITION OF NET NATIONAL PRODUCT 1938 1939 1940 1941 1942 1943 1944 1945 (In millions of pounds) National cost of1: Consumption Personal [30] 3,602 3,659 3,796 3,839 4,010 4,006 4,285 4,582 Government 456 473 483 508 531 532 544 578 War 338 754 2,595 3,717 3,988 4,552 4,546 4,147 Net non-war capital formation 214 74 -952 -1,178 -929 -972 -974 -824 Net national product at factor cost (or national income) [6]. 4,610 4,960 5,922 6,886 7,600 8,118 8,401 8,483 (Percentages) Consumption 83 72 60 56 58 61 War 15 44 52 56 54 49 Net non-war capital formation. 2 -16 -12 -12 -12 -10 Net national product at factor cost. 100 100 100 100 100 100 100 100 1 Expenditure at market value less indirect taxes plus subsidies. of the factors of production used up in providing calculating income and net capital formation are, current non-war goods and services and in adding except in the case of agriculture, based on Inland to the country's stock of assets at home and abroad. Revenue practice: that is, they are calculated on All the figures in this table are on the same basis the original and not on the replacement cost of as those in table 3, that is, they are at the prices assets. In a period during which costs are rising, current in each year, adjusted for indirect taxes and these sums will in fact fall short of replacement JULY 1946 725 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE costs, and the figures in line 3 of table 6 should accounted for by failure to maintain equipment and accordingly not be used as a measure of what it stocks in this country. The balance of 4,628 million would cost the country to replace all its lost wealth. pounds represented a loss of external assets or a Thirdly, while no deduction has been made for piling-up of external liabilities. It should be noted loss or damage due to enemy action, the making that the figure of 819 million pounds for 1945 given TABLE 5 NATIONAL COST OF PERSONAL CONSUMPTION AT CURRENT AND AT 1938 PRICES * 1938 1939 1940 1941 1942 1943 1944 1945 (In millions of pounds) Current prices [30]... 3,602 3,659 3,796 3,839 ! 4,010 4,006 4,285 4,582 1938 prices 3,602 3,603 3,241 3,001 2,963 2,844 2,974 3,115 (Index numbers,1938 -- 100) Current prices ... 100 102 105 107 111 111 119 127 1938 prices ... 100 100 90 83 82 79 83 86 1 Expenditure at market value less indirect taxes plus subsidies. good of these losses so far as it has occurred is in line 4 includes 161 million pounds (650 million included in capital formation. dollars) as indebtedness to the United States Gov- Fourthly, the estimates given of net capital for- ernment arising out of the Lend-Lease settlement. TABLE 6 NON-WAR CAPITAL FORMATION [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1945 1. Gross non-war capital formation at home and war losses made good [88 +90] • 780 826 364 170 283 251 211 534 2. Less sums allowed for depreciation and maintenance [85] -475 -485 -505 -515 -520 -520 -520 -520 3. Net capital formation at home and war losses made good [9+11 -fl2] 305 341 — 141 — 345 — 237 —269 —309 14 4. Net lending abroad and purchase of assets and financial claims from overseas [91] -70 -250 -804 -816 -663 -680 -659 -819 5. Net capital formation at home and abroad [9+11+12+13] 235 91 -945 -1,161 -900 -949 -968 -805 6. Less net indirect taxes falling on gross capital formation at home. -21 -17 -7 -17 -29 -23 -6 -19 7. National cost of net non-war capital formation at home and abroad l 214 74 -^952 -1,178 -929 -972 -974 -824 1 Net non-war capital formation at home at market value less indirect taxes plus subsidies, plus increase in net lending abroad and purchase of assets and financial claims from overseas. mation make no allowance for under-maintenance III. CHANGES IN THE COMPOSITION OF PRIVATE of plant and equipment. OUTLAY All these factors work in the same direction. On the other hand, government expenditure of a The changes in the composition of the national capital nature for war purposes has been entirely product discussed in the last section have been reexcluded from the figures of capital formation given flected in changes in the composition of private outin this paper although some part of it will have a lay. Table 7 shows the distribution of private inpeacetime use. Of the total recorded disinvestment during the come between expenditure on consumption, direct years 1940-45, however, only about one-fifth was tax payments and saving. 726 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE TABLE 7 DISPOSAL OF PRIVATE INCOME 1938 1939 1940 1941 1942 1943 1944 1945 (In millions of pounds) Consumers' expenditure at market value [30+31] 4,160 4,271 4,496 4,721 5,004 5,082 5,335 5,645 Direct taxes [32+33 +34+40+41] 545 595 786 1,230 1,513 1,902 2,107 2,148 Private saving (including undistributed profits) [35+36+42+43]. 326 513 1,053 1,368 1,532 1,639 1,552 1,458 Private outlay [46]. . , 5,031 5,379 6,335 7,319 8,049 8,623 8,994 9,251 (Percentages) Consumers' expenditure at market value 83 80 71 65 62 59 59 61 Direct taxes 11 11 12 17 19 22 24 23 Private saving (including undistributed profits).... 6 9 17 18 19 19 17 16 Private outlay 100 100 100 100 100 100 100 100 A. Consumers' Expenditure (3) The figures represent the expenditure of consumers in the above sense on goods and services Table 8 shows the distribution of consumers' exof all kinds whether these are provided out of new penditure on goods and services at current market production or from stock. Second-hand goods are prices. not included, but an allowance is made in item 14, More detailed figures, together with definitions "other services," for the costs, including profit, of of the items are given in Appendix III. Revisions handling and reconditioning them. in detail have led to several changes compared with In table 9 estimates are given of the value of the figures previously given, the most substantial the various components of consumers' expendiof these being in the estimates of expenditure on ture in terms of constant prices. food and alcoholic drink. In interpreting the fig- During the war most groups of consumers' exures and those in tables 9 and 10, the following penditure showed a decline in real terms, but the definitions should be noted: extent of the curtailment varied appreciably between (1) The figures relate as far as possible to ex- different groups. The greatest decline was in the penditure met out of personal income including that categories of durable goods and personal services. of charities and other non-profit-making bodies as Purchases of new motor-cars by private individuals well as of individuals. The figures for individual ceased entirely for five years, purchases of furniture categories relate to purchases in this country even were by 1944 down to only one-fifth and purchases when made by tourists or Dominion and Allied of clothing not much above half of their 1938 level. troops. On the other hand they do not include In both these last two categories expenditure rose consumers' expenditure abroad out of British per- slightly in 1945. In contrast, there was during the sonal income. A rough adjustment for these fac- war a rise in expenditure on drink, tobacco and tors is included in item 18 of the table. entertainments, all items subject to exceptionally (2) Expenditure on consumers' goods and serv- heavy indirect taxation. ices by business and public authorities is, as far as It is important to bear in mind certain qualificapossible, excluded except in certain cases where the tions to which all the categories in table 9 are subobject purchased is resold to persons as part of a ject to some extent: composite product or service. Thus, personal expenditure on meals in restaurants and hotels is (1) The figures relate to the expenditure of the spread over several categories; the cost to the total population of the United Kingdom, which, establishment of the food used appears in item 1, because of the movement of troops between this "food"; the rent of the building in item 4, "rent, country and overseas, did not remain constant either rates and water charges"; the chinaware and cook- in size or composition. ing utensils purchased in item 6, "hardware" and Thus, for example, in 1943 and 1944 large numan allowance for the purely service and managerial bers of Allied and Dominion troops were stationed element of expense in item 14, "other services." in this country, whose expenditure was distributed 727 JULY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE very differently from that of the average British It is not, therefore, to be expected that the movecivilian. Their expenditure on rent was smaller, ment of these aggregate of expenditure will reflect but their expenditure on drink and entertainments at all exactly the changes experienced 6y any parwas larger, than the average. ticular class or individual. TABLES 8 AND 9 PERSONAL EXPENDITURE ON CONSUMERS' GOODS AND SERVICES 8. IN MILLIONS OF POUNDS, AT CURRENT MARKET PRICES 1938 1939 1940 1941 1942 1943 1944 1945 Food 1,221 1,262 1,309 1,323 1,369 1,330 1,396 1,414 Alcoholic beverages: 195 211 273 346 420 470 529 550 Other 90 99 103 118 122 138 133 135 Tobacco: Cigarettes 144 168 215 264 343 412 428 469 Other 32 36 47 55 72 79 79 79 Rent, rates and water charges 491 510 519 515 509 510 512 517 Fuel and light 195 198 223 236 240 236 248 265 Durable household goods: Furniture and furnishings 152 146 139 128 114 83 68 92 Hardware 82 77 73 69 60 56 56 75 Other household goods 51 53 56 55 50 49 52 53 Clothing: Footwear 73 78 90 91 97 87 90 93 Other clothing Men's and boys' wear 127 131 137 116 123 101 125 130 Women's, girls' and infants' wear 246 249 269 245 267 241 279 293 Reading matter 61 61 66 67 73 77 84 88 Privately-owned motor vehicles and their running expenses. 114 101 34 27 14 7 7 26 Travel. 159 152 138 165 198 207 210 238 Communication services 29 29 32 37 39 48 54 51 Entertainments 60 56 57 83 113 133 142 153 Services not included above 452 450 449 453 422 404 404 441 Other goods 176 180 186 188 183 189 200 228 Income in kind of Armed Forces. 17 29 81 135 146 185 199 205 17. Total of above items. 4,167 4,276 4,496 4,716 4,974 5,042 5,295 5,584 18. Adjustment1 -5 30 40 40 50 19. Total [7] 4,160 4,271 4,496 4,721 5,004 5,082 5,335 5,634 1 It is necessary to make a specific adjustment in order to convert the total in line 17 to a total of purchases out of British income. 9. IN MILLIONS OF POUNDS, AT 1938 PRICES 1938 1939 1941 1944 1945 1. Food 1,221 1,231 1,075 983 1,022 980 1,027 1,034 2. Alcoholic beverages: Beer 195 203 202 230 233 236 249 259 Other 90 95 82 84 68 64 59 60 3. Tobacco: Cigarettes 144 150 149 166 174 176 177 194 Other 32 32 30 32 32 29 28 27 4. Rent, rates and water charges 491 504 507 502 496 497 499 501 5. Fuel and light 195 196 200 201 196 185 186 192 6. Durable household goods: Furniture and furnishings 152 144 105 70 48 36 30 42 Hardware 82 75 59 45 33 29 29 38 7. Other household goods 51 53 51 47 42 40 40 40 8. Clothing: Footwear 73 76 68 58 56 53 53 54 Other clothing Men's and boys' wear 127 127 103 70 69 57 69 70 Women's, girls' and infants' wear 246 241 201 147 148 137 153 155 9. Reading matter 61 61 57 59 60 63 68 72 10. Privately-owned motor vehicles and their running expenses 114 100 29 22 11 6 6 21 11. Travel 159 152 128 144 169 181 184 207 12. Communication services 29 28 26 26 28 32 35 35 13. Entertainments 60 56 48 70 82 83 83 8S 14. Services not included above 452 448 402 377 330 304 293 313 15. Other goods 176 176 159 125 103 105 110 117 728 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE (2) It has not been possible with the data avail- would show a greater fall during the war than do able to adopt a uniform basis in compiling the series the figures in table 9, because the latter reflect the of expenditures at constant prices. Two main meth- movement of consumption from cheaper to more ods have been used. In the case of rents, durable expensive garments since rationing started. household goods, clothing, books, travel and enter- In the case of food it has not been possible to tainments the values at current prices have been allow consistently for quality changes. Thus, dried deflated by dividing the estimates for each year by milk and liquid milk, for example, are treated as an index reflecting changes in the prices of those two distinct commodities and a shift from one to goods actually sold in the year in question in rela- the other is reflected in the series of expenditure at tion to 1938. In the case of the other groups of constant prices. On the other hand, an increase expenditure the physical quantities purchased of in the proportion of inferior cuts of meat and a disthe various items in a category have been multi- appearance of the more expensive blends of coffee plied by their respective average prices in the have not affected the series, since the basic figures base-year. are in terms of undifferentiated weight. There can TABLE 10 NATIONAL COST OF CONSUMERS' GOODS AND SERVICES * [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1945 Food 1,155 1,186 1,255 1,280 1,362 1,345 1,451 1,527 Alcoholic beverages: Beer 125 130 139 178 206 206 240 Other 46 52 51 57 57 62 60 Tobacco 85 92 96 110 118 121 123 Rent, rates and water charges 334 344 350 344 342 344 350 Fuel and light 188 190 211 224 229 228 243 Durable household goods: Furniture and furnishings 145 139 133 103 89 65 53 Hardware 78 74 69 57 47 44 45 Other household goods 46 47 49 46 42 42 44 Clothing: Footwear 70 74 85 79 85 80 84 Other clothing 352 359 386 306 334 306 372 1 9 0 . . R Pr e i a v d a i t n e g ly - m o a w t n te e r d motor vehicles and their running expenses 9 5 2 9 5 8 9 1 6 2 3 8 6 2 4 1 7 U 0 74 7 ? 11. Travel 141 135 124 147 180 190 195 12. Communication services 28 28 31 35 37 46 13. Entertainments 49 46 47 65 82 89 14. Services not included above 433 430 428 428 401 386 Si 15. Other goods 167 171 176 161 149 151 19 16. Income in kind of the Armed Forces 16 27 75 129 139 180 J> 17. Adjustment2 -7 c 5 30 40 18. Total [30] 3,602 3,659 3,796 3,839 4,006 4,285 4,582 1 Expenditure at market value less indirect taxes plus subsidies. 2 It is necessary to make a specific adjustment in order to convert the total in line 17 to a total of purchases out of British income Owing to the lack of a uniform method of com- be no doubt, therefore, that the war-time changes pilation the extent to which quality changes are in the series of food expenditure at 1938 prices reflected in the figures varies from category to underestimate the loss of satisfaction that has occategory. In none of the service items has any curred through declines in quality. allowance been made for this factor. The figures (3) The "weights" used to combine the different in table 9 are unaffected by changes in the extent items in composite groups such as food and fuel of overcrowding of trains, the delay in postal and are prices and not, as would for other purposes be telephone services or the state of repair of houses. more appropriate, technical factors such as food Nor has any account been taken of changes in the values or thermal units. amount of services provided by sellers of goods, for A series of food purchases designed to measure example, delivery services and use of wrapping changes in the nutritional value of the diet would material. In the case of most groups of merchan- fall by less during the war. Conversely, an index dise, however, some allowance has been made for of purchases of fuel weighted by their thermal conchanges in the quality of goods. A series of cloth- tent would show a smaller rise than the series in ing sales based on the number of garments sold table 9. JULY 1946 729 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE (4) None of the figures makes any allowance Though it is not feasible here to attempt to disfor the loss of satisfaction caused by restrictions on tribute the whole of this taxation over different consumers' freedom of choice. ranges of income it is possible to continue the estimates published in previous years of the extent to It was mentioned above that consumers' exwhich direct taxes fall on different incomes. Table penditure includes a large element of indirect tax- 12 gives the estimated distribution of incomes beation entering into the market price of the goods. fore and after tax in the calendar years 1938 and To this extent consumers' expenditure exceeds the receipts of the producers of the goods. On the other 1944. It is clear from more recent information hand producers in some cases receive subsidies from that the figures for 1942 given in Cmd. 6623 need the government in addition to their sales proceeds. revision; they should, therefore, be compared with Table 10 shows estimates of the amount producers the figures given in Table 12 for 1944 which are of consumers' goods and services actually receive, themselves provisional. whether from consumers or from public authorities. Table 12 relates to income received in 1938 and It is these items that enter into the national cost 1944 and shows the amount of private income at the of consumption shown in table 5 above. disposal of individuals which can be allocated to TABLE 11 TOTAL PRIVATE INCOME AND THE PROPORTION REQUIRED TO MEET TAXATION [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1945 1. Private income [45] 5,031 5,379 6,335 7,319 8,049 8,623 8,994 9,251 2. Direct taxes, social insurance contributions of employees, war damage contributions and premiums, etc., met out of private income [49] 545 595 786 1,230 1,513 1,902 2,107 2,148 3. Indirect taxes, rates and war risks insurance premiums less subsidies met out of private income 571 622 706 902 1,022 1,097 1,054 1,074 4. Excess of tax liabilities over payments [83] 16 120 286 329 343 133 72 -22 5. Total tax liabilities in respect of private income 1,132 1,337 1,778 2,461 2,878 3,132 3,233 3,200 6. Tax liabilities as a percentage of private income 23 25 28 34 36 36 36 34 The difference between the entries in table 10 and different ranges. The category of unallocated prithe corresponding entry or group of entries in vate income is not the same as other private income table 8 represents the indirect taxation less sub- shown in item 39 of table 21 since, while the undissidies estimated to have fallen on particular classes tributed profits of companies and all liabilities for of consumers' goods and services. A comparison National Defence Contribution and Excess Profits of these two tables, therefore, shows the extent to Tax are common to both, the figures in table 12 which different categories of consumers' expendi- contain in addition all personal income (including ture are subject to net indirect taxation. the income of non-profit-making bodies) which cannot be allocated to ranges of income. Examples B. Taxation in Relation to Income are the investment income of charities, the increase Table 7 showed the disposal of private income in assurance funds and certain allowances and between its immediate uses: personal expenditure, income in kind. direct tax payments and saving. Table 11 above In the tables relating to 1944 the total net income collects together all the taxes, both direct and in- at 1944-45 rates is the amount which would have direct, which fall on private income. resulted if all taxpayers had during that year paid The figures in line 3 are estimates of that part tax at 1944-45 rates on the income received by them of the excess of indirect taxes over subsidies which in that year. The figures in the corresponding is met out of private income: that is, which does not column for 1938-39 do not relate to the income of appear in the value of goods and services bought that year, but to the income that would have reby public authorities. Indirect taxes entering into mained after tax in 1944 if the taxation of 1938-39 the value of government purchases clearly represent had been in force in that year. a transfer entirely within the public authority sector. The change in the distribution of incomes brought 730 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE about by change in taxation can be shown in an- provide this information below. It will be underother way by classifying individuals by ranges of stood that in the case of mixed incomes the alloincome after tax, i.e. aggregate income as assessed cation of tax can only be arbitrary. Thus, if, for to tax less the income tax and surtax payable. example, income is derived partly from wages and This is shown for the financial years 1938-39 and partly from interest-bearing securities, the tax pay- 1944-45 in table 13 which relates solely to income able in respect of the total income depends partly assessed to income tax. on the size of the tax-free allowances and these are calculated with reference to the total of income and TABLE 12 not with reference to its separate component parts. DISTRIBUTION OF PRIVATE INCOME BY RANGES OF INCOMES TABLE 13 NUMBER OF INDIVIDUALS IN DIFFERENT RANGES OF NET INCOME ASSESSED IN 1938-39 AND 1944-45 * Proportion Total in- of income Total i c n o c m om e e a f t t a e x r b r e e fo ta r i e n e t d ax Range o (I f n i n p c o o u m n e d s a ) fter tax 1938-39 1944-45 Range of income b o e f r co in m - e surt a a n x d 1 at d a u ft c e t r i on d e o - f before tax in- be- taxes at 150-250 4,500,000 7,400,000 comes fore 250-500 1,820,000 5,050,000 tax 500-1,000 450,000 830,000 1938-1944-1938-1944- 1,000-2,000 155,000 186,000 39 45 39 45 2,000-4,000. 56,000 33,050 rates2 rates rates rates 4,000-6,000 12,000 890 6,000 and over 7,000 60 Private Income in 1938 th ( o In u- (In millions (Per Total 7,000,000 13,500,000 (in pounds): sands) ofpounds) cent) XA married couple is for income tax purposes counted as one Private income at the ! individual. disposal of individuals3 which can C. Private Saving be allocated to Table 15 brings together the information on different ranges Under 25O2 2,681 2,6762,616 99.8 97.6 private saving, personal and other, contained in 250-500 1 745 595 578 499 97 1 83 9 500-1,000 500 350 311 244 88.9 69.7 table 21. 1,000-2,000 195 270 224 160 83 0 59 3 2,000-10,000 97 360 256 170 71.1 47.2 The allowance to meet accrued taxation in each 10,000 and over 8 170 84 35 49.4 20.6 Unallocated private year is the excess of tax liabilities acrued during income — *605 499 82.5 the year, on the assumption that there will be no Total private income — 45,O314,628 92.0 change from the latest rate of tax announced, over Private Income in 1944 total payments during the year in respect both of (in pounds) Private income at the tax currently due and of arrears. Thus in order to disposal of individuals3 which can obtain the total amount required at the end of 1945 be allocated to different ranges to meet the taxation accrued and unpaid, though Under 2502 3,5693,5603,479 99 7 97 5 250-500 5,200 1,830 1,785 1,590 97.5 86.9 not necessarily due, at that date on personal income, 500-1,000 1,400 995 896 730 90.1 73.4 1,000-2,000 520 729 606 454 83.1 62.3 the figures in item 4 must be added together; that 2,000-10,000 117 415 294 195 70.8 47.0 is to say, the aggregate at that date was the sum 10,000 and over 8 155 80 30 51.6 19.4 Unallocated private of the figures for the years 1938-45 (= 463 million income 41,3O1 573 44.0 pounds), plus the amount accrued and unpaid at Total private income 48,994 7,051 78.4 the end of 1937, plus or minus any adjustment due 1 The estimates of income in this table relate to calendar years; to changes in the rate of tax between the dates of the tax-rates used are those that were current in the fiscal years 1938-39 and 1944-45. earning and of assessment. The same applies to 2 All transfer payments, other than interest on the national debt, have been included in the incomes below 250 pounds. the increase in allowances to meet accrued taxation 3 A married couple is for income tax purposes counted as one individual. on other private income which is shown in item 7. 4 Including all liabilities for National Defence Contribution and Excess Profits Tax, which are deducted together with income tax IV. CENTRAL GOVERNMENT EXPENDITURE AND ITS in arriving at retained income. FINANCE The preceding tables showed the effect of income This section deals with the finance of central govtax and surtax on personal incomes in different ernment expenditure. Table 16 shows the relation income ranges, but gave no indication of the extent between total expenditure by the central governto which direct taxation falls on different types ment and expenditure of all public authorities on of income or property. An attempt is made to goods and services. JULY 1946 731 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE TABLE 14 DIRECT TAXATION PAID IN RESPECT OF DIFFERENT TYPES OF INCOME AND PROPERTY [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1945 On income: Rent of land and buildings Income tax 59 65 84 105 120 125 126 132 Surtax 7 7 8 8 8 8 8 Interest and profits Income tax 208 224 305 401 1397 534 602 632 Surtax 43 48 59 57 53 54 54 53 N.D.C., E.P.T., etc 16 28 69 234 345 486 517 474 Salaries Income tax 42 53 75 119 198 242 287 32a Surtax 9 10 12 12 12 12 12 12 Employees' contributions 4 4 5 7 7 7 7 7 Wages Income tax 28 112 185 238 241 Surtax Employees' contributions 51 53 56 61 65 64 63 "62 Pay of Armed Forces Income tax 1 1 4 11 21 24 26 28 On property: Land and buildings Death duties, corporation duty and land tax 10 10 10 11 11 12 13 16 War damage contributions 40 40 40 3a Interest bearing securities 2 32 Estate duties and corporation duty 22 22 23 30 31 36 43 Other stocks and shares 28 Estate duties and corporation duty... 37 37 37 43 43 47 48 Other forms of property 40 Estate duties 9 9 9 10 11 11 12 13 War damage contributions 43 26 14 9 Unallocated 25 21 '25 23 14 10 16 21 Total direct taxes [49]. 545 595 786 1,230 1,513 1,902 2,107 2,148 1 The introduction of Tax Reserve Certificates absorbed payments previously made in advance. 2 Government and municipal stocks, bonds, mortgages and debentures. TABLE 15 PRIVATE SAVING [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1945 Personal Saving 1. Gross personal saving, including allowance for accrued taxation [34+35+36] 234 334 700 979 1,283 1,504 1,450 1.396 2. Less death duties, etc. [34] -90 -87 -84 -93 -100 -106 -115 -133 3. Gross personal saving after allowance for death duties, etc. [35 +36] . . 144 247 616 886 1,183 1,398 1,335 1,263 4. Less increase in allowance to meet accrued taxation [35] -4 -34 -39 -42 -194 -97 -60 7 5. Net personal saving after allowance for accrued taxation [36]. .. 140 213 577 844 989 1,301 1,275 1,270 Otler Privjite Saving 6. Other gross private saving, including allowance for accrued taxation [42 +43] 182 266 437 482 349 241 217 195 7. Less increase in allowance to meet accrued taxation [42] -12 -86 -247 -287 -149 -36 -12 15 8. Other net private saving after allowance for accrued taxation [43]. 170 180 190 195 200 205 205 210 Total Privstte Saving 9. Net personal saving after allowance for accrued taxation [36].... 140 213 577 844 989 1,301 1,275 1,270 10. Other net private saving after allowance for accrued taxation [43]. 170 180 190 195 200 205 205 210 11. Total net private saving after allowance for accrued taxation [82]. 310 393 767 1,039 1,189 1,506 1,480 1,480 732 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE TABLE 16 EXPENDITURE OF THE CENTRAL GOVERNMENT AND OF ALL PUBLIC AUTHORITIES [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1945 1. Expenditure of all public authorities on goods and services at market prices [73 +77] 941 1,362 3,099 4,228 4,605 5,227 5,256 5,059 2. Less expenditure by extra-budgetary funds and local authorities on goods and services [72 +75 +76] -482 -497 -497 -507 -492 -469 -463 -475 3. Central government expenditure on goods and services [71+74]. . 459 865 2,602 3,721 4,113 4,758 4,793 4,584 4. Plus central government subsidies and transfer payments [65 +67]. 343 352 429 550 637 715 826 1,024 5. Plus net transfers from central government to other public authorities [125] 231 273 334 382 379 358 352 359 6. Total central government expenditure [61] 1,033 1,490 3,365 4,653 5,129 5,831 5,971 5,967 Central government expenditure was met partly The channels through which government borby revenue and partly by borrowing. The pro- rowings reached the Exchequer are set out in one portion covered by revenue has increased steadily of the main tables in Section V (table 24). Table since 1940. 19 shows the ultimate sources of these borrowings, TABLE 17 THE METHODS OF CENTRAL GOVERNMENT FINANCE 1938 1939 1940 1941 1942 1943 1944 1945 (In millionsof pouncIs) 1. Revenue [47+50+54] 885 977 1,275 1,857 2,366 2,926 3,218 3,268 2. Net borrowing [57] 148 513 2,090 2,796 2,763 2,905 2,753 2,699 3. Expenditure [61].. 1,033 1,490 3,365 4,653 5,129 5,831 5,971 5,967 (Percentages) 4. Revenue 86 66 38 40 46 50 54 55 5. Net borrowing 14 34 62 60 54 50 46 45 6. Expenditure 100 100 100 100 100 100 100 100 The composition of central government revenue namely, private saving, surpluses of extra-budgetary is shown below: funds and of local authorities, sums arising from TABLE 18 CENTRAL GOVERNMENT REVENUE [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1945 Income tax 312 346 473 664 848 1,110 1,279 1,353 Surtax 59 65 79 77 73 74 74 73 National Defence Contribution 15 28 24 23 27 33 35 34 Excess Profits Tax 44 211 317 453 481 440 Death duties . . 78 77 79 88 94 97 107 119 Customs and excise duties on drink 107 116 175 218 267 337 360 375 Customs and excise duties on tobacco 84 108 159 208 306 371. 385 409 Purchase tax 97 113 93 95 109 Entertainments duty 8 8 8 15 27 40 46 50 Other customs and excise duties 1 . 138 150 132 138 139 151 202 150 Motor vehicle duties 35 34 37 38 32 28 28 35 Stamp duties 21 19 14 14 15 17 17 23 Post Office surplus 2 10 8 19 25 31 36 39 42 Receipts under the railway agreement ... 10 66 54 49 32 Other revenue 18 18 32 31 23 20 21 24 Central government revenue [47 +50 +54] 885 977 1,275 1,857 2,366 2,926 3,218 3,268 1 The reduction in this item in 1945 was due largely to a reduction of imports of petroleum products on government account. 2 Surplus shown in the commercial accounts of the Post Office. JULY 1946 733 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE the running down of domestic capital and sums Attention is drawn to the statement under (2) received from overseas as a result of borrowing and above that the net change in stocks and work in the sale of overseas assets. progress is measured by the change in their value Sums set aside to replace equipment become avail- as reckoned in the calculation of profits. While able for an alternative purpose if the replacement is the practice in this respect is not uniform, the postponed. The same is true of money obtained measure given here approximates more closely to by the sale of stocks without replacement and of the change in the value of stocks than to the value compensation received in respect of war risks and of the quantitative change and to some extent, other insurance claims which is not spent in the therefore, the basis of valuation of stocks differs period. When allowance has been made for other from the one adopted for other forms of capital calls on these sums the total described in the head- assets. In other words, the calculation of profits ing to item 2 is reached. takes account of changes in the value rather than TABLE 19 THE SOURCES OF CENTRAL GOVERNMENT NET BORROWING [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1945 1. Saving: (a) Private [82 +83] 326 513 1,053 1,368 1 532 1 639 1 552 1 458 (b) Extra-budgetary funds and local authorities [72 —58 —59]. 33 66 163 183 181 145 114 8 2. Sums released by running down domestic capital equipment and stocks1: (a) Private [86-10-11-12] -180 -246 78 406 353 403 386 377 (b) Local authorities [72] — 101 -70 —8 23 34 38 42 37 3. Net sale of assets and increase in liabilities to countries abroad [91]. 70 250 804 816 663 680 659 819 4. Central government net borrowing (deficit) [57] 148 513 2,090 2,796 2,763 2,905 2,753 2,699 1 Including any unspent compensation in respect of war risks and insurance claims. This total, therefore, is provided from the fol- in the quantity of stocks. The information availlowing sources: able does not permit measurement of the value (1) Additions to depreciation, obsolescence and of the quantitative change in stocks. There can similar funds held by firms, institutions and per- be no doubt, however, that in the early years of sons; the war, particularly 1940 and 1941, when stocks (2) Depletion of stocks and work in progress were falling, the value of the decrease was greater held under private finance, measured by the reduc- than the fall in value implied in the calculation of tion in their value as reckoned in the calculation profits. An adjustment to bring the figures on to of profits; the former basis would, therefore, reduce the esti- (3) Sums repaid to lenders and transferred to mate of net capital formation in those years. sinking funds by local authorities; If this adjustment were possible, profits, and (4) Receipts from the sale to the central govhence private saving, would be lower to exactly the ernment of fixed capital assets such as sites and extent that item 2(a) would be increased. The disbuildings; tribution of sums between items l(a) and 2(a) of (5) Compensation received in respect of war the above table is, therefore, arbitrary to the extent risks claims; that it depends on the adoption of a particular (6) Less private gross capital formation, includconvention for the assessment of profits. Each of ing replacement of war losses and the increase in these items, moreover, consists in part of the rework in progress on government contracts which, being ultimately recoverable from the Exchequer, sidual items in tables 20 and 21, for which no is shown separately in item 10 of table 20; independent estimate has, except in 1938, so far (7) Less gross capital formation of local au- been possible. Each of them is, therefore, pethorities. culiarly subject to error, although their sum is not. 734 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE V. THE MAIN TABLES TABLE 20 ESTIMATES OF NATIONAL INCOME AND EXPENDITURE [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1. Rent of land and buildings 380 388 386 385 384 384 384 385 2. Interest and profits, including farming profits and professional earnings 1,317 1,472 1,829 2,128 2,342 2,460 2,487 2,445 3. Salaries 1,100 1,141 1,206 1,332 1,381 1,430 1,473 1,585 4. Wages » 1,735 1,835 2,115 2,419 2,688 2,845 2,890 2,840 5. Pay and allowances (in cash and kind) of serving members of the Armed Forces 78 124 386 622 805 999 1,167 1,228 6. National income (or net national product at factor cost) 4,610 4,960 5,922 6,886 7,600 8,118 8,401 8,483 7. Personal expenditure on consumers' goods and services at market prices 4,160 4,271 4,496 4,721 5,004 5,082 5,335 5,645 8. Current expenditure by public authorities on goods and services.. 816 1,267 3,073 4,240 4,628 5,255 5,290 5,056 9. Net non-war capital formation of public authorities 125 95 26 -12 -23 -28 -34 3 10. Increase in work in progress on government account held 11. Pri u v n a d t e e r n p e ri t v c a a te p i f t i a n l a n fo ce rmation at home and war losses made 180 (246) I 125 175 75 -225 good not included below (-167)(-362)(-275)(-290)(-331) (-109) 12. Expenditure incurred in making good war damage to buildings.. 29 61 49 56 120 13. Net lending abroad and purchase of assets and financial claims from overseas -70 -250 -804 -816 -663 -680 -659 -819 14. Subsidies 15 20 70 130 160 170 215 250 15. Less indirect taxes and rates -562 -620 -715 -915 -1,095 -1,241 -1,342 -1,354 16. Less employers' national insurance contributions -54 -55 -58 -65 -73 -72 -70 -69 17. Less war risks insurance premiums -14 -124 -239 -199 -152 -59 -15 18. Net national expenditure 4,610 4,960 5,922 6,886 7,600 8,118 8,401 8,483 NOTES 5. This item includes: (a) the pay and cash allowance of, and the value of issues of food and clothing to, members 1. This item represents the income from the ownership of H.M. Forces and Auxiliary Services, other than those on of lands, houses, etc., as assessed for income tax under release leave, and (b) the pensions and retired pay of former Schedule A, after allowance has been made for maintenance members of the Armed Forces other than pensions awarded and repair. Incomes from these sources below the effective for death pension or disability attributable to war service. income tax exemption limit are included, as also are those War pensions appear as a transfer payment in* item 26; payreceived by non-profit-making bodies, e.g. charities, colleges, ments and issues of civilian clothing to members of the etc. Premises occupied by their owners are treated on the Armed Forces on release leave are shown as a separate same basis as rented premises. Rents paid by occupiers transfer payment in item 23 of table 21. in excess of Schedule A values are excluded from this item, since they attract income tax under Schedule D. 6. This item is the sum of items 1 to 5 and is an estimate of the incomes received by factors of production in, or 2. Aggregate profits here are net, after current business only temporarily absent from, the United Kingdom in the losses have been deducted. This item excludes interest on course of producing the current output of goods and services the national debt and also income due to foreigners after of all kinds. These incomes are before tax, since all taxes, deduction of income tax, but includes miscellaneous governdirect and indirect, falling on them, whether paid directly by ment income such as trading profits, receipts under the railindividuals (including non-profit-making bodies) or through way agreement, certain receipts from abroad and central businesses or public authorities, will be paid out of them. government taxes paid by foreigners. It also includes profit The item is net in the sense that the sums shown in items and interest not brought into assessment, including income 1 and 2 exclude that part of gross receipts which is allowed in kind and the amounts received by persons below the in the calculation for tax purposes of net rent and profit in income tax exemption limit or by non-profit-making bodies, respect of the maintenance and repair or replacement of all and incomes, whether or not below the income tax exemption existing capital equipment (such as houses, machinery and limit, accruing to persons working on their own account. stocks) which is currently worn out or used up. In addition to profits and interest this item includes rents paid in excess of Schedule A values. The estimates of labour income given in items 3, 4 and 3. Aggregate salaries include: (a) the whole of the earn- 5 do not include employers' contributions to national inings of shop assistants, (b) small salaries below the income surance (unemployment, health and pensions). These paytax exemption limit, (c) allowances of salary earners not ments are, however, included in the income figures for some brought under assessment to income tax. countries and are therefore shown separately in item 16 4. This item includes an allowance for the income in of this table. kind (food, lodging, etc.) of, e.g. domestic servants, miners 7. This item shows the money value of all consumers' and farm workers. The estimate of personal expenditure on goods and services either bought by individuals and nonconsumption at market prices (item 7) includes a similar profit-making bodies or received by them as income in kind. allowance. The figures shown here are therefore at prices which include JULY 1946 735 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE those indirect taxes, rates, employers' contributions to na- capital formation of local authorities (other than that on tional insurance and insurance premiums which appear in war emergency services, which is included in the preceding the market value of these goods and services. They exclude item). The latter is measured by taking capital expenditure costs which, being met by government subsidies, do not enter on works less receipts from the sale of assets and sums repaid into market values. The market value of personal expendi- to lenders and transferred to sinking funds. This last deducture on insurance is measured by the cost of the factors of tion is made in lieu of allowances for depreciation since there production taken up in providing the insurance, that is, is a reasonable correspondence between the life of the assets an estimate of the share of premiums which is paid out in and the period over which the borrowing used to finance expenses of management, commissions and dividends or them is repaid. retained in free reserves. 10. This item is shown separately since it is convenient 8. This item excludes expenditure by public authorities to keep it distinct from other forms of private net capital which does not arise from a direct demand for goods and formation at home. Unless separately accounted for it services. Thus it excludes (i) transfer payments, (ii) claims necessarily appears in the balancing item (item 11 in the war paid in respect of war losses, (iii) loan repayments, pay- years) since the national income includes all income accruing ments to sinking funds, etc., by the central government. as a result of current activity in producing goods and services Loan repayments and payments to sinking funds by local on government account whereas items 8 and 9 include only authorities on rate fund account are included in lieu of payments actually made by public authorities. depreciation allowances as part of the current cost of pro- 11. This item relates only to capital formation of the viding the services. Subsidies, which are shown in item 14 private sector of the economy. It is composed of (a) gross below, are excluded and so are operating expenses incurred expenditure on fixed capital and its upkeep, i.e. new additions, in the provision of services such as postal services and local replacements and repairs (whether normal or resulting from authority trading services, which are sold to persons and war damage, with the exception of the sums shown businesses. Net non-war capital expenditure is excluded separately in item 12 below), less (b) maintenance expendifrom this item and appears separately in item 9. ture and depreciation allowances deducted from gross revenue With the exception noted below, Lend-Lease assistance in arriving at the figures of net rent and profits shown in and, in 1942, expenditure equivalent to the Canadian con- items 1 and 2, less (c) increases in assurance reserves to tribution are excluded from this item. Thus, in so far as meet claims by business insurers, less (d) receipts in respect goods have been received under Lend-Lease and Mutual of business insurance claims for damage (other than war Aid or have been paid for out of the Canadian contribution, damage) to fixed capital less (e) receipts from the sale to this series is not a consistent measure of the value of the public authorities of existing privately-owned capital assets total amount of goods and services currently at the disposal such as land and buildings, plus (f) the increase in stocks of public authorities since it includes resources obtained by (including replacements of war losses) as valued for the borrowing from, or sale of assets and financial claims to, calculation of profits in item 2, less (g) the increase in work countries abroad, but not those obtained under Lend-Lease in progress on government account held under private finance provisions or as a result of the Canadian contribution. shown separately in item 10. The 1945 figure includes an amount of 161 million pounds The necessity for the deductions in (c) and (d), which (650 million dollars) to cover the following items mentioned were not previously made, is explained in Appendix II. in the joint statement regarding settlement for Lend-Lease, It has been impossible to make a direct estimate of the Reciprocal Aid, surplus war property and other claims constituents of this item for the war years. The figures in issued by the Governments of the United Kingdom and the brackets have been obtained by subtracting the sum of United States on 6th December 1945 {see Cmd. 6708): items 7 to 10 and 12 to 17 from item 6 and are therefore (a) a net sum of 118 million dollars representing the dependent on the accuracy of those estimates. difference between the amount of the services and supplies 12. Equal to the amount of compensation paid under Part furnished or to be furnished by each Government to the other I of the War Damage Act, substantially all of which arises Government after V-J day through Lend-Lease and Recipro- only where actual work is put in hand. This work includes cal Aid channels, less the net sum due to the United King- a small amount of equipment other than buildings. dom under the claims settlement, and 13. This item is an estimate of the net recorded increase (b) a net sum of 532 million dollars for all other Lend- (or, when negative, decrease) in the external assets of the Lease and Reciprocal Aid items, and for surplus property, United Kingdom. The amounts shown for the war years and the United States interest in installations, located in are known to understate the extent to which the country's the United Kingdom and owned by the United States Govern- international position has deteriorated. ment. If records were complete this item would be equal to the The exact amount for the items mentioned in (a) above, United Kingdom balance of payments on current account. other than claims, will be ascertained by accounting in due This balance represents the excess of payments over receipts course but is not likely to differ greatly from the amount on current account and is required here since receipts for provisionally taken as a working total. exports and similar services which give rise to income in this Since no cash payment has been made this expenditure country do not appear elsewhere in expenditure, whilst payis not included in Exchequer issues. ments for imports and similar services which do not give 9. This item excludes entirely expenditure on goods and rise to such income appear in items 7 to 12 and have, services connected with the war even though it was of a therefore, to be deducted. capital nature. It is mainly composed of Post Office loan Lend-Lease affects this item, as also item 8, in only one expenditure, central government expenditure on the manu- year: the 1945 figure includes the liability of 161 million facture of pre-fabricated houses (in 1945 only) and the pounds to the Government of the United States to cover 736 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE the net sum due for the settlement of Lend-Lease and treated as transfer payments and therefore enter into con- Reciprocal aid, etc. mentioned in the note to item 8. sumers' expenditure on goods and services (item 7). 14. This item is included here since it represents pay- 15. This and the two items following require to be ments in respect of costs not appearing in the market value deducted from the sum of items 7 to 13 (which is the net of goods and services. It is restricted to the following national expenditure at market value) since they appear in classes of payments made by the central government towards market prices but do not appear in any of items 1 to 6. the cost of goods and services bought by the public: (i) The item includes (i) customs and excise duties, (ii) motor agricultural subsidies such as the beet sugar subsidy, milk vehicle duties on vehicles owned by businesses, (iii) stamp subsidy, wheat deficiency payments and grants in respect duties other than those on the transfer of property and (iv) of fertilizers, grassland ploughing and field drainage, (ii) local rates. An estimate of the amount of taxes paid by acreage payments, (iii) losses incurred on the commercial foreigners has been deducted since these taxes are now accounts of the Ministry of Food and the Ministry of War treated as a part of the national income. Transport, (iv) subsidies in respect of coal paid by the 16. Compulsory contributions of employers to the na- Ministry of Fuel and Power, (v) subsidies in respect of tional health and unemployment insurance and contributory utility cloth and (vi) certain subsidies in respect of raw pensions schemes. materials and fertilizers met by the Ministry of Supply. 17. This item shows the premiums paid under the com- The corresponding item in Cmd. 6623 included the Ministry modities and marine war risks insurance schemes, but not of Food's contributions towards the cost of food and vitamin contributions and premiums under the War Damage Act, products supplied under the National Milk Scheme and the which are treated as direct taxes. milk-in-schools and vitamin schemes, which are in this Paper 18. This item is the sum of items 7 to 17 and is an TABLE 21 ESTIMATES OF PRIVATE INCOME AND OUTLAY [In millions of pounds] Personal Income 1938 1943 1945 19. Rent, interest and.profits received by persons 1,589 1,649 1,746 1,744 1,919 2,052 2,144 2,230 20. Wages and salaries paid by government non-trading undertakings 250 320 380 475 540 580 590 615 21. All other wages and salaries 2,585 2,656 2,941 3,276 3,529 3,695 3,773 3,810 22. Pay and allowances of serving members of the Armed Forces. . 78 124 386 622 805 999 1,167 1,228 23. Pay and allowances of members of the Armed Forces on release leave 45 24. War gratuities and post-war pay credits of members of the Armed Forces 80 25. Pension payments 132 134 153 181 204 225 250 257 26. Payments in respect of unemployment and the relief of poverty. 114 98 67 31 19 17 18 25 27. Sickness benefit 23 23 23 21 27 31 32 31 28. Other transfer payments 1 6 24 50 44 44 45 30 29. Personal income before tax 4,772 5,010 5,720 6,400 7,087 7,643 8,019 8,351 30. National cost of personal consumption 3,602 3,659 3,796 3,839 4,010 4,006 4,285 4,582 31. Indirect taxes, rates, etc., less subsidies on consumers' goods and services 558 612 700 882 994 1,076 1,050 1,063 32. Direct tax payments not included below 378 405 524 690 675 887 1,029 1,085 33. Income tax payments due for repayment after the war 10 125 170 205 225 34. Death duties and stamps on the transfer of property 90 87 84 93 100 106 115 133 35. Excess of direct tax liabilities over payments 4 34 39 42 194 97 60 -7 36. Net personal saving after setting aside the excess of direct tax liabilities over payments (140) (213) (577) (844) (989) (1,301) (1,275) (1,270) 37. Personal outlay 4,772 5,010 5,720 6,400 7,087 7,643 8,019 8,351 Other Private Income 38. Other private income before tax. 259 369 615 919 962 980 975 900 39. Other private income before tax 615 962 980 975 40. National Defence Contribution and Excess Profits Tax payments 15 28 68 234 344 486 516 474 41. Other direct tax payments 62 75 110 203 269 253 242 231 42. Excess of direct tax liabilities over payments 12 86 247 287 149 36 12 -15 43. Other private net saving after setting aside the excess of direct tax liabilities over payments 170 180 190 195 200 205 205 210 44. Other private outlay 259 615 900 Private Income 45. Privateincomebefore tax (sum of items 29 and39) 5,031 5,379 6, 335 7,319 8,049 8,623 8,994 9,251 46. Privateoutlay (sum oi items 37and 44) 5,031 5,379 6,335 7,319 8,049 8,623 8,994 9,251 JULY 1946 737 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE estimate of expenditure on the factors of production in, tions to national insurance, (iv) war damage contributions or only temporarily absent from the United Kingdom. It is, and premiums met out of personal income and (v) motor therefore, by definition equal to item 6. vehicle duties on vehicles owned by persons. NOTES 33. The amount of income tax payments for which post- 19. This item is composed of items 1 and 2 of table 20 war credits are due. plus national debt interest received by the private sector of 34. Together with items 32 and 33 this item makes up the the economy and the increase in interest accrued on National total of direct tax, etc. payments met out of personal income. Savings Certificates (item 119 of table 24) less private income 35. This item shows the excess of the liability for the not accruing to persons (item 38) less miscellaneous income direct taxes included in items 32 to 34 accruing on current from public property, etc. (item 56 of table 22). income over current direct tax payments. It relates par- 20. An estimate of that part of items 3 and 4 of table ticularly to income tax on interest and profits and to surtax 20 which is paid by government non-trading undertakings, since in these cases liabilities in respect of current incomes i.e. by central government departments other than the Post (payable in the future) differ considerably from current Office, by extra-budgetary funds and by local authorities on payments at times when money incomes or rates of taxation rate fund account. are changing. Income tax accruals in respect of income 21. Items 3 and 4 of table 20, less item 20. assessed under Schedule E (wages and salaries) have been 22. The same as item 5 of table 20. omitted throughout the period. This has been done to 23. This item includes, in addition to the pay and cash avoid the discontinuity which would otherwise have been allowances of members of the armed forces on release leave, introduced into the figures as a result of the introduction of the cost of the civilian clothing issued to them on their the "pav as you earn" scheme in 1944. release. Tax liabilities have been calculated at current rates of 24. The post-war pay credits included in this item are taxation, except in 1945 when account has been taken of the amounts paid out in respect of service in the Armed the reduction in tax-rates, to take effect in April, 1946, which Forces. They are not post-war credits of income tax. was announced in the autumn Budget of 1945. 25. Non-contributory and contributory old age pensions, 36. This item represents the excess of personal income over other contributory pensions, supplementary pensions and outgoings on consumers' goods and services and liability cash payments in respect of war pensions and service grants. for taxes and compulsory contributions. It has been obtained 26. Unemployment insurance benefits, unemployment al- throughout by subtracting the sum of items 30 to 35 from lowances and outdoor relief paid by local authorities. item 29 and therefore depends on the accuracy of those items. 27. Cash benefits under the national health insurance 37. This item is the sum of items 3Q to 36, which show scheme. In previous years the corresponding item included, the various ways in which personal income is disposed of. in addition, the cost of medical benefit, which is now treated Current income may be either (a) spent on consumers' as expenditure by public authorities on goods and services and goods and services, (b) paid away in taxes and the like, not as a transfer payment. A corresponding deduction has (c) set temporarily aside against increased liabilities to tax been made from personal expenditure on medical services and or (d) added to past savings. Since this list is exhaustive drugs included in item 30 on the other side of the account. the item is by definition equal to item 29. 28. This item previously consisted of billeting allowances, 38. This item is equal to that part of the national income fireguards' subsistence allowances, travelling and lodging (item 6 of table 20) which is neither paid out to persons allowances of transferred workers, trainees' wages and lodg- (in which case it enters, together with transfer payments, ing allowances, State scholarships and maintenance allow- into item 29) nor accrues to public authorities as miscellaneances to students. It now includes, in addition, that part ous income from public property, trading, etc. (item 56 of of the cost of vitamin products and milk sold under the table 22). National Milk and milk-in-schools schemes, which is met by 39. See preceding note. the Ministry of Food. This cost, previously treated as a 40. The total payments of National Defence Contribution subsidy, has this year been treated as a transfer income. and Excess Profits Tax. A corresponding addition has been made to item 30 on the 41. This item is composed of other direct taxes such as other side of the account. income tax and war damage contributions and premiums The sum of items 23 to 28, plus that part of the national met out of other private income. Together with items 32, 33, debt interest and increase in interest accrued on National 34 and 40, it is equal to item 49 of table 22. Savings Certificates which is included in private income 42. This item shows the excess of the liability for the (item 119 of table 24), is equal to the total of transfer pay- direct taxes included in items 38 and 39 accruing on current ments shown in item 70 of table 22. income over the current payments of these taxes. As ex- 29. This item is the sum of items 19 to 28 and shows the plained in the note to item 35, accruals of this kind are total of disposable income received by persons (including payable in the future in so far as current payments are made non-profit-making bodies). in respect of assessments based on the income earned in an 30. This item is equal to item 7 of table 20 less item 31. earlier period. Tax liabilities were calculated as explained 31. That part of the excess of indirect taxes, etc. (items in the note to item 35. 15, 16 and 17 of table 20) over subsidies (item 14 of table 43. An estimate of other private net saving, the net 20) which falls on consumers' expenditure. undistributed profits of companies. 32. This item includes payments of (i) income tax in 44. The sum of items 40 to 43 and by definition equal respect of private income (other than that paid by businesses to item 39. in respect of business saving, which is included in item 41, 45. The sum of items 29 and 39; equal to item 6 of and the sums due for repayment after the war which are table 20 plus item 70 of table 22 less item 56 of table 22. shown in item 33), (ii) surtax, (iii) employees' contribu- 46. The sum of items 37 and 44. 738 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE TABLE 22 THE INCOME, DEFICIT AND EXPENDITURE OF PUBLIC AUTHORITIES | In millions of pounds] 1938 1939 L940 1941 1942 1943 1944 1945 Direct taxes 47. Central government 490 538 725 1,087 1375 1777 1,988 2,041 48. Extra-budgetary funds 55 57 61 143 138 125 119 107 49. Total 545 595 786 1,230 1513 1902 2,107 2,148 Indirect taxes 50. Central government 351 397 487 690 871 1014 1,112 1,119 51. Extra-budgetary funds. . . . 54 69 182 304 272 224 129 84 52. Local authorities 211 223 228 225 224 227 230 235 53. Total. . 616 689 897 1,219 1367 1465 1,471 1,438 Income from property 54. Central government. 44 42 63 80 120 135 118 108 55. Local authorities. . . . 10 8 8 9 12 12 13 15 56. Total. . 54 50 71 89 132 147 131 123 Deficit 57. Central government 148 513 2,090 2,796 2,763 2905 2,753 2,699 58. Extra-budgetary funds -22 -54 -146 -149 -153 -173 -97 16 59. Local authorities 90 58 -9 -57 -62 -60 -59 -61 60. Total 216 517 1,935 2,590 2,548 2,722 2,597 2,654 Income plus deficit 61. Central government 1,033 1,490 3,365 4,653 5,179 5831 5,971 5,967 62. Extra-budgetary funds 87 72 97 298 257 226 151 207 63. Local authorities 311 289 227 177 174 179 184 189 64. • Total 1,431 1,851 3,689 5,128 5,560 6,236 6,306 6,363 Subsidies 65. Central government 15 20 70 130 160 170 215 250 Payments in respect of war damage claims 66. Extra-budgetary funds 36 248 214 187 111 163 Transfer payments 67. Central government. . . . 328 332 359 420 477 545 611 774 68. Extra-budgetary funds. . 124 114 105 89 92 95 101 104 69. Local authorities 23 23 20 13 12 12 12 13 70. Total. 475 469 484 522 581 652 724 891 Net non-war capital formation 71. Central government. 24 25 18 11 11 10 8 40 72. Local authorities. . . . 101 70 8 -23 -34 -38 -42 -37 73. Total. 125 95 26 -12 -23 -28 -34 3 Current expenditure on goods and services 74. Central government 435 840 2,584 3,710 4,102 4,748 4,785 4,544 75. Extra-budgetary funds. . . 26 27 25 27 77 26 28 28 76. Local authorities 355 400 464 503 499 481 477 484 77. Total. 816 1,267 3,073 4,240 4,628 5,255 5,290 5,056 Total expenditure, excluding transfers to other authorities but including payments out of transfers from other authorities 78. Central government. . . 802 1,217 3,031 4,271 4,750 5,473 5,619 5,608 79. Extra-budgetary funds. 150 141 166 364 333 308 240 295 80. Local authorities 479 493 492 493 477 455 447 460 81. Total. . 1,431 1,851 3,689 5,128 5,560 6,236 6,306 6,363 NOTES Exchequer grants to local authorities, similar contributions This table is a combined statement of the income, deficit to extra-budgetary funds and payments by public authorities and expenditure of public authorities in the United Kingdom. of direct taxes are excluded from the income of the receiving Transfers between one public authority and another, such as authority and from the expenditure of the authority making JULY 1946 739 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE the transfer. Thus, expenditure by local authorities from the Unemployment and National Health Insurance Funds Exchequer grants is attributed to local authorities and not to and various accounts managed by the National Debt Comthe central government. missioners. Since the item is headed "deficit", a surplus Expenditure on goods and services is here net in the sense requires a negative sign. that it is after deduction of goods and services sold by public 59. This item shows the net borrowing of local authorities. authorities to the general public, which are included either It is composed of total borrowing less repayments, transfers in personal expenditure on consumption or in private net to sinking funds and additions to balances. capital formation at home. 61. The sum of items 47, 50, 54 and 57. 47. Includes income tax, after deduction of the small 62. The sum of items 48, 51 and 58. amount paid by foreigners and by public authorities in 63. The sum of items 52, 55 and 59. respect of their income from property surtax, National De- 65. This item is identical with item 14 of table 20; it fence Contribution, Excess Profits Tax and other Inland is fully described in the note to that item. Revenue duties with the exception of those stamp duties 66. Payments in respect of claims under the commodities included in item 50. Certain appropriations-in-aid and and marine war risks insurance schemes and the War receipts appearing in miscellaneous revenue which can be Damage Act. regarded as gifts (e.g. sundry contributions towards the cost 67. As in previous years this item includes (i) national of the war) or direct taxes are also included. Receipts from debt interest paid to persons and businesses, (ii) increase wireless licences are here treated as direct taxes, as also are in interest accrued on National Savings Certificates, (iii) motor vehicle duties on vehicles owned by persons. contributory and non-contributory old age pensions, (iv) 48. Employees' contributions to national insurance schemes cash payments in respect of war pensions and service grants, and War Damage Act contributions and premiums. (v) supplementary pensions, (vi) unemployment allowances, 49. The sum of items 47 and 48: equal to the sum of (vii) billeting allowances, (viii) fireguards' subsistence allowitems 32, 33, 34, 40 and 41 of table 21. ances, (ix) travelling and lodging allowances of transferred 50. Customs and excise duties, motor vehicle duties not workers, and (x) trainees' wages and lodging allowances. It included in item 47 above, stamp duties other than those also includes, for the first time, the Ministry of Food's conon the transfer of property and appropriations-in-aid cor- tributions to the cost of milk provided under the National responding to indirect taxes. A deduction has been made Milk and milk-in-schools schemes, and of orange-juice, to cover indirect taxes estimated to enter into the value of cod-liver oil and vitamin tablets provided under the vitamin exports and therefore to fall on foreigners. These have schemes. These were previously treated as subsidies and so been treated as central government income from trading, appeared in item 65. property, etc., and included in item 54. 68. Unemployment benefit, cash benefits under the.na- 51. Employers' contributions to national insurance schemes tional health insurance scheme and contributory pensions. and premium payments under the commodities and marine In previous years this item included also the cost of medical war risks insurance schemes. benefit, which now forms part of item 75. 52. Composed of local rates and central government con- 69. Public assistance (out-relief) in cash and kind. tributions in lieu of rates, with the exception of water rates, 70. The sum of items 67 to 69; equal to the sum of items which are treated as current receipts from a trading service. 23 to 28 of table 21 plus that part of national debt interest 53. The sum of items 50 to 52; numerically equal to the and the increase in interest accrued on National Savings sum of items 15 to 17 of table 20. Certificates which is included in private income (item 119 54. As in previous years, this item includes receipts from of table 24). Crown Lands and from Sundry Loans, certain items ap- 71. This item is mainly composed of Post Office loan pearing in miscellaneous revenue, such as contributions expenditure, Road Fund expenditure on improvements and towards the cost of the war received from colonial govern- new construction and, in 1945, expenditure on the manuments and peoples, and certain appropriations-in-aid, such facture of pre-fabricated houses. A small allowance is as receipts under the railway agreement. Interest on national made to cover normal additions to government buildings. debt owned by public departments continues to be excluded. It excludes altogether expenditure connected with the war The Post Office income from trading, previously measured even though this was of a capital nature. by the Post Office net receipt less Post Office expenditure 72. This item includes the net capital formation of local out of Vote of Credit, is here measured by the surplus shown authorities' trading services as well as of all rate fund services in the Post Office commercial accounts. The item now except war emergency services. Net capital formation is includes, in addition, the direct and indirect taxes estimated equal to capital expenditure on works less receipts from the to fall on foreigners. sale of assets and sums repaid to lenders or transferred to 55. An estimate of the profits from trading services and sinking funds. As explained in the note to item 9 of table corporation estates treated in such a way that contributions 20, this last deduction is made in lieu of allowances for to rate fund accounts are included while transfers from rate depreciation. fund accounts in aid of deficiencies are not. 73. The same as item 9 of table 20. 57. The excess of central government expenditure over 74. This item comprises the whole of central governrevenue. Sums received through the Currency Deposit ment expenditure on goods and services except the net Account, amounting in 1944 and 1945 to 90 million and capital formation shown in item 71. 38 million pounds respectively, are omitted from this item 75. This item is composed of fees and commissions paid and corresponding amounts are omitted from expenditure. to agents under the war risks insurance schemes, (which are 58. This item shows the excess (or, in 1945, shortfall) included in war expenditure in item 2 (a) of table 2) the of receipts over payments of the war risks insurance schemes, administration costs of the national insurance schemes and 740 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE expenditure on medical benefit by the national health in- expenditure on war emergency services, even that of a capital surance funds. This last component was previously treated nature, is included in war expenditure in item 2 (a) of as a transfer payment and therefore appeared in the item cor- table 2. responding to item 68. 77. The same as item 8 of table 20. 76. This item comprises all local authorities' expenditure 78. This item excludes net transfers made by the central on revenue account other than that recouped from the private government to extra-budgetary funds and local authorities sector of the economy in the form of fees, rents, etc., plus which, in so far as they are spent, appear in items 79 and 80. capital expenditure on war emergency services. Loan re- It therefore differs from item 61 (which also appears as item payments and payments to sinking funds are included as an 6 of table 16, item 3 of table 17 and item 126 of table 24), operating expense in lieu of depreciation allowances. All which includes such transfers. TABLE 23 COMBINED CAPITAL ACCOUNT [In millions of pounds} 1938 1939 1940 1941 1942 1943 1944 1945 ^ 82. Net private saving after setting aside the excess of direct tax liabilities over payments 310 393 767 1,039 1,189 1,506 1,480 1,480 83. Excess of direct tax liabilities on private income over payments. . 16 120 286 329 343 133 72 -22 84. Net saving of public authorities -91 -422 -1,909 -2,602 -2,571 -2,750 -2,631 -2,651 85. Sums allowed for depreciation and maintenance . . 475 485 505 515 520 520 520 520 86. Compensation received in respect of war damage claims 36 248 214 187 111 163 87. Saving and other sums set aside 710 576 -315 -471 -305 -404 -448 -510 88. Private gross capital formation at home and war losses made 1 good 231 76 205 174 140 424 89. Increase in work in progress on government account held 545 621) under private finance 125 175 75 25 -225 90. Gross capital formation of public authorities 235 205 133 94 89 77 71 110 91. Net lending abroad and purchase of assets and financial claims from overseas -70 -250 - 804 -816 -663 -680 -659 -819 92. Gross capital formation 710 576 -315 -471 -305 -404 -448 -510 NOTES 9. Expenditure by public authorities on maintaining high- 82. The sum of items 36 and 43 of table 21. ways and bridges is included, as is also Post Office capital 83. The sum of items 35 and 42 of table 21. expenditure charged to Vote. 84. Net non-war capital formation of public authorities It will thus be seen that these allowances are treated here (item 73 of table 22) less the net borrowing (deficit) of in a narrow sense in that they exclude, except in the case public authorities (item 60 of table 22). The fact that of buildings, highways and bridges, the greater part of outthroughout the period this figure was negative means that lays for current repair work. A wider treatment of these public authorities were borrowing to finance current ex- allowances would, of course, leave the figures for net capital penditure. formation unaffected since the gross figure (items 88 and 85. These estimates are, so far as the private sector is 90) would be increased to the same extent as the allowances. concerned, mainly based on the allowances, as computed An addition has this year been made to cover the amount for income tax purposes, which were due each year, viz., received by business insurers in respect of claims for damage allowances for repairs, etc., under Schedule A and wear (other than war damage) to fixed capital goods and the and tear and obsolescence allowances under Schedule D. increase in assurance reserves to meet business claims of all In fact, when assessment under Schedules A and D are taken kinds. Expenditure on making good such damage appears together it becomes clear that the Schedule A allowances are in gross capital formation; by the practice here adopted nonoperative and the deduction allowed for repairs before provision for insurable loss is treated identically with protax is chargeable is the actual amount spent, which is known vision to meet normal wear and tear. This point is further to have varied from year to year more than the statutory discussed in Appendix II. allowances. Because gross capital formation has, except in 86. The same as item 66 of table 22. 1938, been estimated by adding the sums allowed for 88. Composed of total expenditure on fixed capital, depreciation and maintenance to the figure of net capital works, etc., by the private sector of the economy, together formation obtained as a residual in table 20, the conventional with the change in the value of stocks and work in progress treatment of Schedule A allowances adopted in this Paper as implied in the calculation of profits. As explained in has affected private gross capital formation (item 88) to the note to item 85 this item is treated here in a narrow sense exactly the same extent as this item; a change in practice since except in the case of buildings the greater part of would alter this item and item 88 but would leave item 11, private outlays on repair work is excluded. private net capital formation, unchanged. 89. The same as item 10 of table 20. In the case of local authorities sums repaid to lenders and 90. Capital expenditure on works less receipts from the transferred to sinking funds are treated as the equivalent of sale of assets plus maintenance of highways and bridges. depreciation allowances, as explained in the note to item 91. The same as item 13 of table 20. JULY 1946 741 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER OTsI WAR FINANCE TABLE 24 CENTRAL GOVERNMENT EXPENDITURE AND THE CHANNELS THROUGH WHICH IT WAS FINANCED [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1945 93. Central government revenue. 885 977 1,275 1,857 2,366 2,926 3,218 3,268 94. Unemployment Fund -1 24 64 74 74 72 69 95. National Health Funds 9 8 12 9 5 3 96. Local Loans Fund ' — 2 1 5 9 10 10 10 6 97. Other extra-budgetary receipts 258 186 516 72 -58 -155 -107 63 98. Reconstruction Finance Corporation loan 87 4 -7 -11 -10 99. Canadian Government interest-free loan, 157 -4 -13 -14 100. Credit granted by United States Government in connection with Lend-Lease settlement 161 101. Capital receipts included in miscellaneous revenue, appropriations in aid, etc 2 2 6 7 2 5 5 5 102. Less sinking funds -11 -14 -12 -17 -13 -15 -16 -16 103. Less other expenditure (net) 4 -21 13 -1 15 16 -10 104. Finance through government agencies 250 161 540 243 187 -68 -39 257 105. Post Office and Trustee Savings Banks 19 119 214 234 301 325 355 106. National Savings Certificates including increase in accrued interest 21 167 214 232 297 265 159 107. Defence Bonds 22 180 174 134 121 112 154 108. Other public issues (net) 73 10 567 1,031 1,047 1,060 896 1,176 109. Increase in fiduciary issue 10 -30 50 150 170 150 150 150 110. Increase in Treasury Bills held outside government departments and in Bank Ways and Means -189 310 129 279 151 433 537 565 111. Treasury deposit receipts , 338 474 155 434 394 -158 112. Tax reserve certificates 17 453 177 113 41 113. Public borrowing at home -102 352 1,550 2,553 2,576 2,973 2,792 2,442 114. Central government revenue plus deficit 1,033 1,490 3,365 4,653 5,129 5,831 5,971 5,967 115. Expenditure on goods and services connected with the war. . . . 343 735 2,467 3,579 3,962 4,609 4,645 4,389 116. Current expenditure on non-war goods and services 92 105 117 131 140 139 140 155 117. Net non-war capital formation 24 25 18 11 11 10 40 118. Subsidies 15 20 70 130 160 170 250 119. National debt interest paid to the private sector of the economy and increase in accrued interest on National Savings Certificates 205 208 217 239 287 335 379 423 120. War gratuities, post-war pay credits and pay and allowances of members of the Armed Forces on release leave 125 121. Billeting allowances 12 19 3 12 2» No^i-contributory pensions, and payments in respect of war pensions and service grants 100 122 144 164 185 194 123. Unemployment and training allowances 21 16 13 13 10 7 124. Other transfer payments 9 24 24 28 29 22 125. Net transfers to other public authorities 231 273 334 382 379 358 352 359 126. Central government expenditure 1,033 1,490 3,365 4,653 5,129 5,831 5,971 5,967 NOTES also, so far as they are relevant, in those receipts of classes which may be appropriated in aid of Votes which cor- 93. This item, the sum of items 47, 50 and 54 of table respond to gifts, taxes and income from property. 22, is composed of total ordinary revenue (including 94, 95 and 96. The net increase in these funds available throughout the period the receipts from wireless licenses for loan to the Exchequer. but excluding receipts under the War Damage Act, which appear in the income of extra-budgetary funds, and the 97. The net increase in government securities held by other Canadian contribution) plus receipts of classes which may extra-budgetary funds and by the Exchange Equalisation be appropriated in aid of Votes which correspond to gifts, Account, certain receipts in respect of war risks insurance and taxes and income from property, less receipts from the Post the War Damage Act, and the reduction in the Exchequer Office Fund, which is treated as an extra-budgetary fund, balance. less Post Office receipts from the Vote of Credit (which 100. The net sum due from the United Kingdom to the represent a transfer within the central government sector) United States for the settlement of Lend-Lease and Reciproplus the surplus shown in the commercial accounts of the cal Aid, for the acquisition of surplus property, and the Post Office, less receipts from capital transactions included United States interest in installations, located in the United in miscellaneous revenue, which are properly regarded as a Kingdom, and for the settlement of claims. An identical part of the finance of the deficit, less transfers between public amount has been included in item 115, central government authorities included in miscellaneous revenue, less depart- expenditure on goods and services connected with the war. mental receipts in excess of those appropriated in aid of 101. These items appear here since they are not included Votes, since these appear in miscellaneous revenue and in item 93. 742 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE 103. This item includes net issues under various Acts, tions and interest on national debt held by extra-budgetary e.g. North Atlantic Shipping Act, 1934, Tithe Act, 1936, funds) are excluded from this item. Anglo-Turkish (Armaments Credit) Agreement Act, 1938, 116. The sum of this and the preceding item is equal to Overseas Trade Guarantees Act, 1939. item 74 of table 22. 104. The sum of items 94 to 103; represents the total of 117. The same as item 71 of table 22. It should be noted sums used to finance the central government deficit which is that all war expenditure of a capital nature is excluded from received from government funds and similar sources as this item and included, together with current expenditure, in opposed to loans from the public. item 115. 105. The increase in investments from the net deposits 118. The same as item 14 of table 20 and item 65 of table in the Post Office and Trustee Savings Bank. 22. 106 and 107. Receipts less repayments. 119. This item forms part of items 19 and 38 of table 108. Receipts from public issues, e.g. National War Bonds 21. The estimates have been revised in the light of fuller and Savings Bonds, and Other Debt (net) less securities information. redeemed and excluding purchases of government securities 120. The sum of items 23 and 24 of tab1e 21. (war or pre-war issues) by public departments. 121. This item was not previously shown separately. 110. The increase in bills held by the market or by Empire 122. This item forms part of item 25 of table 21. Funds and in Bank Ways and Means Advances. 123. This item forms part of items 26 and 28 of table 21. 111. Receipts less repayments. 124. This item forms part of item 28 of table 21. The 112. The increase in the amount of certificates outstand- corresponding item in Cmd. 6623 included billeting allowing. ances, which now appear separately in item 121, but ex- 113. The sum of items 105 to 112, showing the amount cluded the Ministry of Food's contributions to the cost of of public borrowing at home. The sum of item 104 and milk provided under the National Milk Scheme and of milk this item is equal to item 57 of table 22. and vitamin products provided under the milk-in-schools and 114. The sum of items 93, 104 and 113; the same as vitamin schemes, which were then treated as subsidies. item 61 of table 22. 125. Equal to item 61 of table 22 less item 78 of table 22. 115. Expenditure on goods and services out of Vote of 126. This item differs from item 78 of table 22 by the in- • Credit and Defence Votes and under the Defence Loans elusion of the net transfers to other public authorities shown Act. All subsidies, transfer payments and sums transferred in item 125 and is therefore equal to item 114, the sum of to other public authorities (Exchequer grants and contribu- central government revenue and deficit. APPENDIX IV A COMPARISON WITH CMD. 6623 The differences between the estimates given in parts: the amount paid out to claimants in respect this Paper and those which appeared a year ago of insured losses, the amount added to reserve to in Cmd. 6623 arise from two sources: changes in meet any such future losses and the amount paid definition and treatment and new data which have out in wages, salaries, rent, interest and profits become available. (including free reserves) to the factors of produc- Changes in definition and treatment. 1. An im- tion employed in providing insurance. Only this portant change has been made in order to remove last part appears in the national income and the an inconsistency in the treatment of business in- problem is, therefore, to ensure that no more than surance against risk. this is included in the net national expenditure. In order that the two sides of table 20 shall bal- In the case of personal insurance this is achieved ance, it is necessary to ensure that only that part by including in consumers' expenditure only the of expenditure shall appear in the total of net cost of the factors of production taken up in pronational expenditure, which actually gives rise to viding the insurance, i.e. expenses of management, income. If more than this is included in any item commissions and operating profit. of expenditure it is necessary, as in the case of Business insurance is not a final but an intermeindirect taxes, to make a specific deduction of the diate service, whose cost has to be covered by the excess. market value of the final goods and services whose The total amount paid in insurance premiums production it facilitates. This value, however, in each year can be thought of as consisting of three fact covers the whole amount of the premiums, since the insurer is allowed to deduct these from 1 Appendix I in the original paper contained the notes for the the gross proceeds as an expense of production not detailed tables presented in Section V. These notes have been subject to income tax. transferred to positions following the tables to which they refer. JULY 1946 743 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE When the proceeds of the claims are spent on 4. Hitherto the whole of the pay and allowances making good losses, income is generated whatever of the Armed Forces (in cash and kind) has been the nature of the goods and services purchased. treated as a part of net national product. In 1945 But estimates of capital formation are only affected that part of it paid to men and women on release to the extent that the expenditure is in respect of leave has, like war gratuities, been treated as a fixed capital; investment in circulating capital is transfer payment, i.e. it enters into personal income normally measured by changes in inventories result- but not into the national income. The amount ining from the balance of purchases, sales and losses. volved is shown separately in item 23 of table 21. The net result is that, in any year in which each 5. Ministry of Food contributions to the cost of component of the national income and expenditure vitamin products and milk issued to certain classes is separately estimated, unless a specific deduction of the community have hitherto been treated as is made, recorded net national expenditure will, a subsidy. This year they have been treated as a apart from errors of estimation, exceed income by transfer payment and the full value of these prodthe amount of the increase in insurance reserves to ucts is therefore included in personal expenditure meet business claims and receipts by business in- at market prices in table 20. This change was made surers in respect of claims for damage to fixed in order to make the treatment of subsidies approxicapital. mate more closely to the definition suggested in In this Paper such an adjustment has for the first Cmd. 6623. time been attempted; the whole deduction has been 6. Medical benefit, hitherto treated as a transfer made from the previous figures of private net payment in kind and so entering into personal excapital formation on the ground that provision for penditure, has been treated as a direct purchase of insurable losses should be treated analogously with medical attendance and drugs by the national health provision for normal wear and tear. An equal insurance funds. This brings the treatment of addition has been made to depreciation allowances. public health into line with that already adopted The effect of this is to change the definition of for public education. net capital formation in each year but to change the Changes in estimates. 1. More reliable estimates figures given under this head only in 1938, since have become available of the amount of national for later years they were always residuals. debt interest not paid to the private sector of the The size of the adjustment made is believed to economy. This improvement has affected, in parbe of the right order of magnitude, but no accuracy ticular, the computation of the profit component can be claimed for it. of the national income and private income. 2. The proceeds of certain insurance claims are 2. The contribution of the Post Office to govtreated as a current receipt by the Inland Revenue ernment income from trading and property has and so attract tax. While the individual seller been differently measured this year. Previously, the who is insured may not sacrifice income if his Post Office net receipt shown in the Exchequer goods are destroyed, the community as a whole returns was used, abated by the Post Office expendi- ' clearly suffers loss and it is unrealistic to measure ture out of Vote of Credit. Owing to the suspenthe national income as if it were a matter of indifsion of inter-departmental payments during the war ference whether goods are sold or destroyed. A deduction has therefore been made from profits this resulted in a lack of year to year comparability to cover the estimated amount of claims brought and, since the proportion of work done by the Post into the assessment of income. No corresponding Office for other Departments without reimbursechange was necessary in the case of net capital for- ment increased greatly, in an underestimation of mation in 1938 since replacements of lost goods both the income and expenditure of the central were not counted as increases in inventories, and so government. The surplus shown in the Post Office were never treated as part of net capital formation. commercial accounts has, therefore, been substi- 3. Taxes falling on foreigners both direct and tuted. Government war expenditure has been inindirect have this year been treated as central gov- creased by the same amount as government income ernment income from property and hence included from property. in the national income. It has been possible to 3. In the case of central government taxes figures make only a rough estimate of the amount involved. of net receipts by revenue departments have been 744 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE used this year instead of payments into the Ex- tain no general taxes {e.g. expenditure on domestic chequer. The differences are very slight. service, government expenditure on the wages and 4. Numerous improvements have been made in salaries of civil servants and the Armed Forces) the estimates of consumers' expenditure. The most were then deducted and the general taxes and substantial of these occur in the case of food and subsidies spread pro rata over the remaining parts alcoholic drink. The value of food produced and of gross national expenditure. Net taxes attribconsumed on farms was previously erroneously utable to exports were added to the national inomitted from personal expenditure on food, al- come; the others were deducted in order to arrive though it was included in income. Additional in- at the estimates of the national cost of particular formation has led to a considerable upward revision items shown in table 4. of the previous estimates of expenditure on meat The Effect of the Changes. The absolute change from 1940 onwards. in the balancing figures of private saving and cap- The changes in the estimates of expenditure on ital formation resulting from these changes of defialcoholic drink are due to a revision of the series nition and estimation has been considerable. The of average prices used. The prices previously used relative movements shown by the main series in are believed to have been too low because they took the successive annual estimates have changed conlittle or no account of the difference between the siderably less, as can be seen from table 25. prices charged in public bars and those charged elsewhere. TABLE 25 5. The estimates of the overseas balance of pay- RELATIVE MOVEMENTS OF SOME OF THE ments have been revised for the years from 1938 MAIN SERIES onwards. In almost every case the effect of the (1938 = 100) revisions has been to make the figures show a less favourable position than those they replace. The 19381939194019411942194319441945 estimates still cover only recorded disinvestment, National income as and must be regarded as underestimates of the true given in: 100 108 128 149 165 176 182 184 Cmd. 6623 100 108 128 149 164 175 180 deterioration of the country's international position. Cmd. 6520 100 108 129 150 165 177 Consumers' expenditure 6. It is believed that the allocation of indirect on goods and services taxes and subsidies over the various components as C g m iv d e n 6 i 6 n 2 : 3 1 1 0 0 0 0 1 10 0 3 2 1 1 0 0 8 7 1 i 1 n 2 1 1 1 ? 8 0 1 1 2 ? 0 ? 1 1 2 ? 6 8 136 of national expenditure at market value has been Cmd. 6520 100 103 106 112 119 122 Private saving including improved. Items of expenditure were first adjusted allowance for accrued taxation as given in:. .100 157 323 420 470 503 476 447 for taxes and subsidies known to be specific to Cmd. 6623 100 151 315 408 444 484 465 Cmd. 6520 100 159 345 419 460 498 them; components of expenditure known to con- 745 JULY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE APPENDIX III CONSUMERS' EXPENDITURE Table 26 shows the composition of the personal current market prices in greater detail than was expenditure on consumer goods and services at given in table 8. TABLE 26 PERSONAL EXPENDITURE ON CONSUMERS' GOODS AND SERVICES AT CURRENT MARKET PRICES [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1945 1. Food: (a) Household expenditure Bread and cereals, etc 165 220 244 246 229 229 228 Meat, bacon, etc 276 309 274 300 293 327 293 Fish, fresh and canned 43 39 46 36 35 42 56 Oils and fat 98 65 60 56 58 60 59 S D u a g ir a y r , p p r r o e d se u r c v ts es and confectionery 2 1 0 0 4 8 1,184 1 1 9 2 3 8 2 1 2 1 0 2 2 1 3 1 7 0 2 1 3 0 1 6 2 1 3 0 4 0 2 9 4 3 4 Fruit, fresh, canned and dried 79 62 32 41 36 43 59 Potatoes and vegetables 84 85 119 126 129 133 138 Beverages not included below 54 52 51 50 47 49 55 Other manufactured food 33 57 51 45 39 41 47 (b) Other personal expenditure 77 78 99 114 122 127 138 142 2. Alcoholic beverages: (a) Beer 195 211 273 346 420 470 529 550 (b) Other 90 99 103 118 122 138 133 135 3. Tobacco: (a) Cigarettes 144 168 215 264 343 412 428 469 (b) Other 32 36 47 55 72 79 79 79 4. Rent, rates and water charges 491 510 519 515 509 510 512 517 5. Fuel and light: (a) Coal 108 107 120 129 126 120 121 120 (b) Electricity. . 33 36 39 40 42 40 43 54 (c) Gas 38 39 45 47 51 54 59 63 (d) Other 16 16 19 20 21 22 25 28 6. Durable household goods: (a) Furniture and furnishings 152 146 139 128 114 83 68 92 (b) Hardware 82 77 73 69 60 56 56 75 7. Other household goods: (a) Matches 10 12 12 11 10 10 10 9 (b) Soap 30 30 31 32 28 28 29 29 (c) Other 11 11 13 12 12 11 13 15 8. Clothing: (a) Footwear 73 78 90 91 97 87 90 93 (b) Other clothing (i) Men's and boys' wear 127 131 137 116 123 101 125 130 (ii) Women's, girls' and infants' wear 246 249 269 245 267 241 279 293 9. Reading matter: (a) Books 10 9 8 13 17 20 21 23 (b) Newspapers and magazines 51 52 58 54 56 57 63 65 10. Privately-owned motor vehicles and their running expenses 114 101 34 27 14 7 7 26 11. Travel: (a) Railway travel 55 52 48 59 74 86 90 102 (b) Other travel 104 100 90 106 124 121 120 136 12. Communication services: (a) Postal services 18 17 20 24 26 32 36 32 (b) Telephone and telegraph services 11 12 12 13 13 16 18 19 13. Entertainments 60 56 57 83 113 133. 142 153 14. Services not included above: (a) Cost of assurance and transfer of property • 66 66 66 67 68 68 68 68 (b) Other 386 384 383 386 354 336 336 373 15. Other goods 176 180 186 188 183 189 200 228 16. Income in kind of the Armed Forces 17 29 81 135 146 185 199 205 17. Total of above items.... 4,167 4,276 4,496 4,716 4,974 5,042 5,295 5,595 18. Adjustment... n -5 30 40 40 50 19. Total 4,160 4,271 4,496 4,721 5,004 5,082 5,335 5,645 746 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE NOTES 9. Reading matter— The items included in each group are set out below: (a) Books (b) Newspapers and magazines. 1. Food—comprises purchases of food, including non- 10. Privately-owned motor vehicles and their running alcoholic beverages, by households, together with the value expenses—comprises an estimate of the purchases by persons at farm prices of farm produce consumed on farms and the of motor-cars, motor-cycles and motor accessories and the cost to the establishment of food used in canteens, resrunning expenses incidental to their use, together with an taurants and hotels. It should be noted that the estimates allowance for dealers' margins on second-hand vehicles. this year include the full value of milk provided under the 11. Travel—includes all travel in public conveyances paid National Milk and milk-in-schools schemes and vitamin for out of personal income and therefore the travel of memproducts provided under the vitamin schemes. Previously, bers of the Armed Forces when at their own expense. personal expenditure included only their cost to the consumer (a) Main line, joint line and London Passenger Transport and the balance was treated as a subsidy. This change was Board railways discussed in Appendix II. 2. Alcoholic beverages— (b) Buses, coaches, trams, trolley-vehicles, taxis, etc. (a) Beer, ale, stout and porter 12. Communication services— (b) Imported wines, British wines, spirits, cider and perry. (a) Postage on letters, parcels, etc. and the poundage on 3. Tobacco—comprises purchases in the United Kingdom, postal and money orders including gifts to troops overseas. An allowance has been (b) Telephone rentals, local and trunk calls and telegrams. made for the concession introduced in 1942, by which 13. Entertainments—includes admissions to cinemas, members of the armed forces were able to buy a limited theatres, concert-halls, music-halls, sporting events, dancequantity of tobacco at N.A.A.F.I. canteens at reduced prices. halls, skating rinks and all other places of public amusement. (a) Home-produced cigarettes 14. Services not included above— (b) Home-produced pipe tobacco, cigars, snuff and all (a) Expenditure out of personal income on the factors of imports of finished tobacco products. production taken up in providing life and other assurance and 4. Rent, rates and water charges—includes an allowance in facilitating the acquisition and transfer of property for buildings occupied by non-profit-making bodies and for (b) Medical services not provided under the national health hotels, boarding houses, etc., in addition to private dwelling insurance scheme, undertaking, hairdressing, hotel and houses. restaurant services, domestic service, repairs to furniture, 5. Fuel and light—includes the value of the fuel and clothing, footwear, watches, etc., dealers' margins on secondpower only. The cost of the hire of equipment is included hand goods (other than motor vehicles) and the hire of in item 14(b). domestic heating and cooking equipment. Expenditure on (a) Coal—includes miners' coal valued at pithead prices medical services provided under the national health insurance (b) Electricity scheme is now treated as expenditure by public authorities. (c) Gas 15. Other goods—includes stationery, fancy goods, jewel- (d) Coke, paraffin and firewood. lery, bicycles, travel goods, toys and sports goods, chemists' 6. Durable household goods— wares other than drugs and medicines provided under the (a) Furniture, furnishings, household textiles, floor cover- national health insurance scheme (expenditure on which is ings and musical instruments (including wireless sets, gramo- included in expenditure on goods and services by public phones and accessories). authorities), flowers, garden seeds, food for domestic pets, (b) Pottery and glassware, ironmongers' goods, electrical etc. goods, heating and cooking appliances, sewing machines and 16. Income in kind of Armed Forces—cost of providing refrigerators. members of H.M. Forces and Auxiliary Services with food 7. Other household goods— and clothing, including civilian clothing issued on release (a) Matches from the services. (b) Toilet, shaving and household soap, scourers, etc. 17. Adjustment—the figures in all the previous categories (c) Polishes, candles and nightlights, miscellaneous clean- include expenditure in the United Kingdom by tourists from ing materials, etc. overseas and Allied troops temporarily resident in this 8. Clothing— country and exclude expenditure abroad by British tourists (a) Footwear covers all new boots, shoes, slippers, etc., and members of the Armed Forces. An adjustment is needed but not socks and stockings, repairs or repair materials. to convert the total to a total of purchases out of British (b) Other clothing covers all kinds of garments, dress income. The adjustment given here also includes a rough materials, millinery, haberdashery, etc. The expense of allowance for the excess of personal remittances abroad from making-up customers' materials is included, but not altera- this country over remittances received in this country from tions or repairs. All dress materials are allocated to (b) overseas. This is because remittances sent abroad appear in (ii), and so are such things as knitting wool and general British income but not in British expenditure whereas haberdashery. Infants for this purpose are children under remittances received from overseas are not treated as income about four years of age. although they finance British expenditure. JULY 1946 747 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRITISH WHITE PAPER ON WAR FINANCE APPENDIX IV BANK DEPOSITS The estimates of the distribution of bank deposits Net personal deposits in item 4 exclude the acprovided in previous years by courtesy of the Clear- counts of businesses, financial institutions, public ing Banks are continued in the following table: authorities, and also, for example, those of indi- TABLE 27 vidual traders, shopkeepers, farmers and profes- DEPOSITS HELD BY CLEARING BANKS sional men where the accounts are known to be [In millions of pounds] used for the purpose of business. Non-resident 1944 1945 deposits and sundry accounts are also excluded. 1943 Dec. 31 No attempt has been made to adjust for the amount June 30 Dec. 31 June 30 Dec. 31 of bank accommodation obtained by the discounting 1. Total deposits held of bills. by Clearing Banks 4,032 4,100 4,545 4,751 4,850 The figures in item 5 have been obtained by sub- 2. Less advances to customers and tracting those in item 4 from those in item 3. Thus other accounts. .. 743 770 754 761 815 3. Total deposits (net). 3,289 3,330 3,791 3,990 4,035 item 5 includes non-resident deposits and sundry 4. Personal deposits (net) 972 1,032 1,158 1,260 1,339 accounts as well as the business deposits of which 5. Other deposits (net). 2,317 2,298 2,633 2,730 2,696 it is mainly made up. 748 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of ban\ing laws, new regulations issued by the Board of Governors, and other similar material. Purchase of Government Obligations tions, or improvements do not incorporate any listed by Federal Reserve Banks article". Amendment to Section 14(b) Extended 3. Section 8(r) is amended by revising clause (1) thereof to read as follows: Under the Second War Powers Act, enacted (1) That the proceeds are to be used for March 27, 1942, section 14(b) of the Federal Rebona fide educational, medical, hospital, dental, serve Act was amended so as to authorize the puror funeral expenses, or to pay debts incurred chase or sale by Federal Reserve Banks, directly for such expenses, and that such proceeds (unfrom or to the United States, of bonds, notes, or less they are to be used exclusively for educaother obligations which are direct obligations of the tional expenses) are to be paid over in amounts United States or which are fully guaranteed as to specified in such statement to persons whose principal and interest, but limited the aggregate names, addresses, and occupations are stated amount acquired directly from the United States therein; held at any one time by the twelve Federal Reserve Banks to not exceeding $5,000,000,000. Another 4. Section 13(a) is amended by striking out the provision of the Second War Powers Act, as names of the articles listed as items 4, 5, and 6 of amended, provided that such authority should ter- Group A and inserting in lieu thereof the word minate on June 30, 1946, or at such earlier time as "(deleted)", and also by adding at the end of Congress by concurrent resolution, or the Presi- Group A a new item 42 reading as follows: dent, might designate. By Act of Congress approved June 29, 1946, this time limit was extended 42. Combination units incorporating any until March 31, 1947. listed article in classifications 12, 13, 18, 30, or 36 of this Group A. Consumer Credit Conviction for Violating Regulation W Amendment to Regulation W In the Federal Reserve BULLETIN for August The Board of Governors of the Federal Reserve 1945, at page 775, there was published a decree System, effective July 5, 1946, issued the following entered July 19, 1945, in the District Court of the amendment to its Regulation W, entitled "Con- United States for the Eastern District of Michigan, sumer Credit": Southern Division, restraining Consumers Home Equipment Co. and A. B. Chereton, its President, AMENDMENT NO. 20 TO REGULATION W from violations of Regulation W of the Board of Regulation W is hereby amended in the follow- Governors of the Federal Reserve System. ing respects, effective July 5, 1946: On June 14, 1946, the District Court rendered 1. Section 2(e) is amended by inserting the an oral opinion in which it found that the defendwords "in a principal amount of $1,500 or less" ants had violated Regulation W and the terms of after the word "credit." the injunction. Accordingly, the court found each 2. Section 8(a) is amended by inserting at the of the defendants guilty of contempt of court. The end thereof after the word "structures" a comma Company was fined $2,500 and A. B. Chereton was and the following: "provided such repairs, altera- sentenced to one year in prison. 749 JULY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT The text of the oral opinion is as follows: pursuant to policies emanating from the defendant A. B. Chereton. It is admitted that the goods sold UNITED STATES OF AMERICA were the property of the defendant Corporation and IN THE DISTRICT COURT OF THE UNITED STATES the sales were made in behalf of said Corporation. FOR THE EASTERN DISTRICT OF MICHIGAN It is admitted that the Michigan State Sales Tax SOUTHERN DIVISION was paid in every instance by the defendant Corpo- In re: ration. The form used by said Agents in making CONSUMERS HOME EQUIPMENT CO., a Corporation, such sales was supplied by the defendant Corporaand tion. It appears on its face to be an order form, A. B. CHERETON, and, with the notations made thereon in each in- 4801-19 Woodward Avenue, Detroit, Michigan stance, reflects a direct instalment sale. It is stated Cr. No. 28826 thereon in each instance, without equivocation, that Oral Opinion the goods described were sold on a certain date to the purchaser named and the amount of the down This cause having come on for hearing May payment received. It necessarily follows that the 27, 1946, on the Rule to Show Cause issued purtransaction is a time or instalment sale on the suant to Petition filed in behalf of the United face of it and that it could not be anything else. States of America was continued from day to day thereafter until May 31, 1946. These salesmen did nothing whatever to enlighten The Court having fully considered the evidence the prospective purchasers as to the cash price of submitted and arguments urged on behalf of re- the goods sold with the single possible exception spective parties found both defendants to have vio- noted above. A substantial number of instalment lated the terms of an injunction issued July 19, sales were made by defendants of "listed articles" 1945 in Civil Action No. 5097 in the following selling for more than $10.00 either without any particulars. down payment whatsoever or with a down payment substantially smaller than that required by More than thirty customer witnesses were sworn Section 4 of Regulation W, directly in violation of on behalf of the United States of America and the the terms of said injunction. evidence stands undisputed except in one case, where an attempt was made to controvert the testi- Something has been said as to intent. Intent is mony of the witness for the Government. The over- not evidenced by what a man says, nor by his procwhelming weight of such testimony conclusively lamations, but by what he does. Intent in a crimiestablishes the defendant Corporation and A. B. nal action flows not from a written or spoken word, Chereton, individually, violated the terms of said but from the logical and natural inferences that injunction in making instalment sales, of socalled come from a man's actions. From all the facts listed articles without securing the one-third down presented from this witness stand, rather than from payment required by Section 4 of Regulation W isolated declarations or written circulars of defendof the Board of Governors of the Federal Reserve ants, it is found that there was an intent to violate System. Under the evidence in this case there can Regulation W and the terms of said injunction; be no doubt that the persons who made the sales The defendants and each of them are accordingly to the customer witnesses produced by the Govern- found guilty of contempt of court. ment were in fact Agents of the defendant Corpo- The Court does not pass directly on die validity ration acting under a general policy of said company or the constitutionality of Regulation W. The Regdetermined and controlled by the defendant A. B. ulation is presumed to be valid, and that is all that Chereton. The forms used by said Agents in nego- is necessary in this proceeding. tiating sales of merchandise bore the name of the ERNEST A. O'BRIEN, defendant corporation and the undisputed evidence United States District Judge. is that the samples they displayed were the property Dated: June 14, 1946. of said defendant Corporation. While it may have Peoples Bank v. Eccles, et al. been true that detailed directions as to prospective customers were not given said Agents, it certainly The Peoples Bank, Lakewood Village, Califorcan not be contradicted that they acted under the nia, brought suit in the District Court of the United general direction of the defendant Corporation, States for the District of Columbia against the in- 750 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT dividual members of the Board of Governors of the ent bank relationships, such bank, within 60 Federal Reserve System, seeking a declaratory judg- days after written notice from the Board of ment that a condition of membership which had Governors of the Federal Reserve System, shall been prescribed when the Peoples Bank became a withdraw from membership in the Federal Remember of the Federal Reserve System was invalid serve System." and seeking a judgment restraining defendants The complaint further shows that, since plainfrom taking any steps to enforce the condition. tiff's admission to the Federal Reserve System mem- The court ruled that the plaintiff could not now bership, a number of its shares have been acquired attack the validity of the condition to which it vol- by, and registered on its books in the name of untarily agreed, and the motion of the defendants Transamerica Corporation, and that these shares for summary judgment was sustained. This suit were acquired by Transamerica without plaintiff's has the same object as that brought by the Peoples knowledge or consent, and without the approval Bank in the District Court of the United States for of the Board of Governors. the Northern District of California, which was dis- Upon the basis of these facts plaintiff seeks a demissed on November 17, 1944. The opinion of the claratory judgment that Condition No. 4 is invalid California District Court was published in the De- and an injunction restraining defendants from takcember 1944 Federal Reserve BULLETIN at page ing any steps to enforce the Condition. 1182, and the text of the recent opinion is as fol- The defendants have filed a joint and several lows: answer, in which they set forth two defenses. The first defense is that plaintiff, having enjoyed for IN THE DISTRICT COURT OF THE UNITED STATES FOR almost four years the benefits of the Federal Re- THE DISTRICT OF COLUMBIA serve System membership, which resulted from its Civil Action 32200 acceptance of Condition No. 4 is now estopped from challenging the validity of such Condition. PEOPLES BANK, Plaintiff, The second defense is that the complaint otherwise v. fails to state facts upon which any relief can be MARRINER S. ECCLES, et al., Defendants granted. This case is before the Court on defendants' mo- It appears that plaintiff filed its formal application for judgment on the pleadings and plaintiff's tion for admission to the Federal Reserve System motion for summary judgment, both motions hav- under date of December 2, 1941; that on February ing been orally argued on April 29th, last. 14, 1942, the Board of Governors rejected the appli- The complaint shows that plaintiff is a banking cation; that after a conference with the Board repcorporation organized under the laws of the State resentatives in Washington, attended by its repreof California; that defendants are the individual sentatives, plaintiff by letter formally requested the members of the Board of Governors of the Federal Board of Governors to reconsider its decision, call- Reserve System; that in 1941 plaintiff applied for ing attention to the fact that a number of changes membership in the Federal Reserve System; that in had taken place in its stock ownership; that, follow- May 1942 it was admitted to the Federal Reserve ing the receipt of plaintiff's formal request for re- System membership upon the following condition, consideration, the Board of Governors, under date among others: of March 11, 1942, notified plaintiff that its applica- "4. If, without prior written approval of the tion would be reconsidered if the plaintiff could Board of Governors of the Federal Reserve demonstrate inter alia: System, Transamerica Corporation or any unit # # # of the Transamerica group, including Bank of "2. That some change has been made in the America National Trust and Savings Associa- arrangements for the use of the furniture and tion, or any holding company affiliate or any fixtures whereby the bank will be under no subsidiary thereof, acquires, directly or indi- obligation to Capital Company or any other rectly, through the mechanism of loans for the part of the Transamerica group. purpose of acquiring bank stock, or in any "3. That neither Transamerica Corporation other manner, any interest in such bank, other nor any organization affiliated or closely identhan such as may arise out of usual correspond- tified with Transamerica Corporation or any JULY 1946 751 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT other bank holding company group has any in- that a state can not impose conditions upon the doterest, direct or indirect, in the applicant bank, ing of business by foreign corporations which are and that the bank is in no manner obligated in violation of rights secured by the Federal Conto any such organization. stitution, and in the case of United States v. Chi- "4. That all stockholders have stated in writ- cago, M. St. P. & Pac. RR. Co., 282 U. S. 311, it ing that they have no agreements or under- held that a corporation was not estopped by a constandings, expressed or implied, with respect dition imposed by the Interstate Commerce Comto the sale or transfer of the stock of the bank mission which was beyond the power of the Fedto any such organization, and that they do not eral Government to impose. The case of Hammer intend to enter into any such agreements or v. Dagenhart, et al., 247 U. S. 251, had not then understandings. been overruled and was relied on by the majority "5. That the bank was organized as a bona of the court in holding that the Interstate Comfide local, independent institution, and is ex- merce Commission nor Congress itself may take pected to be continued as such." any action which lies outside the realm of interstate commerce. On the other hand, in cases such as Plaintiff, as a means of securing the Board of Pierce Oil Corporation v. Phoenix Refining Co., Governors reconsideration of its application, vol- 259 U. S. 125; St. Louis Malleable Casting Co. v. untarily complied with all of these requirements. Prendergast Construction Co., 260 U. S. 469, and Under date of April 23, 1942, plaintiff sent to the Hurley v. Commission of Fisheries, 257 U. S. 223, Federal Reserve Bank of San Francisco (1) a stateit has been held that where one accepts a privilege ment relative to the refinancing of his shares of it consents to be bound by the conditions attached plaintiff's stock, (2) a declaration signed by all of to it and it will not be heard to attack its legality. plaintiff's directors that plaintiff was "organized as a bona fide local, independent institution," and that And in those cases, where a foreign corporation it was not obligated in any manner to Transamer- undertakes to do intrastate business within a state, ica Corporation or to any of its affiliated companies, as distinguished from business arising out of interand (3) a signed statement of each stockholder state commerce, the tendency has been to sustain that he had no arrangements respecting the sale or the conditions imposed by a state, United Fuel Gas transfer of his shares to Transamerica or any of its Co. v. Railroad Commission, 278 U. S. 300. So, affiliated companies and that he did not intend to too, in the case of United States v. Chicago etc. enter into any such arrangements in the future. R. R. Co., supra, at p. 342, Mr. Justice Stone, dissenting, said: Based upon the representations thus made to it by the bank and by all of its directors and stock- "Courts may determine whether the Comholders, the Board of Governors, under date of May mission lacks the power to impose a particular 6, 1942, notified the plaintiff that its application condition; but they may not strike from an had been approved subject to a number of condi- order the condition upon which it was granted, tions, including Condition No. 4. Before Member- and thus declare that it should stand although ship status could attach, however, plaintiff was re- the condition is not complied with." quired to evidence its acceptance of the conditions by formal resolution, a certified copy of which was The condition here is clearly not one outside the to be filed with the Federal Reserve Bank of San domain of the Federal Government. Here the de- Francisco. fendant Board, with discretionary power to admit The plaintiff contends that the Board was with- or to refuse to admit the plaintiff to the privilege out power to impose this Condition No. 4 and of membership in the Federal Reserve System, imtherefore it is a nullity and should be cancelled. In posed a condition which was not merely acquiesced my opinion, however, the plaintiff is not in a posi- in but agreed to by the plaintiff. The claim that tion to raise this question. It voluntarily agreed to this agreement was brought about by duress of it and on the basis of that agreement was admitted the plaintiff is, I think, without foundation. The to membership in the Federal Reserve System, and agreement was voluntarily made, it was acted on for several years has received the benefits of mem- and the plaintiff received the benefits which arose bership in that System. It is true that there are from its admission to membership in the System. many cases in which the Supreme Court has held I see nothing contrary to public policy in the 752 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT condition agreed upon by the parties; indeed, it with the Enemy Act, as Amended by the First War Powers may well be that the condition imposed was within Act, 1941, Relating to Foreign Funds Control* the Board's discretion if it was of the opinion that unsound banking policies were being pursued by GENERALLY LICENSING MEMBERS OF, AND PERSONS IN, GENERALLY LICENSED TRADE AREA Transamerica and that the character of management of this plaintiff bank, if Transamerica obtained con- (1) Members of generally licensed trade area licensed. trol, would be detrimental to sound banking. Notwithstanding the proviso of paragraph (1) of General License No. 94, members of the generally licensed trade In any event, plaintiff can not now attack the area are hereby licensed to be regarded for all purposes as validity of the condition to which it voluntarily not blocked. agreed and this motion of the defendants for (2) Persons licensed. This general license also licenses summary judgment will be sustained. as a generally licensed national: Mr. Justice Holtzoff has held that the Court (a) any individual in the generally licensed trade area, has jurisdiction of this suit and that a case is except an individual who on October 5, 1945 was presented for a declaratory judgment. Peoples in a blocked country other than a member of the Bank vs. Eccles et al. 64 F. Supp. 811; and denied generally licensed trade area, and a motion to dismiss the complaint based on the (b) any partnership, association, corporation, or other organization which is a national of a blocked ground that no justiciable controversy was precountry solely by reason of the interest of persons sented; but the motions for summary judgment licensed hereby, were not before him, they having been filed since provided that this license shall not apply with respect to his action on the motion to dismiss. any person whose name appears on the Proclaimed List of The defendant, John K. McKee, has moved to Certain Blocked Nationals. dismiss the complaint as to him, and apart from (3) Definitions. As used in this license: the motions for summary judgment it will be sustained. He is no longer a member of the Board; (a) the term "member" and "generally licensed trade area" shall have the meaning prescribed in Genthe action is not one for damages; and he no eral License No. 53; and longer has any power to take any action in the (b) the term "blocked country" shall be deemed to premises. include countries licensed by General License No. (Signed) JENNINGS BAILEY, 94 except a country licensed by General License No. 96. Justice. FRED M. VINSON, Secretary of the Treasury. Foreign Funds Control Treasury Department Releases Treasury Department The following releases relating to transactions in Foreign Funds Control foreign exchanges, etc., in addition to those here- May 30, 1946 tofore published in the Federal Reserve BULLETIN, REVOCATION OF GENERAL LICENSES NOS. 54, 76 AND 78 have been issued by the Office of the Secretary of Under Executive Order No. 8389, as Amended, Executive the Treasury under authority of the Executive Order No. 9193, as Amended, Section 5(b) of the Trading Order of April 10, 1940, as amended, and the with the Enemy Act, as Amended by the First War Powers Regulations issued pursuant thereto: Act, 1941, Relating to Foreign Funds Control* Treasury Department General License No. 54, issued July 26, 1941, General Foreign Funds Control License No. 76, issued December 9, 1941, and General Li- May 30, 1946 cense No. 78, issued December 26, 1941, are hereby revoked, in view of paragraph 3 of Public Circular No. 10, as r GENERAL LICENSE NO. 53A amended on the date hereof. Under Executive Order No. 8389, as Amended, Executive FRED M. VINSON, Order No. 9193, as Amended, Section 5(b) of the Trading Secretary of the Treasury. * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, as amended June 14, 1941, July 26, 1941, and February 19, as amended June 14, 1941, July 26, 1941, and February 19, 1946. . 1946. JULY 1946 753 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Treasury Department with the Enemy Act, as Amended by the First War Powers Foreign Funds Control Act, 1941, Relating to Foreign Funds Control* May 30, 1946 Paragraph (4) (a) of General License No. 95 is hereby AMENDMENT TO PUBLIC CIRCULAR NO. 10 amended to read as follows: Under Executive Order No. 8389, as Amended, Executive (a) the term "country specified herein" means the fol- Order No. 9193, as Amended, Sections 3(a) and 5(b) of the lowing: Trading with the Enemy Act, as Amended by the First War (i) France, effective October 5, 1945; Powers Act, 1941, Relating to Foreign Funds Control* (ii) Belgium, effective November 20, 1945; Public Circular No. 10 is hereby amended to read as (iii) Norway, effective December 29, 1945; follows: (iv) Finland, effective December 29, 1945; (v) The Netherlands, effective February 13, 1946; (1) The privileges of all general licenses are hereby ex- (vi) Czechoslovakia, effective April 26, 1946; tended to Hong Kong to the same extent as though Hong (vii) Luxembourg, effective April 26, 1946; Kong were a part of China. (viii) Denmark, effective June 14, 1946; (2) The offices within Hong Kong of banks named in Schedule A of General License No. 58 are hereby reinstated and each country specified herein shall be deemed to inas appointed banks for the purposes of such license and as clude any colony or other territory subject to its jurisdiction. generally licensed nationals within the meaning of General FRED M. VINSON, Licenses Nos. 59, 60 and 61. Secretary of the Treasury. (3) No transaction shall be deemed to require a license solely because it involves property in which a blocked country or national thereof had an interest which was extin- Treasury Department guished prior to the date of the extension of the Order to Foreign Funds Control such country. In view of the provisions of this paragraph June 21, 1946 General Licenses Nos. 54, 76 and 78 have been revoked. GENERAL LICENSE NO. 32A, AS AMENDED FRED M. VINSON, Secretary of the Treasury. Under Executive Order No. 8389, as Amended, Executive Order No. 9193, as Amended, Section 5(b) of the Trading with the Enemy Act, as Amended by the First War Powers Treasury Department Act, 1941, Relating to Foreign Funds Control* Foreign Funds Control May 30, 1946 General License No. 32A is hereby amended to read as follows: REVOCATION OF PUBLIC CIRCULAR NO. 16 Under Executive Order No. 8389, as Amended, Executive LIVING EXPENSE REMITTANCES TO ITALY, BULGARIA, HUN- Order No. 9193, as Amended, Sections 3(a) and 5(b) of the GARY, AND RUMANIA Trading with the Enemy Act, as Amended by the First War (1) Certain remittances for living expenses authorized. Powers Act, 1941, Relating to Foreign Funds Controls A general license is hereby granted authorizing remittances Public Circular No. 16, issued February 18, 1942, is from blocked accounts by any person to any individual within hereby revoked. Italy, Bulgaria, Hungary, or Rumania, provided that: FRED M. VINSON, (a) Such remittances are made only for the necessary Secretary of the Treasury. living expenses of the payee and his household, and are not made from an account other than an Treasury Department account in the name of, or in which the beneficial Foreign Funds Control interest is held by, the payee or a member of his June 7, 1946 household; and AMENDMENT TO GENERAL LICENSE NO. 95 (b) Such remittances do not exceed $1,000 in any one calendar month to any one household, except that Under Executive Order No. 8389, as Amended, Executive in the case of individuals who are citizens or sub- Order No. 9193, as Amended, Section 5(b) of the Trading jects of Italy, Bulgaria, Hungary, or Rumania, the * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. April 10, 1940, as amended by Ex. Order 8785, June 14, 194f, 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, 1942, as amended by Ex. Order 9567, June 8, 1945; Regula- Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended by tions, April 10, 1940, as amended June 14, 1941, July 26, 1941, Ex. Order 9567, June 8, 1945.; Regulations, April 10, 1940, as and February 19, 1946. amended June 14, 1941, July 26, 1941, and February 19, 1946. t Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940. as April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, amended by Ex. Order 8785, June 14, 1941, Ex. Order -8832, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended 1942, as amended by Ex. Order 9567, June 8, 1945; Regula- by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, tions, April 10, 1940, as amended June 14, 1941, July 26, as amended June 14. 1941, July 26, 1941, and February 19, 1941, and February 19, 1946. 1946. % 754 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT amount does not exceed $100, plus an additional Circular No. 22, issued June 1* 1943, as amended, are sum of not more than $25 for each member of the hereby revoked. payee's household in addition to the payee, but in E. H. FOLEY, JR., no event shaU more than $200 per calendar month Acting Secretary of the Treasury. be remitted to any such individual and his household. Treasury Department (2) Refunds. Any person in the United States receiving Foreign Funds Control the amount of any remittance ordered pursuant to this gen- June 28, 1946 eral license for transmittal to Italy, Bulgaria, Hungary, or Rumania may refund such amount when advised that the Revocation of Special Regulation No. 1, as Amended, Reremittance can not be effected. quiring Reports on Form TFR-500 by Persons Subject to the Jurisdiction of the United States with Respect to Property in (3) Definition. As used in this general license, the term any Foreign Country.* "household" shall mean: (a) Those individuals sharing a common dwelling as Special Regulation No. 1, as amended, is hereby revoked. a family; or E. H. FOLEY, JR., (b) Any individual not sharing a common dwelling Acting Secretary of the Treasury. with others as a family. E. H. FOLEY, JR., Treasury Department Acting Secretary of the Treasury. Foreign Funds Control June 28, 1946 Treasury Department Amendment of Regulations of April 10, 1940, as Amended, Foreign Funds Control under Executive Order No. 8389, as Amended.* June 28, 1946 Section 130.4 of the Regulations of April 10, 1940, and Revocation of Public Circulars Nos. 1, 4, and 22 under the amendment of July 26, 1941 to such Regulations are Executive Order No. 8389, as Amended, Executive Order hereby revoked. No. 9193, as Amended, Sections 3(a) and 5(b) of the Trad- E. H. FOLEY, JR., ing With the Enemy Act, as Amended by the First War Acting Secretary of the Treasury. Powers Act, 1941, Relating to Foreign Funds Control * * 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; Sec. 3, Public Public Circular No. 1, issued July 9, 1941, as amended; No. 831, 77 Congress; Ex. Order 8389, April 10, 1940, as Public Circular No. 4 issued August 16, 1941, and Public 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, 1942 as amended * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, as amended June 14, 1941, July 26, 1941, and February 19, April 10, 1940, as amended by Ex Order 8785, June 14, 1941, 1946. Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 aandd Ex.. OOrr der 8899998, , Dee. c. 62,6 , 91914; 1; E.x .O Ordrdr er9 9931,93, July 6, Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as 11994422, as amenddedd bb y EE x. OOdr der 99556677 , J June 88 , 114954;5 ;Regula- amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, i April 10, 1940, as amended June 14, 1941, July 26 , 1941, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order ebruary 19, 1946; Special Regulation No. 1, June 1, 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended by Ex Order 9567, June 8, 1945. JULY 1946 755 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Federal Reserve Meetings during the summer months are observed as holi- A meeting of the Presidents of all of the Federal days by banks in some States, and it was thought Reserve Banks was held in Washington on June undesirable that the weekly reserve computation 7 and 8, 1946. The Board of Governors met with period of member banks in those States should the Presidents on June 11, 1946. begin with two nonbusiness days, Saturday and In accordance with the requirement of the law Sunday. that the Federal Open Market Committee meet at least four times each year, the third meeting of Admissions of State Banks to Membership in the Federal Reserve System the Committee during 1946 was held in Washington on June 10. The following State banks were admitted to membership in the Federal Reserve System during Change in Weekly Reserve Computation Period the period May 16, 1946, to June 15, 1946: Pursuant to action taken by all Federal Reserve Illinois Banks under Section 3(a) of Regulation D, with De Kalb—De Kalb Trust and Savings Bank the approval of the Board, deficiencies in reserves of member banks in central reserve and reserve Missouri cities will, beginning June 22, 1946, be computed St. Louis—Mutual Bank and Trust Company on the basis of average daily net deposit balances covering weekly periods ending on Thursdays, in- Pennsylvania stead of on Fridays as had previously been the Kittanning—Safe Deposit and Title Guaranty case. This action was taken because Saturdays Company 756 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled June 26, and released for publication June 28] Industrial output declined somewhat further in changes, largely due to further reductions in output May but advanced considerably in the early part of of flour and cereal products and of meats. Despite June, reflecting chiefly the settlement of the coal these declines production in recent months of most strike. Department store trade was maintained in nondurable goods, including many manufactured record volume for this season of the year. Prices foods, cigarettes, textiles, shoes, gasoline, chemicals, in both wholesale and retail markets continued to and rubber and paper products, has been consideradvance. ably larger than the volume produced for civilian use a year ago and also than the 1939-40 level of INDUSTRIAL PRODUCTION output. The Board's seasonally adjusted index of in- Output of minerals rose 12 per cent in May, dustrial production was 160 per cent of the 1935-39 reflecting largely the resumption of bituminous average in May as compared with 165 in April coal production around the middle of the month. and 168 in March. Since the resumption of bitu- In the first two weeks of June bituminous coal minous coal mining and the settlement of various output increased sharply to a level close to the other wage disputes in the latter part of May, in- pre-strike rate. Anthracite production was maindustrial production has expanded considerably and tained at an exceptionally high level during most indications are that the Board's index in June will of May, and after a work stoppage during the first surpass the March level. week of June, was resumed in large volume. Out- Output of iron and steel was especially affected put of crude petroleum continued to advance in by the coal shutdown and in May steel ingot pro- May and the early part of June. Metals producduction averaged only 52 per cent of capacity as tion showed much less than the usual seasonal rise compared with 78 per cent in the previous month. in May, reflecting chiefly wage disputes in iron ore Steel production, however, rose rapidly in June, mines which were largely settled by the end of reaching a scheduled rate of 87 per cent of capacity the month. during the current week. Activity in other durable Value of construction contracts awarded, as regoods industries was generally maintained in May ported by the F. W. Dodge Corporation, continued at about the April level. to rise sharply in May, reflecting increases in Output of nondurable goods continued to show awards for most types of construction. Residential a slight decline in May, after allowance for seasonal COST OF LIVING INDUSTRIAL PRODUCTION 1935 -39-100 PER CENT CAL VOLUME SEASONALLY ADJUSTED, 1935-39• too PER C 260 - 240 r 240 1 \ 220 140 , J - / \ VFOO >^ 140 iiidO e / \I 200 130 / /CLOTHING 130 iiOO V 180 120 ^/ALL ITEMS 120 180 IbO V 160 110 — RENT — 110 - 140 140 100 j 100 / 120 \J 120 90 90 100 80 80 1939 1940 1941 1942 1943 1944 1945 1946 80 1939 1940 1941 1942 1943 1944 1945 1946 Bureau of Labor Statistics' indexes. Last month in each Federal Reserve index. Monthly figures, latest shown are calendar quarter through September 1940, monthly thereafter. for May. Mid-month figures, latest shown are for May. JULY 1946 757 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS building awards were at a new record level, one- expansion in the volume of goods sold. Departfourth higher than in April. Awards for non- ment store stocks continued to rise sharply in residential construction advanced in May, after a May and, after allowing for seasonal changes, the drop in April. Awards for manufacturing plant value of stocks held on May 30 was one-fourth and public works permitted by Federal authorities larger than at the beginning of the year, although showed sharp increases. still comparatively low relative to the value of sales. EMPLOYMENT Freight carloadings during May were slightly below the April rate as increased shipments of Nonagricultural employment showed a further coal and grain were more than offset by declines substantial gain in May, reflecting increases at facin loadings of most other classes of revenue freight tories and mines due to termination of work stopdue chiefly to the railroad strike. During the first pages and a continued large advance in constructhree weeks of June carloadings increased sharply tion employment. The number of persons unemand in the week ending June 22 were as high as in ployed remained unchanged at the April level of the same period a year ago. 2.3 million. COMMODITY PRICES BANK CREDIT Deposits subject to reserve requirements in- The general level of wholesale commodity prices creased further in May and the first three weeks of continued to advance from the middle of May to June, reflecting primarily a shift of about 3.5 bilthe third week of June. There were important lion dollars from Treasury war loan accounts to increases in prices of milk, bread, coal, cotton, accounts held by businesses and individuals, and leather, copper, and of a number of miscellaneous average required reserves increased about 500 milproducts. lion dollars. Reserve balances increased consider- From the middle of April to the middle of May ably less than required reserves and excess reserves the consumer price index advanced another onedeclined. half per cent and since that time additional in- At member banks loans for purchasing and creases have occurred in retail prices. carrying Government securities were further reduced in May and the first half of June. Real DISTRIBUTION estate and commercial and industrial loans con- Department store sales in May and the first tinued to increase at banks outside New York City. half of June were maintained at the high level Bank holdings of Treasury certificates and bonds reached earlier in the spring. Value of sales was declined largely as a result of Treasury debt retireabout 35 per cent larger than in the corresponding ment operations. period last year, reflecting largely a considerable MEMBER BANKS IN LEADING CITIES DEPARTMENT STORE SALES AND STOCKS PEH CENT DOLLAB. YQLUME SEASONALLY ADJUSTED, 1935-39 = 100 PER 280 I u.S. GOV'T r SECURITIES ^ 1 T\J 240 1 SALES 200 A \jf\r i i AA / / , r DEM A AN D D .U D S E T P E O D SITS 160 h ^ 1 20 10 - 120 A U. S. GOV'T DEPOSITS 80 1939 1939 1940 1"9 4•1• " ~ 1"9 43" 1"9 4"4 ' 19"4 5" " " Dle^memanadn ud cdKeposits (adjusted) exclude U. S. Government and iinntteerrbbaannkk ddeeppoosits and collection items. Government securities Federal Rese:rve indexes. Monthly figures, latest shown are include direct and guaranteed issues. Wednesday figures, for May. latest shown are for June 26, 1946. 758 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES Member bank reserves, Reserve Bank credit, and related items 761 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements. 762-763 Federal Reserve Bank statistics. . . 763-767 Guaranteed war production loans. . . 767 Deposits and reserves of member banks. . 767-768 Money in circulation 769-770 Gold stock; bank debits and deposit turnover. . 770 Deposits and currency; Postal Savings System; bank suspensions 771 All banks in the United States, by classes . 772-773 All insured commercial banks in the United States, by classes. 774-775 Weekly reporting member banks 776-779 Commercial paper, bankers' acceptances, and brokers' balances 780 Money rates and bond yields. 781 Security prices and new issues. 782-783 Corporate earnings and dividends. . 784 Treasury finance. . ... 785-787 Government corporations and credit agencies. 788 Business indexes. 789-798 Department store statistics. 799-801 Consumer credit statistics. 802-804 Cost of living. 804 Wholesale prices . 805 Gross national product, national income, and income payments. . 806 Current statistics for Federal Reserve chart book. 807-809 Number of banking offices in the United States. 810 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. JULY 1946 759 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 19*5 1946 10 10 1939 1940 1941 1942 1943 1944 1945 1946 Wednesday figures, latest shown are for June 26. See p. 761. 760 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 Date c v o D a a a n u n i d s c n d - - e ts s To U t . a l S. s e G T c b u a o u r i e n r v r l i a y d l e t s s i r - e n s m o e th A nt e ll r1 ot A h l e l r Total s G to o c ld k T s r t c o e u r i a u n n e u r n r y a g c t d - - s y - - M i c n u o c l n a i e r - y - T h c i u r o n a e r l g s a y d h s s - - F u T B p e s w r R r e o d y a e r i s e e n t v a i - d r h k t s e a e s s - l - b m p N e o r e o s m n i d t - e s - - c O s F o e R e a t e u r r c h e a d v n - - e l - e t r s To b ta a l lanc c E e e s x ss - 1 certificates Monthly averages of daily figures: 1945—Mar 245 19,509 17,313 2,196 50020,253 20,448 4,120 25,850 2,357 269 1,495 423 14,429 1,010 Apr 360 20,115 17,985 2,129 45920,934 20,400 4,120 26,009 2,367 504 1,516 437 14,621 931 May 633 20,754 18,640 2,114 412 20,325 4,136 26,351 2,361 405 1,549 439 15,156 1,005 1946—Mar 566 22,549 20,243 2,307 23,533 20,237 4,464 27,913 2,274 809 1,167 536 15,536 1,031 Apr 433 22,260 19,855 2,406 37623,070 20,252 4,510 27,923 2,261 448 1,120 550 15,531 1,024 May 212 22,699 20,076 2,623 45823,36920,246 4,534 27,978 2,263 556 1,074 551 15,727 956 End of month figures: 1945—Mar. 31. .. 245 19,669 17,490 2,180 39620,31120,419 4,119 25,899 2,346 647 1,361 42914,166 796 Apr. 30... 489 20,455 18,344 2,111 362 21,30720,374 4,130 26,189 2,371 446 1,549 43714,818 918 May 31... 87520,954 18,824 2,130 30322,13120,270 4,144 26,528 2,331 362 1,589 44015,296 1,038 1946—Mar. 30... 62622,601 20,234 2,366 40223,630 20,256 4,480 27,879 2,288 1,593 1,213 540 14,853 627 Apr. 30... 279 22,732 20,166 2,566 346 20,251 4,537 27,885 2,263 679 1,166 54715,606 959 May 31... 254 22,932 20,291 2,641 33123',518 20,242 4,535 28,120 2,257 846 866 55315,653 807 Wednesday figures: 1945—Aug. 1... 39921,877 19,066 2,811 28822,56420,152 4,108 27,130 678 ,532 45414,861 1,063 Aug. 8... 35321,910 19,099 2,811 34222,60620,151 4,197 27,260 538 ,588 14,833 1,066 Aug. 15... 31221,869 19,058 2,811 601 22,78220,130 4,198 27,351 2,257 398 ,643 458 15,004 1,132 Aug. 22... 40022,296 19,466 2,829 44723,14220,088 4,201 27,506 2,248 671 ,557 458 14,992 1,018 Aug. 29... 44222,358 19,516 2,841 26323,06320,088 4,215 27,600 2,262 397 ,577 458 15,070 986 Sept. 5... 37722,435 19,670 2,765 38023,19220,088 4,216 27,750 304 ,529 46315,180 966 Sept. 12... 45722,808 20,014 2,795 41223,67720,096 4,216 27,793 598 ,538 46515,329 964 Sept. 19... 30122,965 20,116 2,850 44123,70720,095 4,222 27,777 428 ,525 47515,552 1,039 Sept. 26... 42223,186 20,306 2,880 28523,89220,093 4,222 27,729 2,263 961 ,506 47515,274 893 Oct. 3... 31423,212 20,297 2,916 29423,82120,072 4,248 27,853 2,268 648 ,469 48415,420 1,001 Oct. 10... 31323,272 20,357 2,916 33823,92320,040 4,257 27,962 2,282 535 ,419 48515,537 1,027 Oct. 17... 31622,901 19,985 2,916 48223,69920,039 4,262 27,952 2,249 293 ,324 48215,700 1,032 Oct. 24... 38923,089 20,192 2,898 312 23,790 20,038 4,270 27,974 2,248 295 ,349 48215,751 1,002 Oct. 31... 43923,276 20,379 2,898 27223,987 20,036 4,278 28,049 2,244 429 ,373 48315,723 904 Nov. 7... 50823,076 20,179 2,898 23,87720,035 4,285 28,137 2,268 261 ,310 48415,737 928 Nov. 14... 59623,448 20,510 2,938 45524,498 20,034 4,284 28,178 2,265 580 ,313 48615,994 1,163 Nov. 21... 63023,343 20,372 2,970 359 20,032 4,297 28,198 2,272 410 ,360 484 15,937 1,043 Nov. 28... 79223,646 20,62 3,019 326 24,764 20,031 4,297 28,169 2,269 557 ,351 48516,261 1,293 Dec. 5... 34523,525 20,474 3,052 35924,22920,029 4,303 28,279 2,242 8 ,304 48716,242 1,594 Dec. 12... 31223,493 20,440 3,053 46024,26420,045 4,317 28,370 2,268 627 ,204 48815,669 1,296 Dec. 19... 36023,668 20,602 3,067 82924,85920,066 4,326 28,557 2,288 718 ,284 496 15,906 1,332 Dec. 26... 49224,037 20,970 3,067 643 25,17220,065 4,334 28,649 2,283 1,199 ,282 500 15,658 1,213 1946—Jan. 2... 22224,092 21,602 2,490 533 24,84720,065 4,352 28,491 2,306 771 ,299 498 15,900 1,439 Jan. 9... 21523,859 21,377 2,482 463 24,536 20,046 4,362 28,297 2,256 758 ,307 50515,822 1,266 Jan. 16... 21023,437 21,030 2,407 42624,072 20,111 4,377 28,119 2,262 272 ,257 50516,145 1,423 Jan. 23... 20723,341 20,968 2,373 373 20,135 4,385 27,977 2,282 578 239 50615,859 1,169 Jan. 30... 310 23,297 20,945 2,352 29123,898 20,157 4,404 27,914 2,295 762 ,298 507 15,681 1,061 Feb. 6... 289 23,227 20,876 2,352 32423,840 20,157 4,413 27,929 2,306 716 ,226 51615,717 1,115 Feb. 13... 41123,253 20,904 2,349 27023,933 20,157 4,424 27,967 2,301 864 ,173 51615,693 1,146 F F e e b b . . 2 2 7 0 . . . . . . 3 3 8 5 0 2 2 2 3 2 , , 0 9 1 7 7 2 2 2 0 0 , , 6 6 5 9 2 2 2 2 , , 3 3 2 2 0 6 3 4 2 1 5 7 2 2 3 3 , , 6 7 7 8 72 2 0 0 , , 2 2 3 3 3 3 4 4 , , 4 43 4 4 7 2 2 7 7 , , 9 9 3 5 8 5 2 2 , , 3 3 1 1 7 8 8 9 2 4 6 0 , , 2 2 0 3 3 5 5171 1 5 5 , , 5 4 5 9 5 0 1,0 9 3 5 9 0 Mar. 6... 44322,526 20,207 2,320 327 23,29720,232 4,451 27,957 2,284 612 ,153 53115,444 924 Mar. 13... 710 22,393 20,074 2,320 319 23,42320,232 4,456 27,946 2,260 501 ,210 530 15,663 1,112 Mar. 20... 22,592 20,335 2,258 40823,48320,233 4,467 27,889 2,267 774 ,230 540 15,484 929 Mar. 27... 68322,974 20,634 2,340 30523,96320,257 4,478 27,842 2,298 1,397 ,226 540 15,395 995 Apr. 3... 68621,969 19,603 2,366 22,936 20,255 4,485 27,912 2,271 533 ,013 55015,396 1,072 Apr. 10. .. 35322,232 19,866 2,366 26122,846 20,253 4,492 27,955 2,259 260 ,161 55015,406 940 Apr. 17... 326 22,103 19,736 2,366 42922,85720,251 4,514 27,948 2,259 334 ,138 54815,395 843 Apr. 24. .. 32422,304 19,874 2,430 27422,90120,247 4,536 27,877 2,260 385 ,159 54715,45' 836 May 1... 22,579 20,003 2,577 27923,084 20,251 4,535 27,888 2,267 409 ,010 54815,74' 1,111 May 8... 20722,732 20,134 2,598 27923,219 20,248 4,534 27,958 2,266 314 ,162 55015,751 1,014 May 15... 14522,660 20,019 2,641 20,245 4,534 27,950 2,265 504 ,110 55015,652 916 May 22..., 163 22,643 20,001 2,641 326 23,132 20,245 4,532 27,961 2,262 56: 1,069 55015,505 700 May 29. .. 23722,983 20,341 2,641 33723,556 20,242 4,533 28,106 2,265 681 1,038 55315,689 830 June 5. .. 25222,780 20,129 2,651 417 23,450 20,272 4,534 28,159 2,285 1,063 55615,799 738 June 12. .. 23,270 20,619 2,651 37423,896 20,271 4,537 28,128 2,280 860 969 55715,909 833 June 19... 25222,691 20,187 2,503 23,454 20,272 4,536 28,116 2,260 419 985 56615,916 *>554 June 26 23123,385 20,882 2,503 23,986 20,269 4,539 28,135 2,262 970 950 56915,910 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. JULY 1946 761 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect June 30. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by tions other than member Government obligations and banks secured by direct Federal Reserve Bank d se is c c u o re u d 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 13 U ) . S. (Sees. 13 and 13a)1 Rate Effective Rate Effective Rate Effective Boston Apr. 27,1946 Oct. 27,1942 Mar. 29,1946 New York Apr. 25,1946 Oct. 30,1942 Apr. 6,1946 Philadelphia.. Apr. 25,1946 Oct. 17,1942 Mar. 23,1946 Cleveland May 3,1946 Sept. 12,1942 Mar. 9,1946 Richmond May 10,1946 1H Oct. 28,1942 Mar. 16,1946 Atlanta May 10,1946 13^ Oct. 15,1942 Mar. 16,1946 Chicago Apr. 26,1946 1 V*> Aug. 29,1942 Mar. 16,1946 St. Louis Apr. 26,1946 Mar. 14,1942 Mar. 16,1946 Minneapolis. . Apr. 26,1946 IX Oct. 30,1942 Mar. 23,1946 Kansas City.. Apr. 27,1946 IH Oct. 27,1942 Apr. 13,1946 Dallas May 10,1946 IX Oct. 17,1942 Mar. 16,1946 San Francisco Apr. 25, 1946 IX Oct. 28,1942 Apr. 25,1946 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 June 30 ginning— rate [In effect June 30. 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 l e s p l tances:2 H Apr. 30, 1942 c b o u m si m ne e s r s c e 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 1 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 i r s c c h o a u s n e t s s or to 1 b E u s y t ab al l l i sh T e r d ea 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 , a n 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 2 , M 19 i 4 n 3 im , a u l m l p b u u rc y h in a g se r s a t h e a s v e o n b e p e r n im m e a b d a e n k s e u r b s j ' e c a t c c t e o p t r a e n p c u e r s c . hase option. N Bo ew sto Y n ork 0 (3 0 ) p G p U B . a A 4 c 4 R k 3 A - f 4 i N 4 g 5 u T . r E e E s. — F S E e E e S B A an N k D in g M a A n X d IM M U on M et a I r N y T S E ta R t E is S ti T cs , A T N a D b le C O 1 M 17 - , P A C R C h l h i t e c l i i a v l h c a n e a m d l t g a a e o o n l n p d d hia. . . 2 5 K ( ( ( 2 3 8 3 ) ) ) - o) M V I T O M N E N L T O A R N A S T E G S U A C R H A A N R T G E E E A D B L B E Y U W N A D R E R D E R P E A G R U T L M A E T N IO T N , S M t. i n L n o e u a i p s olis. . . 1-1H 2^ 8 -5 NAVY DEPARTMENT, AND MARITIME COMMIS- Kansas City. . . SION UNDER EXECUTIVE ORDER NO. 9112 AND Dallas 2H5 CONTRACT SETTLEMENT ACT San Francisco.. 2^-5 OF 1944 [Rates in effect June 30] 1 See table on maximum interest and commitment rates charge- FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS abl 2 e I n u c n l d u e d r i n R g e l g o u a l n a s t io m n a d V e f i o n r p r a a r t t e i s c i o p n at i g o u n a r w an it t h e e f d in a S n e c c i t n io g n in 1 s 3 t b it u 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 \i per cent is made on undisbursed portion of loan. by borrower)1 Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. MAXIMUM RATES ON TIME DEPOSITS 80 or less 10 85 15 Maximum rates that may be paid by member banks as established by 90 20 the Board of Governors under provisions of Regulation Q 95 30 [Per cent per annum] Over 95 50 Nov. 1,1933-Feb. 1, 1935- Effective Jan.31, 1935Dec.31,1935 Jan. 1, 1936 MAXIMUM RATES THAT MAY BE CHARGED BORROWERS BY FINANCING INSTITUTIONS Savings deposits Postal savings deposits 2% 2V2 (Per cent per annum] Other deposits payable: In 6 months or more In 90 days to 6 months M M a a x x i i m m u u m m c ra o t m e m of it m in e t n er t e r s a t. t e . 2 . . . 4V X 2 In less than 90 days NOTE.—Maximum rates that may be paid by insured nonmember 1 Guarantee fee is charged only on guaranteed portion of loan. banks as established by the F. D. I. C, effective Feb. 1, 1936, are the 2 Based on average daily unused balance of the maximum principal same as those in effect for member banks. Under Regulation Q the amount of the loan. The financing institution may, in the alterna- rate payable by a member bank may not in any event exceed the maxitive, charge a 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. 762 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVE REQUIREMENTS MARGIN REQUIREMENTS1 [Per cent of deposits] [Per cent of marketvalue] Net demand deposits1 Time Feb. 5, July 5, Effec- Period in effect C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry d m b e a e p ( n m a o k l s b l s i e ) ts r S P ec re u s r c it r i i e b s e d E x i c n 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 J 1 u 1 9 l 9 y 4 4 5 5 4 - , Ja 1 1 n 9 9 . 4 4 5 2 6 - 0, Ja 1 t n 9 i . v 4 2 e 6 1, Regulation T: For extensions of credit by brokers J A u u n g e . 2 1 1 6 , , 1 1 9 9 1 3 7 6 - - A F u eb g . . 1 2 5 8 , , 1 1 9 9 3 3 7 6. . . . 13 1 1 0 5 7 3 P Fo a r n s d h o d r e t a l s e a r l s e s on listed securities 5 5 0 0 7 7 5 5 1 1 0 0 0 0 Mar. 1, 1937-Apr. 30,1937.. 22% 12H Regulation U: May 1, 1937-Apr. 15,1938.. 26 20 14 For loans by banks on stocks 50 75 100 A S N O A e u c p o p t g r v . t . . . . 2 1 1 3 0 4 1 6 , , , , , 1 1 1 1 1 9 9 9 9 9 4 4 4 3 4 2 2 1 8 2 - - - - a A O O S n e u c c d p t t g . . t . a . ft 1 3 1 e 2 3 9 1 r , , , , 1 1 1 1 9 9 9 9 4 4 4 4 2 1 2 2 . . . . . . . 2 2 2 2 6 2 4 0 4 2 2 2 2 0 0 0 0 2 1 1 1 1 1 4 2 4 4 4 5 6 6 6 6 m 1 a R rg e i g n u l r a e t q io u n ii s t m T e i a i n is d U si io li w m u i t in th e ti n a s m t o a u u n ie t a o r f e c t r ri e e d i u t in th er a e t nc m e a y o e b tw e e e e x n 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 ot dollars] Wednesday figures End of month Item 1946 1946 1945 June 26 June 19 June 12 June 5 May 29 May 22 May 15 June May June Assets Gold certificates 17,342,055 17,354,06017,339,06017,344,05517,344,06017,346,05517,346,06017,347,057 ,344,055 17,355,214 Redemption fund for F. R. notes 760,979 752,035 752,036 747,267 748,058 747,445 747,611 755,979 748,059 699,302 Total gold certificate reserves. . . 18,103,034 18,106,095 18,091,096 18,091,322 18,092,118 18,093,500 18,093,671 18,103,036 ,092,11418,054,516 Other cash 279,626 283,344 271,505 264,762 259,945 290,960 297,404 280,138 264,866 212,909 Discounts and advances: For member banks... 111,243 131,259 131,330 132,190 116,507 118,082 100,124 36,772 134,092 46,082 For nonmember banks, etc 120,000 120,000 120,000 120,000 120,000 45,000 45,000 120,000 120,000 Total discounts and advances........ 231,243 251,259 251,330 236,507 163,082 145,124 156,772 254,092 46,082 Industrial loans 1,189 1,260 1,287 1,268 1,324 1,354 1,412 1,206 1,306 3,147 Acceptances purchased.. 18,173 15,118 12,917 11,193 11,324 13,745 17,070 18,057 13,456 U. S. Gov't securities: Direct : Bills: Unde,r repurchase option 5,385,431 4,907,219 5,444,686 5,035, 5,248,049 4,986,372 5,056,440 5,383,696 5,072,062 4,874,482 Other 9,013,815 8,946,995 8,880,175 8,824; 8,757,805 8,679,415 8,635,025 9,082,635 8,824,125 8,087,965 Certificates: Special Other 6,482,370 6,332,870 6,293,870 6,268 6,335,596 6,335,596 6,327,096 6,813,370 394,596 6,032,011 Notes 1,748,200 1,748,200 1,748,200 1,748 1,738,200 1,738,200 1,738,200 1,748,200 738,200 1,684,950 Bonds 755,290 755,290 902,942 902 902,942 902,942 902,942 755,290 902,942 1,112,642 Total U. S. Govt. securities 23,385,10622,690,57423,269,87322,779, 22,982, 22,642,52522,659,703 23,783,19122,931,925 ,792,050 Other Reserve Bank credit outstanding.... 350,167 495,985 360,574 405, 324; 311,370 428,341 496,589 317,245 462,864 Total Reserve Bank credit outstanding 23,985,878 23,454,196 23,895,981 23,449,874 23,556,070 23,132,076 23,251,650 24,455,81523,518,024 22,304,143 Liabilities Federal Reserve notes. . 24,090,486 24,078,54024,104,13724,066,41323,946,50223,950,426 24,190,59224,064,38923,018,860 Deposits: Member bank — reserve account 15,909,76215,916,38315,909,23615,798,81315,688,738 15,505,01715,652,42916,123,38015,653,47014,919,911 U. S. Treasurer—general account 969,537 419,092 860,105 394, 680, 561,524 504,134 833,364 846,175 599,208 Foreign 519,116 552,125 534,879 618, 608, 660,099 685,786 504,5 i1 601,236 1,248,166 Other deposits 431,247 432,406 434,450 444, 429, 409,166 424,269 745,209 264,546 420,236 Total deposits 17,829,66217,320,00617,738,67017,256,09017,407,25117,135,80617,266,61818,206,48417,365,42717,187,521 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).. 43.2 43.' 43.7 43.6 44.0 43.9 42.7 43.7 44.9 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] June 26, 1946 Total 1 W 5 it d h a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 9 6 1 m d o ay n s th t s o 6 t o m 1 o n y t ea h r s 1 2 y y e e a a r r t s o 2 5 y e y a e r ar s s to 5 O y v e e a r rs Discounts and advances 231,243 95,198 14,608 10,494 110,943 Industrial loans 1,189 1,012 6 9 77 13 19 45 Acceptances purchased 18,173 5,265 4,901 5,897 2,110 U. S. Government securities 23,385,106 ,356,617 2,233,163 5,336,390 5,950,616 1,577,1502,859,080 46,400 443,250 582,440 JULY 1946 763 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] San Total 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 - Atlanta Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F c r i a sc n o - Assets Gold certificates: May 29 17,344,060 750,999 5,009,154 821,6651,105,812 799,936 962,1063,632,584 558,030 324,729 560,984 453,7212,364,342 June 5 17,344,055 718,033 5,183,838 806,0331,076,928 832,188 943,7243,571,595 529,021 316,696 546,519 447,3982,372,080 June 12 17,339,060 741,063 5,028,946 801,8651,090,851 837,855 958,0143,593,704 547,604 334,055 564,022 455,2972,385,784 June 19 17,354,060 738,488 5,301,670 845,9771,093,657 823,771 914,4683,376,742 548,978 328,656 555,215 459,6972,366,741 June 26 17,342,055 760,834 4,956,762 852,3671,099,767 860,049 926,6063,605,317 551,568 327,682 546,250 468,3672,386,486 Redemption fund for F. R. notes: May 29. 748,058 58,020 119,034 59,982 76,615 60,795 43,588 96,770 42,553 19,986 34,885 25,790 110,040 June 5 747,267 57,988 118,844 59,925 76,578 60,418 43,562 96,728 42,550 19.984 34,883 25,788 110,019 June 12 752,036 57,977 118,799 59,878 76,563 60,415 43,552 101,695 42,527 19,975 34,873 25,785 109,997 June 19 752,035 57,977 118,799 59,877 76,563 60,415 43,552 101,695 42,527 19,975 34,873 25,785 109,997 June 26 760,979 57,824 118,208 59,620 76,354 61,333 43,376 111,471 42,450 19,952 34,815 25,743 109,833 Total gold certificate reserves: May 29 18,092,118 809,019 5,128,188 881,6471,182,427 860,7311,005,6943,729,354 600,583 344,715 595,869 479,5112,474,380 June 5 18,091,322 776,021 5,302,682 865,9581,153,506 892,606 987,2863,668,323 571,571 336,680 581,402 473,1862,482,101 June 12 18,091,096 799,040 5,147,745 861,7431,167,414 898,2701,001,5663,695,399 590,131 354,030 598,895 481,0822,495,781 June 19 18,106,095 796,465 5,420,469 905,8541,170,220 884,186 958,0203,478,437 591,505 348,631 590,088 485,4822,476,738 June 26 18,103,034 818,658 5,074,970 911,9871,176,121 921,382 969,9823,716,788 594,018 347,634 581,065 494,1102,496,319 May 29.' 259,945 22,225 67,435 16,848 21,828 17,674 18,590 28,384 10,175 3,759 15,624 7,891 29,512 June 5 264,762 20,430 67,371 17,315 19,360 18,414 21,815 26,119 10,024 4,254 15,401 8,000 36,259 June 12 271,505 20,739 74,712 17,149 21,214 17,131 22,330 29,584 11,137 3,709 15,290 9,207 29,303 June 19 283,344 20,663 76,080 19,090 20,030 18,371 23,662 30,375 12,041 4,598 16,213 10,364 31,857 June 26 279,626 17,981 78,448 18,853 20,657 17,290 20,996 30,491 11,421 4,021 16,384 9,710 33,374 vances: Secured by U. S. Govt. securities: May 29... 116,507 7,503 28,051 3,359 31,485 12,850 1,450 11,915 12,200 1,300 2,750 144 3,500 June 5... 132,190 7,856 32,021 5,409 29,370 12,875 500 16,515 16,200 1,300 6,750 144 3,250 June 12... 131,330 5,716 24,646 5,524 30,410 12,525 500 26,115 16,600 5,200 950 144 3,000 June 19... 131,259 5,031 11,976 2,209 13,250 14,450 2,000 36,515 21,600 13,000 9,950 778 500 June 26... 111,243 6,079 16,726 5,044 13,350 18,900 7,100 15,400 19,050 4,250 144 5,200 Other: May 29... 120,000 7,680 39,960 9,960 11,160 5,640 4,560 16,080 4,080 3,000 3,960 3,840 10,080 June 5... 120,000 7,680 39,960 9,960 11,160 5,640 4,560 16,080 4,080 3,000 3,960 3,840 10,080 June 12... 120,000 7,680 39,960 9,960 11,160 5,640 4,560 16,080 4,080 3,000 3,960 3,840 10,080 June 19... 120,000 7,680 39,960 9,960 11,160 5,640 4,560 16,080 4,080 3,000 3,960 3,840 10,080 June 26... 120,000 7,680 39,960 9,960 11,160 5,640 4,560 16,080 4,080 3,000 3,960 3,840 10,080 Industrial loans: May 29 1,324 87 1 204 33 June 5 1,268 87 1,153 28 June 12 1,287 87 1 172 28 June 19 1,260 87 1 173 June 26 1,189 82 1,107 Acceptances purchased: May 29 11,324 11,324 June 5 11,193 11 193 June 12 12,917 12 917 June 19 15,118 15 118 June 26 18,173 18,173 U. S. Govt. securities: Bills: Under repurchase option: May 29... 5,248,049 87,979,3,373,792 154,495 90,714 80,994 20,710 844,944 83,802 34,695 65,262 22,607 388,055 June 5... 5,035,799 63,326 3,177,027 152,645 91,019 75,614 24,685 912,199 79,952 35,995 52,517 23,635 347,185 June 12... 5,444,686 72,095 3,488,807 189,573 98,059 74,594 17,785 953,586 70,457 28,307 56,333 28,485 366,605 June 19... 4,907,219 73,540 2,997,977 143,068 91,784 62,516 19,500 906,998 81,434 35,277 74,398 35,912 384,815 June 26... 5,385,431 90,447 3,460,337 146,138 82,639 71,556 26,100 944,536 77,708 32,755 75,358 22,942 354,915 Other bills* May 29... 8,757,805 756,044 231,470 756,0871,147,572 829,608 713,6421,046,330 535,997 338,915 580,020 490,4481,331,672 June 5... 8,824,125 778,062 247,373 760,1391,125,834 833,827 717,1311,039,533 537,398 341,243 591,731 513,5211,338,333 June 12... 8,880,175 786,679 260,814 754,9971,148,722 837,392 720,0801,046,201 555,465 344,718 590,129 491,0161,343,962 June 19... 8,946,995 783,331 276,837 758,0251,127,692 841,642 723,5951,181,056 529,097 336,993 567,544 470,5101,350,673 June 26... 9,013,815 815,718 292,860 786,5601,186,643 845,892 727,1101,049,542 536,283 349,849 570,054 495,9201,357,384 Certificates * May 29 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 June 5 6,268,870 415,801 1,576,210 473,717 604,238 393,349 314,090 808,036 314,647 178,850 298,704 265,475 625,753 June 12 6,293,870 417,553 1,582,290 475,620 606,703 394,930 315,387 811,242 315,866 179,557 299,914 266,550 628,258 June 19 6,332,870 419,733 1,593,000 478,508 610,219 397,312 317,147 816,344 317,983 180,699 301,689 268,132 632,104 June 26 6,482,370 430,211 1,629,338 489,887 624,970 406,784 324,906 835,510 325,264 184,923 308,927 274,558 647,092 Notes: May 29 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 June 5 1,748,200 115,955 439,557 132,106 168,504 109,692 87,590 225,338 87,746 49,876 83,300 74,033 174,503 June 12 1,748,200 115,979 439,501 132,110 168,520 109,698 87,602 225,333 87,735 49,874 83,305 74,036 174,507 June 19 1,748,200 115,869 439,749 132,092 168,451 109,679 87,548 225,353 87,781 49,883 83,283 74,019 174,493 June 26 1,748,200 116,021 439,408 132,115 168,544 109,705 87,622 225,326 87,719 49,871 83,314 74,043 174,512 May 29 902,942 59,920 226,964 68,236 87,050 56,662 45,255 116,381 45,309 25,758 43,031 38,242 90,134 June 5 902,942 59,890 227,030 68,233 87,032 56,656 45,240 116,387 45,320 25,761 43,024 38,238 90,131 June 12 902,942 59,903 227,001 68,234 87,040 56,659 45,246 116,384 45,315 25,760 43,027 38,240 90,133 June 19 755,290 50,060 189,989 57,069 72,778 47,385 37,824 97,361 37,925 21,551 35,981 31,979 75,388 June 26 755,290 50,126 189,841 57,079 72,817 47,397 37,856 97,349 37,898 21,546 35,995 31,990 75,396 Total TT S Grwfr securities: May 29 22,982,5921,439,728 5,861,6621,588,9682,103,7071,473,9071,184,2563,048,2931,070,241 629,6931,073,074 893,2522,615,811 June 5 22,779,9361,433,034 5,667,1971,586,8402,076,6271,469,1381,188,7363,101,4931,065,063 631,7251,069,276 914,9022,575,905 June 12 23,269,8731,452,209 5,998,4131,620,5342,109,0441,473,2731,186,1003,152,7461,074,838 628,2161,072,708 898,3272,603,465 June 19 22,690,5741,442,533 5,497,5521,568,7622,070,9241,458,5341,185,6143,227,1121,054,220 624,4031,062,895 880,5522,617,473 June 26 23,385,1061,502,523 6,011,7841,611,7792,135,6131,481,3341,203,5943,152,2631,064,872 638,9441,073,648 899,4532,609,299 764 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] San 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 r is a c n o - Total loans and securities: May 29 23,231,747 ,454,998 5,940,997 1,603,4912,146,352 1,492,4301,190,266 3,076,2881,086,521 633,993 1,079,784 897,236 2,629,391 June 5 23,044,587 ,448,657 5,750,371 1,603,3622,117,157 1,487,6811,193,796 3,134,0881,085,343 636,025 1,079,986 918,886 2,589,235 June 12 23,535,40 ,465,692 6,075,936 1,637,190 2,150,6141,491,4661,191,160 3,194,9411,095,518 636,416 1,077,618 902,311 2,616,545 June 19 22,958,211 ,455,331 5,564,606 1,582,104 2,095,334 1,478,6241,192, "",707 1,079,900 640,403 1,076,805 885,170 22,^62288,,005533 June 26 23,635,711 ,516,364 6,086,643 1,627,890 2,160,1231,505,8741,215,2543,183,743 1,088,002 641,9441,081,858 903,437 :2,624,579 Due from foreign banks: May 29 128 June 5 128 June 12 128 June 19 128 June 26 84 128 Federal Reserve notes of other banks: May 29 118,716 3,145 15,118 5,144 5,466 29,718 9,477 11,967 6,072 3,931 6,897 4,513 17,268 June 5 109;67 3,365 13,018 4,442 5,140 28,086 8,678 12,247 7,123 3,554 5,979 2,922 15,120 June 12 115,032 4,009 14,121 4,858 5,331 25,806 10,231 13,042 6,992 3,522 6,075 4,351 16,694 June 19 120,367 3,303 19,065 6,479 5,476 25,195 8,869 13,674 8,074 3,835 5,774 3,977 16,646 June 26 119,795 4,250 17,18: 5,466 5,485 24,453 9,225 12,688 8,375 4,622 6,262 2,975 18,809 Uncollected items: May 29.... 1,987,701 143,522 429,056 116,793 195,700 144,336 125,628 313,530 90,134 50,453 106,881 82,526 189,142 June 5 2,188,403 186,107 476,706 123,931 193,186 179,200 159,056 301,877 99,187 53,232 116,357 108,623 190,941 June 12.... 2,242,568 194,391 513,953 127,476 191,307 175,569 153,465 331,631 96,053 52,762 111,032 93,841 201,088 June 19.... 2,721,093 254,177 608,524 174,646 273,305 195,090 162,724 410,563 101,752 57,033 120,843 101,389 261,047 June 26 2,185,41" 178,728 477,893 135,093 185,807 185,859 130,774 337,315 85,159 48,098 104,922 91,057 226,707 Bank premises: May 29 33,029 1,329 8,601 3,253 3,942 2,735 1,551 3,091 2,037 1,273 2,568 817 1,832 June 5 33,003 1,329 8,583 3,253 3,942 2,735 1,551 3,091 2,037 1,273 2,562 815 1,832 June 12.... 33,006 1,329 8,583 3,253 3,942 2,735 1,551 3,091 2,037 1,273 2,562 815 1,835 June 19 33,00. 1,329 8,583 3,253 3,942 2,735 1,550 3,091 2,037 1,273 2,562 815 1,835 June 26 32,966 1,329 8,583 3,241 3,942 2,728 1,547 3,085 2,036 1,273 2,562 815 1,825 Other assets: May 29.... 56,128 3,703 13,135 3,994 5,801 3,733 3,018 7,477 3,118 1,604 2,536 2,406 5,603 June 5 55,546 3,777 12,749 3,907 5,853 3,621 3,038 7,421 3,180 1,625 2,575 2,300 5,500 June 12 56,901 3,721 13,567 3,608 6,048 3,633 2,917 7,667 3,297 1,681 2,661 2,509 5,592 June 19.... 48,789 3,809 10,977 3,062 5,430 3,124 2,457 6,835 2,836 1,275 2,092 2,088 4,804 June 26 50,326 3,124 11,726 3,208 5,647 3,221 2,568 7,109 2,940 1,344 2,196 2,246 4,997 Total assets: May 29.... 43,779,469 2,437,947 11,602,5582,631,177' 3,561,5242,551,3612,354,2277,170,1021,798,6431,039,7301,810,1621,,474,903 5,347,135 June 5.... 43,787,382 2,439,692 11,631,5082,622,1775 3,498,1522,612,3472,375,2237,153,1771,778,4681,036,6451,804,2651,514,7355,320,995 June 12.... 44,345,599 2,488,92611,848,6452,655,28'4 I 3,545,8782,614,6142,383,2237,275,3661,805,1681,053,3951,814,1361,494,1195,366,845 June 19 44,270,988 2,535,082 11,708,3322,694,495» 3,573,7452,607,3292,349,4597,222,6931,798,1481,057,0501,814,3801,489,2885,420,987 June 26 44,406,954 2,540,439 11,755,4762,705,745 3,557,7902,658,8112,350,3497,291,2301,791,9541,048,9381,795,2521,504,3535,406,617 Liabilities Federal Reserve notes: May 29 24,066,413 1,462,090 5,403,928 1,618,729 2,036,8301,647,1981,426,265 4,405,3511,045,295 553,602 886,381 591,3582,989,386 June 5 24,104,137 1,466,896 5,407,950 1,615,3892,040,5111,650,870 1,428,9974,425,2471,047,782 555,971 890,222 595,359 2,978,943 June 12 24,078,540 1,463,864 5,400,416 1,621,3682,040,3161,648,0011,427,7714,418,5131,047,471 556,014 889,076 594,6942,971,036 June 19 24,077,691 1,462,827 5,414,378 1,619,1742,040,7471,646,9901,425,882 4,4:25,3871,047,418 556,684 888,251 594,9952,954,958 June 26 24,090,486 1,474,401 5,434,214 1,627,9562,052,6031,653,9291,424,130 4,427,6531,046,668 556,428 887,075 593,7552,911,674 Deposits: Member bank —reserve account: May 29... 15,688,738 702,068 4,965,339 772,3701,138,934 681,595 726,5532,230,804 590,502 391,530 763,855 738,3591,986,829 June 5... 15,798,813 718,234 5,011,150 781,756 1,154,022 705,220 729/ ,246,706 582,192 388,277 759,907 745,251 1,976,459 June 12... 15,909,236 725,56" 5,033,902 792,3081,155,624 705,667 732,3992,273,562 588,397 391,712 758,695 751,835 1,999,572 June 19... 15,916,383 744,363 5,029,991 803,928 1,168,543 684,707 715,0472,252,287 579,807 391,320 766,466 744,8042,035,120 June 26... 15,909,76: 727,691 5,050,755 795,421 1,144,976 687,659 719,164 2,,22770,032 590,921 396,709 760,773 749,1272,016,534 U. S. Treasurer-general account: May 29... 680,516 56,123 123,230 40,829 101,639 35,001 38,217 125,134 29,314 23,984 24,538 31,441 51,066 June 5... 394,158 21,801 81,025 13,307 28,783 33,433 28,475 75,909 16,496 19,164 19,504 30,128 26,133 June 12... 860,105 53,706 296,761 33,686 79,908 40,587 33,852 156,501 34,109 31,033 32,712 25,306 41,944 June 19... 419,09 22,872 89,200 18,631 25,656 38,054 10,283 58,579 30,801 32,340 21,491 21,642 49,543 June 26... 969,53 90,351 188,386 73,312 82,571 102,576 35,660 173,389 30,128 26,685 21,325 43,703 19,912 Foreign: May 29... 608,209 37,089 2 225,877 47,517 53,242 26,907 21,755 76,714 19,465 14,312 18,892 18,320 48,119 June 5... 618,505 37,869 2 228,455 48,472 54,312 27,448 22,192 78,256 19,856 14,600 19,272 18,688 49,085 June 12... 534,879 32,246 2201,969 41,381 46,366 23,433 18,945 66,808 16,951 12,464 16,453 15,954 41,909 June 19... 552,125 33,414 2 207,171 42,877 48,043 24,280 19,631 69,223 17,564 12,915 17,048 16,531 43,428 June 26... 519,116 31,549 2193,923 40,414 45,283 22,885 18,503 65,247 16,555 12,173 16,068 15,581 40,935 Other: May 29... 429,788 3,547 348,746 2,758 4,919 1,842 1,311 2,627 12,043 2,144 1,249 2,295 46,307 June 5... 444,614 1,446 339,579 4,827 5,408 5,764 1,397 5,549 8,685 2,657 783 1,849 66,670 June 12... 434,450 3,786 320,266 2,599 8,094 5,842 1,673 5,306 7,692 2,301 446 1,383 75,062 June 19... 432,406 4,156 319,343 2,883 8,953 2,948 1,678 4,706 10,061 2,458 418 1,010 73,792 June 26... 431,247 4,602 306,620 3,647 9,154 2,338 2,217 3,345 8,916 2,624 795 934 86,055 Total deposits: May 29 17,407,251 798,827 5,663,192 863,4741,298,734 745,345 787,836 2,435,279 651,324 431,970 808,534 790,415 ,132,321 June 5 17,256,090 779,350 5,660,209 848,362 1,242,525 771,865 781,703 22,,^406,420 627,229 424,698 799,466 795,916 ,118,347 June 12 17,738,670 815,301 5,852,898 869,9741,289,992 775,529 786,869 :2,502,177 647,149 437,510 808,306 794,478 ,158,487 June 19 17,320,006 804,805 5,645,705 868,319 1,251,195 749,989 746,639 2,384,795 638,233 439,033 805,423 783,987 201,883 June 26 17,829,662 854,193 5,739,684 912,7941,281,984 815,458 775,544 2,512,013 646,520 438,191 798,961 809,345 163,436 Deferred availability items: May 29 1,663,463 135,585 331,900 96,661 166,061 127,190 113,644 243,373 78,899 37,264 92,234 70,751 169,901 June 5 1,783,201 151,869 359,350 105,878 155,138 157,884 137,998 235,370 80,181 38,946 91,473 101,122 167,992 June 12 1,882,078 168,073 390,698 111,221 155,332 159,193 141,935 268,172! 87,182 42,830 93,528 82,523 181,391 June 19 2,225,192 225,589 443,327 154,254 221,440 178,412 150,199 325,507! 89,126 44,116 97,456 87,749 208,017 June 26 1,835,329 169,845 375,227 112,085 162,554 157,344 123,799 264,132 75,263 37,189 85,830 78,585 275,015 1 After deducting $57,000 participations of other Federal Reserve Banks on May 29 and June 5; $56,000 on June 12; June 19; and June 26. 2 After deducting $381,855,000 participations of other Federal Reserve Banks on May 29; $389,526,000 on June 5; $332,543,000 on June 12; $344,567,000 on June 19; and $324,774,000 on June 26. JULY 1946 765 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] San 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 r is a c n o - Other liabilities including accrued div.: May 29 13,828 786 3,989 800 1,379 690 620 2,330 513 360 530 556 1,275 June 5 13,719 798 4,027 848 1,311 688 580 2,206 519 473 528 473 1,268 June 12 14,476 856 4,260 914 1,397 740 606 2,343 543 428 583 501 1,305 June 19 14,243 901 4,145 834 1,347 662 601 2,292 490 562 535 552 1,322 June 26 15,769 930 5,182 879 1,479 702 651 2,478 547 420 548 604 1,349 Total liabilities: May 29 43,150,955 2,397,28811,403,0092,579,6643,503,0042,520,4232,328,365 7,086,333 1,776,0311,023,1961,787,6791,453,0805,292,883 June 5..... 43,157,147 2,398,91311,431,5362,570,4773,439,485 2,581,3072,349,2787,069,243 1,755,7111,020,0881,781,6891,492,8705,266,550 June 12 43,713,764 2,448,09411,648,2722,603,4773,487,0372,583,4632,357,1817,191,205 1,782,3451,036,7821,791,4931,472,1965,312,219 June 19 43,637,132 2,494,122 11,507,5552,642,5813,514,7292,576,0532,323,3217,137,9811,775,2671,040,3951,791,6651,467,2835,366,180 June 26 43,771,246 2,499,36911,554,3072,653,7143,498,6202,627,4332,324,1247,206,2761,768,9981,032,2281,772,4141,482,2895,351,474 Cap. Acc'ts.: Capital paid in: May 29 182,003 10,809 64,365 13,489 18,258 7,603 6,787 21,599 5,811 3,959 5,974 6,589 16,760 June 5 182,104 10,812 64,371 13,491 18,260 7,639 6,787 21,588 5,875 3,955 5,974 6,590 16,762 June 12 182,175 10,822 64,375 13,493 18,281 7,640 6,804 21,593 5,877 3,965 5,975 6,588 16,762 June 19 182,642 10,823 64,378 13,494 18,305 7,645 6,825 21,937 5,886 3,966 6,009 6,612 16,762 June 26 182,860 10,829 64,390 13,494 18,309 7,645 6,830 21,953 5,886 3,968 6,023 6,615 16,918 Surplus (section 7): May 29 358,355 22,439 116,860 28,946 33,745 15,593 14,450 53,029 12,939 8,869 11,891 10,670 28,924 June 5 358,355 22,439 116,860 28,946 33,745 15,593 14,450 53,029 12,939 8,869 11,891 10,670 28,924 June 12 358,355 22,439 116,860 28,946 33,745 15,593 14,450 53,029 12,939 8,869 11,891 10,670 28,924 June 19 358,355 22,439 116,860 28,946 33,745 15,593 14,450 53,029 12,939 8,869 11,891 10,670 28,924 June 26 358,355 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 13 b): May 29 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 June 5 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 June 12 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 June 19 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 June 26 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: May 29 60,728 4,399 11,119 4,577 5,510 4,416 3,863 7,712 3,335 2,633 3,481 3,257 6,426 June 5 62,348 4,516 11,536 4,760 5,655 4,482 3,946 7,888 3,416 2,660 3,574 3,298 6,617 June 12 63,877 4,559 11,933 4,867 5,808 4,592 4,026 8,110 3,480 2,706 3,640 3,358 6,798 June 19 65,431 4,686 12,334 4,973 5,959 4,712 4,101 8,317 3,529 2,747 3,678 3,416 6,979 June 26 67,065 4,790 12,714 5,090 6,109 4,814 4,183 8,543 3,604 2,800 3,787 3,472 7,159 Total liabilities and capital accounts: May 29 ,43,779,469 2,437,947 11,602,5582,631,1773,561,5242,551,3612,354,2277,170,102 1,798,6431,039,7301,810,1621,474,9035,347,135 June 5 43,787,38? 22,439,69211,631,508,622,1753,498,1522,612,3472,375,2237,153,177 1,778,4681,036,6451,804,265,1,514,7355,320,995 June 12 44,345,599 2,488,926 11,848,6452,655,2843,545,8782,614,6142,383,2237,275,366 1,805,1681,053,3951,814,1361,494,1195,366,845 June 19 44,270,988 2,535,082 11,708,3322,694,4953,573,745 2,607,3292,349,4597,222,693 1,798,1481,057,0501,814,3801,489,2885,420,987 June 26 44,406,954 2,540,43911,755,4762,705,7453,557,7902,658,8112,350,3497,291,230 1,791,9541,048,9381,795,2521,504,3535,406,617 Commitments to make industrial loans: May 29 5,431 857 521 265 3,603 170 15 June 5 5,421 850 521 262 3 603 170 15 June 12 5,398 830 521 262 3,600 170 15 June 19 5,396 828 521 262 3,600 170 15 June 26 5,484 916 521 262 3,600 170 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 i o n l n i 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): May 29 24,693,0821,491,812! 5,545,9391,657,2892,086,8931,704,6371,462,7634,472,5261,079,021 564,397 910,046 619,5433,098,216 June 5 24,770,3511,4955,,249 5,559,1431,660,4642,106,2091,705,0871,462,665 44,,449955,,8822221,084,550 566,421 911,210 626,7353,096,796 June 12 24,773,0281,490,670 5,565,0871,662,8362,110,8761,707,4191,461,7254,493,4241,083,179 566,463 909,418 627,778 3,094,,123 June 19 24,778,8301,500,470 5,572,3371,666,5592,104,9851,705,2281,459,550 4,500,7901,079,712566,607 906,636 625,9143,090,042 June 26 24,797,9391,511,0335,597,949 1,669,9052,100,6291,707,2331,459,946 4,505,9861,084,568 567,855 907,308 622,3663,063,161 Collateral held against notes outstanding: Gold certificates: May 29 11,444,000 410,000 3,495,000 500,000 635,000 550,000 640,000 2,595,000 300,000170,000 280,000 169,0001,700,000 June 5 11,274,000 410,000 3,295,000 500,000 635,000 550,000 640,000 2,625,000 300,000170,000 280,000 169,0001,700,000 June 12 11,174,000 410,000 3,295,000 500,000 635,000 550,000 640,000 2,525,000 300,000170,000 280,000 169,0001,700,000 June 19 11,099,000 410,000 3,320,000 500,000 635,000 550,000 640,000 2,525,000 300,000170,000 280,000 169,0001,600,000 June 26 11,019,000 430,000 3,320,000 500,000 635,000 550,000 640,000 2,325,000 300,000170,000 280,000 169,0001,700,000 Eligible paper: May 29 71,513 7,503 28,051 3,359 12,850 12,200 1,300 2,750 3,500 June 5 85,661 7,856 32,021 5,409 12,875 16,200 1,300 6,750 3,250 June 12 74,161 5,716 24,646 5,524 12,525 16,600 5,200 95 0| 3,000 June 19 78,716 5,031 11,976 2,209 14,450 21,600 13,000 9,950! 500 June 26 75,249 6,079 16,726 5,044 18,900 19,050 4,250 5,200 U. S. Govt. securities: May 29 13,983,802 1,100,0002,100,000 1,200,0001,550,0001,175,000 850,0001,900,000 908,802 400,000 700,000 500,0001,600,000 June 5 14,179,9521,100,000 2,300,0001,200,0001,550,0001,175,000 850,0001,900,000 904,952 400,000 700,000 500,0001,600,000 June 12 14,270,4571,100,000 2,300,0001,200,0001,550,0001,175,000 850,000 2,000,000 895,457 400,000 700,000 500,0001,600,000 June 19 14,281,4341,100,000 2,300,0001,200,0001,550,0001,175,000 850,000 2,000,000 906,434 400,000 700,000 500,0001,600,000 June 26 14,477,7081,100,0002,300,0001,200,0001,550,0001,175,000 850,000 2,200,000 902,708 400,000 700,000 500,0001,600,000 Total collateral: May 29 25,499,315 1,517,503 5,623,0511,703,359 2,185,0001,737,850 ,490,000 4,495,0001,221,002 5711,300 982,750669,000 3,303,500 June 5 25,539,61 1,517,856 5,627,0211,705,409 2,185,0001,737,875 ,490,000 4,525,0001,221,152 5711,300 986,7501 669,000 3,303,250 June 12 25,518,6181,515,716 5,619,6461,705,5242,185,0001,737,525 ,490,000 4,525,0001,212,057 5755,200 980,950669,000 3,303,000 June 19 25,459,150 1,515,0315,631,976 1,702,2092,185,0001,739,450 ,490,000 4,525,0001,228,034583,000 989,950669,000 3,200,500 June 26... 25,571,957 1,536,079 5,636,7261,705,0442,185,0001,743,900 ,490,000 4,525,0001,221,758 570,000 984,250 669,000 3,305,200 766 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] Central reserve Date Gua a r u a t t o n h t o e d r e a i d z te ed loans o G u u t a s lo r ta a a n n n d t s e i e n d g a A b v a o d a m r i d l r i a o o t b i w u o l n e e n t r a s t l o week M en o d n i t n h g , o F r riday b m a b A e n e m l k r l s - 1 Y N c o e i r w t k y ban c C k a h s i g - o b s c a R e i n r t e v y k - e s b C a t o n r u y k n s - 1 under guar- N b u e m r - Amount am To 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 A er p v r es held: 14,621 4,023 890 5,793 3,916 May 15,156 4,215 940 5,970 4,032 1942 1946—Apr 15,531 4,015 872 6,127 4,517 June 30 565 310,680 81,108 69,674 137,888 May 15,727 4,077 6,220 4,552 Sept. 30 1,65& 944,204 427,918 356,677 230,720 Dec. 31 2,665 2,688,397 803,720 632,474 1,430,121 May 3 15,623 4,073 884 6,152 4,515 May 10 15,748 4,065 882 6,221 4,580 1943 May 17 15,720 4,043 883 6,228 4,567 Mar. 31 3,534 3,725,241 1,245,711 999,394 1,865,618 May 24 15,706 4,098 886 6,208 4,515 June 30 4,217 4,718,818 1,428,253 1,153,756 2,216,053 May 31 15,808 4,126 888 6,250 4,545 Sept. 30 4,787 5,452,498 1,708,022 1,413,159 2,494,855 June 7 15,949 4,172 893 6,313 4,571 Dec. 31 5,347 6,563,048 1,914,040 1,601,518 3,146,286 June 14 15,951 4,168 889 6,314 4,580 June 21 16,086 4,225 895 6,335 4,632 1944 Excess reserves: Mar. 31 5,904 7,466,762 2,009,511 1,680,046 3,615,963 1945— Apr 931 12 14 227 678 June 30 6,433 8,046,672 2,064,318 1,735,777 3,810,797 May 1,005 13 8 254 730 Sept. 30 6,8S2 8,685,753 1,960,785 1,663,489 4,301,322 1946—Apr 1,024 36 24 215 748 Dec. 30 7,434 9,310,582 1,735,970 1,482,038 4,453,586 May 956 12 -1 230 714 1945 May 3 955 16 214 717 Mar. 31 7,886 9,645,378 1,599,120 1,365,959 3,963,961 May 10 1,026 15 251 754 June 30 8,422 10,149,315 1,386,851 1,190,944 3,694,618 May 17 985 13 233 733 Sept. 30 8,695 10,313,868 1,073,892 916,851 3,043,674 May 24 908 23 211 668 Dec. 31 8,757 10,339,400 510,270 435,345 966,595 May 31 945 27 229 684 June 7 981 36 256 682 1946 June 14 887 13 217 652 Jan. 31 8,761 10,340,275 427,278 363,048 764,093 June 21 P912 17 226 P664 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—Apr 360 127 150 80 May 31 8,771 10,344,018 116,077 100,316 147,815 May 632 330 209 92 1946—Apr.. 393 139 148 60 NOTE.—The difference between guaranteed loans authorized and sum May 150 7 105 36 t a o e v f e a l i o l a a a g n b r s l e e o e m b u u t e s t n t a t n s n o d t i o c n u o g t m s a t p a n n l d e d t a i e n m d g , o a u r n n e d t p s r a e a u s v t e a h n i o l t a r s i b z l a a e m t i t o o o n u b s n o t e r s x r o p w r i e r e e p r d a s i d o u , r n d w g e i u r t a h g r d u a r n a a r t w e a e n n s - . M M M a a a y y y 1 1 3 0 7 2 2 1 2 8 7 7 7 9 42 1 1 9 5 3 0 1 2 9 8 7 2 5 8 May 24 164 97 59 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS May 31 126 82 36 [Amounts in thousands of dollars] June 7 127 81 35 June 14 148 100 35 Applications Ap- June 21 139 100 26 W o D o r e f a d l t a p n e s e e t r ( s i l d d o a a a d s y y ) t N b u e m r a - p to p r d o A a v t m e e d ount ( b a p p m u c r l o e o t o t m 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 u m t- i t n s n i t t g ) - ( s a P p t m a a a o t n r u o i t d o i u t- c i n n n i s t - g ) c b o er u 1 P n W b P t a r r e n y e e k l k i b s m l a y a n i n n k d f a s i r g y a o u r f r e e c s e o s u t o i n f m t r a y e t x e c b s e . a s n s k W s r e e m s e e a k r y l v y e i s n f i c g l o u u f r d e e s a l s o l m f m a b l o e l r m a ro m b w e o r i u n n g b s t a s n o o k f f s a l F l a e n m d d e e r m a o l - f Reserve Bank discounts and advances for nonmember banks, etc. 1934 984 49,634 20,966 13,589 8,225 1,296 1935 1,993 124,493 11.548 32,493 27,649 8,778 1936 2,280 139,820 8.226 25,526 20,959 7,208 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1937 2.406 150,987 3.369 20,216 12,780 7,238 SMALL CENTERS i 1938 2,653 175,013 1,946 17,345 14,161 12,722 [Averages of daily figures. In millions of dollars] 1939 2. 781 188.222 2,659 13,683 9,220 10,981 1 1 9 9 4 4 0 1 3 2 , , 2 9 0 08 2 2 2 1 7 2 9 . , 5 8 1 6 0 0 1 8 3 , , 2 9 9 5 4 4 1 9 0 , , 1 3 5 3 2 7 1 5 4 , , 2 5 2 97 6 1 6 9 . , 3 6 8 0 6 0 In places of 15,000 In places of under and over population 15,000 population 1942 J D u e n c e . 3 24 1 . . . . . . 3 3 , , 3 4 5 2 2 3 3 4 3 0 8 8 . , 8 7 2 3 2 7 2 4 6 , , 2 3 4 4 8 6 1 14 1 , , 1 2 2 6 6 5 1 1 6 0 , , 8 6 3 6 2 1 2 1 6 7 , , 4 30 3 5 0 Demand Demand deposits Time deposits Time 1943 except deposits except deposits J D u e n c e . 3 3 1 0 . . . . . . 3 3, , 4 4 7 5 1 2 4 4 7 9 5 1 , , 4 3 6 4 8 2 3,2 9 0 2 3 6 1 1 3 0 . , 0 53 4 2 4 1 9 2 , , 2 13 7 2 0 1 1 9 7 , , 0 9 7 3 0 0 b in a t n e k r- 2 b in a t n e k r- 2 1944 June 30... 3.483 510.857 45 11,366 4,048 11,063 May 1945 14,383 6,509 9,417 4,477 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 May 1946 17,074 7,845 11,965 5,437 Mar. 31. . . 3,493 528.936 85 4,214 3,321 2,365 June 30... 3,502 537,331 70 3,252 5,224 2,501 Boston 2,109 839 359 219 Sept. 30. . . 3,505 540,241. 130 3,166 4,291 2,018 New York 3,343 2,022 1,121 1,060 Dec. 31. .. 3,511 544,961 320 1,995 1,644 1,086 Philadelphia 1,216 688 965 806 Cleveland 1,483 862 1,084 745 1946 Jan. 31 3,512 545,372 195 1,843 1,579 1,046 Richmond 1,192 365 884 419 Feb. 28 3,513 546,149 545 1,590 1,575 976 Atlanta 1,691 458 740 192 Mar. 30.... 3,519 547.581 755 1.536 2.063 1.014 Chicago 2,102 1,255 1,611 848 A"r. 30.... 3.520 551,512 4,095 1.486 1,631 1,034 St Louis 650 310 978 246 May 31 3,520 551,890 45 1,310 5,393 1,229 Minneapolis 571 266 700 384 1 Includes applications approved conditionally by the Federal Re- D K a a l n l s a a s s City 9 5 3 3 5 4 1 1 2 0 1 2 1 1 , , 5 4 0 2 3 6 1 5 8 4 7 ser 2 v I e n c B lu a d n e k s s i a n n d d u s u t n ri d a e l r lo c a o n n s s i p d a e s r t a t d io u n e 3 b y m a o p n p th li s c a o n r t. more, which are not San Francisco. . . 1,248 556 593 277 included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 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. JULY 1946 767 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Gross demand deposits De- Reserves with Federal Bor- De- mand Reserve Banks row- Feder C al l a R ss e a s o n e d f r v b e a n d k istrict Total I b n a t n e k r- w G a U m o r d v . e e S e - l n . o r t n a - n Other ju p m a s o d a t d e s e n - i - d t d s * p m o N d d a s e e e i n t t - - d s* p T o d i s e i m - t e s' m a f e b d n d r s a u o c o t l e - e i m - s c Total qu R i e r - ed c E e x s - s s i F e e R n a e r r e g t d a v - s - l e posits2 banks Banks First half of May 1946 All member banks 98,644 12,082 16,363 70,198 65,925 72,386 25,578 5,857 15,723 14,715 1,008 174 Central reserve city banks: New York 26,081 4,300 4,963 16,818 15,544 19,825 1,357 50 4,055 4,046 9 9 Chicago 5,719 1,154 1,132 3,433 3,171 4,152 757 174 879 876 3 2 Reserve city banks 36,691 5,549 6,150 24,992 22,944 26,786 10,220 1,801 6,217 5,970 246 124 Boston 2,298 281 481 1,535 1,436 1,675 184 45 353 346 7 6 New York 601 28 103 471 443 449 289 22 110 107 3 3 Philadelphia 2,643 345 506 1,792 1,666 1,939 207 73 412 400 12 3 Cleveland 4,201 501 799 2,901 2,704 3,044 1,199 166 702 681 21 40 Richmond 2,371 356 390 1,626 1,495 1,754 435 112 399 377 22 3 Atlanta 2,325 577 353 1,395 1,251 1.683 386 150 375 360 16 8 Chicago 4,396 485 784 3,126 2,909 3,111 1,858 293 774 734 41 38 St. Louis 2,151 586 364 1,202 1,069 1,556 305 102 341 330 11 12 Minneapolis 1,167 313 239 615 545 794 160 66 170 168 3 7 Kansas City 2,953 889 392 1,671 1,505 2,131 336 270 467 446 21 3 Dallas 2,478 554 363 1,561 1,441 1,782 304 217 420 375 45 1 San Francisco 9,107 634 1,375 7,098 6,481 6,868 4,556 286 1,693 1,647 46 1 Country banks 30,153 1,079 4,118 24,956 24,267 21,622 13,244 3,832 4,572 3,822 750 40 Boston 2,565 98 473 1,994 1,905 1,837 1,057 175 357 321 36 9 New York 4,560 86 869 3,604 3,459 3,245 3,073 316 735 638 97 17 Philadelphia 2,200 14 348 1,838 1,791 1,596 1,488 215 372 313 59 3 Cleveland 2,593 26 417 2,149 2,098 1,834 1,603 296 437 353 84 1 Richmond 2,216 133 296 1,787 1,720 1,548 782 318 311 264 47 3 Atlanta 2,667 228 295 2,145 2,084 1,928 646 395 364 309 55 2 Chicago 3,776 71 539 3,166 3,106 2,665 2,097 523 615 499 116 2 St. Louis 1,757 127 173 1,457 1,420 1,296 554 257 256 215 42 1 Minneapolis 1,337 67 169 1,101 1,074 958 649 187 211 173 39 1 Kansas City 2,117 77 166 1,875 1,851 1,538 288 399 296 233 63 Dallas 2,492 127 183 2,182 2,144 1,770 174 511 337 258 79 San Francisco 1,872 26 190 1,657 1,614 1,406 832 241 280 247 33 Second half of May 1946 All member banks 98,387 11,864 15,698 70,826 66,606 72,944 25,736 5,761 15,731 14,824 906 128 Central reserve city banks: New York 25,995 4,216 4,742 17,037 15,803 19,998 1,374 53 4,098 4,082 16 6 Chicago 5,706 1,151 1,081 3,474 3,208 4,177 766 184 878 881 -4 2 Reserve city banks 36,634 5,448 5,914 25,271 23,215 26,954 10,279 1,803 6,223 6,008 215 88 Boston 2,290 279 462 1,550 1,450 1,687 185 44 354 348 6 3 New York 593 27 98 468 441 447 289 21 110 107 3 2 Philadelphia 2,615 334 484 1,798 1,673 1,935 209 74 409 400 10 2 Cleveland 4,231 496 767 2,967 2,759 3,095 1,201 167 717 691 26 34 Richmond 2,339 342 374 1,622 1,492 1,744 439 106 391 375 16 10 Atlanta 2,313 556 341 1,415 1,274 1,685 389 152 373 350 13 2 Chicago 4,391 487 756 3,148 2,929 3,131 1,878 293 768 739 29 17 St. Louis 2,147 567 354 1,227 1,096 1,564 308 102 339 331 8 11 Minneapolis 1,176 308 229 639 566 810 161 64 175 172 3 Kansas City 2,955 868 379 1,708 1,543 2,150 337 268 474 450 24 Dallas 2,482 552 349 1,582 1,460 1,790 307 226 411 376 35 San Francisco 9,101 631 1,322 7,148 6,533 6,917 4,576 286 1,701 1,658 43 Country banks 30,053 1,048 3,961 25,044 24,380 21,814 13,317 3,722 4,532 3,853 679 32 Boston 2,562 92 453 2,016 1,929 1,852 1,060 179 359 323 36 5 New York 4,540 84 832 3,623 3,479 3,274 3,091 305 728 644 84 16 Philadelphia 2,190 14 334 1,842 1,797 1,610 1,499 206 368 315 54 3 Cleveland 2,594 26 402 2,166 2,117 1,857 1,611 291 436 357 79 1 Richmond 2,198 129 284 1,785 1,720 1,558 787 304 308 265 43 2 Atlanta 2,639 217 285 2,137 2,079 1,942 652 366 358 311 47 1 Chicago 3,790 70 520 3,200 3,141 2,696 2,109 527 613 504 109 1 St. Louis 1,748 123 166 1,460 1,425 1,308 557 245 251 217 35 1 Minneapolis 1,338 66 163 1,109 1,083 968 649 185 210 174 35 1 Kansas City 2,110 76 159 1,875 1,853 1,553 289 386 289 235 54 1 Dallas 2,481 125 179 2,177 2,142 1,777 177 500 330 259 71 San Francisco 1,862 26 184 1,652 1,613 1,419 835 228 281 249 32 5 A\erages of daily dosing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opejiing 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. 768 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 1,229 1,342 1,360 364 618 125 237 10 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 ,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 ,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 ,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 ,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 ,019 1,772 ,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 ,129 2,021 ,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 ,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 ,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 ,019 909 70 ,973 5,194 5,705 5,580 ,481 2,912 407 749 9 22 2 1944 25,307 17,580 ,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945—January 25,290 17,456 ,150 950 77 102 5,936 7,242 ,837 2,022 4,228 566 990 10 21 3 February 25,751 17,778 ,158 953 75 135 6,076 7,381 ,974 2,059 4,317 571 994 10 24 1 March 25,899 18,000 ,170 954 73 2,132 6,132 7,539 ,900 2,088 4,266 550 965 9 23 1 April 26,189 18,353 ,180 957 73 2,151 6,238 7,754 ,837 2,126 4,210 527 932 9 33 1 May 26,528 18,715 ,196 972 73 2,186 6,377 7,911 ,814 2,159 4,192 513 909 33 1 June 26,746 19,183 ,205 981 73 2,215 6,515 8,193 ,565 2,132 4,044 483 868 31 2 July 27,108 19,599 ,223 995 73 2,250 6,659 8,400 ,511 2,139 4,013 472 847 32 2 August 27,685 20,141 ,236 1,003 73 2,301 6,826 8,700 ,546 2,180 4,038 466 832 22 2 September... 27,826 20,235 ,243 1,001 72 2,288 6,815 8,816 7,592 2,204 4,071 464 825 21 2 October 28,049 20,381 ,252 1,000 71 2,274 6,779 9,004 7,671 2,243 4,123 461 816 21 2 November... 28,211 20,500 ,263 1,009 71 2,279 6,783 9,095 7,713 2,264 4,154 457 811 20 2 December. . . 28,515 20,683 ,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 24 2 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 1,280 987 66 2,173 6,509 8,981 7,889 2,337 4,309 439 773 22 1 May 28,120 20,171 1,291 999 67 2,199 6,586 9,029 7,950 2,352 4,356 438 775 21 1 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. * Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 8 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 neld in the Treasury Money in circulation1 Money T s M t o a t 1 a n a 9 y d l 4 i 3 o 6 n 1 u g , t , - A c g s e a o r s g t l s i d i a e l f v i c i n c e a u s r a 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 k s d e e e s n r r b t a v a s y n e l d M 1 a 9 y 4 3 6 1, Ap 19 r. 4 6 30, M 1 a 9 y 4 3 5 1, agents Gold . . . 20 242 18 143 2 2 099 Gold certificates 18,143 15 277 2 815 50 51 52 Federal Reserve notes 24,682 96 725 23,861 23,685 22,651 Treasury currency—total 4,535 *2,226 157 265 4,209 4,149 3,824 Standard silver dollars 494 317 35 3 139 138 123 Silver bullion 1,909 1,909 Silver certificates and Treasury notes of 1890. . s 2,226 207 2,019 1,979 1,653 Subsidiary silver coin 873 15 20 837 830 784 Minor coin . . . 324 5 4 315 312 290 United States notes 347 4 26 317 303 322 Federal Reserve Bank notes 473 1 4 468 473 533 National bank notes 116 (5) 2 114 115 121 Total—May 31 1946 (4) 20,368 2,257 15,277 3,806 28,120 April 30, 1946 . . . (4) 20 386 2 263 15 281 3,975 27 885 May 31 1945 (4) 20,018 2,331 15,296 3,745 26,528 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. 761, and seasonally adjusted figures in table on p. 770- 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. 5 Less than $50?,000. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold buHion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. JULY 1946 769 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] Ear- Do- Amount— Amount— Change in Gold Net marked mestic unadjusted adjusted for seasonally stock Increase gold gold: de- gold Date fo v r a r s i e a a t s i o o n n al v s a e r a i s a o t n io a n l ad se ju ri s e t s e 1 d Period a p t e o r e i f o n d d in st o g c o k ld o i r m e ( p - x ) o p r o t rt cre c o a r r s e e a in s ( - e —) t d p i u o ro 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 HI,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 1945—January 25,243 25,167 +210 1945 20,065 -553.9 -106.3 -356.7 34.8 J O N D A J A S F M M u u e e c e o p u l n a a p b t c y r v g y r o e t i r e u e c e l b u m m h s m e a t b r r b b y e e e r r r 2 2 2 2 2 2 2 2 2 2 2 5 7 8 7 6 5 6 7 6 6 8 , , , , , , , , , , , 5 3 0 9 8 9 1 4 7 3 5 2 9 0 5 5 1 4 5 6 5 6 7 2 9 2 0 8 3 1 5 1 1 2 2 2 2 2 2 2 2 2 2 2 5 6 8 7 5 6 6 6 7 7 8 , , , , , , , , , , , 5 5 0 9 9 9 2 6 5 8 1 2 3 6 4 7 1 2 9 3 2 7 7 7 7 3 2 9 8 4 0 1 0 + + + + + + + + + + + 3 3 5 4 2 1 2 2 1 1 1 1 6 5 5 0 9 7 9 2 0 2 8 0 7 8 1 1 8 1 2 3 4 1 1 9 9 4 4 5 6 — — A A J S O M N D F J J u u e e a p u e o c a l n p n b r y g c t v r e i t u o u r e c l e e u h a m s b m m t r a e b y b r b r e . y e e . . r . . r r . . . . . . . . . . . . 2 2 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 , , , , , , , , , , , 0 2 1 0 2 0 2 0 0 1 2 3 5 5 3 8 1 3 6 5 7 5 6 2 6 2 8 3 0 5 6 3 1 - - - - - 6 6 3 5 1 - - 3 9 2 7 6 5 0 4 6 7 5 5 3 1 6 . . . . . . . . . 2 . . 2 6 6 9 3 0 2 9 3 0 - - - 1 8 1 2 - - 3 8 1 1 5 7 4 0 3 2 1 2 3 4 9 . . . . . . . 0 3 . 5 8 . 3 . . 4 4 5 1 3 8 -1 - - - - 1 6 3 1 - - 0 9 3 1 1 5 4 8 2 3 9 0 6 4 9 5 . . . . . . . . . 8 . 2 3 5 0 . 0 3 6 0 7 1 P P P 4 3 3 3 4 3 2 2 2 3 4 .7 . . . . . . . . . . 9 0 4 8 8 5 0 1 9 2 1946— F Ja e n b u r a u r a y ry 2 2 7 8 , , 9 1 4 5 4 8 2 2 7 8 , , 9 0 4 7 4 4 -1 -9 3 6 0 J M un ay e P 2 2O 0, , 2 2 4 7O 2 P - 2 9 7 .1 .7 P-2 ( 7 4) .0 ' 2 1 7 5 . . 5 0 ( ( * 4) ) March 27,913 27,997 +53 A M p a r y il 2 2 7 7 , , 9 9 7 2 8 3 2 2 8 8 , , 1 1 7 4 5 8 + + 1 2 5 7 1 1 P A P n re n l u im al i n f a ig ry u . res through 1944 are estimates of the United States June 28,140 28,281 + 106 Mint. Annual figure for 1945 and monthly figures are those published in table on p. 814, adjusted to exclude Philippine Islands production received in United States. 1 For end of year figures, represents change computed on absolute 2 Figures based on rate of $20.67 a fine ounce in January 1934 and amounts in first column. $35 a fine ounce thereafter. NOTE.—For discussion of seasonal adjustment factors and for back 3 Includes gold in the Inactive Account amounting to 27 million figures on comparable basis see September 1943 BULLETIN, pp. 822-826. dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. Because of an apparent recent change in the seasonal pattern around 4 Not yet available. the year end, adjustment factors have been revised somewhat for dates 5 Gold held under earmark at the Federal Reserve Banks for foreign affected, beginning with December 1942; seasonally adjusted figures account amounted to 4,234.8 million dollars on June 30, 1946. Gold for money in circulation, as shown in Banking and Monetary Statistics, under earmark is not included in the gold stock of the United States, Table 111, p. 414, and described on p. 405, are based on an older series NOTE.—For back figures, see Banking and Monetary Statistics, Table of adjustment factors. 156, pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts except turnover of total deposit accounts turnover of demand interbank accounts deposits except except interbank deposits except interinterbank and Government bank and Government Year and month Total, all New 140 Other New 333 other New 100 other New 100 other reporting York other reporting York reporting York leading York leading centers City1 centers1 centers2 City centers City cities City cities 1937 469,463 197,836 235,206 36,421 193,143 215.090 29.5 22.4 1938 405,929 168,778 204,745 32,406 164,945 186,140 25.1 19.9 1939 423,932 171,382 218,298 34,252 167,939 200,636 21.0 19.4 1940 ... 445,863 171,582 236,952 37,329 167,373 217,744 17.1 18.6 1941 537,343 197,724 293,925 45,694 193,729 270,439 17.3 19.4 1 1 9 9 4 4 2 2 — —o n l e d w s s e e ri r e ie s s 3 3 6 64 0 1 7 , , 7 0 7 7 8 1 2 22 1 6 0 , , 8 9 6 6 5 1 3 3 4 4 7 2 , , 8 4 3 3 7 0 6 5 7 3 , ,6 0 7 7 9 4 16.1 13.1 200,337 308,913 18.0 18.4 1943 792,937 296,368 419,413 77,155 16.5 11.7 258,398 369,396 20.5 17.4 1944 891,910 345,585 462,354 83,970 17.1 10.8 298,902 403,400 22.4 17.3 1945 974,102 404,543 479,760 89,799 18.3 9.7 351,602 412,800 24.2 16 1 1945—May 81,724 33,678 40,643 7,403 18.8 10.1 28,384 34.418 21.4 15.3 June 98,024 41,725 47,716 8,583 22.0 11.3 36,951 41,870 28.9 18.9 July 79,163 33,590 38,286 7,287 17.5 9.2 29,190 32,662 25.6 16.1 August 73,208 29,388 36,767 7,054 14.4 8.2 24,803 30,796 19.7 13.7 September 71,169 28,545 35,718 6,906 16.5 9.1 26,534 30,631 22.9 14.9 October 81,616 34,984 39,006 7,626 18.1 8.8 29,990 33,474 22.4 14.4 November 79,401 32,246 39,255 7,900 18.1 9.9 28,423 34,616 23.5 16.5 December 101,577 45,035 47,774 8,766 23.1 10.9 37,046 41,070 31.8 19.5 1946—January 89,132 38,819 41,977 8,337 18.5 9.0 34,165 35,546 28.3 16.2 February 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 43,449 8,459 17.8 9.4 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 May 85,898 35,085 42,433 8,380 17.9 9.3 30,408 35,324 24.5 15.8 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. * See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of 1942 partly estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation. 770 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 e u r j a p u r t n o e s s d i s n t d e i c t e d s y a d d e T j p u o o s t s a t i e 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 ia - ' 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 v st s i e n ta m g l s 8 C o u b u r a t r n s e i k n d s c e y banks 1929—June 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 1,186 4,761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 1,208 4,782 1937—June 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 1,267 5,489 December.... 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 1,269 5,638 1938—June 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 1,251 5,417 December. . .. 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 1,251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 1,261 6,005 December.... 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 1,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 1,292 6,699 December.... 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 1,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 8,204 December. . . 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 1,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 1,315 10,936 December. .. 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 1,415 13,946 1943—June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 1,576 15,814 December 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 1,786 18,837 1944—June 136,172 80,946 115,291 60,065 19,506 35,720 21,217 12,471 2,032 20,881 December 150,988 90,435 127,483 66,930 20,763 39,790 24,074 13,376 2,340 23,505 1945—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 14,600 700 25,500 August 163,200 99,900 137,300 74,000 17,300 46,000 28,500 14,700 800 25,900 September 162,900 101,700 136,800 75.600 14,300 46,900 29,200 14,900 800 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? 176,300 102,700 150,200 76,600 24,600 49,000 30,500 15,500 3,030 26,100 FebruaryP.... 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 r174,200 -103,600 148,000 77,400 20,000 50,600 31,600 15,900 3,100 '26,200 May* 173,400 104,900 147,000 78,500 17,400 51,100 32,000 16,000 3,100 36,400 r Revised P Preliminary/.. includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. with December 1938, includes United States Treasurer's time deposits, open account. • ivxcmues interbank time deposits and postal savings redeposited in banks. •Beginning June 1941, the commercial bank figures exclude and mutual sayings bank figures include three member mutual savings banks. 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 Table ind 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONSI [In millions of dollars] Member Nonmember Assets Total, banks banks all End of month D i b t e o a p r l o s - s ' - i C n a d s e h - U. S. s G ec o u v ri e t r i n es ment C r a e s - h banks ti N on a- al State su In re - d ances1 Total posi- serve b t a o n r k y s Total r D e i c - t G t a e n u e - d ar- fu et n c d .2 s, Num 1 b 9 e 3 r 4 o - f 3 9 banks suspended: 291 15 6 189 1940 22 1 18 1941 8 4 3 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 2 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 -June 0 1944—Dec... 2,342 2,411 8 2,252 2,252 152 Deposits of suspended banks 1945—May. . 2,609 2,696 8 2,518 2,518 170 (in thousands of dollars) :2 June. . 2,659 2,751 8 2,574 2,574 169 1934-39 125,991 14,61626,548 July.. 2,720 2,809 7 2,625 2,625 176 Aug.. . 2,785 2,867 8 2,674 2,674 185 1940 5,943 256 Sept... 2,836 2,921 8 2,737 2,737 176 1941 3,726 3,144 Oct. .. 2,880 2,968 6 2,780 2,780 182 1942 1,702 Nov... 2,909 2,999 6 2,809 2,809 184 1943 6,223 4,982 Dec. .. 2,933 3,022 6 2,837 2,837 179 1944 405 1946—Jan.... 2,981 3,073 5 2,886 2,886 181 1945 0 Feb... 3,013 3,107 5 2,910 2,910 192 1946—Jan -June 0 Mar.. . P3.043 Apr.. . P3,062 May. . P3,088 f Preliminary. 1 Outstanding principal, represented by certificates of deposit. s 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. NO iS — Non- insured 81 3 1 3 44,348 40,479 5,341 346 503 79 1,375 327 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. 771 JULY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES* LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Number and of banks call date Total Loans Total G o U m o b v l . e i S e g n r . a t n - - s O i e t t c i h e u e s r r - Totals I b n a t n e k r ^ - m D a e n - d Time tions All banks: 1938—Dec. 3i . . .. 48,831 21,261 27 570 17,953 9 617 61 319 7 484 28 695 25 140 15,207 1939—Dec. 30 50,885 22,169 28.716 19.402 9,314 68 225 9 883 32.492 25 850 15,035 1940—Dec. 31 54,170 23,751 30 419 20.983 9.436 75 963 10 941 38 518 26 S04 14,895 1941—Dec. 31 61.101 26.616 34,485 25.488 8,997 81 780 10 989 44,316 26 476 14,825 1942—Dec. 31 78,137 23.915 54 222 45 932 8.290 99 796 11 318 61 395 27 083 14,682 1943—Dec. 31 96,966 23.601 73 365 65,932 7,433 117 661 11 012 75,561 31 088 14,579 1944—June 30 108,707 25.424 83,284 75,737 7.547 128,605 11,219 83,588 33.797 14,553 Dec. 30 . . .. 119,461 26,015 93 446 85.885 7,561 141 449 12 245 91,644 37 559 14,535 1945_june 30 129,639 27,979 101.661 93.657 8,004 151,033 12,605 96,725 41 702 14,542 Dec. 31 140,227 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 1939—Dec. 30 40,667 17,243 23 424 16.300 7 124 57 702 9 883 32 492 15 327 14,484 1940—Dec. 31 43.922 18,792 25,130 17,759 7,371 65.305 10,941 38,518 15.846 14.344 1941—Dec. 31 50,722 21,711 29.011 21,788 7,223 71,248 10,989 44.316 15,944 14.277 1942—Dec. 31 67,391 19.217 48 174 41.373 6,801 89 132 11 318 61,395 16 419 14.136 1943—Dec 31 85,095 19,117 65.978 59,842 6,136 105,923 11,012 75,561 19,350 14,034 1944—June 30 95,731 21,010 74 722 68,431 6,290 116 133 11 219 83,588 21 326 14,009 Dec 30 105,530 21,644 83 886 77 558 6 329 128 072 12 245 91 644 24 183 13,992 1945—june 30 114,505 23.672 90 833 84.069 6,764 136 607 12 605 96,725 27 276 14,000 Dec. 31 124,019 26,076 97,943 90,613 7,331 150,227 14 065 105,923 30 238 14,011 All insured commercial banks: 1938—Dec. 31 37,470 16,021 21.449 14,506 6,943 49 772 7 254 27,849 14 669 13.655 1939—Dec 30 39,289 16,863 22.426 15,566 6,859 56,069 9,523 31,483 15,063 13,531 1940—Dec. 31 42,556 18,394 24 161 17,063 7,098 63 461 10 539 37 333 15 589 13,438 1941—Dec. 31 49,288 21,258 28,030 21,046 6,984 69,411 10,654 43,061 15 697 13,426 1942—Dec. 31 66,240 18,903 47.336 40,705 6,631 87,803 11,144 60,504 16.154 13,343 1943—Dec. 31 83,507 18,841 64.666 58,683 5,983 104 094 10 705 74,309 19 081 13,270 1944—June 30 93,936 20,729 73,207 67,085 6,122 114,145 11,038 82.061 21 045 13,264 Dec. 30 103,382 21.352 82 030 75,875 6.155 125 714 12 074 89,761 23 879 13,263 1945—June 30 112,353 23.376 88.978 - 82.401 6,577 134,245 12,401 94.910 26,934 13,277 Dec. 31 121,809 25,765 96,043 88,912 7,131 147,775 13,883 104,015 29,876 13,297 AH member banks: 1938—Dec. 31 32,070 13,208 18,863 13.223 5,640 43,363 7,153 24.842 11 369 6,338 1939—Dec 30 33,941 13,962 19,979 14,328 5,651 49,340 9,410 28,231 11.699 6,362 1940—Dec. 31 37,126 15,321 21,805 15,823 5,982 56,430 10 423 33,829 12 178 6,486 1941—Dec 312 43,521 18,021 25,500 19,539 5,961 61,717 10,525 38.846 12,347 6,619 1942—Dec. 31 59,263 16,088 43.175 37.546 5,629 78 277 11 000 54,523 12 754 6.679 1943—Dec 31 74,258 16,288 57.970 52,948 5,022 92,262 10,555 66,438 15,268 6,738 1944—June 30 83,587 18.084 65.503 60,339 5,164 101,276 10 903 73,488 16 884 6,773 Dec. 30 91,569 18,676 72,893 67.685 5,208 110,917 11,884 79,774 19,259 6,814 1945—june 30 99,426 20,588 78,838 73.239 5,599 118,378 12 230 84.400 21 748 6,840 Dec. 31 107,183 22,775 84,408 78,338 6,070 129,670 13,640 91,820 24,210 6,884 All national banks: 1938—Dec. 31 20,903 8,469 12,434 8,691 3,743 27,996 4 499 15,587 7 910 5,224 1939—Dec. 30 21,810 9,022 12,789 9,058 3,731 31 559 5 898 17,579 8 081 5,187 1940—Dec 31 23,648 10,004 13.644 9,735 3,908 35,787 6,574 20,885 8.329 5,144 1941—Dec. 31 27,571 11,725 15,845 12,039 3.806 39,458 6,786 24,350 8 322 5,117 1942—Dec. 31 37,576 10,183 27 393 23,744 3,648 50 468 7 400 34 499 8 570 5,081 1943—Dec 31 47,499 10,116 37,382 34,065 3.318 59,961 7,159 42,605 10,196 5,040 1944—June 30 53,343 11,213 42,129 38.640 3,490 65,585 7,402 46,879 11 304 5,036 Dec. 30 58,308 11,480 46 828 43.292 3.536 71,858 8 056 50,900 12 901 5,025 1945—june 30 63,177 12,369 50,808 47.051 3,757 76,533 8,251 53,698 14.585 5,015 Dec. 31 69,312 13,925 55,387 51,250 4,137 84,939 9,229 59,486 16,224 5,017 State member banks: 1938—Dec. 31 11,168 4,738 6,429 4,532 1,897 15,367 2 653 9,255 3 459 1,114 1939—Dec 30 12,130 4,940 7,190 5,271 1,920 17,781 3,512 10,652 3.617 1,175 1940—Dec. 31 13,478 5,316 8 162 6,088 2,074 20,642 3 849 12 944 3 849 1 34.9 1941—Dec 312 15,950 6,295 9,654 7,500 2,155 22,259 3,739 14,495 4,025 L502 1942—Dec. 31 21,687 5,905 15 783 13,802 1,980 27 808 3 600 20 024 4 184 L 598 1943—Dec. 31 26,759 6,171 20.588 18,883 1,705 32,302 3,397 23.833 5 072 1,698 1944—june 30 30,244 6,870 23,373 21,699 1,674 35,690 3,501 26,609 5,580 L ,737 Dec. 30 33,261 7,196 26,065 24,393 1,672 39,059 3 827 28 874 6 357 I 789 1945—june 30 36,249 8,219 28,030 26,188 1,842 41,844 3,980 30,702 7,163 1,825 Dec. 31 37,871 8,850 29,021 27,089 1,933 44,730 4,411 32,334 7,986 L 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." • 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. 772 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES*—Continued LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Number cal a l n d d ate Total Loans Total G o U m o b v l . e i S e g n r . a t n - - O s ri e t t c h i u e e s - r Total* I b n a t n e k r- 1 m D a e n - d Time of banks tions All nonmember commercial banks: 1938—Dec. 31 6,598 3,156 3,442 1,848 1.594 7,678 331 3,853 3 493 8,314 1939—Dec. 30 6,726 3,281 3,445 1,971 1,474 8,362 473 4,260 3 629 8,122 1940—Dec. 31 6,796 3,471 3,325 1,936 1,389 8,875 518 4,689 3,668 7,858 1941—Dec. 3i 7,208 3,693 3,515 2.251 L,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. 3i 10,847 2,832 8,014 6,899 L, 115 13,671 457 9,123 4 091 7,299 1944—June 30 12,155 2,929 9,226 8,099 L, 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 t, 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. 3i . . .. 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 L, 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 L.004 9,535 145 5.981 3,409 6,667 1943—Dec. 31 9,258 2,556 6,702 5,739 962 11,842 149 7,870 3,823 6,535 1944—June 30 10,360 2,648 7,712 6,752 960 12,880 135 8,573 4.172 6,494 Dec. 30 11,824 2,678 9,146 8,197 949 14,809 190 9,987 4,632 6,452 1945— jlme 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 Noninsured nonmember commercial banks: 1938—Dec. 31 1,199 343 856 565 291 1,269 230 846 193 997 1939—Dec 30 1,378 380 998 733 265 1,633 360 1,008 264 953 1940—Dec. 31 1,367 397 969 696 273 1,843 402 1,185 257 906 1941—Dec 31 1,434 452 982 742 239 1,837 335 1,255 247 851 1942—Dec. 313 4 1,151 314 837 667 170 1,329 173 891 265 793 1943—Dec 31 1,588 276 1,312 1,160 153 1,829 307 1,253 269 764 1944—Tune 30 1,795 281 1,514 1,347 168 1,989 181 1,527 281 745 Dec. 30 2,148 292 1,856 1,682 174 2,358 171 1,883 304 729 1945— D ju e n c e . 3 3 0 1 2 2, , 1 2 5 1 2 1 3 29 1 7 1 1 1 , , 8 9 5 0 5 0 1 1 , , 6 7 6 0 8 0 2 1 0 8 0 7 2 2 , , 4 36 5 2 2 2 1 0 8 4 2 1 1 , , 8 9 1 0 5 8 3 3 4 6 3 2 7 7 2 1 3 4 All mutual savings banks: 1938—Dec. 31 10,162 4,897 5,265 2,883 2,382 10,278 10,278 555 1939—Dec. 30 10,218 4,926 5,292 3,102 2,190 10,523 10,523 551 1940—Dec. 31 10,248 4,959 5,289 3,224 2,065 10,658 10 658 551 1941—Dec 312 10,379 4,905 5,474 3,700 1,774 10,532 10,532 548 1942—Dec 31 10,746 4,698 6,048 4,559 1,489 10,664 10 664 546 1943—Dec. 31 11,871 4,484 7,387 6,090 1,297 11,738 11,738 545 1944—June 30 12,976 4,414 8,562 7,306 1,257 12,471 12,471 544 Dec 30 13,931 4,370 9,560 8,328 1,232 13,376 13,376 543 1945—June 30 15,134 4,307 10,827 9,588 1,240 14,426 14.426 542 Dec 31 16,208 4,279 11,928 10,682 1,246 15,385 15,385 542 Insured mutual savings banks: 1938—Dec 31 972 461 511 280 232 1,012 1,012 48 1939—Dec. 30 1,329 605 724 422 303 1,409 1,409 51 1940—Dec. 31 1,655 637 1,018 548 470 1,818 1,818 53 1941—Dec 312 1,693 642 1,050 629 421 1,789 1.789 52 1942—Dec. 31 2,007 740 1,267 861 405 2,048 2,048 56 1943—Dec 31 7 525 3,073 4,452 3,844 608 7,534 7 534 184 1944—June 30 8,489 3,111 5,378 4,752 626 8,235 8,235 192 Dec. 30 9,223 3,110 6,113 5,509 604 8,910 8,910 192 1945— D j e un c e 3 3 0 1 1 1 0 0 , ,8 0 4 6 6 3 3 3 , , 0 0 8 8 1 9 6 7 , , 9 7 7 6 4 5 6 7 , , 3 16 6 0 8 6 6 0 0 7 6 1 9 0 , , 6 3 7 6 1 3 1 9 0 . , 6 3 7 6 1 3 1 1 9 9 2 2 Noninsured mutual savings banks: 1938—Dec 31 9,190 4,436 4,754 2,603 2,150 9,266 9,266 507 1939—Dec. 30 8,889 4,321 4,568 2,680 1,887 9,114 9,114 500 1940—Dec. 31 8,593 4,322 4,271 2,676 1,595 8,840 8,840 498 1941—Dec 31 8,686 4,263 4,424 3,071 1,353 8,743 8,743 496 1942—Dec. 31 8,739 3,958 4,781 3,698 1,084 8,616 8,616 490 1943 Dec 31 4,345 1,411 2,935 2,246 689 4,204 4,204 361 1944—June 30 4,487 1,302 3,185 2,554 631 4,236 4,236 352 Dec 30 4,708 1,260 3,448 2,819 629 4,466 4,466 351 1945—june 30 .. 5,071 1,218 3,853 3,220 633 4,754 4,754 350 Dec. 31 5,361 1,198 4,163 3,522 641 5,022 5,022 350 For footnotes see page 772. JULY 1946 773 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- p L u o rc a h n a s s f i o n r g U. S. Government obligations Oblimer- or carrying ga- Class a o nd f bank T lo a o n a t n d 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 a o o t f n es s Other call date ing tur- To tate sumer loans Total tifi- Guar- and secuinvest- Total open- ali brok- loans loans Total an- politi- rities ments mar- ers To Bills cates Notes Bonds teed cal ket and oth- of in- subpa- deal- ers debt- diviperi ers ed- sions ness All insured commercial banks: 1 19 9 4 3 0 g — — D D eecc>. 3 3 1 i. . . . . . 3 4 7 2 , ,5 4 5 7 6 0 1 1 6 8 , , 0 3 2 9 1 4 5 7 , , 6 1 3 78 61 1 , , 0 2 6 8 0 1 1,0 6 0 63 2 8 7 8 2 5 7 3 4, , 4 8 6 5 8 7 3 4, , 0 5 7 8 7 3 2 2 1 4 , , 4 1 4 6 9 1 1 1 4 7 , , 5 0 0 6 6 3 6 2 6 9 2 0 3 2 , 6 75 48 6 9 8 , , 9 0 2 0 5 0 3 2 , , 7 5 1 6 9 83 3 , , 0 6 1 0 1 83 3 , , 4 9 9 3 1 2 1941—Dec. 31. .. 49,288 21,258 9,214 1,450 614 662 4,773 4,545 28,030 21,046 988 3,159 12,7974,1023,6513,333 1942—Dec. 31. .. 66,240 18,903 7,7571,642 950 597 4,6462,269 1,042 47,336 40,705 4,462 6\727 5,79920,9992,7183,5333,098 1943—Dec. 31.. . 83,507 18,841 7,7771,505 1,414 922 4,437 1,868 918 64,666 58,683 4,636 13,218 7,67230,6562,5013,2872,696 1944—June 30. . . 93,936 20,729 7,4061,4742,2212,2964,364 1,862 1,106 73,207 67,085 4,708 15,466 11,83434,114 963 3,3932,730 Dec. 30. .. 103,382 21,352 7,9201,7232,2692,2654,3431,888 944 82,030 75,875 3,971 15,30015,77839,848 978 3,4222,733 1945—June 30. .. 112,353 23,376 7,501 1,6323,1133,6014,4132,108 1,00888,978 82,401 2,831 17,20416,45445,870 433,6842,892 Dec. 31... 121,809 25,765 9,461 1,3143,1643,6064,6772,361 1,18196,043 88,912 2,45519,07116,04551,321 223,8733,258 Member banks, total: 1938—Dec. 31. .. 32,070 13,208 5,179 712 973 7752,716 2,853 18,863 13,222 286 3,389 7,2082,3402,4483,192 1940—Dec. 31. .. 37,126 15,321 6,660 865 642 652 3,228 3,273 21,805 15,823 652 2,594 9,0913,4863,0132,970 1941—Dec. 312 . . 43,521 18,021 8,671 972 594 5983,494 3,692 25,500 19,539 971 3,00711,7293,8323,0902,871 1942—Dec. 31... 59,263 16,088 7,3871,089 934 5383,4231,847 87043,175 37,546 4,363 '6i285 5,40918,9482,5402,9652,664 1943—Dec. 31. .. 74,258 16,288 7,4211,023 1,398 8393,2741,484 848 57,970 52,948 4,360 12,071 6,90627,2652,3452,7292,294 1944—June 30. . . 83,587 18,084 7,0231,0232,2002,1303,2071,467 1,03365,503 60,339 4,466 14,22810,64030,118 887 2,8342,331 Dec. 30. . . 91,569 18,676 7,5311,1982,2492,1083,2091,505 877 72,893 67,685 3,74813,98214,12734,927 902 2,8572,350 1945—June 30. .. 99,426 20,588 7,0951,1253,0893,4073,2481,688 934 78,838 73,239 2,633 15,58414,72340,266 33 3,102 2,497 Dec. 31... 107,183 22,775 8,949 8553,1333,3783,4551,900 1,10484,408 78,338 2,275 16,98514,27144,792 163,2542,815 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 9771,615 695 788 1941—Dec. 31... 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,6521,679 729 830 1942—Dec. 31. . . 17,957 4,116 2,546 21 787 193 117 303 148 13,841 12,547 1,855 2 i 144 2,056 5,4201,071 593 701 1943—Dec. 31... 19,994 4,428 2,515 24 1,054 323 107 252 153 15,566 14,563 1,328 3,409 1,829 7,014 984 444 558 1944—June 30. . . 22,669 5,479 2,430 64 1,657 751 93 232 251 17,190 16,157 1,258 4,242 2,805 7,650 201 456 577 Dec. 30. . . 24,003 5,760 2,610 30 1,742 859 86 253 179 18,243 17,179 913 3,740 3,745 8,592 189 468 596 1945—June 30. . . 25,756 7,069 2,380 53 2,5281,539 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 32510,337 I 606 629 Chicago:* 1938—Dec. 31... 1,969 539 335 17 43 70 12 63 1,430 1,114 59 291 655 109 141 176 1940—Dec. 31. .. 2,377 696 492 5 42 54 19 84 1,681 1,307 297 145 752 112 188 186 1941—Dec. 31. .. 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1942—Dec. 31. .. 3,973 832 658 6 34 32 23 62 18 3,141 2,789 397 637 391 1,282 83 166 186 1943—Dec. 31. . . 4,554 1,004 763 6 102 52 22 45 14 3,550 3,238 199 877 484 1,602 74 158 155 1944—June 30. . . 5,124 1,064 710 11 102 130 21 49 40 4,060 3,688 367 1,038 587 1,665 31 204 169 Dec. 30. . . 5,443 1,184 738 17 163 163 24 45 34 4,258 3,913 250 1,045 779 1,809 31 160 185 1945—June 30. .. 5,730 1,250 671 13 159 299 23 50 34 4,480 4,130 127 1,253 814 1,936 154 196 Dec. 31.. . 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 Reserve city banks: 1938—Dec. 31. .. 11,654 4,963 2,063 207 119 242 1,230 1,101 6,691 5,018 57 1,224 2,997 740 808 866 1940—Dec. 31. .. 13,013 5,931 2,589 263 115 207 1,436 1,322 7,081 5,204 103 771 3,281 1,049 984 893 1941—Dec. 31... 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1942—Dec. 31. . . 20,915 6,102 2,957 290 97 153 1,486 808 312 14,813 13,038 1,441 2,253 1,723 6,810 811 954 821 1943—Dec. 31. .. 27,521 6,201 3,058 279 217 267 1,420 658 301 21,321 19,682 1,802 4,691 2,497 9,943 749 913 726 1944—June 30. . . 30,943 6,761 2,787 277 409 903 1,385 650 350 24,183 22,484 1,914 5,586 3,89310,689 402 963 735 Dec. 30. .. 33,603 6,822 3,034 348 311 777 1,379 660 313 26,781 25,042 1,704 5,730 5,181 11,987 440 1,000 740 1945—June 30. . . 36,572 7,155 2,883 304 371 1,147 1,378 757 315 29,417 27,523 1,320 6,598 5,68913,906 10 1,100 794 Dec. 31... 40,108 8,514 3,661 205 427 1,503 1,459 855 40431,594 29,552 1,034 6,982 5,65315,878 5 1,126 916 Country banks: 1938—Dec. 31. .. 10,113 4,444 1,186 483 25 243 1,353 1,154 5,669 3,233 11 732 1,893 597 982 1,453 1940—Dec. 31. .. 10,826 5,309 1,453 590 21 201 1,644 1,400 5,517 3,269 45 433 2,081 710 1,146 1,102 1941—Dec. 31. .. 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1942—Dec. 31... 16,419 5,038 1,226 772 17 161 1,797 674 393 11,380 9,172 671 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 3,35510,114 252 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. 774 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Re- Interbank Cla c s a s l a l o n d f d a b te ank F s B s w e e R e a d r i r v n e e t v h - e k r e s a s l v C a i a n u s l h t m b a w B a n d e n i a o c s t k l e - t h - i s s c 4 j p m u D o a d s a d t s e e n e i - - - t d d s 5 m D es d o t e - ic p 4 osi F e t i s o g r n - U m G 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 t d s k - . i ' s - , p a v n a s p I t i h d r i n o d o t i d r n u p c n a i e a s o s - - , r l r s - - I b n a t n e k r- P m U G S e i a o n r a n o e . s g n v S d n v t s - - . a t - l v S p s i a i u s o t c n i a b l a o d i t d l t n e - i s s - p a v n a s p i t I h d d r i n o o t i u d r n p c n a a i e s o s - l - , r s r - - r B i o n o w g r s - - c C o a t a u a c p l - n i t - s All 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 L,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,841 1942—Dec. 31. . 13,072 1,305 9,080 48,221 10,234 813 8,167 3,996 1,219 47,122 97 61 397 15,697 10 7,055 1943—Dec. 31. . 12,834 1,445 8,445 59,921 9,743 893 9,950 4,352 1,669 58,338 68 124 395 18,561 46 7,453 1944—June 30. . 12,812 1,464 8,776 59,197 10,030 940 18,757 4,402 1,550 57,351 68 108 407 20,530 84 7,709 Dec. 30. . 14,260 1,622 9,787 65,960 11,063 948 19,754 4,518 1,354 64,133 64 109 423 23,347 122 7,989 1945—June 30. . 14,806 1,474 9,959 68,048 11,217 1,119 23,478 4,698 1,240 65,494 66 105 482 26,346 65 8,340 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 Member banks, v 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 L, 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 ,271 6,354 57,308 10,881 945 18,509 3,744 1,251 56,270 58 105 347 18,807 111 6,968 1945—June 30. . 14,807 ,150 6,486 59,133 11,064 1,106 21,967 3,877 1,138 57,417 61 102 392 21,254 52 7.276 Dec. 31. . 15,811 ,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 New York City:* 1938—Dec. 31. . 4,104 68 109 7,168 2,687 437 139 280 195 7,273 6 30 652 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 1941—Dec. 31. . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1942—Dec. 31. . 902 39 164 2,557 1,105 12 665 178 38 2,588 2 453 304 1943—Dec. 31.. 821 38 158 3,050 972 14 713 174 44 3,097 2 1 505 326 1944—june 30. . 811 41 179 3,070 1,090 15 1,105 218 41 3,040 1 543 343 Dec. 30. . 899 43 177 3,041 1,132 16 1,400 167 33 3,100 1 619 354 1945—June 30. . 929 33 180 3,152 1,174 19 1,499 193 29 3,124 1 663 362 Dec. 31. . 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 Reserve city banks: 19 58—Dec. 31.. 2,354 321 1,940 7,214 2,719 53 424 796 170 7,034 113 17 269 4,233 1,777 1940—Dec. 31. . 4,027 396 2,741 9,581 3,919 49 327 995 228 9,468 107 19 226 4,505 1,904 1941—Dec. 31. . 4,060 425 2,590 11,117 4,302 54 491 1.144 286 11,127 104 20 243 4,542 1,967 1942—Dec. 31. . 4,940 365 2,202 14,849 4,831 63 1,982 1,319 . 385 15,061 63 22 169 4,805 2 2,028 1943—Dec. 31. . 5,116 391 1,758 18,654 4,770 63 3,373 1,448 475 18,790 41 56 151 5,902 2,135 1944—June 30. . 5,109 399 1,922 18,405 4,757 65 6 453 ,464 384 18,367 37 45 158 6 567 2 207 Dec. 30. . 5,687 441 2,005 20,267 5,421 70 6,'157 1,509 488 20,371 33 40 154 7,561 2,327 1945—June 30. . 5,882 396 2,029 20,682 5,510 90 7,655 1,516 422 20,559 31 39 166 8.529 ""3 2,450 Dec. 31. . 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 Country banks: 1938—Dec. 31. . 1,353 322 1,956 6,224 446 2 143 1,128 154 5,215 23 44 147 5,509 6 1,798 1940—Dec. 31. . 1,857 452 3,002 7,845 633 2 151 1,184 187 6,846 29 33 150 5.917 3 1,909 1941—Dec. 31. . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1942—Dec. 31. . 2,842 542 3,699 13,265 957 4 1,090 1,558 272 11,989 20 32 140 6,397 3 2,042 1943—Dec. 31. . 3,303 611 3,474 17,039 994 5 1,962 1,727 344 15,561 17 56 149 7,599 10 2,153 1944—June 30. . 3,438 618 3,638 17,099 951 5 3,926 L.743 314 15,609 15 52 157 8,477 11 2,239 Dec. 30. . 3,909 684 4,097 19,958 1,149 8 4,230 1,868 369 18,350 14 57 175 9,650 16 2,321 1945—June 30. . 4,117 632 4,213 20,656 1,108 8 5,195 1,939 346 18,945 14 54 207 10,981 9 2,440 Dec. 31. . 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 [nsured 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 1 19 9 4 4 2 1 — — D £) eecc. . 3 3 1 i 2 28 7 7 1 2 2 , , 3 9 2 3 5 4 4 5 , , 0 6 9 5 2 1 1 1 0 3 8 3 2 2 2 5 4 3 3 6 67 1 8 1 6 7 8 6 3 4 , , 4 98 8 3 3 1 1 8 0 8 5 6 7 5 4 3 3 , , 2 33 7 9 6 6 5 9 95 5 5 6 1943—Dec. 31. . 313 2,996 7,279 141 2 506 750 96 6,518 6 4 68 3,750 6 979 1944—June 30 322 2,978 7,368 126 3 1,124 764 90 6,595 5 4 74 4,094 9 1,015 Dec. 30. . 352 3,434 8,652 182 3 1,245 775 103 7,863 6 4 76 4,553 10 1,022 1945— D juence. 3 3 0 1 3 3 9 2 1 4 3 3 ,9 4 5 7 9 3 1 8 0 ,5 9 3 1 7 5 2 1 3 5 3 3 1 5 3 1 1 , , 5 5 6 1 0 1 8 8 5 2 8 0 1 1 3 0 5 1 9 8 ,6 0 4 7 3 8 6 5 4 4 9 9 7 0 5 5 ,5 1 7 0 9 5 13 7 1 1 , , 0 0 6 8 5 3 * Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 6 Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection. For other footnotes see page 774. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. JULY 1946 775 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments For purchasing U. S. Government obligations or carrying securities Com- Total mer- Date or month i m n lo a v e n a e n n d s t s t s - Total i t t a c n c a u r g i u d i n a r a r l u d a l i l - , - l s , - G a U T t l i i o n o o o g . b d n v a - S - s b t . d . r e o O a k c t l s u e t i e e h e r r r - i s s e s - rG t U l T i o i o o g . b o S v - a n . - t s . ot O h c t u s e t i e h e r r - s s i e - r e R l s o t e a a a n t l e ! - s L b o a 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 s i i e r - - n t s - s - - Notes Bonds G t a e u n e a - d r- O s ri e t t h c ie e u s r - Total—101 Cities 1945—May 57,285 11,415 5,818 1,281 821 593 3651,046 1021,389 45,87042,837 1,336 10,776 7,358 23,035 332 3,033 1946—January 68,066 15,367 7,272 1,675 774 2,345 432 ,102 631,704 52,69949,325 1,849 12,5187,98126,968 3,374 February... 68,12415,142 7,368 1,568 7032,137 441 ,120 751,730 52,98249,576 1,565 12,8537,924 27,226 3,406 March 66,928 15,340 7,475 1,756 7111,986 431 ,140 611,780 51,58848,146 1,119 12,3937,50227,126 3,442 April 65,360 15,128 7,511 1,491 7431,869 423 ,169 761,846 50,23246.803 1,230 1111,322 7,03327,210 3,429 May 64,12414,899 7,468 1,351 7581,713 445 ,213 841,867 49,22545,840 1,106 10,460 6,830 27,437 3,385 Apr. 3 65,247 15,272 7,506 1,575 1,917 417 ,157 861,83549,97546,538 1,039 11,3457,05727,088 9 3,437 Apr. 10 65,338 15,224 7,560 1,586 7191,875 422 ,163 60 1,839 50,11446,689 1,243 11,252 7,04527,142 7 3,425 Apr. 17 65,515 15,025 7,509 1,414 7201,854 425 ,170 81 50,49047,050 1,376 11,346 7,02927,292 7 3,440 Apr. 24 65,34014,992 7,468 1,388 7571,830 427 ,185 771,860 50,34846,935 1,262 11,344 7,00227,320 "3,413 May 1.... 64,433 15,053 7,473 1,400 804 1,780 444 ,195 91 1,866 49,38045,993 1,052 10,626 6,90627,402 3,387 May 8.... 64,067 14,911 7,456 1,349 754 1,747 435 ,206 100 1,864 49,15645,777 98410,479 6,890 27^,418 3,379 May 15.... 64,071 14,815 7,461 1,342 7151,702 4421,214 1,874 49,25645,871 1,220 10,3616,85627,427 3,385 May 22.... 64,160 14,812 7,467 1,294 7181,671 4571,221 i49,34845,965 1,262 10,445 6,78227,469 3,383 May 29 63,887 14,904 7,482 1,370 7971,663 4501,228 1,840 48,98345,593 1,014 10,3876,714 27,471 3,390 June 5 63,331 14,742 7,469 1,279 7441,629 4481,239 1,854 48,58945,222 1,205 9,8556,68527,469 3,367 June 12.... 62,864 14,786 7,507 1,242 7331,610 4481,251 1,879 48,07844,716 824 9,708 6,64927,528 3,362 June 19.... 62,505 14,803 7,520 1,264 7281,588 4531,264 894 47,70244,324 1,268 9,740 6,56926,740 3,378 June 26 61,748 14,917 7,529 1,400 7191,559 4541,277 889 46,831 43,437 758 9,415 6,514 26,744 6 3,394 New York City 1945—May 20,354 4,794 2,218 1,093 632 193 162 84 34715,560 14,551 166 3,456 2,594 8,284 ,511,009 1946—January 23,754 6,412 2,837 1,317 570 918 185 45 47717,342 16,244 553 3,4922,699 9,498 1,098 February... 23,702 6,305 2,908 1,257 522 816 195 60 48317,397 16,300 438 3,5822,747 9,532 1,097 March 23,189 6,483 2,981 1,435 527 728 190 48 50716,706 15,608 199 3,4492,573 9,386 ,098 April 22,521 6,213 3,003 1,163 541 664 186 64 52716,308 15,223 420 2,9932,307 9,502 1,085 May 21,993 5,962 2,925 1,059 525 599 205 72 51316,031 15,008 356 2,792 2,131 9,728 1,023 Apr. 3 22,461 6,344 3,004 1,247 560 691 184 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 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 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 67 53216,480 15,406 473 3,031 2,283 9,618 1,074 May 1... . 22,145 6,090 2,949 1,069 557 633 204 79 53316,055 15,042 341 2,804 2,224 9,672 1,013 May 8.... 21,952 6,023 2,933 1,067 532 623 197 90 51515,929 14,913 255 7492,208 9,700 1,016 May 15.... 21,915 5,913 2,925 1,059 496 591 203 53 52016,002 14,976 386 2,7292,130 9,730 1,026 May22 22,036 5,883 2,910 1,016 496 576 215 74 53316,153 15,123 477 2,8152,071 9,759 1,030 May 29 21,915 5,900 2,910 1,084 544 570 204 63 46416,015 14,988 321 2,8652,024 9,777 1,027 June 5 21,732 5,790 2,918 1,009 509 556 200 67 46915,942 14,923 519 ,023 9,784 1,019 June 12... . 21,525 5,761 2,894 967 505 544 199 105 48315,764 14,742 256 ,024 9,845 1,022 June 19 21,589 5,761 2,888 1,001 497 541 204 81 48515,828 14,802 643 2,790 ,076 9,292 1,026 June 26 21,182 5,845 2,865 1,136 489 531 207 79 47315,337 14,290 167 2,8012,018 9,303 1,047 Outside New York City 1945—May 36,931 6,621 3,600 188 189 400 981 181,04230,310 28,286 1,170 7,320 4,76414,751 281 2,024 1946—January 44,312 8,955 4,435 358 2041,427 2471,039 1,227 35,357 33,081 ,296 9,0265,282 17,470 2,276 February... 44,422 8,837 4,460 311 1811,321 2461,056 1,247 35,585 33,276 ,127 9,2715,177 17,694 2,309 March 43,739 8,857 4,494 321 1841,258 2411,073 1,273 34,882 32,538 920 8,9444,929 17,740 2,344 April 42,839 8,915 4,508 328 2021,205 2371,104 1,319 33,924 31,580 810 8,3294,726 17,708 2,344 May 42,131 8,937 4,543 292 2331,114 1,149 1,354 33,194 30,832 750 7,6684,699 17,709 6 2,362 Apr. 3.... 42,786 8,928 4,502 328 1,226 2331,092 1,314 33,858 31,511 728 8,3584,706 17,711 2,347 Apr. 10 42,862 8,926 4,526 342 1911,206 2371,098 1,312 33,936 31,598 854 8,2964,736 17,706 2,338 Apr. 17 42,925 8,893 4,506 315 1931,201 2381,105 1,324 34,032 31,684 871 8,3494,744 17,714 2,348 Apr. 24.... 42,782 8,914 4,497 326 2091,186 2381,120 1,328 33,868 31,529 789 8,313 4,719 17,702 2,339 May 1.... 42,288 8,963 4,524 331 2471,147 240 129 1,333 33,325 30,951 711 7,8224,682 17,730 6 2,374 May 8.... 42,115 8,888 4,523 282 2221,124 238 140 1,349 33,227 30,864 729 7,730 4,68217,718 2,363 May 15.... 42,156 8,902 4,536 283 2191,111 239 148 1,354 33,25430,895 834 7,6324,726 17,697 6 2,359 May 22.... 42,124 8,929 4,557 278 2221,095 242 158 1,360 33,195 30,842 785 7,630 4,71117,710 6 2,353 May 29 41,972 9,004 4,572 286 2531,093 246 167 1,376 32,968 30,605 693 7,522 4,69017,694 2,363 June 5 41,599 8,952 4.551 270 2351,073 248 ,177 1,385 32,647 30,299 686 7,2594,662 17,685 1 2,348 June 12.... 41,339 9,025 4,613 275 2281,066 249 ,187 32,314 29,974 568 7,0924,625 17,683 6 2,340 June 19 40,916 9,042 4,632 263 2311,047 2491,200 1,409 31,874 29,522 625 6,950 4,49317,448 6 2,352 June 26 40,566, 9,072 4,664 264 2301,028 2471,212 1,416 31,494 29,147 591 6,6144 49617,441 2,347 Back figures.—See Banking and Monetary Statistics, pp. 127-227. 776 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 e a r i r e a t d n v h - l - k e s C ra a i u n s l h t b m a w n a d e i n c o s t e k - h t s ic m p u a o d s a d t s e n e i - - t d d s i s p p u v n c h a o a a i o e n i d l r r p r r d s a t - - - s - , - , S p s d s a i o i t u c i n o a v l a b d i n t i l t e - - s - s c C c h a o f e e e i e f n t e r f r c c d i t d s - . k i ' - s, U m G e . r o e n v n S - - t . s u p p v n c a h a o o i a n e i d l p r 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 o n e s n g v d v n S t - s - - a t . l m D a e n b - d ank T s ime b F e a i o n g r k n - s r B i o n o w g r s - - c C o i a t a u c a p n - l - ts B d i a e ts n b 2 - k tions tions Total 101 Cities 1945—May 10,192 58J 2,15' 39,88639,660 2,296 899 5,8048,265 109 9,216 47 1,007 573 4,748 62,802 1946—January.... 10,218 59: 2,431 37,64837,888 1,997 ,25416,2379,372 102 10,790 1,189 200 4,99569,711 February. . 10,060 580 2,27137,66537,822 2,144 ,17016,3779,482 119 10,121 ,221 303 5,03158,827 March 9,930 569 2,165 37,38637,413 2,177 ,16 15,1199,567 126 9,787 ,240 508 5,059 69,374 April 9,862 568 2,16037,41237,329 2,296 ,25813,7259,632 130 9,543 ,264 360 5,09369,768 May 10,083 562 2,15538,50238,350 2,403 1,30611,864 9,769 129 9,368 ,265 139 5,124 65,732 Apr. 3... 9,80' 536 2,11636,55336,320 2,281 1,410 14,0089,597 131 9,629 ,269 628 5,08418,768 Apr. 10. .. 9,816 580 2,15737,25937,126 2,288 1,131 13,9239,622 128 9,531 ,267 268 5,093 14,981 Apr. 17.... 9,868 564 2,22637,74837,912 2,308 1,300 13,6379,638 130 9,634 ,259 261 5,09316,143 Apr. 24 9,958 591 2,14138,08937,959 2,308 1,188 13,3349,670 130 9,378 ,258 282 5,103 14,504 May 1.... 10,15: 54 2,15 38,24238,041 2,456 1,565 12,3639,704 129 9,505 ,280 198 17,708 May 8.... 10,12; 56" 2,12838,25137,770 2,398 1,175 11,9909,740 131 9,422 ,279 181 15,051 May 15.... 10.04J 558 2,25438,34838,690 2,381 1,219 11,9229,765 130 9,540 ,252 77 14,991 May 22.... 9,97? 574 2,11838,72738,581 2,345 1,206 11,666 9,785 129 9,247 ,252 122 15,276 May 29 568 2,11'38,94138,669 2,433 1,364 11,3779,851 128 9,125 ,260 118 5,121 14,657 June 5.... 10,19. 39,47139,190 2,436 1,349 10,0719,882 129 9,352 ,254 173 5,145 14,037 June 12.... 10,21? 612 2,19539,50539,738 2,37 1,362 9,6549,901 125 9,355 ,264 176 5,142 14,732 June 19.... 10,20i 58 2,14839,86940,034 2,370 1,353 8,6449,915 121 9,363 ,287 184 5,137 17,530 June 26 10,24- 60C 2,09639,52239,295 2,436 1,282 8,6609,943 120 8,997 1,268 126 5,135 16,122 New York City 1945—May 3,83. 14,952 15,266 288 532 2,257 994 2,927 904 332 1,826 28,384 1946—January. .. 3,654 13,53 13,934 214 739 6,2631,118 3,356 1,059 119 ,92234,165 February. . 3,628 13,600 13,950 264 712 6,252 1,132 3,141 1,092 143 ,93727,425 March 3,563 13,445 13,790 230 701 5,7231,137 3,014 1,114 322 ,94332,331 April 3,57 13,563 13,898 254 768 5,159 1,148 2,999 1,132 136 ,95533,290 May 3,71 13,965 14,290 279 797 4,42. 1,197 2,990 1,125 34 965 30,408 Apr. 3... . 3,595. 11013,37 13,653 253 906 5,2651,144 2,996 1,140 210 ,955 9,360 Apr. 10 3,533 9 5:13,425 13,759 259 669 5,2401,145 2,976 1,139 126 ,956 7,167 Apr. 17.... 3,54f 83 2 13,587 13,998 244 803 5,1271,147 3,075 1,128 94 ,955 7,576 Apr. 24. ... 3,62< 90 13,86- 14,182 261 694 5,0041,155 2,948 1,123 113 ,955 6,505 May 1.... 3,811 85 13,88714,255 32 986 4,609 1,172 3,113 1,144 47 ,967 8,835 May 8.... 3,71: 90 13,86314,086 263 695 4,485 1,187 2,969 1,139 46 ,968 7,183 May 15.... 3,67( 83 13,82714,279 284 712 4,449 1,190 3,017 1,116 10 ,968 6,711 May 22.... 3,64* 85 14,09114,401 262 720 4,348 ,191 2,946 1,108 29 ,965 6,878 May 29 3,74 93 14,15' 14,431 264 872 4,234 1,244 2,906 1,118 38 ,958 6,851 June 5.. . . 3,74 94 14,37 14,717 225 815 3,711 1,249 2,980 ,105 77 ,970 6,565 June 12... . 3,76 100 14,32414,768 240 874 3,560 1,253 2,991 ,111 79 ,970 6,748 June 19 3,72. 9 14,60415,005 241 81 3,18' 1,248 3,063 ,135 67 ,964 8,314 June 26 3,81 95 14,48 14,801 252 797 3,172 1,249 2,919 ,119 46 ,959 7,330 Outside New York City 1945—May 6,35 49- 2,13 24,93424,39 2,008 36' 3,54 7,271 90 36 6,289 103 241 2,922 34,418 1946—January... 6,56- 50: 2,403 24,11423,954 1,783 515 9,9748,254 82 7,434 130 81 3,07335,546 February. . 6,43 48< 2,246 24,06523,872 1,880 45810,1258,350 95 6,980 129 160 3,094 31,402 March 6,36 48: 2,12' 23,94123,623 1,94 466 9,3968,430 100 6,773 126 186 3,116 36,543 April 6,28. 48: 2,105 23,84923,431 2,042 490 8,5668,484 108 6,544 132 224 3,13836,478 May 6,36^ 47- 2,128 24,53 24,060 2,124 509 7,4398,572 108 6,378 140 105 3,159 35,324 Apr. 3. . . . 6,21 453 2,006 23,17622,66 2,028 504 8,7438,453 105 6,633 129 418 3,129 9,408 Apr. 10 6,283 48< 2,099 23,83423,36 2,029 8,6838,477 108 6,555 128 142 3,137 7,814 Apr. 17 6,31? 48: 2,199 24,16 23,91 2,064 8,510 8,491 110 6,559 131 167 3,138 8,567 Apr. 24 6,32? 50 2,114 24,22* 23,77 2,047 494 8,3308,515 110 6,430 135 169 3,148 7,999 May 1.... 6,34! 456 2,12 24,35523,786 2,134 579 7,754 8,532 108 6,392 136 151 3,152 8,873 May 8.... 6,41: 47' 2,099 24,38823,684 2,135 480 7,5058,553 110 6,453 140 135 158 7,868 May 15.... 6,36t 475 2,226 24,52 24,411 2,09 507 7,4738,575 109 6,523 136 67 156 8,280 May 22.... 6.33C 48< 2,09 24,63624,180 2,083 486 7,3188,594 108 6,301 144 93 3,163 8,398 May 29... . 6,37 47. 2,09 24,78224,238 2,169 49 7,1438,607 107 6,219 142 80 3,163 7,806 June 5.... 6,45 2,09. 25,10C24,473 2,211 534 6,3608,633 108 6,372 149 96 3,175 7,472 June 12... 6,45 2,165 25,18 24,970 2,132 488 6,0948,648 108 6,364 153 97 3,172 7,984 June 19 6,48. 2,12C 25,26525,029 2,129 541 5,45 8,667 104 6,300 152 117 3,173 9,216 June 26 6,42 2,065 25,03824,494 2,184 485 5,4888,694 104 6,078 149 80 3,176 8,792 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. JULY 1946 777 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments For purchasing U. S. Government obligations or carrying securities Total C m o e m r- - Federal Reserve loans cial, To brokers district and date 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 a r l a d u - i l - l s , - G U a t l i o i n o o g . b d n a v - S - s t . d . e O a c t l s u t i e e h e r - r s i e s - r G t l U i o i T o o g b . o v n a S - - s . t o . t O h c t s e u t i e h e r r - s s i e - r e l R s o t e a a a n t l e s - b L a o t n o a k n s sO lo t a h n e s r Total Total Bills o d c C n t f e e a i e e d f b t s i i e r - n - t s - s - - Notes Bonds G t a e u n e a - d r- O r s i e t t h c ie e u s r - Boston May 29 3,199 842 498 35 43 39 17 76 1 133 2,357 2,269 43 388 326 1,512 88 June 5 3,177 829 493 35 31 39 17 77 1 136 2,348 2,260 60 361 326 1,513 88 June 12 3,164 840 499 38 30 39 17 77 1 139 2 324 2,233 43 361 322 1,507 91 June 19 3.117 830 500 31 30 38 17 78 1 135 2,'287 2,196 50 356 307 1.483 91 June 26 3.086 824 500 30 24 36 17 79 1 137 2,262 2,171 26 364 304 1,477 91 New York* May 29 24,170 6,290 3,066 1,090 549 601 225 157 63 539 17,880 16,755 360 3,103 2,326 10,965 11,125 June 5 23,982 6,180 3,076 1,015 514 586 221 157 67 544 17,802 16,686 568 2,8202,324 10,973 11,116 June 12 23,765 6,152 3,052 973 510 575 220 159 105 558 17,613 16,494 307 ,825 2,325 11,036 11,119 June 19 23,809 6.153 3,046 1.007 502 571 225 160 81 561 17,656 16,532 722 ,069 2,313 10.427 1,124 June 26 23,409 6,246 3,028 1,145 494 560 228 162 79 550 17,163 16,018 280 -,051 2,253 10,433 11,145 Philadelphia May 29 2,574 581 277 11 32 53 11 41 1 155 1,993 1,800 78 269 280 1,173 193 June 5 2,574 579 276 11 31 52 11 42 1 155 1,995 1,804 91 266 280 1,167 191 June 12 2,547 585 276 12 32 51 11 43 1 159 1,962 1,771 60 271 283 1,157 191 June 19 2.545 590 282 10 33 50 11 44 1 159 1,955 1,765 97 246 278 1.144 190 June 26 2,550| 586 284 10 32 44 10 44 1 161 1,964 1,774 103 245 276 1,150 190 Cleveland • May 29 5,162 1,135 469 53 37 223 14 175 164 4 027 3,733 40 854 554 2,285 294 June 5 5,136 1,134 466 54 35 221 15 177 " i 165 4,002 3,709 39 833 551 2,286 293 June 12 5,114 1,143 475 51 34 223 15 180 l 164 3,971 3,684 38 809 545 2,292 287 June 19 ..... 5.032 1.142 476 45 33 222 15 181 l 169 3,890 3,603 31 752 528 2.292 287 June 26......... 5,010 1,142 480 41 33 220 15 182 l 170 3,868 3,582 28 732 527 2,295 286 Richmond May 29 2,149 403 180 3 7 63 9 56 2 83 1,746 1,662 28 418 187 1,029 84 June 5 2,123 400 179 4 7 60 9 56 2 83 1,723 1,638 32 403 180 1,023 85 June 12 2,120 402 180 4 7 59 9 57 2 84 1,718 1,634 31 402 178 1,023 84 June 19 2.096 402 178 5 7 58 9 58 2 85 1,694 1,610 23 393 177 1,017 • 84 June 26 2,070 401 176 5 7 56 9 59 2 87 1,669 1,585 11 379 175 1,020 84 Atlanta May 29 2,193 501 237 2 11 114 10 29 3 95 1,692 1,534 37 465 217 813 2 158 June 5 • 2,179 503 237 2 11 114 11 29 4 95 1,676 1,516 34 452 215 813 2 160 June 12 2,168 505 242 2 12 112 10 31 3 93 1,663 1,502 37 440 209 814 2 161 June 19 2,145 505 244 3 11 107 10 31 4 95 1,640 1,479 35 433 202 807 2 161 June 26 . . . 2,119 507 246 1 13 107 10 31 3 96 1,612 1,451 27 411 202 809 2 161 Chicago* May 29 9,280 1,851 1,029 120 59 200 75 190 178 7,429 6,858 143 2,144 960 3,610 1 571 June 5 9,143 1,851 1,031 124 57 195 73 192 179 7,292 6,732 95 2,047 965 3,624 1 560 June 12 9,051 1,8661 1,044 127 54 192 75 193 181 7,185 6,627 56 1,975 963 3,632 1 558 June 19 8.974 1,876 1,048 129 55 192 75 196 181 7.098 6,534 105 1,899 961 3,568 1 564 June 26 8.825 1,911 1,070 138 57 190 76 181 6,914 6,351 69 1,720 974 3,587 1 563 St. Louis May 29 2,085 588 306 4 9 58 15 79 4 113 1,497 1,357 31 237 259 830 140 June 5 2,045 576 293 4 9 56 15 79 3 117 1,469 1,330 17 234 250 829 139 June 12 2 031 582 299 4 9 56 15 80 2 117 1,449 1,310 15 230 238 827 139 June 19 1.999 580 299 4 8 54 15 81 2 117 1,419 1,279 10 214 231 824 140 June 26 1.975 572 290 4 8 52 15 82 3 118 1,403 1,262 15 202 227 818 141 Minneapolis May 29 1,330 239 111 1 3 31 5 31 57 1,091 1,030 16 188 147 679 61 June 5 1,315 240 112 3 30 5 32 58 1,075 1,016 14 178 147 677 59 June 12 1,319 24l! 113 1 3 30 5 32 57 1,078 1,018 19 173 148 678 60 June 19 1.285 242 113 1 3 30 5 32 58 1,043 983 9 157 147 670 60 June 26 1.263 241 114 3 30 5 32 57 1,022 961 9 137 167 648 61 Kansas City May 29 2,371 427j 243 2 5 41 9 47 80 1,944 1,781 78 493 340 870 163 June 5 2,352 424 239 2 5 40 10 47 81 1,928 1,765 81 479 333 872 163 June 12 2,351 430 245 2 5 40 9 48 81 1,921 1,758 77 474 333 874 163 June 19 2,322 430 245 2 4 38 9 49 83 1,892 1,727 60 475 329 863 165 June 26 2,300 431 245 2 6 37 9 49 83 1,869 1,703 55 458 328 862 166 Dallas May 29 2,092 682 401 1 11 115 28 39 87 1,410 1,343 53 425 215 650 67 June 5 .... 2,079 679 398 1 11 113 28 42 86 1,400 1,333 52 420 214 647 67 June 12 2,070 681 401 1 7 113 29 42 88 1,389 1,322 44 415 216 647 67 June 19 2,049 674 395 1 7 111 29 43 88 1,375 1,307 35 409 219 644 68 June 26 2,038 673 395 1 7 110 29 43 88 1,365 1,298 47 395 211 645 67 San Francisco May 29 7,282 1,365 665 48 31 125 32 308 . .. . . 156 5,917 5,471 107 ,403 903 3,055 3 446 June 5 7,226 1,347 669 27 30 123 33 309 155 5,879 5,433 122 ,362 900 3,045 4 446 June 12 7,164 1,359 681 27 30 120 33 309 1 158 5,805 5,363 97 ,333 889 3,041 3 442 June 19 7,132 1,379 694 26 35 117 33 311 163 5,753 5,309 91 ,337 877 3,001 3 444 June 26 7,103 1,383 701 23 35 117 31 315 161 5,720 5,281 88 ,321 870 3,000 2 439 City of Chicago* May 29 5,501 1,256 763 117 53 124 66 42 91 4,245 3,898 93 1,360 520 1,925 347 June 5 5,398 1,258 767 122 51 120 64 43 91 4,140 3,801 55 L,284 525 1,937 339 June 12 5,333 1,263 773 125 48 118 65 43 91 4,070 3,732 39 L ,222 526 1,945 338 June 19 5,289 1,270 776 127 49 119 65 43 91 4,019 3,676i 76 L.179 523 1,898 343 June 26 5,170 1,299 795 136 49 118 66 44 91 3,871 3,529 36 L ,037 539 1,917 342 * 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. 778 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 Federal Reserve F w e i d th - Cash a w n i c t e h s m d a e n - d u v a id ls - , States Certi- u v a i l d s - , States U G . o v S - . banks Bor- C it a a p l - Bank district and date e R r e a - l va i u n lt m d es o t - ic po ad si - ts p n a e r r t - - p a o n l d it- a fi n e d d U G . o v S - . p n a er r - t- p a o n l d it- m er e n n - t For- r i o n w gs - co a u c n - ts d i e ts b 1 serve banks justed1 ships, ical offi- ern- ships, ical and eign Banks c a o n r d - d su iv b i - - c c h e e r c s k ' s, ment c a o n r d - d su iv b i - - P S o a s v t - al m D a e n - d Time banks pora- sions etc. pora- sions ings tions tions Boston (6 cities) May 29 462 52 118 2,166 2,141 117 41 636 451 3 287 26 3 293 704 June 5 470 59 117 2,214 2,190 123 43 559 456 3 301 26 5 293 575 June 12 465 60 115 2,217 2,224 120 40 539 456 3 303 26 1 293 657 June 19 485 60 116 2.216 2,245 123 43 484 457 3 323 25 4 294 709 June 26 490 57 122 2,219 2,191 135 44 484 458 4 294 24 3 293 757 New York (8 cities)* May 29 3,997 122 113 15,572 15,588 572 910 4,547 1,923 25 17 2,972 3 1,121 46 2,119 7,215 June 5 4,017 127 113 15,832 15,887 545 855 3,988 1,930 25 17 3,048 3 1,108 91 2,132 6,904 June 12 4,020 134 129 15,792 15,975 558 910 3,826 1,936 21 17 3,059 2 1,114 83 2,131 7,190 June 19 4.012 125 122 16,092 16,225 546 855 3,426 1,932 20 18 3.134 2 1,138 70 2,125 8,817 June 26 4,045 132 131 15,924 15,985 556 830 3,414 1,937 18 18 2,988 2 1,122 47 2,121 7,787 Philadelphia (4 cities) May 29 415 29 94 1,774 1,818 71 30 509 232 10 1 340 11 1 260 550 June 5 425 32 87 1,828 1,855 77 25 447 232 10 1 351 11 2 262 524 June 12 427 34 86 1,818 1,889 63 24 430 233 9 1 355 11 1 261 608 June 19 435 32 88 1,852 1,937 60 36 385 233 8 1 366 11 1 261 661 June 26 427 33 84 1,843 1,909 67 28 394 234 8 1 357 11 6 259 685 Cleveland (10 cities) May 29 748 73 188 3,041 3,075 162 53 832 1,282 30 490 6 3 31 489 822 June 5 759 74 189 3,115 3,088 161 72 736 1,286 30 499 6 3 28 490 804 June 12 756 80 190 3,128 3,166 156 56 709 1,287 30 492 6 3 29 490 816 June 19 767 77 197 3,131 3,169 160 60 637 1,289 29 496 6 3 15 490 940 June 26 . 748 78 188 3,102 3,103 168 57 637 1,293 28 479 6 4 9 491 967 Richmond (12 cities) May 29 327 38 125 1,356 1,362 86 30 370 365 2 8 355 4 7 ii 142 366 June 5 353 38 137 1,388 1,391 97 34 329 365 2 9 375 5 6 10 143 376 June 12 349 40 144 1,404 1,421 94 30 316 366 2 9 367 4 10 11 142 314 June 19 333 38 130 1,382 1,388 94 33 284 368 2 9 359 4 9 12 144 468 June 26 333 40 122 1,370 1,369 93 31 284 369 2 9 338 5 7 16 144 412 Atlanta (8 cities) May 29 373 30 140 1 360 1,257 221 13 328 439 4 3 482 1 9 129 373 June 5 365 27 138 1,355 1,265 224 16 292 441 4 2 498 1 9 129 367 June 12 372 30 140 1,366 1,290 220 15 280 441 4 3 499 1 9 128 414 June 19 363 31 139 1,378 1,282 218 17 250 442 4 4 477 1 9 ' 3 129 450 June 26 371 31 124 1,360 1,250 223 15 251 443 4 4 461 1 9 2 129 416 Chicago (12 cities)* May 29 1,408 94 400 5,398 5,216 560 90 1,641 1,927 6 5 1,586 4 27 10 609 2,056 June 5 1,415 98 384 5,432 5,211 546 93 1,441 1,934 6 5 1,593 4 28 13 615 1,93a June 12 1,443 100 391 5,408 5,291 530 92 1,389 1,937 6 5 1,601 4 28 27 615 1,995 June 19 1,427 96 379 5,450 5,288 543 101 1,243 1,940 6 5 1,560 4 29 35 617 2,235 June 26 1,442 97 367 5,379 5,177 549 86 1,243 1,944 6 6 1,503 4 27 18 618 2,187 St. Louis (5 cities) May 29 343 22 113 1,139 1,179 69 19 356 360 2 562 5 11 138 364 June 5 336 22 126 1,121 1,162 71 19 314 362 2 580 5 15 138 383 June 12 341 23 124 1,141 1,211 74 17 302 362 1 2 563 5 16 138 371 June 19 326 22 115 1,122 1,176 73 17 271 363 1 2 547 5 21 139 468 June 26 336 23 110 1,116 1,155 74 21 273 363 1 2 533 5 18 139 391 Minneapolis (8 cities) May 29 207 11 85 742 720 94 15 261 221 1 324 2 89 260 June 5 206 11 82 748 719 99 15 232 222 1 326 2 89 277 June 12 203 12 86 762 740 99 15 221 222 1 325 2 ' ""5 90 285 June 19 195 11 80 738 718 97 14 199 223 1 313 2 12 89 341 June 26 206 11 82 746 699 112 12 197 223 1 309 2 90 259 Kansas City{12 cities) May 29 444 23 258 1,493 1,424 188 29 355 304 2 2 793 5 2 152 415 June 5 431 21 260 1,475 1,440 177 27 326 305 2 2 804 5 6 152 420 June 12 . 433 23 273 1,507 1,494 167 24 316 305 2 2 804 5 1 152 439 June 19 440 22 265 1,506 1,476 179 24 287 306 2 2 790 5 10 153 536 June 26 436 24 265 1,492 1,451 182 25 286 306 3 2 784 5 4 153 494 Dallas (9 cities) May 29 391 25 217 1,426 1,420 98 25 340 285 19 2 531 2 145 360 June 5 402 24 209 1,423 1,438 102 33 299 285 20 2 562 3 145 353 June 12 401 26 235 1,457 1,467 99 27 289 287 20 2 554 3 144 421 June 19 394 24 223 1,449 1,469 92 33 259 287 20 2 548 3 146 468 June 26 396 26 212 1,443 1,439 95 27 258 289 21 2 532 3 147 441 SanFrancisco(7 cities) May 29 1,003 49 268 3,474 3,469 195 109 1,202 2,062 30 7 403 5 47 3 556 1,172 June 5 1,016 47 276 3,540 3,544 214 117 1,108 2,064 30 7 415 5 53 3 557 1,124 June 12 1,009 50 282 3,505 3,570 192 112 1,037 2,069 30 7 433 5 53 2 558 1,222 June 19 1,031 49 294 3,553 3,661 185 120 919 2,075 29 7 450 5 53 1 550 1,437 June 26 1,014 48 289 3,528 3,567 182 106 939 2,084 29 7 419 5 54 3 551 1,326 City of Chicago* May 29 855 36 184 3,220 3,217 250 45 1,055 789 1 1,112 23 385 1,350 June 5 863 41 182 3,242 3,218 243 44 923 792 1 1,116 24 390 1,252 June 12 877 39 178 3,199 3,243 233 41 889 794 1 1,138 23 391 1,259 June 19 870 37 175 3,263 3,271 247 45 791 793 1 1,102 24 ..... 391 1,432 June 26 905 38 164 3,210 3,192 249 39 791 795 2 1,061 23 392 1,371 * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. • Debits to demand deposit accounts except in interbank and U. S. Government accounts. JULY 1946 779 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 2 Commer- End of month sta p c o n a i u d p a t i e l - n r g1 st T a o n o u d t t a i - n l g Total Accept O b in i w l g l n s banks bo B u il g ls ht ( a R F F c B o e e c a r d s o n e e u o r k r w n v a s e t l n ) Others I U S m i n t n p a i t t o t o e e r s d ts E U S f x n r t p a o i o t m t e e r s d ts G U o s n h o i i d t p e s p p d o e s i d t n o t r s b e F e d i o n t w r i e n e i e g o n n r States countries 1945—February 157 126 97 52 46 29 87 12 24 4 March 147 128 96 54 42 32 87 11 25 4 April 119 117 90 52 38 26 81 10 24 2 May 103 104 82 51 32 22 72 9 22 2 June 101 107 80 44 36 27 74 10 20 3 July 107 117 90 45 45 (3) 26 81 9 22 4 August 110 128 101 50 50 28 91 10 25 2 September 111 135 104 52 52 31 98 11 23 3 October 127 135 100 53 46 35 95 12 22 6 November 156 145 107 58 49 38 100 15 23 6 December 159 154 112 64 48 42 103 18 26 7 1946—January 174 166 126 71 55 40 109 20 29 8 A M F M e p a a b r y r i r c l u h ary 1 1 1 1 4 2 7 7 9 6 2 8 1 1 1 1 7 6 6 6 7 9 3 7 1 1 1 1 0 1 0 2 9 9 8 8 6 6 6 7 4 5 6 4 5 4 5 4 5 4 3 2 1 1 l 3 3 " 3 4 5 4 9 7 5 2 1 1 1 1 1 0 2 0 4 4 4 9 1 1 1 1 6 7 8 8 3 3 3 2 1 3 0 8 9 9 8 7 1 As reported by dealers; includes some finance company paper sold in open market. 2 Dollar exchange less than $500,000 throughout the period. 3 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances 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 d n 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 i ts n n g t a b n a d n k i s n borrowed2 Free O (n th et e ) r a i I n n n a v d c p e c t a s o r t r a u m t d n n e i t e n s n r g t s' a in n a d v I c n e c t s o r f t a u i m r d n m e i t n s n g t I a n c ( c c n o a e u p t) n it t a s l 1936—June 1,267 67 164 219 985 276 86 24 14 420 December... 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December... 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December... 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December... 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December... 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 788 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 J A S O D N u e u c e o l p t y g c v o t u e e e b m s m m e t r b b b e e e r r r . . . .. . . 5 ' ' » » 1 1 1 1 l l , , , , , , 1 0 1 0 0 1 3 8 0 9 6 4 8 4 0 5 3 1 12 413 313 3 3 3 3 3 7 7 7 7 7 8 9 6 4 1 5 2 5 2 3 1 8 4 3 3 3 3 3 6 6 5 5 6 5 5 3 3 7 8 9 4 2 9 3 0 4 112 29 13 299 1946—January.... 4,168 3 734 3 727 February. . . 1 046 3 645 3 755 March 3 936 3 622 3 712 April 3 895 3 575 3 697 May 3 856 3 547 3 669 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). * 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): March, 165; April, 154; May, 144. 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. 780 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES U. S. Government [Per cent per annum] Stock security yields Prime Prime ex- 7 Other mo Y w n e e t a h e r k , , or m 4 m p c - o a e o t n p r o m c t e h i - r 6 a , s - l 1 a a b d c n e a a 9 c r c n y s 0 e e k ' s p s - 1 , t- ch n l c a o r a e a l e a n w s l - n l 2 g - e m b o i 3 l n - ls th ' 9 d c m - o c e e t f a o o r b t t n t i i e 1 e f n t s i h 2 d - - - - 3 t - n a y x o t e o a t a e b r 5 s l - e 1937 average1 19 T 2 o . c 5 t i a 9 ti l es Y N C 1. o e i 7 t r w 3 y k e E N r c a 2 n o i s . t r 8 t i a t e e 8 h n s r - n d 1 W e 1 r c 3 n e S i . t s 2 i o 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.... ,78 2.87 3.51 1943 average .69 .44 1.00 .373 .75 1.34 1940 average.... 63 2.56 3.38 1944 average .73 .44 1.00 .375 .79 L.33 1941 average.... 2.54 2.55 3.19 1945 average .75 .44 1.00 .375 .81 L.18 1942 average.... .61 2.07 2.58 3.26 1943 average 2.72 30 2.80 3.13 1945— J J u u l n y e . . 7 7 5 5 . . 4 4 4 4 1 1 . . 0 0 0 0 . . 3 3 7 7 5 5 . .8 8 0 1 L L . . 1 1 6 6 1 19 9 4 4 5 4 a a v v e e r r a a g g e e . . . . . . .. 2 2 . . 5 3 9 9 1.9 1 9 1 2 2 . . 6 5 8 1 3 2 . . 0 7 2 3 August.... .75 .44 1.00 .375 .82 L.17 September. .75 .44 1.00 .375 .84 4 L.19 1942—March.... 2.48 1.85 2.48 3.20 October... . .75 .44 1.00 .375 .83 L.17 June 2.62 2.07 2.56 3.34 November. .75 .44 1.00 .375 .84 1.14 September 2.70 2.28 2.66 3.25 December.. .75 .44 1.00 .375 .84 4 L.15 December. 2.09 2.63 3.26 1946—January... .75 .44 1.00 .375 .79 L.10 1943—March .76 2.36 2.76 3.24 February. . .75 .44 1.00 .375 .76 L.03 June .00 2.70 2.98 3.38 March .75 .44 1.00 .375 .79 .99 September .48 2.05 2.71 2.73 April .75 .44 1.00 .375 .81 L. 12 December. 2.10 2.76 3.17 May .75 .47 1.00 .375 .83 1.18 June .75 .50 1.00 .375 .83 1.15 1944—March... . 2.10 2.75 3.12 June 2.23 3.18 Week ending: September 2.18 3.14 J J u u n n e e 8 1 . .. . . . M 3A (1 1 1. . 0 0 0 0 . . 3 3 7 7 5 5 . .8 8 3 4 1 1. . 1 2 9 1 December. 1.93 2.65 J Ju u n n e e 2 1 2 5 . . . . . . l i 1 1 . . 0 0 0 0 . . 3 3 7 7 5 5 . . 8 8 3 3 1 1. . 1 1 2 5 1945— J M un a e rch.... 2 2 . . 5 5 3 0 2 1 . .9 2 9 0 2 2 . . 7 5 3 5 2 2 . . 8 9 0 1 June 29... H 1.00 .376 .84 1.13 September 2.45 2.05 2.53 2.81 December. 2.09 1.71 2.23 2.38 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 ex e c e h k a ly n g p e r e ti v m ai e l i l n o g a n r s a t w es a . s 1.25 per 1946—March 2.31 1.75 2.34 2.93 cent during the entire period. June 1.84 3 Rate on new issues offered within period. * From Sept. 15 to Dec. 15, 1945, included Treasury notes of Sept. 1 Prior to March 1939 figures were reported monthly on a basis not 15, 1948, and Treasury bonds of Dec. 15, 1950; beginning Dec. 15, strictly comparable with the current quarterly series. 1945, includes only Treasury bonds of Dec. 15, 1950. Back figures.—See Banking and Monetary Statistics, Tables 124-125, Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 463-464; for description, see pp. 426-427. pp. 448-459, and the BULLETIN for May 1945, pp. 483-490. BOND YIELDS 1 [Per cent per annum] U. S. Government Corporate (Moody's)* Year, month, 7 y e t a o r s 9 15 y o e v a e rs r and M i u p n a i l c- C r o a r t p e o- By ratings ]ly groups 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—June 1.56 1.63 2.35 1.58 2.54 2.87 2.61 2.69 2.86 3.29 2.68 3.03 2.89 July 1.58 1.63 2.34 1.57 2.53 2.85 2.60 2.68 2.85 3.26 2.68 3.00 2.87 August. . . 1.59 1.68 2.36 1.70 2.56 2.86 2.61 2.70 2.85 3.26 2.68 3.02 2.86 September 1.56 1.68 2.37 1.79 2.56 2.85 2.62 2.70 2.85 3.24 2.67 3.05 2.85 October.. . 1.50 1.62 2.35 1.76 2.54 2.84 2.62 2.70 2.84 3.20 2.65 3.03 2.84 November 1.42 1.56 2.33 1.70 2.54 2.82 2.62 2.68 2.81 3.15 2.64 2.99 2.81 December. 5 1.38 1.51 2.33 1.64 2.54 2.80 2.61 2.68 2.79 3.10 2.64 2.96 2.79 1946—January. . 1.31 (6) 2.21 1.57 2.43 2.73 2.54 2.62 2.73 3.01 2.57 2.89 2.71 February.. 1.28 (6) 2.12 1.49 2.36 2.68 2.48 2.56 2.70 2.95 2.54 2.83 2.65 March 1.28 (6) 2.09 1.49 2.35 2.66 2.47 2.54 2.69 2.94 2.54 2.80 2.64 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 June 1.43 (6) 2.16 1.55 2 .42 2.71 2.49 2.59 2.73 3.03 2.59 2.85 2.70 Week ending: June 1... 1.48 (6) 2.18 1.55 2.44 2.71 2.51 2.58 2.73 3.03 2.60 2.84 2.70 June 8... 1.46 (6) 2.17 1.55 2.44 2.71 2.50 2.59 2.73 3.03 2.60 2.85 2.70. June 15... 1.42 (6) 2.15 1.55 2.43 2.71 2.49 2.59 2.73 3.03 2.59 2.85 2.70 June 22... 1.41 (6) 2.15 1.55 2.40 2.71 2.48 2.59 2.73 3.03 2.58 2.85 2.69 June 29... 1.41 (6) 2.16 1.56 2.40 2.71 2.49 2.59 2.73 3.03 2.59 2.85 2.69 ^»Jpal bonds, which are based on Wednesday figures. Department. • 4 O M ta o .l o lu d a y .I ' U s I c n u v m e s i to w r i s a S e v r ^ v u i i c p e v , j i w a.i e -. e iu k i i. e nding Friday. Bec w au . s » e -> . o m f - l a im om ite j d v n c u pimmau bbmeerr c oi o ifL f .ssuuiittaabbllee iisssues, 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. JULY 1946 781 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock prices5 Corporate4 Common (index, 1935-39=100) V of o l t u ra m d e ing7 (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 - Medi I u n m d - u s a - nd l R o a w i e l- r-gra P d u e blic fau D lt e e - d er P r r e e d - 6 Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c s s a h n a d r s e s o ) f Total trial road utility 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—June 102.38 141.5 122.1 118.1 122.2 115.5 116.7 81.4 190.9 121 122 144 106 1,828 July 102.46 141.6 122.3 117.9 122.2 115.2 116.4 80.4 189.6 118 119 140 108 951 August 102.22 138.8 121.7 117.2 121.7 114.4 115.5 75.6 188.1 118 119 131 107 1,034 September 102.02 137.0 121.6 117.1 121.4 114.4 115.6 74.5 186.7 126 128 138 111 1,220 October 102.38 137.7 121.9 117.7 122.0 115.3 115.7 76.6 188.0 132 135 145 114 1,556 November 102.60 139.0 122.0 118.3 122.5 116.6 116.0 78.9 192.2 137 139 154 121 1,961 December 102.68 140.1 121.9 119.0 123.1 117.5 116.2 82.1 195.3 140 142 157 120 1,626 1946—January 104.59 141.6 123.8 119.7 123.9 118.9 116.3 84.9 197.9 145 148 164 124 2,183- February 106.03 143.4 124.5 120.0 124.4 119.6 116.1 85.4 200.5 143 146 160 124 1,776 March 106.46 143.4 124.5 120.1 124.5 119.9 115.9 82.7 203.1 142 145 154 123 1,116 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 104.82 142.1 123.7 119.5 123.9 118.6 116.0 81.8 201.8 154 159 157 129 1,311 June 105.28 142.0 123.9 119.5 123.9 118.7 116.0 83.2 202.4 153 157 162 130 1,086 Week ending: June 1 104.92 142.0 123.7 119.7 124.1 118.6 116.5 82.8 201.8 159 163 164 132 1,812 June 8 105.18 142.0 123.6 119.4 123.4 118.5 116.2 82.3 201.8 156 160 160 131 1,116 June 15 105.36 142.0 123.6 119.5 123.7 118.8 116.0 83.4 202.4 155 159 164 132 1,038 June 22 105.37 142.0 124.2 119.8 124.4 118.8 116.0 83.9 202.9 152 156 164 130 1.167 June 29 105.20 141.8 124.0 119.5 124.0 118.7 115.8 83.1 202.4 150 153 159 129 1,02? i Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 8 Average of taxable bonds due or callable in 15 years and over. * Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. * Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 8 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 BULLETINfor May 1945, pp. 483-490. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic Year or month f ( i u a n r n n n e e g d d - w ) - m T e ( a e i f o d g n o s 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 t n d e r d s a s te Stocks e F i o g r n - 2 m T e ( a e i f o d g n o s o t n d t r a i - - ) c l Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a p o o n o n t d e r d s a s te Stocks F ig o n r- 2" 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 ,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 "2 1,532 1,442 259 497 685 603 82 90 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 IS 1945 7,958 1,764 1,752 471 26 1,255 602 654 12 6,194 6,146 324 912 4,911 4,256 655 48 1945—May 584 187 186 28 158 103 55 397 395 19 367 272 95 June 169 52 52 43 1 1 117 117 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 79 127 17 111 334 311 23 284 238 46 23" April 1,097 373 373 61 290 118 172 723 698 326 363 277 85 25 May. . . 1,037 310 302 103 192 99 93 728 728 17 664 536 127 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. 782 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 gross net New money Retirement of securities proceeds2 proceeds3 Repa o y f ment Other Total Plant and Working Total Bonds and Preferred other debt purposes equipment capital notes stock 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—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 Mav 820 802 149 89 60 610 497 113 28 14 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Year or month Total Retire- All Total Retire- All Total Retire- All Total net New ment of other net New ment of other net New ment of other net pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- proceeds ties poses4 ceeds ties poses4 ceeds ties poses4 ceeds 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 1942 . ... 47 32 15 464 145 292 27 527 293 89 146 4 1943 160 46 114 469 22 423 25 497 228 199 71 21 1944 . ... 602 102 500 1,400 40 1,343 17 1,033 454 504 76 107 1945 1,436 115 1,320 2,196 61 2,083 51 1,865 732 984 149 194 1944—November.. 52 4 48 272 7 265 47 22 23 1 2 December.. 82 82 21 20 34 24 7 3 42 1945 Tanuarv 119 119 65 65 82 28 54 10 February... 108 "il 96 60 60 27 9 16 i 18 March 124 2 122 93 41 50 4 April 360 14 346 139 12 127 1 118 64 38 15 2 15 May 75 18 57 184 1 183 223 117 89 17 June 30 30 59 3 49 7 July 105 12 93 301 4 297 480 163 301 16 August 84 10 74 115 1 110 4 221 63 111 47 September.. 270 4 266 371 364 6 130 87 38 6 October 246 27 219 565 15 523 26 218 89 107 23 42 2 35 5 49 17 26 6 December. . 68 19 50 200 23 169 8 166 51 106 9 1946—January 7 7 43 1 43 181 98 68 15 February... 150 1 148 1 32 1 31 100 26 59 15 M^arch 192 2 190 78 1 76 126 94 13 19 April 98 1 97 138 6 119 13 412 198 157 56 Mav 76 7 69 405 5 389 11 285 123 136 25 3S 3S Other New money 46 218 57 8 9 42 55 4 13 61 88 1 42 8 7 4 12 1 40 11 13 10 27 27 27 13 9 10 18 37 NO 00 ON Retire- All ment of other securi- purties poses* 72 4 152 20 7 7 7 1 88 5 9 104 18 21 4 4 42 3 60 47 1 2 6 5 1 1 2 i 29 2 5 1 5 4 1 10 15 9 3 15 6 7 9 2 8 7 3 9 14 17 6 1 Estimates of new issues sold for cash in the United States. Current figures subject to revision. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 1 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agentsf etc., and expenses. * Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. 783 JULY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups P d r i o v f i i d ts e n a d n s d Year or quarter Total s I a t r n e o d e n l c M e h r i a y n - - to b A i m l u e o - s - e p t O m r q t o a i 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 o n c o t o t d n a d s u - l - s s O g d o u b t o h l r e a d e - r s t F b o a o e a b g v o n a e e d d c s r s , c - , o p r r a e o i i O n n f n d i i g g d n l u - c- c I h n t c r e d a i m u a ls l s i - - O g d n o b u t o o h l r n e a d e - - r s n c s M i e e e c l o r i e l v s u a s - - - s pr N of e i t ts1 fe P D r r r e e i - v d ide C n m o d o m s n - Number of companies. 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,163 325 193 274 227 153 113 159 174 207 187 152 1 137 92 705 1942 1,769 226 159 209 182 138 90 151 152 164 136 161 888 88 552 1943 1,800 204 165 201 180 128 83 162 186 170 149 171 902 86 556 1944 1,896 194 174 222 190 115 88 175 220 187 147 184 970 86 611 1945 1,925 188 163 243 169 108 88 199 223 187 154 203 989 85 612 Quarterly 1942—l .... 413 52 38 46 2 46 36 / 19 32 35 39 39 31 205 21 134 2 358 52 35 25 2 43 32 18 32 27 35 27 32 174 23 135 3 445 51 36 46 2 43 34 22 42 42 41 35 52 213 20 125 4 553 72 49 92 2 50 36 30 44 49 48 35 46 296 23 158 1943—i 430 52 39 47 2 48 34 19 39 36 41 36 39 209 21 127 2 433 47 41 50 246 32 22 37 42 41 36 38 221 22 132 3 . .. 461 51 41 52 2 46 31 20 43 49 40 39 50 226 21 127 4 477 53 45 53 2 41 31 23 43 58 47 38 44 246 22 170 1944—1 444 47 40 52 2 52 29 20 38 49 42 36 39 224 21 142 2 459 46 40 55 2 47 30 22 43 52 43 37 43 230 22 149 3 475 47 38 55 2 47 28 21 45 56 49 37 52 244 20 137 4 518 55 55 59 2 43 28 25 49 64 53 37 50 272 23 184 1945—i 492 49 38 63 2 50 31 21 45 62 48 39 45 250 20 142 2 508 53 42 77 2 47 27 21 46 64 45 38 47 269 22 145 3 . .. 439 37 35 46 2 36 23 20 50 61 43 37 53 224 21 145 4 485 49 47 58 2 36 27 26 58 37 51 40 58 246 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] Railroad8 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 tax6 tax6 tax6 1939 3,995 126 93 126 2,647 629 535 444 J 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 L 235 271 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 L 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 L 641 399 174 168 1945 8,902 755 447 253 3,695 906 523 399 396 177 173 Quarterly 1942—1 .... 1,483 178 90 24 816 234 131 98 324 72 41 44 2 1,797 390 198 46 770 196 104 96 337 75 41 42 3 2,047 556 286 30 792 195 105 84 342 72 39 39 4 2,139 534 327 101 839 222 150 131 359 83 43 38 I943—1 2,091 515 214 29 864 254 136 99 366 88 42 40 2 2,255 608 244 52 835 221 118 100 382 96 44 42 3 2,368 653 250 36 859 210 114 99 391 94 45 43 4 2,340 435 166 100 906 228 133 113 398 96 48 43 1944—1 2,273 458 148 31 925 262 135 94 400 97 42 42 2 2,363 511 174 55 886 241 123 102 406 101 43 42 3 2,445 550 180 30 878 207 111 94 409 98 43 42 4 2,356 452 165 130 929 205 130 101 426 104 46 43 I945—1 2,277 425 139 30 971 292 139 102 436 115 46 41 2 2,422 504 187 72 909 233 123 96 444 109 45 44 3 .... 2,231 229 125 29 887 211 116 92 449 103 44 43 4 1,972 -404 -4 123 928 171 145 109 474 70 43 46 1946—1 1,866 38 14 56 971 280 176 107 475 84 54 44 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 Partly estimated. * Class I line-haul railroads, covering about 95 per cent of all railroad operations. 4 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 6 Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. 6 After all charges and taxes except Federal income and excess profits taxes. Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures prior to 1942 are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN. 784 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 Totals Treasury cates of Treasury Treasury 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 L.37O 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 11,460 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 June.... 258,682 256,357 181,319 17,041 34,136 23,497 106,448 56,226 45,586 10,136 18,812 ',326 409 1945—July 262,045 259,781 183,080 17,025 34,472 23,498 107,890 57,143 46,508 10,119 19,558 1,264 484 Aug 263,001 260,746 183,334 17,038 34,430 23,498 108,172 57,379 46,715 10,148 20,033 1,255 515 Sept 262,020 259,630 182,833 17,018 35,072 23,498 107,049 56,278 46,741 9,021 20,519 1,391 527 Oct. 261,817 259,439 182,790 17,026 35,021 23,498 107,049 56,072 46,786 8,776 20,577 2,378 541 Nov 265,342 262,849 185,112 17,026 35,021 23,498 109,371 57,028 47,473 9,058 20,710 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 L ,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 L ,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 June.... 269,422 268,111 189,606 17,039 34,804 18,261 119,323 56,173 49,035 6,711 22,332 L,311 467 1 Including amounts held by Government agencies and trust funds, which aggregated 7,009 million dollars on May 31, 1946. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and depositary bonds not shown separately. 3 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. 4 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, JUNE 30, 1946 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Am ou o t u - nt Funds receive m d o f n ro th m sales during m t R i a o e t n d u s e r m a it n i p e d - s Month standing at end oi Treasury bills1 Treasury bonds—< month All Series Series Series All July 5,1946.. 1,312 Dec. 15, 1949-52. 491 series E F G series July 11, 1946. . 1,317 Dec. 15, 1949-53. 1,786 July 18, 1946. . 1,310 Mar. 15, 1950-52. 1,963 July 25, 1946. . 1,315 Sept. 15, 1950-52. 1,186 1944 Dec 40,361 2,386 1,855 125 406 365 Aug. 1,1946... 1,309 Sept. 15, 1950-52. 4,939 Aug. 8, 1946... 1,308 Dec. 15, 1950 2,635 1945—Jan 41,140 1,074 804 42 228 341 Aug. 15, 1946. . . 1,301 June 15, 1951-54. 1,627 Feb.... 41,698 848 653 31 164 323 Aug. 22, 1946.. . 1,314 Sept. 15, 1951-53. 7,986 Mar.... 42,159 889 712 27 151 464 Aug. 29, 1946.. . 1,313 Sept. 15, 1951-55. 755 Apr.. . . 42,626 838 684 23 130 404 Sept. 5, 1946... 1,313 Dec. 15, 1951-53. 1,118 May... 43,767 1,540 1,195 63 282 426 Sept. 12, 1946... 1,310 Dec. 15, 1951-55. 510 June.. . 45,586 2,178 1,468 178 532 403 Sept. 19, 1946... 1,310 Mar. 15, 1952-54. 1,024 July... 46,508 1,295 1,032 47 215 428. Sept. 26, 1946.. . 1,306 June 15, 1952-54. 5,825 Aug 46,715 700 571 22 107 531 June 15, 1952-55. 1,501 Sept.... 46,741 514 420 18 76 528 Cert, of indebtedness Dec. 15, 1952-54. 8,662 Oct.... 46,786 625 510 8 107 616 A Se u p g t . . 1 1 , , 1 1 9 9 4 4 6 6. 7A 4 2 , , 3 4 3 7 6 0 J J u u n n e e 1 1 5 5 , , 1 1 9 9 5 5 4 3 - - 5 5 6 5 . . 6 7 8 2 1 5 D No e v c... 4 4 8 7 , , 1 4 8 7 3 3 1 1 , , 2 1 5 8 4 4 9 8 0 6 8 5 5 8 4 3 2 26 6 2 5 5 5 3 5 3 9 Oct. 1, 1946. 3,440 Mar. 15, 1955-60. 2,611 Nov. 1946. 3,778 Mar. 15, 1956-58. 1,449 1946—Jan 48,588 960 641 40 278 629 Dec. 1946. 3,768 Sept. 15, 1956-59. 982 Feb.. . . 48,692 622 367 30 225 565 Jan. 1947. 3,330 Sept. 15, 1956-59. 3,823 Mar.... 48,733 626 371 27 228 634 Feb. 1947. 4,954 June 15, 1958-63. 919 Apr.... 48,828 668 388 30 251 621 Mar. 1947. 3,133 June 15, 1959-62. 5,284 May... 48,917 594 345 24 225 552 Apr. 1947. 2,820 Dec. 15, 1959-62. 3,470 June.. . 49,035 571 321 24 226 519 June , 1947.. 2,775 Dec. 15, 1960-65. 1,485 June 15, 1962-67. 2,118 Treasury notes Dec. 15, 1963-68. 2,831 Maturities and amounts outstanding, June 30, 1946 July 1,1946 .90 4,910 June 15, 1964-69. 3,761 Dec. 15, 1946 3,261 Dec. 15, 1964-69. 3,838 Mar. 15, 1947 1,948 Mar. 15, 1965-70. 5,197 Year of All Series Series Series Series Sept. 15, 1947 2,707 Mar. 15, 1966-71. 3,481 maturity series B-D E F G Sept. 15, 1947 1,687 June 15, 1967-72. 7,967 Sept. 15, 1948 3,748 Sept. 15, 1967-72. 2,716 Dec. 15, 1967-72. 11,689 1946 221 221 Treasury bonds 1947 424 424 Oct. 15, 1947-52... 4M 759 Postal Savings 1948 . . 498 498 Dec. 15, 1947 2 701 bonds 2H 117 1949 800 800 Mar. 15, 1948-50 2 1,115 Conversion bonds.... 3 13 1950 984 984 Mar. 15, 1948-51... 2% 1,223 Panama Canal loan. .3 50 1951 . . 1,620 437 1,182 June 15, 1948 1% 3,062 1952 4,691 4,691 Sept. 15, 1948 2% 451 Total direct issues.... 189,606 1953 8,515 7,137 212 1,165 Dec. 15, 1948-50 2 571 1954 11,326 8,484 574 2,268 June 15, 1949-51 2 1,014 Guaranteed securities 1955 10,153 7,125 645 2,383 Sept. 15, 1949-51 2 1,292 Federal Housing Admin. 1956 . ... 5,266 1,808 723 2,735 Dec. 15, 1949-51 2 2,098 Various 43 1957 3,062 578 2,484 1958 1,544 164 1,380 Unclassified. . -69 1 Sold on discount basis. See table on Open-Market Money Rates, p. 781. Total 49,035 3,365 30,427 2,895 12,416 JULY 1946 785 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- End of month s i b e n T c e te u a o r r r t e i i a n t s l i g t e - s Total m b C a e n o r m k ci s a - l * R F B e e a d s n e e r k r v a s e l Total v I id n u d a i- ls p I c a n a o n s n m c u ie e r - - s M s b a a v u n i t n u k g a s s l a r c s a o a s t o r n i p o c d o n ia - s - l g e a o o r n c n v d a - - l a m nd e n t t r u a s g t en fu c n ie d s s tions 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—June 139,472 59,402 52,200 7,202 80,070 30,300 13,100 5,300 15,700 1,300 10,871 3,451 December 168,732 71,443 59,900 11,543 97,289 37,100 15,100 6,100 20,100 2,000 12,703 4,242 1944—June 201,059 83,301 68,400 14,901 117,758 45,100 17,300 7,300 25,700 3,200 14,287 4,810 December ...... 230,361 96,546 77,700 18,846 133,815 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—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 Inarch .... 275,290 111,601 89,000 22,601 163,689 63,800 25,000 11,200 ••29,200 6,400 21,135 7,046 April 273,244 111,332 88,600 22,732 161,912 63,400 25,000 11,300 27,500 6,400 21,224 7,045 r 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 tu u al - 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 0) banks panies trust trust funds funds Total:2 Treasury bonds: 1945—Sept.. 182,870 6,09423,32876,939 9,84521,43745,227 Total: Oct... 182,829 6,14623,27677,547 9,84721,50144,512 1945—Sept.. 107,049 5,926 977 42,834 9,360 20,348 27,604 Nov. . 185,151 6,10423,47278,935 9,58721,37545,679 Oct... 107,049 5,926 977 43,477 9,360 20,343 26,964 Dec... 198,820 7,00924,26282,83010,49123,18351,046 Nov. . 109,371 5,911 977 44,564 9,176 20,192 28,551 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 7,03022,90485,19210,87123,89549,957 1946—Jan... 121,358 6,905 947 47,253 10,445 22,80733,000 Mar. . 197,104 7,01622,60181,86110,95524,00850,663 Feb... 121,635 6,909 947 47,429 10,565 22,812 32,974 Apr... 195,120 7,01422,73281,47711,02624,06048,811 Mar.. 121,177 6,882 903 47,414 10,56122,896 32,523 Apr... 121,177 6,884 903 47,908 10,599 22,972 31,912 Treasury bills: Maturing within 1945—Sept. . 17,018 18 13,234 2,035 10 1,721 5 years: Oct... 17 026 21 13 172 1,978 6 1,850 1945—Sept 7 725 381 5,126 181 320 1,714 Nov. . 17,'026 18 12,593 2,306 14 1 2,094 Oct... 7,725 379 5,177 184 304 1,681 Dec... 17,037 5 12,831 2,476 1 1,723 Nov 8,214 456 5,387 173 277 1,917 1945—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 l,fS12 2 6 2,239 Feb.. . 10',879 478 7',320 159 257 2',666 Apr... 17 054 g 13,661 1,875 8 1,502 Mar. . 11,613 561 7,887 174 288 2 701 Apr... 11,613 561 8,019 179 268 2^585 Certificates: Maturing in 5-10 1945—Sept. . 35,072 55 7,18416,209 211 494 10,918 years: Oct.. . 35,021 77 7,20616,230 221 553 10,735 1945—Sept.. 49,180 L.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 Apr... 38,408 69 6,50519,598 205 549 11,483 Mar. . 45,261 1,154 31,247 2,052 3,603 7,202 Apr... 45,261 1,153 31,502 2,000 3,513 7,092 Treasury notes: Maturing in 10-20 1945—Sept.. 23,498 53 1,93315,830 260 581 4,841 years: Oct... 23,498 80 1,92015,834 258 591 4,815 1945—Sept. . 16,748 982 4,388 2,868 2,493 6,020 Nov. . 23,498 71 2,102 15,678 223 607 4,817 Oct... 16,748 985 4,451 2,928 2,505 5,880 Dec... 22,967 8 2,120 15,701 179 576 4,383 Nov. . 16,880 907 4,371 2,966 2,458 6,178 1946—Jan.. . 19,551 8 1,40513,652 176 546 3,764 Dec... 20,532 967 5,406 3,298 2,995 7,865 Feb... 19,551 7 1,37313,625 184 538 3,824 1946—Jan... 20,643 970 5,479 3,427 3,054 7,711 Mar.. 18,261 9 1,46312,292 211 520 3,765 Feb... 20,692 972 5,541 3,476 2,986 7,718 Apr... 18,261 9 1,66312,071 211 527 3,779 Mar.. 20,701 973 5,596 3,422 3,012 7,696 Apr... 20,701 975 5,687 3,484 3,100 7,454 Guaranteed Maturing after 20 securities: years: 1945—Sept.. 37 7 12 2 13 4 1945—Sept.. 33,394 4,141 2,521 3,257 13,357 10,120 Oct... 39 7 12 2 13 4 Oct... 33,394 4,140 2,609 3,277 13,466 9,900 Nov 39 7 13 3 14 3 Nov. . 35,095 4,139 2,679 3', 333 13,51111,432 Dec. . 41 7 11 3 14 6 Dec... 42,526 5,073 2', 532 4,300 15]14115^482 1946—Jan... 39 7 12 3 13 4 1946—jan# t 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 4^802 15,'87115,150 Mar. . 40 8 13 3 13 3 Mar. . 43,600 5 098 2 679 4 90915 99114 922 Apr... 41 8 11 3 13 6 Apr... 43,600 5*100 2,695 4*, 93616^09014^783 * 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 Apr. 30, 1946, commercial banks reporting to the Treasury held 28,615 million dollars of U. S. Government securities due or callable within one year out of a total of 67,564 million outstanding. 2 Including 196 million dollars of Postal Savings and prewar bonds not shown separately below. 786 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Period W I h n e c i l t o d h m 2 - e O ta t x h e e s r 1 n i c r M n n e e e n t u l o v a i e l e s u e a l r - 1 - - - s S S ta r o e i x c c ty e i u a s - l O ce r t i e h p - e t r s T ce o r i e t p - a t l s c N e r i e e p - t ts3 I d n e 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 s t s o - , O p tu e e t n r x h e d - e s r i- e b i T x t u u p o d r e t g e n a e s l d t - D c e i f t i- c T o e a u r tc c u n - . s * t t s, C f a g h b e u n i e a a r n n a c n n l d - l e - ge c g d r I r e e o n b a s - t s s e Fiscal year ending: June 1944 8,39326,262 5,291 1,751 3,711 45,40844,149 2,60987,039 556 3,540 93,744 -4,051 + 10,66264.307 June 1945... . 0,28924,884 6,949 1,793 3,82447,74046.457 3.61790.029 1,646 5,113 100,40553,948 + 798 +4,529 57,679 June 1946 9,39221,493 7,725 1,714 3,915 44,23943,038 4,722 48,542 1,918 9,837 65,01921,981 +781 -10,460 10,740 1945—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 1,200 466 877 306 432 3,281 2,997 99 6,399 162 694 7,354 4,357 -50 -3,451 956 September. 768 3,440 573 69 342 5,192 5,189 647 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 64: 51 397 3,848 3,819 309 3,417 684 482 4,891 1,073 -276 -577 772 February. . 1,086 1,704 584 310 191 3,875 3,678 118 2,702 148 543 3,510 + 168 +39 +534 327 March 658 4,180 649 100 176 5,762 5,74 646 2,550 1,383 4,602 +1,146 +462 -1,593 -3,201 April 1,118 642 65 424 2,734 2,67 174 2,560 200 1,316 4,251 1,573 +254 -3,433 -2,114 May 966 44: 615 285 690 2,998 2,733 106 2,18: 1,294 3,677 944 -139 -2,398 -1,316 June 650 2,742 615 76 399 4,48 4,479 1.395 2,442 1,671 5,513 1,034 -103 -4,2'"' -3,161 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security accounts Net ex- Other Assets penditures Period c N e r i e e p - t ts I m n e v n e t s s t- p t e E u n r x d e - s i- c i G a n o i g n m o u c e g v n h n e e t e c n a s r i c c t n e o k - - s f - ce R i e p - ts I m nv e e n s t t s - p t e E u n r x d e - s i- Total R F p e e D o d s i s e n e e i r - r t v s a e l d s p p e D o p e i s n c e o i i - s t a s i 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 g a e f l n u e a n r n d a c l e Banks taries Fiscal year ending: 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 June 1946. . .. 2,940 1,261 1,618 -952 4,723 4, 14,708 1,006 12,993 708 470 14,238 1945—June 217 482 42 778 701 663 3 25,119 1,500 22,622 997 421 24,698 July 312 203 51 222 579 441 89 22,469 1,252 20,303 914 386 22,082 August 543 239 56 -26 336 172 487 19,018 1,300 16,874 844 387 18,631 September. 52 241 91 51 407 163 9 16,582 1,755 13,989 839 447 16,134 October.... 132 -66 146 -274 284 80 228 13,307 1,124 11,389 794 494 12,813 November. 419 38 143 -79 295 65 158 14,849 1,372 12,694 784 404 14,445 December.. 54 198 149 -395 260 54 195 26,520 1,674 24,044 802 517 26,003 1946—January. . . 178 -36 178 -9 810 583 548 25,851 1,011 24,030 810 424 25,427 February. . 355 -13 178 9 393 225 309 26,414 1,209 24,447 758 453 25,961 March 64 87 174 -635 181 72 85 24,743 2,160 21,776 807 376 24,367 April 135 -60 155 -4 326 133 -18 21,293 1,124 19,502 667 359 20,935 May 465 72 158 181 390 165 419 18,859 1,230 16,949 681 323 18,536 June 232 359 140 463 292 14,708 1,006 12,993 708 470 14,238 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). 1 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. * Excess of receipts (+) or expenditures (—). Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516. INTERNAL REVENUE COLLECTIONS [On basis of reports of collections. In millions of dollars] ncome taxes Miscellaneousinternal revenue Period Total v i C r n i e d u d n u r i t - - al W he i l t d h 1 - V t t o a i r c x y - r c C a r o e t u r i n p o r t - o n - t B a a x c e k s E p ta x ro x c f e e i s s ts s p O ta r t o x h f e e i s t r s Total C st t t a o a a p x c l i k - E t a a g s n x i t f a d e t t s e b A h ta a e o l x g v c li e e e o c s r - - b t T a a x c o c e - o s S ta ta x m es p M r t e e t u a t x a a a n r x n c e i u i l d e r s e f s s e a r ' s c ' - n t c M a e e x o l i l e s u a - s s - Fiscal year ending: June 1943.... 16,299 5,771 686 4,137 557 5,064 84 4,571 329 447 1,423 924 45 670 732 June 1944.... 33,028 10,254 7,038 785 4,763 705 9,345 137 5,353 381 511 1,618 988 51 729 1,075 June 1945.... 35,062 8,567 10,263 1 4,422 66111,004 144 6,960 372 643 2,310 932 66 1,207 1,430 1945—May 2,406 201 1,751 70 79 295 10 571 64 180 83 6 116 121 June 4,025 1,127 46 858 79 1,895 21 572 62 191 93 6 104 116 July 2,242 318 1,249 1 161 75 429 8 791 105 49 198 84 6 121 228 August 1,916 87 1,461 -1 74 62 228 5 824 209 69 199 108 5 102 132 September. .. 3,553 1,112 32 768 46 1,584 11 531 7 34 198 101 6 93 93 October 2,031 271 1,094 191 47 421 6 706 30 44 243 120 7 122 140 November. . . 1,856 41 1,405 105 50 248 6 605 44 230 98 8 112 113 December 2,742 539 27 660 105 1,398 13 512 45 188 62 7 107 102 1946—January 3,189 1,670 604 151 222 536 6 643 61 221 96 8 136 121 February.... 3,206 949 1,848 -3 173 236 4 597 54 210 89 8 142 93 March 4 320 1 821 154 933 134 1,268 9 639 84 212 99 9 113 120 April 1 703 460 708 104 102 324 5 614 1 66 214 96 7 111 116 May 1,663 136 1,245 52 69 157 641 -1 64 214 113 8 123 119 »Withheld by employers (Current Tax Payment Act of 1943). JULY 1946 787 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 Liabilities, other than interagency items Corporation or agency Total Cash L c a e r o b e i - a l v e n - s m m C p s r t a l u i i o o a n i e a p e m t d d s l - e s s , i - , - - G U s ri e o t . c i v I e u S m n s t - . . v e e n O s r t s s t i e - t t c h ie u e s - r L s e t m u t a q a r r n e u u n e d n i c d s p t - , , -c U h u t a n r t r i d e b g d i - e s s - O s a t e s h - t e s r b a t B F g y u n a u u o r t n U e e a n l d l e s r d y . - d S s d p , . e a n b O y 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 v n t S r - - t - . o v in P w a e t t r s e n e i t r e - l - y d All agencies: June 30, 1945 33,55: 700 5,544 2,507 1,679 375 20,164 7721,811 502 1,163 4,162 27,266 459 Sept. 30, 1945 34,24 815 5,409 2,487 1,756 368 20,816 4422,154 551 1,135 4,486 27,610 465 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 20,784 460 1,741 536 1,133 4,959 26,218 479 Classification by agency, Mar. 31, 1946 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 248 20 183 43 240 8 Federal intermediate credit banks.. 334 10 279 43 267 2 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 1 14 Farm Security Administration.... 456 55 322 21 5 451 Other* 26 1 23 1 25 Federal Farm Mortgage Corp 151 9 137 4 143 Rural Electrification Administration. 432 4 422 432 Commodity Credit Corp ,401 521 31 759 492 1,163 -255 Federal Crop Insurance Corp 7 4 3 3 Federal Surplus Commodities Corp.. . 3 3 3 National Housing Agency: Federal Home Loan Bank Administration: Federal home loan banks 33S 153 166 69 98 Federal Savings and Loan Insurance Corp 168 163 100 Home Owners' Loan Corp 849 781 15 18 818 Federal Public Housing Authority and affiliate: Federal Public HousingAuthority 553 29 285 225 6 551 Defense Homes Corp 64 1 1 62 63 Federal Housing Administration 172 29 21 103 1 18 32 134 Federal National Mortgage Association. 7 7 (2) 7 R.F.C. Mortgage Company 38 26 7 5 32 Reconstruction Finance Corporation4. . 9,832 42 951 1,046 48 213 6,794 251 486 1,712 8,121 Office of Emergency Management:5 War Shipping Administration 8,910 304 39 7,818. 129 620 955 7,955 Office of Inter-American Affairs 14 13 () 9 5 Export-Import Bank 311 30 279 (*) 2 2 309 Federal Deposit Insurance Corp 997 17 5 965 11 698 160 139 Federal Works Agency 271 2 80 146 43 271 Tennessee Valley Authority 747 12 2 721 3 7 740 U. S. Maritime Commission 3,716 31 3 52 3,224 334 141 3,575 All other 1,943 39 77 27 1,752 30 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 m r p . t . . b c i m F n r a a e e t e n t e d d e d k r i i . - s - t f o B t o i p a r v e n e r c k s a o s - - m C C C r o o o e d m r d p i i - t . t y t R A r E t i i f u l d o i e r m c n c a a - l . - A F S r e a 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 a m d k n . e s R a a a . f F f t n i e l d . s i C - . B p p I E o a m o x r n - r t - t k - o A th l e l r a c g A i e e l n l s - 3 a 1 g , D e a 1 e n l c 9 c l . i 4 e 5 s , To aid agriculture 1,070 206 279 183 31 422 475 (2) 148 2,816 2,878 To aid home owners 794 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 153 32 185 227 Foreign loans 267 279 (2) 545 526 Other 285 316 (2) 114 715 707 Less: Reserve for losses. 72 70 (2) 1 (2) 152 13 4 (2) 127 438 438 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. '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 Finanqe 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. 788 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] I ( n p d h u y 1 s s 9 t i r 3 c i 5 a a l l - 3 v p 9 o r = l o u 1 d m 0 u 0 c e t ) i * o 2 n aw C a o c rd n o e s n d t t r r u a ( c v c t t a i s o lu n e)3 E 1 m 93 p 9 lo = y 1 m 00 ent4 Depart m Y a o n e n d a t r h 1 ( I m v 9 n = p a 3 c e a l o 5 1 n y u m - 0 - t e 3 s 0 ) e 9 Total D a u b f r l M a - e c a t n u u r N d - e u o s r n - - M er i a n l - s Tota 1 l 923 R d - t e 2 e ia n s 5 l - i = - 10 o 0 A th H er N t a c u g u o r r l a n - i- l - Factory 1 r 9 F t p o 3 o 1 a l a 9 r l c 0 y s y - 0 * = c 1 F a 9 i = r r n 3 e l g 5 o i 1 g s - 0 a * 3 h d 0 ' i 19 m s u = s ( 3 t a v e e 5 o l a 1 ) n - r l e 0 t * 3 - e s 0 5 ' W p m c = 1 r s h o i o 9 a c o 1 m 2 d l e 0 l e 6 i e s - 0 t - 4 y C 1 l 9 i o = v 3 s i 1 5 t n 0 - g 3 0 o * 9 f able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justec juste justed justed justed justed justed justed justed justed justed justed 1919... 72 84 7 6. 103.8 103. 120 83 138.6 124.5 1920... 75 93 8 6, 90 104.2 123.5 129 9' 154. 143.2 1921... 58 53 66 5< 6 79.8 79.7 110 92 97.6 127.7 1922... 73 81 7 71 88 88.2 85.5 121 9 96.7 119.7 1923. .. 88 103 9. 8 86 101.0 108 142 105 100.6 121.9 1924... 82 95 8< 94 94 93.8 101 139 105 98.1 122.2 1925.. . 90 107 9: 12: 121 97. 106 146 110 103.5 125.4 1926... 96 114 10C 12' 13. 98. 109 152 11 100.0 126.4 1927... 95 10' 10 12( 13< 96. 107 14' 114 95. 124.0 1928... 99 11' 9( 13. 14: 96. 109.1 148 115 96. 122.6 1929... 122.9 110 132 10 11 14: 102. 103. 117.1 152 11 95.3 122.5 1930... 109.1 91 9 9. 9 12. 95.« 89. 94. 131 108 86. 119.4 1931... 92.3 75 6 7' 8i 6. 8' 86. 75. 71.8 105 9 73.0 108.7 1932... 70.6 58 4 7i 6 2: 4C 75.5 64. 49.5 7, 75 64.8 97.6 1933. .. 68.9 69 54 7' 7i 2. 3 76.C 71. 53. 73 65.9 92.4 1934... 78.7 75 65 8 3 4! 83.8 83. 68. 83 74.9 95.7 1935. . . 87.1 87 82 9i 3 5C 87. 88. 78. 92 88 80.0 98.1 1936... 101.3 103 10 100 9' 5. 7C 94. 96.4 91. 107 100 80.8 99.1 1937... 107 113 122 106 11 5« 7' 100. 105.8 108. 11 10 86.3 102.7 1938.., 98.5 89 7 95 9 6 94.4 90. 84. 8< 9< 78.6 100.8 1939... 105.4 109 10 109 10C 7: 100.0 100. 100.0 10 106 77.1 99.4 1940... 113.5 125 13' 115 11 8 104. 107. 114. 109 11 78.6 100.2 1941... 138.0 162 20 142 12. 12 117.5 132. 167.5 130 133 87.3 105.2 1942. 174.6 199 279 158 12< 16C 235 126. 154.C 245.2 13; 149 98.8 116.5 1943...... 213.0 239 360 176 13: 61 130. 177. 334.4 13 168 103.1 123.6 1944 233 235 353 17 14C 4 127.5 172. 345. 140 186 104.0 125.5 1945 P239.1 203 274 166 13 6, 102 121.8 149.5 288.4 135 207 105.8 128.4 1943 March.... 206.9 235 232 351 174 133 132.0 175. 174.6 318.0 138 161 103.4 122.8 April 208.8 23 236 356 175 13 131.4 176.2 175.4 324.9 136 160 103. 124.1 May 209.4 239 23' 359 176 12' 130.9 176. 175.8 330.4 13. 15' 104.1 125.1 June 212.8 23 238 358 177 11 131.0 179.0 178.3 336.1 127 168 103 124.8 July 214.8 240 241 360 177 134 131.4 180.1 180,2 335.8 141 169 103 123.9 August.... 216. 24 245 365 178 135 130.9 180.2 181.4 343.1 140 166 103 123.4 September 216.8 244 248 368 179 138 130.1 179.6 180.8 349.5 140 166 103 123.9 October. 219.3 247 249 374 179 136 130.1 180.6 181.4 354.9 13 172 103 124.4 November. 222.9 247 247 376 180 133 130. 181.5 181.9 359.7 139 176 102.9 124.2 December 224. 241 239 365 174 137 130.1 179.9 180.3 350. 143 168 103.2 124.4 1944 January... 227. 243 240 369 176 139 130.0 178.8 178.3 351.6 145 174 103.3 124.2 February.. 232.4 244 240 36 177 14: 129.6 178.5 178 352.7 142 173 103.6 123.8 March 231.9 241 238 364 175 139 128.9 176.6 176.2 350.5 140 183 103.8 123.8 April 231.1 239 23 361 172 140 128.0 174.5 173.8 345.0 138 174 103.9 124.6 May 232.1 236 236 356 169 143 127.7 173 172.3 345.3 138 183 104.0 125.1 June 233.9 235 236 354 169 14 127.7 172.5 172.2 346.6 139 177 104.3 125.4 July 233.2 230 232 34 165 139 127.5 171.4 171.9 339.6 142 189 104.1 126.1 August.... 234.0 232 235 348 168 142 127.3 170.9 172.0 343.1 142 187 103.9 126.4 September 232.5 230 234 342 168 143 169 170.1 341.9 139 187 104.0 126.5 October. . . 235.5 232 234 344 169 14. 168.1 168.5 343.8 137 193 104.1 126.5 November. 237.5 232 232 341 173 14. 167.3 167.7 341.0 141 204 104.4 126.6 December 239.0 232 230 343 173 137 125.7 168.0 168.3 346. 7[ 137 197 104.7 127.0 1945 January.. . 241.9 234 230 345 175 140 48 75 126.6 168.1 167.7 345.6 144 198 104.9 127.1 February.. 245.2 236 232 346 176 141 59 96 126.7 168.0 167.5 344.8 139 210 105.2 126.9 March.... 244.1 235 232 345 176 142 7: 118 126.7 166.5 166.0 341.7 145 220 105.3 126.8 April 242.3 230 229 336 174 140 70 112 125.1 163.8 163.0 333.3 141 182 105.7 127.1 May 241.9 225 225 323 173 138 58 89 124.4 160.8 159.8 318.7 »"14i 189 106.0 128.1 June 244.6 220 220 308 173 144 50 73 123.4 157.2 156.9 314.6 140 202 106.1 129.0 July 243.4 210 211 292 165 143 54 79 122.7 151.7 152.1 298.7 139 218 105.9 129.4 August.... 236.0 186 188 239 157 140 61 91 121.5 147.6 148.7 267.3 128 200 105.7 129.3 S O N D e o c e p c t v t o e e e b m m m e b b b r e e . e . r r r . . . 2 2 2 2 3 3 3 2 4 5 1 9 . . . . 7 1 4 0 1 1 1 1 6 6 6 6 3 2 8 7 1 1 1 1 6 7 6 6 1 1 7 4 1 1 1 1 8 9 8 9 5 1 6 4 1 1 1 1 5 5 5 5 6 8 6 4 1 1 1 1 3 3 2 3 8 3 4 4 1 9 6 8 0 4 9 3 8 1 1 1 1 3 5 2 0 4 0 1 4 1 1 1 1 1 1 1 1 7 6 5 5 . . . . 3 4 4 8 1 1 1 1 2 2 2 2 7 7 7 8 . . . . 2 8 8 1 1 1 1 1 2 2 2 2 8 7 8 8 . . . . 2 6 5 4 2 2 2 2 2 2 2 2 4 2 6 2 . . . . 2 2 9 9 1 1 1 1 1 3 2 2 8 3 7 7 2 2 2 2 1 2 1 0 3 5 6 0 1 1 1 1 0 0 0 0 5 5 7 6 . . . . 2 9 1 8 1 1 1 1 2 2 2 2 9 9 8 8 . . . . 9 9 9 3 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 '139 >166 141 136 95 169 118.4 122.4 121.9 210.51 126 254 107.7 129.6 March 234.7 168 164 ••183 138 147 129 161 121.0 130.3 129.9 •233.1 139 263 108.9 130.2 April 233.5 165 163 191 163 104 170 172 168 122.4 136.9 136.1 249.1 '109 250 110.2 130.9 May P160 P159 P161 P116 P209 P157 123.5 138.1 137.0 106 257 111.0 131.5 * Average per working day. P Preliminary. r Revised. 1 Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 790-793. For points in total index, by major groups, see p. 808. * Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 797 of this BULLETIN. * The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 5 For indexes by Federal Reserve districts and other department store data, see pp. 799-801. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory employment, January and December 1943, pp. 14 and 1187, respectively, October 1945, p. 1055, and May 1946, p. 529; for department stores sales, June 1944, pp. 549-561. JULY 1946 789 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1945 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May 1 Industrial Production—Total... 230 225 220 210 186 167 162 168 163 160 152 168 165 Manufactures—Total 247 240 233 222 194 173 168 173 169 163 154 173 176 P167 Durable Manufactures. . . 336 323 308 292 239 194 186 191 185 166 139 183 191 P175 Iron and Steel 206 204 192 187 155 163 146 167 164 102 43 169 159 r>108 Pig iron 188 190 181 182 161 166 129 158 164 100 48 168 142 86 Steel 232 229 214 203 164 171 159 178 172 108 46 176 175 124 Open hearth. 184 182 173 172 142 154 139 160 155 95 38 161 148 99 Electric 573 567 505 421 319 296 307 306 293 199 106 286 '363 307 Machinery 419 405 393 371 310 230 232 231 232 217 190 206 P231 Manufacturing Arsenals and Depots1. Transportation Equipment 651 610 572 535 405 273 258 252 217 220 199 '210 Automobiles 231 218 207 188 142 105 120 137 95 107 '98 '115 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products... 263 248 219 196 165 139 144 148 147 151 139 141 132 Smelting and refining 194 188 184 183 171 150 148 147 140 140 128 123 109 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 291 272 234 202 162 135 143 148 155 144 148 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber snd Products. . . 119 118 116 110 107 98 92 108 130 128 Lumber. . . 109 108 104 98 98 89 76 83 72 95 108 117 123 P\22 Furniture.. 140 138 138 134 124 115 120 123 131 135 139 142 P141 Stone, Clay, and Glass Products. 167 162 166 169 160 161 161 158 164 172 '185 192 191 '177 Glass products 183 179 176 193 177 200 186 175 181 190 216 221 214 192 Plate glass 62 61 43 62 61 79 50 4 3 29 106 136 130 133 Glass containers 225 220 223 240 218 243 235 235 244 247 255 251 243 213 Cement 85 85 95 93 97 97 106 113 119 131 149 152 152 128 Clay products 122 115 121 117 110 110 116 119 124 144 144 150 148 P143 Gypsum and plaster products. . . 180 168 172 179 162 172 177 181 182 197 201 204 202 P191 A O b th r e a r s iv st e o n a e n d a n a d sb c e l s a t y o s p p ro ro d d u u ct c s t 1 s . . . . 300 295 298 287 260 220 218 215 217 199 '197 '218 229 P228 Nondurable Manufactures. . 174 173 173 165 157 156 154 158 156 161 166 165 163 P161 Textiles and Products 149 150 150 132 134 144 141 146 143 151 159 162 160 P163 Textile fabrics 137 138 138 121 123 134 131 135 132 140 '149 150 148 Cotton consumption 143 142 144 123 123 138 128 133 125 138 146 147 144 149 R N a y y lo o n n a d n e d li v s e il r k ie s consumption1. . 218 221 220 220 213 215 215 226 228 233 234 241 •245 246 Wool textiles 142 146 144 117 127 142 147 150 149 153 171 173 168 Carpet wool consumption. 36 42 40 33 58 82 93 89 104 110 135 138 122 Apparel wool consumption 233 243 234 185 172 186 191 193 184 200 222 229 224 Woolen and worsted yarn 147 151 152 124 136 154 156 160 156 158 175 174 170 Woolen yarn 153 161 162 129 145 158 156 163 159 160 177 176 172 Worsted yarn 139 137 137 117 125 149 156 156 152 154 171 171 169 Woolen and worsted cloth 161 165 161 129 136 144 149 154 153 155 170 173 173 Leather and Products. . . 122 121 127 109 108 119 112 116 111 117 133 134 130 Leather tanning 118 115 119 109 98 112 107 109 114 115 126 120 115 Cattle hide leathers 134 132 137 128 112 125 121 125 131 131 146 140 135 Calf and kip leathers 95 91 97 79 75 97 89 83 92 92 99 84 84 Goat and kid leathers. . . 61 62 56 50 47 52 46 51 49 54 64 ' 62 54 Sheep and lamb leathers. 146 132 137 133 130 151 145 140 139 151 146 '148 135 Shoes 125 126 132 109 114 123 116 120 118 138 144 109 141 Manufactured Food Products. 160 153 151 147 138 144 143 150 154 159 155 P142 153 152 W Ca h n e e a t s u f g lo ar u r meltings1 138 140 138 135 130 127 129 133 136 149 163 122 120 P93 Manufactured dairy products . P143 P133 P143 P148 P146 P148 P145 P154 P131 P116 P117 '122 '129 P120 Butter 87 87 90 89 85 75 72 65 59 59 58 59 65 62 Cheese 181 175 179 181 171 160 155 149 143 151 150 153 173 168 Canned and dried milk. .. 204 196 206 222 208 201 156 146 136 130 131 144 163 Ice cream Meat packing 134 132 141 140 133 141 129 155 155 131 178 140 130 120 Pork and lard 137 135 144 146 126 120 99 153 171 146 205 149 157 151 Beef 139 134 142 136 144 165 159 158 138 122 153 132 101 90 Veal 88 95 103 116 151 179 197 189 138 87 87 80 72 68 Lamb and mutton 121 128 142 133 110 125 134 135 148 105 184 157 132 94 9 Revised. * Preliminary. l Series included in total and group indexes but not available for publication separately. 790 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Manufactured Food Products—Continued Other manufactured foods 168 161 155 150 139 146 148 152 159 165 164 165 P153 Processed fruits and vegetables .... 170 149 139 134 101 109 128 128 1.38 143 140 153 151 Confectionery 156 151 129 108 107 108 108 113 137 145 143 139 P136 Other food products 169 165 163 161 155 162 160 165 168 174 174 173 169 P159 Alcoholic Beverages 144 136 139 193 173 192 201 216 212 231 238 176 169 Malt liquor 152 139 139 147 149 181 182 199 197 199 197 127 117 Whiskev 0 0 0 199 55 52 70 83 130 131 125 100 96 Other distilled spirits 67 61 57 448 399 236 218 223 274 431 524 370 356 Rectified liquors . . . 283 291 318 293 306 365 420 427 343 396 416 401 409 Industrial Alcohol from Beverage Plants^ Tobacco Products 120 128 139 128 150 160 167 154 112 143 156 161 154 16.1 Cigars 91 92 93 83 91 106 111 110 87 104 111 110 109 t to Cigarettes 143 156 177 162 195 206 216 194 139 185 205 217 205 219 Other tobacco products 90 94 90 88 98 99 96 94 64 71 69 65 69 71 Paper and Paper Products 140 141 142 135 131 143 143 142 134 133 140 148 146 vl43 Paper and pulp 136 136 137 131 129 138 139 138 132 130 136 143 141 P\ 38 Pulp . . 160 160 160 149 146 152 154 153 137 131 144 156 155 Groundwood pulp 114 108 116 120 118 124 124 114 95 93 96 98 96 Soda pulp 103 103 103 93 92 100 101 103 100 102 104 111 112 Sulphate pulp . .. 234 236 236 227 219 223 227 223 195 167 203 239 235 Sulphite pulp 141 140 138 122 120 126 129 131 120 125 130 132 131 Paper . . . 132 133 134 128 126 136 137 136 130 135 141 139 136 Paperboard 158 161 160 149 141 165 157 158 143 145 155 165 166 160 Fine paper 79 78 75 73 74 77 80 79 78 81 82 82 85 84 Printing paper . . 126 125 126 122 126 125 133 132 132 134 139 144 144 141 Tissue and absorbent paper 144 141 139 146 142 142 147 145 149 146 141 149 143 143 WraDPing paper 129 132 139 133 135 141 147 140 140 128 135 138 126 128 Newsprint 80 80 79 80 72 81 79 81 86 86 86 86 86 83 Paperboard containers (same as Paperboard) Printing and Publishing . 105 105 106 105 111 109 115 114 112 118 123 127 126 124 Newsprint consumption 85 85 85 88 96 93 96 96 92 102 108 110 108 108 Printing paper (same as shown under Paper) Petroleum and Coal Products 268 273 269 P267 P240 P184 P156 vl 74 P172 P166 P161 P168 Petroleum refining Gasoline 145 149 148 156 155 132 129 147 140 131 129 1 30 P135 Fuel oil 167 174 177 175 173 151 152 164 164 171 176 172 Lubricating oil 136 138 136 136 138 119 120 133 123 129 130 141 Kerosene 120 121 132 133 140 116 122 144 157 180 190 183 Other petroleum products1 Coke 161 168 163 165 153 152 116 148 154 116* 91 151 113 By-product coke . . 157 161 155 158 148 150 115 144 150 111' 85 145 116 Beehive coke 284 406 421 400 332 224 145 276 286 296 295 337 20 ' ' ' J Chemical Products 318 319 318 307 265 239 230 228 230 r234 '232 '232 235 P236 S P o a a in p ts 1 13 3 4 5 1 13 3 4 1 1 13 3 2 4 1 13 3 0 9 1 12 3 2 3 112366 1 12 3 4 9 1 12 4 4 2 1 12 4 7 2 1 13 4 0 5 1 12 4 6 7 1 12 4 2 8 1 1 2 5 3 0 P P 1 12 4 5 6 Rayon 241 240 243 243 222 237 238 244 246 251 255 r256 260 Industrial chemicals . 405 407 412 409 368 386 371 370 378 -384 -379 r382 39 "> P395 Rubber Products 233 224 222 218 193 172 191 192 205 215 r216 r221 219 P219 Minerals—Total . . .. 140 138 144 143 140 134 114 138 133 141 141 rl38 104 P116 Fuels 145 143 150 148 146 139 126 143 137 146 149 145 108 P123 Coal 136 125 148 140 135 142 112 149 132 150 152 159 32 Bituminous coal 138 145 153 146 144 148 110 159 142 159 160 168 10 pfiO Anthracite . . 131 47 129 117 102 114 120 112 94 114 121 -125 121 P125 Crude petroleum 150 152 151 153 152 138 133 141 139 144 147 138 145 P148 Metals 111 110 109 109 105 106 109 109 108 108 P95 P93 P82 Metals other than gold and silver 169 167 168 168 162 161 164 163 159 159 135 133 P113 Gold 23 24 22 23 22 25 27 30 33 P37 P39 Silver 61 54 49 42 47 51 54 51 48 P43 r Revised. P Preliminary. * 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. JULY 1946 791 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] 1946 Industry | I Apr. May June July Aug. Sept Oct. Nov. Dec Jan. Feb. Mar. Apr. May Industrial Production—Total. 229 225 220 211 188 171 164 167 161 756 148 164 163 159 Manufactures—Total 245 240 234 223 196 177 171 173 167 160 r151 170 174 167 Durable Manufactures... 335 323 308 292 240 195 187 192 184 164 182 191 176 Iron and Steel 206 204 192 187 155 163 146 167 164 102 43 169 159 >108 Pig iron 188 190 181 182 161 166 129 158 164 100 48 168 142 86 Steel 232 229 214 203 164 171 159 178 172 108 46 176 175 124 Open hearth. 184 182 173 172 142 154 139 160 155 95 38 161 '148 99 Electric 573 567 505 421 319 296 307 306 293 199 106 286 ••363 307 Machinery 419 405 393 371 310 230 232 231 232 217 190 206 225 >231 Manufacturing Arsenals and Depots x. . . Transportation Equipment.... 651 610 572 535 405 273 258 252 217 220 '199 210 249 '238 Automobiles 231 218 207 188 142 105 120 137 95 107 '98 115 164 '157 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products 263 248 219 196 165 139 144 148 147 151 139 141 132 '132 Smelting and refining 194 189 183 182 171 150 148 148 141 140 128 123 109 •109 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 291 272 234 202 162 135 143 148 150 155 144 148 141 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1. . .. Lumber and Products. 120 121 116 113 104 94 95 86 99 110 120 129 131 Lumber. . . 108 112 113 107 108 98 82 81 63 80 95 108 122 126 Furniture.. 140 138 138 134 124 115 120 123 131 135 139 142 144 141 Stone, Clay, and Glass Products 165 167 166 168 165 166 167 162 159 163 •174 184 188 182 Glass products 183 190 175 186 183 204 192 176 169 186 210 221 214 203 Plate glass 62 61 43 62 61 79 50 4 3 29 106 136 130 133 Glass containers 225 235 221 230 227 247 242 237 227 242 247 251 243 228 Cement 81 89 102 102 110 112 123 122 108 107 113 125 145 135 Clay products , 119 115 120 115 113 114 122 123 128 134 138 143 144 143 Gypsum and plaster products. . 177 169 175 179 162 176 182 183 186 190 191 197 198 193 A O b th r e a r s i s v t e o n a e n d a n a d sb c e l s a t y o s p r p o r d o u d c u t c s t 1 s . . 300 295 298 287 260 220 218 215 217 199 197 •218 229 '228 Nondurable Manufactures .. 171 172 173 167 159 161 158 158 154 157 162 161 160 160 Textiles and Products 149 150 150 132 134 144 141 146 143 151 159 162 160 >163 Texti C N R le o a y y t l f t o a o o n b n n r i a d c c n e s o d l n i v s s e u il r m k ie p c s t o i n on sumption x. . 2 1 1 1 4 3 8 3 7 2 1 1 2 4 3 1 2 8 2 1 1 2 3 4 0 8 4 2 1 1 2 2 2 1 0 3 2 1 1 1 2 2 3 3 3 2 1 1 1 3 3 5 4 8 2 1 1 1 3 2 5 1 8 2 1 1 2 3 3 6 5 3 2 1 1 2 2 3 8 5 2 2 1 1 3 3 4 3 8 0 2 1 1 4 4 3 9 6 4 2 1 1 4 4 5 1 7 0 • 1 1 2 4 4 4 8 4 5 246 Wool A C W W t a p e o o r p x o o p a t l l W W e i r e e l t e n n e o o l w s o r a a w s o l n n e t o o e n d d o l d l w w y c y c o a o o a o r n r r n r s s n s n t t u s e e u m d d m p c y p t l a i t o o i r t o n n h n . . . . . . 2 1 1 1 1 1 3 4 3 4 5 3 6 6 2 3 7 3 9 1 2 1 1 1 1 1 4 4 4 5 6 3 6 3 2 6 1 1 7 5 2 1 1 1 1 1 4 3 4 5 6 3 6 0 4 4 2 2 7 1 1 1 1 1 1 1 3 1 2 8 2 1 2 3 7 9 5 9 7 4 1 1 1 1 1 1 5 2 7 3 4 2 3 8 7 2 6 5 5 6 1 1 1 1 1 1 8 4 8 4 5 5 4 6 2 2 9 8 4 4 1 1 1 1 1 1 9 9 4 5 5 5 4 3 1 7 6 6 6 9 1 1 1 1 1 1 8 5 9 6 5 6 5 9 0 3 3 6 0 4 1 1 1 1 1 1 1 4 5 5 5 0 5 8 9 6 3 9 4 2 4 2 1 1 1 1 1 1 5 0 5 1 5 5 6 3 0 5 0 8 4 0 2 1 1 1 1 1 1 2 7 3 7 7 7 7 2 1 5 1 5 7 0 - 2 1 1 1 1 1 •1 2 7 7 7 3 7 7 9 6 3 3 8 4 1 2 1 1 1 1 1 1 2 2 6 7 7 6 7 2 4 8 2 0 9 3 Leather and Products. 122 121 126 107 107 118 113 117 111 117 137 134 129 L Sh e o a e th C G s C S e h a a o r l e t a f t e t t l a p e a a n n a h n n d n i d i d n d k e k g i l i p a l d e m l a l e b e t a h a l t e t e h h r a s e e t r r h s s e . . r . . s . . . . 1 1 1 1 9 6 4 2 3 1 1 3 3 5 4 7 1 1 1 1 8 6 1 3 4 2 7 1 5 2 2 6 1 1 1 1 9 5 3 3 1 3 9 7 2 5 6 2 1 1 1 4 0 2 2 7 9 3 0 3 8 1 1 9 4 0 3 7 7 6 9 4 9 1 1 1 1 9 5 2 1 2 4 5 2 3 0 3 8 1 1 1 1 9 4 2 4 0 1 1 6 2 5 8 6 1 1 1 1 1 5 8 3 2 4 3 0 6 0 0 8 1 1 1 1 9 3 1 4 0 3 0 1 3 9 9 2 1 1 1 1 1 9 5 3 4 1 5 0 4 4 0 8 1 1 1 1 1 6 5 3 0 6 3 7 7 6 4 0 8 1 1 1 1 " 4 8 1 4 4 6 4 2 9 0 4 2 1 1 13 8 5 3 1 5 1 6 2 4 109 114 141 Manufactured Food Products 145 146 150 157 151 166 153 151 149 143 144 '138 138 9135 W Ca h n e e a t s u fl g o a u r r meltings x 133 134 132 133 128 139 136 134 135 149 165 119 116 P89 Manu C C B Ic f h a u e a n e t c t e c n t e s r u e r e e r d a e m d a n d d a d ir r y i ed p r m od il u k c . ts .. . J» 2 1 1 3 8 8 4 1 9 9 9 2 2 1 7 3 1 2 4 2 P 2 2 2 1 8 5 0 2 9 4 4 4 P2 2 2 1 1 5 2 0 2 7 3 9 P 2 1 1 8 9 1 9 5 3 4 1 P1 1 1 5 8 6 7 5 5 4 2 P1 1 1 2 6 3 2 0 2 9 7 PI 1 1 5 0 O 1 O 0 5 2 P 1 1 8 4 0 0 4 7 5 3 P 1 1 7 0 4 1 5 5 9 2 P 1 1 5 8 2 1 1 5 3 8 P1 1 1 0 5 4 3 1 4 1 8 P ' 1 1 1 6 3 8 8 6 4 4 0 P 2 1 2 6 7 5 0 9 Meat P B o p ee r a k f c k a in n g d lard 1 1 1 2 2 3 5 5 1 1 1 1 3 3 3 2 5 4 1 1 1 3 3 4 9 9 4 1 1 1 3 2 3 1 9 7 1 1 9 1 4 7 9 6 1 1 9 7 3 5 9 4 1 1 9 3 7 3 3 3 1 1 1 7 7 6 1 9 4 2 1 1 2 8 3 5 2 8 1 1 1 5 9 2 5 1 5 2 1 1 0 7 4 1 1 1 1 1 1 2 3 2 9 8 0 1 1 9 4 2 5 3 0 1 1 9 5 2 0 1 0 Veal 86 98 103 116 148 197 224 202 130 81 76 75 71 70 Lamb and mutton 118 130 132 127 108 134 140 135 145 111 186 154 128 96 >• Revised. » Preliminary. iSeries included in total and group indexes but not available for publication separately. 792 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] 1946 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Manufactured Food Products—Continued Other manufactured foods 148 145 146 157 154 176 164 158 156 152 149 147 P143 P138 Processed fruits and vegetables. 104 97 107 174 165 242 165 118 108 93 88 84 92 P94 Confectionery 130 117 96 88 115 139 142 134 139 149 144 129 P113 Other food products 162 162 165 165 158 165 168 173 171 167 166 166 162 Alcoholic Beverages 148 147 162 214 175 199 214 201 188 198 211 162 164 Malt liquor 160 158 175 184 170 183 169 154 157 163 178 118 123 Whiskey 0 0 0 199 55 52 70 83 130 131 125 100 96 Other distilled spirits. 44 36 35 400 216 324 566 467 301 280 314 241 214 Rectified liquors 283 291 318 293 306 365 420 427 343 396 416 401 409 Industrial Alcohol from Beverage Plants x. . . Tobacco Products 115 128 133 155 169 173 157 104 142 148 152 147 164 Cigars 91 92 93 83 91 106 111 110 87 104 111 110 109 110 Cigarettes 133 156 186 170 204 220 225 198 128 185 193 202 190 219 Other tobacco products... 90 95 92 88 95 106 103 97 57 70 67 65 69 71 Paper and Paper Products 141 142 142 134 131 144 143 142 134 141 148 146 P143 Paper and pulp 136 137 137 130 129 138 139 138 131 130 137 143 141 Pulp 1 12 6 5 2 1 1 6 1 1 7 1 11 6 7 0 1 1 4 0 7 7 1 1 0 4 4 4 1 1 5 1 0 0 1 11 5 5 3 1 12 5 1 3 1 9 3 6 7 1 9 3 6 1 1 1 4 0 5 0 1 10 5 5 7 1 1 5 0 6 6 P139 Groundwood pulp 103 103 103 93 92 100 101 103 100 102 104 111 112 Soda pulp 234 236 236 227 219 223 227 223 195 167 203 239 235 Sulphate pulp 141 140 138 122 120 126 129 131 120 125 130 132 131 Sulphite pulp 132 133 134 128 126 136 137 136 131 130 136 141 139 136 Paper 158 161 160 149 141 165 157 158 143 145 155 165 166 160 W T N F P P i i a r e n s r i p w n s a e e u p t s r i e p p n p b a i r g o a n p i a n n g e p r d t r d a p p a a e b p r s e o r rbent paper 1 1 1 8 4 2 2 7 2 5 6 9 9 1 1 1 8 2 3 4 7 1 5 2 1 8 1 1 1 8 2 3 4 7 0 6 9 2 5 1 1 13 2 7 4 7 3 2 8 0 3 1 1 1 3 4 7 7 2 5 2 4 1 6 1 1 1 8 4 2 4 7 1 1 5 2 7 1 1 1 8 4 7 4 3 0 7 9 8 3 1 1 1 8 4 3 7 4 2 5 2 9 0 1 1 1 8 4 3 7 4 4 5 2 8 0 1 1 1 8 8 2 3 4 1 6 8 4 4 1 1 1 8 8 3 3 4 2 6 5 9 7 1 1 1 8 8 4 3 4 2 6 9 8 4 1 1 1 8 8 2 4 4 5 8 6 4 4 1 1 1 8 8 4 4 2 3 4 1 3 8 Paperboard containers (same as Paperboard) Printing and Publishing. 108 106 105 107 110 117 118 114 114 122 129 129 126 Newsprint consumption 90 88 84 87 94 101 104 96 94 106 114 114 112 Printing paper (same as shown under Paper) Petroleum and Coal Products 268 273 269 r>267 P240 P184 P156 P174 l 72 "161 P168 Petroleum refining Gasoline 145 149 148 156 155 132 129 147 140 131 129 130 P135 P138 Fuel oil 167 174 177 175 173 151 152 164 164 171 176 172 Lubricating oil 141 143 136 134 137 119 120 133 122 125 129 139 Kerosene 123 122 124 124 135 115 122 148 162 184 200 187 Other petroleum products l Coke 161 168 163 165 153 152 116 148 154 116 91 151 113 By-product coke 157 161 155 158 148 150 115 144 150 111 85 145 116 Beehive coke 284 406 421 400 332 224 145 276 286 296 295 337 20 Chemical Products... 320 318 315 303 261 239 232 230 231 r233 r233 '234 237 P235 Paints 137 135 138 132 135 139 140 142 142 145 148 151 ^150 Soap 131 130 130 129 131 130 125 127 127 124 122 121 121 Rayon 241 240 243 243 237 238 244 '246 251 255 •256 260 P259 Industrial chemicals 405 407 412 409 368 386 371 370 378 '384 '379 '382 392 P395 Explosives and ammunition l Other chemical products 1 Rubber Products.... 233 224 222 218 193 172 191 192 205 215 r216 219 P219 Minerals—Total.. 140 141 147 145 143 137 125 134 126 134 134 131 100 116 Fuels. . 145 143 150 148 139 126 143 137 146 149 145 108 P123 Coal 136 125 148 140 135 142 112 149 132 150 152 159 32 Bituminous coal. 138 145 153 146 144 148 110 159 142 159 160 168 10 Anthracite 131 47 129 117 102 114 120 112 94 114 121 125 121 Crude petroleum.... 150 152 151 153 152 138 133 141 139 144 147 138 146 Metals.. 109 131 125 124 123 116 80 61 60 P49 P48 P52 Metals other than gold and silver 166 207 204 196 192 188 175 111 79 78 58 57 P63 Iron ore 216 304 301 289 289 281 245 108 50 50 22 28 58 (Copper; Lead; Zinc)1 Gold 20 32 Silver 47 54 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 or October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. JULY 1946 793 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 1946 Apr. May Jan. Feb. Mar. Apr. May Mar. Apr. May Jan. Feb. Mar. Apr. Total 163.0 159.8 130.2 121.9 129.9 136.1 137.0 341.7 333.3 318.7 229.2 '210.5'233.1 249.1 Durable goods 217.5 211.5 144.1 '122.6 138.5 152.2 154.6 465.1 451.6 427.6 243.0 '199.6 '237.1 267.3 Nondurable goods 120.1 119.0 119.2 '121.4 123.1 123.5 123.2 221.0 217.5 212.2 215.7 '221.3 '229.2 231.4 Iron and Steel and Products 172.1 169.7 131.9 85.0 127.9 135.9 134.1 333.5 328.8 318 6 216.1 127.2 211.1 227.2 Blast furnaces, steel works, etc. . . 122 122 116 44 120 124 229 229 227 173 48 182 186 Steel castings 236 230 175 85 125 161 458 451 422 264 144 207 286 Tin cans and other tinware 131 130 120 . 91 105 117 231 228 213 208 149 178 206 Hardware 129 127 107 108 112 122 281 275 268 203 196 209 230 Stoves and heating equipment 134 131 112 95 103 108 270 265 247 197 159 182 194 Steam, hot-water heating apparatus 179 176 145 113 119 145 350 348 334 252 192 204 249 Stamped and enameled ware 155 153 123 104 117 127 331 323 313 225 189 216 240 Structural and ornamental metal work. . 190 179 126 '91 130 369 365 341 194 '134 -•201 Electrical Machinery 276.0 271.6 183.7 134.2 141.8 172.9 188.6 528.6 517.8 500 =;302.6 211.1 225.1 289.1 Electrical equipment 232 228 161 97 103 132 453 441 426 259 145 156 213 Radios and phonographs 263 260 151 149 157 165 529 521 501 272 272 286 303 Machinery except Electrical 224.0 219.9 180.9 '157.2 166.5 179.3 183.9 438.7 426.4 404.7 297.5 r255.3 277.9 300.7 Machinery and machine-shop products 218 214 165 146 155 170 420 410 386 273 239 258 290 Engines and turbines ?49 339 209 131 133 183 769 732 683 371 231 230 311 Tractors 178 174 171 r81 '129 130 288 278 272 249 -•105 '199 178 Agricultural, excluding tractors.. . 153 149 140 -•107 '109 108 325 313 289 234 "•166 -170 170 Machine tools 201 198 159 rl60 '156 162 382 371 348 2*2 -258 '257 261 Machine-tool accessories 254 250 186 186 186 187 457 449 430 284 277 287 284 Pumps 284 279 218 196 202 212 630 593 576 391 346 355 374 Refrigerators 142 139 135 125 124 144 266 260 250 164 168 194 228 Transportation Equipment, except Autos 1237.51153.0 326.9 '294.4'292. 6312.8 311.2 2767.92615.42396 0 559.1 r491.5 r512.5 570.8 Aircraft, except aircraft engines. . 1560 1450 299 r296 -•302 311 3190 3071 2837 514 521 ••537 566 Aircraft engines 2289 2167 240 239 249 295 4280 3957 3703 357 369 380 462 Shipbuilding and boatbuilding. . . . 1233 1132 360 329 318 315 2907 2711 2434 603 530 554 573 Automobiles 171.6 165.3 103.5 '103.0 mo.7 155.1 159.9 325.5 317.5 292.2 153.5 r142.4 '166.2 245.3 Nonferrous Metals and Products 184.6 183.4 145.3 126. < 138.4 144.9 148.4 364.0 360.0 347.3 256.1 228.7 250.8 263.8 Primary smelting and refining. . . . 142 140 128 122 109 104 265 269 262 225 211 191 181 Alloying and rolling, except aluminum 185 183 144 121 124 128 367 362 341 257 222 222 226 Aluminum manufactures 300 296 179 104 171 181 556 554 524 269 173 291 312 Lumber and Timber Basic Products.. . . 121.3 123.4 122.3 124.0 127.0 132.6 226.2 228.3 230 207.7 '219.9 '234.5 248.2 Sawmills and logging camps 74 75 70 70 72 75 140 141 142 118 123 132 140 Planing and plywood mills 94 93 89 91 91 93 168 167 164 149 '•161 '165 170 Furniture and Lumber Products 104.3 103.7 106.0 108. 109.9 HI. 5 110.3 197.9 194.2 192.9 200.4 209.0 214.6 Furniture 94 93 94 95 97 98 182 177 173 169 177 184 190 Stone, Clay and Glass Products 108.2 107.7 114.3 121.4 124.9 128.4 190.5 190.7 185 5 185.4 '204.6 '217.2 226.8 Glass and glassware 125 124 125 142 146 147 207 206 200 192 237 247 250 Cement 68 69 92 94 99 105 108 115 114 135 142 155 172 Brick, tile, and terra cotta 71 71 92 93 96 99 121 124 121 155 158 169 181 Pottery and related products 116 115 126 130 132 134 191 189 184 196 210 217 219 Textile-Mill and Fiber Products 93.9 93.1 98.6 101. t 102. 103.4 103.5 177.5 172.9 168.3 190.7 203.7 212. f 215.8 Cotton goods except small wares.. 105 104 108 110 112 112 207 202 200 217 230 242 246 Silk and rayon goods 72 71 73 74 75 75 139 135 134 149 158 164 167 Woolen and worsted manufactures 95 94 100 103 106 107 193 187 179 207 227 234 239 Hosiery 61 61 67 69 70 71 101 99 95 116 125 129 131 Dyeing and finishing textiles 86 86 91 93 94 95 151 148 141 168 178 181 179 Apparel and Other Finished Textiles. . . 118.0 116.2 121.0 125., 128.6 128.9 128.2 233.1 219.7 204.5 228.0 240.2 263.6 263.5 Men's clothing, n.e.c 91 90 83 85 87 87 174 167 157 148 158 170 174 Shirts, collars, and night wear 69 68 72 73 74 74 133 129 123 136 148 153 153 Women's clothing, n.e.c, 76 74 76 79 80 80 157 144 131 149 153 173 170 Millinery 81 69 81 86 83 160 126 84 147 153 170 143 Leather and Leather Products 90.4 90.0 97.4 100.4 102.4 102.5 172.3 169.3 163.6 185.2 194.5 202.1 203.9 Leather 82 82 92 95 93 93 151 148 147 163 165 164 165 Boots and shoes 78 78 84 86 89 154 150 143 164 174 183 185 Food and Kindred Products 118.6 117.9 123.0 122.2 121.0 119.8 119.0 194.4 194. 193. 215.0 211.5 206.6 205.4 Slaughtering and meat packing.. . 107 103 127 126 122 115 178 168 163 218 199 191 181 Flour 115 116 127 127 122 118 201 201 202 228 242 214 203 Baking 110 110 110 110 110 107 170 170 171 180 181 183 179 Confectionery 113 109 106 103 106 104 199 192 185 191 183 186 193 Malt liquors 138 139 152 154 143 140 201 207 206 228 238 200 195 Canning and preserving 76 73 69 67 63 68 143 150 144 144 137 132 149 Tobacco Manufactures 86., 85.6 87.0 87.3 87.9 90.8 166.0 160.8 157. 166.7 165.2 171.3 174.6 Cigarettes 125 124 118 116 117 120 207 200 192 201 194 202 205 Cigars 65 64 69 72 73 76 135 131 133 146 149 156 162 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 May 1946 are preliminary. 794 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued {Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939=100] Factory employment Factory pay rolls Industry group or industry 1945 1946 1945 1946 Apr. May Jan. Feb. Mar. Apr. May Mar. Apr. May Jan. Feb. Mar. Apr. Paper and Allied Products 117.7 116.9 128.6 131.0 132.9 134.5 135.0 201.9 199.8 194.5 221.7 226.2 233.3 235.9 Paper and pulp 105 104 114 116 118 119 183 182 178 198 204 208 211 Paper goods, n.e.c 117 115 118 121 123 123 198 194 186 202 -205 -212 212 Paper boxes 110 109 120 120 121 122 182 180 175 204 204 213 216 Printing and Publishing 97.3 97.5 109.4 112.1 113.5 114.2 114.8 139.4 138.2 138.9 165.7 rl71.2 rl77.2 178.4 Newspaper periodicals. ... 92 92 103 105 107 108 120 121 122 144 149 154 158 Book and job 104 104 118 121 122 122 157 156 154 189 194 200 199 Chemicals and Allied Products 240.5 236.8 169.7 170.3 171.4 170.9 167.0 431.0 428.1 425.7 285.2 "284.7 r290.0 291.2 Drugs, medicines, and insecticides. . 183 183 182 186 186 187 280 277 282 281 297 301 302 Rayon and allied products 110 110 123 124 124 122 182 181 183 197 197 200 201 Chemicals, n.e.c 165 164 165 165 166 170 297 296 295 '273 '273 '276 283 Explosives and safety fuses 1358 1349 239 '212 '200 199 2092 2076 2096 '361 '325 -310 305 Ammunition, small-arms 1581 1549 226 198 194 181 3167 3150 3185 428 384 377 342 Cottonseed oil 95 88 117 101 92 78 225 203 184 253 215 198 168 Fertilizers 145 126 133 152 168 155 341 351 293 283 336 387 363 Products of Petroleum and Coal 126.4 126.8 134.0 '130.8 '136.7 138.2 138.7 224.6 230.3 227.8 220.9 221.3 231.0 233.5 Petroleum refining 126 127 132 132 133 134 221 227 223 211 217 218 221 Coke and by-products 100 100 110 '91 '115 114 184 179 186 -192 '•162 r2l0 197 Rubber Products 169.6 166.6 172.7 177.1 181.5 182.0 184.4 315.4 315.9 299.8 290.1 202.1 302.8 324.9 Rubber tires and inner tubes. .... 172 169 182 187 192 193 302 306 289 273 272 281 313 Rubber goods, other 138 134 127 129 132 130 265 256 244 232 234 242 241 Miscellaneous Industries 173.3 172.9 150.4 155.4 rl60.5 163.7 165.7 348.0 345.2 336.7 271.0 278.1 293.1 301.6 Instruments, scientific 540 534 200 201 205 203 1068 1070 996 330 322 -346 342 Photographic apparatus 159 158 127 130 136 136 275 270 265 199 205 215 220 For footnotes, see page 794. FACTORY EMPLOYMENT {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939=100] 1945 194<? Group Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total 163.8 160.8 157.2 151.7 147.6 127.8 127.2 127.8 128.1 130.7 -122.4 -130.3 136.9 P138.1 Durable 217 6 211 5 204 3 195.2 187.5 144.8 142.6 143.3 141.2 144 4 '122 9 -138 7 152 3 P154 6 Nondurable 121.3 120.8 120.1 117.4 116.1 114.5 115.1 115.6 117.8 119.8 -122.0 123.7 124.7 P125.1 P Preliminary. ' Revised. Back figures from January 1939 may be obtained from the Division oi Research and Statistics. HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry group 1945 1946 1945 1946 Mar. Apr. Dec Jan. Feb. Mar. Apr. Mar. Apr. Dec. Jan. Feb. Mar. Apr. AH Manufacturing. 45.4 45.1 41.5 41.0 40.5 40.8 40.6 104.4 104.4 99.4 100.4 -100 .2 103.4 105.8 Durable Goods 46.7 46.5 41.4 40.8 40.0 40.6 40.5 113.9 113.8 106.6 107.0 nO6.4 '110.2 w113.1 Iron and Steel and Products 47.1 46.9 42.5 41.1 -39.1 -40.0 39.9 110.7 110.9 109.1 109.5 108.4 116.8 118.5 Electrical Machinery 46.6 46.4 41.5 41.3 40.3 40.4 40.2 107.0 106.8 105.0 105.3 102.9 103.7 109.5 Machinery Except Electrical. 48.6 48.1 42.9 42.0 41.4 41.6 41.4 115.3 115.2 113.4 113.9 114.7 116.9 117.6 Transportation Equipment Except Autos. . 47.1 46.8 39.7 40.0 -39.0 -39.9 39.9 129.9 129.5 123.9 123.1 '123.4 -126.4 131.9 Automobiles 46.1 45.5 36.0 37.5 -34.5 -37.3 38.0 128.0 128.0 122.0 123.0 '124.8 -125.6 130.0 Nonferrous Metals and Products 47.3 47.1 43.3 43.3 43.2 42.4 42.0 108.1 108.2 106.3 106.6 109.1 111.6 113.2 Lumber and Timber Basic Products 43.1 43.6 39.0 38.8 40.1 41.1 41.3 79.8 80.7 81.4 83.0 83.6 84.8 85.6 Furniture and Finished Lumber Products. . 44.6 44.3 42.5 41.8 '42.3 -42.6 42.3 85.0 85.5 85.9 86.4 '87.1 '88.8 90.3 Stone, Clay, and Glass Products 44.2 44.5 41.9 40.7 '41.1 -41.6 41.6 92.3 92.9 93.9 94.2 96.7 98.5 100.4 Nondurable Goods 43.5 43.2 41.5 41.2 40.9 40.9 40.6 89.6 89.9 92.7 94.1 95.3 97.5 98 8 Textiles—Mill and Fiber Products . 42.4 41.9 40.7 40.4 40.5 40.4 40.3 73.3 73.5 79.5 80.3 83.3 85.8 86.8 Apparel and Other Finished Products 39.0 37.9 36.4 36,7 36.5 37.5 37.2 87.4 86.2 87.5 90.6 '92.2 -96.1 96.6 Leather and Manufactures 42.5 42.0 40.6 39.9 40.4 40.8 40.5 84.8 85.2 88.1 90.4 90.7 91.7 92.8 Food and Kindred Products 45.1 45.0 45.3 44.9 44.3 42.9 42.7 86.4 86.9 91.5 92.1 92.4 '94.3 95.3 Tobacco Manufactures 42.9 42.3 39.1 39.3 38.5 39.7 39.2 74.1 74.0 80.6 82.4 83.2 83.0 83.0 Paper and Allied Products 46.3 46.5 45.6 44.3 43.9 43.9 43.5 87.1 87.4 91.0 92.8 '93.7 '95.6 96.5 Printing, Publishing and Allied Industries.. 41.6 41.2 41.5 41.1 40.8 '41.2 41.0 112.1 112.9 118.8 120.0 -122.1 '123.6 124.4 Chemicals and Allied Products 45.9 45.7 42.5 42.0 '41.7 -41.6 41.4 97.5 98.0 100.1 101.5 '102.1 -103.3 104.4 Products of Petroleum and Coal 47.4 48.3 42.9 41.7 -41.6 40.8 40.2 119.5 120.2 123.6 124.9 '128.6 -130.7 133.1 Rubber Products 45.3 45.7 40.9 41.7 -40.8 -40.8 40.3 111.7 113.6 111.3 112.1 112.9 113.8 123.4 Miscellaneous Industries. . . 46.1 45.8 42.1 41.8 41.8 -42.1 41.8 99.1 99.3 98.5 99.1 98.5 -99.9 101.5 r Revised. NOTE.—Back figures are available from the Bureau of Labor Statistics. JULY 1946 795 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- ni g 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—May 37,981 14,649 982 2,048 3,419 7,280 4,521 5,082 June 38,204 14,865 981 2,057 3,419 7,206 4,532 5,144 July 38,581 15,143 982 2,077 3,433 7,210 4,520 5,216 August 39,042 15,442 973 2,101 3,448 7,222 4,518 5,338 September 39,171 15,644 962 2,077 3,448 7,227 4,382 5,431 October 39,452 15,798 954 2,136 3,484 7,224 4,330 5,526 November 39,597 16,048 944 2,095 3,503 7,132 4,255 5,620 December 39,898 16,333 933 2,041 3,525 7,136 4,229 5,701 1943—January 39,934 16,506 927 1,899 3,540 7,133 4,146 5,783 February 39,935 16,682 924 1,734 3,556 7,064 4,146 5,829 March 40,066 16,831 915 1,604 3,574 7,110 4,121 5,911 April 39,891 16,858 908 1,476 3,588 7,006 4,110 5,945 May 39,740 16,837 893 1,358 3,597 6,988 4,102 5,965 June 39,775 16,908 893 1,263 3,620 7,017 4,112 5,962 July 39,876 17,059 888 1,164 3,634 7,061 4,127 5,943 August 39,737 17,097 878 1,082 3,639 7,015 4,110 5,916 September 39,475 17,051 876 1,020 3,633 7,006 4,079 5,810 October 39,486 17,108 869 936 3,671 7,006 4,078 5,818 November 39,526 17,152 859 891 3,683 7,000 4,119 5,822 December 39,479 16,995 863 864 3,687 6,962 4,127 5,981 1944—January 39.454 16,910 862 830 3,720 7.096 4,170 5,866 February 39,352 16,819 862 786 3.780 7.043 4,173 5 889 March 39,123 16,642 852 737 3.780 7,046 4,165 5,901 April 38,865 16,391 848 719 3,763 6,982 4,257 5,905 May 38,749 16,203 843 673 3,768 6,997 4,363 5,902 June 38,766 16,093 848 677 3,765 7.012 4,475 5.896 July 38,700 16 013 833 653 3,753 7,084 4,505 5.859 August 38,654 15,943 830 648 3,762 7,059 4,514 5,898 September 38,400 15,764 822 627 3,735 7,065 4,488 5,899 October 38,159 15,614 812 609 3,748 7.077 4,384 5,915 November 38,044 15,529 808 611 3.771 7,052 4,359 5,914 December 38,164 15,554 802 619 3,789 7,015 4,304 6,081 1945—January 38,426 15,633 805 633 3,797 7.210 4,394 5,954 February 38,469 15,595 802 658 3,848 7.164 4.404 5,998 March , 38,456 15,445 796 691 3,846 7,214 4.438 6,026 April 37,963 15,178 765 736 3.811 7.004 4,466 6,003 May 37,746 14,885 732 782 3,802 7,056 4.513 5,976 June 37,465 14,534 798 828 3,792 7,039 4,521 5,953 July 37,231 14,130 784 868 3,801 7,117 4.558 5,973 August 36,888 13,762 780 858 3,803 7,121 4,597 5,967 September 35,151 12,022 780 883 3,774 7,215 4.603 5,874 October 35,029 11,893 714 940 3,806 7,258 4,745 5,673 November 35,338 11,910 789 984 3,871 7,315 4,894 5,575 December 35,605 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 '35,938 '11,458 812 1,385 '3,987 '7,697 5,082 5,517 March '36,737 '12,074 801 '•1,462 3,989 -7,762 5,127 5,522 April 37,138 12,614 508 1,631 3,942 7,775 5,166 5,502 May 37,480 12,709 767 1,721 3,885 7,731 5,147 5,520 UNADJUSTED 1944—July 38,731 16,013 833 686 3,809 6,942 4,618 5,830 August 38,744 16,023 834 700 3,818 6,918 4,582 5,869 September 38,571 15,843 826 671 3,791 6,994 4,488 5,958 October 38,360 15,692 816 652 3,767 7,148 4,340 5,945 November 38,347 15,607 812 629 3,771 7,299 4,315 5,914 December 38,889 15,632 806 594 3,770 7,611 4,304 6,172 1945—January 37,952 15,555 801 582 3,740 7,030 4,350 5,894 February 37,968 15,517 798 599 3,771 6,985 4,360 5,938 March 38,062 15,368 796 636 3,788 7,084 4,394 5,996 April 37,791 15,102 761 699 3,792 6,990 4,444 6,003 May 37,679 14,811 728 798 3,802 7,021 4,513 6,006 June 37,549 14,534 794 845 3,830 7,004 4,589 5,953 July 37,273 14,130 784 911 3,858 6,975 4,672 5,943 August 36,984 13,831 784 927 3,860 6,979 4,666 5,937 September 35,321 12,082 784 945 3,831 7,143 4,603 5,933 October 35,231 11,952 718 1,006 3,825 7,331 4,698 5,701 November 35,639 11,970 793 1,014 3,871 7,571 4,845 5,575 December 36,314 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 '35,374 '11,401 808 1,260 •"3,907 '7,505 5,031 5,462 March '36,281 '12,014 801 1,345 3,929 '7,622 5,076 5,494 April 36,928 12,551 505 1,549 3,922 7,759 5,140 5,502 May 37,435 12,645 763 1,755 3,885 7,692 5,147 5,548 * 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. May 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. 796 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Public works Total R b es u i i d ld e i n n t g ial and public Month Factories Commercial Educational Other utilities 1945 1946 1945 1946 1945 1946 1945 1946 1945 1946 1945 1946 1945 1946 January 140.9 357.5 19.5 89.7 45.2 104.7 7.5 69.0 4.9 18.1 23.9 25.8 39.8 50.2 February 147.0 387.4 19.3 102.1 66.6 97.7 8 5 77 5 3 0 17 1 17 6 28 3 32 0 64.7 March 328.9 697.6 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 [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Total Public ownership Private ownership Month 1944 1945 1946 1944 1945 1946 1944 1945 1946 January.... 159 141 358 122 75 47 37 66 311 February... 137 147 387 109 74 56 28 73 331 March 176 329 698 133 221 146 43 107 551 April 179 396 735 133 309 127 46 87 608 May 144 243 952 98 148 197 46 95 756 June 164 227 122 82 42 146 July 191 258 148 108 42 149 August 169 264 125 67 44 196 September. . 176 278 127 43 49 235 October.... 145 317 102 61 43 256 November. . 165 370 103 61 62 309 December. . 188 331 114 62 74 269 Year. 1,994 3,299 1,435 1,311 559 1,988 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION •" [In millions of dollars] Title I Loans Mortgages on Year or month Total P e r r o ty p- S h m om al e l 1 fa - m to i l 4 y - R a e n n d tal War p m r i o m e v n - e t - s c t t i r o o u n n c - - h ( o T I u D it s l e e s h g ( o T r u o i s t u i l n p e g h ( o T V u i I s t ) i l n e g ID 1935 320 224 94 2 1936 557 246 309 2 1937 495 60 424 11 1938 694 160 13 473 48 1939 954 208 25 669 51 1940 1 026 251 26 736 13 1941 1.186 262 21 877 13 13 1942 1.137 141 15 691 6 284 1943 942 96 1 243 601 1944 886 125 216 7 537 1945 684 189. 219 3 272 1945—May... 62 14 • 22 26 June 56 13 19 24 July 52 12 i 19 * 21 Aug 45 12 18 • 15 Sept. 44 11 * 16 2 14 Oct. . 62 26 19 * 17 Nov 60 28 > 21 11 Dec 55 23 Ic 20 1 11 1946—jan 56 17 27 12 Feb 46 14 24 8 Mar 48 13 28 * 7 Apr. 58 21 28 1 May 80 39 31 1 OOO CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars] 1946 1945 Federal Reserve district May Apr. May Boston 43,368 7,746 New York. . . 127,907 20,904 Philadelphia. 48,522 8,864 Cleveland. . . 68,374 21,064 Richmond. .. 105,115 25,220 Atlanta. 66,630 20,856 Chicago 109,843 37,868 St. Louis. . .. 42,652 58,787 Minneapolis. 27,176 6,434 Kansas City. 26,903 23,222 Dallas 68,421 11,558 Total (11 districts) 952,418 734,911 242,523 NOTE.—Data for most recent month preliminary. INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] End of month Total b C m c a o i n e a m k r l - s - b M s i t a n u a n g v u a k s l - - s a a S l s i t a o n i s a n o o a g v d n n c s - s i- I p c a n a o n s n m u c i e r e - - s a F c e g i e r e e a d s n l - 1 - Other 2 1936—Dec 365 228 8 56 41 5 27 1937—Dec 771 430 27 110 118 32 53 1938—Dec 1,199 634 38 149 212 77 90 1939—June 1,478 759 50 167 271 137 94 Dec 1,793 902 71 192 342 153 133 1940—Mar 1,949 971 90 201 392 171 124 June 2,075 1,026 100 208 432 182 127 Sept 2,232 1,093 111 216 480 190 141 Dec 2,409 1,162 130 224 542 201 150 1941—Mar., 2,598 1,246 146 230 606 210 160 June 2,755 1,318 157 237 668 220 154 Sept 2,942 1,400 171 246 722 225 178 Dec 3,107 1,465 186 254 789 234 179 1942—Mar. 3,307 1,549 201 264 856 237 200 June 3,491 1,623 219 272 940 243 195 Dec 3,620 1,669 236 276 1,032 245 163 1943—June 3,700 1,700 252 284 1,071 235 158 Dec 3,626 1,705 256 292 1,134 79 159 1944—June 3,554 1,669 258 284 1,119 73 150 Dec 3,399 1,590 260 269 1,072 68 140 1945—June 3,324 1,570 265 264 1,047 43 134 Dec 3,156 1,506 263 253 1,000 13 122 iThe 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 tht month in which reinsurance took place. Federal Housing Administration. JULY 1946 797 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise expojts1 Merchandise imports2 Excess of exports Month 1942 1943 1944 1945 1946 1942 1943 1944 1945 1946 1942 1943 1944 1945 1946 January 482 749 1,124 903 P800 254 230 300 334 P394 228 519 824 569 P406 February 483 728 1,107 887 P671 254 234 314 325 P318 230 494 793 561 P353 March 637 988 1,197 1,030 P815 272 249 358 365 P384 365 739 839 665 P431 April 717 989 1,231 1,005 P756 235 258 352 366 P406 482 732 879 639 P350 May 542 1,092 1,455 P1,135 191 282 386 P372 351 810 1,069 P763 June 650 1,003 1,297 P870 215 296 331 P360 434 707 965 P511 July 659 1,265 1,197 J»893 214 302 294 P356 446 963 903 P537 August 705 1,280 1,191 P737 187 318 304 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 168 312 323 P322 620 761 863 P317 December 883 1,288 939 P736 359 282 347 P297 524 1 005 591 P439 Jan.-x\pr 2,318 3,454 4,659 3,825 P3,042 1,014 971 1,325 1,390 P1,501 1,304 2,484 3,334 2,435 PI.541 P Preliminary. 1 Including both domestic and foreign merchandise. 1 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 RAILROADS [Index numbers: 1935-39 average = 100] [In millions of dollars] For- Mis- Mer- Total Coal Coke Grain L st i o v c e k - p u e r c s o t t d s - Ore l e 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 9 9 4 3 0 9 1 1 0 01 9 1 9 1 8 1 1 13 0 7 2 1 10 0 1 7 9 9 6 6 1 1 1 0 4 0 1 14 1 7 0 1 1 1 0 0 1 9 9 6 7 Annual 1 1 1 9 9 9 4 4 4 2 1 3 1 1 1 3 3 38 0 7 1 1 1 2 3 35 3 8 1 1 1 6 8 8 8 1 6 1 1 1 1 4 2 2 6 0 1 1 9 1 0 1 7 4 1 1 14 5 3 1 5 9 . 2 1 19 0 8 2 6 3 1 1 1 4 3 4 5 6 6 1 6 6 0 9 3 0 1 1 1 9 9 9 3 4 4 9 0 1 . .. 3 4 5 , , , 2 9 3 9 9 4 7 5 7 3 3 4 , , , 6 4 3 1 0 4 4 6 8 6 9 5 8 9 8 2 8 9 5 1 9 0 8 3 0 9 1944 140 143 185 139 124 143 180 147 67 1942 7,466 5,982 1,485 902 1945 135 134 172 151 124 129 169 142 68 1943 9,055 7,693 1,362 874 1944 9,437 8,343 1,093 668 SEASONALLY 1945 P8.902 P8,052 P850 P447 ADJUSTED 1945—March 145 137 191 134 129 134 218 159 68 SEASONALLY April 141 126 180 160 124 133 204 153 71 ADJUSTED J M u a n y e... r1 1 4 4 1 0 T 1 -1 4 2 3 7 1 1 8 9 1 3 1 1 5 6 5 7 1 1 2 2 1 0 1 1 3 4 7 4 2 1 0 7 4 0 1 1 5 4 1 6 6 6 9 8 1945—February.. . 781 678 103 68 July 139 136 193 157 121 140 171 146 67 March 796 698 98 63 August 128 128 167 163 115 133 166 132 64 April 799 704 96 62 S O e c p to te b m er ber.. . 1 1 2 1 7 8 1 1 0 4 9 3 1 15 1 5 3 1 1 4 5 6 8 1 1 1 2 4 3 1 1 2 0 5 9 1 1 7 3 4 4 1 12 2 5 6 6 6 6 9 M Ju a n y e 8 7 3 9 1 6 7 72 0 5 4 1 9 0 2 6 5 7 7 1 D N e o c v e e m m b b e e r r. . . . . . . 1 12 3 7 3 1 1 4 3 8 3 1 1 6 6 7 4 1 1 6 5 7 3 1 1 4 4 5 0 1 1 1 0 0 6 1 1 3 1 4 7 1 1 3 3 3 0 7 7 4 4 A Ju u ly g u . s . t.... 7 7 9 0 1 5 6 6 9 4 6 8 9 5 5 7 6 2 1 2 September. 691 655 36 4 1946—January 133 148 127 152 126 122 118 134 78 October 657 620 37 3 February.... 126 152 107 150 158 126 94 121 78 November.. 668 608 61 30 March 139 155 165 141 140 134 121 143 78 December. . 628 674 -36 -56 April 109 26 95 112 143 143 '66 143 81 May 106 68 62 126 114 125 66 123 74 1946— F J e a b n r u u a a ry ry .. . . . . . 6 6 3 5 5 5 5 5 5 6 5 7 8 8 0 8 5 5 1 1 UNADJUSTED March 651 667 -16 -45 April 566 562 4 P-25 1945—March. ... 136 137 192 124 102 134 63 151 68 April 139 126 176 141 111 133 203 151 71 May 142 '127 191 147 108 143 268 152 69 UNADJUSTED J J u ul n y e 1 1 4 4 5 3 1 13 4 6 3 1 1 8 7 7 8 1 1 5 8 8 8 9 9 7 9 1 1 4 4 0 9 2 2 7 6 3 3 1 1 5 4 0 8 6 6 8 7 1945—February.. . 713 638 75 40 August.. 132 128 160 176 109 140 249 133 65 March 813 711 102 K6 September.. . 137 143 154 163 150 135 261 136 69 April 779 ••684 '95 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—January 123 148 133 152 120 109 29 123 74 September. 679 635 44 9 February.... 119 152 114 147 126 121 24 113 75 October.... 697 643 54 20 March 132 155 166 130 111 134 35 136 79 November.. 661 600 61 34 April 107 26 93 99 127 143 50 141 82 December. . 614 651 -37 -75 May 107 68 61 111 103 130 103 125 74 1946—January.. .. 641 570 71 34 r Revised. F M e a b r r c u h ary.. . 6 5 4 7 6 9 5 66 2 7 1 -2 5 0 8 -4 2 9 9 NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for April 567 557 10 P-21 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. r Revised. Commission. NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic data compiled by the Interstate Commerce Commission. Annual figures include revisions not available monthly. 798 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on value figures] SALES AND STOCKS BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average = 100] Federal Reserve district United Year and month States 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 S r i a a s n c n o - SALES* 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 207 176 169 184 201 236 275 193 227 185 229 277 244 SEASONALLY ADJUSTED 1945—May 189 160 156 '•171 179 '211 243 170 »-205 171 ••218 '262 '235 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 '226 300 255 August 200 166 165 175 189 236 274 189 225 178 '216 272 231 September 200 167 161 175 187 225 268 193 232 191 '239 278 232 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 '238 288 273 December 216 188 179 184 211 237 288 206 239 199 '244 287 256 1946—January 228 186 194 205 214 262 308 209 234 212 '249 306 269 February .. 254 200 210 221 242 283 339 241 281 236 '261 339 300 March 263 '218 232 244 271 294 335 243 286 246 275 336 297 April 250 210 219 '224 236 276 ••317 237 267 224 '272 352 291 May 257 213 226 232 245 276 319 234 277 254 290 342 314 UNADJUSTED 1945—May 183 158 149 ' 164 177 '210 238 170 '201 164 205 '247 219 June 186 165 155 167 187 207 233 178 198 172 200 228 215 July. 163 127 118 137 161 181 225 154 185 149 192 228 211 August 168 125 120 136 165 194 244 158 194 160 201 237 210 September 209 176 171 178 199 239 279 197 234 207 239 292 243 October 230 196 196 208 224 271 307 213 255 210 253 318 254 November 273 225 235 255 264 319 348 254 303 243 286 352 321 December 352 323 307 327 338 399 466 320 365 305 3f6 467 407 1945—January 179 147 155 158 167 197 246 167 192 158 199 248 214 February 207 156 174 174 194 227 292 193 236 182 238 299 253 March 238 197 206 219 237 264 315 226 264 223 255 316 258 April 255 223 219 228 254 281 '336 242 281 234 272 335 287 May 248 211 214 223 243 274 313 234 272 244 272 322 285 STOCKS* 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 1945—May 173 162 165 155 162 207 205 168 172 174 166 196 184 June 179 160 176 164 173 211 201 171 182 178 164 208 196 July 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 177 157 170 160 174 206 201 168 185 166 180 195 190 April 189 171 180 170 178 217 '220 179 193 183 186 208 215 May 200 177 190 177 192 233 239 191 211 186 201 f239c- 217 UNADJUSTED *- m 1945—May 173 159 166 157 164 202 199 168 172 173 162 186 191 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 172 154 171 160 168 205 201 163 180 167 165 185 177 April 188 164 182 173 183 218 217 179 193 174 181 202 212 May 200 173 192 179 194 228 232 191 211 185 197 227 225 r Revised. * Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561 and for stocks BULLETIN for June 1946, pp. 588-612. JULY 1946 799 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] Without seasonal adjustment Amount (In millions of dollars) 1942 1943 1944 1945 Nov. 7. . ..182 Nov. 6. .. .202 Nov. 4. . .215 Nov. 3. . . .236 14. . ..182 13. .. .211 11. . .231 10. .. .261 Out- 21. . ..182 20. .. .223 18. . .252 17. .. .275 Sales stand- 28. .. .176 27.. . .201 25. . .236 24. .. .258 (total Stocks ing Dec. 5. . ..250 Dec. 4. . . .269 Dec. 2. . .304Dec. 1. .. .326 for (end of orders 12. .. .295 11. .. .297 9. . .365 8. .. .401 month) month) (end of 19. .. .333 18. .. .321 16. . .377 15. .. .433 month) 26. .. .222 25.. . .274 23. . .369 22. .. .421 30. . .123 29. .. .158 1943 1944 1945 1946 1939 average. 128 344 Jan. 2. . ..117 Jan. 1. .. .110Jan. 6. . .145Jan. 5. .. .135 1 1 9 94 4 1 0 a a v v e e r r a a g g e e . . 1 1 3 5 6 6 3 4 5 1 3 9 1 1 0 9 8 4 1 9 6 . . . . . . . . 1 1 3 4 9 6 1 8 5 . . . . . . . . 1 1 4 4 6 3 2 1 0 3 . . . . . . 1 1 6 6 6 0 1 1 2 9 . . . . . . . . 1 1 9 8 1 8 1 1 9 9 4 4 2 3 a a v v e e r r a a g g e e . . 2 1 0 7 4 9 5 5 9 0 9 8 2 5 6 3 3 0 3 2 0 3 . . . . . . . . 1 1 2 2 5 6 2 29 2. .. . . . 1 1 3 4 7 4 Feb. 2 3 7. . . . . 1 1 6 6 3 1 Feb. 2 2 6 . . . .. .1 19 8 7 8 1944 average. 227 534 560 Feb. 6. . ..143 Feb. 5. .. .146 10. . .172 9. .. .214 1945 average. 255 564 728 13. .. .178 12. .. .142 17. . .176 16. .. .209 1944— N D O o e c c t v . . . . . . . . . 3 3 2 8 0 5 5 0 7 5 6 45 8 0 1 0 7 6 5 6 1 7 1 3 7 8 Mar. 2 2 1 7 6 0 3 . . . . . . . . . . . .. . . . 1 1 1 1 6 5 5 4 2 5 0 4 Mar. 2 1 1 6 4 9 1 . . . . . . . .. . . . . . 1 . . 1 1 1 5 4 4 6 3 2 6 0 Mar. 2 1 1 3 4 0 7 . . . . . . . . .1 . . . 1 2 2 7 8 1 0 7 2 4 4 Mar. 2 1 9 2 3 6 . . . . . . . .. . . . . . . . 2 2 2 2 1 4 1 3 7 3 3 3 1945— F J e a b n . . . . . . 1 1 9 9 8 8 4 4 6 9 3 5 8 7 1 6 9 7 2 2 7 0 . . . . . .. .1 1 5 4 5 7 2 18 5 . . . . . . . . 1 1 8 7 2 2 3 2 1 4 . . . . . . 2 2 2 3 6 0 3 2 0 3 . . . . . . .2 .2 5 5 7 5 Mar... 280 524 772 Apr. 3. . ..161 Apr. 1. .. .212 Apr. 7. . .181Apr. 6. .. .272 Apr.. . 209 566 725 10. . ..168 8. .. .208 14. ..156 13. .. .282 J J A S O N D M u u e u c o e a n l p t g c v y y . e t . . . . . . . . . . . . . . . . . . . 2 2 2 3 2 2 4 1 3 3 1 4 2 9 3 9 1 6 3 3 9 8 4 1 ' 6 5 6 6 6 6 4 5 0 2 9 0 6 2 2 9 1 5 2 2 2 0 4 2 6 6 6 6 7 7 7 7 7 7 9 5 2 7 0 6 1 1 7 2 2 7 0 4 M Ju a n y e 2 2 2 1 1 1 8 5 4 2 9 7 1 5 2 . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . 1 1 1 1 1 1 1 1 1 8 6 4 6 7 4 5 5 5 2 9 2 8 0 9 3 1 1 J M u a n y e 2 2 2 2 1 1 1 6 9 3 2 7 0 5 3 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 7 5 7 6 6 6 9 6 8 2 2 7 8 3 3 7 8 4 J M u a n y e 2 2 2 1 1 1 9 5 2 6 8 1 6 2 9 . . . . . ! . . . . . . . . . . . . . 1 2 . . . . . . . 1 1 1 1 1 1 1 9 0 9 8 9 6 9 7 8 6 6 2 2 6 9 3 8 4 J M u a n y e 2 2 2 1 1 1 8 0 4 7 5 8 1 1 5 . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 2 . 2 . . . . . 2 2 2 2 2 2 2 4 7 8 3 8 4 4 7 2 6 3 9 2 3 8 5 4 3 1946—Jan.. . 224 488 892 19. .. .168 17. .. .173 23. . .183 22. .. .247 Feb.. . 239 529 981 July 26 3 . ' .. . . 1 1 3 3 2 4 July 24 1 . . . . . '. . ! 1 l 5 4 1 9July 30 7 . . . .1 1 5 7 3 3 July 29 6 A M M p a a r y r . . . . . . . . P 3 3 3 0 1 0 1 9 3 P 5 6 6 8 4 7 2 4 5 P 9 9 9 7 1 3 4 0 6 2 1 10 4 7 . . . . . . . . 1 1 1 2 2 13 4 6 2 1 2 8 5 . . . . . ' . . . . . 1 1 1 4 3 1 5 8 6 2 2 14 8 1. . . . . .1 1 16 5 5 7 7 3 2 2 13 7 0 . . . . p Preliminary. ' Revised. NOTE.—Revised series. For description and back figures see pp. Back figures.—Division of Research and Statistics. 874-875 of BULLETIN for September 1944. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage, change from corresponding period of preceding year] M 19 a 4 y 6 A 19 p 4 r 6 . m F 19 i o v 4 s e 6 . M 19 a 4 y 6 A 19 p 4 r 6 . m F 19 i o v 4 s e 6 . M 19 a 4 y 6 A 19 p 4 r 6 . m F 19 i o v 4 s e 6 . M 19 a 4 v 6 A 19 p 4 r 6 . m F 19 i o v 4 s e 6 . United States. -1-36 +52 +26 Cleveland-cont. Chicago +38 +53 +26 Kansas City— Toledo +27 +44 + 17 Chicago +33 +57 +28 cont. Boston +33 +49 +22 Youngstown.... +31 +55 +21 Peoria +33 '+67 +28 Oklahoma City. +22 +36 + 16 New Haven. .. +31 +58 +21 Erie +22 +35 + 15 Fort Wayne.. . +43 '+49 +27 Tulsa +22 +39 + 15 Portland * +38 **+15 Pittsburgh +40 +63 +31 Indianapolis... +31 +47 +21 Boston Area... +35 +46 +23 Wheeling +33 +54 +27 Terre Haute.. +35 +57 +30 Dallas +31 +53 +27 Downtown Des Moines. . +38 +46 +28 Shreveport +26 +49 +23 Boston +35 +46 +23 Richmond +32 +5/ +22 Detroit +43 +46 +21 Corpus Christi. +29 +49 +20 Springfield.... +27 +48 +16 Washington +26 +46 +19 Flint +44 +43 + 14 Dallas +35 +56 +33 Worcester +33 +56 +25 Baltimore +31 +52 +21 Grand Rapids. +55 +49 +25 Fort Worth +30 +49 +21 Providence.. .. +30 +50 +21 Raleigh, N. C... +34 +60 +25 Lansing +45 '+49 +22 Houston +35 +62 +30 Winston-Salem.. +35 +61 +22 Milwaukee.... +46 +64 +31 San Antonio. . . +23 +53 +29 New York +44 +59 +33 Charleston, S. C.+14 +17 +3 Green Bay.... +43 +60 +31 Bridgeport +38 +63 +28 Greenville, S. C. +28 +51 +19 Madison +34 +50 +24 San Francisco. +30 '+46 +21 Newark +41 +62 +33 Lynchburg +33 +64 +23 Phoenix +45 +46 +28 Albany +65 +65 +54 Norfolk +10 +25 + 1 St. Louis +35 +52 +26 Tucson +38 '+48 +30 Binghamton... +41 +57 +30 Richmond +36 +58 +27 Fort Smith... +16 +53 +23 Bakersfield +49 +43 +25 Buffalo +36 +53 +28 Roanoke +44 +32 Little Rock... +28 +52 +22 Fresno +41 '+41 +25 Elmira +17 +42 +15 Charleston, Quincy +29 +52 +24 Long Beach.... +30 '+47 +19 Niagara Falls.. +15 +35 +10 W. Va +31 +67 +27 Evansville.... +36 +40 +21 Los Angeles.... +26 '+57 +25 New York City +47 +61 +35 Clarksburg +36 +54 +32 Louisville +33 '+48 +26 Oakland and Poughkeepsie.. +51 +65 +35 Huntington.... +27 +53 +23 East St. Louis. +73 +60 +36 Berkeley +30 '+52 +17 Rochester +37 +51 +26 St. Louis +38 +54 +27 Riverside and Schenectady... +26 +49 +16 Atlanta +31 +54 +25 St. Louis Area +39 +54 +27 San Bernardino +24 +35 +16 Syracuse +43 +57 +33 Birmingham.... +29 +51 +23 Springfield.... +47 +54 +38 Sacramento.... +41 '+44 +26 Utica +34 +50 +21 Mobile +19 +42 +12 Memphis +27 +56 +26 San Diego +22 +31 +7 Montgomery. .. +30 +47 +20 San Francisco. . +27 +40 +16 Philadelphia. . +36 +57 +26 Jacksonville. ... +17 '+47 +17 Minneapolis. . +49 +56 +33 San Jose +31 '+45 +23 Trenton +52 +73 +37 Miami +34 +49 +27 Minneapolis. . .+47 +69 +36 Santa Rosa +38 +43 +22 Lancaster +42 '+51 +26 Orlando +41 +52 +34 St. Paul +43 +60 +30 Stockton +49 +40 +21 Philadelphia... +33 +56 +23 Tampa +37 +53 +31 Duluth-Superior +20 +37 + 13 Vallejo and Reading +36 +60 +30 Atlanta +35 +60 +32 Napa <-i +15 -6 Wilkes-Barre.. +39 +69 +32 Augusta +44 +69 +34 Kansas City... +33 +45 +23 Boise and York +32 -+58 +23 Columbus +19 +46 +11 Denver +43 +58 +30 Nampa +37 +44 +22 Macon +34 +73 +29 Pueblo + 16 +45 +9 Portland +36 +43 +21 Cleveland +37 +54 +26 Baton Rouge... +29 +60 +31 Hutchinson.... + 19 +40 + 15 Salt Lake City. +37 '+49 +30 Akron +29 +36 + 15 New Orleans. . . +30 +55 +22 Topeka +32 +37 +16 Bellingham.... * +41 *+23 Canton +42 +39 +18 Bristol, Tenn... +40 +59 +27 Wichita +18 +40 +15 Everett +47 +55 +31 Cincinnati +40 +61 +30 Jackson +30 +48 +21 Joplin +46 +42 +31 Seattle +25 +34 +13 Cleveland +37 +53 +24 Chattanooga.. . +27 +57 +27 Kansas City.. +33 +43 +23 Spokane +41 +41 +24 Columbus +39 +52 +26 Knoxville + 15 +34 +9 St. Joseph +44 +54 +31 Tacoma +25 +35 +13 Springfield.... +17 +43 +14 Nashville +50 +68 +38 Omaha +37 +50 +29 Yakima +38 '+49 +22 r Revised. * Data not available. **Four months 1946. 800 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS, BY MAJOR DEPARTMENTS Per cent change from a year ago (value) Ratio of stocks to sales Department N of u m sto b r e e r s Sales during period S o to f c m ks o n (e th n ) d April reporting A 19 p 4 r 6 . Fou 1 r 9 4 m 6 os. A 19 p 4 r 6 . 1946 1945 GRAND TOTAL—entire store. 355 +52 +22 +11 2.1 2.8 MAIN STORE—total 355 +54 +24 + 12 2.1 2.9 Women's apparel and accessories 352 +48 + 14 + 10 1.7 2.3 D Co re a s t s s e a s nd suits 3 33 3 7 3 + + 6 3 3 1 + + 1 1 9 8 + -9 1 1 1 . . 0 2 1 1 . . 7 6 Blouses, skirts, sportswear, etc 328 +32 + 12 +21 2.8 3.1 Juniors' and girls' wear 311 +73 + 15 + 18 1.7 2.5 Infants' wear 313 +43 +4 + 11 2.4 3.1 Aprons, housedresses, uniforms 289 + 18 + 13 + 15 1.5 1.5 Underwear, slips, negligees 336 +25 + 12 +8 1.8 2.0 Corsets, brassieres 335 +36 + 19 +38 1.7 1.7 Hosiery (women's and children's) 346 +32 -3 +20 1.0 1.1 Gloves (women's and children's) 329 +88 + 10 + 15 2.2 3.7 Shoes (women's and children's) 239 +68 +26 1.7 3.1 Furs 267 +65 +3 +~14 6.2 8.9 Neckwear and scarfs 250 +55 +8 + 12 2.0 2.7 Handkerchiefs 284 +62 + 11 + 15 4.2 5.9 Millinery 170 +93 +21 +6 0.8 1.4 Handbags and small leather goods 322 + 103 +25 + 11 1.8 3.3 Men's and boys' wear 324 +103 +33 -19 1.8 4 4 Men's clothing 233 + 104 +31 -46 1.0 3.8 Men's furnishings, hats, caps 309 +96 +47 -9 2.1 4.4 Boys' clothing and furnishings 285 + 115 + 12 -9 2.2 5.2 Men's and boys' shoes and slippers 179 + 110 +43 -18 2.2 ' 5.7 Home furnishings 313 +61 +50 +27 2.5 3.2 D Fu o r m ni e t s u ti r c e , fl b o e o d r s , c o m v a e t r t i r n e g s s ses, springs 2 2 3 5 5 8 + + 5 5 9 4 + + 4 4 9 8 +7 2 1. . 9 3 3 2 . . 4 6 Draperies, curtains, upholstery 292 +34 +23 + 13 2.3 2.4 Major household appliances 199 +493 +447 +31 0.8 1.6 Domestics, blankets, linens, etc 298 +45 +34 + 197 2.5 2.8 Lamps and shades 229 +57 +48 +28 3.9 4.6 China and glassware 226 +41 +34 +33 4.0 4.4 Housewares 227 +71 +66 +28 2.9 3.3 +50 Piece goods 295 + 19 +5 +4 1.4 1.7 Cotton wash goods 124 +20 +2 +24 1.0 1.0 Small wares 340 +32 + 13 + 16 3.8 4.3 Lace, trimmings, embroideries, ribbons 122 +53 + 10 +2 2.4 3.5 Notions 226 +22 + 14 + 15 3.0 3.2 Toilet articles, drug sundries, and prescriptions 320 +25 +9 +3 4.1 5.0 Jewelry and silverware 306 +69 +34 +31 3.8 4.9 Art needlework 238 + 11 -1 +34 5.2 4.3 Stationery, books, and magazines 231 +20 +7 + 18 3.8 3.8 Miscellaneous 297 +64 +31 + 15 2.4 3.4 Luggage 229 +61 +47 +57 3.1 3.2 BASEMENT STORE—total 210 +48 + 14 +9 2.0 2.7 Women's apparel and accessories 197 +44 + 7 + 11 1.8 2.3 Men's and boys' clothing and furnishings. 163 +86 +27 -8 2.4 4.8 Home furnishings 138 +35 +30 +27 2.3 2.4 Piece goods 51 + 12 +6 + 15 1.6 1.5 Shoes 132 +66 + 14 2.8 4.6 +2 NOTE.—Group totals include sales in departments not shown separately. The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. SALES ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Year and month Sales during month Ac at c o e u n n d t s o f r e m ce o iv n a th ble Colle m ct o i n o t n h s during Cash In m s e ta n l t - C ac h c a o r u g n e t - Total Cash Instal- Charge Instal- Charge Instal- Charge sales sales ment account ment account ment account 1945—April . 133 171 52 107 37 88 66 128 62 3 35 May .... 147 n89 55 r116 35 88 64 122 63 3 34 June 149 194 52 117 34 88 61 121 63 3 34 July 121 163 48 88 32 76 57 117 66 3 31 August 136 182 58 99 32 76 57 104 65 4 31 September 154 203 63 118 33 85 59 103 63 4 33 October 190 245 90 147 36 99 71 122 63 4 33 November 212 272 101 165 41 113 77 143 62 4 34 December. 270 357 108 204 48 145 79 148 64 4 32 1946—January 142 186 65 106 45 108 82 190 64 4 32 February 151 101 72 122 100 75 140 61 4 35 March 190 232 85 162 43 114 r83 138 59 4 37 April 204 249 97 175 45 126 82 154 59 4 37 Mayp 193 234 85 169 45 129 83 168 59 4 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 799. JULY 1946 801 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit End o r o f y e m ar onth co c T n r s o e u t d a m i l t er ins T ta o l t m al ent Sale credit Loans1 p S a lo i y n a m g n l e s e 2 n - t a C cc h o a u r n g t e s Service credit credit Total Automobile Other 1929 7,637 3,167 2,515 1,318 1,197 652 2,125 1.749 596 1930. . 6 839 2 706 2 032 928 1,104 674 1 949 L ,611 573 1931 5 528 2,214 1,595 637 958 619 1,402 ,381 531 1932 4,082 1,515 999 322 677 516 962 1,114 491 1933. . . 3 905 1,581 1,122 459 663 459 776 1,081 467 1934 4,378 1,849 1,317 576 741 532 875 L,203 451 1935. . 5 419 2,607 1,805 940 865 802 1,048 ,292 472 1936 6,771 3,501 2,436 1,289 1,147 1,065 1,331 ,419 520 1937... 7 467 3,947 2,752 1,384 1,368 1,195 1,504 ,459 557 1938 7,030 3,578 2,313 970 1,343 1,265 L.442 ,487 523 1939. . 7 981 4,436 2,792 1,267 1,525 1,644 1,468 L.544 533 1940 9,153 5,455 3,450 1,729 1,721 2,005 1,488 ,650 560 1941... . 9 899 5,924 3,744 1,942 1 802 2,180 1,601 1,764 610 1942 6,485 2,955 1,491 482 1,009 1,464 1,369 ,513 648 1943. . 5 338 1 961 814 175 639 1,147 L.192 L,498 687 1944 5,777 2,039 835 200 635 1,204 1,251 L,758 729 1945. . 6 734 2 365 903 227 676 1,462 1,616 ,981 772 1945—May . 5 541 1 961 718 184 534 1.243 1,348 1,488 744 June 5,697 1,987 719 188 531 1,268 L,420 1,544 746 July 5 654 1 992 712 192 520 L,280 1,452 1,459 751 August 5,649 1,988 706 196 510 1,282 L,466 L.441 754 September 5,702 2,010 717 202 515 1,293 L,466 1,470 756 October 6,000 2,086 754 210 544 L.332 L,490 1,666 758 November • 6,344 2,190 805 219 586 1,385 L,556 1,835 763 December 6,734 2 365 903 227 676 L.462 L ,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 ,529 L.671 1,692 793 March 6,978 2,507 905 264 641 .602 L,695 1,972 804 April P 7,312 2,651 957 289 668 1,694 1,710 2,138 813 Mayp 7,513 2,779 1,002 320 682 1,777 1,730 2,182 822 P Preliminary. 1 Includes repair and modernization loans insured by Federal Housing 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 (end of period) (during period) Year or month Com- Small In tr d i u al s- Miscel- In re s p u a r i e r d Com- Small Indus- In tr d i u al s- Total m ba e n rc k i s a 1 l p c l a o o n a m i n e - s b In a tr d n i u a k l s s - 2 p c a lo o n a m ie n - s2 u C n r i e o d n i s t l l a e n n e d o e u rs s m iz a o a n d ti d e o r n n- m ba e n rc k i s a 1 l p c l a o o n a m i n e - s b t a r n ia k l s2 p c a lo o n a m i n e - s2 C un re io d n it s loans3 1929 652 43 263 219 32 95 463 413 42 1930 674 45 287 218 31 93 503 380 41 1931 619 39 289 184 29 78 498 340 38 1932 516 31 257 143 27 58 376 250 34 1933 459 29 232 121 27 50 304 202 33 1934 532 44 246 125 32 60 25 69 384 234 42 1935 802 88 267 156 44 79 168 130 423 288 67 1936 1,065 161 301 191 66 102 244 248 563 354 105 1937. 1,195 258 350 221 93 125 148 368 619 409 148 1938 1 265 312 346 129 95 112 117 154 460 604 238 176 179 1939 . 1,644 523 435 131 99 147 96 213 680 763 261 194 257 1940 2,005 692 505 132 104 189 99 284 1,017 927 255 198 320 1941 2 180 784 535 134 107 217 102 301 1,198 983 255 203 372 1942 1,464 426 424 89 72 147 91 215 792 798 182 146 247 1943 1,147 312 372 67 59 123 86 128 636 809 151 128 228 1944 1,204 358 388 68 60 122 88 120 744 876 155 139 230 1945 1,462 471 445 76 70 128 93 179 938 978 166 151 228 1945—May 1,243 388 384 69 61 120 87 134 75 78 14 13 20 June 1,268 400 389 70 63 122 88 136 81 82 14 13 21 July . . 1,280 406 391 70 63 122 88 140 75 76 13 12 18 August 1,282 406 389 70 63 121 88 145 73 71 13 11 18 September. . 1,293 413 387 70 64 120 87 152 72 74 13 12 16 October 1,332 428 395 71 64 121 88 165 88 89 16 14 20 November. . 1,385 448 409 73 67 124 90 174 94 97 15 14 21 December... 1,462 471 445 76 70 128 93 179 101 133 18 16 23 1946—January.... 1,487 494 446 76 70 127 93 181 104 76 14 14 19 February... 1,529 522 452 78 71 128 94 184 105 80 14 14 19 March 1,602 564 462 82 73 132 95 194 132 103 18 16 24 April? 1,694 608 482 85 76 137 97 209 138 105 18 16 25 May? 1,777 657 491 88 78 142 98 223 149 98 19 16. 28 P Preliminary. 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 May amounted to 43 million dollars, and loans made during May were 11 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. 3 Includes only loans insured by Federal Housing Administration. 802 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Depart- Automobile Other Repair Pery E m e n o a d r n t o o h f r ex m T a c o o u lu b t t a d o i l l - i , e ng s o m m t a r o a n d e r i d e n e l- r 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 d e e i e s - - J s e t w o e re lr s y s o r t e A t o h t r a l e l e i r l s Year or month Total ch P a u s r e r - e d ta D i l l o ir a e n c s t c r d h e p a i t a r u n a e s r d i c e - l t d , e l m r t o a 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 houses 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—May 592 55 112 78 89 258 1938 1,343 302 485 266 70 220 June 609 56 116 79 93 265 1939 1,525 377 536 273 93 246 July 619 56 118 79 96 270 1940 1,721 439 599 302 110 271 August 622 57 119 79 100 267 1941 1,802 466 619 313 120 284 September. 633 58 122 79 103 271 1942 1,009 252 391 130 77 159 October. . . 659 60 128 83 109 279 1943 639 172 271 29 66 101 November. 694 62 135 90 116 291 1944 635 183 269 13 70 100 December. 731 65 146 97 121 302 1945 676 198 283 14 74 107 1946—January. .. 771 70 155 107 125 314 1945 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 April P 946 97 193 127 151 378 July 520 145 235 11 47 82 May P 1,024 107 212 142 161 402 Aug 510 142 232 11 45 80 Volume extended dur- Sept 515 144 235 11 44 81 ing month: Oct 544 156 247 11 44 86 1945—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 46 642 189 272 14 66 101 October. . . 131 28 19 15 56 Feb. 634 184 274 14 62 100 November. 140 29 21 16 60 Mar 641 188 279 14 59 101 December. 147 32 24 13 64 Apr.? 668 200 288 15 60 105 May? 682 205 293 16 61 107 1946—January. .. 157 34 27 14 63 February. . 155 35 24 15 63 March. 188 41 25 20 82 April? . . . . 212 46 32 22 83 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL May? 225 53 38 21 85 BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] Retailinstal- Repair Persona CONSUMER INSTALMENT CREDITS OF INDUSTRIAL ment paper 2 and instal- LOAN COMPANIES, BY TYPE OF CREDIT Year and month Total modern- ment m A o u b to il - e Other i l z o a a ti n o s n 1 l c o a a s n h s [Estimates. In m Re il t l a io il n s in o s f ta d l- ollars] Repair Personal Outstanding at end ment paper 2 and instal- Year and month Total modern- ment of period Auto- ization cash 1941— D juenecember.... 2 1 0 9 2 6 . . 5 8 4 5 9 3. . 5 3 1 18 8 .8 4 1 1 8 8 . . 6 2 1 n 1 o 2 ! i 4 mobile Other loans l loans 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 December.... 91.8 12.6 7.7 14.0 57.5 1944 67.1 10.5 3.8 1.1 51.7 1944—June 89.6 12.5 6.8 12.9 57.4 1945 76.7 11.0 4.0 1.5 60.2 December.... 92.0 13.0 7.8 13.4 57.8 1945—May 68.2 9.4 3.6 1.2 54.0 1945— J J M u u l n a y y e 9 9 94 2 5 . . 6 1 6 1 1 1 2 2 2 . . 6 8 8 7 7 7 . . 5 8 7 1 1 1 4 3 4 . . . 2 6 6 5 5 59 9 8 ^ .9 9 9 A J J u u u l n y g e ust... 6 6 7 9 9 0 . . . 6 3 0 9 9 9 . . . 2 6 6 3 3 3 . . . 7 7 8 1 1 1 . . . 3 3 3 5 5 5 4 5 5 . . . 7 4 3 A Se u p g t u e s m t ber 9 9 5 5 .7 1 1 1 2 2 . . 7 6 8 7 . 0 9 1 1 4 5 .4 9 5 5 9 9 .7 6 S O e c p t t o e b m e b r. e r . 7 7 0 1 . . 4 4 1 9 0 . . 6 0 3 3. . 9 8 1 1 . . 4 5 5 5 5 6 . . 6 0 October 97.7 13.1 8.4 16.2 60.0 November 73.8 10.6 4.0 .6 57.6 November... . 100.9 13.6 9.0 16.8 61.5 December 76.7 11.0 4.0 .5 60.2 December.... 104.1 13.8 9.8 17.2 63.3 1946—January 105.6 14.1 9.9 18.0 '•63.6 1946—January. 77.5 11.2 4.0 .5 60.8 February 107.3 14.6 10.0 18.2 r64.5 February 78.4 11.2 4.1 .6 61.5 March 112.8 15.4 10.9 19.1 67.4 March. . 81.0 11.6 4.2 .6 63.6 April? 118.1 16.8 11.8 20.2 69.3 April?. . 83.2 12.1 4.5 .6 65.0 May? 122.2 17.7 12.7 21.2 70.6 May? ... 85.6 12.6 4.8 .7 66.5 Volume extended Volume extended during month during month 1945—May 14.1 2.0 0.7 0.2 11.2 1945—May 17.1 2.4 1.3 1.5 11.9 June 14.1 2.3 0.6 0.2 11.0 J J A u u u l n y g e ust 1 1 15 6 8 ^ .0 2 8 2 2 2. . . 1 3 4 1 1 1 . . . 6 3 4 1 1 1. . . 5 6 5 1 1 1 0 1 2 . . ' 4 9 0 A J S u e u l p y g t u e s m t ber... 1 1 1 3 3 3 . . . 1 8 4 2 2 2. . . 2 2 4 0 0 0 . . . 7 7 7 0 0 0 . . . 2 2 2 1 1 1 0 0 0 . . . 7 0 1 September.... 16.4 2.2 1.3 1.6 11.3 October 16.0 2.6 1.0 0.2 12.2 October 19.7 2.7 1.7 2.1 13.2 November... 16.2 2.7 1.1 0.2 12.2 November... . 19.9 3.0 2.2 1.9 12.8 December. . . 17.8 2.7 0.8 0.2 14.1 December. . .. 21.3 3.1 2.0 1.6 14.6 1946—January. . .. 18.6 r3 1 1.6 1.8 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 March 23 3 3.8 2.2 2.4 14 9 March 18.3 3.0 0.9 0.2 14.2 April? 23'.6 4.2 2.4 2.5 14^5 April? . 18.0 3.1 1.0 0.2 13.7 May? 24.6 4.1 2.8 2.5 15.2 May? 18.2 3.1 1.2 0.2 13.7 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. Preliminary. ' Revised. 2 Includes both direct loans and paper purchased. JULY 1946 803 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 Percentage change Charge Pe fr r o c m en m ta p o g r n e e t c h e c d h i a n n g ge m fro o m nt h c o o y r f e r e a p s r r p e o c n e d d i i n n g g Instalment account.-. accounts M 19 a 4 y 6? A 19 p 4 r 6 . 1 M 94 a 6 r. M 19 a 4 y 6? A 19 p 4 r 6 . 1 M 94 a 6 r. 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 +6 +18 +60 +62 +44 April 31 22 36 30 62 Cash sales +7 +3 + 19 +80 +84 +65 May , 32 23 40 33 64 Credit sales: June 32 23 43 33 64 Instalment +4 +9 + 19 +48 +54 +29 July 31 24 42 31 62 Charge account + 11 +7 +11 +73 +71 +52 S A e u p g t u e s m t ber. . . . , 3 35 3 2 2 3 3 4 4 8 9 3 3 1 0 6 6 3 3 Accounts receivable, at October , 40 27 52 31 66 end of month: November. 40 27 51 35 67 Total +4 +4 +3 +26 + 18 + 14 December 36 24 48 46 61 Instalment +3 +3 + 1 +20 + 16 +11 1946 Collections during January 32 25 52 32 61 month: February 31 24 51 29 60 Total +7 +1 + 14 +40 +35 +27 March 35 27 53 32 64 Instalment . +4 -1 +15 +37 +35 +22 April , 35 28 56 32 63 M 34 28 54 33 62 Inventories, end of month, at retail value. +7 +8 +6 +22 + 18 +13 P Preliminary. i 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 95.2 100.5 104.3 99.0 101.3 100.7 1940 100.2 96.6 101.7 104.6 90.7 100.5 101.1 1941 105 2 105 5 106 5 105 9 102 5 108 2 104.0 1942 116.5 123.9 124.2 108.5 105.4 122.2 110.9 1943 123.6 138.0 129.7 108.0 107.8 125.6 115.9 1944 125.5 136.1 138.8 108.2 109.8 136.4 121.3 1945 128.4 139.1 145.9 108.3 110.3 145.8 124.1 1945—January. 127 1 137 3 143 0 109 7 143 6 123 3 February 126 9 136.5 143 3 110 0 144 0 123.4 March « . .. . . 126.8 135.9 143.7 .108.3 110.0 144.5 123.6 April .. 127 1 136 6 144 1 109 8 144 9 123 8 May 128.1 138.8 144.6 110.0 145.4 123.9 June 129.0 141.1 145.4 108.3 110.0 145.8 124.0 July 129 4 141 7 145 9 111 2 145 6 124 3 August 129 3 140.9 146 4 111 4 146 0 124.5 September 128.9 139.4 148.2 108.3 110.7 146.8 124.6 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 . . 129.9 141.4 149.4 108.3 110.3 148.3 124.8 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 May . 131.5 142.6 155.4 110.3 152.4 126.3 Back figures.—Bureau of Labor Statistics, Department of Labor. 804 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities Year, month, or week m c t o A i o e m d l s l i - - p F u r a c o r t d m s - Foods Total H n l i r e d o a e d t s u h c e a t r n " d p T ro e d x u ti c le ts m F li u a g e t h e l t r i a i n a n g l d s an i M d ro e d m t u a e c ls t t a s l m B a u t i e ld ri i a n l g s p c C a r a o l h s l d e l i u m a e c n d i t - d s i f n H u g r o n g u o i s s o e h d - - s- l M an i e sc o e u l s - 1929 95 3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86 4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89 9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65 9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 78.4 86.6 7? 9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80 0 78.8 77.9 89.6 70.9 73.5 86 4 85.3 79.0 80.6 68.3 1936 80.8 80.9 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81 .7 70.5 1937 86.3 86.4 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70. 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94 8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.4 94.3 82.0 1942 98.8 10.S 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 1 "> ^ . 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— A M p a r r i c l h 1 10 0 5 5 . . 7 3 1 1 2 2 7 9 . . 2 0 1 1 0 0 4 5 . . 6 8 9 99 9 . . 2 3 1 1 1 1 7 7 . . 9 8 9 9 9 9 . . 7 6 8 83 3 . . 5 4 1 10 0 4 4 . . 2 2 1 1 1 1 7 7 . . 1 1 9 9 4 4 . . 9 9 1 1 0 0 4 4. . 5 5 9 9 4 4 . . 8 6 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.. 107.1 131 5 108.6 100.5 118 9 101.4 84 8 105.6 110.5 96.1 104.7 94.8 1946—January... 10^.1 179.9 107.3 100.8 119.4 101.6 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 0 133.4 109.4 102.2 119.8 104.7 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 May 111.0 137.5 111.5 103.9 120.4 108.8 86.1 109.4 127.8 96.5 108.3 97.0 Week ending: 1946—Tan. 26. 106 8 179 9 106 8 100.9 119.4 101 85.4 105.8 119.9 96.0 106.6 95.0 Feb. 2... 106.8 129.7 106.7 100.9 119.8 101 85.4 105.8 119.9 96.0 106.8 95.0 Feb. 9. . . 107 130.4 107.1 101.1 120.0 101 85.8 105.8 119.9 96.0 106.8 95.3 Feb. 16... 107. 131.0 108.0 101.1 120. 101 85.7 105.8 120.0 95.9 106.8 Feb. 23... 107, 131.1 108.3 101.1 120. 101 85.6 105.8 120.2 96.0 108.0 Mar. 2... 107.6 130.7 107.9 101.5 120. 101 85 107.8 121.0 96.0 108.0 Mar. 9... 108 133.9 109.2 101.6 120. 101.9 85.4 107.8 121.1 96.0 108.3 Mar. 16... 108 133.1 109.5 101.9 120. 101.9 85.4 107.7 123.3 96.0 108. 95.4 Mar. 23... 108.4 132.9 109.4 102.0 120. 102.4 85.4 107.9 123.6 96.0 108. 95 Mar. 30... 108.7 133.3 10^.5 102.3 120. 104.3 85.4 107.9 123.6 96.0 108. 95 Apr. 6. 109.1 135.2 109.7 102.4 120. 104.5 85.5 108.0 124.0 96.0 108. 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. 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. 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. 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. 96.2 May 11... 110.1 135.8 110.9 103.7 120.3 106.7 87.0 109.3 126.8 96.2 108. 96.2 May 18. .. 110.9 137.9 111.5 104.0 120.9 108.2 87.0 109.3 126.9 96.3 109. 96.3 May 25. .. 110.7 137.2 111.0 104.1 120.9 108.2 87.1 109.4 127.2 96.6 109. 96.o June 1. . . 111.1 138.8 111.8 104.3 120.9 108.2 86.7 109.5 127.8 96.6 110.0 97.8 June 8. . . 111.5 139.4 111.9 104.6 120.9 108.3 86.9 110.5 128.2 96.8 110.2 97.9 June 15... 111.8 139.9 111.8 104.9 123.4 108.3 86.9 111.0 128.5 96.8 110.4 97.9 June 22. .. 112.4 140.0 113.7 105.1 123.5 108.3 87.1 111.0 96.9 110.0 97.9 June 29... 1945 1946 1945 1946 Subgroups Subgroups May Feb. Mar. Apr. May May Feb. Mar. Apr. May Farm Products: Metals and Metal Products: Grains 129.1 133.9 136.7 137.0 148.1 Agricultural implements... 97.5 98.1 98.5 98.6 101.7 Livestock and poultry 135.5 132.7 133.5 135.1 134.9 Farm machinery 98.7 99.2 99.6 99.6 102.7 Other farm products 125.9 127.9 131.4 134.2 135.1 Iron and steel 98.4 103.3 107.0 107.4 107.8 Foods: Motor vehicles 112.8 112.8 112.8 112.8 112.8 Dairy products 110.6 115.8 116.1 116.3 117.0 Nonferrous metals 85.9 85.7 86.1 87.1 89.0 Cereal products 95.4 96.1 96.2 99.4 100.3 Plumbing and heating 92.4 95.1 95.1 100.8 100.8 Fruits and vegetables 131.4 127.5 133.1 138.2 140.6 Building Materials: Meats 108.6 108.1 109.6 110.3 110.5 Brick and tile 110.7 116.9 117.4 119.9 120.5 Other foods 94.7 96.5 97.7 97.7 98.1 Cement 99.4 101.5 102.3 102.4 102.6 Hides and Leather Products: Lumber 154.9 160.1 167.6 171.4 172.5 Shoes 126.3 128.2 128.6 128.6 128.9 Paint and paint materials.. 106.4 107.8 107.8 108.0 108.2 Hides and skins 117.0 117.6 117.6 117.6 120.7 Plumbing and heating 92.4 95.1 95.1 100.8 100.8 Leather 101.3 103.9 104.0 104.0 104.0 Structural steel 107.3 113.7 120.1 120.1 120.1 Other leather products 115.2 115.2 115.2 115.2 115.2 Other building materials... 104.1 107.2 112.3 112.8 115.7 Textile Products: Chemicals and Allied Products: Clothing 107.4 109.4 109.5 117.4 119.6 Chemicals 95.8 97.0 97.0 97.1 97.9 Cotton goods 119.7 125.8 132.9 137.6 138.6 Drugs and Pharmaceuticals 106.8 111.5 111.7 112.4 112.4 Hosiery and underwear .... 71.5 75.3 75.5 75.5 75.7 Fertilizer materials 81.9 81.9 81.9 81.9 81.9 Silk Mixed fertilizers 86.6 86.6 86.6 86.6 86.6 Rayon 30.2 30.2 30.2 30.2 30.2 Oils and fats 102.0 101.8 102.1 102.1 102.1 Woolen and worsted goods.. . 112.7 112.7 112.7 112.7 112.7 Houstfurnishing Goods: Other textile products 100.9 102.0 109.6 110.5 111.9 Furnishings 107.5 110.1 110.9 112.1 113.4 Fuel and Lighting Materials: Furniture 101.5 102.9 102.9 102.9 102.9 Anthracite 95.6 104.0 104.0 104.0 104.1 Miscellaneous: Bituminous coal 123.2 125.1 125.2 125.2 125.3 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 130.7 134.9 134.9 133.5 133.5 Cattle feed 159.6 159.6 159.6 159.6 173.6 Electricity 58.5 71.3 68.3 Paper and pulp 109.0 113.7 113.7 113.9 115.3 Gas 76.4 79.1 79.6 79! 7' Rubber, crude 46.2 46.2 46.2 46.2 46.2 Petroleum products 64.2 61.6 61.2 62.8 63.5 Other miscellaneous 98.9 98.9 98.9 99.2 100.2 Back figures.—Bureau of Labor Statistics, Department of Labor. JULY 1946 805 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 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 47.0204.5206.3195.7 182.8 Government expenditures for goods and services 13.6 14.4 16.0 16.7 26.5 62.7 93.5 97.1 83.0 24.0 25.1 19.5 14.5 95.6 99.2 79.5 57.7 Federal Government , 6.1 6.8 7.9 18.6 55.3 86.2 89.5 75.1 21.9 23.1 17.7 12.4 87.8 91.3 71.6 49.8 War 1.4 2.8 13.3 50.3 81.3 83.7 69.0 20.5 21.3 16.3 10.8 82.2 85.3 65.2 43.3 Nonwar 6.5 6.1 5.3 5.0 4.9 5.7 6.1 1.4 1.7 1.4 1.6 5.6 6.0 6.4 6.5 State and local governments. 7.5 7.6 8.1 7.9 7.9 7.4 7.4 7.7 7.9 2.0 2.0 1.7 2.1 7.8 7.8 7.9 8.0 Private gross capital formation. 11.6 7.7 10.9 14.8 19.1 7.6 2.5 2.0 9.4 1.2 1.6 3.5 3.1 3.9 7.1 12.5 14.2 Construction 3.7 3.3 3.6 4.3 5.3 2.9 1.6 1.6 2.7 0.4 0.6 0.8 1.0 1 2.3 2.9 3.7 Residential 2.0 2.4 2.8 1.3 0.6 0 5 0.8 0.1 0.1 0.2 0.3 Other 1.6 2.0 2.5 1.6 1.0 1.1 1.9 0.4 0.5 0.6 Producers durable equipment 6.3 4.5 5.5 6.9 8.9 5.1 3.1 4.0 6.4 1.3 1.5 1.8 1.8 5.2 6.1 7.0 7.2 Net change in business inventories 1.1 -1.3 0.9 1.8 3.5 -0.5 -0.6 -1. C1) 0) -0.2 0.4 -0.2 -1.3 -0.2 0.2 1.6 Net exports of goods and services 0.1 1.1 0.8 1.5 1.2 0) -1.5 -1.8 0.4 -0.4 -0.2 0.6 0.5 -1.7 -1.0 2.5 1.9 Ne u t s .e e x o p f o g rt o s l d a n a d n d m s o il n v e e ta r. r . y . . 0.4 0.1 0.2 0.3 0.2 o.i C1) -0.1 -0.1 0) 0 C1) C1) -0.1 -0.1 -0.1 -0.1 Consumer goods and services.. . 62.5 58.5 61. 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. 6.6 6. 7.4 1.5 1.7 1.7 2.5 7.2 6.7 7.1 8.4 N Se o r n v d ic u e r s able goods 54.9 52.5 3 2 2 2. .6 3 2 4 3 . . 4 9 4 2 0 5 . . 1 4 4 2 7 7 . . 9 8 5 2 5 9. . 7 1 6 3 0 1 . . 0 8 6 33 4 . . 1 4 15.0 1 8 4 . . 4 9 1 8 5 . . 3 7 18.8 6 32 5 . . 6 2 5 33 9 . . 7 5 6 3 3 3 . . 3 3 6 3 9 3 . . 5 0 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 47.0204.5206.3195.7 182.8 Deductions: Business tax and nontax D Ot e l h p ia e r b r e i c l b i i u a ti t s e i i o s n n e s a s n r d e s d e e r p v l e e s t . i o . n . 9 6 1 . . . 0 1 0 6 0 . . 2 5 1 0 6 0 . . . 2 8 4 1 0 6 2 . . . 4 4 1 0 7 8 . . . 8 0 5 2 0 7 3 . . . 6 6 1 2 0 8 7 . . 0 4 2 8 0 9. . . 2 0 8 8 . . 2 6 2 0 7. . 3 0 2 0 7 . . . 1 0 5 2 0 7 . . . 0 3 6 2 0 . . 5 0 Capital outlay charged to current expense 0.8 0.5 0.9 1.3 1.1 0.8 0. 0.2 0.2 0.3 0.3 Adjustments: For inventory revaluation -0.7 +0.9 -0.4 -0.4 -3. -2.1 -0.2 -0. C1) C1) C1) For discrepancies 0 0 0 -0.4 -0.2 1.5 -2. -2.0 -0.8 0.6 -0.8 -1.0 National income 71.5 64.2 70.8 77.6 96! 122.2 149.4 160. 161.0 40. 41.3 39.8 39.0 167.6 166. 158.4 150.7 Additions: Transfer payments 1. 2.4 2.4 2.6 2.5 2.7 3.2 5.3 1.5 1. 1.9 3.0 Deductions: Corporate savings -0.8 -1.5 0.4 1.8 4.0 4.4 5.5 5.4 1 1. 1.1 0.2 Contributions to social insurance funds 1. 2.C 2.1 2.6 3.2 3.8 3.9 1.0 1.0 0.9 0.9 Income payments to individuals 72.3 66.2 70.8 76.2 92.7 117.3 143.1 156.8 160.7 39.8 40.4 39.7 40.9 163.7 163.2158.6 156.9 Income payments to individuals 72.3 70.8 76.2 92.7 117.3 143.1 160. 39.8 40.4 39.7 40. 163.7 163.2158.6 156.9 Personal taxes and nontax payments 3.1 3.3 3.1 3.3 4.C 6.1 18.6 19. 21.0 4. 3.8 22.1 21. 20.6 19.7 Federal 1.4 1.6 1.3 1.4 2.C 4. 16.6 17. 18.9 4.3 3.5 200 19. 18 5 17.6 State and local 1. 1. 1. 1.9 2.C 2.0 2.0 2. 2. 0.6 0.6 0.3 2.1 2. 2.1 2.1 Disposable income of individuals 62.9 67.7 72.9 110.6 124.6 137.4 139.7 31.1 35.5 35.9 141. 141.6 138.0 137.3 Consumer expenditures. .. 62.5 58.5 61. 65.7 74.6 82.0 91.3 104. 24.7 25.0 25.7 105.0100.0 03.7 110.9 Net savings of individuals. 4.4 6.C 7.3 14.2 28.6 33.3 34.5 6. 10.5 10.2 34.3 26.4 National income 71.5 64.2 70.8 77.6 96 122. 149. 160. 161.0 40. 41.3 39.8 39.0 167.6 166.2158.4150.7 Total compensation of employee. 48.3 45.1 48.1 52.3 64.5 84. 106. 116. 114.5 29. 29.8 28. 26.7 119.6 118.3 113.0 105.7 Salaries and wages 45.0 41.2 44.2 48.6 60.8 80. 103. 112. 111.4 29.0 29.0 27.5 26.0 116. 115. 110.0 102.7 Supplements 3.3 3.9 3.8 3.7 3. 3. 3. 3. 3. 0.8 0.8 0.8 0.7 3.2 3. 3.0 2.9 Net income of proprietors.... 11.9 10.1 11. 12.0 15.8 20. 23. 24. 25. 5.7 5.8 6.6 7.5 26.3 25., 25. 26.0 Agricultural 5. 4.0 4.3 4. 6.3 9. 11. 11. 12.5 2.5 2.6 3.4 4.1 13.3 13. 12. 12.1 Nonagricultural 6.8 6.1 6. 7.6 9.6 10. 11. 12. 13. 3.2 3.2 3.2 3.5 13.0 12. 12. 13.9 Interest and net rents 7.4 7.3 7.4 7.5 8.0 8. 9. 10. 11.8 2.9 3.1 2 3.0 11.4 11. 11. 12.2 Net corporate profit 3.9 1.7 4.2 5.8 8.5 8. 9. 9. 9.0 2.6 2.6 2.1 1.7 10.4 10. 6.8 Dividends 4. 3.2 3.8 4.0 4.5 4. 4. 4. 4. 1.0 1.1 1.0 1 Savings -0. -1 0. 1.8 4 4. 5. 5. 4.5 1.6 1.1 0.2 1 Less than 50 million dollars. NOTE.—Detail does not always add to totals because of rounding. For a general description of above series see the Survey of Current Business for May and August 1942, and March 1943. Back figures: For annual totals 1929 through 1936, see the Survey of Current Business, May 1942 and April 1944. For quarterly estimates 1939 through 1944, see the Survey of Current Business for April 1944 and February 1946. 806 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* ON BANK CREDIT, MONEY RATES, AND BUSINESS 1946 1946 Chart book May June June June June page May June June June June 29 12 19 26 12 WEEKLY FIGURES* In billions of dollars WEEKLY FIGURES*—Cont. In unit indicated RESERVES AND CURRENCY BUSINESS CONDITIONS Reserve Bank credit, total 23.56 23.45 23.90 23.45 23.99 iteel production (% of capacity). . 43.6 55.2 76.1 84.2 87.2 U. S. Govi. securities, total.. . . 22.9822.78 23.27 22.69 23.39 Electric power prod. (mill. kw. hrs.) 1,7413,920 4,030 4 129 Bills. . 4.01 13.86 14.32 13.85 14.40 Freight carloadings (thous. cars). . 627 830 858 Certificates 6.34 6.27 6.29 6.33 6.48 Department store sales (1935-39 Notes 1.74 1.75 1.75 1.75 1.75 = 100) 45 223 273 283 247 Bonds .90 .90 .90 .76 .76 Wholesale prices (1926 = 100): Discounts and advances .24 .25 .25 .25 .23 Total 49 11.1 111.5 111 112.4 Gold stock 20.24 20.27 20.27 20.27 20.27 Farm products 49 .38.8 139.4 139.9 140.0 Money in circulation 28.1128.16 28.13 28.12 28.14 Other than farm and food 49 04.3 104.6 104.9 105.1 Treasury cash 2.27 2.29 2.28 2.26 2.26 Treasury deposits 68 39 .86 .42 .97 Member bank reserves 15.69 15.80 15.91 15.92 15.91 Required reserves 14. 15.06 15.08 '15.36 '15.20 Excess reservese .74 .83 P. 55 p. 71 Excess reserves (weekly average): Total e .95 P.91 New York City .03 .01 .02 MONTHLY FIGURES Chicago .01 .01 RESERVES AND CURRENCY In billions of dollars Reserve city banks .22 .23 Country bankse .68 P. 66 Reserve Bank credit 6 23.53 23.07 23.37 MEMBER BANKS IN LEADING CITIES G M o o l n d e y st o in ck c irculation 6 6 2 2 7 0 . . 9 2 1 4 2 2 0 7 . . 2 9 5 2 2 2 0 7 . . 2 9 5 8 Total—101 cities: Treasury cash 6 2.27 2.26 2.26 Loans and investments 14 63. 63.3362.86 62.51 Treasury deposits 6 .81 .45 .56 U. S. Govt. obligations 14 45.59 45.22 44.72 44.32 Member bank reserves, total 6, 7 15.54 15.53 15.73 Demand deposits adjusted 1438.94 39.51 39.87 Central reserve city banks 13 4.83 4.89 4.96 U. S. Govt. deposits 11.43 10.12 9.71 8.70 Reserve city banks 13 6.17 6.13 6.22 Loans 1414.90 14.74 14.79 14.80 Country banks 13 4.54 4.52 4.55 New York City: Required reserves, total 14.51 14.51 14.77 Loans and investments 1. 21.92 21.73 21.53 21.59 Central reserve city banks 13 4.83 4.83 4.94 U. S. Govt. obligations, total.. . 1. 4.99 .92 14.74 14.80 Reserve city banks 13 5.94 5.91 5.99 Bonds li 9.78 .78 9.85 9.29 Country banks 13 3.73 3.77 3.84 Notes, certificates, and guar. Excess reserves, total 1.03 1.02 .96 securities 1< 4.89 .62 4.64 4 Balances due from banks: Bills h .32 .52 .26 .64 Reserve city banks 13 1.84 1.80 1.80 Demand deposits adjusted 1: 14.16 14.37 14.32 14.60 Country banks 13 4.02 3.86 3.78 U. S. Govt. deposits 1 4.24 ,72 3.57 3.20 Money in circulation, total 8 27.88 27.89 28.12 Interbank deposits 1 4.0. ,09 4.10 4.20 Bills of $50 and over 8 7.83 7.89 7.95 Time deposits 1. 1.27 ,27 1.2 1.2 $10 and $20 bills 15.53 15.49 15.62 Loans, total 1 5.90 .79 5.76 5.76 Coins, $1, 2 and $5 bills 4.51 4.51 4.56 Commercial 1 2.91 92 2.89 2.89 For purchasing securities: ALL BANKS IN U. S. Brokers'—on U. S. Govts.. 16 1.08 .01 .9 1.00 Brokers'—on other securities 16 .54 .51 .51 .50 Total deposits and currency P173.7O P174.20 *>173.40 To others 1' .7 .76 .74 .75 Demand deposits P75.1O P77.40 P78.5O All other 1 .59 .60 .65 .63 Time deposits P50.10 P50.60 100 cities outside New York: Currency outside banks P26.10 P26.20 ^26.40 Loans and investments 1. 41.9' 41.6041.34 40.92 U. S. Govt. deposits P22.40 P20.00 P17.40 U. S. Govt. obligations, total.. . 1: 30.6130.30 29.9 29.52 Bonds li 17.70 17.69 17.68 17.45 CONSUMER CREDIT Notes, certificates, and guar. securities 1< 12.21 11.93 11.72 11.45 Consumer credit, total 6.98 P7.31 P7.51 Bills li .69 .69 .57 .63 Single payment loans 1.70 Pl.71 PI.73 Demand deposits adjusted 1 24.78 25.1025.18 25.2 25.04 Charge accounts 1.97 P2.14 P2.1S U. S. Govt. deposits 1 7.19 .40 6.1 5.50 5.5' Service credit .80 P. 81 P. 82 Interbank deposits 15 6.39 .55 6.54 6.48 6.25 Instalment credit, total 18, 2.51 P2.65 *>2.78 Time deposits 1 8.71 .74 8.76 8.77 8.8( Instalment loans 1.60 Pi.69 PI.78 Loans, total 15 9.00 .95 9.03 9.04 9.0 Instalment sale credit, total.. . . .91 P.96 PI.OO Commercial 1 4 .55 4.61 4.63 4.66 Automobile .26 P.29 P.32 For purchasing securities.... 1 1.88 .83 1.82 1.79 1.77 Other .64 P.67 P.68 All other 1 2.55 .58 2.59 2.62 2.64 TREASURY FINANCE MONEY RATES, ETC. Per cent per annum U. S. Govt. obligations outstanding, total interest-bearing 2C 275.29 273.24 271.98 By classes of securities: U. S. Govt. securities: Bonds (marketable issues) 20 121.18 121.18 121.18 Bills (new issues) 24 .375 .375 375 375 .37 Notes, cert., and bills 20 75.71 73.72 72.13 Certificates 2 .84 .83 .83 .83 Savings bonds and tax notes... 20 56.55 56.41 56.47 Notes 24 1.21 1.19 1.15 1.12 1.1. Special issues 20 21.14 21.22 21.48 Bonds (7-9 years) 2 1.48 1.46 1.42 1.41 1.4 By maturities: Bonds (15 years and over)... 24, 26 2.18 2.17 2.15 2.15 5 years and over 20 109.72 109.72 109.72 Corporate bonds: 5-20 years 20 66.12 66.12 66.12 High grade (5 issues) 26 2.44 2.44 2.43 2.40 2.4< 5-10 years 20 45.37 45.37 45.37 Aaa 26 2.51 2.50 2.49 2.48 3.4« Within 5 years 20 87.34 85.36 83.77 Baa 26 3.03 3.03 3.03 3.03 3.0- Within 1 year 20 69.43 67.45 65.86 Certificates 20 40.40 38.41 36.83 Bills 20 17.05 17.05 17.04 In unit indicated Holdings of U. S. Govt. obligations: Commercial banks 2 89.00 88.60 Fed. agencies and trust funds. ... 21 28.18 28.27 28.53 Stock prices (1935-39=100), total. 27 159 156 155 152 150 Federal Reserre Banks 2: 22.60 22.73 22.93 Industrial 27 163 160 159 156 153 Mutual savings banks 2 11.20 11.30 Railroad 27 164 160 164 164 159 Insurance companies 2 25.00 25.00 Public utility 27 132 131 132 130 129 Other investors, total 2 99.30 97.30 Volume of trading (mill, shares).. 27 1.81 1.12 1.04 1.17 1.02 Marketable issues 2 44.80 42.90 For footnotes see p. 809. JULY 1946 807 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart Chart book book page page Mar. Apr. May Mar. April May MONTHLY FIGURES—Cont. Per cent per annum MONTHLY FIGURES—Cont. In unit indicated MONEY RATES, ETC. BUSINESS CONDITIONS Cont. Corporate Aaa bonds 23 2.47 2.46 2.51 F. R. Bank discount rate (N. Y.) 23 .50 1.00 1.00 Residential contracts (mill, dollars) :3 Treasury bills (new issues) 23 .375 .375 Total 42 240 308 390 Public 42 6 8 11 Private, total 42 234 *300 379 In unit indicated 1- and 2-family dwellings 42 208 276 327 Other 42 26 24 52 Stock prices (1935-39=100): Value of construction activity (mill, Total 27 142 152 154 dollars): Industrial 27 145 156 159 Total 49 C 602 706 828 Railroad 27 154 157 157 Residential: Public utility 27 123 128 129 Public 49 C 5 14 Volume of trading (mill, shares) 27 1.12 1.39 1.31 Private 49 C 195 244 299 Brokers' balances (mill, dollars): Nonresidential: Credit extended customers 29 936 895 856 Public 49C 93 109 125 Money borrowed 29 622 575 547 Private 49 C 309 345 390 Customers' free credit balances.... 29 712 697 669 Freight carloadings:3 Total (1935-39=100) 43 '109 106 BUSINESS CONDITIONS Groups (points in total index): Income payments (mill, dollars):3 Miscellaneous 43 78.2 67.6 Total 30 13,141P13.071 Coal 43 5.6 14.5 Salaries and wages 30 8,368 P8,387 All other 43 '25.6 24.0 Other 30 4,773 P4.684 Department stores (1935-39=100) :3 Cash farm income (mill, dollars): Sales. . 44 263 250 257 Total 31 '•1,426 Pl.547 Stocks 44 '177 189 200 Livestock and products 31 ••883 P944 Exports and imports (mill, dollars): Crops 31 487 P453 Exports 46 P756 Govt. payments 31 56 P150 Excluding Lend-Lease exports... 46 P6 75 Armed forces (mill, persons) 32 4.4 3.8 3.4 Imports 46 P406 Civilian labor force (mill, persons): Excess of exports excluding Lend- Total 32 55.7 56.9 57.6 Lease exports P269 Male 33 39.4 40.3 41.0 Cost of living (1935-39=100): Female 33 16.3 16.6 16.7 All items 47 130.2 130.9 131.5 Unemployment 32 2.7 2.4 2.3 Food 47 140.1 141.7 142.6 Employment 32 53.0 54.6 55.3 Clothing 47 153.1 154.3 155.4 Nonagricultural 33 45.4 46.4 46.4 Rent 47 108.4 Agricultural 33 7.6 8.2 8.9 Wholesale prices (1926=100): Industrial production:3 Total 49 108.9 110.2 111.0 Total (1935-39=100) 35, 49 B 168 165 Farm products 49 133.4 135.4 137.5 Groups (points in total index): Other than farm and food 49 102.2 103.3 103.9 Durable manufactures 35 69.4 72.5 P66.4 Machinery and trans, equip... 49B 35.6 39.9 P39.8 N Ir o on n fe a r n r d o u s s t e m el e tals, lumber, and 49B 18.6 17.5 Pll.9 1945 1946 building materials 49B 15.2 15.2 P14.7 Nondurable manufactures 35 77.4 76.6 P75.5 Textiles and leather 49B 21.2 21.0 P21.3 Oct.- Jan.- Apr.- Food, liquor, and tobacco ... 49B 22.2 21.6 P20.5 QUARTERLY FIGURES Dec. Mar. June Chemicals, petroleum, rubber, Mi P n a e a p r n a e d l r s a c n o d 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 2 1 1 0 2 . . . 3 9 8 2 1 1 1 2 5 . . . 3 7 9 P P P 1 1 2 7 2 1 . . . 5 6 3 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 inventor N ie e s w ( 1 o 9 rd 3 e 9 r = s: 100): Bu T d o g t e a t l r e e x c p e e ip n t d s i t a u n r d e s expenditures: 49D 16.05 13.00 Total 36 194 P200 National defense 49D 1360 8.67 Sh D ip u m ra e b n l t e s : 36 204 P214 Int N e e rn t a r l e c re e v ip e t n s u e collections, total 4 4 9 9 D D 9 8 . ,4 0 5 2 1 12 3 . . 5 2 9 4 Total 36 197 P205 Individual income taxes 49D 3.44 7.22 Durable 36 184 P205 Corporate income taxes 49D 3.19 3.49 Nondurable 36 205 P205 Misc. internal revenue 49D 1.82 1.88 Inventories: D To u t r a a l b le 3 3 6 6 1 1 8 6 1 9 P P1 1 8 6 1 9 MONEY RATES Per cent per annum Nondurable 36 159 P158 Factory employment and pay rolls Bank rates on customer loans: (1939=100): Total, 19 cities 23 2.09 2.31 Pay rolls 38 233.1 249.1 New York City 25 1 .71 1.75 1.84 Employment 38 129.9 136.1 P137.0 Other Northern and Eastern cities. 25 2.23 2.34 Hours and earnings at factories: Southern and Western cities 25 2.38 2.93 Weekly earnings (dollars) 39 42.16 42.92 Hourly earnings (cents) 39 103.4 105.8 Hours worked (per week) 39 40.8 40.6 SECURITY MARKETS In millions of dollars Nonagricultural employment (mill. persons):3 Total 40 36.7 37.1 P37.5 Corporate security issues: Manufacturing and mining 40 12.9 13.1 P13.5 Net proceeds: Trade 40 7.8 7.8 vl All issues 28 1,636 941 Government 40 5.5 5.5 P5 Industrial 28 433 407 Transportation and utilities 40 4.0 3.9 P3.9 Railroad 28 315 348 Construction 40 1.5 1.6 Pl.7 Public utility 28 807 154 Construction contracts (3 mo. moving New money: average, mill, dollars):3 All issues 28 272 248 Total 41 602 696 P741 Industrial 28 157 219 Residential 41 237 316 P385 Railroad 28 46 10 Other 41 365 380 P356 Public utility 28 41 3 For footnotes see p. 809 FEDERAL RESERVE BULLETIN 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 Mar. Ju-ie Dec. 30 31 20 30 31 GALL 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 (4) 40.27 44.79 U. S. Govt. obligations 13 22.20 24.09 27.00 Certificates 11 (4) 15.58 16.98 Other securities 13 2.12 2.16 2.41 Notes 11 (4) 14.72 14.27 Loans 13 4.81 5 11 5.60 Bills 11 0) 2.63 2.27 Demand deposits adjusted 13 20.84 20 66 23.60 Guaranteed obligations 11 (4) .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 R C e o a m l m e e st r a c t i e a l 1 1 1 1 ( ( 4 4 ) ) 3 7 . . 2 1 5 0 3 8. . 9 4 5 6 J S u e l p y t - . O D c e t c . . - J M an a » r. - Agricultural 11 (4) 1.13 .86 For purchasing securities: FARM REAL ESTATE VALUES In unit indicated Brokers 11 (4) 3.09 3.13 To others 11 (4) 3.41 3.38 Cash farm income (bill, dollars, annual Consumer 11 (4) 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 5 130 5133 6,142 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 1944 1945 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 ash farm income (bill, dollars) 49A 21.0 21.6 Other securities 12 1.80 1.89 2.04 Farm transfers (number per 1000 Loans 12 6.35 7.15 8.511 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 t Estimated. P Preliminary. r Revised. 1 figures for other than vVednesday dates are shown under the Wednesday included in the weekly period. 2 For cnarts on pages 10, 16, ana 11, rigures for a more recent period are availaole in the regular BULLETIN tables that show those series. 3 Adjusteu for seasonal variation. 4 Figures availaole for J une and December dates only. 6 As of July 1, i\ov. 1, Marcn 1. « Less tuan 1500,000. * Copies of the Chart Book may be obtained at a price of 50 cents each. JULY 1946 809 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 x nmember banks " 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 l Total Total2 ti N on a- al State 2 Total su In re - d in N su o r n e - d ' 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 May 31, 1946? 14,569 14,028 6,889 5,011 1,878 7,142 6,439 703 191 350 112 Branches and Additional Offices 3 Dec 31 1942 3 739 3,602 2,615 1,592 1,023 987 935 52 35 102 Dec 31 1943 3,933 3,797 2,793 1,741 1,052 1,004 952 52 95 41 Dec. 31, 1944 4,064 3,924 2,892 1,813 1,079 1,032 978 54 99 41 Dec 31 1945 4.090 3,947 2,909 1,811 1,098 1,038 981 57 101 42 May 31, 1946*> 4,024 3,880 2,850 1,737 1,113 1,030 971 59 102 42 P Preliminary. 1 Excludes banks (shown in last column) that do not report to State banking departments, principally as follows on the latest date: 11 "cooperative" banks in Arkansas and 99 unincorporated (private) banks in Georgia, Iowa, Michigan, and Texas. 2 The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks. These banks are not included in the total for "Commercial banks" and are included only once in "All reporting banks." 3 Includes all branches and other additional offices at which deposits are received, checks paid, or money lent. Includes offices at military reservations, consisting mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government; the number of such offices on the above dates was 40, 233, 308, 241, and 132, respectively. NOTE.—Prior to February 1946, statistics on number of banking offices were published quarterly. For back figures, see Ban dng 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 listl On par list * Not Not ^ F d e i d st e r r ic a t l o R r e S se t r a v te e Total i Mem- Non- p o a n r State Total i M em- Non- p o a n r Total ber member list' Total ber member list1 banks banks banks banks United States total: Michigan 442 441 229 212 1 Dec 31 1942 14 123 11 413 6,670 4,743 2,710 Minnesota 673 257 208 49 416 Dec. 31, 1943. . . . 14,021 11,492 6,729 4,763 2,529 Mississippi 203 35 29 6 168 Dec. 31, 1944 13,989 11,544 6.806 4,738 2,445 Missouri 592 518 184 334 74 Dec. 31, 1945. . . . 14,002 11,869 6,877 4,992 2,133 Montana 110 108 77 31 2 May 31, 1946?. ... 14,024 11,917 6,883 5,034 2,107 Nebraska 411 408 146 262 3 Nevada 8 8 6 2 By districts and New Hampshire. . . . 64 64 52 12 by States New Jersey 346 346 296 50 May 31, 1946 v New Mexico 41 41 28 13 Boston 491 491 336 155 New York 676 676 582 94 New York 949 949 807 142 North Carolina 204 85 55 30 119 Philadelphia 851 851 649 202 North Dakota 150 45 42 3 105 1 176 1 176 722 454 Ohio 676 676 424 252 Oklahoma 381 370 217 153 11 Richmond 1,009 774 475 299 235 Atlanta 1 126 501 328 173 625 Oregon 70 70 33 37 Chicago 2 464 2,405 994 1,411 59 Pennsylvania 1,019 1,019 771 248 St Louis 1 465 1,099 494 605 365 Rhode Island 21 21 11 10 South Carolina 145 48 28 20 97 1 270 589 469 120 681 South Dakota 167 67 60 7 100 Kansas City 1,748 1,733 751 982 15 Dallas 972 854 588 266 118 Tennessee 293 187 82 105 106 503 495 270 225 8 Texas 861 795 545 250 66 Utah 57 57 34 23 Vermont . .. 71 71 40 31 Virginia 315 299 199 100 16 Alabama 218 103 84 19 115 Arizona 11 11 6 5 Washington 123 115 55 60 8 Arkansas 228 96 66 30 132 West Virginia 179 176 108 68 3 California 191 191 111 80 Wisconsin 556 440 166 274 116 Colorado 140 140 92 48 Wyoming 56 56 38 18 Connecticut 115 115 63 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 85 60 25 277 some checks are drawn. Similar par list figures Dublished 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 856 854 489 365 2 on which no checks are drawn, because of the reauirement that member Indiana 491 491 238 253 banks remit at par for checks presented to them through the Federal 659 659 164 495 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 Kentucky 386 386 114 272 which checks are drawn, namely, those that do not report to State Louisiana 153 52 43 9 101 banking departments (see footnote 1 of preceding table), and includes Maine 63 63 38 25 industrial banks and nondeposit trust companies whether or not Maryland 170* 170 80 90 checks are drawn on them. Massachusetts 185 185 149 36 NOTE.—Prior to February 1946, statistics on the Federa [ Reserve par list were published annually. For back figures see Bayiking and Monetary Statistics, Table 15, and descriptive text, pp. 14-15. 810 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTIC PAGE Gold reserves of central banks and governments 813 Gold production 814 Gold movements. . 814 Net capital movements to United States since January 2, 1935 815-820 Central banks. . 821-824 Money rates in foreign countries 825 Commercial banks 826 Foreign exchange rates 827 Price movements: Wholesale prices . 828 Retail food prices and cost of living. . 829 Security prices . 829 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. 812 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta i t t e e s d t g A i e n r n a - - 1 g B iu e m l- Brazil B I r n i d ti i s a h Canada Chile lo C m o b - ia Cuba C v z s a e lo k c - h ia o- m De a n rk - Egypt France m G a e n r- y Greece 1938—Dec 14 512 431 581 32 274 192 30 24 83 53 55 2 430 29 27 1939—Dec 17,644 466 609 40 274 214 30 21 1 56 53 55 2,709 29 28 1940—Dec 21,995 353 734 51 274 27 30 17 1 58 52 52 2.000 29 28 1941—Dec 22,737 354 734 70 274 5 31 16 1 61 44 52 2.000 29 28 1942—Dec 22,726 1658 735 115 274 6 36 25 16 61 44 52 2,000 29 28 1943—Dec 21,938 1939 734 254 274 5 54 59 46 61 44 52 2,000 29 28 1944—Dec 20,619 U 111 329 274 6 79 92 111 61 44 52 1 777 29 28 1945—June 20,213 409 713 342 274 6 80 102 166 61 44 52 July ?O,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 20,232 398 747 362 274 6 82 129 201 61 38 52 1 090 Mar 20,256 397 755 361 274 6 82 131 201 61 38 52 1,090 Apr 20,251 763 361 7 132 61 38 1,090 May.... 20,242 761 5 133 796 End of month H ga u r n y - (P I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Peru Poland Po g rt a u l - Ru n m ia a- A So fr u ic th a Spain 1938—Dec 37 26 193 164 80 29 998 23 94 20 85 69 133 220 3525 1939—Dec.... 24 26 144 164 90 32 692 23 94 20 *84 69 152 249 1940—Dec 24 26 120 164 140 47 617 23 *84 20 59 158 367 1941—Dec. . . 24 26 5164 235 47 575 23 21 59 182 366 42 1942—Dec. 24 34 <216 39 506 23 25 59 r203 634 42 1943—Dec. .. 24 92 203 500 23 31 60 r260 706 91 1944—Dec 24 128 222 500 23 32 60 267 814 105 1945—June 131 231 500 23 28 60 267 878 109 July P131 230 270 23 28 60 267 886 109 Aug P131 255 270 23 28 60 267 909 109 Sept. P131 255 270 23 28 60 268 938 108 Oct. .. P131 250 270 23 28 60 268 954 108 Nov P131 296 270 23 28 60 268 943 108 Dec. P131 294 270 23 28 60 269 914 110 1946—jan 288 270 23 28 60 269 949 111 Feb 284 270 23 28 60 269 982 111 Mar. . 257 270 23 28 60 1 014 111 Apr 254 270 23 28 1,046 111 May. ... 250 25 End of month S d w en e- S l w a e n r i - t d z- T k u ey r- U K d n i o i n m t g ed - g U u r a u y - V zu e e n l e a - Y sl u av go ia - B.I.S. O c tr o t i u h e n s e 6 - r Governmen 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 United U K n i i n t g ed - France Bel- 1939—Dec 308 549 29 n 68 52 59 7 178 dom 1940—Dec 160 502 88 1 90 29 82 12 170 1941—Dec 223 665 92 1 100 41 *83 12 166 1942—Dec 335 824 114 1 89 68 21 185 1938—Dec 80 2759 331 44 1943—Dec 387 964 161 1 121 89 45 229 1939—Mar 154 1 732 559 1944—Dec 463 1,052 221 1 157 130 37 245 May ... 477 June 85 17 1945—June 478 1 069 234 1 175 176 39 247 Sept 164 3876 July 478 1 073 234 1 179 176 39 248 Dec 156 17 A Se u p g t 4 4 7 7 9 9 1 1, , 0 0 8 8 5 4 2 2 3 3 6 4 1 1 1 1 8 9 9 5 1 1 8 9 6 1 3 3 9 9 2 2 4 4 8 8 1940— D j uence... 8 4 6 8 292 1 1 7 7 Oct 475 1 111 236 1 195 191 39 247 1941—June 89 17 Nov.. . . 474 1,109 236 1 195 202 39 245 Dec. .. 25 4151 17 Dec 482 81 104 241 1 195 202 39 247 1942—June 8 17 1946— F Ja e n b . 4 48 8 1 1 1 1 0 0 9 9 1 9 2 24 4 1 1 1 1 1 19 9 5 5 2 2 1 1 2 2 3 3 9 9 2 2 4 4 7 7 I943— D Ju e n c e 1 1 2 1 1 1 7 7 Mar 478 1 102 241 1 195 212 39 P246 Dec 43 17 Apr. . 476 1,099 241 1 212 39 ?246 1944—June .. 21 17 May 1 106 1 215 3>246 Dec. . 12 17 1945—Mar... 32 June .. 81 17 P Preliminary. r Revised. Sept. 20 1 Figures through March 1940 and for December 1942, December 1943. and December 1944 Dec 18 17 include, in addition to gold of the Central Bank held at home, gold of the Central Bank held abroad and gold belonging to the Argentine Stabilization Fund. 2 On May 1, 1940, golcbelonging to Bank of Canada transferred to Foreign Exchange Con- 1 Reported at infrequent intervals or on detrol Board. Gold reported since that time is gold held by Minister of Finance. layed basis: U. S.—Exchange Stabilization Fund 3 Figure for December 1938 is that officially reported on Apr. 30, 1938. (Special A/c No. 1); LF. K.—Exchange Equali- 4 Figures relate to last official report dates for the respective countries, as follows: Java— zation Account; France—Exchange Stab? ization Jan. 31, 1942; Norway—Mar. 30, 1940: Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941. Fund and Rentes Fund Belgium—Treasury. 6 Figure for February L941; 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, Bulgaria1, 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 * Figure for Sept. 1, 1941. 1943, Latvia, Lithuania Morocco, and Siam. Figures for certain of these countries have NOTE.—For available back figures anc lor debeen carried forward from last previous official report. tails regarding specia. interna gold ranst'ers 7 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British affecting the British and French insti tut ons, see Exchange Equalization Account during 1939. Banking and ,Monetary Statistics, p. 526, and 8 In addition to gold held bv the Swiss National Bank, the Swiss National Bank'3 Annual BULLETIN for Februarv 1945, p. 190. Report for 1945 stated that the Swiss Government owned gold amounting to 238 million dollars on Dec. 31, 1945. Nonc.—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. JUNE 1946 813 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 world Year or production Total Africa North and South America Other U o . u S t . s S i . d R e .1 r m e o p n o t r h te ly d A So fr u ic th a d R e h s o i - a A W fr e ic s a t 2 C B o el n g g ia o n 3 United C ad a a n 5 - M ic e o x 6 - Co b l i o a m- Chile r N ag ic u a a - 7 Au li s a t 8 ra- B In ri d t i i a s * h States^ $1 =25V21 grzins of gcId •/n fitte; i. e., ar1 ounceof fine goId =$35. 1934 823 003 708,453 366 795 24,264 12,153 6,549 108 191104 023 12 045 8 350 1 166 30 559 11 1935 882,533 752,847 377,090 25,477 13,625 7 1SQ 126,325 114,971 23,858 11,515 9,251 868 31,240 11,468 1936 971,514 833,895 396,768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40,118 11,663 1937 1 041 576 893,384 410,710 28,296 20,784 8 01R168,159 143,367 29,591 15,478 9 544 848 46 982 11607 1938 1,136,360 958,770 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939 1 208 7051,020,297 448,753 28,009 28,564 8,7SQ 196,391 178,303 19 951 11 376 506 56 182 11 078 1940 1,297,349 1,094,264 491,628 29,155 32,163 38 86? 210,109 185,890 30,878 22,117 11,999 5,429 55,878 10,1S7 1941 1 288 9451,089,395 504 268 27,765 32,414 209 175187 081 27 969 22 961 9 259 7 525 51 039 0 040 1942 968,112 494,439 26,641 29,225 130,963 169,446 630,000 20,882 6,409 8,623 42,525 8 960 1943 738,471 448,153 23,009 19,740 48,808 127,796 19,789 6,081 7,715 28,560 8,820 1944 r664,282 429,787 20,746 18,445 35,778'"102,302 19,374 7 131 7 865 16 310 6,S4S 1945 647,689 427,862 19,888 18,865 34,878 92,794 17,734 6,282 6,985 16,450 s 1945—Mav 53 934 36 073 1 673 1 575 ? 563 7 614 1 736 528 631 1 190 ISO June 53,213 35,800 1,645 1,575 2 516 7,426 1,460 574 574 1 295 3S0 July 53,340 36,311 1,679 1,610 2,078 7,357 1,518 504 393 1,400 490 Aug. 53 560 34,199 1,668 1,610 3 528 7,411 1,459 464 595 2 065 560 Sept 52,953 35,313 1,680 1,610 2,926 7,404 1,400 370 S70 1,190 490 Oct 55,937 36,809 1,664 1,610 3,836 8,034 1,319 425 559 1,190 490 Nov. . . . 54,883 36,005 1,595 1,400 4,020 7,726 1,224 396 1,435 490 55 093 35 043 1,597 1 470 3 832 8 391 1 140 1 096 634 1 365 S*>S 1946—Tan 35,892 1,584 1,610 3,984 8,346 1,492 522 1,470 17S Feb 32,971 1 473 1 610 P3 669 8 018 1 309 443 1 330 Mar. 30,871 1,574 1,645 P4,157 8 694 1 473 608 1 400 Apr. 34,793 P3,944 580 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. P Preliminary. r Revised. 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal Statistics. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944, they represent Gold Coast only. 3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year. • 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. 5 Figures for Canada beginning 1945 are subject to official revision. 6 Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three months of year. 7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 1943 they represent total Australia; beginning January 1944, Western Australia only. 9 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollar3 at approximately $35 a fine ounce] Net imports from or net exports (—) to: m Y o o e n r a t r h im T n p o e o t t a r l ts U K d n i o i n m t g ed - France g B iu e m l- N la e e n r t d - h s - S d w en e- S l w a e n r i - t d z- Canada Mexico c A a O L n m a t h t e R i e r n r i e - - P p i I h i p s n i - - l e - 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 o A th u l e n l r publics lands tries 19341 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 28,15312,038 1,029 12 476,820 21,095 1935 1,739,019 315,727 934,243 3227,185 968 95,171 13,667 29,359 15,335 3,498 65 75,268 28,529 1936 1,116,584 174,093 573,671 3,351 71,006 2 7,511 72,648 39,966 30,79021,513 23,280 8 77,892 20,856 1937 1,585,503 891,531 -13,710 90,859 6,461 654,452 111,480 38,482 39,48525,427 34,713 181246,46450,762 8,910 1938 1,973,5691,208,728 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 2 68,623 1940 4,744,472 633,083 241,778 977 63,260 161,48990,3202,622,330 29,880 128,25938,627 103,777 184,756111,73949,989 3 284,208 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 61,86242,678 67,492292,893 9,444 9,665 « 63,071 1942 315,678 1,955 5 208,917 40,016 39,680 321 528 4,119 129 20,008 1943 68,938 88 66,920 -3,287 13,489 152 307 -8,731 1944 -845,392 -695,483 46,210 -109,695 -108,560 199 3,572 18,365 1945 -106,250 160 53,148 15,094 -41,748 '"io3 106 357 5-133,471 1945 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 3 3,267 1,366 Apr. -20,534 34 222 149 637 -2 9 6_2l 586 May? -27,028 — 1 — 6 127 34 -33 -8 13 !7-27,155 p Preliminary. 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries. * Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000 from other countries. * Includes $44,920,000 from U. S. S. R., and $18,151,000 from other countries. 6 Includes $133,980,000 to China and $509,000 from other countries. * Includes $27,567,000 to China, $5,625,000 from U. S. S. R., and $356,000 from other countries. 7 Includes $27,229,000 to China and $75,000 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. 814 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— Totalr banking Return Inflow of brokerage funds of U. S. foreign balances Totalr Official1' Other abroad funds funds 1935—Mar. (Apr. 3) 265.9 64.1 4.4 59.7 155.0 31.8 -6.2 21.1 June (July 3) 632.5 230.3 22.6 207.7 312.8 43.7 15.8 29.8 Sept. (Oct. 2) 920.2 371.5 16.3 355.2 388.6 40.1 90.3 29.8 Dec. (Jan. 1, 1936) 1,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Mar. (Apr. 1) .,546.3 613.6 79.6 534.0 390.3 114.4 427.6 .4 June (July 1) 1,993.6 823.4 80.3 743.1 449.0 180.5 524.1 16.5 Sept. 30 2,331.9 947.1 86.0 861.1 456.2 272.2 633.3 23.2 Dec. 30 2,667.4 989.5 140.1 849.4 431.5 316.2 917.4 12.9 1937—Mar. 31 2,998.4 1,188.6 129.8 1,058.8 411.0 319.1 1,075.7 4.1 June 30 3,639.6 1,690.1 293.0 1,397.1 466.4 395.2 1,069.5 18.3 Sept. 29 3,995.5 1,827.2 448.2 1,379.0 518.1 493.3 1,125.1 31.9 Dec. 29 3,501.1 1,259.3 334.7 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,301.3 1,043.9 244.0 799.9 434.4 618.5 1,150.4 54.2 June 29 3,140.5 880.9 220.6 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3.567.2 1,275.4 282.2 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939) 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,279.4 1,829.4 393.2 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,742.0 2,194.6 508.1 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,118.2 2,562.4 635.0 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940) 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,207.8 2,630.9 631.0 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,531.3 2,920.7 1,012.9 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,831.2 3,175.9 1,195.4 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,807.9 3,239.3 1,281.1 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,607.4 3,229.7 1,388.6 1,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,660.1 278.0 1,459.8 1,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1) 5,612.6 241.? 1,424.0 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,354.1 2,979.6 1,177.1 1,802.6 791.3 855.5 626.7 100.9 1942—Mar. (Apr. 1) 5,219.3 2,820.9 1,068.9 1,752.0 819.7 849.6 624.9 104.3 June 30 * 5,636.4 3,217.0 1,352.8 1,864.2 842.3 838.8 632.0 106.2 Sept. 30 5,798.0 3,355.7 1,482.2 1,873.5 858.2 830.5 646.1 107.5 Dec. 31 : ,980.2 3,465.5 1,557.2 1,908.3 848.2 673.3 104.4 1943—Mar. 31 6,292.6 3,788.9 1,868.6 1,920.3 898.7 810.5 685.9 108.6 June 30 6,652.1 4,148.3 2,217.1 1,931.2 896.9 806.8 687.9 112.1 Sept. 30 6,918.7 4,278.0 2,338.3 1,939.7 888.6 929.3 708.1 114.8 Dec. 31 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 701.1 117.8 1944—Mar. 31 7,611.9 5,034.4 .,005.0 2,029.4 868.0 904.1 685.8 119.6 June 30 7,610.4 5,002.5 2,812.2 2,190.3 856.6 929.8 702.4 119.1 Sept. 30 7,576.9 4,807.2 2,644.8 2,162.3 883.5 1,026.2 737.8 122.2 Dec. 31 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019.4 911.8 126.3 1945—Jan. 31 7,908.1 4,999.6 2,744.4 2,255.2 848.2 1,025.2 909.0 126.1 Feb. 28 7,983.6 5,159.6 2,859.6 2,300.0 859.8 989.3 845.0 129.9 Mar. 31 8,002.6 5,219.4 .,865.1 2,354.3 848.5 983.7 820.6 130.5 Apr. 30 8,079.7 5,289.5 2,920.2 2,369.2 844.7 1,012.6 802.5 130.4 May 31 8,131.6 5,335.4 2,964.9 2,370.5 845.7 1,032.0 785.0 133.6 June 30 8,422.8 5,671.0 3,313.2 2,357.9 760.4 1,011.2 848.4 131.8 July 31 8,641.7 5,846.2 3,482.4 2,363.9 810.2 1,015.0 843.2 127.1 Aug. 31 8,711.9 5,922.4 3,513.6 2,408.8 829.0 999.7 831.6 129.1 Sept. 30 8,858.6 6,042.2 3,554.9 2,487.2 865.3 998.2 818.4 134.6 Oct. 31 .,965.4 6,214.0 3,593.0 2,620.9 875.5 946.5 795.1 134.4 Nov. 30 8,828.1 6,122.9 3,431.0 2,691.9 804.2 983.0 779.1 139.0 Dec. 31 8,802.8 6,144.5 3,469.0 2,675.5 742.7 972.8 798.7 144.1 1946—Jan. 31 8,822.9 6,234.7 3,582.4 2,652.4 729.2 1,097.8 625.9 135.1 Feb. 28 38,733.9 36,131.8 33,413.5 32,718.3 3 728.7 1,067.2 672.4 3133.9 r Revised to include movement in official Philippine accounts held with the United States Treasury. 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 and Philippine accounts held with the United States Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98. 3 Amounts outstanding Feb. 28, in millions of dollars: total foreign banking funds in United States, 6,870.3, including official funds, 4,123.8, and other funds, 2,746.6; United States banking funds abroad, 406.8; and brokerage balances (net due "foreigners"). 57.1. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see BULLETIN for September 1945, pp. 960-974. JULY 1946 815 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— Totalr U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1' ot A he ll r1 1935—Dec. (Jan 1, 1936). . . 1,440.7 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1,200.6 () 70.9 156.5 12.7 1936—Dec. 30 2,667.4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 >,051.3 150.5 201.2 243.0 21.4 1937—Dec. 29 3,501.1 993.7 281.7 311.9 607.5 123.9 22.1 312.2 >,653.0 106.3 410.6 315.4 15.9 1938—Dec. (Jan. 4, 1939). . . 3,933.0 1,183.8 339.6 328.6 557.5 140.5 32.2 472.0 5,054.2 155.3 384.6 302.7 36.2 1939—Dec. (Jan. 3. 1940). . . 5,112.8 1,101.3 468.7 470.3 773.0 165.9 58.0 752.9 I,790.1 229.4 483.4 522.6 87.4 1940—Dec. (Jan. 1, 1941). .. 5,807.9 865.2 670.3 455.6 911.5 175.9 55.4 922.7 1,056.6 411.7 606.8 642.6 90.2 1941—Dec. 31 5,354.1 674.1 639.9 464.4 725.7 179.9 50.5 891.8 5,626.3 340.5 567 5 691.1 128.6 1942—Dec. 31 5,980.2 837.8 625.9 474.0 592.1 179.5 48.1 850.9 3,608.1 425.1 835.8 932.9 178.3 1943—Dec. 31 7,267.1 1,257.7 636.8 487.7 629.1 178.6 48.2 954.8 4.192.8 760.3 951.01,161.6 201.4 1944—Dec. 31 7,728.4 1,090.0 585.7 506.2 664.3 179.1 63.1 993.3 4,081.8 976.4 1,193.71,273.6 203.0 1945—Mar. 31 002.6 1,048.9 506.5 505.7 673.0 179.2 72.0 967.6 952.9 ,089.41.234.2 ,514.8 211.4 Apr. 30 079.7 1,026.0 477.6 506.3 670.7 179.2 75.5 990.5 925.8 .145.9 ,263.0 ,534.2 210.7 May 31 131.6 1,029.3 453.0 506.8 677.1 179.0 77.5 ,003.6 926.4 ,147.7 ,324.. ,524.7 208 5 June 30 ,422.8 1,066.2 521.7 513.0 679.7 179.0 80.0 .017.9 057.5 ,218.0 ,353J ,585.1 208.4 July 31 ,641.7 1,075.0 542.4 516.1 689.9 179.0 85.2 ,053.0 140.6 1,302.7 ,579.1 207.6 Aug. 31 ,711.9 1,018.8 499.8 518.1 695.6 179.2 89 6 .059.2 ,060.2 ,383.1 .392. ,656.1 220.3 Sept. 30 ,858.6 946.7 463.9 518.1 698.4 179.3 94.2 ,134.2 ,034.8 ,411.2 .413. ,763.7 235.2 Oct. 31 ,965.4 937.8 510.9 523.8 705 2 179.5 98.0 ,118.1 ,073.2 .419.2 ,404.7 ,804.3 264.1 Nov. 30 ,828.1 888.7 469.8 526.3 709.8 179.4 100.8 ,127.8 4,002.6 ,434.3 ,336.5 ,801.7 253.0 Dec. 31 802.8 892.5 464.2 539.7 722.3 179.7 106.5 ,132.1 ,037.0 ,395.7 .338.4 ,784.1 247.5 1946—Jan. 31 ,822.9 858.3 553.6 538.4 728.6 179.6 107.3 ,142.9 ,108.7 ,342.6 ,345.1 .780.5 246.0 Feb.28 ,733.9 804.7 531.6 525.8 731.1 179.4 108.5 ,125.5 ,006.7 357.0 ,350. ,764.9 254.7 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From Jan. 2, 1935, through— Totalr U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia*' ot A he ll r1 1935—Dec. (Jan. 1, 1936). . . 631.5 128.6 129.6 55.7 72.4 -.8 7.3 60.7 453.5 46.0 33.5 87.0 11.5 1936—Dec. 30 989.5 163.5 144.2 65.9 109 8 2.7 23.0 79 7 588 9 86.8 149 3 149.4 15.2 1937—Dec. 29 1,259.3 189.3 111.8 76.3 288.4 9 6 6 9 109.4 791.7 76.3 166.3 217.0 8.0 1938—Dec. (Jan. 4, 1939).. . 1,513.9 364.0 155.3 87.9 205.1 -11.8 1.7 208.6 1,010.7 101.6 127.6 251.8 22.2 1939—Dec. (Jan. 3, 1940). . . 2,522.4 376.1 256.1 190.9 362.7 -20.1 19.7 470.0 1.655.4 174 5 215.1 417.0 60.5 1940—Dec. (Jan. 1, 1941). .. 3,239.3 293.3 458.0 160.3 494.7 -22.9 -.9 603.7 1,986.3 334.1 326.4 531.2 61.3 1941—Dec 3i 2 979.6 328.6 416.5 161.0 326.2 -23.1 -3.4 561.1 1,766.9 273 1 296 7 541 4 101 6 1942—Dec. 31 3,465.5 493,3 394.5 170.0 166.3 -22.7 -6.2 502.5 1,697.5 399.5 482 8 743 9 141.9 1943—Dec 31 4 644 8 939 4 404.1 176.7 192.7 -23.7 -6 9 589.0 2,271 2 704 7 578 7 928 2 162 0 1944—Dec. 31 4,865.2 804.4 356.6 193.1 221.4 -23.4 7.0 634.7 2,193.7 818 6 794 7 888 6 169.7 1945—Mar. 31 5,219.4 772.9 286.4 192.2 234.5 -23.3 15.7 582.8 2,061.3 1,021.2 842.5 1,118.8 175.7 Apr. 30 5,289.5 758.5 258.3 192.2 234.1 -23.3 19.1 606.8 2,045 9 1,056.8 872 0 1 139 6 175 2 May 31 5,335.4 770.7 235.0 192.7 240.1 -23.5 22.5 619.7 2,057.31,053.4 913.5 1,138.6 172.7 June 30 5,671.0 800.5 292.2 196.7 243.2 -23.5 23.6 670.0 2,202.7 1,159.3 955 4 1 180 1 173 5 July 31 5,846.2 810.6 318.8 199.2 250.6 -23.5 29.2 706.8 2,291.7 1,241.8 979.2 1 161.2 172.3 Aug 31 . .. 5 922.4 762.6 276.6 201.4 255.8 -23.4 33.6 672.4 2.179.0 1,341 9 965 8 1 252 1 183 6 Sept. 30 6,042.2 684.8 233 3 204.0 259 7 -23.4 38.2 744.8 2.141.4 1.384.1 989.0 1 329 9 197.6 Oct 31 6 214 0 678 9 280.2 211.4 266.5 -23.2 41.7 729.9 2,185 41,443 9 976 2 1 382 8 225 7 Nov. 30 6,122.9 638.3 247.1 253.0 272.0 -23.4 45.1 738.2 2,170.3 1.437.8 924 2 1 373 7216.8 Dec. 31 6 144 5 646.4 229.9 265.0 286.3 -23.3 50.1 769.1 2.223.41,414.2 924 9 1 369 1 212 9 1946—jan. 3i 6,234.7 617.7 318.2 277.3 297.5 -23.3 50.8 757.6 2,295.8 1,242.8 929.4 1,554.5 212.3 Feb 28 . .. 6,131.8 569.2 300.5 265.6 298.3 -23.5 52.2 742.0 2,204.2 1,241.8 922.0 1,542.9 220.8 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through- Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 1935—Dec. (Jan. 1, 1936) . .. 361.4 208.8 48.1 -.4 1.6 29.7 13.7 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 1937—Dec. 29 449.1 207.4 65.3 -4.4 2.6 105.1 6.5 26.9 409.3 -21.7 51 6 18.7 -8.7 1938—Dec. (Jan. 4, 1939) . . . 510.1 206.2 68.4 -5.6 2.6 141.7 13.7 33.8 460.9 35.9 66.8 -46.5 -7.0 1939—Dec. (Jan. 3, 1940). . . 650.4 252.2 73.8 12.9 2.9 177.8 15.5 28.4 563.5 56.5 52.6 -21.5 -.8 1940—Dec. (Jan. 1, 1941). .. 775.1 269.2 74.6 17.7 6.5 191.6 25.3 49.8 634.7 60.3 43.2 34.8 2.1 1941—Dec. 31 791.3 271.2 76.9 17.6 5.4 196.8 25.8 53.6 647.4 62.7 17 7 64 7 -1.2 1942—Dec. 31 883.8 279.4 77.8 18.1 6.6 196.7 26.2 56.8 661.5 58.6 68.3 93.8 6.6 1943—Dec. 31 877.6 272.1 77.9 18.3 5.1 196.9 26.2 60.0 656.5 55 1 55.7 102.7 7.5 1944—Dec. 31 805.3 266.1 77.7 18.3 6.8 196.9 26.2 34.6 626.6 64.8 37.0 77.7 -.3 1945—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, 30.3 621.2 47.7 58.2 81.4 1.8 Aug. 31 829.0 260.4 77.8 18.2 6.1 196.9 26, 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 Feb. 28 728.7 265.7' 78.4 -17.5 3.2 196.9 26.2 61.1 614.0 21.6 6.8 85.5 .9 r Revised to include movement in official Philippine accounts held with the United States Treasury. 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." * Inflow less than $50,000. 816 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) From Jan. 2, 1935, through— Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A he l r l * 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 19*6—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 19 M—Dec. 29 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 1938—Dec. (Jan. 4, 1939). . . 641.8 127.7 26.1 27.3 36.1 33.5 22.0 167.8 440.6 -9.7 167.4 33.8 9.7 1939—Dec. (Jan. 3, 1940). . . 725.7 125.5 42.1 29.4 45.0 36.6 27.6 189.0 495.2 -7.6 184.0 42.8 11.3 1940—Dec. (Jan. 1, 1941). . . 803.8 128.6 43.4 31.0 46.0 36.5 28.1 196.4 510.0 25.0 202.3 53.0 13.5 1941—Dec. 31 855.5 127.6 51 6 31.5 44.3 36.5 28.1 201.8 521.3 35.4 221.1 61.2 16.6 1942—Dec. 31 848.2 125.4 52.4 31.6 44.9 36.5 28.0 207.6 526.3 -3.0 245.4 61.5 18.0 1943—Dec. 31 925.9 127.6 50.6 33.0 44.7 36.5 27.9 210.1 530.3 41.2 272.3 62.2 19.9 1944—Dec. 31 ,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—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 ,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 ,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 .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 ,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 Jan. 31 972.8 117.7 51.2 33.0 45.2 36.5 27.5 212.8 523.8 49.1 U7.1 60.8 22.0 1946—Dec. 31 ,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 Feb. 28 ,067.2 113.9 51.0 33.4 45.0 36.5 27.3 212.6 519.7 144.3 320.5 60.6 22.1 TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From Jan. 2, 1935, through— Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia* ot A he ll r1 1935—Dec. (Jan. 1, 1936). .. 316.7 149.8 23.4 50.5 55.1 -5.4 -.1 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec 30 917.4 367 7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7.1 1937—Dec. 29 1,162.0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1,041.6 37.6 18.2 54.7 9.8 1938—Dec. (Jan. 4, 1939). . . 1,219.7 472.6 76.9 212.1 304.1 -22.8 -5.5 56.6 1,094.1 25.7 23.7 65.2 11.1 1939—Dec. (Jan. 3, 1940). . . 1,133.7 328.1 76.6 227.7 344.7 -28.2 -4.9 60.4 1,004.4 -2.6 30.1 87.6 14.3 1940— Dec. (Jan. 1, 1941). .. 888.7 157.1 74.4 233.2 348.1 -29.1 2.7 64.9 851.3 -18.4 25.6 17.6 12.6 1941—Dec. 31 626.7 -70 1 74.9 236.7 336.4 —30 1 — .1 67.3 615.0 -44.7 28.1 17 5 10 9 1942—Dec 31 673.3 -77.6 80.5 236.9 360.5 -30.9 -.1 75.3 644.7 -45.1 35.2 27.7 10.9 1943—Dec. 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—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 Feb. 28 672.4 -164.7 77.0 228.1 353.8 -30.4 2.4 96.8 562.8 -69.6 97.6 71.9 9.7 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) United Neth- Switz- From Jan. 2, 1935, through— Total K d i o n m g- France la e n r d - s la e n r- d m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 1935—Dec. (Jan. 1, 1936). . . 6.0 2.4 1.3 2.5 -.2 .1 1.4 7.6 -4.5 1.0 2.9 -.9 1935—Dec 30 12.9 4.0 10 4 -.9 9.1 7 .3 .4 22.6 -7.6 -4.2 2.1 00 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 .1 5.0 44.0 3.5 c .5 1938—Dec. (Jan. 4, 1939). . . 47.6 13.4 12.9 6.8 9.6 -.2 .2 5.2 47.9 1.8 -1.5 W.3 1939—Dec. (Jan. 3, 1940). . . 80.6 19.4 20.1 9.3 17.8 -.1 .1 5.0 71.6 8.7 l!6 -3.4 2.1 1940—Dec. (Jan. 1, 1941). . . 100.9 17.0 19.9 13.4 16.2 -.2 .2 7.9 74.3 10.7 9.2 6.0 .7 1941—Dec 31 100.9 16.8 19.9 17.6 13.5 -.2 .2 8.0 75.7 14.1 3.9 6.3 .8 1942—Dec. 31 104 4 17.4 20.7 17 5 13.7 — 1 2 8 7 78 1 15 2 4 2 6 0 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—Mar 31 . . 130.5 18.6 23.1 22.6 24.5 .3 10 5 99.4 17 0 7 5 4 7 1 9 Apr 30 130.4 18.4 23.1 23.0 24.7 —. 1 .3 10.5 100.0 17.0 7.0 4.4 1.9 May 31 ... 133.6 19.1 22.6 23.1 25.8 .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 .3 10 6 104 8 17 9 4.1 3 0 1 9 July 31 127.1 18.5 22.8 24.2 26.4 -.1 A 10.6 102.7 17.3 2.3 2.7 1.9 Aug 31 129.1 18.2 23.1 24 4 26 6 10 8 103 4 18 2 2 3 3 2 2 0 Sept. 30 134.6 19.1 23 1 24.7 27 8 (2) A 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 A 12.4 107.5 18 8 6.9 3.4 2 4 Dec 31 144 1 19.8 23.4 26.0 30 3 li 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 Feb. 28 133.9 20.7 24.7 16.2 30.9 .4 13.1 105.9 18.9 3.9 3.9 1.3 1 Prior to Jan. 3, 1940. the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." J Inflow less than $50,000. « Outflow less than $50,000. 817 JULY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [In millions of dollars] LIABILITIES Date Totalr U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1' ot A he ll r1 1934—Dec. (Jan. 2, 1935). .. 669.7 76.9 33.9 12.9 13.7 29.9 18.8 46.8 232.9 99.3 122.8 202.8 12.0 1935—Dec. (Jan. 1, 1936). .. 1,301.1 205.5 163.5 68.6 86.1 29.0 26.1 107.5 686.3 145.3 156.3 289.8 23.4 1936—Dec. 30 1,623.3 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263.9 331.9 27 1 1937—Dec. 29 ... 1,893.1 261.5 143.9 89.1 302.1 39.0 25 7 156.0 1,017.1 175 6 280 9 399 5 20 0 1938—Dec. (Jan. 4, 1939). .. 2,157.8 436.1 187.4 101.8 218.8 17.8 20.4 255.5 1,237.8 201.8 248.5 435.5 34.1 1939—Dec. (Jan. 3, 1940). .. 3,221.3 448.2 288.2 204.9 376.3 9.5 38.5 516.9 1,882.6 274.6 336.0 655.7 72.5 1940—Dec. (Jan. 1, 1941). .. 3,938.2 365.5 490.1 174.3 508.4 6.7 17.9 650.6 2,213.5 434.3 447.3 769.9 73.3 1941—Dec. 31 3,678.5 400.8 448.6 174.9 339.9 6.6 15.4 608.0 1,994.0 373.2 417.7 780 0 113 6 1942—Dec 31 4 205.4 554.6 432.3 186.6 184.2 7.5 12 1 643.4 2,020.7 507 4 597 7 930 0 149 6 1943—Dec 31 5,374.9 1,000.8 439.9 193.3 210.6 6.5 11.3 722.1 2,584.5 812.6 693.7 1,108.8 175.3 1944—Dec 31 ... 5,596.8 865.7 401.2 209.7 239.3 6.8 27.3 767.7 2,517.8 926.5 909.31,069.2 174.0 1945—Mar 3i 5 957.9 834.2 366 6 208.8 252 5 6.9 36 0 715.8 2,420 81 129 1 964 01 299 4 144 5 Apr 30 6,028.0 819.9 338.5 208.8 252.0 7.0 39.4 739.9 2,405.5 1,164.8 993 51 320 2 144 1 May 31 6,074.0 832.1 315.1 209.3 258.0 6.7 42.9 752.7 2,416.9 1,161.31,035.01,319.2 141.6 June 30 6 409.6 861.8 372.3 213.3 261.2 6.7 43.9 803.0 2,562.3 1,267 31,076 91 360 7 142 4 July 31 6,584.8 872.0 399.0 215.8 268.5 6.8 49.5 839.8 2,651.3 1,349.81,100.71,341.8 141.2 4.ug 31 6 660 9 824.0 356.7 218.0 273.8 6.9 53.9 805.4 2,538.6 1 449 91 087 41 432 7 152 5 Sept. 30 6,780.7 746.2 313.4 220.6 277.7 6.9 58.5 877.9 2,501.0 1,492.11,110.61 510 5 166 5 Oct. 31 6,952.5 740.2 360.3 228.1 284.4 7.1 62.0 862.9 2,545.0 1,551.81,097.71 563 4 194.6 Nov. 30 6 861.4 699.6 327.3 269.6 290.0 6.9 65.4 871.2 2,529.9 1,545.71,045 71 554 4 185 7 Dec 31 6 883 1 707.7 310.0 281.6 304.2 7.0 70 4 902.1 2,583 01 522 21 046 41 549 7 181 8 1946—jan 31 .. 6 973.3 679.0 398.3 293.9 315.5 6.9 71.1 890.6 2,655.4 1 350 71 050 91 735 1 181 1 Feb 28 6,870.3 630.5 380.7 282.2 316.2 6.8 72.5 875.0 2,563.8 1,349.71,043.51,723.6 189.7 LIABILITIES—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e g B iu e m l- m De a n rk - l F a i n n d - Greece2 L b u o x u e rg m 2 - N w o a r y - P g o a rt l u 2 - m R an u i - a2 Spain2 SwedenUSSR2 s Y la u v g i o a - 2 o A th l e l r 1939—Dec. (Jan. 3, 1940). . 516 9 159.2 28.1 21.4 56.3 142.2 109 8 1940— Dec (Tan 1 1941) 650 6 144 8 17 3 16 5 48.7 235 4 187 9 1941 Deo 31 608 0 117 3 18 1 5 7 65 2 210 7 191 0 1942—Dec. 31 643.4 121.8 17.7 7.9 39.3 18.3 132.4 35.7 9.4 17.5 153.5 14.3 17.7 57.9 1943—Dec 31 722 1 122.9 13.9 7.7 43.5 18.4 158.9 53.4 9.3 31.8 163.2 12 3 9 9 76 9 1944—Dec 31 767.7 124.3 14.8 7.1 48.7 18.6 220.8 54.5 9.5 43.4 152.1 16.1 5.7 52.1 1945—Mar 31 715.8 133.7 14.4 7.1 50.6 18.6 194.7 35.4 9.3 27.3 157.7 8.6 5.8 52.8 Apr 30 739 9 139.7 13.7 7.0 52.5 18.5 199.9 39.4 9.3 31.5 158.0 12 8 5 8 51 8 May 31 752 7 147 3 13 4 6 8 53.7 19.1 194.0 36.6 9.3 37.6 160 2 17 5 5 6 51 7 June 30 803 0 142.1 13.7 6.7 56.6 19.3 240.6 40.6 9.3 31.8 165.4 20 9 57 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 M 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 Feb. 28 875.0 167.6 41.6 10.7 69.7 22.4 175.0 45.3 9.2 37.4 212.9 28.5 6.6 48.4 Latin America Neth- French er- Date A L i m a c t a e in r- A t r i g n e a n- li B v o ia - ' Brazil Chile l b C o i m o a - 3 - C R o ic s a ta 3 Cuba W I G a n n d u e d i s i e - t s M ic e o x- l I W a a n n n d e d d i s e s t s P m an a a 4 - Peru3 z V u e e n l e a - 3 O A L i a m t c h t a i e e n r r ana3 Surinam3 1939—Dec. (Jan. 3, 1940) 336.0 57.7 36.4 26.8 37.0 58.8 34.0 85.3 1940—Dec. (Jan. 1, 1941) 447.3 115.4 36.2 28.5 47.9 55.0 58.7 105.6 1941—Dec. 31 417.7 75.7 50.5 27.3 62.5 37.7 42.1 121 8 1942—Dec 31 597.7 67 6 10.8 67.7 34.5 43.4 12.4 100.3 4.9 95.7 20.7 36 9 17.7 20 9 64 2 1943—Dec. 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—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 31 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 Feb 28 1,043.5 80.0 13.4 199.6 64.6 80.6 5.7 120.5 7.1 128.3 22.8 87.5 45.0 42.4 146.0 For footnotes see p. 819. 818 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 Date Asia' Ctiina 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 l m a o d n e u n a y i d r a , 1 - - , M l B t a i r s y a i h - a - 1 c M J ( h r K a i a e u n n a p o a r c d n a - i ) h a - n 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 an I p h s d i i - n l s - e r T k u ey r- 1 O A t s h i e a r ot A h l e l r2 A t l u r ia a s- - N Z la e e n a w d - E A S E t a g n u i g n y a g d y d n p l a p o t n - -F r M r o e c n o c - c o h A U S f n o r o i u i o f c t n a h Other 1939—Dec. (Jan. 3, 1940). . 655.7 167.0 71.4 165.4 193.4 58.5 72.5 1940—Dec. (Jan. 1, 1941). . 769.9 207.5 91.1 110.3 198.6 162.4 73.3 1941—Dec. 31 780.0 156.8 61.6 69.9 226.8 264.9 113 6 1942—Dec. 31 930.0 360.9 "27.4 41.6 13.'i "i.'o 4.8 160.4 254.7 29.9 36.2 149.6 23.1 4.8 6.8 12.1 11.0 91.8 1943—Dec. 31 1,108.8 574.2 27.4 23.9 18.2 .9 4.1 110.1 259.1 35.4 55.5 175.3 25.3 5.1 6.1 10.3 4.5 124.1 1944—Dec. 31 1,069.2 427.3 27.4 22.9 22.1 1.3 4 0 110.5 365.8 23.7 64.2 174.0 52.9 3 5 7.3 4.3 8.3 97.6 1945—Mar. 31 1,299.4 554.4 27.4 21.9 21.3 .9 4.0 116.5 422.6 50.4 80.1 144.5 34.6 4.1 9.0 3.9 7.4 85.5 Apr. 30 1,320.2 546.9 27.5 21.6 23.5 .9 4.0 115.4 447.8 51.6 80.9 144.1 34 5 3 6 9.8 4.1 7.1 85.0 May 31 1 319 2541 7 27 5 21 9 26 6 8 4 0 117 6 448 850.7 79.4 141.6 32.0 3 S 9.5 4.3 6.0 86.2 June 30 1,360.7 519.6 27.5 22.0 23.2 1.0 4.1 111.3 531.9 51.5 68.6 142.4 30.7 3.3 11.0 3.6 6.4 87.4 July 31 1,341.8 501.1 27.5 21.9 24.1 .9 4.3 112.6 528.8 50.8 69.6 141.2 27.8 3.3 10.8 4.0 4.7 90.5 Aug. 31 1,432 7 578.7 27 6 21 7 25 3 .9 3 9 108 8 540.5 51.2 74.2 152.5 ?7 6 4 6 13.6 4.7 5.8 96.2 Sept. 30 1,510.5 588.5 27.6 21.9 28.9 .9 4.2 99.3 612.1 50.5 76.7 166.5 28.5 3.1 13.6 5.8 8.4 107.1 Oct. 31 1 563 4591 7 27 5 21 7 33 2 1 0 4 2 104 4 645 450 5 83.7 194.6 29.0 3 7 17.3 7.7 6.4 130.4 Nov. 30 1,554.4 581 4 27 5 22 1 34 6 1 0 4 1 103 8 659.7 47.2 73.0 185.7 30.2 4 3 19.6 9.4 8.0 114.2 Dec. 31 1 549 6582 3 28 0 27 4 33 4 1 2 4 1 113 7 629 152 5 78.0 181.8 28.9 4 3 18.9 10.0 6.4 113.4 1946—jan. 31 1 735 1756 3 28 2 30 5 29 4 1 7 4 0 110 0 642.8 57.3 75.1 181.1 29.6 4 0 19.4 9.7 6.3 112.2 Feb. 28 1,723.6 738.0 34.6 31.8 36.7 1.6 3.9 100.7 635.7 62.2 78.4 189.7 26.1 4.0 19.6 10.1 9.1 120.8 r Revised (see main table). 1 Prior to June 30, 1942, included under "Other Asia." 2 Country breakdown not available until June 30, 1942. Footnotes to table on p. 818 r Revised to include official Philippine accounts held with the United States Treasury. 1 Prior to Jan. 3, 1940, the rigures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 2 Prior to June 30, 1942, included under "All other." 3 Prior to June 30, 1942, included under "Other Latin America." * 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 t m g ed - France N la e e n t r d h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia1 ot A h l e l r1 1934—Dec. (Jan. 2, 1935) 1,139.9 296.9 80.5 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 1935—Dec. (Jan. 1, 1936) 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—Dec. 30 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392 1 59 4 141 1 67 2 12 9 1937—Dec 29 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938—Dec. (Jan. 4, 1939) 594.0 86.0 10.3 24.2 5.5 89.4 13.5 45.9 274.9 60.4 99.1 144.1 15.5 1939—Dec. (Jan. 3, 1940) 508.7 39.9 4.9 5.7 5.2 53.4 11.8 51.4 172.2 39.7 113.3 174.1 9.3 1940—Dec. (Jan. 1, 1941).... 384.0 23.0 4.2 .9 1.5 39.6 2.0 29.9 101.0 36.0 122.7 117.8 6.4 1941 —Dec. 31 367.8 20.9 1.8 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 L.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 L4 .3 1.3 33.9 .3 44.4 107.5 28.1 131.0 51.4 11.7 1945—Mar. 31 286.9 23.2 .3 .9 33.9 .3 8.7 68 8 23 9 144 1 41 0 9 2 Apr. 30 290.8 25.4 1.4 .5 .9 33.9 .3 8.4 70.8 23.0 145.0 42.6 9.3 May 31 289.8 30.5 ^ .4 .8 33.9 .3 8.9 76 2 25 6 127 9 51 1 9 0 June 30 375.0 27.9 L.3 .7 5.4 33.9 .3 48.2 117.6 53.8 144.5 49.2 9.9 July 31 325.2 24.8 L.2 .3 3.6 33.9 .3 48.7 113.0 45.2 109.8 47.7 9.5 Aug. 31 306.5 31.6 1.2 .4 2.0 33.9 .3 9.7 79.1 41.5 116.6 60.7 8.5 Sept. 30 270.2 24.9 ? .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 .8 35.7 6.2 33.9 .3 13.1 115.8 74.3 164.7 40.6 10.8 Feb. 28 406.8 26.3 .7 36.1 4.9 33.9 .4 17.9 120.2 71.3 161.2 43.6 10.5 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." NOTE.—The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice of reporting banks on Aug. 12, 1936, and Oct. 18, 1939. (See 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. JULY 1946 819 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 th ro e p r e g B iu el m - m De a n rk - l F a i n n d - Greece* L b u o x u e r m g1 - N w o a r y - tu P g o a r- l1 m R an u i - a1 Spain: S d w e e n - USSR1 s Y la u v g i o a - 1 o A th l e l r 1939—Dec. (Jan. 3, 1940) 51.4 6.5 3.2 1.4 3.6 8.7 28.0 1940—Dec. (Jan. 1, 1941) 29.9 1.5 .3 1.8 .9 1.0 24.5 1941—Dec. 31 26.2 1.1 1.9 .5 .6 22.1 1942—Dec. 31 22.3 .8 5.6 1.1 .2 2.4 3.2 .4 8.4 1943—Dec. 31 19.0 .7 7.6 .6 .2 1.4 3.2 .2 5.0 1944—Dec. 31 44.4 .7 .6 35.1 1.8 .2 5.1 1945—Mar. 31 8.7 .6 .1 1.3 .2 5.0 Apr. 30 8.4 .6 .1 .9 .2 5.1 May 31 8.9 .6 .1 1.5 .3 4.9 June 30. 48.2 .8 .6 40.1 .9 .3 4.8 July 31 48.7 .8 .6 40.5 .9 .7 4.9 Aug. 31 9.7 .7 .6 .1 1.4 1.5 4.9 Sept. 30 8.1 .5 () .6 .1 .9 .3 5.1 Oct. 31 9.6 .5 1.5 .6 .1 1.0 .5 5.0 Nov. 30 10.2 .6 1.5 .6 .1 .9 1.0 4.9 Dec. 31 40.8 .6 () () .7 31.6 1.6 .9 4.7 1946—J F a e n b . . 2 3 8 1 1 1 3 7. . 9 1 2 1 . . 6 8 1.0 1 1 . . 3 4 .7 4. . 2 1 1 1 . . 8 4 1 1 . . 1 1 4 4 . . 8 9 1.0 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 - ' Brazil Chile l b C o i m o a - ' - C R o ic st a a ' Cuba I W G a n a n d n u e i a d i s e - ' t s Mexico I l W S n a a u d n n e r i d d s i e - s t s P m an a a 4 - Peru3 z V u e e n l e a - 3 O A L i a t m c h t a i e e n r r nam' 1939—Dec. (Jan. 3, 1940)... 113.3 16.8 32.2 9.7 10.5 5.9 1.0 37 2 1940 Dec (Jan 1 1941) 122.7 11.9 33.1 13.4 11.7 6 1 2 1 44 4 1941—Dec. 31 148.3 16.8 38.0 14.9 11.3 7.6 2 4 57 3 1942—Dec 31 99.7 6.9 3.0 16.7 15.3 20.7 .6 8.3 .2 4.8 .3 2.1 2.8 3.9 14.2 1943—Dec. 31 112.2 15.3 1.8 18.9 16.6 12.2 .7 20.1 (2) 11.2 5 1 1 1 4 3 8 8 7 1944—Dec. 31 131 0 3.1 1.8 25.3 9.0 15.5 1.2 47.4 (2) 8.6 3 .8 1 2 5 1 11 7 1945—Mar. 31 144.1 5.5 1.3 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 0 57.1 (2) 8 8 4 1 0 1 4 4 9 n o J M u a n y e 3 3 0 1 . . .. 1 1 2 4 7 4 . . 9 5 8 7 . . 3 7 L. ? 3 3 2 0 5 . . 6 5 8 7 . . 4 0 1 1 5 6 . . 1 8 .1 3 49 9 . . 7 1 (2) 8 8. . 9 7 .4 4 1 .9 0 1 1 . 4 4 5 5 .8 6 1 1 2 2 .6 3 July 31 109.8 14.1 L.2 26.9 8.4 16.3 1.2 10.3 .1 10.2 .3 1.1 1.7 5.5 12.4 Aug. 31 116.6 11.0 1.3 24.4 6.3 17.1 L.2 14.5 .1 8.7 .3 .8 1.9 5.2 23.7 Sept. 30 120.6 12.8 1 21.7 7.5 16.7 S 18.3 .2 9.0 .3 .8 1 3 5 2 24 1 Oct. 31 113.6 10.8 8 18.2 6.8 14.2 4 17.0 (2) 9.7 .4 .8 1.3 5 7 25 4 Nov. 30 145.8 20.5 ? 22.0 7.2 19.4 ? 27.2 (2) 10.6 .3 1 0 1 7 6 1 27 3 Dec. 31 158.9 21.0 3 24.7 6.6 16.8 ? 33.3 .1 11.0 .5 1.1 1.9 6 1 3?> 4 1946—Jan. 31 164.7 24.2 7 26.8 7.0 17.5 4 33.9 .1 10.5 .3 1 9 3 3 6 6 ^9 5 Feb. 28 161.2 18.0 1.5 29.7 6.2 18.1 S 32.9 .1 13.9 .4 2.8 3.5 6.9 25.9 Asla and All Other Date Asia China F C I r n h e d i n n o c a - h 5 H K o o n n g g I C B n m a d n e u a i y d r a , - - , M l B t a is r y a i h - a - 5 J M ( a r a K i e n p n a o a c a d n ) - l n - . I N l n E a e d e n a r i t d s - e h t s s - 5 i l P p a I h n p s i i d - l n - s eT k u ey r- 5 O A t s h i e a r ot A he ll r6 A t l u r ia a s- - N Z la e e n a w d - E A E t a g n t g n y a g / d n p r l a t > - -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 f c t a n h Other churia Sudan 1939—Dec. (Jan. 3,1940) 174.1 22.0 1.9 102.1 26.4 21.6 9.3 1940—Dec. fTan. 1.1941) 117.8 ?3 7 1 7 55.8 22.6 14 0 6.4 1 1 9 9 4 4 2 1 — — D D e e c c. 3 3 1 1 3 8 5 7. . 9 3 2 1 3 1 .5 1" (2) " 3.1 9 "l.'l " '.' 7 18 . . 5 9 ..... 6 2 1 3 4 . . 0 4 1 8 1 2 9 . . 0 5 9 4 . . 7 8 i.6 "'"7 ...... " (2) ' ' i 7 ... 1943—Dec. 31 26.3 1 7 1.0 2.0 .5 .5 1.7 13.9 3 7 1.8 3.9 .5 2 . 1 (2) 2 4 7 1944—Dec ^1 51.4 1 S (2) 9 22.3 .1 .5 1.S 13.8 1 8 8.8 11.7 .6 .2 2 (2) 9 7 « o 1945—Mar ^1 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 (2) ,9 12.1 .1 .5 1.4 13.9 1 9 10.5 9.3 .8 .4 .4 (2) 6 7 I i May 31 51.1 1 1 (2) .9 19.4 .1 .5 1.4 13.9 7 0 11.8 9.0 1.0 .4 (2) 6 1 1 June 30 49.2 1 (2) 8 16.8 .1 .5 1.4 13.6 0 12.5 9.9 .9 .4 2 (2) 6 0 9 \ July 31 47.7 1 0 8 14.5 .1 .5 1.4 13.9 7 13.1 9.5 2.1 4 .3 (2) S 2 1 Aug. 31 60.7 1 1 (2) .8 15.0 .1 .5 1.4 25.0 2 1 13.6 8.5 1.0 4 .3 (2) 5 0 Q Sept 30 30.8 1 1 (2) 8 8.0 .1 .5 1.4 13.6 7 2.9 7.6 .7 .3 (2) 4 5 j 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 (2) 4 1 s Nov.30 .... 29.1 1 7 .2 .8 7.1 .1 .5 1 4 13.7 1 7 2.0 8.8 .9 7 .2 (2) 5 0 1 Q Dec. 31 29.9 1 0 8 7.5 .1 .5 1 4 13.8 7 0 2.7 9.9 1.7 7 .3 1 4 7 7 s 1946—Jan. 31. 40.6 7 7 (2) 1 1 7.9 .1 .3 1 4 18.5 1 0 2.5 10.8 2.1 6 .2 .1 5 0 0 0 Feb. 28 43.6 9.7 .8 7.0 .3 .3 4 20.1 1 2.8 10.5 1.8 .7 .3 .1 5.3 2.4 1 Prior to June 30, 1942, included under "All other." 2 Less than $50,000. 3 Prior to June 30, 1942, included under "Other Latin America." * Included "Canal Zone" prior to June 30, 1942. 6 Prior to June 30, 1942, included under "Other Asia." 6 Country breakdown not available until June 30, 1942. 820 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS A d ss e e p t a s r t o m f e is n s t ue Assets of banking department Liabilities of banking department Bank of England Note (Fig p u o r u e n s d i s n s m ter il l l i i n o g n ) s of Gold* a O ss th e e ts r 2 C C o a i s n h rese N rv o e te s s a v c n o a D d n u i s c n a - e t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' De P p u o b s l i i t c s Other l O ia t t i b h e i s e li r - 10?0—Dec. 25. . 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.0 1030—Pec. 31. . 147.6 260.0 .6 38.8 49.0 104.7 368.8 132 4 6.6 36.2 18 0 1031—Dee. 30. . 120.7 275 0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1032—Dec. 28. . 110.8 275.0 .8 23.6 18.5 120.1 371 2 102.4 8 0 33 8 18.0 1033—Dec. 27. . 100.7 260.0 1.0 58 16.8 101 392.0 101.2 22.2 36.5 18.0 1034—Pec. 26 . . 102.3 260.0 .5 47 7.6 98.2 405.2 89.1 0.0 36.4 18 0 1035—Pec. 25 . . 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18 0 1036—Dec. 30. . 313.7 200.0 .6 17.5 155.6 467.4 150.6 12 1 39.2 18.0 1037—Dec. 20. . 326 A 220.0 9.2 135.5 505.3 120.6 11.4 36.6 18 0 1038—Dec. 28. . 326 A 230 0 28.5 90.7 504.7 101.0 15.0 36.8 18.0 1 1 0 0 4 3 0 0 — — D pP e C c > . 2 25 7 . . . . < .2 .2 5 5 6 8 3 0 0 . 0 0 1. . 0 9 2 1 5 3 . . 6 3 4 4 . . 3 0 1 1 7 9 6 9. . 1 1 6 5 1 5 6 4 . . 9 6 1 13 1 5 7 . . 7 3 2 1 0 2 . 7 5 5 4 1 2 .0 2 1 1 7 7. 0 9 1041—Dec. 31. . .2 * 780 0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.0 1042—Dec. 30. . .2 5 950.0 .9 26.8 3.5 267.9 923.4 223.4 0 0 48.8 17.0 1043—Dec. 20. . .2 s 1,100.0 .9 11.6 2.5 307.9 ,088.7 234.3 10.3 60.4 17.0 1944—Dec. 27.. .2 5 1,250.0 1.9 11.6 5.1 317.4 ,238.6 260.7 5.2 52.3 17.8 1945—June 27. .2 1,300.0 1.3 15.1 3.8 324.2 ,285.2 262.3 12.7 51.6 17.0 Tuly 25. .2 s 1,350.0 .9 44.5 1.8 263.6 ,305.7 229.1 10.3 53.6 17.0 Aug. 20., .2 1,350.0 .4 24.3 7.2 295.3 ,325.9 238.2 16.0 55.0 18 0 Sept. 26. .2 1,350.0 .2 20.3 3.6 331.7 ,329.9 279.1 5.5 53.1 18.1 Oct. 31. .2 1,350.0 .4 28.1 11.2 288.9 ,322.2 244.2 0.2 57.4 17.7 Nov. 28. .2 1,350.0 .5 22.6 11.3 301.6 ,327.6 250.2 10.5 57 7 17 8 Dec. 26. .2 51,400.0 .4 20.3 8.4 327.0 ,379.9 274.5 5.3 58.5 17.8 1946—Jan. 30. .2 1,400.0 .5 68.8 5.5 289.6 .331.4 270.7 11.0 55.0 17.0 Feb. 27. .2 1,400.0 .9 77.1 7.4 236.7 ,323.1 234.5 16.7 53 0 18.0 Mar. 27. .2 1,400.0 .8 71.9 20.0 238.7 ,328.3 240.1 0.0 54.0 18.5 Aor. 24.. .2 1,400.0 1.0 52.0 22.4 256.3 ,348.3 253.4 7.4 53.1 17.8 May 29. 1,400.0 1.5 58.6 16.7 250.9 1,341.7 244.8 7.4 57.4 18.0 Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits Sterling securities (F C ig a u n r a e d s i i a n n m do il l l l i a o r n s s ) of Gold and S t U at n e i s ted O as t s h e e ts r circ N ul o a t t e ion7 lia O bi t l h it e i r es8 dollars Short- Chartered Dominion term6 Other banks govern- Other ment 1035—Dec. 31 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 7.7 1036—Dec. 31 170.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1037—Dec. 31 179.8 14.9 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1038—Dec. 31 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 10.39—Dec. 30 225.7 64.3 181.9 40.0 5.5 232.8 217.0 46.3 17.9 13.3 1040—Dec. 31 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1041—Dec. 31 200.9 301.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1042—Dec. 31 .5 807.2 200.2 31.3 693.6 259.9 51.6 19.1 24.0 1043—Dec. 31 .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1044—Dec. 30 172.3 906.9 573.0 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—June 30. 174.4 1,073.8 550.5 34.4 1,063.2 492.0 43.9 35.9 207.1 Tuly 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 34.0 1,112.4 442.9 39.6 22.4 213.9 Oct. 31 . 176.1 1,109.4 500.6 30.5 1,136.6 474.2 51.0 32 4 221.3 Nov. 30. 159.0 1,168.1 620.4 60.5 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 1946—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 ,296.2 550.0 39.4 1,102.2 518.1 149.2 89.1 132.1 Apr. 30. 24.1 ,348.0 553.0 48.6 1,114.4 555.8 183.3 62.7 57.4 May 31. . 2.0 1,230.0 541.1 52.9 1,109.5 493.9 87.1 78.5 57.2 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1039, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 5 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 1040. pn. 677-678^. NOTE.—For back figures on Bank of England and Bank of Canada, see Banking ani Monetary Statistics, Tables 164 and 165, pp. 638-640 and pp. 644-645, respectively; for description of statistics see pp. 550-564 in same publication. JULY 1946 821 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills G A o d v v e an rn c m es e n to t Deposits mill ( i F on ig s u o r f e s f ra in ncs) Gold1 Fo e re x i - gn Other ci N rc o u t l e a- l O ia t b h i e li r change m O a p rk e e n t2 Special2 Other c F u c o p o r a s t t o s i c o 3 - n Other2 assets tion G m ov e e n r t n- C.A R.* Other ties 1929—Dec 27 41 668 25,942 5,612 8,624 8,124 68,571 11,737 7 850 1 812 1930—Dec. 26... 53,578 26,179 5,304 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30... 68,863 21,111 7,157 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30. .. 83,017 4,484 6,802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29... 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28... 82,124 963 5,837 3,971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27. .. 66,296 1,328 5,800 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec 30 60 359 1,460 5,640 1.379 8,465 17,698 12,642 89,342 2,089 13 655 2 557 1937—Dec. 30. .. 58,933 911 5,580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 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 41, 400 27,202 3,586 1941—Dec. 31. .. 84,598 38 42,115 12 4,517 142, 507 69,500 22,121 270,144 1,517 64, 580 25,272 3,894 1942—Dec. 31. .. 84,598 37 43,661 169 5,368 210, 965 68,250 21,749 382,774 770 16, 857 29,935 4,461 1943—Dec. 30. .. 84,598 37 44,699 29 7,543 326, 973 64,400 21,420 500,386 578 10, 724 33,137 4,872 1944—Dec. 28... 75,151 42 47,288 48 18,592 426, 000 15,850 635,221 572,510 748 37,855 7,078 1945—Apr. 26. .. 75,151 44 48,257 14,967 426, 000 20,900 843,634 580,944 756 42,302 4,950 A M u a g y . 3 3 1 0... 7 7 5 5 , , 1 1 5 5 1 1 4 4 5 6 4 48 8 , , 7 1 0 4 3 1 1 1 0 2 , , 1 9 6 3 2 6 4 4 2 2 6 6 , , 0 0 0 0 0 0 19,750 8 6 3 41 5 , , 6 4 6 0 6 3 5 46 4 9 8 , , 6 9 5 4 2 5 80,2 7 4 7 6 4 5 5 7 0 ,0 2 0 3 5 1 4 7 ,6 7 0 0 0 1 Sept. 27... 75,151 46 49,363 14,242 426, 000 642,717 496,258 53,598 53,156 4,506 Oct. 31... 565,152 47 60,087 27 20,442 426, 000 646,152 528,945 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 25,548 426, 000 "39,122 570,006 12,048 57,755 4,087 1946—Jan. 31. .. 129 817 69 26,081 220 ?7,415 426, 000 644,818 592,436 5,781 52 046 4 156 Feb 28 129 817 69 27,247 160 30,945 426, 000 646,744 605,156 1 014 50 743 4 070 Mar 28 129 817 69 25,524 46 3?,647 426, 000 16,000 640,985 613,434 781 52 516 4 357 Apr. 25... 129,817 5 25,810 36,579 426, 000 19,000 638,614 616,102 732 53,653 5,337 May 29... 594,817 5 63,090 45,512 426, 000 11,200 641,848 625,809 745 51,845 4,072 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figu re re ic s h i s n m m ar il k l s io ) ns of re T f s o o e r r t e v a i l g es n exch G an o g ld e i T c n r h c e b e l a u i c l s d k l u s i s n r ) y g , Se lo cu an ri s ty E a c s li o g v n i e b o r l t e e Other a O s t s h e e ts r ci N r ti c o o u t n l e a- Deposits l O ia t t i b h e i s e li r - 1929 Dec 31 2 687 2,283 2,848 251 92 656 5,044 755 736 1930 Der 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 Der 31 920 806 2,806 176 398 1,114 3,560 540 1 313 I933—Dec. 30... 396 386 3,226 183 259 322 735 3,645 640 836 I934—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 I937—Dec. 31 .. . 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec 31 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 I939—Dec. 30.. . 78 71 11,392 30 804 393 2,498 11,798 ,018 1,378 1940—Dec. 31 78 71 15,419 38 32 357 2,066 14,033 2,561 1L,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 S,292 L,680 1943—Dec. 31 77 71 41,342 27 1 65 2,337 33,683 8,186 L.980 I944—Mar. 31. .. 77 40,379 46 33 2,281 33,792 7,237 1,788 Apr 29 77 40,909 38 31 2,525 34,569 7 179 L 833 May 31 77 42,159 28 23 2 096 35 229 7 240 ois Tune 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 1(1,829 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. 3 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of 441,000 million francs were authorized to meet the costs of the German army of occupation. * Central Administration of the Reichskreditkassen. 6 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000, and in week ending May 2, 1946, 35,000 million francs of gold transferred from Bank of France to Stabilization Fund. 6 Includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium on Dec. 22, 1944. 7 Forty billion francs of gold increment resulting from revaluation used to cancel an equal amount of Treasury bonds. 8 Gold not shown separately in weekly Reichsbank statement after June 15, 1939. NOTE.—For back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 and 167, pp. 641-643 and pp. 645-647, respectively; for description of statistics see pp. 562-565 in same publication. 822 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1946 1945 Central Bank 1945 (Figures as of last report (Figures as of last report date of month) date of month) May Apr. Mar. May May Apr. Mar. May Central Bank of the Argentine National Bank of Czechoslovakia Republic (millions of pesos): in Prague—Continued Gold reported separately ,189 1,206 1,242 Note circulation—Old 1,066 1,191 42,385 Other gold and foreign exchange. ,552 3,491 2,807 New 32,336 31,454 Government securities 873 866 882 Deposits—Old 84,677 5,387 34,752 Temporary advances to Govt.. . . 56 12 New 8,173 6,855 Other assets 145 144 " 'l42 Other liabilities 8,981 9,908 18^225 Note circulation ,033 2,979 2,495 National Bank of Denmark Deposits—Member bank ,752 1,828 1,657 (millions of kroner): Government 503 408 471 Gold 83 83 83 97 Other 183 145 112 Foreign exchange 141 173 147 23 Certificates of participation in Clearing accounts (net) 105 99 108 2,969 Government securities 141 164 153 Loans and discounts 28 25 23 28 Other liabilities 202 194 186 Securities 98 90 83 81 Co tr m a m lia o 1 n ( w th e o a u l s th a nd B s a o n f k po o u f n A ds u ): s- O G t o h v e t r . a c s o s m et p s ensation account7. . . 7,59 9 4 8 7,5 11 9 5 4 7,5 11 9 7 4 5,10 65 8 Gold and foreign exchange..... 199,305202,686197,255 Note circulation 1,497 1,508 1,512 1,379 Checks and. bills of other banks. . 2,330 3,075 2,446 Deposits—Government 2,791 2,684 2,747 2,860 Securities (inch Government and Other 3,622 3,744 3,650 3,575 Treasury bills) 414,549 411, 725421,735 Other liabilities 236 243 247 557 Other assets 14,486 17,020 21,374 Central Bank of Ecuador (Dec. Note circulation 199,964200,964195,464 (thousands of sucres): 1945)8 Deposits of Trading Banks: Gold 288,872288,577 Special 261,112261, 112253,674 Foreign exchange (net) 82,178 145,013 Other 24,377 20,187 29,772 Loans and discounts 149,568 92,212 Nati O on th a e l r B li a ab n i k li ti o e f s Belgium 148,218152,242163,899 O N t o h t e e r c a ir s c s u et l s a tion 4 33 9 5 8 , , 4 3 8 5 3 6 31 9 2 3 , , 3 9 3 0 1 9 (millions of francs): Demand deposits 253,884 282,696 Gold2 33,328 452 33,095 31,283 Other liabilities 29,607 24,684 Foreign exchange 4,048 122 4,659 4,065 National Bank of Egypt9 (thou- Loans to Government 48,212 303 49,410 39,687 sands of pounds): Other loans and discounts 2,761 105 2,217 513 Gold 6,241 6,241 6,241 Claim against Bank of Issue.. . . 64,597 597 64,597 64,589 Foreign exchange 14,723 15,601 18,355 Other assets 2,022 894 1,751 2,151 Loans and discounts 2,238 2,231 3,283 Note circulation 72,542 564 72,838 55,951 British, Egyptian, and other D Bl e o m ck a e n d d a d c e c p o o u s n it t s s3 78 2 , , 2 7 2 7 2 2 2 2 2 6 3 2 78 3 , , 3 1 4 3 9 3 80 4 , , 9 3 4 4 0 1 Ot G he o r v a e s rn se m ts ent securities 29 2 7 7 , , 6 9 6 9 2 6 29 2 9 4 , , 4 9 3 2 2 7 2 2 8 6 7 , , 2 4 6 9 4 4 Other liabilities 1,433 424 1,408 1,055 Note circulation 136,723 137,377 122,077 Ce t n a t r r y a l D e B p a t. n 4 k ( m o il f l io B ns o l o i f v b ia o — liv M ian o o n s e ) - : Deposits— O G t o h v e e r rnment 1 4 4 9 7 , , 9 44 6 7 0 1 4 4 7 9 , , 9 2 3 3 9 2 1 7 2 6 9 , , 3 9 1 0 9 7 Gold at home and abroad 919 Other liabilities 14,731 13,883 13,334 Foreign exchange 493 Central Reserve Bank of El Salva- Loans and discounts 27 dor (thousands of colones): Government securities 550 Gold 32,935 33,142 Other assets 11 Foreign exchange 39,398 38,970 Note circulation 1,620 Loans and discounts 843 805 Deposits 379 Government debt and securities. 6,255 5,168 Other liabilities Other assets. 1,712 1,681 National Bank of Bulgaria5 Note circulation 48,244 45,694 Central Bank of Chile (millions Deposits 26,078 26,981 of pesos): Other liabilities 6,819 7,091 Gold 383 277 Bank of Finland5 Discounts for member banks... 311 213 Bank of Greece5 Loans to Government 701 760 National Bank of Hungary5 Other loans and discounts 652 1,049 Reserve Bank of India (millions of Other assets 1,955 1,294 rupees): Note circulation 2,918 2,658 Issue department: Deposits—Bank 523 451 Gold at home and abroad. . 444 444 Other 204 150 Sterling securities 11,203 10,193 Other liabilities 356 335 Indian Govt. securities 578 578 Bank of the Republic of Colombia Rupee coin 158 158 (thousands of pesos): Note circulation 12,188 11,210 Gold 228,456 175,359 Banking department: Foreign exchange 86,102 96,042 Notes of issue department., 196 164 Loans and discounts 10,565 19,903 Balances abroad 6,040 3,924 Government loans and securities. 72,577 70,544 Treasury bills discounted. , 26 61 Other assets 39,371 30,776 Loans to Government Note circulation 191,300172,136 Other assets 470 267 Deposits 203,577 155,399 Deposits 6,434 4,098 Other liabilities 42,194 65,089 Other liabilities 299 319 National Bank of Czechoslovakia Central Bank of Ireland (thousand; in Prague6 (millions of koruny): of pounds): Gold ,517 1,517 1,517 Gold 2,646 2,646 2,646 2,646 Foreign exchange ,598 1,441 787 Sterling funds 34,766 35,480 35,733 29,991 O Lo th a e n r s a a s n s d et s discounts , , 5 5 4 7 1 6125 7 , , 7 0 5 8 1 7 91 1 , , 9 1 1 4 6 3 B B a a n n k k N o o o t f f e J J c a a ir v p c a a u 5 n la 5 tion 37,412 38,126 38,379 32,637 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. 3 Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts. 4 Effective Jan. 1, 1946, a change in the Organic Law of the Banco Central de Bolivia divided the institution into Monetary (central banking 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. 9 Issue and banking departments consolidated. JULY 1946 823 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1945 Central Bank 1946 1945 (Figures as of last report (Figures a? of last report date of month) May Apr. Mar May date of month) May Apr. Mar. May Bank of Mexico (millions of pesos): Bank of Spain—Continued Metallic reserve1 739 753 764 671 Note circulation . . ,714 18,512 16,874 "Authorized" holdings of securi- Deposits—Government 644 714 1,922 ties, etc 1,951 1,997 1,707 Other , ,976 3,938 3,598 Bills and discounts 434 438 420 404 Other liabilities , 510 464 471 Other assets 83 66 57 64 Bank of Sweden (millions of kronor) Note circulation 1,698 1,726 1,717 1,408 Gold 1,043 ,048 1,054 1,035 Demand liabilities 1,257 1,286 1,339 1,274 Foreign assets (net) 1,028 ,012 805 601 Other liabilities 198 196 182 163 Swedish Govt. securities and ad- Netherlands Bank (millions of vances to National Debt Office9 1,235 ,280 ,207 1,133 guilders): Other domestic bills and advance; 59 25 28 35 Gold* 713 713 931 Other assets 826 836 ,107 1,031 Silver (including subsidiary coin) 1 1 Note circulation 2,453 ,459 ,507 2,368 Foreign bills 4,663 4,634 4,488 Demand deposits—Government 1,163 ,003 891 761 Discounts 1 1 111 Other 141 280 133 77 Loans 159 160 132 Other liabilities 435 460 669 629 Other assets 124 122 105 Swiss National Bank (millions of Note circulation—Old 280 294 5,354 francs): News 2,241 2,096 Gold 4,784 ,756 4,767 4,783 Deposits—Government 1,384 1,806 246 Foreign exchange 176 183 186 103 Blocked 638 242 Loans and discounts 68 79 123 348 Other 589 555 563 Other assets 89 92 89 83 Other liabilities 528 638 271 Note circulation 3,564 579 3,614 3,532 Reserve Bank of New Zealand Other sight liabilities 1,256 239 1,258 1,494 (thousands of pounds): Other liabilities 297 291 294 292 Gold 2,802 2,802 2,802 Central Bank of the Republic of Sterling exchange reserve 76,616 85,872 54,893 Turkey (thousands of pounds): Advances to State or State un- Gold. . 300,927300,926281,200 dertakings 45,734 34,274 28,069 Foreign exchange and foreign Investments 5,192 5.406 14,341 clearings 70,914 449 90,983 Other assets 1,214 2,199 1,713 Loans and discounts 730,184 584821,454 Note circulation 44,731 43,617 40,716 Securities 170,822 951171,362 Demand deposits 81,809 81,802 57,098 Other assets 63,283 776 25,106 Other liabilities 5,018 5,134 4,004 Note circulation 892,973 667976,408 Bank of Norway4 Deposits—Gold 91,821 821 85,586 Bank of Paraguay—Monetary Other 129,005 305151,679 Dept.6 (thousands of guaranies): Other liabilities 222,331 893176,434 Gold 3,404 3,404 3,324 Bink of the Republic of Uruguay w Foreign exchange 34,967 28,955 22,319 (thousands of pesos): (Jan.) Loans and discounts 3,899 4,261 8,638 Gold 295,704 262,369 Government loans and securities. 10,083 10,100 10,634 Silver 13,882 14,038 Other assets 460 446 312 Advances to State and govern- Note circulation 29,364 26,192 28,607 ernment bodies 11,397 10,982 Demand deposits 17,391 17,046 14,865 Other loans and discounts 97,799 90,500 Other liabilities 6,058 3,928 1,755 Other assets 326,079301,919 Central Reserve Bank of Peru Note circulation 173,916158,923 (thousands of soles): Deposits—Government 37,687 37,597 Gold and foreign exchange 149,264123,862 Other 253,998 237,005 Discounts 39,298 22,402 Other liabilities 279,260 246,282 Government loans 594,310559,836 Central Bank of Venezuela (thou- Other assets 22,550 19,313 sands of bolivares): Note circulation 505,020 436,116 Gold" 557,080547 547,582392,758 Deposits 265,838262,122 Foreign exchange (net) 44,116 47 15,549 99,264 Other liabilities 34,564 27,175 Credits to national banks 20,310 Bank of Portugal (millions of es- Other assets 16,710 23,406 24,507 21,160 cudos): (Feb.)6 Note circulation—Central Bank 394,167380,718 377,703320,577 Gold7 1,423 1,417 National bank? 8,272 876 8,981 14,970 Other reserves (net) 7,018 6,014 Deposits 199,516 907 187,107189,281 Nonfeserve exchange 9,915 9,391 Other liabilities 15,951 227 13,847 8,665, Loans and discounts 297 281 National Bank of the Kingdom Government debt 1,018 1,020 of Yugoslavia4 Other assets 690 746 Bank for International Settle- Note circulation 7,885 7,624 ments*2 (thousands of Swiss gold Other sight liabilities 11,646 10,435 francs): Other liabilities 830 809 Gold in bars 164120,192119,323 National Bank of Rumania4 Cash on hand and on current South African Reserve Bank8 account with banks 692 13,669 46,446 (thousands of pounds): Sight funds at interest 140 140 8,166 Gold 126,897123, 105,007 Rediscountable bills and accept- Foreign bills 37,368 46, 28,352 ances fat cost) 12 11,431 83,882 Other bills and loans 4,534 4. 3,880 Time funds at interest 2. 2,749 2,749 Other assets 119,452us; 93,505 Sundry bills and investments. . . 301 688 303,124197,056 Note circulation 66,355 58,888 Other a^ets 56 53 117 Deposits 217,458 22661, 165,990 Demand deposits (gold) 14623 16,958 18,418 Other liabilities 4,439 5,866 Short-term deposits (various Bank of Spain (millions of pesetas): currencies): Gold 1,213 1,213 1,189 Central banks for own ac- Silver 585 585 609 count 3,662 6,233 Government loans and securities. 15,906 15,764 16,058 Other 1,078 2,016 Other loans and discounts 3,816 3,764 3,199 Long-term deposits: Special ac- Other assets 2,325 2,303 1,808 counts ,001228,909 229,001 Other liabilities ,743200,750 202,070 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. 8 Notes issued before October 1945 were gradually withdrawn from circulation and deposited in "blocked" accounts in accordance with the currency reform decrees effected between June and October 1945. * For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282: and of Rumania (June 1944), see BULLETIN for March 1945, p. 286. 6 The Bank of the Republic of Paraguay was reorganized in September 1944 under the name of Bank of Paraguay. The new institution is divided into a Monetary, a Banking, and a Mortgage Department. The first official balance sheet of the Monetary Department, which assumes central banking functions, was issued for the end of December 1944. 6 Latest month available. 7 Valued at average cost beginning October 1940. 8 Beginning July 1945, end-of-month statements have been available. 9 Includes small amount of non-Government bonds. 10 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' Government. 12 See BULLETIN for December 1936, p. 1025. 824 FEDERAL RESERVE BULLETIN* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fe a ct t i e ve U K n i i n t g ed - France m G a e n r- y g B i e u l m - N e e r t - h- S d w en e- Sw er i - tz- b C an e k n tr o a f— l J R u 3 a n 0 t e e ef D fe a ct t i e ve ba C n e k n tr o a f— l J R u 3 a n 0 te e ef D fec a t t i e ve dom lands land In effect Dec. 31, Albania 5K Mar. 21, 1940 Italy 4 Sept. 11, 1944 1936 2 2 4 2 2 2K IK Argentina Mar. 1, 1936 Japan 3.29 Apr. 7, 1936 Jan. 28,1937 4 Belgium IK Jan. 16, 1945 Java 3 Jan. 14, 1937 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 4K June 4, 1942 May 13 2K Bulgaria 5 Dec. 1, 1940 Netherlands June 27, 1941 May 30 3 Canada IK Feb. 8, 1944 New Zealand. July 26. 1941 Sept. 28 3 Chile 3-4K Dec. 16, 1936 Norway 5 * Jan. 8, 1946 O N c o t v . . 2 2 5 7 .... 2K 2K C C o ze lo c m ho b s i l a ovakia 4 2K 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 2K J A a u n g . . 12 1 , , 1 1 9 9 4 4 4 0 Jan. 4, 1939 Apr. 17 4 May 11 3 "I uly 6 2K Denmark Tan. 15, 1946 Rumania. ... 4 May 8, 1944 Aug. 24 4 Ecuador 7 May 26, 1938 South Africa. 3 June 2, 1941 Aug. 29 3 El Salvador. . . 3 Mar. 30, 1939 Spain 4 Dec. 1, 1938 Sept. 28 3 Estonia 4K Oct. 1, 1935 Sweden 2K Feb. 9, 1945 Oct. 26 2 Finland 4 Dec. 3, 1934 Switzerland.. Nov. 26, 1936 Dec. 15 3 Jan. 25, 1940... 2 Apr. 9.... ^y May 17 2 31/ France Jan, 20, 1945 Turkey 4 July 1, 1938 Mat. 17, 1941... Germany Apr. 9, 1940 United King- May 29 3 Greece 7 Feb. 11, 1945 dom 2 Oct. 26, 1939 June 27 2 y 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 m Feb. 9 2K In effect June 30 NOTE.—Changes since May. 31: None. 1946 2 3H IK 2K 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 deposit? rate money rate 1 month months rate 1929—Apr 5.21 5.18 4.43 3K 6.63 6.85 5.36 5.81 3.45 1930—Apr 2.48 2.49 2.28 IK 4.46 4.40 2.52 3.08 2.61 1931—Apr 2.58 2.57 2.17 4.65 5.67 1.50 1.61 1.06 1932—Apr 2.19 2.07 1.91 1K-1 5 12 6.17 1.02 .94 1.50 1933—Apr .59 .50 .61 3 5.05 .66 1.00 .50 1934—Apr .96 .89 .88 3 4.76 2.07 1.85 .50 1935—Apr .59 .51 .75 3.38 3.64 3.65 3.26 .80 1936—Apr .55 .52 .75 3.00 2.83 1.07 1.27 .25 1937—Apr .55 .53 .75 2.90 2.55 .19 1.00 .00 1938—Apr .53 .51 .75 2.88 3.04 .13 .50 .00 1939—Apr 1.40 1.36 .76 2.88 2.36 1.11 1.24 .00 1940—Apr 1.03 1.03 1.00 2.38 1.90 1.68 2.75 .25 1941—Apr 1.03 1.01 1.00 2.25 1.67 2.06 2.75 .25 1942—Apr 1.03 1.01 1.00 2.13 1.96 .25 1943—Apr 1.03 1.01 .03 2.13 1.81 .25 1944—Apr 1.03 1.01 .13 2.13 1.91 .25 1945—Apr 1.03 1.01 .00 .25 1945—May 1.03 1.00 .03 .25 June 1.03 1.00 .13 .25 July 1.03 1.00 .13 1.25 Aug 1.03 1.00 .13 1.25 Sept 1.03 1.00 .13 1.25 Oct .83 .75 .96 1.25 Nov .53 .51 .63 1.25 Dec .53 .50 .63 1.25 1946—Tan .53 .50 .63 2K-5 1.25 Feb .53 .51 .63 2K-5 1.25 Mar .53 .51 .63 1.25 Apr .53 .51 .63 1.25 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. 825 JULY 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom 1 [ b ( m 1 a 1 i n l l k i L o s s o . n t n e s d rl F o o i f i n n g g u p ) c r o l e e u s a n r d i i n s ng re C se a r s v h es M c n a o s l o h n l t e o i a y r c n t e d at B co il u ls n t d e i d s- r T e d r c e e e p a i o s p s u t i s r t y 2 Securities c L u o s a to n m s e to rs O as t s h e e t r s Total D D e e p m o a s n it d s Time lia O b t i h li e ti r es 1939—December . 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—December 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—December 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December 390 142 198 896 1,120 794 325 3,629 2,429 1,200 236 1943—December 422 151 133 1.307 1,154 761 349 4,032 2,712 1,319 245 1944—December 500 199 147 ,667 1,165 772 347 4,545 3,045 1,500 250 1945—May 482 196 120 ,882 1,126 757 297 4,617 3,064 1,553 243 June 494 195 135 ,939 1,128 774 331 4,752 3,147 1 605 243 July 500 198 181 ,994 1,123 767 300 4,819 3,205 1,613 244 August 511 233 195 ,993 1,126 769 292 4,875 3,236 1 638 244 September 518 226 215 ,971 1,146 771 299 4,898 3,266 1,632 247 October 513 201 189 ,925 1,178 799 308 4,859 3,277 1 582 254 November 496 229 296 ,703 1,201 809 318 4,789 3,254 1,535 263 December.... 536 252 369 .523 1,234 827 374 4,850 3,262 1,588 265 1946—January 496 249 361 1,493 1,230 840 333 4,729 3,135 1,594 271 February . 483 243 340 1,468 1,241 847 338 4,684 3,078 1 606 276 March 493 254 379 1,443 1,246 863 353 4,749 3,143 1,606 281 April 509 271 433 1,449 1,282 841 367 4,865 3,242 1,623 287 Assets Liabilities Canada (10 chartered banks. Entirely in Canada Se lo c a u n ri s ty e D x e c p l O u v d S in it g s 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 o n a f d m m i i a l o n li n o t d n h o s l f l o i a f g r u s) res re C se a r s v h es Se lo c a u n ri s ty d lo i O s a c n t o h s u e a n r n ts d d a f u b a n o e b a d r e n r f o i k n r g o a s e n d m t Securities O as t s h e e t r s ci N r ti c 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 1,289 1945—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 L 326 July 591 135 1,079 237 3,802 769 28 5,269 2,528 2,741 1,316 August 581 112 1,021 242 3,835 789 28 5,229 2 396 2 833 L 324 September 582 109 1,002 237 3,960 750 27 5,269 2,331 2 935 1,344 October 640 130 1,009 242 4,159 812 27 5,573 2 582 2 992 [ 392 November 646 239 1,372 229 4,015 888 26 6,013 3,197 2,816 1,350 December 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 1,386 1946—January . .. 665 210 1,213 209 4,100 793 25 5,810 2 848 2 963 L 354 February 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 1 387 April 722 152 1,160 221 4,243 876 24 5,898 2,660 3,238 1,452 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, i40 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 2,333 76 675 75,764 912 413 5,187 1942—December . . 7,810 3,458 73,917 10,625 2, 522 91 549 91,225 324 462 6,422 1943—December 8,548 4,095 90,897 14,191 2,<535 11? 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,S87 121,169 119,039 2,130 616 6,312 February 9,623 4,790 94,986 18,705 1,949 ,070 121,118 1,952 681 6 302 March 8,117 5,072 98,593 21,255 2, 118 1?8,007 126,132 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 18S,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 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. 2 Represent six-month loans to the Treasury at V/% per cent through Oct. 20, 1945, and at Y% 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. 826 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 Official S E p x e p c o ia rt l Official Free ( g fr i a u n m c) Official Free ( I r n u d pe ia e) g ( a le r v i ) a Official Free Official Export Sh h a a n i) g- 1937 32 959 393.94 3.3752 8.6437 6.1983 37.326 1.2846 100.004 5.1697 24.OOOO 29.606 1938 32 597 389.55 3.3788 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 3.3704 6.0027 '5!1248 33.279 21.2111 96.018 5.1727 4.0000 11.879 1940 29.773 2322.80 305.16 23.3760 6.0562 5.0214 30.155 296!909 85.141 5.1668 4.0000 6.000 1941 29.773 223.704 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 25.1664 24.OOOO 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1943 29.773 24.732 322.80 2321.50 6.0586 5.1280 30.122 90.909 89.978 1944 29.773 25.125 322.80 6.0594 5.1469 30.122 90.909 89.853 1945 29.773 25.125 2322.80 2321.17 22.2860 6.0602 5.1802 30.122 90.909 90.485 1945—June 29.773 25.125 322.80 6.0602 5.1802 30.122 90.909 90.828 July 29.773 25.125 321.35 6.0602 5.1802 30.122 90.909 90.736 Aug. . . . 29.773 25.125 320.87 6.0602 5.1802 30.122 90.909 90.475 Sept 29.773 25.125 320.70 32.2883 6.0602 5.1802 30.122 90.909 89.908 Oct. 29.773 25.125 321.31 2.2879 6.0602 5.1802 30.122 90.909 90.358 Nov 29.773 25.125 321.41 2.2857 6.0602 5.1802 30.122 90.909 90.736 Dec. 29.773 25.125 321.41 2.2839 6.0602 5.1802 30.122 90.909 90.725 1946—jan 29.773 25.125 321.41 2.2840 6.0602 5.1802 30.122 90.909 90.712 Feb 29.773 25.125 321.41 2.2845 6.0602 5.1802 30.122 90.909 90.695 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 May 29.773 25.125 321.38 2.2846 6.0602 5.1900 30.182 90.909 90.679 Year or month C ( o p b l e i o s a o m ) - C s ( l k o z o e v r c a u h k n o a ia - ) ( m D kr a e o n r n k - e) ( l m F a k i a n a n r ) - d k- F (f r r a an n c c ) e ( m m G re a a e i r c n r k h - y ) s- G (d r m r e a a e c ) c h e - ( H K do o o l n n la g g r) (p H g e a u n r n g y - 6) I ( t li a ra ly ) J ( a y p en a ) n ( M p i e c e s o x o - ) e N ( r g l e e u a r t i n ) l h d d - - s (p Z l N o a e u e n a w n d - d) 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 5.0407 23.436 18.546 253.128 306.38 1941 57.004 22.0101 239.968 224.592 219.770 25.0703 223.439 20.538 322.54 1942 57.052 20.569 322..78 1943 57.265 20 577 324.20 1944 57.272 20 581 324.42 1945 57.014 21.9711 20.581 237.933 323.46 1945—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 1945—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 «2.'666O' 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 May 57.021 2.0060 20.877 .8408 .4434 20.575 37.789 322.67 United Kingdom Uruguay Year or month N (k o r r o w ne a ) y P (z o l l o a t n y d ) ( P es o g c a r u l t d u o - ) R ( u n le m ia u) a- ( A S po o fr u u i n c th d a ) ( S pe p s a e i t n a) ( S S m d t e o e r t l a n t l l a i t e t r s s ) - ( S k d w r e o e n n - a) ( e S f r r w a la n it n c z ) d - Offic ( i p a o l und F ) ree Con- (peso N ) co o n n - - Y ( s d l u a in v g a i o r a - ) trolled trolled 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—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 520.202 54.0501 400.50 59.132 523.852 523.363 403.38 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 May 20.197 4.0501 400.50 9.132 23.852 23.363 403.32 65.830 56.287 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." 2 Average of daily rates for that part of the year during which quotations were certified. * Based on quotations beginning Sept. 24. * Based on quotations beginning Nov. 2. 6 Based on quotations beginning Feb. 5. 6 Based on quotations beginning Mar.9. 7 Based on quotations beginning Mar. 22. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publication, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for February 1943, p. 201, and February 1944, p. 209. JULY 1946 827 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 n 1 t 1 9 i a 0 2 t t 0 6 e e ) d s = C ( a 1 1 9 n 0 2 a 0 6 ) d a = K U ( i 1 n n 1 9 i 0 g 3 t 0 0 d e ) o d = m F (1 r 1 9 a 0 1 n 0 3 c ) e = Ge (1 r 1 9 0 m 1 0 3 a ) n = y (1 I 1 9 t 0 2 a 0 8 l ) y = ( J 1 O 9 c a 1 0 t 0 p o 0 0 a b ) n = er N (1 e l = 9 t a 2 1 h n 6 0 e d - 0 s r 3 ) - 0 S ( w 1 1 9 e 0 3 d 0 5 ) e n = ( S J w u = l i l a t y 1 n z 0 1 d e 0 9 r ) 1 - 4 1926 100 100 1 124 695 134 237 106 1 126 144 1932 65 67 86 427 97 70 161 65 1 92 96 1933 66 67 86 398 93 63 180 63 1 90 91 1934 75 72 88 376 98 62 178 63 1 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 8 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 106 104 169 194 221 1945—May 106 104 168 196 221 June 106 104 170 197 222 July . .. 106 105 171 196 222 August 106 104 171 194 223 September 105 103 170 191 222 October 106 104 169 191 220 November 107 104 169 191 219 December 107 104 169 190 214 1946—January 107 105 172 184 215 February 108 105 172 185 213 March 109 106 172 184 214 April 110 108 173 213 ]Vtay 111 173 ' Revised. 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. « Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Germany (1926=100) (1926=100 (1930=100) 1913 =100^ Year or month pr F o a d r uc m ts Foods co O i m t t m h ie e o s r d- pr F o a d r u m cts R fa m p a g c a a w o t r n o u t a d u r l n - s e y d d F f u c m a l g h c l a o i t y n o e u f d u a r l - s e n y d d Foods pr I t o n r d d i u u a s c l - ts p A r g t o r u d i r c u a u c l l t - s a t p n f r r I d i i n o a n d d l i s u u s e s c r m h - t a i e s - w d p tr r I i i o n a s d d l h u u e s c f d - t i s n- 1926 100 100 100 100 100 100 129 130 150 1932 . . 48 61 70 48 55 70 88 85 91 89 118 1933 51 61 71 51 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 79 84 78 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 92 96 105 94 121 1937 . . . .. 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 112 100 133 1942 106 100 96 83 90 92 158 160 115 102 134 1943 123 107 97 96 99 93 160 164 119 102 135 1944 123 105 99 103 104 94 158 170 1945 128 106 100 105 106 94 158 175 1945—May 130 107 99 105 106 94 156 175 June 130 108 100 106 107 94 160 175 July 129 107 100 108 107 94 161 176 August 127 106 100 106 107 94 161 176 September 124 105 100 104 105 94 158 175 October 127 106 100 106 106 94 158 175 November 131 108 100 106 106 94 158 175 December .. 132 109 101 106 106 94 158 175 1946—January . . 130 107 101 107 106 95 157 180 February 131 108 101 107 107 95 157 179 133 109 102 107 107 96 158 179 April 135 111 103 108 108 99 159 180 May 138 112 104 «• Revised. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 828 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETATL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers) United Switz- United Switz- United Can- King- Ger- Nether- er- United Can- Kins- Ger- Nether- er- Year or States ada dom many lands land Year or States ada dom many lands land month (1935-30 (1935-39 (July (1913-14 (1911-H ('June month '1935-39 (1935-30 (Julv (1013-14 '1911-13 (Tune = 100) = 100) 1914 = 100) = 100) 1914 = 100) = 100) 1914 = 100) = 100) 1014 = 100) = 100) = 100) = 100) 1934 94 93 122 118 124 115 1034 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 * 132 130 1937 . . 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 98 104 141 122 130 130 1938 101 102 156 126 139 137 1939 . 95 101 141 123 130 132 1939 99 102 158 126 140 138 1940 97 106 164 128 150 146 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-May 139 132 168 216 1945-May 128 119 203 210 June 141 133 170 217 June 129 120 204 210 July- 142 136 176 217 July 129 120 207 211 August 141 136 172 216 August 129 121 205 210 September 139 134 169 216 September. 129 120 203 210 October 139 133 169 213 October 129 120 203 208 November 140 134 169 210 November 129 120 203 207 December 141 134 169 210 December. 130 120 203 207 1946-January... 141 133 169 210 1946-January... 130 120 203 207 February.. 140 133 169 208 February. 130 120 203 206 March. . . . 140 133 169 206 March 130 120 203 205 April .... 142 135 169 206 April .... 131 121 203 205 May 143 P138 169 May 132 *>123 204 v Preliminary. 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). Sources.—See BULLETIN for M ay 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. S E C U R I TY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 = 100) Year or month United United United Nether- ( S p d t r e i a r c i t e v es )1 ed 1 ( K 9 D i 21 e n c g e = m d 1 b o 0 m e 0 r ) (19 F 38 r a = nce 100)2 G ( e p a r r v i e m c r e a ) a g n 3 e y N l e a t n h d e s4 r- ( S 1 = 9 ta 3 1 5 t 0 e - s 0 3 ) 9 U K d n i i om n t g- ed m G a e n r- y (19 F 3 r 8 a = n 1 ce 00)2 (19 l 30 a n = ds 100) Number of issues. . 15 87 50 8 139 8 402 278 « 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 •143 4 103 0 84 3 80 0 72.5 136.8 9 308 129.1 1942 118.3 127.3 146.4 U03.3 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—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 1945—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 124.5 129.9 147.5 141.8 93.8 452 April 124.3 131.7 £146.1 151.7 95.2 P448 M ay 123.7 132.6 154.3 97.6 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 M ay 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. JULY 1946 829 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 JOHN H. MCCOY, CLEVELAND DISTRICT HUGH LEACH W. S. MCLARIN, JR. A. L. M. WIGGINS, RICHMOND DISTRICT RONALD RANSOM ROBERT STRICKLAND, ATLANTA DISTRICT M. S. SZYMCZAK JAMES K. VARDAMAN, JR. EDWARD E. BROWN, CHICAGO DISTRICT C. S. YOUNG President JAMES H. PENICK, ST. LOUIS DISTRICT CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary JULIAN B. BAIRD, MINNEAPOLIS DISTRICT GEORGE B. VEST, General Counsel J. LEONARD TOWNSEND, Assistant General Counsel A. E. BRADSHAW, KANSAS CITY DISTRICT WOODLIEF THOMAS, Economist E. A. KINCAID, Associate Economist ED H. WINTON, DALLAS DISTRICT JOHN K. LANGUM, Associate Economist RENO ODLIN, SAN FRANCISCO DISTRICT EARLE L. RAUBER, Associate Economist O. P. WHEELER, Associate Economist WALTER LICHTENSTEIN, Secretary JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Mar\st HERBERT V. PROCHNOW, Acting Secretary Account 830 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. Poorman* C. A. Sienkiewicz Cleveland George C. Brainard Ray M. Gidney W. D. Fulton B. J. Lazar Reynold E. Klages Wm. H. Fletcher J. W. Kossin Martin Morrison A. H. Laning3 W. F. Taylor Richmond Robert Lassiter Hugh Leach Claude L. Guthrie3 C. B. Strathy W. G. Wysor J. S. Walden, Jr. E. A. Kincaid Edw. A. Wayne R. W. Mercer Atlanta Frank H. Neely W. S. McLarin, Jr. V. K. Bowman H. F. Conniff J. F. Porter Malcolm H. Bryan L. M. Clark S. P. Schuessler Chicago Simeon E. Leland C. S. Young Allan M. Black2 John K. Langum W. W. Waymack Charles B. Dunn Neil B. Dawes O. J. Netterstrom J. H. Dillard A. L. Olson E. C. Harris Alfred T. Sihler St. Louis Russell L. Dearmont Chester C. Davis O. M. Attebery William B Pollard Douglas W. Brooks F. Guy Hitt A. F. Bailey C A. Schacht Wm. E. Peterson William H. Stead C. M. Stewart Minneapolis. . Roger B. Shepard J. N. Peyton H. G. McConneli E. W. Swanson W. D. Cochran O. S. Powell A. W. Mills2 Sigurd Ueland Otis R. Preston Harry I. Ziemer Kansas City. , Robert B. Caldwell H. G. Leedy O. P. Cordill Delos C. Johns Robert L. Mehornay Henry O. Koppang L. H. Earhart John Phillips, Jr. C. O. Hardy G. H. Pipkin D. W. Woolley3 Dallas J. R. Parten R. R. Gilbert E. B. Austin3 W. E. Eagle R. B. Anderson W. D. Gentry R. B. Coleman W. H. Holloway H. R. DeMoss Watrous H. Irons L. G. Pondrom San Francisco. Henry F. Grady Ira Clerk J. M. Leisner3 H. F. Slade Harry R. Wellman C. E. Earhart H. N. Mangels W. F. Volberg OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith4 Minneapolis. . . . Helena R. E. Towle* Cleveland Cincinnati B. J. Lazar* Pittsburgh J. W. Kossin6 Kansas City.... Denver G. H. Pipkin6 Oklahoma City 0. P. Cordill6 Richmond Baltimore W. R. Milford4 Omaha L. H. Earhart5 Charlotte W. T. Clements* Atlanta Birmingham P. L. T. Beavers* Jacksonville Geo. S. Vardeman, Jr.* Dallas El Paso W. E. Eagle5 Nashville Joel B. Fort, Jr.* Houston L. G. Pondrom5 New Orleans E. P. Paris* San Antonio W. H. Holloway8 Chic ago Detroit E. C. Harris5 San Francisco... Los Angeles W. N. Ambrose* St. Louis Little Rock A. F. Bailey5 Portland D. L. Davis* Louisville C. A. Schacht6 Salt Lake City W. L. Partner* Memphis William B. Pollard5 Seattle C. R. Shaw* 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. * Managing Director. 5 Vice President. JULY 1946 831 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

oo FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES i BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM w FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES w bd Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis