Federal Reserve Bulletin, 1946-08

F E D E R AL E S E R YE BULLETIN AUGUST 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 o£ 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—Current Price Developments . 833-843 A National Survey of Liquid Assets—Prospective Spending and Saving and Summary of Survey Findings. 844-855 Publication of Postwar Economic Studies No. 6 855 Index of Department Store Sales and Stocks, by Major Departments. 856-858 Statement by the Minister of Finance on the Appreciation of the Canadian Dollar 859-865 Monetary and Banking Reform in Paraguay 865 Foreign Banking Laws and Reports: Franco-American Agreements of May 28, 1946. . 866-870 Devaluation of the French Franc and Gold Transfers. 871-873 Law Department: Regulation U: Bank Loan to Enable Finance Company to Make Securities Loans. 874 Applicability to Bank Acting as Trustee. 874 Consumer Credit: Meaning of "Principal Amount" Section 2 (e) of Regulation W 874 Exemption of "Add-on Sale" 874 Listed Article Installed in Connection with Repairs or Improvements 874-875 Foreign Funds Control—Treasury Department Releases. . 875 Current Events. . ... 876 National Summary of Business Conditions. 877-878 Financial, Industrial, Commercial Statistics, U. S. (See p. 879 for list of tables) . . 879-935 International Financial Statistics (See p. 936 for list of tables) 936-953 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 954 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 955 Map of Federal Reserve Districts 956 Federal Reserve Publications (See inside of bac\ cover) Subscription Price of BULLETIN A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUME 32 August 1946 NUMBER 8 CURRENT PRICE DEVELOPMENTS On the first anniversary of the war's end riods. Recent price advances have resulted inflationary pressures still dominate the eco- in part from buying of a speculative sort and nomic situation. Incomes have increased in have themselves, in turn, stimulated such recent months, supplies of numerous goods buying. To the extent that commitments and services have continued to be limited, for materials have been made at recent adand buyers, with some exceptions, have been vanced prices they will add to the pressure making purchases freely. As a consequence, from the cost side for further increases in the upward pressure on prices has been very prices of finished goods. great and price increases have been substan- The central immediate problem of price tial, with a quite general rise even before the control continues to be to prevent a spiral period in July when controls were not in of price increases which would create new effect, and with sharp increases in prices of disparities and make more difficult the rebasic commodities during that period. The adjustments in price relationships which are general level of wholesale prices and the cost to be expected eventually. The difficulties of living also advanced considerably in July, in the way of stabilizing the situation are as indicated in the accompanying chart show- especially great now as a result of recent deing price changes during the two war pe- velopments in connection with the renewal of the price control law, and it is essential PR1CES that action to control prices be supported MONTHLY. 1935-39-100 throughout the community. As supplies AA continue to increase, sellers and buyers in a growing number of lines may find it to their direct advantage to exercise restraint in re- WHOLESALE gard to prices and purchases. They may 00MMOOITY Pf J/ , J''COST also recognize the general advantage of hold- LIVING ing price advances to a minimum in order that the process of readjustment to peacetime ..—Jconditions may be as orderly as possible. INFLATIONARY PRESSURES CONTINUE 1 I i i i ! 1 1 I | DOMINANT Individual incomes, following a temporary Bureau of Labor Statistics indexes. Index of wholesale prices converted to 1935-39 base by Federal Reserve. Latest decline after the cessation of hostilities, have figures shown are estimates for July 1946. AUGUST 1946 833 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH been rising and are now at the 1945 summer of houses have already risen much more than level. Incomes may be expected to rise some- prices of most durable goods. To some exwhat further as production of peacetime tent consumer outlays, particularly for duragoods, especially durable goods, is increased. ble goods, will depend on how much further Personal taxes are now less than a year ago consumers are willing to go in reducing their and current incomes available for spending current savings and supplementing their or saving are larger. Individual holdings of incomes by drawing on their liquid assets liquid assets have also increased somewhat or using consumer credit. Already the profurther. Business enterprises generally con- portion of current income being saved has tinue in a strong financial position. declined sharply from the unusually high Total private and public expenditures for wartime levels. currently produced goods and services are Business expenditures for plant, equipat about the same level as a year ago and ment, and inventory have been rising steeply. outlays for nonwar purposes are very much With large orders outstanding and increased greater. Transfers of existing property, such supplies becoming available, they may be as farm and urban real estate, have been in expected to continue upward. Many invenlarge volume. In general, growing expendi- tories are still below the relationship to curtures for goods have reflected increases in rent sales regarded by business men as approsupplies available for purchase and higher priate and many industrial and commercial prices, but only because of strong demand establishments are pressing forward with on the part of buyers has a ready market maintenance and expansion programs debeen found for all the goods made available. ferred during the war or rendered attractive Private expenditures are now a third again by wartime developments. Similar factors as large as at the end of the war, with sharp" are responsible for a large and continuing increases in both consumer and business out- foreign demand for American goods. Filays. The return of 10 million veterans has nally, the military expenditures of the Fedbeen one important element in the increase eral Government recently have been declinin consumer buying, but increased supplies ing only gradually and probably will be and deferred demands have been fully as curtailed only slowly in the near future. important. Consumer outlays for food, tex- The volume of production, while increastile, and other nondurable products have ing and already at a high level, is still inaderisen to exceptionally high levels, in part quate to meet numerous demands at current perhaps because automobiles and some other prices, and consequently the general upward durable consumer goods could be obtained pressure on prices still prevails. The situaonly in limited quantities and because some tion has been, and to some extent still is, costs, notably rent, have not. increased with aggravated by bottlenecks which distort the incomes. As supplies of durable goods in- patterns of production and contribute to crease, expenditures on durable goods will shortages of particular materials and parts. expand considerably. The same appears to The lack of balance in the economy which be true of the purchase of new houses. De- was inherited from the war years runs all mand has been continually far in excess of through the demand situation as well as the supply. In considering this market, how- supply situation and is responsible, in fact, ever, a special factor to be noted is that prices for much of the inflationary pressure. Dis- 834 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH parities, for example, create opportunities coming months would greatly facilitate the for quick gains and thereby stimulate specu- task of price control and, by helping to dislation. Moreover, they increase the prob- courage speculation, contribute importantly lems of direct price control, generating de- to future economic stability. mands which otherwise would not arise, PRICE CONTROL LEGISLATION which, if granted, may necessitate numerous other price advances. The fact that foreign The President's message accompanying the prices of certain major commodities im- veto on June 30 of the bill extending the ported or exported by the United States are Emergency Price Control Act expressed above domestic prices is a further compli- strong disapproval of amendments designed cating element in the current situation. to remove ceilings on major food products Two factors which would assist in the and to require increases in ceilings to take process of control would be a continued large account of advances in manufacturing costs and growing volume of production and in- for particular products since 1941. During creasing reluctance on the part of consumers the latter part of July a compromise bill was and business buyers to follow up price passed extending controls until July 1, 1947, advances in view of increasing evidence with the following major amendments: (1) of larger supplies in many lines and the a three-man control board is to be established progressive satisfaction of currently urgent with the power of removing or replacing requirements. Federal ceilings on prices; (2) ceilings on Production of goods for civilians, although prices of meats, dairy products, grains, cottonstill quite uneven, is now at the highest seed products, and soybean products are to level on record and in many lines is far above be restored on August 21 unless otherwise any prewar level. Output in most nondur- determined by the control board; (3) prices able goods industries has been in large of eggs, poultry products, tobacco, and volume for six months or more. In the petroleum products are to be exempted from durable goods industries, where output has control unless the control board finds that been interrupted by industrial disputes; ac- ceilings are necessary; (4) no ceilings are tivity is now increasing considerably. In to be placed on agricultural products unless agriculture, most crops in this country will the product is certified by the Secretary of be at or near record-breaking levels this sea- Agriculture as being in short supply and son but carryovers are small and world short- necessitating control; (5) no new Federal ages of food continue. subsidy or purchase operations are to be per- There is some evidence that processors and mitted, no subsidy payments are to be made distributors of finished goods, recognizing on products without ceilings, and all subthe transitory character of many existing de- sidies on food products are to be ended by mands and scarcities, may be reluctant to April 1, 1947; (6) price ceilings on manuincrease prices. At high levels of production factured goods are to permit a reasonable many manufacturers and distributors can profit with adequate allowance for average absorb some increase in operating costs with- industry-wide increases in costs since 1940; out reducing the return on net worth below (7) no limitations are to be placed on sellers a reasonable figure. The widespread pursuit to market goods at different price levels; of a policy of avoiding price increases in (8) price ceilings for distributors are to AUGUST 1946 835 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH allow the average margins prevailing on ucts 20 per cent, and foods 30 per cent. March 31, 1946; (9) ceilings for cotton and Among industrial goods some of the largest wool products are not to be set below the advances occurred in prices of hides and sum of current costs of cotton or wool, aver- leather products, textile products, household age mill conversion costs, and average profits fuels, and building materials. per unit equivalent to profit earned in the Wholesale prices of these industrial prodperiod 1939 to 1941; and (10) price ceilings ucts and of food products are an important on essential imported products are to be element in the prices of most goods purincreased or removed under certain condi- chased by consumers and, partly as a result tions when they are lower than world prices. of large increases in these wholesale prices, The new bill was signed by the President retail prices of most consumer goods have on July 25 and in an accompanying state- advanced about 15 per cent since the end of ment he warned that if it proved unworkable the war. Some of the advances in wholesale he would summon the Congress into special markets, however, have not yet been fully session to consider another measure. While reflected in retail prices. Rent controls, the new law relaxes various features of pre- moreover, have held that item of living viously existing controls, a certain amount costs at previously existing levels and, with of modification in the administration of these prices of most other services purchased by controls had already occurred before the end consumers showing fairly moderate increases of June. To an important degree the success in this period, the total cost of living has of the new law in restricting price increases risen by somewhat less than 15 per cent will depend on the manner in which it is since the end of the war. administered, the coordination of other Fed- Prices of producers equipment have also eral actions to minimize inflationary pres- been under considerable upward pressure, sures, and the cooperation and support of reflecting partly the accumulation of debusiness and consumer groups. ferred demands during the war period and increases in labor and material costs. Price POSTWAR PRICE ADVANCES ceilings on many types of industrial equip- Commodity prices had already increased ment are difficult to administer effectively considerably this year before the lapse of and prices for equipment do not figure as Federal price controls at the end of June. an important item in the current cost of Numerous products had been removed from doing business for many producers. As a control, ceilings on many others had been result, price ceilings for a number of these raised, and a growing amount of certain products were removed this spring and their commodities had been marketed above ceil- prices are reported to have risen from 10 to ing levels. 20 per cent. At the time Federal ceilings By the end of July, following large in- on these products were lifted it was excreases in quotations for farm products and plained that even if ceilings had been refoods after the lapse of controls, the general tained it would have been necessary to raise level of wholesale commodity prices was them considerably owing to increases in about 15 per cent higher than at the end of costs of materials and labor since the ceilings the war. Prices of industrial commodities were established in 1941 or 1942. had advanced about 10 per cent, farm prod- Manufacturers reconverting to the pro- 836 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH duction of consumer durable goods were WHOLESALE PRICES initially allowed moderate price increases to MONTHLY, 1926 "100 compensate for cost increases since 1942, 1 when output of these products was discon- - ALL COMMODTIES _ -. * tinued. Subsequently many of these allowances were raised to around 20 per cent and provision was made to have part of the advance in wholesale prices absorbed by distributors. An important development last winter and \ spring which was a factor leading to a modi- - 1 fication of the Federal price control program T >v was the strong pressure for sharply increased - FARM PRODUCT ) wage rates. In the wage-price readjustments - F00DS >. that followed, the country experienced a number of prolonged work stoppages which OTHER COMM0D1TIES had the effect of restricting the supply of —^ goods and adding to the upward pressure 4 on prices, since there was not a corresponding reduction in demand for goods. A wage dispute in the steel industry was terminated 1940 1942 1944 1946 in the middle of February with an increase of Bureau of Labor Statistics indexes. Latest figures shown are estimates for July 1946. about 18 cents per hour in wage rates. This was accompanied by an increase in ceiling products prices rose much less, as sellers and prices for iron and steel products of approxi- buyers were generally in a position to await mately 10 per cent. Subsequent to that time developments in other markets and clarifiwidespread advances were granted in price cation of Federal control policies. ceilings for other industrial products as well Daily indexes of sensitive commodities, as in prices of farm products and foods. which are influenced considerably by changes in prices of agricultural commodities, ad- RECENT PRICE CHANGES vanced by about 20 per cent in July. Typically these indexes fluctuate much more During the early part of July, following the lapse of price control, there were sharp in- sharply than do indexes of the general levels creases in prices of agricultural commodities of wholesale commodity prices and of retail while industrial prices continued to advance prices of goods and services. at a relatively moderate rate. The sudden rise The general index of wholesale prices comin prices shown on the accompanying chart piled by the Bureau of Labor Statistics infor farm products and foods reflected partly creased 10 per cent from the end of June to the discontinuance of large Federal subsidy the week 'ending July 27. This index is payments, but some commodities, notably based on open market quotations and is cotton, corn, and hogs, not directly affected heavily weighted with prices of farm and by changes in subsidy arrangements, also ad- food products—close to 40 per cent of the vanced sharply. In markets for industrial total index—and, since prices of these com- AUGUST 1946 837 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH modities advanced more sharply than prices stock were also expected because of increases of other products, the actual rise in the gen- permitted during May in prices of feeds. eral level of wholesale prices was probably After the new Price Control Act became smaller than 10 per cent in this period. On effective on July 25, ceiling prices of all the other hand, the actual rise earlier this year products not exempted from control and was probably greater than the rise shown by also rents were reestablished at the end of the index—partly because actual prices of June levels. However, many increases in goods in urgent demand and sold in widely price ceilings, which had been pending bedispersed markets, like various foods, textiles, fore expiration of the old law, were anand building materials, ranged above open- nounced immediately. These increases apmarket quotations and partly because of the plied to various types of products but espedifficulty of securing comparable price quota- cially to building materials. Ceilings were tions in a period when the supply of various removed from additional types of industrial types of goods is changing rapidly. equipment and various miscellaneous prod- In retail markets price comparisons under ucts, and it was planned that most changes present conditions are also difficult to make. in existing price ceilings made necessary by Final data for the consumers' price index of the new law would be put into effect very the Bureau of Labor Statistics are not yet soon. available for July, but a preliminary survey by the Bureau showed increases of around 5 RISING CONSUMER DEMANDS per cent from June in consumer prices in Last autumn, after the end of the war, 11 large cities. In the preceding month the national income and the gross value of naindex advanced one per cent, reflecting tional production declined by only 10 per mainly increases in ceilings allowed for retail cent, after allowing for seasonal changes, as prices of cereal and dairy products and of a marked expansion in employment and some clothing and housefurnishing items. production for civilian use largely offset the After the middle of July prices of most curtailment in munitions output. Incomes agricultural commodities, except livestock, of individuals declined by a smaller amount, declined from earlier peak levels. These de- reflecting partly increased payments to disclines reflected an expansion in marketings charged soldiers and unemployment comand improved crop prospects as well as buyer pensation. Individual incomes were at an resistance to sharp price increases. Consider- annual rate of 157 billion dollars during the ing the extent of the sharp price increases for first quarter of this year, compared with 163 agricultural commodities in July and the billion at the end of the war, as shown in the longer term outlook for their supplies, it is chart on page 839. They rose by 4 billion possible that prices of these products had dollars from the first to the second quarter, already gone far in reflecting the near term mainly as the result of larger incomes of indemand and supply situation. Some of the dustrial workers after the settlement of major large supplies coming on the market, how- wage disputes at sharply increased rates of ever, particularly of meats, were goods that pay. Production and incomes in most other had been withheld during the consideration lines of activity, including construction, disof price control legislation pending possible tribution, and services, also continued to exhigher prices. Larger marketings of live- pand. Salaries and wages paid by the Fed- 838 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH INDIVIDUAL INCOMES, EXPENDITURES, AND TAXES portant share of the incomes of workers is BILLION* being created in the production and distribution of materials and goods to replenish business inventories and consumer stocks of goods. This will continue and may increase for a time, but will not go on indefinitely. Even if price advances should contribute to a concerted drive in subsequent months by organized workers for further increases in rates of pay, the effects on income payments will be delayed. These and other considerations indicate that while total incomes are still rising, the gains are moderate when compared to current changes in prices and in supplies of finished goods. On the other hand, individual holdings Department of Commerce estimates. Figures for the first of liquid assets were tremendously expanded and second quarters of 1946 are preliminary. Amounts indicated as "Savings" represent excess of individual incomes over consumer expenditures and taxes. during the war. Surveys made early this year indicate that while a few holders own eral Government, including those to the a large portion of these assets, many individarmed forces, continued to decline. uals own some. The surveys also show that Reduced Federal taxes on corporate and although the holders plan to draw upon only individual incomes became effective at the a small percentage of their holdings this year beginning of the year and with wartime to buy goods or property, the amounts they savings incentives no longer existing and intend to spend would represent substantial many Federal controls discontinued, private additions to demands expected from current demands for goods and services and for incomes. Also, demand might be augmented capital assets showed a further marked rise. by a further large expansion in the use of Inventories of goods in all positions were low instalment credit or commercial bank loans. and, while production of finished civilian goods was increasing, aggregate supplies BUSINESS DEMANDS were still low relative to the levels of total Current orders and expenditures by busiincomes and demands. ness for materials and equipment are not re- During the third quarter of this year in- stricted by the level of individual incomes. dividual incomes are likely to rise further, Business demands typically show much reflecting additional increases in production greater fluctuations than do consumer deand employment and also higher prices, mands, and at the present time businesses which will raise incomes of farmers and are able to greatly extend their commitments some other proprietors considerably. for goods because they have substantial hold- Incomes of most individuals, however, ings of liquid assets and are in a favorable change slowly. The immediate influence of position to obtain additional credits. price changes is limited largely to net in- Private investment demands for new plant comes of proprietors. Moreover, a fairly im- and equipment have increased greatly since AUGUST 1946 839 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH last autumn as a result of large markets for So long as individual incomes are rising goods, improved technical processes, an or are maintained at levels supporting a high abundance of investment funds, low interest rate of sales to consumers, business decisions rates, and various other factors. While pro- may readily remain favorable to further exduction of new plant and equipment will pansion. It is essential, however, in such subsequently add considerably to the coun- periods as the present, that business orders try's capacity to produce, it results immedi- and expenditures do not become overexately in adding to incomes without increas- tended relative to underlying changes in ining the supply of goods available for final comes and consumption. consumption. In fact, in some instances use of materials and other resources in the manu- EXPANDING SUPPLIES OF GOODS facture of producers goods has temporarily After the end of the war supplies in retail limited the production of consumer goods. markets of certain goods like gasoline and As a result, it is difficult to appraise accu- tobacco products expanded quickly, but the rately the long-term markets for equipment flow of most finished products to consumers and for goods in such a period as the present was still relatively low for some months —especially in view of the unstable price because of the time it took to rehire and situation. With shortages still general and de- train workers, seek out new sources of malivery dates greatly extended, there is danger terials here and abroad, process the goods, that orders for goods from manufacturers replenish inventories, and settle wage-rate and distributors will be accumulated to such disputes. an excessive extent that their reduction to Since the beginning of the year, however, more reasonable levels will create serious production and shipments of most finished repercussions in the markets. In the dis- products for civilian use have shown a tribution field, for example, reports from marked expansion. The extent and timing large department stores indicate that their of this expansion is not indicated directly by outstanding orders increased considerably such an over-all measure as the Board's index after the end of the war and on June 30 were of industrial production because the total over three times as large relative to their cur- index is based on output at different stages rent sales as before the war. In the period of production and covers output for war as when they are receiving shipments of the well as for civilian purposes. Last July, just goods on order in large volume, these dis- prior to the end of the war, the total index tributors will probably find it necessary to was 210 per cent of the 1935-39 average and reduce the rate at which they are plac- only about 85 points of the total were estiing new orders or renewing old ones. This mated to be production for civilian use. Probadjustment could be made gradually and in ably close to 150 points were for civilian orderly fashion. If, on the other hand, out- purposes during the first half of this year standing orders for goods should continue when the index was at an average level of to mount and the downward readjustment 162 and in July the volume was nearly doushould not be made promptly enough, large ble the low rate of civilian production twelve cancellations may occur in the event of an months earlier. These figures can not be important change in the outlook for supplies used to measure changes in total current outand prices. put for civilian purposes because they do not 840 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH include unprocessed agricultural products, In the construction industry, also, activity construction, arid services of various kinds, since the beginning of the year, both in but they indicate roughly the magnitude of residential and nonresidential building, has the expansion in civilian production which been above the advanced levels reached in has occurred in manufacturing and mining 1941. Value of private awards for new fac- —one of the most volatile sectors of the tories and commercial building has far execonomy. An important share of the rise in ceeded the level of the twenties and after production for civilians has been in producers allowing for a sharp increase in construction goods and part of the rise in output of con- costs it appears that this building is in record sumer goods has reflected the transfer of 10 volume. The number of new nonfarm million veterans to the civilian population. dwelling units started in recent months has Capital goods. Total output of many types been at an annual rate of about 800,000. This of producers equipment during the past is below the peak level of 937,000 in 1925 twelve months has been above the record vol- but much higher than the average rate of ume reached in 1941, despite widespread in- 515,000 units in 1939. Considerable numbers dustrial disputes last winter and spring and of such residential buildings are still in procshortages of materials. With certain excep- ess owing to great difficulties in securing the tions, like trucks and commercial aircraft, supplies needed to complete the building manufacturers of these goods were encour- started. Even if residential building activity aged to resume large-scale output after VE- is greatly increased beyond current levels— day, and since the early months of this year and contract awards in June and the first half output of most types of machinery, transpor- of July showed a decline from the May peak tation equipment, and iron and steel prod- —the total supply of housing can not be exucts has expanded further. panded much within a short period of time. While production of this equipment has On the other hand, a high rate of construcbeen at high levels, orders from both domes- tion would indicate an easing of the situation tic and foreign buyers have been even greater after a while and current demands might and large backlogs of orders have accumu- prove less insistent than at present, especially lated. Only in scattered instances, like truck if prices of houses should advance much tires and standard machine tools, have sup- above present high levels. plies begun to exceed demands. It is diffi- Goods for consumers. Output of most cult to judge when the major part of de- consumer durable and nondurable goods for mands for new equipment will be satisfied civilian use, except automobiles and major and especially what will be the prospective electrical appliances, was at a sharply admagnitude of these demands when the pres- vanced level by the spring of this year. Since ent most urgent needs are filled. It is cer- that time there have been further increases, tain, however, that the production and use in production of clothing, textile housefurof this equipment will add considerably to nishings, rubber, and petroleum products,, the economy's capacity to produce, lower and output and marketings of these products production costs, and reduce labor require- and various other nondurable goods, includments per unit of output. All of these de- ing foods, have been from 30 to 60 per cent velopments ultimately will have the effects above average prewar levels. Also, since the of reducing prices for goods. spring of this year output of consumer metal AUGUST 1946 841 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH products, except automobiles, has risen con- In the fourth quarter of 1945 receipts of siderably above the prewar average and has this merchandise rose by more than the usual reached or surpassed the previous record seasonal amount, as shown in the chart, but levels reached in 1941. In recent weeks they failed to surpass the levels prevailing automobile production has exceeded the during the first half of the year. During the average rate prevailing in 1939. first quarter of this year, however, receipts The relatively high level of output of con- were 25 per cent larger than in the fourth sumer nondurable goods since last autumn quarter of last year and in the same period a together with the more recent sharp expan- year ago, after allowing for seasonal changes. sion in output of durable goods has resulted Receipts during the second quarter increased in a large increase in supplies of goods avail- further, as shown in the chart, and were able in retail markets. Comprehensive data about 40 per cent larger than during the are not available to measure how large the same period last year despite transportation increase was from the end of the war to the difficulties, industrial disputes in some supmiddle of this year. Some indication of the plying industries, and some withholding by extent of the rise, however, is provided by manufacturers of goods pending the settlefigures on receipts of merchandise at depart- ment of price uncertainties. Higher prices ment stores. These stores sell most major account for some of the rise shown in the classes of consumer goods except automobiles past year, but since the average price advance and foods and it is possible to derive the value in that period was probably not more than of their receipts of these goods from the data 10 per cent, the expansion indicated in the reported on changes in the value of sales and physical quantity of goods received was also stocks. quite sizeable. Considering the advances in recent months in output of clothing, house- RECEIPTS OF GOODS AT DEPARTMENT STORES furnishings, and miscellaneous products, it 9 MOO is likely that receipts of these goods during the third quarter will show a further increase from second quarter levels. li : The sharpest gains in receipts during the past year have been in those types of goods /• " _ // _ like nylon hose, radios, ranges, and refrig- - ' ' 1 I erators, whose production was suspended K/"\ ill during the war. The expansion in the re- _ A J /) ceipts of these products does not, however, ADJUSTED FOR SEASONAL VARIATION £*— account for much of the rise this year in the V WITHOUT SEASONAL _ f // ADJUSTMENT total quantity and value of goods received \ 7(/ - : A at department stores. Practically all classes /' / \ - of goods have shared in the advance in recent IOO +*?r~\-. months. - Demands accumulated during war years 50 50 are still a factor of considerable importance 1940 1942 1944 1946 in the sale of various types of semi-durable Indexes based on dollar figures derived from the value of sales and stocks reported by department stores to the Federal and durable goods sold at department stores Reserve System. 842 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH —particularly metal products. Moreover, ber of these products were maintained at prices of metal products have not advanced relatively high levels during the war period as much as for most other products so that and have shown further large gains since buying has not been restricted by this devel- last autumn. The period when their supply opment. Receipts of these products, how- will generally begin to exceed consumer ever, are now increasing at such a sharp demands is likely to come sooner than for rate that available supplies of some products most durable goods—especially in view of like small radios and miscellaneous house- the prospects of further advances in retail wares are beginning to exceed demand. prices of these products. Supplies of other consumer durable goods The severity of eventual readjustments in are still generally short of demand. commodity markets, economic activity, and Prices of clothing, jewelry, leather prod- employment will depend upon the extent ucts, toilet articles, textile housefurnishings, to which inflationary forces are held in check and furniture have advanced sharply since during the period before increased producprewar days. Receipts and sales of a num- tion relieves the pressure on prices. AUGUST 1946 843 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS PROSPECTIVE SPENDING AND SAVING AND SUMMARY OF SURVEY FINDINGS1 Indications are that the use of liquid assets by the national liquid assets survey conducted for the individuals will exert strong inflationary pressures Board of Governors by the Division of Program in consumer goods and some investment markets Surveys of the Bureau of Agricultural Economics. through 1946. The demand for consumer goods The results of this survey are being presented in a made possible by the current all-time high in con- series of three articles, of which this is the third. sumer income, plus purchasing power obtained from The first of the three articles reporting the findings the spending of liquid assets and from borrowing, of the survey of liquid asset holdings, which was will continue to exceed the supply of goods. This published in the June BULLETIN, presented some of will be particularly true for goods supplied by indus- the major results, together with a description of the tries not yet producing at top capacity. It would survey's methods and several tests of its reliability. appear that as much as 10 to 15 billion dollars of The second article, devoted to factors influencing liquid asset holdings might be used for various pur- liquid asset holdings and savings with particular poses during 1946. From 2 to 3 billion dollars of reference to income, appeared in the July BULLETIN. this sum might be spent to buy consumer durables The present article is concerned with factors inand housing; another 4 to 5 billion might be used fluencing prospective spending and saving as refor current consumption purposes, including meet- flected in survey interviews. It also reviews the ing of family deficits; and a further 3 to 6 billion, indicated demand for consumer durable goods and held largely by top income groups, might be shifted housing in 1946 in relation to the characteristics of to investments promising higher returns, such as prospective buyers and the methods that consumers real estate, equity securities, and unincorporated will use in paying for these items. Another subject business. In addition to expenditure from liquid covered is the possible tendency of heads of spendasset holdings, consumers might obtain from 3.5 to ing units to convert investment in liquid assets into 4.5 billion dollars for spending from borrowing on investment in non-liquid assets. A special feature the instalment plan to pay for durable goods or by of this article is a brief discussion of the changes mortgage credit to finance the purchase of new in the distribution of income and saving during housing. Some current savings would of course be the war years. The changing pattern of distribuinvested in liquid assets and such savings would be tion revealed by the analysis no doubt influenced an offset to spending from the use of liquid assets respondents' attitudes toward spending and saving. and from borrowing. But on balance, in markets of Also included is a summary of the major findings limited supply, it does not seem likely that saving of the national survey of liquid assets and a resume in liquid forms during 1946 would substantially of general conclusions to which the survey's results dampen the inflationary pressures originating in point. Finally, a special note prepared by the staff consumer use of liquid assets and in consumer of the Division of Program Surveys of the Bureau borrowing. of Agricultural Economics discusses the reliability These conclusions are based upon the findings of of the survey findings. Interviews with a carefully selected cross-section 1 This is the third of three articles covering the national liquid assets survey. Prepared by Duncan McC. Holthausen of the of the population conducted in the first quarter of Board's Division of Research and Statistics, it presents the findings in part three of the report of the Division of Program 1946 indicate that people expected their income Surveys and summarizes the results of all three reports. Those payments in 1946 to be almost the same as in 1945. wanting fuller information may obtain the full report (parts one, two, and three) by applying to the Division of Program The majority of spending units expected prices of Surveys, Bureau of Agricultural Economics, U. S. Department of Agriculture. Mr. George Katona and Mrs. Eleanor Maccoby cost-of-living articles to rise during 1946.2 People of the Division of Program Surveys were primarily responsible for the conduct of the studies and Mr. Henry H. Villard, formerly of the Board's research staff, was closely associated with 2 A "spending unit" is defined as all persons living in the them throughout the planning and execution of the investi- same dwelling unit and belonging to the same family who pool gations. their income to meet their major expenses. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS expected to spend more on regular living expenses expected income payments this year which will in 1946 than they had in 1945. In addition to in- approximately equal total income payments to increased spending for current consumption purposes, dividuals in 1945. Actually, income payments to many people expressed the intention of purchasing date in 1946 point to a total for the year of roughly automobiles, other durable goods, and houses, which 160 billion dollars, or about the same total as the were not available during the war. all-time high recorded in 1945. As is shown in Although most consumers attached great im- Table 1, one-fourth of the people expected their portance to a continuation of saving, many people, incomes to be higher in 1946 than in 1945, and oneand especially those who had saved most in the fourth expected decreases in income. The average past, expected that they would reduce their saving amounts of increases and decreases in income exthis year. A large majority of consumers, as was pected by these two groups were approximately shown in the first article (June BULLETIN), reported equal. One-third of the spending units expected that they had no intention of using their liquid their incomes would be the same while one-sixth assets for any purpose in 1946. People generally had no definite expectation as to what changes planned to finance the bulk of their intended pur- would occur. chases of consumer durable goods out of current About half the people expecting 1946 incomes income, either directly or by using instalment higher or lower than 1945 apparently based their credit. While only a minority of consumers might expectations upon changes in their income status use liquid assets to meet extraordinary or ordinary that had occurred by the early part of 1946. Loss consumption needs, their spending of such assets of overtime or changes to lower paying jobs were could represent a substantial addition to consumer important factors indicated for decreases. Improveexpenditures from income and thus supplement ment in income status for those discharged from existing inflationary forces. the armed forces and higher pay rates for others In addition to the use of liquid assets for con- were the principal reasons given for expecting sumption purposes, some consumers planned to increases. convert their liquid asset holdings during 1946 As is indicated by the table, people in the two lowinto investments in real estate, securities of chang- est income groupings expected income rises more ing value, or private business. The consumers hav- frequently than people with incomes of $2,000 and ing these intentions were only a small minority above. Spending units in the $2,000 to $7,500 inwhose most frequently declared motive was the come range expected income decreases more frehigher return to be obtained on investment in non- quently than those in other ranges. liquid assets. But a significant proportion of them were holders of substantial amounts of liquid assets. TABLE 1 The aggregate amount of such conversions, if car- 1946 INCOME EXPECTATIONS BY INCOME CLASSES1 ried out in accordance with intentions, could generate strong inflationary pressures in the markets Percentage of spending units in each income class expecting: for non-liquid assets, with further repercussions in other markets. The fact that only a small minority Income class 1 Income Income Uncerincreases Income decreases tain indicated such intentions needs special emphasis. of 5 the same of 5 and per cent (within 5 per cent not At least two-thirds of the holders of substantial or more per cent) or more known amounts of liquid assets considered Government Under $1,000 29 35 10 26 bonds and bank deposits the safest and wisest in- $l,000-$l,999 29 33 16 22 $2,000-$2,999 25 32 28 15 vestment. $3,000-$3,999 20 34 35 11 $4,000-$4,999 21 30 35 14 $5,000-$7,499 19 38 29 14 $7,500 and over 23 44 20 13 CONSUMER EXPECTATIONS REGARDING INCOME, All classes 25 34 23 18 SPENDING, AND SAVING IN 1946 1 Based on 1945 money income before taxes. Prospective income. Estimates of prospective income made by individuals or heads of spend- Occupationally, self-employed businessmen and ing units covered in this survey during the first managerial people generally expected higher inquarter of 1946 indicate that consumers generally comes in 1946 than in 1945. Professional people AUGUST 1946 845 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS tended to expect higher 1946 incomes. The white- reported in the first quarter of the year indicate collar group, where almost half of the individuals that total saving may be substantially less in made less than $2,000 in 1945, also tended to expect 1946 than in 1945. This was noted in the first higher 1946 incomes. Skilled and semi-skilled article of this series published in the June BULLETIN workers, three-fourths of whom made over $2,000 and was based on the finding that the people acin 1945, more often thought their incomes would counting for 90 per cent of 1945 saving expected be lower during 1946. Unskilled and service to save less in 1946. The findings of the suppleworkers were evenly divided in opinion as to a mentary analysis indicate that expectations as to rise or drop in income. saving were not entirely consistent with expectations Expected trend of prices and living expenses. as to spending. In general, however, the nature In the first quarter of 1946, more than 50 per of the inconsistency is such as to strengthen the cent of the spending units expected prices to rise during the year. Forty per cent expected prices conclusion of the first article. to remain the same or were uncertain about Slightly over 50 per cent of the people expected the future price trend. Reasons given for price to save as much in 1946 as they had in 1945, or increases reflect the widespread strikes and wage more. Yet according to the expectations expressed, increases during the interviewing period. Refer- aggregate income will remain the same as in 1945, ences to the effects of wage increases as a factor in spending for regular living expenses will rise, and price increases were far more frequent than any more will be spent for consumer durables and housother opinion. Few people mentioned the possiing. It appears that predictions as to saving bility of price increases as a result of ending or were inconsistent with income and spending exrelaxing price controls. pectations in the case of one in every four spending When asked about the amounts that would be units. If the reported income and spending exspent on regular living expenses such as food, pectations are realized, then obviously less will be clothing, and rent during 1946 as compared to available for saving and saving expectations will be 1945— frustrated. As was shown in the second article, four of every ten spending units expected to spend about half of the people have no plan for saving more, on a regular basis, but only put aside what has four of every ten spending units expected to spend not been spent during the month, and those in the same, one of every ten spending units expected to spend this group particularly will probably save less than less, and expected. one of every ten spending units was uncertain as The survey findings suggest that reluctance to to future spendings. give up plans for purchasing durable goods and to reduce living standards as prices rise is a major These expectations correlated closely with expectafactor operating to decrease current saving. The tions regarding prices. In some instances people refindings, however, provide no support for a conferred to other added expenses making for increased living expenses, such as more persons in the spend- clusion that people believe that they had saved ing unit or the need for nondurable goods, particu- enough during the war, or that they would recklarly clothing, not bought during the war. Expected lessly increase their spending in relation to income reductions in expenses, not attributed to people's after the war. Almost three-fifths of the respondents price expectations, were most often occasioned wanted to save as much as or more than during by the belief that there would be smaller outlays the war and an overwhelming majority indicated for moving or hospitalization, or by reason of a that saving was as important under postwar as lower income in 1946, which would necessitate less under wartime conditions, or more so. The major spending. motives for saving, e.g., desire for security in case Prespective saving? People's plans for saving of adversity or old age, desire to provide adequately 3 The survey measured savings by adding to the change in for children's education, or desire to own a home, liquid assets (excluding currency) the amount used to purchase other assets (including housing and insurance ^ and to rep^' will apparently continue to be potent influences in loans, and then subtracting the amount derived from the sale of such assets or the increase in loans. postwar consumer saving. 846 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS POTENTIAL BUYERS OF CONSUMER DURABLE held less than $500 of liquid assets. On the whole, GOODS IN 1946 prospective buyers of durables tended to be younger than nonbuyers. Over two-fifths of the buyers In the first article of this series (June BULLETIN) were skilled or unskilled workers, while about oneit was estimated from the survey replies that about third were professional, white-collar, or business 11 per cent of all spending units would probably people. Potential buyers wrere found in small cities buy automobiles in 1946 and 28 per cent would buy and rural areas as well as large cities, in numbers other consumer durable goods. If all prospective that are roughly proportional to the population of buyers were able to purchase desired consumer durthese places. able goods in 1946, some 4.0 to 5.5 billion dollars would be spent for cars and 3.2 to 4.0 billion for TABLE 3 other consumer durables such as refrigerators, furni- CHARACTERISTICS OF PEOPLE WHO EXPECTED TO BUY CARS ture, radios, and washing machines. Assuming peo- AND OTHER CONSUMER DURABLES IN 1946 ple could actually buy in 1946 two-thirds of the cars [Percentage of buyers and nonbuyers respectively'in each group] and other consumer durables they said they would or would probably buy, from 5.0 to 6.5 billion Grouping of spending units P b o u t y e e n r t s i a 1 l b N uy o e n r - ? dollars would be spent. Although the bulk of prospective buyers come By income classes: from middle-income groups, the more income a U $1 n , d 0 e 0 r 0 - $ $ 1 1 , , 0 9 0 9 0 9 . . . . . . . 2 1 4 0 2 2 8 5 person has the more likely he is to buy a car or $2,000-$2,999. . . 26 21 $3,000-^4,999. . . 28 19 other durable consumer good. This is particularly $5,000-$7,499. . . 7 4 $7,500 and over. 4 so among car buyers, as is shown in Table 2. Not ascertained. 1 Only 3 per cent of the spending units with less 100 100 By liquid asset holdings: than $1,000 of income expected to buy cars as com- None 15 25 $l-$499 28 30 pared to 28 per cent of those with incomes of $5,000 $500-$999 15 14 or over. In the case of other consumer durable $l,000-$2,999 24 19 $3,000 and over 16 9 goods, potential buyers were found to include 14 Not ascertained 2 3 per cent of the under $1,000 income group and 38 100 100 By age of head of unit: per cent of those receiving $5,000 or more. 20-29 years 23 18 30-44 years 40 30 45-60 years 29 31 TABLE 2 Over 60 years 20 Not ascertained.... 1 PROSPECTIVE BUYERS OF CARS AND OTHER CONSUMER 100 100 DURABLES IN 1946 BY INCOME CLASSES By occupational status of head of unit: Professional and white collar 22 17 Businessmen, managers 14 10 Percentage of spending units Skilled and unskilled workers 44 38 in each income class who Farm operators 10 10 expected to buy:1 Retired, unemployed, other 10 24 Income class Not ascertained 1 Other 100 Cars consumer By type of community: durables Metropolitan areas 26 Other cities of more than 50,000 population 18 17 Under $1,000 3 14 Towns of 2,500 to 50,000 population. 27 25 $l,000-$l,999 8 25 Open country 29 29 $2,000-$2,999 11 32 $3,000-$4,999 16 34 100 100 $5,000 and over 28 38 All units 11 28 1 Those who said they would buy and who said that they probably would buy. 1 Includes those who said definitely that they would buy and those who said they probably would buy. People who planned to buy new cars in 1946 Characteristics of prospective buyers of cars and usually expected to pay between $1,000 and $1,350. other durable goods in 1946 are given in Table 3. As is shown by the chart on page 848, one-fourth of Sixty per cent of potential buyers have incomes of the new car buyers were willing to pay $1,350 or less than $3,000. People who expected to buy cars more. The amount individual units expected to or other durables held more liquid assets than non- pay for durable goods other than cars varied acbuyers, but over 40 per cent of prospective buyers cording to the number and kind of items to be 847 AUGUST 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS AMOUNTS INDIVIDUAL BUYERS PLANNED TO SPEND METHOD OF PAYMENT FOR CONSUMER DURABLES FOR CONSUMER DURABLE GOODS IN 1946 Consumer durable goods may be paid for either P N E E R W C C E A N R T B O UY F ERS NEW PE C R A R C B E U N Y T E O RS F fully in cash or with part cash (including trade-in 60 60 allowance) and the remainder through borrowing. Somewhat more than half the spending units who planned to buy cars and other durables expected to pay for them fully in cash, or, in the case of cars, with cash plus the trade-in value of their old car. A third of the prospective buyers planned to use the instalment plan where a cash down payment (or equivalent in trade-in value) would of UNDER $1,350 |e,ooo $ 1,000 11.999 OR OVER course be necessary. For cars only, not more than OTHER CONSUMER DURABLES 40 per cent of prospective buyers in 1946 planned O PO T O H P E S R B D U U Y R E A R B S LE OT 0 P H 0 E E 0 R R P 3 C D E B U N U R T Y A E B O L R F E S to finance their purchase through use of the instal- 30 • 30 ment plan. Prior to the war, approximately 60 per cent of all car purchases were financed through the use of instalment credit. Two out of three of prospective buyers who had some liquid assets preferred to buy durable goods out of income, directly or else indirectly by purchase on the instalment plan. Small holders of liquid assets, generally speaking, had a stronger preference UNDER $100 $200 $300 $500 $1,000 $100 $199 $299 $499 $999 OR OVER for retaining their liquid assets than large holders, AMOUNTS INDIVIDUAL BUYERS PLANNED TO SPEND perhaps because of a need for having a backlog of NOTE.—Includes buyers who said they definitely would buy, assets to meet emergencies. Only a minority of all and those who said they would probably do so. The percentages shown would add to 100 if buyers who did not know how much savings bond holders indicated specific plans for they would spend were included. using them to purchase durables. Prospective buyers with large liquid asset holdbought. Potential buyers of these goods most often ings for their income very seldom expected to make mentioned refrigerators, furniture, radios, and use of instalment credit to purchase cars and other washing machines as the articles which they planned durable goods. As is indicated in Table 4, threeto buy. About a sixth of the people expected to pay $500 or more for goods of this kind. Almost TABLE 4 two-thirds of the buyers, however, intended to METHOD OF PAYMENT FOR CARS AND OTHER DURABLES BY spend less than $300. Only one in every five car PROSPECTIVE BUYERS WITH LIQUID ASSET HOLDINGS buyers wished to purchase a used car. As would be expected, used car buyers planned to spend sub- Percentag s e iz e o f g r h o o u ld p e 1 rs in each stantially less than new car buyers. Two-fifths of Method of payment the spending units planning to buy used cars in- Large Medium Small holders holders holders tended to pay less than $500. for their for their for their income income income The possibilities of price increases would seem to have had little dampening effect on potential All cash 75 51 41 consumer demand for durable goods at the begin- Instalment credit 13 32 42 Less than 40 per cent of cost. . 1 3 2 ning of the year. Most of the prospective buyers 40 to 59 per cent of cost 5 6 3 60 per cent or more of cost 7 23 37 expected prices to rise during the year. Only one Uncertain as to method 12 17 17 in five of those intending to buy cars and other All cases 100 100 100 durables thought that 1946 would be a good time to buy. Approximately the same expectations with 1 Liquid asset holders in all income classes are included in these size groups. Large holders are defined as those in the upper oneregard to prices and time to buy were expressed fourth of asset holders by comparison with others at their income level. Small holders are the lowest one-fourth of asset holders by nonbuyers. relative to their income level. 848 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS fourths of the buyers with large amounts of liquid a major part of the total expenditure. A third of assets relative to their income intended to pay all the cash buyers held $2,000 or more in liquid assets cash. Thirteen per cent of this group expected to as compared to less than a tenth of those planning borrow or use the instalment plan while over 40 per to use instalment credit. Over three-quarters of cent of the small holders would resort to instalment the instalment buyers fell within the income levels financing. of $1,000 and $4,000, which normally embrace the There were a number of significant differences bulk of the instalment credit market, and nearly a in the characteristics of prospective buyers of con- third were concentrated in the middle income class sumer durable goods planning to pay in cash and between these levels, i.e., between $2,000 and $3,000. those planning to use the instalment plan to finance Two-thirds of the cash buyers were in the $1,000 to $4,000 income range, and about a fifth had incomes from $2,000 to $3,000. Skilled and unskilled TABLE 5 workers accounted for 60 per cent of the purchasers CHARACTERISTICS OF CASH BUYERS AND INSTALMENT PLAN using the instalment plan and only about 35 per BUYERS OF CONSUMER DURABLE GOODS X cent of the cash purchasers. Confirming the urban character of instalment credit use, prospective in- [Percentage of cash and instalment buyers respectively in each group] stalment credit buyers were more widespread in cities than in rural communities; farm operators Grouping of spending units W al i l ll ca p s a h y p W er i l c l e b n o t r o ro r w m 6 o 0 re buying consumer durables would pay all cash in (Instalment plan) most instances. These and other characteristics of By income classes: cash and instalment plan buyers are shown in Under $1,000 10 8 $l,000-$l,999 23 27 Table 5. $2,000-$2,999 22 34 $3,000-$3,999 19 17 $4,000-$4,999 10 7 POTENTIAL HOUSE BUYERS IN 1946 $5,000-$7,499 9 5 $7,500 or over 6 1 Not ascertained 1 1 About 7 per cent of all spending units other than 100 100 farm operators expected to build or buy houses By N l o iq n u e id asset holdings: 11 25 during 1946 (see first article in June BULLETIN). $l-$499 21 40 On the average, the heads of these units expected $500-$999 15 16 $l,000-$l,999 19 11 to pay about $5,000 for their houses. Were all $2,000-$4,999 21 4 $5,000 or over 12 2 these units able to purchase houses during 1946, Not ascertained 1 2 the aggregate expenditure would amount to roughly 100 100 By age of head of unit: 13 to 15 billion dollars. While it is probable, on 20-29 years 20 29 the basis of new houses that may be available, that 30-44 years 39 44 45-60 years 31 23 less than a quarter of the desired purchases of new Over 60 years 10 4 houses will be realized, it is also probable that the 100 100 By occupational status of head of unit: typical purchase price paid for new and old houses Professional and white collar. . . . 24 16 Self-employed, managerial 17 9 will substantially exceed $5,000. Aggregate ex- Skilled and semi-skilled 23 36 Unskilled workers 13 24 penditure therefore may run considerably higher Farm operators 14 4 Retired, housewives 6 2 than one-quarter of the amount originally estimated Unemployed 3 8 as possible on the basis of consumer expectations at Not ascertained 1 the outset of this year. 100 100 By type of community: No more than a third of the house buyers indi- Metropolitan areas 24 27 Other cities of more than 50,000 cated they would pay over $6,000. Another onepopulation 15 25 Towns of 2,500 to 50,000 popu- third planned to spend less than $4,000, while a lation 29 23 Towns of less than 2,500 popu- fifth planned to purchase houses in the $4,000 to lation • •. • 13 16 $6,000 class. About 15 per cent of the prospective Open country 19 9 house buyers were not sure how much they would 100 100 spend. 1 This table includes: Spending units who said they definitely In terms of liquid asset holdings and income would buy cars or other durable goods or probably would do so, and who said they would either pay all cash for their purchases groups, the prospective buyers of houses had charor would buy on the instalment plan (borrow 60 per cent or more of the cost). acteristics very similar to those of prospective buyers AUGUST 1946 849 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS of consumer durable goods. About 60 per cent of transferring liquid assets to other investment chanthe people expecting to buy houses had incomes of nels. less than $3,000, and roughly 85 per cent held some Almost two-thirds of these substantial holders of liquid assets. liquid assets expressed a preference for assets with As might be expected, the prospective buyers of fixed value (Government bonds and bank deposits). houses seldom intended to make full payment in One-sixth stated that they thought it was wiser to cash. About one-sixth of potential house buyers hold assets with changing value, particularly real said they would pay all cash. Three-fourths indi- estate. The remaining group did not express a cated they would borrow all or part of the total clear preference as to type of asset that should be purchase price. It is estimated that prospective held. In general, people with highest incomes and buyers as a group expected to borrow about one- the largest holdings of liquid assets showed the half of the entire amount to be spent on housing. greater preference for assets of changing value. Whereas about one-third of the potential buyers About a quarter of the spending units holding assets of cars and other durables who had some liquid of $5,000 or more preferred assets of variable value assets expected to use them to make such purchases, as compared to a seventh of those units holding less nearly one-half of the prospective house buyers who than $5,000. Among spending units with incomes owned liquid assets expected to use them to buy of $7,500 or more about one-third preferred assets houses. Large holders of liquid assets in particular of changing value as against one-sixth of those with planned to use them for personal housing. less income. According to intentions expressed during January- FARM DEMAND FOR MACHINERY AND BUILDINGS March 1946, a relatively small number of the people holding liquid assets of over $1,000, motivated ac- Farm operators in the survey were asked special cording to their own declarations by the higher questions to determine their plans for buying farm returns on alternative investments, planned to machinery or building or repairing farm buildings. transfer some of their Government bonds or bank A fifth of the farm operators had definite plans deposits to securities, real estate, or business during to buy farm machinery, and a similar proportion 1946. The survey indicated that 6 per cent of these expected to repair or remodel farm buildings. holders definitely projected a shift from assets of Roughly one in ten planned to put up new farm fixed value to assets of changing value and 7 per buildings. Farmers expected to borrow only a very cent had considered such action but made no defismall proportion of the total cost of desired farm nite decision. Most of those planning to shift assets machinery or building repairs. Despite the submentioned sums between $2,000 and $5,000. Using stantial amounts of money farmers expected to a rough figure of $3,000 as the average amount that spend for farm machinery and buildings, they may be transferred, it is estimated that about 3 planned to buy cars and other durable consumer billion dollars of Government bonds and bank degoods as extensively as the nonfarm population. posits would be invested in assets of changing value by those holders with definite plans for shifting. PROSPECTIVE TRANSFER OF LIQUID ASSETS TO If all heads of units considering such transfers but NON-LIQUID INVESTMENTS with no definite plans shifted similar average With 10 per cent of the spending units holding amounts, the aggregate total could reach 6 billion. 60 per cent of the liquid assets, the decision of Obviously such a sum, in addition to the flow of relatively few people to purchase non-liquid assets new savings for investment in securities and real —real estate, securities other than Government estate other than personal housing, could exert a bonds, or businesses—out of the proceeds of their significant inflationary pressure in these markets liquid assets could involve large transfers of money and could have important secondary inflationary and have substantial effects on the real estate and effects in other markets. Many factors, of course, security markets. During the interviewing period would influence the possible inflationary effects. for this survey—the first quarter of 1946—heads of It is to be emphasized that these results and spending units holding $1,000 or more in liquid interpretations are derived from interviews made assets were questioned on their attitudes towards in the first quarter of the year. Conditions affecting various types of investments and their plans for investment decisions of liquid asset holders have 850 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS changed considerably since, and investment develop- the proportion of spending units in the next higher ments of the year may be expected to reflect these income class—$1,000-$ 1,999—was almost the same changes. in each of these three periods. The income classes receiving $2,000 and over have shown the greatest WARTIME CHANGES IN DISTRIBUTION OF INCOME increases in numbers of spending units. In 1945 AND SAVING over half the spending units had annual incomes In assessing this report on consumer expectations of $2,000 or more as compared to one-third in 1941 and plans for spending and saving, it is important and one-sixth in 1935-36. A sizeable part of the to keep in mind that the current pattern of income increase in the number of spending units receiving distribution is significantly different from that be- over $2,000 has occurred in the broad income class fore the war. Over the war period, there was a of $3,000-$4,999. Over 20 per cent of the spending general shifting of spending units from lower to units were in this class in 1945, about 10 per cent higher income groups, and a large decrease in the in 1941, and only 5 per cent in 1935-36. proportion of total saving accounted for by the As a result of this shift of spending units to highest income recipients. These broad generaliza- higher income classes, significant changes have octions concerning trends in income and saving pat- curred in the proportion of total income received terns are shown by comparing the findings of the by each income class, as is indicated by Table 6. 1945 liquid assets survey with roughly comparable The spending units in the income classes receiving data for prewar years. under $2,000, which had been substantially reduced The shift of spending units from lower to higher in number, accounted for a fifth of the total income income groups is clearly illustrated by the accom- received by individuals in 1945. This may be companying chart. Spending units were much more pared with a third in 1941 and a half in 1935-36. widely distributed among income classes in 1945 The proportion of income received by the top 15 than in 1941 or 1935-36. Whereas about one-half per cent of income recipients declined from about of all spending units received incomes under $1,000 one-half in both 1935-36 and 1941 to a third in 1945. in 1935-36, the proportion of spending units in this In interpreting these shifts between income income class declined to one-third in 1941 and to classes, it should be realized that income refers to one-fifth in 1945. The general movement to higher money income received and does not take into income classes is evidenced by the fact that, despite account price and tax changes that have occurred the shift of people from the lowest income class, during the war years. The Consumer's Price Index of the Bureau of Labor Statistics shows prices in DISTRIBUTION OF INCOME BY INCOME CLASSES 1941 to be about 7 per cent higher than prices pre- 1935-36,1941. AND 1945 vailing in 1935-36, and prices in 1945 to be roughly SPENDING UNITS 30 per cent higher. Because of these substantial price rises, a spending unit which has shifted from the under $1,000 income group to the $1,000 to $2,000 income group may not have materially improved its buying power or financial position. Furthermore, taxes increased substantially during the war. This increased tax burden undoubtedly affected the spending habits of some lower income groups and to an even greater extent affected total saving, particularly of the highest income brackets. In the case of saving, the comparative data indicate that there has been a marked decline since before the war in the degree of concentration among the top income recipients. Whereas the top 15 per cent of income recipients accounted for over 100 per cent of net saving in 1935-36 (thereby offsetting substantial dissaving on the part of some 1935-36 1941 1945 NOTE.—For sources of data, see Table 6, page 852. other income recipients), and about 85 per cent of AUGUST 1946 851 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS net saving in 1941, the proportion of total net some liquid assets in the form of bank deposits or saving accounted for by the corresponding group United States Government securities in the first in 1945 dropped to about 50 per cent. As was quarter of 1946. Almost two-thirds of the people shown in the second article reporting the findings held savings bonds, two-fifths held savings accounts, of the liquid assets survey (July BULLETIN), how- and one-third checking accounts. Although the ever, there were still a large number of spending bulk of liquid assets was concentrated in a relaunits that did not save or that actually dissaved in tively small proportion of all the spending units, 1945; they made up one-third of all spending units a substantial portion of the people with moderate in that year. Within income classes, the largest incomes held considerable amounts of liquid assets, proportion of non-savers and dissavers (one-half) while some with rather large incomes held relawas in the income class under $1,000, and the tively small amounts of accumulated savings in smallest (one-twentieth) in the group receiving liquid form. $5,000 and over. 2. About 70 per cent of all spending units man- No comparable data are available on prewar hold- aged to put aside some savings during 1945. As ings of liquid assets. It was found that in 1945 with liquid assets, these savings were largely conthe 15 per cent of the spending units that were the centrated in a relatively small proportion of the top income recipients held about half of all liquid spending units. The 10 per cent of the spending assets. Since liquid assets represent accumulations units that saved the largest amounts in 1945 acof net saving, it is likely that these liquid asset hold- counted for 60 per cent of all net saving in ings in 1945 were less concentrated in top income that year. When spending units are distributed by brackets than in prewar years, as was found in the amounts of income received in 1945, units with case of saving. incomes of $5,000 or more a year accounted for 40 per cent of the saving and made up 8 per cent SUMMARY OF MAJOR FINDINGS OF THE SURVEY of all spending units. About half of the saving 1. Over three-fourths of all spending units held was contributed by spending units with incomes of TABLE 6 DISTRIBUTION OF SPENDING UNITS, INCOME, AND NET SAVING, BY INCOME CLASSES, IN 1935-36, 1941, AND 19451 [Percentage of totall 1935-36 1941 1945 Annual income Spending Net Spending Net Spending Net units Income saving units Income saving units Income saving Under $1,000 53 20 -28 35 9 -6 20 4 -1 $l,000-$l,999 31 33 15 30 21 9 27 16 11 $2,000-$2,999 10 17 22 20 24 11 23 23 14 $3,000-$4,999 4 11 20 10 18 18 22 33 36 $5,000 and over 2 19 71 5 28 68 8 24 40 All classes 100 100 100 100 100 100 100 100 100 1 Figures for 1935—36 and 1941 are from Spending and Saving of the Nation's Families in Wartime, Bureau of Labor Statistics Bulletin No. 723, October 1942. Table 1 of this Bulletin gives the distribution of income by income classes, and Tables 2 and 4 were used to estimate total net saying by income classes. The 1935—36 data were originally developed in the Study of Consumer Purchases, 1935-36, made by the National Resources Committee. The material for 1941 represents a combination of the results of two surveys—one a survey of spending units in urban areas made by the Bureau of Labor Statistics, the other a survey of spending units in rural areas made by the Bureau of Home Economics, United States Department of Agriculture. For 1945, the data are taken from the national liquid assets survey. Readers are cautioned that the findings of these three surveys are not strictly comparable. The various surveys differ somewhat in the definition of spending units, in the coverage of spending units, and in the methods used in collecting the data. The figures in this table, therefore, can not be used to measure precise changes in income and saving by income classes. However, it is believed that the data accurately show the nature of certain broad changes which occurred in the pattern of income and saving during the war years. In the table, income refers in all cases to money income before taxes and excludes income in kind. For the most part, each survey measured net saving as the net change in assets and liabilities for the spending unit. Total net saving represented the difference between the total of positive saving and the total of negative saving. Positive saving included the increase in liquid assets plus amounts invested in housing, insurance, securities, and business, plus the net reduction in debt. Negative saving included amounts realized from the sale of assets and the amount of increase in debt. The 1945 survey did not include under changes in debt the amounts of increase or decrease in instalment sale or charge account debt. However, the net change in these two types of debt was small in 1945, amounting to an increase of 250 million dollars. The 1935—36 income data have been adjusted by use of income tax returns for under-representation of the higher income brackets in the sample. The 1941 figures were partly adjusted for this factor, but the blown-up sample totals of income and saying do not show as close agreement with recognized income and saving aggregates for the country as do the 1935-36 data. No adjustments were made in the 1945 data; in the liquid asset survey, the spending units in the higher income brackets were purposely over-sampled during the interview period in an attempt to secure more representative data for this group. The relation of the 1945 income and saving figures to over-all aggregates is discussed in the first article (June BULLETIN). Acknowledgment is made of the assistance of Miss Janet Austrian of the Bureau of Agricultural Economics, United States Department of Agriculture, in the preparation of this table. 852 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS $1,000 to $4,000 a year and this group included consumer durable goods (including cars) and one- 65 per cent of all spending units. These figures fourth of the houses they said they would or would demonstrate that the relatively small savings of probably buy, then between 4.8 and 6.3 billion many consumers in the lower and middle income dollars would be spent for consumer durable goods groups cumulate to a significant proportion of na- and between 3.2 and 3.9 billion for new housing. tional savings in a country like the United States. Thus the grand total of these expenditures might 3. In addition to income, there are other factors amount to roughly 8.0 to 10.2 billion dollars. which are responsible for the volume of current 7. It is estimated that 4.5 to 5.7 billion dollars of saving, and to an even greater extent for the total expenditures for consumer durables and new volume of accumulated savings. People who have housing would be paid for in cash, of which 2.0 had more education, who live in rural communities, to 3.0 billion would be supplied from liquid assets. who are self-employed or have professional occu- The remaining 3.5 to 4.5 billion would be obtained pations, or who have regular saving programs by paying on the instalment plan in the case of tend to save more and to hold more liquid assets consumer durables and by mortgage financing in than do other people with similar income. the case of houses. These estimates reflect the in- 4. According to people's expectations for 1946, tentions expressed by the heads of spending units their income would not differ greatly from 1945. with respect to payment. For consumer durables, A substantial majority of the spending units ex- they planned that about one-third of the total cost pected prices to rise during 1946. They expected would be financed by borrowing and the remainder that expenditures would be much larger than in 1945 would be paid in cash, with one-quarter of the total —partly because of higher prices and partly because cost representing use of liquid assets. According to additional amounts would be spent for durable expressed intentions, about three-fifths of the total goods. As a result, amounts saved during 1946 cost of houses bought would be financed by borrowwould be substantially lower than in 1945. ing and the remainder would be on cash payment. 5. A measure of the demand for consumer dur- Liquid assets would be used to meet one-quarter of able goods in 1946 is roughly provided by the survey the total cost or over half of the cash payment. results. About 3.6 million spending units definitely 8. To the amount of liquid assets that may be planned to buy new and used cars in 1946; by spent on new durables and housing—2 to 3 billion adding those units who would probably buy cars, dollars—must be added the dissaving that may be a total of 5 million prospective car buyers is ob- incurred to meet other consumption expenditures. tained. Prospective buyers of other consumer dur- These funds would be used for such consumption ables such as refrigerators, furniture, radios, and expenditures as living expenses, medical care, and washing machines numbered 12.6 million, with 9.9 vacations. Such dissavings might amount to 4 or 5 million definitely planning to buy. Prospective billion dollars. Therefore, the total use of liquid house buyers numbered 3.1 million, of whom 2.6 assets for consumption in 1946 might run as high million definitely planned to buy. Were all pros- as 6 to 8 billion dollars. pective buyers able to make their purchases during 9. Roughly 3 billion dollars would be transferred 1946 at the prices they indicated, about 5.5 billion during 1946 from liquid assets (Government bonds dollars would be spent for cars, 4.0 billion for other and bank accounts) to real estate, other types of consumer durables, and 15.5 billion for housing, a securities, or businesses, by those liquid asset holders grand total of 25.0 billion. Obviously, this tremen- with definite plans at the first of the year to make dous backlog demand for durable goods will not be transfers. If all heads of spending units that were filled during 1946. The estimates of dollar "totals" undecided about transferring some of their liquid used in this and subsequent paragraphs are in the assets made similar shifts, the aggregate total transnature of best guesses and therefore are subject to ferred might reach 6 billion dollars. a considerable margin of error. They are based not 10. It would appear that as much as 10 to 15 only on the survey results but also on certain as- billion dollars of individual liquid asset holdings sumptions as to the availability of new consumer might be used for various purposes during 1946. durable goods and housing. According to intentions expressed at the beginning 6. Assuming that people should be able to buy of this year, consumers might use roughly 2 to 3 from new production in 1946 two-thirds of the billion dollars of liquid assets to buy consumer AUGUST 1946 853 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS durable goods and new housing, and possibly 3 to 6 consumer expenditures at the expense of saving. billion in shifting assets to the markets which in- 5. Transfers of liquid assets to other forms of clude real estate, other securities than Government, investment could exert considerable inflationary and unincorporated businesses. In addition, per- pressure in the real estate market and the markets haps 4 to 5 billion dollars of liquid assets in the for securities other than Government, and have imform of dissavings—expenditure in excess of in- portant secondary effects in other markets. come—might be used for consumption purposes 6. The sum of 10 to 15 billion dollars, the estiother than the purchase of durable goods and hous- mated volume of liquid assets that might be used ing. for various purposes in 1946, is a significant infla- 11. The pattern of the distribution of income and tionary magnitude. Some allowance must be saving changed significantly during the war years. made, however, for the non-inflationary character of There was a general shifting of spending units consumer savings that will be invested during 1946 from lower to higher income classes, and a large in liquid assets. Even when allowance is made for decrease in the proportion of total saving accounted the offsetting effects of such savings, it would for by the individuals with highest incomes. This appear that the likely use of individual liquid asset is revealed by comparison of the survey results with holdings during this year constitutes a serious curincome and saving data for the years 1935-36 and rent inflationary pressure. And in assessing its full 1941. inflationary force, account must be taken of addi- GENERAL CONCLUSIONS tions to consumer purchasing power through the mechanism of borrowing. 1. Current buying will be paid for primarily out 7. The liquid assets held by the majority of of current income. Relatively small amounts of people can not be considered to constitute a reserve liquid assets are held by most individuals and, fund large enough for carrying on regular expendiaccording to intentions expressed at the beginning tures in the event of drastic changes in income. of 1946, these people do not intend to use their Total asset holdings of three-fourths of the people Government bonds or bank deposits for consumpamounted to less than one-fifth of their annual tion expenditures. However, the use of liquid assets by consumers who plan to use them to purchase durable goods or housing, together with the use of NOTE ON RELIABILITY OF THE FINDINGS 4 liquid assets by consumers to meet other consumption outlays, could amount to a sizeable fund rela- Some readers who are not familiar with scientive to the available supplies of such goods. tific sampling procedures may wonder how a 2. The use of instalment credit, an indirect way nation-wide survey based upon less than 3,000 inof buying from current income, will be substantial terviews can be adequate for reaching reliable conduring the year. Borrowings to finance the pur- clusions as to the nature of liquid asset holdings, chase of consumer durable goods and houses will spending, and saving of the nation's consumers. greatly exceed the amounts of liquid assets people The size of a sample is, of course, only one of plan to use for these purchases. several considerations that influence the accuracy 3. Strong inflationary pressures will continue in of results. Millions of cases did not prevent the the consumer goods markets. The present demand Literary Digest from having a serious bias in its for consumer goods, largely made possible by cur- poll. Accurate results require the elimination of rent income plus the additional purchasing power bias and this can be achieved by using area sampling created by the availability of borrowing and by (in contrast to quota sampling), stratification of spending of liquid assets, will continue to exceed the universe, overinterviewing of units the variaproduction, particularly in those industries not yet tions of which may affect the results greatly, and able to operate at top capacity. several other refinements of scientific sampling 4. The demand for consumer durable goods, in methods.5 addition to the increase in prices of cost-of-living 4Prepared by the staff of the Division of Program Surveys, articles, will result in savings far below 1945 levels Bureau of Agricultural Economics, United States Department of Agriculture. and in a large reduction in the rate of liquid asset 5A brief description of the methods in the Survey is given in the first article in this series, published in the Federal Reserve accumulation. A greatly increased proportion of BULLETIN, June 1946. A fuller description is contained in consumer income is currently being allocated to part one of the report on the Survey issued by the Division of Program Surveys. 854 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL SURVEY OF LIQUID ASSETS The Division of Program Surveys of the United comparison with data obtained from other sources).7 States Department of Agriculture has pioneered in Reliable estimates of the error of the survey finddeveloping sampling methods during the past few ings on concentration of personal holdings of liquid years. With national samples similar in size to assets can be made through a series of time consuming computations. The following rough estithat used for the Liquid Asset Survey, data have mates may, however, suffice to show the order of been collected on people's holdings, purchases, and magnitude of the error. redemptions of savings bonds. The findings of The statement that 50 per cent of the spending these studies concerning the total holdings of bonds units—the 50 per cent who hold the least assets— were in accord with Treasury data and the findings jointly own 3 per cent of the aggregate liquid assets on the concentration of bonds were in accord with is subject to an error of approximately 0.6 perthe findings of the Liquid Asset Survey. Furthercentage points. That is, there is a very high more, a pilot study on liquid assets done a year probability that the true value lies between 2.4 per ago and conducted in two localities showed a cent and 3.6 per cent. Concerning the finding that similar degree of concentration of liquid assets to the top 20 per cent of the units jointly own an that found by the national survey.6 amount of liquid assets (in dollars) which repre- Every sample is subject to sampling error, and sents 77 per cent of all liquid assets, the margin of the size of the error is reduced if the size of the error may be estimated at 8 percentage points. In sample is increased (although not proportionally). other words, it is very likely that the true value of Within a given sample, the sampling error is larger the relation lies between 69 per cent and 85 per for some items of information than for others. The cent, with 77 per cent being the most probable sampling error is smallest for data in which the value. range of answers is limited (e.g., with respect to In summary, it must be emphasized that sample the proportion of people who plan to draw on their surveys do not yield exact values which are absoliquid assets next year). The sampling error is lutely correct. If properly conducted, they do yield reliable information on the true order of magnitude larger for figures which show certain quantitative of the values. It is possible that the concentration characteristics of the population or the percentage of personal liquid asset holdings is somewhat distribution of quantitative data (e.g., the percentgreater, or somewhat smaller, than is indicated by age of people having incomes or liquid asset holdthe published figures, but the range of error is so ings of a certain size), and is greatest of all when small as to require no change in the practical conaverages and total dollar amounts are derived from clusions drawn from the survey. the sample (e.g., the total holdings of liquid assets for 7Cf. the last section in the article of the Federal Reserve 6 Cf. Federal Reserve BULLETIN, September 1945. BULLETIN of June 1946. POSTWAR ECONOMIC STUDIES NO. 6 The sixth of the Board's series of eight postwar the last two pamphlets will appear as they become economic studies is now available for distribution. available. Entitled Housing, Social Security, and Public Each pamphlet contains essays on related subjects Wor\s, it contains the following three papers: by specialists on the staffs of the Board and the "Housing Needs and the Housing Market," by Federal Reserve Banks. The views expressed in Ramsay Wood; "Economic Aspects of Social Se- the papers are entirely those of the authors, and curity," by Eliot J. Swan; and "Public Works and there is no official endorsement of any of the pro- Services in the Postwar Economy," by Walter F. posals made. Stettner. Individual pamphlets may be purchased for 25 The fifth pamphlet in the series, Postwar Capital cents each, or for 15 cents each for group purchases Formation and Its Financing in Manufacturing and of ten or more in single shipment. Orders should Mining Industries, will be ready for distribution in be sent to the Division of Administrative Services, a few weeks. Its publication will be announced Board of Governors of the Federal Reserve System, promptly in the BULLETIN. Notices of release of Washington 25, D. C. AUGUST 1946 855 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX OF DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS Monthly indexes of department store sales and The indexes of sales, by departments, were comstocks, by major departments, have now been com- puted in the following manner. Monthly sales piled by the Board's Division of Research and totals, by departments, were compiled for an identi- Statistics. Indexes of sales, by departments, are cal sample of 353 stores for the years 1943 and available on a monthly basis for the period from 1944. These figures were carried back to 1940 and January 1940 to date. End of month stocks indexes, forward to current months on the basis of the yearby departments, are available for October 1940, to-year changes shown for each month by a group January 1941, April 1941, and monthly beginning of stores which varies somewhat in number from June 1941. Figures for the new indexes of sales month to month. The 1941 average of monthly and stocks for department groups are shown in sales for each department, thus obtained, was used the accompanying tables and the movements in as the base in computing the sales index for that the indexes are shown in the accompanying chart. department. Indexes of stocks were derived by The departmental indexes are computed and applying to the sales index for each month the published in order to provide additional informacorresponding stocks-sales ratio (the stocks-sales tion on the fluctuations in department store sales ratio is obtained by dividing stocks at the end of and stocks of various types of merchandise. They the month by sales during the month). The are not intended to serve as a measure of the stocks indexes for each department, therefore, like changes in total department store sales and stocks. the sales indexes, have as a base 1941 average For this purpose the System's comprehensive monthly sales for that department. monthly indexes of total sales and stocks should be used. The latter, moreover, are adjusted for sea- Indexes of department store sales and stocks, by sonal variation and, in the case of the sales index, departments, are shown for recent months on for changes in the number of business days. These page 921 of this BULLETIN, and figures for future refinements have not been attempted for the de- months will be shown regularly in the BULLETIN. partmental indexes. Although some of the Federal Reserve Banks DEPARTMENT STORE SALES AND STOCKS have gathered data on department store sales and BY SELECTED DEPARTMENT GROUPS stocks, by departments, for a number of years, the PER CENT 1941 AVERAGE MONTHLY SALES • 100, WITHOUT SEASONAL ADJUSTMENT PER CENT compilation of such figures on a national basis was not begun until 1941. Collection of monthly data by departments was begun in January 1941 for sales and in June 1942 for stocks. Departmental sales and stocks data are now reported regularly to the System by about 350 independent department stores located in various cities throughout the country. The sample of reporting stores has been carefully selected from the standpoint of geographical distribution, and reports are now obtained from stores in virtually every department store trading area of importance. For the most part only the larger department stores are included in the sample inasmuch as they are able to report departmental figures in greater detail than is possible for most smaller firms. In recent years this reporting group of stores has accounted for about 50 per cent of the estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for individual departments is not so comprehensive as that for department groups. 1940 1942 1944 1946 856 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX OF DEPARMENT STORE SALES, BY DEPARTMENT GROUPS 1941 Average Monthly Sales = 100 a [Without seasonal adjustment] Main store Year or month M sto a r i e n W ap o a p m n a d e re n l 's M b a o e n y n d s 's ' fur H ni o sh m i e ngs g P o ie o c d e s w Sm ar a e l s l la M n i e s o c u e s l- 2 Ba s s t e o m re ent total accessories wear 1940 average 3 1941 average 4 296 229 382 366 371 323 286 219 1942 average 417 307 536 540 521 448 424 337 1943 average 353 304 426 384 470 413 334 299 1944 average 368 334 439 358 469 474 356 309 1945 average 384 358 401 361 369 554 414 327 1940—October 281 236 388 321 367 200 November December 1941—January 217 167 272 275 310 249 193 153 February March April 267 203 351 330 351 296 254 183 May June '259' 189 342 341 335 294 240 189 July 271 198 340 360 335 290 261 200 August 304 240 400 369 404 312 295 236 September 341 282 460 401 440 341 319 279 October 389 316 499 442 440 425 407 309 November 396 310 522 460 435 466 457 312 December 318 229 380 438 418 337 280 228 1942—January 306 216 354 413 424 326 279 219 February 351 260 418 465 499 365 324 277 March 399 293 472 529 554 428 383 328 April 437 320 537 575 596 474 424 357 May 446 321 571 586 ^547 471 454 365 June 465 329 589 621 550 494 479 386 July 455 330 572 608 516 476 498 359 August 467 357 609 595 548 482 497 384 September 460 349 622 573 539 490 502 378 October 452 337 629 542 505 509 508 366 November 433 325 609 512 483 508 469 351 December 340 243 447 461 485 350 266 273 1943— A A S O J J F M M J u u e a e p u c a a l n p n b t r g y r y e o t i u r u c l e . b u a h s m e a r . t y r r b y er 3 3 3 3 3 3 3 3 4 4 2 2 1 5 9 2 3 0 0 1 6 9 9 3 3 6 7 7 9 4 3 3 3 3 2 2 2 2 2 2 7 1 8 8 6 3 5 4 5 8 5 2 2 8 1 3 5 3 6 2 3 3 3 3 5 4 4 4 4 4 9 0 0 9 9 6 8 0 1 9 6 1 6 8 7 2 4 4 4 4 3 3 3 3 4 4 3 3 3 4 6 8 0 7 7 8 8 8 0 2 5 1 1 9 7 6 9 7 7 3 5 4 4 4 4 4 4 4 4 4 0 7 7 4 6 2 9 5 9 7 5 5 6 7 7 9 8 8 4 4 3 4 5 3 3 3 3 4 4 4 7 8 1 3 7 0 5 0 5 3 1 6 8 5 1 6 8 3 2 4 3 3 3 3 4 4 2 2 2 2 2 1 5 7 0 5 6 9 9 2 9 1 6 7 5 5 7 2 7 0 3 3 3 2 2 2 2 2 2 2 5 5 6 8 5 4 8 6 9 6 6 9 2 2 0 0 3 4 8 0 November 399 372 490 364 448 527 404 347 December 329 292 367 343 464 397 294 286 330 298 369 344 492 394 289 280 1944— J A A J S M O N D F M J u u e a e u p c e o a n a l p n b t c g y r v y r e o t u i r e u c e e l b u a m h s m m e r a t y b r r b b y e e e r r r 3 3 3 3 3 3 3 3 4 4 4 9 5 1 0 6 0 5 6 6 5 1 6 9 0 1 2 0 4 4 4 4 4 3 3 3 3 3 3 3 3 3 3 2 1 8 1 7 3 1 7 3 6 7 2 3 6 6 3 1 1 2 6 9 9 0 3 4 4 4 4 4 4 5 5 4 4 3 9 0 4 1 3 1 2 2 8 3 2 3 3 7 2 2 8 2 2 4 0 3 3 3 3 3 3 3 3 3 3 3 6 6 6 7 4 6 5 6 5 7 1 1 8 3 6 3 9 8 8 8 8 2 4 4 4 4 4 4 4 4 4 4 4 6 9 7 4 6 6 9 6 3 6 6 1 1 5 5 2 8 8 8 0 7 8 5 5 5 4 4 4 4 4 4 5 4 0 7 2 1 2 5 7 4 3 6 8 1 6 5 9 1 1 6 9 0 8 4 3 3 3 3 3 3 4 4 4 4 2 5 1 0 3 4 5 7 0 5 1 1 3 9 6 2 6 8 8 3 9 0 8 3 3 3 3 3 3 3 3 2 2 2 2 4 3 2 3 9 0 0 8 1 6 5 5 6 3 7 6 5 8 3 4 0 316 292 333 316 437 410 269 273 1945- - A J M M F J u a e p a a n n b r y r u e i r c l a u h r a y r . y . . . . 3 3 3 4 4 5 8 0 0 3 6 6 5 6 6 3 3 3 3 3 6 3 2 8 8 3 1 3 7 4 3 3 4 4 4 8 7 2 6 3 5 0 8 1 8 3 3 3 3 3 5 4 6 2 7 7 9 9 3 9 3 3 3 4 3 8 8 8 7 0 7 7 0 0 4 4 5 5 5 5 6 4 4 0 5 3 7 2 2 2 2 3 3 4 4 4 9 8 4 1 2 2 9 5 8 3 3 3 3 3 0 4 5 3 2 6 6 2 9 0 J A O S u e u c l p t y g o t u e b s m e t r ber 4 4 4 3 2 2 2 9 1 4 8 9 3 3 3 3 7 9 9 8 6 0 7 7 4 4 4 4 4 3 5 5 3 3 8 8 3 3 3 3 8 7 8 9 5 7 2 2 3 3 3 3 2 8 6 8 9 5 4 4 6 6 5 5 7 7 2 3 8 7 4 0 5 4 4 5 9 4 6 2 1 0 9 4 3 3 3 3 3 5 4 5 1 1 9 0 November 413 378 387 366 294 708 486 344 December 317 289 214 339 310 511 307 263 337 311 230 363 397 485 320 278 1946—J A M M F a e p n a a b r u y r i r c l a u h r a y ry 3 3 4 4 6 9 3 6 1 8 2 4 3 3 3 4 9 4 6 2 7 3 7 0 3 2 2 4 4 0 9 5 7 3 8 0 3 4 4 4 8 2 8 5 6 5 9 5 3 3 4 3 9 6 2 6 7 3 5 5 6 5 5 6 3 2 5 8 2 1 1 9 3 4 3 4 9 2 9 4 9 9 8 4 3 3 3 3 4 1 6 9 5 7 7 0 1 The stocks index is derived by applying to the sales index for each month the corresponding stock-sales ratio. This, in effect, bases the stocks index on 1941 average monthly sales. 2 Included in this group are departments not classified elsewhere, such as luggage, toys and games, groceries and meats. 3 Data available for October 1940 only. 4 Data available for only nine months in 1941. Averages are estimated. NOTE.—Indexes by departments within each department group may be obtained from the Division of Research and Statistics of the Board of Governors. AUGUST 1946 857 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX OF DEPARTMENT STORE STOCKS, BY DEPARTMENT GROUPS 1941 Average Monthly Sales = 100 x [Without seasonal adjustment! Main store Year or month M s t t o o a t r a i e n l a W c a c p o e a p s m n s a d o r e e r n i l e 's s M w b a o e n e y n a d s ' r s ' fur H ni o sh m in e gs g P o ie o c d e s w Sm ar a e l s l la M ne is o c u e s l- 2 Ba s s t e o m re ent 1940 average 87 89 89 82 91 () () 89 1941 average 100 100 100 100 100 100 100 100 1942 average 113 118 112 104 126 114 113 115 1943 average 130 147 121 103 173 137 124 122 1944 average 145 166 131 107 210 157 147 134 1945 average 163 187 149 121 226 175 163 145 1940—January 68 67 63 73 90 63 February 65 63 53 68 100 61 March 80 94 75 63 113 89 April 79 86 67 79 102 86 May 81 83 77 85 98 88 June 78 76 98 72 84 88 July 58 55 59 61 60 62 August 76 80 61 86 73 74 September 91 100 84 93 100 93 October 98 104 92 98 103 99 November 104 104 116 95 91 110 December 165 151 219 114 83 153 1941—J A F M M a p e a a n r b r y i u r c a l u h r a y ry 9 9 7 8 7 6 5 1 6 3 1 6 9 9 7 0 8 6 5 1 7 6 5 9 9 7 5 7 2 3 4 1 9 8 8 7 0 0 4 0 8 3 1 1 1 9 8 0 2 0 3 8 5 0 0 8 7 7 7 7 5 5 4 7 8 5 5 6 7 7 3 6 3 4 9 1 1 6 6 9 0 0 8 5 2 1 6 June. 87 81 102 91 88 83 83 93 July 72 66 69 83 70 69 74 73 August 100 108 73 117 93 76 71 91 September 114 123 98 119 118 109 87 110 October 107 107 106 114 118 94 84 113 November 113 109 127 108 104 120 138 117 December 185 169 244 132 103 259 337 170 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 2 3 4 5 6 — — — — — J J J J J F A J J A A A M S O N D M J M J S N A A S F M O D F J J O N A D F A M M J S M F A J O M N D M M a a a a p a p e u p u u c u u u e u p c c e e e e u p u e u a o e u e c e o e u a e o a e a a a o a a a a n r n n r n l r n l b l r t r l n t g t p g b n b p p g b n t c b p g n r c v v c r v c r y y r v y r i y i u y i u u i r i u u y o y o o y r r u t u t y t e r o u e r t e u e e e c e e e c e e c c e c l a l a l u a b a l l b a b u u e s u e e b s u s e s m m h m m m m h h m h r m h a e r r e e r a a r a m e m m t a t m t t b b b b b b b r y b r y r y r r r r y b b y b r r b e e e e e e e y e y e y e y e y e r r r r r r r r r r r r 2 1 1 1 1 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 1 1 1 1 1 1 9 8 9 9 9 1 0 0 0 7 2 3 1 0 1 3 2 1 0 1 2 3 4 4 6 0 2 0 3 2 5 0 3 9 6 5 3 2 2 7 1 8 4 4 0 5 1 3 4 9 9 5 9 5 6 2 6 4 1 1 7 9 7 1 2 6 1 8 4 6 8 7 8 0 2 7 5 6 9 5 7 9 5 2 0 0 1 4 0 3 7 8 8 9 0 7 8 5 6 4 4 7 0 6 4 4 2 1 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 1 1 1 1 1 1 2 1 1 1 1 1 2 2 2 2 1 1 1 2 2 1 1 1 1 1 9 9 9 0 8 9 1 4 7 0 5 0 2 3 4 4 4 2 2 3 6 2 5 2 7 3 0 6 8 5 4 6 8 1 2 8 3 4 7 5 1 5 7 3 3 7 2 9 6 3 0 6 6 7 7 2 6 3 9 6 6 6 5 3 9 4 6 0 1 3 7 7 4 9 4 9 2 9 6 9 9 0 8 9 0 1 0 4 8 5 9 5 6 9 0 2 1 6 0 4 5 7 0 4 6 0 1 2 1 1 2 1 1 1 1 1 1 1 3 1 1 1 1 1 1 1 1 3 1 2 1 1 1 1 1 1 1 1 1 1 9 8 7 9 9 0 1 6 0 8 1 7 7 8 0 6 3 7 9 7 0 1 3 0 7 9 9 9 1 3 1 0 1 3 6 2 7 9 9 4 4 9 4 2 1 3 5 7 8 1 1 5 9 3 2 5 6 6 1 6 9 5 8 9 0 2 1 3 8 5 3 3 4 0 0 4 5 7 9 2 6 1 2 0 7 7 3 4 7 9 3 8 7 6 0 9 7 2 3 4 1 8 5 2 9 5 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 8 9 9 9 9 9 1 9 9 7 8 0 1 9 8 9 0 1 3 0 8 2 0 2 9 1 9 0 1 0 0 1 2 1 4 1 3 1 0 1 0 6 7 3 4 1 5 8 6 9 3 5 9 6 9 3 8 5 4 5 7 5 7 7 8 2 0 7 9 8 9 7 7 5 6 5 2 7 6 6 1 7 1 0 0 4 3 1 2 4 7 0 0 0 7 4 7 6 4 4 1 9 8 1 1 2 2 1 1 1 1 1 1 1 1 1 1 2 2 2 1 1 1 1 1 2 2 2 1 1 1 2 2 1 1 1 1 2 2 2 2 2 2 2 1 2 2 2 3 2 1 1 2 2 1 9 2 3 2 2 3 5 0 3 1 0 2 4 2 6 6 0 4 1 5 7 0 6 2 2 3 5 2 5 2 8 8 8 9 6 2 5 2 8 5 0 5 9 3 3 2 6 7 8 6 0 9 6 2 7 6 2 6 9 4 8 5 6 7 6 6 7 3 3 5 4 2 3 9 5 4 9 5 4 0 4 8 3 4 7 2 6 6 5 2 2 5 2 2 1 5 3 2 4 1 8 9 8 4 4 7 2 3 1 1 1 1 1 1 1 1 1 1 1 2 3 1 1 1 1 1 1 1 1 1 4 1 1 1 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 8 8 8 9 8 9 8 9 9 7 0 2 1 4 0 2 1 0 1 0 9 4 1 2 2 6 6 2 2 0 6 2 1 1 4 2 3 5 4 3 2 2 2 4 5 4 5 7 5 4 7 6 7 7 8 8 0 6 9 5 9 7 6 6 3 5 4 9 0 0 4 7 2 5 5 3 3 4 2 6 8 3 1 5 8 0 9 7 9 1 5 2 2 8 9 6 6 0 3 4 8 9 8 9 8 3 3 1 2 1 1 1 2 3 1 1 1 1 1 1 1 1 4 1 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 6 6 8 4 8 9 9 8 8 9 0 7 8 9 7 8 2 8 0 3 7 0 1 8 0 4 1 9 9 0 0 6 5 1 1 3 3 7 7 8 2 3 1 1 3 7 1 2 2 5 1 8 8 5 3 0 9 0 1 2 4 1 3 9 6 2 4 8 2 1 9 1 0 1 0 5 8 5 0 9 5 7 6 4 0 0 8 0 9 7 5 8 6 6 8 8 0 8 1 2 0 6 1 8 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 1 1 1 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 S 9 8 9 9 9 1 0 0 9 2 3 2 3 1 2 8 1 1 2 2 3 8 3 3 0 1 2 1 3 0 4 5 2 6 2 1 7 2 3 1 4 1 2 3 6 7 2 2 6 8 6 6 3 8 2 9 8 1 5 5 4 5 5 7 0 3 2 3 7 9 2 9 2 5 3 3 9 1 1 7 6 6 0 4 1 8 6 5 6 5 3 5 4 5 5 1 5 5 5 5 4 8 2 6 1 The 1941 average of monthly sales for each department is used as a base in computing the sales index for the department. 2 Included in this group are departments not classified elsewhere, such as luggage, toys and games, groceries and meats. 3 Data not available. NOTE.—Indexes by departments within each department group may be obtained from the Division of Research and Statistics of the Board of Governors. 858 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BY THE MINISTER OF FINANCE ON THE APPRECIATION OF THE CANADIAN DOLLAR Decision of the Canadian Government to appre- marked increase in the supply of goods and services ciate the Canadian dollar to parity with the United available to consumers, and this will be further ap- States dollar was announced by the Minister of parent to civilian consumers in the near future as Finance, Mr. ]. L. llsley, to the House of Commons the special requirements of demobilized members at an evening session on July 5, 1946. In his ad- of the Armed Forces are satisfied. In the case of dress, which is printed in full below, the Minister some other goods, however, various interruptions reiterated the Government's intention to continue have seriously delayed the progress of production Canadian price control operations, including the and distribution. payment of subsidies, and emphasized the value of When Parliament gave its approval to the Nathe exchange rate shift as a method for partially tional Emergency Transitional Powers Act last protecting the Canadian economy from the infla- December, it recognized that the emergency ecotionary effects of price increases abroad, nomic conditions which prevailed at that time would continue to endanger the stability of the I wish to announce to the House several impor- Canadian economy for at least another year, and tant steps which the Government is taking in the that certain measures such as price controls and economic and financial field in order to prevent rationing would have to be continued. Most of us undue increases in the cost of living and costs of hoped that the situation which made these controls production, improve the effectiveness of price con- necessary would gfadually improve. In recent trol, encourage a greater supply of scarce goods months and weeks, however, a series of developwhich we import from other countries, and gener- ments of increasing seriousness have combined to ally strengthen the stabilization program and facili- create a great and growing threat to our national tate an orderly postwar adjustment of the Canadian stabilization program. economy while protecting it from the major effects Perhaps the greatest threat to the stability of of adverse developments outside our borders. prices in Canada comes from the rise in prices in It is now almost six months since the Prime the United States and, to a lesser extent, in other Minister in a public statement gave a comprehen- countries. The present position with respect to the sive review of the anti-inflation policy in the light future of price control in the United States is conof the postwar situation. At that time it was said fused and uncertain. Without presuming to fore that essential controls would be maintained so long cast what will happen in the legislative sphere, reas emergency economic conditions arising out of or cent developments would seem to suggest that resulting from the war required special action to further increases in prices in that country are likely preserve economic stability. But it was also stated to occur. Indeed, quite aside from recent congresthat, in order to assist the process of conversion sional developments, the fact is that prices in the from war to peace production and the many adjust- United States have been rising steadily for some ments that had to be made to postwar conditions, time and are already at a level substantially above a degree of flexibility would be recognized in the the Canadian level when compared with the normal administration of price control, and that progress or prewar position. In view of the strong commerwould be made in removing controls that were no cial ties between this country and the United States, longer necessary or desirable. this trend has naturally exercised an increasingly Early postwar developments were not unfavour- strong upward pressure upon Canadian costs and able. Reconversion unemployment did not occur prices, which we have sought to resist or neutralize on the scale which some had feared, demobilization as best we could. To a lesser extent, increases in proceeded with comparative smoothness and rap- prices in other countries than the United States idity, and the evils of both inflation and deflation have had the same effect. Higher prices for Canawere avoided. In many lines there has been a dian imports tend to push up production costs and AUGUST 1946 859 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BY MINISTER OF FINANCE ON APPRECIATION OF CANADIAN DOLLAR the cost of living in Canada, except to the extent order, stability and independence in its economic that these increases are offset by subsidy payments, and financial affairs. These measures we feel will or absorbed by Canadian importers and distribu- go a long way toward insulating Canada against tors. Every increase in foreign prices for our own unfavourable external conditions and easing the inexport products also stimulates pressures for in- flationary pressures which are now so strong. creases in the domestic price of such commodities. The first of these is the issuance of a long but It tends to divert more of these commodities to the simple and clear list of all goods and services which export market, and compels us to strengthen our continue subject to price control, a list which incontrols over distribution so as to retain sufficient cludes practically all articles of significance in the supplies for use in Canada itself. normal household budget and in the costs of pro- But while the greatest threat to the stability of duction of farmers, fishermen and other primary prices in Canada arises outside our own borders, producers. The result of this will be to suspend the situation in Canada itself is not free from diffi- from price control a number of less important culty. The same tendencies that are present in articles which create administrative trouble and red almost every other country today are working in tape out of all proportion to their importance. Canada also to raise prices. Most of the price in- That list is contained in an Order of the Wartime creases which have been authorized in Canada in Prices and Trade Board, of which I am tabling recent months, and which have naturally given rise copies now. It tells exactly what goods are subject to concern on the part of the public, were the result to price control. The next question is, how is con- # of an accumulation of cost increases (increases in trol to be exercised? As regards domestic products labour and material costs and the like) which have the answer is that the principles of price control been going on for five years. Moreover, the conremain the same as heretofore, that is, maximum tinued shortage of materials, and shortages of labour prices are based on prices in effect in October 1941, in certain lines, are tending to raise costs of proor on specific price ceilings or regulated prices duction still further and to push prices up. named in orders of the Prices Board, and price in- Still other price increases have resulted from the creases are in general authorized by the Board only necessity of encouraging the production of needed where over-all financial need is proved. As regards but less profitable lines of goods as against the more imported goods, however, a change is being made profitable alternatives available to the same prowhich constitutes the second of the major announceducers. The removal or reduction of subsidy payments which I have to make. Hereafter all imments on certain imports and domestic products ported goods of a kind subject to price control, unhave also given rise to price increases in recent less specifically dealt with on another basis in orders months. of the Board, will be priced on the basis of the im- On the other side of the picture, it is clear to porter's landed costs, plus a prescribed maximum every observer that, with employment and conmark-up in each case which will be somewhat less sumer spending power being maintained the way than the mark-up normally obtained by distributors they have, the demand for goods has continued to of similar domestic goods. rise ever since the end of the war. In this situation Thirdly, for reasons which I shall discuss at some many goods are still relatively scarce and this, too, length later on, it has been decided to adjust the creates another upward pressure on prices. rate of exchange of the Canadian dollar to parity The whole combination of actual and prospective with the United States dollar. This change is price rises abroad, shortages of goods which we effective immediately, that is to say, at 8:00 p.m. urgently need from abroad, and delavs in domestic Eastern Daylight Saving Time. Banks and other production, taken in conjunction with the difficulauthorized agents of the Foreign Exchange Control ties of providing effective administration of controls Board will now buy United States dollars at $1.00 in a transitional period, undoubtedly threaten to Canadian funds, and sell at $1.00/4. Similarly, undermine price control in Canada unless strenuthe buying rate for pounds sterling will now be ous measures of defense are taken now. $4.02, and the selling rate $4.04. I wish to draw Accordingly I wish to announce the Government's decision to take four major steps to imple- special attention to the fact that persons accepting ment this country's determination to maintain United States dollars from tourists should now do 860 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BY MINISTER OF FINANCE ON APPRECIATION OF CANADIAN DOLLAR so at par, that is to say, dollar for dollar, instead of ances, radios, automobiles, furniture, house furat a premium. nishings and building materials. The farmer or The fourth matter which I wish to mention is fisherman will observe that most of the goods he that the policy of paying subsidies will remain in needs to purchase to assist him in production are effect in order to prevent undue increases in prices also included. The control of rents, I should add, of articles of major importance in the consumer's remains unchanged. cost of living or in primary producers' costs of At this point I want to emphasize that no inproduction. crease in the ceiling prices of domestic goods re- Having described in brief the four main features maining under control is involved in this step. The of this program, I should like now to give the basis of price control continues to be the prices House and the people of Canada some more de- already authorized by the Wartime Prices and tailed description and explanation of the steps we Trade Board. Demands for price increases will are taking. continue to be resisted, except in cases where the First, in order to reassure the public and indus- financial need of the producer concerned make try that the Government has no intention of dis- some upward adjustment imperative. mantling the system of price control so long as the The second step which the Government has emergency exists, we have prepared a definitive authorized the Prices Board to take, that relating and detailed list of all the goods and services which to prices of imported goods, is one which has been will remain under price control. I am aware that forced by external circumstances over which we the decision made several months ago to suspend have no control. The new system may be briefly certain goods and services from price control, neces- described as follows: an order of the Prices Board sary as that was, has been followed by a certain will be issued establishing maximum mark-ups amount of public confusion and uneasiness. But over landed costs for a wide list of imported conit will be agreed as a general principle that, as part sumer goods. The mark-up will be somewhat less of our gradual progress towards decontrol, and in than normal, in order to minimize any adverse order to lighten the heavy burden of administra- eflect on consumer prices in Canada, prevent pyration, it is desirable to remove price ceilings from miding of foreign price increases, and remove any items which are trivial or unimportant to most con- temptation to handle imported goods rather than sumers or producers, and from all items which are domestic goods if domestic goods are available in in such ample supply that price ceilings are no adequate quantity. longer needed to keep prices within reasonable It will be recalled that, commencing in February bounds. The present measure recognizes this and last, the Prices Board has been permitting imports has the effect of removing from control a substantial from the United Kingdom and those war-ravaged number of individual items. This measure has the countries which were so recently our allies to enter further merit that, by concentrating its attention on this country on somewhat the same terms as those those things which matter most, the Prices Board now extended to all countries. It is expected that will be able to make more effective use of the staff as a result of this action, goods which were in at its disposal. danger of being excluded from Canada in the oper- The list of goods and groups of goods and serv- ation of our own price control policy will begin to ices still under control is very large, so large that be imported more freely as conditions of supply imsome may feel it should be further reduced. It is prove. We are taking the view that it is better to intended to cover virtually all of the items which get the goods, even at a higher price, than to insist are of everyday importance in the household budget, that domestic price ceilings must be maintained on and many more; and also all the items of chief im- imports, which in many cases makes importation portance in costs of production. In general, basic impossible. In so doing we are taking a step tomaterials are included and almost all parts and wards decontrol and providing for an extension of components of consumer goods. So far as the con- a two-way system of trade without seriously ensumer is concerned, practically all food, fuel, cloth- dangering our price control program at large. ing, textiles and leather goods remain under con- Needless to say, this decision will also assist control, as well as the significant items under the head- siderably in easing the administrative burden of ings of kitchenware, hardware, household appli- the Prices Board. Applications for specific price AUGUST 1946 861 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BY MINISTER OF FINANCE ON APPRECIATION OF CANADIAN DOLLAR increases on imported goods, with the exceptions the Government's desire to reduce and ultimately noted, will no longer be necessary. The general eliminate all wartime subsidies of this character. law applicable to such goods is simple and clear, And the same will be true of certain important and provides for automatic flexibility in accordance domestic subsidies. It had originally been intended with movements of foreign prices whether up or that the Prices Board would be able to withdraw down. from practically all subsidy arrangements by the It should be noted, however, that the new system end of 1946, and actually a good deal of progress does not apply to imported foods or to imports of has already been made in this direction. However, goods eligible for subsidy. Existing price control as I have said, the Government feels the time is not orders will continue to apply to such goods. There opportune for any further major removal of subare also a number of other classes of goods such as sidies and, having in mind the likelihood of rising imported motor vehicles, farm implements and prices in foreign markets, it is possible that wTe may household appliances, which will not be in this list not be able to reduce our total subsidy bill for this because they are already controlled by specific current year to the extent that we had expected. Board orders on a somewhat similar basis, or will I come now to the question of the exchange rate. be so controlled upon application and investigation. The other proposals, it might be said, are principles The adjustment in the exchange rate will help of policy, and make for greater administrative effito offset the effect of high and rising prices in other ciency, and for greater public assurance as to what countries. It will mean that the cost of imports is under price control, and as to how that control will be 10% less, in Canadian-dollar terms, than is to be exercised, but they do not actually attack would otherwise have been the case. This is im- the inflationary pressures at their source, except perportant in respect of machinery, equipment and haps through subsidies. supplies, and a wide variety of consumers' goods. Undoubtedly the greatest present source of in- In fact, we may hope that in some cases there will flationary pressure lies in the high and still rising be an actual decrease below present costs of imports. price levels of other countries. Prices in other In any event, as a result of the movement of the countries directly affect the prices of our exports rate, actual or prospective increases in other coun- and imports, and ultimately, through their influence tries' prices of such items as coal, crude oil, gaso- on costs, affect the prices of virtually all our goods line, farm implements, sisal for binder twine, cloth- and services. Foreign prices are translated into ing and textiles, citrus fruits, bananas, coffee, tea, Canadian equivalents through the medium of the sugar, etc., will be restricted in their effect upon exchange rate, and the question of the appropriate Canadian prices, and the task of holding a reason- rate of exchange for the Canadian dollar is a matter able level of costs by means of subsidies on essen- of major importance in its own right, as well as in tial imports will be kept within manageable pro- relation to price control. portions. Our present situation is that a very marked dif- Another benefit from this change will be that ference has developed between the general price prices of goods which we normally buy from Eng- levels of Canada and the United States, especially land, France and a number of other countries will if American prices are translated into Canadian now be more in line with our prices, with the re- funds by the addition of 10% exchange premium. sult that we will receive more goods from them. The depreciation of the Canadian dollar by 10% They will receive more Canadian dollars from their at the beginning of the war caused an immediate commerce with us and so be less dependent on increase in many of our prices as compared with inter-governmental loans to finance their purchases the United States. In the course of time our entire from us. price structure might have reflected, on the average, Before dealing further with the question of ex- the full 10% difference in the values of our two change rate, it will be convenient here to comment currencies. The application of price ceilings, howon the policy with respect to subsidies. The change ever, came sooner in Canada, and had a more rein import price policy does not affect imports of straining influence on price increases here than in materials basic to the cost of living which are pres- the United States. The result was that by the end ently being subsidized. We may find it necessary of the war our general level of wholesale prices had to increase these subsidy payments, notwithstanding increased on the whole no more than theirs, despite 862 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BY MINISTER OF FINANCE ON APPRECIATION OF CANADIAN DOLLAR the 10% exchange differential. In respect of retail without the Fund's approval, and by other amounts prices and the cost of living the disparity is even in accordance with the provisions of the Fund more marked, for the United States index had by Agreement, if circumstances should arise which May of this year increased 33% over the level of made such a move on our part seem necessary and August 1939, compared with an increase of 21% desirable. in Canada. I have emphasized, for the sake of clarity, our It has become increasingly clear that we could future freedom of action in this regard. But we do not continue to maintain a price structure which is not propose—no Canadian Government would ever roughly 10% out of balance in terms of our ex- propose—to move the exchange rate with every change rate, or, looking at it the other way round, passing wind. The present move is only being to maintain an exchange rate which is roughly 10% made after very careful study and deliberation over out of line with our price structure. a considerable period. I should like to re-affirm If world prices, or at least American prices, had what I said on June 17th last, when introducing in declined soon after the war, or showed any likeli- this House the Foreign Exchange Control Bill, hood now of an early decline, no doubt it would with reference to the great advantages obtainable be better for us to continue without changing the by maintaining exchange stability for as long a rate; but instead United States prices and costs have period as economic conditions may justify. To risen, and it is most unlikely that a major decline maintain that desirable degree of stability, to avoid of the general price level can occur during the erratic and frequent fluctuations, as well as to protransitional period when both the foreign and the tect ourselves against speculative or otherwise undomestic demand for goods is so strong. desirable capital movements, we must maintain the Accordingly, when this trend became clear, we principles and the administrative machinery of forwere faced with the alternative of either changing eign exchange control. The present action does not the exchange rate, or of setting in motion, as the in any way change that, for exchange control is as process of decontrol continued, an increase in our necessary at one level of rates as at another. own price and cost structure, more or less to the The alteration of the exchange rate at this time American level plus 10%. What this last would takes on added significance in the light of very remean in terms of high cost of living, social unrest, cent developments in the United States. Even beand wage conflicts, can readily be imagined. The fore the recent difficulties over price control legis- Government has decided that such an extra measure lation, however, price increases in the United States of inflation, additional to whatever price increases and further increases in prospect as a result of cost may otherwise be necessary if we are ever to com- increases, were such as to make the case for restorplete the adjustment to postwar conditions, would ing parity of exchange a strong one on economic have the most serious disruptive effects on the entire grounds. The rapid deterioration in price control economic and social structure of our country, and in the United States in recent weeks aggravated the must be prevented by the only action which in the situation, and emphasized the need for our action long run can prevent it. on practical grounds, to cushion the immediate im- There are a number of further points I should pact of higher United States prices. But whatever mention, to avoid misunderstanding. I would not the United States may do in the future to revive want anyone to think that by this action we were the Office of Price Administration and restore price conflicting with the rules of the International Mone- ceilings in the United States, the divergence of the tary Fund or using up our freedom of action to price levels in our two countries had alreadv ,£one make other changes at a later time if we saw fit to too far to permit the continuation of what had bedo so. We propose to notify the Fund that the come an unrealistic exchange rate. new rate is the proper initial rate for Canada at I have spoken several times of the general level the time the Fund commences to operate. We of prices, and of the fact that our price structure as believe that the circumstances are such as to make a whole has been prevented, so far, from showing this new rate acceptable to the Fund as the initial the effects of the 10% exchange premium. The rate for the Canadian dollar. In such event we total price level is composed of many different retain the same freedom as any other member to prices, some of which -have been held far below the move the rate later up or down by as much as 10% American level; others have, in respect of exports AUGUST 1946 863 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BY MINISTER OF FINANCE ON APPRECIATION OF CANADIAN DOLLAR at least, already fully reflected the increases in the of real wages, of the real incomes of primary pro- United States and the 10% exchange premium as ducers, of the real value of the income of penwell. It is a fact, therefore, that some industries sioners, and teachers and office workers, and of which export chiefly to the United States have the wartime savings of so many millions of already obtained, for their exports though not for Canadians. their domestic sales, the benefit of higher American Demands for increases in actual money wages, prices which, when converted to Canadian cur- if pushed to extremes, lead only to conflict and rency, yielded them an additional premium of 10% turmoil, and in the end are worthless if they result which will no longer be available. in skyrocketing prices and a corresponding fall in We must recognize that the disappearance of the value of money. It is to protect the real value that premium will have some unfavourable effects of the workman's wage and the purchasing power for a number of industries. But I think we must of the housewife's dollar that we are continuing also recognize that the action which is being taken the struggle to avoid price and wage increases beis clearly desirable in the interest of the country yond such reasonable amounts as are seen to be as a whole, and that therefore it will also be in the justified by changed conditions. long-run interest of Canadian industry. Moreover, The same is true of farm prices and costs, both this action is being taken at a time when the un- the farm household's living costs and the farm favourable effects will be minimized for practically operator's costs of production. The farmer above every one of our great export industries with the all has reason to fear a substantial increase in his exception of gold mining. In the case of agri- costs, for one thing because he knows how rigid cultural products, for example, export prices are those costs prove to be at a time when his own now almost entirely expressed in Canadian dollars prices may be depressed. The Government has rather than in foreign currencies; the same is true endeavoured by its policy of floor prices to insure of a number of other products, and to the extent farmers against sharp declines in agricultural prices that exports to certain markets are still priced in in the future. But in the meantime, and for the foreign currency, there is in most cases a firm and future as well, it will be recognized by all farmers rising price level in such markets. In any event, as essential to their welfare to keep their costs of our export industries share with our domestic in- production, I do not say absolutely fixed, but dustry the benefits of our stabilization policy and within reasonable limits. For this purpose, no the lower costs of production which it makes pos- amount of increase in farm prices, to be followed sible. by an inevitable decline in the usual boom and Indeed, unless we absolutely refuse to consider collapse cycle, could possibly provide adequate the possibility of ever restoring our dollar to parity compensation. It is the preservation of a reasonwith the American dollar regardless of their in- able balance that we must strive for, and it is by trinsic values, it would be difficult to conceive of holding in check the farmer's costs that we can do an occasion more appropriate than the present time. him the best service. That completes what I wish to say at this time The war, and the experience of other countries, about specific measures, the strenuous measures have indeed taught us the vital importance of keepwhich I said earlier the present situation calls for. ing all inflationary pressures under firm control I believe they are necessary, and that they are also until supply and demand conditions are in a more adequate for the job we have to do until full peace- normal relationship. The present Canadian protime production is restored and supply is in better gram should strengthen our hands in that regard. balance with demand. But that job is not easy, We have removed uncertainties and simplified and success will continue to depend, as we must administration by preparing a specific list of goods all recognize it has always depended, upon public and services whose prices are under control. We understanding and support. That support implies have re-affirmed the principles of price control, and a widespread feeling of responsibility, of restraint, of adjustments where necessity is proved, in reof moderation in individual and collective action. spect of Canadian products. We have established When all is said and done, the objectives of our a simple and workable pricing principle for imnational stabilization program are the preserva- ports, which among other things will ensure a tion of real social values, the protection of the value continued flow of whatever goods are available 864 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BY MINISTER OF FINANCE ON APPRECIATION OF CANADIAN DOLLAR from other countries despite fluctuations in foreign cost of imported goods, or will offset increases that prices. We will reduce the impact of increases in would otherwise occur, through our action in movforeign prices of the most essential goods by con- ing the exchange rate to a point which more tinuing and if necessary increasing subsidies. Fi- accurately reflects the true international and donally, we have taken a step which will reduce the mestic value of the Canadian dollar, MONETARY AND BANKING REFORM IN PARAGUAY The Board of Governors has ready for distribu- ration of basic monetary, central banking, and gention a monograph on the structure and functioning eral banking legislation. These men served, in a of monetary and banking institutions in Paraguay. personal and informal capacity, as members of a This monograph, prepared by Robert Triffin and broader technical group formed in Asuncion, under entitled Monetary and Banking Reform in Parathe leadership of the Minister of Finance and the guay, is the result of work done by members of President of the Bank of the Republic of Paraguay. the Board's staff in connection with the recent Legislative enactment followed promptly upon the adoption by Paraguay of new central banking legiscompletion of each phase of the program. lation. The new legislation reflects recent develop- The publication includes a translation of the ments in monetary theory and techniques that have not hitherto been systematically embodied in bank- laws, accompanying reports, and an introduction ing legislation. reviewing the monetary history of the country. Copies may be purchased for $1.00 each. Orders At the request of the Paraguayan Government, the Board of Governors of the Federal Reserve should be sent to the Division of Administrative System made available to Paraguay the services of Services, Board of Governors of the Federal Reserve three members of its staff, in order to help in prepa- System, Washington 25, D. C. AUGUST 1946 865 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN BANKING LAWS AND REPORTS FRANCO-AMERICAN AGREEMENTS OF trade which enables each country to maintain MAY 28, 1946 higher levels of production and better standards of living. These benefits of world trade can be realized Agreements on economic and financial problems, only as the markets of the world are opened to concluded between France and the United States, all countries on fair and equal terms. The two were signed by representatives of the two countries Governments are determined to work together in on May 28, 1946, and made public by the Departsecuring general international acceptance of the ment of State on the same date. Four agreements world trade proposals of the United States to be were signed but only the following three1 are reconsidered by a conference of the United Nations. printed below: The reconstruction and modernization of the 1. A joint declaration by the President of the United French economy will facilitate the integration of States and the President of the Provisional Gov- Europe in the world economy and enable France ernment of the French Republic. to resume her place as a great producing and trad- 2. A joint declaration on commercial policy and ing nation. The French Delegation has presented related matters. a program for reconstructing and modernizing the 3. A memorandum of understanding regarding the economy of France. The immediate objective is to settlement of lend-lease, reciprocal aid, surplus restore French production to the prewar level; war property, and financial claims arising out of the ultimate objective is to expand French producthe conduct of the war. tion to higher levels commensurate with the technical progress of the past two decades. One requi- DECLARATION MADE IN WASHINGTON BY THE site for the fulfillment of this program is an ade- PRESIDENT OF THE UNITED STATES quate and assured supply of coal, not only from AND IN PARIS BY THE PRESIDENT OF THE increased French production, but also from imports PROVISIONAL GOVERNMENT OF THE FRENCH REPUBLIC of German coal. The United States Government ON MAY 28, 1946 will continue to assist France in securing an ade- Representatives of the Government of the United quate supply of coal from Germany. States and the Provisional Government of the In the opinion of the American representatives, French Republic have met together in Washington attainment of the objectives of increased producand have discussed important economic and finan- tion and trade presented by the French Delegation cial problems of common interest. These problems is necessary to the full and effective participation have included the need for foreign credits for of France in the world economy. In furtherance reconstructing and modernizing the French econ- of the efforts of the French people to this end, the omy, the settlement of lend-lease, reciprocal aid United States has agreed to the extension of addiand other war accounts, the purchase of United tional credits to France. States surplus property situated in France and cer- At the end of 1945 the Export-Import Bank tain French overseas territories, the purchase of niade a loan of 550 million dollars to France. The ships owned by the United States, and international Board of Directors of the Export-Import Bank have commercial policy. now approved a new line of credit of 650 million. The discussions have brought out clearly the full This action has been taken pending the time when agreement of the two Governments on cooperation the International Bank for Reconstruction and in the fulfillment of the economic objectives which Development will be in full operation. both Governments recognize as essential to world The two Governments have reached complete peace and prosperity. The well-being of the people agreement for the final settlement of all lend-lease of all nations can be advanced through a full flow of and reciprocal aid, including military and civilian supplies furnished by each Government to the 1 The fourth agreement refers to the exhibition of American other.-They have also agreed on the acquisition of motion pictures in France. 866 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN BANKING LAWS AND REPORTS United States Army and Navy surplus property lo- involved in the construction of a general framecated in France and certain French overseas terri- work for world trade and have also examined a tories. Under this Agreement, credits of 720 mil- number of specific questions relating to comlion dollars have been provided for the purchase of ' mercial policy and other matters which are of surplus property and for goods supplied to France interest to themselves and to other countries. The since the end of the war. following joint statement by the two Governments Discussions are taking place for an additional summarizes the understandings reached in these credit, subject to the provisions of the Merchant discussions. Ship Sales Act of 1946, whereby France will acquire approximately 750,000 tons of merchant ship- The two Governments are in complete agreeping owned by the Government of the United ment, at all important points, on the principles States. expressed in the "Proposals for Consideration by The two Governments believe that the results of an International Conference on Trade and Emthe discussions which have now been concluded ployment" submitted to the French Government will help France in reconstructing and modernizing by the Government of the United States. They the French economy and are a substantial step have therefore resolved to continue discussions towards the achievement of the international eco- between themselves and with other like-minded nomic cooperation which is the prerequisite of a countries in order to give effect to these principles peaceful and prosperous world. They welcome the in the Charter of the proposed International Trade support of all of the United Nations, in establishing Organization. The two Governments are of the a world trading and monetary system which will opinion that the prior conclusion of agreements assure a full flow of commerce to the benefit of among the major trading nations of the world for the peoples of all countries. the substantial reduction of tariffs and other barriers to trade and for the removal of discriminatory DECLARATION BY THE GOVERNMENT OF THE UNITED arrangements would contribute greatly to the suc- STATES OF AMERICA AND THE PROVISIONAL cess of the World Conference. GOVERNMENT OF THE FRENCH REPUBLIC ON COMMERCIAL POLICY AND RELATED MATTERS II The Government of the United States and the The French Government has advised the United Provisional Government of the French Republic, States Government of the following policies: having concluded comprehensive discussions on (a) A new French tariff is being prepared which commercial policy and related matters, find them- will contain ad valorem duties only and which selves in full agreement on the general principles will not increase the degree of protection over the which they desire to see established to achieve the level which existed prior to the war. This new liberation and expansion of international trade, tariff will serve as the level from which reciprocal which they deem to be essential to the realization reductions will be negotiated in the forthcoming of world-wide prosperity and lasting peace. multilateral conference. The French Government has made known to the (b) France has definitely abandoned its pre- United States Government the measures which it war policy of protecting French producers with has taken and intends to take to make possible import quotas. the attainment of this common objective. The French Government has also made known to the (c) The French Government has reiterated that United States Government its plan for the re- it has abandoned the price equalization (pereconstruction and modernization of the French quation) procedure which it was compelled to use economy. In accordance with the letters exchanged provisionally during the period prior to the reon November 8, 1945, the two Governments have valuation of the franc in order to facilitate exports. examined this plan and have agreed that the at- Ill tainment of its objectives should make possible full participation by France in the cooperative The French Government has made clear that achievement of an expanding world economv. it must maintain import controls within the frame- The two Governments have studied the problems work of an import program but that it will main- AUGUST 1946 867 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN BANKING LAWS AND REPORTS tain such controls only so long as they are neces- opinion of the French Government, tend to hamper sary to safeguard the equilibrium of its balance unduly the importation of French products into of payments and to achieve in an orderly way its the United States. Special attention has been plan of reconstruction and modernization. The ' given to trade mark and copyright legislation, the French Government will administer the issuance use of geographic names related to particular prodof import licenses under the French import pro- ucts, price control of imported goods, and valuagram without discrimination as among foreign tion of imported goods for the assessment of customs sources of supply as soon as France possesses, or duties. The various agencies of the United States is able to earn, sufficient free foreign exchange so Government which are concerned with these matthat it is no longer necessary for her to make her ters have agreed to give careful and sympathetic purchases within the limits of bilateral trade and consideration to the views of the French Governfinancial arrangements. ment, and to study the possibility of altering their administrative procedures or recommending to IV the Congress the revision of existing legislation. The two Governments have reached a mutually VI satisfactory understanding on the return to private channels of trade between France and the The two Governments have agreed, subject to United States. The French Government has al- participation in the program by other important ready restored to private channels a large part of industrial nations, each to license freely and withthe import trade of France and its colonies, and out royalty to the nationals of the other, on condiwill continue to curtail the foreign procurement tions of reciprocity, all former German-owned activities of the Government. patents which have come into the full possession of French Government procurement in the United either Government, reserving only those rights States will be limited to equipment for public which have already been granted with respect to corporations and agencies. For the time being, such patents. The two Governments believe that Government procurement will also be continued the general adoption of this policy will eliminate for a restricted list of items, such as short supply an important barrier to international trade and foodstuffs, steel, lumber, tires and certain medical will contribute substantially to the achievement supplies. of expanding world economy. In accordance with Temporarily, a part of French imports will be these objectives, they have agreed, at some future handled by associations of private traders (groupe- time, jointly to consider other questions relating ments), until the difficulties of loading, shipment, to German patents. and transport of essential supplies and their dis- VII tribution in France are overcome. The French Government will accord to Ameri- The French Supply Council in the United States can nationals who have suffered damage to their will continue to operate on a reduced scale, en- properties in France, through causes originating in gaging principally in the liquidation of outstand- the war, compensation equal to that payable to ing contracts and governmental procurement as French nationals having the same types and extent indicated above. It will limit its purchases to the of losses. The United States Government has insatisfaction of essential civilian requirements; it formed the French Government that equality of will make the maximum practicable use of normal treatment is accorded to French and American trade channels; it will pursue methods consistent nationals with reference to war damages to propwith commercial practices and it will cease opera- erty in the United States. tions as soon as possible. VIII V In order to provide a sound framework for the The two Governments have agreed that im- expansion of mutually beneficial economic relaportant benefits would accrue to both countries tions between their two countries, the Governments from a substantial expansion of French exports to of France and the United States have agreed to the United States. They have discussed certain begin negotiations as soon as possible looking United States laws and regulations, which, in the toward the conclusion of a modern and compre- 868 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN BANKING LAWS AND REPORTS hensive Treaty of Establishment, Commerce and made annually on the first day of July of each Navigation. of the years 1947 to 1950, inclusive. Beginning # on July 1, 1951, interest and principal will be paid in thirty (30) equal annual instalments. Each MEMORANDUM OF UNDERSTANDING BETWEEN THE instalment shall consist of the full amount of the GOVERNMENT OF THE UNITED STATES OF AMERICA interest due for the year preceding the July 1 on AND THE PROVISIONAL GOVERNMENT OF THE which the payment is made, and the remainder of FRENCH REPUBLIC the instalment shall be the principal due in that REGARDING year. Nothing herein shall be construed to prevent SETTLEMENT FOR LEND-LEASE, RECIPROCAL AID, the French Government from anticipating the SURPLUS WAR PROPERTY, AND CLAIMS payment of any of such instalments, or of any part thereof. If, by agreement of both Govern- 1. The Government of the United States of ments, it is determined that because of extraordi- America and the Provisional Government of the nary and adverse economic conditions arising dur- French Republic have reached an understanding ing the course of payment, the payment of any for the final settlement of lend-lease and reciprocal instalment would not be in the joint interest of aid, and of the French obligation to the United both Governments, payment may be postponed for States Government under the military supply proan agreed upon period. gram (Plan A); the acquisition by the French To the extent that the terms of payment pro- Government of certain United States Army and vided in this paragraph 3 are inconsistent with Navy surplus property, including installations, lothose contained in previous agreements, the procated in France and certain French overseas terrivisions of this paragraph shall prevail. tories, and for the final settlement of other financial 4. The two Governments have agreed upon arclaims of each Government against the other arisrangements and procedures for the settlement of ing out of the conduct of the war. In arriving past and future troop pay and procurement of at this understanding both Governments have United States Armed Forces in France and French recognized the considerations expressed in Article overseas territories. VII of their Preliminary Agreement of February 5. As and when requested by the United States 28, 1945, on the principles applying to mutual aid, Government from time to time prior to January 1, as well as the benefits accruing to each from the 1950, the French Government will transfer to the contributions of both to the defeat of their com- United States Government real property to be mon enemies. In the light of the foregoing, both mutually agreed upon and not to exceed a total Governments agree that no further benefits will dollar value of $15,000,000. In addition, the be sought as consideration for lend-lease and re- French Government will provide, at the request of ciprocal aid. the United States Government, francs representing 2. The net amount due from the French Government to the United States Government for the an aggregate dollar value not in excess of $10,foregoing, including all indebtedness arising from 000,000. Any francs so transferred will be furprovisions of the lend-lease and reciprocal aid nished at the exchange rate established in conagreements of February 28, 1945, is $720,000,000, formity with procedures of the International made up in part of amounts now agreed upon and Monetary Fund, or if no such rate exists, at the in part of estimated amounts subject to revision. rate used in official French Government transac- The latter, for which the best available figures tions at the time of such transfer. The United have been used pending their final determination States Government will use francs so transferred by agreed accounting procedures, represent in the exclusively to acquire or improve real property main transfers after September 1, 1945. for United States Government use or to carry out educational programs agreed between the two 3. The French Government will pay interest Governments. on the net amount due to the United States Government from July 1, 1946, at the rate of two per Transfers made in accordance with this paracent per annum. Such interest payments will be graph 5 will be credited first to interest then due 869 AUGUST 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN BANKING LAWS AND REPORTS and then to instalments of principal in direct order been a United States Government contribution and of maturity. which are transferred under this settlement. 6. The two Governments have also agreed upon (f) The United States Government reserves its the following: right of recapture of any lend-lease articles held by (a) All claims and financial obligations between the French Armed Forces, except petroleum prodthe two Governments arising out of the acquisi- ucts and an agreed list of noncombat aircraft. The tion, operation, disposition or loss of French vessels United States Government has indicated that it and cargoes of such vessels while under United does not intend to exercise generally this right of States control will be settled by the United States recapture, except that vessels of the United States for $17,500,000 in accordance with the provisions Navy and lend-lease merchant vessels are to be reof an agreement relating to the purchase by France turned to the United States Government unless of up to 75 Liberty ships. otherwise agreed. (b) Both Governments express their intention of (g) Disposals for military use to forces other than entering into a maritime claims agreement, pro- the French Armed Forces of lend-lease articles held viding for the mutual waiver of intergovernmental on September 2, 1945, or received thereafter by the claims arising from maritime accidents, and for French Armed Forces, and disposals for civilian the handling by each Government of claims as- use other than in France and French overseas terserted in its courts by its nationals against the other ritories of such lend-lease articles, will be made Government and based on maritime accidents only with the consent of the United States Govoccurring prior to November 1, 1945. ernment and any net proceeds will be paid to the United States Government. The French Govern- (c) As part of the general settlement, the French ment will not, except to a very limited extent, re- Government has agreed to process and pay all lease for civilian use in, or export from, France and unpaid claims of French residents against the French overseas territories lend-lease articles held United States Government arising out of the use by the French Armed Forces. or infringement in war production of patent rights held by them, out of the requisitioning by the (h) Except as otherwise provided in this Memo- United States Government for use in the war pro- randum of Understanding, the French Governgram of any property interest owned by French ment and the United States Government receive residents, and out of acts or omissions prior to full title to lend-lease and reciprocal aid articles re- July 1, 1946, in France or French overseas terri- spectively held as of September 2, 1945, or transtories of members of the United States Armed ferred thereafter. If any United States surplus in- Forces or civilian personnel attached to such stallation not transferred under this Memorandum Forces. of Understanding contains a lend-lease interest, (d) During the course of the negotiations both such lend-lease interest is retained by the United Governments have reached agreement on the dis- States. position of certain specific claims of one Govern- (i) The United States Government will underment against the other. All other financial claims take to make available to the French Government of either Government against the other, except part of the United States Government's share of where liability has heretofore been acknowledged captured German and Japanese surface naval vesand the method of computation agreed, which (1) sels when such vessels become excess to United arose out of lend-lease or reciprocal aid, or (2) States needs and are no longer needed for any task otherwise arose on or after September 3, 1939, connected with the implementation of the German and prior to September 2, 1945, out of or inciand Japanese surrenders. dental to the conduct of the war, not otherwise dealt with in this Memorandum of Understanding, 7. The two Governments agree to conclude such are hereby waived. specific agreements as may be necessary to implement this general understanding. (e) Appropriate nondiscriminatory treatment will be extended by the French Government to 8. This Memorandum of Understanding will be United States nationals in the use and disposition effective upon signature, and instruments of ratiof installations in the building of which there has fication will be exchanged as soon as possible. 870 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN BANKING LAWS AND REPORTS DEVALUATION OF THE FRENCH FRANC Stabilization Fund under agreements of February AND GOLD TRANSFERS 29, 1940, and September 20, 1945 x; (3) 11 billion francs to the upward revision of franc balances of In a notice published in the Journal Officiel of the central banks of Argentina, Belgium, Den- December 26, 1945, the Minister of Finance estabmark, Sweden, Switzerland, and Czechoslovakia; lished the new parity of the franc at 119.10669 (4) the remainder of 14 billion francs to the credit francs to 1 U. S. dollar and 480 francs to 1 pound of the Treasury's account with the Bank of France. sterling. Accordingly, the French Exchange Stabi- A further transfer of gold from the Bank of lization Fund has fixed new buying and selling France to the Exchange Stabilization Fund was rates for the foreign currencies which it handles. agreed upon by a convention between the Bank The official buying rate for the dollar is 118.9 of France and the State on April 11, 1946, which francs and the selling rate is 119.3 francs. The was approved by a law of May 9, 1946. Accordprevious dollar buying rate was 49.53 francs and ing to the agreement the Bank of France transthe selling rate 49.72 francs, so that the new rates ferred to the Fund 35 billion francs of gold, on represent a devaluation of the franc of approxi- the basis of the new gold valuation price, for which mately 58 per cent. The same notice of the Minis- it received an equal amount of negotiable Treaster of Finance also fixed the parities between the ury bills with a maturity of three months, to be metropolitan franc and the currencies of French shown in a special item among the assets of the overseas territories, which for this purpose were di- institution. The transfer was the third since Auvided into groups. Most of the currencies were gust 1945. In terms of dollars the three transfers previously at par with the metropolitan franc, amounted to (1) 236.4 million dollars (agreement while henceforward only the franc currencies of of September 20, 1945),2 (2) 449.7 million dollars Algeria, Tunisia, Morocco, the French Antilles, and (agreement of December 24, 1945), and (3) 294.0 French Guiana remain at par with the metropoli- million dollars (agreement of April 11, 1946), maktan franc. ing a total of 980.1 million dollars. Since the The gold reserve of the Bank of France was re- reserve of the Bank of France, before the three valued as a result of a convention concluded be- transfers took place, amounted to 1,776.6 million tween the Bank and the Government on December dollars, it amounts at present to 796.5 million dol- 24, 1945, approved by a law of December 26, 1945, lars. on the basis of 134,027.90 francs per kilogram of The gold transferred to the Fund is being spent fine gold; the previous rate of valuation, estab- mainly to meet overseas obligations, especially for lished on February 29, 1940, had been 47,605.45 imports from the United States. For the same purfrancs per kilogram fine. pose the Law of December 25, 1945, authorized Before revaluation the gold reserve had amounted the Government to requisition gold, foreign exto 65.2 billion francs. Revaluation increased its change, and foreign securities owned by French value by 118.2 billion francs to 183.4 billion francs. individuals or corporations. Coinciding, however, with the revaluation of the gold stock, 400 tons of gold amounting' to 53.6 CONVENTION billion francs at the new gold price were trans- [December 24, 1945] ferred to the Exchange Stabilization Fund, leaving the Bank of France with a gold reserve of 129.8 Between the undersigned, M. Rene Pleven, Minbillion francs. ister of Finance, acting on behalf of the State, on The gold revaluation profit of some 118 billion the one hand, and M. Emmanuel Monick, Govfrancs was allocated, in compliance with the con- ernor of the Bank of France, duly authorized by vention of December 24, 1945, as follows: (1) over decision of the general council of the Bank of 53 billion francs to the Exchange Stabilization France, on the other hand, under date of Decem- Fund representing the price of the transferred ber 24, 1945, it has been agreed as follows: gold; (2) 40 billion francs to the cancellation of Art. 1. The Bank of France shall proceed to negotiable Treasury bills on the statement of the revalue: Bank of France which the Bank had received in 1 See BULLETINS for May 1940, pp. 406-407, and for January exchange for gold transferred to the Exchange 1946, p. 33, respectively. 2 See BULLETIN for January 1946, p. 33. AUGUST 1946 871 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN BANKING LAWS AND REPORTS (1) Its gold reserve on the basis of 134,027.90 CONVENTION francs per kilogram of fine gold; [April 11, 1946] (2) Its liquid foreign exchange balances on the basis of the buying prices of the Exchange Stabili- Between the undersigned, M. Andre Philip, Minzation Fund beginning December 26, 1945. ister of National Economy and Finance, acting on Art. 2. The increment resulting from this pro- behalf of the State, on the one hand, and M. Emcedure shall be entered in an account called "In- manuel Monick, Governor of the Bank of France, crement of Revaluation—1945", and it shall be duly authorized by decision of the general council debited according to the provisions set forth in the of the Bank of France, under date of April 11, following article, in derogation of the provisions of 1946, on the other hand, it has been agreed as folarticle 12 of the Convention of February 29, 1940, lows: of article 4 of the Convention of June 9, 1940, and Art. 1. The Bank of France shall transfer to the of article 4 of the Convention of June 8, 1944. State, for account of the Exchange Stabilization Art. 3. To the debit of this account there shall Fund, gold drawn from its reserve to an amount be charged the amounts necessary to: of 35 billion francs, on the basis of 134,027.90 francs A. Provide for the payment, at the price of a per kilogram of fine gold. kilogram of fine gold stated in article 1 above, for a Art. 2. In return for the transfer provided for in transfer of four hundred tons of fine gold, effected article 1 of the present convention, the Bank of by the Bank of France in favor of the Exchange France shall receive negotiable Treasury bills with Stabilization Fund; a maturity of three months, to the nominal amount B. Amortize on the statement of the Bank of of 35 billion francs. France the negotiable Treasury bills delivered in It may at any time sell them or buy them in the application of the Conventions of February 29, market. The conditions under which these trans- 1940, and September 20, 1945; actions are to take place shall be specified in an C. Carry out the exchange guarantee provided exchange of letters between the Minister of Finance for in the Franco-Argentine, Franco-Belgian, and the Governor of the Bank of France in such a Franco-Danish, Franco-Swedish, Franco-Swiss, and manner that the Bank shall neither derive a profit Franco-Czechoslovak monetary and financial agree- nor suffer a loss. ments. Art. 3. The Bank of France shall enter as a The balance of the account "Increment of Re- special item on the assets side of its balance sheet valuation—1945" remaining after execution of the the nominal amount of negotiable bills which it transactions provided for in the preceding para- shall have received in execution of article 2 of the graphs, shall be credited to the current account of present convention. the public Treasury. Art. 4. In case of retrocession of gold by the Art. 4. There shall be maintained in effect the State to the Bank, the amount of negotiable bills provisions applicable to: referred to in the preceding articles shall be corre- 1. The advance of 10 billion francs provided for spondingly reduced. in article 2 of the Convention of November 12, If the amount of such negotiable bills held in 1938;3 portfolio by the Bank is less than the amount of 2. The advances provided for by the Conventions gold returned, a new convention shall specify the of September 29, 1938/ February 29, 1940, June 9, terms of the transaction. 1940, and June 8, 1944. Art. 5. The amount of negotiable bills received Art. 5. The present Convention is exempt from by the Bank in execution of the present convention stamp and registration taxes. shall not be included in the figure of the productive circulation serving as the basis for calculation of Done at Paris, December 24, 1945. royalties and of stamp tax as provided by the laws Read and approved: and conventions in effect.5 Read and approved: EMMANUEL MONICK Art. 6. The Bank shall receive, as reimburse- REN£ PLEVEN ment for expenditures incurred, a commission 8 See BULLETIN for January 1939, pp. 29-30. *- S- ee B- ULLETIN for November 1939, pp. 976-977. s See Statutes of the Bank of France (1940), art. 166. S72 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN BANKING LAWS AND REPORTS equal to 0.20 per cent per annum of the nominal Done at Paris, in duplicate, April 11, 1946. amount of the negotiable bills transferred to it. Read and approved: This commission shall be paid quarterly and in of the Bank of France: For the Governor advance, at the time of the delivery of the negotiable bills and of their successive renewals. Read and aPProved: Art. 7. The present convention is exempt from The Minister of Finance, The Vice-Governor, stamp and registration taxes. Signed: A. PHILIP. Signed: BLETTERIE. AUGUST 1946 873 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Regulation U of $1,500 or less" after the word "credit." The term "principal amount" as introduced into the section Bank Loan to Enable Finance Company to Make by this amendment has the same meaning as the Securities Loans term "deferred balance" as used in clause (4) of An inquiry has arisen as to whether, under Regusection 4(d) which is for instalment selling the lation U, a bank may lend to a finance company to counterpart of the term "principal amount lent" enable the latter to make loans that are secured by as used and defined in clause (1) of section 6(a). stocks and are for the purpose of purchasing or carrying stocks registered on a national securities Exemption of "Add-On Sale" exchange. With reference to Amendment No. 20 of Regu- Under the present provisions of Regulation U, a lation W effective July 5, 1946, which introduced loan by a bank is not subject to the regulation if it the words "in a principal amount of $1,500 or less" is not secured directly or indirectly by any stock. into section 2(e), the following question has been However, it would, of course, be so secured if it presented. An obligation of $700 evidencing a was collateraled by notes for which stocks are prior instalment sale is to be consolidated, in consepledged. quence of an "add-on sale" of one or more listed Furthermore, the Board is of the opinion that articles having a cash price of $900, with an addithe proposed loans to the finance company should tional instalment obligation arising from that sale. be considered to be for the purpose of purchasing If the latter sale were standing alone, the down or carrying registered stocks. Hence, if they are payment required by the regulation would not secured directly or indirectly by any stock, they permit the deferred balance arising from that sale would be subject to the regulation and a bank to be as large as $800. The Board has been asked would not be permitted to make them. whether, in the case presented, the deferred balance arising from the "add-on sale" may exceed $800 Applicability to Bank Acting as Trustee with the consequence that the consolidation may The question has arisen as to whether Regulation amount to more than $1,500 and thus become ex- U applies to the activities of a bank when it is actempt from the regulation. ing in its capacity as a trustee. The Board answered this question in the affirma- It is the opinion of the Board that Regulation U tive, and stated further that the same rule would is applicable in such circumstances. In addition to apply in case the "add-on sale" or original sale the fact that this conclusion is indicated by the genwere a sale of unlisted articles or both listed and eral purposes of the regulation, it is significant that unlisted articles. the definition of "bank" in the regulation makes special reference to institutions "exercising fiduciary Listed Article Installed in Connection with Repairs powers." or Improvements The proviso added to section 8(a) of Regulation Consumer Credit W by Amendment No. 20 does not make inap- Meaning of "Principal Amount" in Section 2(e) of plicable section 12(b) of the regulation. Conse- Regulation W quently, a credit to repair a house and in addition Amendment No. 20 to Regulation W, effective to install a listed article cannot exceed the cost of re- July 5, 1946, amended section 2(e) of the regula- pairs plus an amount equal to the cost of the listed tion by inserting the words "in a principal amount article minus the down payment required thereon 874 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT by the regulation, and instalments in which the the Trading with the Enemy Act, as Amended by the First credit is payable must be sufficiently large to repay War Powers Act, 1941, Relating to Foreign Funds Control.* the balance of the cost of the listed article within STATUS OF KOREA 12 months. The cost of the listed article would include installation charges if any. (1) In general. For the purposes of the Order and General Ruling No. 11: (a) Korea shall not be deemed to be a blocked country Foreign Funds Control or to be enemy territory; Treasury Department Release (b) Nationals of Korea shall not be deemed to be nationals of a blocked country solely by reason of The following release relating to transactions in the fact that Korea was regarded as subject to the foreign exchange, etc., in addition to those heretojurisdiction of Japan. fore published in the Federal Reserve BULLETIN, has (2) Under General Ruling No. 11 A. Paragraph (l)(c) been issued by the Office of the Secretary of the of General Ruling No. 11A shall not be deemed to apply Treasury under authority of the Executive Order to a partnership, association, corporation, or other organiof April 10, 1940, as amended, and the regulations zation solely by reason of the fact that it is organized under issued pursuant thereto: the laws of Korea, or has had its principal place of business therein. Treasury Department JOHN W. SNYDER, Secretary of the Treasury Foreign Funds Control July 4, 1946 * 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, April 10, 1940, as amended by Ex. Order 8785. June 14, 1941, PUBLIC CIRCULAR NO. 30 Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, Under Executive Order No. 83 89, as Amended, Executive 1942, as amended by Ex. Order 9567, June 8, 1945; Regulations. April 10, 1940. as amended June 14, 1941, July 26, 1941, Order No. 9193, as Amended, Sections 3 (a) and 5 (b) of and February 19, 1946. AUGUST 1946 875 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Death of Member of Federal Advisory Council Changes in Board's Staff Mr. Robert Strickland, President, Trust Company Effective August 1, 1946, the following changes of Georgia, Atlanta, Georgia, who had served as a were made in the Board's staff: Class A Director of the Federal Reserve Bank of Leo H. Paulger, who had been Director of the Atlanta from February 6, 1945, to December 31, Division of Examinations since January 16, 1932, 1945, and as the member of the Federal Advisory was appointed Special Adviser to the Board of Council representing the Sixth Federal Reserve Dis- Governors. trict since January 1, 1946, died on August 8, 1946. Robert F. Leonard, who had been Director of the Division of Personnel Administration, was ap- Appointment of Branch Directors pointed Director of the Division of Examinations. Fred A. Nelson, who had been Assistant Director The Board of Governors of the Federal Reserve of the Division of Administrative Services, was System on August 2, 1946, announced the appointappointed Director of the Division of Personnel ment of Mr. John C. Curry, Administrative Assist- Administration. ant to Mr. Algernon Blair, Contractor, Montgom- Effective August 9, 1946, Gardner L. Boothe, II, ery, Alabama, as director of the Birmingham Branch who had been Assistant Administrator for War of the Federal Reserve Bank of Adanta for the Loans, was appointed Assistant Director of the unexpired portion of the term ending December Division of Administrative Services. 31, 1947. Admissions of State Banks to Membership in the The Board of Governors of the Federal Reserve Federal Reserve System System on August 7, 1946, announced the appoint- The following State banks were admitted to ment of Mr. David P. Cameron, President, The membership in the Federal Reserve System during Merchants Company, Hattiesburg, Mississippi, as the period June 16, 1946, to July 15, 1946: director of the New Orleans Branch of the Federal Reserve Bank of Atlanta for the unexpired portion Indiana of the term ending December 31, 1946. Osgood—The Ripley County Bank Minnesota Resignation of Branch Director Barnum—State Bank of Barnum On July 23, 1946, the Board of Governors ac- Mississippi cepted the resignation of Mr. E. F. Billington, Vice Tupelo—Citizens State Bank President and Secretary, Soule Steam Feed Works, New Mexico Meridian, Mississippi, as a director of the New Orleans Branch of the Federal Reserve Bank of Roswell—Roswell State Bank Atlanta. Mr. Billington had served the Branch Texas as a director since December 29, 1938. College Station—College Station State Bank 876 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled July 24, and released for publication July 26] With settlement of major industrial disputes, out- Output of nondurable goods as a group showed put at factories and mines increased sharply in June. little change from May to June, with a further de- Retail trade was in exceptionally large volume in cline in manufactured food output offset in the June and the early part of July. Prices of agricul- total by moderate gains in most other lines. Meat tural commodities rose sharply in the first half of production under Federal inspection dropped fur- July following the lapse of Federal controls, and ther in June to a rate about 8o per cent of the 1935prices of industrial commodities showed some fur- 39 average, but rose sharply after the lapse of price ther rise. controls on June 30. Output at textile mills continued to advance slightly in June and was at a INDUSTRIAL PRODUCTION level 10 per cent above a year ago. There were The Board's seasonally adjusted index of indusslight gains in activity in the paper, chemical, petrotrial production rose from 159 per cent of the 1935leum and rubber products industries. 39 average in May to 170 in June. This compares Minerals output rose 23 per cent as coal and with earlier postwar highs of 168 in November and metals production showed sharp gains with the in March. Most of the increase from May to June settlement of wage disputes, and crude petroleum reflected sharp advances in output of coal and of production advanced further to a new record rate iron and steel after settlement of the coal strike. under the pressure of exceptionally large demand Output of durable manufactures increased about for petroleum products. 10 per cent in June, reflecting chiefly the recovery of iron and steel output from the sharply reduced CONSTRUCTION May rate. Steel mill activity advanced from 44 per Value of construction contract awards, according cent of capacity at the end of May to 87 per cent to the F. W. Dodge Corporation, declined in June, of capacity at the end of June and in July rose following a sharp rise during the past year. Resisomewhat further to a rate of 89 per cent during dential awards were reduced by one-fourth from the current week. Output of nonferrous metals the record level reached in May, while those for and of machinery showed moderate gains in June, nonresidential construction showed only slight delargely reflecting settlement of wage disputes in clines. these industries, and production of stone, clay and glass products recovered from the low May level. EMPLOYMENT Lumber production showed about the usual seasonal increase. EMPLOYMENT IN N0NA6RICULTURAL ESTABLISHMENTS ONS MILLIONS OF PERSONS INDUSTRIAL PRODUCTION Bureau of Labor Statistics monthly estimates, adjusted for seasonal variation by Federal Reserve. "Other" group includes transportation, public utilities, finance, service and miscellaneous Federal Reserve index, Monthly figures, latest shown are industries. Proprietors and domestic workers are not included for June. in these estimates. Latest figures shown are for June. AUGUST 1946 877 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Employment in nonagricultural establishments hides, cotton goods, newsprint, lumber, lead, and continued to advance in June, after allowance for zinc also increased in July. seasonal changes, reflecting large increases in mining and construction and a slight gain in manu- BANK CREDIT facturing. The number of persons unemployed, Treasury operations in connection with retireother than students looking for summer jobs, ment of maturing obligations and quarterly income showed little change from May to June. tax collections dominated bank developments in June and the first half of July. Member bank re- DISTRIBUTION serve positions fluctuated somewhat as Treasury Department store sales in June, after allowance balances at the Reserve Banks were built up and for seasonal changes, were the largest on record, drawn down around the security redemption dates and in the first half of July sales showed about the of June 1, June 15, and July 1. Reserve positions usual seasonal decline. tightened generally during the period as a whole, Loadings of railroad revenue freight increased however, reflecting both the shift of deposits from sharply in June, following interruptions to ship- Treasury balances to private accounts accompanying ments in April and May as a result of industrial security retirement and cash redemption of about disputes. All classes of freight shared in the rise. 800 million dollars of Government securities held After a temporary decline in the week of July 4, by the Reserve Banks. Drains on bank reserves there was a further rise and in the middle of the were met by purchases of about 1 billion dollars of month coal, livestock, forest products, and less than Government securities by the Reserve System. carload lot shipments exceeded those during the Holdings of Government securities at reporting same period last year. banks declined further by 3 billion dollars in June and the first half of July, reflecting the sale of these COMMODITY PRICES securities to the Reserve Banks as well as cash re- Prices of farm products and foods advanced demption by the Treasury. Loans for purchasing sharply during the first half of July after the and carrying Government securities showed further lapse of Federal price controls. Subsequently prices declines. Commercial and industrial loans expanded of grains and some foods declined somewhat while considerably at banks outside New York City and prices of livestock advanced further. Prices of real estate and other loans continued to increase. WHOLESALE PRICES MEMBER BANK RESERVES AND RELATED ITEMS 1939 1940 1941 1942 1943 1944 1945 1939 1940 1941 1942 1943 1944 1945 Bureau of Labor Statistics' indexes. Weekly figures, latest shown are for week ending July 27. Wednesday figures, latest shown are for July 24. 878 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 881 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements. . 882-883 Federal Reserve Bank statistics 883-887 Guaranteed war production loans... . 887 Deposits and reserves of member banks. 887-888 Money in circulation 889-890 Gold stock; bank debits and deposit turnover 890 Deposits and currency; Postal Savings System; bank suspensions. 891 All banks in the United States, by classes 892-893 All insured commercial banks in the United States, by classes. . 894-895 Weekly reporting member banks 896-899 Commercial paper, bankers' acceptances, and brokers' balances. 900 Money rates and bond yields 901 Security prices and new issues.... 902-903 Corporate earnings and dividends . 904 Treasury finance. . . . 905-907 Government corporations and credit agencies. . 908 Business indexes 909-918 Department store statistics. 919-921 Consumer credit statistics. . 922-924 Cost of living 924 Wholesale prices. . . 925 Gross national product, national income, and income payments. . 926 July Crop Report, by Federal Reserve districts. 927 Current statistics for Federal Reserve chart book. . 928-930 Number of banking offices in the United States. . 931 Member bank operating ratios, 1945. . 932-934 Earnings and expenses of Federal Reserve Banks for the six-month period ended June 30, 1946. 935 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System arc derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. AUGUST 1946 879 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 30 1939 1940 1941 1942 1943 1944 1945 1946 10 1939 1940 1941 1942 1943 1944 1945 1946 Wednesday figures, latest shown are for July 24. See p. 881. 880 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 v co a D 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 r a u u o e i n r r v l a i y l d e t s s i r - e n s m o e t A h n e t ll r1 o A th l e l r Total s G to o c ld k T s r t o c e u r i a u n n e u r n y g a r c t d - - s y - - M in c t u o io c l n a n 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 o e 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 p m N e o r e o s m d n it 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 s - s1 certificates Monthly averages of daily figures: 1945—Apr 360 20,115 17,985 2,129 45920,93420,400 4,120 26,009 2,367 504 ,516 4_.3.7. 14,621 931 May 6335 20,754 18,640 2,114 412 21,79920,325 4,136 26,351 2,361 405 ,549 443399 15,156 1,005 June 559900 21,271 18,488 2,783 45722,31820,263 4,145 26,561 2,302 368 ,631 44915,415 1,339 1946—Apr 433 222,260 19,855 2,406 376 23,07020,252 4,510 27,923 2,261 448 ,120 550 15,531 1,024 May 212I 22,699 20,076 2,623 45823,36920,246 4,534 27,978 2,263 556 ,074 55115,727 956 June 245> 23,152 20,570 2,582 503 23,90020,267 4,536 28,140 2,266 686 ,053 56115,996 943 End of month figures: 1945—Apr. 30... 489 20,455 18,344 2,111 362 21,30720,374 4,130 26,189 2,371 446 ,549 43714,818 918 May 31... 87520,954 18,824 2,130 30322,13120,270 4,144 26,528 2,331 362 ,589 44015,296 1,038 • June 30... 4466 21,792 18,994 2,798 46622,30420,213 4,145 26,746 2,279 599 ,668 45014,920 1,585 1946—Apr. 30... 27922,732 20,166 2,566 346 23,35720,251 4,537 27,885 2,263 679 ,166 54715,606 959 May 31... 225544 22,932 20,291 2,641 331 23,51820,242 4,535 28,120 2,257 846 866 55315,653 807 June 29. .. 15723,783 21,280 2,503 516 24,45620,270 4,539 28,245 2,251 833 ,250 56116,123 1,112 Wednesday figures: Sept. 5... 37722,435 19,670 2,765 380 23,19220,088 4,216 27,750 2,269 304 ,529 46315,180 966 Sept. 12... 45722,808 20,014 2,795 412 23,67720,096 4,216 27,793 2,267 598 ,538 46515,329 964 Sept. 19... 30122,965 20,116 2,850 441 23,70720,095 4,222 27,777 2,268 428 ,525 47515,552! 1,039 Sept. 26... 42223,186 20,306 2,880 285 23,89220,093 4,222 27,729 2,263 961 ,506 47515,274j 893 Oct. 3... 31423,212 20,297 2,916 29423,82120,072 4,248 27,853 2,268 648 ,469 48415,4201 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... 316 22,901 19,985 2,916 48223,69920,039 4,262 27,952 2,249 293 ,324 48215,700 1,032 Oct. 24... 389 23,089 20,192 2,898 312 23,790 20,038 4,270 27,974 2,248 295 ,349 48215,751 1,002 Oct. 31... 439 23,276 20,379 2,898 27223,98720,036 4,278 28,049 2,244 429 ,373 48315,723; 904 Nov. 7... 508 23,076 20,179 2,898 292 23,87720,035 4,285 28,137 2,268 261 ,310 48415,737 928 Nov. 14... 596 23,448 20,510 2,938 455 24,49820,034 4,284 28,178 2,265 580 ,313 48615,994 ,163 Nov. 21... 630 23,343 20,372 2,970 359 24,33120,032 4,297 28,198 2,272 410 ,360 48415,937 ,043 Nov. 28... 79223,646 20,627 3,019 326 24,764 20,031 4,297 28,169 2,269 557 ,351 48516,261 ,293 Dec. 5... 34523,525 20,474 3,052 359 24,22920,029 4,303 28,279 2,242 ,304 48716,2421 ,594 Dec. 12... 31223,493 20,440 3,053 46024,26420,045 4,317 28,370 2,268 627 ,204 48815,669 ,296 Dec. 19... 360 23,668 20,602 3,067 829 24,85920,066 4,326 28,557 2,288 718 ,284 49615,906i ,332 Dec. 26... 49224,037 20,970 3,067 643 25,17220,065 4,334 28,649 2,283 1,199 ,282 50015,658; ,213 1946—Jan. 2... 22224,092 21,602 2,490 533 24,84720,065 4,352 28,491 2,306 771 ,299 49815,900 ,439 Jan. 9... 21523,859 21,377 2,482 463 24,53620,046 4,362 28,297 2,256 758 ,307 50515,822i ,266 Jan. 16... 210 23,437 21,030 2,407 426 24,07220,111 4,377 28,119 2,262 272 ,257 50516,145 ,423 Jan. 23... 20723,341 20,968 2,373 373 23,92220,135 4,385 27,977 2,282 578 .239 50615,859! ,169 Jan. 30... 310 23,297 20,945 2,352 291 23,89820,157 4,404 27,914 2,295 762 ,298 50715,681 ,061 Feb. • 6... 289 23,227 20,876 2,352 32423,840 20,157 4,413 27,929 2,306 716 ,226 51615,717 ,115 Feb. 13... 41123,253 20,904 2,349 27023,93320,157 4,424 27,967 2,301 864 ,173 51615,693 ,146 Feb. 20... 352 23,017 20,692 2,326 417 23,78720,233 4,434 27,955 2,318 940 ,235 51615,490 950 Feb. 27... 380 22,972 20,652 2,320 325 23,67720,233 4,447 27,938 2,317 826 ,203 51715,555 1,039 Mar. 6... 44322,526 20,207 2,320 32723,29720,232 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 53015,663 1,112 Mar. 20... 48322,592 20,335 2,258 40823,48320,233 4,467 27,889 2,267 774 ,230 54015,484 929 Mar. 27... 68322,974 20,634 2,340 305 23,96320,257 4,478 27,842 2,298 1,397 ,226 54015,395 995 Apr. 3... 686 21,969 19,603 2,366 28022,93620,255 4,485 27,912 2,271 533 ,013 55015,396 1,072 Apr. 10. .. 35322,232 19,866 2,366 26122,84620,253 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. .. 324 22,304 19,874 2,430 27422,90120,247 4,536 27,877 2,260 385 ,159 54715,457 836 May 1... 22522,579 20,003 2,577 27923,08420,251 4,535 27,888 2,267 409 ,010 54815,747 1,111 May 8... 20722,732 20,134 2,598 27923,21920,248 4,534 27,958 2,266 314 ,162 55015,751 1,014 May 15... 145 22,660 20,019 2,641 44723,25220,245 4,534 27,950 2,265 504 ,110 55015,652 916 May 22... 16322,643 20,001 2,641 326 23,13220,245 4,532 27,961 2,262 562 ,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 41723,450 20,272 4,534 28,159 2,285 394 1,063 556 15.799 738 June 12... 25223,270 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 2,503 512 23,454 20,272 4,536 28,116 419 985 56615,916 671 June 26... 23123,385 20,882 2,503 369 23,986 20,269 4,539 28,135 970 950 56915,910 867 July 3... 239 23,003 21,652 ,351 453 23,69420,270 4,540 28,395 2,249 507 971 56715,815 P577 July 10... 29223,394 22,043 ,351 33324,019 20,271 4,537 28,335 664 1,116 56815,889 P719 July 17... 204 23,230 21,879 ,351 462 20,271 4,538 28,241 513 1,165 56815,968 P880 July 24... 219 23,652 22,301 1,351 358 24,229 20.269 4.539 28,187 2,263 674 1,473 56315,877 P793 P Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 8 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. 881 AUGUST 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect July 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by tions other than member Federal Reserve Bank G d s o e is c v c u e o r r u e n d n m ts e b n y o t f o e b a li n l g i d g ib a l t a e i d o v n p a s a n p a c n e e r d s Other [ s S e e c c u . r e 1 d 0 ( a b d ) v ] ances b o a b n l k i ( g s l a a s t s i t o e p c n u a s r r e . o d f S e t b c h . y e 13 U d ) i . re S c . t (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 Oct. 28,1942 Mar. 16,1946 Atlanta May 10,1946 Oct. 15,1942 Mar. 16,1946 Chicago Apr. 26,1946 Aug. 29,1942 Mar. 16,1946 St. Louis Apr. 26,1946 Mar. 14,1942 Mar. 16,1946 Minneapolis. . Apr. 26,1946 Oct. 30,1942 Mar. 23, 1946 Kansas City.. Apr. 27,1946 Oct. 27,1942 Apr. 13,1946 Dallas May 10,1946 Oct. 17,1942 Mar. 16, 1946 San Francisco Apr. 25, 1946 Oct. 28,1942 Apr. 25,1946 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made Under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS [Per cent per annum] AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT i Maturity R Ju a l t y e 3 o 1 n In g e i f n fe n c in t g b — e- Pre ra v t i e ous [In M e a f t f u ec ri t ti J e u s l y n o 3 t 1 . e xc P ee e d r i c n e g n t f iv p e e r y a e n a n rs uml To industrial or T B r a e n a k s e u r r s y 1 a b c il c ls eptances: 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- 90 days On discounts or 1 9 2 1 1 - - 1 1 2 8 0 0 d d a a y y s s Federal purchases of 1 N D ew at e Y a o t r k w . hich rate became effective at the Federal Reserve Bank R B es a e n r k ve lo O an n s2 co m m O e m n n t i s t- fo P in r o s w r t t i i h t o u i n c - h ma R in e i - ng co m m O e m n n t i s t- Back figures.—See Banking and Monetary Statistics, Table 117, tion is portion pp. 443-445. obligated Boston () GUARANTEE FEES AND MAXIMUM INTEREST AND COM- New York (*) MITMENT RATES CHARGEABLE UNDER REGULATION Philadelphia... V ON LOANS GUARANTEED BY WAR DEPARTMENT, Cleveland 8 NAVY DEPARTMENT, AND MARITIME COMMIS- Richmond SION UNDER EXECUTIVE ORDER NO. 9112 AND Atlanta CONTRACT SETTLEMENT ACT Chicago OF 1944 St. Louis -iH [Rates in effectjjuly 31] M Ka in ns n a e s a p C o i l t i y s. . . . . . 8 () FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS Dallas (*) San Francisco 3 () () Guarantee fee (In terms of per- 1 See table on maximum interest and commitment rates charge- Percentage of loan guaranteed centage of amount able under Regulation V for rates on guaranteed Section 13b loans. of interest payable 2 Including loans made in participation with financing institutions. by borrower)1 3 Rate charged borrower less commitment rate. 4 Rate charged borrower. 5 May charge rate charged borrower by financing institution, if B0 or less 10 lower. 85 15 8 Charge of }4 per cent is made on undisbursed portion of loan. 90 20 Back figures.—See Banking and Monetary Statistics, Table 118, 95 . . . 30 pp. 446-447. Over 95 50 MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q MAXIMUM RATES THAT MAY BE CHARGED BORROWERS BY [Per cent per annum] FINANCING INSTITUTIONS (Per cent per annum] Nov. 1,1933-Feb. 1, 1935- Effective Jan.31, 1935Dec.31,1935 Jan. 1, 1936 Maximum rate of interest.... 4H Savings deposits Maximum commitment rate 2. Postal savings deposits Other deposits payable: am 1 1 o G B un a u s t a e r d o a f n o te n th e e a f v e l e o e r a a i n g s . e c h d T a a r h i g l e y e d f u i n n o a u n n s l c e y i d n o g b n a i l g n a u s n a t c i r e t a u n t o i t f o e n e t d h e m p a m o y r a , t x io i im n n u t o m h f e lo p a r a l i n t n e . c r i n p a a - l I I I n n n 9 l 6 e 0 s m s d o t a h n y a t s h n s t o 9 o 0 6 r d m m a o y o r s n e ths. . . . 2H tive, charge a flat fee of not to exceed $50, without regard to the amount or maturity of the commitment. NOTE.—Maximum rates that may be paid by insured nonmember banks as established by the F. D. I. C, effective Feb. 1, 1936, are the same as those in effect for member banks. Under Regulation Q the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits under the laws of the State in which the member bank is located. 882 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVE REQUIREMENTS MARGIN REQUIREMENTS * [Per cent of deposits] [Per cent of market value] Net demand deposits1 Period in effect C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry d m b e T a e p ( n i m a o m k l s b l s e i e ) ts r S P ec re u s r c it r i i e b s e d E x in ch a a c n c g o e r d A a c n t c e o f w 1 i 9 th 34 F J 1 u 1 e 9 l 9 b y 4 4 . 5 5 4 5 - , , J J a 1 u 1 n 9 9 l . y 4 4 2 5 6 5 - 0 , , J E a 1 t n f i 9 f . v e 4 e 2 c 6 - 1, Regulation T: For extensions of credit by brokers June 21, 1917-Aug. 15, 1936.. 13 10 7 3 and dealers on listed securities 50 75 100 Aug. 16, 1936-Feb. 28, 1937.. 19H 15 10H 4H For short sales 50 75 100 Mar. 1, 1937-Apr. 30, 1937.. 22% 17H 12^ $H Regulation U: May 1, 1937-Apr. 15,1938.. 26 20 14 6 For loans by banks on stocks 50 75 100 Apr. 16, 1938-Oct. 31,1941.. 22H 17^ 12 5 A O N Se u c o p t g v . t . . . 2 1 3 0 1 4 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 2 1 2 2 - - - a A S O n e u c d p t g . t a . . ft 1 1 e 3 9 2 r , , , 1 1 1 9 9 9 4 4 4 2 2 2 . . . . . . 2 2 2 2 0 6 4 2 2 2 2 2 0 0 0 0 1 1 1 1 4 4 4 4 6 6 6 6 s t " e p m n e 1 c a d R i r e f g d i e e i g n d o u n l p r a e e a t q r i o c u s e n i e r n s c e t u m a T r g i e t e y a n n o ts b d f " y i t U s s p h r m o l e i w s a m c r n r i k t i e b in t t i h n v t e g a h l i a a u s m e m t a o a a b t u x l n t e i h t m e a o u r t f e m i m c th r e lo e e o d a f n i d t i t f h v f t e a e h r l a e u e t x n e t c , m e e w n a s h y b i i o e c b t n h w e ; i e t i s e n h n - e a the market value (100%) and the maximum loan value. 1 Demand deposits subject to reserve requirements, i. e., demand Back figures.—See Banking and Monetary Statistics, Table 145, p. 504 deposits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1946 1946 1945 July 31 July 24 July 17 July 10 July 3 June 26 June 19 July June July Assets •Gold certificates 17,339,20917,334,20917,344,20817,341,20717,341,20817,342,05517,354,06017 339,20917,347,05717,320,615 Redemption fund for F. R. notes 766,272 773,221 765,349 770,307 770,306 760,979 752,035 766,272 755,979 659,954 Total gold certificate reserves. . . 18,105,481 18,107,430 18,109,557 18,111,514 18,111,514 18,103,034 18,106,095 18,105,481 18,103,036 17,980,569 «Other cash.. 307,379 300,467 296,028 270,738 263,090 279,626 283,344 307,379 280,138 229,792 Discounts and advances: For member banks... 125,354 99,200 83,505 171,863 118,353 111,243 131,259 125,354 36,772 301,328 For nonmember banks, etc 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000 730 Total discounts and advances 245,354 219,200 203,505 291,863 238,353 231,243 251,259 245,354 156,772 302,058 Industrial loans 1,173 1,113 1,178 1,210 1,182 1,189 1,260 1,173 1,206 3,094 ^Acceptances purchased.. 33,789 38,164 42,323 28,283 22,710 18,173 15,118 33,789 18,057 486 U. S. Gov't securities: Direct: Bills: Under repurchase option 5,154,209 5,227,033 4,821,339 5,327,182 4,991,258 5,385,431 4,907,219 5,154,209 5,383,696 4,803,559 Other 9,251,820 9,197,970 9,191,835 9,125,515 9,082,635 9,013,815 8,946,995 9,251,820 9,082,635 8,006,702 Certificates: Special Other 7,875,732 7,875,732 7,865,732 7,589,982 7,577,982 6,482,370 6,332,870 ,875,732 6,813,370 6,096,011 Notes 595,600 595,600 595,600 595,600 595,600 1,748,200 1,748,200 595,600 1,748,200 1,697,950 Bonds 755,290 755,290 755,290 755,290 755,290 755,290 755,290 755,290 755,290 1,112,642 Total U. S. Govt. securities 23,632,65123,651,62523,229,796 23,393,56923,002,76523,385,106 22,690,574 23,632,65123,783,19121,716,864 Other Reserve Bank credit outstanding 251,229 319,202 418,235 303,837 429,013 350,167 495,985 251,229 496,589 336,699 Total Reserve Bank credit outstanding24,164,196 24,229,304 23,895,037 24,018,762 23,694,023 23,985,87823,454,196 24,164,19624,455,815 22,359,201 Liabilities JFederal Reserve notes.. 24,244,229 24,183,233 24,227,768 24,281,72824,321,625 24,090,486 24,077,691 24,244,229 24,190,59223,313,877 ^Deposits: Member bank — reserve account 15,991,18415,877,29215,967,61815,889,28415,815,46815,909,76215,916,38315,991,18416,123,380 14,793,630 U. S. Treasurer—general account 513,250 673,721 513,091 664,304 507,053 969,537 419,092 513,250 833,364 585,536 Foreign 823,540 892,647 560,968 514,068 505,286 519,116 552,125 823,540 504,531 1,102,726 Other deposits 577,845 579,935 604,501 601,885 466,033 431,247 432,406 577,845 745,209 413,651 Total deposits 17,905,819 18,023,595 17,646,178 17,669,541 17,293,840 17,829,662 17,320,006 17,905,819 18,206,484 16,895,543 iRatio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).. 43.0 42.9 43.2 43.2 43.5 43.2 43.7 43.0 42.7 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS fin thousands of dollarsl July 31, 1946 Total 1 W 5 it d h a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 9 6 1 m d o ay n s t h t s o 6 to m 1 o n y t e h a s r 1 2 y e y a e r a r t s o 2 5 yy e y a e rs a r t s o 5 O y v e e a r rs Discounts and advances 245,354 122,756 117,198 1,375 4,025 Industrial loans 1,173 957 6 6 122 12 20 42 Acceptances purchased 33,789 11,515 8,822 10,486 2,966 V. S. Government securities 23,632,6514,200,278 2,193,690 6,105,304 5,196,747 1,234,900 3,629,642 46,400 443,250 582,440 AUGUST 1946 883 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dalla F c S i r s a a c n n o - Assets Gold certificates: June 26 17,342,055 760,834 4,956,76: 852,36 1,099,76'/ 860,049 926,6063,605,317 551,568 327,681 546,250 468,3672,386,486 July 3 17,341,208 746,236 5,252,414 835,59 1,097,035 847,039 909,3513,342,396 534,441 328,62, 575,666 451,4792,420,923 July 10 17,341,20^ 742,82: 5,156,538 857,4631,092,153 871,143 915,7843,4£2,009 543,795 334.04C 569,409 478,0462,378,000 July 17 17,344,208 741,073 5,358,974 825,3181,119,566 855,694 897,1533,336,685 556,84. 321,86^ 574,809 466,8302,289,392 July 24 17,334,209 741,118 5,424,511 850,906 1,120,617 848,67f 893,6753,316,762 572.893 326,182 563,154 473,0122,202,707 Redemption fund for F. R. notes 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 July 3 770,306 57,755 117,909 59,996 76,250 60,810 43,286 121,345 42,415 20,289 34,790 25,723 109,738 July 10 770,307 57,755 117,909 59,99V 76,250 60,810 43,286 121,345 42,415 20,289 34,790 25,723 109,738 July 17 765,349 57,658 117,489 59.85C 76,113 62,162 43,188 116,209 42,371 20,27 34,762 25,69* 109,575 July 24 773,221 57,564 116,89 59,724 76,025 61,632 43.021 126,107 42,33^ 20,263 34,729 25,66 109,253 Total gold certificate reserves: June 26 18,103,034 818,658 5,074,970 911,987 1,176,121 921,382 969,9823,716,788 594,018 347,634 581,065 494,1102,496,319 July 3 18,111,514 803,991 5,370,323 895,5931,173,289 907,849 952,6373,463,741 576,856 348,916 610,456 477,2022,530,661 July 10 18,111,514 800,577 5,274,447 917.46C1,168,403 931,953 959,0703,523,354 586,210 354,335 604,199 503,76fc2,487,738 July 17 18,109,557 798,731 5,476,463 885,1681,195,679 917,856 940,3413,452,894 599,216 342,143 609,571 492,5282,398,967 July 24 18,107,430 798,682 5,541,408 910,6301,196,64: 910,304 936,6963,442,869 615,232 346,445 597,883 498,6792,311,960 Other cash: June 26 279,626 17,981 78,448 18,853 20,657 17,290 20,996 30,491 11,421 4,021 16,38 9,710 33,374 July 3 263,090 17,177 70,766 17,112 19,568 16,626 21,050 30,898 9,542 4,345 14,265 9,093 32,648 July 10 2/0,738 19,088 77,401 18,644 19,830 14,569 20,234 31,458 9,898 4,074 15,217 8,989 31,336 July 17 296,028 22,808 80,856 19,054 19,707 17,322 23,689 36,149 11,044 5,574 15,491 10,434 33,900 July 24 300,467 21,287 87,210 20,276 21,686 16,155 22,005 37,054 10,715 5,081 15,205 10,627 33,166 Discounts & advances: Secured by * U. S. Govt. securities: Jure 26... 111,243 6,079 16,726 5,044 13,350 18,900 7,100 15,400 19,050 4,250 5,200 July 3... 118,353 4,542 14,656 7,270 15,485 13,300 1,000 24,300 19,920 1,000 1.5,350 3,530 July 10... 171,863 3,297 74,896 8,910 14,645 5,825 3,000 35,900 16,190 3,100 3,300 2,800 July 17... 83,505 1,045 22,471 5,260 8,814 1,950 4,000 25,200 8,665 3,300 2,300 500 July 24... 99,200 1,605 14,741 8,705 13,674 5,555 5,550 26,000 11,770 1,200 3,400 7,000 Other: 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 July 3... 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 July 10... 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 July 17... 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 July 24... 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: June 26 1,189 82 1,107 July 3 1,182 82 1,100 July 10 1,210 82 1,128 July 17 1,178 82 1,096 July 24 1,113 77 1,036 Acceptances purchased: June 26 18,173 18,173 July 3 22,710 22,710 July 10 28,283 28,283 July 17 42,323 42,323 July 24 38,164 38,164 U. S. Govt. securities: Bills: Under repurchase option: 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 July 3... 4,991,258 69,415 3,263,770 189,013 82,609 69,821 15,800 827,961 77,257 40,460 75,545 16,672 262,935 July 10... 5,327,182 70,000 3,583,004 172,983 82,205 58,441 15,800 845,461 84,227 50,964 64,455 27,277 272,365 July 17... 4,821,339 50,422 3,171,227 214,192 56,840 44,416 6,700 764,816 69,422 45,434 68,128 14,837 314,905 July 24... 5,227,033 55,423 3,291,779 209,182 57,120 61,951 16,300 927,446 91,507 39,706 65,488 31,921 379,210 Other bills: June 26... 9,013,815 815,718 292,860 786,560 ,186,643 845.8Q2 727,110 ,049,542 536,283 349,849 570,054 495,920 ,357,384 July 3... 9,082,635 784,174 77,649 727,979 ,251,310 852,541 746,625 ,239,628 541,646 335,914 579,043 526,370 ,419,756 July 10... 9,125,515 787,774 87,933 734,226 ,291,301 855,272 748,880 ,221,446 537,868 319,308 596,167 521,265 ,424,075 July 17... 9,191,835 785,191 103,839 700,568 ,272,522 859,496 752,368 ,331,743 526,907 322,908 587,962 517,576 ,430,755 July 24... 9,197,970 770,533 132,407 713,397 ,290,838 859,887 752,691 ,297,929 520,338 330,543 595,123 502,911 ,431,373 Certificates: 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 July 3 7,577,982 526,456 1,928,243 580,507 674,971 461,714 393,953 ,014,522 390,201 217,530 358,706 308,686 722,493 July 10 7,589,982 527,307 1,931,146 581,422 676,144 462,473 394,584 ,016,072 390,787 217,868 359,288 309,198 723,693 July 17 7,865,732 546,848 1,997,870 602,455 703,109 479,926 409,061 ,051,672 404,237 225,649 372,644 321,014 751,247 July 24 7,875,732 547,556 2,000,290 603,217 704,087 480,560 409.585 ,052,962 404,724 225,933 373,129 321,442 752.247 Notes: 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 July 3 595,600 41,378 151,552 45,625 53,050 36,289 30,963 79,738 30,669 17,097 28,193 24,261 56,785 July 10 595,600 41,379 151,541 45,625 53,058 36,291 30,963 79,733 30,666 17,097 28,194 24,264 56,789 July 17 595,600 41,408 151,281 45,618 53,240 36,341 30,974 79,633 30,609 17,087 28,217 24,307 56,865 July 24 595,600 41,409 151,271 45,618 53,247 36,342 30,975 79,630 30,607 17,086 28,218 24,309 56,888 Bonds: 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 July 3 755,290 52,472 192,186 57,858 67,274 46,018 39,265 101,117 38,891 21,681 35,752 30,766 72,010 July 10 755,290 52,473 192,172 57,858 67,284 46,021 39,265 101,111 38,888 21,681 35,753 30,769 72,015 July 17 755,290 52,510 191,841 57,849 67,515 46,084 39,279 100,984 38,816 21,668 35,783 30,824 72,137 July 24 755,290 52,512 191,829 57,849 67,523 46,086 39,280 100,980 38,814 21,667 35,783 30,826 72,141 Total U. S. Govt. securities: June 26 13,385,106 ,502,523 6,011,784 ,611,779 ,135,613 ,481,334 ,203,594U52.263 ,064,872 638,944 ,073,648 899,453 ,609,299 July 3 13,002,765 ,473,895 5,613,400 ,600,982 ,129,214 ,466,383 ,226,606 ,262,966 ,078,664 632,682 ,077,239 906,755 ,533,979 July 10 13,393,569 ,478,933 5,945,796 ,592,114 ,169,992 ,458,498 ,229,4923,263,823 ,082,436 626,918 ,083,857 912,773 ,548,937 July 17 13,229,796 ,476,379 5,616.058 ,620,682 ,153,226 ,466,263 ,238,3823,328,848 ,069,991 632,746 ,092,734 908,558 ,625,929 July 24 13,651,625 ,467,433 5,767,570 ,629,263 ,172,815 ,484,826 ,248,8313,458,947 ,085,990 634,935 ,097,741 911,409 ,691,859 884 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 o t u . 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: June 26 .... 3,635,711 ,516,364 6,086,643 ,627,890 ,160,1231.505,874 ,215,254 ,183,743 ,088,002 641,944 ,081,858 903,4372,624,579 July 3 3,265,010 ,486,199 5,690,726 ,619,312 ,155,859 1,485,323 ,232,166 ,303,346 ,102,664 636,682 ,094,549 910,5952,547,589 July 10 .. 3,714,925 ,489,992 6,088,935 ,612,112 ,195,79/ 1,469,963 ,237,052 ,315,803 ,102,706 633,018 ,091,117 916,6132,561,817 July 17 3,476,802 ,485,186 5,720,812 ,636,998 ,173,200 1,473,853 ,246,942 ,370,128 ,082,736 639,046 ,098,994 912,3982,636,509 July 24 3,910,102 ,476.795 5,860,441 ,648,964 ,197,649 ,496,021 ,258,941 ,501,027 ,101,840 639,135 1,105,101 915,2492,708,939 Due from foreign banks: June ^6 84 5 i 28 7 8 4 3 11 3 2 3 3 7 July 3 83 5 127 7 8 4 3 11 3 2 3 3 7 July 10 83 5 127 7 8 4 3 11 3 2 3 3 July 17 83 5 127 7 8 4 3 11 3 2 3 3 July 24 83 5 27 7 8 4 3 11 3 2 3 3 7 Federal Reserve notes of other Banks: June 26 119,795 4,250 17,185 5,466 5,485 24,453 9,225 12,688 8,375 4,622 6,262 2,975 18,809 July 3 113,524 3,746 15,264 4,351 4,626 22,128 7,674 13,277 5,357 4,778 7,134 4,022 21,167 July 10 118,231 3,451 15,264 5,783 5,325 22,979 8,023 13,169 6,87 5,972 6,634 4,076 20,682 July 17 140,931 5,561 24,422 6,584 6,049 21,201 9,968 15,148 8,159 6,708 8,089 4,484 24,558 July 24 133,125 6,985 22,735 5,800 5,823 20,407 9,313 14,103 6,590 8,005 6,419 3,845 23,100 Uncollected items: June 26 2,185,412 178,728 477,893 135,093 185,807 183,859 130,774 337,315 85,159 48,098 104,922 91,057 226,707 July 3 2,224,684 187,011 528,142 129,935 200,550 175,629 133,550 309,176 91,555 49,792 115,517 84,689 219,138 July 10 2,039,720 170,434 424,834 130,390 182,318 159,122 121,376 307,292 93,760 50,485 109,979 86,593 203,137 July 17.. 2,586,772 226,018 607,219 156,355 255,685 189,619 151,173 373,380 118,480 58,052 127,490 98,541 224,760 July 24 2,194,616 186,966 485,324 123,170 208,157 164,359 127,034 346,041 92,219 54,398 117,013 85,813 204,122 Bank premises: 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 July 3 32,921 1,325 8,564 3,242 3,933 2,728 1,547 3,085 2,034 1,270 2,556 812 1,825 July 10 32,920 1,325 8,564 3,242 3,933 2,728 1,547 3,085 2,033 1,270 2,556 812 1,825 July 17 32,921 1,325 8,564 3,242 3,933 2,728 1,547 3,085 2,034 1,270 2,556 812 1,825 July 24 32,917 1,325 8,564 3,241 3,933 2,721 1,546 3,081 2,032 1,281 2,556 812 1,825 Other assets: 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 July 3 47,075 2,953 10,887 3,100 5,134 2,954 2,552 6,803 2,918 1,196 2,062 1.975 4,541 July 10 48,625 3,087 11,470 3,162 5,219 2,878 2,605 7,126 3,047 1,250 2,067 2,022 4,692 July 17 ... . 51,694 3,289 12,311 3,508 5,614 2,978 2,832 7,056 3,166 1,437 2,164 2,321 5,018 July 24 55,200 3,693 12,740 3,716 6,018 3,305 3,056 7,784 3,290 1,503 2,401 2,545 5,149 Total assets: June 26 44,406,954 2,540,43911,755,4762,705,7453,557,7902,658,8112,350,3497,291,2301,791,9541,048,9381,795,2521,504,3535,406,617 July 3 44,057,901 2,502,40711,694,6992,672,6523,562,9672,613,2412,351,1797,130,3371,790,9291,046,9811,846,5421,488,3915,357,576 July 10 44,336,756 2,487,95911,900,9422,690,8003,580,8332,604,1962,349,9107,201,2981,804,5301,050,4061,831,7721,522,8765,311,234 July 17 44,694,788 2,542,92311,930,6742,710,9163,659,8752,625,5612,376,4957,257,8511,824,8381,054,2321,864,3581,521,5215,325,544 July 24 44,733,940 2,495,73812,018,4492,715,8043,639,9162,613,2762,358,5947,351,9701,831,9211,055,8501,846,5811,517,5735,288,268 Liabilities Federal Reserve notes: June 26 24,090,486 1,474,401 5,434,2141,627,9562,052,6031,653,9291,424,1304,427,6531,046,668 556,428 887,075 593,7552,911,674 July 3 24,321,625 1,492,068 5,515,4181,642,5082,072,8441,668,9341,432,2954,456,441 1,059,143 560,168 895,738 600,0962,925,972 July 10 24,281,728 1,487,224 5,475,8311,641,9752,074,7721,667,2581,430,0254,466,015 1,057,636 559,978 896,067 600,7562,924,191 July 17 24,227,768 1,477,165 5,470,4291,638,7112,073,7671,661,1421,425,5994,460,796 1,057,146 559,361 897,357 599,3402,906,955 July 24 24,183,233 1,467,529 5,465,6711,636,0692,070,3941,655,2851,421,4104,462,207 1,054,933 559,452 897,816 598,2142,894,253 Deposits: Member bank —reserve account: June 26.. 15,909,762 727,691 5,050,755 795,4211,144,976 687,659 719,1642,270,032 590,921 396,709 760,773 749,1272,016,534 July 3.. 15,815,468 738,717 4,960,799 797,779 1,175,637 711,27 732,6382,206,932 577,868 393,601 775,808 753,5361,990,882 July 10. . 15,889,284 724,513 5,015,200 799,4261,169,656 705,828 738,4332,239,283 587,677 388,795 773,898 764,2011,982,374 July 17.. 15,967,618 751,689 5,000,797 802,067 1,196,325 697,034 739,6992,247,016 582,928 389,159 787,675 763,6722,009,557 July 24.. 15,877,292 725,160 4,966,446 796,1811,183,502 696,679 721,9572,279,215 594,723 390,363 767,769 762,737 1,992,560 TJ g Treasurer-general account: June 26.. 969,53 90,351 188,386 73,312 82,571 102,576 35,660 173,389 30,128 26,685 21,325 43,703 101,451 July 3.. 507,053 28,996 112,854 25,658 40,768 31,694 29,618 71,029 28,590 24,266 29,612 24,790 59,178 July 10.. 664,304 43,667 178,219 36,902 57,902 32,966 24,544 93,955 27,655 29,851 30,461 42,256 65,926 July 17.. 513,09 42,637 92,476 35,122 55,531 40,66 23,748 74,698 26,784 27,913 25,964 29,664 37,887 July 24.. 673,72 41,235 184,887 45,919 56,675 41,086 35,429 107,999 36,312 21,640 21,333 28,671 52,535 Foreign: June 26.. 519,116 31,549 2 193,923 40,414 45,283 22,885 18,503 65,247 16,555 12,173 16,068 15,581 40,935 July 3.. 505,28 28,518 221O,747 36,612 41,023 20,73 16,762 59,108 14,998 11,028 14,557 14,115 37,086 July 10.. 514,068 30,790 2 196,274 39,500 44,259 22,36 18,08 63,771 16,181 11,898 15,705 15,229 40,010 July 17.. 560,968 33,712 2 212,507 43,319 48,538 24,53 19,833 69,937 17,745 13,048 17,223 16,701 43,875 July 24.. 892.64 55,065 2323,044 70,819 79,351 40,102 32,423 114,335 29,010 21,331 28,157 27,304 71,706 Other: June 26.. 431,24 4,602 306,620 3,647 9,154 2,338 2,217 3,345 8,91 2,62 795 934 86,055 July 3.. 466,03 4,052 305,865 5,300 11,519 4,694 1,330 4,159 9,472 1,785 2,119 2,240 113,498 July 10.. 601,885 3,346 490,745 3,006 10,490 2,715 1,342 3,955 8,429 2,131 2,336 648 72,742 July 17.. 604,50 3,90 489,703 3,016 10,128 2,710 2,063 3,993 8,339 2,235 1,857 962 75,594 July 28.. 579,935 3,052 490,147 3,639 9,386 2,689 2,620 6,411 7,724 2,467 2,251 1,179 48,370 Total deposits: June 26 17,829,66 854,19, 5,739,684 912,7941,281,984 815,458 775,5442,512,013 646,520 438,191 798,961 809,3452,244,975 July 3 .. 17,293,84 800,28- 5,590,265 865,349 1,268,947 768,39 780,3482,341,228 630,928 430,680 822,096 794,6812,200,644 July 10 17,669,54 802,316 5,880,438 878,834 1,282,307 763,87 782,4032,400,964 639,942 432,675 822,400 822,3342,161,052 July 17 17,646,17 831,939 5,795,483 883,5241,310,522 764,94 785,3432,395,644 635,796 432,355 832,719 810,9992,166,913 July 24 18,023,59 824,512 5,964,524 916,558 1,328,914 780,556 792,4292,507,960 667,769 435,801 819,510 819,8912.165,171 Deferred availability items: June 26 . 1,835,32 169,«45 375,22 112,085 162,554 157,34 123,799 264,132 75,263 37,189 85,830 78,585 193,476 July 3 1,795,75 168,283 384,674 112,17 161,009 143,97 111,723 246,055 77,479 39,063 105,424 71,157 174,732 July 10 1,735,96 156,556 339,517 117,352 163,348 140,94 110,549 247,36 83,434 40,268 89,879 77,214 169,544 July 17 2,168,62 191,986 s 457,128 135,955 215,234 167,43 138,626 314,346 108,504 45,019 110,834 88,594 194,956 July 24 1,875,49 161.810i1 383.484 110.269 179.989 145,23 117.679 204.07 85.69 42,687 105.702 76.789 172,084 1 After deducting $56,000 participations of c ther Federal Reserve Banks on June 2c; July 3: July 10; July 1/; and July 24. * After deducting $324,774,000 participations of other Federal Reserve Banks on June 26; $294,218,000 on July 3; $317,427,000 on July 10; $348,- 120,000 on July 17; and $569,113,000 on July 24. AUGUST 1946 885 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Other liabilities including accrued div.: June 26 15,769 930 5,182 879 1,479 702 651 2,478 547 420 548 604 1,349- July 3 9,371 599 2,636 487 887 460 401 1,730 329 330 376 291 845 July 10 10,506 641 2,995 520 964 514 425 1,810 355 693 410 328 851 July 17 12,295 615 5,010 485 899 446 420 1,707 339 667 402 385 920 July 24 10,636 607 2,262 513 1,005 488 459 2,064 361 1,097 400 415 965 Total liabilities: June 26 43,771,246 2,499,369 11,554,3072,653,7143,498,6202,627,4332,324,1247,206,276 1,768,9981,032,2281,772,4141,482,2895,351,474 July 3 43,420,590 2,461,233 11,492,9932,620,5213,503,687 2,581,7632,324,767 7,045,454 1,767,8791,030,2411,823,6341,466,2255,302,193 July 10 43,697,741 2,446,737 11,698,7812,638,6813,521,3912,572,5922,323,402 7,116,150 1,781,3671,033,6141,808,7561,500,6325,255,638. July 17 44,054,861 2,501,7,0511,728,0502,658,6753,600,422 2,593,967 2,349,9887,172,4931,801,7851,037,4021,841,3121,499,3185,269,744 July 24 44,092,961 2,454,467 11,815,9412,663,4093,580,302 2,581,5592,331,977 7,266,304 1,808,7551,039,0371,823,4281,495,3095,232,473 Capital Accounts: Capital paid in: 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 July 3 183,218 10,834 64,432 13,513 18,283 7,673 6,933 21,987 5,897 3,977 6,034 6,674 16,981 July 10 183,470 10,837 64,476 „ 13,533 18,303 7,709 6,943 22,009 5,908 3,982 6,066 6,692 17,012 July 17 183,703 10,841 64,515 13,566 18,351 7,717 6,978 22,028 5,918 3,984 6,074 6,697 17,034 July 24 183,777 10,849 64,516 13,575 18,368 7,719 6,986 22,044 5,922 3,988 6,074 6,699 17,037 Surplus (section 7): 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 July 3 358,355 22,439 116,860 28,946 33,745 15,593 14,450 53,029 12,939 8,869 11,891 10,670 28,924 July 10 358,355 22,439 116,860 28,946 33,745 15,593 14,450 53,029 12,939 8,869 11,891 10,670 28,924 July 17 358,355 22,439 116,860 28,946 33,745 15,593 14,450 53.C29 12,939 8,869 11,891 10,670 28,924 July 24 358,355 22,439 116,860 28,946 33,745 15,593 14,450 53,029 12,939 8,869 11,891 10,670 28,924 Surplus (section 13b): 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 July 3 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 July 10 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 July 17 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 July 24 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Other capital ac- June26 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 July 3 68,310 4,889 13,209 5,171 6,245 4,886 4,267 8,438 3,687 2,821 3,846 3,515 7,336 July 10 69,762 4,934 13,620 5,139 6,387 4,976 4,353 8,681 3,789 2,868 3,922 3,575 7,518 July 17 70,441 4,926 14,044 5,228 6,350 4,958 4,317 8,872 3,669 2,904 3,944 3,529 7,7OQ July 24 71,419 4,971 13,927 5,373 6,494 5,079 4,419 9,164 3,778 2,883 4,051 3,588 7,692 Total liabilities and capital accou Ju n n ts e : 26 44,406,954 2,540,439 11,755,4762,705,7453,557,7902,658,8112,350,349 7,291,230 1,791,9541,048,9381,795,2521,504,3535,406,617 July 3 44,057,901 2,502,407 11,694,6992,672,6523,562,967 2,613,2412,351,179 7,130,337 1,790,9291,046,9811,846,5421,488,3915,357,576 July 10 44,336,756 2,487,959 11,900,9422,690,8003,580,8332,604,1962,349,9107,201,298 1,804,5301,050,4061,831,7721,522,8765,311,234 July 17 44,694,788 2,542,923 11,930,6742,710,9163,659,8752,625,5612,376,495 7,257,851 1,824,8381,054,2321,864,3581,521,5215,325,544 July 24 44,733,940 2,495,738 12,018,4492,715,8043,639,916 2,613,276 2,358,594 7,351,970 1,831,9211,055,8501,846,5811,517,5735,288,268 make industrial loans: June 26 5,484 916 521 262 3 600 170 15 July 3. 5,407 924 521 161 16 3,600 170 15 July 10 5,370 894 521 159 16 3,600 170 10 July 17 . . 5,399 925 521 159 16 3,600 170 8 July 24 5,458 984 521 159 16 3,600 170 8 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): June 26 24,797,939 1,511,0335,597,9491,669,905 2,100,6291,707,2331,459,946 4,505,986)1,084,568567,855 907,308 622,3663,063,161 July 3 24,952,332 1,527,7835,640,630 1,685,7652,129,0651,714,774 1,464,837 4,536,9571,091,612569,952 916,507628,1213,046,329 July 10 25,013,146 1,525,0665,655,0961,691,0532,131,5531,718,9291,467,969 4,550,5831,097,093571,154 991177,,667788 662299,,6677003,057,302 July 17 24,962,789 1,520,2005,646,3181,683,2282,126,1051,715,1211,463,612 1,103,370571,264 920,438626,7773,038,813 July 24 24,936,435 1,514,6785,649,1421,677,293 2,125,3551,709,4811,464,023 4,549,8881,101,030571,794 920,660 628,7083,024,383 Collateral held against notes outstanding: Gold certificates: June 26 11,019,000 430,000 3,320,000 500,000 635,000 550,000 640,0002,325,000 300,000170,000 280,000 169,0001,700,000 July 3 10,929,000 430,000 3•,420,000 500,000 635,000 550,000 625,000 21,145,000300,000175,000 280,000 169,0001,700,000 July 10 10,949,000 430,000 3L|4<20,000 500,000 635,000 550,000 625,000 2,165,000 300,000175,000 280,000 169,0001,700,000 July 17 10,999,000 430,000 3,420,000 500,000 635,000 550,000 625,000 2,265,000 300,000175,000 280,000 169,0001,650,000 July 24 10,699,000 430,000 3,420,000 500,000 635,000 550,000 625,000 2,065,000 300,000175,000 280,000 169,0001,550,000 Eligible paper: June 26 75,249 6,079 16,726 5,044 18,900 19,050 4,250 5,200 July 3 77,568 4,542 14,656 7,270 13,300 19,920 1,000 13,350 3,530 July 10 118,318 3,297 74,896 8,910 5,825 16,190 3,100 3,300 2,800 July 17 45,491 1,045 22,471 5,260 1,950 8,665 3,300 2,300 500 July 24 53,976 1,605 14,741 8,705 5,555 11,770 1,200 3,400 7,000 U. S. Govt. securities: June 26 14,477,7081,100,000 2,300,000 1,200,000 1,550,000 1,175,000 850,000 2,200,000 902.708400,000 700,000 500,0001,600,000. July 3 14,677,257 1,100,000 2,300,000 1,200,0001,550,000 1,175,000 850,000 2,400,000 902,257400,000 700,000 500,0001,600,000 July 10 14,709,227 1,100,000 2,300,000 1,200,000 i;55O,OOO 1200,000 850,000 2:,400,000 909,227400,000 700,000 500,0001,600,000 July 17 14,594,4221,100,000 2,300,000,200,0001,550,000 ,200,000 850,000 2>,,3:00,000 894,422400,000 700,000 500,0001,600,000 July 24 14,816,507 1,100,000 2,300,0001,200,0001,550,0001,200,000 850^00 2,500,000 916,507400,000 700,000 500,0001,600,000 Total collateral: June 26 25,571,9571,536,079 5,636,7261,705,044 2.,185,0001,743,9001,490,000 4,525,0001,221,758570,000 984,250 669,000 3,305,200 July 3 25,683,825 1,534,542 ~5,734,656 1,707,2702,185,0001,738,3001,475,000 4,545,0001,222,177576,000 993,350 669,000 3,303,530 July 10 25,776,5451,533,297 5,794,8961,708,910 2U 85,0001,755,8251,475,000 4,565,000 1,225,417578,100 983,300 669,000 3,302,800 July 17 25,638,91" 1,531,0455,742,471 1,705,260 2,185,0001,751,9501,475,000 4,565,0001,203,087578,300 982,300 669,000 3,250,500 July 24 25,569,48. 1,531,605 5^,734,7411,708,705 2,185,0001,755,5551,475,000 4,565,0001,228,277 576,200 983,400 669,000 3,157,000 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 e l d oans o G u u t a s lo r ta a a n n n d t s e i e n d g a u A b v n a o d a d m r d i e l r i r a o o t b i w u g o l n u e e n t a r a s t r l o - week e M nd o in n g th , T o h r ursday1 m b A e e m l r l - Y N j o c e r i w t k y ban c C k h a 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 - * 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 M er a v y es held: 15,156 4,215 940 5,970 4,032 June 15,415 4,211 937 6,072 4,195 1942 1946—May 15,727 4,077 878 6,220 4,552 June 30 565 310,680 81,108 69,674 137,888 June 15,996 4,199 887 6,320 4,588 Sept. 30./ 1,658 944,204 427,918 356,677 230,720 Dec. 31 2,665 2,688,397 803,720 632,474 1,430,121 May 31 15,808 4,126 888 6,250 4,545 June 7 15,949 4,172 893 6,313 4,571 1943 June 14 15,951 4,168 889 6,314 4,580 Mar. 31 3,534 3,725,241 1,245,711 999,394 1,865,618 June 21 16,086 4,225 895 6,335 4,632 June 30 4,217 4,718,818 1.428,2531,153,756 2,216,053 June 27 15,926 4,206 878 6,284 4,559 Sept. 30 4,787 5,452,498 1,708,0221,413,159 2,494,855 July 4 16,034 4,216 876 6,332 4,611 Dec. 31 5,347 6,563,048 1,914,040 1,601,518 3,146,286 July 11 15,985 4,182 881 6,294 4,628 July 18 16,062 4,163 897 6,338 4,664 1944 Excess reserves: Mar. 31 5,904 7,466,,762 2,009,5111,680,046 3,615,963 1945—May 1,005 13 8 254 730 June 30 6,433 8,046,672 2,064,3181,735,777 3,810,797 June 1,339 30 8 370 932 Sept. 30 6,882 8,685,753 1,960,7851,663,489 4,301,322 1946—May 956 12 -1 230 714 Dec. 30 7,434 9,310,582 1,735,9701,482,038 4,453,586 June 943 29 5 240 669 1945 May 31 945 27 5 229 684 Mar. 31 7,886 9,645,378 1,599,1201,365,959 3,963,961 June 7 981 36 7 256 682 June 30.. 8,422 10,149,315 1,386,8511,190,944 3,694,618 June 14 887 13 5 217 652 Sept. 30 8,695 10,313,868 1,073,892 916,851 3,043,674 June 21 950 17 5 226 702 Dec. 31 8,757 10,339,400 510,270 435,345 966,595 June 27 867 24 3 210 630 July 4 P969 30 3 280 P656 1946 July 11 P914 17 3 227 P667 Jan. 31 8,761 10,340,275 427,278 363,048 764,093 July 18 P939 19 9 243 P668 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—May 632 330 209 92 May 31 8,771 10,344,018 116,077 100,316 147,815 June 590 399 132 58 June 29 8,771 10,344,018 70,267 60,214 142,617 1946—May 150 7 105 36 June 127 6 84 33 NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and amounts available to borrowers under guaran- May 31 126 82 36 tee agreements outstanding represents amounts repaid, guarantees June 7 127 81 35 available but not completed, and authorizations expired or withdrawn. June 14 148 100 35 June 21 139 100 26 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS J Ju u l n y e 27 4 1 8 1 1 9 5 7 2 9 3 1 4 6 * [Amounts in thousands of dollars] July 11 149 107 26 July 18 137 97 33 W o D o r f e a d l t p a n e s e e t r s ( i l d d o a a d a s y y ) t N b u A e m r a p - t p p o p l i r c d o A a a v t t m i e e o d o n u s nt ( b a p p m u c r l A e o o t o t m p v e u n - e d - n o d 1 t t ) s (a t L a m o n o u o d a t u i n - n n s g t) 2 ( C s a t m o m a o m n e u o n d m t u - t i n s n i t t g ) - ( s P a p t m a a a o t r n u o i t d o i t u - c i n n n i s t - g ) c en o d u 1 2 * i n W P n t P r g r e i r y o e e F r k l b i r l a m y t i o d n i a k n f t y s i a h g . r a e u y r r e . s e i s e x s - t d o i a f m y a e t x p e c e s e r . i s o s d W re e e s n e e d k r i l v n y e g s f i J g o u u f n r e e s a l 2 o l 7 f , m b f o e ig r m r u o b r w e e s r i n w g b s e a r n o e k f s f a o ll r a n m w d e e m e o k - f ber banks and of country banks may include small amounts of Federal 1934 984 49,634 ?0 966 H ,589 8,225 1,296 Reserve Bank discounts and advances for nonmember banks, etc. 1935 1,993 124,493 11 548 32,493 27,649 8,778 1936 . . 2,280 139,829 8 226 25,526 20,959 7,208 1937 2,406 150,987 3 369 20,216 12,780 7,238 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1938 2,653 175,013 1946 17,345 14,161 12,722 SMALL CENTERS * 1939 2.781 188.222 2 659 13,683 9,220 10,981 [Averages of daily figures. In millions of dollars] 1940 2,908 212,510 n 954 9,152 5,226 6,386 1941 3,202 279,860 8 294 10,337 14 597 19 600 In places of 15,000 In places of under 1942 and over population 15,000 population June 24... 3,352 338,822 26 346 11,265 16,832 26,430 Dec. 31. .. 3,423 408,737 4 248 14,126 10,661 17,305 Demand Demand J D u e n c e . 1 9 3 3 43 1 0 . . . . . . 3 3 , ,4 4 7 5 1 2 4 49 7 1 5 , , 3 4 4 6 2 8 3 9 2 2 0 6 3 1 1 3 0 , ,5 0 3 4 2 4 1 9 2 , , 2 13 7 2 0 1 1 9 7 , , 0 9 7 3 0 0 d e b e i x n p a c t o n e e s r k p i - ' t ts de T p i o m s e its d e e b i x n p a c t o n e e s k r p i - 2 t ts de T p i o m s e its 1944 June 30... 3,483 510,857 45 11,366 4,048 11,063 Dec. 30. .. 3,489 525,532 1 295 3,894 4,165 2,706 June 1945 15,243 6,600 9,823 4,551 May 1946 17,074 7,845 11,965 5,437 1945 Mar. 31. .. 3,493 528,936 85 4,214 3,321 2,365 June 1946 16,889 7,925 11,903 5,503 June 30. .. 3,502 537,331 70 3,252 5,224 2,501 Sept. 30... 3,505 540,241 130 3,166 4,291 2,018 Boston 2,101 849 360 221 Dec. 31. .. 3,511 544,961 320 1,995 1,644 1,086 New York 3,329 2,046 1,104 1,075 Philadelphia 1,202 694 962 818 1946 Cleveland 1,455 870 1,078 756 Jan.31.... 3,512 545,372 195 843 1,579 1,046 Feb. 28 3,513 546,149 545 590 1,575 976 Richmond 1,164 368 875 423 Mar. 30.... 3.519 547.581 755 536 2.063 1.014 Atlanta 1,652 462 728 195 Apr. 30 3.520 551,512 4 095 486 1,631 1,034 Chicago 2,065 1,270 1,603 855 May 31.... 3,520 551,890 45 310 5,393 1,229 St. Louis 642 310 967 248 June 29.... 3,524 552,711 615 210 5,366 1,110 Minneapolis 573 269 704 391 1 Includes applications approved conditionally by the Federal Re- D K a a l n l s a a s s City 5 9 3 4 2 3 1 12 0 2 3 1 1 , , 5 4 0 2 3 5 1 5 8 3 8 ser 2 v I e n c B lu an d k es 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. . . 1,231 562 594 279 included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 1 Includes any banks in outlying sections of reserve cities that have NOTE.—The difference between amount of applications approved and been given permission to carry the same reserves as country banks. the sum of the following four columns represents repayments of ad- All reserve cities have a population of more than 15,000. vances, and applications for loans and commitments withdrawn or 2 Includes war loan deposits, shown separately for all country, banks expired in the table on the following page. 887 AUGUST 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars! Gross demand deposits De- Reserves with Federal Bor- De- mand Reserve Banks row- Feder C al l a R ss e a s o n e f d r v b e a n d k istrict Total I b n a t n e k r- w G a U m o r d v e . e e S l n - o r . t n a - n Other j p u m a o s d a t d s e e n i - - d t d s * p m o N d d a s e e e i n - t - t s d * p T o d i s e m i - ts e * m a f b d r n d e o a u c o s m l e e t - - i s c Total qu R i e r - ed c K e x ss - s i F n e e R a e r r g t e v d a s - l e posits* banks Bank First half of June 1946 All member banks 98,033 11,895 3,674 72,463 67,616 73,988 25,912 5,758 15,971 15,021 951 144 Central reserve city banks New York 26,023 4,237 4,105 17,682 16,087 20.305 1,422 51 4,167 4,146 21 9 Chicago 5,569 1,136 930 3,503 3,231 4,194 771 175 897 885 12 4 Reserve city banks 36,402 5,468 5,166 25,768 23,538 27,293 10,330 1,806 6,324 6,078 245 92 Boston 2,264 286 401 1,578 1,460 1,701 186 46 357 351 6 3 New York 593 27 85 481 448 454 290 22 110 108 2 2 Philadelphia 2,607 337 417 1,853 1,720 1,984 209 74 421 409 11 2 Cleveland 4,195 492 673 3,029 2,817 3,151 1,204 165 722 702 19 31 Richmond 2,322 346 326 1,650 1,506 1,754 441 112 402 377 24 8 Atlanta 2,279 551 299 1,430 1,278 1,693 391 141 378 362 16 3 Chicago 4,345 489 661 3,195 2,971 3,187 1,892 281 783 751 33 20 St. Louis 2,128 573 309 1,246 1,106 1,569 314 114 347 333 15 13 Minneapolis 1,172 313 199 659 580 834 161 60 180 177 3 5 Kansas City 2,943 868 335 1,739 1,559 2,164 338 270 477 453 24 4 Dallas 2,480 564 303 1,613 1,475 1,823 309 221 425 383 41 San Francisco 9,074 622 1,158 7,295 6,618 6,980 4,596 299 1,722 1,672 50 Country banks 30,038 1,054 3,474 25,510 24,760 22,196 13,388 3,727 4,583 3,911 673 39 Boston 2,562 91 396 2,074 1,970 1,889 1,067 182 364 328 36 5 New York 4,552 86 727 3,739 3,573 3,369 3,110 305 741 658 83 17 Philadelphia 2,178 14 292 1,872 1,823 1,635 1,507 207 376 319 57 3 Cleveland 2,573 26 351 2,196 2,143 1,894 1,622 280 439 363 77 2 Richmond 2,193 125 249 1,819 1,746 1,577 789 307 310 268 42 3 Atlanta 2,626 216 249 2,161 2,097 1,958 653 367 361 313 47 Chicago 3,770 69 458 3,242 3,180 2,746 2,118 515 616 511 105 St. Louis 1,748 128 146 1,474 1,436 1,325 560 245 252 219 33 Minneapolis 1,354 69 144 1,142 1,113 998 658 187 215 179 36 Kansas City 2,115 75 141 1,898 1,873 1,573 291 386 295 238 57 Dallas 2,504 128 158 2,219 2,177 1,797 174 518 332 262 70 San Francisco 1,863 27 162 1,674 1,629 1,435 839 228 282 251 30 Second half of June 1946 All member banks 96,692 11,800 11,920 72,972 67,908 74,297 26,060 5,647 16,020 15,085 934 110 Central reserve city banks New York 25,857 4,276 3,525 18,056 16,292 20,541 1,424 58 4,232 4,194 38 3 Chicago 5,412 1,104 802 3,506 3,224 4,166 774 164 878 880 -2 4 Reserve city banks 35,791 5,388 4,502 25,901 23,621 27,297 10,394 1,805 6,317 6,083 234 Boston 2,238 294 348 1,596 1,459 1,710 187 45 360 353 7 76 New York 589 27 76 486 451 455 292 24 113 109 4 i Philadelphia 2,591 351 360 1,880 1,733 009 209 76 426 414 11 Cleveland 4,136 493 586 3,058 2,826 157 1,208 167 726 704 22 2 Richmond 2,257 336 284 1,637 1,501 740 443 112 390 375 15 11 Atlanta 2,221 523 258 1,440 1,294 685 393 138 375 361 14 7 Chicago 4,238 469 580 3,189 2,960 155 1,903 282 778 745 33 4 St. Louis 2,051 550 269 1,231 1,094 545 315 104 342 328 14 22 Minneapolis 1,126 299 172 655 578 818 162 61 178 173 5 18 Kansas City 2,903 859 295 1,749 1,563 2,161 340 267 475 453 23 4 Dallas 2,443 563 261 1,619 1,486 1,834 313 218 416 386 30 5 San Francisco 8,997 624 1,013 7,360 6,675 7,028 4,628 311 1,739 1,683 56 Country banks 29,632 1,031 3,091 25,509 24,771 22,292 13,468 3,618 4,594 3,929 665 27 Boston 2,544 92 351 2,101 1,993 1,904 1,073 191 365 331 34 3 New York 4,488 87 639 3,762 3,596 3,391 3,133 308 754 663 92 11 Philadelphia 2,178 15 262 1,901 1,847 1,658 1,517 210 380 323 57 2 Cleveland 2,543 26 315 2,203 2,151 1,901 1,630 280 443 364 79 3 Richmond 2,131 119 219 1,793 1,723 1,581 793 274 306 269 37 5 Atlanta 2,556 206 218 2,132 2,074 1,949 660 343 353 313 41 Chicago 3,704 68 411 3,226 3,166 2,761 2,133 483 612 515 98 St. Louis 1,715 118 133 1,464 1,429 1,320 556 232 252 218 33 Minneapolis 1,335 68 129 1,137 1,110 1,005 662 177 217 180 37 Kansas City 2,106 76 130 1,901 1,877 1,579 292 383 293 239 55 Dallas 2,489 130 140 2,218 2,177 1,807 177 511 334 264 70 San Francisco 1,841 27 143 1,671 1,628 1,437 843 225 284 252 33 1 Averages of daily closingf igures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based jpn deposits at opening of business^ and, than warloan and Series E bondaccounts) on the latest available call report date. * 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. 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 8 10 8 1934 5.536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4.518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1.481 1,714 409 770 160 327 17 32 5 1939 7,598 5.553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1.112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15 410 11.576 880 801 55 1.693 4.051 4.096 3.837 1,019 1 910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945—February 25,751 17,778 1,158 953 75 2,135 6,076 7,381 7,974 2,059 4,317 571 994 10 24 1 25,899 18.000 1,170 954 73 2,132 6,132 7,539 7,900 2.088 4,266 550 965 9 23 1 April 26,189 18,353 1.180 957 73 2,151 6,238 7,754 7.837 2.126 4.210 527 932 9 33 1 May 26,528 18,715 1,196 972 73 2,186 6,377 7,911 7,814 2,159 4 192 513 909 8 33 1 June 26,746 19.183 1,205 981 73 2,215 6,515 8,193 7,565 2,132 4.044 483 868 8 31 2 July 27,108 19,599 1,223 995 73 2,250 6,659 8,400 7,511 2,139 4,013 472 847 8 32 2 August 27.685 20,141 1,236 1,003 73 2,301 6,826 8,700 7,546 2,180 4,038 466 832 8 22 2 September... 27,826 20,235 1,243 1.001 72 2,288 6,815 8.816 7,592 2,204 4,071 464 825 8 21 2 October .... 28,049 20.381 1,252 1,000 71 2,274 6,779 9,004 7,671 2,243 4,123 461 816 7 21 2 November... 28,211 20,500 1,263 1,009 71 2,279 6,783 9,095 7,713 2,264 4,154 457 811 7 20 2 December.. . 28.515 20.683 1.274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946—Januarv ... 27,917 20,126 1,261 985 69 2,217 6.568 9,027 7.794 2,316 4,224 445 779 7 22 3 February.... 27,954 20,139 1,264 982 68 2,211 6,570 9,044 7.816 2,322 4.248 443 772 9 22 1 March 27.879 20.045 1.269 984 67 2.191 6.547 8.986 7.834 2.327 4 267 442 768 Q 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 8 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 8 21 1 June .... 28,245 20,248 1,300 998 67 2,191 6,604 9,087 7,998 2,364 4,387 438 781 8 22 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 1 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. » Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money Total out- held by standing, As security For Federal Ju 1 n 9 e 4 3 6 0, g a o s g l i d a lv in a e s r n t d Tr c e a a s s h ury R F B e e a d s n e e r k r v a s e l B R a a n e g k s e e s n r t a v s n e d Ju 1 n 9 e 4 3 6 0, M 1 ay 94 6 31, Ju 1 n 9 e 4 3 5 0, certificates and agents Gold 20,270 18,153 2 2,117 Gold certificates 18,153 15,288 2,815 50 50 52 Federal Reserve notes 24,839 98 768 23 973 23,861 22,867 Treasury currency—total 4,539 5 2,245 37 280 4,222 4,209 3,827 Standard silver dollars . . . . 494 336 15 2 140 139 125 Silver bullion 1 909 1 909 Silver certificates and Treasury notes of 1890 3. 3 2,245 218 2,026 2,019 1,652 Subsidiary silver coin . . 879 13 23 843 837 788 Minor coin 326 4 5 317 315 292 United States notes 347 2 28 317 317 323 Federal Reserve Bank notes . . 469 1 4 464 468 527 National Bank notes 115 1 114 114 120 Total—June 30, 1946 . (4) 20.398 2 251 15 288 3,864 28 245 May 31, 1946 20,368 2,257 15,277 3,806 28,120 June 30, 1945 19,924 2,278 15,239 3,746 26,746 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. 881, and seasonally adjusted figures in table on p. 890 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. * 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. 6 Less than $500,000. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund wl ich must bo deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificate^ 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. AUGUST 1946 889 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES [Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars] Date f u A o v n r m a a r s d o e ia j u a u t n s i s o o t t — n e n a d l a A d v s j m a e u r a o s i s t a u o e t n n d io t a — f n l or C s a e h a d s a e s ju o r n i n s g e t a s e e 1 l d i ly n Period a p s G t e t o o r o e i c f l n o d k d d I i n n s c t o r g e c o a k ld se o i r m g N e ( o p - x e ) l o p d t r o t rt c g r m o e c o a E r l a r d s e r a e a : i k r n s ( e - d e — - d e- ) m t d g p D i o e u r o o s o l n c d - t - - 1 ic End of year figures: 1939 7,598 +742 1934J 8,238 4,202.5 1,133.9 82.6 92.9 1940 8,732 +1,134 1935 10,125 1,887.2 1,739.0 .2 110.7 1941 11.160 +2,428 1936 311,258 1,132.5 1,116.6 -85.9 131.6 1942 15,410 +4,250 1937 312,760 1,502.5 1,585.5 -200.4 143.9 1943 20,449 +5,039 1938 14,512 1,751.5 1,973.6 -333.5 148.6 1944 25,307 +4,858 1939 17,644 3,132.0 3,574.2 -534.4 161.7 1945 28,515 +3,208 1940 21,995 4,351.2 4,744.5 -644.7 170.2 1941 22,737 741.8 982.4 -407.7 169.1 Monthly averages of daily 1942 22,726 -10.3 315.7 -458.4 125.4 figures: 1943 21,938 -788.5 68.9 -803.6 48.3 1944 20,619 -1,319.0 -845.4 -459.8 35.8 1945—February 25,527 25,527 +360 1945 20,065 -553.9 -106.3 -356.7 "32. a J O A J A S N D M M u u e p c u e o a l a n p t r c y g v r y e o t i e u e c e l b m h m s m e t b r b b e e e r r r 2 2 2 2 2 2 2 2 2 2 7 6 6 8 7 6 6 7 5 8 , , , , , , , , , , 7 3 5 1 3 9 0 9 4 8 6 5 6 5 9 1 0 5 4 5 5 1 1 1 2 8 9 2 3 0 2 2 2 2 2 2 2 2 2 2 6 6 6 7 8 5 7 7 6 8 , , , , , , , , , , 9 5 8 2 0 9 9 5 6 1 3 7 2 6 1 2 4 3 9 7 7 2 1 7 9 8 3 0 4 0 + + + + + + + + + + 3 4 1 2 2 2 5 1 1 1 1 5 0 9 9 7 5 2 0 2 8 7 1 1 1 8 8 2 3 4 1 1 9 9 4 4 5 6 — — A A J S O N D M F J u e a e p u c e o a l n p t b r g c y v r o i u t e u r c l e e b a u m h s m m e r t a y r b b b r e y e e r r r . . . . . . . . . 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 0 0 1 2 2 3 6 7 5 5 8 3 5 3 5 6 5 3 6 2 8 0 6 2 1 - - - - 6 6 3 1 - - 3 9 2 7 6 5 0 4 6 5 5 3 1 6 . . . . . . . . . 2 . 2 6 6 9 0 2 9 3 0 - - 1 1 2 - - 8 3 1 1 5 4 7 2 0 2 1 3 9 4 . . . . 3 . 0 . . . . . 3 5 5 4 4 8 3 1 -1 - - - - 3 6 1 1 - - 0 3 1 1 5 4 8 3 9 2 0 4 9 5 . . . . . . . . 8 . . 3 2 0 0 5 3 6 7 1 P P P ' ' ' • ' '• • 3 3 2 4 • 3 4 3 3 1 3 . . . . . . . . . 0 8 7 6 . 7 2 9 2 8 6 1946— M F Ja e a n b r u r c a u h r a y ry 2 2 2 7 8 7 , , , 9 1 9 1 5 4 3 8 4 2 2 2 7 8 7 , , , 9 0 9 9 7 4 7 4 4 -1 + -9 3 5 6 0 3 J J M u u l n a y y e P 2 2 2 0 0 O , , 2 2 .2 4 7 6 2 0 7 P- - 2 2 . 9 9 8 . . 1 1 - ( P 2 4 3 ) 7 6 . . 0 3 2 1 5 7 8 5 . . . 5 0 0 P ( ( * 4 4 ) ) .3 April 27,923 28,148 + 151 p Preliminary. r Revised. J J M u u a n l y y e .. 2 2 2 7 8 8 , , , 9 1 2 7 8 4 8 1 0 2 2 2 8 8 8 , , , 1 2 3 7 8 3 5 1 8 + + + 1 2 5 0 7 7 6 f P ig h 1 u i l r A i e p n s p n i a n u r e a e l I f s t i h l g a o u n s r d e e s s p a p u r r b e o l d e is u s h c ti e t m i d o a n t i e n r s e c t o a e f b i v l t e e h d e o i U n n n p U i . t n e 9 i d t 3 e S d 8 t , a S a t t d e a s j t u e M s s t . e i d n t. to M ex o c n l t u h d l e y ? Figures based on rate of $20.67 a fine ounce in January 1934 and 1 For end of year figures, represents change computed on absolute $35 a fine ounce thereafter. amounts in first column. 1 Includes gold in the Inactive Account amounting to 27 million NOTE.—For discussion of seasonal adjustment factors and for back dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. figures on comparable basis see September 1943 BULLETIN, pp. 822-826. 4 Not yet available. Because of an apparent recent change in the seasonal pattern around 5 Gold held under earmark at the Federal Reserve Banks for foreign the year end, adjustment factors have been revised somewhat for dates account amounted to 4,226.8 million dollars on July 31, 1946. Gold affected, beginning with December 1942; seasonally adjusted figures under earmark is not included in the gold stock of the United States. for money in circulation, as shown in Banking and Monetary Statistics, NOTE.—For back figures, see Banking and Monetary Statistics, Table Table 111, p. 414, and described on p. 405, are based on an older series 156, pp. 536-538, and for description of statistics see pp. 522-523 in of adjustment factors. the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts except turnover of total deposit accounts turnover of demand interbank accounts deposits except except interbank deposits except interinterbank and Government bank and Government Year and month Total, all New 140 Other New 333 other New 100 other New 100 other reporting York other reporting York reporting York leading York leading centers City1 centers1 centers2 City centers City cities City cities 1937 469,463 197,836 235,206 36,421 193,143 215,090 29.5 22.4 1938 405.929 168,778 204,745 32,406 164,945 186,140 25.1 19.9 1939 423,932 171,382 218,298 34,252 167,939 200.636 21.0 19.4 1940 . . 445,863 171,582 236,952 37,329 167,373 217,744 17.1 18.6 1941 537,343 197,724 293,925 45,694 193,729 270,439 17.3 19.4 1 1 9 9 4 4 2 2 — — o n l e d w s s e e r r ie ie s s ' 3 6 6 0 4 7 1 , , 0 7 7 7 1 8 2 22 1 6 0 , , 8 9 6 6 5 1 3 34 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—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 '9.2 30,408 35,324 24.5 15.8 June 86,667 34,972 43,219 8,476 18.9 9.9 32,439 36,894 26.3 16.7 r Revised. 1 National series for which bank debit figures are available beginning with 1919. 1 Annual figures for 1937-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers. 1 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 front 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. 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 adjusted deposits Total Demand States Currency End of month c o u b u r a a r t n n s e d i k n d s c e y c a o u d u r a j r t u n s e s d i n t d e c e d y a d d e j p u o s s t i e t d s a d d e j p u o s s te it d s 1 d G e m o p v o e e n s r i t t n s - 1 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 s v t s i e n ta m g l s 5 o b u a t n si k d s e 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 L.303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 L.303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 1,313 9,615 1942—June 81.963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 1,315 10.936 December 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 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—June 162.784 94,150 137,687 69,053 24,381 44,253 27,170 14,426 2,657 25,097 July 163,600 97,700 138.100 72,200 20,800 45,100 27,800 14,600 2,700 25.500 August 163,200 99,900 137,300 74,000 17.300 46,000 28,500 14,700 J.800 25,900 September 162,900 101,700 136,800 75.600 14,300 46,900 29,200 14,900 2,800 26,100 October 163,900 104,500 137,600 78,200 11,700 47,700 29,700 15,100 2,900 26.300 November 167,300 106,300 141,000 80,000 13,100 47,900 29,800 15,200 2,900 26,300 December 175,401 102.341 148,911 75,851 24,608 48,452 30,135 15,385 2,932 26.490 1946—January* 176.300 102,700 150,200 76,600 24,600 49,000 30,500 15,500 J.000 26,100 February P ..... 177,000 102,300 150,900 76,200 25,000 49,700 31,100 15,600 J.000 26,100 March* 173,700 101,200 147,600 75,100 22,400 50,100 31,300 15,800 J.000 26,100 April P 174,200 103.600 148,000 77,400 20,000 50,600 31,600 15,900 J,100 26,200 Mayp 173,400 104.900 147,000 78,500 17,400 51.100 32,000 16,000 5,100 26,400 June? 170,900 105,800 144,400 79,300 13,400 51,700 32,400 16,200 5,100 26,500 Preliminary, includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. 2 Beginning with December 1938, includes United States Treasurer's time deposits, open account. 3 Excludes interbank time deposits and postal savings redeposited in banks. ^Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks. 5 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK !SUSPENSIONSl [In millions of dollars] Member Nonmember Assets Total, banks banks all Depos- U. S. Government banks Na- State In- Non- End of month it b o a r l s - ' i C n a d s e h - securities C r a e s - h tional sured insured 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 e n tc d 2 s, Num 1 b 9 e 3 r 4 o -3 f 9 banks suspended: 291 15 6 189 81 1940 22 1 18 3 1941 g 4 3 1 1939—Dec... 1,279 1,319 53 1,192 1,046 146 74 1942 . 9 6 3 1940—Dec... 1,304 1,348 36 1,224 1,078 146 88 1943 4 2 2 1941—Dec... 1,314 1,396 26 1.274 1,128 146 95 1944 1 1 1942—Dec... 1.417 1,464 16 1.345 1,220 126 102 1945. . o 1943—Dec... 1,788 1,843 10 1,716 1,716 118 1946—Jan.-July 0 1944—Dec... 2,342 2,411 8 2,252 2,252 152 Deposits of suspended banks 1945—June. . 2,659 2,751 8 2,574 2,574 169 (in thousands of dollars):2 July.. 2,720 2,809 7 2,625 2,625 176 1934-39 125.991 14,61626,54844,348 40.479 Aug.. . 2,785 2,867 8 2,674 2,674 185 Sept... 2,836 2,921 8 2,737 2,737 176 1940 5,943 256 5,341 346 Oct. .. 2,880 2,968 6 2,780 2,780 182 1941 3,726 3,144 503 79 Nov... 2,909 2,999 6 2,809 2,809 184 1942 1,702 1,375 327 Dec... 2,933 3,022 6 2,837 2,837 179 1943 6,223 4,982 1,241 1946—Jan.... 2,981 3,073 5 2,886 2,886 181 1944 405 405 Feb... 3,013 3.107 5 2,910 2,910 192 1945 0 Mar... 3,043 3,139 5 2,951 2,951 182 1945—jan .July 0 Apr.. . P3.062 May.. P3 ,088 1 Represents banks which, during the periods shown, closed tem- June P3 110 porarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks p Preliminary. at the time of closing (in some instances with the aid of Federal Deposit 1 Outstanding principal, represented by certificates of deposit. Insurance Corporation loans). * Includes working cash with postmasters, 5 per cent reserve fund 2 Deposits of member banks and insured nonmember banks susand miscellaneous working funds with Treasurer of United States, ac- pended are as of dates of suspension, and deposits oi noninsured noncrued interest on bond investments, and accounts due from late post- member banks are based on the latest data available at the time the masters. suspensions were reported. Back figures.—See Banking and Monetary Statistics, p. 519; for Back figures.—See Banking and Monetary Statistics, pp. 283-292; description, see p. 508 in the same publication. for description, see pp. 281-282 in the same publication. AUGUST 1946 891 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES* LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Number and of banks call date Total Loans Total G o U m o b v l . e i e g n S r a t . n - - O s i e t t c i h e u e s r r - Total1 I b n a t n er k - m D a e n - d Time tions All banks: 1938—Dec. 31 48,831 21,261 27.570 17,953 9,617 61,319 7,484 28,695 25,140 15,207 1939—Dec. 30 50,885 22,169 28,716 19,402 9,314 68 225 9 883 32,492 25 850 15.035 1940—Dec. 31 54,170 23.751 30,419 20,983 9,436 75,963 10.941 38,518 26,504 14.895 1941—Dec. 31 61.101 26.616 34,485 25.488 8,997 81.780 10,989 44.316 26,476 14.825 1942—Dec. 31 78,137 23,915 54,222 45,932 8,290 99.796 11,318 61.395 27 083 14.682 1943—Dec. 31 96,966 23.601 73,365 65,932 7,433 117,661 11,012 75,561 31,088 14,579 1944—June 30 108,707 25,424 83,284 75,737 7,547 128,605 11,219 83.588 33 797 14.553 Dec. 30 119,461 26,015 93,446 85,885 7,561 141,449 12.245 91,644 37,559 14.535 1945— D j e un c e . 3 3 0 1 1 1 2 4 9 0 , , 6 2 3 2 9 7 3 2 0 7 , , 3 9 5 7 5 9 1 10 0 9 1 , . 8 6 7 6 2 1 1 9 0 3 1 , , 6 2 5 9 7 5 8 8 , , 5 0 7 0 7 4 1 15 6 1 5 ,6 0 1 3 2 3 1 1 4 2 , 0 6 6 0 5 5 1 9 0 6 5 , , 7 9 2 2 5 3 4 4 5 1 ,6 7 2 0 3 2 1 1 4 4 . , 5 5 4 5 2 3 All commercial banks: 193g—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 All member banks: 1938—Dec. 31 32,070 13,208 18,863 13,223 5,640 43,363 7,153 24,842 11 369 6,338 1939—Dec 30 33,941 13,962 19,979 14,328 5,651 49,340 9,410 28,231 11.699 6,362 1940—Dec. 31 37,126 15,321 21,805 15,823 5,982 56,430 10 423 33,829 12 178 6,486 1941—Dec. 31* 43.521 18,021 25,500 19,539 5,961 61,717 10,525 38,846 12,347 6,619 1942—Dec. 31 59,263 16,088 43,175 37,546 5,629 78.277 11.000 54,523 12 754 6.679 1943—Dec. 31 74,258 16,288 57 970 52,948 5,022 92 262 10 555 66 438 15 268 6 738 1944 Tune 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— D j e u c ne . 3 3 1 0 6 6 9 3 , . 3 1 1 7 2 7 1 1 3 2 , . 9 3 2 6 5 9 5 55 0 , , 3 8 8 0 7 8 5 4 1 7, , 0 2 5 5 1 0 4 3 , , 1 7 3 5 7 7 8 7 4 6 , . 9 5 3 3 9 3 9 8, , 2 2 5 2 1 9 5 5 9 3 , . 4 6 8 9 6 8 1 1 4 6 , , 5 2 8 2 5 4 5 5 , , 0 0 1 1 7 5 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 } 175 1940—Dec. 31 13.478 5,316 8,162 6,088 2,074 20,642 3,849 12,944 3,849 1,342 1941—Dec 31s 15,950 6,295 9,654 7,500 2,155 22,259 3,739 14,495 4,025 1,502 1942—Dec. 31 21,687 5,905 15,783 13,802 1,980 27,808 3,600 20,024 4.184 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 1,789 1945—june 30 36,249 8.219 28,030 26,188 1,842 41.844 3.980 30,702 7,163 1,825 Dec. 31 37,871 8,850 29,021 27,089 1,933 44,730 4,411 32,334 7,986 1,867 * 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. * During 1941 three mutual savings banks, with total deposits of 8 million dollars, became members of the Federal Reserve System. These banks are included in both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included only once in "all banks." » Decreases in "noninsured nonmember commercial banks'" figures reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942. < Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, its deposits, excluding interbank deposits, were 33 million dollars, and its loans and investments 26 million. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. 892 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES*—COH/II LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Number cal a l n d d ate Total Loans G U ov .S er . n- Other TotaP I b n a t n e k r ^ - of banks Total ment secu- De- Time obliga- rities mand tions All nonmember commercial banks: 1938—Dec. 31 6,598 3,156 3,442 1,848 1.594 7,678 331 3,853 3 493 8,314 1939— Dec. 30 6,726 3,281 3,445 1,971 1,474 8,362 473 4,260 3,629 8,122 1940—Dec. 31 . 6,796 3,471 3,325 1,936 1,389 8,875 518 4,689 3,668 7,858 1941— Dec. 31 7,208 3,693 3,515 2,251 1,264 9,539 464 5,470 3,605 7,661 1942—Dec. 31 . . 8,135 3,132 5,003 3,829 1,174 10,864 318 6,872 3 674 7,460 1943—Dec. 31 10,847 2,832 8,014 6,899 1.115 13,671 457 9,123 4,091 7,299 1944—June 30 12,155 2,929 9,226 8,099 1,128 14,869 315 10,100 4 453 7,239 Dec. 30 13,972 2.971 11,002 9,880 1,122 17,168 362 11,870 4,936 7,181 1945—June 30 15,091 3,087 12,005 10.839 1,166 18,242 375 12,326 5,541 7,163 Dec. 31 . . 16,849 3,303 13,546 12,284 1,262 20,571 426 14,104 6 042 7,130 Insured nonmember commercial banks: 193g—Dec. 31 5,399 2,813 2,586 1,283 1.303 6,409 101 3,007 3,300 7,317 1939—Dec. 30 5,348 2,901 2,447 1,238 1,209 6,729 113 3,252 3,365 7,169 1940—Dec. 31 5,429 3,074 2,356 1,240 1,116 7,032 116 3,504 3 411 6.952 1941—Dec. 3i 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 .004 9,535 145 5,981 3 409 6,667 1943—Dec. 31 9,258 2,556 6,702 5,739 962 11,842 149 7,870 3,823 6,535 1944—June 30 10,360 2,648 7,712 6,752 960 12,880 135 8,573 4,172 6,494 Dec. 30 . . 11,824 2,678 9,146 8,197 949 14,809 190 9,987 4,632 6,452 1945_june 30 12,940 2,790 10,150 9,170 979 15,880 171 10,510 5,199 6,440 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: 193g—Dec. 3i 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 L.367 397 969 696 273 1,843 402 1,185 257 906 194t—Dec. 31 1,434 452 982 742 239 1,837 335 1,255 247 851 1942—Dec. 31* * 1,151 314 837 667 170 1,329 173 891 265 793 1943—Dec. 31 1,588 276 1,312 1,160 153 1,829 307 1,253 269 764 1944—June 30 L.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 j e u c n . e 3 3 0 1 . 2 2 , ,1 2 5 1 2 1 3 2 1 9 1 7 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 ,489 10,664 10,664 546 1943—Dec 31 11,871 4,484 7,387 6,090 L ,297 11,738 11,738 545 1944—June 30 12,976 4,414 8,562 7,306 ,257 12,471 12,471 544 Dec 30 13,931 4,370 9,560 8,328 ,232 13,376 13,376 543 1945—june 30 15,134 4.307 10,827 9,588 .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 u c ne 3 3 1 0 1 10 0 , 8 0 4 6 6 3 3 3 , , 0 0 8 8 1 9 6 7 , ,7 9 6 7 5 4 6 7 , , 3 1 6 6 8 0 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 19 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—Tune 30 5,071 1.218 3,853 3,220 633 4,754 4.754 350 Dec. 31 5,361 1,198 4,163 3,522 641 5,022 5,022 350 For footnotes see page 892. AUGUST 1946 893 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 r a c n ha s s f i o n r g U. S. Government obligations Oblimer- or carrying ga- Total cial, securities Direct tions Class of bank loans in- Agri- Real- of cal a l n d d ate i m n a v e n e n d s t t s - Total o m p p i k p n e a a e e r g r t - n i - - c tu a u r U l - - b d a e T e r e n r r o o a d s s k l- - o e T t r h o s - l t o e a a s t - n e s s l u C o m a o n n e s r -O lo t a h n er s Total Total Bills o d c C n t f e a e i e e d f t b i i s r e n - - t s - s - - Notes Bonds G t a e u n e a - d r- S p d s s a t o c u i i a n l a o v b i t d l n t i e - - i s s - O s ri e t t h c i e e u r s - All insured commercial banks: 1938—Dec 31 37,470 16,021 5,636 1,060 1,002 885 3,857 3 583 21,449 14,506 290 3,648 8,0002,5683,011 3,932 1940—Dec. 31*.!! 42,556 18,394 7,178 1,281 663 727 4,468 4'077 24,161 17,063 662 2,756 9,9253,7193,6083,491 1941—Dec. 31... 49,288 21,258 9,214 1,450 614 662 4,773 4,545 28,030 21,046 988 3,159 12,7974,102 3,651 3,333 1 1 9 9 4 4 2 3 — — D D e e c c . . 3 3 1 1 . . . . . . 6 8 6 3. , 5 2 0 4 7 0 1 1 8 8 , , 9 8 0 4 3 1 7 7 , , 7 77 5 7 7 1 1 , , 5 6 0 4 5 2 1,4 9 1 5 4 0 5 9 9 2 7 2 4 4, , 4 6 3 4 7 62 1 , ,8 2 6 6 8 9 1,0 9 4 1 2 8 6 4 4 7 , , 6 3 6 3 6 6 5 4 8 0 , ,7 6 0 8 5 3 4 4t, 4 6 6 3 2 6 1 * 3 6, , ' 2 7 1 2 8 7 5 7 , , 7 6 9 7 9 23 2 0 0 , , 6 9 5 9 6 9 2 2, , 5 7 0 1 1 8 3 3 , , 2 5 8 3 7 33 2 , , 0 6 9 9 8 6 1944—Dec. 30. .. 103,382 21,352 7,9201,723 2,2692,2654,343 1,888 944 82,030 75,875 3.971 15,300 15,77839,848 978 3,422 2,733 1945—June 30... 112,353 23,376 7,501 1,6323,1133,601 4,413 2,108 1,008 88,978 82,401 2,831 17,204 16,45445,870 43 3,684 2,892 Dec. 31... 121,809 25,765 9,461 1,3143,1643,6064,6772,361 1,18196,043 88,912 2,455 19,071 16,04551,321 223,8733,258 Member banks, total: 1938—Dec 31 32,070 13,208 5,179 712 973 775 2,716 2 153 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 9,091 3,4863,013 2 970 1941—Dec. 312 .. 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,007 11,7293,832 3,090 2,871 1942—Dec. 31... 59,263 16,088 7,387 1,089 934 538 3,423 1,847 870 43,175 37,546 4,363 6^285 5,409 18,9482,5402,965 2,664 1943—Dec. 31... 74,258 16.288 7,421 1,023 1,398 839 3,274 1,484 848 57,970 52,948 4,360 12,071 6,906 27,265 2,3452,7292,294 1944—Dec. 30... 91,569 18,676 7,531 1,198 2,2492,1083,209 1,505 877 72,893 67,685 3,748 13,982 14,12734,927 902 2,8572,350 1945—June 30... 99,426 20,588 7,095 1.1253,0893,407 3,248 1,688 934 78,838 73,239 2,633 15,584 14,72340,266 33 3,102 2,497 Dec. 31... 107,183 22,775 8,949 855 3,1333,3783,455 1,900 1,10484.408 78.338 2,275 16,985 14,27144,792 163,254 2,815 1945—June 29P 102,017 23,314 78,702 72,248 3,3083,146 New York City:* 1938—Dec. 31... 8,335 3,262 1,594 5 787 220 . 121 535 5,072 3,857 158 1,142 1,663 894 517 698 1940—Dec. 31... 10,910 3,384 2,125 6 465 190 130 468 7,527 6,044 207 1,245 2,977 1,615 695 788 1941—Dec. 31. 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1 623 3,652 1,679 729 830 1942—Dec. 31.!. 17,957 4,116 2,546 21 787 193 117 303 148 13,841 12,547 1,855 2,144 2! 056 5,420 1,071 593 701 1943—Dec. 31... 19.994 4,428 2,515 24 1,054 323 107 252 153 15,566 14,563 1,328 3,409 1,829 7,014 984 444 558 1944—Dec. 30. .. 24,003 5,760 2,610 30 1,742 859 86 253 179 18,243 17,179 913 3,740 3,745 8,592 189 468 596 1945—June 30... 25,756 7,069 2,380 53 2,528 1,539 76 270 223 18,687 17,492 424 3,538 3,607 9,920 2 567 629 Dec. 31... 26,143 7,334 3,044 2,453 1,172 80 287 298 18,809 17,574 477 3,433 3,325 10,337 1 606 629 1946—June 29P. . 23,304 6,506 16,796 15,646 535 617 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—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 L,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1946—June 29P. . 5,166 .329 3,837 3,485 153 200 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 l',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—Dec. 30. .. 33,603 6,822 3,034 348 311 777 1,379 660 313 26,781 25,042 1,704 5,730 5,181 11,987 440 1,000 740 1945—June 30. .. 36,572 7,155 2,883 304 371 1,147 1,378 757 315 29,417 27,523 1,320 6,598 5,689 13,906 10 1,100 794 Dec. 31... 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,594 29,552 1,034 6,982 5,653 15,878 5 1,126 916 1946—June 29P. . 37,676 8,863 28,812 26,585 1,194 1,034 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 3i094 2,096 8,705 538 1,214 855 1944—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 1946—June 29P. . 35,871 6,616 29,255 26,533 1,427 1,294 [nsured 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—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 P Preliminary. * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal Deposit Insurance Corporation. 1 During 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 itema 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 membera of the Federal Reserve System. TheM banks are included in "member banks" but are not included in "all insured commercial banks." » Central reserve city banks. 894 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b te ank F s B s w e e R R e a d r i r e v n e t e v - h e - k r e s a s l v C a i a n u s l h t m b a w B a n d e n i a c o s t k l e t - h - i s s c 4 j p m u D o a d s a t d s e e n e i - - - t d d s 5 m D e I s n d o t t e i - e c p 4 r o b s a i F e n t i s o g k r n - U m G er . o e n v n S - - t . p v S s o i u a t l s a b i n i t o t d i d e c n i s a - s l c C h c o a f e e e e i f n t e c f r r c i d d t s k - . i ' s - , p a v n a s p t I i h i r d n o d o t i d n r p u c n a i e s o a s - - , r l r s - - I b n a t n e k r- P m U G S e a o a r n o e . s n v S d v n t - - . a - t l v S p s i a i u s o t c n i a b l a o i d t d l t n e - i s s - p a v n s a p i t I h d i r d 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 ings All insured commercial banks: 1938—Dec. 31.. 8,694 950 5,663•25,198 6,595 503 838 2,942 595 23,475 157 §6 575 14,009 18 6,434 1940—Dec. 31. . 13,992 1,234 8,202 33,820 9,677 702 666 3,298 971 32,398 160 69 522 14,998 11 6,673 1941—Dec. 31. . 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,841 1942—Dec. 31.. 13,072 1,305 9,080 48,22110,234 813 8,167 3,996 1,219 47,122 97 61 397 15,697 10 7,055 1943—Dec. 31. . 12,834 1,445 8,445 59,921 9,743 893 9,950 4,352 1,669 58,338 68 124 395 18,561 46 7,453 1944_Dec. 30. . 14,260 1,622 9,787 65,96011,063 948 19,754 4,518 1,354 64,133 64 109 423 23,347 122 7,989 1945—June 30. . 14,806 1,474 9,959 68,04811,217 1,119 23,478 4,698 1,240 65,494 66 105 482 26,346 65 8,340 Dec. 31.. 15,810 1,829 11,075 74,72212,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 Member banks, total: 1938—Dec. 31. . 8,694 746 4,240 22,293 6,510 501 790 2,386 547 21,119 142 61 462 10,846 6 5,424 1940—Dec. 31. . 13,992 991 6,185 30,429 9,581 700 616 2,724 913 29,576 141 56 435 11,687 3 5,698 1941—Dec. 312 . 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1942—Dec. 31.. 13,072 1,019 6,147 42,57010,101 811 7,923 3,318 1,142 42,139 87 56 332 12,366 5 6,101 1943—Dec. 31. . 12,835 1,132 5,450 52,642 9,603 891 9,444 3,602 1,573 51,820 62 120 327 14,822 39 6,475 1944—Dec. 30. . 14,261 1,271 6,354 57,308 10,881 945 18,509 3,744 1,251 56,270 58 105 347 18,807 111 6,968 1945—Tune 30. . 14,807 1,150 6,486 59,13311,064 1,106 21,967 3,877 1,138 57,417 61 102 392 21,254 52 7,276 Dec. 31. . 15,811 1,438 7,117 64,18412,333 1.24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1946—June 29? . 65,448 New York City:* 193g_Dec. 31. . 4,104 68 109 7,168 2,687 437 139 280 195 7,273 6 36 652 1,593 1940—Dec. 31. . 7,057 102 122 11,062 4,032 641 48 370 471 11,357 5 51 768 1 615 1941—Dec. 31. . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1942—Dec. 31. . 4,388 72 82 11,899 3,209 733 4,186 263 448 12,501 3 23 711 1,727 1943—Dec. 31. . 3,596 92 61 13,899 2,867 810 3,395 252 710 14,373 4 5 26 816 "29 1.862 1944—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 1946—June 29 P . 16 836 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—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 1946—June 29 P . 3,153 Reserve city banks: 1038—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—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 1946—June 29P. 23,015 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—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—Tune 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 1946—June 29P. 22,443 Insured nonmember commercial banks: 1938—Dec. 31. . 204 1,423 2,904 85 2 48 555 48 2,356 15 25 113 3,163 11 1,010 1940—Dec. 31. . 243 2,017 3,391 95 3 50 574 58 2,822 18 13 87 3,311 8 975 1941—Dec. 31. . 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 956 1942—Dec. 31 287 2,934 5,651 133 2 243 678 76 4,983 10 5 65 3,339 5 955 1943—Dec. 31.. 313 2,996 7,279 141 2 506 750 96 6,518 6 4 68 3,750 6 979 1944—Dec 30 352 3,434 8,652 182 3 1,245 775 103 7,863 6 4 76 4,553 10 1,022 1945_yUne30. 324 3,473 8,915 153 13 1,511 820 101 8,078 5 4 90 5.105 13 1,065 bee. 31 391 3,959 10,537 233 5 1,560 858 135 9,643 6 4 97 5,579 7 1,083 * Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars ai all member banks and 525 million at all insured commercial banks. 5 Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection. For other footnotes see oage 894. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. AUGUST 1946 895 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 in lo a v n a e n d s s t- Total i t n c r d i i a a u l l s , , - a T n o d b d r e o a k l e e r r s s To others e R s e ta a t l e -Lo to ans Other Total c C t a if e t i e r - - s iGuar- O s ri e t t h c ie e u s r ment; and loans banks Total Bills of in- Note? j B»nds| ant a c u g u r l r a - i- l G U t l i o i o o g . b n v a - S - s t . . O c t u t i h e r s i e - r G t l U i i o o o g b . n v a - S - s t. . O c t s u t i e h e r - e s i- i d n e e e d b s - s t- teed Total—101 Cities 1945—June 60,923 12,848 5,876 1,652 1,481 3881,047 48,07544,962 1,655 9,956 9,316-24.C13f 223,113 1946—February.. 68,124 15,142 1,568 2,137 4411,120 75 730 52,98249,576 1,565 12,853 7,924127.226! 3,406 March. . . . 66,928 15,340 1,756 1,986 4311,140 61. 780 51,58848,146 1,119 12,393 7,5O2j27.126j 3,442 April 65,36015,128 1,491 7431,869 423r>, 169 76 ,846 50,23246,803 1,230 11,322 7,033 3,429 J M u a n y e 6 6 2 4 , , 6 1 1 2 2 4 1 14 4 , , 8 8 1 9 2 9 7,506 1 1 , , 2 3 9 5 6 1 758 1 1 , , 5 7 9 1 7 3 4 4 4 5 5 0 1 1 , , 2 2 1 5 3 8 9 8 5 4 8 8 6 7 7 9 4 4 9 7 . , 2 8 2 0 5 04 4 4 5 , , 4 8 2 4 5 0 1 1 , , 1 0 0 1 6 4 '1 9 0 , , 6 4 4 3 8 6 '6 6 , ,6 8 3 5 6 42 2 7 7 . , 4 1 3 2 7 0 3 3, , 3 3 7 8 5 5 May 1... 64,433 15,053 7,473 1,400 8041,780 4441,195 91 , 866 49,38045,993 1,052 i0,608 r6,924 27,402 7 3,387 May 8... 64,067 14,911 7,456 1,3 i 7541,747 4351,206 100 ,864 49,15645,777 984 10,461 r6,90827.418 6 3,379 May 15.. . 64,071 14,815 7,461 1,342 7151,702 4421,214 65 ,874 49,25645,871 1,220 '10,333 r6,88427,427 7 3,385 May 22.. . 64,16014,812 7,467 1,294 7181,671 4571,221 91 89349,34845,965 1,262 '10,417 '6.81027,469 7 3,383 May 29.. .63,887 14,904 7,482 1,370 7971,663 4501,228 1,840 48,98345,593 1,014 10,359 r6,742 27.471 7 3,390 June 5... 63,331 14,74 7,469 1,279 7441,629 4481,239 80 ,854 48,58945,222 1,205 '9,827 '6,71327,469 8 3,367 June 12... 62,864 14,786 7,507 1,242 7331,610 4481,251 116 ,879 48,07844,716 824 '9,680 r6,677 27,528 7 3,362 June 19... 62,50! 14,80; 7,520 1,264 7281,588 4531,264 92 ,894 47,70244,3241,268 '9,705r6,60426.740 7 3,378 June 26.. . 61,748 14,917 7,529 1,400 7191,559 4541,277 90 ,889 46,83143,437 758 '9,380r6,549 26,744J 6 3,394 July 3. . . 61,049 14,888 7,611 1,199 7541,511 4551,284 154 ,920 46,16142,744 1,026 9,905 5.03326.774J 6 3,417 July 10. . . 60,615 15,024 7,717 1,315 7441,472 4631,296 111 ,906 45,59142,185 709 9,687 4.994 26.7 63,406 July 17.. . 60,869 14,761 7,810 1,031 7031,431 4521,306 120 ,908 46,10842,643 1,121 9,572 .,995 26,949| 63,465 July 24. . . 60,547 14,803 7,974 832 7851,393 4571,313 121 ,028 45,74442,266 780 9,557 4,972 26.951 [ 6 3,478 New York City 1945—June 21,891 5,643 2,229 1,365 691 686 174 362 16,248 15,180 281 2,988 3,233! 8.677 ill,068 1946—February.. 23,702 6,305 2,908 1,257 522 816 195 60 17,397 16,300 438 3,582 2 ,747( 9.532J 1,097 March.. . . 23,189 6,483 2,981 1,435 527 728 190 48 50716,706 15,608 199 3,449 2,573 9.386j 1,098 April 22,521 6,213 3,003 1,163 541 664 186 64 52716,30815,223 420 2,993 2.3O7j 9,502! 1,085 May 21,993 5,962 2,925 1,059 525 599 205 72 51316,031 15,008 356 '2,768'2.155 9.728! 1,023 June 21,507 5,789 2,891 1,028 500 543 203 83 47715,718 14,689 396 2,669 2,067 9.556; 1,029 May 1... 22,145 6,090 2,949 1,069 557 633 204 79 53316.055 15,042 341 '2,786 "2,242 9.672 1,013 May 8. . .21,952 6,023 933 1,067 532 623 197 90 51515,929 14,913 255 '2,731 "2,226 9,700 1,016 May 15.. .21,915 5,913 925 1,059 496 591 203 53 52016,002 14,976 386 '2,701 "2,158 9.730 1,026 May 22.. . 22,036 5,883 910 1,016 496 576 215 74 53316,153 15,123 477 '2,787 "2.099 9.759 1,030 May 29. . .21,915 5,900 2,910 1,084 544 57C 204 63 46416,015 14,988 321 '2,837 "2.052 ill,027 I J J u u n n e e 12 5 . . . . . . 2 21 1 , , 5 7 2 3 5 2 , , 7 7 6 9 1 0 2 2 , , 9 8 1 9 8 4 1,0 9 0 6 9 7 5 5 0 0 5 9 5 5 5 4 6 4 2 1 0 9 0 9 1 6 0 7 5 1 1 5 5 , , 9 7 4 6 2 4 1 14 4 , , 7 9 4 2 2 3 2 5 5 1 6 9 ' ' 2 2 , , 5 58 6 8 8 2 2 . . 0 0 5 5 2 1 9 9 . .8 7 4 8 5 4 11,,002129 June 19...21,589 5,761 2 1,001 497 541 204 81 485 15,828 14,802 643 '2,755 , 1111 9,292 1,026 June 26. ..21,182 5,845 2 1,136 489 531 207 79 15,337 14,290 167 '2,766 ,053 9,303 1,047 July 3... 20,970 5,786 954 523 519 208 144 47415,184 14,133 375 2 972 ,460 9,325 1,051 July 10.. . 20,617 5,893 1,105 513 499 205 97 47814,72413,673 47 2,861 ,437! 9.327 1,051 July 17... 20,690 5,582 831 477 490 202 105 47115,108 14,012 375 2,775 ,412 9,449 1,096 July 24. . . 20,528 5,483 3,023 651 492 463 203 107 48115,045 13,945 246 2,831 1,396 9,471 1,100 Outside New York City 1945—June 39,032 7,205 3,647 287 795 214 1,065 31,82729,782 1,374 6,968 6,083 15?336 21 2,045 1946—February.. 44,422 8,837 4,460 311 ,321 461,056 1,247 35,585 33,276 1,127 9,271 5,177 17,694 2,309 March. .. . 43,739 8,857 4,494 321 1,25 2411,073 1,273 34,88232,538 920 8,944 4,929 17,740 2,344 April 42,839 8,915 4,508 328 202 ,205 2371,104 1,319 33,92431,58f 810 8,329 4,726 17,708 ' 2,344 May 42,131 8,937 4,543 292 2331,114 2401,149 1,354 33,19430,832 750 7,668 4,699 17,709 6 2,362 June 41,105 9,023 4,615 268 2311,054 2471,194 121,402 32,082 29,736 618 6,979 4,569 17,564 6 2,346 May 1... 42,288 8,963 4,524 331 2471,147 240 1,129 1,33333,32530,951 711 7,822 4,682 17,730 62,374 May 8... 42,115 8,888 4,523 282 2221,124 238 ,140 101,349 33,22730,864 729 7,730 4,682 17,718 2,363 May 15. .. 42,156 8,902 4,536 283 2191,111 239 ,148 1,354 33.25430,895 834 7.632 4,726 17,697 6 2,359 May 22. . .42,124 8,929 4,557 278 222 ,095 242 ,158 1,360 33.195 30,842 785 7,630 4,711 17,710 2,353 May 29... 41,972 9,004 4,572 286 1,093 2461,167 1,376 32,96830,605 693 7,522 4,690 17,694 2,363 June 5... 41,599 8,952 4,551 270 2351,073 2481,177 131,38532,647 30,299 686 ,7,259 4,66217,685 2,348 June 12... 41,339 9,025 4,613 275 2281,066 2491,187 1,39632,31429,974 568 7,092 4,62517,683 6 2,340 June 19. . . 40,916 9,042 4,632 263 2311,047 2491,200 1,40931,87429.522 625 6,950 4,49317,448 6 2,352 June 26.. . 40,566 9,072 4,664 264 230 1,028 2471,212 1,416 31,49429,147 591 6,614 4,496 17,441 5 2,347 July 3... 40,079 9,102 710 245 231 992 2471,221 1,446 30,97728,611 651 6,933 3,57317,449 5 2,366 July 10... 39,998 9,131 784 210 231 973 258 1,233 1,428 30,86728,512 662 6,826 3,55717,462 2,355 July 17... 40,179 9.179 868 200 226 941 2501,242 151,43731,000 28,631 746 6,797 3,58317,500 2,369 July 24.. . 40,019 9,320 4,951 181 293 930 254 ,250 1,44730,699 28,321 534 6,726 3,57617,480 2,378 r Revised. Back figures.—See Banking and Monetary Statistics, pp. 127-227. 896 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month B s w F e R e a e r i r e a t n d v h - l k - e s C va 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 i s c j m p u a o d s a d t s e n e i - - t d d s 1 s p p u v n c h a o a a o i n e i d r r l p r r d s a t - - - s - , - , S p s d s a i i o t u c i n o a v l b a n d i t i l t - e - s - s c C c h o a f e e e i f e n t e f r r c c i d t s d . - k i ' - s, U m G er . o e n n v S - t - . s p u v c p n a h o a o i n e a i d l r p r r r d s a - - - t s , - - , S p s d s a i i o t u i c o n a v l b a n i d t i l - t e - s - s P U m G S e i a n o r . a n o e g s n 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 e a ts b n 2 - k tions tions Total 101 Cities 1945—June 10,239 580 2,348 38,854 38,951 2,068 1,112 9,884 8,380 109 9,898 1,044 519 4,76178,821 1946— February. 10,060 580 2,27137,66537,822 2,144 ,17016,377 9,482 119 10,121 1,221 303 5,03158,827 March.... 9,930 569 .2,16537,38637,413 2,177 ,16715,119 9,567 126 9,787 1,240 508 5,05969,374 April 9,862 568 2,16037,412 37~,329 2,296 ,25813,725 9,632 130 9,543 1,264 360 5,09369,768 May 10,083 56 2, ,50238,350 2,403 ,30611,864 9,769 129 9,368 1,265 139 5,124 65,732 June. 10,21 595 2,139 39,59 39,564 2,404 ,336 9,257 9,910 124 9,266 1,268 5,141 69,33 May 1.. 10,152 541 2,154 38,24238,041 2,456 ,56512,363 9,704 129 9,505 1,280 198 17,708 May 8 10,123 569 2,128 38,25137,770 2,398 ,17511,990 9,740 131 9,422 1,279 181 15,051 May 15.... 10,045 558 2,254 38,348 38,690 2,381 ,21911,922 9,765 130 9,540 1,252 77 124 14,991 May 22 9,978 574 2,11838.727 38,581 2,345 ,20611,666 9,785 129 9,247 1,252 122 12815,276 May 29 10,118 568 2,119 38,94138,669 2,433 ,36411,377 9,851 128 9,125 1,260 118 5,121 14,657 June 5.... 10,195 580 2,11839,47139,190 2,436 ,34910,0719,882 129 9,352 1,254 173 5,14514,037 June 12 10,219 61: 2,19539,50539,738 2,372 ,362 9,654 9,901 125 9,355 1,264 176 5,14214,732 June 19 10,208 58' 2,14839,86940,034 2,370 ,353 ,915 121 9,363 1,287 184 5,13717,530 June 26... . 10,244 600 2,09639,52239,295 2,436 1,282 8,660 9,943 120 8,997 1,268 126 5,13516,122 July 3.... 10,111 545 2,164 39,24139,374 2,318 1,464 7,665 9,958 121 9,403 1,266 233 5,16219,493 July 10.... 10,141 619 2,143 39,,13439,250 2,256 1,275 •,969 134 9,371 1,261 204 5,16713.028 July 17.... 10,177 594 2,24139,24'39,757 2,212 1,269 ,449 9.980 139 9,639 1,272 172 5,16216,883 July 24... . 10,145 590 2,132 39,42739,505 2,239 1,249 161 9,994 139 9,287 1,265 168 5,17015,588 New York City 1945—June 3,775 14,46014,799 221 733 3,895 996 3,177 937 370 1,830 36,951 1946—February. . . 3,628 94 13,60013,950 264 712 6,2521,132 10 3,141 1,092 143 ,93727,425 March 3,563 8' 13,44513,790 230 701 5,7231,137 3,014 1,114 322 ,94332,831 April 3,57 8' 13,56313,898 254 768 5,159 1,148 2,999 1,132 136 ,95533,290 May 3,718 88 13,96514,290 279 797 4,425 1.197 2,990 1,125 34 ,96530,408 June 3,761 96 14,44614,823 240 824 3,4081,250 2,988 1,117 67 966 32,439 May 1 3,810 85 13,88714,255 322 986 4,609 1,172 3,113 1,144 47 ,967 8,835 May 8 3,711 90 13,86314,086 263 695 4,485 1,187 2,969 1,139 46 ,968 7,183 May 15 3,679 83 13,82714,279 284 712 4,4491,190 3,017 116 10 ,968 6,711 May 22 3,648 88 14,09114,401 262 720 4,3481,191 2,946 108 29 ,965 6,878 May 29 3,741 93 14,15914,431 264 872 4,234 1,244 2,906 118 38 ,958 6,851 June 5.... 3,740 94 14,37114,717 225 815 3,711 1,249 2,980 ,105 77 ,970 6,565 June 12.... 3,762 100 14,32414,768 240 874 3,5601,253 2,991 ,111 79 ,970 6,748 June 19.... 3,725 91 2814,60415,005 241 812 3,187 1,248 3,063 ,135 67 ,964 8,314 June 26 3,817 98 14,48414,801 252 797 3,172 1,249 2,919 ,119 46 ,959 7,330 July 3 3,692 99 14,37414,860 207 912 2,7691,230 3,042 ,111 139 ,972 9,590 July 10 3,732 104 14,26614,693 188 777 2,6781,223 2,974 ,111 105 ,973 5,976 July 17...., 3,710 96 2914,25514,711 239 739 2,6841,224 3,048 ,123 89 ,972 7,639 July 24 3,709 93 14,38314,775 239 736 2,566 1,228 2,895 ,111 87 ,973 7,097 Outside New York City 1945—June 6,464 489 2,32524,39424,152 1,847 379 5,9897,384 89 6,721 107 149 2,93141,870 1946—February. 6,43 486 2,246 24,06523,872 1,880 45810,125 8,350 95 6,980 129 160 3,094 31,402 March... . 6,367 482 2, ,94123,623 1,947 466 9,396 8,430 100 6,773 126 186 36,543 April 6,285 481 2,10523,84923,431 2,042 490 8,566 8,484 108 6,544 132 224 36,478 May 6,365 47. 2,12824,53724,060 2,124 509 8,572 108 6,378 140 105 3,159 35,324 June 6,456 499 2,11125,14624,741 2,164 5,849 8,660 106 6,278 151 3,17536,894 May 1. 6,342 456 2,129 24,35523,786 2,134 579 7,754 8,532 108 6,392 136 151 3,152 8,873 May 8. 6,412 479 2,099 24,38823,684 2,135 480 7,5058,553 110 6,453 140 135 3,158 7,868 May 15. 6,366 475 2,226 24,52124,411 2,097 507 7,44"7"3 8,575 109 6,523 136 67 3,156 8,280 May 22. 6,330 486 2,09124,63624,180 2,083 486 7,3 1,594 108 6,301 144 93 3,163 8,398 May 29. 6,377 475 2,09124,78224,238 2,169 492 7,1143 8,607 107 6,219 142 80 3,163 7,806 June 5. 6,455 486 2,09325,10024,473 2,211 534 6,360 8,633 108 6,372 149 96 3,175 7,472 June 12. 6,45 512 2,16825,18124,970 2,132 488 6,094 8,648 108 6,364 153 97 3,172 7,984 June 19., 6,483 496 2,12025,26525,029 2,129 541 5,4578,667 104 6,300 152 117 3,173 9,216 June 26.. 6,427 502 2,06525,03824,494 2,184 485 5,488 8,694 104 6,078 149 80 3,176 8,792 July 3. 6,419 446 2,13824,86 24,514 2,111 552 4,896 8,728 105 6,361 155 3,190 9,903 July 10.. 6,409 51 2,118 24,86824,557 2,068 498 4,735 8,746 118 6,397 150 3,194 7,052 July 17. 6,467 498 2,21224,99225,046 1,973 530 4,765 8,756 124 6,591 149 3,190 9,244 July 24.. 6,436 49 2,10525,044 24,730 2,000 513 4,595 8,766 123 6,392 154 3,197 8,491 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. AUGUST 1946 897 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments For purchasing U. S. Government obligations or carrying securities Total Comd F i e s d tr e ic ra t l a R nd e s d er a v te e i m n lo a v e n a e n n d s t s t s - Total i t t m a c n c a u r g i u i d n e r a a r l d u a r l i l - , - - l , s- G I a t l T L i o i n o o g o b d n a v - S b - s t d . r . e o a k O c l e t e s u t i r r e h e r s s - s i e - r G t l U i T i o o o g b . o v n a S - - s t o . . t O h c t e s u t i e h e r r s - i s e - r e R l s o t e a a a n t l e s -L ba o t n o a k n s sO lo th an er s Total Total Bills o d c C n t f e a e i e e f 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 i e e u r s - Boston June 26. 3,086 824 500 30 24 36 17 79 1 137 2,262 2,171 26 364 304 1,477 91 July 3 3,044 820 496 38 14 36 17 79 1 139 2,224 2,131 50 412 193 1,476 93 July 10 3,052 825 501 32 19 37 17 79 1 139 2,227 2,133 49 421 189 1,474 94 July 17 3,067 828 503 28 22 36 18 80 2 139 2,239 2,145 65 417 191 1,472 94 July 24 3,072 831 515 16 27 36 16 80 2 139 2,241 2,146 59 425 191 1,471 95 New York* June 26 23,409 6,246 3,028 1,145 494 560 228 162 79 55017,163 16,018 280 '3,016 '2,288 10,433 11,145 July 3 . . 23 130 6 190 3 067 961 528 548 229 161 144 55216 940 15,790 413 3,263 1,648 10,465 11,150 July 10 ... 22 772 6,298 3 101 1 112 518 527 226 161 97 556 16 474 15,324 85 3,152 1,621 10,465 11,150 July 17 22,846 5,995 3,117 839 483 518 222 162 105 54916,851 15,657 716 3,056 1,596 10,588 11,194 July 24 22 661 5 904 3 ''Ol 659 501 491 223 162 107 56016 757 15,558 268 3 0831,585 10,621 11,199 Philadelphia June 26 2,550 586 284 10 32 44 10 44 161 1,964 1,774 103 245 276 1,150 190 July 3 2 501 588 290 10 31 40 10 45 161 1 913 1,717 77 261 231 1,148 196 July 10 2,530 589 292 10 31 39 10 45 161 1,941 1,745 103 264 230 1,148 196 July 17 2,511 594 299 11 33 33 10 46 161 1,917 1,719 67 271 226 1,155 198 July 24 2,489 607 303 10 40 33 10 47 163 1,882 1,686 75 254 225 1,132 196 Cleveland June 26 . 5,010 1,142 480 41 33 220 15 182 170 3 868 3,582 28 732 527 2,295 286 July 3 ... 4,926 1,157 500 42 36 213 14 184 167 3,769 3,490 19 765 407 2,299 279 July 10 4,903 1,151 502 36 32 213 15 186 3 164 3,752 3,475 18 750 397 2,310 277 July 17 . 4 903 1 138 504 34 29 205 14 188 1 163 3 765 3,486 37 738 397 2,314 279 July 24 4,917 1,148 507 32 40 202 14 189 1 163 3,769 3,493 37 740 397 2,319 276 Richmond June 26.. . . 2,070 401 176 5 56 9 59 2 87 1,669 1,585 11 379 175 1,020 84 July 3 2,048 399 175 4 8 54 9 59 2 88 1,649 1,565 17 390 138 1,020 84 July 10 2 054 400 177 4 8 52 9 60 4 86 1 654 1 570 23 389 138 1,020 84 July 17 2,063 401 181 2 7 51 9 60 5 86 1,662 1,577 26 391 138 1,022 85 July 24 2,053 406 180 2 10 51 9 61 5 88 1,647 1,562 15 390 133 1,024 85 Atlanta June 26 2,119 507 246 1 13 107 10 31 3 96 1,612 1,451 27 411 202 809 2 161 July 3 ... 2,096 510 250 2 12 97 10 32 3 104 1 586 1,425 30 413 169 811 2 161 July 10 2,092 506 252 1 11 97 20 33 3 89 1,586 1,426 30 413 165 816 2 160 July 17 2,089 504 253 2 10 94 20 33 4 88 1,585 1,425 33 407 165 818 160 July 24 . . 2 088 509 258 2 11 91 20 33 4 90 1 579 1,419 31 404 164 818 2 160 Chicago* June 26 8,825 1,911 1,070 138 57 190 76 199 181 6,914 6,351 69 1,720 974 3,587 1 563 July 3 8,767 1,896 1,077 110 63 180 77 200 189 6,871 6,293 171 1,773 756 3,592 1 578 July 10 8,698 1,890 1,091 92 60 177 76 202 192 6,808 6,234 160 1,710 760 3,603 1 574 July 17 8,779 1,895 1,117 82 57 173 70 203 193 6,884 6,305 213 1,685 786 3,620 1 579 July 24 . . 8,709 1,921 1 136 81 67 169 71 205 192 6,788 6,206 114 1,684 786 3,621 1 582 St. Louis June 26 1,975 572 290 4 8 52 15 82 3 118 1,403 1,262 15 202 227 818 141 July 3... 1 948 578 290 2 12 53 15 83 2 121 1,370 1,226 6 206 199 815 144 July 10 1,956 583 297 3 11 52 15 84 2 119 1,373 1,229 4 204 211 810 144 July 17. 1 951 585 302 4 8 50 15 84 1 121 1,366 1,221 13 192 205 811 145 July 24 1,928 593 304 3 13 51 15 85 122 1,335 1,192 3 181 201 807 143 Minneapolis June 26 1 263 241 114 3 30 5 32 57 1,022 961 9 137 167 648 61 July 3... 1,241 244 113 1 3 30 5 32 60 997 936 11 116 161 648 61 July 10 1 226 250 120 1 2 29 5 33 60 976 916 5 109 155 647 60 July 17 1,235 253 122 1 2 28 4 33 63 982 923 9 112 155 647 59 July 24 1,228 258 123 1 5 29 5 33 62 970 907 8 102 153 644 63 Kansas City June 26 2,300 431 245 2 6 37 9 49 83 1,869 1,703 55 458 328 862 166 Tilly 3 2 289 440 251 2 6 38 9 49 85 1.849 1,686 58 487 280 861 163 July 10 2,297 449 258 2 6 37 10 50 86 ,848 1,686 64 482 278 862 162 July 17 2,316 458 268 2 6 36 () 51 86 ,858 1,696 66 488 277 865 162 July 24 2,325 469 276 2 8 36 9 51 87 ,856 1,693 61 487 280 865 163 Dallas June 26 2 038 673 395 1 7 110 29 43 88 ,365 1,298 47 395 211 645 67 July 3 2,029 675 398 1 9 107 29 43 88 ,354 1.284 51 404 179 650 70 July 10 2,017 670 395 1 8 102 30 44 90 ,347 1,276 44 403 182 647 71 July 17 2,043 679 404 1 7 103 30 44 90 .364 1,293 54 410 183 646 71 July 24 2 021 688 412 1 8 103 31 44 89 1,333 1,261 39 394 182 646 72 San Francisco June 26 7,103 1,383 701 23 35 117 31 315 161 5,720 5.281 88 1,321 870 3,000 2 439 July 3 7,030 1,391 704 26 32 115 31 317 166 5,639 5,201 123 1,415 672 2,989 2 438 July 10 7,018 1,413 731 21 38 110 30 319 164 5,605 5.171 124 1.390 668 2,987 2 434 July 17 7,066 1,43*1 740 25 39 104 31 322 1 169 5,635 5,196 122 1,405 676 2,991 2 439 July 24 . 7 056 1,469 759 23 55 101 34 323 1 173 5,587 5,143 70 1,413 675 2,983 2 444 City of Chicago* June 26 5,170 1,299 795 136 49 118 66 44 91 3,871 3,529 36 1.037 539 1,917 342 July 3 5,167 1,286 802 107 55 115 67 43 97 3,881 3,523 136 1,050 423 1,914 358 July 10 5,133 1,276 813 89 52 114 66 44 98 3,857 3,503 146 1.016 426 1,915 354 July 17 5,213 1,276 834 80 49 111 61 44 97 3,937 3,579 175 1,044 435 1,925 358 Julv 24 ... . 5,158 1,288 849 79 48 109 62 44 97 3,870 3,510 105 1 ,'048 433 1,924 360 r Revised. * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table. The figures for the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES fin millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic d F i e s d tr e i r c a t l a R nd e se d r a v t e e B s F w e R e a e r r i e a n d t v h - l k - e s vault m b a w a n d e n i s o c t t e - k h i s c s p m u o d a s a d s e t n e i - - t d d s 1 p p u v n c a o a a o i e n d r r l r r d s a t - - - - , - 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 f e n t e r f r c d c i t d s - k . i ' - s, U m G e . r o e n v n S - - t . s u p p n c h a v a o o a e n i i l p d r r r r d s a - - t s - , - - , S p s d t s a i o i a u c i n o v l t a b d i n e i l t - - s s - P u m G S e a o r . a o n e s n v v d n t - s - - a t . l m D a e n b - d an T ks ime b F e a i o n g r k n - s B r i o n o w g r s - - c C o i a t u a c a p n - l - ts B d i a e t b n s - k ' tions tions ings Boston (6 cities) June 26 490 57 122 2,219 2,191 135 44 484 458 294 24 293 757 July 3 486 51 114 2,205 2,202 128 48 424 459 310 26 293 794 July 10 467 62 116 2,221 2,207 126 40 411 461 307 26 1 293 535 July 17 490 59 115 2,245 2,249 128 51 414 462 320 35 1 294 701 July 24 473 57 114 2,259 2,233 130 43 399 463 305 26 1 294 647 New York (8 cities)* June 26 4,045 132 13115,92415,985 556 830 3,4141,937 2,988 1,122 47 2,121 7,787 July 3 3,946 131 12915,77016,043 454 964 3,0001,926 3,114 1,114 141 2,134 10,137 July 10 3,989 142 12115,64915,873 459 814 2,9061,921 3,048 1,115 117 2,136 6,314 July 17 3,958 133 12015,61915,918 447 779 2,9081,923 3,123 1,127 107 2,135 8,110 July 24 3,953 127 11915,74215,956 451 776 2,781 1,927 2,966 1,115 95 2,136 7,474 Philadelphia (4 cities) June 26 427 33 84 1.843 1,909 67 394 234 357 11 6 259 685 July 3 430 27 92 1,840 1,925 56 34 234 366 11 5 259 916 July 10 431 33 89 1,871 1,922 8f 26 337 240 356 11 7 259 472 July 17 432 32 95 1,839 1,922 61 27 338 238 375 10 4 259 683 July 24 429 31 86 1,842 1,888 65 28 32. 239 347 11 5 260 577 Cleveland (10 cities) Tune 26 748 78 188 3,10: 3,103 168 5 6371 ,293 479 9 491 967 July 3 765 71 202 3,086 3,09: 166 69 5681,296 501 15 489 1,145 July 10 752 78 188 3,07: 3,074 164 62 5531,297 489 12 488 740 July 17 784 79 196 3,06 3,118 159 70 5741,298 512 18 488 1,013 July 24 763 79 190 3,082 3,099 148 7C 5591,299 499 17 488 941 Richmond (12 cities) June 26 333 40 122 1,370 1,369 93 31 284 369 338 144 412 July 3 348 36 128 1,370 1,377 100 28 251 370 366 476 July 10 339 40 127 1,388 1,391 95 28 244 371 361 144 348 July 17 340 39 124 1,38 1,398 95 28 245 372 371 144 448 July 24 334 40 121 1,394 1,402 94 26 236 372 349 144 415 Atlanta (8 cities) June 26 371 31 124 1,360 1,250 223 15 251 443 461 129 416 July 3 370 28 146 1 ,360 1.266 21 15 220 445 488 128 485 July 10 376 32 140 1,365 1,273 213 14 213 446 484 129 350 July 17 378 30 150 1,376 1,300 216 14 215 446 478 129 458 July 24 367 31 135 1,380 1,271 222 17 207 447 457 129 441 Chicago (12.cities)* June 26 1.44: 367 5,379 5,17 549 86 1,243 1,944 1,503 618 2,187 July 3 1,384 364 5,342 5,173 535 98 1,0881,952 1,549 61 2,491 July 10 1,400 373 5,292 5,160 50: 93 1,062 1,954 1,582 617 1,708 July 17 1,408 409 5,34 5,310 493 95 1,061 1,958 1,662 613 2,366 July 24 1,443 394 5,348 5,225 50.' 9 1,0221,961 1,644 617 2,175 67. Louis (5 cities) June 26 336 110 1,116 1,155 74 21 273 363 533 1.39 391 July 3 322 121 1,078 1,137 78 21 240 365 571 138 478 Tuly 10 334 112 1,111 1,165 73 17 234 366 562 138 353 July 17 326 119 1 ,101 1,184 72 18 234 366 569 138 456 July 24 341 113 1,123 1,179 73 18 225 366 542 139 410 Minneapolis (8 cities) June 26 206 82 746 699 112 12 197 223 309 90 259 July 3 206 84 740 690 120 15 175 224 313 90 283 July 10 202 89 734 694 111 1 169 225 309 90 222 July 17 200 05 742 708 107 14 170 225 314 90 288 July 14 203 89 739 701 106 14 16: 225 316 90 273 Kansas City(12 cities) June 26 436 265 1,492 1,451 182 25 286 306 784 153 494 July 3 444 272 1,472 1,460 178 25 251 306 829 .153 504 July 10 446 290 1,490 1,488 176 26 245 307 856 154 463 July 17 460 303 1,502 1,516 172 25 245 308 891 153 593 July 24 446 276 1,481 1,476 177 25 238 309 886 154 575 Dallas (9 cities) June 26 396 212 1,443 1.439 95 27 258 289 532 147 441 July 3 391 229 1,444 1,439 103 28 226 290 565 146 434 July 10 410 233 1,463 1,461 100 27 220 290 566 146 356 July 17 402 235 1 .484 1,500 96 29 220 290 564 146 449 July 24 403 228 1,483 1,483 96 31 212 290 545 146 452 SanFrancisco(7 cities) June 26 1,014 289 3,528 3,567 182 106 9392,084 419 551 1,326 July 3 1,019 283 3,534 3,570 183 126 2,091 431 572 1,350 July 10 995 265 3,478 3,542 157 113 2,091 451 573 1,167 *Tuly 17 999 280 3,538 3,633 166 113 8252,094 460 573 1,318 July 24 267 3,554 3,592 174 109 7952,096 431 573 1,214 City of Chicago* June 26 905 164 3,210 3,192 249 39 791 795 1,061 392 1,412 July 3 859 169 3,216 3,18 260 49 688 800 1,087 392 1,610 Tuly 10 850 173 3,195 3,205 241 43 668 801 1,112 392 1,086 July 17 871 178 3,239 3,317 233 45 673 803 1,169 388 1,508 July 24 887 177 3,243 3,265 236 42 648 804 1,148 389 1,428 ""Revised. * 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. 899 AUGUST 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on 2 Commercial Total End of month sta p o n a u d p t i e - n r g1 sta o n u d t i - ng 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 d r 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 o t t o e e r s d ts E U S f x n r t p o a i o m t 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 t d n c> ts b r e F e i d t n o w r i e e n i e g n o n r States countries 1945—March 147 128 96 54 42 32 87 11 25 4 April 119 117 90 52 38 26 81 10 24 May 103 104 82 51 32 22 72 9 22 June 101 107 80 44 36 27 74 10 20 July .... 107 117 90 45 45 (3) 26 81 9 22 August 110 128 101 50 50 28 91 10 25 September 111 135 104 52 52 31 98 11 23 October 127 135 100 53 46 35 95 12 22 November 156 145 107 58 49 38 100 15 23 December 159 154 112 64 48 42 103 18 26 1946—January 174 166 126 71 55 40 109 20 29 February 178 167 128 74 53 39 109 18 31 March 172 163 119 64 55 2 42 104 17 33 April 149 169 109 65 44 13 47 114 16 30 May 126 177 108 66 42 13 55 124 18 28 June 121 192 109 65 45 18 64 134 22 27 ot ot o- 4 2 3 6 6 7 8 9 8 9 7 8 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 Debit Debit cre C d u it s t b o a m la e n r c s' es1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money balances investment investment and in borrowed2 In partners' In firm In capital (net)i an a d c c t o r u ad n i ts ng an a d c c t o r u ad nt i s ng banks Free O (n th et e ) r a in n v d e t s r t a m d e in n g t a in n v d e t s r t a m d e in n g t ac ( c n o e u t n ) ts accounts accounts 1936—June 1,267 67 164 219 985 276 86 24 14 420 December... 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December... 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December... 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December... 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December... 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 788 11 188 181 557 354 65 14 5 198 1944—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 1945—July 31,141 3824 3580 August 31,100 3758 3573 September. . 31,084 3762 3594 October »l,063 3743 3632 November. . 81,095 3711 3639 December... 1,138 12 413 3i3 795 654 112 29 13 299 1946—January.... 31,168 3 734 3 727 February. . . 31,046 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 June 809 7 399 370 498 651 120 24 17 314 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. 1 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): 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. 900 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 o e t n p r o m t e c h i 6 r - 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 e l a n w - l n l g - e m b o i 3 l n l - s t * h 9 d c m - o c e e t f o a o r b t t n t i i e e f n 1 t s i h d - 2 - - - 3 t - n a y x o t e o a t a e b r s 5 l - e 1937 average1.... 19 T o c t i a 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 o i t a e 5 e u n s r t d n hness 1938 average1 1.69 2.75 3.26 1939 average.... 2.78 2.07 2.87 3.51 1943 average .69 .44 1.00 .373 .75 1.34 1940 average 63 2.04 2.56 3.38 1944 average .73 .44 1.00 .375 .79 L.33 1941 average.... 54 1.97 2.55 3.19 1945 average .75 .44 1.00 .375 .81 L. 18 1942 average.... 2.61 2.07 2.58 3.26 1943 average 2.72 2.30 2.80 3.13 1945—July .75 .44 1.00 .375 .80 L. 16 1944 average.... 2.59 2.11 2.68 3.02 August.... .75 .44 1.00 .375 .82 L. 17 1945 average.... 2.39 1.99 2.51 2.73 September. .75 .44 1.00 .375 .84 4 L.19 October .75 .44 1.00 .375 .83 L.17 1942—March.... 2.48 1.85 2.48 3.20 November. .75 .44 1.00 .375 .84 1.14 June 2.62 2.07 2.56 3.34 December.. .75 .44 1.00 .375 .84 4 L. 15 September 2.70 2.28 2.66 3.25 December. 2.63 2.09 2.63 3.26 1946—January... .75 .44 1.00 .375 .79 L. 10 February. . .75 .44 1.00 .375 .76 L.03 1943—March 2.76 2.36 2.76 3.24 March .75 .44 1.00 .375 .79 .99 June 3.00 2.70 2.98 3.38 April .75 .44 1.00 .375 .81 L.12 September 2.48 2.05 2.71 2.73 May .75 .47 1.00 .375 .83 L.18 December. 2.65 2.10 2.76 3.17 June . . . 75 .50 1.00 .375 .83 L 15 July .77 .59 1.00 .375 .84 ['.13 1944—March 2.63 2.10 2.75 3.12 June 2.63 2.23 2.55 3.18 Week ending: September 2.69 2.18 2.82 3.14 June 29 M 1.00 .376 .84 :[A3 December. 1.93 2.61 2.65 July 6.... 1.00 .375 .84 L.ll July 13.... 1.00 .375 .84 L.12 1945—March 2.53 1.99 2.73 July 20.... 11/16 1.00 .375 .84 L.15 June 2.50 2.20 2.55 July 27.... H-Vs 11/16 1.00 .376 .83 L.12 September 2.05 2.53 December. 2.09 1.71 2.23 cen 2 1 t T M d h o e u n r a i t n h v g l e y r t a h f g i e e g u e r r n a e t t s e i r e a o r n e p e 9 a r 0 v io - e d d r a a . y g e s s t o o c f k w e e x e c k h l a y n g p e r e t v i a m i e li n lo g a r n a s t e w s a . s 1.25 per 1946— J M un ar e ch 2 2 . . 3 4 1 1 1 1 . . 7 8 5 4 2 2 . . 3 5 4 1 2 2 . . 9 9 3 7 3 Rate on new issues offered within period. 4 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 * [Per cent per annum] U. S. Government Corporate (Moody's)4 Year, month, 7 y e to ar 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 By 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 L96 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.... L.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.... L.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—July L.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. . . L.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 L.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... L.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 [.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 'L.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. . .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.. .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 L.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 L.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 July 1.40 (6) 2.18 1.60 2.41 2.71 2.48 2.59 2.72 3.03 2.58 2.86 2.69 Week ending: 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 July 6... 1.38 (6) 2.15 1.58 2.40 2.71 2.49 2.59 2.72 3.03 2.58 2.86 2.69 July 13. .. 1.37 (6) 2.15 1.59 2.41 2.70 2.48 2.58 - 2.71 3.03 2.57 2.85 2.68 July 20. .. 1.42 (6) 2.20 1.60 2.42 2.71 2.49 2.59 2.72 3.04 2.58 2.87 2.69 July 27.. . 1.41 (6) 2.20 1.62 2.41 2.71 2.49 2.59 2.72 3.03 2.58 2.87 2.69 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. J Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have been reduced from 10 to 3, 6, and 9 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 7, 6, and 9 issues, respectively. 6 Beginning Dec. 15, 1945, includes Treasury bonds of June 1952-54, June 1952-55, December 1952-54, and March 1956-58. 6 No partially tax-exempt bonds due or callable in 15 years and over. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490. AUGUST 1946 901 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 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 ow ai e l- r-gra P d u e blic fau D l e te - d fer P r r e e d - 8 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.... 15 50 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 1.944 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—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 85.4 200.5 143 146 160 124 776 March 106.46 143.4 124.5 120.1 124.5 119.9 115.9 82.7 203.1 142 145 154 123 116 April , 106.61 144.1 124.3 119.9 124.4 119.6 115.8 83.6 204.9 152 156 157 128 ,391 May 104.82 142.1 123.7 119.5 123.9 118.6 116.0 81.8 '201.9 154 159 157 129 ,311 June 105.28 142.0 123.9 119.5 123.9 118.7 116.0 83.2 202.4 153 157 162 130 ,086 July 104. 140.9 124.0 119.1 123.4 118.5 115.3 80.0 204.1 150 153 154 128 936 Week ending: June 29 105.20 141.8 124.0 119.5 124.0 118.7 115.8 83.1 202.4 150 153 159 129 1,022 July 6 105.3 141.4 124.1 119.4 123.8 118.8 115.5 82.4 202.9 153 157 160 129 865 July 13 105.36 141.2 124.1 119.4 123.8 118.8 105.6 81.7 204.7 153 158 158 129 900 July 20 104.66 140.9 124.0 119.1 123.7 118.6 115.1 79.3 203.5 149 153 155 128 932 July 27 104.61 140.5 123.9 118.8 122.9 118.4 115.1 78.2 204.1 144 147 147 125 1,085 T Revised. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years and over. ' 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. 1 Standard and Poor's Corporation. 8 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures —See Banking and Monetary Statistics, Tables 130, 133. 134, and 136, pp. 475, 479, 482, and 486, respectively, and the BULLETIN for May 1945, pp. 483-490. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic Year or month f ( i u a n r n n n e e g d - d w ) - m T e ( a e i f o d g n o s o t n d t r a - i - ) l c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a p o o n o t n d e r d s a s te Stocks e F ig o n r- '2 m T e ( a e f i 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 e F i o g r n - 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 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,174 642 640 176 90 374 282 92 2 1,532 1,442 259 497 685 603 82 90 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945.. . . 7,958 1,764 1,752 471 26 1,255 602 654 12 6,194 6,146 324 912 4,911 4,256 655 48 1945—June 169 52 52 43 8 1 1 117 117 8 30 79 79 J A u u ly gust. . . 1,2 5 2 1 9 0 2 1 4 4 9 4 2 1 4 4 9 4 3 3 5 7 2 2 1 1 0 2 7 "'3 6 4 4 ' 1 4 7 3 8 9 36 8 6 1 9 3 8 6 1 6 31 7 20 2 0 0 3 7 3 5 8 0 6 2 2 9 3 7 "l2 4 7 1 ' September. 879 142 142 37 105 35 70 737 732 9 17 705 645 60 '"5 O No ct v o e b m e b r e .. r . . 1,3 2 3 2 8 3 24 9 3 4 | 2 9 38 4 2 3 9 4 20 6 9 0 1 2 0 8 3 1 3 0 1 6 "" s'1,0 1 9 2 6 9 1,0 1 7 2 0 9 38 7 4 4 2 4 98 7 9 8 82 6 0 0 16 1 9 8 26 December. 838 243 241 80 161 107 54 3 594 594 3 255 337 282 55 1946—January.. . 346 200 200 68 1 131 10 122 146 146 3 30 113 55 58 February. . 350 65 65 18 47 5 42 284 284 20 264 247 17 March.... 557 223 222 79 16 127 17 111 1 334 311 4 23 284 238 46 "23 April 1,097 373 373 61 22 290 118 172 723 698 10 326 363 277 85 25 May 1,037 310 302 103 7 192 99 93 8 728 728 47 17 664 536 127 June 847 425 425 108 9 307 115 193 423 423 16 41 366 301 65 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. Source.—For domestic issues. Commercial and Financial Chronicle; for /oreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures—See Banking and Monetary Statistics, Table 137, p. 487. 902 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 Repayment Other Total P eq la u n ip t m an e d nt W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red other o f debt purposes 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3.142 657 252 405 2,389 2,038 351 49 47 1945 5,800 5.691 996 581 415 4,447 4,017 430 124 124 1944—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 It 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 May '844 '825 '153 '91 ••62 '630 '514 "•116 28 14 June 654 634 239 169 70 311 279 32 13 72 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New- ment of other net • New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses4 ceeds ties poses4 ceeds ties poses4 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 4 4 1944 602 102 500 1,400 40 1,343 17 1,033 454 504 76 107 61 42 3 1945 1,436 115 1,320 2,196 61 2,083 51 1,865 732 984 149 194 88 60 47 1944—December. . 82 82 21 20 34 24 7 3 42 42 1945—January 119 119 65 65 82 28 54 1C 8 2 February... 108 12 96 60 60 27 9 16 1 18 7 6 5 March 124 2 122 93 41 50 2 4 4 April 360 14 346 139 12 127 1 118 64 38 15 15 12 1 I May 75 18 57 184 1 183 223 117 89 17 2 2 June 30 30 59 3 49 7 2 1 i J A u u ly gust 1 8 0 4 5 1 1 0 2 9 7 3 4 3 1 0 1 1 5 4 1 2 1 9 1 7 0 4 4 22 8 1 0 1 6 6 3 3 3 1 0 1 1 1 4 1 7 6 4 1 0 3 1 6 1 2 2 9 5 1 ' 270 4 266 371 364 6 130 87 38 6 10 8 October 246 27 219 565 15 523 26 218 89 107 23 27 19 5 4 November 42 2 35 5 49 17 26 6 27 1 10 15 December. . 68 19 50 200 23 169 8 166 51 106 9 27 9 3 15 1946—January 7 7 43 1 43 181 98 68 15 13 6 7 February 150 1 148 1 32 1 31 100 26 59 15 9 9 *• [March 192 2 190 78 76 126 94 13 19 10 2 8 April. 98 1 97 138 6 119 13 412 198 157 56 18 7 3 9 May 76 7 69 '424 5 ••408 11 ••289 ••127 '137 25 37 14 17 6 June 35 9 26 173 10 129 34 402 200 152 51 24 20 4 r Revised. 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. 8 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, 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. AUGUST 1946 903 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups P d r i o v f i i d ts e n a d n s d Year or quarter Total s I a t r n e o d e n l c M e h r i a y n - - t b o A i m l u e o - s - e p O t m r q t o a i t u e r o h n t i n n e a p s t r - - - f m p e N u a r r e r c o n o t o t d n a d s u l - - s s O g d o b u t o h l r e a d e - s r t F b o a o e a b g v o n a e e d d c s r s c , - , o p r r e a i o i O n f n n d i i g g d n l u - c- c In h t c r d e a i m u a ls l s i - - O g d n o u b t o o h l r n e a d e - - r s n c s M i e e e c l o i r e l s v u a s - - - s pr N of e i t ts1 fe P D r r r e i e - v d ide C n m o d o m s n - Number of companies. 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,163 325 193 274 227 153 113 159 174 207 187 152 1,137 92 705 1942 1,769 226 159 209 182 138 90 151 152 164 136 161 888 88 552 1943 1,800 204 165 201 180 128 83 162 186 170 149 171 902 86 556 1944 1,896 194 174 222 190 115 88 175 220 187 147 184 970 86 611 1945 1,925 188 163 243 169 108 88 199 223 187 154 203 989 85 612 Quarterly 1942—i 413 52 38 46 2 46 36 19 32 35 39 39 31 205 21 134 2 358 52 35 25 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 2 46 32 22 37 42 41 36 38 221 22 132 3 461 51 41 52 246 31 20 43 49 40 39 50 226 21 127 4 477 53 45 53 2 41 31 23 43 58 47 38 44 246 22 170 1944—i 444 47 40 52 2 52 29 20 38 49 42 36 39 224 21 142 2 459 46 40 55 2 47 30 22 43 52 43 37 43 230 22 149 3 475 47 38 55 2 47 28 21 45 56 49 37 52 244 20 137 4 518 55 55 59 2 43 28 25 49 64 53 37 50 272 23 184 1945—i 492 49 38 63 2 50 31 21 45 62 48 39 45 250 20 142 2 508 53 42 77 2 47 27 21 46 64 45 38 47 269 22 145 3 439 ! 37 35 46 2 36 23 20 50 61 43 37 53 224 21 143 4 485 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 tax* tax* 1939 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942 7,466 1 .658 902 202 3 216 847 490 408 1 362 302 163 163 1943 9,055 2.211 873 217 3,464 914 502 410 1,537 374 180 168 1944 9,437 I 971 668 246 3,618 915 499 390 1 641 399 174 168 1945 8,902 755 447 253 3,695 906 523 399 1,803 396 177 173 Quarterly 1942—1 1,483 178 90 24 816 234 131 98 324 72 41 44 2 1,797 390 198 46 770 196 104 96 337 75 41 42 3 2,047 556 286 30 792 195 105 84 342 72 39 39 4 2.139 534 327 101 839 222 150 131 359 83 43 38 1943—i 2.091 515 214 29 864 254 136 99 366 88 42 40 2 2,255 608 244 52 835 221 118 100 382 96 44 42 3 2,368 653 250 36 859 210 114 99 391 94 45 43 4 2,340 435 166 100 906 228 133 113 398 96 48 43 1944—i 2,273 458 148 31 925 262 135 94 400 97 42 42 2 2,363 511 174 55 886 241 123 102 406 101 43 42 3 2,445 550 180 30 878 207 111 94 409 98 43 42 4 2,356 452 165 130 929 205 130 101 426 104 46 43 1945—i , ... 2,277 425 139 30 971 292 139 102 436 115 46 41 2 2,422 504 187 72 909 233 123 96 444 109 45 44 3 2 231 229 125 29 887 211 116 92 449 103 44 43 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. J Class I line-haul railroads, covering about 95 per cent of all railroad operations. 4 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 5 Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. • 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. 904 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public issues1 Nonmarketable public issues Fully End of month d T g d i r o e r o e t b s a c t s l t i b n d T e d t i a o e r e r e t r b i a e c n t l t s g t- Total2 Tre b a il s l u s ry c i C e n a d e t d e r n e t s e i b f s o t i s - - f Tr n e o a t s e u s ry Tr b e o a n s d u s ry Total2 s b a U o v . n i n S d g . s s T t s a r a n e x v o a i t s a n e u n g s r d s y S i p ss e u c e ia s l i b n N e d t a e e o r r b n i e n t - s g t- s g t b e t e u c e e e u a r a d e r r r i i s a i t n t n n i - g e - - s 1943—June 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,092 Dec, 165,877 164,508 115,230 13,072 22,843 11,175 67 ,944 36,574 27,363 8,586 12,703 1,370 4,225 1944—June 201,003 199,543 140,401 14,734 28.822 17,405 79,244 44,855 34,606 9.557 14,287 1,460 1,516 Dec. 230,630 228.891 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 1,470 1945—June.... 258,682 256,357 181.319 17,041 34,136 23,497 106,448 56,226 45,586 10,136 18,812 2,326 409 1945—July 262,045 259,781 183,080 17,025 34,472 23,498 107,890 57,143 46,508 10,119 19,558 2,264 484 Aug 263,001 260,746 183,334 17,038 34,430 23,498 108,172 57,379 46,715 10,148 20.033 2,255 515 Sept 262.020 259,630 182,833 17,018 35,072 23,498 107,049 56 278 46,741 9,021 20.519 2,391 527 Oct 261,817 259,439 182,790 17,026 35,021 23,498 107,049 56 072 46,786 8,776 20,577 3 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 1,431 545 Feb 279,214 277,912 199,810 17,032 41,413 19,551 121,635 57,206 48,692 8,043 20,897 1,301 539 Mar 276,012 274,748 197,063 17,047 40,399 18,261 121,177 56,550 48,733 7,365 21,135 1,264 542 Apr 273,898 272,711 195,079 17,054 38,408 18,261 121,177 56,408 48,828 7,144 21,224 1,188 533 May.... 272,583 271,440 193,487 17,041 36,828 18,261 121,177 56,472 48,917 7,127 21,481 1,143 542 June.... 269,422 268,111 189,606 17,039 34,804 18,261 119,323 56,173 49, 035 6,711 22,332 1,311 467 July 268,270 267,039 187,596 17,023 37,720 13,351 119,323 56,399 49 320 6,669 23,045 1,231 324 1 Including amounts held by Government agencies and trust funds, which aggregated 6,759 million dollars on June 30, 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 JULY 31, 1946 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales during t R io e n d s e m an p d - Issue and coupon rate Amount Issue and coupon rate Amount out- month maturities Month standing at end of Treasury bills1 Treasiury bonds—Cont. month All Series Series Series All Aug. 1, 1946 .... 1,309 Dec. 15, 1949-52... 3 H 491 series E F G series Aug. 8 1946 1,308 Dec. 15, 1949-53... 2J4 1,786 Aug.15, 1946 .... 1,301 Mar. 15, 1950-52 2 1,963 A A U u K g. 2 2 2 9, 1 1 9 9 4 4 6 6 1 1 , , 3 3 1 1 4 3 S S e ep p t t . . 1 1 5 5 , , 1 1 9 9 5 5 0 0 - - 5 5 2 2 ...234 2 4 1 , .1 9 8 3 6 9 1945— F Ja e n b.. . . 4 4 1 1 , , 1 6 4 9 0 8 1,0 8 7 4 4 8 6 8 5 0 3 4 4 3 2 1 2 1 2 6 8 4 3 3 4 2 1 3 Sept. 5, 1946 1,313 Dec. 15, 1950 134 2,635 Mar.... 42,159 889 712 27 151 464 Sept.12 1946 1,310 June 15, 1951-54.. .2% 1,627 Apr.. . . 42,626 838 684 23 130 404 Sept.19 1946 1,310 Sept. 15, 1951-53 2 7,986 May... 43,767 1,540 1,195 63 282 426 Sept.26, 1946 .... 1 306 Sept. 15, 1951-55 3 755 June... 45,586 2,178 1,468 178 532 403 Oct. 3 1946 1,308 Dec. 15, 1951-53... 2lA 1,118 July... 46,508 1,295 1,032 47 215 428. Oct. 10 1946 1,315 Dec. 15, 1951-55 2 510 Aug 46,715 700 571 22 107 531 Oct. 17, 1946 1,311 Mar. 15, 1952-54... 234 1,024 Sept.... 46,741 514 420 18 76 528 Oct. 24, 1946 . . . 1,305 June 15, 1952-54 2 5,825 Oct.... 46,786 625 510 8 107 616 June 15, 1952-55...2M 1,501 Nov 47,473 1,184 865 54 265 533 Cert. of indebtedness Dec. 15, 1952-54 2 8,662 Dec... 48,183 1,254 908 83 262 559- Aug. 1, 1946 .14 2,470 June 15, 1953-55 2 725 Sept. 1, 1946 4,336 June 15, 1954-56...2M 681 1946—Jan 48,588 960 641 40 278 629- Oct. 1, 1946 •B 3,440 Mar. 15, 1955-60...2 % 2,611 Feb.... 48,692 622 367 30 225 565 Nov. 1, 1946 H 3,778 Mar. 15, 1956-58...23^ 1,449 Mar.... 48,733 626 371 27 228 634 Dec. 1, 1946 3,768 Sept. 15, 1956-59... 25^ 982 Apr.. .. 48,828 668 388 30 251 621 Jan. 1, 1947 V% 3,330 Sept. 15, 1956-59...2U 3,823 May... 48,917 594 345 24 225 552 Feb. 1, 1947 14 4,954 June 15, 1958-63... 2 % 919 June... 49,035 571 321 24 226 519 Mar. 1, 1947 14 3,133 June 15, 1959-62... 2 %' 5,284 July. .. 49,320 753 387 31 335 537 Apr. 1, 1947 14 2,820 Dec. 15, 1959-62...2 % 3,470 June 1, 1947 14 2,775 Dec. 15, 1960-65... 2 54 1,485 July 1, 1947 • • 14 2,916 June 15, 1962-67... 234 2,118 Dec. 15, 1963-68...234 2,831 Maturities and amounts oustanding, July 31, 1946 Treasury notes June 15, 1964-69... 2 34 3,761 Dec. 15, 1946 1/4 3,261 Dec. 15, 1964-69... 234 3,838 Mar.15, 1947 1,948 Mar. 15, 1965-70...234 5,197 Year of All Series Series Series Seriei Sept.15, 1947 134 2,707 Mar. 15, 1966-71... 234 3,481 maturity series B-D E F G Sept.15, 1947 1,687 June 15, 1967-72...234 7,967 Sept.15, 1948 1/4 3,748 Sept.15, 1967-72... 234 2,716 Dec. 15, 1967-72... 2M 11,689 1946 195 195 Treasury bonds 1947 425 425 Oct. 15, 1947-52.. 4/4 759 Postal Savings 1948 500 500 Dec. 15 1947 2 701 bonds 234 116 1949 802 802 Mar.15, 1948-50.. ..2 1,115 Conversion bonds.... 3 13 1950 985 985 Mar. 15, 1948-51.. 254 1,223 Panama Canal loan. .3 50 1951 1,616 438 1,178 June 15, 1948 1 54 3,062 1952 4,661 4 661 Sept.15, 1948 451 Total direct issues.... 187,596 1953 . . 8,441 7,068 211 1,163 Dec. 15, 1948-50.....2 571 1954 11,210 8,377 572 2 261 June 15, 1949-51.....2 1,014 Guaranteed securities 1955 10,019 7,004 641 2,374 Sept. 15, 1949-51.....2 1,292 Federal Housing Admin. 1956 5,572 2,128 720 2,724 Dec. 15, 1949-51.. ..2 2,098 Various 43 1957 3,052 575 2 477 1958 . . 1,908 195 1,712 Unclassified. . -66 i Sold on discount basis. See table on Open-Market Money Rates, p. 901. Total 49,320 3,346 30,415 2,914 12,711 AUGUST 1946 905 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 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 - x 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 O s a o s a t t o r i n h p o c d e o n ia r - s - S l g e a o t o r n c a n v d a t - e - l a m U nd e . n S t t r . u G a s g t o e v n f e u c r n i n e d - s s tions ments Special Public issues issues 1942—June 76,517 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— D ju e n c e ember 2 2 2 0 3 5 1 0 6 , , , 0 3 7 5 6 6 9 1 6 1 9 8 0 6 3 5 , , , 5 3 8 0 4 9 1 6 2 6 8 7 8 4 7 , , , 4 1 7 0 0 0 0 0 0 2 1 1 1 4 8 , , , 7 9 8 9 0 4 2 1 6 1 1 1 3 1 5 3 7 0 , , , 8 7 8 1 5 7 5 8 4 5 5 4 8 2 5 , , , 5 1 2 0 0 0 0 0 0 2 1 1 2 7 9 , , , 7 3 6 0 0 0 0 0 0 9 8 7 , , , 6 3 3 0 0 0 0 0 0 2 2 2 9 5 7 , , , 9 7 6 0 0 0 0 0 0 4 5 3 , , , 3 3 2 0 0 0 0 0 0 1 1 1 8 6 4 , , , 8 3 2 1 2 8 2 6 7 6 5 4 , , , 1 3 8 2 1 4 8 0 8 1945—June 1945—September 260,156 107,028 83,700 23,328 153,128 59,500 22,500 10,000 28,900 5,500 20,519 6,123 October 259,980 107,676 84,400 23,276 152,304 59,300 22,400 10,000 28,300 5,500 20,577 6,175 November 263,386 109,372 85,900 23,472 154,014 62,000 22,200 9,800 27,800 5,300 20,710 6,134 December 276,246 114,362 90,100 24,262 161,884 63,600 24,400 10,700 29,900 6,300 20,000 7,038 1946—January 278,001 115,264 92,000 23,264 162,737 63,700 24,700 10,900 29,300 6,400 20,655 7,043 February 278,451 115,404 92,500 22,904 163,047 63,700 24,800 11,100 29,000 6,400 20,897 7,061 March 275,290 111,601 89,000 22,601 163,689 63,800 25,000 11,200 29,200 6,400 21,135 7,046 April 273,244 111,332 88,600 22,732 161,912 r63,300 25,000 11,300 r27,7OO 6,400 21,224 7,045 May 271,983 109,832 86,900 22.932 162,151 63,300 25,200 11,300 27,500 6.400 21,481 7.048 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 May 30, 1946. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Public marketable securities. ^ar values in millions of dollars] U. S. U. S. Gov- Gov- Total m er e n n - t F e e ra d l - C m o e m r- - M tua u l - Insur- Total m er e n n - t F e e ra d l - C m o e m r- - M tua u l - Insur- End of month out- agen- Re- cial sav- ance Other End of month out- agen- Re- cial sav- ance Other stand- cies serve banks ings com- stand- cies serve banks ings coming and Banks 0) banks panies ing and Banks 0) banks panies trust trust funds funds Total:2 Treasury bonds: 1945—Oct... 182,829 6,146 23,27677,547 9,84721,50144,512 Total: Nov. . 185,151 6,10423,47278,935 9,58721,37545,679 1945—Oct.. . 107,049 5,926 977 43,477 9,36020,34326,964 Dec... 198,820 7.00924,26282,83010,49123,18351,046 Nov. . 109,371 5,911 977 44,564 9,176 20,19228,551 1946—Jan.. . 199,672 7,01423,26484,70010,72623,75850,210 Dec... 120,423 6,915 947 46,535 10,21722,23033,579 Feb.. . 199,849 7,03022,90485,19210,87123,89549,957 1946—Jan.. . 121,358 6,905 947 47,253 10,44522,80733,000 Mar. . 197,104 7,01622,60181,86110,95524,00850,663 Feb... 121,635 6,909 947 47,429 10,56522,81232,974 Apr... 195,120 7,01422,73281,47711,02624,06048,811 Mar. . 121,177 6,882 903 47,414 10,56122,89632,523 May.. 193,529 7,01822,93279,88411,08724,22948,379 Apr... 121,177 6,884 903 47,908 10,59922,97231,912 May.. 121,177 6,877 903 48,155 10,64723,05231,541 Treasury bills: Maturing within 1945—Oct... 17,026 21 13,172 1,978 6 1,850 5 years: Nov. . 17,026 18 12,593 2,306 14 i 2,094 1945—Oct.. . 7,725 379 5,177 184 304 1,681 Dec... 17 037 5 12,831 2,476 1 1,723 Nov 8 214 456 5,387 173 277 1 917 1946—Jan.. . 17,'042 6 12,866 2,387 1 1,783 Dec... 10,879 481 7,282 161 257 2^697 Feb 17,032 14 13 038 2,396 1,584 1946—Jan.. . 10,879 478 7 360 169 258 2,613 Mar. . 17,047 9 13,280 1,512 2 6 2,239 Feb... 10,879 478 7,320 159 257 2,666 Apr... 17,054 8 13,661 1,875 8 1,502 Mar. . 11,613 561 7,887 174 288 2,701 May.. 17,041 713,896 1,715 1 i 1,421 Apr... 11,613 561 8,019 179 268 2,585 May.. 11,613 561 8,009 189 264 2,586 Certificates: Maturing in 5-10 1945—Oct.. . 35,021 77 7,20616,230 221 553 10,735 years: Nov. . 35,021 62 7,80016,358 171 561 10,070 1945—Oct.. . 49,180 1,396 31,241 2,970 4,066 9,506 Dec... 38,155 38 8,36418,091 91 360 11,211 Nov. . 49,180 1,386 32,125 2,705 3,945 9,021 1946—Jan.. . 41,502 51 8,04721,380 101 390 11,532 Dec... 46,484 1,340 31,317 2,460 3,840 7,534 Feb.. . 41,413 58 7,54621,716 119 531 11,442 1946—Jan.. . 46,484 1,323 31,776 2,230 3,735 7,418 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 May.. 36,828 75 6,39518,157 211 579 11,410 Apr... 45,261 1,153 31,502 2,000 3,513 7,092 May.. 45,261 1,148 31,668 1,963 3,464 7,019 Treasury notes: Maturing in 10-20 1945—Oct... 23,498 80 1,920 15,834 258 591 4,815 years: Nov. . 23,498 71 2,102 15,678 223 607 4,817 1945—Oct... 16,748 985 4,451 2,928 2,505 5,880 Dec... 22,967 8 2,120 15,701 179 576 4,383 Nov. . 16,880 907 4,371 2,966 2,458 6,178 1946—Jan.. . 19,551 8 1,405 13,652 176 546 3,764 Dec... 20,532 967 5,406 3,298 2,995 7,865 Feb.. . 19,551 7 1,373 13,625 184 538 3,824 1946—Jan... 20,643 970 5,479 3,427 3,054 7,711 Mar.. 18,261 9 1,463 12,292 211 520 3,765 Feb... 20,692 972 5,541 3,476 2,986 7,718 Apr... 18,261 9 1,663 12,071 211 527 3,779 Mar. . 20,701 973 5,596 3,422 3,012 7,696 May.. 18,261 13 1,738 11,828 224 584 3,874 Apr... 20,701 975 5,687 3,484 3,100 7,454 May.. 20,704 974 5,729 3,438 3,146 7,414 Guaranteed Maturing after 20 securities: 1945—Oct.. . 39 7 12 2 13 4 1945—Oct... 33,394 4,140 2,609 3,277 13,466 9,900 Nov. . 39 7 13 3 14 3 Nov. . 35,095 4,139 2,679 3,333 13,511 11,432 Dec. 41 7 11 3 14 6 Dec... 42,526 5,073 2,532 4,300 15,14115,482 1946—Jan.. . 39 7 12 3 13 4 1946—Jan... 43,350 5,082 2,634 4,617 15,759 15^257 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 4,909 15,99114,922 Apr. 41 8 11 3 13 6 Apr... 43,600 5,100 2,695 4,936 16,090 14,783 May.. 42 9 14 3 12 4 May.. 43,598 5,100 2,744 5,054 16,17914*,523 sanies for certain dates are shown in the table above. 1 Including stock savings banks. On May 31, 1946, commercial banks reporting to the Treasury held 26,829 million dollars of U. S. Government securities due or callable within one year out of a total of 65,972million outstanding. 2 Including 196 million dollars of Postal Savings and prewar bonds not shown separately below. 906 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Period W I h n e c i l t d o h * m - e O ta t x h e e s r 1 n i c r M n n e e e n u t l v o a i e l e s e u a l r - 1 - - - s S S ta r o e i x c c ty e i u a s - l c O e r t i e h p - e t r s c T e r o i e t p - a t l s c N e r i e p e - t ts3 I d n e o e t s e n b t r t - t f i N e d o n e n a s - - a e l c T f o t e e r r a u r a u t c s n c n s - . t t t s 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- co T e u r tc u n . s 4 t t s, C f a g h b e u n i e a a r n n a c n n l d - l e - ge g c d r I r e i e o n n b a s - t s s e Fiscal year ending June 1944... 8,39326,262 5,291 1,751 3,711 45,408 44,149 ,039 556 3,540 93,744 49,595 -4,051 +10,662 64,307 June 1945... 10,289 24,884 6,949 1,793 3,824 47,740 46,457 3,617 90,029 1,646 5,113 100,40553,948 +798 +4,529 57,679 June 1946. . . 9,392 21,493 7,725 1,714 3,915 44,239 43,038 4,72248,542 1,918 9,837 65,019 21,981 +781 -10,460 10,740 1945—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+11,558 12,773 1946—January.. 554 2,201 645 51 397 3,848 3,819 309 3,417 684 482 4,891 1,073 -276 -577 772 February. . 1,086 1,704 584 310 191 3,875 3.678 118 2,702 148 543 3,510 + 168 +39 +534 327 March 658 4,180 649 100 176 5,762 5,747 646 2,550 23 1,383 4,602 +1,146 +462 -1,593 -3,201 April 485 1,118 642 65 424 2,734 2,677 174 2,560 200 1,316 4,251 1,573 +254 -3,433 -2,114 May 966 442 615 285 690 2,998 2,733 106 2,182 95 1,294 ,677 944 -139 -2,398 -1,316 June 650 2,742 615 76 399 4,482 4,479 1,395 2,442 5 1,671 5,513 1,034 -103 -4,298 -3,161 July 514 974 695 6 349 2,600 2,539 249 1,190 631 2,444 4,514 1,975 +918 -2,209 -1,152 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security accounts Net ex- Other Assets penditures Period in in c g h a ec c k - - De- De- Total Balance c N e r i e e p - t ts I m n e v n e t s s t- p t e u E n r x e d - s i- c a G o g m o u e v n n e e t c n s r i t n e o s - f ce R i e p - ts I m nv e e n s t t s - p t e E u n x r d e - i s - Total R F B p e e o a s d i s e n n e i r k r t v s a s e l d s p t p e a o p e i r s n c o i i e i s t a s s i l - O as t s h e e t r s lia ti b e i s li- ge f n u e n r d al Fiscal year ending: June 1944.... 3,202 2,816 380 4,403 1,851 1,313 192 20,775 ,442 18.007 1,327 607 20,169 June 1945 3,239 2,757 453 1.178 3.820 2.444 -571 25,119 ,500 22.622 997 421 24,698 June 1946 2,940 1,261 1,618 -952 r4,726 2,407 '2,550 14,708 ,006 12,993 708 470 14,238 1945—July 312 203 51 222 579 441 89 22,469 ,252 20,303 914 386 22,082 August.... 543 239 56 -26 336 172 487 19,018 ,300 16,874 844 387 18,631 September. 52 241 91 51 407 163 9 16,582 ,755 13,989 839 447 16,134 October 132 -66 146 -274 284 80 228 13,307 ,124 11,389 794 494 12,813 November. 419 38 143 -79 295 65 158 14,849 ,372 12,694 784 404 14,445 December.. 54 198 149 -395 260 54 195 26,520 ,674 24,044 802 517 26,003 1946—January. . . 178 -36 178 -9 810 583 548 25,851 ,011 24.030 810 424 25,427 February.. 355 -13 178 9 393 225 309 26,414 ,209 24,447 758 453 25,961 March 64 87 174 -635 181 72 85 24,743 ,160 21,776 807 376 24,367 April 135 -60 155 -4 326 133 -18 21,293 ,124 19,502 667 359 20,935 May 465 72 158 181 390 165 419 18,859 ,230 16,949 681 323 18,536 June 232 359 140 8 r466 253 14,708 1,006 12,993 708 470 14,238 July 276 103 137 s-1,704 5586 5778 12,444 702 10,961 781 415 12,029 r Revised. 1 Details on collection basis given in table below. * Withheld by employers (Current Tax Payment Act of 1943). 8 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. 4 Excess of receipts (4-) or expenditures (—). Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516. 5 Adjustment in classification. Not comparable with back figures. INTERNAL REVENUE COLLECTIONS [On basis of reports of collections. In millions of dollars] Income taxes Miscellaneous internal 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 - t V 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 r x o x c f e e i s s ts s O p ta r t o x h f e e i s t r s Total C st t t a o a a p c x l i k - E t a a g s n x i t f a d e t t s e b A h t e a o l g v c li e e o c r - - b t T a a x c o c e - o s S ta ta x m es p M re t e u a t x a a n r c n e i u i l d r s e f s e a r ' s c ' - n t c M a e e x o l i l e s u a - s s taxes Fiscal year ending June 1944... 33,028 10,254 7,038 785 4,763 705 9,345 137 5,353 381 511 1,618 988 729 1,075 Tune 1945... 35,062 8,56710,263 1 4,422 66111,004 144 6,960 372 643 2,310 932 1.207 1,430 June 1946... 31,258 8,430 9,857 3,902 1,155 7,822 91 7,713 352 677 2,526 1,166 1,414 1,490 * 1945—June 4,025 1,127 46 858 79 1,895 21 572 62 191 93 104 116 July 2,242 318 1,249 1 161 75 429 8 791 105 49 198 84 121 228 August 1,916 87 1,461 -1 74 62 228 5 824 209 69 199 108 102 132 September. . 3,553 1,112 32 768 46 1,584 11 531 7 34 198 101 93 93 October 2,031 271 1,094 191 47 421 6 706 30 44 243 120 122 140 November. . 1,856 41 1,405 105 50 248 6 605 44 230 98 112 113 December... 2,742 539 27 660 105 1,398 13 512 45 188 62 107 102 1946—January 3,189 1,670 604 151 222 536 6 643 61 221 96 136 121 February. . . 3,206 949 1,848 -3 173 236 4 597 54 210 89 142 93 March 4,320 1,821 154 933 134 1,268 9 639 84 212 99 113 120 April 1,703 460 708 104 102 324 5 614 66 214 96 111 119 May 1,663 136 1,245 52 69 157 3 641 64 214 113 123 119 June 2,837 1,026 30 703 68 994 16 611 63 198 100 131 110 1 Withheld by employers (Current Tax Payment Act of 1943). AUGUST 1946 907 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 :ash L c a r e o b e i - a l v e n - s m m C p s r t a l i u i o o a n i e a p e m t d s d l - e s s , i , - - - G U r s i e o t . c i v I e S u m n t s - . . v e e n O s t s r s t i e - t t c h ie u e s - r L e s t m u a t q a r r n e u n u e d n i c d s p t - , , -c U h t u 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 g F y u n a u o u r t n U e a e n l d l s e r d . y - d S s d p , . e a n b y O o e a t t n b h e - l e s e , r l O i i a t t i b h e i e s l r - i U m G n e e . r t o e s e n S v n t r - - t - . o v in P w a e t r t s e n i e - t r e l - y d All agencies: June 30, 1945 33,552 700 5,544 2,507 1,679 37520,164 772 1,811 502 1,163 4,162 27,266 459 Sept. 30, 1945 34,247 815 5,409 2,487 1,756 36820,816 442 2,154 551 1,135 4,486 27,610 465 Dec. 31, 1945 33,844 925 5,290 2,288 1,683 32521,017 472 1,845 555 1,113 4,212 27,492 472 Mar. 31, 1946 33,325 1,279 5,069 1,918 1,789 28520,784 460 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 Federal intermediate credit banks.. 334 10 279 43 267 65 Federal land banks 1,200 43 998 135 797 37 132 234 Production credit corporations.... 124 1 73 49 (2) 124 Regional Agricultural Credit Corp.. 15 12 2 14 Farm Security Administration. . . . 456 55 322 50 5 451 Other' 26 1 23 1 25 Federal Farm Mortgage Corp 151 9 137 4 143 Rural Electrification Administration. 432 4 422 (2) 432 Commodity Credit Corp 1,401 521 31 492 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 338 18 153 166 124 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 553 285 225 551 Defense Homes Corp 64 1 62 63 Federal Housing Administration 172 21 103 1 32 134 Federal National Mortgage Association. 7 7 7 R.F.C. Mortgage Company 38 26 32 Reconstruction Finance Corporation*. . 9,832 42 951 1,046 213 6,794 486 1,712 8,121 Office of Emergency Management:6 War Shipping Administration 8,910 304 39 7,818 620 955 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 Federal Works Agency 271 2 80 146 43 (2) 271 Tennessee Valley Authority 747 12 2 721 3 740 U. S. Maritime Commission 3,716 31 3 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 r m p . t . . b c m i F n r a a e e t e n t e d d e d k r i i . - s - t f o B t o p i a r v e n e r c k s a o s - - m C C C r o o o e d r m d p i i - t . t y t A R r E t i i f u l d o i e r m c n c a a - l . - A F S r e a d i c t r m y m u- . H C O L e o o o w rs m r a ' n p n e - . P H A F u i o u n e b u t g d l h s . i . c - b h F l a o o e n m a d k n . e s R a a a . f F f t n i e d l . s i C - . B p p I E o a m o x r n r - - t t k - o A th l e l r a c g A i e e l n l s - 3 a 1 g , D e a e n 1 l c c 9 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 ; 95 To aid industry: Railroads 178 18 196 223 Other 151 49 200 232 To aid financial institutions: Banks 15 10 25 40 Forei O gn th e lo r ans 153 26 3 7 2 "279' "(2)"' 5 1 4 8 5 5 2 52 2 6 7 Ot L h e e s r s: Reserve for losses. 72 70 (2) 1 (2) 152 13 285 316 4 ( ( 2 2 ) ) 1 1 2 1 7 4 4 7 3 1 8 5 4 7 3 0 8 7 Total loans receivable (net) 998 137 279 183 31 422 322 781 285 153 985 279 213 5,069 5,290 1 Assets are shown on a net basis, i.e., after reserves for losses. 2 Less than $500,000. 3 Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans. * Includes War Assets Corporation (formerly Petroleum Reserves Corporation), Rubber Development Corporation, and U. S. Commercial Company, which were transferred to the Reconstruction Finance Corporation from Foreign Economic Administration under Executive Order 9630, and War Damage Corporation. 5 All assets and liabilities of the Smaller War Plants Corp. have been transferred to the Reconstruction Finance Corp. and the Department of Commerce. NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly figures are not comparable with monthly figures previously published. Monthly figures on the old reporting basis for the months prior to Sept. 30, 1944, may be found in earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and in Banking and Monetary Statistics, Table 152, p. 517. 908 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction m Y a o n e n a d t r h 1 ( I m v 9 n = p a 3 c e a 1 l 5 o n y u 0 - m - t e 3 0 s ) 9 e 1 Tota I ( n l p d h u y 1 s s 9 t i r 3 c i 5 a a D a l l - u b 3 v f p l r 9 M o a r - e = a c l o u t 1 n d u m 0 u u r N 0 d c - e e o u t ) s i * r n o - - 2 n M er i a n l - s To a t w a 1 a l 9 r c 2 d o 3 n e R - d t t d 2 e i e r a 5 n s a ( l i - c - v = t a 1 s l 0 u o 0 e t A ) h l 3 e l r N t a c u g u o r r l a n - i- l - E 1 m 93 p 9 lo F = y a 1 m c 0 t 0 e o n ry t4 1 r 9 F t p o o 3 1 a l a 9 r l c 0 s v y - 0 * = c 1 F a 9 i = r n r 3 e l g o 1 5 i s g 0 - a * 3 h d 0 9 t - D 1 e 9 m u s = s ( p 3 t e a v e a 5 o l 1 a ) n r e l r - * 0 t 8 - e s t 3 0 - 9 W p m c = 1 r s h o i o 9 a c o 1 m 2 d l e 0 l e e 6 i s - 0 t - 4 y C 1 l 9 i o = v 3 s i 1 5 t n 0 - g 3 0 o 4 9 able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 •103.8 103 120 83 138.6 124.5 1920 75 93 60 83 63 30 90 104.2 123 129 99 154.4 143.2 1921 58 53 57 66 56 44 65 79.8 79 110 92 97.6 127.7 1922 73 81 67 71 79 68 88 88.2 85 121 94 96.7 119.7 1923 88 103 72 98 84 81 86 101.0 108 142 105 100.6 121.9 1924 82 95 69 89 94 95 94 93.8 101 139 105 98.1 122.2 1925 90 107 76 92 122 124 120 97.1 106.6 146 110 103.5 125.4 1926 96 114 79 100 129 121 135 98.9 109.0 152 113 100.0 126.4 1927 95 107 83 100 129 11 139 96.8 107.9 147 114 95.4 124.0 1928 99 117 85 99 135 126 142 96.9 109.1 148 115 96.7 122.6 1929 122.9 110 132 93 107 117 81 14 102.6 103.1 117.1 152 117 95.3 122.5 1930 . , 109.1 91 98 84 93 92 50 125 95.5 89.8 94.7 131 108 86.4 119.4 1931 92.3 75 67 79 80 6; 3 84 86.1 75.8 71.8 105 97 73.0 108.7 1932 70.6 58 41 70 67 28 13 40 75.5 64.4 49.5 78 75 64.8 97.6 1933 68.9 69 54 79 76 25 11 3 76.0 71.3 53.1 82 73 65.9 92.4 1934..... 78.7 75 65 81 80 32 12 48 83.8 83.1 68.3 89 83 74.9 95.7 1935 87.1 87 83 90 86 37 21 50 87.6 88.7 78.6 92 88 80.0 98.1 1936 101.3 103 108 100 99 55 37 70 94.9 96.4 91.2 107 100 80.8 99.1 1937 107.7 113 122 106 112 59 41 74 100.9 105.8 108.8 111 107 86.3 102.7 1938. .' 98.5 89 78 95 97 64 45 80 94.4 90.0 84. 89 99 78.6 100.8 1939 105.4! 109 109 109 106 72 60 81 100.0 100.0 100.0 101 106 77.1 99.4 1940 113.5 125 139 115 11 81 72 89 104. 107.5 114. 109 114 78.6 100.2 1941 138.0 162 201 142 125 122 89 149 117.5 132.1 167.5 130 133 87.3 105.2 1942 174.6 199 279 158 129 166 82 235 126. 154.0 245.2 138 149 98.8 116.5 1943 213.0 239 360 176 132 68 40 9 130.9 177.7 334.4 137 168 103.1 123.6 1944 233.4 235 353 171 140 41 16 61 127.5 172.4 345.7 140 186 104.0 125.5 1945 P239.1 203 274 166 137 68 26 102 121.8 149.5 288.4 135 207 105.8 128.4 1943 March 206.9 235 232 351 174 133 85 42 119 132.0 175.1 174.6 318.0 138 161 103.4 122.8 April 208.8 237 236 356 175 131 63 33 87 131.4 176.2 175.4 324.9 136 160 103.7 124.1 May 209.4 239 239 359 176 129 52 31 68 130.9 176.9 175.8 330.4 135 159 104.1 125.1 June 212.8 237 238 358 177 117 45 32 55 131.0 179.0 178.3 336.1 127 168 103.8 124.8 July 214.8 240 241 360 177 134 60 36 80 131.4 180.1 180.2 335.8 141 169 103.2 123.9 August... . 216.7 242 245 365 178 135 59 35 79 130.9 180.2 181.4 343.1 140 166 103.1 123.4 September 216.8 244 248 368 179 138 65 35 89 130.1 179.6 180.8 349.5 140 166 103.1 123.9 October. .. 219.3 247 249 374 179 136 49 34 61 130.1 180.6 181.4 354.9 137 172 103.0 124.4 November. 222.9 247 247 376 180 133 60 37 78 130.2 181.5 181.9 359.7 139 176 102.9 124.2 December 224.7 241 239 365 174 137 61 35 81 130.1 179.9 180.3 350.7 143 168 103.2 124.4 1944 January... 227.2 243 240 369 176 139 55 29 76 130.0 178.8 178.3 351.6 145 174 103.3 124.2 February.. 232.4 244 240 367 177 142 45 21 64 129.6 178.5 178.0 352.7 142 173 103.6 123.8 March.... 231.9 241 238 364 175 139 40 17 59 128.9 176.6 176.2 350.5 140 183 103.8 123.8 April 231.1 239 237 361 172 140 36 17 52 128.0 174.5 173.8 345.0 138 174 103.9 124.6 May 232.1 236 236 356 169 143 33 16 46 127.7 173.3 172.3 345.3 138 183 104.0 125.1 June 233.9 235 236 354 169 142 34 15 50 127.7 172.5 172.2 346.6 139 177 104.3 125.4 July 233.2 230 232 347 165 139 38 14 57 127.5 171.4 171.9 339.6 142 189 104.1 126.1 August 234.0 232 235 348 168 142 41 13 63 127.3 170.9 172.0 343.1 142 187 103.9 126.4 September 232.5 230 234 342 168 143 39 13 61 126.5 169.3 170.1 341.9 139 187 104.0 126.5 October. .. 235.5 232 234 344 169 143 42 13 65 125.7 168.1 168.5 343.8 137 193 104.1 126.5 November. 237.5 232 232 341 173 143 46 13 73 125.3 167.3 167.7 341.0 141 204 104.4 126.6 December 239.0 232| 230 343 173 137 51 14 81 125.7 168.0 168.3 346.7 137 197 104.7 127.0 1945 January... 241.9 234 230 345 175 140 48 14 75 126.6 168.1 167.7 345.6 144 198 104.9 127.1 February.. 245.2 236 232 346 176 141 59 13 96 126.7 168.0 167.5 344.8 139 210 105.2 126.9 March 244.1 235 232 345 176 142 72 15 118 126.7 166.5 166.0 341.7 145 220 105.3 126.8 April 242.3 230 229 336 174 140 70 18 112 125.1 163.8 163.0 333.3 141 182 105.7 127.1 May 241.9 225 225 323 173 138 58 20 89 124.4 160.8 159.8 318.7 141 189 106.0 128.1 June 244.6 220 220 308 173 144 50 22 73 123.5 157.2 156.9 314.6 140 202 106.1 129.0 July 243.4 210 211 292 165 143 54 23 79 122.7 151.7 152.1 298.7 139 218 105.9 129.4 August 236.0 186 188 239 157 140 61 24 91 121.5 147.6 148.7 267.3 128 200 105.7 129.3 September 229.0 167 171 194 156 134 69 26 104 115.8 127.8 128.5 224.2 127 200 105.2 128.9 October... 231.4 162 164 186 154 124 83 36 121 115.4 127.2 127.6 222.9 118 213 105.9 128.9 November. 235.7 168 167 191 158 138 94 44 134 116.4 127.8 128.2 222.9 133 225 106.8 129.3 December. 234.1 163 161 185 156 133 108 56 150 117.3 128.1 128.4 226.2 127 216 107.1 129.9 1946 January 233.5 160 156 166 161 141 107 61 145 119.7 130.7 130.2 229.2 133 228 107.1 129.9 February.. 231.7 152 148 138 166 141 136 95 169 118.4 122.4 121.9 210.5 126 254 107.7 129.6 March 234.7 168 164 183 165 138 147 129 161 121.0 130.3 ••129.9'232.9 139 263 108.9 130.2 April 236.4 165 163 191 163 104 170 172 168 122.2 136.7 ••136.0'248.5 109 250 110.2 r131.1 May P240.2 159 159 175 160 115 169 179 161 123.3 138.1 137.0 246.2 106 ••256 111.0 ••131.7 June P171 J»192 P161 P141 P176 P185 P169 124.0P138.7P138.4 133 275 112.9 133.3 * 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. 910-913. For points in total index, by major groups, see p. 929. 8 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 917 of this BULLETIN. * The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 6 For indexes by Federal Reserve districts and other department store data, see pp. 919-921. 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. AUGUST 1946 909 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) I Index numbers ofthe Board of Governors. 1935-39 average = 100] 1945 1946 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Industrial Production—Total 225 220 210 186 167 162 168 163 160 152 168 165 159 P170 Manufactures—Total 240 233 222 194 173 168 173 169 163 154 173 176 167 p/75 Durable Manufactures 323 308 292 239 194 186 191 185 166 138 183 191 175 P192 Iron and Steel 204 192 187 155 163 146 167 164 102 43 169 159 109 154 Pig iron 190 181 182 161 166 129 158 164 100 48 168 142 86 144 Steel . 229 214 203 164 171 159 178 172 108 46 176 175 126 168 Ooen hearth 182 173 172 142 154 139 160 155 95 38 161 148 '98 143 Electric 567 505 421 319 296 307 306 293 199 106 286 363 '319 341 Machinery . . . . . 405 393 371 310 230 232 231 232 217 '188 '207 225 230 Transportation Equipment .... 610 572 535 405 273 258 252 217 220 199 '209 '245 239 P236 Automobiles 218 207 188 142 105 120 137 95 107 98 114 162 162 P166 (Aircraft: Railroad cars; Locomotives; Shipbuild- Nonferrous Metals and Products 248 219 196 165 139 144 148 147 151 139 141 132 130 P137 Smelting and refining 188 184 183 171 150 148 147 140 140 128 123 109 109 P110 (Copper smelting; Lead refining; Zinc smelting; Aluminum* IVIaErnesium* TinH Fabricating 272 234 202 162 135 143 148 150 155 144 148 141 139 (Copper products; Lead shipments: Zinc shipments; Aluminum products; Magnesium Lumber &nd Products ... 118 116 110 107 98 91 96 92 108 119 125 130 129 P130 Lumber 108 104 98 98 89 76 83 72 95 108 117 123 123 P122 Furniture 138 138 134 124 115 120 123 131 135 139 142 144 142 P145 Stone Clay, and Glass Products 162 166 169 160 161 161 158 164 172 185 192 '190 176 P189 Glass products 179 176 193 177 200 186 175 181 190 216 221 214 '193 209 Plate glass 61 43 62 61 79 50 4 3 29 106 136 130 133 119 Glass containers .... . 220 223 240 218 243 235 235 244 247 255 251 243 213 240 Cement 85 95 93 97 97 106 113 119 131 149 152 152 128 G Cl y a p y s u p m ro d a u n c d ts plaster products 1 11 6 5 8 1 1 2 7 1 2 1 1 1 7 7 9 1 16 10 2 1 17 10 2 1 1 7 16 7 1 11 8 9 1 1 18 24 2 1 1 9 44 7 2 1 0 44 1 2 1 0 50 4 2 1 0 48 2 1 1 8 40 7 P P 1 1 4 9 7 4 Abrasive and asbestos products 295 298 287 260 220 218 215 217 199 197 '217 '221 226 P240 Nondurable Manufactures 173 173 165 157 156 154 158 156 161 166 165 163 160 P161 Textiles and Products 150 150 132 134 144 141 146 143 151 159 162 '161 164 P165 Textile fabrics 138 138 121 123 134 131 135 132 140 149 150 148 152 Cotton consumption 142 144 123 123 138 128 133 125 138 146 147 144 149 152 N R V av lo o n n a d n e d li v s e il r k ie s consumotion1 221 220 220 213 215 215 226 228 233 234 241 245 246 240 ^Woo C l a te r x p t e i t l e w s ool consumption.. . . 14 4 6 2 1 4 44 0 1 3 17 3 1 5 27 8 14 8 2 2 1 9 47 3 1 8 50 9 1 14 0 9 4 1 1 5 1 3 0 1 1 7 3 1 5 1 1 3 73 8 '1 1 6 2 9 2 1 1 3 74 5 W Ap o p o a le re n l a w n o d o l w c o o r n st s e u d m y p a ti r o n n 2 1 4 5 3 1 2 1 3 5 4 2 1 1 8 2 5 4 1 13 7 6 2 1 18 5 6 4 1 15 9 6 1 1 1 9 6 3 0 1 1 5 8 6 4 2 1 0 5 0 8 2 1 2 7 2 5 2 1 2 7 9 4 1 2 7 2 1 4 2 1 3 7 1 6 Woolen yarn 161 162 129 145 158 156 163 159 160 177 176 172 180 Worsted yarn 137 137 117 125 149 156 156 152 154 171 171 169 170 Woolen and worsted cloth 165 161 129 136 144 149 154 153 155 170 173 174 176 Leather and Products 121 127 109 108 119 112 116 111 117 133 134 130 126 Leather tanning 115 119 109 98 112 107 109 114 115 126 120 115 105 Cattle hide leathers 132 137 128 112 125 121 125 131 131 146 140 135 125 Calf and kip leathers 91 97 79 75 97 89 83 92 92 99 84 84 74 Goat and kid leathers 62 56 50 47 52 46 51 49 54 64 62 54 49 Shoe S s heep and lamb leathers 1 1 3 2 2 6 1 1 3 3 2 7 1 10 3 9 3 1 11 3 4 0 1 1 5 2 1 3 1 1 1 4 6 5 1 1 4 2 0 0 1 1 0 3 9 9 1 11 5 8 1 1 1 3 4 8 6 1 1 4 4 8 4 1 1 3 4 4 1 118 Manufactured Food Products 153 151 147 138 144 143 150 153 154 159 155 '151 142 P138 W Ca h n e e a t s u f g lo a u r r meltings1 140 138 135 130 127 129 133 136 149 163 122 120 100 P99 Manu B f u ac tt t e u r red dairy products P1 8 33 7 P1 9 43 0 P1 8 48 9 P1 8 46 5 P14 7 8 5 P14 7 5 2 P1 6 54 5 P1 5 3 9 1 P1 5 1 9 6 P1 5 1 8 7 P1 5 2 9 2 P1 6 29 5 P1 6 20 2 1 6 2 3 7 Cheese 175 179 181 171 160 155 149 143 151 150 153 173 166 166 Canned and dried milk . . . 196 206 222 208 201 156 146 136 130 131 144 163 163 Ice cream Meat P o p r a k c k a i n n d g lard 1 13 3 2 5 1 1 4 4 1 4 1 1 4 4 0 6 1 1 3 2 3 6 1 1 4 2 1 0 1 9 29 9 1 1 5 5 5 3 1 1 5 7 5 1 1 1 3 4 1 6 2 1 0 78 5 1 1 4 4 0 9 1 1 3 5 0 7 1 12 5 0 1 9 85 7 Beef 134 142 136 144 165 159 158 138 122 153 132 101 90 65 Veal 95 103 116 151 179 197 189 138 87 87 80 72 68 60 Lamb and mutton 128 142 133 110 125 134 135 148 105 184 157 132 94 126 r Revised. *» Preliminary. ^Series included in total and group indexes but not available for publication separately 910 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] 1946 Industry May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May June Manufactured Food Products—Continued Other manufactured foods 161 155 150 139 146 148 152 159 165 164 165 161 P\50 Processed fruits and vegetables. 149 139 134 101 109 128 128 138 143 140 153 151 Confectionery 151 129 108 107 108 108 113 137 145 143 139 132 Other food products 165 163 161 155 162 160 165 168 174 174 173 169 160 P156 Alcoholic Beverages. 136 139 193 173 192 201 216 212 231 238 176 169 155 Malt liquor 139 139 147 149 181 182 199 197 199 197 127 117 109 123 Whiskey 0 0 199 55 52 70 83 130 131 125 100 96 60 Other distilled spirits. 61 57 448 399 236 218 223 274 431 524 370 356 352 Rectified liquors 291 318 293 365 420 427 343 396 416 401 409 387 Industrial Alcohol from Beverage Plants1.. Tobacco Products 139 150 160 167 154 112 143 156 161 154 163 153 Cigars 92 93 83 91 106 111 110 87 104 111 110 109 110 108 Cigarettes 156 177 162 195 206 216 194 139 185 205 217 205 219 200 Other tobacco products. 94 90 98 99 96 94 64 71 69 65 69 71 76 Paper and Paper Products. 141 142 135 131 143 143 142 134 133 140 148 146 142 P145 Paper and pulp 136 137 131 129 138 139 138 132 130 136 143 141 138 Pulp 160 160 149 146 152 154 153 137 131 144 156 155 150 Groundwood pulp 108 116 120 118 124 124 114 95 93 96 98 96 92 Soda pulp 103 103 93 92 100 101 103 100 102 104 111 112 100 Sulphate pulp 236 236 227 219 223 227 223 195 167 203 239 235 223 Sulphite pulp 140 138 122 120 126 129 131 120 125 130 132 131 133 Paper 133 134 128 126 136 137 136 131 130 135 141 139 136 139 Paperboard 161 160 149 141 165 157 158 143 145 155 165 166 160 164 Fine paper 78 75 73 74 77 80 79 78 81 82 82 85 84 85 Printing paper 125 126 122 126 125 133 132 13? 134 139 144 144 141 143 Tissue and absorbent paper 141 139 146 142 142 147 145 140 146 141 149 143 143 142 Wrapping paper 132 139 133 135 141 147 140 140 128 135 138 126 128 132 Newsprint 80 79 80 72 81 79 81 86 86 86 86 86 83 83 Paperboard containers (same as Paperboard). Printing and Publishing. . 105 106 109 114 112 118 123 127 126 124 129 Newsprint consumption 85 85 96 102 108 110 108 108 116 Printing paper (same as shown under Paper). Petroleum and Coal Products. 273 269 P267 P184 P!56 P172 P166 P161 P171 Petroleum refining Gasoline 149 148 156 155 132 129 147 140 131 129 130 133 Fuel oil 174 177 175 173 151 152 164 164 171 176 172 172 Lubricating oil 138 136 136 138 119 120 133 123 129 130 141 135 O K t e h ro er s e p n e e troleum products1. 121 132 133 140 116 122 144 157 180 190 183 161 Coke 168 163 165 153 152 116 148 154 116 91 151 113 73 By-product coke 161 155 158 148 150 115 144 150 111 85 145 116 75 Beehive coke 406 421 400 332 224 145 276 286 296 295 337 14 '270 Chemical Products. 319 318 307 265 239 230 228 230 234 232 232 235 233 P239 Paints 131 134 139 133 136 139 142 142 145 147 148 150 143 P145 Soap 134 132 130 122 126 124 124 127 130 126 122 123 123 P122 Rayon 240 243 243 222 237 238 244 246 251 255 256 260 P261 P264 E In x d p u lo st s r i i v a e l s c a h n e d m i a c m al m s unition1. 407 412 409 368 386 371 370 378 384 382 392 3 3 9 8 3 7 P399 Other chemical products1 Rubber Products. . . 224 222 218 193 172 191 192 205 215 216 221 219 215 P221 Minerals—Total . 138 144 143 140 134 124 138 133 141 141 138 104 115 I 41 Fuels 143 150 148 146 139 126 143 137 146 149 145 108 123 P150 Coal 125 148 140 135 142 112 149 132 150 152 159 32 Bituminous coal. 145 153 146 144 148 110 159 142 159 160 168 10 60 P156 Crud A e n p th e r t a r c o i l t e e um.... 1 4 5 7 2 1 1 2 5 9 1 1 15 1 3 7 1 1 0 5 2 2 1 13 1 8 4 1 1 2 3 0 3 1 1 1 4 2 1 1 9 3 4 9 1 14 1 4 4 1 1 2 4 1 7 1 1 2 3 5 8 121 125 P1 P& 5 6 4 146 P148 Metals. 110 109 109 105 106 109 109 108 108 95 93 P86 81 v68 Metals other than gold and silver. 167 168 168 162 161 164 163 159 159 135 133 Iron ore 112 89 (Copper; Lead; Zinc)1 Gold 30 P39 P39 Silver 51 P41 P37 P34 r Revised. J» Preliminary. 1 Series included in total and group indexes but not available for publication separately. NOTE.—Series on petroleum refining, usually published in this table, is in process of revision. For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. AUGUST 1946 911 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1945 1946 Industry | ! May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May June Industrial Production—Total. 225 220 211 188 171 164 167 161 156 148 164 163 159 P171 Manufactures—Total 240 234 223 196 177 171 173 167 160 '150 170 174 166 P176 Durable Manufactures.. . 323 308 292 240 195 187 192 184 164 U6 182 190 176 P!93 Iron and Steel 204 192 187 155 163 146 167 164 102 43 169 159 109 P154 Pig iron 190 181 182 161 166 129 158 164 100 48 168 142 86 144 Steel 229 214 203 164 171 159 178 172 108 46 176 175 -•126 168 Open hearth. 182 173 172 142 154 139 160 155 95 38 161 148 '98 143 Electric 567 505 421 319 296 307 293 199 106 286 363 '319 341 Machinery 405 371 310 230 232 232 217 '188 225 230 P241 Manufacturing Arsenals and Depots * Transportation Equipment 610 572 535 405 273 258 252 217 220 199 '209 '245 239 P236 Automobiles 218 142 105 120 137 95 107 98 162 P166 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products 248 219 196 165 139 148 147 151 139 141 132 130 '137 Smelting and refining 189 183 182 171 150 148 148 141 140 128' 123 109 109 P109 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 272 234 202 162 135 143 148 150 155 144 148 141 139 (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 P137 Lumber. . 112 113 107 108 98 82 81 63 80 95 108 122 126 P133 Furniture. 138 138 134 124 115 120 123 131 135 139 142 144 142 P145 Stone, Clay, and Glass Products 167 166 168 165 166 167 162 159 163 174 184 '187 184 Glass products 190 175 186 183 204 192 176 169 186 210 221 214 204 297 Plate glass 61 43 62 61 79 50 4 3 29 106 136 130 133 119 Glass containers 235 221 230 227 247 242 237 227 242 247 251 243 228 237 Cement 89 102 102 110 112 123 122 108 107 113 125 145 135 Clay products 115 120 115 113 114 122 123 128 134 138 143 144 140 Gypsum and plaster products. . 169 175 179 J62 176 182 183 186 190 191 197 198 190 Abrasive and asbestos products. 295 287 260 220 218 215 217 199 197 '217 '221 226 P240 Other stone and clay products *. Nondurable Manufactures . . 172 173 167 159 161 158 158 154 157 162 161 160 159 P161 Textiles and Products 150 150 132 134 144 141 146 143 151 159 162 P165 Textile fabrics 138 138 121 134 131 135 132 140 149 150 148 152 Cotton consumption 142 144 123 123 138 128 133 125 138 146 147 144 149 152 Rayon deliveries 1 220 220 213 215 215 226 228 233 234 241 245 246 240 Nylon and silk consumption x. . Wool textiles 146 144 117 127 142 147 150 149 153 171 173 '169 174 Carpet wool consumption.. 42 40 33 58 82 93 89 104 110 135 138 122 135 Apparel wool consumption. 243 234 185 172 186 191 193 184 200 222 229 224 231 Woolen and worsted yarn.. 151 152 124 136 154 156 160 156 158 175 174 171 176 Woolen yarn 161 162 129 145 158 156 163 159 160 177 176 172 180 Worsted yarn 137 137 117 125 149 156 156 152 154 171 171 169 170 Woolen and worsted cloth. 165 161 129 136 144 149 154 153 155 170 173 -174 176 Leather and Products. 121 126 107 107 118 113 117 111 117 137 134 •130 126 Leather tanning 115 116 103 97 110 108 113 113 115 136 119 114 105 Cattle hide leathers 132 132 120 109 123 122 130 131 134 157 140 135 125 Calf and kip leathers. 87 99 78 79 95 91 86 90 90 104 82 81 71 Goat and kid leathers 61 57 49 46 52 46 50 49 54 67 62 56 48 Sheep and lamb leathers. 142 135 123 134 148 145 148 132 140 160 144 131 127 Shoes. 126 132 109 114 123 116 120 109 118 138 144 141 Manufactured Food Products. 146 150 157 151 166 153 151 149 143 144 138 135 P137 138 Wheat flour 134 132 133 128 139 136 134 135 149 165 119 96 P96 Cane sugar meltings * 116 Manufactured dairy products. P178 P209 M20 P100 P101 P134 P160 187 Butter 112 124 109 93 72 62 50 47 49 51 54 66 80 86 Cheese 234 254 223 191 164 139 112 103 112 123 138 180 222 236 Canned and dried milk. .. 272 284 257 214 185 127 105 105 105 118 141 184 227 Ice cream Meat packing 132 139 131 119 134 133 171 182 155 171 129 120 120 84 Pork and lard 135 144 129 97 95 93 179 225 191 201 138 143 151 97 Beef 134 139 137 146 179 173 164 138 125 141 120 95 90 63 Veal 98 103 116 148 197 224 202 130 81 76 75 71 70 60 Lamb and mutton 130 132 127 108 134 140 135 145 111 186 154 128 96 117 r Revised. » Preliminary. Series included in total and group indexes but not available for publication separately. 912 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued {Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average=100] 1945 1946 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Manufactured Food Products—Continued Other manufactured foods 145 146 157 154 176 164 158 156 152 149 147 143 P141 Processed fruits and vegetables. 97 107 174 165 242 165 118 108 93 88 84 92 92 P112 Confectionery 117 96 88 115 139 142 134 139 149 144 129 110 Other food products 162 165 165 158 165 168 173 171 167 166 166 162 157 P157 Alcoholic Beverages 147 162 214 175 199 214 201 188 198 211 162 164 157 Malt liquor 158 175 184 170 183 169 154 157 163 178 118 123 124 154 Whiskey 0 0 199 55 52 70 83 130 131 125 100 96 60 Other distilled spirits. 36 35 400 216 324 566 467 301 280 314 241 214 211 Rectified liquors , 291 318 293 306 365 420 427 343 396 416 401 409 387 Industrial Alcohol from Beverage Plants l. Tobacco Products 155 17 3 157 142 148 152 147 164 159 Cigars 92 93 83 91 106 111 110 87 104 111 110 109 110 10S Cigarettes 156 186 170 204 220 225 198 128 185 193 202 190 219 210 Other tobacco products. 95 92 95 106 103 97 57 70 67 65 69 71 77 Paper and Paper Products 142 142 134 131 144 143 142 134 133 141 148 146 142 P!45 Paper and pulp 137 137 130 129 138 139 138 131 130 137 143 141 138 P141 Pulp 161 160 147 144 150 153 153 137 131 145 157 156 151 Groundwood pulp 117 117 107 104 110 115 121 96 96 100 105 106 100 Soda pulp 103 103 93 92 100 101 103 100 102 104 111 112 100 Sulphate pulp 236 236 227 219 223 227 223 195 167 203 239 235 223 Sulphite pulp 140 138 122 120 126 129 131 120 125 130 132 131 133 Paper 133 134 128 126 136 137 136 131 130 136 141 139 136 139 Paperboard 161 160 149 141 165 157 158 143 145 155 165 166 160 164 Fine paper 78 75 73 74 77 80 79 78 81 82 82 85 84 85 Printing paper 125 126 122 126 125 133 132 132 134 139 144 144 141 143 Tissue and absorbent paper 141 142 140 142 142 148 145 145 144 147 149 144 143 145 Wrapping paper 132 139 133 135 141 147 140 140 128 135 138 126 128 132 Newsprint 81 80 78 71 81 79 82 84 86 86 86 83 84 Paperboard containers (same as Paperboard). Printing and Publishing. 106 105 107 110 117 118 114 114 122 129 129 P129 Newsprint consumption 84 87 94 101 104 96 94 106 114 114 112 115 Printing paper (same as shown under Paper) Petroleum and Coal Products. 273 269 v267 P240 P!84 P!56 P!74 P172 P161 P171 P165 Petroleum refining , Gasoline 149 148 156 155 132 129 147 140 131 129 130 133 '138 P139 Fuel oil 174 177 175 173 151 152 164 164 171 176 172 172 Lubricating oil 143 136 134 137 119 120 133 122 125 129 139 141 Kerosene 122 124 124 135 115 122 148 162 184 200 187 165 Other petroleum products l Coke 168 163 165 153 152 116 148 154 116 91 151 113 73 By-product coke 161 155 158 148 150 115 144 150 111 85 145 116 75 Beehive coke 406 421 400 332 224 145 276 286 296 295 337 14 P27O Chemical Products. 318 315 303 261 239 232 230 231 233 233 234 237 232 P236 Paints 135 138 137 132 135 139 140 142 142 145 148 151 P150 Soap 130 130 129 124 131 130 125 127 127 124 122 121 120 P120 Rayon 240 243 243 222 237 238 244 246 251 255 256 260 261 P264 Industrial chemicals........ 407 412 409 368 386 371 370 378 384 379 382 392 387 P399 Explosives and ammunition 1 Other chemical products *... Rubber Products. . . 224 222 218 193 172 191 192 205 215 216 221 219 215 P221 Miner a Is— Total. 141 147 145 143 137 125 134 126 134 134 131 100 115 P144 Fuels 143 150 148 146 139 126 143 137 146 149 145 108 123 P150 Coal. 125 148 140 135 142 112 149 132 150 152 159 32 73 P142 Bituminous coal. .. 145 153 146 144 148 110 159 142 159 160 168 10 60 P156 Crud A e n p t e h t r r a o c le it u e m 1 4 5 7 2 1 1 5 2 1 9 1 1 5 1 3 7 1 1 5 0 2 2 1 1 3 1 8 4 1 1 3 2 3 0 1 1 4 1 1 2 1 9 3 4 9 1 1 4 1 4 4 1 1 4 2 7 1 1 1 2 3 5 8 1 1 4 2 6 1 P1 1 4 2 8 5 P P 1 8 5 6 4 Metals.. 131 129 125 124 123 116 80 61 60 49 48 51 P66 P105 Metals other than gold and silver.. 207 204 196 192 188 175 111 79 78 58 57 62 90 Iron ore 304 301 289 289 281 245 108 50 50 22 28 58 116 (Copper; Lead; Zinc)1 P35 Gold P35 P35 P34 Silver P43 P38 r Revised. * 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. AUGUST 1946 913 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 1946 May June Feb. Mar Apr. May June Apr. May June Feb. Mar. Apr. May Total 159.8 156.9 121.9 129.9 '136.0 137.0 138.4 333.3 318.7 314.6 210.5 '232 9 '248.5246.2 Durable goods 211.5 204.4 122.6 '138.4'151.8 154.8 156.2 451.6 427.6 414.2 199.6 '236.8 '265.9 263.1 Nondurable goods 119.0 119.5 121. 123.1 123.5 123.0 124.4 217.5 212.2 217.3 221.3 '229.2'231. 229.7 Iron and Steel and Products 169.7 164. 85.0 127.9 135.9 134.7 133.6 328.8 318.6 308. 127.2 r211. '228.0218.4 Blast furnaces, steel works, etc... 122 121 44 120 124 119 229 227 223 48 182 186 169 Steel castings 230 213 r87 '129 '166 169 451 422 387 rl49 '213 '293 291 Tin cans and other tinware 130 133 91 105 117 125 228 213 230 149 178 206 207 Hardware 127 125 108 112 122 125 275 268 261 196 209 230 236 Stoves and heating equipment.... 131 127 95 103 108 109 265 247 242 159 182 -195 192 Steam, hot-water heating apparatus 176 165 121 '147 148 348 334 320 '204 '218 •265 266 Stamped and enameled ware 150 104 117 127 128 323 313 304 189 216 240 242 Structural and ornamental metal 153 work 168 '91 130 134 365 341 134 '201 179 Electrical Machinery 266.6 134.2 r141.5 •171.7 188.9 517.8 500.5 490.0 211.1 '224.1r286.8 315.2 Electrical equipment 271.6 223 '93 103 130 150 441 426 415 rl39 '155 '209 248 Radios and phonographs 228 254 149 157 165 172 521 501 486 272 286 303 316 260 Machinery except Electrical 219.9 216.3 '157.2 166.5 186.0 188.8 426.4 404.7 255.3 277.9 300.7 310.4 Machinery and machine-shop products 214 210 146 155 170 170 410 386 386 239 258 290 287 Engines and turbines 339 332 -•133 '135 '185 198 732 683 680 231 231 312 370 Tractors f 174 173 81 129 130 136 278 272 278 105 '199 178 175 Agricultural, excluding tractors.. . 149 150 107 109 108 146 313 289 306 166 '170 170 222 Machine tools 198 195 160 156 162 161 371 348 353 258 '257 261 260 Machine-tool accessories 250 244 186 186 187 186 449 430 422 277 287 284 287 Pumps 279 274 196 202 212 217 593 576 585 346 355 374 398 Refrigerators 139 135 125 '125 144 156 260 250 243 168 '200 '235 256 Transportation Equipment, except Autos 1153.01059.1 294.4 '289.3r306.4 297.5 283.12615.42396.02223.5 491.5 '507.0'558.1 537.8 Aircraft, except aircraft engines. . 1450 1284 296 '294 '303 311 3071 2837 2546 521 '524 552 564 Aircraft engines 2167 1950 239 '252 '294 302 3957 3703 3232 369 '384 460 483 Shipbuilding and boatbuilding. 1132 1067 329 '316 306 277 2711 2434 2328 530 '549 '554 495 Automobiles 165.3 159.4 103.0 '111.2rl54.8 161.9 164.2 317.5 292.2 281.6 142.4 rl66.9 241.1 214.6 Nonferrous Metals and Products 183.4 178.4 126.8 r137.9'144.6 147.1 148.2 360.0 347.3 337.9 228.7 247.8 261.1 265.0 Primary smelting and refining. . .. 140 141 -•118 '105 '101 100 269 262 262 '182 '173 172 Alloying and rolling, except aluminum 183 176 121 124 128 128 362 341 328 222 222 226 233 Aluminum manufactures 296 284 104 171 181 189 554 524 497 173 291 312 321 Lumber and Timber Basic Products 123.4 124.5 124.0 127.0 132.6 137.0 143. 228.3 230.5 239.7 219.9 -234.5 248.2 261.8 Sawmills and logging camps 75 75 70 72 75 77 141 142 148 123 132 140 147 Planing and plywood mills 93 93 91 91 93 95 167 164 167 161 '165 170 175 Furniture and Lumber Products 103.7 103.9 108.1 109.9 111.5 111.4 112.8 197.9 194.2 195.9 200.4 209.0 214.6 Furniture 93 93 95 97 98 98 177 173 173 177 184 190 188 Stone, Clay and Glass Products 107.7 109 6 121 4 124 9 128. 129 7 132.4 190.7 185 5 189. 204.6'217.2'226.0225.6 Glass and glassware 124 127 142 146 147 146 206 200 201 237 247 250 243 Cement 69 71 94 99 105 109 115 114 121 142 155 172 177 Brick, tile, and terra cotta 71 73 93 96 99 102 124 121 126 158 169 181 180 Pottery and related products 115 117 130 132 134 132 189 184 186 210 217 219 215 Textile-Mill and Fiber Products 93.1 93.6 101 2 102 8 103.4 103.6 104., 172.9 168.3 177.3 203.7 212.6 215.8 214.8 Cotton goods except small wares.. 104 105 110 112 112 112 202 200 210 230 242 246 244 Silk and rayon goods 71 72 74 75 75 76 135 134 142 158 164 167 167 Woolen and worsted manufactures 94 94 103 106 107 107 187 179 187 227 234 239 238 Hosiery 61 61 69 70 71 71 99 95 100 125 129 131 131 Dyeing and finishing textiles 86 86 93 94 95 94 148 141 147 178 181 179 175 Apparel and Other Finished Textiles. . . , 116.2 115.9 125 8 128 6 128.9 128.3 130.1 219.7 204.5 207.6 240.2 263.6 263.5 258.8 Men's clothing, n.e.c 90 90 85 87 87 88 167 157 164 158 170 174 176 Shirts, collars, and nightwear 68 69 73 74 74 75 129 123 126 148 153 153 157 Women's clothing, n.e.c 74 71 79 80 80 78 144 131 125 153 173 170 163 Millinery 69 66 86 83 70 126 84 93 153 170 143 99 Leather and Leather Products 90.0 91.3 100.4 102.4 102.5 102.6 103.3 169.3 163.6 173.1 194.5 202.1 203.9 203.1 Leather 82 83 95 93 93 92 148 147 149 165 164 165 159 Boots and shoes 78 79 86 89 150 143 154 174 183 185 185 Food and Kindred Products 117. 120.4 122.2 121.0 119.8 118.3 120.0 194 A 193.7 202.6 211.5 206.6 205.4 202.5 Slaughtering and meat packing.. . , 103 106 126 122 115 113 168 163 178 199 191 181 181 Flour 116 119 127 122 118 110 201 202 211 242 214 203 182 Baking 110 110 110 110 107 104 170 171 174 181 183 179 171 Confectionery 109 108 103 106 104 99 192 185 187 183 186 193 176 Malt liquors 139 143 154 143 140 139 207 206 220 238 200 195 201 Canning and preserving 73 79 67 63 68 70 150 144 157 137 132 149 150 Tobacco Manufactures 85.6 86.1 87.3 87.9 90.8 91.2 91.3 160.8 157.2 164.5 165.2 171.3 174.6 181.1 Cigarettes 124 124 116 117 120 121 200 192 204 194 202 205 217 Cigars... 64 65 72 73 76 77 131 133 137 149 156 162 164 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 June 1946 are preliminary. 914 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 May June Feb. Mar. Apr. May June Apr. May June Feb. Mar. Apr. May Paper and Allied Products 116.9 118.5 131.0 132.9 134.5 135.3 137.0 199.8 194.5 202.0 226.2 233.3 235.9 237.4 Paper and pulp 104 105 116 118 119 120 182 178 184 204 208 211 213 Paper goods, n.e.c 115 115 121 123 123 123 194 186 193 205 212 212 212 Paper boxes 109 111 120 121 122 123 180 175 183 204 213 216 217 Printing and Publishing 97.5 97.5 112.1 113.5 114.2 114.3 114.7 138.2 138.9 139.6 171.2 177.2 178.9 179.5 Newspaper periodicals 92 92 105 107 108 109 121 122 122 149 154 158 161 Book and job 104 104 121 122 122 121 156 154 156 194 200 -200 197 Chemicals and Allied Products 236.8 232.8 170.3 171.4 170.9 167.4 428.1 425.7 417.6 284.7 290.0 291.2 285.7 Drugs, medicines, and insecticides 183 183 186 186 187 188 277 282 284 297 301 302 305 Rayon and allied products 110 111 124 124 122 121 181 183 186 197 200 201 200 Chemicals, n.e.c 164 165 165 166 170 170 296 295 299 273 276 283 281 Explosi ves and safety fuses 1349 1304 212 200 199 175 2076 2096 1984 325 310 305 283 Ammunition, small-arms , 1549 1508 198 194 181 177 3150 3185 3037 384 377 342 319 Cottonseed oil 88 79 101 92 78 65 203 184 168 215 198 168 140 Fertilizers 126 112 152 168 155 132 351 293 259 336 387 363 301 Products of Petroleum and Coal 126.8 127.4 130.8 136.7 138.2 136.9 140.6 230.3 227.8 230.6 221.3 231.0 233.5 229.5 Petroleum refining 127 127 132 133 134 134 227 223 224 217 218 221 222 Coke and by-products 100 100 91 115 114 105 179 186 182 162 210 197 175 Rubber Products 166.6 164.5 177.1 181.5 182.0 182.7 184. 315.9 299.8 304.3 292.1 302.8 324.9 327.6 Rubber tires and inner tubes 169 167 187 192 193 193 306 289 294 272 281 313 314 Rubber goods, other 134 131 129 132 130 129 256 244 243 234 242 241 241 Miscellaneous Industries 172.9 171.9 155.4 160.5 163.7 165.0 167.7 345.2 336.7 337.5 278.1 293.1 301.6 300.5 Instruments, scientific 534 512 201 205 203 198 1070 996 988 322 346 342 331 Photographic apparatus 158 157 130 136 136 139 270 265 263 205 215 220 221 For footnotes, see page 914. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939=100] 1945 1946 Group May June July Aug. Sept. Oct Nov. Dec. Jan Feb. Mar. Apr. May June Total 160 8 157.2 151 7 147 6 127.8 177 7 127.8 128.1 130. 7 122.4 130 3 136.7 138.1 P138.7 Durable 211.5 204.3 195 2 187 5 144.8 142.6 143.3 141.2 144.4 122.9 138 6 151.9 154.8 P156.2 Nondurable 120.8 120.1 117 4 116 1 114.5 115. 1 115.6 117.8 119.8 122.0 123 7 124.7 124.9 P125.0 Preliminary. " Revised. NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry group 1945 1946 1946 Apr. May Jan. Feb. Mar. Apr. May Apr. May Jan. Feb. Mar. Apr. May All Manufacturing. 45.1 44.1 41.0 40.5 40.7 '40.5 39.7 104.4 104.2 100.4 100.2 103. 5 105.8 107.1 Durable Goods 46.5 45.5 40.8 40.0 r40.6 40.4 39.2 113.8 113.4 107.0 106.4 mo.3 113.0 114.8 Iron and Steel and Products 46.9 46.0 41.1 39.1 40.0 39.9 38.3 110.9 111.2 109.5 108.4 116.9 118.6 119.3 Electrical Machinery 46.4 45.6 41.3 40.3 -"40.3 ••40.3 38.8 106 106.8 105.3 102.9 103.6 109.5 113.8 Machinery, Except Electrical 48.1 46.6 42.0 41.4 '41.7 '41.5 40.2 115.2 115.2 113.9 114.7 117.2 117.9 120.7 A Tr u a t n o s m p o o b r i t l a e t s ion Equipment Except Autos. 4 46 5.5 4 43 5 . . 9 9 3 4 7 0 . . 5 0 3 3 4 9 . . 5 0 ' r3 4 7 0 . . O 0 '3 3 7 9 . . 4 9 3 3 5 9. . 2 8 1 1 2 2 9 8 . . 5 0 1 1 2 2 9 6 . . 7 9 1 1 2 2 3 3 . . 0 1 1 1 2 2 4 3 . . 8 4 - 1 1 2 2 6 6 . . 4 4 1 1 3 3 0 1. . 6 0 1 1 3 3 1 3 . . 8 1 Nonferrous Metals and Products 47.1 46.0 43.3 43.2 '42.2 '41.8 41.2 108.2 107.7 106.6 109.1 111.3 112.9 114.5 Lumber and Timber .Basic Products 43.6 42.9 38.8 40.1 41.1 41.3 40.9 80.7 81.4 83.0 83.6 84.8 85.6 88.1 Furniture and Finished Lumber Products. 44.3 43.6 41.8 42.3 '42.5 42.3 41.3 85.5 85.9 86.4 87.1 88.8 '90.4 91.7 Stone, Clay, and Glass Products 44.5 43.6 40.7 41.1 41.6 '41.3 40.2 92.9 92.8 94.2 96.7 98.5 100.3 101.8 Nondurable Goods 43.2 42.3 41.2 40.9 40.9 40.6 40.1 89.9 90.3 94.1 95.3 97.5 99.6 Textiles—Mill and Fiber Products 41.9 40.7 40.4 40.5 40.4 40.3 39.8 73.5 74.5 80.3 83.3 85.8 86.9 87.3 Apparel and Other Finished Products.... 37.9 36.4 36.7 36.5 37.5 37.2 36.9 86.2 84.7 90.6 92.2 96.1 96.6 95.6 Leather and Manufactures 42.0 40.4 39.9 40.4 40.8 40.5 39.6 85.2 85.9 90.4 90.7 91.7 92.8 94.3 Food and Kindred Products 45.0 44 44.9 44.3 42.9 ••42.8 42.3 86.9 87.4 92.1 92.4 94.3 95.3 96.1 Tobacco Manufactures 42.3 41.6 39.3 38.5 39.7 39.2 39.5 74.0 74.7 82.4 83.2 83.0 83.0 84.8 Paper and Allied Products 46.5 45.4 44.3 43.9 43.9 43.5 42.8 87.4 87.6 92.8 r93.7 r95.7 96.5 97.9 Printing, Publishing and Allied Industries. 41.2 41.2 41.1 40.8 41.2 '40.9 40.4 112.9 113.3 120.0 122.1 •123.5 124.5 126.3 Chemicals and Allied Products 45.7 45.7 42.0 41.7 41.6 41.4 40.8 98.0 99.0 101.5 102.1 103.3 104.4 106.4 Products of Petroleum and Coal 48.3 47.5 41.7 41.6 40. 40.2 39.7 120.2 120.4 124.9 128.6 130.7 133.1 134.0 Rubber Products 45.7 44.2 41.7 40.8 40.8 40.3 39.4 113.6 113.2 112.1 112.9 113.8 123.4 126.9 Miscellaneous Industries 45.8 44.8 41.8 41.8 42.1 41.8 40.9 99.3 99.2 99.1 98.5 99.9 101.5 102.8 • Revised. NOTE.—Back figures are available from the Bureau of Labor Statistics. AUGUST 1946 915 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 f g ac- Mining Co t n io s n tr * uc- ti p o u n b l a i n c d Trade an s d e r m vi i c s e c , el- Sta l t o e c , a l and utilities laneous government 1939 30,353 10,078 845 1,753 2,912 6,618 4,160 3,988 1940. 31,784 10,780 916 1,722 3,013 6,906 4,310 4,136 1941 35,668 12,974 947 2,236 3,248 7,378 4,438 4,446 1942 38,447 15,051 970 2,078 3,433 7,263 4,447 5,203 1943 39,728 16,924 891 1,259 3,619 7.030 4,115 5,890 1944 38,698 16,121 835 679 3,761 7,044 4,348 5,911 1945 36,981 13,897 779 834 3,822 7,173 4,589 5,887 SEASONALLY ADJUSTED 1942—June 38,204 14,865 981 2,057 3,419 ,206 4,532 5,144 July 38,581 15,143 982 2,077 3,433 ,210 4,520 5,216 August 39,042 15,442 973 2,101 3,448 ,222 4,518 5,338 September 39,171 15,644 962 2,077 3,448 227 4,382 5,431 October 39,452 15,798 954 2,136 3,484 ,224 4,330 5,526 November 39,597 16,048 944 2,095 3,503 132 4.255 5,620 December 39,898' 16,333 933 2,041 3,525 7,136 4,229 5,701 1943—January 39,934 16,506 927 1,899 3,540 7,133 4,146 5,783 February 39,935 16,682 924 1,734 3,556 7,064 4,146 5,829 March 40,066 16,831 915 1,604 3,574 7,110 4,121 5,911 April 39,891 16,858 908 1,476 3,588 7,006 110 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 Jjine 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 '$7,472 '14,538 798 828 '3,795 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 '36,729 ••12,070 801 1,462 '3,990 '7,757 5,127 5,522 April '•37,095 '12,^06 508 '1,597 '3,941 7,775 5,166 5,502 May 37,422 12.71Q 729 1,709 3,876 7,729 5,140 5,520 June 37,652 12,771 825 1,896 3,880 7,725 5,074 5,481 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 '37,556 '14,538 794 845 '3,833 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 ••36,273 '12,010 801 1,345 '3,930 '7,617 5,076 5,494 April '36,887 '12,543 505 '1,517 '3,921 7,759 5,140 5,502 May 37,377 12,655 725 1,743 3,876 7,690 5,140 5,548 June 37,762 12,771 821 1,934 3,919 7,686 5,150 5,481 * Includes Contract Construction and Federal Force Account Construction. ' 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, domestt c servants, and personnel of the armed forces are excluded. June 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. 916 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] Month Total R b es u i i d ld e i n n t g ial Factories Co N m o m n e r r e c s i i a dential E b d u u il c d a i t n i g onal Other P a u n b u d l t i i c l p i t u w ie b o s li r c ks 1945 1946 1945 1946 1945 1946 1945 1946 1945 1946 1945 1946 1945 1946 January 140 9 357 5 19.S 89.7 45.2 104,7 7.5 69 0 4.9 18.1 23.9 25.8 39.8 50. ? February 147 0 4 19.s 102.1 66.6 97 7 8.5 77 s 3.0 17.1 17.6 28. 32.0 64. 7 March 328 9 697 6 26.Q 275.? 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 9 111.9 178.1 May 242 95? 4 47.? 463.6 43.4 140 S 9.5 88 7 5.1 23 4 29.4 38. 107.9 197.Q June 227 3 807 0 41.8 332.? 25.5 159 4 18.8 55 10.5 23.4 35.6 35.? 95.0 202.4 July 257 7 46. 51.5 19.8 13.4 36.9 89.9 August 263.6 42.7 75.5 25.5 10.4 32.0 77.5 September 278.3 42.6 98.3 45.5 10.2 27.0 54.6 October 316.6 59.9 85.4 60.8 18.6 30.8 61.1 November 370.1 88.4 107.9 62.8 7.0 30.0 74.0 December 330.7 86.1 92.6 65.5 8.2 27.3 51.0 Year 3,299.3 563.5 1,027.0 346.4 100.2 376.8 885.4 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership 1946 1945 Month Federal Reserve district 1944 1945 1946 1944 1945 1946 1944 1945 1946 June May June January.... 159 141 358 122 75 47 37 66 311 Boston 46,640 77,544 12,260 February. . . 137 147 387 109 74 56 28 73 331 New York 119,885 145,675 31,135 March 176 329 698 133 221 146 43 107 551 Philadelphia 44,168 73,346 14,936 April 179 396 735 133 309 127 46 87 608 Cleveland 105,519 81,946 22,965 May 144 243 952 98 148 197 46 95 756 Richmond 110,262 117,275 29,798 June . . 164 227 122 82 42 146 Atlanta 71,480 86,876 30,126 July 191 258 148 108 42 149 Chicago 156,536 161,614 45,431 August... . 169 264 125 67 44 196 St. Louis 43,922 45,641 12,269 September. . 176 278 127 43 49 235 Minneapolis 32,877 32,548 -6,249 October.... 145 317 102 61 43 256 Kansas City 22,207 44,992 9,253 November. . 165 370 103 61 62 309 Dallas 54,418 84,961 25,374 December. . 188 331 114 62 74 269 Total (11 districts). 807,914 952,418 227,298 Year 1.994 3,299 1,435 1,311 559 1,988 NOTE.—Data for most recent month preliminary. LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] [In millions of dollars] Year or month Total p P m T e r i r o m r i e o t t v n l y - p e e t - - I L s S h o c t t m o i r o a o u m n n a n c s - l e - l 1 f h ( a - o T m I t u D i o t s i l l e e 4 y M s - or h R g t ( o g T a r e I u a o n n I i s g t ) u d t i l a e n p e l s g o h n ( o W T V u i I s a t ) i l r n e g 19 E 3 n 6 d — o D f e m c onth To 36 ta 5 l b C m c a 2 o i n e a 2 m r k l 8 - s - b M s i t a n u a n g v u a k s l - - 8 s a a S l s i t a o n i s a n o a o g 5 v d n n c s 6 - s i- I p c a n a o n s n m u c 4 i e r 1 e - - s a F c e g i e r e e a d s n l 5 - 1 - Oth 2 e 7 r2 1937—Dec 771 430 27 110 118 32 53 1938—Dec 1,199 634 38 149 212 77 90 1 1 1 9 9 9 3 3 3 5 7 6 3 5 4 5 9 2 7 5 0 2 24 2 6 6 4 0 3 4 0 2 9 9 4 4 11 2 2 1939— D Ju e n c e 1 1 , , 4 7 7 9 8 3 9 7 0 5 2 9 5 7 0 1 1 19 6 2 7 3 2 4 7 2 1 1 1 3 5 7 3 1 9 3 4 3 1 1 1 1 1 9 9 9 9 9 4 4 3 4 3 2 1 9 0 8 . . 1 1 1 , , , 1 1 0 9 6 3 8 2 9 5 7 6 6 4 4 2 2 2 1 1 6 4 5 0 6 2 1 0 1 8 2 2 2 1 1 1 3 5 5 6 8 6 4 6 7 9 7 7 6 3 1 7 3 9 6 4 5 1 1 8 3 1 6 3 28 1 4 3 1940— S J D M u e e a p c n r t .. e . . ... 2 2 2 1 , , , . 9 0 2 4 4 7 3 0 9 5 2 9 1 1 1 . , , 1 0 0 9 6 2 9 7 2 6 3 1 1 1 1 9 3 1 0 0 0 1 0 2 2 2 2 2 0 0 1 4 1 8 6 5 3 4 4 4 9 3 8 2 2 2 0 2 1 1 1 0 7 8 9 1 1 2 0 1 1 1 1 2 2 4 5 4 7 1 0 1 1 1 9 9 9 4 4 4 5 3 4 9 8 6 4 8 8 2 6 4 1 1 9 2 8 6 5 9. 1 2 2 2 1 1 4 6 9 3 3 • 7 6 5 2 0 3 7 1 7 2 1941— J S M u e a p n r t e... . 2 2 2 , , , 9 7 5 4 5 9 2 5 8 1 1 1 . , , 4 3 2 0 1 4 0 8 6 1 1 1 7 5 4 1 7 6 2 2 2 4 3 3 6 7 0 6 6 72 6 0 2 8 6 2 2 2 2 2 1 0 5 0 1 1 1 7 6 5 8 0 4 1945—June 56 13 19 24 Dec 3,107 1,465 186 254 789 234 179 A S O T e u u c p l t g y . t 4 5 6 45 4 2 2 2 1 1 12 6 1 2 i 1 1 1 1 8 9 9 6 2 * * * 2 1 1 1 5 1 7 4 1942— J D M u e a n c r e.... 3 3 3 , , , 3 4 6 9 0 2 1 7 0 1 1 1 , , , 6 5 6 6 4 2 9 9 3 2 2 2 0 3 1 1 6 9 2 2 2 7 6 7 6 4 2 1,0 8 9 3 4 5 2 0 6 2 2 2 4 3 4 5 7 3 1 2 1 6 9 0 3 5 0 D N e o c v . 5 6 5 0 2 2 8 3 5 2 2 0 1 1 1 1 1 1 1943— D Ju e n c e 3 3 , . 7 6 0 2 0 6 1 1 , , 7 7 0 0 0 5 2 2 5 5 2 6 2 29 8 2 4 1 1 , , 1 0 3 7 4 1 23 7 5 9 1 1 5 5 9 8 1946— M F j e a a n b r 4 4 5 6 8 6 1 1 1 4 3 7 ( 2 2 2 7 8 4 12 8 7 1944— D Ju e n c e 3 3 , ,3 5 9 5 9 4 1 1 , , 5 6 9 6 0 9 2 26 5 0 8 2 2 6 8 9 4 1 1 , , 0 1 7 1 2 9 6 7 8 3 1 1 5 4 0 0 M A Ju p a n y r e . 5 8 83 8 0 3 4 2 0 9 1 * * 3 2 37 1 8 1 1 1 8 6 0 1945— D Ju e n c e 3 3 , , 1 3 5 2 6 4 1 1 , , 5 5 7 0 0 6 2 26 6 5 3 2 2 5 6 3 4 1 1 , , 0 0 4 0 7 0 4 1 3 3 1 1 3 2 4 2 !The RFC Mortgage Company, the Federal National Mortgage •Less than $500,000. Association, the Federal Deposit Insurance Corporation, and the NOTE.—Figures represent gross insurance written during the period United States Housing Corporation. and do not take account of principal repayments on previously insured 'Including mortgage companies, finance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. 917 AUGUST 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1942 1943 1944 1945 1946 1942 1943 1944 1945 1946 1942 1943 1944 1945 1946 January 482 749 1,124 903 P800 254 230 300 334 P394 228 519 824 569 P406 February 483 728 1,107 887 P671 254 234 314 325 P319 230 494 793 561 P352 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 P758 235 258 352 366 P406 482 732 879 639 P352 May 542 1,092 1,455 1,135 P853 191 282 386 372 J>397 351 810 1,069 763 P456 June 650 1,003 1,297 P87O 215 296 331 P360 434 707 965 P511 July 659 1 265 1 197 J>893 214 302 294 P356 446 963 903 P=>37 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 P3 17 December 883 1,288 939 P736 359 282 347 P297 524 1,005 591 P439 Jan.-May .. 2,860 4,547 6,114 4,960 P3,897 1,205 1,253 1,711 1,762 Pi,899 1,655 3,294 4,403 3,198 Pl,998 P Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for April 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 o s t t d s - Ore l c o a e u n l- s e- c I d h .C i a s . e n I. - o r p a T e i o r lw a 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 e y s o r p a e N i r lw a et t a in y g in N co e m t e revenues income Annual 1939 101 98 102 107 96 100 110 101 97 Annual 1 1 1 9 9 94 4 4 2 0 1 1 1 1 3 3 0 0 8 9 1 1 1 3 2 1 5 3 1 1 1 1 6 8 3 8 1 7 1 1 1 1 2 0 2 0 1 1 9 9 0 1 6 4 1 1 1 5 3 1 5 9 4 2 1 1 0 4 8 6 7 3 1 1 1 4 3 1 6 6 0 1 6 9 0 9 6 0 1 19 9 4 3 0 9 4 3 , , 2 9 9 9 7 5 3 3 , , 6 4 1 0 4 6 6 5 8 8 2 9 1 9 8 3 9 1943 137 138 186 146 117 141 192 145 63 1941 5,347 4,348 998 500 1944 140 143 185 139 124 143 180 147 67 1942 7,466 5,982 1,485 902 1945 135 134 172 151 124 129 169 142 68 1 1 9 9 4 4 4 3 9 9 , , 0 4 5 3 5 7 8 7 , , 3 6 4 9 3 3 1 1 , , 3 0 6 9 2 3 8 66 7 8 4 1945 . P8,902 P8.052 P850 P447 SEASONALLY ADJUSTED 1945— M Ap a r y il 1 1 4 41 1 1 12 26 7 1 1 9 80 3 1 16 60 7 1 1 2 24 0 1 13 33 7 2 2 0 0 4 4 1 15 53 1 6 71 9 SE A A D S J O U N ST A E L D LY J J u u n ly e 1 1 4 3 0 9 1 13 4 6 3 1 1 8 9 1 3 1 1 5 5 5 7 1 1 2 2 1 1 1 1 4 4 4 0 1 1 7 7 0 1 1 14 4 6 6 6 6 8 7 1945—March 796 698 98 63 August 128 128 167 163 115 133 166 132 64 April 799 704 96 62 S O N e c o p t v o t e e b m m er b b e e r r . . . . . . 1 1 1 2 3 1 7 3 8 1 1 1 0 4 4 9 8 3 1 1 1 6 5 1 7 5 3 1 1 1 5 6 4 8 7 6 1 1 14 2 1 5 3 4 1 1 1 2 1 0 5 0 9 1 1 1 3 3 7 4 4 4 1 1 1 2 3 2 5 3 6 6 6 7 9 6 4 M J T u u a l n y y e 8 7 7 3 9 9 1 6 1 6 7 7 9 2 0 6 5 4 1 9 9 0 5 2 6 6 5 7 1 7 1 December.... 127 133 164 153 140 106 117 130 74 August.... 705 648 57 22 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 ]VIarch 139 155 165 141 140 134 121 143 78 December. . 628 674 -36 -56 A M p a r y il 1 1 0 0 6 9 6 2 8 6 9 6 5 2 1 1 1 2 2 6 1 1 4 1 3 4 1 12 4 5 3 6 6 6 6 1 1 4 2 3 3 8 7 1 4 1946—January.. . . 655 567 88 51 June 133 146 140 126 127 149 137 135 81 February.. . 635 555 80 51 March 651 667 -16 -45 UNADJUSTED M Ap a r y il 5 5 6 1 6 5 5 5 6 2 2 4 — 4 9 P— — 5 2 1 8 1945—April 139 126 176 141 111 133 203 151 71 J M u a n y e 1 1 4 4 5 2 1 14 2 3 7 1 1 9 7 1 8 1 1 4 5 7 8 1 9 0 9 8 1 1 4 4 3 9 2 2 6 6 8 3 1 1 5 5 2 0 6 6 9 8 UNADJUSTED J A u u ly gust 1 1 3 4 2 3 1 1 2 3 8 6 1 1 8 6 7 0 1 17 8 6 8 1 9 0 7 9 1 1 4 4 0 0 2 2 7 4 3 9 1 1 4 3 8 3 6 6 5 7 1945—March 813 711 102 66 September.. . 137 143 154 163 150 135 261 136 69 April 779 684 95 '59 October 128 109 111 158 189 115 215 136 72 May 823 '719 ••104 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 A Ju u ly gust.... 7 75 9 5 6 6 6 9 6 9 9 9 8 7 7 5 6 1 3 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 IVlarch. 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 J M un ay e 1 1 3 0 7 7 1 6 4 8 6 1 6 3 1 8 1 1 2 1 8 1 1 9 0 6 3 1 1 5 3 5 0 2 1 1 0 3 3 1 1 3 2 9 5 8 7 1 4 1946—January.. .. 641 570 71 34 February.. . 579 521 58 29 March 646 667 -20 -49 NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for April 567 557 10 — 21 June 1941. Based on daily average loadings. Basic data compiled by Associa- May 533 537 c p-36 tion of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. P Preliminary. r Revised. NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic data compiled by the Interstate Commerce Commission. Annual figures include revisions not available monthly. 918 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 nt - a c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n 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—june 202 177 169 186 rl99 '236 277 184 220 181 218 268 r235 July . 218 183 177 198 r206 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 rl97 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 r212 251 298 208 240 203 238 288 273 December 216 188 179 184 r218 237 288 206 239 199 244 287 256 1946—January . 228 186 194 205 r219 262 308 209 234 212 249 306 269 February 254 200 210 221 r236 283 339 241 281 236 261 339 300 March 263 218 232 244 r246 294 335 243 286 246 275 336 297 April 250 210 219 224 r244 276 317 237 267 224 '273 352 291 May r256 213 226 232 r256 276 319 234 277 ••252 r289 342 '305 June 275 232 241 254 r273 302 365 253 306 253 288 368 315 UNADJUSTED 1945—Tune 186 165 155 167 187 207 233 178 198 172 200 228 215 Julv 163 127 118 137 161 181 225 154 - 185 149 192 228 211 August 168 125 120 136 165 194 244 158 194 160 201 237 210 September . . . 209 176 171 178 199 239 279 197 234 207 239 292 243 October 230 196 196 208 224 271 307 213 255 210 253 318 254 November 273 225 235 255 264 319 348 254 303 243 286 352 321 December 352 323 307 327 338 399 466 320 365 305 366 467 407 1946—January 179 147 155 158 167 197 246 167 192 158 199 248 214 February 207 156 174 174 194 227 292 193 236 182 238 299 253 March 238 197 206 219 237 264 315 226 264 223 255 316 258 Anril 255 223 219 228 254 281 336 242 281 234 '273 335 287 JVIay 248 211 214 ••222 243 274 313 234 272 »"242 272 322 '284 June 253 215 222 229 257 266 307 245 275 241 265 313 289 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—June 180 160 176 165 173 211 201 171 182 178 167 208 196 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 177 157 170 160 174 206 201 168 185 166 183 195 190 April 189 171 180 172 178 217 r220 179 193 183 184 208 215 May 200 177 190 177 192 233 239 191 211 186 195 239 217 Tune 210 181 205 189 209 243 252 199 222 196 218 253 218 UNADJUSTED 1945—June 175 153 166 156 166 202 203 168 182 172 167 201 200 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 188 164 182 175 183 218 217 179 193 174 179 202 212 Mav 200 173 192 179 194 228 232 191 211 185 191 227 225 June 205 174 192 179 201 232 255 195 222 189 218 246 221 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 see BULLETIN >r June 1946, pp. 588-612. 919 AUGUST 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES (As reported by 296 department stores in various Federal Reserve [Weeks ending on dates shown. 1935-39 average =100' districts] Without seasonal adjustment Amount (In millions of dollars) 1942 1943 1944 1945 Dec. 12. . ..295 Dec. 11. .. .297 Dec. 9. . ..365 Dec. 8. . ..401 19. .. .333 18. .. .321 16. .. .377 15. .. .433 Out- 26. .. .222 25. .. .274 23. .. .369 22. .. .421 Year or month m ( S t o f a o o n l t r e t a h s l ) m ( S e t o n o n d c t k h o s ) f ( s o e t r n i a d n d n e g d r o s - f Jan. 1 9 2 9 . . 4 3 . . . . . . 1 1 4 1 6 7 Jan. 1 8 9 1 . . 4 4 . . . .. .1 1 4 1 3 0 Jan. 3 1 1 6 0 9 3 . . . 4 5 . . . . . . . . . 1 1 1 6 2 4 6 3 5 Jan. 2 1 1 5 9 2 9 . . . 4 6 . . . . . . . . . 1 1 1 8 5 3 8 8 5 month) 16. .. .139 15. .. .146 20. .. .160 19. .. .191 23. .. .125 22. .. .144 27. .. .161 26. .. .188 30. . ..126 29. .. .137 Feb. 3. . ..163 Feb. 2. . ..197 1939 average 128 344 Feb. 6. . ..143 Feb. 5. . ..146 10. . ..172 9. . ..214 1940 average 136 353 108 13. .. .178 12. .. .142 17. .. .176 16. .. .209 1941 average 156 419 194 20. . ..155 19. .. .142 24. . ..177 23. .. .213 1942 average 179 599 263 27... .162 26. .. .146 Mar. 3. . ..182 Mar. 2. . ..217 1943 average 204 508 530 Mar. 6. . ..150 Mar. 4. . ..153 10. . ..204 9. :..233 1944 average 227 534 560 13. .. .144 11. . ..160 17. . ..214 16. .. .243 1945 average 255 564 728 20. . ..147 18. . ..172 24. . ..226 23. .. .255 27. .. .155 25. .. .182 31. . ..230 30. .. .257 1944—Nov.. '299 580 '614 Apr. 3. . ..161 Apr. 1. . ..212 Apr. 7. . ..181 Apr. 6. . ..272 Dec... 385 451 618 10. .. .168 8. . ..208 14. . ..156 13. .. .282 1945—Jan.. . rlQ9 '465 '771 2 1 4 7 . . . . . . . . 1 1 8 7 2 0 2 1 2 5 . . . . . . . . 1 1 5 6 2 3 2 21 8 . . . . . . . . 1 1 9 8 2 4 2 2 0 7 . . . . . . . .2 2 3 8 2 9 Feb.. . 198 '500 -817 May 1. . ..142 29. .. .168 May 5. . ..193 May 4. . ..248 Mar... 280 524 772 8. . ..169 May 6. . ..184 12. . ..196 11. . ..274 Apr... 209 566 725 15. .. .149 13... .197 19. .. .178 18. . ..246 May. . 231 592 671 22. .. .153 20. . ..177 26. .. .182 25. .. .245 June. . '235 '597 '695 29. .. .151 27. .. .168 June 2. . ..169 June 1. . ..223 J A u u l g y . . . . . 2 1 1 9 3 1 6 5 2 9 5 2 6 7 7 2 1 2 June 1 5 2 . .. . . . . . 1 1 6 5 8 1 June 1 3 0 . . . . . . . .1 1 7 6 2 3 1 9 6 . . . . . .. . 1 2 9 0 6 6 1 8 5. . . . . . . . 2 2 8 7 3 3 Sept.. 243 620 652 19. .. .168 17. . ..173 23. .. .183 22. . .'248 Oct.. . 298 624 700 26. .. .132 24. . ..151 30. .. .173 29. .. .239 D N e o c v .. . .. . 3 4 3 2 4 9 6 4 0 6 2 2 '7 7 7 6 9 4 July io 3 ;.'; !l 1 l3 34 July 8 1 ! '. '.! 1 1 4 1 9 6 July 14 7 . . ..1 1 6 S 7 3July 1 6 3 . . . . . . . 2 1 1 9 1 2 1946—Jan.. . 224 r491 '896 2 1 4 7 . . . . . .. . 1 1 2 2 6 4 2 1 2 5 . . . . . . . . 1 1 4 3 5 8 2 21 8 . . . . . . . . 1 1 5 5 7 3 2 2 0 7 . . . . . . .200 Feb.. . 239 ••533 '979 31. . ..118 29. .. .132 Aug. 4. . ..167 Aug. 3. . . Mar.., 301 582 974 Aug. 7 131 5... 137 11... 176 10 Apr.. . 319 644 910 14! '. '. 131 12 , '. '. 148 18. '. .. 124 17 May . 304 675 934 2l! '. '. 146 19 '. 149 25. . . 182 24 June.. P303 P699 ^1046 28! '.'..'l45 26'. '. ..171 Sept. 1. . ..194 31. .. P Preliminary. r Revised. ' Revised. Back figures.—Division of Research and Statistics. NOTE.—Revised series. For description and back figures see pp. 874-875 of BULLETIN for September 1944. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] J 1 u 9 n 4 e 6 1 M 94 ay 6 m 1 S 9 o i 4 x s 6 . J 1 u 9 n 46 e May m 1 S 9 o i 4 s x 6 . J 1 u 9 n 4 e 6 M 19 a 4 y 6 m 1 S 9 o i 4 x s 6 . J 1 u 9 n 4 e 6 M 19 a 4 y 6 Six United States. v+31 +36 +27 C T le o v l e e l d a o nd-cont. +25 +27 + 18 C C h h ic i a c g ag o o P p+ + 3 34 2 + +3 3 3 8 + + 2 3 7 0 Ka c n o s n a t s . City— B D B N o o s o e t s w w o t n o n H n to a w A v n r e e n a . . . . . . p+ + + 2 2 2 6 4 8 + + +3 3 3 5 1 3 + + +2 2 2 4 1 3 Y W E Pi r o h t i t e u e s n e b l g u in s r g t g o h wn.... + + + + 2 4 2 3 7 2 7 2 + + + + 2 3 4 3 2 1 0 3 + + + + 2 2 3 1 2 7 3 7 I F T D P n o e e e d o r r s t r i r e a i M W a n H a o a p i a y n o u n e l t s i e e . s . . . . . . . . . . . P P P P + + + + + 3 3 3 3 3 2 6 4 3 3 ' • + + + + + 3 3 4 3 2 5 8 3 1 7 + + + + + 2 2 3 2 3 9 8 0 3 0 D O T S a h u k ll r l l a s a e s a h v o ep m o a r t C . . i t . y. + + + + 2 2 1 3 9 6 8 2 + + + + 2 2 2 3 6 2 2 1 + + + + 1 2 1 2 6 4 7 8 Boston +27 +35 +23 Richmond +24 '+3/ +22 Detroit P+29 +43 +23 Corpus Christi +25 +29 +21 Springfield.... +17 +27 + 16 Washington +22 +26 +20 Flint P+40 +44 +20 Dallas +35 +35 +33 Worcester +30 +33 +26 Baltimore +22 +31 +21 Grand Rapids. p+37 •+58 +28 Fort Worth.. . +24 +30 +22 Providence.. .. +20 +30 +21 Raleigh, N. C... +23 +34 +25 Lansing P+33 •+44 +24 Houston +47 +35 +33 Winston-Salem. +31 +35 +24 Milwaukee. ... P+29 +46 +31 San Antonio. +25 +23 +28 New York +37 +44 +34 Charleston, S. C +5 + 14 +3 Green Bay.... P+30 •+38 +30 Bridgeport.... +38 +38 +29 Greenville, S. C +30 +28 +20 Madison P+21 +34 +24 San Francisco. +29 +30 +22 Newark +39 +41 +34 Lynchburg +24 '+33 +23 Phoenix +27 +45 +28 Albany +42 +65 +51 Norfolk +8 + 10 +3 St. Louis P+34 +36 +28 Tucson +30 +38 +30 Binghamton. .. +30 +41 +30 Richmond +31 +36 +28 Fort Smith... . P+18 +16 +22 Bakersfield (*) •+39 *+25 Buffalo +28 +36 +28 Roanoke +35 +44 +32 Little Rock.... P+24 +28 +22 Fresno +30 +41 +26 Elmira +22 + 17+ 17 Charleston, Quincy P+28 +29 +25 Long Beach.... +31 +30 +21 Niagara Falls.. +7 + 15+ 10 W. Va +39 +31 +29 Evansville +27 +36 +22 Los Angeles. . +40 +26 +27 New York City +39 +47 +35 Clarksburg +26 +36 +30 Louisville.... P+26 •+34 +26 Oakland and Poughkeepsie.. +34 +51 +35 Huntington.... +20 +27 +23 East St. Louis. p+54 +73 +39 Berkeley +27 +30 + 19 Rochester +30 +37 +27 St. Louis p+35 +38 +28 Riverside and Schenectady... +31 +26 + 18Atlanta +27 +3/ +25 St. Louis Area. p+35 +39 +29 San Bernardino +25 +24 +17 Syracuse +35 +43 +33 Birmingham.... +21 +29 +23 Springfield.... P+46 +47 +40 Sacramento.. . . +29 +41 +27 Utica + 19 +34 +20 Mobile. .... +23 + 19+ 14 Memphis P+37 +26 +28 San Diego +14 +20 +8 Montgomery. . . + 19 +30 +20 San Francisco. . +21 +26 +17 Philadelphia. . P+32 +36 +27 Jacksonville. . .. +26 •+18 + 18Minneapolis. . +35 •+47 +33 San Jose +28 +31 +24 Trenton P+41 +52 +38 Miami +26 +34 +27 Minneapolis. . . +33 +47 +35 Santa Rosa.... +22 +38 +22 Lancaster P+29 "+41 +26 Orlando +35 +41 +34 St. Paul +33 +43 +30 Stockton +13 +49 +20 Philadelphia... +30 +33 +24 Tampa +28 +37 +30 Duluth-Superior + 18 +20 +14 Vallejo and Reading P+34 +36 +31 Atlanta +29 +35 +31 Napa -11 -7 -7 Wilkes-Barre.. P+40 +39 +34 Augusta +32 +44 +34 Kansas City... +27 +33 +24 Boise and York P+29 +32 +24 Columbus +8 •+22 + 11 Denver +37 +43 +32 Nampa +25 +32 +22 Macon +33 +34 +30 Pueblo + 19 + 16 + 11 Portland +27 +35 +22 Cleveland +32 +37 +27 Baton Rouge. . . +26 +29 +30 Hutchinson.... +21 + 19 + 16 Salt Lake City. +30 +37 +30 Akron +27 +29 + 17 New Orleans. . . +36 +30 +24 Topeka +22 +32 + 17 Bellingham.... -10 +34 +19 C C i a n n c t i o n n nati + + 3 2 5 2 + + 4 4 2 0 + + 3 1 1 9 J B a r c i k st s o o l n , Tenn... + +2 3 8 3 + + 3 4 0 0 + + 2 2 2 8 W Jop ic l h in ita + 19 + + 4 1 6 8 :*+ + 3 1 1 6 S E e v a e t r t e le tt + + 4 2 0 1 + + 4 2 7 5 + + 3 1 2 5 Cleveland +27 +37 +25 Chattanooga. . . +36 +27 +29 Kansas City.. . +25 +33 +23 Spokane +28 +41 +24 Columbus +34 +39 +27 Knoxville + 14 + 15+ 10 St. Joseph +39 +44 +32 Tacoma +16 +25 + 14 Springfield.... +13 + 17+ 13 Nashville +43 +50 +39 Omaha +31 +37 +29 Yakima +29 •+35 +23 p Revised. Preliminary. * Data not available. **Five months 1946. 920 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 194 w 1 i a th v o e u ra t I g n s e d e e a m x so o n n n u a t m l h l a b y d e s r ju s a s le tm s= e 1 n 0 t 0 x P a e r y ce e n ar t c a h g a o n g (v e a l f u ro e m ) Rat to io s o a f l e st s o 2 cks Department r o N e f p u o s m t r o t b i r n e e r g s Sal m es o d n u th ring Sto o c f k s m a o t n e t n h d Sale p s e d ri u o r d ing ( m S en t o o d n c t k o h f s ) May May 1 94 A 6 pr. M 19 a 4 y 5 May 1 94 A 6 pr. M 19 a 4 y 5 M 19 a 4 y 6 m F 19 i o v 4 s e 6 . M 19 a 4 y 6 1946 1945 GRAND TOTAL—entire stored. 357 +32 +24 +13 2.3 2.7 MAIN STORE—total 357 196 205 147 464 432 405 +34 +26 +14 2.4 2.8 Women's apparel and accessories 354 204 231 172 420 397 384 +19 +15 +10 2.1 2.2 Coats and suits 335 178 275 142 276 264 300 +26 +20 -8 1.6 2.1 Dresses 340 268 257 225 319 316 319 + 19 +18 0 1.2 -1.4 Blouses, skirts, sportswear, etc 329 252 240 210 734 684 628 +20 +14 + 16 2.9 3.0 Juniors' and girls' wear 314 219 293 188 552 510 488 +17 +16 + 14 2.5 2.6 Infants' wear 317 210 269 193 691 654 643 +9 +5 +8 3.3 3.3 Aprons, housedresses, uniforms 290 260 213 206 317 320 278 +27 +16 +14 1.2 1.4 Underwear, slips, negligees 337 223 194 201 373 344 302 +11 +11 +24 1.7 1.5 C H o o r s s ie e r ts y , ( b w ra o s m si e e n re 's s and children's) 3 3 3 4 7 8 2 1 4 5 5 5 2 1 5 6 4 4 2 1 0 3 4 9 4 1 7 6 7 3 4 1 4 5 3 9 3 1 5 2 5 6 + + 2 1 0 1 + 19 + +2 3 7 5 2 1 . . 0 0 0 1 . . 9 7 S N M H H G F h u l e a a i o o r l c n n l s v e k d d i s e n w k b s e e ( a e r w r ( g y a c w s r o h o m a i a e m n n e f d n d s e ' n s s s ' s c m a a a n a rf n l d l s d c l e h c a h il t i d h ld r e e r r n e g n 's o ' ) s o ) ds 2 2 3 2 2 3 1 8 4 6 5 2 3 7 7 2 5 0 3 1 1 2 2 1 1 1 1 3 5 6 1 1 9 4 8 2 0 4 4 7 3 2 2 2 2 2 1 4 5 7 7 3 8 1 1 6 2 0 4 4 4 1 1 1 1 1 1 3 3 5 5 6 9 3 5 0 0 3 3 7 7 4 4 4 5 5 7 1 8 5 9 4 2 2 9 6 2 1 5 0 8 4 4 4 3 5 2 4 7 2 4 3 7 0 0 5 3 7 6 9 0 8 4 4 6 4 4 3 5 1 6 3 4 7 9 5 7 6 0 3 2 8 4 0 + + + + + + + 1 2 4 2 9 7 5 2 9 0 1 + + + + + + + 2 2 2 1 5 8 0 4 9 9 0 0 + + + + + + - 1 1 1 1 1 6 9 0 6 3 4 6 1 4 2 3 2 2 1 1 . . . . . . . 5 0 8 4 8 3 9 1 4 2 2 3 2 1 3 . . . . . . . 6 4 8 9 4 3 2 Men's and boys' wear 327 171 195 112 403 347 461 +53 +37 -13 2.4 4.2 Men's clothing 236 182 195 111 200 195 354 +64 +38 -44 1.1 3.2 Men's furnishings, hats, caps 312 162 173 103 437 362 444 +58 +49 -2 2.7 4.4 Boys' clothing and furnishings 287 171 264 143 661 576 683 +19 + 13 -5 3.9 4.8 Men's and boys' shoes and slippers 181 156 168 90 419 372 492 +74 +49 -15 2.7 5.5 Home furnishings 315 198 181 117 489 455 369 +69 +54 +31 2.4 3.2 Furniture, beds, mattresses, springs 238 190 183 116 433 416 403 +64 +53 +7 2.3 3.5 Domestic floor coverings 261 182 170 108 349 332 279 +69 +52 +21 1.9 2.7 Draperies, curtains, upholstery 294 237 218 171 563 508 403 +39 +26 +39 2.4 2.4 Major household appliances 199 152 115 20 128 91 36 +664 +494 +252 0.8 1.8 Domestics, blankets, linens, etc 304 195 168 128 461 422 336 +53 +38 +35 2.4 2.7 Lamps and shades 233 200 182 131 733 703 595 +53 +49 +29 3.7 4.3 China and glassware 229 136 125 101 524 501 376 +36 +34 +30 3.8 4.0 Housewares 230 283 265 153 839 780 544 +85 +71 +52 3.0 3.6 Piece goods 297 267 268 222 425 397 404 +20 +8 +10 1.6 1.7 Cotton wash goods 127 309 295 254 309 304 206 +22 +6 +46 1.0 0.8 Small' wares 342 179 168 154 651 632 563 +17 +14 +16 3.6 3.7 Lace, trimmings, embroideries, ribbons 124 280 344 243 780 816 771 + 15 +11 + 1 2.8 3.2 Notions 227 228 212 183 650 642 568 +24 +16 +14 2.9 3.1 Toilet articles, drug sundries, and prescriptions 323 152 140 139 594 572 563 +9 +9 +6 3.9 4.0 Jewelry and silverware 308 208 189 154 734 719 566 +35 +34 +31 3.5 3.6 Art needlework 239 139 139 130 752 719 572 +7 0 +32 5.4 4.4 Stationery, books, and magazines 231 160 154 150 606 584 528 +7 +7 +11 3.8 3.6 Miscellaneous 299 180 181 126 499 444 418 +42 +33 +17 2.8 3.4 Luggage 233 247 176 154 614 543 345 +61 +51 +66 2.4 2.4 BASEMENT STORE—total 211 166 182 135 390 367 352 +23 +16 +10 2.3 2.6 Women's apparel and accessories 198 169 200 152 360 351 323 +11 +8 + 10 2.1 2.1 Men's and boys' clothing and furnishings 164 146 161 99 449 383 449 +48 +31 0 3.1 4.6 Home furnishings 139 194 173 133 419 403 327 +46 +34 +29 2.2 2.4 Piece goods 50 266 250 223 407 388 362 + 19 +9 + 12 1.5 1.6 Shoes 132 126 139 99 423 393 421 +27 + 17 +1 3.3 4.2 1 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stock-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see pp. 856-858. 2 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. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 919. SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Year and month Sales during month Ac a c t o u e n n t d s o r f e c m e o i n va t b h le Colle m c o ti n o t n h s during Instal- Charge- Cash ment account sales sales Total Cash I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C cc h o ar u g n e t 1945—May 147 189 55 116 35 '87 '65 122 '64 '33 June '150 194 52 '118 34 88 '62 121 '64 '33 July 121 163 '47 88 32 76 57 117 66 31 August 136 '181 58 99 32 76 57 104 65 31 September 154 "•202 63 '117 33 85 59 103 '64 '32 October 190 245 '89 147 36 99 71 122 63 33 November 212 ••271 '100 165 41 113 77 143 '63 '33 December 270 '356 108 204 48 145 79 148 64 32 1946—January 142 186 '64 106 45 108 82 190 '65 '31 February '152 191 72 122 44 100 75 140 '62 '34 March 190 '233 '84 162 43 114 83 138 '60 '36 April '205 249 '96 175 45 126 82 154 '60 '36 May 194 234 85 169 45 129 83 168 59 37 June? 193 233 81 169 46 133 81 167 59 37 P Preliminary. ' Revised. NOTE.—Data based on reoorts from a smaller group of stores than is included in the monthly index of sales shown on page 919. AUGUST 1946 921 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit Total Single- End o r o f y e m ar onth co c n r s e u d m it er ins T ta o l t m al ent Sale credit Loans1 pa lo y a m n e s2 nt 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 J 749 596 1930 6,839 2,706 2,032 928 1,104 674 1,949 1,611 573 1931 5 528 2,214 1,595 637 958 619 1 402 L 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 L.081 467 1934 4,378 1,849 1,317 576 741 532 875 1,203 451 1935 5,419 2,607 1,805 940 865 802 1,048 ,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 L.343 1,265 1,442 L.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 J.005 1 488 L 650 560 1941 9,899 5,924 3,744 1,942 1,802 M80 1,601 1,764 610 1942 6,485 2,955 1,491 482 009 L.464 1,369 L.513 648 1943 . . .. 5 338 1,961 814 175 639 1,147 1,192 L 498 687 1944 5,777 2,039 835 200 635 1,204 1,251 ,758 729 1945 6,734 2,365 903 227 676 1,462 1,616 L.981 772 1945—june 5,697 1,987 719 188 531 1,268 1,420 ]L.544 746 July 5,654 1,992 712 192 520 1,280 1,452 1,459 751 August 5,649 1,988 706 196 510 L.282 1,466 1,441 754 September 5,702 2,010 717 202 515 1,293 1,466 1,470 756 October 6,000 2,086 754 210 544 L.332 1,490 1,666 758 November 6,344 2,190 805 219 586 L.385 1,556 1,835 763 December 6,734 2 365 903 227 676 1,462 1,616 1,981 772 1946—January 6,506 2,364 877 235 642 1,487 1,659 1,701 782 February 6,564 2,408 879 245 634 1,529 1,671 L.692 793 March 6,978 2,507 905 264 641 .602 1,695 .972 804 April 7 315 2 652 957 289 668 1,695 1 710 2 138 815 Mayp 7,499 2,781 1,004 318 686 1,777 1,708 2,188 822 JuneP 7,754 2,899 1,035 338 697 1,864 1,696 2,332 827 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) Indus- Insured Indus- Year or month Com- Small Indus- trial Miscel- repair Com- Small Indus- trial Total m ba e n rc k i s a 1 l c lo om an - trial c lo o a m n - 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 a o n d d ern- m ba e n rc k i s a 1 l c lo o a m n - b t a r n ia k l s2 c lo o a m n - C un r i e o d n it s panies panies2 ization panies panies2 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 RO7 88 267 156 44 79 168 130 423 288 67 1936 L,065 161 301 191 66 102 244 248 563 354 105 1937 L, 195 258 350 221 93 125 148 368 619 409 148 1938 L 265 312 346 129 95 112 117 154 460 604 238 176 179 1939 1,644 523 435 131 99 147 96 213 680 763 261 194 257 1940 >,005 692 505 132 104 189 99 284 1,017 927 255 198 320 1941 > 180 784 535 134 107 217 102 301 1 198 983 255 203 372 1942 1,464 426 424 89 72 147 91 215. 792 798 182 146 247 1943 L 147 312 372 67 59 123 86 128 636 809 151 128 228 1944 L,204 358 388 68 60 122 88 120 744 876 155 139 230 1945 I 462 471 445 76 70 128 93 179 938 978 166 151 228 1945—june L 268 400 389 70 63 122 88 136 81 82 14 13 21 July 1,280 406 391 70 63 122 88 140 75 76 13 12 18 August 1,282 406 389 70 63 121 88 145 73 71 13 11 18 September. . ,293 413 387 70 64 120 87 152 72 74 13 12 16 October ,332 428 395 71 64 121 88 165 88 89 16 14 20 November. . 1,385 448 409 73 67 124 90 174 94 97 15 14 21 December... ,462 471 445 76 70 128 93 179 101 133 18 16 23 1946—January.... 1,487 494 446 76 70 127 93 181 104 76 14 14 19 February... ,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 .. 1 695 608 482 85 76 137 97 210 138 105 18 16 25 Mayp 1,777 656 492 88 78 142 98 223 148 97 19 16 28 Junep 1,864 700 506 92 79 149 99 239 148 99 19 17 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 June amounted to 48 million dollars, and loans made during June were 12 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. 922 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 u o o lu t b t o d a i - l i l e n , g s o m m t a r o a n d e r i d e n e l- r s t F s t t u u o r r r n e e i s - H a s a h t p o o n o p u r c l l s e d e i e s - - J s e t w o e re lr s y s o r t e A t o t h r a l e l e i r l s 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 e c - l d t , e l m r o t a n i a n o o i n d z d n s a - 1 - i s l m n c o o a s a e n s t n n a a h s ! ] t 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 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 3 4 3 3 4 4 4 2 9 3 8 7 0 4 1 1 1 1 1 1 1 , , , , , , 7 8 5 0 3 3 6 6 2 0 2 0 6 4 3 3 1 2 5 9 8 3 9 5 3 3 3 4 4 2 1 1 0 7 3 1 5 6 7 8 2 7 9 4 2 6 2 3 5 6 4 4 5 3 2 2 9 1 3 8 6 9 7 6 9 9 6 5 9 1 1 9 3 3 3 2 2 1 0 0 1 6 7 2 3 1 2 7 3 6 3 9 0 3 1 1 9 6 6 1 2 7 7 7 3 8 6 0 0 0 7 0 2 2 2 2 2 1 1 1 4 7 2 8 1 0 5 0 6 1 0 4 0 1 9 0 1945— A O J S N D J u u e u c o e l n p t y g c v o e t e u e e b m s m m e t b r b b . e e e r . r r . . . . 6 6 6 6 6 6 7 2 3 9 1 5 0 3 2 3 4 9 9 9 1 6 6 5 5 5 6 5 0 5 6 6 7 2 8 1 1 1 1 1 1 1 4 3 2 1 2 1 1 6 5 2 8 8 6 9 9 9 8 7 7 7 7 0 7 3 9 9 9 9 1 1 1 1 1 9 9 2 0 0 1 0 3 6 1 9 0 6 3 3 2 2 2 2 2 2 0 9 7 6 6 7 7 2 1 9 7 5 1 0 1945 676 198 283 14 74 107 1946—January. .. 771 70 155 107 125 314 February.. 809 74 164 111 131 329 1945 March 871 82 179 117 140 353 June 531 150 237 11 49 84 * April 946 97 193 127 151 378 July 520 145 235 11 47 82 May P 1,025 108 212 142 161 402 Aug 510 142 232 11 45 80 JuneP 1,093 115 229 154 172 423 Sept 515 144 235 11 44 81 Volume extended dur- Oct 544 156 247 11 44 86 ing month: Nov 586 173 262 12 47 92 1945—June 116 12 24 15 12 53 Dec 676 198 283 14 74 107 July 107 11 22 13 11 50 August... . 108 11 23 15 12 47 1946 September. 106 12 23 13 12 46 Jan 642 189 272 14 66 101 October. . . 131 13 28 19 15 56 Feb. 634 184 274 14 62 100 November. 140 14 29 21 16 60 Mar 641 188 279 14 59 101 December. 147 14 32 24 13 64 Apr 668 200 288 15 60 105 MayP 686 206 295 16 61 108 1946—January. .. 157 19 34 27 14 63 JuneP 697 209 299 17 62 110 February. . 155 18 35 24 15 63 March 188 20 41 25 20 82 April 212 29 46 32 22 83 Mayp 226 29 52 38 22 85 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL JuneP 218 24 51 36 22 85 BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] Retail instal- Repair Personal CONSUMER INSTALMENT CREDITS OF INDUSTRIAL ment. p. ap. e-r 2 a-n d_ instal- LOAN COMPANIES, BY TYPE OF CREDIT Year and month TToottaall — j mmooddeerrnn-- ment m A o u b to il - e Other i l z o a a t n io s n x l c o a a s n h s [Estimates. In m R i e l t l a io il n s in o s f ta d l- ollars] Repair Personal Outstanding at end ment paper 2 and instalof period: Year and month Total modern- ment 1941— D Ju e n c e ember. .. 2 1 0 9 2 6 . . 5 8 5 4 3 9 . . 5 3 1 1 8 8 . . 8 4 1 1 8 8 . . 2 6 1 1 1 10 2 . . 1 4 m A o u b to il - e Other' i l z o a a t n io s n 1 l c o a a s n h s 1942—June 162.4 34.3 16.3 16.5 95.3 1943— D Ju e n c e ember. . 1 1 0 2 0 5 . . 2 4 2 1 1 4 . . 4 4 1 8 2 . . 8 8 1 14 5 .6 1 6 7 2 5 . . 9 6 Outstanding at end December. . . 91.8 12.6 7.7 14.0 57.5 of period: 1 1 9 9 4 4 5 4 — — D J J u u e n n c e e ember. . 9 9 8 4 2 9 . . . 6 6 0 1 1 1 2 3 2. . . 5 8 0 6 7 7 . . . 8 7 8 1 1 1 4 3 2 . . . 2 9 4 5 5 5 9 7 7 . . . 9 4 8 1 1 19 9 9 4 4 4 5 5 4 —June 6 6 7 9 7 6 . . . 6 7 1 1 1 9 1 0 . . . 2 0 5 3 3 4. . . 0 7 8 1 1 1 . . 1 3 5 6 5 5 0 5 1 . . . 2 7 4 J A u u ly gust 9 9 5 5 . . 1 1 1 12 2 . . 7 8 7 7 . . 8 9 1 1 4 4 . . 6 9 5 59 9 . . 6 9 A Ju u ly gust... 6 7 9 0 . . 3 0 9 9 . . 6 6 3 3. . 7 8 1 1 . . 3 3 5 5 4 5 . . 7 3 September... 95.7 12.6 8.0 15.4 59.7 September 70.4 9.6 3.8 1.4 55.6 O N c o t v o e b m er ber... 1 9 0 7 0 . . 7 9 1 13 3 . . 6 1 9 8 . . 0 4 1 1 6 6 . . 2 8 6 6 0 1 . . 0 5 N O o c v to e b m e b r. e r . 7 73 1 . . 8 4 1 10 0 . . 6 0 3 4. . 0 9 1 1. . 6 5 5 5 7 6 . . 6 0 December. . . 104.1 13.8 9.8 17.2 63.3 December 76.7 11.0 4.0 1.5 60.2 1946—January 105.6 14.1 9.9 18.0 63.6 1946—January.. 77.5 11.2 4.0 1.5 60.8 February.... 107.3 14.6 10.0 18.2 64.5 February. 78.4 11.2 4.1 1.6 61.5 March 112.8 15.4 10.9 19.1 67.4 March. .. 81.0 11.6 4.2 1.6 63.6 April 118.1 16.8 11.8 20.2 69.3 April.... 83.2 12.1 4.5 1.6 65.0 May? 122.4 17.6 12.7 21.2 70.9 MayP.... 85.6 12.6 4.8 1.7 66.5 JuneP 127.2 18.4 13.4 22.0 73.4 JuneP. . . . 87.3 12.6 5.2 1.8 67.7 Volume extended Volume extended during month: during month: 1945— J A J u u u l n y g e ust 1 1 1 6 8 5 . . . 2 0 8 2 2 2 . . . 1 3 4 1 1 1 . . . 3 6 4 1 1 1 . . . 5 5 6 1 1 1 0 2 1 . . . 9 4 0 1945— J A u ju u lny g e ust 1 1 1 3 3 4 . . . 1 4 1 2 2 2 . . . 2 4 3 0 0 0 . . . 7 7 6 0 0 0 . . . 2 2 2 1 1 1 0 0 1 . . . 0 0 1 S O D N e c e o p t c v o t e e b e m m e m r b b b e e e r r . r . . . . . . . . 2 1 1 1 1 9 9 6 . . . . 3 7 9 4 3 3 2 2 . . . . 2 7 0 1 2 2 1 1 . . . . 2 0 7 3 2 1 1 1 . . . . 1 6 6 9 1 1 1 1 3 4 1 2 . . . . 2 6 3 8 S O N D e c o e p t c v o te e e b m m m er b b b e e e r r r . . . . . . . . 1 1 1 1 6 3 7 6 . . . . 2 8 8 0 2 2 2 2 . . . . 2 6 7 7 0 0 1 1 . . . . 7 1 8 0 0 0 0 0 . . . . 2 2 2 2 1 1 1 1 2 2 0 4 . . . . 2 2 7 1 1946—January 18.6 3.1 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 M 24.4 3.9 2.8 2.5 15.2 MayP .... 18.4 3.2 1.2 0.2 13.8 23.8 3.9 2.6 2.3 15.0 JuneP 18.3 2.8 1.1 0.2 14.2 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. Preliminary. 2 Includes both direct loans and paper purchased. AUGUST 1946 923 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 * Pe fr r o c m en t p ag re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment account a C c h co ar u g n e ts month month of preceding year 1 J 9 u 4 n 6 e v M 19 a 4 y 6 A 19 p 4 r 6 . 1 J 9 u 4 n 6 e P M 19 a 4 y 6 A 19 p 4 r 6 . Year and month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h p H o s 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 -2 +7 +6 +54 +60 +62 May '33 23 40 33 64 C C r a e s d h i t s a s l a e l s e s: . . * -3 +7 +3 +74 +80 +84 J Ju u l n y e '3 3 3 1 2 2 3 4 4 4 3 2 3 3 3 1 6 6 4 2 Instalment -1 +4 +9 +43 +49 +54 August 33 23 48 31 63 Charge account -1 + 11 +7 +69 +76 +71 O Se c p to te b m er ber 3 4 5 0 2 2 3 7 4 5 9 2 3 3 0 1 6 6 3 6 Accounts receivable, at November 40 27 51 35 67 end of month: December 36 24 48 46 61 Total +3 +4 +4 +25 +27 +18 Instalment +2 +3 +3 +24 +20 +16 1946 January 32 25 52 32 61 Collections during February 31 24 51 29 60 month: March 35 27 53 32 64 Total 0 +6 + 1 +36 +41 +35 April 35 28 56 32 63 Instalment.. .. -1 +4 -1 +36 +37 +35 J M un ay e? 3 3 4 3 2 2 7 6 5 5 5 4 3 3 3 4 6 6 0 2 Inventories, end of month, at retail value. +4 +7 +8 +28 +22 k+18 P Preliminary. r Revised. 9 Preliminary 1 Ratio of collections during month to accounts receivable at beginning 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 99.7 100.5 101.1 1941 105 2 105 5 106.5 105 9 102.5 108.2 104.0 1942 116.5 123.9 124.2 108.5 105.4 122.2 110.9 1943 123.6 138.0 129.7 108.0 107.8 125.6 115.9 1944 125.5 136.1 138.8 108.2 109.8 136.4 121.3 1945 128.4 139.1 145.9 108.3 110.3 145.8 124.1 1945—January 127 1 137 3 143 0 109 7 143 6 123 3 February 126.9 136.5 143.3 110.0 144.0 123.4 March 126 8 135 9 143 7 108 3 110 0 144.5 123 6 April 127 1 136 6 144 1 109 8 144 9 123 8 May 128.1 138.8 144.6 110.0 145.4 123.9 June 129.0 141.1 145.4 108.3 110.0 145.8 124.0 July 129.4 141.7 145.9 111.2 145.6 124.3 August 129 3 140 9 146 4 111 4 146.0 124 5 September 128.9 139.4 148.2 108.3 110.7 146.8 124 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 iO8.3 110.3 148.3 124.8 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 131.1 141.7 154.5 110.4 152.0 126.7 May 131.7 142.6 155.7 110.3 153.7 127.2 June 133.3 145.6 157.2 108.5 110.5 156.1 127.9 r Revised. Back figures.—Bureau of Labor Statistics, Department of Labor. 924 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 Df Labor Statistics. 1926=100] Other commodities All Farm Year, month, or week m c t o i o e m d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d t s h u e c a r t n s d p T ro e d x u ti c le ts m F li u a g e t h e l t r a i i n n a g l d s a p n M r d o e d m t u a c e ls t ta 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 a u m e n c d i t d - s . in f H u g r o n g u i o s s o e h d - - s l M an is e c o e u l s - 1929 95 3 104 9 99 9 91 6 109.1 90.4 83 0 100 5 95 &• 94 0 94.3 82 6 1930 86 4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89 9 88 7 92.7 77.7 1931. 73 0 64 8 74 6 75.0 86.1 66.3 67 5 84 5 79 2 79 3 84.9 69 8 1932 64 8 48 2 61.0 70.2 72.9 54.9 70.3 80.2 71 4 73 9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 . 74 9 65 3 70.5 78.4 86.6 72.9 73 3 86 9 86 2 75 3 81.5 69.7 1935 80 0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85 3 79 0 80.6 68.3 1936 80 8 80 9 82 1 79 6 95.4 71.5 76 2 87 0 86 7 78 7 81.7 70.5 1937... 86 3 86 4 85.5 85.3 104.6 76.3 77 6 95.7 95 2 82 6 89.7 77.8 1938 78 6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90 3 77 0 86.8 73.3 1939 77 1 65 3 70 4 81 3 95.6 69.7 73 1 94 4 90 5 76 0 86.3 74.8 1940 .. . 78 6 67 7 71.3 83 0 100.8 73.8 71 7 95 8 94 8 77 0 88.5 77.3 1941 87 3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103 2 84 4 94.3 82.0 1942 98 8 105 9 99 6 95 5 117.7 96.9 78 5 103 8 110 2 95 5 102.4 89.7 1943 103 1 122 6 106.6 96.9 117.5 97.4 80 8 103.8 111 4 94 9 102.7 92.2 1944 104.0 123.3 104.9 98.5 116.7 98.4 83.0 103.8 115.5 95.2 104.3 93.6 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—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 Tuly 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 84.8 105.6 119.5 96.1 104.7 94.8 1946—Tanuary 107 l 129 9 107.3 100 8 119.4 101.6 84 9 105.7 120.0 96 0 106.2 95.3 February 107 7 130 8 107.8 101.3 119.6 102.2 85 1 106.6 120.9 95.9 106.5 95.6 March 108 9 H3 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 June 112.9 140.1 112.9 105.6 122.4 109.2 87.8 112.2 129.9 96.4 110.4 98.5 Week ending: 1946—Feb. 23 107 4 131.1 108.3 101.1 120.1 101.1 85.6 105.8 120.2 96.0 108.0 95.4 Mar. 2 .. 107 6 130 7 107.9 101.5 120. 101.4 85.4 107.8 121.0 96.0 108.0 95.4 Mar. 9 108 2 133 9 109 2 101 6 120.1 101.9 85 4 107 8 121 1 96 0 108.3 95.4 Mar. 16 .. 108 4 133 1 109.5 101.9 120. 101.9 85.4 107.7 123.3 96.0 108.4 95.4 Mar. 23 108 4 132 9 109 4 102 0 120. 102.4 85 4 107 9 123 6 96 0 108.4 95.4 Mar. 30 108.7 133.3 109.5 102.3 120. 104.3 85.4 107.9 123.6 96.0 108.5 95.4 Apr. 6 109 1 135.2 109.7 102.4 120. 104.5 85.5 108.0 124.0 96.0 108.7 95.4 Apr. 13 109.3 135.1 109.9 102.8 120.3 105.0 86.5 108.2 124.0 96.1 108.7 95.4 Apr. 20 109.6 135.4 110.4 103.1 120.3 105.2 86.6 109.0 126.0 96.1 108.7 95.4 Apr. 27 109.6 135.5 110.3 103.1 120.3 105.5 86.6 109.0 126.0 96.1 108.7 95.5 May 4 .. 109 9 135 6 110.7 103.6 120.3 106.7 87.0 109.1 126.6 96.1 108.7 96.2 May 11 110 1 135 8 110 9 103 7 120.3 106.7 87 0 109 3 126 8 96 2 108.9 96.2 May 18 . 110 9 137.9 111.5 104.0 120.9 108.2 87.0 109.3 126.9 96.3 109.4 96.3 May 25 110 7 137.2 111.0 104.1 120.9 108.2 87.1 109.4 127.2 96.6 109.4 96.6 Tune 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 Tune 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 Tune 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 Tune 22 112 4 140.0 113.7 105.1 123.5 108.3 87.1 111.0 129.7 96.9 110.4 97.9 Tune 29 112 7 140 3 113.4 105.4 123.8 108.5 87.5 111 6 130.3 96.9 110.7 97.9 July 6 117 2 152 9 121.1 106.3 124.0 108.8 89.5 112.6 130.7 98.2 110.7 98.0 July 13 120 7 153.9 134.0 106.9 129.1 108.8 90.1 113.0 131.8 98.4 110.7 98.3 Tuly 20 124 2 15<) 2 142.0 107.8 139.3 109.5 90.2 113.2 132.5 100.0 112.5 98.8 July 27 124.1 157.3 140.7 108.5 14 109.5 90.2 131.3 132.6 100.3 112.5 101.7 1945 1946 1945 1946 Subgroups Subgroups June Mar. Apr. May June June Mar. Apr. May June Farm Products: Metals and Metal Products: Grains 130.2 136.7 137.0 148.1 151.8 Agricultural implements 97.6 98.5 98.6 101.7 107.0 Livestock and poultrv 134 4 133 5 L35 1 134 9 137 4 Farm machinerv 98 7 99.6 99.6 102.7 108.4 Other farm product5 127 2 131.4 134.2 135.1 137.5 Iron and steel 99.1 107.0 107.4 107.8 110.1 Foods: Motor vehiclesj 112.8 112.8 112.8 112.8 Dairy products..... 110.5 116.1 116.3 117.0 127.3 Nonferrous metals 85.9 86.1 87.1 89.0 199.2 Cereal products 95 5 96.2 99.4 100.3 101.7 Plumbinc and heating 92.6 95.1 100.8 100.8 106.0 Fruits and vegetables 134.7 133.1 138.2 140.6 136.1 Building Materials Meats 108 3 109 6 110 3 110 5 110 1 Brick and tilp 110 9 117.4 119.9 120.5 121.3 Other foods 95 1 97 7 97 7 98 1 98 1 lent 99 4 102 3 102 4 102.6 102.6 Hides and Leather Products: Lunriber 154.9 167.6 171.4 172.5 171.0 Shoes 126.3 128.6 128.6 128.9 129.5 Paiiit and Daint materials 106.3 107.8 108.0 108.2 108.6 Hides and skins 117 3 117 6 117.6 120.7 121.5 Plumbing and heatine 92.6 95.1 100.8 100.8 106.0 Leather . 101 3 104.0 104.0 104.0 110.7 Structural steel 107.3 120.1 120.1 120.1 120.1 Other leather products 115.2 115.2 115.2 115.2 115.2 Other building materials 104.3 112.3 112.8 115.7 118.4 Textile Products: Chemicals and Allied Products: Clothing 107 4 109 5 L17 4 119.6 120 3 Chemicals 95 9 97.0 97.1 97.9 98.0 Cotton goods 119 7 132 9 137.6 138.6 139.4 Drugs and Pharmaceuticals. . 109.5 111.7 112.4 112.4 109.4 Hosiery and underwear ... 71.5 75.5 75.5 75.7 75.8 Fertilizer materials 80.4 81.9 81.9 81.9 82.7 Silk Mixed fertilizers 86 6 86.6 86.6 86.6 86.6 Rayon 30 2 30.2 30.2 30.2 30.2 Oils and fats. . 102.0 102.1 102.1 102.1 102.1 Woolen and worsted goods. •.112.7 112.7 112.7 112.7 112.7 Housefurnishing Goods: Other textile DroductH 100 9 109 6 110 5111 9 112 3 Furnishings 107 5 110 9 112 1 113.4 114.5 Fuel and Lighting Materials: Furniture 101.5 102.9 102.9 102.9 106.1 Anthracite 97 5 104 0 04.0 104.1 106 1 Miscellaiteous: Bituminous coal.... 123.8 125.2 25.2 125.3 132.8 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 131 0 134 9 33.5 133 5 133 5 Cattle feed. . . 159.6 159.6 159.6 173.6 197.8 Electricity 59 6 68 3 66 6 109 0 113.7 113.9 115.3 115.6 Gas 78.0 79.6 79.7 80.2 Rubber, crude 46.2 46.2 46.2 46.2 46.2 Petroleum products. 64.2 61.2 62.8 63.5 64.0 Other miscellaleous 98.9 98.9 99.2 100.2 101.0 1 This subgroup is in process of revision. Back figures.—Bureau of Labor Statistics, Department of Labor. AUGUST 1946 925 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 Seasonally adjusted annual rates by quarters 1945 1 1939 1940 19451 Gross national product 88.6 97.1 120.2 152.3 187.4 197.6 199.2 205.1 208.2 198.2 185.2 180.6 185.0 Government expenditures for goods and services 16.0 16.7 62.7 93.5 97.1 84.8 96.5 99.8 81.0 57.2 41.1 38.0 Federal Government 7.9 55.3 86.2 89.5 75.7 88.7 92.0 73.0 49.3 32.8 29.5 War 1.4 2.8 50.3 81.3 83.7 69.4 82.9 85.7 66.4 42.6 25.7 22.0 Nonwar 6.5 6.1 5.0 4.9 5.7 6.3 5.8 6.3 6.6 6.7 7.1 7.5 State and local governments 8.1 7.9 7.4 7.4 7.7 7.9 7.8 7.8 7.9 8.0 8.3 8.5 Private gross capital formation. 10.9 14.8 7.6 2.5 2.0 9.1 3.6 6.6 11.2 15.0 19.2 25.0 Construction 3.6 4.3 2.9 1.6 1.6 2.6 1.8 2.3 2.9 3.7 5.3 8.2 Residential 2.0 2.4 2.8 1.3 0.6 0.5 .7 0.3 0.5 0.9 1.4 2.0 3.5 Other 1.6 2.0 2.5 1.6 1.0 1.1 1.9 1.5 1.8 2.0 2.3 3.3 4.7 Producers durable equipment 5.5 5.1 3.1 4.0 26.6 25.2 28.4 29.3 Net change in business inventories -0.5 -0.6 -1.7 Net exports of goods and -.1 -3.4 1.7 3.2 5.4 7.5 services 1.5 1.2 -1.5 -1.8 Net exports and monetary use of gold and silver.... 0.3 0.2 0.1 () -0.1 Consumer goods and services... 65.7 74.6 82.0 91.3 98.5 106.4 105.0 101.8 106.0 113.0 120.2 122.0 Durable goods 6.4 7.4 9.1 6.3 6.6 6.7 7.7 7.4 7.1 7.4 9.0 10.7 12.0 Nondurable goods 32.6 34.4 40.1 47.9 55.1 60.0 65.6 65.0 61.5 65.1 70.6 75.6 75.5 Services 22.7 23.9 25.4 27.8 29.7 31.8 33.1 32.6 33.2 33.5 33.3 34.0 34.5 Gross national product 88.6 97.1 120.2 152 3 187.4 197.6 Deductions: Business tax and nontax liabilities 10.4 12.4 18.5 23.1 27.4 29.7 Depreciation and depletion. 6.2 6.4 7.0 7.6 8.0 8.2 Other business reserves.... 0.8 0.7 0.8 0.6 0.5 0.5 Capital outlay charged to current expense 0.7 1.3 0.8 0.9 Adjustments: For inventory revaluation -0.4 -0.4 -3.2 -2.1 -0.2 -0.1 For discrepancies 0 -0.4 -1.1 -0.2 1.5 -2.2 National income 70.8 77.6 96.9 122.2 149.4 160.7 Additions: Transfer payments 2.4 2.6 2.5 2.7 3.2 5.3 Deductions: Corporate savings 0.4 1.8 4.0 4.4 5.5 5.4 Contributions to social insurance funds 2.0 2.1 2.6 3.2 3.8 3.9 Income payments to individuals 70.8 76.2 92.7 117.3 143.1 156.8 160.7 163.7 163.2 158.6 156.9 156.7 161.0 Income payments to individuals 70.8 76.2 92.7 117.3 143.1 156.8 160.7 163.7 163.2 158.6 156.9 156.7 161.0 Personal taxes and nontax payments 3.1 3.3 4.0 6.7 18.6 19.4 21.2 22.1 21.7 20.7 20.1 18.7 19.0 Federal 1.3 1.4 2.0 4.7 16.6 17.4 Di S sp t o a s te a b a le n d in lo co ca m l e of individ- 1.9 1.9 2.0 2.0 2.0 2.1 uals 67.7 72.9 88.7 110.6 124.6 137.4 139.6 141.6 141.5 137.9 136.9 138.0 142.0 Consumer expenditures.... 61.7 65.7 74.6 82.0 91.3 98.5 106.4 105.0 101.8 106.0 113.0 120.2 122.0 Net savings of individuals.. 6.0 7.3 14.2 28.6 33.3 38.9 33.1 36.6 39.7 31.9 23.9 17.8 20.0 National income 70.8 77.6 96.9 122 2 149 160.7 Total compensation of employees 48.1 52.3 64.5 84.1 106 116.0 Salaries and wages 44.2 48.6 60.8 80.8 103 112.8 Supplements 3.8 3.7 3.7 3.3 3.2 3.2 Net income of proprietors 11.2 12.0 15.8 20.6 23. 24.1 Agricultural 4.3 4.4 6.3 9.7 11.9 11.8 Nonagricultural 6.9 7.6 9.6 10.9 11.6 12.3 Interest and net rents 7.4 7.5 8.0 8.8 9.7 10.6 Net corporate profit 4.2 5.8 8.5 8.7 9.8 9.9 Dividends 3.8 4.0 4.5 4.3 4.3 4.5 Savings 0.4 1.8 4.0 4.4 5.5 5.4 P Preliminary. 1 Revised figures. Unadjusted quarterly data have not yet been revised; unrevised data and annual totals for all components appear in BUL- LETIN for July, 1946, p. 806. 2 Based on new sources and not precisely comparable with previous years. 3 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 1938, 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. 926 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF JULY 1, 1946 [In thousands of units] Corn Total wheat Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1945 July 1, 1946 1945 July 1, 1946 1945 July 1, 1946 1945 July 1, 1946 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,412 7,482 36 54 36 54 New York 27,253 30,876 10,251 6,175 10,194 6,013 57 162 Philadelphia 52,911 51,676 18,100 17,705 17,974 17,575 126 130 Cleveland 220,734 223,959 66,432 53,045 66,402 53,015 30 30 Richmond 148,381 136,901 25,775 27,704 25,775 27,704 Atlanta 186,519 161 206 7 649 6 633 7 649 6 633 Chicago ... . 1,156,790 1,356,661 67,540 57,903 66,754 56,636 786 1.267 St. Louis 349,257 408,139 48,412 45,685 48,392 45,667 20 18 Minneapolis 383,549 441,204 294,668 227,996 37,541 34,766 257,127 193,230 Kansas City 397,723 438,765 408,746 432 085 403,707 427,807 5,039 4,278 Dallas .. 80,483 77,400 42,646 54,369 42,546 54,287 100 82 San Francisco 7,398 7,377 132,888 160,738 96,243 127,060 36,645 33,678 Total 3,018,410 3,341,646 1,123,143 1,090,092 823,177 857,163 299,966 232,929 Oats Tame hay Tobacco White potatoes Federal Reserve district Producton Estimate Production Estimate Production Estimate Production Estimate 1945 July 1, 1946 1945 July 1, 1946 1945i July 1, 1946 1945 July 1, 1946 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 4,791 5,305 3 539 3 259 30,774 35,749 61,939 72.315 New York 21,666 30,207 6,639 5,949 1,228 1,379 35,386 33,406 Philadelphia 15,458 18,204 2,515 2,366 46,355 51,800 19,996 20,087 Cleveland 63,506 76,121 5,605 5 562 145,225 144 900 13,504 13,006 Richmond 31,291 34.155 5,030 5,185 1,132,964 1,248,864 24,988 30,194 Atlanta 30 913 28 080 4 468 4 174 237 297 230 536 18,589 19,389 Chicago . . . 593,313 604,125 19,618 16 479 37,405 42,861 34,683 31,804 St. Louis 58,711 80,807 8,946 8,643 358,631 361,437 10,311 12.604 Minneapolis. 522,589 374,870 10,776 9,089 3,073 3,581 52,596 41,713 Kansas City 129,155 149,654 8,986 7,626 4,856 5,139 37,315 35,178 Dallas 47,001 40,751 1,937 1,884 5,433 6,406 San Francisco 29,269 28,747 13,514 13,057 110,391 115,570 Total 1,547,663 1,471,026 91,573 83,273 1,997,808 2.126.246 425,131 431,672 1 As revised in July 1946. AUGUST 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* ON BANK CREDIT, MONEY RATES, AND BUSINESS 1946 1946 Chart Chart book book page June July July July July page June July July July July 26 10 17 24 26 WEEKLY FIGURES' In billions of dollars WEEKLY FIGURES*—Gont. In unit indicated RESERVES AND CURRENCY BUSINESS CONDITIONS Reserve Bank credit, total 23.99 23.69 24.02 23.90 24.23 Steel production (% of capacity). .. 37 87.2 87.2 87. 87.9 89.3 U. S. Govt. securities, total.... 23.39 23.00 23.39 23.23 23.65 Electric power prod. (mill. kw. hrs.) 37 4,1333,741 4,156 4 293 Bills 14.4014.07 14.45 14.01 14.43]Freight carloadings (thous. cars). . 45 680 895 921 Certificates 3 6.48 .58 7.59 7. 88 pde.partment store sales (1935-39 Notes 3 1.75 .60 .60 .60 = 100) 239 200 Bonds 3 .76 .76 .76 .76 .76 Wholesale prices (1926 = 100): Discounts and advances 2 .23 .24 .29 .20 .2: Total 112.7117.2 120.7124.2 124.1 Gold stock 20.27 20.2720.27 20.27 20.27 Farm products 140.3 152.9 153.9 159.2 157.3 Money in circulation 28.14 28.40 28.34 28.24 28.19 Other than farm and food 105.4106.3 106.9 107.9 108.6 Treasury cash 2 2.26 .25 2.25 2.25 2.26 Treasury deposits 2 .97 .51 .66 .51 .67 Member bank reserves 15.8215. g 15.97 15.88 1946 Required reserves 15.04 15.2415.17 15.09 15.08 E E x x c c e e s s s s r r e e s s e e r r v v e e s s e (weekly average): .87 P.58 p. 72 P. P. 79 Apr. May June Total- 5 P.97 P.91 P.94 New York City 5 .03 .02 .02 MONTHLY FIGURES Chicago 5 () .01 RESERVES AND CURRENCY In billions of dollars Reserve city banks 5 .21 .28 .23 .24 Country banks6 5 .63 P.66 P.67 p.67 Reserve Bank credit 6 23.07 23.37 23.90 MEMBER BANKS IN LEADING CITIES old stock 6 20.25 20.25 20.27 Money in circulation 6 27.92 27.98 28.14 Total—101 cities: Treasury cash 6 2.26 2.26 2.27 Loans and investments 14 61 75 61.05 6O..6i2 60.87 Treasury deposits 6 .45 .56 .69 D U. e m S. a G nd o v d t e . p o o b s l i i t g s a a ti d o j n u s s ted 1 1 4 4 4 3 3 9 ,4 5 4 2 4 3 2 9 . . 7 2 4 4 4 3 2 9 .. . 1 1 9 3 3 4 9 2 . . 2 6 5 4 Me C m en b t e r r a l b a re n s k e r r v e e s e c r i v ty es , b a to n t k a s l 6, 1 7 3 1 4 5 . . 8 5 9 3 1 4 5 . . 9 7 6 3 1 5 6 . . 0 0 9 0 U. S. Govt. deposits 14 72 7.72 7.47 7.50 Reserve city banks 13 6.13 6.22 6.32 Loans 14 14.92 14.89 15.02 14.76 Country banks 13 4.52 4.55 4.59 New York City: Required reserves, total 7 14.51 14.77 15.05 Loans and investments 15 21.18 20.97 20.62 20.69 Central reserve city banks 13 4.83 4.94 5.05 U. S. Govt. obligations, total.. . 15 14.29 14.13 13.67 14.01 Reserve city banks 13 5.91 5.99 6.08 Bonds 16 9.30 9.33 9.33 9.45 Country banks 13 3.77 3.84 3.92 Notes, certificates, and guar. Excess reserves, total 7 1.02 .96 .94 securities 16 4.82 4.43 4.30 4.19 Balances due from banks: Bills 16 .17 .38 .05 .38 .25 Reserve city banks 13 1.80 1.80 1.81 Demand deposits adjusted 15 14.48 14.37 14.27 14.26 ,38 Country banks 13 3.86 3.78 3.67 U. S. Govt. deposits 15 2.78 2.69 2.69 .57Money in circulation, total 8 27.89 28.12 28.24 Interbank deposits 15 4.15 4.09 4.17 .01 Bills of $50 and over 7.89 7.95 8.00 Time deposits 15 1.25 1.24 1.24 24 $10 and $20 bills 15.49 15.62 15.69 Loans, total 15 5.79 5.89 5.58 ,48 Coins, $1, 2 and $5 bills 4.51 4.56 4.56 Commercial 2.90 2.93 2.94 .02 For purchasing securities: ALL BANKS IN U. S. Brokers'—on U. S. Govts.. 16 .95 1.11 .83 .65 Brokers'—on other securities 16 .52 .51 .48 .49Total deposits and currency 9 P174.20 P173.40P17O.9O To others 17 .73 .70 .69 .67Demand deposits 9 P77.40 P78.50 P79.30 All other 17 .68 .64 .64 .65Time deposits 9 P50.60 P51.10 P51.7O 100 cities outside New York: Currency outside banks 9 P26.20 P26.40 P26.50 Loans and investments 1540.5740.0840.00 40.18 .02 U. S. Govt. deposits 9 P20.00 P17.40 P13.40 U. S. Govt. obligations, total.. . 29.15 28.51 28.63 .32 Bonds 17.44 17.46 17.50 .48 CONSUMER CREDIT Notes, certificates, and guar. securities 1611.12 10 10.39 10.31 Consumer credit, total 18 7.32 P7.5O P7.75 Bills 59 .75 .53 Single payment loans 18 1.71 PI.71 PI.70 Demand deposits adjusted 1525 04 24 24.87 24.99 25.04 Charge accounts 18 2.14 P2.19 P2.33 U. S. Govt. deposits 5.54 4.78 4.81 4.64 Service credit 18 .82 P. 82 P.83 Interbank deposits 6.25 6.54 6.57 6.77 6.57 Instalment credit, total 18, 19 2.65 P2.78 P2.90 Time deposits 15 8.80 8.83 8.86 8.88 8.89 Instalment loans 19 1.70 Pl.78 Pl.86 Loans, total 9.07 9.10 9.13 9.18 9.32 Instalment sale credit, total 19 .96 Pl.00 Pl.04 Commercial 17 4.71 4.78 4.87 4.95 Automobile 19 .29 P.32 P.34 For purchasing securities. ... 17 1.72 1.67 1.62 1.66 Other 19 .67 P. 69 P. 70 All other 17 64 2.68 2.68 2.69 2.71 TREASURY FINANCE MONEY RATES, ETC. Per cent per annum U. S. Govt. obligations outstanding, total interest-bearing. 20 273.24 271.98 268.58 By classes of securities: U. S. Govt. securities: Bonds (marketable issues) 121.18 121.18 119.32 Bills (new issues) 24 .376 .375 .375 375 .376 Notes, cert., and bills 73.72 72.13 70.10 Certificates 24 .84 .84 84 .84 .83 Savings bonds and tax notes. . . 56.41 56.47 56.17 Notes 24 1.13 1.11 112 1.15 1.1 Special issues 21.22 21.48 22.33 Bonds (7-9 years) 24 1.41 1.38 137 1.42 1.41 By maturities: Bonds (15 years and over)... 24, 26 2.16 2.15 2 15 2.20 2.20 5 years and over 20 109.72 109.72 108.71 Corporate bonds: 5-20 years 20 66.12 66.12 65.11 High grade (5 issues) 26 2.40 2.40 241 2.42 2.41 5-10 years 20 45.37 45.37 45.03 Aaa 26 2.49 2.49 2.48 2.49 2.49 Within 5 years 20 85.36 83.77 80.90 Baa 26 3.03 3.03 303 3.04 3.03 Within 1 year 20 67.45 65.86 61.98 Certificates 20 38.41 36.83 34.80 Bills 20 17.05 17.04 17.04 In unit indicated Holdings of U. S. Govt. obligations: Commercial banks 21 88.60 86.90 Fed. agencies and trust funds. ... 21 28.27 28.53 29.13 Stock prices (1935-39=100), total. 27 150 153 153 149 144 Federal Reserve Banks 21 22.73 22.93 23.78 Industrial 27 153 157 158 153 147 Mutual savings banks 21 11.30 11.30 Railroad 27 159 160 158 155 147 Insurance companies 21 25.00 25.20 Public utility 27 129 129 129 128 12. Other investors, total 21 97.30 97.10 Volume of trading (mill, shares).. 27 1.02 .87 .90 .93 1.09 Marketable issues 21 42.90 42.70 For footnotes see p. 930. 928 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart 1946 Chart 1946 book book page page Apr. May Apr. May June MONTHLY FIGURES—Cont. Per cent per annum MONTHLY FIGURES—Cont. In unit indicated MONEY RATES, ETC. BUSINESS CONDITIONS Cont. Corporate Aaa bonds 23 2.46 2.51 2.49 F. R. Bank discount rate (N. Y.) 23 1.00 1.00 1.00 Residential contracts (mill, dollars) :4 Treasury bills (new issues) 23 .375 Total 42 308 390 301 Public 42 8 11 26 Private, total 42 300 379 275 In unit indicated 1- and 2-family dwellings 42 276 327 253 Other 42 24 52 22 Stock prices (1935-39=100): Value of construction activity (mill, Total 27 152 154 153 dollars): Industrial 27 156 159 157 Total 49C 709 822 916 Railroad 27 15 15 162 Residential: Public utility 27 128 129 130 Public 49C 12 17 V B o ro lu k m er e s ' o b f a t l r a a n d c i e n s g (m (m il i l l , l , d s o h l a la re rs s ) ) : 27 1.39 1.31 1.09 No P n r r i e v s a i t d e ential: 49C 244 288 317 Credit extended customers 29 895 856 809 Public 49C 112 134 158 ' Money borrowed 29 57. 54 498 Private 49C 345 388 424 Customers' free credit balances 29 697 669 651Freight carloadings:4 Total (1935-39=100) 43 109 106 133 BUSINESS CONDITIONS Groups (points in total index): Income payments (mill, dollars) :4 Miscellaneous 43 78.2 67.6 74.1 Total 30 13,234P13.447 Coal 43 5.6 14.5 30.9 Salaries and wages 30 8,50" All other 43 25.6 24.0 28.4 Other 30 4,72 P4]903 Department stores (1935-39=100) :4 Cash farm income (mill, dollars): Sales 44 250 '256 275 Total 31 1,569 1,657 Stocks 44 189 200 210 Livestock and'products 31 964 968 Exports and imports (mill, dollars): Crops 31 455 583 Exports 46 53 Govt. payments 31 150 106 Excluding Lend-Lease exports... 46 ^785 Armed forces (mill, persons) 32 3.8 3 3.0 Imports 46 P406 P397 Civilian labor force (mill, persons): Excess of exports excluding Lend- Total 32 56.9 57.6 59.3 Lease exports 46 P272 ^389 Male 33 40.3 41.0 42.0 Cost of living (1935-39=100): Female 33 16.6 16.7 17.3 All items 47 '131.1 131.7 133.3 Unemployment 32 2.4 2.3 2.6 Food 47 141.7 142.6 145.6 Employment 32 54.6 55.3 56.7 Clothing 47 '154.5 155.7 157.2 Nonagricultural 33 46.4 46.4 46.8 Rent 47 108.5 Agricultural 33 8.9 10.0 Wholesale prices (1926=100): Industrial production:4 Total 49 110.2 111.0 112.9 Total (1935-39=100) 35, 49B 165 159 P170 Farm products 49 135.4 137.5 140.1 Groups (points in total index): Other than farm and food 49 103.3 103.9 105.6 Durable manufactures 35 72.3 66.4 P73.O Machinery and trans, equip... 49B 39. 39.8 P40. Iron and steel 49B 17.5 11.9 P17.0 Nonferrous metals, lumber, and 1945 1946 building materials 49B 15.1 14.6 P15.3 Nondurable manufactures 35 76.6 75.2 ••75.6 Textiles and leather 49 B 21.0 21.3 P21.4 Oct.- Jan.. Apr.- Food, liquor, and tobacco .... 49B 21.5 20.4 P19.6 QUARTERLY FIGURES Dec. Mar, June Chemicals, petroleum, rubber, Mi P n a e a p r n a e d l r s c a o n a d l p p r r i o n d ti u n c g t s 35, 4 4 4 9 9 9 B B B 2 1 1 1 2 5 . . . 4 7 9 2 1 1 1 2 7 . . . 5 5 1 P P P 2 1 2 1 2 1 . . 6 9 .4 RECEIPTS A U N . D S E . X T P R E E N A D S I U T R U Y RES OF THE In billions of dollars New orders, shipments, and inventories (1939=100): Budget receipts and expenditures: New orders: Total expenditures 49D 16.05 13.00 13.44 Total 36 200 P205 National defense 49 D 13.60 8.67 7.19 Durable 36 214 P218 Net receipts 49D 9.02 13.24 9.89 Shipments: nternal revenue collections, total 49 D 8.45 12.59 8.07 Total 36 206 P206 Individual income taxes 49D 3.44 7.22 3.72 Durable 36 204 P209 Corporate income taxes 49 D 3.19 3.49 2.48 Nondurable 36 208 P204 Misc. internal revenue 49 D 1.82 1. 88 1.87 Inventories: Total 36 169 P171 Durable 36 182 P185 MONEY RATES Per cent per annum Nondurable 36 158 P158 Factory employment and pay rolls Bank rates on customer loans: (1939=100): Total, 19 cities 23 2.09 2.31 2.41 Pay rolls 38 -248.5 246.2 New York City 25 1.71 1.75 1.84 Employment 38 136.0 137.0 P138A Other Northern and Eastern cities. 25 2.23 2.34 2.51 Hours and earnings at factories: Southern and Western cities 25 2.38 2.93 2.97 Weekly earnings (dollars) 39 ' '42.87 42.46 P43.10 Hourly earnings (cents) 39 105.8 107.1 P108.0 No H n o ag u r r i s c w ul o tu rk ra e l d ( e p m er p w lo e y e m k) e nt (mill, 39 39.7 P39.9 SECURITY MARKETS In millions of dollars persons) :4 Total 40 37.1 37.4 P37.7 Corporate security issues: Manufacturing and mining 40 13.1 13.4 P13.6 Net proceeds: Trade 40 7.8 7.7 P7.7 All issues 28 1,636 941 2,125 Government 40 5.5 5.5 P5.5 Industrial 28 433 407 1,103 Transportation and utilities 40 3.9 3.9 P3.9 Railroad 28 315 348 209 Construction 40 1.6 1.7 P1.9 Public utility 28 807 154 735 Construction contracts (3 mo. moving New money: average, mill, dollars) :4 All issues 28 272 248 604 Total 41 696 693 P723 Industrial 28 157 219 525 Residential 41 316 330 P341 Railroad 28 46 10 18 Other 41 380 363 *>382 Public utility 28 41 3 21 For footnotes see p. 930 AUGUST 1946 929 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued 1945 1946 1945 Chart Chart book book page June Dec. June page June Dec. June 30 31 29 30 31 29 CALL DATE FIGURES In billions of dollars CALL DATE FIGURES—Cont. In billions of dollars ALL MEMBER BANKS CLASSES OF BANKS—CONT. Loans and investments, total 10 99.43 107.18P102.02Country banks: U. S. Govt. obligations, total 10 73.24 78.34 P72.25 Loans and investments, total 13 31.37 35.00 P35.87 Bonds 11 40.27 44.79 U. S. Govt. obligations 13 24.09 27.00 P26.53 Certificates 11 15.58 16.98 Other securities 13 2.16 2.41 P2.72 Notes 11 14.72 14.27 Loans 13 5.11 5.60 P6.62 Bills 11 2.63 2.27 Demand deposits adjusted 13 20.66 23.60 Guaranteed obligations 11 .03 .02 Time deposits 13 11.26 12.51 Other securities, total 10 5.60 6.07 P6.45 State and local government obligations 11 3.10 3.25 P3.31 1945 1946 Other securities 11 2.50 2.82 P3.15 Loans, total 10 20.59 22.78 P23.31 SELECTED DATES Commercial 11 7.10 8.95 Oct.- Jan.- Apr.- Real estate 11 3.25 3.46 Dec. Mar. June Agricultural 11 1.13 .86 For purchasing securities: FARM REAL ESTATE VALUES In unit indicated Brokers 11 3.09 3.13 Toothers 11 3.41 3.38 Cash farm income (bill, dollars, annual Consumer 11 1.69 1.90 basis) 49A 21.4 P22.7 Demand deposits adjusted 10 59.13 64.18 Farm real estate values (1912-14= 100) 49A 5133 5142 CLASSES OF BANKS Prices received and paid by farmers: Prices paid (1910-14=100) 49A 173 178 184 Central reserve city banks: Prices received (Aug. 1909-July Loans and investments, total 12 31.49 32.07 P28.47 1914=100) 49A 204 207 214 U. S. Govt. obligations 12 21.62 21.79 P19.13 Other securities 12 1.55 1.62 Pl.51 Loans 12 8.32 8.67 P7.84 1944 1945 Demand deposits adjusted 12 17.80 18.22 Time deposits. .* 12 1.79 1.97 In unit indicated Reserve city banks: Loans and investments, total 12 36.57 40.11 P37.68 U. S. Govt. obligations 12 27.52 29.55 P26.59 Cash farm income (bill, dollars) 49A 21.0 21.6 Other securities 12 1.89 2.04 P2.23 Farm transfers (number per 1000 Loans 12 7.15 8.51 P8.86 farms): Demand deposits adjusted........ 12 20.68 22.37 Total 49A 53.4 56.4 Time deposits 12 8.76 9.79 Voluntary sales and trades 49A 51.5 54.9 $ Estimated. * Preliminary. r Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. a Less than $5,000,000. * For charts on pages 20, 23, and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series. * Adjusted for seasonal variation. * As of Nov. 1 and Mar. 1. * Copies of the Chart Book may be obtained at a price of 50 cents each. 930 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES IN THE UNITED STATES A re l - l Member ba C n o k m s mercial bank N s o * nmember banks * Mutu b a a l n s k a s vings rep N o o r n ti - ng p b o an rt k in s» g Total Total2 ti N on a a - l State * Total su In re - d in N su o r n e - d * su I r n e - d J in N su o r n e - d ( n n o o n n b i m a n n s e u k m r s e 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 June 30, 1946* 14,567 14,026 6,887 5,012 1,875 7,142 6,446 696 191 350 113 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 June 30, 1946* 4,035 3,886 2,853 1,734 1,119 1,033 974 59 107 42 * 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 100 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 banki are not included in the total for "Commercial banks" and are included only once in "All reporting banks." • 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 111, respectively. NOTE.—Prior to February 1946, statistics on number of banking offices were published quarterly. For back figures, see Banking and. Monttary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. NUMBER OF BANKS CLASSIFIED ACCORDING TO FEDERAL RESERVE PAR LIST STATUS, BY DISTRICTS AND STATES On par list * On par listl Not Not F d e is d t e ri r c a t l o R r e S se t r a v te e Total i Mem- Non- p o a n r State Total i Mem- Non- p o a n r Total ber member list* Total ber member list* banks banks banks banks United States total: Michigan 442 441 228 213 1 Dec. 31, 1942 14,123 11,413 6,670 4,743 2,710 Minnesota 672 256 207 49 416 Dec. 31, 1943 14,021 11,492 6,729 4,763 2,529 Mississippi 203 38 29 9 165 Dec. 31, 1944 13,989 11,544 6,806 4,738 2,445 Missouri 592 519 183 336 73 Dec. 31, 1945 14 002 11 869 6,877 4,992 2,133 Montana. . i...... 110 108 77 31 2 June 30, 1946*. .. 14,023 11,920 6,881 5,039 2,103 Nebraska 410 405 146 259 5 Nevada 8 8 6 2 By districts and New Hampshire. ... 64 64 52 12 by States New Jersey 345 345 295 50 June 30, 1946 P New ]Vlexico 42 42 29 13 Boston 490 490 336 154 New York 672 672 579 93 New York . . 944 944 803 141 North Carolina 204 85 55 30 119 Philadelphia 850 850 649 201 North Dakota 150 45 42 3 105 Cleveland 1,176 1,176 723 453 Ohio 676 676 424 252 Oklahoma 381 370 217 153 11 Richmond........ 1,009 777 475 302 232 Atlanta . . 1 130 503 329 174 627 Oregon 69 69 33 36 Chicago 2 465 2 406 995 1 411 59 Pennsylvania 1 018 1 018 772 246 St. Louis . 1 465 1 103 493 610 362 Rhode Island 20 20 11 9 South Carolina 145 50 28 22 95 Minneapolis... 1,270 589 468 121 681 South Dakota 168 68 60 8 100 Kansas City. . 1,747 1 730 751 979 17 Dallas . . 973 856 589 267 117 293 187 82 105 106 San Francisco 504 496 270 226 8 Texas 861 796 545 251 65 Utah 59 59 34 25 Vermont 71 71 40 31 Virginia 315 300 199 101 15 Alabama 219 103 84 19 116 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 168 102 68 34 66 both member and nonmember mutual savings hanks on a few of which Georgia 363 85 60 25 278 some checks are drawn. Similar par list figures nublished 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 . 858 856 491 365 2 on which no checks are drawn, because of the requirement that member Indiana 490 490 238 252 banks remit at par for checks presented to them through th«: Federal Iowa 659 659 164 495 Reserve Banks. Kansas. ... 612 610 213 397 2 The total in this table differs from total commercial banks in oreceding table because the commercial bank total excludes some bank3 on Kentucky.... 386 386 114 272 which checks are drawn, namely, those that do not report to State Louisiana 154 52 43 9 102 banking departments (see footnote 1 of preceding tabled, 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 Federal Reserve par list were published annually. For back figures see Banking and Monetary Statistics, Table 15, and descriptive text, pp. 14-15. AUGUST 1946 931 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1945 AVERAGES OF INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS [Expressed in percentages] Federal Res2rve district All Item tr d i i c s t - s B to o n s- Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. . 11.4 8.4 9.4 8.4 9.4 10.4 13.2 12.4 12.0 13 1 13.4 13.4 14.7 Profits before income taxes . .. 13.5 11.7 14.1 108 11.6 12.3 15.8 14.8 13.2 144 143 13.9 15.7 Net profits 11.0 9.2 11.6 9 3 9 8 9.8 12.5 12.1 10.9 11 6 11 5 11.1 12.3 Cash dividends declared 2 9 2 5 2.2 2. 1 7 3 2.9 3.2 2.8 3.1 3 3 3 9 4 1 3.2 Percentage of total assets: Total earnings 2.0 2.1 2.1 7 0 1.9 1.8 1.9 1.8 7 7 1 9 1.9 1.9 Net current earnings before income taxes. . 7 6 7 6 6 6 .6 .7 7 7 7 .6 Net profits .7 .7 .8 8 7 .6 .6 .6 .6 6 6 .6 .5 Sources and disposition of earnings: Percentage of total earnings: Interest on U. S. Government securities... 42.6 45.2 49.3 46.7 45 6 42.9 38.9 47.3 44.0 39 2 35 8 29.1 41.6 Interest and dividends on other securities. . 7.5 7.5 8.0 10.7 103 7.0 8.2 7.1 7.6 5 4 4 9 6.1 5.2 Earnings on loans 33.3 28.7 28.8 ,30S 30 0 35.6 34.0 28.5 32.3 37 0 40 4 47.1 36.4 Service charges on deposit accounts 6 7 8 0 6.4 4 o 4 5.7 7.1 7.6 6.2 6 1 8 7 7 9 6.1 Other current earnings 9.9 10.6 7.5 8.1 8 7 8.8 11.8 9.5 9.9 17.3 10.2 9.8 10.7 Total earnings 100.0 100.0 100.0 100.0 1000 100.0 100.0 100.0 100.0 100 0 1000 100.0 100.0 Salaries and wages* 29 5 29 8 28.4 1 75 8 28.0 30.1 29.3 29.4 79 1 34 4 35.7 30.5 Interest on time deposits 12 1 12 6 16 4 17 3 16 6 14.7 8.9 13.1 8.7 1 4.8 2 1 13.8 Other current expenses . .. 25.2 26.7 24.8 25.3 26.6 24.7 26.0 23.7 26.6 23 8 24.3 28.0 21.6 Total expenses 66.8 69.1 69.6 67.7 69.0 67.4 65.0 66.1 64.7 68 0 63.5 65.3 65.9 Net current earnings before income taxes 33.2 30.9 30.4 32.3 31.0 32.6 35.0 33.9 35.3 32 0 36.5 34.7 34.1 Net recoveries and profits . .. 7 2 12 7 15 6 0 7.7 6.9 7.6 6.7 3.8 4 1 3.2 2.4 2.9 Taxes on net income 7 2 8 6 7.8 s 8 S 9 7.8 8.9 7.0 6.8 6 8 7 7 7 1 7.8 Net profits 33.2 35.0 38.2 36.1 32 8 31.7 33.7 33.6 32.3 29.3 32 0 30.0 29.2 Rates of earnings on securities and loans: Percentage of U. S. Government securities: Interest on U. S. Government securities. .. 1.5 1.6 1.6 1.7 1 6 1.5 1.4 1.5 1.5 1 5 1 4 1.5 1.3 Percentage of other securities: Interest and dividends on other securities. . 3.1 3.2 3.1 3.4 3 2 3.3 3.1 2.9 3.2 3 0 3 3 3.2 3.0 Percentage of total securities: Net recoveries and profits on securities 2 4 4 /\ .2 2 .2 .1 1 0 1 Percentage of total loans: Earnings on loans 5 3 4 7 5.0 1 S 1 5.1 5.0 5.0 5.3 6 6 3 5 7 5.4 Net recoveries on loans .3 .4 .5 1 4 .2 .1 .2 .2 5 3 .1 .1 Distribution of assets: Percentage of total assets: U. S. Government securities . 53 6 58 4 61 4 0 1 53.0 47.7 57.5 52.8 1 46 Q 37 3 55.8 Other securities 5.3 5.4 6.0 7 7 7 4 4.3 5.2 5.6 4.8 4 3 3 4 3.5 3.8 Loans 13 4 13 6 13 0 4 14.1 13 8 11.2 12.1 13 1 130 196 13.9 Cash assets 26 9 21 5 18 4 ^0 3 27 5 32 4 25 1 29 6 7 36 7 39 0 25.9 Real estate assets .7 .9 1.0 1.3 8 1.0 .6 .5 .6 6 4 .6 .6 Other ratios: Total capital accounts to: Total assets .... 6 4 8 6 7 3 9 7 1 6 5 5 2 5 3 5 8 s f, s s 7 4.7 Total assets less Government securities and cash assets. . 39 7 49 9 43 3 'IS 0 37 9 32 3 39 7 40 0 37 7 30 1 32.5 Total deposits 7.0 9.6 8.0 10 1 7.7 7.1 5.6 5.6 6.2 6 0 5 9 6.2 4.9 Time to total deposits 28 4 28 9 42 5 44 38 1 29 7 18 8 31 6 19 4 34 1 0 0 4 1 29.0 Interest on time deposits to time deposits1... .9 .9 .8 9 .9 1.0 .9 .8 .9 1.0 .9 .9 .9 Trust department earnings to total earnings1. 3.6 4.6 3.3 4 0 4.5 3.9 2.7 3.0 2.9 3 1 2 7 2.5 4.6 Number of banks2 . .. 6,820 338 812 646 720 471 323 974 476 469 748 580 263 1 Banks with no time deposits, or no trust department earnings, as the case may be, were excluded in computing this average * The ratios for 64 member banks in operation at the end of 1945 were excluded from the compilations because of unavailability of data covering the complete year's operations, certain accounting adjustments, lack of comparability, etc. NOTE.—These ratios, being arithmetic averages of the operating ratios of individual member banks, differ in many cases from corresponding ratios computed from aggregate dollar amounts shown in the June 1946 issue of the BULLETIN. Such differences result from the fact that each bank's figures have an equal weight in calculation of the averages whereas the figures of the many small and :medium-sized banks have but little influence on the aggregate dollar amounts. Figures of earnings, expenses, etc., used in the calculations were taken from the annual earnings and dividends reports for 1945. Balance sheet figures used in the compilations were obtained by averaging the amounts shown in each bank's official condition reports submitted for Dec. 30, 1944, and June 30 and Dec. 31, 1945, except for a limited number of banks for which all three reports were not available; such reports as were available were used' in those instances. Savings deposits are included in the time deposit figures used in these tables. Banks with no time deposits (385 in number) are included with the banks having ratios of time to total deposits of less than 25 per cent. 932 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1945—Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS [Expressed in percentages] Ratio of time deposits to Size group—total deposits (in thousands of dollars) total deposits (per cent) All groups u a 5 n n 0 d d 0 er 1 5 , 0 0 0 0 - 0 1 2 , , 0 0 0 0 0 0 -2 5 , , 0 0 0 0 0 0 - 5 1 0 ,0 ,0 0 0 0 0 -1 2 0 5 , , 0 0 0 0 0 0 - 2 5 5 0 , , 0 0 0 0 0 0 - 5 1 0 0 , 0 0 ,0 0 0 0 0 - 10 O 0 v ,0 e 0 r 0 Under 25-50 50-75 o a 7 v n 5 e d r Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 11.4 6.7 9.3 11.2 11.8 11.7 11.6 12.2 12.7 12.6 12.8 10.6 9.1 6.8 Profits before income taxes 13.5 7.2 10.3 12.5 13.7 14.4 15.3 16.8 16.1 15.6 14.1 13.3 12.2 9.4 Net profits 11.0 6.0 8.6 10.5 11.4 11.6 11.9 12.6 11.4 11.5 11.2 11.0 10.5 8.1 Cash dividends declared 2.9 2.4 2.7 3.0 3.0 2.8 2.8 2.7 2.8 3.5 3.5 2.5 2.4 2.2 Percentage of total assets: Total earnings 2.0 2.4 2.2 2.1 1.9 1.8 1.7 1.6 1.8 2.0 2.2 2.3 Net current earnings before income taxes .6 Net profits .7 Sources and disposition of earnings: Percentage of total earnings: Interest on U. S. Government securities 42.6 29.1 37.0 39.6 42.8 46.9 47.4 49.9 49.8 39.1 45.3 46.4 47.0 Interest and dividends on other securities 7.5 6.0 6.7 7.0 8.0 8.2 7.4 6.6 4.9 5.9 6.1 7.9 10.3 12.2 Earnings on loans 33.3 48.8 40.6 37.3 33.3 29.2 27.3 26.7 25.9 26.0 36.0 31.1 31.4 31.5 Service charges on deposit accounts 6.7 6.2 6.6 6.7 6.9 7.0 6.9 6.1 5.2 2.9 7.9 6.1 4.4 1.8 Other current earnings 9.9 9.9 9.1 9.4 9.0 9.7 11.5 13.2 14.1 15.4 10.9 9.6 7.5 7.5 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 29.5 37.6 32.1 30.2 28.8 28.5 28.8 29.4 29.0 27.3 32.5 27.9 25.0 21.4 Interest on time deposits 12.1 6.0 10.1 12.3 12.8 13.6 12.9 10.5 8.8 6.2 4.7 16.1 23.7 30.4 Other current expenses 25.2 28.9 26.2 24.5 24.6 25.1 26.0 26.5 26.7 25.9 26.1 24.9 23.1 24.9 Total expenses 66.8 72.5 68.4 67.0 66.2 67.2 67.7 66.4 64.5 59.4 63.3 68.9 71.8 76.7 Net current earnings before income taxes. 33.2 27.5 31.6 33.0 33.8 32.8 32.3 33.6 35.5 40.6 36.7 31.1 28.2 23.3 Net recoveries and profits 7.2 3.7 4.4 5.1 6.6 8.7 11.2 13.6 10.9 9.7 4.4 9.2 10.6 11.7 Taxes on net income 7.2 5.3 5.7 5.9 6.4 7.8 9.1 11.6 13.5 13.2 8.2 6.8 5.3 4.6 Net profits 33.2 25.9 30.3 32.2 34.0 33.7 34.4 35.6 32.9 37.1 32.9 33.5 33.5 30.4 Rates of earnings on securities and loans: Percentage of U. S. Government securities: Interest on U. S. Government securities 1.5 1.5 1.5 1.5 1.4 1.4 1.3 1.4 1.6 1.7 1.8 Percentage of other securities: Interest and dividends on other securities 3.1 3.3 3.6 3.4 3.2 2.9 2.9 2.8 2.7 2.6 3.2 3.1 3.2 3.3 Percentage of total securities: Net recoveries and profits on securities .2 .4 .3 .4 Percentage of total loans: Earnings on loans 5.3 6.3 5.9 5.4 4.9 4.4 3.9 3.3 2.6 5.4 5.1 5.3 Net recoveries (or losses —) on loans .3 .3 .3 .4 .3 .2 .1 -.2 Distribution of assets: Percentage of total assets: U. S. Government securities.. . 53.6 38.3 46.9 50.8 53.9 57.4 58.1 58.6 58.1 57.1 49.1 57'. 0 57.7 58.4 Other securities 5.3 4.5 4.5 4.8 5.7 6.0 5.6 4.6 3.7 3.8 4.0 5.9 7.7 8.8 Loans 13.4 18.4 15.1 14.1 13.1 12.0 12.2 12.8 13.6 16.2 13.7 12.9 13.7 15.0 Cash assets 26.9 38.0 32.7 29.6 26.5 23.7 23.0 22.8 23.4 21.9 32.6 23.2 19.9 16.9 Real estate assets .7 .7 .6 .7 .9 .9 .9 .7 .5 .9 .9 .9 Other ratios: Total capital accounts to: Total assets 6.4 11.2 8.0 6.8 6.2 5.9 5.6 5.3 4.8 5.3 5.9 6.6 7.4 9.0 Total assets less Government securities and cash assets. .. 39.7 56.5 48.2 42.0 38.5 37.8 36.4 34.4 31.1 28.0 39.9 39.5 39.5 43.2 Total deposits 7.0 12.9 8.9 7.4 6.7 6.4 6.1 5.6 5.1 6.4 7.2 8.1 10.1 5.7 Time to total deposits 28.4 15.3 24.0 28.0 29.9 32.6 30.8 25.0 19.7 10.3 37.9 57.1 80.1 Interest on time deposits to time 13.0 deposits1 .9 1.1 1.0 1.0 .9 .8 .9 .9 1.0 1.0 Trust department earnings to .7 total earnings1 3.6 1.7 2.1 2.6 2.2 2.7 3.8 5.4 4.9 4.6 3.2 1.9 1.9 7.3 Number of banks2 6,820 110 626 1577 2239 1062 681 239 124 162 3087 2678 1037 18 For footnotes, see p. 932. AUGUST 1946 933 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1945—Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK [Expressed in percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of to total deposits of to total deposits of under 25 per cent 25-50 per cent 50 per cent and over All groups Size group—total deposits (in thousands of dollars) u 1 a n ,0 n d 0 d e 0 r 5 1 , , 0 0 0 00 0 - 2 5 5 ,0 ,0 0 0 0 0 - 2 O 5 v ,0 e 0 r 0 u 1 a n ,0 n d 0 d e 0 r 5 1 , , 0 0 0 00 0 - 2 5 5 ,0 ,0 0 0 0 0 - 2 O 5 v ,0 e 0 r 0 u 1 a n ,0 n d 0 d e 0 r 5 1 , , 0 0 0 00 0 - 2 5 5 ,0 ,0 0 0 0 0 - 2 O 5 v ,0 e 0 r 0 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. . 11.4 9.9 13.5 13.2 12.6 7.7 10.5 11.1 12.3 7.2 9.1 9.6 10.0 Profits before income taxes 13.5 10.3 14.2 15.2 16.0 9.2 12.7 14.6 17.0 9.2 11.8 14.2 14.2 Net profits 11.0 8.4 11.6 11.7 11.6 7.9 10.8 11.7 12.8 8.1 10.2 11.8 11.4 Cash dividends declared 2.9 3.2 3.7 3.2 3.0 1.9 2.5 2.6 2.9 2.1 2.3 2.7 2.6 Percentage of total assets: Total earnings 2.0 2.1 1.9 1.7 1.6 2.3 2.1 2.0 1.9 2.3 2.2 2.1 2.0 Net current earnings before income taxes. . .7 .7 .7 .6 .6 .7 .7 .6 .6 .6 .6 .6 .5 Net profits .7 .6 .6 .6 .6 .7 .7 .7 .7 .7 .7 .7 .6 Sources and disposition of earnings: Percentage of total earnings: Interest on U. S. Government securities... 42.6 31.6 37.6 43.1 48.7 40.2 44.2 47.5 48.5 45.0 45.2 50.1 51.3 Interest and dividends on other securities.. 7.5 5.1 6.1 6.9 5.9 8.1 8.0 8.1 6.1 9.9 10.7 9.8 4.2 Earnings on loans 33.3 46.1 37.7 29.8 26.3 37.1 32.8 27.8 26.4 33.6 32.7 27.0 27.8 Service charges on deposit accounts 6.7 7.8 8.5 8.4 4.5 5.3 6.0 6.5 5.6 3.6 4.2 4.8 6.3 . Other current earnings 9.9 9.4 10.1 11.8 14.6 9.3 9.0 10.1 13.4 7.9 7.2 8.3 10.4 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 29.5 36.0 32.6 31.6 29.0 29.6 27.7 27.6 28.1 26.5 24.8 24.9 Interest on time deposits 12.1 3.6 4.5 5.7 5.5 15.2 16.6 15.8 14.4 22.7 24.0 23.6 Other current expenses 25.2 27.2 24.6 24.9 25.2 24.3 22.9 23.3 26.9 25.3 27.1 27.0 Total expenses 66.8 72.0 68.9 68.3 67.7 73.5 71.7 71.8 66.5 62.4 64.4 61.5 Net current earnings before income taxes 33.2 28.0 31.1 31.7 32.3 26.5 28.3 28.2 33.5 37.6 35.6 38.5 Net recoveries and profits 7.2 10.8 6.0 7.9 11.1 13.9 8.3 9.7 14.1 Ta N xe e s t o p n ro n fi e ts t income 33 7 . . 2 2 6 2 . . 3 5 2 7 . . 9 2 5 9 . . 9 3 3 1 5 3 . .5 2 5 9 . . 0 0 3 5 3 . . 7 3 3 8 4 . . 1 7 3 1 5 1 . . 0 2 3 4 0 . . 0 8 3 4 3 . . 9 1 3 6 5 . . 7 6 Rates of earnings on securities and loans: 29.7 33.3 32.2 Percentage of U. S. Government securities: Interest on U. S. Government securities... 1.5 1.6 1.4 1.4 1.3 1.7 1.6 1.5 1.5 1.9 1.7 1.6 1.5 Percentage of other securities: Interest and dividends on other securities.. 3.5 3.3 2.9 2.7 3.6 3.2 2.9 2.7 3.4 3.3 3.0 Percentage of total securities: Net recoveries and profits on securities .2 .1 .3 .2 .4 .3 .4 Percentage of total loans: Earnings on loans 5.3 6.9 5.8 4.7 3.0 5.7 5.4 4.7 4.0 5.5 5.4 4.3 Net recoveries on loans. .3 .2 .2 .2 .3 .3 .4 .3 .2 .3 .4 .5 Distribution of assets: Percentage of total assets: U. S. Government securities 53.6 41.1 48.1 53.7 56.0 50.8 55.9 59.4 54.0 56.7 61.6 63.5 Other securities 5. 3.2 3.9 4.7 3.9 5.8 5.8 6.1 7.2 8.0 7.6 3.5 Loans 13.4 16.0 13.5 12.1 14.5 15.3 13.1 12.1 14.7 14.1 12.2 14.1 Cash assets 26.9 39.1 34.0 28.8 24.6 26.9 24.2 21.3 23.1 20.3 17.4 18.0 Real estate assets .5 .5 .7 1.1 .8 .9 .8 .9 1.0 .8 Other ratios: Total capital accounts to: Total assets. 6.4 5.1 5.4 6.7 5.0 Total assets less Government securities and cash assets 39.7 52.8 40.1 35.4 31.1 44.8 40.6 37.6 32.2 45.1 38.4 40.5 38.0 Total deposits 7.0 9.2 6.2 5.4 5.4 9.8 7.4 6.5 5.7 10.1 8.2 7.2 5.3 Time to total deposits 28.4 6.9 9.6 13.7 11. 38.0 38.4 37.7 34.7 57.9 57.5 57.2 57.4 Interest on time deposits to time deposits1. . . .9 1.0 .9 .7 1.0 1.0 .9 .8 1.0 1.0 .9 .9 Trust department earnings to total earnings1. 3.6 1.6 2.6 3.7 3.8 2.2 3.3 4.5 2.6 1.9 1.9 2.5 Number of banks2 6,820 425 1,691 623 348 212 1,431 871 164 99 694 249 13 For footnotes, see p. 932. 934 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 1946 Total Boston New York Ph p il h a i d a el- Cleveland Richmond Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Current Earnings scounts and advances $1,091,287 $57,693 $452,260 $50,031 $98,731 $39,642 $29,057 $192,272 $48,683 $26,713 $51,629 $10,193 $34,383 rchased bills 15,481 15,481 S. Govt. securities, System account 63,654,351 4,588,45012,353,241 4,937,555 6,657,923 4,511,127 3,733,248 8,113,123 3,331,645 1,941,589 3,387,141 2,946,611 7,145,686 her U. S. Govt. securities 9,785,126 148,851 5,755.208 368,073 189,394 105,935 43,653 2,193,681 176,578 70,300 91,941 48,667 591,780 dustrial loans 22,731 1,925 19,932 854 10 mmitments to make industrial loans 3,721 150 21 874 997 591 517 571 I other... 312,138 3,831 27,029 4,954 55,107 4,172 11,023 72,043 26,138 2,249 79,531 3,476 21,615 Total current earnings 74,894,835 4,800,88018,613,219 5,380,554 7,013,029 4,655,798 3,810,988 10,571,119 3,583,635 2,040,851 3,610,252 3,009,464 7,794,035 Current Expenses Operating expenses: Salaries: Officers 1,527,846 74,217 319,377 81,424 123,177 100,162 100,815 204,520 103,094 81,917 101,392 87,668 150,083 Employees 24,221 654 1,400,801 618,793 1,521,791 ?,146,999 1,433,479 1,283,090 3,938,201 1,388,610 699,296 1,222,576 1,150,000 ?,418,018 Retirement System contributions 2,282,103 127,081 531,021 152,269 200,634 136,489 131,083 350,419 136,019 65,057 119,716 114,477 217,838 Legal fees 11 130 29 7,288 2,512 7 -506 289 1,500 11 Directors' fees and expenses 66,834 4,182 6,270 3,933 4,146 4,469 7,267 3,742 4,998 4,579 9,207 5,076 8,965 Federal Advisory Council fees and expenses 10,230 1,150 618 449 694 456 572 910 850 834 1,157 690 1,850 Traveling expenses (other than of directors and members of Federal Advisory Council) 263 237 11,608 32,991 13,320 24,386 25,019 22,791 36,718 24,519 14,443 16,389 16,886 24,167 Postage and expressage . 3,323,254 320,032 495,225 246,447 286,356 277,147 257,240 417,070 167,708 106,458 184,615 169,528 395,428 Telephone and telegraph 259,733 11,588 46,265 16,368 23,402 13,304 21,626 20,402 20,766 11,183 20,725 18,242 35,862 Printing, stationery, and supplies 1,577,214 115,818 315,123 105,623 106,566 87,923 118,391 234,541 99,610 38,279 102,512 75,534 177,294 Insurance 173,171 9,489 38,847 8,056 16,356 12,643 10,338 26,536 10,925 382 11.868 10,822 16,909 Taxes on real estate 797,036 76,041 217,711 45.718 71,101 42,443 33,010 115,489 32,184 38,033 49,141 20,644 55,521 Depreciation (building) 498,829 27,916 110,530 71,638 56,238 41,581 21,274 34,268 27,953 14,543 35,156 16,866 40,866 Light, heat, power, and water 297,847 19,024 59,732 19,492 39,268 21.001 17,904 32,303 17,744 11,859 25,587 16.372 17,561 Repairs and alterations 214,482 5,564 25,164 36,897 13.210 11,317 10,787 22,260 30,866 13,964 28,779 3,644 12,030 Rent 473 873 10,580 14,427 42,135 65,387 12,672 46,066 147,463 11,990 8,715 17,316 10,298 86,824 Furniture and equipment 306,313 17,776 73,026 20,597 23,491 17,501 30,059 35,517 30,385 10,992 24,079 15,681 7,209 All other 1,253,831 62,979 85,642 102,325 155,397 75,414 90,618 253,105 92,147 64,205 70,410 58,439 143,150 Total operating expenses 37,558,617 2,295,846 7,990,791 2,495,770 3,359,320 2,313,020 2,202,938 5,872,958 2,200,368 1,184,739 2,040,914 1,792,367 3,809,586 Less reimbursements for certain fiscal agency and other expenses 13,712,293 691,255 2,366,767 717,791 1,190,571 814,507 972,523 2,564,153 849,272 447,279 713,145 757,987 1,627,043 Net operating expenses .. 23,846,324 1,604,591 5 624,024 1,777,979 ?,168,749 1,498,513 1,230,415 3,308,805 1,351,096 737,460 1,327,769 1,034,380 ?,182,543 Assessment for expenses of Board of Governors 906,234 58,098 302,188 74,882 84,374 42,015 34,723 121,606 30,713 22,224 30,204 28,954 76,253 Federal Reserve Currency: Original cost 1,854,523 130,656 512,186 175,242 94,542 138,772 114,904 263,323 81,945 27,733 53,724 50,027 211,469 Cost of redemption 310,976 19,617 51,916 14,949 27,743 22,992 31,527 48,441 18,041 6,588 15,299 15,811 38,052 Total current expenses. 26,918,057 1,812,962 6,490,314 2,043,052 2,375,408 1,702,292 1,411,569 3,742,175 1,481,795 794,005 1,426,996 1,129,172 2,508,317 Current net earnings 47,976,778 2,987,91812,122,905 3,337,512 4,637,621 2,964,506 2,399,419 6,828,944 2,101,841 1,246,846 2,183,256 1,880,292 5,285,718 VO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE Gold reserves of central banks and governments. 937 Gold production.. 938 Gold Movements.. 938 Net capital movements to United States since January 2, 1935. . 939-944 Central banks.. 945-948 Money rates in foreign countries. 949 Commercial banks. . 950 Foreign exchange rates. 951 Price movements: Wholesale prices. . 952 Retail food prices and cost of living. . 953 Security prices. . 953 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. 936 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta i t t e e s d t g A i e n r n a - - 1 g B iu el m - Brazil B I r n i d ti i s a h Canada Chile lo C m o b - ia Cuba C v z s a e lo k c - i h a o- m De a n rk - Egypt France m G a e n r- y Greece 1938—Dec 14,512 431 581 32 274 192 30 24 83 53 55 2,430 29 27 1939—Dec 17,644 466 609 40 274 214 30 21 1 56 53 55 2,709 29 28 1940—Dec 21,995 353 734 51 274 27 30 17 1 58 52 52 2,000 29 28 1941—Dec 22,737 354 734 70 274 5 31 16 1 61 44 52 2,000 29 28 1942—Dec 22,726 1658 735 115 274 6 36 25 16 61 44 52 2,000 29 28 1943—Dec 21,938 1939 734 254 274 5 54 59 46 61 44 52 2,000 29 28 1944—Dec 20,619 U.lll 329 274 6 79 92 111 61 44 52 1,777 29 28 1945—July 20,152 409 712 342 274 7 82 103 171 61 44 52 Aug 20,088 409 712 352 274 6 82 104 176 61 44 52 1,777 Sept 20,073 409 694 352 274 7 82 106 176 61 44 52 1,777 Oct. . . ,20,036 407 698 357 274 5 82 114 186 61 44 52 1,540 Nov.. .. 20,030 404 711 356 274 5 82 115 186 61 44 - 52 1,540 Dec 20,065 403 716 354 274 7 82 127 191 61 38 52 1,090 1946—Jan 20,156 398 729 363 274 7 82 128 201 61 38 52 1,090 Feb, . 20,232 398 747 362 274 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 20,251 392 763 361 274 7 83 132 201 61 38 52 1,090 May.... 20,242 761 360 274 5 82 133 61 38 52 796 June... . 20,270 761 6 134 796 End of month H ga u r n y - (P I e r r a s n ia) Italy Japan Java Mexico N la et n h d e s r- Ze N a e la w nd N w o a r y - Peru Poland Po g rt a u l - Ru n m ia a- A So fr u ic th a Spain( 1938—Dec 37 26 193 164 so 29 998 23 94 20 85 69 133 220 *525 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 39 506 23 25 59 203 634 42- 1943—Dec 24 92 203 500 23 31 60 260 706 91; 1944—Dec 24 128 222 500 23 32 60 267 814 105 1945 July 131 230 270 23 28 60 267 886 109' Aug 131 255 270 23 28 60 267 909 109' Sept. P131 255 270 23 28 60 268 938 108 Oct 250 270 23 28 60 268 954 108 J*131 296 270 23 28 60 268 943 im Dec. 2>131 294 270 23 28 60 269 914 1946— F j e an b P P1 1 2 26 6 2 2 8 8 4 8 2 2 7 7 0 0 2 2 3 3 2 2 8 8 6 6 0 0 2 2 6 6 9 9 9 9 8 4 2 9 1 1 1 1 1 1 ' Mar 257 270 23 28 60 1,014 111 254 270 23 28 1,046 111 May 250 270 25 1,080 111 235 23 End of month S d w e e n - S l w a e n r i - t d z- T k u ey r- U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. O c tr o t i u h e n s e 6 - r Government i n g p ol r d e vi r o e u s s e rv fi e g s u 1 re n s ot included 1 1 9 9 3 3 8 9 — — D D e e c c , . 3 3 2 0 1 8 5 7 4 0 9 1 2 2 9 9 2,69 7 0 1 6 6 9 8 5 5 2 2 5 5 7 9 1 7 4 1 1 6 7 6 8 End of month U S n ta i t t e e s d U K d n i o i n m t g ed - France g B i e u l m - 1940—Dec 160 502 88 1 90 29 82 12 170 1941—Dec, 223 665 92 1 100 41 12 166 1942—Dec 335 824 114 1 89 68 21 185 1938--Dec... 80 *759 331 44 1943—Dec 387 964 161 1 121 89 45 229 1939--Max.... 154 1,732 559 1944—Dec., , 463 1,052 221 1 157 130 37 245 May.,. 477 June... 85 17 1945—July 478 1,073 234 179 176 39 248 Sept.. . 164 »876 Aug 479 1,084 234 189 186 39 248 Dec... 156 17 Sept 479 1,085 236 195 191 39 248 1940--June... 86 17 Oct , 475 1,111 236 195 191 39 247 Dec... 48 292 17 Nov.... 474 1,109 236 195 202 39 245 1941--June... 89 17 Dec, 482 81,104 241 195 202 39 247 Dec... 25 *151 17 1946—Jan 481 1,099 241 195 212 39 247 1942--June... 8 17 Feb ., 481 1,091 241 195 212 39 247 Dec... 12 17 Mar. , 478 1,102 241 1 195 212 39 P245 1943--June... 11 17 Apr 476 1,099 241 1 P198 212 39 P242 Dec... 43 17 May. ... 473 1,106 241 1 215 39 1944--June... 21 17 June.... 473 *>l,106 1 P241 Dec... 12 17 1945--Mar... 32 June... 81 . 17 J» Preliminary. Sept.... 20 1 Figures through March 1940 and for I)ecember 1942, Eecember 1943, and December 1944 Dec , 18 17 include, in addition to gold of the Centra1 Bank held at he>me, gold of the Central Bank held abroad and gold belonging to the Argentine Stabi ization 1Tund. 2 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- 1 Reported at infreqilent intervals or on detrol Board. Gold reported since that time is gold held by Minister of Finance. layed basis: U. S.—Exctiange Stabilization Fund » Figure for December 1938 is that officially reported on Apr. 30, 1938. (Special A/c No. 1); IJ. K.—Exchange Equali- 4 Figures relate to last official report dates for the respective countries, as follows: Java— zation Account; France—Exchange Stabi ization Jan. 31, 1942; Norway—Mar. 30, 1940; P3land—July 31, 1939; Yugoslavia—Feb. 28, 1941. Fund and Rentes Fund Belgium—Treajury. « Figure for February 1941; beginning ]War. 29, 1941, god reserves no longer reported sepa- 2 Figure for end of September. rately. 3 Reported figure for total British gold reserves 8 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian on Aug. 31, 1939, less reported holdingsof Bank Congo, Bolivia, Bulgaria, China, Costa J<Uca beginning Jilly 1943, Danzig through Aug. 31, of England on that dat 1939, Ecuador, El Salvador, Estonia, Finlaind, 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 availabl? back figures anc1 for debeen carried forward from last previous oricial report, tails regarding specia internal gold transfers 7 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British affecting the British and French institutions, sea Exchange Equalization Account during 1939. Banking and Monetary Statistics, p. 526, and 8 In addition to gold held by the Swiss National Bank, the Swiss National Bank's Annual BULLETIN for February 1945, p. 190. Report for 1945 stated that the Swiss <Government owned gold amounting to 238 million dollars on Dec 31, 1945. NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of figures, including <ietails regarding special internal gold transfers affeet- Ing the reported data, see pp. 524-535 in the same publicstion. 937 AUGUST 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly Y m e o a n r th or p U r o o . w u S d t o . u s S r i c l . d d R t e io .1 n ! m re T o p o n o t t r a h te l ly d [| S A o fr u i t c h a I | d R e h s o ia - [ I A W fr e ic s a t 21 I C B o e n lg g i o a 3 n 1 S U ta n t i e t s e * d | 1C ad a a n * N - orth M ic a e o n x « d - So C u o b th l i o a m Am - er C ic h a ile I r N ag ic u a a - 7 Au li s a t 8 r a-i B In ri d t i i a s * h $1 =15* In grains of gold */a fine; i. e., an ounce of fine gold =$35. 1934 823,003 708,453 366,795 24,264 12,153 6,549 108,191104,023 23,135 12,045 8,350 1,166 30,559 11,223 1935 882,533 752,847 377,090 25,477 13,625 7,159 126,325114,971 23,858 11,515 9,251 868 31,240 11,468 1936 971,514 833,895 396,768 28,053 16,295 7,386 152,509131,181 26,465 13,632 9,018 807 40,118 11,663 1937 1,041,576 893,384 410,710 28,296 20,784 8,018 168,159143,367 29,591 15,478 9,544 848 46,982 11,607 1938 1,136,360 958,770 425,649 28,532 24,670 8,470 178,143165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939 1,208,705 1,020,297 448,753 28,009 28,564 8,759 196,391178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940 1,297,349 1,094,264491,628 29,155 32,163 38,862 210,109185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941 1,288,945 1,089,395 504,268 27,765 32,414 209,175187,081 27,969 22,961 9,259 7,525 51,039 9,940 1942 '966,132 494,439 26,641 29,225 130,963169,446 28,019 20,882 6,409 8,623 42,525 8,960 1943 '760,527 448,153 23,009 19,740 48,808127,796 22,055 19,789 6,081 7,715 28,560 8,820 1944 '682,061 429,787 20,746 18,445 35,778102,302 17,779 19,374 7,131 7,865 16,310 6.545 1945 '645,323 427,862 19,888 18,865 '32,511 92,794 17,734 6,282 6,985 16,450 5,950 1945—June. '53,016 35,800 1,645 1,575 319 7,426 1,460 574 574 1,295 350 July. '53,143 36,311 1,679 1,610 881 7,357 1,518 504 393 1,400 490 Aug.. r53,363 34,199 1,668 1,610 331 7,411 1,459 464 595 2,065 560 Sept.. '52,756 35,313 1,680 1,610 728 7,404 1,400 370 570 1,190 490 Oct.. '55,739 36,809 1,664 1,610 639 8,034 ,319 425 559 1,190 490 Nov.. '54,686 36,005 1,595 1,400 822 7,726 ,224 396 592 1,435 490 Dec. '54,896 35,043 1,597 1,470 635 8,391 ,140 1,096 634 1,365 525 1946—Jan.. 55,758 35,892 1,584 1,610 984 8,346 ,492 683 522 1,470 175 Feb.. 32,971 1,473 1,610 669 '8,013 ,309 549 443 1,330 Mar.. 30,871 1,574 1,645 157 '8,677 ,473 770 608 1,400 Apr.. 34,793 1,609 P3,937 8,338 ,193 580 May. 36,740 339 488 Gold production in U. 5.6'. 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. 9 Preliminary. r Revised. • Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal Statistics. • Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944, they represent Gold Coast only. • Beginning May 1940, monthly figures no longer reported. 4 Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures through January 1946 represent estimates of American Bureau of Metal Statistics, those for 1945 having been revised by subtracting from each monthly figure $197,193 so that aggregate for year is equal to annual estimate compiled by Bureau of the Mint. Beginning February 1946, figures are estimated on basis of mine production reported by Bureau of Mines. « Figures for Canada beginning 1945 are subject to official revision. • Beginning April 1942, monthly figures no longer reported. 1 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. ' Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 1943 they represent total Australia; beginning January 1944, Western Australia only. • Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE —For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: m Y o o e n r a t r h im T n p o o e t r t a t l s U K d n i o i n m t g e - d France g B iu e m l- N la e e n r t d - h s - S d w en e- S l w a e n r i - t d z- Canada Mexico c A p a O L u n m a t b h t e l R i i e r n c r i e s - - l P p a i I h i n p s n i - d - l e - s t A ra u l s ia - A So fr u ic th a Japan I B n is r d i h i t a - c o t o A r th i u e l e n l s r - 19341 1,131.994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 28,15312,038 1,029 12 476,820 21,095 1935 1,739,019 315,727 934,243 3227,185 968 95,171 13,667 29,359 15,335 3,498 65 75,268 28,529 1936 1,116,584 174,093 573,671 3,351 71,006 2 7,511 72,648 39,966 30,79021,513 23,280 8 77,892 20,856 1937 1,585,503 891,531 -13,710 90,859 6,461 654,452 111,480 38,482 39,48525,427 34,713 181246,46450,762 8,910 1938 1,973,5691,208,728 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 22,862165,60550,956 168,623 1940 4,744,472 633,083 241,778 977 63,260 161,48990,3202,622,330 29,880 128,25938,627103,777184,756111,73949,989 a 284,208 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 61,86242,678 67,492292,893 9,444 9,665 «63,071 1942 315,678 1,955 5 208,917 40,016 39,680 321 528 4,119 129 20,008 1943 68,938 88 66,920 -3,287 13,489 152 307 -8,731 1944 -845,392 -695,483 46,210 -109,695 -108,560 199 3,572 18,365 1945 -106,250 160 53,148 15,094 -41,748 "iO3 106 357 -133,471 1945 Oct. -4.317 463 329 1,115 12 -6,236 Nov. 789 272 355 1,698 11 15 -1,562 Dec. 19,253 64 37,131 247 -18,499 3 9 297 1946 Jan. 154.070 151,270 391 1,729 3 23 654 Feb. 82,439 80,629 126 1,479 3 11 191 Mar. 31,396 36 25,265 75 1,386 -2 3 3 267 1,366 Apr. -20,534 34 222 149 637 9 6_2i 586 May -27,028 -1 -6 127 34 -33 o 13 17-27 155 June* 36,329 -4 32,277 29 902 11 2 83 112 I I Preliminary. 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. »Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries. »Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000 from other countries. « Includes $44,920,000 from U. S. S. R., and $18,151,000 from other countries. 1 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. • Includes $2,813,000 from U. S. S. R. and $299,000 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. 938 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: Tnflow in From Jan. 2, 1935, through- Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official^ Other abroad funds funds 1935—Mar. (Apr. 3) 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) 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 D Se e p c t . . 3 3 0 0 2 2 , , 3 6 3 6 1 7 . . 9 4 9 98 4 9 7 . . 5 1 1 8 4 6 0 . . 0 1 8 8 6 4 1 9 . . 1 4 4 4 5 3 6 1 . . 2 5 3 2 1 7 6 2 . . 2 2 6 9 3 1 3 7 . . 3 4 2 1 3 2 . . 2 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 1,043.9 244.0 709.9 434.4 618.5 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 63.0 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 t,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 ,012.9 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,831.2 3,175.9 ,195.4 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,807.9 3,239.3 ,281.1 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,607.4 3,229.7 ,388.6 1,841.0 767.4 812.7 701.8 95.0 June (July 2) 5,660.1 3,278.0 ,459.8 1,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1) 5,612.6 3,241.8 ,424.0 1,817.7 805.3 841.1 623.5 100.0 Dec. 31 5,354.1 2,979.6 ,177.1 1,802.6 791.3 855.5 626.7 100.0 1942—Mar. (Apr. 1) 5,219.3 2,820.9 ,068.9 1,752.0 819.7 849.6 624.9 104,3 June30» 5,636.4 3,217.0 ,352.8 1,864.2 842.3 838.8 632.0 106.2 Sept. 30 .• 5,798.0 3,355.7 ,482.2 1,873.5 858.2 830.5 646.1 107.5 Dec. 31 5,980.2 3,465.5 ,557.2 1,908.3 888.8 848.2 673.3 104.4 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 3,005.0 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 2,865.1 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 8,965.4 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 '3,601.6 ••2,633.2 729.2 1,097.8 625.9 135.1 Feb. 28 8,733.9 6,131.8 '3,432.7 ••2,699.1 728.7 1,067.2 672.4 133.9 Mar. 31 8,635.2 3 6,073.8 * 3,359.6 32,714.1 3 703.6 1,073.0 645.1 J 139.9 r Revised. 1 This category made up as follows: through Sept. 21, 1938, nds 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. s Amounts outstanding Mar. 31, in millions of dollars: total foreign banking funds in United States, 6,812.3, including official funds, 4,069.9, and other funds, 2,742.4; United States banking funds abroad, 431.9; and brokerage balances (net due "foreigners"), 63.0. 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. 939 AUGUST 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 1935—Dec. (Jan. 1, 1936).. . 1,440.7 554.9 210.2 114.5 130.4 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 2,051.3 150.5 201.2 243.0 21.4 1937—Dec. 29 3,501.1 993.7 281.7 311.9 607.5 123.9 22.1 312.2 2,653.0 106.3 410.6 315.4 15.9 1938—Dec. (Jan. 4, 1939). .. 3,933.0 183.8 339.6 328.6 557.5 140.5 32.2 472.0 3,054.2 155.3 384.6 302.7 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 3,790.1 229.4 483.4 522.6 87.4 1940—Dec. (Jan. 1, 1941). .. 5,807.9 865.2 670.3 455.6 911.5 175.9 55.4 922.7 4,056.6 411.7 606.8 642.6 90.2 1941—Dec. 31 5,354.1 674.1 639.9 464.4 725.7 179.9 50.5 891.8 3,626.3 340.5 567.5 691.1 128.6 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 4,192.8 760.3 951.0 ,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 1,193.7 ,273.6 203.0 1945—Apr. 30 8,079.7 1,026.0 477.6 506.3 670.7 179.2 75.5 990.5 3,925.8 1,145.91,263.0 ,534.2 210.7 May 31 8,131.6 1,029.3 453.0 506.8 677.1 179.0 77.5 ,003.6 3,926.4 1,147.71,324.3 ,524.7 208.5 June 30 8,422.8 1,066.2 521.7 513.0 679.7 179.0 80.0 ,017.9 4,057.5 1,218.01353.8 ,585.1 208.4 July 31 8,641.7 1,075.0 542.4 516.1 689.9 179.0 85.2 ,053.0 4,140.6 1,302.71,411.7 ,579.1 207.6 Aug. 31 8,711.9 1,018.8 499.8 518.1 695.6 179.2 89.6 ,059.2 4,060.2 1,383.11,392.1 ,656.1 220.3 Sept. 30 8,858.6 946.7 463.9 518.1 698.4 179.3 94.2 ,134.2 4,034.8 1,411.21,413.8 ,763.7 235.2 Oct. 31 8,965.4 937.8 510.9 523.8 705.2 179.5 98.0 ,118.1 4,073.2 1,419.21,404.7 ,804.3 264.1 Nov. 30 8,828.1 888.7 469.8 526.3 709.8 179.4 100.8 ,127.8 4,002.6 1,434.31,336.5 ,801.7 253.0 Dec. 31 8.802.8 892.5 464.2 539.7 722.3 179.7 106.5 ,132.1 4,037.0 1,395.71,338.4 ,784.1 247.5 1946—Jan. 31 8,822.9 858.3 553.6 538.4 728.6 179.6 107.3 ,142.9 4,108.7 1,342.61,345.1 ,780.5 246.0 Feb. 28 8,733.9 804.7 531.6 525.8 731.1 179.4 108.5 125.5 4,006.7 1,357.0 1,350.7 ,764.9 254.7 Mar. 31 8,635.2 719.1 515.1 536.5 728.8 179.3 111.2 1,116.7 3,906.7 1,370.5 1,391.5 ,716.5 250.0 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From Jan. 2, 1935, through— Total U K d n o i i n m t g 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). . . 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. 3i 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—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 2,057.3 1,053.4 913.5 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 41,384 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 2,185.4 1,443 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 1,373.7 216.8 Dec. 31 6,144.5 646.4 229.9 265.0 286.3 -23.3 50.1 769.1 2,223.4 1,414.2 924\9 1,369 1 212.9 1946— F ja e n b # . 2 3 8 i 6 6, , 2 1 3 3 4 1 .8 7 6 5 1 6 7 9 . . 7 2 3 3 1 0 8 0 . . 2 5 2 2 7 6 7 5 . . 3 6 2 2 9 9 7 8 .3 5 - -2 2 3 3 . . 5 3 5 5 0 2 . . 8 2 7 7 5 4 7 2 . . 6 0 2 2 , , 2 2 9 0 5 4 .2 81 1 , , 2 2 4 4 2 1 .8 8 9 9 2 2 9 2 .0 4 1 1 , 5 5 4 5 2 4 9 52 2 1 2 2 0 .8 3 Mar. 31 6,073.8 492.4 284.3 278.4 303.2 -23.6 55.2 738.0 2,127.8 1,251.8 972.4 1,505.0 216.8 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m t g 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 46Q.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 g 1940—Dec. (Jan. 1, 1941). .. 775,1 269.2 74.6 17.7 6.5 191.6 25.3 49.8 634.7 60.3 43.2 34.8 2.1 1941—Dec. 31 791.3 271.2 76.9 17.6 5.4 196.8 25.8 53.6 647.4 62.7 17.7 64.7 -1.2 1942—Dec. 31 888 8 279.4 77 8 18.1 6.6 196.7 26.2 56.8 661.5 58 6 68 3 93 8 6 6 1943—Dec. 31 877.6 272.1 77.9 18.3 5.1 '96.9 26.2 60.0 656.5 55.1 55.7 102 7 7.5 1944—Dec. 31 805.8 266.1 77.7 18.3 6.8 i >.9 26.2 34.6 626.6 64.8 37.0 77.7 — .3 1945—Apr. 30 844.7 266.6 77.6 18.1 7.2 196.9 26.2 70.6 663.3 69.9 23.0 86 4 2.1 May 31 845 7 261.5 77 8 18 2 7 3 196.9 26.2 70.1 658.0 67 3 40 1 77 9 2 4 June 30 760.4 264.1 77.8 18.0 2.7 196.9 26.2 30.9 616.5 39 1 23 5 79 9 1 5 July 31 810.2 267.2 77.8 18.3 4.5 196.9 26.2 30.3 621.2 47.7 58.2 81.4 1.8 Aug. 31 829.0 260.4 77.8 18.2 6.1 ; 196.9 26.2 69.4 655.0 51 4 51 4 68 4 2 9 Sept. 30 865.3 267.1 77.8 18.0 5.4 196.9 26.2 70.9 662.5 53.3 47.4 98 3 3.8 Oct. 31 875.5 270.5 78.1 18.0 5.1 196.9 26.4 69.4 664.4 60.7 54.4 91.7 4.2 Nov. 30 804.2 266.1 78.0 -17.9 6.5 196.9 26.2 68.8 624.6 54 9 22 2 99 9 2.6 Dec. 31 742.7 266.6 78.0 -17.7 5.2 196.9 26.2 38.3 593.4 39.5 9.1 99.2 1.5 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 Mar. 31 703.6 263.4 78.3 -17.1 2.5 196.9 26.1 57.9 608.1 30.0 -10.4 75.5 .4 1 Prior to Jan, 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." * Inflow less than $50,000. 940 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) From Jan. 2, 1935, through— Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A h l e l r1 1935—Dec. (Jan. 1, 1936). .. 125.2 67.8 6.8 7.4 — 1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Dec. 30 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 1938—Dec. (Jan. 4, 1939). .. 641.8 127.7 26.1 27.3 36.1 33.5 22.0 167.8 440.6 -9.7 167.4 33.8 9.7 1939—Dec. (Jan. 3, 1940). .. 725.7 125.5 42.1 29.4 45.0 36.6 27.6 189.0 495.2 -7.6 184.0 42.8 11.3 1940—Dec. (Jan. 1, 1941). .. 803.8 128.6 43.4 31.0 46.0 36.5 28.1 196.4 510.0 25.0 202.3 53.0 13.5 1941—Dec. 31 855.5 127.6 51.6 31.5 44.3 36.5 28.1 201.8 521.3 35.4 221.1 61.2 16.6 1942—Dec. 31 848.2 125.4 52.4 31.6 44.9 36.5 28.0 207.6 526.3 -3.0 245.4 61.5 18.0 1943—Dec. 31 925.9 127.6 50.6 33.0 44.7 36.5 27.9 210.1 530.3 41.2 272.3 62.2 19.9 1944— 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—Apr. 30 ,012.6 121.6 51.3 33.6 44.7 27.6 210.1 525.4 98.1 306.1 61.9 May 31 ,032.0 120.8 51.2 33.5 44.5 27.6 210.0 524.1 114.5 310.4 61.7 June 30 ,011.2 118.9 51.3 33.5 44.7 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 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 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 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. 27.6 210.4 522.7 59.6 317.4 61.5 21.8 Dec. 31 972.8 117.7 51.2 33.0 45.2 36. 27.5 212.8 523.8 49.1 317.1 60.8 22.0 1946—Jan. 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 Mar. 31 ,073.0 112.4 51.1 33.1 45.0 36.5 27.3 212.9 518.3 149.1 323.1 60.4 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 i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O ur th o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 1935—Dec. (Jan. 1, 1936)... 316.7 149.8 23.4 50.5 55.1 -5.4 -.1 129 286.2 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 38 818 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 67 615 0 -44.7 28.1 17 5 10 9 1942—Dec 31 673.3 -77.6 80.5 236.9 360.5 -30.9 -.1 753 644.7 -45.1 35.2 27.7 10.9 1943—Dec. 31.. 701.1 -100.3 82.7 239.9 367.3 -30.8 .6 86 645 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 1945—Apr. 30 . 802.5 -139.2 67.1 239.4 360.1 —30.8 2.2 92 s 591 -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.^ 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 96 600 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. 355.4 —30.4 2.2 98. S 582 Q -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 -114.5 89.3 ; 73 o 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 Mar. 31. 645.1 -169.2 77.2 226.1 346.1 -30.4 2.1 94.7 546.5 -80.3 98.2 71.3 9.4 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) From Jan. 2, 1935, through— Total U K d n o i i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 1 1 1 9 9 9 3 3 3 6 5 7 — — D D D e e e c c c . . ( 2 3 J 9 0 an. 1, 1936). . . 4 1 6 7 2 . . . 0 5 9 1 4 1 . . 0 5 1 1 2 1 0 . . . 4 5 4 - 5 1 .9 . . 0 3 1 9 2 0 . . . 1 5 8 -.2 7 . . . 1 3 1 5 1 . . . 0 4 4 2 44 2 7 . . 6 6 0 - - 4 7 3 . . 5 6 5 - — 4 1 . . 2 0 5 2 2 . . 9 1 - y .9 1938—Dec. (Jan. 4, 1939). .. 47.6 13.4 12.9 6.8 9.6 -.2 .2 5.2 47.9 1.8 -.9 -1.55 1939—Dec. (Jan. 3, 1940). . . 80.6 19.4 20.1 9.3 17.8 -.1 .1 5.0 71.6 8.7 1.6 -3.4 2!l 1940—Dec. (Jan. 1, 1941). . . 100.9 17.0 19.9 13.4 16.2 -.2 .2 7.9 74.3 10.7 9.2 6.0 .7 1941—Dec. 31 100.9 16.8 19.9 17.6 13.5 -.2 .2 8.0 75.7 14 1 3 9 6 3 3 1942—Dec 31 104.4 17.4 20.7 17.5 13.7 -.1 .2 8.7 78.1 15.2 4.2 6.0 .9 1943—Dec. 31 117.8 18.8 21.5 19.9 19.3 -.2 .3 9.4 89.1 17 6 3 8 6 0 1 3 1944 Dec 31 126.3 18.5 23.1 22.3 23.0 .3 10.5 97.7 16.2 5.1 5.6 1.8 1945 Anr 30 130.4 18.4 23.1 23.0 24.7 -.1 .3 10.5 100.0 17.0 7.0 4.4 1.9 May 31 133.6 19.1 22.6 23.1 25.8 — .1 .3 10.3 101.1 19 3 7 5 3 9 1 9 Tune 30 131.8 21.7 22.8 23.5 26.0 -.1 .3 10.6 104.8 17.9 4.1 3.0 July 31 127.1 18.5 22.8 24.2 26.4 — .1 .4 10.6 102 7 17 3 2 3 2 7 1 9 Aug. 31 129.1 18.2 23.1 24.4 26.6 .4 10.8 103.4 18.2 2 3 3 2 2 0 Sept 30 134.6 19.1 23.1 24.7 27.8 (2) .4 11.1 106 1 18 6 4 5 3 2 2 2 Oct. 31 134.4 19.1 23.2 25.2 27.3 (3) .4 11.3 106.4 17 6 4 5 3 6 2 2 Nov 30 139.0 19.3 23.1 24.1 28.2 .4 12.4 107 5 18 8 6 9 3 4 2 4 Dec. 31 144.1 19.8 23.4 26.0 30.3 (2) .4 13.6 113.6 19 5 5 9 3 8 1 3 1946—Jan. 31 135.1 21.3 24.2 16.2 30.3 (2) .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 (3) 4 13.1 105 9 18 9 3 9 3 9 1 3 Mar. 31 139.9 20.0 24.1 16.1 32.1 .4 13.3 106.0 19.9 8.2 4.5 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." * Inflow less than $50,000. 8 Outflow less than $50,000. AUGUST 1946 941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [In millions of dollars] LIABILITIES Date Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia* ot A he ll r1 1934—Dec. (Jan.2,1935)... 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 ,6?^ 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. . ^,678 s 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 70S 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 S,S74 9 1,000.8 439.9 193.3 210.6 6.5 11.3 722.1 2,584.5 812.6 693.71,108 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—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 1,161.3 1,035.01,319 2 141.6 June 30 6,409.6 861.8 372.3 213.3 261.2 6.7 43.9 803.0 2,562.31,267.3 1,076.91,360.7 142.4 July 31.. 6 584.8 872.0 399.0 215.8 268.5 6.8 49.5 839.8 2,651.3 1,349.8 1,100.71,341.8 141.2 4ug 31. 6 660 0 824 0 356 7 218.0 273 8 6 9 53 9 805.4 2,538 61,449.9 1,087 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 ,492.1 1,110.61 510 5 166.5 Oct. 31.. 6 OS? S 740.2 360.3 228.1 284.4 7.1 62.0 862.9 2,545.01,551.81,097.71,563.4 194.6 Nov 30.. 6 861 4 699.6 327.3 269.6 290.0 6.9 65.4 871.2 2,529.9 1,545.7 1,045.71 554 4 185.7 Dec 31 6 883.1 707.7 310.0 281.6 304.2 7.0 70.4 902.1 2,583.01,522.2 1,046.41,549.7 181.8 1946—jan( 31.. 6 973 679.0 398.3 293.9 315.5 6.9 71.1 890.6 2,655.41,350.7 1,050.9 1 735 1 181.1 Feb. 28.. 6 870 630.5 380.7 282.2 316.2 6.8 72.5 875.0 2.563.8 1,349.7 1.043.51,723.6 189.7 Mar 31 6,812.3 553.8 364.5 295.0 321.2 6.6 75.5 871.0 2,487.41,359.7 1,094.01,685.6 185.6 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 - Greece?L b u o x u e rg m * - 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. (Jan. 1, 1941).. 650.6 144.8 17.3 16.5 48.7 235.4 187 9 1941—Dec. 31 608.0 117.3 18.1 5.7 65.2 210.7 191.0 1942—Dec 31 643.4 121.8 17.7 7.9 39.3 18.3 132.4 35.7 9.4 17.5 153.5 14.3 17.7 57.9 I943—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—Apr. 30 739.9 139.7 13.7 7.0 52.5 18.5 199.9 39.4 9.3 31.5 158.0 12.8 5.8 51 8 May 31 752 7 147 3 13 4 6 8 53.7 19.1 194 0 36.6 9.3 37.6 160.2 17.5 5 6 51 7 June 30 803.0 142.1 13.7 6.7 56.6 19.3 240.6 40.6 9.3 31.8 165.4 20.9 5.7 50 3 July 31 839 8 150 5 13 7 6.6 60.5 22.9 236.6 46.4 9.3 36.9 183.7 22.3 5 2 45 2 Aug. 31 805.4 149.9 14.4 6.7 63.2 22.9 187.1 39.0 9.7 40.4 194.3 25.7 5.1 46 9 Sept 30 877 9 218 6 16 8 7.2 66.1 22.9 184.4 45.5 9.2 32.6 199.1 25.4 5 2 45 0 Oct. 31 862.9 195.6 20.1 6.7 68.7 22.9 182.7 45.2 9.2 24.4 213.5 24.4 5.2 44 5 Nov 30 871 2 183 0 24 3 6.2 71.0 23.0 182 9 48 5 9.2 31.2 217.2 24 8 5 4 44 3 Dec. 31 902.1 185.0 25.9 5.5 70.8 22.3 216.1 47.9 9.3 31.7 210.1 28.0 5.7 43.7 1946—Jan 31 890 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 Mar 31 . .... 871.0 166.3 44.2 11.2 74.9 22.3 174.0 45.4 9.2 35.4 205.2 24.8 6.8 51.2 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 vi o a - * 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 - 8 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 io.'s 67.7 34.5 43 'A 12.4 100.3 "4.*9 95.7 20^7 36.9 Of'.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—Aor 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 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 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 l,O<>7.7 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 Mar. 31... ... 1,094.0 83.9 13.6 210.6 63.9 77.5 6.3 139.5 6.6 140.7 20.7 91.2 41.9 41.3 156.3 For footnotes see p. 943. 942 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—CW/*»w^ 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 China F C I r n h e d i n n o c a - h 1 H K o o n n g g I C B n m l a o d e n u a n y i d r a , 1 - - , M l B t a is r y a i h - a - c J M ( h r K a i a e u n n p a o a r c d n a - i ) l a - n . I N l n E a e d e n a r i t d s - e h t s s - 1 i l p P an I p h s d i i - n l s - e T ke u y r-O A th si e a r ot A he ll r2 A t l u r ia a s- - N l Z a e e n a w d - E A S E t g a n u i g n y a g d y d n p l a p o t n - -F r 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 91.1 110.3 162.4 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 13.1 1.0 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 ,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 ,069.2 427.3 27.4 22.9 22.1 1.3 4.0 110.5 365.8 .7 64.2 174.0 52.9 3.5 7.3 4.3 8.3 97.6 1945—Apr. 30. ,320.2 546.9 27.5 21.6 23.5 .9 4.0 115.4 447.851.6 80.9 144.1 34.5 3.6 9.8 4.1 7.1 85.0 May 31. ,319.2 541.7 27.5 21.9 26.6 .8 4.0 117.6 448.850.7 79.4 141.6 32.0 3.5 9.5 4.3 6.0 86.2 June 30. ,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 11.0 3.6 6.4 87.4 July 31. ,341.8 501.1 27.5 21.9 24.1 .9 4.3 112.6 528.850.8 69.6 141.2 27.8 3!3 10.8 4.0 4.7 90.5 Aug. 31. ,432.7 578 27.6 21.7 25.3 .9 3.9 108.8 540.5 51.2 74.2 152.5 27.6 4.6 13.6 4.7 5.8 96.2 Sept. 30. ,510.5 588 27.6 21.9 28.9 .9 4.2 99.3 612.1 SO.5 76.7 166.5 28.5 3.1 13.6 5.8 8.4 107.1 Oct. 31. ,563.4 591.7 27.5 21.7 33.2 1.0 4.2 104.4 645.4 50.5 83.7 194.6 29.0 3.7 17.3 7.7 6.4 130.4 Nov. 30. ,554.4 581.4 27.5 22.1 34.6 1.0 4.1 103.8 659.747.2 73.0 185.7 30.2 4.3 19.6 9.4 8.0 114.2 Dec. 31. ,549.6 582.3 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. ,735.1 756.3 28.2 30.5 29.4 1.7 4.0 110.0 642.857.3 75.1 181.1 29.6 4.0 19.4 9.7 6.3 112.2 Feb. 28. ,723.6 738.0 34.6 31.8 36.7 1.6 3.9 100.7 635.762.2 78.4 189.7 26.1 4.0 19.6 10.1 9.1 120.8 Mar. 31. ,685.6 732.1 37.9 34. 25.7 1.5 3.8 99.0 598.466.1 86.3 185.6 24.3 3.8 18.9 10.3 9.5 118.8 1 Prior to June 30, 1942. included under "Other Asia" 2 Country breakdown not available until June 30, 1942. Footnotes to table on p. 942. 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other. * Prior to June 30. 1942, included under "All other." 8 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 o i i n m t g ed - France N la e e n t r d h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia1 ot A he ll r' 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 19^5—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—£)ec# 29 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114 4 78 9 17 2 1938—Dec. (Jan. 4, 1939) 594.0 86.0 10.3 24.2 5.5 89.4 13.5 45.9 274.9 60.4 99.1 144.1 15.5 1939—Dec. (Jan. 3, 1940) 508.7 39.9 4.9 5.7 5.2 53.4 11.8 51.4 172.2 39.7 113.3 174.1 9.3 1940—Dec. (Jan. 1, 1941) 384.0 23.0 4.2 .9 1.5 39.6 2.0 29.9 101.0 36.0 122.7 117 8 6.4 1941—Dec 31 367.8 20.9 1.8 1.1 2.6 34 4 1.5 26.2 88.4 33.6 148.3 87.9 9.7 1942—Dec. 31 246.7 12.6 1.3 5 1.5 34.0 4 22.3 72.6 34.3 99 7 35 3 4.8 1943—Dec 31 ... 257.9 19.9 1.1 .4 3.0 33 9 .4 19.0 77.6 37 8 112 2 26 3 3 9 1944—Dec. 31 329.7 25.9 1.4 .3 1.3 33.9 3 44.4 107.5 28.1 131 0 51 4 11 7 1945—Apr 30 290.8 25.4 1.4 .5 .9 33.9 .3 8.4 70.8 23.0 145.0 42.6 9.3 May 31 289.8 30.5 1.3 .4 .8 33.9 .3 8.9 76.2 25 6 127 9 51 1 9 0 June 30 .... 375.0 27.9 1.3 .7 5.4 33.9 .3 48.2 117 6 53 8 144 5 49 2 9 9 July 31 325.2 24.8 1.2 .3 3.6 33.9 .3 48.7 113.0 45 2 109.8 47.7 9.5 Aug 31 306.5 31.6 1.2 .4 2.0 33.9 .3 9.7 79.1 41 5 116 6 60 7 8 5 Sept 30 270.2 24.9 1.2 .6 2.7 33.9 .3 8.1 71 7 39 6 120 6 30 8 7 6 Oct 31 260.0 21.5 1.0 .6 3.0 33.9 .1 9.6 69.8 32.2 113 6 37 3 7 2 Nov 30 331.3 25.9 1.1 36.5 1.6 33.9 .3 10.2 109.6 38 0 145 8 29 1 8 8 Dec. 31 392.8 25.4 1.1 36.3 2.9 33.9 .3 40.8 140.7 53.3 158 9 29 9 9.9 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 Mar. 31 431.9 28.6 .7 35.8 5.6 33.9 .4 21.1 126.1 62.9 178.4 53.6 11.0 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. AUGUST 1946 943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] ASSETS—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e Bel- m De a n rk - l F a i n n d - Greece1 L b u o x u e r m g1 - N w o a r y - tu P g o a r- l1 m R an u i - a1 Spain: S d w en e- USSR1 s Y la u v g i o a - 1 o A th l e l r 1939—Dec.r (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 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 8 3.2 .4 09 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 2 () 1945--Apr. 30. . 8.4 .8 .6 .9 .2 8 5.1 May|31.. 8.9 .8 .6 1.5 .3 4.9 June 30.. 48.2 .8 .6 8V / .9 .3 8 4.8 July 31.. 48.7 .8 .6 .9 .7 4.9 Aug. 31.. 9.7 .7 .6 8 1.4 1.5 4.9 Sept. 30.. 8.1 .5 () .6 .9 .3 09 5.1 D N O e o c c t v . . . 3 3 3 1 1 0 . . . . . . 4 1 9 0 0 . . . 6 8 2 . . . 5 6 6 1 1 . . 5 5 (2) . . . 7 6 6 31. . 6 1 () 1 1 . . . 9 6 0 1. . . 9 0 5 4 4 5 . . . 9 7 0 1946—Jan. 31.. 13.1 1.8 1.3 .7 .1 1.8 1.1 () 4.8 F M eb a . r . 2 3 8 1 . . . . 2 17 1 . . 1 9 3 2 . . 6 6 1.1 1 1. . 2 4 6 4 . . 2 2 (*) 1 1 . . 5 4 1 1 . . 3 1 0 0 9 9 4 4 .> .9 9 2 Latin America () French Nether- Date A L i a m 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 - ' - C R o ic s a t » a Cuba I W G n a d n u e i d i s e - t s Mexico I l W n a a d n n e i d d s e s t s P m an a4 a- Peru' z V u e e n l e a - 3 O A La m th ti e e n r r ana8 Surinam" 1939—Dec. (Jan. 3, 1940)... 113.3 16.8 32.2 9.7 10.5 5.9 1.0 37.2 1940—Dec. (Jan. 1, 1941)... 122.7 11.9 33.1 13.4 11.7 6.1 2.1 44.4 1941—Dec. 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 4.8 2.1 2.8 3.9 14.2 1943—Dec. 31 112.2 15.3 1.8 18.9 16.6 12.2 .7 20.1 () 11.2 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 09 8.6 .8 .2 5.1 11.7 1945—Apr. 30 145.0 8.7 1.4 24.1 8.7 14.7 1.0 57.1 1.0 .4 4.9 13.0 May 31 127.9 7.7 1.3 25.5 8.4 15.1 1.1 39.1 8.7 .9 .4 5.8 12.6 June 30 144.5 8.3 1.2 30.6 7.0 16.8 1.1 49.7 8.9 1.0 .4 5.6 12.3 July 31 109.8 14.1 1.2 26.9 8.4 16.3 1.2 10.3 10.2 1.1 .7 5.5 12.4 Aug. 31 116.6 11.0 1.3 24.4 6.3 17.1 1.2 14.5 8.7 .9 5.2 23.7 Sept. 30 120.6 12.8 1.1 21.7 7.5 16.7 1.5 18.3 9.0 .3 5.2 24.1 Oct. 31 113.6 10.8 1.8 18.2 6.8 14.2 1.4 17.0 9.7 .3 5.7 25.4 Nov. 30 145.8 20.5 1.2 22.0 7.2 19.4 1.2 27.2 10.6 1.0 .7 6.1 27.3 Dec. 31 158.9 21.0 1.3 24.7 6.6 16.8 1.2 33.3 11.0 1.1 .9 6.1 33.4 1946—Jan, 31 164.7 24.2 1.7 26.8 7.0 17.5 1.4 33.9 10.5 1.9 3.3 6.6 29.5 Feb. 28 161.2 18.0 1.5 29.7 6.2 18.1 1.5 32.9 13.9 2.8 3.5 6.9 25.9 Mar. 31 178.4 24.7 2.7 30.0 7.1 20.1 1.4 37.1 14.3 2.9 3.8 7.7 26.1 Asia and All Other Date Asia China F C I r n h e d i n n o c a - h 6 H K o o n n g g I C B n l a m o d n e u n a y i d r * a , - - , l M B t a is r y a i h a - - 5 c J M h ( a r a K i u e n p n a o a r c a d n i ) - l n a - . I N l n E a d e e n a r i t d s - e h t s s - 5 i l P p a I h n p s i d i - l n s - eT ke u y r- 5 O A t s h i e a r ot A he ll r8 A t l u i r a a s - - N l Z a e e n a w d - E A S E t g a u n i g n y a g d y d n p l a p o t n - -F r r M o e c n o c c - o h A U S f n o r o i i u o c f t a n h Other 1939—Dec. (Jan. 3, 1940)174.1 22.0 1.9 102.1 26.4 21.6 9.3 1940—Dec. (Jan. 1, 1941)117.8 23.7 :! 2 1.7 55.8 22.6 14.0 6.4 1941—Dec. 31 87.9 23.5 ( r 3.1 18.9 23.0 19.5 9.7 1942 Dec 31 35.3 11.1 .9 "i'.i "'.' 7 .5 14.4 1.8 2.0 4.8 'i.'o '".7 A ' i. 7 "\'.2 1943 Dec 31 26.3 1.7 1.0 2.0 .5 .5 1.7 13.9 3 ? 1.8 3.9 .5 2 1 09 2 4 7 1944—Dec. 31 51.4 1.5 09 .9 22.3 .1 .5 1.5 13.8 1.8 8.8 11.7 .6 .2 .2 09 9.7 1.0 1945—Apr. 30 42.6 1.3 09 .9 12.1 .5 1.4 13.9 1 9 10.5 9.3 .8 .4 .4 09 6.7 1 2 May 31 51.1 1.1 09 .9 19.4 .5 1.4 13.9 ? 0 11.8 9.0 1.0 3 4 09 6 I 1 2 June 30 49.2 1.2 09 .8 16.8 .5 1.4 13.6 ? 0 12.5 9.9 .9 .4 .2 (2) 6 0 2 4 July 31 ••• 47.7 1.0 .8 14.5 .5 1.4 13.9 ? ? 13.1 9 5 2 1 4 3 5 2 1 6 Aug 31 60.7 1.1 09 .8 15.0 .5 1.4 26.0 f 1 13.6 8.5 1.0 .4 3 09 5 0 1 8 Sept 30 ... 30.8 1.1 .8 8.0 .5 1.4 13.6 2.3 2.9 7.6 .7 .3 .3 09 4.5 1.6 N O o ct v . 3 3 0 1 3 29 7 . . 1 3 1 1 . . 7 2 (2) . . 8 8 7 7 . . 1 2 .1 . . 5 5 1 1 . . 4 4 1 1 3 3 . . 7 0 1 1 7 6 1 2 1 . . 0 4 8 7 . 8 2 .9 7 .7 6 2 2 ( ( 2 2 ) ) 5 4 1 0 1 1 9 5 Dec. 31 29.9 1.0 (2) .8 7.5 .1 .5 1.4 13.8 ?. 0 2.7 9.9 1.7 .7 .3 .1 4 7 2 5 1946—Jan 31 40.6 7.7 09 1.1 7.9 .1 .3 1.4 18.5 1 0 2.5 10.8 2.1 6 2 1 5 0 2 9 Feb. 28 43.6 9.7 09 .8 7.0 .3 .3 1.4 20.1 1 1 2.8 10.5 1.8 .7 .3 1 5 3 2 4 Mar 31 53.6 22.8 1.5 6.8 .2 .3 1.4 16.0 1.1 3.3 11.0 1.3 .7 .2 .1 5.8 2.9 1 Prior to June 30, 1942, included under "All other." 2 Less than $50,000. 8 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." ^Country breakdown not available until June 30, 1942. 944 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS A d ss e e p t a s r o tm f e is n s t ue Assets of banking department Liabilities of banking department Bank of England Note (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of Gold1 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 c n s a - e t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' D P e u p b os li i c ts Other l O ia t t i b r e l H s e i r 1929—Dec. 25 145.8 260.0 .2 26.3 22.3 84 9 375.6 71.0 8.8 35.8 179 1930—Dec. 31 147 6 260.0 .6 8 49 0 104 7 368 8 132 4 6.6 36 2 180 1931—Dec. 30 120 7 275.0 .6 31 6 97 3 133 0 364 9 126 4 7 7 40 3 18 0 1932—Dec. 28 119 8 275.0 .8 93 6 18 190 1 371 9 109 4 8.9 33 8 18 0 1933—Dec. 27 190 7 260.0 1.0 58 7 16 8 101 4 392 o 101 9 22 9 36 5 18 0 1934__Dec. 26 192 3 260.0 .5 47 1 7 6 98 9 405 9 89 1 9.9 36 4 18 0 1935—Dec. 25 .... 200 1 260.0 .6 5 8 s 94 7 424 5 72 1 12 1 37 1 18 0 1936—Dec. 30 313 7 200.0 .6 46 3 17 s 155 6 467' 4 150 6 12.1 39.2 18.0 1937—Dec. 29 . .. 326 4 220.0 .8 41 r 9 5 50s 190 11 36 6 18 o 1938—Dec. 28 326 4 230.0 .8 S1 7 ?8 s 90 7 504 7 101 0 15 9 36.8 18 0 1939—Dec. 27 .... 4 9 580.0 1.0 25.6 4 3 176 1 554 6 117 29 7 42 0 17 9 1940—Dec. 25 9 5630.0 .9 13.3 4 0 199 1 616 9 135 7 12 5 51.2 17 9 1941—Dec. 31 .... 9 6780.0 .3 98 ^ 6 4 967 8 751 7 919 9 11 9 54 1 17 9 1942—Dec. 30 5950.0 .9 96 8 3 5 267 9 923.4 9?3 4 9 0 48.8 17 9 1943—Dec. 29 9 51 100.0 .9 11 6 9 s 307 9 1,088 7 934 10 60 4 17 9 1944—Dec. 27 51 250.0 1.9 11 6 5 1 317.4 1,238.6 260 7 5 9 52.3 17 8 1945—juiy 25 .2 51350.0 .9 44.5 1.8 263 6 1,305.7 229.1 103 53.6 17 9 Aug. 29 .2 1350.0 .4 24 3 7.2 295 3 1,325.9 238.2 160 55.0 180 Sept. 26 9 1350.0 .2 90 3 3 6 331 7 1,329 9 279 1 5 5 53.1 18 1 Oct 31 . .. .2 1 350.0 .4 1 11 9 988 9 1,322 2 9/14 9 9 9 57 4 17 7 Nov. 28 9 1 350.0 .5 99 6 11 3 6 1,327 6 950 9 10 5 57 7 17 8 Dec. 26 .2 51400.0 .4 20 3 8.4 327 0 1,379.9 274 5 5 3 58.5 17 8 1946— F Ja e n b . 3 2 0 7 .2 9 1 1 4 4 0 0 0 0 . . 0 0 . . 9 5 6 7 8 7 8 1 5 7 4 5 9 2 3 8 6 9 6 7 1 1, , 3 3 2 3 3 1 .4 1 2 9 7 ^ 9 4 7 5 1 1 6 10 7 5 5 3 5 . . 0 9 1 1 8 7 0 9 Mar 27 . . .2 1 400.0 .8 71 9 90 0 ?38 7 1,328 3 949 1 9 9 54 0 18 5 Apr. 24 9 1 400.0 1.0 52.0 4 9S6 3 1,348 -3 953 4 7 4 53.1 17 8 May 29 9 1 400.0 1.5 58.6 16 7 950 9 1,34 7 944 8 7.4 57.4 18 0 June 26 .2 1 400.0 1.8 36 4 12 5 315 2 1,363.9 286 0 5 3 56.5 18 1 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 d i o ll l i l o ar 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 th li e t I i V es8 dollars S te h r o m rt 6 - Other Ch b a a r n te k r s ed D g o o m m v e e i n n r t n io - n Other 1935—Dec 31 180.5 4 2 30 9 83 4 8 6 99 7 181 6 17 9 8 7 7 1936—Dec. 31 179.4 9.1 61 3 99 0 8 135.7 187 0 18.8 2.1 13 4 19^7—Dec 31 179.8 14 9 82 3 91 6 7 165 3 196 0 11 1 3 5 14 4 1938—Dec. 31 185.9 28.4 144 6 40 9 5 175.3 900 6 16.7 3.1 9 3 1939—Dec 30 225.7 64.3 181 9 49 9 5 5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31 38.4 448.4 3 194 359.9 917 7 10.9 9.5 28 s 1941—Dec 31 200.9 391.8 216 7 33 5 496 0 232 0 73 8 6 0 35 1 1942 Dec 31 .5 807 2 209 2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. . .6 787 6 479 8 47,3 874.4 340 20.5 17 8 55 4 1944—Dec. 30 172.3 906.9 573 9 34 3 1,036.0 401 7 12.9 27.7 209 1 1945—Tulv 31 174.4 1,034 7 558 3 565 1 f)78.8 441.1 57.5 37.6 208 ft Aug. 31 176.1 1,031 S S840 69 3 ,t)97.9 444 4 32.6 39.7 239 Sept. 29 176.1 1,028 9 591 4 34 9 ,112 4 442 9 39 6 22 4 213 9 Oct 31 176 1 1,109.4 590 6 39 s 1,136 6 474 9 51 0 32 4 221 Nov 30 159.0 1,168 1 629.4 69.5 1,113.8 495 2 159.1 27.4 230.5 Dec. 31 156.8 1,157 3 688 3 99 5 1L,129.1 591 153.3 29.8 198 5 1946—Jan. 31 101.8 1,143 8 686 9 33 L,088.1 505 9 L87.2 34.2 149 6 Feb. 28 95.2 1,155 9 688 8 48 0 L,086.7 599 9 201.7 56.4 119 6 Mar. 30 95.2 1,296 9 559 9 39 4 1,102.2 518 1 1149.2 89.1 132 1 Apr 30 24.1 1,348 0 553.0 48.6 L,114.4 555.8 1L83.3 62.7 57.4 May 31 -. 2.0 1,230 0 541 1 59 9 1,109.5 493.9 87.1 78.5 57 9 June 29 2.0 1,218 5 540.7 30.8 140.0 500 5 57.9 85.6 34.2 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. * On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 6 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. • On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp 638-640 and pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication. 945 AUGUST 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills G A o d v v e an rn c m es e n to t Deposits (Figures in Foreign Other Note Other millions of francs) Gold* ex- assets circula- liabilichange m O a p rk e e n t2 Special2 Other c F u o p r a t o i c o - n Other1 tion G m ov e e n r t n- C.A.R.* Other ties costs* 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 S.149 34,673 20,094 151,322 1,914 14 751 2 925 1940—Dec. 26... &84,616 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 "35,221 572,510 748 37,855 7,078 1945 Aor 26 75 151 44 48,257 14,967 426, 000 20,900 •43,634 580 944 756 42 302 4 950 May 31 75 151 45 48,141 10,162 426, 000 19,750 "35,403 548,945 774 57 231 7 701 Aug. 30... 75 151 46 48,703 1?,936 426 000 "41,666 469 652 80 246 50 005 4 600 Sept. 27... 75 151 46 49 363 14 242 426 000 "42 717 496 258 53 598 53 156 4 506 Oct. 31... S65,152 47 60,087 27 20,442 426, 000 "46,152 528,945 30,793 52,552 5,617 Nov 29 65 152 45 62,210 153 ?6,073 426, 000 845,859 545,795 21 708 53 447 4 540 Dec. 27... 5129,817 68 '23,038 303 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 H4.818 592,436 5,781 52 046 4 156 Feb 28 129 817 69 27,247 160 3(1,945 426, 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 HI, 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 i k ll 8 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 l o i g v n i e b o r l t e e Other a O s t s h e e ts r ci N r ti c o o u t n l e a- Deposits l O ia t t i b h e i s e li r - 1929 Dec 31 2 687 2,283 2,848 251 92 656 5,044 755 736 1930 Dec 31 2 685 2,216 2,572 256 102 638 4,778 652 822 1931 Dec 31 1 156 984 4,242 245 161 1,065 4,776 755 1 338 1932 Dec 31 920 806 2,806 176 398 1 114 3,560 540 1 313 1933—Dec. 30 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31 84 79 4,066 146 445 319 827 3,901 984 1 001 1935—Dec. 31. .. 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31... . 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31 . . 76 71 6,131 60 106 286 861 5,493 1,059 970 1933—Dec 31 76 71 8,244 45 557 298 1,621 8,223 1,527 1 091 1939—Dec. 30 78 71 11,392 30 804 393 2,498 11,798 ,018 1,378 1940—Dec. 31 78 71 15,419 38 32 357 2,066 14,033 2,561 1,396 1941—Dec. 31 77 71 21,656 32 107 - 283 2,311 19,325 3,649 1 493 1942—Dec. 31 76 71 29,283 25 87 210 1,664 24,375 5,292 1,680 1943—Dec. 31 .. . 77 71 41,342 27 1 65 2,337 33,683 8,186 1,980 1944—Mar 31 77 40,379 46 1 33 2,281 33,792 7 237 1 788 Apr 29 77 40,909 38 31 2 525 34,569 7 179 1 833 May 31 77 42,159 28 23 2 096 35 229 7 240 1 915 June 30 77 42,150 26 27 2 397 35 920 6 754 2 004 July 31 77 43,222 38 21 2,396 36,888 6 813 2 054 Aug 31 77 45,829 42 20 2 275 38 579 7 480 2 185 Sept 30 77 50,821 47 67 25 2,510 42,301 9 088 2 160 Oct 31 77 53,954 46 70 24 2 351 44 704 9 603 2 216 Nov 30 77 56,939 62 69 21 2,795 46 870 10 829 2 264 Dec. 30 77 71 63,497 112 1 45 2,351 50,102 13 535 2 445 1945 Tan 31 77 64 625 199 81 60 2 083 51 207 13 566 2 353 Feb 28 77 70,699 307 112 61 2,591 55,519 16,419 1,909 1 Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 2 For explanation of this item, see BULLETIN for July 1940, p. 732. 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. * 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. * Includes 9,447 million francs charged to the State to reimburse the Bank for tne 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. 946 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1946 1945 Central Bank 1946 1945 (Figures as of last report (Figures as of last report date of month) date of month) June May Apr. June June May Apr. June (Central Bank of the Argentine National Bank of Czechoslovakia Republic (millions of pesos): in Prague—Continued Gold reported separately 1,189 1,242 Note circulation—Old 950 1,066 40,539 Other gold and foreign exchange. 3,552 2,863 New ,594 32,336 Government securities 873 882 Deposits—Old ,630 84,677 38,147 Temporary advances to Govt.... 56 New ,236 8,173 Other assets 145 157 Other liabilities 710 8,981 17,413 Note circulation 3,033 2,533 National Bank of Denmark Deposits—Member bank 1,752 1,542 (millions of kroner): Government 503 528 Gold 83 83 97 Other 183 177 Foreign exchange 141 173 37 Certificates of participation in Clearing accounts (net) 105 99 2,960 Government securities 141 169 Loans and discounts 28 25 40 Other liabilities 202 196 Securities 98 90 73 Commonwealth Bank of Aus- Govt. compensation account8. . . ,594 7,594 65 tralia1 (thousands of pounds): Other assets 98 115 4,989 Gold and foreign exchange 203,978 305202,686 Note circulation ,497 1,508 1,241 Checks and bills of other banks. 2,723 330 3,075 Deposits—Government ,791 2,684 3,014 Securities (incl. Government and Other ,622 3,744 3,612 Treasury bills) 411,313414,549 411,725 Other liabilities 236 243 395 Other assets 16,231 14,486 17,020 Central Bank of Ecuador Note circulation 198,964199,964200,964 (thousands of sucres): jDeposits of Trading Banks: Gold 265,246 288,797 Special 260,112 261 261,112 Foreign exchange (net) 39,476122,552 'Other 21,864 24, 20,187 Loans and discounts 190,532 92,797 'Other liabilities 153,305 148, 152,242 Other assets 91,292102,511 National Bank of Belgium Note circulation 309,702321,996 (millions of francs): Demand deposits 243,626 258,852 Gold* 33,327 33,452 31,238 Other liabilities 33,217 25,809 Foreign exchange 4,101 5,122 4,060 National Bank of Egypt' (thou- Loans to Government 48,062 48,303 41,411 sands of pounds): Other loans and discounts 4,062 2,105 585 Gold 6 6,241 6,241 Claim against Bank of Issue... . 64,597 64,597 64,597 Foreign exchange | 16, 14,723 17,185 Other assets 2,103 1,894 1,504 Loans and discounts 2, 2,238 2,753 Note circulation 72,505 72,564 58,483 British, Egyptian, and other Demand deposits 4,166 3,223 4,440 Government securities 298, 297,662291,395 Blocked accounts8 78,131 78,262 79,368 Other assets 29, 27,996 23,682 Other liabilities 1,450 1,424 1,104 Note circulation 134, 136,723123,887 .Central Bank of Bolivia—Mone- Deposits—Government 79, 49,960 77,559 tary Dept.4 (millions of bolivianos): (Mar.)5 Other 127, 147,447126,351 Gold at home and abroad 919 Other liabilities 11 14,731 13,460 Foreign exchange 493 Central Reserve Bank of El Salva- Loans and discounts 27 dor (thousands of colones): ^Government securities 550 Gold 32,921 33,122 •Other assets 11 Foreign exchange 40,086 38,855 Note circulation 1.620 Loans and discounts 927 901 liDeposits 379 Government debt and securities. 6,457 5,195 • Other liabilities Other assets 1,732 1,729 •National Bank of Bulgaria0 Note circulation 46,503 45,039 Central Bank of Chile (millions Deposits 28,520 27,687 of pesos): Other liabilities 7,099 7,076 Gold 383 383 277 Bank of Finland* Discounts for member banks.... 362 355 257 Bank of Greece6 Loans to Government 701 701 760 National Bank of Hungary6 Other loans and discounts 915 839 1,052 Reserve Bank of India (millions of Other assets ,856 1,840 1,264 rupees): Note circulation ,043 3,031 2,626 Issue department: Deposits—Bank 550 550 466 Gold at home and abroad. 444 444 444 Other 227 170 174 Sterling securities ,303 11,253 10,293 Other liabilities 398 368 344 Indian Govt. securities.... 578 578 578 Bank of the Republic of Colombia Rupee coin 183 195 152 (thousands of pesos): Note circulation ,340 12,327 11,370 Gold 230,400177,723 Banking department: Foreign exchange 77,424 97,896 Notes of issue department. 169 143 98 Loans and discounts 17,984 18,636 Balances abroad ,931 6,043 3,952 Government loans and securities. 72,448 67,042 Treasury bills discounted. 25 113 Other assets 38,981 30,619 Loans to Government 7 Note circulation 194,881178,942 Other assets 510 556 270 Deposits 201,363158,148 Deposits ,302 6,529 3,997 Other liabilities 40,993 54,825 Other liabilities 332 327 329 Rational Bank of Czechoslovakia Central Bank of Ireland (thousands in Prague7 (millions of koruny): of pounds): Gold ,517 1,517 1,517 Gold 2,646 ,646 2,646 2,646 Foreign exchange ,816 1,598 788 Sterling funds 34,496 ,766 35,480 30,243 . L O o th a e n r s a a s n s d e ts discounts , ,6 1 0 8 1 4 12 6 5 , , 5 5 4 7 1 6 93, 6 1 6 3 0 4 Bank N o of te J c a ir p c a u n la 6 tion 37,142 ,412 38,126 32,889 Bank of Java6 gee <No Gov • Issue and banking departments consolidated. AUGUST 1946 947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1946 1945 Central Bank 1946 1945 (Figures as of last report (Figures as of last report date of month) June May April June date of month) June May Apr. June Bank of Mexico (millions of pesos): Bank of Spain—Continued Metallic reserve1 : 731 739 753 696 Note circulation ,866 18,714 16,867 "Authorized" holdings of securi- Deposits—Government ,538 644 1,698 ties, etc 1,759 1,898 1,951 ,802 Other ,351 3,976 3,876 Bills and discounts 489 434 438 378 Other liabilities 482 510 480 Other assets 146 83 66 71 Bank of Sweden (millions of kronor): Note circulation 1,698 1,698 1,726 ,434 Gold 1,042 ,043 1,048 1,054 Demand liabilities 1,227 1,257 1,286 ,350 Foreign assets (net) 1,098 ,028 1,012 580 Other liabilities 201 198 196 163 Swedish Govt. securities and ad- Netherlands Bank (millions of vances to National Debt Office9 951 ,235 1,280 1,205 guilders): Other domestic bills and advances 44 59 25 27 Gold* 713 713 931 Other assets 815 826 836 1,040 Silver (including subsidiary coin) 1 1 Note circulation 2,495 .453 2,459 2,445 Foreign bills 4,639 4,663 ',488 Demand deposits—Government 897 ,163 1,003 710 Discounts 1 1 326 Other 176 141 280 148 Loans 165 159 153 Other liabilities 380 435 460 604 Other assets 92 124 117 Swiss National Bank (millions of Note circulation—Old 277 280 ,998 francs): News 2,290 2,241 Gold ,784 4,756 4,626 Deposits—Government 1,683 1,384 232 Foreign exchange 176 183 112 Blocked 188 638 Loans and discounts 68 79 95 Other 661 589 "515 Other assets 89 92 82 Other liabilities 512 528 272 Note circulation ,564 3,579 3,522 Reserve Bank of New Zealand Other sight liabilities ,256 1,239 1,102 (thousands of pounds): Other liabilities 297 291 292 Gold 2,802 2,802 ,802 Central Bank of the Republic of Sterling exchange reserve 79,372 76,616 ,417 Turkey (thousands of pounds): Advances to State or State un- Gold 300,927300 927292,107 dertakings 40,479 45,734 ,084 Foreign exchange and foreign Investments 4,045 5,192 ,346 clearings 77,224 70,991144 68,172 Other assets 1,123 1,214 ,541 Loans and discounts 674.765730,184 839,648 Note circulation 44,344 44,731 ,560 Securities 167.369 ,822171,111 Demand deposits 78,428 81,809 ,513 Other assets 82.165 63,283 23,401 Other liabilities 5,050 5,018 ,116 Note circulation 836,276892,973 971,608 Bank of Norway4 Deposits—Gold 91,821 85,586 Bank of Paraguay—Monetary Ot^er 147,779 156,258 Dept.6 (thousands of guaranies): Other liabilities 226, 180,985 Gold 3,404 324 Ba^k of the Republic of Uruguay*0 Foreign exchange 34,967 595 (thousands of pesos): (Mar.) Loans and discounts 3,899 294 Gold 295,704 265,400 Government loans and securities. 10,083 612 Silver 13,810 13,998 Other assets 460 316 Advances to State and govern- Note circulation 29,364 633 ernment bodies 13,483 9,916 Demand deposits 17,391 676 Other loans and discounts 99,075 91,074 Other liabilities 6,058 832 Other assets 314,216 312,609 Central Reserve Bank of Peru Note circulation 181,694157,942 (thousands of soles): (Mar.)1 Deposits—Government 40,052 36,161 Gold and foreign exchange 149,264 455 Other 246,843 242,756 Discounts 39,298 239 Other liabilities 267,700 256,137 Government loans 594,310 482 Central Bank of Venezuela (thou- Other assets 22,550 194 sands of bolivares): Note circulation 505,020 442 999 Gold" 557, 547,582 438,568 Deposits 265,838 270,126 Foreign exchange (net) 44, 47,741 77,399 Other liabilities 34,564 27 244 Credits to national banks 20,310 Bank of Portugal (millions of es- Other assets 16 710 23,406 18,365 cudos): (Mar.) Note circulation—Central Bank 394 167 380,718 321,363, Gold* 1,423 ,417 National bank? ,272 8,876 13,331 Other reserves (net) 7,087 ,076 Deposits ,516218,907209,988: Nonreserve exchange 9,842 ,420 Other liabilities ,951 JO,227 9,959» Loans and discounts 297 280 National Bank of the Kingdom Government debt 1,018 ,020 of Yugoslavia4 Other assets 693 736 Bank for International Settle- Note circulation 7,824 573 ments12 (thousands of Swiss gold Other sight liabilities 11,703 ,558 francs): Other liabilities 834 819 Gold in bars 120,164120,164119,323 National Bank of Rumania4 Cash on hand and on current South African Reserve Bank8 account with banks 11,831 13,692 43,279 (thousands of pounds): Sight funds at interest 142 140 7,923 Gold 131,069 126,897106,,528 Rediscountable bills and accept- Foreign bills 29,562 37,368 26,649 ances (at cost) 9 415 12,154 86,639 Other bills and loans 5,313 4,534 3,,581 Time funds at interest 2,750 2,751 2,750 Other assets 122,943 119,452 95,901 Sundry bills and investments. . . 304 635301,688197,145 Note circulation 66,737 66,355 63,,798 Other assets 38 56 US Deposits 217,187217,458163.,521 Demand deposits (gold) 14559 14,623 18,418 Other liabilities 4,962 4,439 5,,340 Short-term deposits (various Bank of Spain (millions of pesetas): currencies): Gold 1,213 1,213 ,189 Central banks for own ac- Silver 585 585 596 count ,581 5,187 5,223 Government loans and securities. 15,856 15,906 ,987 Other ,093 1,092 2,017 Other loans and discounts 3,935 3,816 ,318 Long-term deposits: Special ac- Other assets 3,647 2,325 831 counts ,001229,001229,001 Other liabilities ,742200,74320.2,517- 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. 1 Notes issued before October 1945 were gradually withdrawn from circulation and deposited in "blocked" accounts in accordance with tries, 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. 8 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. • Latest month available. 7 Valued at average cost beginning October 1940. I Beginning July 1945, end-of-month statements have been available. 9 Includes small amount of non-Government bonds. 10 Issue and banking departments consolidated. II Beginning October 1944, a certain amount of gold, formerly reported in the Bank's account, shown seoaratelv for account of the Gov-, ernment. 12See BULLETIN for December 1936, p. 1025. 948 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— Rate Rate Date Central July Date Central July Date effective U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S l w a e n r it - d z- bank of— 31 effective bank of— 31 effective In 1 e 9 ff 3 e 6 ct Dec. 31, 2 2 4 2 2 2^ m A A l r b g a e n n i t a ina 5V2 M M a a r r . . 21 1 , , 1 1 9 9 4 3 0 6 J It a a p l a y n 3 4 .29 S A e p p r t . . 1 7 1 , , 1 1 9 9 4 3 4 6 Jan. 28, 1937 4 Jan. 16, 1945 Java 3 Jan. 14, 1937 June 15 6 Bolivia 6 2 Nov. 8, 1940 Latvia 5 Feb. 17, 1940 July 7 5 Lithuania.... 6 July 15, 1939 Aug. 4 Sept. 3 \» Nov. 13 May 10 1938 4 British India.. 3 Nov. 28, 1935 Mexico 4H June 4, 1942 May 13 Bulgaria 5 Dec. 1, 1940 Netherlands . 2H June 27, 1941 May 30 3 Feb. 8, 1944 New Zealand. July 26. 1941 Sept. 28 .... 3 Chile 3-4H Dec. 16, 1936 Norway 23J Jan. 8, 1946 Oct. 27 2H Colombia July 18, 1933 Peru 5 Aug. 1, 1940 J N a o n v . . 2 4 5 , 1939 2y2 Czechoslovakia 2H Oct. 28, 1945 Portugal 2Y2 Jan. 12, 1944 Apr. 17 4 May 11 3 July 6 3H Jan. 15, 1946 Rumania.... 4 May 8, 1944 Aug. 24 4 Ecuador May 26, 1938 South Africa. 3 June 2, 1941 Aug. 29 3 El Salvador... 3 Mar. 30, 1939 Spain 4 Dec. 1, 1938 Sept. 28 3 Estonia 4^ Oct. 1, 1935 Sweden Feb. 9, 1945 Oct. 26 2 Finland Dec. 3, 1934 Switzerland.. Nov. 26, 1936 Dec. 15 3 Jan. 25,1940... 2 Apr. 9 May 17 3% France JS Jan. 20, 1945 Turkey 4 July 1, 1938 Mar. 17, 1941 Germany Apr. 9, 1940 United King- May 29 3 Greece Feb. 11, 1945 dom 2 Oct. 26, 1939 June 27 2Yz Hungary...... 3 Oct. 22, 1940 U. S. S. R.... 4 July 1, 1936 Jan. 16, 1945 Ireland Nov. 23, 1943 Yugoslavia. . 5 Feb. 1, 1935 Jan. 20 m Feb. 9 2XA In effect July 31, m NOTE.—Changes since June 30: None 1946 2 iy2 2XA 2K OPEN-MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands Sweden Sw la it n z d er- Month Bankers' Treasury Day-to- Bankers' Private Day-to- Private Money Loans Private acceptances bills day allowance discount day discount for up to 3 discount 3 months 3 months money on deposits rate money rate 1 month months rate 1929—May 5.21 5.21 4.67 7.49 5.37 5.88 3.34 1930—May 2.16 2.11 1.93 3.89 2.29 2.53 2.44 1931—May 2.24 2.21 1.87 4.65 1.39 1.55 1.12 1932—May 1.44 1.10 1.29 4.87 .60 1.03 1.50 1933—May .50 .37 .58 3.88 5.24 2.11 1.69 1.50 1934—May .91 .85 .85 3.88 72 1.33 1.22 1.50 1935—May .59 .51 .75 3.09 17 78 2.96 2.39 1936—May .55 .54 .75 2.92 2.76 15 1.82 2.25 1937—May .55 .51 .75 2.88 2.69 17 1.00 1.00 1938—May .53 .51 .75 2.88 2.66 .13 .50 1.00 1939—May .73 .70 .75 2.77 2.46 .72 .80 1.00 1940—May 1.03 1.02 1.00 2.38 1.98 2.20 3.21 1.41 1941—May 1.03 1.00 1.00 2.25 1.78 2.36 1.25 1942—May 1.03 1.00 1.03 2.13 1.71 1.25 1943—May 1.03 1.00 1.07 2.13 1.91 1.25 1944—May 1.03 1.00 1.13 2.13 1.90 1.25 1945—May 1.03 1.00 1.03 1.25 1945—June 1.03 1.00 1.13 1.25 July 1.03 1.00 1.13 1.25 Aug 1.03 1.00 1.13 1.25 Sept 1.03 1.00 1.13 1.25 Oct .83 .75 .96 1.25 Nov .53 .51 .63 1.25 Dec .53 .50 .63 1.25 1946—Jan .53 .50 .63 Feb .53 .51 .63 2Y2S Mar .53 .51 .63 Apr .53 .51 .63 May .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. 949 AUGUST 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom * [ b ( m 1 a 1 i n l l k L i s o s o . n t n e s r d F l o o i f i n n g g p u c ) o r 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 o e i a y r c n t e d at B co il u ls n d te i d s- r T e d r c e e e p a i o s p s u t i r s t y 2 Securities c L u o s a to n m s e to rs a O s t s h e e ts r Total D D e e p m o a s n it d s Time lia O b t i h li e ti r es 1939 December 274 174 334 609 1,015 290 2,441 1,398 1 043 256 1940 December 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—December 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December 390 142 198 896 1,120 794 325 3,629 - 2,429 1,200 236 I943—December 422 151 133 1,307 1 ,154 761 349 4,032 2,712 1,319 245 1944—December 500 199 147 1,667 1,165 772 347 4,545 3,045 1,500 250 I945—june 494 195 135 1,939 1,128 774 331 4,752 3,147 1,605 243 July 500 198 181 1,994 1 123 767 300 4,819 3,205 1,613 244 August 511 233 195 1,993 1,126 769 292 4,875 3,236 1,638 244 September ... 518 226 215 1,971 1 ,146 771 299 4,898 3,266 1,632 247 October 513 201 189 1.925 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 1,588 265 496 249 361 ,493 1,230 840 333 4,729 3,135 1.594 271 February • • • 483 243 340 ,468 1 241 847 338 4,684 3.078 I 606 276 Inarch 493 254 379 ,443 1 ,246 863 353 4,749 3,143 1,606 281 April 509 271 433 ,449 1,282 841 367 4,865 3,242 1,623 287 May 509 301 470 ,374 1,322 856 356 4,894 3,239 1,655 292 Assets Liabilities Canada (10 chartered banks. Entirely in Canada Se lo c a u n ri s ty e D x e c p lu o d s i i n ts g p i a n y te a r b b l a e n i k n d C e a p n o a s d it a s En C d a i n n o a f d m m i i a l o n li n o t d n h o s l f o l 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 n k r g o a s e n d m t Securities a O s t s h e e t r s ci N r t c i o o u t n l e a- Total Demand Time lia O b t il h i e ti r es- 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 96? 1942—December 387 31 1,168 231 ?,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 .172 1944—December 550 92 1,211 214 3,611 782 34 5,137 2,714 2 423 289 1945—June 622 123 1,142 248 3,996 766 29 5,540 2,894 2.646 1,326 July 591 135 1,079 237 3,802 769 28 5,269 2,528 2,741 316 August 581 112 1,021 242 3,835 789 28 5,229 2.396 2.833 1,324 September 582 109 1,002 237 3 960 750 27 5,269 2 331 2 935 L 344 October . . . 640 130 1,009 242 4, 159 812 27 5,573 2,582 2 992 L 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 1L 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 I 387 April 722 152 1,160 221 4 243 876 24 5.898 2,660 3 238 L 4^2 May 642 125 1,187 197 4 304 907 24 5,882 2,576 3,306 456 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, 140 4? 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,?35 11?.732 111,191 1,541 428 7 506 1944—December 10,365 4,948 99,782 18,653 2, 190 1?8,758 126,578 2,180 557 6 623 1945—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, 490 179.859 128,154 1,705 939 6 619 May 27,281 4,999 109,270 23.108 3, 308 159.526 157,453 2,073 1 212 6 928 16,282 5,660 156,620 23,216 3, f>18 196.167 193,828 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 18S.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* Novem ber 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 1946—January 15,312 13,871 153,227 40,123 5,022 ?16,729 214,842 1,887 3 371 7 455 February 15,005 14,393 157.420 41,119 6,627 222.059 220,219 1,840 4,607 7,898 950 FEDERAL RESERVE BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buyingrates in New York for cable transfers. Incents 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 24.0000 29.606 1938 32 597 389.55 3.3788 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 3.3704 6.0027 5!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 2961909 85.141 5.1668 4.0000 6.000 1941 29.773 223.704 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 25.1664 24.0000 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1943 29.773 24.732 322.80 2321.50 6.0586 5.1280 30.122 90.909 89.978 1944 29.773 25.125 322.80 6.0594 5.1469 30.122 90.909 89.853 1945 29.773 25.125 2322.80 2321.17 22.2860 6.0602 5.1802 30.122 90.909 90.485 1945—juiy 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 82.2883 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 1945—Tan. , m 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 June 29.773 25.125 321.41 2.2847 6.0602 5.1902 30.182 90.909 90 597 Year or month C ( o p b l e i o s a o m ) - C s ( l k z o o e v r c u a 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 ra a n n c c ) e ( m m G re a a e i r c n r k h - y ) s- G (d r m e ra a e c ) c h e - ( H K do o o l n n la g g r) (p H g e a u n r n g y - d) I (l t i a ra ly ) J ( a y p en a ) n ( M p i e c e s o x o - ) e N ( r g l e e u a r t i n ) l h d d - - s (p Z l N o a e e u n a w n d - d) 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 5.0407 23.436 18.546 253.128 306.38 1941 57.004 22.0101 239.968 224.592 219.770 25.0703 223.439 20.538 322.54 1942 57.052 20 569 322.78 1943 57.265 20.577 324.20 1944 57.272 20 581 324.42 1945 57.014 21.9711 20.581 237.933 323.46 $945—juiy 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 w! 933 322.70 Dec 56.980 1.7822 20.579 37.933 322.70 1946—jan 56.980 .8410 20.580 37.933 322.70 Feb 56.980 520.877 .8410 20.581 37.926 322.70 Mar 56.980 62.0060 20.877 .8410 7.4434 20.580 37.789 322.70 Apr. 57.032 2.0060 20.877 .8409 4434 20.580 37.789 322.69 May 57.021 2.0060 20.877 .8408 .4434 20.575 37.789 322.67 June 57.007 2.0060 20.877 8409 8 4434 20.572 37.789 322.70 K U in n g i d te o d m Uruguay Year or month N (k o r r o w ne a ) y P (z o l l o a t n y d ) ( P es o c r u t d u o - ) R ( u n le m i u a a ) - ( S A po o fr u u i n c th d a ) ( S pe p s a e i t n a) ( S m S d t e o e r t l a n t l l a i t e t s r s - ) ( S k d r w e o n e n - a) ( e S f r r w a la n it n c z ) d - Offic ( i p a o l und F ) ree tr C o o ll n e ( - d peso tr N ) c o o o l n l n e - - d Y ( s d l u a in v g a i o r a ) - 1937 24.840 18.923 4.4792 .7294 489.62 6.053 57.973 25.487 22.938 494.40 79.072 2.3060 1938 24.566 18.860 4.4267 . 7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 '236! 789 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 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—July 398.30 402.95 65.830 55.489 400.50 402.69 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 620.202 54.0501 400.50 69.132 623.852 523.363 403.38 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 56.28*7 June 20.161 4.0501 400.50 9.132 23.852 23.363 403.37 65.830 56.272 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. • Based on quotations beginning Mar.9. 7 Based on quotations beginning Mar. 22. 8 Based on quotations through June 12. 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. AUGUST 1946 951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S 1 n t 1 9 i a 0 2 t t 0 6 e e ) d s = C ( a 1 1 9 n 0 2 a 0 6 d ) a = K U ( i 1 n n 1 9 i 0 g 3 t 0 d 0 e ) o d = m F (1 r 1 9 a 0 1 n 0 3 c ) = e Ge (1 r 1 9 0 m 1 0 3 a ) n = y ( I 1 1 9 t 0 2 a 0 l 8 ) y = ( J 1 O 9 a 1 c 0 t 0 p o 0 0 a b ) n = er N (1 e l = 9 t a 1 2 h n 0 6 e d 0 - r s ) 3 - 0 S ( w 1 1 9 e 0 3 0 d 5 ) e n = ( S J w u = l i l a t 1 y n z 0 d e 0 1 r ) 9 - 14 1926 100 100 *124 695 134 237 106 i 126 144 1932 65 67 86 427 97 70 161 65 i 92 96 1933 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 707 107 99 278 74 115 111 1940 79 83 137 a901 110 116 311 •88 146 143 1941 87 90 153 112 132 329 172 184 1942 99 96 159 114 189 210 1943 103 100 163 116 196 218 1944 104 103 166 196 223 1945 106 104 169 194 221 1945—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 r170 191 220 November 107 104 r170 191 219 December 107 104 170 190 214 1946 Tanuarv 107 105 172 184 215 February 108 105 172 185 213 March. 109 106 172 184 214 April 110 108 173 184 213 May 111 173 213 June 113 174 * 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 u m cts Foods co O i m t t m h i o e e s d r - pr F o a d r u m cts R f m a p a c a a w t r n u t u a r l - n e y d d F f u c m a l h c a l i t y n e u f u r l - a e y n 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 i d r c u a u c l l t - s a t n f r I d i i n a n d l i s u s e s r m h - a i e w - d tr I i i n a s d l h u e f s d i - ngoods goods products products 1926 100 100 100 100 100 100 129 130 150 1932 48 61 70 48 55 70 88 85 91 89 118 1933 51 61 71 51 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 79 84 78 64 66 73 87 90 102 92 119 1936 . . 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 112 100 133 1942 . . . 106 100 96 83 90 92 158 160 115 102 134 1943 123 107 97 96 99 93 160 164 119 102 135 1944 123 105 99 103 104 94 158 170 1945 128 106 100 105 106 94 158 175 1945—june 130 108 100 106 107 94 160 '176 Tulv 129 107 100 108 107 94 161 176 August 127 106 100 106 107 94 161 176 124 105 100 104 105 94 158 ••176 October 127 106 100 106 106 94 158 175 131 108 100 106 106 94 158 175 December 132 109 101 106 106 94 158 175 1946— Tanuarv 130 107 101 107 106 95 157 180 February 131 108 101 107 107 95 157 179 March 133 109 102 107 107 96 158 179 April 135 111 103 108 108 99 159 180 M^ay 138 112 104 159 181 June 140 113 106 159 182 r Revised. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 952 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PK1N CIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers! United Switz- United Switz- United Can- King- Ger- Nether- er- United Can- King- Ger- Nether- er- Year or States ada dom many lands land Year or States ada dom many lands land month (1935-39 (1935-39 (July (1913-14 (1911-13 (June month (1935-39 (1935-39 (July (1913-14 (1911-13 (June = 100) = 100) 1914 = 100) = 100) 1914 = 100) = 100) 1914 = 100) = 100) 1914 = 100) = 100) = 100) = 100) 1934 94 93 122 118 124 115 1934 . 96 96 141 121 140 129 1935 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 101 98 130 122 120 120 1936 . 99 98 147 125 »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-June 141 133 170 217 1945-June 129 120 204 210 July 142 136 176 217 Tulv 129 120 207 211 August.... 141 136 172 216 August . . 129 121 205 210 September. 139 134 169 216 September. 129 120 203 210 October... 139 133 169 213 October .. 129 120 203 208 November. 140 134 169 210 November 129 120 203 207 December 141 134 169 210 December 130 120 203 207 1946-January... 141 133 169 210 1946-January... 130 120 203 207 February.. 140 133 169 208 February.. 130 120 203 206 March 140 133 169 206 March 130 120 203 205 April 142 135 169 206 April 131 121 203 205 143 P138 169 208 May 132 P123 204 206 June 146 169 June 133 203 P Preliminary. * Revised index from March 1936 (see BULLETIN for April 1937, p. 373). Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926= 100) Year or month ( U S d p n e r t i a r i c i t t e v e e ) e s d i d 1 ( K D 9 U i 2 e n n 1 c g e i = t d m 1 e o d 0 b m 0 e ) r (19 F 3 r 8 a = n 1 c 0 e 0)2 G (a e p v r r i e m c r e a a ) g 3 n e y N la e n th d e s4 r- ( U 1 S = 9 n t 3 a 1 i 5 t t 0 e e - 0 3 d s ) 9 U K n in it g e - d m G a e n r- y (19 F 3 r 8 a = n 1 c 0 e 0)2 (1 N 9 l e 3 a t 0 n h = d e 1 s r 0 - 0) dom Number of issues. . 15 87 50 «139 8 402 278 (6) *295 100 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 «114.2 100.7 '77.9 88.1 70.8 114.6 «140 895.0 1941 117.8 123.8 •143.4 103.0 84.3 80.0 72.5 136.8 »308 129.1 1942 118.3 127.3 146.4 6103.3 94.7 69.4 75.3 142.1 479 131.5 1943 120.3 127.8 146 6 98 5 91 9 84 5 145.0 540 151.0 1944 120.9 127.5 150.5 99 8 88 6 551 1945 122.1 128.3 152.1 121.5 92.4 453 1945—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 #47.5 141.8 93.8 452 124.3 131.7 P146 1 r151 6 95 2 P448 May 123 7 132 6 154 3 97 6 June 123.9 153.2 P Preliminary. r Revised. 1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for-15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 Published by the Ministry of National Economy with new base of 1938 =100. Figures are for the last Friday of each month. The number of bonds included in the new index was increased to 50 (formerly 36). The index for stocks was based on 300 issues until Dec. 6, 1945, and on 295 thereafter as a result of the nationalization of five banks. For complete information on the composition of the bond and stock indexes see "Bulletin de la Statistique Generale" December 1942, pp. 511-513, and July-August 1942, pp. 364-371, respectively. For back figures for both indexes from 1938 through 1941 on a monthly basis see "Bulletin de la Statistique Generale" for October-December 1944, pp. 274-276. 3 Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4# per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 4 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 = 100; average yield in base year was 4.57 per cent. For new index beginning January 1937, Jan.-Mar. 1937 =100; average yield in base period was 3.39 per cent. 6 This number, originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941 it was down to 287. 6 Average based on figures for 5 months; no data available June-Dec. 7 Average based on figures for 7 months; no data available May-Sept. 8 Average based on figures for 9 months; no data available May-July. • Average based on figures for 10 months; no data available Jan.-Feb. Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. AUGUST 1946 953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK R. M. EVANS ERNEST G. DRAPER JAMES K. VARDAMAN, JR, ELLIOTT THURSTON, Assistant to the Chairman CHESTER MORRILL, Special Adviser to the Board of Governors DAVID M. KENNEDY, Special Assistant to the Chairman LEO H. PAULGER, Special Adviser to the Board of Governors OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS S. R. CARPENTER, Secretary EDWARD L. SMEAD, Director BRAY HAMMOND, Assistant Secretary J. R. VAN FOSSEN, Assistant Director J. E. HORBETT, Assistant Director LEGAL DIVISION GEORGE B. VEST, General Counsel DIVISION OF SECURITY LOANS J. LEONARD TOWNSEND, Assistant General Counsel CARL E. PARRY, Director BONNAR BROWN, Assistant Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION WOODLIEF THOMAS, Director FRED A. NELSON, Director RALPH A. YOUNG, Assistant Director CHANDLER MORSE, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES J. BURKE KNAPP, Assistant Director LISTON P. BETHEA, Director GARDNER L. BOOTHE, II, Assistant Director DIVISION OF EXAMINATIONS ROBERT F. LEONARD, Director OFFICE OF ADMINISTRATOR FOR WAR LOANS C. E. CAGLE, Assistant Director EDWARD L. SMEAD, 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 CLEVELAND DISTRICT HUGH LEACH JOHN H. MCCOY, W. S. MCLARIN, JR. A. L. M. WIGGINS, RICHMOND DISTRICT RONALD RANSOM VACANCY, ATLANTA DISTRICT M. S. SZYMCZAK JAMES K. VARDAMAN, JR. EDWARD E. BROWN, CHICAGO DISTRICT C. S. YOUNG President JAMES H. PENICK, ST. LOUIS DISTRICT CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary JULIAN B. BAIRD, MINNEAPOLIS DISTRICT GEORGE B. VEST, General Counsel J. LEONARD TOWNSEND, Assistant General Counsel A. E. BRADSHAW, KANSAS CITY DISTRICT WOODLIEF THOMAS, Economist E. A. KINCAID, Associate Economist ED H. WINTON, DALLAS DISTRICT JOHN K. LANGUM, Associate Economist RENO ODLIN, SAN FRANCISCO DISTRICT EARLE L. RAUBER, Associate Economist O. P. WHEELER, Associate Economist WALTER LICHTENSTEIN, Secretary JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Market HERBERT V. PROCHNOW, Acting Secretary Account 954 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. Woolley8 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 kM. Leisner3 H. F. Slade Harry R. W'ellman C. E. Earhart . N. Mangels W. F. Volberg OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith4 Minneapolis.... Helena R. E. Towle4 Cleveland Cincinnati B. J. Lazar6 Pittsburgh J. W. Kossin5 Kansas City. . . . Denver G. H. Pipkin5 Oklahoma City 0. P. Cordill6 Richmond Baltimore W. R. Milford4 Omaha L. H. Earhart8 Charlotte W. T. Clements4 Atlanta Birmingham P. L. T. Beavers4 Jacksonville Geo. S. Vardeman, Jr.4 Dallas El Paso W. E. Eagle5 Nashville Joel B. Fort, Jr.4 Houston L. G. Pondrom6 New Orleans E. P. Paris4 San Antonio W. H. Holloway6 Chicago Detroit E. C. Harris5 San Francisco.. . Los Angeles W. N. Ambrose4 St. Louis Little Rock A. F. Bailey5 Portland D. L. Davis4 Louisville C. A. Schacht8 Salt Lake City W. L. Partner4 Memphis William B. Pollard5 Seattle C. R. Shaw4 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 Managing Director. 6 Vice President. 955 AUGUST 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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